cryptocurrency
Conduit raises $37m while MegaLabs, Ora secure $20m each
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6 days agoon
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The blockchain space saw a big week of venture capital (VC) activity, with 23 startups securing over $154 million in funding.
According to data from Crypto Fundraiser, the amount of money that flooded the crypto space exceeded last week’s total by almost $91 million.
VC firms also funded 10 more projects this week than last week.
Here’s a breakdown of the top deals:
Conduit, $37 million
Conduit led the pack. The crypto infrastructure dominated with a $37 million series A round.
Paradigm and Haun Ventures co-led the effort. Robot Ventures, Credibly Neutral, Coinbase Ventures, Bankless Ventures and several angel investors participated as well.
Funds are expected to go toward developing Conduit’s customizable blockchain-based products, such as rollups. The funds will also help the firm realize its vision of making on-chain computing more accessible, thus simplifying the development process for blockchain innovators.
MegaLabs, $20 million
MegaLabs, the brain behind a new Ethereum (ETH) scaling protocol, raised $20 million in a seed round led by Dragonfly Capital.
Announced on June 27, the round included noteworthy angel investors like Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin, EigenLayer creator Sreeram Kannan, and Hasu of Flashbots.
According to MegaLabs, the fresh capital injection will accelerate the development of its MegaETH protocol. The company plans to launch a testnet within the coming months.
Ora, $20 million
Ora, a blockchain project focused on integrating AI into decentralized applications, also raised $20 million. Investors like Polychain, HF0, and Hashkey Capital participated.
Ora plans to use the funds to develop its technology and infrastructure for tokenizing AI models and bringing decentralized AI to the Ethereum ecosystem.
Central to Ora’s innovation is their optimistic machine learning (opML) technology, which underpins their flagship product, opp/ai. It uses optimistic systems and zero-knowledge technology to create secure and efficient on-chain machine learning with privacy-preserving features.
Additionally, Ora has introduced the concept of the “initial model offering” (IMO), which allows the tokenization of ownership of open-source AI models.
Crossover Markets, $12 million
Another big beneficiary of crypto VC activity this week was technology firm Crossover Markets. It raised $12 million in a series A round led by Illuminate Financial and DRW Venture Capital.
The round also attracted strategic investors, including Flow Traders and Wintermute, as well as retail brokers, such as Exness, Gate.io, and Think Markets.
Crossover Markets is renowned for its execution-only electronic communication network, CROSSx, which serves as an institutional trading venue for digital assets.
In the first quarter of 2024, the company reported over $3.15 billion in notional trading value, 415,450 trades, and over 141 billion quotes processed on CROSSx. It said it will use the new funding to continue investing in its team and technology in the hope of further solidifying its market position.
Redacted, $10 million
Elsewhere, Redacted, a web3 entertainment and gamification platform, raised $10 million in a round led by Spartan Group, with Animoca and P2 Ventures also participating.
Prominent crypto figures like Dingaling and Grail also contributed, underscoring their support for Redacted’s vision of a more engaging and rewarding user experience.
The project’s marketing is said to have captured the attention of web3 investors and enthusiasts alike. Over 150 influential figures in the web3 space have reportedly adopted “Redacted” profile pictures, signaling their involvement and backing the initiative.
It also uses a catchy slogan, “Don’t get rekt, get redacted,” which plays on crypto culture and encourages investors to choose reputable projects.
The funding will support the development of Reducted’s ecosystem, which will offer a range of entertainment and gamification products powered by the RDAC token.
AnchorZero, $8 million
AnchorZero, a New York-based platform enabling founders to leverage Roth IRAs for tax savings, secured $8 million in seed funding.
We’re announcing that AnchorZero raised $8M in seed funding to make sophisticated tax strategies available to everyone. Our first product is the AnchorZero Founder Roth IRA, which can save tech founders and early employees billions of dollars on their exits.
AnchorZero Founder… pic.twitter.com/YA2rYQ8FwG
— AnchorZero (@anchorzero) June 25, 2024
The round was led by Bain Capital Crypto and Spark Capital, with additional support from Ethereal Ventures, Robot Ventures, and Mischief Capital. Angel investor Sarah Meyohas also provided funding.
The platform offers a flagship product aiming to simplify the transfer of startup equity into Roth IRAs. This approach could unlock hundreds of millions in tax savings and allow for tax-free compounding of gains.
