Autor Cointelegraph By Tom Farren

Finance Redefined: Binance leads $60M Multichain funding, Interlay raises $6.5M, Dec. 17–24

Finance Redefined: Binance leads $60M Multichain funding, Interlay raises $6.5M, Dec. 17–24

Uverejnil používateľ | dec 24, 2021 |

Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.As the crypto community filled its crypto stockings for the holiday season, the Grinch emerged to gift a grimacing fate to two DeFi platforms, stealing their festive spirit and a whole lot of dollars. Reading this article, you’re only receiving a portion of the content from our DeFi newsletter. Drop your email below for the full copy.Binance VC arm leads $60M round in cross-chain protocol MultichainBinance Labs, the venture capital side of global crypto exchange Binance, facilitated a $60-million capital funding raise for cross-chain router protocol Multichain. Other notable participants included Sequoia China, IDG Capital and Three Arrows Capital.Amid Multichain’s corporate rebrand from AnySwap last week, analytical estimates place the protocol’s total value above $5 billion, as well as reporting over 300,000 users on the platform. The funds raised will be utilized across various domains, including research and development of crypto algorithms, audits, security, and general ecosystem growth.In addition to the capital support, Binance has also pledged to develop a broader relationship with the protocol, announcing that Multichain will be officially recommended as a tool to bridge bToken across chains through Binance’s smart contract platform, the Binance Smart Chain (BSC).BSC expressed high praise of Multichain, noting that it is “one of the biggest routers on BSC.” Zhaojun, a co-founder of Multichain, stated that the protocol connects “more public blockchains and crypto assets than anyone else, with lower transaction fees, shorter bridging time and higher security levels.”Thanks Binance Smart Chain @BinanceChain for promoting #Multichain as officially recommended bridge#Multichain’s top priority is to guarantee the security of on-chain assets https://t.co/CEocRygXzq— Multichain (Previously Anyswap) (@MultichainOrg) December 20, 2021Related: Binance to launch $1B fund to develop BSC ecosystemInterlay raises $6.5M to accelerate Bitcoin DeFi interoperabilityDeFi infrastructure startup Interlay announced a $6.5-million Series A funding round led by venture fund DFG Capital with additional participation from Hypersphere and Nexo Finance, among others.The funding is set to support the construction of DeFi applications cross-chain to Ethereum, Cosmos and Polkadot, as well as onboard new developers to the team.Interlay was designed to enhance the interoperability of crypto assets such as Bitcoin (BTC) to networks that typically facilitate DeFi activity such as Ethereum and Polkadot, a vision that the Web3 Foundation understood when it invested in the platform via a grant in March 2020.Interlay’s core product, a Bitcoin-backed digital asset titled InterBTC, can be utilized within the Polkadot ecosystem for various DeFi activities such as yield farming, lending and acting as a collateral asset. Tokenizing a Bitcoin derivative opens the possibility of greater utility for the asset in comparison to the functional capacity of the Bitcoin network.Speaking on the funding raise, James Wo, founder and CEO of DFG, stated that Interlay’s solution would “expand the cross-chain possibilities for Bitcoin” before tweeting:We are glad to lead the recent round of @InterlayHQ I believe what they do is very fundamental to the Polkadot ecosystem. If they gain 1% of BTC to use InterBTC, that’s $9 billion! @DFG_OfficiaI @inter_btc $DOT https://t.co/phFpVXeG0L— James Wo (@realjameswo) December 21, 2021

Related: Crypto interoperability evolves: From blockchain bridges to DeFi transfersBent Finance and Grim Finance exploited for multi-millionsDeFi protocol Grim Finance reported over $30 million in losses this week after an “external attacker” gained access to the protocol’s vault contract via five reentrancy loops. This made it the sixth platform to encounter a security breach in the month of December, following high-profile hacks such as BadgerDAO’s $120 million loss.In a damning explanatory tweet thread, DeFi security service RugDoc stated that Grim Finance’s largest mistake was not implementing a reentrancy guard on the before-after pattern in the protocol’s smart contract coding. Another mistake was granting the user “more privilege than is necessary” in enabling them to choose the preferred deposit token. RugDoc further explained:“Hopefully, all projects can draw lessons from this incident that there is much knowledge most experienced solidity devs have at hand. If you haven’t acquired this yet, don’t build multi-million dollar projects. Don’t get audits from companies which everyone knows are useless.”Similarly, fellow DeFi platform Bent Finance, known for its capabilities of staking and yield farming, also suffered a malicious exploit this week to the tune of 440 Ether (ETH), or just above $1.6 million at the time of writing.1/ There was an exploit from the bent deployer address, it added balance of cvxcrv and mim to an address on an unvierifed update 20 days ago. We just discovered this today. There are multiple members on this team and we will make this right.— Bent Finance (@BENT_Finance) December 21, 2021

