Web3 Weekly: 2024/10/26

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Hello ?? another week another edition of the newsletter.

Today we'll talk about a blockchain-based solution that seems to have found product-market-fit, Coinbase's partnerships with the Golden State Warriors and Canadian Football League, another memecoin that has become a sponsor of a football club, zondacrypto and Bologna FC's partnership, Kraken's Layer 2 blockchain and last but not least Brabus using blockchain for Digital Product Passports.

?? Stripe has acquired a stablecoin company

The payment giant has just recently reintroduced crypto payments and enabled merchants in the US to accept stablecoins on various blockchains. Now they've made headlines again. This week Stripe has officially acquired the stablecoin startup Bridge.

Stripe has reportedly paid $1.1 billion for this acquisition making it both the most expensive one in Stripe's history and also the most expensive one in the crypto space.

Building on that deal Stripe wants to build "the world's best stablecoin infrastructure". Link

?? Some thoughts on the topic:

Stablecoins seem to be reaching product market fit. We've seen many players from the financial world invest in their initiatives around that topic - PayPal, Visa, BlackRock.... For Stripe and their customers stablecoins from a product perspective make a lot of sense. They enable cheaper and faster payments with potentially higher margins. For Stripe this acquisition can also transform the business model. Rather than continuing to rely solely on transaction fees and merchant integration, Stripe could open up new revenue streams through stablecoin issuance, treasury management, on- and off-ramping etc.

?? Coinbase partners with Golden State Warriors

The team of Steph Curry has announced a partnership with crypto exchange Coinbase, making it the official cryptocurrency platform and blockchain partner of both the Warriors and Chase Center. As part of the partnership the both will work on new ways for fans to engage with their team. There are not too many details in the press release but fans will be somehow able to unlock both onchain and physical goods and experiences throughout the season. Link

?? Coinbase also partners with Canadian Football League

Besides the Warriors Coinbase has done another partnership in the world of sports. Coinbase is the first official crypto partner of the Canadian Football League and the 111th Grey Cup (the "Canadian Super Bowl"). The partnership includes a giveaway of $25 in bitcoin for every CFL fan's first trade on the crypto exchange, as well as a grand prize giveaway of season tickets, $50,000 in bitcoin and a special Grey Cup experience next year that fans can enter by scanning QR codes. It's not stated wether this partnership will involve any kind of onchain fan engagement. Link

?? Sheffield United's jersey features a memecoin

Championship side Sheffield United FC have announced their partnership with Solana-based memecoin Maneki-neko. The memecoin's logo will adorn the front of the Blades' shirts. The partnership will also include unique digital and in-stadium experiences. There is no mention in the announcement of any kind of onchain fan engagement. Link

?? Bologna zondacrypto

Zondacrypto, a crypto exchange in the CEE region, has become the official cryptocurrency exchange of Bologna FC for the current season. The partnership includes visibility via LED bands, virtual LEDs, in the stadium and the club's training facilities. It's zondacrypto's fourth partnership in Serie A, with Juventus FC, Atalanta BC and Parma Calcio already in its portfolio. Link

2?? Kraken launches its own Layer 2

The crypto exchange has announced their own Layer 2 blockchain calledd Ink. Like their competitor Coinbase, Kraken will build upon the OP stack and therefore will be part of Optimism's Superchain. The Layer 2 blockchain will be focused on giving users easy access to DeFi applications, protocols and communities. It's not clear if the blockchain is also going to be used for fan engagement schemes built with Kraken's sponsorship portfolio members Williams Racing, Tottenham Hotspur, Atlético de Madrid and RB Leipzig. Link

?? Brabus joins Aura Blockchain Consortium

Car tuner Brabus has announced the integration of a Digital Product Passport into all of its Masterpiece supercars. These DPPs will be backed by the private blockchain of the Aura Blockchain Consortium, which includes LVMH, Prada Group, Cartier and many other luxury brands. With these blockchain-backed product passports, Brabus enables certified ownership, counterfeit mitigation, transparency, a proof of authenticity and potentially the ability to build accompanying digital offerings. Link