Weekly Market Report. September 20, 2024

September 20, 2024

Greetings, curious minds! Join us on a journey into the cutting-edge. This newsletter unveils the latest trends shaping our world.?

Let's explore together! ????

?? Top Reads

Ripple co-founder leads $10M raise for decentralized clearing??

Chris Larsen, co-founder of Ripple, has led a $10-million seed funding round for Yellow Network, a new decentralized clearing network that aims to address cryptocurrency inefficiencies.

Craigslist Founder Pledges $100 Million to Boost U.S. Cybersecurity??

Craigslist founder?Craig Newmark?believes hacking by foreign governments is a major risk to the U.S. and plans to donate $100 million to bolster the country’s cybersecurity.

Fed makes aggressive 50 bps cut amid recession fears ??

The rate cut, exceeding the typical 25 bps adjustment, comes in response to several economic indicators. The unemployment rate in the United States rose to 4.2% in July 2024, the highest level since October 2021. This increase has triggered the “Sahm Rule,” a recession indicator that activates when unemployment rises by 0.5 percentage points within a 12-month period.

?? Market Data

?? Important News This Week

AI

• OpenAI's $150 billion valuation hinges on upending corporate structure
• T-Mobile Strikes Deal With OpenAI
• BlackRock, Microsoft Partner on Massive New AI Infrastructure Fund

Tech

• Tech Jobs Have Dried Up—and Aren’t Coming Back Soon
• EU to Offer Apple Guidance on Digital Rules Compliance
• Intuitive Machines Receives NASA Contract Worth Nearly $5 Billion

Business

• FedEx Cuts Full-Year Outlook After Posting Lower Profit, Revenue
• Shift to new server provider restores X in Brazil for some users
• Binance CEO says task force is working ‘across the clock’ to free exec in Nigeria

Crypto

• Tether invests $1.5 million in Sorted Wallet to boost financial access in emerging markets
• Bitcoin jumps 6% after Fed cuts rates by 50 basis points
• Massive $243 million crypto heist ends with multiple arrests and asset frozen

?? Notable Companies Secure Impressive Investments

• Pipe Network has raised $10M in a Series A funding round led by Multicoin Capital
• Fermah has raised $5.2M in a Seed funding round co-led by a16z CSX and Lemniscap
• Limitless Labs has raised $3M in a Pre-Seed funding round led by 1confirmation
• Yellow Network has raised $10M in a Seed funding round backed by Consensys
• Vana has raised $5M in a Strategic funding round led by Coinbase Ventures
• Hemi has raised $15M in a Seed round co-led by Binance Labs, Breyer Capital and Big Brain Holdings
• CUDIS has raised $5M in a Seed funding round led by Draper Associates
• Helius has raised $21.75M in a funding round co-led by Haun Ventures and Founders Fund
• Drift Protocol [DRIFT] has raised $25M in a Series B funding round led by Multicoin Capital
• TrueX has raised $9M in a Seed funding round backed by Hack VC

?? Building the future of Web3 at Token2049

?? Meme of the Week

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Sincerely,

Constantin Kogan

[email protected]