By holding equity within a Roth IRA, founders can benefit from significant tax advantages. Any gains realized upon exit are shielded from capital gains taxes, and these initial gains can be reinvested to grow tax-free.
Covalent, $5 million
Covalent, a blockchain data infrastructure firm, closed a $5 million strategic funding round led by RockTree Capital.
The round also had significant participation from CMCC Global, Moonrock Capital, and Double Peak Group.
Following the successful funding round, Covalent has launched the New Dawn Initiative, a comprehensive rebranding effort aimed at aligning it more closely with its crypto-native community and reducing corporate influences.
Covalent’s co-founder, Ganesh Swami, plans to expand the startup’s operations across Asia, particularly in China, Korea, and Singapore, supporting blockchain and AI innovations in the region.
SoSoValue, $4.15 million
SoSoValue successfully closed a $4.15 million seed round led by HongShan and GSR Markets. Other participants included Alumni Ventures, One Piece Labs, and CoinSummer Labs.
The platform, which aims to empower investors with AI-driven data services, says it will use the funds to expand its global researcher community.
In just five months since its launch, SoSoValue has reportedly attracted over 1.2 million organic registered users. The platform is designed to empower investors at all levels, providing them with the tools and resources necessary to make informed decisions in the fast-paced crypto market.
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cryptocurrency
More than 10 years since the collapse of Mt. Gox, users confirm reimbursements
Published
6 hours agoon
July 5, 2024By
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Defunct cryptocurrency exchange Mt. Gox has started payments to rehabilitation creditors as part of its rehabilitation plan.
More than 10 years after its collapse, Mt Gox creditors are finally getting paid back.
According to a July 5 announcement, payments are being made in Bitcoin and Bitcoin cash via centralized crypto exchanges designated to handle the transactions.
However, rehabilitation creditors need to satisfy some prerequisites before receiving the payments. These include confirming the validity of their accounts and agreeing to the terms of the agreement from intermediary agencies handling the receipt of the funds.
Additionally, the Rehabilitation Trustee and designated cryptocurrency exchanges need to finish their discussions about how to handle the repayments. This ensures that both parties are aligned on the repayment process.
Several recipients have also confirmed the development on Reddit. One user confirmed receiving the exact amount that they were expecting to receive on the crypto exchange Bitbank.
“The BTC/BCC coins are already under my control,” the user wrote.
Another user shared an email received from Mt. Gox stating that their exchange had been credited via a Japan-based creditor. Mt. Gox Co., Ltd. was labeled as the Rehabilitation Debtor, and Nobuaki Kobayashi, Attorney-at-law, as the Rehabilitation Trustee.
“This transfer was made to [your exchange], which you designated as your Designated Cryptocurrency Exchange etc., on the MTGOX Online Rehabilitation Claim Filing System […] In accordance with the Rehabilitation Plan, the repayment took effect at the time the transfer was recorded on the blockchain.” the email stated.
According to some responses to the user’s post, only those who selected cryptocurrencies as a means of repayment at the time of filing their claims are receiving the repayments.
At the time of writing, only BitBank and SBI, both Japanese cryptocurrency exchanges, had been confirmed by users as having received the repayments.
Mt. Gox was one of the largest cryptocurrency exchanges before filing for bankruptcy in 2014. The reason was a catastrophic security attack that led to the loss of around 650,000 BTC belonging to customers and about 100,000 of the exchange’s own.
A compensation plan was approved by a court in 2021. The plan was supported by the majority of affected users.
This led to years of waiting before the exchange finally started paying out customers in December 2023.
The recent cryptocurrency repayments come as Bitcoin has dropped below the $55,000 mark for the first time since February. With Mt. Gox moving over 47,000 Bitcoin, the transfers have been flagged as one of the key reasons behind dwindling price pressure on the original cryptocurrency.
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Bitcoin
Bitcoin price plunges below $55k as Mt. Gox announces repayments
Published
9 hours agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/crypto-news-Black-Rock-Bitcoin-option01.webp.webp)
The price of Bitcoin has continued its descending movement, sliding under the $55,000 threshold, returning back to levels last seen in February.
