The recent surge in the price of bitcoin, which reached a new all-time high of over $35,000 on Wednesday, has been driven by the launch of several exchange-traded funds (ETFs) that offer exposure to the cryptocurrency. These ETFs, which trade on major stock exchanges like the New York Stock Exchange and the Nasdaq, allow investors to buy and sell shares that track the performance of bitcoin without having to deal with the technical and regulatory challenges of owning and storing the digital asset directly.
While some critics have dismissed crypto investing as a speculative bubble that will eventually burst, others have recognized its potential as a new asset class that can diversify portfolios and hedge against inflation and currency devaluation. Among them is Dawn Mersinger, a commissioner at the Commodity Futures Trading Commission (CFTC), the federal agency that oversees the derivatives markets in the US.
In an interview with Bloomberg on Thursday, Mersinger said that crypto investing is not just a fad, but a reflection of the growing demand for alternative forms of money and value in the digital age. She said that the CFTC’s role is to ensure that the crypto markets are fair, transparent and resilient, and that investors are protected from fraud and manipulation.
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Mersinger also said that the CFTC is working closely with other regulators, such as the Securities and Exchange Commission (SEC), to provide clarity and guidance for the crypto industry. She said that the CFTC has been supportive of innovation and experimentation in the crypto space, and that it has approved several products and platforms that offer futures and options contracts on bitcoin and other cryptocurrencies.
Mersinger acknowledged that there are still many challenges and risks associated with crypto investing, such as volatility, cybersecurity, environmental impact and legal uncertainty. She advised investors to do their homework and understand the risks before investing in any crypto product or service. She also urged the crypto industry to adopt best practices and standards to enhance its credibility and trustworthiness.
Mersinger concluded by saying that crypto investing is here to stay, and that it will continue to evolve and grow as more investors, institutions and regulators embrace it. She said that the CFTC is committed to fostering a safe and sound crypto market that benefits both consumers and the economy.
NFL Rivals crypto game scores nearly 3 million players as revenue climbs
NFL Rivals, a blockchain-based game that lets players collect and trade digital cards of their favorite football teams and players, has reached a new milestone of nearly 3 million active users in October, according to the latest data from DappRadar. The game, which launched in August, has also seen its revenue soar to over $10 million in the same month, making it one of the most successful crypto games on the market.
NFL Rivals is powered by the Flow blockchain, the same platform that hosts NBA Top Shot, another popular sports-themed crypto game. The game allows users to buy packs of cards that represent real NFL teams and players and use them to compete in daily fantasy contests or trade them on the marketplace. Users can also earn rewards by completing challenges and quests, or by staking their cards to earn interest.
The game’s popularity has been driven by several factors, including the ongoing NFL season, the growing interest in crypto gaming and NFTs (non-fungible tokens), and the strong brand recognition of the NFL. The game has also attracted some celebrity endorsements, such as rapper Snoop Dogg, who recently revealed his own collection of NFL Rivals cards on Twitter.
NFL Rivals is not the only crypto game that is making waves in the industry. According to DappRadar, the total revenue of crypto games reached $2.3 billion in October, a 40% increase from September. Some of the other top-performing games include Axie Infinity, a Pokémon-inspired game that has over 1.5 million daily active users and $1.4 billion in revenue; and CryptoBlades, a role-playing game that has over 600,000 daily active users and $300 million in revenue.
Crypto gaming is a rapidly growing sector that combines the fun and excitement of gaming with the innovation and potential of blockchain technology. By offering users more ownership, control, and rewards over their digital assets, crypto games are creating new ways for people to interact with their favorite sports, entertainment, and gaming franchises.
Paradigm co-founder Fred Ehrsam steps down as managing partner
Fred Ehrsam, the co-founder and managing partner of Paradigm, a crypto-focused venture capital firm, has decided to step down from his role. Ehrsam, who co-founded Paradigm in 2018 with Matt Huang, a former partner at Sequoia Capital, said he will remain involved with the firm as a board member and advisor, but will no longer oversee its day-to-day operations.
Ehrsam did not disclose the exact reasons for his departure but hinted that he wanted to pursue other opportunities in the crypto space. “I’m incredibly proud of what we’ve built at Paradigm over the last three years. We have a world-class team, a strong portfolio of companies, and a clear vision for the future of crypto. However, I also feel that there are so many exciting things happening in this industry right now, and I want to explore them more deeply,” he wrote in a blog post.
Ehrsam is no stranger to the crypto world. He co-founded Coinbase, one of the largest and most influential crypto exchanges, in 2012 with Brian Armstrong. He left Coinbase in 2017 to start Paradigm, which has since become one of the most prominent and successful VC firms in the crypto space. Paradigm has invested in some of the leading projects and companies in the industry, such as Uniswap, Compound, MakerDAO, Optimism, and FTX.
Ehrsam’s departure comes at a time when the crypto market is booming, reaching new highs in terms of adoption, innovation, and valuation. According to Ehrsam, Paradigm is well-positioned to capitalize on this growth and continue to support the development of the crypto ecosystem. He praised his co-founder Huang and the rest of the Paradigm team for their leadership and expertise.
“Matt is an exceptional partner and leader, and I have full confidence in him and the team to take Paradigm to the next level. I’m grateful for their support and friendship, and I look forward to working with them as a board member and advisor,” he said.
Ehrsam did not reveal what his next venture will be but said he will share more details soon. He also expressed his optimism and enthusiasm for the future of crypto. “I believe we are still at the very beginning of this journey, and I can’t wait to see what the next decade will bring. Crypto is not only a new technology, but a new paradigm for how we organize ourselves as a society. It’s an honor to be part of this movement, and I’m excited to continue contributing to it in new ways,” he concluded.