FTX’s Top 10 Crypto Holdings Revealed: SOL, Bitcoin, Ethereum, XRP, APT Lead the Pack

Sunil, recognized as the FTX Creditor Champion and a leading FTX Creditor Activist, has meticulously unveiled the digital asset holdings and customer claims associated with FTX. This includes its prominent entities FTX.com, FTX.US, and Alameda.

As of August 24, Sunil’s detailed report indicates that FTX has registered a staggering 36,075 customer claims. These claims cumulatively amount to a total of $16 billion. This data not only provides a transparent insight into the vast financial implications but also underscores the expansive scale of operations overseen by the platform. For stakeholders and the crypto community at large, such revelations are crucial in understanding the financial health and operational robustness of platforms like FTX.

Diving deeper into the digital asset landscape of FTX, Sunil’s findings highlight that the top 10 digital assets held by the platform account for a dominant 72% of its total crypto holdings. Leading this list is Solana (SOL), with a valuation hovering around $1.2 billion. Following closely are Bitcoin (BTC) and Ethereum (ETH), valued at $560 million and $192 million, respectively. The list further includes significant assets such as APT, USDT, XRP, BIT, STG, WBTC, and WETH. Their respective values oscillate between $1.37 billion and a modest $37 million.

In a broader perspective, FTX’s disclosed crypto assets aggregate to a value of approximately $3.4 billion. The top 10 cryptocurrencies, as detailed by Sunil, constitute 72% of FTX’s total crypto holdings. Interestingly, the remaining 28% is distributed among a vast array of over 400 other tokens. This distribution showcases FTX’s diversified approach to digital asset investment, ensuring a balance between mainstream cryptocurrencies and potential high-growth tokens.

Sunil’s report also sheds light on FTX’s venture portfolio, another significant aspect of the platform’s financial endeavors. The portfolio comprises a whopping 438 investments, totaling an impressive $4.5 billion. Out of these, investments worth $673 million have been monetized, yielding a return of $588 million. This monetization includes notable entities such as Modulo, Mysten Labs, and the renowned Sequoia. The residual portfolio, valued at $3.8 billion, is categorized with equity investments forming 73%, limited partnerships (LP) at 4%, and tokens at a significant 13%.

Such disclosures by Sunil are not just numbers on a page. They represent FTX’s strategic financial decisions, its risk appetite, and its vision for the future in the ever-evolving cryptocurrency domain. For investors, traders, and the global crypto community, these insights offer a clear window into FTX’s operational strategies and its position in the global cryptocurrency market.

In conclusion, Sunil’s meticulous unveiling of FTX’s digital asset holdings and customer claims underscores the platform’s significant footprint in the global cryptocurrency arena. It also emphasizes the importance of transparency and detailed reporting in fostering trust and confidence among stakeholders in the digital asset ecosystem.

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Breaking: Coinbase, a16z, and Ledger Back New Texas Alliance Advocating for Clear Digital Asset Regulations

As the federal government grapples with establishing clear guidelines for digital assets, Texas emerges as a potential frontrunner in the crypto regulatory landscape. Today marks the launch of the Crypto Freedom Alliance of Texas, an entity committed to advocating for transparent and consistent digital asset regulations in the state.

Major Industry Players Rally Behind the Alliance

The Alliance isn’t a standalone endeavor. It boasts the backing of some of the crypto and blockchain industry’s most recognized names, including a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm. This coalition, rich in technical and legal expertise, underscores the significance and potential impact of the Alliance’s mission.

A Proactive Stance in the Face of Federal Inertia

The federal government’s challenges in passing clear digital asset legislation present states with a unique opportunity. Texas, with its history of fostering innovation, is well-positioned to lead. The Alliance aims to be a cornerstone for regulators and industry stakeholders in Texas, offering insights and guidance on the rapidly evolving world of digital assets.

Kinjal Shah, Chair of the Crypto Freedom Alliance of Texas and General Partner at Blockchain Capital, emphasized the state’s potential role.

In the face of federal inaction, Texas has the opportunity to lead with policies that not only safeguard consumers and investors but also catalyze innovation,

Shah remarked.

Alliance’s Pillars: Regulation, Collaboration, Education, and Innovation

The Alliance’s objectives are clear-cut:

Transparent Regulation: At its core, the Alliance seeks to develop clear and predictable regulations for digital assets in Texas. The goal is to strike a balance – fostering innovation while ensuring consumer protection.

