Welcome to TechCrunch Crypto, formerly known as Chain Reaction.
To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here.
Hello and welcome back to the third edition of the new and improved TechCrunch Crypto newsletter. As previously mentioned, alongside our regularly scheduled news bits, I’ll be adding some fresh recurring segments and features — so if you like what you see (or don’t), let me know at jacquelyn@prod22.techcrunch.com.
Happy February, friends! We’ve made it through one-twelfth of the year; that wasn’t so hard was it? Only have to do it 11 more times to make it to 2025.
As January came to an end, hackers got busy and stole a lot of XRP tokens, Polygon did layoffs, new reports show demand for AI and blockchain to work together, Ethereum developer interest hit new highs last year and Tether reported record profit from the fourth quarter of 2023. More details below.
This week in web3
Crunching numbers
This week the crypto market was pretty bullish as the two biggest cryptocurrencies by market capitalization, bitcoin and ether, rose 7% and 4.4%, respectively, on the week, according to CoinMarketCap data. The global crypto market cap increased 5.2% over a seven-day period to $1.62 trillion.
Separately, Tether reported that in the fourth quarter of 2023 it brought in a “record-breaking” net profit of $2.85 billion, making up 46% of the total $6.2 billion in net profits last year. Tether is the world’s largest stablecoin by market capitalization and volume and third largest cryptocurrency behind bitcoin and ethereum. Its total assets (which back its stablecoins) are at $97 billion, as of December 31, 2023. Its liabilities were about $91.6 billion and it has about $5.4 billion of excess reserves, which are “fully covering” its outstanding $4.8 billion in secured loans, the report added.
If you’re thinking, “these are big numbers,” you’re right. See below.
Our favorite ‘Crypto Twitter’ post
Following all the talk about Tether…
This post on X by Bitwise Asset Management’s CIO Matt Hougan speaks for itself. Sorry Goldman Sachs, better luck next quarter:
Tether made more money last quarter than Goldman Sachs. Tether: $2.85 billion Goldman: $2.01 billion
The latest pod
For this week’s episode, I interviewed Chris Dixon, general partner at venture capital firm Andreessen Horowitz (a16z).
Chris has been at the firm since 2012 and founded and leads a16z’s crypto team, which invests in the web3 world through four mega-funds with over $7 billion under management. He’s also the author of the recently released book “Read Write Own: Building the Next Era of the Internet.”
Prior to a16z, Chris co-founded two startups, SiteAdvisor and Hunch, acquired by McAfee in 2006 and eBay in 2011, respectively. He also attended Columbia University for his bachelor of arts degree and masters in philosophy and has an MBA from Harvard University.
In this episode, we discuss the new book, how crypto’s perception has changed and what purpose blockchains can ultimately bring to the world.
We also dove into:
- Big Tech vs. crypto
- Importance of decentralization
- a16z web3 investments
- Blockchain gaming
- Embracing the future
Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!
Follow the money
This list was compiled with information from Messari as well as TechCrunch’s own reporting.
What else we’re writing
Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week.
As AI proliferates and things on the internet are easier to manipulate, there’s a need more than ever to make sure data and brands are…
![The AI world needs more data transparency and web3 startup Space and Time says it can help](https://techcrunch.com/wp-content/uploads/2024/02/GettyImages-1828490321.jpg?w=1024)
Welcome to TechCrunch Crypto, formerly known as Chain Reaction. This is the last edition of this newsletter. I want to personally thank each of you…
![SBF sentenced, Worldcoin hit with another ban order and big web3 pre-seed rounds are back](https://techcrunch.com/wp-content/uploads/2023/10/sbf-005.jpg?w=1024)
Many of the people building web3 feel like the traditional web ecosystem has taken advantage of users and their data. While it benefits a number…
![A new web3 network is being built right now that wants to end Big Tech’s control of your data](https://techcrunch.com/wp-content/uploads/2023/10/GettyImages-1312904817.jpg?w=1024)
Welcome to TechCrunch Crypto. This week, Starbucks killed its Odyssey NFT program, Solana continued to see memecoin momentum and India faces more challenges with the…
![Solana memecoin hype continues, Backpack’s beta phase was a success and Starbucks axes its NFT program](https://techcrunch.com/wp-content/uploads/2023/12/GettyImages-1200508619-2.jpg?w=1024)
Starbucks launched Starbucks Odyssey in 2022 as its initial foray into the web3 world.
