Cryptopendence Day


Jun 12, 2021



Jun 12, 2021



Is June 9th Cryptopendence Day? For the first time, Bitcoin has become a country’s legal tender, announced by backward-hat-wearing millennial Salvadorian President Nayib Bukele.

Legal tender means that Bitcoin, along with the US dollar - the official currency since 2001 - now “must” be accepted as a form of payment for goods and services across the country. This law will be going into effect in 86 days, at a Bitcoin/dollar exchange rate set by the market. Panama and Paraguay are in discussions to follow suit.

The volatility of Bitcoin brings El Salvador’s decision into question, but this event is a considerable step for both Bitcoin and other cryptocurrencies, proving increasing legitimacy. Bitcoin rose about 17% the day following El Salvador’s decision, which highlights its volatility and single-event fluctuations.

70% of El Salvador’s population lack access to basic financial services, and the economy relies heavily on remittances (representing 23% of GDP). Proponents argue that the upside case for access trumps the uncertainty.

To support such widespread use of Bitcoin, Bukele suggested using geothermal energy to develop Bitcoin mining facilities from the country’s volcanoes, emulating Iceland’s Bitcoin mining industry, which accounts for 8% of all Bitcoin mining in the world.

Whether or not this trend gets adopted by other governments, it surely will continue to be energy-intensive, both in mining and memes.

Portfolio News

Crypto payments app Bottlepay is now available across Europe - Portfolio company Bottlepay has launched their crypto payments across the European continent. Users will be able to buy, store, receive and spend bitcoin with users and merchants. Read more

Embroker, with plan to become full-stack insurance carrier, raises $100m - big congratulations to Portfolio company Embroker who have raised $100m to expand their digital business insurance platform led by FTV Capital. Read more

MoneyLion names financial regulatory and industry veterans to board of directors - Portfolio company MoneyLion announced the appointments of The Honorable Annette Nazareth, senior counsel at Davis Polk & Wardwell, and Ambassador Dwight Bush Sr., CEO of DL Bush & Associates, to the company’s Board. Read more

Cryptopendence Day

Using electricity generated from volcanoes to mine Bitcoin - The president of El Salvador announced Wednesday that the country's state-run geothermal energy utility would begin using power derived from volcanoes for Bitcoin mining. Read more

El Salvador becomes first country to adopt bitcoin as legal tender after passing law - Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote. Read more

Industry News

Affirm introduces Shop Pay Installments for Shopify merchants - Affirm takes a big step forward to expand the reach of its mission by making Shop Pay Installments, exclusively powered by Affirm, available to all eligible Shopify merchants in the US. Read more

Online broker Webull considers $400m U.S. IPO - The Chinese company is working with Goldman Sachs Group Inc. to prepare for the share sale, which could take place as soon as this year, said anonymous insiders. Read more

Senate approves $250b bill to boost tech research - The Senate on Tuesday approved a bipartisan, $250 billion bill boosting government spending on technology research and development amid rising competition from China and other nations. Read more

Banking app Dave going public via $4 billion SPAC - Banking app Dave announced Monday that the company will make its market debut through a SPAC merger with VPC Impact Acquisition Holdings III. Read more

Stripe launches Stripe Tax to integrate sales tax calculations for 30+ countries - On the heels of acquiring sales tax specialist TaxJar in April, today Stripe is making another big move in the area of tax. Read more

UOB to pilot use of digital IDs for product applications - UOB has become the first bank in Singapore to pilot the use of Sign with Singpass, the country's national digital identity framework, to confirm transactions or product applications using a customer’s digital signature. Read more

$157b asset manager Victory Capital partners with Nasdaq to enter cryptocurrency space - Victory Capital Holdings has outlined plans to enter the cryptocurrency market with a partnership with Nasdaq and crypto-focused asset manager Hashdex. Read more

Mastercard introduces new Start Path program for minority-owned enterprises - The Start Path track is dedicated to supporting traditionally underrepresented fintech founders as the company continues its work to ensure minority led startups have access to the funding necessary to scale. Read more

Select Financings

Airbase - San Francisco based spend management platform for SMBs raised $60m in Series B funding at a $600m valuation led by Menlo Ventures. Read more

Blooma - California based digital underwriting platform for commercial real estate raised $15m in Series A funding led by Canapi Ventures. Read more

Branch Insurance - Ohio based home and auto insurance startup raised $50m in Series B funding led by Anthemis Group. Read more

Briq - California based payment platform for the construction industry raised $30m in Series B funding led by Tiger Global. Read more

BukuWarung - Indonesia based accounting platform for SMEs raised $60m in Series A funding co-led by Valar Ventures and Goodwater Capital. Read more

Certificial - New Jersey based certificate of insurance and compliance management software raised $5.8m in Series A funding led by IA Capital. Read more

Clip - Mexico digital payments and commerce platform raised $250m in Series D funding at a $2b valuation co-led by SoftBank and Viking Global Investors. Read more

Klarna - Sweden based online payment platform raised $639m in new funding at a $45.6b valuation led by SoftBank Vision Fund 2. Read more

Ledger - France based gateway for digital assets raised $380m in Series C funding at a $1.5b valuation led by 10T Holdings. Read more

Nubank - Brazil based challenger bank raised $750m in Series G funding (total round is $1.15b) at a $30b valuation led by Berkshire Hathaway. Read more

Pennylane - France based accounting platform for SMBs raised €15m in Series B funding led by Sequoia Capital. Read more

Refyne - India based earned wage access startup raised $16m in Series A funding led by RTP Global. Read more

Scalable Capital - Germany based trading app for Europe raised $180m in Series E funding at a $1.4b valuation led by Tencent. Read more

Trellis - San Francisco based car and home insurance startup raised $10m in Series A funding led by QED Investors. Read more

Trulioo - Canada based online identity verification platform raised $394m in Series D funding at a $1.75b valuation led by TCV. Read more

Ziina - Dubai based P2P payments startup raised $7.5m in seed funding co-led by Avenir Growth and Class 5 Global. Read more


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