Tioga Capital (@tiogacapital) • Hey
European venture capital fund that partners with exceptional Web3 entrepreneurs
Publications
- Tioga Capital will be at EthCC Paris next month - we would love to meet founders!
If you are building something cool in Web3 and looking to raise (soon), come for our Buidler's Pitch along with BlockTower Capital, LongHash Ventures, Maven 11, Eden Block, and RockawayX.
**Date**: Tuesday, 18th July (time slots available 9am-2pm)
**Location**: Prague (venue to be shared upon confirmation of participation)
**Format**: 30mins 1-1 sessions with one or more participating VCs
Registration link: https://bit.ly/42E0zmo
#ethcc #web3 #venturecapital #startups
- gm bloomers 🌿
We are thrilled to announce that we are supporting @lensprotocol!
Read more about the announcement here:
https://mirror.xyz/lensprotocol.eth/ZF4VA-MXxUCXt_E2GnlkC5fCoIteTBG2r6Fx6ra3q5w
As part of our ongoing support we are helping our other portfolio companies build social features leveraging Lens. For instance, we recently helped @tropee_nft.lens integrate Lens requirements to their NFT utility platform, allowing content creators to gate access to some utilities based on some actions on Lens (e.g., mirror a post).
If you want to follow our team members:
@memester.lens
@lakshman.lens
@undercoverser.lens
@jerre.lens
LFG 🌿
- **🗻 Today we share the story of Tioga Capital's origins:**
👉🏼 What is "Tioga"?
👉🏼 Our investment thesis
👉🏼 Our portfolio companies
https://tioga.substack.com/p/tioga-capital-origins
We are very excited by Web3 Social, especially the Lens ecosystem. If you are building something and planning to change the world, feel free to DM here on Lens.
Article written by @undercoverser.lens
- Last week’s most important news:
👉 Ethereum mainnet undergoes the Shanghai upgrade successfully, allowing validators to withdraw their staked $ETH after almost 2.5 years of locking assets on the Beacon chain.
👉 Korean exchange GDAC Group, yearn.finance, and Sushi suffer hacks worth $13M, $11.6M, and $3.3M respectively. dYdX shuts down its platform for Canadian users due to regulations.
👉 EigenLayer launches stage 1 of its testnet allowing native and liquid restaking. Redacted Cartel announces Dinero, an overcollateralized stablecoin backed by Ethereum blockspace.
👉 Ava Labs launches Evergreen Subnets, a suite of tooling for enterprises with inbuilt KYC/KYB features and geofencing. Bitstamp announces a yield program for the custodial assets of the users with no lock-in periods.
👉 BITKRAFT Ventures raises a $220.6M token fund. Bitget Group raises a $100M Asia-focused venture fund. OP Crypto launches a $28M crypto venture fund of funds.
👉 Sei Labs raises a $30M round at an $800M valuation led by Jump Crypto. Lore raises a $4M round led by Multicoin Capital. @huddle01.lens raises a $2.8M round led by Hivemind Capital.
- Here is a recap of some of last week’s most important news - happy Easter holidays everyone!
👉 Australian Securities and Investments Commission suspends Binance’s financial service license, banning the world’s largest exchange from offering perpetual trading in Australia. This comes just days after U.S. Commodity Futures Trading Commission accused Binance of breaching multiple US laws.
👉 Sentiment, a liquidity protocol on Arbitrum, suffers a nullM hack and recovers ~90% of it through negotiations with the hacker. zkSync Era suffers an outage of >4 hours, just 10 days after being launched on mainnet by Matter Labs.
👉 Gem, a @tiogacapital.lens portfolio company, launches v2 of the NFT marketplace aggregator as Opensea Pro after being acquired by OpenSea last year. Superfluid launches Superfluid Subscriptions, a crypto checkout and recurring payments toolkit.
👉 dYdX launches its Cosmos-based v4 on testnet. Sui Foundationl aunches Permanent, a testnet that will be continued post mainnet launch. Caldera, an app-rollup service, launches its public testnet.
