August 25, 2024
Weekly: Latest Updates and Insights
Telegram CEO Pavel Durov Arrested, TON Price Plummets: Pavel Durov, CEO of Telegram, was arrested in France due to a warrant related to the platform’s insufficient moderation and lack of cooperation with law enforcement regarding a complaint from France’s OFIM. Following the news, the price of TON dropped by 14%, reflecting investor concerns over the implications for the cryptocurrency.
Bitcoin Rises Following Powell’s Jackson Hole Remarks: In his speech at the Jackson Hole conference, Fed Chair Jerome Powell stated that “the time has come” for the Federal Reserve to cut interest rates, signaling a shift in monetary policy. Following these comments, Bitcoin experienced an immediate price increase, reflecting positive market sentiment regarding potential economic adjustment
JPMorgan Estimates Bitcoin Mining Opportunity at $74 Billion: JPMorgan has assessed the notional value of the remaining Bitcoin yet to be mined at approximately $74 billion, adjusting its price targets for several mining companies based on recent performance and market conditions. The bank anticipates a revenue potential of around $37 billion from block rewards over the next four years, despite a 19% decline since early June, while expressing a preference for certain miners as favorable investment opportunities.
Vice President Kamala Harris Backs Policies to Expand Crypto Industry: Vice President Kamala Harris has expressed support for measures aimed at fostering the growth of the digital assets sector, according to a senior policy adviser from her campaign. This initiative highlights her efforts to engage with the emerging cryptocurrency industry, which is increasingly gaining political influence.
Bitcoin Magazine Launches Bitcoin for Corporations at The Bitcoin Conference: Bitcoin Magazine, in partnership with MicroStrategy, has launched “Bitcoin for Corporations” at The Bitcoin Conference, providing comprehensive resources and educational content to help corporate leaders navigate Bitcoin adoption. This strategic initiative underscores a joint commitment to fostering Bitcoin education and driving mainstream acceptance.
US Federal Agencies Redefine Money and Cryptocurrency Reporting Requirements: The U.S. Department of the Treasury, Federal Reserve, and other federal agencies have issued a joint statement redefining the reporting requirements for money and cryptocurrency transactions. This move aims to enhance transparency and combat illicit activities in the rapidly evolving digital asset landscape.
SEC Addresses ETF Issuers’ Concerns Over Solana’s Security: The U.S. Securities and Exchange Commission (SEC) has been in discussions with exchange-traded fund (ETF) issuers regarding their concerns about Solana’s security, according to a source familiar with the matter. The SEC’s engagement with ETF issuers underscores the regulatory body’s ongoing efforts to address the evolving landscape of digital assets and their suitability for investment products.
Binance and CZ Sued for Alleged Money Laundering in Class Action Lawsuit: Binance and its founder, Changpeng Zhao (CZ), are facing a class action lawsuit filed in Seattle federal court, accusing them of facilitating money laundering that harmed consumers whose cryptocurrencies were stolen. The plaintiffs allege that Binance’s actions contributed to the laundering of their stolen assets, potentially violating the Racketeer Influenced and Corrupt Organizations (RICO) Act, and are seeking treble damages for their losses.
Tether Mints $1 Billion USDT on Tron Network, Totaling $33 Billion in the Past Year: Tether has minted an additional $1 billion in USDT on the Tron network, bringing its total issuance over the past year to $33 billion. Of this amount, $19 billion was minted on Tron, highlighting the network’s growing significance in the stablecoin market compared to $14 billion minted on Ethereum.
Binance CEO CZ Not Residing in LA Halfway House, Contrary to Rumors: Rumors circulating on social media claiming that Binance founder Changpeng Zhao (CZ) is currently residing in a halfway house in Los Angeles are false, according to a statement from Decrypt. The cryptocurrency exchange has confirmed that CZ remains in his usual place of residence and is not under any legal restrictions.
Fundraising:
SatLayer Secures Funding for Bitcoin Restaking Platform: SatLayer, a platform focused on Bitcoin restaking, has successfully raised $3 million in a funding round led by prominent investors including Digital Currency Group and others. The funds will be utilized to enhance the platform’s capabilities and expand its services in the growing field of Bitcoin staking.
Base DeFi Protocol BSX Secures Funding and Launches Token: Base DeFi Protocol has raised $3.5 million in funding to support the launch of its native token, BSX. The protocol aims to enhance decentralized finance solutions on the Base network, attracting interest from various investors in the crypto space.
a16z Crypto Leads Series B Funding for Story Protocol: Story Protocol, a Layer 1 blockchain focused on intellectual property, has secured $20 million in Series B funding led by a16z Crypto. The investment aims to bolster the platform’s development and enhance its offerings in the rapidly evolving blockchain landscape.
Paradigm Invests in Sorella Labs to Address Ethereum’s MEV Problem: Paradigm, a prominent crypto investment firm, has led a funding round for Sorella Labs, a startup focused on solving the Maximal Extractable Value (MEV) problem on the Ethereum network. The investment aims to support Sorella Labs’ efforts in developing solutions to mitigate the negative impacts of MEV, which can distort the fairness and transparency of Ethereum transactions.
