Autor Cointelegraph By Sam Bourgi

MoneyGram’s USDC transfer service launches in several countries

MoneyGram’s USDC transfer service launches in several countries

Uverejnil používateľ | jún 10, 2022 |

Cross-border transfer service MoneyGram officially launched its stablecoin-powered payment channel on Friday, giving users the ability to send USD Coin (USDC) payments worldwide that can be withdrawn as cash by recipients. The service is being rolled out across several key remittance markets, including Canada, the United States, Kenya and the Philippines, Circle and MoneyGram announced Friday. Global cash-out functionality will be available by the end of June. To encourage adoption, the USDC transfer service will carry zero fees for the first 12 months. As Cointelegraph reported, MoneyGram’s new transfer service was built on the Stellar (XLM) blockchain and allows Stellar wallet users to send USDC to recipients around the world. The service is intended to bridge the gap between digital assets and physical cash currency, as well as demonstrate the utility of crypto payments.It’s official: @DenelleDixon announces the launch of @MoneyGram and @StellarOrg’s crypto-to-cash service. pic.twitter.com/vzAzlBNDxD— Stellar (@StellarOrg) June 10, 2022Stellar Development Foundation CEO Denelle Dixon said the new transfer channel will help the world’s unbanked population access the digital economy for the first time. While estimates vary, the World Bank says that roughly 1.7 billion adults are unbanked, which means they lack access to an account at a financial institution. Whether through decentralized finance, central bank digital currencies or crypto-powered transfer and settlement services, blockchain technology has been posited as a potential solution to financial exclusion.Related: Blockchain tech offers multiple paths to financial inclusion for unbankedIn related news, Circle announced Friday that it had a definitive agreement to acquire crypto infrastructure platform CYBAVO, which it believes will further pave the way for USDC adoption. Circle’s USDC is the second-largest stablecoin by market capitalization and maintains a one-for-one dollar peg backed by cash and short-dated U.S. Treasuries.

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Huobi Global launches $1B investment arm focused on DeFi and Web3

Huobi Global launches $1B investment arm focused on DeFi and Web3

Uverejnil používateľ | jún 10, 2022 |

Digital asset exchange Huobi Global has spun out a new investment arm focused on decentralized finance (DeFi) and Web3 projects, further highlighting venture capital interest in the blockchain economy. Dubbed Ivy Blocks, the new investment arm has over $1 billion in crypto assets under management to deploy, a spokesperson for Huobi confirmed. These funds have been earmarked for “identifying and investing in promising blockchain projects,” the company said. In addition to financing, Ivy Blocks will offer various services to selected projects, including an asset management platform, a new blockchain incubator and a dedicated research arm. The firm’s asset management department will provide “liquidity investments” to help DeFi and Web3 projects get up and running, according to Lily Zhang, Huobi Global’s chief financial officer. Ivy Blocks on Friday also announced that Capricorn Finance, an automated market maker built on the Cube blockchain, was the first project to receive funding. The firm’s focus on DeFi comes at a time when the sector’s overall value has declined by more than half from its peak. When measured in total value locked, or TVL, the DeFi sector is currently worth just under $133 billion, according to industry data. DeFi TVL peaked north of $316 billion in December 2021.When measured in TVL, the DeFi sector is down 58% from its peak. Chart: DeFi Llama.DeFi’s woes are a symptom of the so-called crypto winter, which has swept the market since the start of 2022. Analysts say market-cleansing bear cycles are healthy because they usually follow “irrational” periods where asset prices are bid up recklessly. Related: After record growth, VC crypto investments decline 38% in MayDespite the downtrend, venture capital continues to flood the crypto scene, with investors prioritizing Web3 and metaverse plays. As reported by Cointelegraph Research, blockchain and crypto projects saw $14.6 billion in capital investments in the first quarter alone. To put that in perspective, venture capital investment in all of 2021 was roughly $30.5 billion.

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Anonymous hacker served with restraining order via NFT

Anonymous hacker served with restraining order via NFT

Uverejnil používateľ | jún 9, 2022 |

Law firms Holland & Knight and Bluestone have served a defendant in a hacking case with a temporary restraining order through a nonfungible token (NFT, marking the first known legal process to be facilitated by an NFT.The so-called “service token” or “service NFT” was served to an unnamed defendant in a hacking case involving LCX, a Liechtenstein-based cryptocurrency exchange that was hacked in January for almost $8 million. As Cointelegraph reported at the time, the attack compromised the platform’s hot wallets, resulting in the loss of Ether (ETH), USD Coin (USDC) and other cryptocurrencies.Holland & Knight has become the first law firm to serve a defendant by #NFT, which was created and airdropped by our #AssetRecovery Team. Learn more from our client @LCX. https://t.co/wWs2cOVVY1 #crypto #blockchain #legalinnovation pic.twitter.com/mo7VaAKEgo— Holland & Knight (@Holland_Knight) June 8, 2022LCX reported on June 7 that approximately 60% of the stolen funds are now frozen with investigations currently underway in Liechtenstein, Ireland, Spain and the United States. Approximately $1.3 million in USDC was frozen by Centre Consortium, an organization founded by USDC issuer Circle and crypto exchange Coinbase, based on a court order from the New York Supreme Court.Related: Optimism loses 20M tokens after L1 and L2 confusion exploitedLCX said the funds were laundered via crypto mixer Tornado Cash but were later traced through “algorithmic forensic analysis.” The analysis also allowed the company to identify the hacker wallets. You’ve been served! #subpoena About 1 hour ago, @LCX’s lawyers served a “Service NFT” to a subject address. Approx. 1.3M $USDC frozen on chain.Additional details and statement by LCX will be published within 24h.Service NFT https://t.co/i3D5huCZz7— Monty Metzger (@montymetzger) June 7, 2022

