Autor Cointelegraph By Sam Bourgi

Fireblocks acquires stablecoin payments platform First Digital

Fireblocks acquires stablecoin payments platform First Digital

Uverejnil používateľ | feb 16, 2022 |

Blockchain infrastructure company Fireblocks has finalized the acquisition of First Digital, a stablecoin and digital asset payment platform, as part of a broader effort to expand its payment capabilities for the cryptocurrency sector. The acquisition gives Fireblocks additional resources to enable payment service providers to acquire cryptocurrencies and accept payments in digital assets, potentially opening the door to wider use cases for the emerging technology. According to Fireblocks, merchants today are eager to integrate crypto payments but high wallet integration costs and manual Know Your Customer and Anti-Money Laundering screening hinder adoption. Through the acquisition of First Digital, Fireblocks plans to expand support for business-to-business, business-to-consumer and cross-border payment options via USD Coin (USDC), Celo and other stablecoins as early as this spring. Fireblocks CEO Michael Shaulov told Cointelegraph these services will be delivered through a “suite of tools via APIs that will provide an easy way to implement transactions, treasury management and compliance.”While the terms of the deal weren’t disclosed publicly, Cointelegraph has learned that Fireblocks reportedly paid $100 million to acquire First Digital. Although Fireblocks has only been around since 2017, the company is flush with cash after raising $799 million over several financing rounds. In January, the company raised $550 million in Series E funding, pushing its valuation to $8 billion. Also founded in 2017, First Digital’s major focus has been on building stablecoin payment infrastructure and providing merchants with the ability to accept cryptocurrency payments. Shaulov described First Digital as a “leader in providing API-based stablecoin payment solutions,” adding that “we’ve worked with First on various payment projects and saw their work first hand.”Related: Digital yuan transactions beat out Visa at Winter Olympics venue: ReportEfforts to normalize crypto payments are currently underway, though complex regulatory challenges have hindered progress. Meta, formerly Facebook, recently announced that it had abandoned its Diem stablecoin project. Online payments platform PayPal, meanwhile, recently confirmed that it is actively exploring the use of a stablecoin.

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Marshall Islands officially recognizes DAOs as legal entities

Marshall Islands officially recognizes DAOs as legal entities

Uverejnil používateľ | feb 15, 2022 |

The Republic of the Marshall Islands has moved to formally recognize decentralized autonomous organizations, better known as DAOs, as legal entities — a move that gives collectively owned and managed blockchain projects formal recognition on the global stage. DAOs, which are blockchain-based entities governed by self-organizing communities, have attained legal recognition in the Marshall Islands after the country passed the amended Non-Profit Entities Act 2021. The amendment allowed cryptocurrency trading infrastructure platform Shipyard Software to incorporate the island country’s first DAO, Admiralty LLC. The incorporation was aided by MIDAO Directory Services Inc., a domestic organization that was established to help DAOs register within the Marshall Islands. As it currently stands, the new legislation allows any DAO to register and establish operations in the Marshall Islands. Related: AssangeDAO concludes raise with $53M to help Julian fight for freedomBobby Muller, the former chief secretary of the Republic of the Marshall Islands and co-founder of MIDAO, said his country recognizes that now is a “unique moment to lead” in the “blockchain revolution.” He said DAOs will play an important role in creating “more efficient and less hierarchical” organizations.In a written statement to Cointelegraph, Muller said the Marshall Islands is looking to become a global hub for DAOs, “both in registering and domiciling, but also in developing out use cases and furthering mass adoption.” He further explained:“The strategy is to provide the lowest cost for incorporation, a supportive government that has internationally recognized courts, and a receptive environment to technological advancements.”The Marshall Islands is an independent island state located in the Pacific Ocean near the Equator with a population of around 59,000 as of 2019, according to the World Bank. The island state has been actively exploring use cases for digital assets since at least 2018, with the government introducing measures to create a blockchain-based cryptocurrency that would be recognized as legal tender alongside the United States dollar. Related: IMF urges El Salvador to remove Bitcoin’s status as legal tenderAs Cointelegraph reported, the Marshall Islands already endorsed the creation of a new cryptocurrency, dubbed Sovereign (SOV), in February 2018. As one would expect by now, the International Monetary Fund, or IMF, has criticized the plan over concerns that a digital sovereign currency would undermine the state’s financial stability. The Washington-based lending institution has levied similar criticisms toward El Salvador, which became the first country to recognize Bitcoin (BTC) as legal tender. However, Marshall Islands senator David Paul emphasized that the country’s DAO legislation doesn’t pose the same complications as a state-backed cryptocurrency. “A sovereign digital currency is financial and generates a lot of concerns from a money-laundering perspective,” he told Cointelegraph in a written statement. “It’s a different realm for DAOs, as this is more about giving them legal recognition to make their case to regulatory bodies, investors and consumers.”

