Autor Cointelegraph By Sam Bourgi

Ethereum L2 Boba Network valued at $1.5B following Series A

Ethereum L2 Boba Network valued at $1.5B following Series A

Uverejnil používateľ | apr 5, 2022 |

Hybrid computing platform Boba Network has joined the “crypto unicorn” rankings after raising $45 million in Series A funding, underscoring the investment appeal of Ethereum layer-2 scaling solutions. The funding round had participation from several crypto-focused venture funds including Infinite Capital, Hypersphere, 10X Capital, Hack VC, GBV, Sanctor Capital, Shima Capital, Kinetic Capital, IOST and ROK Capital. Contributions also came from the Will Smith-led Dreamers VC, Paris Hilton’s M13 and several crypto industry founders from projects such as Origin Protocol, The Graph, FEI Labs and exchange giants Crypto.com and Huobi.The Series A valued Boba Network at $1.5 billion, giving the company the unique distinction of being labeled a unicorn. In the startup world, a unicorn is a company that attains a valuation of at least $1 billion. The crypto industry crowned dozens of unicorns in 2021 as venture funds spent over $25 billion acquiring equity in emerging blockchain companies. Boba Network was built by Enya, a decentralized infrastructure provider, and launched in 2018. The project largely flew under the radar until the launch of its mainnet and BOBA governance token in September 2021. The BOBA token is intended to further the network’s evolution as a decentralized autonomous organization, or DAO. Mainnet live, $BOBA token, Boba DAO – huge day for @bobanetwork @BobaCommunity! https://t.co/8jSbVZWP3D— Alan Chiu (,) (@alanchiu) September 20, 2021Related: Former Polychain GP unveils $125M crypto fund with DAO governance ambitionsBoba is described as a next-generation Ethereum Layer-2 scaling solution that aims to solve many of Ethereum’s biggest pain points while also expanding its smart contract capabilities. Boba’s developers said the funding will go toward expanding internal capacity and investing in ecosystem projects that leverage the expertise of Web3 industry leaders. While digital asset prices remain well off their previous highs, Ethereum layer-2 networks are gaining significant traction. The total value locked, or TVL, on such networks recently surpassed $7.2 billion, which is a new all-time high, according to L2 Beat. The sector’s TVL was less than $1 billion in September 2021. By comparison, the DeFi sector’s TVL has yet to reclaim its all-time high from November. TVL on layer-2 scaling solutions has soared over the past eight months. Source: L2 Beat

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Crypto Biz: Proof of integrity? Gold industry wants blockchain to solve its biggest problems, March 25–31, 2022

Crypto Biz: Proof of integrity? Gold industry wants blockchain to solve its biggest problems, March 25–31, 2022

