During a fireside chat at the Hong Kong Web3 Festival, Binance CEO Changpeng Zhao (CZ) shared his views on the importance of regulators having a deep understanding of the crypto industry to properly regulate it. According to CZ, applying traditional financial industry regulations to crypto is not ideal since crypto is different from banks and traditional financial industries.
One of the challenges of regulating the crypto industry is deciding on how to classify different assets. CZ explained that there are many types of crypto assets, and some may look like securities, others like commodities, or utility tokens, and some may even have a combination of those characteristics. Therefore, it is important for regulators to know how to classify these assets to decide on appropriate regulations.
CZ also stressed the importance of having regulatory clarity. He stated that unclear regulations are “the worst,” and having clear regulations is better. However, he also suggested that it is best to let the industry develop fully before introducing regulations, as it is difficult to predict what exactly will be popular in the industry.
In terms of engaging with regulators, CZ advised crypto industry players to be actively engaged with them. While many crypto regulators around the world are receptive, some are still skeptical. However, CZ believes that skepticism should not deter industry players from engaging in conversations with regulators.
When asked about what could trigger mass adoption of crypto, CZ pointed out that government efforts to restrict traditional financial markets may push more people towards crypto, ultimately leading to mass adoption. He explained that the more governments try to come for crypto, the more it will grow.
Finally, CZ stressed the need for patience among crypto industry players. He believes that the first draft of regulations is often overly restrictive, but a balance is usually found in due time. Therefore, it is important for industry players to be patient and understand that regulations will continue to evolve over time.
Overall, CZ’s fireside chat highlighted the importance of understanding the crypto industry for proper regulation. As the industry continues to grow and evolve, it is crucial for regulators to keep up and engage with industry players to ensure effective regulation.
Chainlink announced that the node had gone live in a Tuesday press release. The node is expected to give blockchain developers access to weather data, including“current weather by geolocation… current temp, max temp, min temp, and precipitation.” This will allow for weather data to be used in smart contracts powering decentralized applications.
Weather data bridges could potentially allow for novel use cases such as dynamic NFT art or games that could change with the weather. The update also opens the door up to weather prediction, hedging markets, and other weather-based blockchain apps.
Kurt Fulepp, Chief Product Officer at AccuWeather, said of the update:
“We look forward to seeing how hybrid smart contracts using AccuWeather data create value for farmers, business, and humans all over the globe, ultimately fostering a lasting social impact across developed and emerging markets.”
AccuWeather is an American company that provides weather data, forecasts, and warnings to over a billion people globally every day in one way or another. In addition to its own native channels, it delivers weather updates to roughly 180,000 third-party websites. AccuWeather will now be able to use its Chainlink node to circulate data across multiple blockchains, and the data will have its own cryptographic signature proving that the data came from AccuWeather.
Chainlink is adecentralized oracle network that allows blockchains to access external data. It’s become a crucial part of the DeFi ecosystem. According to AccuWeather, Chainlink was chosen for its node because it is time-tested, widely adopted, and required “little integration work.” Chainlink is by far the most used oracle network in the crypto space today.
Chainlink establishes new partnerships rather often, and not only with crypto natives. In October, the project announced a partnership with Associated Press, allowing for the firm to provide data related toU.S. elections and business financials, among other topics. It also appointed Google’s former CEO Eric Schmidt to its advisory board last week.
Disclosure: At the time of writing, the author of this piece owned LINK and several other cryptocurrencies.
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You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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AMC Entertainment Holdings, the largest theater chain worldwide, has launched online crypto payments. AMC theaters will now accept payments in four different cryptocurrencies.
AMC Now Accepts BTC, ETH, and More
Adam Aron, CEO of the theater chain AMC, has announced on Twitter that the theater company now officially accepts cryptocurrency.
This means that going forward, customers can use four cryptocurrencies—Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH)—as a means of payment while booking movie tickets online. AMC also plans to accept Dogecoin (DOGE) next, Aron confirmed. Aron further claimed that crypto already makes up 14% of all of AMC’s online transactions.
With one phrase in his tweet, “Dogecoin Next,” Aron appeared to confirm that the company plans to accept Dogecoin (DOGE) soon. This move is not as surprising, given that AMC began allowing Dogecoin as a payment option for gift cards in October.
Big newsflash! As promised, many new ways NOW to pay online at AMC. We proudly now accept: drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next. pic.twitter.com/a7pqYBm7HB
— Adam Aron (@CEOAdam) November 12, 2021
Founded in 1920, AMC is the largest movie theater company in the world, with over 11,000 screens and about 1,000 venues globally. Its decision to support crypto payments has been hailed as a huge step for crypto adoption.
