DeFi DeBrief #3 | Everything’s on sale 💥

Welcome to issue #3 of the DeFi DeBrief, your weekly digest of the biggest news in DeFi.


  • Crypto funds raising big money
  • Argentine state says ‘Yes’ to USDT
  • Have crypto ATMs found a home?


Onwards 👇

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‘Everything’s on sale’ 💥

Even the most seasoned investors find bear markets tough. When numbers trend down, it’s hard to stay positive. Then you read about top-tier crypto funds raising multi-million dollar war chests, and you see a distant light.

Reddit co-founder Alexis Ohanian’s firm Seven Seven Six is raising $177.6 million to invest during the downturn. And current and ex-Galaxy Digital and Genesis employees are raising $500 million, too.

Why should you care?

If nothing else, the huge raises signal that optimism remains. As Katelin Holloway, Founding Partner at Seven Seven Six, said, “This is the best time to buy if you’re really long on the industry… Everything is on sale.”

So if you’re sitting there worrying about short-term price movements, now’s the time to zoom out. Diamonds form under pressure, and if you’re long on crypto in general…

There’s every reason to feel positive.

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1.7m Argentines can now pay taxes in USDT 💵 

Argentina has a complicated relationship with cryptocurrency. Last month, the Central Bank enacted restrictions on crypto swaps to stop its citizens from swapping pesos for U.S. Dollars.

But this month, the government of Mendoza state, home to 1.7 million residents, recognised how crypto can help its citizens battle inflation (which hit 64% YoY as of August in Argentina).

In an effort to move toward “modernization and innovation,” the Mendoza Tax Administration will let residents pay taxes in USDT or DAI stablecoins, all using their Binance, Ripio, or Buenbit accounts (to name a few).


Crypto ATM operator to list on Nasdaq 🗽

Crypto ATMs are like Marmite. Some love them; others don’t know why they exist. But that hasn’t stopped a crypto ATM operator from filing to list on Nasdaq in a reported $885m SPAC deal.

Bitcoin Depot ATMs let users buy crypto with cash or debit cards and wire the tokens directly to their wallet. And with over 7,000 ATM locations in the U.S. and Canada, it’s the world’s largest operator.

The deal is expected to close by the first quarter of 2023. If it does, it would seem there’s a healthy appetite for crypto ATMs after all.

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Five short reads catching our eye this week:

  1. Will Ethereum names replace passports?
  2. A game-changing upgrade comes to Compound
  3. Bored Apes to feature on limited-edition M&M’s
  4. The Avalanche litigation conspiracy theory
  5. Avalanche CEO debunks the claims



  • BTC: $20,280.22 (5.08%, 7 days)
  • ETH: $1,588.04 (3.02%, 7 days)
  • TVL in DeFi: $60.26bn
  • Fear & Greed: 23 (extreme fear)

*Data last updated at 08:00 on 31st August.



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