Stakeholder Collaboration: Recognizing the multifaceted nature of the digital asset space, the Alliance is dedicated to promoting dialogue and cooperation among regulators, consumers, and industry participants.

Education as a Catalyst: The Alliance believes in the power of education to shape favorable crypto policies. Targeted initiatives aim to enlighten a spectrum of audiences, from government officials to nonprofits, about the potential of Web3 technologies.

Championing Blockchain Ventures: Beyond regulations, the Alliance is committed to nurturing the blockchain ecosystem. Through mentorship and educational endeavors, the goal is to bolster the growth of startups and entrepreneurs in the crypto domain.

With its launch, the Alliance is poised for growth, eyeing an expanded membership and a more influential role in the Texas legislative process. An official launch event is slated for September 12 in Austin.

About the Crypto Freedom Alliance of Texas

A 501(c)6 non-profit, the Crypto Freedom Alliance of Texas champions transparent digital asset regulations in Texas. Its foundation is strengthened by the support of industry leaders like a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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dYdX Founder Addresses Community Concerns Regarding Token Inflation

Antonio, the founder of decentralized exchange dYdX, clarified the platform’s stance on token inflation in a series of tweets today. He stated,

There are no plans for additional token inflation to compensate validators on the dYdX Chain.

He further emphasized that the current token distribution model, which has seen inflation reduced by over 60%, will continue to be implemented.

Antonio’s comments come amidst growing discussions about the sustainability of dYdX’s token model. He mentioned, “dYdX may soon be the closest L1 besides Ethereum with a sustainable utility token model.” However, he also noted that his views were personal and highlighted the role of community governance in controlling the token.

The tweets sparked a debate among crypto enthusiasts. A user named KryptoKami criticized the token’s distribution, pointing out that two years post-token generation event (TGE), only 17% of the total supply is in circulation. KryptoKami argued that the token had “one of the worst tokenomics of all vc backed tokens,” emphasizing the slow liquidity exit for early backers.

Another user, Acee, viewed the token as a reward for traders, suggesting its utility in reducing fees. However, Acee also expressed concerns about the lack of a fee-sharing mechanism in the upcoming version of the platform, v4.

The discussions underscore the complexities and challenges faced by decentralized platforms in balancing tokenomics, utility, and community expectations. As dYdX continues to evolve, its approach to token distribution and utility will be closely watched by both its users and the broader crypto community.

dYdX Semi-annual Report

In dYdX recent semi-annual report, dYdX Foundation revealed a trading volume of $1.5 trillion over the past six months, with its user base growing by 2 million to reach 12 million. The decentralized exchange platform highlighted that 80% of its trades are now processed on Layer 2, largely due to its integration with StarkNet, enhancing transaction speeds and reducing costs. The active dYdX community introduced 20 new governance proposals, and the platform distributed $500 million in staking rewards. Additionally, 10 new projects have been incorporated into the dYdX ecosystem. The report underscores dYdX’s commitment to growth, innovation, and addressing challenges in the DeFi sector.

About dYdX

dYdX, a decentralized crypto exchange, is driven by its governance token, DYDX, which guides its layer 2 protocol. Utilizing Starkwire’s StarkEx engine, dYdX enhances transaction efficiency and reduces costs. Founded in 2017 by former Coinbase engineer Antonio Juliano and Zhuoxun Yin, it began operations in 2019 after securing over $10 million in funding. The platform, known for derivatives and margin trading, offers advanced trading options, perpetual contracts, and an interest-accruing system for deposits.

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OKX and Polygon Introduce Cryptopedia’s Seventh Season

OKX, in collaboration with Polygon, an Ethereum scaling and infrastructure development entity, unveiled the seventh iteration of Cryptopedia. Cryptopedia, OKX’s platform, is tailored to facilitate crypto-centric education with an earning component, according to press release shared with Blockchain.News by OKX.

Spanning six months, this season offers participants the opportunity to earn MATIC rewards, a gesture from Polygon. Additionally, those engaging in DApp interactive quests can avail themselves of extra rewards, presented by associated project partners. These quests aim to promote the utilization and understanding of the diverse DApps housed within the OKX Wallet.