Bitcoin’s (BTC) sell-off has intensified amid reports that the collapsed crypto exchange Mt. Gox moved over 47,000 BTC (worth around $2.6 billion) to a new wallet ahead of its $9 billion payout. At the time of writing, the price of Bitcoin is $54,561, a mark last witnessed in February, when the largest by market capitalization cryptocurrency was surging to a new all-time high.
Following the transaction, Mt. Gox trustee officially confirmed on Jul. 5 during Friday’s Asian trading hours that the collapsed exchange “made repayments in Bitcoin and Bitcoin Cash to some of the rehabilitation creditors.” The trustee didn’t specify though the amount of BTCs sent to creditors.
The crypto market has faced significant pressure recently, affecting both investor sentiment and miner operations following the April halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC. At Bitcoin’s current price, only five ASIC rigs from Avalon and Antminer remain profitable, according to f2pool’s X post.
⛏️With #Bitcoin trading below $58k, what is the current profitability for mining?
At a rate of $0.08/kWh, ASICs less efficient than 23 W/T operate at a loss.
For more details on mainstream miners, please refer to the table below. pic.twitter.com/hJS1lsVnmK
— f2pool 🐟 (@f2pool_official) July 4, 2024
The rapid drop below $55,000 has pressured speculators, resulting in $682 million in liquidations of both long and short positions across multiple exchanges, according to Coinglass.
![Bitcoin price plunges below $55k as Mt. Gox announces repayments - 1](https://crypto.news/app/uploads/2024/07/hisudhfds.png)
Over the past 24 hours, more than 235,000 traders were liquidated, with the largest single liquidation order on Binance’s ETH/USDT trading pair valued at over $18.4 million. According to CoinGecko, the total crypto market capitalization dropped by over 8% to $2 trillion, increasing sell-offs among speculators.
As crypto.news reported earlier, TRON founder Justin Sun offered to help the industry by teasing his “willingness” to buy confiscated Bitcoins from the German government over-the-counter. It’s unclear when these negotiations will begin, but with the recent movement of Bitcoins to centralized exchanges from Germany-labeled addresses, Mt. Gox’s repayments have seemingly become the primary concern among traders.
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Blockchain
Nigeria to focus on Blockchain and emerging tech with plans to deploy research centers
Published
1 day agoon
July 4, 2024By
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The National Information Technology Development Agency (NITDA) in Nigeria is looking to deploy research centers geared towards emerging technologies like Blockchain.
The initiative was announced by the NITDA’s Director-General, Kashifu Inuw, at the IoT West Africa Conference in Lagos.
According to the director general, the research centers will focus on key technologies like artificial intelligence (AI), the Internet of Things (IoT), unmanned aerial vehicles (UAV), additive manufacturing, and robotics alongside blockchain tech.
The entities would be deployed across “six geo-political zones of Nigeria,” as per Inuwa.
Besides establishing these research units, the government would also aid Nigerian startups in scaling product development using these technologies. In this regard, innovation sandboxes would be leveraged to develop use cases and ultimately introduce these products to the market.
Amidst this backdrop, the NITDA has been training the nation’s populace via its 3 Million Technical Talent (3MTT) program. By 2027, the government plans to equip three million Nigerians with the necessary skills to bolster its current initiatives.
As a broader implication, Inuwa expects a boost in foreign exchange remittances as individuals trained via these initiatives leave the country.
Shitij Taneja, managing director of Vertex Next, the organizers of the IoT West Africa conference, called Nigeria “Africa’s next Silicon Valley.” He believes that Nigeria’s large youth population and its dynamic startup ecosystem position it as a leading force.
“The reason we are hosting the IoT West Africa, which is co-located with Africa data center and cloud Expo Africa is because we see a lot of potential in the market and the growing number of youths that are working towards the development of technology.”
Taneja added that the conference also seeks to draw investors towards Nigerian startups.
Nigeria’s growing focus on emerging technologies has been quite evident over the past months. In May, the NITDA restructured the National Blockchain Policy Steering Committee (NBPSC) in a move to facilitate better implementation of its National Blockchain Policy.
The nation is also eyeing potential collaboration with the United States of America to explore the potential of AI and other emerging technologies. This is despite the nation’s recent legal tensions with the economic powerhouse involving a detained executive of crypto exchange Binance.
Per the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), a blockchain advocacy group, this development could lead to fragmented relations with global partners.
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