Related: Crypto Could Save Millennials From the Economy That Failed ThemToken performances Analytical data reveals that DeFi’s total value locked has increased 15.74% across the week to a figure of $142.58 billion, engulfing the losses printed in last week’s market downturn.Data from Cointelegraph Markets Pro and TradingView reveals DeFi’s top 100 tokens by market capitalization have mainly been bullish over the last seven days.Yearn.finance (YFI) registered two weeks of gains with 53.28%. Terra (LUNA) rose 36.6%, while Aave printed gains of 34.2%. Curve DAO Token (CRV) and Compound (COMP) claimed fourth and fifth places this week with 28.6% and 15.4%, respectively.Interviews, features and other cool stuffThanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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PwC Hong Kong purchases land plot in The Sandbox

PwC Hong Kong purchases land plot in The Sandbox

Uverejnil používateľ | dec 23, 2021 |

PwC Hong Kong, an international subsidiary of the global PricewaterhouseCoopers (PwC) organization, announced Thursday its emergence in the metaverse space with the acquisition of LAND in the popular world The Sandbox.Though the cost of its LAND asset was undisclosed, it was noted that PwC Hong Kong intends to construct a Web 3.0 advisory hub to facilitate a new generation of professional services, including accounting and taxation.The global organization PwC, headquartered in London, United Kingdom, documented revenues of $45 billion from June 2020 to June 2021, up 2% from the previous year.William Gee, a partner at PwC Hong Kong, stated that the organization will seek to “leverage our expertise to advise clients” on the metaverse, calling the burgeoning technology a “digital phenomenon.”Related: Virtual land in the metaverse dominated NFT sales over past weekIn July this year, PwC crypto leader Henri Arslanian stated that venture capital funds and similar conglomerates with large financial resources are curtailing opportunities for smaller, often family-run firms to invest and participate in the growth of promising crypto startups. Recently, Twitter CEO Jack Dorsey expressed similar concerns about the power of venture capital firms in preventing Web 3.0 developers from achieving their decentralized vision. Chief operating officer of The Sandbox Sebastien Borget shared his enthusiasm for the introduction of PwC Hong Kong to the platform:”The metaverse is open for business. We welcome PwC Hong Kong to experience how The Sandbox fosters new immersive experiences and ways for brands to connect with customers.”According to data from DappRadar, The Sandbox has registered 4,450 unique users over the last 30 days, while the platform’s native token, SAND, is priced at $5.84, having retraced almost 30% from all-time highs last month.

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Finance Redefined: 83% of 7-figure Millennials own crypto, Sen. Warren criticizes DeFi, Dec. 10–17

Finance Redefined: 83% of 7-figure Millennials own crypto, Sen. Warren criticizes DeFi, Dec. 10–17