To engage in Cryptopedia’s seventh season, users can initiate the OKX App, select the Wallet option, and either generate a new wallet or integrate a pre-existing one. Subsequently, they can tap on the Discover section and proceed to Cryptopedia: Learn to Earn. From there, they can interact with the Polygon zkEVM page and opt for their preferred DApp. After completing the quest, a verification can be done following a 10-minute interval.

Some of the quests include staking stMATIC to acquire DUSD, executing a cross-chain DUSD transfer, and offering liquidity for the DUSD/USDC pair on QuickSwap, among others. It’s worth noting that specific terms and conditions are applicable.

Simultaneously, OKX Wallet introduced the Discover Event, marking the debut of Token 2049 in Singapore. This event functions as a Web3 offline event aggregator, enabling users to explore, earmark, and register for various Web3 offline events. It also incorporates a streamlined NFT ticketing system.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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BitTrade Announces First-Ever Domestic Listing of EOS

BitTrade, a registered cryptocurrency exchange in Japan, announced today that it will commence the handling of EOS, a cryptocurrency used within the decentralized application platform, starting from September 13, 2023, at 15:00 JST. This marks the first-ever domestic handling of EOS in Japan.

EOS, known for its use in smart contracts and decentralized applications, is a cryptocurrency that can also be used for staking, purchasing NFTs, and as a payment method within games. As of August 14, 2023, the total issued amount of EOS stood at 1,099,658,214.

On August 30, 2023, the EOS Network Foundation announced that EOS has received whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This allows EOS to be traded against the Japanese yen on regulated exchanges, starting with BitTrade in mid-September.

The approval highlights EOS’s adherence to Japan’s rigorous digital token regulations, emphasizing its dedication to transparency and security. Yves La Rose, CEO of the EOS Network Foundation, expressed the significance of this milestone for EOS’s growth in Japan. The network’s expansion, including projects like Upland’s metaverse in Tokyo, showcases its increasing popularity in the region.

One of the notable features of EOS is its “burning mechanism.” This mechanism reduces the total number of circulating tokens, aiming to address concerns over token inflation and excessive dilution. Shiba Inu is another coin that employs a similar burning mechanism.

The burning process can potentially influence the token’s price, and users are advised to understand this mechanism thoroughly before trading. Detailed information about the burning method and its history can be found on the EOS Network Foundation’s official website.

However, BitTrade also cautioned potential traders that the start date and time might change without prior notice. The exchange highlighted that cryptocurrencies aren’t backed or guaranteed by any government; instead, they are digital data transacted online. Users are encouraged to be aware of the risks in cryptocurrency trading, such as potential devaluation and the crucial need to protect their private keys.

BitTrade is a registered cryptocurrency exchange under the Financial Services Agency and the Kanto Local Finance Bureau. It is also a member of the Japan Cryptocurrency Trading Association.

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This Week Unlocks: ApeCoin Surpasses $50M, Aptos Exceeds $20M; Moonbeam, Flow, and Lido in Queue

Data from Token Unlocks indicates that six cryptocurrency projects are set to release a significant number of tokens this week. Among these, ApeCoin (APE) and Aptos (APT) are poised for substantial unlocks.

On September 11 at 08:00 (UTC), Moonbeam will release 9.7 million GLMR tokens, valued at approximately $1.74 million. This constitutes about 1.34% of its circulating supply.

Following closely, on September 12 at 08:00, Aptos is set to unlock 4.54 million APT tokens. With an estimated value of $23.85 million, this represents nearly 2% of its circulating supply.

On September 13 at 11:33, Lido will make available 1.5 million LDO tokens, amounting to a value of roughly $2.22 million, which is about 0.17% of its circulating supply.

Euler, on September 14 at 07:17, will release 150,000 EUL tokens. These tokens are valued at approximately $400,000, making up 0.83% of its circulating supply.

On September 16 at 08:00, Flow is set to unlock 7.29 million FLOW tokens. With a valuation of around $3.09 million, this represents 0.70% of its circulating supply.

Lastly, on September 17 at 08:00, ApeCoin will unlock a staggering 40.6 million APE tokens. Valued at an estimated $51.6 million, this constitutes a significant 11.02% of its circulating supply.

