💵 MoonPay's $1M Ticket to Startup Glory! - Proof of Intel

Hey there, PoI Pioneers! Kimchi & Mochi here, your trusty guides to all things web3, tech, and where the virtual world meets the real. As you unwrap your day, why not unwrap some delectable insights too? Today, we're serving you a double-scoop of moon shots and crypto plots. From MoonPay investing in web3 and gaming, to Robinhood's crypto romance fizzling out, we're covering all the bits and bytes you won't want to miss. So grab your caffeinated brew of choice and let's dive in. Trust me, it's worth the data.

SUMMARY 📓🖋️

🟧 MoonPay launches its investment arm, MoonPay Ventures, targeting web3, gaming, and fintech startups with investments ranging from $100K to $1M.

🟧 Robinhood and Jump Trading end their crypto partnership. Robinhood now collaborates with competing market-making firms, particularly B2C2.

🟧 Grayscale wins against the SEC in court, increasing the odds for its Bitcoin ETF approval. The ruling could influence other pending ETF proposals.

🟧 X, the social media platform formerly known as Twitter, lands a Currency Transmitter License from Rhode Island, setting the stage for full-on crypto functionality.

TL;DR at the bottom.

🌕 MoonPay Ventures: Opening the Wallet for Web3

MoonPay, that $3.4 billion heavyweight champ of crypto payments, is stepping into the ring of investment with a freshly minted glove—MoonPay Ventures! Oh, it's not some tiny sandbox they're playing in; we're talking web3, gaming, and fintech startups.

So, how deep are these pockets? Think Scrooge McDuck's vault! Investments will range from $100,000 to a cool $1 million, focusing on the early birds catching the venture worms (seed and Series A rounds, if you want to get technical). They’ve already dropped some coins into the piggy banks of 25 companies, including names that are pretty darn hard to pronounce but are totally on the up-and-up, like BCB Group and BridgeTower Capital.

The team is chasing more than just paper gains, ya hear? "Commercial ROI" is the name of the game, with MoonPay's VP of Corporate Development, Abhay Mavalankar, revealing they'll be investing off their balance sheet. But don't get it twisted, it’s not just about making it rain with capital; MoonPay Ventures plans to offer operational support like scaling and distribution to its portfolio startups. How 'bout them apples?

🔗 Unfriended: Robinhood & Jump Trading Cut Crypto Ties

Once upon a time in the magical land of crypto, Robinhood and Jump Trading were the Batman and Robin of retail crypto trading. Well, the dynamic duo has split, and it seems the boy wonder has decided to go solo—sort of. Instead of riding shotgun with Jump Trading, Robinhood has cozied up with other market-making firms, particularly a knight in shining armor named B2C2.

Why the split, you ask? Well, the exact reasons are as mysterious as Satoshi Nakamoto's true identity. But we do know Jump has been sneaking away from the U.S. market faster than you can say "regulatory scrutiny." While Robinhood remains tight-lipped, their financial reports haven’t even given a shoutout to Tai Mo Shan Ltd.—Jump’s affiliate—since the end of 2022. So it's not looking like a temporary breakup, folks.

As for the future, Robinhood is still in the market-making game but without the buddy it started with. It's like Batman finding a new sidekick—different, but the crusade goes on. And remember, crypto trading isn't a rom-com; it’s a thriller, baby!

⚖️ ETF or Not to ETF: Grayscale's Courtroom Drama

Oh boy, is Grayscale having a moment or what? The crypto firm just got a legal thumbs-up from the U.S. Court of Appeals, making the SEC look like it’s been using a Ouija board for decision-making. So, for those who've been rooting for a Bitcoin ETF, pop that champagne, but maybe not all the corks just yet!

The court basically told the SEC, "Your reasoning is more arbitrary than a cat deciding to knock over a vase for no reason." The SEC had shot down Grayscale's ETF proposal saying it didn’t have enough safeguards against "fraudulent and manipulative acts." Grayscale’s response? "That’s nonsense on stilts," and guess what? The court agreed.

What does it mean for the crypto universe? This decision could influence other pending ETF proposals. Companies like BlackRock, Bitwise, and Fidelity must be on the edge of their seats, or should I say, on the ledge of their blockchain?

💳 X Gets the Keys to the Crypto Kingdom

Ladies and Gentlemen, or should I say Tweeple? Our good ol' tweet factory, now going by the avant-garde moniker "X" has been up to some rather non-avian business lately. It's dabbled in a realm often considered the Wild West of the internet: cryptocurrency. Recently, X secured the much-coveted Rhode Island Currency Transmitter License. For those not in the know, this is basically the Willy Wonka Golden Ticket for offering crypto services like storing, transferring, and exchanging digital coins for its user base.

Now, unlike that cryptic ex you have who keeps sliding into your DMs, X hasn't yet revealed all its plans. But it's clear they're gearing up for something big. As Elon Musk fantasizes about turning X into an "everything app," you can't help but wonder if you'll soon be tipping your favorite influencers in Doge or paying for promoted tweets with Ethereum. No crypto tips yet, but hey, that could change faster than you can say 'What’s happening?' in the tweet box.

TL;DR: 🔻💯

🟧 MoonPay, valued at $3.4 billion, has launched MoonPay Ventures to invest in early-stage startups. They're putting up $100K to $1M for seed and Series A rounds and aiming for commercial ROI by not just providing capital, but also operational support.

🟧 Robinhood and Jump Trading have called it quits in their crypto partnership. While Robinhood hasn't spilled the tea, Jump is reportedly pulling back from the U.S. market. Robinhood is now mainly working with market-making firm B2C2.

🟧 The U.S. Court of Appeals supported Grayscale over the SEC in a dispute about a Bitcoin ETF. While this doesn't confirm an ETF approval, it does put the SEC's previous rejections under scrutiny. The crypto market reacted positively, with Bitcoin’s price giving a modest fist pump.

🟧 X (formerly known as Twitter) has acquired a Currency Transmitter License in Rhode Island, fueling speculations of full-fledged crypto services coming to the platform. No official word yet, but it's certainly aligned with Elon Musk's vision of the platform being your all-in-one online sanctuary.