Autor Cointelegraph By Sam Bourgi

Stablecoin issuer Circle launches business accounts for USDC transactions

Stablecoin issuer Circle launches business accounts for USDC transactions

Uverejnil používateľ | feb 23, 2022 |

USD Coin (USDC) operator Circle has launched a new account service aimed at helping businesses transact in cryptocurrencies — potentially opening the door to wider mainstream adoption of digital assets. The new business-centric Circle Account allows enterprise clients to deposit, withdraw, receive and store cryptocurrencies and have all payments settled in the USDC stablecoin, the company announced Wednesday. Circle’s new account features give businesses the ability to seamlessly integrate crypto payments into their operations and use digital assets as collateral. Account holders can send and receive USDC across eight blockchains, including Ethereum, Algorand, Solana, Stellar, Tron, Hedera, Avalanche and Flow. Since the launch of Circle Accounts in 2020, the number of active users has increased by 213%, the company said. “Businesses may adopt USDC for any number of reasons to create added efficiencies for their operations,” a Circle spokesperson told Cointelegraph, adding: “Some drivers for USDC growth are increased payment use cases, cross-border transactions and the adoption of assets like USDC as a “flight to safety,” especially in countries where the local currency is suffering from a valuation loss.”Circle Accounts can also be used by accredited investors to participate in the company’s stablecoin lending program. Known as Circle Yield, the program offers investors up to 8% in annual returns. Circle says that its Yield product is “overcollateralized” with Bitcoin (BTC), which means its BTC holdings exceed the amount needed to cover potential losses in the event of default. Yes, they do.Recent marriage between USDC operator @circlepay and Concord Acquisition Corp results in a $9 billion revaluation and plans to enter the NYSE.https://t.co/k9GgxkARqu— Cointelegraph (@Cointelegraph) February 18, 2022Related: Wyoming lawmakers introduce legislation for state-issued stablecoinAs Cointelegraph reported, Circle saw its valuation double to $9 billion earlier this month after it revised a planned merger agreement with Concord Acquisition Corp, a special purpose acquisition company founded in 2020. Circle and Concord are expected to finalize their merger by Dec. 8, 2022. Circle’s USDC is the second-largest stablecoin in terms of market capitalization and is among the fastest growing. USDC currently has a market capitalization of $52.7 billion compared with Tether’s $79.4 billion, according to CoinMarketCap.

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Crypto Biz: JPMorgan enters the metaverse, Marshall Islands legalizes DAOs, Feb. 10-16

Crypto Biz: JPMorgan enters the metaverse, Marshall Islands legalizes DAOs, Feb. 10-16

