Autor Cointelegraph By Sam Bourgi

Web3 infrastructure firm ChainSafe raises $18.75M as attention shifts to GameFi

Web3 infrastructure firm ChainSafe raises $18.75M as attention shifts to GameFi

Uverejnil používateľ | okt 18, 2022 |

Canadian Web3 infrastructure company ChainSafe has closed an $18.75 million funding round that was backed by prominent industry venture firms, putting the company on track to expand operations at a time when demand for blockchain infrastructure and gaming services was on the rise.The Series A round was led by venture firm Round13 with additional participation from NGC Ventures, HashKey Capital, Sfermion, Jsquare, ConsenSys, Digital Finance Group and Fenbushi Capital. ChainSafe said the funding would go toward supporting the growth and adoption of Web3 technology.ChainSafe’s founding team met at an Ethereum meetup in Toronto in 2017. Later that year, ChainSafe was founded as a blockchain research and development firm. The company mainly focuses on multi-chain R&D and other Web3 umbrella technologies and has developed a software development kit connecting games built on the Unity platform to the blockchain. ‘We’re still early’ — @CatheonGaming says blockchain games currently have a market share of just 5%, and is building an irresistible portfolio to attract players. [Sponsored] https://t.co/kwLaE3EFp8— Cointelegraph (@Cointelegraph) October 10, 2022Following the launch of CryptoKitties in 2017, the marriage between gaming and blockchain technology has only grown stronger. As reported by Cointelegraph, the market capitalization of blockchain games was around $25 billion at the start of 2022. While crypto market capitalization has declined markedly over the past six months, which has impacted the blockchain gaming sector, venture capital continues to invest heavily in the space. According to DappRadar, blockchain games and metaverse projects raised $1.3 billion in venture financing in the third quarter alone. Related: Japanese gaming giant’s hiring spree ahead of NFT marketplaceWhile estimates vary, blockchain gaming, or GameFi as it is often called, could see high multi-billion-dollar valuations in the coming years. Those close to the industry say that blockchain games will benefit from the roughly 1 billion online gaming streamers expected by 2025.

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$50B asset custody platform GK8 enters Brazil with license agreement

$50B asset custody platform GK8 enters Brazil with license agreement

Uverejnil používateľ | okt 14, 2022 |

Digital asset custody platform GK8 has partnered with 2ND Market, a Brazilian crypto holding company, to expand cryptocurrency product offerings in Brazil — a move both companies say would support continued adoption in Latin America’s largest economy. Under the partnership agreement, GK8 will license its institutional-grade custody platform to 2ND Market to give Brazilian users access to a wider range of crypto products and services. In particular, 2ND Market will leverage GK8’s integration with MetaMask Institutional, a multi-custodial wallet, to provide users with access to decentralized finance (DeFi) and Web3 crypto assets. Founded in 2018, GK8 reportedly manages roughly $50 billion of digital assets — up from $1 billion two years ago — and utilizes an air-gapped Cold Vault to eliminate cyber attacks. The company has established custody partnerships with the crypto trading platform INX, the Stellar blockchain network and the State Street-Backed Securrency, among others. 2ND Market operates as a technology ecosystem that is trying to bridge infrastructure and crypto usability. The holding company operates multiple entities that work together to support crypto integration and adoption in Brazil. Related: The blue fox: DeFi’s rise and the birth of Metamask InstitutionalGK8 referenced a study by crypto exchange KuCoin showing an upsurge in Brazilian crypto adoption as a key reason for establishing the partnership. According to the KuCoin report, roughly 16% of Brazilians — over 34.5 million people — have exposure to digital assets like Bitcoin (BTC) and Ether (ETH). A separate report from the Gemini crypto exchange in April also concluded that Brazil was leading the world in terms of digital asset adoption. Brazil is going deeper into CBDC with a new test from Mercado Bitcoin. https://t.co/F5FYMo9iLa— Cointelegraph (@Cointelegraph) May 25, 2022Crypto adoption in Brazil is growing on multiple fronts. Brazil’s tax authority recently reported that, as of August, over 12,000 companies had digital assets on their books. Meanwhile, Rio de Janeiro just announced that it would begin accepting crypto for property tax payments.When asked about the state of crypto in Brazil, GK8’s co-founder and CEO Lior Lamesh told Cointelegraph that soaring inflation and a collapsing local currency have both served as adoption drivers:“With inflation at 10% and a weakening Brazilian real, it is no wonder why crypto adoption in Brazil stands at approximately 16%. In fact, Brazil is at #7 in the Chainalysis crypto adoption index, the highest-ranked country in South America, and not far behind the USA. We believe that macroeconomic winds will continue to drive adoption higher.”