In light of these findings, Holland & Knight and Bluestone, the law firms representing LCX, served the anonymous defendant with a temporary restraining order that was issued on-chain using an NFT. This method “was approved by the New York Supreme Court and is an example of how innovation can provide legitimacy and transparency to a market that some believe is ungovernable,” LCX said.

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Despite what you heard, NFT market is far from dead: DappRadar

Despite what you heard, NFT market is far from dead: DappRadar

Uverejnil používateľ | jún 9, 2022 |

The market for nonfungible tokens, or NFTs, has slowed from its peak, but that doesn’t mean the industry is dead — far from it, actually. NFT sales volumes came in at a healthy $3.7 billion in May, according to DappRadar’s latest Industry Report, which was released on Wednesday. While volumes were down 20% compared with April, industry activity remains robust considering that crypto assets as a whole are in a bear market. DappRadar also highlighted the fact that marketplace volumes aren’t down nearly as much when measured in their native tokens such as Ether (ETH). Case in point: OpenSea, the largest NFT marketplace, generated 950,000 ETH in trading volume last month, which was down only 6.5% compared with April. When measured in United States dollars, OpenSea’s monthly volumes decreased by 25%. Meanwhile, Solana NFTs posted their best trading month, generating $335 million in volume across all marketplaces for an increase of 13% compared with April.While NFT sales and trading volume are down from their peak, industry activity remains robust. Source: DappRadar.DappRadar’s report cited NFT collections such as Moonbirds and Solana’s Okay Bears as being the biggest catalysts for the industry’s solid performance in May. Meanwhile, the free-to-mint NFT collection Goblintown has generated $31 million in sales since launching on May 22. The high demand pushed the project’s floor price from zero to 6 ETH at the time of publication.However, the news wasn’t all positive, as so-called “blue-chip” collections such as Bored Ape Yacht Club (BAYC) saw their value decline sharply as buyers shifted to the newly hyped collections. The floor price for BAYC declined 38% in May, falling from 150 ETH to 93 ETH, according to DappRadar. Related: Nifty News: Robinhood to launch a Web3 wallet, LimeWire inks deal with Universal, and moreAlthough NFTs are not immune to crypto market volatility, the industry appears to be carving out a strong niche — and gaining mainstream adoption in the process. According to a recent report by crypto data aggregator CoinGecko, the NFT market is projected to move more than $800 billion over the next two years.

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‘Data DAO’ Delphia raises $60M Series A led by Multicoin Capital

‘Data DAO’ Delphia raises $60M Series A led by Multicoin Capital

Uverejnil používateľ | jún 8, 2022 |

Algo-adviser startup Delphia has closed a $60 million investment round backed by some of crypto’s biggest venture funds as it embarks on the creation of a new data-focused decentralized autonomous organization (DAO). The Series A was led by crypto-focused venture firm Multicoin Capital, with additional participation from Ribbit Capital, FTX Ventures, Valor Equity Partners, FJ Labs, Lattice Ventures and Cumberland. Delphia will use the funds to launch a new rewards token as well as expand the ways users can contribute data to algorithmic models, which will be used to enhance investor returns. According to Multicoin Capital co-founder Tushar Jain, data DAOs utilize user-owned data to benefit all contributors within the organization. As an Algo-adviser, Delphia will use data contributed by users to further enhance thetrading algorithms that directly manage their money.0/ I’m excited to announce that Multicoin has led a $60M round in @delphia with participation from FTX Ventures, Ribbit Capital, Cumberland, Road Capital, and others.Delphia is the first instantiation of a new type of organization uniquely enabled by Web3: a DataDAO.— Tushar Jain (@TusharJain_) June 8, 2022“Data contributors are rarely rewarded for their contributions […] Because they don’t have a right to the value created by the aggregate data, nor are they entitled to govern how their data is used, which leads to a massive leap of faith in the aggregator—which, unfortunately, has been violated many times over,” Jain explained. Data DAOs “solve this misalignment by giving data contributors direct economic upside in the aggregate data and the ability to govern it.”Related: VC Roundup: The rise of blockchain gaming, DAO management and asset tokenizationDelphia’s investment platform offers long-only actively managed strategies. Users can invest a minimum of $10 to gain exposure to a diverse portfolio of individual stocks. [embedded content]DAOs have sprung up in various ways to give users access to communities free of hierarchical management. DAO structures have even received the attention of national governments looking to encourage project formation and development within their own borders. Proponents believe that DAOs incentivize the long-term sustainability of crypto projects by giving users a direct share in their growth.

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