🗿 Is London The Next Crypto Hub?

Amid regulatory uncertainty in the US and Europe, major firms are exploring London as a potential crypto hub. A16Z is officially opening up shop there.

June 13, 2023

Today’s No FOMO newsletter is brought to you by…

GM. Happy Tuesday. Might be the last Tuesday before summer takes off, so don’t forget to hit the gym. Gotta go at least once to fix the last 3 years of sitting in front of a computer.

Around the world, A16Z is betting on London and Binance may really be finished in the US. Plus, we have some market alpha for you… per usual.

☕ *knuckle cracks* Let’s get into it.

Today’s Specials:

No FOMO News 📰 : The End of Binance.US? 🇺🇸

🔥 NFT Power Rankings 🔥: Sproto Gremlins 🥇

No FOMO 🗿: Is London the Next Crypto Hub? 🎡

AI Intel 🤖 : First-Ever “Senators-only” Hearing on AI 🏛️

Testnet Tuesday 🧪 : What is Vega Protocol? 🔧

Buy or Sell 🪝 : Louis Vuitton’s $39k Trunk NFT 👜

No FOMO News 📰

  • FCA Right to Propose Stop to Marketing Crypto as ‘Inflation Resistant,’ UK Industry Members Say (CoinDesk)

  • Ripple CEO: Hinman docs are ‘well worth the wait’ (Cointelegraph)

  • Bank of China issues $28M in digital structured notes on Ethereum blockchain (Cointelegraph)

  • SEC's Temporary Restraining Order Would 'Effectively End' Binance.US Business, Company Claims (CoinDesk)

  • Andreessen Horowitz to open first office outside the U.S. in London in bet UK will become crypto hub (CNBC)

  • Thousands of Reddit communities 'go dark' in protest of new developer fees (NPR)

Is London The Next Crypto Hub? 🎡

Amid regulatory uncertainty in the US and Europe, major firms are exploring London as a potential crypto hub.

A16Z is officially opening up shop there. The UK Prime Minister is willing to play ball. Will it hold?

Andreessen Horowitz (a16z) announced plans on Twitter Monday to open its first international office in London.

Apparently, Crypto Managing Partner Chris Dixon made the decision after “productive dialogue” with the UK prime minister + relevant policymakers.

What we like about Londontown:

  • Not beholden to the same rules and regulations as EU members – more flexibility

  • Can effectively become a liaison between US + Europe crypto industries (both geographically and diplomatically)

  • Ripe with talent and high wage earners

What makes us hesitant:

  • A divided house. Just earlier this week, a story came out how UK lawmakers were divided on how to regulate crypto.

  • If the US fired Gensler and changed its crypto stance in three years (which is quite possible in a functioning democracy), would the London hype still be relevant?

Whether or not London takes over as the next major crypto hub, it’s hard to spin the international expansion of the largest crypto VC as a net negative. This is good news.

To be clear, A16Z remains heavily invested in the US. But the move is significant, and should be a warning sign to US regulators that innovative American companies are willing to reposition abroad if they don’t like the rules being set in tech.

🔥 NFT Power Rankings 🔥

ICYMI, Friday’s Rankings:

AI Intel 🤖

  • Schumer announces Senate will hold 'first-ever Senators-only' hearing on Artificial Intelligence (Fox News)

  • UN report highlights ‘serious and urgent’ concerns about AI deepfakes (Cointelegraph)

  • TikTok Adds New AI Ad Script Generator Tool in Creative Center (SocialToday)

  • UN Chief Considering Watchdog Agency for AI (VOA)

  • Salesforce Ventures Doubles Down On AI Investments (Crunchbase News)

  • AI Learning From AI is The Beginning of the End for AI Models (Decrypt)

Testnet Tuesday 🧪: Vega Protocol

Vega Protocol is a Layer 1 built specifically for margin financial products. Before their public sale, they raised $10m in seed funding from the likes of Pantera Capital, Ripple, and Coinbase Ventures – among others.

Vega deployed its first on-chain trading platform on mainnet early last month, but it’s only in alpha for now. To test it out, you’ll need a Vega wallet.

“Vega Protocol has been deployed on Alpha Mainnet, empowering users to create and trade derivatives markets with no gas fees, low latency, and native liquidity incentives”

We’re not here to take a stance on anyone’s product, just to provide the alpha for our readers. Happy trading.

Buy or Sell 🪝

Louis Vuitton enters Web3 by launching its iconic trunk as a digital collectible… for $39k

Shameless Shill + Alpha

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