HQ Trivia Games Secures $7.8m in Seed Round

Internet Game, a remodelling project of a once-popular online game dubbed ‘HQ Trivia Meets NFTs”, has secured $7.8 million in a seed round. 


Interestingly, the founder of the HQ Trivia that crashed and burned down two years ago is among the investors who injected capital into a similar project. Particularly, this project reinvents HQ Trivia as an Internet Game, a crypto-based twist on the original model.

Cumulatively, the seed funding round enjoyed participation from HQ Trivia co-founder Rus Yusupov, ParaFi Capital, Dragonfly Capital, Delphi Digital, Uniswap Ventures, Collab+Currency, Gmoney, Milk Road, Ready Player DAO, and Zedd, co-founder of Magic Eden. 

HQ Trivia was shut down two years ago after it started its operation in 2018. The firm declared bankruptcy due to its operations’ failure due to intense competition. 

In addition, the leadership style adopted by the HQ Trivia game co-founders Colin Kroll and Rus Yusupov was part of the factors which contributed to its closure. Rus Yusupov threatened to fire Scott Rogowsky, his star host at that time. Their issue was over a profile that the Daily Beast had written about Rogowsky.

According to the statement written about Rogowsky, even with HQ Trivia’s exponential growth, he can still “order his favourite salad from Sweetgreen” without people interrupting him. This statement created a rift between the star host and the co-founder. Meanwhile, it did not affect the growth of the firm at first.

Secured Funds Focused on Season Two’ Bear Market Battle’

For the game, users compete against each other and win real as well as virtual cash prizes. Initially, when the games first launched, its games were hosted twice weekly. While its Trivia holds every Thursday by 9 pm. During all of its time, it gave almost $6 million as cash prizes to winners of its trivia questions. 

The first season began in March when 8,000 players mined $2.2 million worth of non-fungible tokens (NFTs) to access the game. NFT prizes, which were voted on by Bored Apes, Mutant Apes, Doodles, Azukis, and CloneXs, were purchased with over $1 million.

Noteworthy is that with this secured fund comes season two of the Internet Game; Bear Market Battle. It will be launched on September 12. Also, between September 12 and September 23, six new games will be held.

Image source: Shutterstock


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Delphi Digital Spearheads zkLend for $5m in Seed Funding

zkLend, a Layer-2 (L2) money-market protocol built on StarkNet has raised the sum of $5 million in seed funding from investors led by Delphi Digital. 


As unveiled by the protocol, the funding round also enjoined participation from various stakeholders, including StarkWare, Three Arrows Capital, Genesis Block Ventures, Alameda Research, CMS, MetaCartel DAO, DCVC, Amber Group, among other leading Web 3.0 angels.

zkLend is building a next-generation money market on StarkNet. It seeks to champion the belief that the innovations behind zk-rollups are the ultimate answer to the congestion woes on the Ethereum blockchain. The startup has two unique products, including Artemis, designed for Decentralized retail Finance (DeFi) users, and Apollo, a whitelisted institutional solution for borrowing and lending.

The startup said it will use the new funding to launch both products highlighted, as it seeks to position both as the goto money legos in the emerging world of the StarkNet layer-2 protocol. While the Artemis product is slated for the third quarter of this year, institutional investors will not be able to gain access to Apollos until 2023.

While investors’ focus is primarily on NFT and metaverse related protocols in the emerging Web3.0 ecosystem, it is becoming more prevalent to see Layer-2 protocols get funding to build out their solutions. 

As reported earlier this month by Blockchain.News, an Israeli startup, StarkNet was on track to receive the sum of $100 million from investors, as it joined the host of related protocols building a zk-rollup solution. 

While the broader digital currency ecosystem is still warming up to the potential of these new technologies solutions, the backing of protocols creating solutions in this niche by industry leaders like Vitalik Buterin is a sign that shows promises for their future.

To aid its mission and vision, zkLend said it will also be hiring new staff across tech, marketing, and business development.

Image source: Shutterstock


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One Ethereum Rival Eyes Major Breakout After Gaining $1,200,000,000 in Total Value Locked: Delphi Digital

Crypto research firm Delphi Digital thinks a blockchain platform designed for decentralized finance (DeFi) could be the next major player among layer-1 scaling solutions.

