Crypto converted another Wall Street veteran this week after former Citi executive Matt Zhang launched a $1.5 billion digital asset fund. A new funding mechanism allowing users to access early-stage crypto startups shined the spotlight on Cardano’s massive community. One of Latin America’s biggest crypto exchanges raised $50 million in private funding to expand its operations. 1inch Network raised another $175 million from leading crypto venture capitalists to expand DeFi liquidity. 

These were just some of the week’s biggest business headlines from the world of crypto. Every Thursday, Cointelegraph’s Crypto Biz newsletter gives readers a pulse of the business behind blockchain and cryptocurrency, delivered directly to their inbox. Below is a concise version of the Dec. 2 edition of our newsletter. 

Former Citi banker launches $1.5B crypto fund

Matt Zhang left a 14-year career at Citigroup to launch Hivemind Capital Partners, a $1.5 billion multi-strategy crypto and blockchain fund. The fund is designed to invest in emerging blockchain projects, support institutional access to crypto and actively trade digital assets.

MELD’s $1B ISPO shines the spotlight on Cardano

In October, DeFi banking protocol MELD concluded a $1-billion initial stake pool offering (ISPO), giving Cardano holders the ability to stake their ADA in exchange for MELD tokens. The ISPO was a resounding success as more than 40,000 participants staked 620 million ADA. MELD CEO Ken Olling provided Cointelegraph with exclusive commentary.

2TM raises $50M, further cementing unicorn status

Crypto unicorn 2TM, which operates Mercado Bitcoin, one of Latin America’s largest digital asset exchanges, has concluded a $50.3 million private investment round. 2TM is planning to expand its services in the region as crypto adoption continues to grow in places like Brazil, Mexico and Argentina.

Amber Group leads 1inch Network’s $175M Series B

Earlier this week, decentralized exchange aggregator 1inch Network closed a $175-million private financing round, with contributions from some of crypto’s biggest venture investors, including Amber Group, VanEck, Jane Street, Fenbushi Capital, Alameda Research, Celsius and Nexo. The Series B was more than double the $70 million target 1inch had initially planned and further demonstrated the enormous appetite for DeFi solutions.