Sequoia cuts down on crypto investments

READING TIME: 4 mins 46 secs

Happy Tuesday!

In this edition of newsletter, you will find intriguing insights about crypto adoption, awareness and knowledge. And much more ๐Ÿ‘‡

Here's what we got for you today:

๐Ÿ•บ Women are more crypto-aware than men

๐Ÿค– Sequoia Capital abandons crypto, focuses on AI

๐Ÿช™ Japan reforms crypto tax code to promote web3

A recent study reveals that Nigerians are at the forefront of crypto awareness globally, with 99% of male respondents from Nigeria having heard about crypto.

In comparison, Brazil and South Africa followed closely with 98% awareness. The US stood at 95%, slightly above the global average. Strikingly, in Nigeria, female respondents demonstrated even higher crypto awareness than males. Despite high crypto recognition, in-depth knowledge such as understanding of web3 remains limited globally, although there's evident demand for web3-related advancements as seen in data related to internet identity control and data privacy.

Shibarium celebrated its first week with significant milestones, including attracting substantial capital and gaining a large user base.

Despite these positive strides in the DeFi landscape, SHIB's price declined, with indicators suggesting a potential further decrease. The total value locked within the Shiba Inu network peaked at $1.47 million, with over 1.01 million users actively participating. Transaction activity soared, nearing a million transactions. Moreover, large transactions within the SHIB ecosystem surged by 335%, indicating growing investor interest.

Sequoia Capital faced significant challenges this past year due to investments in FTX and its controversial engagement with Twitter after Elon Musk's takeover announcement.

Following the FTX debacle, the firm reduced its crypto-focused fund by half but continues to express confidence based on its longstanding performance record. Additionally, Sequoia revealed plans to strengthen relationships with startup founders and target opportunities in the burgeoning AI sector. Amid geopolitical tensions, Sequoia also divested its profitable Chinese division to concentrate on groundbreaking tech ventures in the US and Europe.

Japan's primary financial regulator has proposed alterations to the nation's tax code concerning digital assets.

The significant change includes exempting domestic firms from annual "unrealized gains" taxes on cryptocurrencies. Presently, Japanese companies are taxed yearly on crypto, whereas, in many jurisdictions, entities are taxed only when the digital assets are converted to fiat. The Ministry of Economy, Trade and Industry has already signaled its support for the FSA's proposal. The move aims to foster an environment conducive to Web3 promotion and to encourage startups to leverage blockchain technology.


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