![Starbucks ditches its Odyssey NFT program](https://techcrunch.com/wp-content/uploads/2022/09/GettyImages-1420597584.jpg?w=1024)
Two months ago, media giant Fox Corp. partnered with Polygon Labs, the team behind the Ethereum-focused layer-2 blockchain, to tackle deepfake distrust. Fox and Polygon…
![Blockchain tech could be the answer to uncovering deepfakes and validating content](https://techcrunch.com/wp-content/uploads/2024/01/GettyImages-1336275511.jpg?w=1024)
Welcome to TechCrunch Crypto, formerly known as Chain Reaction — it was an eventful week in the crypto world.
![Bitcoin hits new high, Solana price jumps as memecoins mania rises and Worldcoin faces heat in Spain](https://techcrunch.com/wp-content/uploads/2022/12/GettyImages-1323284095.jpg?w=1024)
Zora, an NFT-based social network platform, is continuing its expansion beyond the crypto-sphere into the hot artificial intelligence market, Dee Goens, the startups’ co-founder, said…
![NFT platform Zora is offering a novel way for AI model makers to earn money](https://techcrunch.com/wp-content/uploads/2023/12/GettyImages-1163715561.jpg?w=1024)
Welcome back to TechCrunch Crypto. It was an eventful week: bitcoin’s price hit a new high, Spain’s data protection authority banned Worldcoin and Binance raised…
![Bitcoin hits highs, Binance launches a crypto perfume and Coachella partners with OpenSea](https://techcrunch.com/wp-content/uploads/2019/06/GettyImages-1051659174.jpg?w=1024)
Welcome to TechCrunch Crypto. Here’s the biggest news this week: bitcoin’s price jumped and Coinbase’s app crashed, Telegram rolled out a plan to pay out…
![Bitcoin jumped and Coinbase’s app crashed, while Aptos eyes Hong Kong and Telegram rolls out rewards with TON](https://techcrunch.com/wp-content/uploads/2022/03/GettyImages-1309660543.jpg?w=1024)
NFTs don’t always get taken very seriously, particularly now that AI and content creators are hogging the spotlight, but not everyone is so quick to…
![Animoca Brands’ Yat Siu sees NFTs as a way to protect ownership in the age of AI](https://techcrunch.com/wp-content/uploads/2022/10/tc-disrupt-2022-yat-siu-animoca-brands-1.jpg?w=1024)
Welcome to TechCrunch Crypto, formerly known as Chain Reaction. This is our fifth edition with of course, regularly scheduled news bits, but also some recurring…
![Crypto VC exits were low in Q4 2023, Phantom MAU’s reach new highs and spot bitcoin ETF volumes are still rising](https://techcrunch.com/wp-content/uploads/2023/12/ledger-crypto-wallet-hack.jpg?w=1024)
Hello and welcome back to the fourth edition of the new and improved TechCrunch Crypto newsletter. Let’s get into the big headlines.
![Farcaster hype grows, Bluesky opens to the public and SEC’s Hester Peirce is open to new token proposals](https://techcrunch.com/wp-content/uploads/2023/10/GettyImages-1395865973.jpg?w=1024)
![a16z’s Chris Dixon thinks it’s time to focus on blockchains’ use cases, not speculation](https://techcrunch.com/wp-content/uploads/2022/10/tc-disrupt-2022-chris-dixon-9-e1666117531434.jpg?w=1024)
Welcome to TechCrunch Crypto, formerly known as Chain Reaction. To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox…
![Bitcoin and Ethereum decline on the week, Worldcoin to launch a new Orb and Terraform Labs files for bankruptcy](https://techcrunch.com/wp-content/uploads/2022/06/GettyImages-1179848673.jpg?w=1024)
Distinct from the Ripple network and protocol, the XRP Ledger is a decentralized public ledger with an open-source code base that anyone can contribute to…
![After 12 years, Ripple’s president sees its payment and enterprise businesses evolving further](https://techcrunch.com/wp-content/uploads/2018/05/ripple-coin.jpg?w=1024)
Welcome to TechCrunch Crypto, formerly known as Chain Reaction. Alongside our regularly scheduled news bits, I’ll be testing out some recurring segments and features —…
![Bitcoin spot ETF volume rose, Coinbase went to court, Solana Mobile announces new device and Google cuts crypto apps in India](https://techcrunch.com/wp-content/uploads/2022/03/GettyImages-1309660543.jpg?w=1024)
Welcome back to Chain Reaction. This past week has been all about U.S. spot bitcoin ETFs in the crypto world.
