Autor Cointelegraph By Turner Wright

Former Facebook engineers at Mysten Labs raise $36M for Web3 infrastructure

Former Facebook engineers at Mysten Labs raise $36M for Web3 infrastructure

Uverejnil používateľ | dec 6, 2021 |

Mysten Labs, the research and development firm founded by former engineers from social media giant Facebook, has announced the completion of a $36 million funding round towards its goal developing a Web 3.0 infrastructure platform.In a Monday announcement on Medium, the team behind Mysten Labs said the firm had raised $36 million in a Series A funding round led by Andreessen Horowitz with participation from Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT and others. According to a CNBC report, CEO Evan Cheng said Mystery would use the funds to build the infrastructure necessary for cryptocurrency- and blockchain-focused firms to deliver technology.“We believe fundamental limitations in existing crypto infrastructure are frustrating broader adoption of Web 3.0,” said Mysten’s team, citing the scalability of existing chains as well as the lack of interoperability of many smart contracts.In addition to the development of Web 3.0 infrastructure, Mysten said it planned to launch a “next-generation NFT platform for the Metaverse” in 2022. The project is aimed at allowing users to more easily move assets across different virtual environments without sacrificing functionality. Related: Sommelier partners with Mysten Labs to launch Cosmos smart contractsFounded in September 2021 by former cryptographical program engineers behind the blockchain architecture for Facebook’s — now Meta’s — crypto-payments platform Diem and mobile wallet Novi, Mysten Labs is led by CEO Evan Chang, CTO Sam Blackshear, COO Adeniyi Abiodun, and chief scientist George Danezis. The most recent head of Novi, David Marcus, announced on Dec. 1 that he planned to step down by the end of the year. Meta — then Facebook — began piloting Novi in the United States and Guatemala in October.

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CME Group launches micro Ether futures as ETH hovers at $4K

CME Group launches micro Ether futures as ETH hovers at $4K

Uverejnil používateľ | dec 6, 2021 |

Major derivatives marketplace Chicago Mercantile Exchange Group has expanded its crypto offerings to include a micro Ether futures product.In a Monday announcement, the CME Group said it had launched a micro Ether (ETH) futures contract sized at 0.1 ETH, giving institutional and individual traders another product for Ether exposure. The cash-settled micro ETH derivatives offering is trading under the Globex code METZ1 and joins crypto derivatives products at the exchange including micro Bitcoin (BTC) futures, Bitcoin futures, options on Bitcoin futures and Ether futures. The newest member of the CME Group cryptocurrency product family has arrived. Micro Ether futures are available for trading. https://t.co/bJoZWA7qZz— CME Group (@CMEGroup) December 6, 2021Tim McCourt, CME Group’s global head of alternative investment products, said the offering would allow investors “to hedge their spot Ether price risk or more nimbly execute Ether trading strategies.” Genesis Global Trading, one of the liquid providers for CME Group’s crypto derivatives offerings, said it had already executed a contract for the micro ETH futures product in partnership with crypto investment firm XBTO.“The Micro Ether futures contract fills a need for greater flexibility and more precise delta hedging,” said Joshua Lim, Genesis’ head of derivatives. Related: Kelly Strategic Management files for Ethereum futures ETFThe announcement came following the price of ETH and many cryptocurrencies including Bitcoin falling significantly over the weekend. According to data from Cointelegraph Markets Pro, the ETH price has dropped more than 15% since hitting an all-time high of $4,785 on Nov. 8. At the time of publication, the price of the second-largest cryptocurrency by market capitalization is $4,016, having fallen more than 13% in the last seven days.CME Group first launched its Bitcoin futures contracts in December 2017 amid the major bull run. The exchange’s micro Bitcoin futures product launched in May, with the company reporting on Thursday that it had traded more than 3.3 million contracts.

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US lawmaker urges congressional action on crypto as government avoids shutdown

US lawmaker urges congressional action on crypto as government avoids shutdown

Uverejnil používateľ | dec 3, 2021 |

Pennsylvania Senator Pat Toomey, one of the ranking members of the Senate Banking Committee, has suggested Congress step in with legislation should the Securities and Exchange Commission (SEC) be unable to provide sufficient guidance on cryptocurrencies.In a Friday announcement from the Senate Banking Committee, Toomey said he was dissatisfied with the answers SEC chair Gary Gensler had provided on the differences between securities and commodities in regards to token projects and stablecoins. The senator questioned some of the SEC’s seeming disparities in enforcement actions between crypto firms and advisory services companies, including Glass Lewis for similar allegations of providing “fraudulent and misleading information.”“For investors to benefit from a fair and competitive marketplace, federal agencies should answer questions about whether — and if so, how — new and emerging technologies fit under existing regulations,” said Toomey. “Chairman Gensler’s failure to provide clear rules of the road for cryptocurrencies underscores the need for Congress to act.”Toomey has previously come out in support of the U.S. government launching a central bank digital currency and said he would vote in favor of President Joe Biden’s pick for the next Federal Reserve chair, Jerome Powell. In addition, the senator was behind a bipartisan effort in August to amend some of the provisions in the recently passed infrastructure law to not apply to developers, miners and others in the crypto space. Other U.S. lawmakers have proposed solutions to the tax reporting requirements following Biden signing the bill into law, as Toomey said Congress would “have to do it in subsequent legislation.”Related: Lawmakers push back on crypto provisions in infrastructure billThough Congress has not yet acted on crypto as Toomey suggested, both the House and Senate were occupied passing a bill extending funding for the U.S. government through Feb. 18 in an effort to avoid a shutdown. President Biden signed the “Further Extending Government Funding Act” into law today.

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Edward Snowden says gamers could be vulnerable to exploitation using NFTs

Edward Snowden says gamers could be vulnerable to exploitation using NFTs

Uverejnil používateľ | dec 3, 2021 |

National Security Agency whistleblower Edward Snowden said he was concerned with how some privileged individuals or firms in the digital space might be able to use nonfungible tokens, or NFTs, in the gaming industry.Speaking with Ethereum co-founder Gavin Wood at the BlockDown DeData online conference on Friday, Snowden said though he had seen some use cases for nonfungible tokens to raise funds for causes, he is concerned with the technology “creeping into gaming.” The whistleblower described certain aspects of the metaverse as “horrible, and heinous, and tragic” for aiming at capitalizing on users’ virtual escapes. “We have people that are trying to [inject] an artificial sense of scarcity into a post-scarcity domain,” said Snowden. “I think the community should very much be trying to bend the arc of development away from injecting artificial, unnecessary scarcity entirely for the benefit of some investor class.”Edward Snowden speaking at BlockDown DeDataWood seemed to disagree with Snowden’s claims regarding NFTs in gaming, equating virtual artifacts within games to artists selling NFTs of their own music. However, Snowden countered that gamers were “not paying for a guaranteed product” but rather purchasing the “chance at something, without the promise of something,” leaving the space open to exploitation. “I don’t have any issue with game developers restricting access to their product in the same way that they already have for decades before,” said Wood. “I see NFTs as a more agile way of restricting access to their product.” Snowden’s and Wood’s comments come as gaming firms seem to be casting a wider net for adoption of digital assets and NFTs. Andrew Wilson, CEO of major video game company Electronic Arts, said in November that NFTs and play-to-earn games are the future of the industry. There seems to be interest from users as well — on Wednesday, the NFT game Guild of Guardians announced it had sold more than $5 million of its native tokens in advance of its Q1 2022 launch.Related: Bitcoin got stronger despite government crackdowns, says Edward SnowdenSpeaking from Russia where he has been in exile since 2013, Snowden has continued to give interviews and express his opinions on Bitcoin (BTC) and the crypto space. The NSA whistleblower used BTC to pay for the servers he used to leak thousands of documents to journalists before leaving the United States.

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Okcoin hires former Facebook spokesperson Randi Zuckerberg to grow female user base

Okcoin hires former Facebook spokesperson Randi Zuckerberg to grow female user base

Uverejnil používateľ | dec 2, 2021 |

Cryptocurrency exchange Okcoin has announced Randi Zuckerberg — the sister of Meta CEO Mark Zuckerberg — will be joining the platform’s brand advisory council in its aim to bring more women into crypto.In a Thursday announcement, Okcoin said that in addition to hiring Zuckerberg, the exchange would be committing $1 million in an attempt to reach a 50% female user base by 2025. Zuckerberg was the former director of market development and a spokesperson for Facebook until she resigned in 2011, moving on to start her own social media firm in addition to founding the Zuckerberg Institute — a program aimed at educating business leaders, entrepreneurs and students. “Crypto and this new era of wealth creation should be open to everyone,” said Zuckerberg in a video promoting her move to the crypto exchange. “I’ve joined Okcoin’s advisory council to support that mission and bring more women into the world of crypto.”Had so much fun filming this video (complete with a cameo from my toddler) and over the moon to be working with @Okcoin to get more women into the crypto space https://t.co/FtURPcFcSt— Randi Zuckerberg (@randizuckerberg) December 2, 2021With the hiring of Zuckerberg, Okcoin will have many women in key leadership positions at the exchange, including CEO Hong Fang as well as head of content and brand Mandy Campbell. Fang told Cointelegraph last year the crypto exchange had seen a significant influx of women in 2020, with 50% of female users to the platform in the first quarter being new. “Historically, women and other marginalized groups have been locked out of the traditional financial system,” said Fang on the $1 million commitment. “Cryptocurrency is turning this norm on its head through the wealth-creating opportunities created by decentralized finance, but we’re still seeing lower adoption among women.”Related: Women-led events may encourage long-term female participation in blockchainFounded in 2013, Okcoin is one of the world’s oldest crypto exchanges and has steadily expanded to serve customers in more than 190 countries. Though its headquarters are based in the United States, the exchange secured regulatory approval to operate in Malta and the Netherlands in July.

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