Autor Cointelegraph By Sam Bourgi

Blockchain-based internet company 3air abandons Cardano for SKALE network

Blockchain-based internet company 3air abandons Cardano for SKALE network

Uverejnil používateľ | feb 8, 2022 |

Africa-focused blockchain internet company 3air has officially abandoned the Cardano blockchain in favor of SKALE, a network powered by Ethereum, after reporting a “massive talent shortage” for Haskell developers. The skillset for Haskell, which is Cardano’s primary programming language, appears to be in short supply, according to 3air CEO Sandi Bitenc. After spending months actively recruiting for senior Haskell coders to build on Cardano, 3air was only able to obtain two entry-level part-time developers, said Bitenc. Although the company reached out to development agencies recommended by Cardano, 3air still wasn’t able to find the talent it needed. By migrating to SKALE, the CEO said that 3air’s developers can begin work immediately on their development goals. He also touted SKALE’s fast transactions, zero gas fees and multichain capabilities, especially around decentralized applications, for the decision to adopt the protocol. SKALE launched the first phase of its mainnet in June 2020 after securing $26.75 million in funding over the previous two years. The Ethereum-compatible network, which claims to be fully decentralized, has shifted its focus to Web3, nonfungible tokens and decentralized applications. Although Cardano has one of the largest communities in crypto, slow progress on the development front opened door to several competitors in the smart contract space. Whereas Cardano’s developers emphasize an academic approach to development, including following the peer review process, other smart contract platforms have adopted a more iterative approach to building, testing and launching their projects. Related: If the peer review system is broken, what the hell is the point of Cardano’s reliance on it?Cardano’s choice of Haskell, a highly academic programming language, has also been criticized for contributing to a slower and more difficult development process. One such criticism, dating back to November 2017, cited “relatively few devs” using Haskell at the time. Nevertheless, Cardano has broadened its reach in places like Africa, with its development arm Input Output Hong Kong partnering with regional governments to improve education outcomes. Cardano founder Charles Hoskinson believes that the continent could onboard 100 million new DeFi users by the middle of the decade.

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KPMG in Canada adds BTC and ETH to its treasury

KPMG in Canada adds BTC and ETH to its treasury

Uverejnil používateľ | feb 7, 2022 |

Big Four auditor KPMG’s Canadian operation has officially added Bitcoin (BTC) and Ether (ETH) to its corporate treasury, joining other major companies in converting a portion of its fiat holdings into digital assets. The decision to add Bitcoin and Ether to its balance sheet reflects KPMG Canada’s belief that cryptocurrencies are a “maturing asset class,” says Benjie Thomas, a managing partner for the firm. KPMG in Canada is following in the footsteps of hedge funds, family offices and pension funds in gaining exposure to crypto. In addition to its newly acquired BTC and ETH holdings, KPMG in Canada said it also purchased carbon offsets as part of its environmental, social and governance (ESG) mandate. KPMG just announced that they have added Bitcoin and Ethereum to their corporate balance sheet. Game on.— Pomp (@APompliano) February 7, 2022The company’s treasury policy is overseen by a governance committee that includes stakeholders from several divisions, including finance, risk management and tax. KPMG said it “completed a rigorous risk assessment,” including evaluating tax implications, before deciding to add digital assets to its holdings.KPMG dipped its toes in the crypto sector as far back as 2020 when the firm unveiled a blockchain-based Climate Accounting Infrastructure Solution. As Cointelegraph reported at the time, the new initiative was designed to assist companies in meeting their ESG targets. Several major corporations have sought exposure to crypto over the past year in an effort to diversify their holdings and hedge against inflation. The most famous example is business intelligence firm MicroStrategy, which has adopted a full-on Bitcoin standard by converting all of its cash reserves into BTC and even raising debt to fund additional purchases. Related: MicroStrategy buys the dip by purchasing 660 Bitcoin for $25MMeanwhile, electric vehicle maker Tesla was holding nearly $2 billion worth of Bitcoin on its balance sheet at the end of 2021, according to official records that were released on Monday. Forty publicly-listed companies currently hold BTC, according to Bitcoin Treasuries.

