Autor Cointelegraph By Arnold Kirimi

Chinese chip designer reportedly filed for $50M Nasdaq IPO

Chinese chip designer reportedly filed for $50M Nasdaq IPO

Uverejnil používateľ | jún 13, 2022 |

Chinese mining chip designer Nano Labs has applied for an initial public offering (IPO) in the United States to raise $50 million on Nasdaq amid sluggish market conditions.According to information obtained by the Renaissance Capital IPO monitoring tool, the Huangzhou-based crypto mining chip maker has filed with the U.S. regulator Securities and Exchange Commission (SEC) for its upcoming public offering on Nasdaq, the world’s second-biggest stock exchange.The application for American depository shares is occurring amid a slew of regulatory difficulties in China and the United States, causing a shortage of Chinese issuers’ overseas fundraising. Only two IPOs took place in 2022 in New York, raising $49.5 million, compared to 28 IPOs that raised $5.8 billion last year.Nano Labs, however, is pressing ahead with its Nasdaq offering even though it has yet to produce a viable product. The firm plans to transform into a metaverse business, providing computing power for gaming and entertainment.A metaverse is a new online environment being developed on the blockchain. Users may create avatars and own digital property in these virtual realms, sometimes referred to as “next-generation internet” or Web3 applications.The two main shareholders of Nano Labs are co-founders Kong and Sun Qifeng, with 32.8% and 22.3% stakes, respectively. Kong was previously the co-chairman and a director at rival Canaan, which is the first cryptocurrency-mining rig maker to list in the U.S. in November 2019. In August 2020, he departed Canaan amid a corporate power struggle, according to reports from China then.Nano Labs’ products are used to mine cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Filecoin (FIL). In 2020, the company’s earnings were solely derived from China-based clients. To expand sales overseas, it established a subsidiary in Singapore last year.Related: Celsius Network’s crypto mining subsidiary SEC filing suggests plans for IPOAfter Beijing cracked down on crypto activities in May 2021, China, which was previously the world’s biggest cryptocurrency mining location, has witnessed some activities pushed underground. In July last year, the hash rate briefly went to zero, a metric of the network’s computing power for validating transactions and creating new digital assets.Even if the IPO is a success, Nano Labs faces the danger of being delisted. If a U.S. audit regulator fails to examine Chinese accounts for three years, mainland Chinese firms may be delisted from American markets by 2023. Nano Labs claimed it would face this problem as a result of auditing work done by its accounting firm’s offices in China.

Čítaj viac
Circle to acquire Web3 platform Cybavo, bolstering its stablecoin adoption

Circle to acquire Web3 platform Cybavo, bolstering its stablecoin adoption

Uverejnil používateľ | jún 10, 2022 |

Circle, a peer-to-peer financial services firm, has agreed to acquire Cybavo, a digital asset infrastructure platform. The deal will allow Circle to provide “infrastructure as a service” for firms wanting to develop on Web3.Developers will be able to work on their products without having to worry about digital asset security, operations, or blockchain infrastructure management. According to the Friday press release, Circle and CYBAVO intend to further promote the adoption of USD Coin (USDC) and Web3 applications while integrating technology deeply into their core product suite.Circle signed an agreement to acquire @cybavo! Once the deal closes, Circle plans to integrate CYBAVO’s non-custodial digital asset customer solution with Circle Products and expand enterprise and developer services. https://t.co/Kh35nA2tVN— Circle (@circlepay) June 10, 2022Also, Circle wants to develop and operate CYBAVO’s products and services while integrating them as a new product pillar for Circle. Cybavo is a Taiwanese start-up formed in 2018 and raised $4 million in a seed round last year. Circle will invest in Cybavo’s research and development as well as provide support for its products and services.Paul Fan, co-founder and CEO at Cybavo, said that “Circle and CYBAVO share similar operating principles and values and we are aligned in the belief that the market for Web3 apps will “cross the chasm” over the next few years, expanding into major consumer and enterprise-scale applications.”Cointelegraph spoke with Circle about the venture that they termed as a “strategic acquisition,” intended to speed up the adoption of USDC and Web3 technologies while also improving existing product offerings and establishing a new “Crypto Platform Services” category at Circle. According to the payments firm, its role in the ecosystem has been to link the traditional finance system with Web3 apps, adding :”We believe the future is a more open platform for financial services that seamlessly connects these two worlds, with more core applications and services built on crypto and blockchain infrastructure.”Circle did not disclose the terms of the deal with Cointelegraph, however.Launched in 2018, the USDC stablecoin is the second-largest stablecoin after Tether (USDT), with a market capitalization of around $53.8 billion, and the fifth-largest digital asset by value, according to data from CoinGecko.Related: These are the least ‘stable’ stablecoins not named TerraUSDAs reported by Cointelegraph, Circle recently raised $400 million in a funding round co-led by American investment firm BlackRock, the investment advisory firm Fidelity Management and Research, and the London-based hedge fund Marshall Wace and Fin Capital. The investment round will help Circle promote its development as the demand for the United States dollar-based digital currency grows.