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Crypto Biz: $470B bank enters crypto — Probably nothing, right?

Crypto Biz: $470B bank enters crypto — Probably nothing, right?

Uverejnil používateľ | okt 14, 2022 |

As crypto traders debate whether Bitcoin (BTC) is going to $25,000 or $15,000 first, the world’s largest financial institutions are laying the groundwork for mass adoption. The proverbial floodgates are unlikely to open before the United States provides a clear regulatory framework for crypto, but regulators and industry insiders are confident that guidance could come in 2023 at the earliest. In the meantime, megabanks like BNY Mellon, whose roots date back to 1784, are entering the space. This week’s Crypto Biz chronicles BNY Mellon’s foray into digital assets, JPMorgan’s ongoing experimentation with blockchain technology and Crypto.com’s new European headquarters. BNY Mellon, America’s oldest bank, launches crypto servicesArguably the biggest story of the week was news of another established financial institution entering the crypto sphere. BNY Mellon, whose predecessor was founded 238 years ago, announced the launch of a digital custody platform to safeguard clients’ Bitcoin and Ether (ETH) holdings. “With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space while embracing leading technology and collaborating with fintechs,” said Roman Regelman, the bank’s CEO of securities services and digital. To get a sense of just how massive BNY Mellon is, the bank holds over $470 billion in assets under custody as of 2021. SWIFT action: JPMorgan and Visa team up on cross-border blockchain paymentsJPMorgan continues to experiment with blockchain technology and digital assets even after its CEO attempted to dismiss the sector as a Ponzi scheme. Now, the U.S. financial institution is partnering with Visa to streamline the use of its private blockchain for cross-border payments. The partnership centers around JPMorgan’s Liink blockchain, which has been designed specifically for cross-border transfers, and Visa’s B2B connect, a cross-border payment network for banks. As Cointelegraph reported, it seems like the duo wants to develop an alternative to SWIFT, the dominant global network for secure messaging and transactions. Crypto.com invests $145M in new European headquarters2021 was the year of sponsorships for Crypto.com. Now, 2022 is shaping up to be the year of regulatory approvals. In light of regulatory traction in Europe, the crypto exchange announced this week that Paris, France, would become its new European headquarters. The company plans to spend roughly $145.7 million to establish its presence in France. Additional resources will be allocated to boosting the exchange’s presence across the region. It looks like Crypto.com is positioning itself for the next bull market. Most of its casual retail users probably won’t open the app until then.Bonjour Paris We’re excited to deepen our commitment and presence in France, by making Paris our new European regional HQ Full details:https://t.co/nBoixpyMHi pic.twitter.com/EhkbKYUOZQ— Crypto.com (@cryptocom) October 12, 2022Stellar Development Foundation launches $100M fund to support native smart contract adoptionStellar doesn’t get nearly as much airtime as it did during the 2017 crypto bubble, but the network is still working to spur adoption and innovation on its Soroban smart contract platform. This week, Stellar Development Foundation (SDF), the nonprofit organization supporting the development of the Stellar network, announced it had launched a $100 million fund to incentivize developers to build on Soroban. Timer Weller, SDF’s vice president of technology strategy, told Cointelegraph that Soroban was developed to overcome the “friction” of existing blockchain networks. Before you go: $25K or $15K BTC — what comes first?Bitcoin’s price action is starting to look eerily similar to 2018’s “range from hell.” And we all know what happened after that (BTC would eventually plunge from $6,000 to roughly $3,200, marking the final bottom for the cycle). In this week’s Market Report, I sat down with Benton Yaun to discuss BTC’s price trajectory and how the latest CPI inflation data could impact the market. You can watch 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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Tether reduces commercial paper exposure to zero, replaces investments with T-Bills