This week, significant token unlocks are set to impact the crypto market. “Unlocking” in the cryptocurrency world refers to the release of tokens that were previously locked or restricted from being sold or transferred. Such restrictions are often set during initial offerings or as part of vesting agreements to stabilize token prices and incentivize long-term holding. These unlocks can influence market dynamics, as a sudden increase in available tokens might affect supply and demand.

About ApeCoin ($APE)

ApeCoin, an ERC-20 governance and utility token, operates within the APE Ecosystem, promoting decentralized community building in web3. Governed by the ApeCoin DAO, holders decide the utilization of the ApeCoin DAO Ecosystem Fund. The APE Foundation, inspired by Yuga Labs’ Bored Ape Yacht Club, oversees the APE Ecosystem, with an administrative council executing DAO decisions. Unique for its governance capabilities, ApeCoin facilitates participation in the DAO and offers exclusive ecosystem access. With a fixed supply of 1 billion tokens, 30.25% were in circulation as of March 17, 2022, set to increase over 48 months.

About Aptos

Aptos, a Layer 1 Proof-of-Stake blockchain, utilizes the Move programming language, designed by Meta’s Diem engineers. Aiming for mainstream web3 adoption, it supports DApps addressing real-world issues and boasts a potential 150,000 tps via parallel execution. After securing $350 million in funding from notable investors like a16z, FTX Ventures, and Binance Labs, its valuation reached $4 billion by September 2022. Aptos’s mainnet launched in October 2022. The native currency, APT, has a total supply of 1 billion, with a current circulation of 130 million. Distribution includes allocations for community growth, core contributors, and investors, with specific vesting schedules.

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SushiSwap Expands to Aptos Network Ahead of Over $20 Million APT Unlocking Tomorrow

Decentrallized Exchange Sushi has announced its expansion to Aptos. Currently, SushiSwap is deployed on Ethereum, BNB Chain, Fantom, Arbitrum, and Polygon (MATIC). This move is noteworthy as it represents Sushi’s inaugural venture onto a non-Ethereum Virtual Machine (EVM) chain. It is worth noting that the news comes as Aptos will unlock tokens valued at over $20 million tomorrow.

Aptos, a Layer 1 blockchain, is designed with an emphasis on user experience and secure development. Its infrastructure, coupled with the Move programming language, offers developers a robust platform to craft web3 applications tailored to current consumer demands. The Move language, specifically tailored for smart contracts, facilitates the creation of applications in a manner that is efficient, secure, and straightforward.

This collaboration between Sushi and Aptos, aptly termed as “Move-ing” up to a superior Cross-Chain DEXperience, sees Sushi leveraging the capabilities of Aptos’s Move programming language. As a starting point, Sushi will introduce its version 2 Automated Market Maker (AMM). This integration is anticipated to not only provide deeper liquidity across major blockchain networks but also to enhance the cross-chain trading experience substantially.

About Aptos

Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain, distinguished by its unique smart contract programming language, Move, developed by Meta’s Diem blockchain engineers. Envisioned to propel mainstream adoption of web3, Aptos aims to empower a diverse ecosystem of DApps addressing real-world user challenges. Boasting a potential transaction throughput exceeding 150,000 tps via parallel execution, Aptos has garnered significant financial backing. In 2022, it secured $200 million in a seed round led by Andreessen Horowitz, followed by a $150 million Series A round. Binance Labs’ strategic investment later elevated its valuation to $4 billion. Aptos was co-founded by Mo Shaikh and Avery Ching, both ex-Meta employees with significant blockchain expertise. Aptos’s uniqueness lies in its high transaction speed, parallel execution engine, and the Move programming language, offering a more efficient alternative to Ethereum‘s Solidity. The Aptos blockchain’s native currency, APT, has a circulating supply of 130 million out of an initial 1 billion.

About SushiSwap

SushiSwap (SUSHI) is a decentralized automated market maker (AMM) launched in September 2020 as a fork of the renowned Uniswap. Designed to enhance the AMM market, SushiSwap introduces features absent in Uniswap, including augmented rewards for its community through its native token, SUSHI. The platform was initiated by the enigmatic Chef Nomi, with other pseudonymous co-founders being sushiswap and 0xMaki. SushiSwap’s uniqueness lies in its AMM system, which eliminates traditional order books, addressing liquidity challenges faced by conventional decentralized exchanges. It charges a 0.3% fee on transactions in its liquidity pools, distributing a portion of these fees to SUSHI token holders, who also gain governance rights. SUSHI tokens are generated at 100 tokens per block. With no premine, its supply began from zero and is expected to reach approximately 326 million by September 2021.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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dYdX Semi-Annual Report: $1.5 Trillion Trading Volume with 12 Million Users

Key Takeaways

  1. dYdX’s trading volume surges to $1.5 trillion in six months.
  2. The platform adds 2 million new users, totaling 12 million.
  3. 80% of trades now occur on Layer 2, with StarkNet integration playing a pivotal role.
  4. Active community engagement with 20 new governance proposals introduced.
  5. $500 million distributed in staking rewards, and 10 new projects join the dYdX ecosystem.