Čítaj viac
Singapore to explore digital asset tokenization on public chains

Singapore to explore digital asset tokenization on public chains

Uverejnil používateľ | máj 31, 2022 |

The Monetary Authority of Singapore (MAS) has launched Project Guardian, a blockchain-based digital assets trial that will use tokenization. The project will include regulated financial institutions serving as “trust anchors,” with a pilot involving JP Morgan, DBS Bank and Marketnode, the SGX joint venture for bonds.The Project Guardian initiative, which was announced during the Asia Tech x Singapore Summit on Tuesday, was spearheaded by Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat. It will see MAS explore decentralized finance (DeFi) applications in wholesale funding markets by establishing a liquidity pool of tokenized bonds and deposits to execute borrowing and lending on a public blockchain-based network.According to MAS chief fintech officer, Dr. Sopnendu Mohanty, lessons from Project Guardian will serve as a basis for informing policy markets on the regulatory guard rails that are required to utilize DeFi while also mitigating its hazards. Both DBS and JPMorgan have experience developing digital assets and blockchain technology in their wholesale banking operations. Last year, DBS launched an $11 million digital bond in a security token offering (STO). Since its inception in 2020, JPMorgan’s Onyx Digital Assets Network has completed over $300 billion of transactions.Related: Singapore aims to streamline financial watchdog’s authority over crypto firmsDBS Bank has been active in the cryptocurrency industry for several years, establishing its own institutional-grade crypto exchange in December 2020. The firm has been progressively enhancing the range of supported digital asset services on the exchange, with a crypto trust solution debuting in May 2021.MAS has taken the lead in exploring the future of finance with DeFi protocols, becoming one of the few major regulators to do so. If it succeeds, it might help Singapore cement its position as a global financial center.

Čítaj viac
Hodler's guide to travel: Which platforms accept cryptocurrency?

Hodler's guide to travel: Which platforms accept cryptocurrency?