Aron had previously conducted Twitter polls, asking followers if AMC should also accept top meme coins Dogecoin and Shiba Inu (SHIB). After today’s announcement, Dogecoin support has been confirmed, though it remains to be seen if the company will add support for Shiba Inu later.
Just like Doge, Shiba Inu’s popularity has been on the rise as a meme coin, and the token briefly overtook Dogecoin by market capitalization in late October.
AMC initially expressed interest in cryptocurrency during a Q2 investor call to improve its payments systems.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Discord’s CEO Jason Citron has said that the app has “no current plans” to integrate Ethereum.
This week, Citron suggested that Discord may support the smart contract blockchain, prompting a backlash from many users.
Many Discord users have continued to air their concerns following Citron’s latest update.
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Discord is pausing its crypto plans after heavy resistance from users.
Discord U-Turns on Ethereum Plans
Discord founder and CEO Jason Citron has suggested that the platform will pause its plans to integrate Ethereum wallets. In a Thursday tweet, Citron wrote:
“Thanks for all the perspectives everyone. We have no current plans to ship this internal concept. For now we’re focused on protecting users from spam, scams and fraud. Web3 has lots of good but also lots of problems we need to work through at our scale. More soon.”
The post followed a Tuesday tweet in which Citron suggested that the messaging app may be integrating Ethereum, potentially paving the way for users to exchange NFTs and ERC-20 tokens in the Discord app. Citron teased a screenshot that appeared to show an interface allowing users to connect to Ethereum via the Web3 wallets MetaMask and Wallet Connect.
The suggestion followed similar updates from social platforms like Twitter, Facebook, and Reddit. Twitter and Facebook have both signaled their interest in supporting NFTs this year, while Reddit launched community points tokens on Ethereum.
While the crypto community applauded Citron’s implication of the shift to adopt Ethereum, many Discord users opposed the move.
Disgruntled users posted a variety of complaints in response to the update, claiming that integrating Ethereum could increase fraud incidents on Discord. They also pointed to the alleged environmental impact of minting NFTs on Ethereum. “Even if we put the environemental impact aside, this whole thing is a big nonsensical scam and money laundering scheme,” a Twitter user going by the name FranckyFox2468 wrote.
A thread on the official Discord subreddit titled “Discord developers: Please do not support NFTs” also received hundreds of replies, many of them sharing complaints about NFTs.
Following Citron’s latest update that Discord would be putting its crypto plans on hold, many users responded with further grievances. On the Discord support page, multiple users posted messages indicating that they would cancel their Discord Nitro subscriptions due to the app’s apparent interest in NFTs. Meanwhile, Citron’s tweet received hundreds of replies slamming his indication that his refusal to rule out a move to support NFTs in the future. “This is a fancy way of saying “We’re waiting until the heat dies down.”” wrote Dani Sylvini. “I say, keep the heat on. If anyone dropped Nitro over this, keep it withheld. If you don’t have Nitro yet but object to this, hold off.”
Among the respondents was Uniswap founder Hayden Adams, who wrote that some of the replies were “pretty surreal,” but that he thought “misunderstanding and fear” surrounding NFTs will endure despite Ethereum’s upcoming Proof-of-Stake and Layer 2 updates.
Some of the replies to this are pretty surreal, and a good reminder of how early in web3 we are
PoS + L2s will fully address environmental concerns over the next year imo, but the misunderstanding and fear will be around much longer https://t.co/ookaLiZdSe pic.twitter.com/tPgyJvOnVN
— hayden.eth 🦄 (@haydenzadams) November 11, 2021
Discord is the most widely used social network for gamers, with a monthly active user base of around 150 million. If it follows other social media networks, NFTs and in-game items could potentially be a large growth catalyst for the company. However, based on the latest developments, it’s clear that many users are strongly opposed to the technology.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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On Monday, Mastercard announced new services that will allow customers to buy, sell, and hold cryptocurrency. The new products are set to be developed in collaboration with Bakkt.
Bakkt Facilitates Crypto Adoption For Mastercard Clients
Mastercard, a global payments processing giant, announced today that it would offer new services to enable customers to purchase, buy, sell and hold assets through custodial wallets. The firm’s crypto product line is developed in partnership with Bakkt, a crypto assets platform owned by Intercontinental Exchange–the parent entity of the New York Stock Exchange.
