GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR

- Ex-TON Execs Launch $40M TON Ventures Fund

- Goldman Sachs Bets $418M on Bitcoin ETFs

- Coinbase Teases cbBTC Amid WBTC Drama

- Tether Exchange Balances Surge as Treasury Mints $1B USDT

- DBS Pilots Blockchain Treasury Tokens with Ant International

- Sling Money Secures $15M in Series A

Ex-TON Foundation Executives Launch $40M TON Ventures Fund to Propel Early-Stage Crypto Projects 

The Open Network Ventures, founded by former senior leaders of the TON Foundation, has launched a $40 million fund aimed at supporting early-stage crypto projects within the TON ecosystem. This new VC firm will focus on consumer applications leveraging Telegram’s social platform, offering financial support, strategic partnerships, and access to Telegram Ads for selected projects.

Led by Ian Wittkopp and Inal Kardan, TON Ventures seeks to accelerate innovation by connecting visionary investors with promising projects, building on the success of TON-based Web3 games like Gatto and Catizen.

Goldman Sachs Reveals $418 Million Investment in Bitcoin ETFs Amid Shifting Stance on Crypto

Goldman Sachs has disclosed a significant $418 Million investment in various Bitcoin-related exchange-traded funds (ETFs), according to its latest 13F filing for Q2 2024. The investment bank holds nearly 7 Million shares in BlackRock’s iShares Bitcoin Trust, worth over $238 Million, along with substantial positions in Fidelity Wise Origin, Invesco Galaxy, and other Bitcoin ETFs.

This marks a notable shift for Goldman, whose executives have historically expressed skepticism towards crypto. The move aligns with a broader trend of traditional financial institutions embracing Bitcoin ETFs, which have collectively reached a market cap of $57.39 Billion.

Coinbase Teases Launch of cbBTC Amid Controversy Surrounding Wrapped Bitcoin Restructure

Coinbase has hinted at the upcoming launch of cbBTC, a new Bitcoin token, as Wrapped Bitcoin (WBTC) faces backlash over its impending restructure. On August 13, Coinbase tweeted “cbBTC coming soon,” sparking speculation about the exchange’s plans to introduce a Bitcoin token similar to its existing cbETH.

The announcement comes as BitGo, the firm behind WBTC, prepares to transfer control of the token to a joint venture involving Tron founder Justin Sun, raising concerns in the crypto community. In response, MakerDAO is considering disabling new DAI minting backed by WBTC. Coinbase’s Ethereum Layer 2 network, Base, is also set to expand its Bitcoin-based DeFi ecosystem.

Tether Balances on Crypto Exchanges Hit Record High as Treasury Mints $1B USDT Amid Fed Rate Speculation 

Tether (USDT) balances on crypto exchanges reached an all-time high of 20.339 billion on August 13, coinciding with the minting of $1 billion in USDT by Tether Treasury. This influx suggests that traders may be positioning themselves ahead of the U.S. Federal Reserve’s September rate decision, with speculation of a potential rate cut fueling optimism.

Tether’s recent minting is part of an "inventory replenish," with about 60 million USDT already in circulation, reflecting strong demand. The rise in Tether balances could signal preparation for a market rally if the Fed signals a rate cut.

DBS Launches Blockchain-Based Treasury Tokens Pilot with Ant International for Enhanced Cross-Border Liquidity Management

Singapore’s DBS Group has partnered with Ant International to pilot blockchain-based treasury tokens aimed at streamlining cross-border liquidity management. The pilot, announced on August 13, uses DBS’s permissioned blockchain compatible with Ethereum’s EVM, and aims to reduce settlement times from days to seconds.

Ant International, an affiliate of Alibaba Group and operator of Alipay+, expects the initiative to cut costs and mitigate risks in global treasury operations. This move builds on DBS’s recent crypto ventures, including its partnership with stablecoin issuer Paxos.

Sling Money Raises $15M in Series A Funding

Sling Money, the innovative digital payments startup, has successfully secured $15 million in its Series A funding round. The round was led by prominent investors, including Union Square Ventures (USV), Ribbit Capital, and Slow Ventures.

This funding milestone marks a significant step forward for Sling Money as it continues to revolutionize the digital payments landscape. The capital infusion will support the company's efforts to enhance and scale its payment solutions, aiming to provide a more efficient and user-friendly experience for its customers.

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