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1. U.S. President Biden signs infrastructure bill into law

The Facts:

  • On Monday, President Joe Biden officially signed the $1 trillion infrastructure bill, which was often criticized by crypto proponents.
  • Besides the specified spending on infrastructure projects, the bill also addresses sources of income – one of which is the tax income from the crypto industry.
  • The bill establishes new tax reporting rules for crypto brokers as well as transactions of over $10’000.

Why it’s important:

  • The infrastructure bill only loosely defines the term “broker”, potentially also including miners and validators.
  • A group of U.S. Congress members has now come together in a letter addressed to House Speaker Nancy Pelosi, in an attempt to modify the content of the bill.

2. Paradigm announces launch of $2.5 billion venture fund

The Facts:

  • The fund, focused on investing in crypto companies and protocols, is the largest of its kind since the launch of the $2.2bn Crypto Fund III by Andreessen Horowitz, back in June 2021.
  • The scope of investments ranges from $1m to +$100m.

Why it’s important:

  • A trend of community supporting funding such as the Oasis Foundation development fund or the Polkadot development fund has shown the dedication of project supporting the growth of the ecosystem.
  • Venture capital funds, which play crucial role in growing and developing upcoming projects, are also involved. The more the market grows the more access to funding will be available.
  • Bitcoin adoption before hyperinflation is a moral imperative.
    Cameron Winklevoss, Founder of Winklevoss Capital

3. NFT marketplace aggregator Genie goes live

The Facts:

  • The platform has completed its beta phase and has now gone live.
  • It enables users to buy NFTs in batches from multiple platforms.
  • In addition, it provides a feature that allows users to list multiple NFTs on one or more marketplaces simultaneously.

Why it’s important:

  • Being able to trade multiple NFTs in a single transaction, leads to savings in gas fees and more efficient routing when completing trades.
  • Ever since Ethereum’s London Upgrade, gas fees on the Ethereum network have been rising significantly. This marketplace allows users to trade with NFTs for lower prices than usual.
  • Number of the week
    $700 Million
    Cost for renaming the Staples Center to Crypto.com Arena

4. Valkyrie to launch $100m hedge fund

The Facts:

  • Valkyrie Investments is offering a new hedge fund starting next Monday.
  • The fund will include investments in multiple cryptocurrencies and blockchains, including Ethereum, Solana, Avalanche and more.

Why it’s important:

  • Valkyrie’s new fund will be the first one actively making use of DeFi features like yield farming and staking rewards.

 

In other news

  • Consensys raises $200m. (via Consensys)
  • Acala Wins First Polkadot Parachain Auction (via CoinDesk )
  • Staples Center renamed to Crypto.com Arena. (via The Block)

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