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Blockchain Gaming Publisher Animoca Brands Secures $75M — Firm’s Pre-Money Valuation Rises to $5.9B

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The non-fungible token and blockchain play company Animoca Brands has declared the firm has raised $75 million from investors like Kingsway Capital, Liberty town Ventures, and others. The capital injection of $75 million brings Animoca’s overall pre-money valuation to $5.9 billion.

Animoca Brands Secures $75 Million to Bolster Digital Property Rights

The Hong Kong-based crypto play, NFT, and working capital company Animoca Brands has raised $75.32 million, consistent with associate degree announcement printed on Gregorian calendar month twelve. The new raised capital stems from investors like Cosmic Summit Investments, Liberty town Ventures, Kingsway Capital, brainwave Ventures, 10T, SG Spring restricted Partnership Fund, and Generation Highway Ltd.

Animoca explained that the new funds are going to be dedicated toward funding “strategic acquisitions, investments, and merchandise development, secure licenses for well-liked intellectual properties (IP), and advance the open metaverse.” the corporate plans to bolster the promotion of digital property rights with the funding likewise.

The co-founder and executive chairman of Animoca Brands, Yat Siu, commented on the topic of digital property rights and also the Web3 trade. “Digital property rights represent a society-defining people shift that impacts everybody on-line and can set the stage for the emergence of the open metaverse. We tend to be deeply honored to still relish robust support from investors as we tend to work to solidify the leadership position of Animoca Brands within the Web3 industry and within the field of true digital possession.”

The $75 million raised follows Animoca’s capital raise back in Gregorian calendar month once the corporate secured $358 million. At that point, Animoca noted that the $358 million would be used for acquisitions and IP licenses aboard using the finance to extend NFT and metaverse adoption. Animoca is behind blockchain comes like The Sandbox, Tower Experiment, Tiny Tap, Arc8, Revv Motorsport, and Revv sport. The corporation has additionally invested in crypto startups and Web3 comes like NBA top Shot, Opensea, and Sky Mavis.

The Liberty town Ventures managing partner, Emil Woods, believes that Animoca Brands may be a pioneer at the forefront of the blockchain, NFT, and play area. Woods estimates that within the next 10 years society can welcome digital property and possession offered by blockchain technology. “Over consecutive decade, humanity can discover and embrace the game-changing power that blockchain-based digital possession of assets can awaken infinite aspects of everyday life,” Woods explained in an exceedingly statement throughout Animoca’s funding announcement.

The post Blockchain Gaming Publisher Animoca Brands Secures $75M — Firm’s Pre-Money Valuation Rises to $5.9B first appeared on BTC Wires.



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Justin Sun Says TRON Team Designing New Gas-Free Stablecoin Transfer Solution

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Justin Sun has announced that developers are now working on a stablecoin transfer solution that can function without gas fees on the TRON (TRX) network.

The crypto billionaire says the new service is set to roll out later this year, initially on TRON before expanding to Ethereum (ETH) and other EVM-compatible chains.

“Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.

This innovation will first be implemented on the Tron blockchain and later support Ethereum and all EVM-compatible public chains.

We anticipate launching this service in Q4 of this year. I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.”

At time of writing, it’s unclear how the new service will be able to operate without gas fees.

Last month, market intelligence firm Lookonchain reported that the 24-hour trading volume of Tether’s USDT on TRON stood at $53 billion while payment giant Visa’s was only at $42 billion.

“The 24-hour trading volume of USDT on TRON Network is $53 billion, exceeding Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78 trillion and the average daily trading volume was $42 billion.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Nigeria to focus on Blockchain and emerging tech with plans to deploy research centers 

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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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Flare integrates LayerZero V2, connecting to 75 blockchains

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The cross-chain messaging platform LayerZero has integrated Flare, connecting the Layer 1 blockchain for data to 75 blockchain networks.

As announced on Wednesday, the integration means Flare can now connect to major blockchain networks such as Ethereum and Solana. The milestone also makes Flare accessible to multiple Ethereum Layer 2 (L2) networks, bringing over 50,000 decentralized applications (dApps) to Flare.

“This is an incredibly valuable integration for all users and builders on Flare. Deployment of LayerZero V2 will help accelerate Flare’s expansion, paving the way for builders to develop a wide variety of innovative interoperable products,” Flare co-founder Hugo Philion said.

Flare to benefit from LayerZero V2 integration

While the integration will also help any chain connect and leverage Flare’s decentralized data, there are numerous benefits to Flare.

Apart from Flare becoming a DVN on LayerZero V2, the integration also brings benefits such as secure connectivity to dApps, access to new users, and liquidity. Flare will also benefit from greater decentralization.

“Of great interest to me is the ability of LayerZero to help Flare facilitate a cross-chain money market, leveraging in addition, the integration on Flare of non smart contract tokens, such as BTC and XRP,” the Flare co-founder noted. “Other interesting angles are the ability of Flare builders to create omnichain fungible tokens or chain-agnostic NFTs. The opportunity for Flare to serve as a highly secure DVN on LayerZero V2 is of particular interest.”

LayerZero’s growing traction in crypto

Protocols leverage a key feature of LayerZero V2 – the modular security stack that allows protocols to confirm and validate cross-chain messages.

The technology behind this infrastructure is Decentralized Verifier Networks (DVNs), and networks can create their own DVNs to bolster security. Applications can also tap into LayerZero’s Omnichain Fungible Token standard to drive DeFi growth.

LayerZero’s cross-chain messaging protocol has facilitated more than 134 million cross-chain messages and helped secure the bridging of over $50 billion in crypto.

For instance, LayerZero-based bridge protocol Stargate Finance recorded nearly $800 million worth of bridged assets in June alone.



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