Uverejnil používateľ | apr 1, 2022 |

As Bitcoin (BTC) continues to eat away at gold’s market share, the bullion industry is looking to blockchain — the technology first made famous by BTC — to solve its most enduring challenges. How’s that for irony? Someone should really check on Peter Schiff. Speaking of Bitcoin, a MicroStrategy subsidiary confirmed this week that it plans to buy more “digital gold” through a crypto-collateralized loan. Terraform Labs CEO Do Kwon also ramped up his Bitcoin purchases to provide solid backing for Terra’s UST stablecoin. This week’s Crypto Biz takes a deep dive into the gold industry and the latest business developments surrounding Bitcoin. Gold industry taps blockchain for supply chain management and fraud preventionBlockchain has been identified as a potential game-changer for the gold industry, which continues to struggle with supply chain issues that have undermined the integrity of bullion production. The London Bullion Market Association and the World Gold Council are developing an “international system of gold bar integrity, chain of custody and provenance” that’s based on blockchain technology. They even named this initiative the Gold Bar Integrity Programme. Some of the industry’s biggest organizations have already joined the initiative, including CME Group, Barrick Gold, Brinks, Royal Canadian Mint, Perth Mint and Metalor. Even if you can find a legacy financier who’s willing to risk their reputation trashing Bitcoin, it’ll be hard for them to ignore the value of its underlying technology. Oh, the irony!Related: VanEck says Bitcoin could hit $4.8M if it became the global reserve assetMicroStrategy subsidiary will purchase Bitcoin after closing $205M crypto-collateralized loanMicroStrategy’s recently formed subsidiary MacroStrategy has secured a $205-million loan from Silvergate to — you guessed it — buy more Bitcoin. To secure the loan, the subsidiary put up an undisclosed amount of BTC as collateral. MicroStrategy CEO Michael Saylor was as poetic as ever in disclosing the new funding round, claiming that his firm “effectively turned our Bitcoin into productive collateral, which allows us to further execute against our business strategy.” If you’re surprised Saylor is still buying after amassing 125,051 BTC, don’t be: MicroStrategy has adopted Bitcoin as its primary treasury reserve asset. So, it plans to buy more every time it generates excess dollars from its primary business. Although MicroStrategy buys BTC over the counter, crypto investors can expect a supply squeeze as demand ramps up from other segments of the market. MacroStrategy, a subsidiary of @MicroStrategy, has closed a $205 million bitcoin-collateralized loan with Silvergate Bank to purchase #bitcoin. $MSTR $SIhttps://t.co/QYw2ZgeE3U— Michael Saylor⚡️ (@saylor) March 29, 2022Terra smash-buys $139 million of Bitcoin, wallet reaches 31,000 BTCDo Kwon is giving Michael Saylor a run for his money after Terra scooped up another $139 million worth of Bitcoin this week. Terra has now amassed nearly $1.5 billion worth of BTC as part of its pledge to back its algorithmic stablecoin, UST, with digital gold. It should be noted that the Bitcoin address used to buy the crypto belongs to Luna Foundation Guard, a Singapore-based nonprofit that’s primarily focused on the Terra ecosystem. Bitcoin maxis: Even if you don’t like Terra or altcoins, it’s hard not to respect Kwon for using sound money to back his stablecoin offering.Just getting started pic.twitter.com/dJrkf6YfrR— TerraLunaaaa (@TerraLunaaaa) March 30, 2022

11 companies form Canadian Web3 Council to advocate for comprehensive crypto strategyA group of fintech firms has joined forces to form the Canadian Web3 Council, a nonprofit organization designed to advance Canada’s position in the new, crypto-powered digital economy. The council, which includes familiar names such as Dapper Labs, Figment, Wealthsimple and WonderFi Technologies, wants to work with policymakers to ensure Canada isn’t a laggard in the Web3 era. Canada is already showing surprising leadership in the crypto space after policymakers approved two spot Bitcoin ETFs in 2021. As a Canadian, I can tell you that the sky isn’t falling as a result of spot ETF approvals, nor is the investment landscape less safe than it was before. Perhaps we should relay the message to the United States Securities and Exchange Commission?Related: Grayscale gears up for legal battle with SEC over Bitcoin ETFBefore you go!What’s the best cryptocurrency to invest in for under $3? On The Market Report this week, I sat down with fellow analysts Jordan Finneseth, Marcel Pechman and Benton Yaun to discuss this very topic. I went with 1INCH and ENJ, Jordan picked MATIC and RON, and Benton made the case for SUPER and NCASH. You can watch the 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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ShapeShift DAO launches NFT auction in support of female artists