Uverejnil používateľ | dec 17, 2021 |

Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter.As the market attempted to recover from last week’s pummeling, decentralized finance (DeFi) was once again the topic of discussion in high-profile U.S. governmental offices. Read on to learn more about this news and much more from the world of decentralized finance.What you’re about to read is the smaller version of this newsletter designed for brevity. For the full version of DeFi’s developments over the last week, drop your email below.Senator Warren warns about supposed DeFi dangersSenator Elizabeth Warren publicly scrutinized the decentralized finance sector this week in a hearing with the Senate Banking Committee.Speaking on the topic of “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks,” Warren conversed with Alexis Goldstein, a regulatory expert on financial matters, on the intricacies of stablecoin transactions, including Tether (USDT) and USD Coin (USDC) and whether the former has genuine one-to-one dollar backing.Following this, the former Democratic presidential candidate questioned Hilary Allen, a professor at the American University Washington College of Law, on whether a run on stablecoins could potentially endanger the country’s financial system.In response, Allen argued that stablecoins runs, in which speculators of the asset sell on mass, would be akin to that witnessed in money market mutual funds and foreign exchange markets and, therefore, could have wide-ranging consequences for the DeFi ecosystem.In closing, Warren stated, “DeFi is the most dangerous part of the crypto world,” adding:“I don’t think DeFi can grow without stablecoins. I think it would struggle. Right now, I think DeFi is contained to the point where it won’t impact financial stability, but if it grows, I think there’s a real threat there, particularly if it becomes intertwined with our traditional financial system.”Warren’s track record in commenting on the cryptocurrency space follows a consistently predictable pattern that largely insinuates illicit activity within the market, alongside advocacy for robust consumer security in light of sparse regulation.In June this year, she spoke dramatically about the emergence of central bank digital currencies (CBDC), stating that cryptocurrencies have “created opportunities to scam investors, assist criminals, and worsen the climate crisis” and that a positive solution could be a centralized, federally-backed U.S. digital dollar.Around the same time as the hearing, Warren became embroiled in an argument with tech titan Elon Musk, accusing the maverick CEO of “freeloading” off the general public after reports emerged about tax contributions among the country’s top earners. Verbal insults were exchanged back and forth between the pair on various mediums, including Twitter.Please don’t call the manager on me, Senator Karen — Elon Musk (@elonmusk) December 14, 2021Related: Elizabeth Warren compares ‘bogus’ crypto to ‘legitimate’ CBDCs in senate hearing$33.5 billion trapped in Ethereum Beacon Chain contractAn Ethereum Beacon Chain staking contract containing 8,641,954 Ether (ETH), equivalent to $33.5 billion, was discovered to be inaccessible this week without the action of a hard fork, an event in which the details have yet to be finalized. The Beacon Chain is the inaugural development in Ethereum’s transition to a proof-of-stake mining consensus. One of the prerequisites for becoming a validator on Ethereum 2.0 is to stake at least 32 ETH in the contract. Therefore, a short-term situation has arisen whereby vast sums of capital are stored in a contract that cannot be spent or transferred out. Once the merger of the Beacon Chain into the Ethereum mainnet is finalized, the transition to Eth2 will be complete. Following this, the hard fork details are expected to be drawn up, creating a solution to what is currently a dormant contract. Related: Small Ethereum investors increase exposure as ETH loses $4K levelNew study finds that 83% of Millennial millionaires own cryptoA survey reported by U.S. news broadcaster CNBC has revealed fascinating insights into the financial portfolios of Millennial millionaires, concluding that a large majority of individuals have invested in the nascent cryptocurrency markets and are expecting to continue doing so for the foreseeable future.Conducted by Spectrem Group, the survey polled investors with assets in excess of $1 million and found that 83% of them had made crypto investments in their lifetime and that 53% of respondents hold 50% or more of their portfolio in the digital asset market.George Walper, president of Spectrem Group, noted that traditional organizations have largely failed to recognize the interest from Millennials in the digital economy, stating:“I’m not sure the wealth management industry has recognized that they need to think of these as completely different generations. Most firms were hoping to ignore it. But millennial millionaires are not going to just grow out of crypto.”Related: Crypto Could Save Millennials From the Economy That Failed ThemToken performancesAnalytical data reveals that DeFi’s total value locked has decreased 13.51% across the week to a figure of $122.89 billion.Data from Cointelegraph Markets Pro and TradingView reveals DeFi’s top 100 tokens by market capitalization are mostly bearish across the last seven days.Yearn.finance (YFI) grew a healthy 33.56%. Avalanche (AVAX) rose 22.03%, while Curve DAO Token (CRV) posted gains of 11%. PancakeSwap (CAKE) and Oasis Network (ROSE) claimed fourth and fifth places this week with 8.48% and 5.6%, respectively.Interviews, features and other cool stuffThanks for reading our summary of this week’s most impactful DeFi developments. Join us again next Friday for more stories, insights and education in this dynamically advancing space.