Fabric Secures $33 Million to Develop VPU Chips for Cryptography: Fabric, a startup focused on creating specialized VPU chips for cryptographic applications, has successfully raised $33 million in funding. This investment aims to accelerate the development of their technology, which seeks to enhance security and efficiency in cryptographic processes.
WSPN Secures $30 Million Seed Funding for Decentralized Finance Revolution: WSPN, a mission-driven platform, has successfully raised $30 million in seed funding from Foresight Ventures and Folius Ventures to revolutionize digital payments, empower users with value distribution, implement community-driven governance, enhance accessibility to digital assets, and build a comprehensive financial ecosystem.
Skyfire Launches Crypto Payment Network Using AI Agents for USDC Transactions: Skyfire has introduced a new crypto payment network that utilizes AI agents to facilitate transactions in USDC, aiming to streamline and enhance the payment process. This innovative approach seeks to improve efficiency and accessibility in the rapidly evolving digital payment landscape.
YeagerAI Secures $7.5 Million Seed Funding for Internet-Connected Smart Contracts: YeagerAI, the startup behind the decentralized AI network GenLayer and non-deterministic smart contracts, has successfully closed a $7.5 million seed funding round. This investment will support the development of their innovative platform aimed at enhancing the capabilities of smart contracts through AI integration.
Soulbound Raises $4 Million to Build Web3 Social Gaming Ecosystem: Soulbound has successfully raised $4 million in funding to develop its Web3 social gaming ecosystem, with contributions from notable investors in the gaming and blockchain sectors. This financial support will enable the Puerto Rico-based startup to enhance user engagement, integrate Twitch livestreaming, and expand its gaming partnerships, aiming to empower a new creator economy within the gaming landscape.
Polychain Leads $6.7 Million Investment in Bitcoin-Centric Yield Network Corn: Polychain Capital has led a $6.7 million investment in Corn, an Ethereum layer-2 network designed to utilize Bitcoin for yield generation and DeFi liquidity. This funding aims to revolutionize the utility of Bitcoin within the decentralized finance ecosystem.
Holonym Foundation Raises $55 Million to Provide Global Digital Personhood: The Holonym Foundation has emerged with $55 million in seed funding to establish a system of global digital personhood using human-centric cryptographic keys. This ambitious initiative aims to revolutionize digital identity management and empower individuals with greater control over their online presence and data.
KIP Protocol Secures $5 Million in Private Funding Round: KIP Protocol has successfully closed a $5 million private funding round co-led by Animoca Ventures and Tribecap, with participation from various prominent investors. This funding brings KIP’s total capital raised to $10 million, advancing its mission to establish itself as the Web3 base layer for AI.
Arch Secures $5 Million Seed Funding to Revitalize Crypto Lending: Arch has raised $5 million in seed funding, co-led by Morgan Creek Digital and Castle Island Ventures, alongside a $70 million debt facility backed by Galaxy, aiming to restore trust in the crypto lending sector. The New York-based startup focuses on conservative lending practices, only accepting Bitcoin, Ether, and Solana as collateral while ensuring overcollateralization and avoiding rehypothecation.
Stork Network Raises $4 Million in Seed Funding for Web3 Oracle Solutions: Stork Network, a Web3 oracle provider backed by Lightspeed Faction, CMS, and Wintermute, has successfully raised $4 million in seed funding. The company plans to utilize these funds to enhance its product offerings, with a particular focus on developing Stork Perps.
Fanton Secures Seed Investment to Enhance Blockchain Fantasy Football Platform: Fanton has successfully secured seed investment from notable firms including Animoca Brands, Delphi Ventures, HashKey, TON Accelerator, and Kenetic Capital to advance its blockchain-based fantasy football platform. This funding will enable Fanton to enhance its offerings and expand its presence in the growing market of blockchain gaming.
TMRW Secures $1.3 Million to Build Bitcoin Lightning-Based Payment App: TMRW, a Bitcoin Lightning startup, has raised $1.3 million in funding to develop a social, cross-border payment application that leverages the speed and low fees of the Lightning Network for remittances. This investment will enable TMRW to enhance its offerings and expand its reach in the rapidly evolving world of Bitcoin-based payments.
Radix Plans $37 Million Endowment Fund, Fetch.ai Opens San Francisco Innovation Lab: Radix, a decentralized finance (DeFi) protocol, has announced plans for a $37 million endowment fund to support its ecosystem, while Fetch.ai, an artificial intelligence (AI) and machine learning platform, has launched an innovation lab in San Francisco to drive research and development in the field of AI-powered autonomous agents.
zk.me Raises $4 Million to Build FATF and MICA Compliant Identity Solutions for Web3: zk.me, a privacy-preserving identity platform, has secured $4 million in funding from Multicoin Capital to develop identity solutions for Web3 applications that comply with FATF (Financial Action Task Force) and MICA (Markets in Crypto-Assets) regulations. This investment aims to enhance user privacy while ensuring regulatory compliance in the rapidly evolving Web3 ecosystem.