ShapeShift DAO launches NFT auction in support of female artists

Uverejnil používateľ | mar 31, 2022 |

Non-custodial cryptocurrency platform ShapeShift DAO has launched a new nonfungible token (NFT) auction in support of female artists in the nonfungible token and blockchain industries — a segment of the population that remains underrepresented in the rapidly growing digital economy. The auction for “Block 495559—Crypto Kitties and the Great Hairball in the Tubes,” a collaborative one-of-a-kind NFT series created by female artist LunaHawk and ShapeShift DAO director GrayMachine, will be held on OpenSea between April 4–11. The NFT series was minted on the Ethereum mainnet and will include custom, animal-themed digital art that conveys the history of the cryptocurrency market through various animals. ShapeShift DAO members approved of LunaHawk’s 10-piece NFT series in October 2021. The collection was first displayed at the ETHDenver conference in February. According to GrayMachine, the NFT auction will be a first of a series that will launch in the “coming weeks and months.” A sample of LunaHawk’s NFT art collection. ShapeShift DAO plans to contribute 10% of the NFT proceeds to the Women of Crypto Art Fund, a community group that supports women in the digital art space. The contributions will be made via Giveth, a crypto-focused charitable funding platform.Related: International Women’s Day 2022 focuses on bringing women to Web3In addition to promoting women in blockchain, ShapeShift DAO said the auction will also support the needs of the decentralized autonomous organization as it continues to grow. Now that we’re open source, anyone is welcome and encouraged to add new features to https://t.co/RtsJBsfELoShapeShift DAO’s Product and Engineering workstreams will provide guidance and support.How to get started…https://t.co/3pJM8nvIYu@ShapeShift_io #DAO— Erik Voorhees (@ErikVoorhees) March 25, 2022As Cointelegraph reported, ShapeShift began to decentralize its entire organization in July 2021 in an unprecedented move that included the largest airdrop in history and full open-sourcing of its platform code. The ShapeShift DAO Governance Treasury, as well as the company’s employees and shareholders, were given a three-year vesting schedule beginning June 2, 2021. The market for NFTs, meanwhile, has slowed considerably from its torrid growth pace in 2021. By early March, monthly NFT buyers had dipped below 800,000 for the first time since October as search volumes for digital collectibles also declined sharply. Despite the pullback, NFT adoption appears to be on an upward trajectory amid broader global awareness. 

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Gold industry taps blockchain for supply chain management and fraud prevention

Gold industry taps blockchain for supply chain management and fraud prevention

Uverejnil používateľ | mar 28, 2022 |

Some of the most prominent organizations in the gold industry have joined forces to launch a new “integrity program” that utilizes blockchain technology for supply chain management — a move that’s intended to help market participants verify the authenticity of their bullion.London Bullion Market Association (LBMA) and the World Gold Council (WGC) announced Monday that they are collaborating to develop an “international system of gold bar integrity, chain of custody and provenance” that’s based on blockchain technology developed by companies aXedras and Peer Ledger. The ledger will be used to register and track gold bars at each stage of the production and distribution cycle, including mining, vaulting and purchase by jewelry manufacturers. The so-called Gold Bar Integrity Programme is being supported by organizations such as CME Group, Metalor, Barrick Gold, Brinks, Royal Canadian Mint, Newcrest Mining, Hummingbird Resources, Argos Heraeus SA, Asahi, Aura Minerals, Perth Mint and others. Initially developed as a pilot, the program will eventually be promoted for use across the gold industry, LBMA and WGC said.Supply chain management is cited as one of the most promising use cases of blockchain technology. As Cointelegraph reported, more than half of the companies added to Forbes’ 2021 Blockchain 50 list were enterprises actively using distributed ledger technology to solve their supply chain and logistics issues. In April 2021, American defense contractor Lockheed Martin said it was using blockchain technology for supply chain management in Switzerland. Our CEO David Tait and LBMA CEO Ruth Crowell today announce the launch of a new Gold Bar Integrity Programme. Together with @lbmaexecutive, we will develop and implement an international system of gold bar integrity, chain of custody and provenance: https://t.co/jcZ6V1wYLB pic.twitter.com/x7klqZ8WTL— World Gold Council (@GOLDCOUNCIL) March 28, 2022Related: How can the Metaverse help the food industry?Issues such as illegal mining, laundered gold, fake bullion bars and human rights abuses have made the gold industry especially vulnerable to supply chain opacity. In 2020, the Organization for Economic Cooperation and Development released a report that provides guidance on how gold producers could avoid contributing to “serious abuses” in the mining and production process.

