Silicon Valley heavyweight Peter Thiel’s investment firm, Founders Fund, struck gold with a well-timed $200 million bet on Bitcoin and Ethereum, according to Reuters. This shrewd move netted them a tidy $200 million profit, riding the recent crypto bull run.

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Sources reveal the investment was split evenly between the two leading digital assets: Bitcoin (BTC) and Ethereum (ETH). Both saw impressive gains over the past year, with Bitcoin soaring 124% and Ethereum rising a respectable 75%.

Buying Low, Selling High: Founders Fund wasn’t afraid to get their feet wet early, entering the market when Bitcoin was still below the $30,000 mark. They strategically added to their positions in both BTC and ETH in the following months, demonstrating confidence in the market’s long-term potential.

Peter Thiel: A Vocal Crypto Advocate: This isn’t Thiel’s first foray into the crypto world. He’s a long-standing proponent of Bitcoin, using its price gains as ammunition against central banks and fiat currencies. He even admitted feeling “underinvested” in the asset during the 2021 bull run.

Smart Exit Before the Storm: Interestingly, Founders Fund cashed out most of their crypto holdings in March 2022 for a cool $1.8 billion, according to the Financial Times. This savvy move came just before the crypto winter set in, showcasing their keen market timing.

Thiel’s Crypto Footprint: Thiel’s influence in the crypto space extends beyond his personal investments. He backs Bullish, an institutional crypto exchange, which acquired CoinDesk in 2023.

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According to the Web3 firm, the funding is being directed towards the launch of a new suite of non-custodial wallet tools. The company said in a statement that the new features will help wallet developers “remove the complexity of crypto.”

Dynamic Labs said in a statement,

“We are excited to announce our $13.5M Series A, led by a16z crypto, with participation from Founders Fund, Castle Island Ventures, Breyer Capital, Nikil Viswanathan Joe Lau from Alchemy, and others. This funding will help accelerate our work to support builders who are making these incredible things possible,”

Dynamic Labs plans to launch new and non-custodial wallet tools to provide developers with the ability to incorporate FaceID and TouchID into web3 wallet design. This will help to facilitate the creation of a wallet login process that is specifically designed for mobile users.

Dynamic Labs Launches SDK v1

Dynamic Labs also announced that SDK v1 was officially launched on the day it closed its funding round. This new software development kit includes fundamental architecture improvements, a reduced package size, and a transition to the Viem TypeScript library.

The new SDK also includes customization options, the ability to connect multiple wallets in both authentication and connection modes, and an email login feature that can be integrated with existing wallet solutions.

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