The Briefing Memo from The Department of XYZ

July 2024

July 24, 2024

The Briefing Memo

July 2024 - If you’re new here, welcome to The Briefing Memo from The Department of XYZ, which features our latest insights and updates. You can manage your subscription preferences at the bottom of this message.

Etherfuse

Department of XYZ portfolio company Etherfuse recently announced their Seed round to bring emerging market debt on-chain. The round was co-led by White Star Capital and North Island Ventures. We are proud to participate. Read more more about our investment thesis below.

Why we invested in Etherfuse — DEPARTMENT OF XYZ

Etherfuse recently announced a $3M seed funding round to bring emerging market debt on-chain. The round was co-led by White Star Capital and North Island Ventures. We are proud to participate. Co-founded by David Taylor and AJ Taylor, Etherfuse has already launched five products so far. These inc

www.departmentofxyz.com/blog/why-we-invested-in-etherfuse

Portfolio News

Bridge: Using Bridge Virtual Accounts, Velo announced expansion to Brazil, enabling local customers to receive and hold US Dollar stablecoins.
RWA.xyz: Announced Reserves Data API, enabling users to monitor the assets and tokens that sit behind tokenized RWA. Also, check out the company’s interview with Moody’s.
Superstate: Announced the Superstate Crypto Carry Fund (USCC), designed to provide compliant and convenient exposure to the crypto “cash-and-carry” trade for qualified purchasers.
Squid Router: Launched Summer Camp, 4 weeks of on-chain activities, games, and contests.

Team Updates

Matt joined other regulatory and policy nerds in Santa Fe for a few days of conversation about the latest in financial regulation, including developments related to data, AI, fraud, banking partnerships, and blockchain.

What we’re reading and listening to

Lightspeed: Why Solana Will Eventually Flip Ethereum — Multicoin Founder Kyle Samani shares his thoughts on Solana, stablecoins, and DePin.
Bloomberg: Venezuela Crypto Remittances Skyrocket as Migration Crisis Worsens — Insights regarding the use of cryptocurrency for remittances, which has become a more common method of sending money home.
McKinsey: From ripples to waves: The transformational power of tokenizing assets — McKinsey report on the state of tokenization, including an analysis of tokenization “waves,” or the sequential order in which they expect assets to be tokenized.
Etherfuse: The Evolution of CETES — Historical overview of Mexico’s bond market, including the arrival of CETES.
Coinbase: The State of Crypto: The Fortune 500 Moving Onchain — Report on the efforts of Fortune 500 companies, with 56% reporting to have on-chain projects underway.