Autor Cointelegraph By Sam Bourgi

Solana tech developer Coral raises $20M, plans to launch 'xNFT' protocol

Solana tech developer Coral raises $20M, plans to launch 'xNFT' protocol

Uverejnil používateľ | sep 28, 2022 |

Solana ecosystem developer Coral has closed a $20 million investment round backed by some of crypto’s biggest venture funds, setting the stage for launching its new interactive wallet later this month. The investment round was co-led by FTX Ventures and Jump Capital with additional participation from Multicoin Capital, Anagram, K5 Global and other investors, Coral announced Wednesday. Coral said it would use the funds to build internal capacity and launch its flagship product, Backpack. Backpack is said to be an interactive wallet that delivers “crypto-native experiences” through so-called executable nonfungible tokens, or xNFTs. Coral describes xNFTs as analogous to mini-programs offered by the popular Chinese messaging app WeChat. The xNFT provides a portal to applications, games or assets built on any blockchain. On Wednesday, Backpack became available in private beta, with Discord members receiving priority access. Coral claims that over 10 of the largest projects on Solana already have projects in active development on Backpack. Solana is the 2nd network after Ethereum to feel the strain under the weight of NFT transactions over the weekend with the blockchain going dark due to bots trying to mint them. https://t.co/bBeaW8Mwt9— Cointelegraph (@Cointelegraph) May 2, 2022Coral is active on Solana as the creator of the network’s Anchor development framework, which gives developers more convenient tools for writing smart contracts. Armani Ferrante, Coral’s founder, said his goal is to “make Backpack the default portal to the Solana ecosystem.”Related: Microsoft, Avalanche, Polygon join $20M funding of Web3 automation startupDespite struggling with repeated network outages, Solana remains ascendant in terms of activity. As reported by Cointelegraph, Solana’s daily transactions surpassed Ethereum’s in the second quarter. The data, courtesy of Nansen, showed that Solana’s daily transactions consistently increased between April and June, eventually reaching 40 million daily transactions by the end of the quarter.

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Crypto-focused MPC developer raises $40M

Crypto-focused MPC developer raises $40M

Uverejnil používateľ | sep 27, 2022 |

Multi-party computation (MPC) developer MPCH Labs has concluded a Series A funding round totaling $40 million ahead of the planned launch of its Fraction digital asset operating platform later this year. The funding round was led by Liberty City Ventures, the same venture studio that incubated MPCH Labs, with additional participation from QCP Capital, Global Coin Research, Polygon Studios, Quantstamp, LedgerPrime, Animoca and others. To date, MPCH Labs has raised $50 million in venture financing.The funding will be used to further develop MPCH Labs’ first product, Fraction, an operating platform that enables institutions to securely safeguard their digital assets. Fraction utilizes MPCH Labs’ MPC6 engine, which enables multiple parties to compute in the same wallet without compromising their data. According to its developers, MPC6 engine will create a “user-centric toolkit” for both crypto-native and traditional institutions. According to Cat Le-Huy, MPCH Labs’ chief product officer and co-founder, Fraction was designed to enable wider crypto adoption and will be launched sometime in the fourth quarter of 2022. “Use of MPC (beyond crypto or even within crypto) is to use MPC for process management,” MPCH Labs CEO Miles Parry told Cointelegraph in a written statement. “The policy engine for MPC6 can be used for any purpose where it makes sense to cryptographically bind multi faceted and multi layered approval processes.”The fight for privacy continues, and Web3 gives people the opportunity to take their power back. https://t.co/9PookGP9KN— Cointelegraph (@Cointelegraph) April 25, 2022As reported by Cointelegraph, organizations from across the crypto ecosystem have looked to MPC as a means to advance Web3, a broad concept that refers to some future iteration of the internet. Specifically, MPC is being used to build private key security and decentralization within Web3 systems as a way to boost privacy and confidentiality. Related: Crypto Biz: DID you see what Africa is doing with Web3?On the topic of venture capital, the crypto bear market has taken the wind out of startup raises in recent months. The blockchain industry generated $1.36 billion worth of venture funding in August, the fourth consecutive monthly decline and the lowest level in a year, according to Cointelegraph Research.

