A16Z Crypto, OpenSea and Stand with Start Creator Defense Fund

Von Sophie Müller

  • A16Z, OpenSea and Stand with Crypto have set up a $ 6 million defense fund for developers.
  • OpenSea has promised $ 5 million and A16Z $ 1 million.
  • The fund will support the NFT market in the coming weeks after the SEC has published a wells notice against OpenSea.

The risk capital company Andreessen Horowitz works with the NFT marketplace OpenSea and the non-profit organization supported by Coinbase Stand with Crypto to put on a new fund that serves to defend the ecosystem of the crypto manufacturers.

On Friday A16Z Crypto, Stand with Crypto and Openea announced the introduction of the Creator Legal Defense Fund with an initial financing of $ 6 million. The fund aims at the legal protection of artists and creators, as the three platforms announced.

"This collaboration is an important milestone in our mission to strengthen and protect the voices of artists and creators that are dependent on blockchain technology," said the companies. ​​wrote .

OpenSea promises $ 5 million

The unveiling of the Creator Legal Defense Fund is only two weeks after the US stock exchange supervision SEC has published a Wells Notice against OpenSea-a leading NFT marketplace. The notification of the SEC indicates that the supervisory authority is considering a lawsuit against the platform for securities.

After the Wells Notice of the SEC, OpenSea gave an explanation in which it announced that it would "get up and fight". Co-founder and CEO Devin Finzer described the regulatory authority's procedure as shocking and Openea said that it would provide $ 5 million for a fund that should serve to protect NFT manufacturers.

On September 13, the marketplace together with A16Z and Stand with Crypto presented the Creator Defense Fund. A16Z announced that it would contribute $ 1 million, while OpenSea agreed to $ 5 million. The CEO of OpenSea commented that the fund will offer legal knowledge of both authors and developers.

The fund will use right-wing experts from various law firms, including Cooley LLP, Fenwick & West LLP, Goodwin Procter LLP and Latham & Watkins LLP.

sec and crypto pushing

The SEC is still criticized by the entire crypto scene and US lawyers because of their regulatory approach by enforcing cryptocurrencies.

On Thursday, the regulatory authority announced an agreement with Etoro. This includes a fine and an injunctive relief that will result in the platform to remove all crypto tokens except Bitcoin, Ethereum and Bitcoin Cash from the lists.

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Source: Coinlist.me