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Peter McCormack acquires local sports club Bedford FC with Premier League ambitions

Peter McCormack acquires local sports club Bedford FC with Premier League ambitions

Uverejnil používateľ | dec 16, 2021 |

Peter McCormack, a well-regarded Bitcoin investor and advocate, has announced the purchase of local Englishfootball club Bedford FC, divulging ambitions in a fourteen-tweet thread to fuel the club’s prosperous aspirations through the leading cryptocurrency asset, Bitcoin.McCormack said he intends to architecture the club with “Bitcoin at its heart”, introducing everything from merchandise and sponsorship endorsements, an education training program for fans and community members, as well as facilitating open-source development opportunities.By pledging to utilize his social audience, which currently totals over 430,000 on Twitter, as well as the global consortium of 150 million Bitcoin holders and companies, McCormack argues that these factors place the club in an advantageous position with enhanced leverage in comparison to local competitors, stating:”Where local teams can only tap into a local community of fans/companies to drive revenue, we have a global army of #bitcoin holders and companies who can get behind this.”McCormack also evidenced the sponsorship deals he has already secured, in addition to heightened social interest to the club’s merchandise to conclude that “our year 1 revenue could match a small league 1 club”, and that capital could attract players and managers from higher divisions to join to the club and therefore accelerate growth.10/ The second phase is attacking the higher divisions, specifically the Championship & the Premier League. Here we need capital as well as a sustainable commercial model.I will be raising funds to hold in a #bitcoin treasury. If #bitcoin does its things… pic.twitter.com/YrTlytosrO— Peter McLasso (@PeterMcCormack) December 16, 2021Inspired by actor Jason Sudeikis portrayal of fictional television character, Ted Lasso in the hit show of the same name, the entrepreneur changed his Twitter name to Peter McLasso, and concluded his tweet thread with the infamous image of the on-screen character touching a self-made “Believe” sign above his office.Sporting the name McLasso, the new club Chairman feels this symbolic image clearly epitomises Bedford FC’s lofty aspirations to ascend the footballing pyramid from their current standing in the South Midlands League Division 1, to the multi-billion dollar promise land that is the Premier League.“One day we will smash Tottenham!” says the club’s official Twitter account.

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Adidas Originals to launch debut NFT collection

Adidas Originals to launch debut NFT collection

Uverejnil používateľ | dec 16, 2021 |

Adidas Originals have announced the upcoming launch of their nonfungible token (NFT) collection titled Into the Metaverse.Although details on the supply are sparse at this time, it has been revealed that the digital asset will serve as an access token, promising holders’ exclusive access to future merchandise, physical and digital product and services, rewards within the newly attained land plot in The Sandbox, and more.The collection’s sale will commence via the company’s official website on Dec. 17 at a price of 0.2 ETH, equivalent to approximately $810 at the time of writing.Cointelegraph spoke to NFT influencer GMoney to discuss his expectations for Adidas’ emergence into the NFT market:“They have been very thoughtful and deliberate on their entrance into the space. I think they will help empower communities and creators by building together.”On Dec. 2, Adidas Originals announced their foray into the metaverse with partnerships with Bored Ape Yacht Club, GMoney, and PUNKS Comic, stating that digital worlds that constitute the metaverse will be a place “where anyone can express their most original ideas and be their most authentic selves.”Alongside this, it was revealed that Adidas purchased Ape #8774 — a blue-furred, heart-bespectacled ape with a fisherman’s hat and gold hoop earning — on Sept 17th for 46ETH, a little over $150,000 at the time.Upon the announcement, the ape was displayed in an Adidas tracksuit sporting the logos of the three respective partners, as well as a side-ways Adidas logo.#NewProfilePic pic.twitter.com/Dve8TbXT9k— adidas Originals (@adidasoriginals) December 2, 2021Related: NFT sales aim for a $17.7B record in 2021: Cointelegraph ResearchGMoney spoke about his role in supporting the brands entrance into the space in a culturally-conscious way, stating:“I have been speaking to them since April, helping to guide them in their strategy, offering feedback on ideas, to make sure that they enter the space in a truly authentic manner. And I think we’re seeing that play out now, as Adidas has had the most authentic entry into the space so far.”Over the last few months, a number of established corporations, celebrities and cultural influencers have declared their intentions to develop or participate within the NFT and metaverse space as the opportunities of the Web3 become evident.On Dec. 14, fellow sportwear brand and direct competitor Nike unveiled their presence in the metaverse space with the acquisition of virtual sneaker brand RTKFT. The undisclosed purchase succeeded RTFKT’s highly-successful CloneX avatar drop, an NFT project Cointelegrpa discussed in-depth with one of the co-founders, Chris Le in early October this year.

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