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Nexo acquires stake in US chartered bank

Nexo acquires stake in US chartered bank

Uverejnil používateľ | sep 27, 2022 |

Digital asset lending platform Nexo has purchased a stake in a holding company that owns a federally chartered bank in the United States — a move Nexo said will enhance its ability to serve retail and institutional clients. Nexo disclosed Tuesday that it had acquired a stake in Hulett Bancorp, a holding company that owns the federally chartered Summit National Bank, which is regulated by the Office of the Comptroller of the Currency. The terms of Nexo’s acquisition and its ownership stake in Hulett Bancorp were not revealed. The acquisition gives Nexo and its customers the ability to open bank accounts with Summit National Bank. U.S.-based retail and institutional clients of Nexo will also have access to asset-back loans, card products, and escrow and custodial solutions offered through Summit. Founded in 1984, Summit National Bank was originally chartered in Wyoming as Hulett National Bank. The financial institution has four locations across Montana and Idaho. Big banks spent years calling Bitcoin and crypto a scam. But now they believe crypto is a “maturing asset class” similar to the internet in the mid-1990s. CT Business Editor @forgeforth_ has the scoop. https://t.co/RHgI3qlrNb— Cointelegraph (@Cointelegraph) February 11, 2022As part of the new business relationship, Nexo co-founder and managing partner Kalin Metodiev will serve on Summit National Bank’s board. Forrest Gilman, who chairs Summit’s board, said Nexo will help transform the bank “into a fully-fledged fintech bank.”When asked about the process of acquiring an ownership stake in Hulett Bancorp, Tatiana Metodieva, Nexo’s head of corporate finance and investments, told Cointelegraph that “the deal was nearly two years in the making,” adding that her team “conducted talks with multiple other institutions before selecting Summit National Bank as a prudent investment and partner.”Metodieva also explained that the acquisition gives Nexo new “fintech capabilities” as it expands in the United States:”Nexo is looking to reach new clients and expand its addressable market in the U.S. through new fintech capabilities such as the ones we have the potential to develop with Summit National Bank. We will be unveiling more of our future plans for Nexo’s US expansion in the months to come.”Nexo has prioritized acquisitions as a way to strengthen its position amid the bear market. As reported by Cointelegraph, the firm hired Citibank in June to advise on how to acquire struggling crypto firms. At the time, the company said it believed the “crypto space is about to enter a phase of mass consolidation” following the implosion of major lending platforms. Related: US Fed vice chair Michael Barr favors hard line on crypto, OCC acting head no friendlierBy acquiring a stake in Hulett Bancorp, Nexo has signaled that it wants to expand its regulated crypto offerings and attract new users from traditional finance. This comes at a time when several states have pursued legal action against the crypto lender for allegedly failing to register its interest accounts.

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FTX, Binance and CrossTower are competing to buy Voyager Digital assets: Source

FTX, Binance and CrossTower are competing to buy Voyager Digital assets: Source

Uverejnil používateľ | sep 26, 2022 |

Cryptocurrency exchanges FTX, Binance and CrossTower are competing to acquire beleaguered crypto lender Voyager Digital’s assets out of bankruptcy, according to insider sources. According to details published by former investment banker and angel investor Simon Dixon, the three exchanges are competing in an auction to acquire Voyager Digital, and have each proposed their own terms and conditions for the acquisition. The details, which were also posted to Reddit, suggested that FTX and Binance have each proposed roughly $50 million in cash for Voyager’s assets, though Binance’s dollar amount is higher. The cash amount would go toward “deficiency and other claims,” the source said.IF THEY WANT YOU TO TAKE THE HIT PUSH FOR EQUITY TO FILL THE HOLE: https://t.co/ThslVDktYY – LATEST ON @investvoyager – 3 Bidders Compete in Voyager Digital Auction With Different Approaches to Platform, Upside, Cash Consideration— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) September 22, 2022Under these plans, current Voyager customers would receive their pro rata share of crypto assets and fully transition to the FTX and Binance platforms. On the other hand, CrossTower has proposed keeping the existing Voyager platform and app, which means existing customers do not need to transition to a new platform once the deal is finalized. Under this plan, customers would also receive their pro rata shares of assets. CrossTower’s acquisition plan would also see the exchange share its revenue with Voyager customers for several years.The sources that spoke with Dixon also revealed that regulation could play a significant role in who wins the auction as the United Kingdom’s Financial Conduct Authority, or FCA, recently warned FTX about operating without authorization. Meanwhile, in the United States, the Committee on Foreign Investment may be concerned about allowing Binance to acquire Voyager due to national security risks. Related: Voyager Digital assets auction set for Sept. 13 after being rescheduled from AugustVoyager Digital filed for Chapter 11 bankruptcy in July, joining a growing list of centralized finance firms to implode during the bear market. At the time, Voyager explained that the Chapter 11 filing was part of a reorganization plan that would eventually pave the way for clients to be able to reaccess their accounts.

