Phantom Acquires a16z-Backed Bitski Wallet Platform

Hi NoRamp Community,

Daily News:

1) Arbitrum DAO Approved Eight-Week Pilot Program to Explore M&A

2) Phantom Acquires a16z-Backed Bitski Wallet Platform

3) Grayscale CEO Michael Sonnenshein Departs Company

4) Bipartisan Bill For Blockchain Competitiveness Passes US House

5) Ndustrial Secures $18.5M For Energy Optimization Solutions

Arbitrum DAO Approved Eight-Week Pilot Program to Explore M&A:

• Arbitrum DAO, managing over $3 billion in crypto, approved an eight-week mergers and acquisitions (M&A) pilot program proposed by Bernard Schmid. The pilot will explore the value of M&A through data-driven discussions. If successful, Schmid plans to propose a $100-$250 million M&A unit with a two-year mandate.

• Arbitrum, the largest layer 2 blockchain on Ethereum, aims to explore M&A opportunities to unify the ecosystem, grow its user base, and reduce competition. Potential targets include marketing companies, business development firms, infrastructure providers, stablecoin issuers, and zero-knowledge technology providers.

• While M&A is common in Big Tech, it is rare in crypto. DAO members must approve major decisions, complicating acquisitions. Some members are skeptical about the scale of M&A opportunities, but the pilot will help gauge the potential. Past notable crypto acquisitions include Polygon’s purchases of Mir and Hermez, and Fei’s merger with Rari Capital, which later dissolved.

Phantom Acquires a16z-Backed Bitski Wallet Platform:

• Phantom, the leading crypto wallet in the Solana ecosystem, acquired Bitski, a wallet-as-a-service platform backed by investors like Andreessen Horowitz and Galaxy Digital. Bitski’s team will join Phantom to bring embedded wallets to Solana, simplifying the onboarding process for users and developers.

• The acquisition, finalized with no pending approvals, will integrate Bitski’s embedded wallet technology into Phantom’s offerings. Current Bitski products will be phased out, and users will be notified of the next steps. Bitski’s tools power applications, games, and Fortune 500 brands.

• Phantom aims to enhance user onboarding by allowing users to sign up and log in with just their email address, intending to onboard millions of new users to Solana. Phantom, which now has 7 million monthly active users, plans to prepare for future growth and expand its team with Bitski’s employees.

  

  Source: Blockworks

Grayscale CEO Michael Sonnenshein Departs Company:

• Michael Sonnenshein stepped down as CEO of Grayscale Investments, with Peter Mintzberg, a former Goldman Sachs executive, set to take over in August. Grayscale’s parent company, Digital Currency Group, praised Mintzberg’s strategic leadership and global expertise.

• Mintzberg previously held senior roles at Goldman Sachs, BlackRock, and Invesco. Sonnenshein expressed gratitude for his time at Grayscale and hinted at future endeavors, though specifics are unknown.

• The leadership change coincides with an anticipated SEC decision on Grayscale’s ether ETF application, which analysts expect to be denied. Grayscale recently withdrew its ether futures ETF application and aims to focus on spot products. Despite outflows from its bitcoin ETF, Grayscale saw $18 million in inflows last week.

Bipartisan Bill For Blockchain Competitiveness Passes US House:

• The U.S. House of Representatives passed the Deploying American Blockchains Act of 2023 by a margin of 334 to 79. This bipartisan bill directs the Secretary of Commerce to promote U.S. competitiveness in blockchain and other distributed ledger technologies.

• The bill designates the Secretary of Commerce as the primary presidential adviser on blockchain, tasks the secretary with policy development, research, and technology promotion, and mandates an advisory committee to report annually to Congress. It was introduced by Representatives Lisa Blunt Rochester and Larry Bucshon and endorsed by the Chamber of Digital Commerce and Blockchain Association.

• Opponents included crypto skeptics Sean Casten, Bill Foster, and Brad Sherman. The House passed the bill on May 15, along with two other blockchain-related bills. All three bills will now move to the Senate for consideration. There are currently about 50 cryptocurrency-related bills under consideration in the U.S. Congress.

Ndustrial Secures $18.5M For Energy Optimization Solutions:

• Ndustrial, specializing in industrial energy optimization, secured $18.5 million in the initial close of its Series B funding round. The funds will support the company’s growth and mission to reduce energy intensity in industrial facilities.

• The funding round was led by ABB and GS Energy. Ndustrial plans to collaborate with these companies to offer advanced energy intensity solutions to industrial clients. ABB President Stuart Thompson emphasized the commitment to sustainability and integrating Ndustrial’s innovations into their digital solutions portfolio.

• Founded in 2015 and headquartered in North Carolina, Ndustrial uses AI to integrate over 60 data sources, providing real-time insights into energy intensity. Their platform helps manufacturers optimize energy consumption, manage costs, and measure carbon emissions, offering significant savings and improved efficiency. Ndustrial’s technology has helped global sites avoid over $100 million in energy expenses.

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