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Libra Vice Chair Unconcerned By High Profile Departures

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Dante Disparte, Vice-Chair of the Libra Association, said that he was unconcerned by recent high-profile departures from the project just two weeks after Vodafone became the latest name to ditch the proposed digital coin.

Speaking to CoinDesk at the World Economic Forum in Davos last week, Disparte said that the Libra project was picking up pace despite huge regulatory resistance to the project and the departure of several of the association’s initial supporters, namely Mastercard, Visa, and Vodafone. He also said that the door remains open for those firms to return to the project in the future, as well as praising the open-source nature of Libra as a means for companies who are not part of the association to still participate in developing Libra.

“The technology standard that we’ve built is open,” said Disparte. “So irrespective of whether an organization is a part of the association or not, there is an opportunity among them to develop on top of this network without having to be a part of the start-up efforts of the project or the governance of the project.”

Vodafone pulled out of the Libra Association in January, bringing the total number of early backers to withdraw from the project to eight. However, while firms such as Visa and MasterCard quit the project over regulatory concerns, Vodafone said it instead intends to focus on developing M-Pesa, its well-established digital payment; the company is looking into expanding beyond the six African nations currently served.

>> Tether Grows as Algorand Finally Adds USDT Tokens

Last week, MasterCard CEO Ajay Banga said he pulled his company from Libra after his attitude towards the project deteriorated over proposals to link the coin with its own built-in wallet, Calibra, as well as the lack of a clear business model. However, Disparte said last week that “you know, the firms that have left, I think, have left with a door wide open for future opportunities to engage in collaboration […] there’s zero love lost and we very much believe that open technology permits future engagement at a later stage.”

What do you think?

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BlockFi Formulates Plans to Go Public Despite Growing Regulatory Intervention

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BlockFi has been focusing its efforts to go public long before the regulations grew deep.

The documents circulated in the media have given an edge to the growing speculation highlighting the intention of BlockFi to go public in the next 12-18 months. The documents are also suggesting that the company will be closing a Series E funding round which will further make the company valuation reach a striking figure of $4.75 billion.

BlockFi was recently embroiled in an alleged security violation that had made the company suspend the acceptance of new user payment accounts. Despite growing speculation and BIS regulations, the company is still vying to seek a stable spot and go public in the next 12-18 months.

BlockFi Intends All Set to Go Public

Amidst such regulatory issues, the company is still striving for a public spot and is accelerating its operations to accomplish the task at hand. According to the documents circulated in the media, the company is closing a series E funding round valued at $500 billion. The funding round is headed by leading names such as Hedesophia and Daniel Loeb’s Third Point LLC. According to CoinDesk, other participants also include Tiger Global and Bain Capitals.

BlockFi has been focusing its efforts to go public long before the regulations grew deep. The company was once hoping to get a public spot in the second half of 2021, which was delayed and now appears to be progressive again in the middle of regulations imposed by Texas, Alabama, and New Jersey.

BlockFi was entangled in a state security regulatory case where the company was charged with allegations stating its participation in the unauthorized sale of securities. Texas finance officials were quick to notify the company of such alleged actions. Following the identical course, BlockFi received similar complaints against unauthorized BIA from New Jersey and Alabama which compelled the firm to postpone their decision of going public amidst such rising claims and statements.

BlockFi’s CEO Zac Prince however had confirmed through his tweets that the company will be cooperating with the legal proceedings imposed by the Bureau of Securities of the associated states and will have dialogues with regulators to establish a peaceful settlement. A set of documents that were disclosed to the media outlets have added a surge in speculation stating that the company might go public in the next 12-18 months. BlockFi was approached to comment on the matter concerning its intent to go public but the company has refused to issue any statement.

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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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Thesis Raises $21M in Series A Funding, Plans to Launch New Wallet

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The CEO talked about the expansion plans of Thesis, stating that the company is looking to increase its current team of around 40 across all projects.

Thesis, a crypto venture studio, has completed a $ 21 million Series A funding round. The Series A round saw a long list of investors including ParaFi Capital, Polychain, Capital Nascent, Draper Associates, Fenbushi Capital, alongside individual investors like Josh Cincinnati, Kain Warwick, Viktor, and Lisa Bunin, and James Prestwich.