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Ether investment products register first weekly inflows in 10 weeks

Ether investment products register first weekly inflows in 10 weeks

Uverejnil používateľ | feb 14, 2022 |

Inflows into cryptocurrency investment funds rose sharply last week, with Ether (ETH) products breaking a nine-week spell of outflows in the latest sign that institutional managers were re-accumulating assets. Digital asset investment products registered $75.3 million worth of cumulative inflows last week, data from CoinShares revealed Monday. Bitcoin (BTC) investment products saw $25.1 million worth of inflows, while Ether products attracted $20.9 million worth of capital. Positive inflows were also reported for multi-asset funds with exposure to several cryptocurrencies. Solana (SOL), Polkadot (DOT) and XRP products were also net positive for the week. Crypto asset flows have now risen for four consecutive weeks, offering signs that the massive drawdowns of late 2021 were beginning to reverse course. Over the four-week stretch, crypto funds collected $209 million. Institutional managers reduced their exposure to cryptocurrency products at the end of 2021, possibly to book profits before year’s end and also to ride out extreme market volatility. Bitcoin’s Fear & Greed Index, which gauges market sentiment, plunged to “extreme fear” in early January. The index has stabilized in recent weeks, with the latest reading showing that the market has exited the extreme fear stage.Are we only in the middle of a large bear cycle? Analyst @AriRudd notes three indicators that could send Bitcoin to $24K-27K. https://t.co/AkSAehinSc— Cointelegraph (@Cointelegraph) February 14, 2022While analysts remain at odds about whether the market has formed a definitive bottom or whether Bitcoin and Ether can expect to re-test their 2022 lows, CoinShares’ inflow data provides a good barometer for institutional investor sentiment. As Cointelegraph has reported, institutional demand for crypto assets has grown substantially over the past year and is playing a bigger role in influencing market dynamics. Related: Willy Woo: ‘Peak fear,’ but on-chain metrics say it’s not a bear market02/11/22 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.Total AUM: $37.6 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ADA $SOL $AMP pic.twitter.com/stTPqefvo8— Grayscale (@Grayscale) February 11, 2022

Grayscale, which is the largest crypto asset manager, currently has $37.6 billion in assets under management and is looking to convert its flagship GBTC Bitcoin product into an exchange-traded fund (ETF). On Feb. 4, the United States Securities and Exchange Commission once again delayed its decision on Grayscale’s Bitcoin ETF application, opening the door to further public comment on the matter. Meanwhile, in Canada, the Purpose Bitcoin ETF continues to register large inflows, reflecting strong investor appetite for a spot product.

