Share this article
A16z-Backed TrustToken Acquires EthWorks
Following the purchase, TrustToken plans to expand EthWorks’ open-source projects, including Waffle and useDApp.
Updated May 11, 2023, 5:45 p.m. Published Sep 15, 2021, 8:00 a.m.
Make us preferred on Google
TrustToken, operator of decentralized finance (DeFi) lending protocol TrueFi and stablecoin TUSD, has acquired Web3 development firm EthWorks for an undisclosed amount.
TrustToken, which is backed by Andreessen Horowitz (a16z) and Sam Bankman-Fried’s Alameda Research, said it has put its recent funding round of $12.5 million towards the EthWorks acquisition.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Following the purchase, TrustToken’s team will have quadrupled in size, going from 10 people to 40. Once the EthWorks team has been fully onboarded by TrustToken, the team is expected to grow to over 100 members and expand its engineering, design and cybersecurity capabilities.
Read more: A16z, BlockTower, Alameda Back $12.5M Round for TrustToken
Prior to being acquired by the firm, EthWorks worked closely with TrustToken for over a year, contributing to the development of TrustToken’s DeFi projects.
TrustToken said it plans to expand EthWorks’ open-source projects including Waffle and useDApp, which are used by Ethereum developers globally.
Currently, the TUSD stablecoin is trading on Coinbase, Binance and FTX, as well as on decentralized exchanges such as Uniswap and Sushiswap. EthWorks has been involved in the development of open-source projects including Waffle and useDApp.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle faces first major 'threat' for institutional dollars from Tether’s USAT
While Circle's USDC has operated without a "credible domestic competitor," Tether's USAT has the potential to shake up the landscape, analysts said.
What to know:
- Analysts said USAT, the U.S.-focused stablecoin by Tether, could become the first credible domestic competitor to Circle's USDC token.
- USAT is "a threat to USDC" and could gain an edge through institutional partners and global USDT connectivity, Crypto is Macro Now's Noelle Acheson said.
- ClearStreet's Owen Lau called USAT “a manageable risk” for Circle, and noted potential "cannibalization" risk between Tether's two tokens.
Top Stories