Uverejnil používateľ | máj 27, 2022 |

The global economy is becoming increasingly digital, and it’s no surprise that cryptocurrencies and blockchain technology are starting to have an impact on the travel industry. Many travel agencies now accept Bitcoin (BTC) and other digital currencies as payment, with some even providing discounts to customers who pay in cryptocurrency. Here is a list of popular travel booking platforms that take BTC, as well as embrace blockchain technology.1INCH Network to bring crypto payments to the travel industryThe decentralized exchange aggregator 1inch Network on Thursday announced a partnership with the travel booking platform Travala.com, which will allow users to pay for their hotel bookings with cryptocurrency. Users of Travala.com can now use their favorite cryptocurrency to purchase millions of goods thanks to this collaboration. This decision is expected to boost crypto adoption and foster innovation in the travel industry.The integration with Travala.com will allow 1INCH token holders to book over 2.2 million hotels and residences, 600+ airlines, and 400K+ activities in 230 countries. This is a huge step forward for the 1INCH Network, which will now be able to offer its services to a wider range of users.Travala.com is a supporter of cryptocurrency adoption, taking payment in over 50 different cryptocurrencies, including BTC, Ether (ETH), Tether (USDT), Shiba Inu (SHIB), and now 1inch.TravelX raises $10 million to build a blockchain-based travel distribution protocolTravelX, a new firm, recently received $10 million in seed financing to create a blockchain-based distribution network for travel. Juan Pablo Lafosse, the former CEO and creator of Almundo, launched the Miami-based business last year.He believes that blockchain technology will provide businesses with additional distribution alternatives as well as help them to deal with stock more effectively in a variety of situations.Alternative Airlines partners accept cryptocurrency paymentsAs reported by Cointelegraph, Alternative Airlines, a travel company based in the United Kingdom, partnered with cryptocurrency service Utrust to facilitate payments with crypto.Alternative Airlines became the first merchant in the travel business to partner with Utrust on Nov. 13, when it announced a new relationship with the Swiss-based digital payments processor. Customers can book flights using cryptocurrencies like BTC, ETH, Dash (DASH), DigiByte (DGB), and Utrust’s native currency, UTK.DestiniaOn its web and mobile applications, Destinia, a well-known hotel and flight booking service founded in 2001 by Ian Webber and Amuda Goueli, provides discounts to BTC users.Related: Bitcoin runs the world: Traveling to 40 countries in 400 days with BTCThe company, based in Spain, has been an early adopter of cryptocurrency payments. In 2014, Destinia.com became the first online travel agency in the Middle East to accept BTC payments. With Bitcoin integration, the business swiftly became one of the most popular payment options offered by the firm, with transaction volumes mirroring that of PayPal.Bonus: The Bitcoin BeachOn the outskirts of El Salvador’s capital, about an hour from the city is a hamlet called El Zonte. Warm water and a fantastic point break draw surfers from all around the globe, but you may easily identify a different sort of traveler on El Zonte’s twisting dirt streets. The village of El Zonte allows residents and visitors to use BTC to pay for anything, from utilities to tacos, thanks to a local business’s innovation. The Bitcoin Beach initiative, according to Cointelegraph’s Joe Hall, preceded the adoption of BTC as legal tender in El Salvador, first announced by President Nayib Buekele during the Bitcoin 2021 conference and later enacted in September 2021.

Čítaj viac
Stepn to block mainland China users to comply with regulatory policies

Stepn to block mainland China users to comply with regulatory policies

Uverejnil používateľ | máj 27, 2022 |

The nonfungible token (NFT) game Stepn will ban users in mainland China in an attempt to follow Chinese regulatory requirements.The company’s uncertainty has been fueled by rumors that it will be forced to leave mainland China. STEPN is a popular “move-to-earn” game based on Solana and BNB Chain, created by two Chinese emigrants now living in Australia.On July 15, Stepn will clear all accounts based in mainland China for local compliance reasons. Before then, the platform advises users who plan to reside in mainland China long-term to sell their assets on the platform if possible.2/ 如果您預期長期會在該地區的GPS 或 IP位置登陸及使用您的帳戶，我們鼓勵您自行決策處理應用內的資產。在此期間，更多細節將通過官方社交媒體公告、郵件、應用內提示等方式通知使用者。— STEPN | Public Beta Phase IV (@Stepnofficial) May 26, 2022The news sent shockwaves throughout the market, with investors dumping assets. When Pandaily launched Stepn in April, the floor price of a “sneaker” on the platform was around 13 SOL, but it has since dropped to just 8 SOL. Also, the price of STEPN’s utility token, GMT, has plummeted by more than 30% in the past 24 hours, with most of it occurring after the announcement.After the news was announced, Jerry, the firm’s founder, noted that mainland Chinese users make up 5% of the platform’s overall user base, implying that the company’s exit from this market will not have a significant impact on its financial success. According to Stepn’s official Twitter account, daily active users increased to more than 500,000 in May, from 300,000 in April.Stepn aims to show that it is viable because it earns commissions from other blockchain firms who want to market their goods or tokens to Stepn’s users, who are quickly accessible through the move-to-earn concept, Rong stated last month.Related: NFT traders STEPN to a new groove — Is move-to-earn the future of fitness or another fad?China has been cracking down on cryptocurrency-related activities for years, and the central bank’s statement about foreign cryptocurrency exchanges in September last year prompted large platforms such as Binance and Huobi to leave the country.

Čítaj viac

Získaj BONUS 8 € v Bitcoinoch

nakup bitcoin z karty

Registrácia Binance

Burza Binance

Aktuálne kurzy