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Crypto Biz: DID you see what Africa is doing with Web3?

Crypto Biz: DID you see what Africa is doing with Web3?

Uverejnil používateľ | sep 23, 2022 |

If you’ve spent any time reading about blockchain and Web3, you know that this industry is filled with big buzzwords and half-baked concepts. But, concepts such as decentralized identity services, or DIDs, bring real meaning and utility to Web3. If you haven’t yet wrapped your mind around DID, it refers to a self-owned, independent identity that enables trusted data exchange. In other words, it puts digital identity management and administration directly in your hands instead of some third party’s. In this week’s Crypto Biz, we take a look at a Web3 partnership designed to bring DID-powered payment solutions to Africa. We also chronicle Maple Finance, the European Central Bank and Nasdaq. Payments platform Fuse integrates ChromePay to bring DID services to AfricaIs Web3 even possible without decentralized identity services, or DIDs? It depends on who you ask. For Web3 payment solutions Fuse and ChromePay, DIDs will play an essential role in expanding access to the decentralized internet, especially in places like Africa. This week, the companies announced a new partnership to bring a suite of DID-powered Web3 payment products to the African continent. Specifically, ChromePay will integrate the Fuse blockchain, allowing users to access both traditional and blockchain-based payments directly on their mobile devices. Crypto is booming in Africa! A new report reveals venture funding for African cryptocurrency startups grew 11x in 2022. (Reporting via @ezrareguerra) https://t.co/aJwcPQSr9V— Cointelegraph (@Cointelegraph) May 23, 2022Maple Finance launches $300M lending pool for Bitcoin mining firmsCrypto lending platform Maple Finance is showing no signs of slowing down amid the bear market. The company announced this week that it would provide up to $300 million worth of secure debt financing to Bitcoin (BTC) mining firms. Why is this important? Well, for starters, the loan could help miners stay afloat during one of Bitcoin’s most severe downturns. The loan will be secured by physical and intellectual assets owned by the mining firms, including their BTC mining rigs. European Central Bank chooses Amazon and 4 other firms to prototype digital euro appThe European Central Bank, or ECB, will prototype its digital euro app with five e-commerce and fintech companies led by Amazon. Nexi, EPI, Worldline and CaxaBank round out the list of partners the ECB has chosen to develop specific functions for the digital euro prototype. Although the ECB has been vague about its intent to release a central bank digital currency, the monetary authority appears to be laying the groundwork for its implementation. I’m no fan of CBDCs, so make of this what you will. Nasdaq reportedly preparing crypto custody services for institutionsThe bear market might be a perfect opportunity for institutional investors to learn about crypto and, by extension, begin investing in the digital asset class. (Regulatory clarity will also help.) It was reported this week that financial services firm Nasdaq is preparing to offer digital asset custody services — a move that could make buying and holding BTC and other cryptocurrencies more palatable for institutional investors. In my view, it’s only a matter of time before banks, hedge funds and family offices begin dabbling in crypto. At this stage, not considering Bitcoin is a major career risk for investors. Ignore BTC at your peril!Before you go: Why did the crypto market dump after the Ethereum Merge?Ethereum’s highly anticipated Merge was completed successfully last week, but even that didn’t prevent crypto prices from crashing again. In this week’s Market Report, I sat down with Marcel Pechman, Benton Yaun and Ray Salmond to discuss the factors impacting crypto markets. I also shared my thoughts on when Bitcoin could reach its definitive cycle bottom. You can watch the full replay below. [embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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