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Security Should be at the Heart of Crypto Ventures, HashCash CEO Says

by Blockchain NewsMarch 18, 2022

The skyrocketing number of digital asset services shows increased crypto awareness and adoption, which necessitates heightened security features, according to HashCash Consultants CEO Raj Chowdhury.

With a notable portion of the global population gearing up to cryptocurrencies as an alternative payment ecosystem, Chowdhury believes security feature updates are prudent to safeguard crypto wallet owners from external hackers.

He noted:

“The growth in global crypto adoption is an indicator of the people’s dissolution with conventional finance systems. The volatile crypto markets attract traders seeking huge returns, while increased security integrations protect the wallet-stored assets from cybercriminals.”

According to a recent report by blockchain analytic firm Chainalysis, North Korean hacks on crypto platforms increased seven times after digital assets worth nearly $400 million were looted.

Chainalysis added that individual crypto hacks emerged because of malware available on the darknet.

Therefore, with global crypto wallet owners topping 300 million in 2021, Chowdhury believes boosting security has become more pressing.

Per the report:

“Trends of crypto theft have increased as cybercriminals continue targeting unsuspecting users as well as platforms with low security. Selecting a trustworthy platform is crucial along with adhering to wallet safety protocols.”

Meanwhile, the Hong Kong government is eyeing establishing a regulatory system for the virtual asset industry, as recently disclosed by Hui Ching-yu, the Secretary for Financial Services and the Treasury.

Regulation continues to be a hot issue in the crypto space because relevant authorities have shown interest in developing systemic and operational frameworks intended to tackle risks like money laundering and scams.

Three European Union regulators recently warned investors within the bloc of potential losses accustomed to the volatile digital currency ecosystem.

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U.S. Should Align Itself with Digital Assets to Safeguard its Interests, Says Chainalysis Founder

by Blockchain NewsMarch 18, 2022

During a Senate hearing, Chainalysis founder Jonathan Levin opined that the U.S. ought to prioritize and invest in digital assets to get the upper hand when enhancing financial transparency, public safety, and national security.

Speaking to the Senate Committee on Banking, Housing, and Urban Affairs, Levin noted that the United States should be at the forefront of protecting its interests, and digital assets would offer a stepping stone towards this objective in the 21st century.

He stated:

“Bitcoin and Ethereum are technologies that pose the greatest opportunity to increase the degree of transparency in financial services, include the excluded, and create new ways for commerce to happen.”

Despite blockchain technology not being leveraged to its optimal potential, Levin believes it is an ideal vehicle for heightening transparency, and the U.S. should take advantage.

He added:

“We need to make sure we continue to invest in financial technology and build the financial rails that will be used by the globe in the 21st century.”

Just like the open-access currently accustomed to the internet, Levin believes a well-supported crypto market could shine a light on illegal activities happening in the financial world.

Based on the 2022 Crypto Crime Report, blockchain analytic firm Chainalysis disclosed that illicit transaction volume hit 79% in 2021.

Various experts have echoed Levin’s sentiments that policymakers should prioritize crypto.

For instance, Gene Hoffman, the president of blockchain company Chia Network, said that more money laundering is carried out by using U.S. dollars than cryptocurrencies.

“Government regulation would absolutely make sense. We don’t stop money just because there’s money laundering. Crypto gives us an opportunity where everyone could have access to these systems, and they wouldn’t have to be country-specific or opaque,” Hoffman added.

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Tagged : Bitcoin / Chainalysis / DIGITAL ASSETS / Ethereum / Industry Expert / Opinion / United States

Ronaldo Among Participants in Cricket NFT FanCraze’s Fundraise

by Blockchain NewsMarch 18, 2022

FanCraze is raising around $100 million in a new funding round from backers, including Cristiano Ronaldo, sources familiar with the matter told Bloomberg.

The Series A funding round for the online trading platform officially licensed for digital cricket collectables, led by venture capital firms B Capital Group and Insight Partners.

The funding round for the previously known Faze Technologies has also attracted South Korea’s Mirae Asset, sources said.

They also added that an announcement could be made in the coming weeks, and details of the fundraising, such as size, could still change as deliberations continue.

According to Bloomberg, further details and comments are yet to be made by the companies involved in the funding round.

FanCraze was co-founded in 2021 by Stanford University alumnus and former investment banker Anshum Bhambri and two others.

The company’s journey into the digital cricket collectables started after it won a partnership deal with the International Cricket Council, the sport’s official governing body.

The partnership allowed FanCraze to create exclusive cricket non-fungible tokens on the Flow blockchain.

According to its website, FanCraze released its first packs of NFTs and launched the marketplace in January.

A press release on Dapper’s website showed that FanCraze raised $17.4 million in seed funding led by Tiger Global Management, with participation from Coatue and Sequoia Capital India and Dapper Labs last year.

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Tagged : Bitcoin / Blockchain / FANCRAZE / Industry Expert / NFT / RONALDO

Hut 8 Achieves Record High Annual Revenue of $173.8m

by Blockchain NewsMarch 18, 2022

A prominent Canadian cryptocurrency mining company, Hut 8 achieves a record high annual revenue of $173.8 million. Bitcoin holdings will increase by 100% to 5,518 by the end of 2021, with a market cap of $323.9 million.

Hut 8’s fourth-quarter 2021 financial results, released Thursday, showed overall revenue soaring to $45.69 million (C$57.901 million), nearly quadrupling the $10.25 million (C$12.986 million) in the previous year’s fourth quarter.

Revenue for the year ended December 31, 2021, was $173.8 million, a 327% increase from the previous year’s annual revenue of just $40.7 million.

Jaime Leverton, CEO of Hut 8, said that:

“2021 was truly a transformational year at Hut 8, complemented by considerable growth. In pursuing a diversified strategy, we have differentiated ourselves from our peer group and in doing so, have become the only company in North America to both mine digital assets while building on our traditional infrastructure business to support companies in Web 3.0 and the Metaverse.”

Despite making huge profits from mining activities, the company said it posted a net loss of $72.7 million for the year ended December 31, 2021, compared with a net income of $19 million for the same period in 2020.

It posted an overall loss of $0.53 (C$0.67) per share in the fourth quarter. Loss per share for the full year 2021 was $0.43 (C$0.54).

Hut 8 is a digital asset mining company with industrial-scale operations in Alberta, Canada. On December 3 last year, Hut 8 was the first company in the industry to be included in the S&P TSX index.

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Tagged : #BTC / Bitcoin / Blockchain / Enterprise / Hut 8 / Mining

Cristiano Ronaldo Among Participants Joins Cricket NFT FanCraze’s Fundraise

by Blockchain NewsMarch 18, 2022

FanCraze is raising around $100 million in a new funding round from backers, including Cristiano Ronaldo, sources familiar with the matter told Bloomberg.