👉 Re7 Capital and Republic Crypto launch RxR Opportunities Fund, a $100M fund to invest in liquid tokens. Delphi Digital launches a web3 accelerator with a $13.5M fund.
👉 LayerZero Labs raises a $120M Series-B round led by a16z crypto. SwissBorg raises a $23M community round. M^ZERO LABS_ raises a $22.5M seed round led by Pantera Capital. LI.FI raises a $17.5M round led by CoinFund and Superscrypt.
- We recently decided to back PV01 in their journey to disrupt debt capital markets using blockchains. Here is why!
https://tioga.substack.com/p/why-we-invested-in-pv01?utm_source=twitter&sd=pf
- Last week’s most important news:
👉 Coinbase announces 4 core products - an on-chain reputation system, an inflation-pegged “flatcoin”, an on-chain limit order book exchange, and security tooling for DeFi, on its L2 built using OP Stack. Brian Armstrong expresses Conbase’s intent to donate to pro-crypto candidates in the US elections.
👉 Conduit announces a rollup-as-a-service platform to easily deploy an application-specific rollup using OP Stack by Optimism. Saga.xyz rolls out its first testnet, Cassiopeia, an application-specific blockchain deployment platform on Cosmos.
👉 dYdX launches v4 testnet of the perpetuals trading platform built on Cosmos. Lido Finance discontinues staked $KSM and $DOT on Kusama and Polkadot respectively.
👉 Yama Finance, an omnichain stablecoin built using Hyperlane, goes live on Arbitrum (Offchain Labs). Quasar Finance, an index and vaults product on Cosmos, goes live on mainnet.
👉 Hydra Ventures, an investment DAO out 1kx, raises a $10M fund to invest in other investment DAOs. Nasdaq plans to launch crypto custody services in Q2 2023.
👉 EigenLayer raises a $50M round led by Blockchain Capital LLC. Fetch.ai raises a $40M round led by DWF Labs. Conduit raises a $7M round led by Paradigm. Econia Labs raises a $6.5M round led by Dragonfly.
- Last week’s most important news:
👉 Arbitrum, the leading rollup on Ethereum by TVL built by Offchain Labs, takes its native token $ARB public and completes the most awaited airdrop of the year. 11.6% of the supply worth over null.5B was distributed to >600k wallets, of which ~80% have already claimed the airdrop within 24 hours.
👉 zkSync Era, a zkEVM built by Matter Labs, opens up an alpha version of the mainnet to the public. Hyperlane, a permissionless interoperability protocol, announces support for Eclipse, a modular SolanaVM building on top of Celestia Labs.
👉 Telegram Messenger enables USDT payments on its messaging app settled on the TON blockchain. Microsoft tests a crypto wallet for its Edge browser. Dymension announces eIBC, an IBC-based trustless bridge between optimistic rollups.
👉 Do Kwon, the founder of Terraform Labs, a fugitive arguably responsible for the collapse of the $60B Terra ecosystem, has been arrested in Montenegro with a fake Costa Rican passport.
👉 Seed Club Ventures raises a $25M fund to invest in DAOs. Brevan Howard Digital raises $9M for its liquid token fund.
👉 BitKeep raises a $30M round at a $300M valuation led by Bitget Group. CCP Games raises a $40M round led by Andreessen Horowitz. Radix raises a $10M round led by DWF Labs.Activate to view larger image,
- We are proud to be backing Maxime Boonen, Flavio Molendini, and the rest of the PV01 team in their journey to digitize debt capital markets on public blockchains.