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VC Roundup: Animoca leads NFT3 raise, Arca launches NFT fund and Alexis Ohanian broadens crypto exposure

VC Roundup: Animoca leads NFT3 raise, Arca launches NFT fund and Alexis Ohanian broadens crypto exposure

Uverejnil používateľ | feb 14, 2022 |

Venture capital funding in the cryptocurrency market is showing no signs of slowing, as major investors continue to back promising startups in niche industries spanning the metaverse, nonfungible tokens (NFTs) and GameFi. Cointelegraph’s new series, VC Roundup, provides a rundown of some of the biggest funding stories of the past few weeks. To stay informed on the latest developments from the world of blockchain business, be sure to register for our Crypto Biz newsletter, which is delivered to your inbox every Thursday. Animoca Brands leads NFT3 raiseWeb3 identity network NFT3 raised $7.5 million in seed investments to continue building its decentralized identity and credit network platforms. The funding was led by Animoca Brands with additional participation from LD Capital, CMS Holdings, Tenzor Capital, Ankr Network, DFG Group, Prometheus Labs Ventures and others. NFT3 is utilizing nonfungible tokens for Digital Identity Systems, also known as DIDs, which are considered to be the next frontier of digital identity in the Web3 age. Animoca co-founder Yat Siu described NFTs as being the “cornerstones of identity in Web3” and an increasingly important component of the metaverse. Related: Polygon raises $450M in Sequoia-led funding roundHartmann Capital launches metaverse fundCrypto-focused investment firm Hartmann Capital has raised $30 million for its metaverse fund, potentially opening the door to new investment opportunities in the emerging sector. The Hartman Metaverse Ventures I seeks to invest in various aspects of the metaverse sector, including infrastructure, content and access points. The company said it will back “early-stage token and equity deals” and pursue additional investment opportunities via its NFT portfolio. Arca closes $50M NFT fundCrypto asset management firm Arca has created a new hedge fund product that allows financial institutions to more seamlessly integrate nonfungible tokens into their portfolios. The NFT Arca Fund, which reached its $50 million cap in an oversubscribed raise, aims to generate yield and equity through NFT purchases. The new Arca fund will focus on digital property, digital collectibles, in-game assets and identity tokens.Big banks spent years calling Bitcoin and crypto a scam. But now they believe crypto is a “maturing asset class” similar to the internet in the mid-1990s. CT Business Editor @forgeforth_ has the scoop. https://t.co/RHgI3qlrNb— Cointelegraph (@Cointelegraph) February 11, 2022NFT market aggregator Hyperspace raises $4.5MSolana NFT marketplace aggregator Hyperspace recently closed a $4.5 million seed round with backing from Jump Capital, Galaxy Digital, Coinbase Ventures, Soma Capital, Solana Capital and others. Hyperspace will use the fresh financing on product development, building in-house capacity and increasing its marketing efforts. Hyperspace provides an aggregation platform, allowing users to discover and shop NFTs across the entire Solana ecosystem. It also allows users to mint and trade NFTs directly on Hyperspace. Related: Solana ecosystem wallet Phantom raises $109MAlexis Ohanian’s 776 to be majority crypto by end of 2022Reddit co-founder Alexis Ohanian is no stranger to the cryptocurrency market. His venture capital firm, 776 Management LLC, was behind a $100 million Web3 growth fund in November 2021 alongside Solana Ventures. Now, Ohanian’s 776 has launched two new funds, collectively worth $500 million, dedicated to investing in startups at various stages in their development. While Ohanian didn’t give specific numbers, he told The Wall Street Journal that crypto “will be the majority of the portfolio by the end of this year.” Ohanian’s Seven Seven Six venture capital firm is partnering with Polygon to back projects at the intersection of social media and Web 3.0. https://t.co/EEpSduJB91— Cointelegraph (@Cointelegraph) December 17, 2021

Ohanian’s growing interest in crypto is based on his assessment of where the talent is going. “Talent has never led me wrong,” he said, referring to the massive influx of software developers to the cryptocurrency industry. According to venture firm Electric Capital, roughly 34,000 new developers contributed to open-source crypto projects in 2021, the highest on record.