Uverejnil používateľ | feb 18, 2022 |

Last week’s Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could “soon hit a hyper-inflection point” in terms of adoption. This week, JPMorgan Chase issued its own bullish outlook when it labeled the metaverse a $1 trillion a year opportunity. In addition to JPMorgan, the New York Stock Exchange (NYSE) this week sent out a strong signal that nonfungible tokens (NYSE) and the metaverse are part of its long-term plans. On the regulatory front, the Republic of the Marshall Islands took a bold step in becoming a leader in the blockchain arena. The latest Crypto Biz newsletter explores these stories in greater depth. For a full breakdown of the top business stories in crypto, register for the full newsletter at the bottom of the page. Related: Circle’s valuation doubles to $9B following revised merger agreement with ConcordJPMorgan becomes first major bank to enter the metaverseJPMorgan’s foray into the metaverse became official this week after the financial giant opened a virtual lounge on Decentraland. Visitors to the lounge are greeted by a digital portrait of CEO Jamie Dimon, an outspoken Bitcoin critic who lambasted cryptocurrencies for lacking “intrinsic value.” Isn’t it ironic that his bank is adopting the very technology spawned by Bitcoin? Nevertheless, JPMorgan believes the metaverse represents a trillion-dollar opportunity that could impact virtually every sector of the economy. Great development. U.S. banking giant JPMorgan Chase has unveiled research on a Quantum Key Distribution blockchain network that is resistant to quantum computing attacks. https://t.co/aIzxRikuDR— Cointelegraph (@Cointelegraph) February 18, 2022Marshall Islands opens up DAO registrations The Republic of the Marshall Islands, a tiny island state near the Equator in the Pacific Ocean, has formally recognized decentralized autonomous organizations (DAOs) as legal entities — potentially opening the door to new registrations from projects all over the world. DAOs were granted legal recognition in the recently amended Non-Profit Entities Act 2021 and new incorporations will be supported by MIDAO Directory Services Inc., a domestic organization that was established to help projects get set up. It’s clear that the Marshall Islands is looking to become a global hub for DAO registration and is actively marketing its low service fees and supportive government. Fireblocks acquires First Digital for $100MBlockchain unicorn Fireblocks has acquired stablecoin payment platform First Digital in a deal reportedly worth $100 million. The acquisition gives Fireblocks additional resources to improve payment onramps to the cryptocurrency sector. Through First Digital, Fireblocks is planning to support business-to-business and business-to-consumer payments via stablecoins such as USD Coin (USDC) and Celo. Although most of us are into cryptocurrency for its investment potential, it’s clear that the next phase of the market’s evolution will center around payments. Related: Mark Zuckerberg’s stablecoin project, Diem, officially shuts downThe New York Stock Exchange has jumped on the NFT bandwagon! NYSE has made a non-fungible token to celebrate its historic first trade. Is this a sign that everyone is adopting #NFTs? https://t.co/03hE1cFWSN— Cointelegraph (@Cointelegraph) April 13, 2021

NYSE files trademark application for NFT tradingOn Feb. 10, the New York Stock Exchange filed a trademark application with the United States Patent and Trademark Office to register its name for several crypto-focused products, a strong indicator that the world’s largest stock exchange was planning to enter the metaverse. The application states that NYSE wants to provide “downloadable virtual goods,” including nonfungible tokens and digital collectibles, as well as “authentication and certification of data relating to cryptocurrency and [NFTs].” NYSE is one of several big names to signal its intention to join the metaverse economy. Recently, McDonald’s and Disney submitted trademark applications for various virtual product offerings.

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Circle’s valuation doubles to $9B following revised merger agreement with Concord

Circle’s valuation doubles to $9B following revised merger agreement with Concord

Uverejnil používateľ | feb 17, 2022 |

USD Coin (USDC) operator Circle has seen its valuation double to $9 billion after the company revised its merger agreement with Concord Acquisition Corp, a special purpose acquisition company (SPAC) founded in 2020.Circle announced Thursday that it had terminated its previous business combination terms with Concord and reached a new agreement that is expected to be finalized by December 8, 2022, with the possibility of it being extended to January 31, 2023. As Cointelegraph reported, Circle and Concord first announced their merger plans in July 2022.A Circle spokesperson told Cointelegraph that the new agreement reflects a commitment from both parties to move the deal forward after it became clear that the original closing date wouldn’t be met. They explained:“It was clear that the original deal would not be closed within the time parameters of the original business combination agreement (April 3, 2022). As part of the negotiation to extend the deal, the value of Circle was updated to reflect improved financial performance and the competitive position of USDC, along with a new initial outside date, December 8, 2022.”Consistent with the original agreement, Circle remains committed to becoming a publicly-traded company once the business merger is finalized and a new company is designated. That new company will acquire both Circle and Concord and become a publicly-traded business to be listed on the New York Stock Exchange under the ticker symbol “CRCL.”“[A]lthough we continue to work diligently toward completion of this transaction, the timing will ultimately depend on many factors outside of our control, including the SEC’s review of our registration statement on form S-4,” the spokesperson said. Related: Will US regulators shake stablecoins into high-tech banks?50 BILLION USDC (w/ thread below) pic.twitter.com/5FEaPmXjup— Jeremy Allaire (@jerallaire) February 1, 2022Circle has carved out a strong reputation in the cryptocurrency industry for its emphasis on regulatory compliance and for proving the full backing of its USDC reserves. Earlier this month, Circle minted its 50 billionth USD Coin, second only to Tether’s (USDT) in terms of stablecoin market capitalization. With a current value of $52.6 billion, USDC accounts for over 29% of the stablecoin market, according to CoinMarketCap.USDC’s market dominance has grown significantly over the past year. Source: Dune AnalyticsThe stablecoin market is collectively worth $180.1 billion, up from around $10 billion in mid-2020.