Article (Bloomberg paywall): https://www.bloomberg.com/news/articles/2023-03-22/ex-goldman-trader-to-start-selling-corporate-government-bonds-on-blockchain#xj4y7vzkg
Press Release: https://www.pv0.one/news/new-fixed-income-platform-pv01-to-evolve-debt-capital-markets-using-public-blockchain/
#capitalmarkets #pv01 #bonds
- Nicolas Priem, Managing Partner at Tioga Capital Partners, will be speaking at the "Privacy and the Future of French Tech" event hosted by our portfolio company Nym Technologies SA and our friends at Secret Network, on 21st March during Paris Blockchain Week 2023!
- Last week’s most important business news from the blockchain ecosystem:
👉 ConsenSys announces the planned launch of its zkEVM public testnet on 28th March, a day after Polygon Labs’ zkEVM mainnet beta launch. ChainSafe Systems, an Ethereum R&D firm, joins hands with Nym Technologies SA to build privacy-enhanced validators.
👉 Dune builds DuneSQL, a new querying engine designed to execute performant queries from v2 data. Convex Finance goes live on Polygon.
👉 Office of the New York State Attorney General files a lawsuit against KuCoin Exchange for serving as a broker-dealer without necessary state licenses. The lawsuit further labels $ETH as security. In the latest annual budget, President Biden announces a proposal to levy a 30% excise tax on energy consumed in Bitcoin mining.
👉 Kraken Digital Asset Exchange plans to launch a crypto bank amidst regulatory uncertainties. Silvergate Bank, a leading crypto-friendly bank, liquidates assets and winds down its operations.
👉 Uniswap Labs launches an open-source, mobile-first wallet on AppleTestflight. Coinbase announces an MPC-based Wallet-as-a-Service which can be used by other app developers to build custom wallets for its users.
👉 Scroll raises a $50M round at a null.8B valuation from Polychain Capital, Sequoia China, and Bain Capital Crypto, among others. Toku (prev. WorkDAO) raises a $20M round led by Blockchain Capital LLC. Mauve raises a $15M round from Coinbase Ventures, Ethereal Ventures, Inflection.xyz, and Balderton Capital, among others.
- 📣 ANNOUNCING THE WINNERS OF THE CONTEST 📣
Last month, I launched an NFT Utility Contest: anyone could create Utilities for the Memester
Community. It's now time to announce the top 3 NFT utility creators - congrats!! 🥳
🥇1st prize (50 USDC) for @magnaa.lens (claimed by 24 people)
🥈2nd prize (40 USDC) for @nicnode.lens (claimed by 23 people)
🥉3rd prize (30 USDC) for @synonyms.lens (claimed by 18 people)
**Other prizes**
4 USDC for everyone else who created at least one utility. Thanks for participating and offering some utilities to other members of the community @chriscomrie.lens, @jessyjeanne.lens, @designmagazine.lens, @whale_code.lens, @tiogacapital.lens, @raphaelh.lens, @chaoticmonk.lens, @samthingwrong.lens, @magnaa.lens, @nicnode.lens, @synonyms.lens.lens, @avoregina.lens.
**Spotlights on the winners**
@magnaa.lens offered the password to the @dumpling.lens allowlist
@nicnode.lens offered a sneak preview into his new product @lensclubs.lens
@synonyms.lens offered access to gated alpha trading group
@tropee_nft.lens has written a case study on this contest, check it out!
https://www.tropee.com/blog/how-memester-got-his-community-to-create-utilities-with-just-150
Not part of the community yet? Join 200 other members by collecting this post for 2 WMATIC:
https://lenster.xyz/posts/0x5805-0x039f
And here are the utilities you can get as community member: https://www.tropee.com/collection/memester-community
- Tioga Capital Partners will be at ETHDenver and we would love to meet founders!
If you are building something innovative in Web3 and looking to raise (soon), join our Buidler's Pitch along with Blockchain Capital LLC, Maven 11, and RockawayX.