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Polygon raises $450M in Sequoia-led funding round

Polygon raises $450M in Sequoia-led funding round

Uverejnil používateľ | feb 7, 2022 |

Layer-2 scaling solution Polygon has raised $450 million in a funding round that was backed by some of blockchain’s biggest venture funds — offering further evidence that major investors are looking to support the future of Web3 development. The investment round was led by Sequoia Capital India with participation from more than 40 venture capital funds, including SoftBank Vision Fund 2, Galaxy Digital, Tiger Global and Republic Capital. Billionaire investor Kevin O’Leary also participated in the raise. Polygon will use the funding to expand its scaling solutions, which includes Polygon PoS, Polygon Edge and Polygon Avail, and support mainstream adoption of Web3 applications. The team will also continue to invest in zero-knowledge technology after committing over $1 billion to such initiatives in November 2021.Polygon, which offers scaling and infrastructure support to Ethereum, has attracted considerable attention over the past year as the explosive growth of decentralized finance and nonfungible tokens raised concerns about Ethereum’s network capacity. In an interview with Cointelegraph in December 2021, Polygon co-founder Sandeep Nailwal said that Ethereum’s highly-anticipated upgrade is unlikely to provide enough scalability to meet demand. He explained:“Even if 2.0 comes in here, that will not provide enough scalability. [In 2022], the proof-of-stake upgrade will keep everything the same; like Ethereum has 13 transactions per second [TPS] right now, maybe it will go to 20 TPS [after PoS], but not more than that. So that does not add anything to scalability.”Related: Crypto Biz: The crypto industry is more bullish than the Bitcoin charts, Jan. 27–Feb. 2On the topic of Web3, Polygon has been highly active in expanding its developer network to power the next generation of decentralized applications. As Cointelegraph reported, Polygon partnered with Seven Seven Six, a venture capital firm led by Reddit co-founder Alexis Ohanian, to launch a new $200 million Web3 fund. In January, Silicon Valley venture fund Andreessen Horowitz announced it was committing another $1 billion to Web3 startups. 

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SEC again delays decision on Grayscale’s Bitcoin ETF

SEC again delays decision on Grayscale’s Bitcoin ETF

Uverejnil používateľ | feb 5, 2022 |

The United States Securities and Exchange Commission (SEC) has once again delayed its ruling on whether to approve Grayscale’s application for a Bitcoin (BTC) exchange-traded fund (ETF), citing familiar concerns around manipulation, liquidity and transparency. In a notice published Friday afternoon, the SEC expressed concerns about how the digital asset manager intends to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF. Namely, the regulator wasn’t convinced that Grayscale’s proposal was designed to prevent alleged fraud and manipulation in the Bitcoin market. The SEC has invited the public to comment on these issues, giving interested parties 21 days to respond in writing. The SEC has just delayed their decision on whether GBTC can convert to a bitcoin ETF.— Pomp (@APompliano) February 4, 2022As Cointelegraph reported, Grayscale’s initial application to convert shares of GBTC into a spot Bitcoin ETF was submitted to the SEC in October. Less than two months later, the securities regulator announced that it was postponing its decision on Grayscale’s application and a similar proposal put forward by Bitwise. Grayscale is the world’s largest digital asset manager with $36.5 billion in assets under management as of Feb. 4. Its GBTC product accounts for over 71% of its total assets. 02/04/22 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.Total AUM: $36.5 billion$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/1IqNGLX3QP— Grayscale (@Grayscale) February 4, 2022

Related: Canadian Bitcoin ETF sees its third-biggest daily inflow everWhile the SEC has been hesitant to approve a spot Bitcoin ETF, the regulator has been much more receptive to a futures-linked product. In October, the ProShares Bitcoin Strategy ETF became the first Bitcoin futures fund to be approved in the United States. Shortly thereafter, the SEC approved a pair of Bitcoin-linked Strategy ETFs from Valkyrie and VanEck.

