Rapid Fire News
1. Ark Investment sells over 1.4 million shares of Coinbase.
Three funds of Cathie Wood’s Ark Investment Management sold a total of more than 1.4
million shares of Coinbase (COIN) - estimated to be worth over $75 million.
Coinbase shares closed down 21% on Tuesday.
2. The New York-based company, Trustless Media, raises $3.25 million to help
content creators tokenize their TV shows using non-fungible tokens (NFTs)
Shows can use the NFT model to crowdfund productions - create token-gated content -
and allow token holders to cast “on-chain” votes to determine the future direction of the
3. Tether says it holds zero Chinese commercial paper.
In a blog post on Wednesday, the company claimed that “the spreading of false
information is the biggest threat to the cryptocurrency industry that currently exists”.
So to set the record straight, Tether reiterated that it holds no Chinese commercial
paper and that its total commercial paper exposure has been reduced to ~$3.7B - down
from $30B just last year.
The company plans to decrease commercial paper holdings to zero by the end of
October/early November 2022.
Tether aims to have a diversified portfolio with limits to exposure - and says that the
reduction in the commercial paper “is a commitment to its community”.
4. Coinfeeds raises $2M in funding and launches Web3 community
Coinfeeds give users the ability to monitor the social media mentions and activity of
web3 and NFT projects.
On Wednesday the company announced that it had raised a $2M seed round led by
Moyi Dang, CEO & Co-Founder of Coinfeeds, commented on the news,
"Coinfeeds was developed around the idea that web3 communities are social
first…By organizing this information well, we lower the cost of doing research,
and we lower information asymmetry in crypto, which is very high."
The Coinfeeds App is now live and available on its website - coinfeeds.io/