**Date:** Wednesday, 1st March (time slots available between 1pm and 6pm)
**Location:** Denver (exact venue to be shared upon confirmation of participation)
**Format:** 30mins 1-1 sessions with one or multiple participating VCsq
Registration: https://docs.google.com/forms/d/e/1FAIpQLScL-kY8VaYaO1IOCNFzlkfWoBwecpFu9y1iTzYomNAYHXni0Q/viewform
- **Last week’s most important news in Web3:**
👉 Banco do Brasil, one of the oldest banks in Brazil, now allows citizens to pay taxes in crypto. Visa plans to launch crypto debit cards in 40 countries in partnership with Wirex. Mastercard launches a prepaid crypto card in Brazil in partnership with Binance. Interactive Brokers launches crypto trading to its professional trading clientele in Hong Kong.
👉 Blur, the largest NFT marketplace aggregator launched 4 months ago, closes season 1 of its journey with its third $BLUR airdrop worth ~$400M. Blur also surpasses OpenSea by total NFT trading volume in the last 1 week with a 44% market share.
👉 Polygon Labs officially announces the #zkEVM mainnet launch on March 27th, making it the first zkEVM on mainnet among other projects such as Scroll, Kakarot, Taiko, ConsenSys, and the one by the Privacy & Scaling Explorations team at the Ethereum Foundation. Liquity goes live on Aztec.
👉 Susquehanna International Group, LLP (SIG) group acquires a 7.5% stake in Silvergate Bank. U.S. Securities and Exchange Commissionfilings reveal Citadel Securities’ 5.5% stake and BlackRock’s 7.2% stake (an increase from 5.9% last month) in the troubled crypto-bank.
👉 Hub71 Abu Dhabi launches Hub71+, a $2B multi-stage web3 fund anchored by First Abu Dhabi Bank, UAE’s largest bank. In a move to expand to the Cosmos ecosystem, Sushi acquires Vortex Protocol, a derivatives trading platform on the Cosmos SDK-based chain Sei Network.
👉 SUPERPLASTIC® raises a $20M round led by Prime Video & Amazon Studios. Alongside raises an $11M round led by a16z crypto. Calderaraises a $9M round led by Sequoia Capital and Dragonfly.
- **Last week’s most important news:**
👉 Over $3M has been donated in crypto to earthquake victims in Turkey. Binance donates $100 to every victim in $BNB tokens.
👉 Aave Companies launches its stablecoin $GHO on Goerli testnet. MakerDAO launches Spark Lend, a lending protocol built on top of Aave v3.
👉 dForce Network suffers a $3.65M price manipulation attack. CoW Protocol’s external solver contract containing one week’s protocol fees of $166K gets hacked. Orion Protocol suffers a $3M reentrancy attack.
👉 Instadapp launches v2 of its Lite product with high APRs and multi-protocol support. Lido launches v2 with staking router and beacon chain withdrawals.
👉 LocalBitcoin shuts down. Revolut launches #ETH and #ADA staking for its 25M users. Kraken Digital Asset Exchange shuts down its staking operations in the US due to SEC charges.
👉 Carbonplace raises a $45M round from 9 banks including BNP Paribas, UBS, and Standard Chartered Bank. Coincover raises a $30M Series-A round led by Foundation Capital.
- **Last week’s most important business news from the blockchain ecosystem:**
👉 Coinbase halts operations in Japan. De Nederlandsche Bank fines Coinbase €3.3M for operating in the Netherlands without appropriate registrations. Nexo pays a similar non-compliance fine of $45M for its earn product to the U.S. Securities and Exchange Commission.
👉 NAB announces AUDN, a collateralised stablecoin fully backed by Australian dollars, and plans to deploy it on Ethereum and Algorand. Saudi experiments with CBDCs in a project led by the Saudi Central Bank – SAMA. UK's treasury department is looking for a CBDC head to develop a digital pound.
👉 Circle launches Cross-Chain Transfer protocol (CCTP) to allow interoperability of native USDC starting with Avalanche, and then Solana and other networks. Index Coop announces $dsETH, an index that tracks a diversified pool of staked ETH. ParaSwap launches PSP 2.0, a fully revised tokenomics with new staking and incentive mechanisms.
