The Cloudbreak Fund, spearheaded by DWF Labs with a budget of $20 million, aims to foster Web3 advancements across communities where Chinese is spoken.
In Brief
The realm of cryptocurrency and blockchain is seeing a surge in investments and partnerships, with various noteworthy collaborations spotlighting groundbreaking initiatives, including yield generation strategies for Bitcoin, AI-driven data management systems, and cutting-edge modular blockchain oracles.
The cryptocurrency and blockchain arena remains a hotbed for significant investments and collaborations, highlighted by several major deals that have made headlines this week. Investors are increasingly captivated by a variety of innovative projects, from Bitcoin yield-generation mechanisms to sophisticated AI data management and modular blockchain oracles.
Lombard has successfully secured $16 million during an investment round led by Polychain Capital, which aims to bolster its Bitcoin yield frameworks.
Utilizing its yield-generating 1:1 LBTC model, which leverages Babylon's staking ecosystem for interest generation, the firm aims to broaden access to Bitcoin within the DeFi landscape. LBTC minimizes risks commonly associated with centralized custodial services and is designed to work seamlessly across multiple blockchain platforms.
Lombard is optimistic about achieving full operational capabilities by month-end and is currently in a private beta phase. Soon, they plan to expand to Ethereum Layer-2 solutions and other major Layer-1 blockchains. There are also plans to integrate LBTC with various DeFi protocols on the Ethereum main network. This funding round follows a substantial $70 million investment into Babylon’s Bitcoin-staking technology, with backing from Binance.
OpenlLedger has raised $8 million through a seed fundraising round,
which will be allocated to growing their team, boosting operational capabilities, and supporting the anticipated testnet launch in Q4 2024.
OpenLedger is committed to providing an AI-centric data management framework that ensures transparency and minimizes risks. Their platform leverages Ethereum's security features through EigenLayer’s Active Validated Service (AVS) to enhance data integrity and security. The company prioritizes data authenticity, inclusion, proper handling, and safety within the AI sector, which is projected to grow from $50 billion in 2023 to an impressive $184 billion in 2024. Pi Squared has successfully garnered $12.5 million in seed funding, with guidance from Polychain Capital,
to develop a universal proof-of-proof ZK circuit that facilitates trustless remote computing, AI applications, and smart contracts compatible with any blockchain or distributed application. The USL will be the flagship product powered by Pi Squared's modular blockchain architecture, which emphasizes universality, proven accuracy, simplicity based on trust, application compatibility, determinism, and repeatability.
The company’s goal is Redstone Oracles has gathered $15 million in a recent fundraising effort, with its modular blockchain oracle system already attracting 100 clients.
Positioning itself as the fastest-growing modular oracle available,
the firm plans to allocate these funds towards enhancing its oracle offerings, which deliver RaaS and gas fee-optimized pricing feeds for EVM networks. Led by Arrington Capital, this fundraising initiative saw contributions from angel investors and other financial entities. RedStone’s gas-optimized oracles aim to reduce the costs associated with price feeds, streamlining data output for DApps. This innovative, chain-agnostic solution is engineered to minimize transaction fees and support over 60 different blockchains. DWF Labs has launched a $20 million Cloudbreak Fund aimed at empowering Web3 initiatives and creators operating in Chinese-speaking regions.
The fund is designed to accelerate the progress of Web3 projects by providing substantial financial support and essential strategic resources. It will focus on key sectors such as gaming finance, social finance, derivatives, meme currencies, and initiatives involving Layer-1 and Layer-2 technologies, inviting enterprises in these domains to apply for crucial funding.
Deutsche Telekom has established a collaboration with Subsquid, a decentralized data platform,
to enhance the efficiency and security of data retrieval and transmission on the ledger. The Subsquid network's worker nodes engage with queries and fetch necessary information from their data lake for consumers. The partnership aligns with Deutsche Telekom’s strategy to foster decentralized governance and promote entrepreneurship. This partnership is part of Deutsche Telekom's broader strategy, which includes its recent move to join Polygon as a validator. The platform prioritizes data management, employing cryptographic authentication for each data point to ensure validity. Since 2023, Deutsche Telekom has maintained a Bitcoin node and aims to expand its efforts in digital currency innovations.
In the Philippines, Tether has introduced a new cryptocurrency payment option that enables residents to make their SSS payments in USDT,
The collaboration aims with the SSS being a state-administered social insurance program catering to employees across formal, informal, and private sectors. This new functionality, made possible through Tether's collaboration with Uquid, allows citizens to pay their SSS dues using Tether on the Open Network blockchain.
This collaboration highlights how convenient it can be to manage payments and contributions using USDT on UQUID, exemplifying the beneficial role stablecoins can play in enhancing our everyday transactions.
Tran Hung, Uquid's CEO, mentioned that this partnership marks a significant advancement in bridging everyday monetary exchanges with digital currencies, tapping into the growing potential for cryptocurrency micropayments. Following stablecoin introductions by PayPal and Ripple, the acceptance of these digital assets has considerably increased, underlining their importance in contemporary fiscal transactions.
Chainlink has successfully integrated Net Asset Value (NAV) data onto the blockchain in collaboration with Sygnum and Fidelity International,
This development is a significant case study in the practical application of tokenized assets. Sygnum has also successfully tokenized $50 million of corporate treasury reserves for Matter Labs. These tokens are issued on the ZKsync blockchain and integrated within Fidelity International’s liquidity fund, illustrating a propitious step towards marrying blockchain technology with traditional asset management, thus crafting new avenues for liquidity and investment.
Chainlink allows secure transmission across existing off-chain systems and blockchain networks. Recent partnerships, such as Sygnum’s work with Float and Fasanara Capital to introduce a new tokenized private loan offering, further underscore the movement towards asset tokenization.
Coinbase Prime has teamed up with the U.S. Marshals Service, which oversees asset seizures,
The U.S. government has become one of the largest Bitcoin holders, accumulating over 200,000 coins from illegal activity seizures, valued at nearly $5 billion. Since the SEC allowed proceedings against Coinbase to proceed, the exchange has faced mounting regulatory challenges.
Please remember that the information on this page is not intended to serve as legal, tax, investment, or financial guidance. It's crucial to invest only what you can afford to lose and to seek independent financial counsel if you're uncertain. For more details, we recommend reviewing the terms and conditions and support resources provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and impartial reporting, though market dynamics can shift without notice.
Victoria writes extensively on various tech-related subjects, including Web3.0, AI, and cryptocurrency, leveraging her profound experience to craft insightful content for a broader audience.
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