Blockchain
The Open Network raises $30M, Drift Protocol brings in $25M
Published
2 months agoon
By
adminThe Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.
Per a report by Galaxy, 2024 has been a good year for the fundraising industry, as there has been a steady uptick in the funds raised. As of July 1, founders are reporting an active fundraising environment.
Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.
Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, United States-headquartered companies accounted for more than 40% of all deals in Q2.
The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.
As for the most recent crypto VC funding rounds, crypto.news compiled the latest announcements from Sept. 15 to Sept. 21 using data obtained from Crypto Fundraising. Let’s look at the companies that grabbed headlines with million dollar-plus rounds.
The Open Network, $30 million
- TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.
- Now known as The Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018.
- Bitget and Foresight Ventures contributed to the latest fundraising effort.
Drift Protocol, $25 million
- Drift Protocol is a Solana-based DEX that offers spot trading, swaps and perpetual futures.
- It closed a $25-million Series B funding round led by Multicoin Capital.
- The firm has raised over $52.3 million so far.
Helius, $21.75 million
- Helius is a provider of RPC Nodes, APIs, webhooks and developer tooling.
- Lead investors of the $21.75 million include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One and Spearhead.
- Helius has raised a total of $34.35 million so far.
Hemi Labs, $15 million
- Hemi Labs is a layer 2 protocol focusing on security and interoperability across Bitcoin (BTC) and Ethereum (ETH).
- The firm raised $15 million from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc.
Pipe Network, $10 million
- Pipe Network, is an incentivized internet infrastructure, clinched $10 million from Multicoin Capital.
Yellow Network, $10 million
- Yellow is a blockchain product and infrastructure company.
- Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed toward the startup’s $10 million fundraising round.
Additional funding rounds under $10 million
- TrueX: The non-custodial, stablecoin-native exchange officially launched with $9 million in funds courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation and Aptos.
- Fermah: CSX, Lemniscap, Bankless Ventures and LONGHASH Ventures are among the backers of a $5.2-million round
- Vana: Coinbase Ventures, Manifold, GSR, DeFiance Capital and Auros participated in a $5-million fundraising effort.
- Cudis: The startup collected $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito and other investors.
For last week’s column, click here.
Source link
You may like
Ripple CEO Shares Bullish News With XRP Army As Trump Names Treasury Secretary
On-Chain Data Shows The Bitcoin Price Bull Run is Far From Over
Trump Picks Pro-Crypto Hedge Fund Manager Scott Bessent for Treasury Secretary
Crypto millionaires will be made by April 2025: 6 coins to hold
Cardano Price Hits $1 But Analyst Says This Is Just The Start
Legacy Media’s Transformation: Why Evolution Beats Extinction
Blockchain
Blockchain Association urges Trump to prioritize crypto during first 100 days
Published
16 hours agoon
November 22, 2024By
adminThe Blockchain Association has called on president-elect Donald Trump and Congress to prioritize five key actions during the administration’s first 100 days to establish the U.S. as a global leader in cryptocurrency innovation.
In an open letter, the industry group outlined specific measures to address regulatory challenges and support the domestic digital asset economy.
The Blockchain Association is a U.S.-based crypto lobbying group advocating for a regulatory framework for cryptocurrencies. They emphasized lifting the bank account ban on crypto companies and appointing new leadership for the SEC, Treasury Department, and IRS.
They also proposed creating a cryptocurrency advisory committee to work with Congress and federal regulators.
Five priorities for Trump’s first 100 days
The letter highlighted five steps aimed at fostering a supportive environment for crypto businesses and users:
- Creating a Crypto Regulatory Framework
The Blockchain Association urged Congress to draft comprehensive legislation for cryptocurrency markets and stablecoins. This framework, it argued, would balance consumer protection with innovation. Stablecoins are digital currencies tied to traditional assets, such as the U.S. dollar, offering price stability for users. - Ending the Debanking of Crypto Companies
The group expressed concern over crypto businesses losing access to banking services. These companies rely on traditional banks to handle payroll, taxes, and vendor payments. Without banking access, their operations can be severely disrupted. - Reforming the SEC and Repealing SAB 121
The association called for a new SEC chair to replace what it described as a hostile regulatory approach under the current leadership. It also recommended reversing SAB 121, an accounting rule that imposes strict requirements on crypto-related businesses. - Appointing New Treasury and IRS Leadership
Tax policies for cryptocurrencies, such as the proposed Broker Rule, have been criticized for potentially stifling innovation and driving companies offshore. The letter urged the administration to appoint leaders who would support privacy and foster a fair tax environment for digital assets. - Establishing a Crypto Advisory Council
The letter proposed a council to facilitate collaboration between the industry, Congress, and federal regulators. Public-private partnerships, it said, could create rules that protect consumers while encouraging innovation.
Crypto collaboration
In their letter, the Blockchain Association emphasized its readiness to work with the administration and 100 member organizations to ensure the U.S. regains its position as a financial and technological innovation leader.
“We stand ready to work with you to ensure the United States can regain its position as the crypto capital of the world,” the Blockchain Association wrote in the letter.
This letter comes as Trump adopts a strong pro-crypto stance. Earlier in November, reports emerged that Trump plans to create a White House position solely focused on cryptocurrency and related policies.
This letter also comes a day after crypto-foe and SEC chair Gary Gensler announced his upcoming resignation.
