Axios Pro: Fintech Deals
May 02, 2022
Axios Pro Exclusive Content

Happy Monday, Fintech Deals readers!

Situational awareness: We will be hosting a virtual event on the future of crypto adoption, tomorrow at 12:30pm ET.

  • Guests include Sen. Cynthia Lummis (R-Wyo.) and Haun Ventures chief policy officer Tomicah Tillemann. Register here.

In other news: The Otherside NFT launch by Yuga Labs over the weekend raised $561 million in 24 hours.

1 big thing: Where's the crypto top?

Animated illustration of two chat bubbles, one with a question mark and one with ellipses.
Illustration: Aïda Amer/Axios

Sam Bankman-Fried's FTX and Anthony Scaramucci's SALT brought the star firepower to an invite-only event on all things crypto in the sunny Bahamas last week.

State of play: Some 2,000 people attended Crypto Bahamas, which featured not only conversations about dealmaking and the development of various protocols, but a panel with Bill Clinton and Tony Blair; parties with Steve Aoki, Katy Perry and Orlando Bloom; and even a tour of a ship with child star Brock Pierce.

Of note: For some attendees, the opulence of the event reflects how crypto's fortunes have become disconnected from the broader venture capital industry and raises the question: Where is the crypto top?

  • "Valuations in crypto across the board are way too high," Amy Wu, who runs FTX's $2 billion venture fund, said on stage during a panel with Lucinda.
  • "It's priced in right that people think there is 100x more to go — or even more in this industry. And yet, we haven't seen a lot of those use cases yet," she added.

View archive