Autor Cointelegraph By Sam Bourgi

Coinsquare acquires publicly-traded crypto exchange CoinSmart

Coinsquare acquires publicly-traded crypto exchange CoinSmart

Uverejnil používateľ | sep 23, 2022 |

Canada’s crypto exchange landscape appears to be consolidating after Coinsquare, one of the largest digital asset trading platforms in the country, acquired CoinSmart for an undisclosed amount. On Thursday, Coinsquare announced that it had entered into a definitive agreement to purchase all issued and outstanding shares of CoinSmart’s wholly-owned subsidiary Simply Digital. Once the deal becomes final, CoinSmart will hold a roughly 12% ownership stake in Coinsquare on a pro-forma basis. Shares of the CoinSmart crypto exchange, which trade on the NEO Exchange, were up 67% on Friday, largely in response to the news. The acquisition makes Coinsquare one of Canada’s largest crypto exchanges and expands its operational and business capabilities. Founded in 2014, Coinsquare has expanded its service offerings to include retail and institutional trading, crypto payment processing and digital asset custody. CoinSmart was co-founded in 2018 by Justin Hartzman, who also served as the company’s CEO. Following the acquisition, Hartzman is set to join Coinsquare’s executive team. As a publicly-traded company, CoinSmart discloses its financial statements quarterly. In its annual summary released on April 1, the company reported $16.7 million in gross revenue in 2021, an increase of 357% year-over-year. Retail trading volume grew by 875%, likely reflecting the Bitcoin (BTC) bull market of 2021.Related: Canada’s new opposition leader is a BitcoinerCoinsquare is one of just two crypto exchanges operating in Canada to pre-register with their principal regulators as they work toward full compliance with securities laws. The pre-registration requirements were established by the Canadian Securities Administrators, or CSA, and allow crypto exchanges to remain operational while their full applications with CSA are being reviewed. CoinSmart CEO, @JustinHartzman will be speaking on a panel @Futurist_conf talking about #Web3 and the future of the Internet! Also on the panel: @forgeforth_ – @Cointelegraph @GDADave – @SD_Markets Kimberly Adams – @bridgenetwork0x Vincent Kadar – @PolymathNetwork #crypto pic.twitter.com/thLF35QnaK— CoinSmart (@CoinSmart) August 8, 2022In an interview with Cointelegraph on the sidelines of the Futurist conference in Toronto in August, Coinsquare chief operating officer Eric Richmond explained that the crypto exchange registered with the Investment Industry Regulatory Organization of Canada, or IIROC, in November 2020. Crypto adoption in Canada is on the rise, but like in other countries, participation is largely based on underlying market conditions. According to a KPMG survey, adoption is also growing within institutional circles due to crypto’s perceived upside and innovative potential. 

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Korean crypto bank partners with Blockdaemon to offer retail staking services

Korean crypto bank partners with Blockdaemon to offer retail staking services

Uverejnil používateľ | sep 22, 2022 |

Crypto-focused finance company Delio has partnered with Blockdaemon to launch retail-focused staking services, giving customers a more seamless way to earn rewards on their digital asset holdings.Delio’s staking services expand its existing crypto-bank offerings, which include lending, deposits and deposit accounts, the company announced Thursday. The new service offering is powered by blockchain infrastructure provider Blockdaemon, which provides a suite of institutional staking products. While Delio didn’t specify which crypto assets will be included in the new staking services, Blockdaemon currently supports integration with over 60 blockchains. Delio representative James Jung also clarified that the firm also plans “to offer a variety of crypto asset financial services for users outside of Korea.”Founded in 2017, Blockdaemon achieved unicorn status last year after securing $155 million in a Series B funding round. In the startup world, a unicorn is a company that achieves a valuation of $1 billion or more. At the time, Blockdaemon was valued at just over $1.25 billion.Related: All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy ZwanzgerMeanwhile, Delio appears to be expanding its crypto-finance offerings after receiving a Virtual Asset Service Provider (VASP) license from the Korean Financial Intelligence Unit. Delio claims to be the first crypto company in South Korea to obtain a VASP for lending and deposit services. Hello, Seoul!The fifth annual Korea Blockchain Week kicked off on Sunday, with more than 7,000 people attending Asia’s largest blockchain event of 2022.Cointelegraph has been at the event, and we have all the highlights for you. Bookmark this thread ! #KWB2022 pic.twitter.com/gCuXN2TlRf— Cointelegraph (@Cointelegraph) August 8, 2022Despite market turmoil and controversy surrounding the collapse of the Terra ecosystem, Korea remains a large and important player in the global crypto arena. As such, President Yoon Suk-yeol, who took office this past May, has adopted a favorable approach toward digital asset regulation in the country. As reported by Cointelegraph, Korea’s financial watchdog is looking to expedite the review of 13 crypto-focused bills tabled to the country’s National Assembly.

