Leaders.com
  • Login
  • Subscribe
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
  • Login
  • Subscribe
Cryptocurrency Justin Kan

Twitch co-founder Justin Kan is joining in a crypto startup (Photo by Kimberly White/Getty Images for TechCrunch)

By Tyler Hummel Leaders Staff

Tyler Hummel

Tyler Hummel

Tyler Hummel is a news writer for Leaders Media. He was the Fall 2021 College Fix Fellow and Health Care...

Full bio


Learn about our editorial policy

Oct 12, 2022

A New Crypto Opportunity Arises 

Twitch co-founder Justin Kan is in the process of launching a new crypto e-commerce startup.

Key Details

  • “The crypto arm of noted venture-capital firm Andreessen Horowitz led a $14-million funding round for Rye, a new e-commerce application programming interface that lets merchants, stores, and customers transact openly and with minimal fees,” says CoinDesk. 
  • The platform will have its own crypto token that the founders are hopeful will become independently popular. 
  • The backers believe that this new platform will be popularized by low transaction fees. 
  • “Rye and its venture capital backers hope that their Rye token will become a popular—and valuable—cryptocurrency itself, used to provide participants with redeemable rewards similar to the industry’s already popular cash-back programs,” says Forbes. 
  • “Whereas Shopify charges 2.4% to 2.9% per online transaction, in addition to subscription and per-transaction charges, and Etsy takes 6.5% of transactions, as well as a listing fee, Rye’s founders claimed that by structuring as a token protocol, they’ll be able to eventually make money despite offering far lower fees in the fraction of a percent range,” Forbes continues.  

Why it’s important

Rye’s success could prove that there is still innovation and potential in the crypto space, in spite of the ongoing crypto winter—this time when cryptos have sunk to new lows. 

As we previously reported, crypto is facing a bitter season as the value of major currencies like Bitcoin and Ethereum suffers. Bitcoin has lost 70.8% of its value since November 8, 2021. Venture Capital for crypto dropped 50% in the past quarter.

Additionally, the federal government has decided to begin cracking down on crypto by demanding greater regulation. 

The dip hasn’t convinced many crypto firms, who intend to forge ahead. Many are simply changing direction. The last quarter still raised $3.3 billion in venture capital, which affords investors opportunities for expansion. 

Rye’s developers see the possibility of finding new applications for using crypto. If they succeed, they may help give crypto a new lease on life.  

Notable quote

“Rye will offer a one-click application programming interface for merchants to display some or all of their products on Rye’s own marketplace. Rye will offer that directory in turn to developers, to embed within their own sites and apps. With those items viewable and purchasable across in the internet through Rye’s tools, the company would effectively create an internet-wide directory of purchasable products, reminiscent of how much of the world’s music is made available on streaming platform Spotify,” says Forbes. 

Home / News / A New Crypto Opportunity Arises 
Share
FacebookTweetEmailLinkedIn

Related Stories

Making Insurance a Little Easier

by Hannah Bryan Leaders Staff
Business

8 hours ago

insurance easier

Insurance paperwork for medical procedures will soon be reduced as the nation’s largest health insurer announces a change to its authorization process. 

Key Details

  • On Wednesday, UnitedHealth Group announced that it would change its authorization process to reduce the paperwork involved for approval, The Wall Street Journal reports. 
  • It will also reduce the number of devices and services requiring insurance company authorization. 
  • Beginning next year, the company will also implement further changes–such as reducing requirements for “gold-card” doctors and hospitals—to speed up the insurance process. 
  • “We’re not deaf to the complaints out there,” UnitedHealthcare chief growth officer Philip Kaufman said. “We’ve taken a hard look at ourselves and this process.” 
  • Some of the insurer’s promised changes may take time to enact, but the changes should result in a less stressful insurance process. 

Go deeper

FacebookTweetEmailLinkedIn

Biden’s New EV Tax Credit Rules

by Savannah Young Leaders Staff
Business

10 hours ago

Tesla Model 3 that will no longer be eligible for EV tax credit under new rules

The Biden administration has released new tax laws that will make many current electric vehicles (EVs) ineligible for federal credits.

Key Details

  • The new regulations issued by the Treasury Department are pushing manufacturers to move supply chains out of China and to the U.S.
  • To be eligible for a tax credit, a certain percentage of the components and minerals in each EV must come from America or a country that has a U.S. trade agreement.
  • The new rules will go into effect on April 18 and eliminate many currently eligible vehicles, including the Tesla Model 3 sedan.

Go deeper

FacebookTweetEmailLinkedIn

The Money Behind the Madness

by Hannah Bryan Leaders Staff
Entertainment

11 hours ago

march madness money

March Madness generates billions of dollars—from advertising revenue to ticket sales—but the NCAA is not the only one taking home cash.

Key Details

  • March Madness is the primary source of income for the NCAA. In the 2021-2022 season, the NCAA brought in $1.14 billion in revenue—almost $1 billion of that came from March Madness. 
  • Thirteen years ago, the NCAA signed a $10.8 billion deal with CBS Sports and Turner Broadcasting. That deal was renewed in 2016 for another $8.8 billion, USA Today reports. 
  • This year, the NCAA has set aside a $170 million fund for the participating schools called the “Basketball Performance Fund.” 
  • Exactly how those funds are distributed is somewhat complicated. Teams earn “units” for their conference by playing games in the tournament. The fund is distributed based on conferences’ performances over the last six years.  
  • Just by making the tournament, conferences can earn significant revenue over six years, The Washington Post reports. 

Go deeper

FacebookTweetEmailLinkedIn
A new trend is sweeping amongst the younger generations as more people opt for the traditional flip phones and Nokia cell phones that were popular in the early 2000s, called dumbphones
Business

11 hours ago

Gen Z Hangs Up On Smartphones

by Savannah Young Leaders Staff
FDIC
Public Policy

11 hours ago

Making the Big Banks Subsidize Failure 

by Tyler Hummel Leaders Staff
trump indicted
Business

13 hours ago

The Market Feels Little Effect Of Trump’s Indictment

by Hannah Bryan Leaders Staff

Recent Articles

Leadership

Mar 30, 2023

The Most Productive People Follow Daily Routines, Here’s Why

By following a structured daily routine, you give your mind a break.

Productivity

Mar 27, 2023

84% of Workers Are Easily Distracted—Here Are 10 Tricks to Stay Focused

Learn to improve mental performance when you can’t stay focused.

Leadership

Mar 22, 2023

Creating Loyal Employees Is About More Than Just the Paycheck

If you think simply paying your employees more will gain their loyalty, think again.

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2023 Leaders.com - All rights reserved.

Search Leaders.com