Latest news with #MulticoinCapital
Yahoo
31-07-2025
- Business
- Yahoo
Cboe Files for New Generic Listing Standards for Crypto ETPs
The Chicago Board Options Exchange filed for Generic Listing Standards for crypto exchange-traded products on Wednesday—a move that could make a big difference for fund issuers. If the filing is approved, any coin that has futures tracking it for at least six months on Coinbase's derivatives exchange would be approved, Bloomberg Senior ETF Analyst Eric Balchunas said via X. The filing is still subject to comment and review, but could be on a path to finality in less than 60 days, Greg Xethalis, general counsel at crypto investing firm Multicoin Capital, said in a post on X. He added that the New York Stock Exchange and Nasdaq exchange will likely follow in the footsteps of Cboe shortly. What the Generic Listing Standards Could Mean 'The new rule allows an issuer's shares to be listed on an exchange if the underlying commodity to which exposure is given has a contract on a Designated Contract Market for at least 6 months,' Xethalis said. It would also make the possibility of staking—a process in which crypto investors can earn rewards for their transactions—easier via a rule that would require a liquidity risk management program if less than 85% of the assets are available for immediate redemption, per the filing. Solana ETPs, which must be approved by Oct. 10, would qualify this fall under the Generic Listing Standards if they're approved by the agency, Xethalis said. The SEC Is Sitting on Crypto ETP Applications The crypto industry is eagerly awaiting approvals on crypto-related exchange-traded products. 'People have to be patient,' SEC Commissioner Hester Peirce recently said in an interview with Bloomberg's Trillions podcast. 'The SEC could choose to act directly on those ETP 19b-4s before the Oct. 10 Solana deadline and the slightly later XRP deadline, or could run these out under GLS,' Xethalis said. Balchunas said that the process of launching ETFs related to newer alt coins that don't have futures or meme coins would need to come from a different | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-07-2025
- Business
- Yahoo
Early Solana investor Kyle Samani on challenging Ethereum
Early Solana investor Kyle Samani on challenging Ethereum originally appeared on TheStreet. After years of building through a brutal bear market and a near-fatal association with FTX, Solana is having a moment and potentially on the verge of becoming the next crypto to win SEC approval in the U.S. for a slew of ETFs. According to early Solana investor and co-founder of Multicoin Capital Kyle Samani, the recent growth has not only cemented Solana as the next great crypto contender — it's put it on an inevitable path to flip Ethereum. "For a long time, if you were in crypto, it seemed impossible for anyone to get there because Ethereum was so dominant," he tells Coinage. "The reality is that [the] Ethereum guys just totally missed the mark. They didn't scale, gas fees spiked through the roof, people got really pissed and they said, 'OK, these guys don't care about my user experience. I'm going to go elsewhere.' And Solana was really the primary beneficiary of that." The numbers seem to reflect that. (Solana's price has outperformed Ethereum's by a margin of 10:1 since the start of 2023.) But, it's not even Solana's incredible 1,451% rally from the depths of the post-FTX crash crypto winter that seems most impactful for Samani, who seems just as bullish as he was when Multicoin led Solana's $20 million Series A in 2019. "Solana is now the leading ecosystem by number of [new] developers," he says, pointing to Electric Capital's latest report. While Ethereum leads on every continent in terms of overall developers, Electric Capital reported this was the first time since 2016 new developers on another chain flipped Ethereum. "This was completely implausible two years ago, and today Solana is number one on that metric." Of course, Coinbase's Ethereum Layer-2 has been working hard to counteract that trend. Base Lead Jesse Pollak recently joined Coinage to explain how Base has been able to leverage Coinbase's existing distribution to grow users and developers. That battle is likely to remain fierce as the size of the prize shifts from retail to institutions looking at options to bring assets, including potentially stocks and stablecoins, onchain. Samani has become one of the loudest voices in the Solana community to take issue with Base being a centralized way to scale Ethereum, often repeating on X that "the future of Ethereum is Coinbase." Pollak has insisted that Base has plans to lean into decentralization in the future. (After hearing both sides, Coinage's decentralized membership crowned Solana as our Crypto Project of the Year in 2024 — and have explored both via our latest $PLYBTN memecoin experiment.) But on the precipice of monumental change looming in Washington D.C., the size of the pie is set to grow incredibly quickly. As Coinbase makes its own push, other crypto exchanges, like Kraken, have pursued tokenized stock trading on Solana for non-U.S. users. And now, prediction markets for all kinds of things are giving rise to the idea that there can be bets instantly settled between any users anywhere in the world. Kalshi, for example, just raised another $185 million to cross a $2 billion valuation (Multicoin joined the round.) 'People are going to predict and bet on event contracts and event outcomes in every single country around the world. And I think the only path for someone like Kalshi to get there is on something like Solana," Samani said. But it doesn't even necessarily need to be that new markets come onchain. Maybe just boring old dollars would do just fine. With legislation like the GENIUS Act and new institutional on-ramps gaining momentum, Samani sees the potential for a tenfold increase in crypto's market cap in short order. 'To go from $3 trillion to $50 trillion over the next decade? Like, that's the kind of scale we're talking about,' he said. With other DePIN projects, like mapping project HiveMapper and decentralized mobile provider Helium also scaling quickly, Samani says its Solana incubating the right ecosystem projects that will also continue to help it scale across more than just memecoins. "I'm so grateful to the Solana community and the teams who have made it all happen, he said, reflecting on Solana's rise since the fall of FTX. "It was a really dark time ... and they they stuck it through. And now they're being rewarded for for that conviction." Early Solana investor Kyle Samani on challenging Ethereum first appeared on TheStreet on Jun 30, 2025 This story was originally reported by TheStreet on Jun 30, 2025, where it first appeared. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