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Crypto Biz: Do you believe in Ethereum killers? Put your money where your mouth is, March 18–24

Crypto Biz: Do you believe in Ethereum killers? Put your money where your mouth is, March 18–24

Uverejnil používateľ | mar 25, 2022 |

While crypto markets are still in a state of “fear,” as evidenced by Bitcoin’s Fear & Greed Index, the industry as a whole is giving us reasons to be bullish. Large venture funding rounds, growing adoption of decentralized governance models and new institutional-grade product offerings suggest that crypto is more than just daily chart patterns. This week’s Crypto Biz newsletter looks at a new Grayscale product that’s giving accredited investors more ways to bet on the so-called “Ethereum killers.” We also document two funding stories and draw your attention to the latest developments surrounding El Salvador’s Bitcoin (BTC) bond. Grayscale launches smart contract fund for Ethereum competitorsGrayscale Investments, the world’s largest digital asset manager, has officially launched its 18th investment product focused on Ethereum competitors. The Grayscale Smart Contract Platform Ex-Ethereum Fund, also known as GSCPxE, will provide exposure to seven smart contract platforms: Cardano, Solana, Avalanche, Polkadot, Polygon, Algorand and Stellar. These high-profile Ethereum competitors can now be accessed by accredited investors via GSCPxE. While Ethereum remains king of the decentralized application (DApp) market, decentralized finance (DeFi) has become a much more level playing field. Only time will tell whether the aforementioned “Ethereum killers” will become popular among institutional investors. Here’s a snapshot of Grayscale investment products as of March 21, 2022.Visit our product tracker for daily updates: https://t.co/XOE44lKFHm$AAVE $ADA $AMP $BTC $BAT $BCH $COMP $CRV $ETH $ETC $FIL $LINK $LPT $LTC $MANA $MKR $SNX $SOL $SUSHI $UNI $XLM $YFI $ZEC $ZEN pic.twitter.com/Nal3Qg5Mm7— Grayscale (@Grayscale) March 21, 2022Former Polychain GP unveils $125M crypto fund with DAO governance ambitionsFormer Polychain Capital general partner Tekin Salimi has taken a novel approach to fund crypto startups. His new fund, dubbed “dao5,” will provide governance tokens to crypto project founders that represent an ownership stake in a future decentralized autonomous organization, better known as DAO. Salimi plans to convert the fund, which is currently valued at $125 million, into a founder-owned DAO around the year 2025. In other words, every grant recipient will have exposure to all other projects in the portfolio — a feature Salimi says will strengthen the collaboration among project founders. Crypto investors are going to hear a lot more about DAOs in the coming years as more industry leaders look to advance new models of corporate governance. DAOs have multiplied in the last two years empowered by the potential to move the world through democracy. But are they a feasible alternative to the traditional governance models?(Via @CointelegraphZN)https://t.co/w0vdIh0c9n— Cointelegraph (@Cointelegraph) March 4, 2022

Chip giant Qualcomm launches $100M Metaverse fundSemiconductor giant Qualcomm has made a foray into the Metaverse sector by launching a $100 million fund that will back projects at the intersection of extended reality (XR), artificial intelligence (AI) and augmented reality (AR). The new fund, dubbed “SnapDragon Metaverse Fund,” aims to support developers who are pushing the boundaries of spatial computing. Qualcomm is positioning itself as the “ticket to the metaverse” through its wireless and AI technologies. After Facebook rebranded to Meta and shifted its focus to the metaverse economy, it was only a matter of time before other major technology plays started following suit. El Salvador postpones Bitcoin bonds to September: ReportThe government of El Salvador is reportedly delaying the issuance of its Bitcoin-backed bonds due to unfavorable market conditions brought about by the geopolitical crisis in Eastern Europe. Finance Minister Alejandro Zelaya told local news that the so-called “Volcano Bond,” which will be used to fund El Salvador’s Bitcoin City, will be pushed back to September at the latest. If you’re thinking: What does the war in Ukraine have to do with Bitcoin demand? Consider that legacy finance still views crypto as a risk-on asset and traditional investors are more likely to reduce their holdings of such assets during periods of uncertainty. That being said, Bitcoin and the broader crypto markets have held up fairly well amid the geopolitical crisis. Bitcoin’s price breached $43,000 this week, having recovered more than 30% from its bottom in January.Before you go!Is crypto in a bear market? It depends on how you define it. If digital assets were any other market, we would classify the past four months as a major downtrend. On The Market Report this week, I sat down with fellow analysts Jordan Finneseth, Marcel Pechman and Benton Yuan to discuss the top crypto projects to buy and hold during a bear market. You can check out 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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