Welcome back to Chain Reaction.
Last week, we looked at Solana’s smartphone and the post-Apple tech industry. This week, we’re looking at a web3 without Big Tech.
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no trillionaires allowed
Unlike other moonshot tech categories, it’s become increasingly clear that there isn’t a huge whitespace open for Big Tech in defining the future for crypto.
This week, Meta announced it will be shutting down its Novi crypto payments wallets in September. This pilot, which was only available in a couple geographies, was pretty much the last hurrah of the company’s broadly ambitious Diem stablecoin plans and leaves the company without a clear path forward for a crypto play that expands beyond its current networks.
This failure was …