Will Coinbase’s new NFT efforts compete with OpenSea? - Fortune

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That seems to set Coinbase up to compete with OpenSea.

Serendipitously, I caught up with Emilie Choi, COO of Coinbase at the second day of Fortune’s Most Powerful Women Summit Tuesday—just before she stepped on stage—to discuss that point.

Her response: She sees the NFT world as large enough for multiple players to coexist—and believes that the new offering will be different enough from that of OpenSea.

“We love OpenSea. Coinbase Ventures was a very early investor in OpenSea and we want them to thrive and flourish,” she said. “I think any approach we take to NFTs will be different… and I think it’s so early in the space—it's going to be such a massive, massive space that there’s going to be different ways in which the players play. I think there’s going to be a lot more partnership than friction... even if those things aren't minted on Coinbase, you can imagine a world where we're super open on whatever those assets may be, as long as they are safe and secure for the user.”

For now at least, Coinbase is still light on the details for the new part of the company, though it does feature works tied to artist Pplpleasr1, DJ 3LAU, and NFT project Forgotten Runes. It also touts its soon-to-be "user-friendly interface." While games and collectibles are considered the most well-known use cases for NFTs, investors have also pointed to its potential in real estate and ticketing—ensuring that there is just a single version of a ticket or piece of artwork.

“We’re all playing in a very fast growing space. We still don’t know exactly what use cases are going to play out,” Choi says. She notes that Coinbase has historically invested in potential competitors in the past. Because “Hey, if they do a better job than we do, that’s awesome. We want the whole space to thrive, we want thousands of companies in the crypto ecosystem to blossom.”

The bottom line? It’s hard to imagine zero overlap between the two companies and there's a whole lot that sounds similar (as Coinbase VP of Product, Ecosystem, Sanchan Saxena notes in a blog post announcing the news Tuesday: "If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. We can help"). But Coinbase NFT launches this year, and as Choi notes, the cat still isn’t quite out of the bag yet—so we will wait and see exactly how the story plays out.

At any rate, we spoke about more, including regulation and Square’s Tidal acquisition. Stay tuned for more of our interview in a future version of this newsletter. But you can watch her discuss Coinbase's NFT vision in this video.

Lucinda Shen
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@shenlucinda
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Jessica Mathews compiled the IPO and SPAC sections of this newsletter.

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Alviere, a New York City-based company allowing other businesses to offer financial services, raised $70 million. That includes a $20 million Series A led by Viola Ventures and Viola Fintech; and a $50 million Series B by investors including Viola Ventures, Viola Fintech, and CommerzVentures.

Beacon Platform, a New York City-based maker of trading and risk management apps, raised $56 million in Series C funding. Warburg Pincus led the round and was joined by investors including Centana Growth Partners, Global Atlantic Financial Group, and PIMCO.

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Black Kite, a Boston-based cyber risk ratings company, raised $22 million in Series B funding. Volition Capital led the round and was joined by investors including Moore Strategic Ventures, Glasswing Ventures, and Data Point Capital.

Nelo, a Latin America-focused buy now pay later company, raised $20 million. Two Sigma Ventures led the round and was joined by investors including Homebrew, Susa Ventures, Crossbeam, and Anthony Pompliano.

Flowhub, a Denver-based cannabis retail point-of-sale company, raised $19 million, valuing it over $200 million. Headline and Poseidon led the round and were joined by investors including Shawn “Jay-Z” Carter.

Nexla, a San Mateo, Calif.-based data operations company, raised $12 million in Series A funding. Industry Ventures led the round and was joined by investors including Liberty Global Ventures, Blumberg Capital, Engineering Capital, Storm Ventures, and Correlation Ventures.

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FitOn, a Los Angeles-based digital fitness company, raised $18 million. Delta-v Capital led the round and was joined by investors including Accel, Telstra Ventures, Crosscut Ventures, Maverick Ventures, and Second Avenue Partners.

Humn, a London-based motor insurtech, raised £10.1 million ($13.7 million) in Series A funding. BXR Group and Shell Ventures led the round and were joined by investors including Hambro Perks Leaders Fund and Woodside Holdings.

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Cord, a London-based company automating annotation for computer vision data, raised $12.5 million in Series A funding. CRV led the round and was joined by investors including Y Combinator Continuity, Harpoon Ventures, and Crane Venture Partners.

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Approach, a Kansas City, Mo.-based gym management software company, raised $1.5 million in seed funding. Crux Collective led the round.

PRIVATE EQUITY

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Advent International and Viking Global Investors invested $300 million in Global Processing Services, a London-based API-based payments company.

Point Break Capital Management led the round a $208 million investment in Trumid, a New York City-based bond investment financial technology company.

StoicLane Principals led a $175 million investment in Interfirst Mortgage Company, a mortgage originator.

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Carnegie Dartlet, a New Heritage Capital portfolio company, acquired mStoner, a web design company. Financial terms weren’t disclosed.

Cerberus Capital Management invested in NetCentrics, a cybersecurity, enterprise information technology, and telecommunications business. Financial terms weren’t disclosed.

RealDefense, backed by Corbel Capital Partners, ,acquired STOPzilla, a Santa Monica, Calif.-based antivirus company. Financial terms weren’t disclosed.

Strand Equity and Beechwood Capital invested in iNNBeauty Project, a White Plains, N.Y.-based clean, and accessible skincare company. Financial terms weren’t disclosed.

TA Associates acquired a 25% stake in Foncia, a provider of residential property management services in Europe. Partners Group will continue to hold a majority stake. Financial terms weren’t disclosed.

Vroom agreed to acquire United Auto Credit, a Fort Worth, Tx.-based automotive financing company, for $300 million in cash. Pine Brook Partners, backs United Auto Credit.

GTCR will acquire Lexipol, a provider of policy management, training and wellness software for police, from The Riverside Company. Financial terms weren’t disclosed.

PCI Pharma Services acquired LSNE, a Bedford, N.H.-based contract manufacturing organization for the pharmaceutical space, from Permira.

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Portillo’s, an Oak Brook, Ill.-based Chicago street food restaurant chain company, plans to raise up to $404 million in an offering of 20.3 million shares priced between $17 and $20 per share. The company posted $455 million in revenue in 2020 and $12 million in net income. Berkshire Partners owns the firm.

P10, a Dallas, Texas-based multi-asset class private market solutions provider, plans to raise up to $320 million in an offering of 20 million shares (43% sold by insiders) priced between $14 and $16 per share. The company reported $67 million in total revenue in 2020 and $24 million in net income.

Enfusion, a Chicago-based investment management software company, plans to raise up to $319 million in an offering of 18.7 million shares (22% sold by insiders) priced between $15 and $17 per share. The company reported revenue of $79.6 million in 2020 and net income of $4.1 million. Hillhouse Capital, FTV Capital, and ICONIQ Capital back the firm.

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F+FS

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PEOPLE

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Blackstone Life Sciences, a Cambridge, Mass.-based investor, added Monika Vnuk and Matt Lane as managing directors.
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source: https://fortune.com/2021/10/13/will-coinbases-new-nft-efforts-compete-with-opensea/

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