Tether reduces commercial paper exposure to zero, replaces investments with T-Bills

Uverejnil používateľ | okt 13, 2022 |

Stablecoin issuer Tether Holdings Limited has unwound its exposure to commercial paper, addressing a long-standing item of contention among detractors who’ve criticized the quality of its reserves. In addition to removing commercial paper from its reserves, Tether announced on Oct. 13 that it had replaced those investments with United States Treasury Bills. “Reducing commercial papers to zero demonstrates Tether’s commitment to backing its tokens with the most secure reserves in the market,” the company said.From roughly $30 billion down to zero, Tether has replaced its commercial paper holdings with more secure U.S. T-Bills. Source: Tether. While Tether has long been subjected to public scrutiny about its reserves, for the past year detractors have focused on the composition of its assets. Namely, in October 2021 Bloomberg speculated that Tether may have oversized exposure to Chinese commercial paper at a time when one of the country’s largest property developers, China Evergrande Group, was on the verge of collapse. As always, @paoloardoino and the Tether team stay true to their words. Paolo said CP exposure will be zero by October month end. Done. It’s exciting to see asset reserve CP exposure go to zero. It gives Tether a strong basis to harness even more adoption for the coming decade. https://t.co/sMj4kCONkO— Gabor Gurbacs (@gaborgurbacs) October 13, 2022Commercial paper is a short-term, unsecured debt obligation issued by a corporation or financial institution that typically carries a higher credit risk. In June, Tether denounced claims that 85% of its commercial paper portfolio was backed by Chinese or Asian commercial paper. At the time, the company also said it would eventually reduce its commercial paper exposure to zero. In the following months, Tether issued periodic updates showing a sharp reduction in its commercial paper reserves. Related: Tether responds to Wall Street Journal ‘disinformation’In August, Tether hired BDO Italia, a member of BDO Global’s accounting organization, to begin conducting regular reviews and attestations of its dollar reserves. The stablecoin issuer said it planned to increase its reporting frequency from quarterly to monthly.

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Blockchain games and metaverse projects raised $1.3B in Q3: DappRadar

Blockchain games and metaverse projects raised $1.3B in Q3: DappRadar

Uverejnil používateľ | okt 13, 2022 |

Venture financing for the blockchain industry remained robust in the third quarter, even as bearish conditions ravaged digital asset markets, a sign that venture capital firms were focused more on the long-term value proposition of the sector. Blockchain games and metaverse projects raised a cumulative $1.3 billion in venture capital between July and September, according to DappRadar’s latest BGA Games Report. While this figure was down 48% compared to the second quarter, it was nearly double the total amount raised in 2021. DappRadar said that projects focused on Web3 metaverse infrastructure accounted for over 36% of the quarterly investments. Looking at blockchain gaming specifically, the report showed that underlying industry activity was still growing despite the bear market. The number of unique active wallets participating in blockchain games increased by 8% month-over-month in September to 912,000. DappRadar said that Web3 games “continue to be a driving force for the dapp industry,” accounting for nearly half of all blockchain activity across 50 networks tracked by the firm.Wax, Binance Smart Chain, Matic, Solana, EOS and Hive are the six largest gaming protocols based on active wallet addresses. Source: DappRadar.As reported by Cointelegraph, data from DappRadar showed that seven out of the top 10 blockchain games registered an increase in unique wallet addresses during September. The company noted that most of the top games are mobile-first, a key feature in the push for wider mainstream adoption. However, it may be a while still before blockchain and Web3 games pique the interest of casual gamers, according to a recent survey by blockchain entertainment provider Coda Labs. The survey found that only 12% of non-crypto gamers have dabbled in Web3 games and just 15% were interested in doing so in the future. Related: Yield Guild Games: Web3 gaming adoption needs a local touchNevertheless, Web3 projects of all stripes have attracted significant interest from the venture capital community. According to Cointelegraph Research, Web3 projects accounted for 42% of all individual funding deals in the second quarter and seven of the top ten most active VCs identified Web3 as their top sector for investment.

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