Source link
Blockchain
Sui Network blockchain down for more than two hours
Published
2 days agoon
November 21, 2024By
adminThe Sui Network is suspected to be down for more than two hours. The protocol has not produced any new transaction blocks since Nov. 21 UTC 9:15.
Based on the latest data from Sui Network’s explorer site Sui Vision, the decentralized layer-1 blockchain has stopped producing blocks for more than two hours.
At the time of writing, the last transaction block took place on Nov. 21 at 9:15 am UTC. Since then, no new blocks have been produced on the blockchain.
The Sui Network confirmed the outage on its official X account, stating that the blockchain is currently unable to process transactions. However, it claims that the problem has been identified and will be back to normal soon.
“We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” wrote the protocol on X.
Sui’s blockchain outage has seemingly impacted the SUI token price. According to data from crypto.news, the Sui token has gone down by nearly 2% in the past hour. It is currently trading hands at $3.41. In the past 24 hours, SUI has plummeted by 7.29%.
Even though, the token has gone up by nearly 75% in the past month.
SUI currently ranks in the 18th place in the lineup of cryptocurrencies, holding a market cap of $9.7 billion and a fully diluted valuation of $34 billion. The Sui token has a circulating supply of $2,8 billion tokens.
The South Korean crypto exchange, Upbit, announced it will be temporary suspending deposits and withdrawals for the Sui token due to its block generating outage.
The notice informs users that if they deposit or withdraw Sui tokens after the announcement was posted, then there is a chance that their funds cannot be recovered.
Several crypto industry figures took to X to comment on the recent Sui Network outage. Most of them teased Sui’s goal of becoming Solana’s biggest competitor. Ironically, the Solana blockchain also has a track record of outages in the past, with the latest one recorded in February this year.
“Sui [is] just repeating Solana history,” said one X user.
“Hasn’t Solana gone down multiple times?” asked another X user.
“SUI blockchain is down. And they claimed to be a Solana Killer,” wrote crypto YouTuber Ajay Kashyap on his X post.
Source link
Blockchain
SBI, UBS and Chainlink complete pilot for automated tokenized fund solution
Published
5 days agoon
November 18, 2024By
adminSBI Digital Markets, UBS Asset Management, and Chainlink have successfully completed a pilot program showcasing the use of smart contracts to manage tokenized funds.
The companies announced this on Nov. 18, noting that the solution brings automated tokenized fund management to the market and leverages the Chainlink (LINK) infrastructure. With this solution, users can automate their tokenized fund management processes, unlocking blockchain capabilities for the world’s $132 trillion assets under management market.
urrently, the total real-world assets on-chain represent a market of around $13.2 billion.
Solution allows for efficient scaling of tokenized funds
According to a press release, the tokenized fund pilot demonstrated how fund managers can leverage smart contracts and Chainlink’s Cross-Chain Interoperability Protocol to efficiently scale their products on-chain and across distributors.
Central to this initiative is the Digital Transfer Agent smart contract model, a novel fund administration system that utilizes multiple Chainlink oracle networks. SBI’s custodian and fund distributor successfully deployed this model to enable multi-chain subscriptions and redemptions.
As the tokenized funds industry evolves to attract the world’s top players, the demand for on-chain administration is increasing. Notably, a recent report revealed that 93% of fund services providers do not offer full automation for their data inputs and workflow processes. This lack of automation creates key bottlenecks for traditional fund operators.
However, smart contracts, oracle networks, and tokenized funds provide the asset management industry with a pathway to full automation.
“This new way of launching fund structures and administering them via smart contracts empowers both fund managers and their service providers to deliver new on-chain financial products and lower operational costs to investors, both things they are actively looking for,” said Winston Quek, chief executive officer at SBI Digital Markets.
The solution, currently live on various blockchain testnets, will soon go to mainnet.
SBI Digital Markets, UBS Asset Management, and Chainlink announced the solution at the Singapore Fintech Festival, launching it as part of the Monetary Authority of Singapore’s ‘Project Guardian.’
This development follows a partnership between Swift, UBS Asset Management, and Chainlink aimed at bridging tokenized assets with legacy payment systems. UBS also recently unveiled a pilot for cross-border payments called “UBS Digital Cash”.
Source link
Ripple CEO Shares Bullish News With XRP Army As Trump Names Treasury Secretary
On-Chain Data Shows The Bitcoin Price Bull Run is Far From Over
Trump Picks Pro-Crypto Hedge Fund Manager Scott Bessent for Treasury Secretary
Crypto millionaires will be made by April 2025: 6 coins to hold
Cardano Price Hits $1 But Analyst Says This Is Just The Start
Legacy Media’s Transformation: Why Evolution Beats Extinction
Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour
Ethereum lags behind Bitcoin but is expected to reach $14K, boosting RCOF to new high
Bitcoin Miner MARA Buys Another 5771 BTC As Price Nears $100k
Jason "Spaceboi" Lowery's Bitcoin "Thesis" Is Incoherent Gibberish
Bankrupt Crypto Exchange FTX Set To Begin Paying Creditors and Customers in Early 2025, Says CEO
Top crypto traders’ picks for explosive growth by 2025
3 Tokens Ready to 100x After XRP ETF Gets Approval
Gary Gensler’s Departure Is No Triumph For Bitcoin
Magic Eden Token Airdrop Date Set as Pre-Market Value Hits $562 Million
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump4 months ago
Why Did Trump Change His Mind on Bitcoin?
- News3 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin4 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential