Autor Cointelegraph By Sam Bourgi

Animoca Brands raises $75M to advance ‘open metaverse’ concept

Animoca Brands raises $75M to advance ‘open metaverse’ concept

Uverejnil používateľ | júl 12, 2022 |

Blockchain gaming and venture studio Animoca Brands has closed another strategic funding round, giving the company additional resources to expand its acquisition targets in the metaverse sector. The company announced Tuesday that it has closed a $75.32 million funding round at a pre-money valuation of $5.9 billion backed by Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 19T, SG Spring Limited Partnership Fund and others. The raise represents the “second tranche” of funding following a $358.8 million raise in January that was supported by venture giants Sequoia China, Winklevoss Capital, ParaFi Capital and 10T Holdings.Animoca said the new capital will fund strategic acquisitions, product development and intellectual property licenses as it looks to advance the so-called “open metaverse” concept. The company said it plans to continue using blockchain technology, including nonfungible tokens (NFTs), decentralized finance and GameFi, to promote digital property rights. The Metaverse and Web3 are the future, but how can you be a part of it? Learn about opportunities and what skills can give you the edge in this emerging space. https://t.co/D9wGY0zEzt— Cointelegraph (@Cointelegraph) May 31, 2022Despite the presence of a bear market in digital assets, Animoca has been actively expanding its portfolio in 2022. In April, the venture studio acquired a large stake in Australian digital marketing firm Be Media — a move designed to expand partnerships with the local blockchain industry. The same month, Animoca purchased video game publishers Eden Games and Darewise Entertainment.Related: VC Roundup: ‘Web5,’ Metaverse sports and Bitcoin monetization startups generate buzzAnimoca subsidiary The Sandbox (SAND) has played a leading role in advancing the still-nascent metaverse industry. As Cointelegraph reported, American lifestyle and entertainment brand Playboy recently announced the launch of a “MetaMansion” in The Sandbox — a virtual mansion that will give users the ability to participate in a host of gaming and social events. The Sandbox currently has a total market capitalization of $1.4 billion, making it the second-largest metaverse project behind Decentraland, according to CoinMarketCap.

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KPMG to audit new pound-backed stablecoin GBPT

KPMG to audit new pound-backed stablecoin GBPT

Uverejnil používateľ | júl 11, 2022 |

Fintech firm blackfridge has launched a new stablecoin that is fully backed by the British pound (GBP), potentially opening the door to wider adoption of digital assets in the United Kingdom and its Crown Dependencies. The newly launched “poundtoken,” which trades under the ticker “GBPT,” will be available for trading on Gate.io, Bittrex Global and Unisawp, blackfridge announced Monday. GBPT is said to be fully backed by the British pound, which means that every token issued will have an equivalent value held in reserves. GBPT’s reserve status is regulated by the Isle of Man Financial Services Authority, which oversees deposit and investment businesses in the self-governing British Crown Dependency. Big Four accounting firm KPMG has been appointed to audit poundtoken’s reserves. [embedded content]Nicholas Maybin, poundtoken’s chief operating officer, said stablecoins have become an “integral part of the crypto sector.” Stablecoins were initially established to give cryptocurrency users reliable onramps to trading services. Over the years, their use cases have grown to include payments, remittances, lending and escrow services. As such, stablecoins play an integral role in the decentralized finance, or DeFi, market. Related: Crypto Biz: Stablecoins are paving the way for mass adoption of cryptoThe British pound is one of the most widely traded currencies in the world, according to the Bank for International Settlements, or BIS. The BIS’ 2019 Triennial Central Bank Survey found that pound Sterling’s share of global over-the-counter foreign exchange turnover was 12.8%, placing it fourth among active currencies. In addition to a pound-backed stablecoin, the crypto market recently saw the launch of a euro-pegged stable asset. As Cointelegraph reported, USD Coin (UDC) issuer Circle Internet Financial now has a fully-reserved euro-pegged stablecoin available for trading.

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VC Roundup: ‘Web5,’ Metaverse sports and Bitcoin monetization startups generate buzz

VC Roundup: ‘Web5,’ Metaverse sports and Bitcoin monetization startups generate buzz

Uverejnil používateľ | júl 9, 2022 |

A lot has happened in the Bitcoin (BTC) and cryptocurrency markets since our last edition of VC Roundup. The monumental collapse of the Terra ecosystem spilled over into other segments of the digital asset market, exposing over-leveraged traders, lending platforms and venture capital funds. In the process, Bitcoin’s price plumbed new lows, falling below the previous cycle’s peak for the first time in its history. Despite macro headwinds inflicting pain on the crypto markets, venture capital firms are still investing in the industry’s most promising startups. The latest edition of VC Roundup highlights funding deals for digital asset infrastructure providers, non-custodial crypto protocols, payment solutions and decentralized identity management companies.[embedded content]Digital asset infrastructure provider closes $53M roundPolySign’s quest to bring institutional-level crypto custody solutions to investors has received backing from several venture capital firms. The firm recently raised $53 million in Series C financing backed by Cowen Digital, Brevan Howard, GSR and more. In addition, the company secured a $25 million credit facility from venture firm Boathouse Capital. Although PolySign didn’t specify how the funding will be allocated, the Series C was closed around the same time that the firm acquired digital asset fund administrator MG Stover. Related: Goldman Sachs downgrades Coinbase stock to ‘sell’Bitcoin startup raises funds to monetize creator economyBitcoin and Lightning Network payments platform Mash raised $6 million in seed funding in June as part of its ongoing efforts to remonetize the internet for developers and content creators. The funding round was co-led by Nic Carter’s Castle Island Ventures and Whitecap Venture Partners, with additional participation from Maple VC, Strategic Cyber Ventures, Aquanow and Spacecadet Ventures. The Mash platform allows developers and content creators to offer customers so-called “pay-as-you-enjoy” pricing options facilitated by BTC and Lightning Network.NFT app Floor raises $8MNonfungible token application Floor has closed a Series A investment round valued at $8 million to advance its mission of making NFTs more accessible to mainstream users. The funding round was led by 6thMan Ventures, with additional participation from B Capital, Worklife Ventures, Collab+Currency, Crypto.com and others. Floor said it will use the funding to accelerate development and bring more utility to NFTs.New crypto projects often depend on Venture Capital firms to help them get off the ground. The real question is, are VCs in it for the community and fundamentals, or for their own benefit? (Via @CointelegraphZN)https://t.co/92Gjt4ZlRI— Cointelegraph (@Cointelegraph) July 8, 2022Euler receives major backingNon-custodial crypto protocol Euler has closed a $32 million funding round that was led by Haun Ventures and included participation from FTX Ventures, Coinbase Ventures, Jump Crypto, Jane Street, Uniswap Labs and others. The funding will be injected into the treasury of Euler’s decentralized autonomous organization, or DAO, which is being rolled out in three phases. Euler is a decentralized finance protocol built on Ethereum that allows users to lend and borrow crypto assets. “Web5” and decentralized identity attract VC interestDecentralized identity protocol Trinsic recently closed an $8.5 million seed round to continue building its so-called user-controlled identity products. A spokesperson for the company said Trinsic’s products give real-world utility to Jack Dorsey’s “Web5” ambitions. A vocal critic of Web3, the former Twitter CEO announced in June that he is bypassing the third iteration of the internet in favor of “Web5”, a new Bitcoin-centric model for identity management. Related: VC Roundup: The rise of blockchain gaming, DAO management and asset tokenizationKYVE closes $9M raise ahead of mainnet launchWeb3 archiving protocol KYVE has raised $9 million in funding ahead of a planned mainnet launch slated for the fourth quarter of 2022. The funding round, which had participation from Distributed Global, Wicklow Capital, IOSG Ventures, Blockchain Coinvestors, Huobi Incurabor and others, will be used to integrate more ecosystems into KYVE’s so-called decentralized data lake. Several blockchains currently use KYVE, including Avalanche, Zilliqa, Cosmos and Polkadot. Nobody thought that 2022 would bring this.Check out the latest moves in the world of crypto and business in our Crypto Biz. https://t.co/gEIx0PTxXq— Cointelegraph (@Cointelegraph) July 2, 2022

Atmos Labs targets Metaverse sports with seed raisePlay-to-earn developer Atmos Labs has closed an $11 million seed round to continue building Metaverse-focused sports games. The investment round was led by NFT-focused venture firm Sfermion, with additional participation from Animoca Brands, Collab+Currency, FBG Capital, CoinGecko Ventures and several others. Atmos Labs is looking to bring e-sports to a global audience by creating immersive gameplay in the Metaverse.

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Crypto Biz: Crypto broker goes bankrupt, Bitcoin miner capitulates and China VC funding soars

Crypto Biz: Crypto broker goes bankrupt, Bitcoin miner capitulates and China VC funding soars

Uverejnil používateľ | júl 8, 2022 |

Those of us anxiously awaiting a summer relief rally for Bitcoin (BTC) may have to wait a little while longer. The bear market is still cleansing us of our excess — and revealing the most toxic players in our industry. I’ve talked to you about Terra (LUNA)—now renamed Terra Classic (LUNC), Celsius, Three Arrows Capital, BlockFi — what about Voyager Digital? The crypto broker filed for Chapter 11 bankruptcy this week, putting hundreds of thousands of creditors on high alert. This week’s Crypto Biz newsletter dissects Voyager’s bankruptcy proceedings and offers some potentially good news regarding Celsius. We also look at the latest high-profile miner to force-sell their Bitcoin and chronicle new capital raises for one of China’s most prominent venture firms. Celsius pays down 143M in DAI loans since July 1Celsius appears to be inching closer to repaying its outstanding debt to Maker protocol after the crypto lender posted $142.8 million worth of Dai (DAI) stablecoins over a four-day period. Celsius paid back another $34.4 million in DAI on July 5, effectively boosting its collateralization ratio and significantly lowering its liquidation price to below $3,000 worth of Bitcoin (BTC). In other words, Bitcoin’s price would now need to fall below $3,000 for Celsius to default on its loan. Although some observers took the news as cautious optimism that Celsius is headed in the right direction, the firm hasn’t issued any new updates in weeks and user withdrawals are still frozen as of June 13. Voyager Digital files for Chapter 11 bankruptcy, proposes recovery planAnother one bites the dust: Crypto broker Voyager Digital filed for Chapter 11 bankruptcy in the Southern District Court of New York mere days after the firm halted all trading activity. Voyager’s bankruptcy filing stated that the firm owed more than 100,000 creditors anywhere from $1 billion and $10 billion in assets. If you’re a Voyager account holder, there may be a silver lining: The company is filing for bankruptcy as part of a “reorganization” plan that should eventually pave the way for clients to reaccess their accounts. Crypto market contagion is a real thing — and it may not be over just yet.As part of this process, the proposed Plan of Reorganization would resume account access and return value to customers. Under this Plan, which is subject to change given ongoing discussions with other parties, and requires Court approval:— Stephen Ehrlich (@Ehrls15) July 6, 2022Core Scientific sold $167M worth of Bitcoin holdings in JuneMiner capitulation is upon us. Earlier this week, United States crypto mining operation Core Scientific revealed that it was forced to sell more than 7,000 BTC in June to pay for ongoing business expenses. The digital gold was offloaded at an average price of $23,000, some 67% lower than Bitcoin’s all-time high from last November. The good news is miner selling is often seen as a reliable indicator of the bottom. But, fewer investors are prepared to call the bottom as the Federal Reserve plots several more aggressive interest rate hikes this year. JUNE 2022 HIGHLIGHTS: -1,106 #Bitcoin self-mined, -10.3 EH/s self-mined -+180,000 ASIC servers in operation -7.6 EH/s co-location (hosting) -Daily self-mining increased by 14% from June 1 (34.8) to June 30 (39.8)https://t.co/KeypwtMEfr— Core Scientific (@Core_Scientific) July 5, 2022

Crypto investor Sequoia Capital China reportedly raises $9 billionIn the depths of crypto winter, at least one venture capital firm continues to grow its war chest. Sequoia Capital China, the Chinese affiliate of crypto-focused venture firm Sequoia Capital, is reportedly raising $9 billion for four startup funds. Although details remain sparse, it was reported that 50% of the raise was oversubscribed. It remains to be seen how the funds will be deployed, but given that Sequoia China has already backed blockchain plays such as Babel Finance and DeBank, we can expect blockchain and crypto startups to be well represented. Don’t miss it! What’s the current state of the crypto market?Is the bear market affecting your psyche? How much longer until we hit bottom, or have we already? In this week’s Market Report, I sat down with fellow analysts Jordan Finneseth, Yashu Gola and Benton Yaun to discuss the current state of the crypto market and why July is going to be a pivotal month for risk assets. 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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Tether liquidates Celsius position with ‘no losses’ to stablecoin issuer

Tether liquidates Celsius position with ‘no losses’ to stablecoin issuer

Uverejnil používateľ | júl 8, 2022 |

Tether’s Bitcoin (BTC)-denominated loan to Celsius Network has been fully liquidated without a loss, easing concerns that the stablecoin issuer may have oversized exposure to the embattled crypto lender.In a statement issued Friday, Tether explained that its lending arrangement with Celsius prevented any downside risk to its underlying business. Specifically, the BTC-denominated loan issued to Celsius was overcollateralized by 130%, and the original agreement allowed Tether to liquidate the collateral to cover the loan.“This process was carried out in a way to minimise as much as possible any impact on the markets and in fact, once the loan was covered, Tether returned the remaining part to Celsius as per its agreement,” the statement read. “Celsius position has been liquidated with no losses to Tether.””This process was carried out in a way to minimize as much as possible any impact on the markets and in fact, once the loan was covered, Tether returned the remaining part to Celsius as per its agreement. Celsius position has been liquidated with no losses to Tether.” https://t.co/K1cBkaQWWI— Paolo Ardoino (@paoloardoino) July 8, 2022Rumors of Celsius’ insolvency began circulating last month after the crypto lender was forced to halt withdrawals due to “extreme market conditions.” Details of massive losses and liquidity constraints soon trickled in as the firm hired new legal counsel to advise on restructuring. Related: Celsius pays down 143M in DAI loans since July 1With the crisis unfolding in June, Tether issued a statement explaining that its portfolio investments in Celsius had nothing to do with the health and backing of USDT, the world’s largest stablecoin by market capitalization. “While Tether’s investment portfolio does include an investment in the company, representing a minimal part of our shareholders’ equity, there is no correlation between this investment and our own reserves or stability,” the company said on June 13. The same message was relayed verbatim in Tether’s Friday statement. USDT is the most widely used stablecoin on the market but its dominance has declined over the past year. Currently, USDT has a total market cap of $66 billion, according to CoinMarketCap. Circle’s USD Coin (USDC) comes in at a close second with $55.5 billion in capitalization. 

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