CM Weekly: FTX Speedrun, Stablecoins, and Why Investors Say No
Chris McCann's weekly newsletter on technology, startups, and venture capital.
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🗞️ Tech News Last Week
Square acquired AfterPay (a buy now pay later BNPL company) for $29B in an all stock deal, which was about 25% of the total value of Square. It’s a huge deal and Afterpay has 98K merchants in its network doing ~$21B in GMV.
Apple, a major proponent of consumer privacy, announced a new photo identification feature which is a major violation of privacy principles.
Inside the "infrastructure bill" set to pass in the US Senate includes new regulations for the crypto industry which are both poorly written and a huge overreach. Why crypto regulations are even inside an infrastructure bill to begin with is beyond me...
🤔 Deep Dive Posts
With the rise of fintech apps, crypto apps, and DeFi apps, the concept of "deposits" has only gotten more complex.
Mario Gabriele writes part 2 on his deep dive into FTX and what makes the company so special. In the report we also include our own investment deal memo of FTX during the seed round in which we invested at Race Capital.
"Stablecoins" (token representations of fiat assets) are not a singular concept and have many different regulatory paths each issuer can take.
Here are 22 reasons investors generally say no written by Jason Lemkin
🔥 Race Capital - Portfolio Jobs
FTX: Full Stack Developer (Miami, FL)
Opaque: Product Manager (Berkeley, CA)
SocialChat: Operations manager (San Francisco, CA)
GoodNotes: Back-End Team Lead (London, UK)
Browse more open roles across our portfolio at Race Capital's Portfolio Job Board