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Crypto Biz: The crypto industry is more bullish than the Bitcoin charts, Jan. 27–Feb. 2

Crypto Biz: The crypto industry is more bullish than the Bitcoin charts, Jan. 27–Feb. 2

Uverejnil používateľ | feb 3, 2022 |

Is Bitcoin (BTC) in a bull market or a bear market? Has the current market cycle already peaked or can we expect another leg higher? Venture capital funds don’t seem to care either way. They’re too busy building equity in promising blockchain plays. This week’s Crypto Biz newsletter features two major funding rounds from the world of blockchain, as well as Jack Dorsey’s scathing critique of Mark Zuckerberg’s metaverse plans. We also highlight a company that’s making it easier for employees to start getting paid in BTC. So, while it’s easy to get bogged down in the bull versus bear narrative, the crypto industry is becoming a lot bigger than just the price charts. Don’t let fear, uncertainty and doubt get you down. And please, don’t sell your Bitcoin to Michael Saylor!To get a full breakdown of this week’s business news, register for the Crypto Biz newsletter at the very bottom of the page. I’ll be reaching out next Thursday. Related: Crypto tax calculator CoinTracker valued at $1.3B following $100M raiseAll I’m saying is, for all the talk about a crypto bear market, VCs and smart money investors don’t seem to care. Some of the VC rounds I’m seeing are absolutely wild. Stay tuned.— Sam Bourgi (@forgeforth_) January 25, 2022Fireblocks raises $550M in Series EYou may be thinking, do Series E funding rounds actually exist? Yes, yes, they do. Although very few companies make it past Series C, crypto infrastructure provider Fireblocks has gone a few steps beyond that threshold as it continues to scale its operations. The company raised $550 million in its latest round, bringing its total valuation to a whopping $8 billion. CEO Michael Shaulov explained to Cointelegraph that VC backers recognize that the crypto industry is still in its formative years, making now an ideal time to invest. Phantom wallet raises $109MSpeaking of nine-figure funding rounds, cross-platform crypto wallet Phatom secured $109 million in financing this week, bringing its valuation to $1.2 billion. Phantom has emerged as the leading crypto wallet for the Solana ecosystem, having attracted more than 2 million monthly active users. But the platform has ambitions to expand beyond Solana as demand for DeFi and NFTs continues to grow.Related: Pixel Vault raises $100M for NFT development platformJack Dorsey: Facebook got it wrong by pursuing DiemFacebook-parent Meta’s attempt to corner the crypto market with Diem, a centralized stablecoin project, was the wrong move, according to Twitter founder Jack Dorsey. The Mark Zuckerberg-led company should’ve just focused on making an open-ended protocol like Bitcoin more accessible to users, Dorsey said, as that would’ve saved the company time and money. As Cointelegraph reported, Meta officially shuttered its Diem plans earlier this week and began selling off its intellectual property. Employees are asking to be #PaidInBitcoin, and we listened. With our new Bitcoin Savings Plan, companies can now offer an innovative compensation perk for employees to securely buy, sell, and hold #Bitcoin without incurring any transaction or storage fees. https://t.co/HLCaQPuwTr pic.twitter.com/raYkWiscLD— NYDIG (@NYDIG_BTC) February 1, 2022

NYDIG lets participating companies pay employees in BTCNew York Digital Investment Group, or NYDIG, has introduced the Bitcoin Savings Plan to its constituents, giving companies the ability to pay a portion of their employees’ salaries in BTC. Under the plan, employees at participating companies can accumulate Bitcoin by converting a portion of their paychecks into digital gold and storing it on NYDIG’s institutional-grade platform. Stackin’ sats has never been easier. Subscribing to Crypto Biz has also never been easier. Click below and I’ll catch you next week!

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