Top Wall Street firms backed a new crypto exchange

Welcome back! Dan DeFrancesco in NYC.

REMINDER: Tomorrow is Valentine’s Day! But don’t panic. Here is a list of 57 of the best gifts for that special someone.

In print, we’ve got stories about how a little-known executive helped Microsoft orchestrate the deal with OpenAI, Tiger Global defends these startup plays, and everything you wanted to know about “The 4-hour Workweek” without having to read “The 4-Hour Workweek .”

But first, I wish I knew how to break up with you.

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1. Just can’t quit crypto.

A bunch of high-profile Wall Street investors just came together in a startup that promises to fix a major problem in the crypto industry.

If that feels like a 2021 headline, you’re not wrong. And while many of those bets blew up — the most spectacular of which was crypto exchange FTX — that hasn’t stopped Wall Street. If there’s one thing financial firms love, it’s succeeding where others have failed.

Which brings us to C3, a new crypto exchange whose investors are a who’s who of some of the best trading and investment firms on the street.

As Insider’s April Joyner reported, some of the firms involved in C3’s $6 million seed round include Two Sigma Ventures, Jane Street Capital, Hudson River Trading, Flow Traders and GoldenTree Asset Management, along with crypto-focused subsidiaries of traditional players such as Jump Crypto of Jump Trading Group and Cumberland from DRW.

While I’ve never been a crypto evangelist, I also didn’t buy into the idea that crypto was going to disappear completely after the FTX debacle. While the incident was obviously damaging to the industry, it also didn’t feel like the death blow some made it out to be.

That said, it’s interesting to see the caliber of names that have come on board for the C3.

Admittedly, this type of investment is a rounding error for these firms, but their involvement shows that appetite for the space remains high. As Insider’s Dakin Campbell previously wrote, FTX was ironically the trading venue of choice for a ton of “smart money.”

Click here to read more about a new crypto startup getting backing from some of Wall Street’s top trading firms.

In other news:

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3. Goldman Shuffle. Another high-profile executive has left the bank’s consumer group, with Peeyush Nahar announcing to staff that he will take on an advisory role, Bloomberg reports. Meanwhile, one of Goldman’s top tech bankers is moving into asset management, according to Bloomberg.

4. Tiger Global’s startup investments aren’t that bad, according to Tiger Global. The Financial Times has a report on Tiger’s annual letter to investors defending the way the firm calculates valuations for private companies in its portfolio. More about that here.

5. Walmart’s nepo baby. Lukas Walton, grandson of the founder of Walmart, is the world’s 68th richest person, according to the Bloomberg Billionaires Index. Here’s everything you need to know about the fiercely private heir to the Walmart empire. And while we’re on the subject of nepo babies, here’s a breakdown of billionaire investor Nelson Peltz’s 10 children.

6. German exchange merges with Google Cloud Platform. Deutsche Börse Group and GCP announced a 10-year tie-up that makes the cloud provider the trading venue’s go-to cloud partner. For an overview of all important partnerships between Wall Street and cloud partners, check out our running list of more than 30 deals.

7. This $150 million Connecticut mansion that just hit the market is probably Ray Dalios, but I can’t say for sure. The house, which sold for $120 million in 2014, is owned by a corporation that has a Bridgewater email address, Bloomberg reports. And a member of the Dalio Family Office recently filed papers for said firm. But I’m sure it’s just a massive coincidence. Check out the house that’s for sure not Ray Dalio is here.

8. Who’s Next in Line for the Disney Throne After CEO Bob Iger, Part II. It’s déjà vu again. The manager recently announced a restructuring of the company that is wondering who might succeed Iger. Here is the overview.

9. She read “The 4-Hour Workweek,” so you let it go. Here are 4 of the biggest takeaways from the book that can help you manage work and life. We cut it down to a 3 hour work week.

10. A former financial analyst at JPMorgan explains why he quit his job to give himself a reset. Cheman Cheung left Wall Street after his father died to recover from a state of “mental chaos”. This is how he found his way again.

Curated by Dan DeFrancesco in New York. Feedback or tips? Email [email protected], tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.