Trading and User Metrics

dYdX Foundation, in its latest report dated September 10, 2023, has highlighted a significant uptick in its trading volume, reaching a staggering $1.5 trillion in just the past six months. This growth is further complemented by the addition of 2 million new users, pushing the platform’s total user count to an impressive 12 million.

Technological Advancements

Emphasizing its commitment to scalability and enhanced user experience, dYdX has reported that a whopping 80% of its trading volume is now facilitated on Layer 2. This shift not only ensures faster transaction speeds but also considerably reduces associated costs. A major highlight in this domain is dYdX’s strategic integration with StarkNet, a renowned Layer 2 scaling solution. This integration is poised to further amplify the platform’s efficiency, especially given the burgeoning user base.

Community and Ecosystem Development

The dYdX community’s active participation is evident from the introduction of 20 new governance proposals in the past six months. Such engagement showcases the community’s vested interest in the platform’s continuous evolution. Furthermore, the report sheds light on dYdX’s generous distribution of $500 million in staking rewards, a clear testament to its intent to incentivize user participation and loyalty. On the ecosystem front, dYdX has welcomed 10 new projects, aiming to bolster its offerings and foster a more cohesive DeFi environment.

While the report predominantly focuses on dYdX’s milestones and achievements, it doesn’t shy away from highlighting challenges and potential areas of improvement. The foundation’s proactive approach towards addressing these challenges reaffirms its commitment to offering a seamless user experience.

In wrapping up, dYdX’s 2023 Semi-Annual Ecosystem Report serves as a testament to the platform’s relentless pursuit of growth, innovation, and community engagement. As the DeFi landscape continues to evolve, dYdX is undoubtedly positioning itself as a formidable player in the space.

About dYdX

dYdX is a decentralized crypto exchange powered by its governance token, DYDX. This token plays a pivotal role in steering the platform’s layer 2 protocol, allowing stakeholders to collaboratively influence its direction. Leveraging Starkwire’s StarkEx engine, dYdX’s layer 2 optimizes transaction efficiency, minimizes gas expenses, and ensures competitive trading charges. While it offers spot trading, dYdX predominantly focuses on derivatives and margin trading. Established in 2017 by ex-Coinbase engineer Antonio Juliano and Zhuoxun Yin, dYdX became operational in 2019 after raising over $10 million in initial funding. The platform stands out with its advanced trading features, perpetual contracts, and a system that accrues interest on user deposits.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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One Whale Trades Majority of Ethereum for Bitcoin

In the cypto world, the actions of significant players, often referred to as ‘whales’, can provide valuable insights into market sentiment. Just 8 hours ago, a notable crypto whale made a significant move by exchanging a large portion of their Ethereum holdings for Bitcoin. The whale traded 5,500 Ethereum for 344.1 Wrapped Bitcoin (WBTC), a tokenized version of Bitcoin on the Ethereum blockchain. This transaction was valued at approximately $8.85 million, with an average price of $25,845 per WBTC.

Wrapped Bitcoin, for those unfamiliar, serves as a bridge between the two leading cryptocurrencies. It allows Bitcoin to be used in Ethereum’s decentralized applications, bringing liquidity from the world’s foremost cryptocurrency into the Ethereum ecosystem.

etherscan-eth-wbtc.png

Source: Etherscan

This recent transaction has left the whale’s portfolio diversified with 344.1 WBTC and a balance of 1,041 stETH, which is valued at roughly $1.68 million. Such a move, especially in the volatile crypto market, is indicative of strategic planning and a keen understanding of market dynamics.