![US spot bitcoin ETFs begin trading, Circle files for IPO and India continues crypto pullback](https://techcrunch.com/wp-content/uploads/2020/11/GettyImages-887657568.jpg?w=1024)
It’s been a long road for spot bitcoin ETF filers — and today the U.S. Securities and Exchange Commission finally approved all 11 standing applications from…
![Grayscale CEO sees spot bitcoin ETF as first step toward ‘normalizing’ crypto](https://techcrunch.com/wp-content/uploads/2022/08/GettyImages-1234739851.jpg?w=1024)
Welcome back to Chain Reaction. Wouldn’t a bitcoin spot ETF approval be nice?
![Talks of bitcoin spot ETF approval circulate as India blocks exchange sites and crypto is seeing more optimism](https://techcrunch.com/wp-content/uploads/2022/09/GettyImages-919509886.jpg?w=1024)
Welcome back to Chain Reaction. To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12…
![Dog-themed memecoins are pawing their way back into investors’ hearts](https://techcrunch.com/wp-content/uploads/2023/01/GettyImages-476982523.jpg?w=1024)
Warden thinks one of the biggest avenues for real world use cases is tokenization of assets and areas that aren’t even tradable yet.
![Why tokenization of assets can be a key driver of growth in crypto](https://techcrunch.com/wp-content/uploads/2023/07/GettyImages-1419599523.jpg?w=1024)
Featured Podcast
Robinhood is on a quest to dive deeper into crypto
The platform might not be as highly technical as one that’s crypto-focused, but Robinhood is doing research to understand what customers want and are missing.
12:00 PM PST • December 15, 2023
23 Min
![Robinhood is on a quest to dive deeper into crypto](https://techcrunch.com/wp-content/uploads/2023/11/GettyImages-1231054013-e1700823123480.jpg?w=1024)
Welcome back to Chain Reaction. Even though it’s the season to feel jolly, that’s not stopping hackers from acting out.
![Crypto hacks and chaos aren’t halting this holiday season](https://techcrunch.com/wp-content/uploads/2019/07/hacking-surveillance1.png?w=1024)
Welcome back to Chain Reaction. In general, the total crypto market cap steadily rose 14% in the past week as more capital enters the crypto…
![Bitcoin continues climbing, Block releases hardware wallet, Robinhood expands to EU and VCs may see some relief soon](https://techcrunch.com/wp-content/uploads/2021/10/GettyImages-937257516.jpg?w=1024)
The crypto industry is facing the same macroeconomic headwinds as others, with the added bonus of regulatory uncertainty.
![The venture landscape may be on the ‘cusp’ of explosive growth after years of macro strain](https://techcrunch.com/wp-content/uploads/2022/08/GettyImages-sb10069275i-003.jpg?w=1024)
We didn’t publish a Chain Reaction newsletter last week because of Thanksgiving. But we’re back — and saying goodbye to November after a month filled…
![Crypto saw lots of chaos, charges and price changes in November](https://techcrunch.com/wp-content/uploads/2023/06/GettyImages-1384219104.jpg?w=1024)
The goal is to help users forget which chain developers are building on, because it ultimately won’t matter.
![Optimism execs are optimistic for Ethereum’s future amid its ongoing scaling battle](https://techcrunch.com/wp-content/uploads/2023/11/Final-B.png?w=1024)
Welcome back to Chain Reaction. The crypto market and overall ecosystem may be showing signs of recovery after a prolonged bear market.
![Crypto market showing signs of recovery as prices, NFT sales rise on the month](https://techcrunch.com/wp-content/uploads/2022/06/GettyImages-1264127380.jpg?w=1024)
Web3-focused software technology company Aave Companies is rebranding to Avara, its founder Stani Kulechov told TechCrunch exclusively. The crypto parent entity is best known for…
![Aave Companies rebrands to Avara and acquires crypto wallet Family to expand its web3 reach](https://techcrunch.com/wp-content/uploads/2023/11/Brand-Diagram-1.png?w=1024)