By Kate Irwin
2 min read
Yuga Labs announced today that it has raised $450 million in a funding round led by Andreessen Horowitz, bringing the Web3 company to a total valuation of $4 billion. The Miami-based Yuga Labs confirmed the funding and valuation numbers to Decrypt via email today.
Animoca Brands, Coinbase, MoonPay, and FTX are among the other Web3 companies that contributed to the massive funding round, which is Yuga Labs’ first to date.
As a leading NFT brand, Yuga Labs—which created the Bored Ape Yacht Club (BAYC) NFTs and recently acquired the CryptoPunks and Meebits IP from Larva Labs—is looking to further expand its presence. With its new funding, Yuga plans to hire more employees and develop brand partnerships.
On Friday, it teased a video promoting Otherside, an NFT-based MMORPG game where players can use their NFTs as playable characters. From Yuga Labs’ tweet, it’s likely ApeCoin will be Otherside’s official in-game currency and that more will be revealed come April.
Gordon Goner, co-founder of the BAYC who was previously publicly outed by BuzzFeed, told The Verge that Yuga aims to create a “gamified” and decentralized experience with Otherside.
Yuga’s CEO Nicole Muniz said that Otherside will be inclusive to NFTs beyond just those managed by Yuga Labs, and that “a few different game studios” are helping develop the game.
“We’re opening the door to effectively a walled garden and saying ‘Everybody’s welcome,’” Muniz told The Verge.
Texas’s 88th legislative session has been an especially productive one for local Bitcoin miners. Advocates celebrated the blocking of one state bill, and the passage of several others, that will likely ensure the state remains attractive for miners. "The microchip was invented in 1958 but that technology was monetized in California,” Lee Bratcher, President of the Texas Blockchain Council, told Decrypt via email. Texas is not going to let that happen again. Texas will be the Silicon Valley of th
The popular trading app Robinhood is ending support for three cryptocurrencies in Cardano (ADA), Polygon (MATIC), and Solana (SOL) from June 27, 2023. "We regularly review the crypto we offer on Robinhood," the firm shared in an update. "Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET." Users have to withdraw or sell these assets for fiat or other eligible assets on Robinhood by the deadline. Post that
Crypto bank Custodia chalked a recent ruling in its battle against the Fed as a key win. In light of the Wyoming Federal Judge's decision released on Thursday, which denied the Federal Reserve's bid to dismiss its lawsuit against it, Custodia Bank has been instilled with renewed hope in its ongoing legal battle against the institution. Custodia, founded by Morgan Stanley veteran Caitlin Long in 2020, was designed to provide a bridge between digital assets and the U.S. dollar system. In its June