Crypto Three Things (9/15)

“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” ― Pablo Picasso

1) Ethereum Merge takes effect: The most popular blockchain underwent its highly-anticipated makeover called the Merge as the network successfully shifted to a proof-of-stake mechanism. Ethereum morphed its Mainnet with the Beacon chain, ending power-hungry mining and moving into a new, greener system. The revamp will boost transaction speed, reduce fees, and slash energy consumption by 99%.

Titan’s Takeaway: The Merge is crypto’s most ambitious software upgrade to date and marks the end of an era that ushered in millions of people drawn in by mining rewards. Post-Merge, the freshly repaved digital-asset highway will pay interest, potentially enticing legacy investors.

2) JPMorgan backs crypto firm: Ownera, a startup building interoperability infrastructure for blockchain, announced a $20M Series A funding that includes Wall Street mainstay, JPMorgan. The fresh capital will be used to develop Ownera’s platform that connects tokenized securities of institutional money managers. The network is based on the open-source FinP2P protocol that seeks to digitize capital markets. 

Titan’s Takeaway: After giving blockchain the cold shoulder in early 2018, JPMorgan has warmed to the disruptive tech. The bank’s latest move adds to several crypto initiatives, such as blockchain-based collateral settlements with BlackRock and several BTC funds.  

3) Two Sigma raises $400M funds: The venture arm of hedge fund Two Sigma has raised $320M to be funneled into the firm’s fourth early-stage fund and another $80M for its second opportunities fund. The firm expects to benefit from the risk-off investment climate that has lowered valuations and reduced competition. Two Sigma Ventures has backed Web3 and DeFi firms such as Pyth, Rally, and Rift Finance.

Titan’s Takeaway: Supporting the next generation of founders is even more rewarding in a challenging market environment as it requires deeper due diligence and extensive research. We’re looking with excitement to see who Two Sigma supports next.