👉 Genesis files for Chapter 11 bankruptcy. Digital Currency Group has appointed Lazard to sell CoinDesk for around $200M. DCG-owned exchange Luno lays off 35% (330) of its staff.
👉 Sequoia Capital raises its fifth seed fund of $195M. Escape Velocity (EV3) raises a $25M fund to invest in crypto start-ups. Injective Labs launches a $150M ecosystem fund. ssv.network launches a $50M ecosystem fund.
👉 QuickNode ⚡ raises a $60M Series-B from 10T Holdings and Tiger Global Management. =nil; Foundation raises a $22M led by Polychain Capital. Ulvetanna Inc raises a $15M round co-led by Paradigm and Bain Capital Crypto. Calimero Network raises an $8.5M Seed round led by Khosla Ventures.
- Last week’s most important business news from the blockchain ecosystem:
👉 Mantle Network, an Ethereum L2, goes live on testnet. ConsenSys’ zkEVM private beta goes live. Saga and Celestia Labs launch a rollup-as-a-service project with decentralised sequencer sets.
👉 Trader Joe (🎩,🔺), the leading DEX on Avalanche, goes live on BNB Chain. OpenSea adds support for Arbitrum Nova, Offchain Labs’ chain for social and gaming. STFX plans to launch on Avalanche after receiving a strategic investment from Avalanche’s Blizzard Fund.
👉 Chaos Labs receives governance approval to support Aave Companies in its safe migration from v2 to v3 with its risk management tools. Mastercard launches a web3 accelerator program for music artists in collaboration with Polygon Technology. Amazon Web Services (AWS) announces infrastructure services such as one-click node deployment for the Avalanche ecosystem.
👉 Coinbase, Blockchain.com, SuperRare Labs and Gate.io lay off 20% (980), 28% (110), 30%, and 40-50% (rumoured) of their employees respectively. Huobi plans to cut staff by 20%. Binance receives regulatory approval in Sweden and plans to increase the workforce by up to 30% (2400) this year.
👉 Crypto.com delists USDT in Canada due to regulatory issues. DCG shuts down HQ Digital, its $3.5B wealth management division. e-Money A/S shuts down eEUR, its collateralised and EU-compliant Euro stablecoin.
👉 Venom Foundation and ICEBERG Capital launch Venom Ventures Fund, a nullB fund to invest in early-stage web3 projects. The Easy Company raises a $14.2M seed round led by Relay Ventures, 6MV, and Tapestry VC, among others. Quasar Finance raises a $5.4M bridge round led by Shima Capital. MSafe raises a $5M seed round led by Jump Capital.
- **Recap: some of last week’s most important news in crypto**
👉 Visa builds a recurring payments module for self-custody wallets with Argent using account abstraction on Starknet, a zk-rollup built by StarkWare.
👉 Polygon Technology launches zkEVM on public testnet. UniPass Tech launches the first smart contract wallet on Scroll's pre-alpha testnet.
👉 SushiSwap governance votes in favour of directing protocol fees to the treasury. Morpho Labs brings leverage and other advanced features for the lending protocol using smart accounts on its new interface, Morphous.
👉 Caroline Ellison, the ex-CEO of Alameda Research, and Gary Wang, Co-Founder of FTX, plead guilty to fraud charges. Evgeny Gaevoy, Founder and CEO of crypto market maker Wintermute, plans to launch a derivatives exchange for professional traders.
👉 Sandeep Nailwal announces the launch of Beacon, a 12-week cohort-based web3 accelerator. Axelar Network raises a $60M ecosystem fund to support projects building on top of the interoperability protocol.
👉 Amber Group raises a $300M Series-C round led by Fenbushi Capital. Aztec raises a $100M Series-B round led by Andreessen Horowitz. Blocknative raises a $15M Series-A round from Blockchain Capital LLC and Hack VC. Foundation Devices raises a $7M seed round led by Polychain Capital.
- gm, great to be on Lens!