Rewinding a bit, this same whale had made headlines two days ago. On 9 September 2023, they made a hefty purchase of 6,541 Ethereum at an average price of $1,630, translating to a total expenditure of 10.66 million USDC. The Ethereum price, at the time of the recent WBTC exchange, hovered around $1,619, marking a slight loss of $11 per Ethereum since the 9th of September purchase.

Prominent cryptocurrency analyst @EmberCN was quick to spotlight these transactions, and the details were further corroborated by the wallet tracker, Mest. For those keen on tracking, the whale’s address is 0xdfcaf20a17521a761036af8a3a758fcdd91dfc07.

Analyzing the whale’s decision to exchange Ethereum for Bitcoin rather than selling it offers some market insights. It suggests a belief that the broader crypto market will remain stable, if not bullish. The preference for Bitcoin over Ethereum might indicate a sentiment that Bitcoin has a brighter immediate future in terms of price appreciation. In essence, there’s an expectation that the ETH/BTC trading pair will trend upwards.

While the activities of whales offer insights into possible market trends and moods, they shouldn’t be viewed as absolute indicators. Given the notorious unpredictability of the crypto market, influenced by countless variables, it remains imperative for investors to undertake their own thorough analysis.

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Animoca Brands Secures US$20M for Mocaverse Expansion

Key Takeaways

  1. Animoca Brands raises US$20 million in a funding round led by CMCC Global.
  2. Funds to be used for the Mocaverse project, focusing on Web3-native tooling for gaming, culture, and entertainment.
  3. Mocaverse to introduce Moca ID, a unique non-transferrable NFT collection, enhancing Web3 accessibility and growth.

Animoca Brands Corporation Limited, a prominent player in the digital property rights for gaming and the open metaverse and owner of Sandbox ($SAND), has successfully garnered US$20 million (equivalent to A$31.3 million) in a recent funding round. This capital injection is earmarked for the acceleration of Mocaverse, a pivotal project within the company’s portfolio.

The funding round saw participation from a consortium of investors led by CMCC Global. Other notable participants include Kingsway Capital, Liberty City Ventures, GameFi Ventures, and institutional investors from Koda Capital. Noteworthy individual investors such as Aleksander Larsen (Sky Mavis founder) and Gabby Dizon (Yield Guild Games founder) also joined the round. Yat Siu, the co-founder and executive chairman of Animoca Brands, has also invested.

Mocaverse is poised to redefine the Web3 landscape by offering native tooling for gaming, culture, and entertainment sectors. This will enable users to establish their digital identity, accumulate reputation, and engage in a loyalty system. The project aims to tap into Animoca Brands’ extensive network, which boasts over 700 million potential users.

A significant feature of Mocaverse is the upcoming Moca ID, a unique non-transferrable NFT collection. This will allow users to establish their on-chain identities and actively participate in the Mocaverse ecosystem. Active engagement will be rewarded with loyalty points, which will be integral to a decentralized loyalty system. The overarching goal is to enhance Web3 accessibility and growth.

CMCC Global, a pioneer in blockchain and Web3 investments in Asia, has a track record of early investments in leading projects such as Ethereum, Solana, and Cosmos. With assets under management exceeding US$500 million, CMCC Global has established itself as a high-conviction investor with a global presence.

Yat Siu remarked on the investment, stating, “The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones. Mocaverse’s DAO-based approach ensures community-driven innovation and collaboration across the Animoca Brands ecosystem.”

Martin Baumann, co-founder of CMCC Global, expressed his enthusiasm for the project, highlighting the potential of Mocaverse to unify the unique portfolio of companies under Animoca Brands and serve as a gateway for new users to the Web3 and metaverse ecosystems.

In terms of the funding details, Animoca Brands is issuing Simple Agreements for Future Equity (SAFEs) to sophisticated investors at A$4.50 per share. These SAFEs will be converted to ordinary shares in six months, with the conversion rate determined by the AUD:USD exchange rate at settlement.

About Animoca Brands: A leader in digital entertainment, blockchain, and gamification, Animoca Brands is at the forefront of advancing digital property rights and the open metaverse. With a diverse portfolio of products and over 450 Web3 investments, the company is a key player in the digital realm. 

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Bitcoin (BTC) $ 41,821.21 4.78%
Ethereum (ETH) $ 2,234.35 5.03%
Litecoin (LTC) $ 72.83 7.18%
Bitcoin Cash (BCH) $ 232.49 8.44%