Housekeeping: Introducing Chain Catalyst

Plus: 2023 crypto market outlook

December 30, 2022

Happy Friday folks 👋🏻 - this is our last email of 2022. It's gonna be a quick one. To close the year, we have a little present for you to gear up for 2023. We hope that you're all out celebrating NYE! 🍻 🎉

In Today's Email:

What Matters: Housekeeping 🏠, 2023 crypto market outlook 👀
Founders Highlight: Farza Majeed, Founder of Buildspace 👨‍💻
Deal Flows: Galaxy acquires Argo Blockchain's mining facility ⛏️

WHAT MATTERS

Housekeeping: Introducing Chain Catalyst

Firstly, we would like to thank all of you readers that have decided to give us your attention. We were soft launching this newsletter in the last few months of 2022, but we're only getting started!

Things will get bigger and better in 2023.

Including much more tools and benefits that you'll receive by becoming a reader of this publication. Hint: more data, tools, and platforms to elevate your work as a web3 builder and investor.

We can't say too much else for now, but please stay tuned for further announcements 😉

Some housekeeping. Chain Catalyst publishes at least 3 issues per week.

Monday: One big news that matter, charts of the week, products of the week.
Wednesday: One big news that matter, crypto case study, new features highlight.
Friday: One big news that matter, deal flows highlight, investor-founder highlight.

We hope that this makes the schedule clear. Oh right, here's our presents 🎁

2023 Crypto Market Outlooks:

Coinbase | Messari | a16z | Binance | Delphi Digital | DeFiLlama | CoinDesk | Bloomberg
Forbes | Pantera Capital's Paul | Arca Funds | New Order DAO | Crypto.com | Huobi
Saxo Bank | VanEck | PwC | Accenture | The Block | Cointelegraph

BUILDER-INVESTOR HIGHLIGHT

Farza Majeed, Founder of Buildspace

Farza Majeed is the Founder of Buildspace, an education & networking platform that enables developers, both professional and aspiring, to build in public. Buildspace provides a suite of projects, ranging from web3 to AI/ML, helping its users get the experience necessary to pursue unique opportunities.

What previously was recent: Farza's entrepreneurial spirit started when he was a teenager. Farza started his own business selling blank DVDs on eBay and Amazon, as well as a partnership with his cousins to sell t-shirts. He did this until 2015 when he joined Amazon as a customer service person.

In 2016, Farza made a huge career transition. He took on his first Software Engineering role at TSM, a large eSports organization. In 2 years, he worked at 3 different companies as a Software Engineer, but SightPlan might be the company where he was inspired to build his own startup in the future.
Moving on, he joined the University of Central Florida (UCF) as Computer Vision Researcher. Working while building a startup is not an easy task. Noni ended up dying, but Farza learned a lot. At UCF, he studied end-to-end deep learning, further cementing his knowledge of technology.

The big idea: Right now, Farza is working on Buildspace. The company raised $10M from a16z in November 2022. It's also part of the Y Combinator S20 cohort. It has had 125,000+ users building with the platform.

He has his own website, likes Naruto, and writes occasionally on his Substack.

DEAL FLOWS

Galaxy Acquired Argo Blockchain's Mining Facility

It's a slow week. We tracked only two deal flows, although they're both quite substantial.

Galaxy Acquired Argo Blockchain's Mining Facility: Argo Blockchain has agreed to sell its "Helios" mining facility to Mike Novogratz's Galaxy Digital for $65M. Additionally, it will also be getting a $35M loans to avoid bankruptcy.

"This transaction with Galaxy is a transformational one for Argo and benefits the Company in several ways," "It reduces our debt by $41 million (£34 million) and provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market."

Deal flows in the past week:

Argo Blockchain's Mining Facility, $65M Acquisition by Galaxy Digital
Gumi, $50M Private Round

QUICK BITES

Bahamian regulators hold $3.5 billion in FTX customers' assets.
Binance warns about 3Commas API leak.
FBI investigates 3Commas data breach.
China launches state-backed NFT marketplace.
Liquid exchange (FTX-owned) plan to return customer funds.
Gemini sued by investors.

MEME & NOTEWORTHY READS

Nic Carter's report on the status of proof of reserve as of Year End 2022
a16z's blog on 22 top crypto pieces from 2022.
@Ri_gmi's thread on Alameda altcoin transactions.

— Hollow (@HollowXBT)
7:11 PM • Dec 28, 2022

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.