In its Delphi Daily tweets offering updates and insights about the crypto space, the firm tells its 103,700 followers that Fantom (FTM) is defying an industry-wide downtrend by racking up an additional $1.2 billion in total value locked (TVL).

“While the TVLs across crypto have stagnated, @FantomFDN’s ecosystem has been vibrant.

Fantom has gained $1.2B (+20%) in TVL over the past week.”

Source: Delphi Digital/Twitter

The TVL of a DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

The Fantom Foundation also took to Twitter to celebrate surpassing the $10 billion TVL milestone.

Just over a year ago, Fantom said in a blog post that it envisioned itself as an “Ethereum helper, a solution to transfer some of the load off Ethereum to Fantom’s high-performance network.”

At that time, FTM was valued at $0.02 while Ethereum (ETH) had a price of $638.

Today Fantom is valued at $2.96, marking a 148x increase, whereas Ethereum at $3,315 has pulled slightly more than a 5x.

Delphi Digital wraps up its cryptocurrency analysis by reporting on findings that suggest optimistic horizons for Bitcoin (BTC) after a rough two months.

“On-chain data shows that throughout January’s price slump, long-term holders have accumulated Bitcoin after months of offloading Bitcoin at the end of last year.

Coupled with the correlation data shown yesterday, it illustrates a transference from shorter-term ‘weak hands’ to long-term ‘strong hands.’

A rise in long-term holder accumulation could be a positive indicator for Bitcoin price.”

Source: Delphi Digital/Twitter

At time of writing, Bitcoin is moving sideways and trading at $43,709.

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Delphi Digital forms $5 million NFT investment ‘syndicate’

Delphi Digital, a multi-service cryptocurrency investment, consulting, and research firm, has announced today the launch of “Delphi INFINFT,” a new investment wing focused on NFTs and the NFT ecosystem.

Per a post of Twitter, the fund will invest upwards of $5 million into “NFT marketplaces, DAOs, social tokens, fractionalization, NFT infrastructure, and any other new developments that may arise during the syndicate’s investment cycle,” and the team will be bolstered by noted NFT collector “gmoney.”

A NFT-focused fund might not be a surprise, given how the use case has been a bannercarrier bringing blockchain into public consciousness. However, NFT prices can be notoriously volatile and uncorrelated to the wider crypto markets. 

Delphi co-founder Yan Liberman told Cointelegraph the company is prepared to weather any downturns, however.

“Our fund has a very long term focus so the volatility is less of a concern. We actually think of it opportunistically in that it can favorable price entries,” he said.

Additionally, the company’s investment processes won’t have to change to accommodate the focus on a new asset class.

“Our investment process is very similar to the one we employ at Delphi Ventures. Begins with heavy due diligence and ends with a firm wide investment committee where we leverage our spectrum of expertise to have an exhaustive discussion about the project and landscape. The investment philosophy is also similar in that we’re looking to support the best founders and ideas with everything Delphi has to offer.”

The firm’s claim to being the “first” on-chain NFT-focused fund did ruffle some pink feathers, however. As multiple members were quick to point out in Delphi’s Twitter thread, Flamingo DAO was the first DAO formed as a NFT investment group, and has been making headlines with high-priced purchases in recent months.

However, aside from the spat over superlatives, it’s unlikely that there will be competition between the groups. While many of Flamingo DAO’s investments thusfar have been in NFTs directly, INFINFT looks to be focusing on infrastructure, though Liberman notes that “we plan on investing in both NFT infrastructure and directly into NFTs themselves.”

Delphi is no stranger to NFTs, having announced an investment in several rare “mystic” Axies, NFT-backed critters from the Axie Infinity game, last year. Liberman told Cointelegraph that they’re excited about not just gaming NFTs, but the broad range of use cases that haven’t even reached production.

“Axies, and gaming NFT’s in general, are just one subsector of NFTs that we’re incredibly bullish on. We believe the majority of applications haven’t been thought of yet, which is what makes us incredibly excited to launch this fund.”