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Crypto bug bounty platform Immunefi raises $24M led by Framework Ventures

Crypto bug bounty platform Immunefi raises $24M led by Framework Ventures

Uverejnil používateľ | sep 22, 2022 |

Web3 bug bounty and security services platform Immunefi has closed a $24 million Series A funding round, putting the company on track to scale its in-house capacity amid widespread vulnerabilities in the blockchain industry.The funding round was led by the San Francisco-based venture firm Framework Ventures, with additional participation from Electric Capital, Polygon Ventures, Samsung Next, P2P Capital and others. Immunefi said the capital would be used to hire staff as it scales to meet the growing demand for blockchain security and bug bounty services. Immunefi claims to have paid out $60 million in total bounties since its inception less than two years ago. The platform now supports over 300 projects across the crypto ecosystem, including Chainlink (LINK), MakerDAO and Compound (COMP). To incentivize white hat hackers, Immunefi offers bounties and rewards for uncovering the security vulnerabilities of leading blockchain protocols.In demand! The rise of crypto hacks over 2022 has skyrocketed demand for blockchain security experts, with some auditors making upwards of $430,000 per year. https://t.co/rafgW5TNBP— Cointelegraph (@Cointelegraph) August 23, 2022As reported by Cointelegraph, Immunefi raised $5.5 million in funding last October to further boost its security capabilities. At the time, the company had paid out $7.5 million in bounties. Related: The impact of the Wintermute hack could have been worse than 3AC, Voyager and Celsius — Here is whyThe decentralized finance, or DeFi, sector has been especially prone to security vulnerabilities. In 2021 alone, scams and exploits targeting DeFi protocols cost the industry over $10.2 billion, according to research undertaken by Immunefi. DeFi remains a prime attack vector for scammers in 2022, as evidenced by the recent $160 million exploit of crypto market maker Wintermute.One of the biggest DeFi exploits occurred in April of this year when Axie Infinity’s Ronin bridge was hacked for over $600 million. Axie relaunched its Ronin bridge three months later.

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Coinbase Cloud debuts Web3 developer platform

Coinbase Cloud debuts Web3 developer platform

Uverejnil používateľ | sep 21, 2022 |

Blockchain infrastructure platform Coinbase Cloud has officially rolled out its Web3 developer platform, allowing users to build new decentralized applications free of charge. The new developer platform, dubbed Node, allows users to create and monitor Web3 applications while accessing the Ethereum blockchain and indexers, the company disclosed Wednesday. While Node offers a tiered subscription model, the free plan includes access to advanced APIs that allow for the creation of decentralized applications and nonfungible token (NFT) applications. Coinbase Cloud claims that Node enables faster creation of Web3 applications while reducing both complexity and cost. This feeds into the platform’s broader service offerings, which include all-in-one access to payments, identity, trading and data infrastructure. As the name implies, Coinbase Cloud was created by crypto exchange Coinbase in 2021 to provide developers with familiar tools for building decentralized products. Shortly after the developer suite was launched, Coinbase executives proclaimed that they “want to be the AWS of crypto,” referring to Amazon Web Services, which powers the enterprise cloud market.Related: Web3 is creating a new genre of NFT-driven musicWeb3 has become an all-encompassing buzzword describing some future version of the internet. Still, developers, venture capitalists and investors have a keen interest in identifying and formulating what this future internet will look like beyond the common features of decentralization and user-controlled communities. [embedded content]At the recent Australian Crypto Convention that Cointelegraph attended, Trust Wallet CEO Eowyn Chen said three roadblocks were preventing widespread Web3 adoption: security, ease of use and privacy. While she outlined some solutions, Chen said the bear market could provide an excellent opportunity to address consumer concerns before Web3 concepts attract more mainstream attention.

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Payments platform Fuse integrates ChromePay to bring DID services to Africa

Payments platform Fuse integrates ChromePay to bring DID services to Africa

Uverejnil používateľ | sep 20, 2022 |

Web3 payments platform Fuse has partnered with ChromePay, an identity-based payment solution, to launch a new suite of payment products in Africa — a move designed to boost financial inclusion on the continent.The partnership centers around ChromePay’s decentralized identity service, also known as a DID, which the companies claim will enable millions of Africans to participate in the Web3 economy. By utilizing the Fuse blockchain, ChromePay will offer users a variety of Web3 payment services powered by its DID solution. As part of the partnership, Fuse has also awarded ChromePay a grant for an undisclosed amount to build out its decentralized finance (DeFi) and DID services directly on the blockchain. By integrating with the Fuse blockchain, ChromePay will reportedly enable users to access both traditional and blockchain-based payments directly from their mobile devices. Related: Identity and the Metaverse: Decentralized controlFounded in 2019, ChromePay launched its payment solutions app in Nigeria in 2021 following a successful pilot. The company’s next milestone is the launch of its Fuse-powered DID in Ethiopia, a country that has made notable strides in its crypto adoption. 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, 2022As Cointelegraph explains, decentralized identity is an emerging concept within Web3 that enables trusted data exchange. In practice, DIDs allow users to manage and administer their digital identity without reliance on a centralized third party. Africa has become a hotbed for crypto and blockchain activity, with significant populations in Kenya, Nigeria and South Africa turning to digital assets for access to financial services. This trend was identified by the United Nations in a June 2022 policy brief, which described the “unprecedented pace” of crypto adoption during the pandemic.

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