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DCG leads $205M growth fund for The Graph

DCG leads $205M growth fund for The Graph

Uverejnil používateľ | feb 17, 2022 |

Blockchain data indexing protocol The Graph has launched a $205 million ecosystem fund to lure new developers to its platform, offering further evidence that venture capital firms were still keen to support growth funds centered around decentralized applications.The ecosystem fund was financed by Digital Currency Group, Multicoin Capital, Reciprocal Ventures, Gumi Cryptos Capital, NCG and HashKey. The fund’s stated purpose is to accelerate the growth and development of key projects in The Graph’s ecosystem.HashKey Capital managing director Deng Chao said the company will provide resources and guidance to decentralized application developers and projects looking to gain access to institutional markets. Digital Currency Group, better known as DCG, already serves as a delegator for The Graph and will further support the ecosystem’s development around decentralized finance and the Metaverse. Miko Matsumura of Gumi Cryptos Capital described The Graph as “an essential part of the Web3 stack,” referring to the network’s focus on developing application programming interfaces for the next iteration of the internet.The Graph Foundation has awarded considerable funding to its developer network in an effort to expand its development capabilities. In December, the foundation announced a $60 million grant to Semiotic AI in a bid to scale the network’s research and development capacity around artificial intelligence. The same month, open-source API platform The Guild was awarded $48 million in funding to advance The Graph’s subgraph features.Related: VC Roundup: Animoca leads NFT3 raise, Arca launches NFT fund and Alexis Ohanian broadens crypto exposureBlockchain projects generated $25.2 billion in funding in 2021. Source: CBI InsightsAfter a record-breaking 2021, venture capital funding for blockchain and cryptocurrency projects continues to ramp up this year. Cointelegraph has recently reported on several nine-figure funding rounds, including $200 million raises for Alchemy and Aleo, a $450 million round for Polygon and $109 million in investments for cryptocurrency wallet Phantom.

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Sequoia Capital launches crypto fund worth up to $600M

Sequoia Capital launches crypto fund worth up to $600M

Uverejnil používateľ | feb 17, 2022 |

American venture capital firm Sequoia Capital has launched a new cryptocurrency fund as part of its ongoing efforts to bootstrap the next generation of promising crypto-focused startups.Bloomberg reported Thursday that Sequoia is allocating up to $600 million towards the new sector-specific fund. Shaun Maguire, a partner at Sequoia, described crypto as a “megatrend over the next 20 years” and called it “the future of money.”The new crypto fund is part of three new sub-funds that were introduced by Sequoia on Thursday. The new funds, which operate under the Sequoia Capital Fund, will rely on capital that’s already committed by the firm’s limited partners. Sequoia is no stranger to the cryptocurrency market, having financed dozens of projects in the space. As Cointelegraph reported, Sequoia recently led a $450 million funding round for layer-2 scaling solution Polygon. The firm was behind a $25 million equity round for DeFi wallet DeBank and the $50 million raise for StarkWare. Sequoia also participated in a $1.15 billion investment round for Citadel Securities, which is broadening its exposure to digital assets.Venture capital fell in love with the blockchain in 2021, with a new @CBinsights report showing a 713% increase in funding. https://t.co/6n0RGLzN1o— Cointelegraph (@Cointelegraph) February 5, 2022Related: VC Roundup: Animoca leads NFT3 raise, Arca launches NFT fund and Alexis Ohanian broadens crypto exposureGlobal blockchain funding reached $25.2 billion in 2021, having grown 713% over the previous year, according to data from CBI Insights. Venture capital funding has largely focused on crypto adoption, with firms backing projects across various sub-sectors including nonfungible tokens, decentralized finance, crypto exchanges and infrastructure services. More recently, venture capital has placed greater emphasis on Web3, metaverse and GameFi projects. 

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