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Crypto Biz: Wall Street is marketing Bitcoin for us, Feb. 3-9

Crypto Biz: Wall Street is marketing Bitcoin for us, Feb. 3-9

Uverejnil používateľ | feb 11, 2022 |

A lot has changed since I first started covering Bitcoin (BTC) in 2012. A market once relegated to the deepest corners of the internet has now spawned a global revolution that has forced corporations and governments to form an opinion on digital assets. Now, Wall Street is chiming in, with analysts at major banks increasingly convinced that crypto is a maturing asset class with long-term potential.That was the general takeaway of a new report from Wells Fargo’s research division. The report’s bullish undertones are truly remarkable when you consider how big banks treated Bitcoin just a few years ago. Perhaps they learned not to take cues from Jamie Dimon, whose JPMorgan Chase was outed for massive money laundering in 2020. But please tell me how Bitcoin is so dangerous. This week’s Crypto Biz explores Wells Fargo’s report and other business stories from the world of blockchain. To get a full breakdown of the top weekly news, register for the newsletter at the very bottom of the page. Related: Binance invests $200M in Forbes to boost consumer knowledge on BitcoinWells Fargo: Crypto adoption could ‘soon hit a hyper-inflection point’In a report titled “Cryptocurrencies — Too early or too late?” released on Monday, Wells Fargo described the merits of investing in digital assets, going as far as comparing Bitcoin to the internet in the early-to-mid 1990s. While this comparison would usually invoke a recommendation to buy digital assets, Wells Fargo said there’s no reason to FOMO into the market given that the space is “relatively young” and has a lot of room to grow. But the writing is on the wall: the banking giant seems to believe that exposure to crypto is a very, very good investment. As it turns out, Wells Fargo began bending the knee to crypto roughly one year ago:Banking giant Wells Fargo finally bent the knee and acknowledged Bitcoin as a “speculative investment.” As a business that closed client accounts for using cryptocurrencies, champagne bottles were cracked open afterward. #CryptoYearInReview https://t.co/5kO7PHc3z9— Cointelegraph (@Cointelegraph) January 3, 2021KPMG Canada adds BTC and ETH to its corporate treasuryCrypto adoption appears to be on the rise among corporations, with KPMG Canada becoming the latest company to add Bitcoin and Ether (ETH) to its balance sheet. The decision to gain exposure to digital assets was made by KPMG Canada’s governance committee, which includes stakeholders from its finance, risk management and tax divisions. According to managing partner Benjie Thomas, the Big Four tax auditor believes crypto is a “maturing asset class” with a strong long-term value proposition. We have just completed an allocation of cryptoassets to our corporate treasury, our firm’s first of its kind investment in the asset class. This includes Bitcoin and Ethereum tokens, and carbon offsets to maintain a net-zero carbon transaction: https://t.co/32hsKbnGuC— KPMG Canada (@KPMG_Canada) February 7, 2022

Polygon raises $450M as attention shifts to Web3Layer-2 scaling solution Polygon made headlines this week after securing a whopping $450 million in financing from several blockchain venture funds. The raise, which was led by Sequoia Capital India, will go towards expanding Polygon’s scaling capabilities as well as supporting mainstream adoption of Web3 applications. Venture capital has made it abundantly clear in recent months that Web3 is one of its major focus areas alongside GameFi and metaverse projects. Related: Cointelegraph Research: Valuing a crypto payment tokenNasdaq lists Valkyrie’s Bitcoin Miners ETFCrypto asset manager Valkyrie’s Bitcoin Miners exchange-traded fund (ETF) began trading on Tuesday, giving investors news ways to gain exposure to the rapidly growing blockchain economy. The fund, which trades under the ticker WGMI, invests the majority of its net assets in companies that either mine Bitcoin or provide hardware and software solutions to the mining industry. So far, the United States Securities and Exchange Commission has approved everything but a spot Bitcoin ETF. Will that change in 2022? Only time will tell.

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