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Cred Claims Uphold Exchange Owes Millions

by Blockchain NewsJanuary 12, 2023

The cryptocurrency exchange known as Uphold has disputed that it is responsible for paying around $784 million to the liquidation trust established by the defunct cryptocurrency investment platform Cred.

On January 11, 2019, after a hearing in the court, Uphold submitted a move to dismiss all charges of the lawsuit that Cred had lodged against the company back in June.

Cred was a cryptocurrency loan firm that initiated bankruptcy proceedings under Chapter 11 in November of 2020.

In June, Cred’s liquidation trust initiated legal action against Uphold and two of its affiliates by submitting an adversary lawsuit.

It was said that Uphold had collaborated with Cred co-founders to promote CredEarn and that the company owed the cryptocurrency lender $783.9 million.

The complaint states that Cred said that Uphold collaborated with Cred’s co-founders to promote CredEarn, and that Cred asserted that crypto investments routed from Uphold at the time of the market top would have been valued in excess of $700 million.

Retail investors were drawn in by the product’s promise of large payouts; nevertheless, Cred’s investments went bad, which resulted in consumer losses and ultimately led to the company filing for bankruptcy in November of 2020.

The circumstances behind Cred’s bankruptcy are very similar to those surrounding Celsius Network and Voyager Digital.

However, in its move to dismiss the lawsuit, Uphold characterized Cred trust’s claims against it illogical, conclusory, and conspiratorial, and it urged the Delaware bankruptcy court to reject them. Cred trust had accused Uphold of being involved in a conspiracy.

Uphold refuted the claims that it was aware of the hazards at Cred and said that Cred was owned and managed wholly separately from Uphold. Additionally, it said that it was uninformed of the financial difficulties that CredEarn was experiencing at the time that it advertised the product to Uphold clients.

At the hearing, the counsel for the Cred trust, Joseph B. Evans of McDermott Will & Emery, said that allegations against the insiders relating their participation with Uphold had been addressed independently. These claims were to the insiders’ work with the company.

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El Salvador’s Crypto Law Allows Bitcoin-Backed Bonds

by Blockchain NewsJanuary 12, 2023

El Salvador has recently passed historic legislation that will provide the legal basis for a Bitcoin-backed bond to be issued in the country. This bond, also known as the “Volcano Bond,” will be put toward the reduction of the country’s overall debt as well as the funding of the construction of the “Bitcoin City” that is envisioned for El Salvador.

On January 11, 62 individuals cast their ballots in support of the measure, while 16 individuals cast their ballots against it. When President Bukele gives the bill his stamp of approval, it will be well on its way to being enacted as a statute.

As stated by the cryptocurrency exchange Bitfinex, which is the technology provider for the bonds, the Volcano Bond, which is also known as Volcano Tokens, would make it possible for El Salvador to raise capital to pay down its sovereign debt, fund construction of the Bitcoin City, and create Bitcoin mining infrastructure. All of these goals could be accomplished with the proceeds from the sale of the bonds.

The bonds were given the volcanic description because of the location of the country’s Bitcoin City, which is planned to become a self-sustaining crypto-mining center that will be fueled by hydrothermal energy obtained from the nearby Conchagua volcano. As a direct result of this, the bonds were presented in the form of an active volcano.

According to Bitfinex, the city would function as a special economic zone, analogous to those that can be found in China. Such a zone would offer residents of the city tax breaks, rules that are friendly to cryptocurrencies, and other incentives to encourage them to engage in Bitcoin-related business.

It is anticipated that the issuance of these bonds will bring in one billion dollars for the country, of which half a billion dollars will be allocated to the building of the special economic zone. The first hypothesis suggested that the maturity date of the tokenized bonds would be in ten years, that they would be denominated in U.S. dollars, and that they would bear an annual interest rate of 6.5%.

In addition, the measure creates a legal framework for all digital assets that are not Bitcoin, in addition to those that are issued on Bitcoin, and it also establishes a new regulatory body that will be responsible for administering securities legislation and providing protection from malicious actors.

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Tagged : Bitfinex / Bonds / Crypto / El Salvador / News

Missing lawsuit response date, Ooki DAO faces default judgment.

by Blockchain NewsJanuary 12, 2023

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Tagged : Cftc / Dao / News / OOKI / Regulation

Venom Foundation in Partnership With Iceberg Capital Launches $1 Billion Venom Ventures Fund

by Blockchain NewsJanuary 12, 2023

Abu Dhabi, Abu Dhabi, 11th January, 2023, Chainwire

Venom Foundation, the first Layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market (ADGM), and Iceberg Capital, an ADGM regulated investment manager, officially announce that they have partnered to launch a $1 billion venture fund called Venom Ventures Fund (VVF).

The blockchain-agnostic fund will invest in innovative protocols and Web3 dApps, focusing on long-term trends such as payments, asset management, DeFi, banking services, and GameFi. It aims to become the leading supporter of the next-generation digital technologies and entrepreneurs.

Venom Ventures Fund (VVF) will leverage Iceberg Capital’s network, expertise, and capabilities to offer incubation programs and access to an extensive industry network. Furthermore, it will assist the investee projects with marketing, exchange listing, technical, legal, and regulatory support.

The fund’s leadership team consists of some of the world’s most experienced traditional finance and blockchain professionals; including Peter Knez, ex-CIO at BlackRock and Mustafa Kheriba, a seasoned and well-known investment professional with an impressive track record in the MENA region. Mustafa has served on the Board of Directors of several financial services and insurance companies in the Middle-east and Europe.

Operated by Iceberg Capital, the fund will be investing in projects and teams from pre-seed to Series A rounds. It will strive to accelerate the adoption of blockchain, DeFi, and Web3 while generating long-term value for investors.

Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said “We are thrilled to partner with Venom Foundation, launching their new $1 billion fund. Even though the blockchain industry is witnessing a steep correction in prices, we believe that builders will continue to build and innovate. With Venom Ventures, we will be providing financial, technical, and marketing support to the most promising teams and projects in Web3 space to help them bring their visions to life.”

The Abu Dhabi Global Market (ADGM) is an international financial center and free zone that provides market participants with a world-class legal system and regulatory regime. Established and operated by ADGM regulated entities, Venom Ventures Fund (VVF) will be transparent and will adhere to the regulations.

Peter Knez, Chairman of Venom Ventures, said, “I am delighted to be a part of the launch of our new Venture Capital fund here in Abu Dhabi. I am excited to work with a team of experienced investment professionals and talented people from the crypto industry, and we are ready to allocate strategic investments in the most innovative web3 start-ups that are poised for mass adoption. Our mission is to transform digital asset management and make a lasting impact on the industry. Venom is the ideal platform for us to achieve this goal.”

Venom Ventures Fund (VVF) leads the $20 million funding in Nümi Metaverse

The fund has made its first investment, leading Nümi Metaverse’s $20 million funding round. Nümi Metaverse is a universal platform for creators, innovators, and followers. Nümi will launch its ‘Visual Novel’ in 2023, a mini-game experience with a range of special prizes for players.

Nümi will also launch VR metaverse by the end of this year, followed by a PC and mobile version in 2024. The Nümi investment showcases the fund’s investment strategy. Developers and builders working on innovative Web3 projects are invited to apply for funding through the Venom Ventures Fund website.

About Iceberg Capital

Iceberg Capital Limited is regulated by FSRA as a Prudential Category 3C investment manager based in ADGM. Iceberg Capital is a fast-growing alternative asset management company that provides diversified investment management platforms that includes direct and private equity, venture capital, technology, and virtual assets. Iceberg Capital also offers traditional asset management services such as investment portfolios in local and international markets, financial instruments (equities, ETFs, commodities, derivatives, etc), as well as specialized platforms for securities, and blockchain technology.

For more information about Iceberg Capital, visit: Website | LinkedIn

About Venom Foundation

Venom is the world’s first regulated blockchain. The decentralized network operates under the jurisdiction of the ADGM, with a license to issue utility tokens. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.

A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. It now harbors the potential to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and worldwide.

For more information about Venom Ventures, visit: Website | Twitter

For more information about Venom Foundation, visit: Website | Twitter

Contact

Adam Newton
pr@venom.ventures
Source

Tagged : ADGM / ICEBERG / Press Release / VENOM / VENOM VENTURES FUND

Reap Leverages Fireblocks to Enable Crypto Repayments with the Reap Card

by Blockchain NewsJanuary 12, 2023

New York, United States, 11th January, 2023, Chainwire

Reap, the global fintech company powering expense management through the industry first Reap Visa Corporate Card (“Reap Card”) platform, launches industry-leading innovation by including cryptocurrency repayments functionality for the Web3 industry. Together with the Reap Card, Reap is offering expense management software that will enable web3 companies to settle their fiat payments with cryptocurrencies.

Daren Guo, Reap Co-Founder, said: “We noticed a gap in the payments market involving web3 projects that face challenges for settling corporate expenses with non-fiat currencies like cryptocurrency. A seamless and scalable solution to convert crypto into fiat currently does not exist as traditional banks have not been able to settle on an industry standard for these web3 businesses. Reap is now able to bridge the gap between web3 businesses and the web2 fiat economy.”

Security and stability are at the forefront of customers’ minds who leverage Web3 technologies. To build out a trusted ecosystem, Reap has integrated with Fireblocks, an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations.

Stephen Richardson, SVP of Financial Markets at Fireblocks, added: “The security of digital assets is of paramount importance when it comes to building customer trust, which is why we are delighted to be working with Reap to power secure, frictionless payments for web3 creators. Reap’s solution stands to improve operational efficiency for web3 projects, allowing founders and project owners to focus on building innovative products with greater peace of mind. We’re proud to work with innovative companies like Reap that will enable the next generation of digital assets.”

The Reap Card simplifies the process of settling global payments in fiat by using USDC, USDT, BTC, and ETH seamlessly to resolve the problem of costly handling fees that include multiple off-ramp parties. Digital provider Gnosis has already used this service to see firsthand how the Reap Card streamlines complicated currency conversion processes and billing issues, freeing up executive time to focus on core business operations.

“As an early adopter of Reap Card, we have been able to take advantage of their innovative product suite and seamlessly settle payments in fiat currencies,” said Dosh, Communication and Marketing Team at Gnosis. “Reap’s solution has been particularly useful for bypassing the difficulties and hurdles that often come with trying to use cryptocurrency to navigate the traditional banking system.”

Reap envisions a future where every business, regardless of size and industry, has the opportunity to operate at its full potential by building and applying innovative financial solutions. Reap is committed to orchestrating success with all types of business to capture global opportunities, in an ever-changing competitive global marketplace.

About Reap

Reap is a financial platform that enables access and financial connectivity through innovation for companies of all sizes. Reap combines spend management software with a range of innovative payment products — including the flagship Reap Visa Corporate Credit Card. Reap is committed to helping businesses orchestrate success by providing the best financial tools that evolve with their customers and the market.

Reap is supported by industry-leading investors including Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures and Payment Asia. Reap was founded in 2018 and has expanded to a team of over 40, working across offices in 7 countries.

Find out more here. Media Inquiries- Reap media@reap.global

Contact

Daniel Choy
daniel@reap.global
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Tagged : Crypto / Press Release / REAP / REAPCARD / Repayments