Existing investors of the firm from previous funding rounds include Polychain Capital, which again participated in this round, Andreessen Horowitz, or a16z, and Paradigm. The cryptocurrency production studio according to reports plans to extend its reach in venture capital to a wider audience, and launch new projects including a Web 3 wallet set to be launched in September this year and will be its fifth studio project.

Matt Luongo, founder, and CEO of Thesis stated speaking to reporters stated that, the latest fundraiser will also see Dan Elitzer, co-founder of Nascent Join Thesis’s board of directors, adding that the Series A funding was secured through an equity round. Luongo also revealed that Thesis is now looking to enter new markets, grow its ecosystems as well as strengthen its tech capabilities. The CEO however declined to comment on the specific details.

The CEO highlighted the number of new infrastructures which continue to fill the crypto space, stating that he wants to ensure that the people who build in this space create open-source products with the communities being the sole focus and not companies or users who own them. Luongo added that he believes that the wallets should belong to the community and the users again noting that the planned Web3 portfolio is not intended to enrich the company behind the curtain, but enriching users. “If everything is close by, it is just a glorified bank,” he said.

Luongo talked about the expansion plans of Thesis, stating that the company is looking to increase its current team of around 40 across all projects. The crypto venture studio is also hiring engineers, designers, and product ideators to build decentralized finance (DeFi) solutions platform, a sector that has raked in millions this year in the crypto space.

“This investment validates the thesis model and will allow us to evolve the studio and ultimately allow our operation to be autonomous in the years to come,” Luongo stated.

The Series A funding now brings Thesis total funding to $26.5 million. The crypto production studio previously raised $5.5 million in an equity round. The company’s projects including Keep, Saddle, and Fold, have also collectively raised over $42 million, said Luongo.

Thesis was founded in 2014 and has a glowing seven-year portfolio which includes Fold, a consumer payments app, Keep Network, a confidentiality layer for public blockchains, Saddle, an automated market maker, and a decentralized exchange for swapping stablecoins. Thesis is also behind the open-source initiative project tBTC that serves millions of its users across the globe and has over $ 300 million in total locked-in value.

Fold was the world’s maiden Bitcoin-backed reward card with over $ 20 million in sales activity per month. According to the company, it has raised a total of $20 million through its partnership with Visa to bring Bitcoin to consumers and drive massive adoption of cryptocurrencies.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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FTX CEO Sam Bankman-Fried to Broaden Operations in US after Fresh Funding Round

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FTX now intends to become popular in the US by serving the masses in terms of expanded crypto transactions and revenue.

FTX has recently acquired a fresh fund worth $900M in a Series B financing round. The company’s CEO Sam Bankman-Fried has announced in an interview that the FTX exchange is now planning to establish itself in the US. 

FTX was operating on a limited scale in the US market till now with a separate work domain registered as FTX US. The company now intends to scale its operations and is working towards expanding its exchange activities to a promising new level to attract the masses and form a credible user base.

FTX to Expand Their Business Operations in the US Market

FTX is a firm headquartered in Hong Kong primarily dealing as a derivative exchange to facilitate crypto transactions. The company now intends to become popular in the US by serving the masses in terms of expanded crypto transactions and revenue.

In an interview with CoinDesk, Sam Bankman-Fried has stated that “there is a huge potential in the US market when it comes to cryptocurrency trade.” He further proclaimed that the business in the US has been going through upheavals primarily due to the economic slump but there is certainly an evident chance for the company to scale operations and work in synchronization with the US economic demands and standards.

FTX recently had won a series B round financing where the firm had acquired substantial funding of $900M. The company had later expressed that they will be amplifying their work and will offer full-scale crypto trading in the US markets which was previously conducted on a limited scale. After the successful funding round, the company’s valuation has increased to a significant $18 billion.

Bankman-Fried on the expansion of FTX has commented that they will be strategically employing the sum procured through the funding to widen their business foundations by conducting frequent acquisitions of companies and firms.

FTX is in the process of becoming a leading name in the US market, the company had recently roped in Gisele Bundchen and Tom Brady as long-term partners for their firms. FTX had also partnered with major baseball leagues to endorse itself as the first cryptocurrency exchange to ever have ventured into the sports avenue.

The series B round funding had major participants and sponsors such as Softbank, Sequoia Capital, and Paul Tudor Jones. The company had recently acquired BlockFolio and had also won the naming rights of the Miami Heat play arena.

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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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