04-04-2025
- Business
- Yahoo
Crypto-to-Fiat App P2P.me Raises $2M from Multicoin and Coinbase Ventures
Bitcoin's original promise of "peer-to-peer electronic cash" hasn't exactly developed in the way Satoshi intended. More people than ever are eager to pay in crypto, while most vendors want nothing but fiat. While the mismatch has plenty of workarounds in countries with a strong banking and credit card culture, it's a real problem in places with alternative electronic payment rails, like QR codes, says pseudonymous crypto developer Sheldon Cooper. How can one scan a fiat-only code and pay in stablecoins? Cooper's claimed solution, does it without ever touching the regular on-and-off ramps. Instead, this blockchain-based service relies on a network of middlemen willing to accept USDC from, say, Alice and send the equivalent fiat along to Bob. The whole process takes about 90 seconds, he said. There are no traditional identity checks, either. vets its users with zero-knowledge proofs that checks for a real-seeming social media presence and maybe even for a government ID. But it doesn't store this personal data as would most financial institutions from banks on down to Binance. "What we thought about is, 'How do we decentralize this? How do we do on and off rams in a decentralized way,'" said Cooper. "The number one concern is privacy and self custody. All these CEXes give data to the government." quirky blend of permissionless markets and privacy tech has processed $1.6 million in payments from around 1,100 users, mostly in Indonesia, Nigeria and Vietnam. That modest amount, quickly growing, was enough to get venture capitalists' interest: Multicoin Capital and Coinbase Ventures recently invested $2 million seed round. The money's already helped scale its team to 20 people ahead of a planned push into Latin America, Cooper said. He sees local communities that struggle to navigate established financial rails as key adopters. So too are crypto-savvy tourists who go places where their credit cards don't work, but their cell phones do. Built on Base, the open protocol plans to launch a token in the next 12 months that will shift control to the community, according to Cooper. "The strategic idea of the token is to scale globally, to break the network effects of the centralized exchange with P2P," he said. Sign in to access your portfolio
Yahoo
15-03-2025
- Business
- Yahoo
DoubleZero Foundation Secures $28 Million for Blockchain Infrastructure Expansion
DoubleZero Foundation has successfully closed a $28 million token funding round, co-led by Multicoin Capital and Dragonfly Capital. The organization, which supports the DoubleZero protocol, aims to develop a global fiber network designed to enhance performance for blockchains and distributed systems. In addition to the leading investors, other participants in the funding round included Foundation Capital, Reciprocal Ventures, DBA, Borderless Capital, Superscrypt and Frictionless. The foundation plans to allocate the raised funds toward hiring personnel in key areas such as marketing, developer relations, and business development. This funding will also facilitate the network's transition from its testnet beta phase to a public mainnet anticipated later in the year. The launch of a permissioned testnet was also announced, allowing Solana validators and RPCs to participate in the testing phase. Austin Federa, co-founder of DoubleZero, indicated that the primary focus is currently onboarding Solana validators before advancing to a permissionless testnet. The testnet is operational in seven global cities: Singapore, Tokyo, Los Angeles, New York, London, Amsterdam and Frankfurt. Kyle Samani, managing partner at Multicoin Capital, explained that the public internet's bandwidth limitations and unpredictable routing create challenges in delivering reliable experiences akin to Web2. DoubleZero intends to address these issues, aiming to enhance bandwidth and reduce latency for high-performance blockchains through fiber links provided by independent network contributors. Core contributors to the project include Malbec Labs and Jump Crypto. The foundation's initiatives are positioned to lay the groundwork for a new physical infrastructure that supports the evolving landscape of blockchain technology.
Bloomberg
14-03-2025
- Business
- Bloomberg
Trump Crypto Czar Sacks Sells Over $200 Million in Investments
David Sacks, President Donald Trump's adviser for artificial intelligence and cryptocurrencies, and his venture-capital firm Craft Ventures have divested more than $200 million worth of holdings related to the digital-asset industry, according to a memo released by the White House. Sacks and Craft Ventures sold all their liquid cryptocurrency holdings, including Bitcoin, Ethereum and Solana, prior to Trump's inauguration, the memo dated March 5 from White House counsel David Warrington said. Sacks divested his stock in Coinbase Global Inc. and Robinhood Markets Inc. as well as limited-partner interests in crypto funds Multicoin Capital and Blockchain Capital, according to the memo. Craft also sold its interests in Multicoin Capital and Bitwise Asset Management Inc.
