In a recent episode of CNBC’s Crypto World, VanEck announced a $30 million venture fund aimed at investing in startups at the intersection of fintech, crypto, and AI, with a focus on leveraging stablecoins and transforming financial services. The episode also covered updates on Bitcoin’s market stability, a proposed XRP ETF, and the significant influence of the crypto industry in the upcoming 2024 election cycle.
In a recent episode of CNBC’s Crypto World, host Katie Tasv provided updates on the cryptocurrency market, highlighting Bitcoin’s stability while altcoins like Ether and XRP experienced slight gains. The segment also discussed a proposed XRP ETF by Canary Capital, which has been filed with the SEC. The episode featured significant news regarding crypto developer Peter Todd, who publicly denied claims made in an HBO documentary titled “Money Electric,” which suggested he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Todd dismissed the claims as “nonsense,” and industry figures, including Munib Ali, supported his denial.
Marathon Digital Holdings is making strides in energy efficiency by partnering with natural gas company Enon to establish a 25-megawatt mining operation in Texas and North Dakota. This initiative aims to utilize excess natural gas from nearby oil fields, which CEO Fred Teal believes will help reduce operational costs for the mining facilities. The move comes as miners seek ways to enhance profitability following the recent Bitcoin halving, which cut mining rewards in half.
The episode also touched on the influence of the crypto industry in the upcoming 2024 election cycle. New Yorker writer Charles Doig noted that nearly half of all corporate donations to Super PACs in the current election cycle came from the crypto sector. He highlighted the impact of the Fair Shake Super PAC, which has been instrumental in supporting pro-crypto candidates, suggesting that the financial power of the tech industry is significantly shaping political outcomes.
In a key segment, VanEck announced the launch of a $30 million venture fund focused on investing in startups at the intersection of fintech, crypto, and AI. Wyatt Lonan, a general partner at VanEck Ventures, explained that the fund aims to leverage the value layer of crypto, particularly stablecoins, while utilizing AI to transform traditional financial services into software-driven solutions. Lonan emphasized that the fund’s strategy is to target early-stage companies that can innovate within these rapidly evolving sectors.
Lonan also addressed the current venture capital landscape, noting that the fund’s smaller size allows for a concentrated portfolio and focused returns. He expressed optimism about the future of IPOs in the crypto space, particularly with potential regulatory advancements regarding stablecoins. Lonan believes that as the regulatory environment improves, more crypto fintech companies will be able to go public, providing earlier liquidity and better price discovery for investors. The episode concluded with a promise of more updates in the future.