For seamless integration with crypto assets, Mastercard will introduce a new line of crypto-based debit and credit cards. Mastercard said it will also tokenize traditional credit card reward points, making them exchangeable for Bitcoin or Ethereum.
After banning payments to crypto exchanges in 2018, Mastercard’s viewpoint towards the industry appears to have shifted over the last year following massive institutional investments into Bitcoin. Compared to its top competitors, Mastercard was late to embrace the crypto payments sector. VISA, its main rival in the payments space, entered the space earlier, allowing Coinbase, Crypto.com, and others to issue crypto-backed debit cards in 2019.
Recently, Mastercard has made several crypto-related investments. It has also teamed up with firms like Uphold, Gemini, and BitPay to launch crypto cards. The firm is following Visa’s lead in supporting USDC payments directly on its payment network.
Despite its late entry, Mastercard’s broad crypto offerings should help expand options for fiat on-ramps for its client network, which consists of thousands of commercial banks and over 2 billion merchants worldwide. With an array of payment options from both VISA and Mastercard, the number of options for merchants and banks to process cryptocurrency transactions is set to increase substantially.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Ukrainian Parliament has voted in favor of the “Virtual Assets Bill.”
The bill recognizes crypto as an intangible asset and creates norms for exchange operations.
It permits citizens to open and use bank accounts for transactions with crypto assets.
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Ukraine’s lawmakers have voted in favor of legalizing crypto ownership and businesses operating in the space.
Ukraine Gives Citizens Right to Own Crypto
Ukraine has become the latest country to pass a crypto-friendly bill.
276 out of 376 members of the Verkhovna Rada have voted in favor of the “Virtual Assets Bill,” a new law that regulates cryptocurrencies.
The regulation defines the rights and obligations of participants in the digital assets market. It legalizes crypto transactions, exchange operations, and establishes investor protection norms.
As a final step, the bill will require a sign of approval by President Volodymyr Zelensky. Once the President ratifies the bill, it will implement regulatory standards for crypto businesses to offer services and protect users from fraud.
At its core, the draft law defines a “virtual currency” as an intangible asset expressed by a set of data in electronic form, which the citizens have the right to own and do business with. In that regard, the draft bill has recognized crypto assets under the civil code.
The proposed law allows citizens to open and use bank accounts for transactions with crypto assets such as Bitcoin and Ethereum. However, the document clarifies that crypto assets are not a means of payment that cannot be exchanged for goods and services. Only the official national currency, the Ukrainian Hryvnia, can be used as the official currency of payments.
The draft bill clarified that crypto transactions should not contradict any security measures taken by the country’s central bank. In line with FATF guidelines, all crypto exchanges in Ukraine will have to register and implement Anti-Money Laundering and Know Your Customer procedures to prevent money laundering and terrorist financing through crypto.
Ukraine is already a focal point for cryptocurrency activity. The blockchain analytics firm Chainalysis ranks the Eastern European country in fourth place on its Global Crypto Adoption Index. Ukraine is known as a tech-savvy country. with over 230,000 professionals working in the software and IT sector.
Commenting on the bill, Ukraine’s Ministry of Digital Transformation said the draft law could open the door for crypto-based businesses to enter the country.
Several industry experts based in Ukraine have also welcomed the draft bill. In a public statement, the CEO of the Binaryx exchange Oleg Kurchenko said that it would “reduce stereotypical attitudes towards cryptocurrencies and will help them to become normal financial instruments.”
With its latest move, Ukraine looks to be taking steps to join the list of countries where crypto-based businesses are fully legal. Countries such as Malta, Singapore, Hong Kong, Germany, Luxembourg, and Japan, have already established similar regulations legitimizing trade in digital currencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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David Marcus, the head of Facebook Financial, has told Bloomberg that the firm is “definitely looking” at adding support for NFTs.
Facebook plans on supporting NFTs within its Novi crypto wallet. The wallet will also be used for stablecoins.
The social networking giant is only the latest in a string of major companies to adopt or express interest in digital collectibles.
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Facebook executive David Marcus has said that the social media giant is considering adding NFTs to its Novo crypto wallet.
NFT Hype Reaches Facebook
Facebook, arguably the most powerful social media platform in the world, is considering integrating NFTs within its crypto wallet product, Novi.
In an interview with Bloomberg, David Marcus, the head of Facebook Financial, said the firm was “definitely looking” at adding support for non-fungible tokens (NFTs) in its wallet product. He added:
“We’re definitely looking at the number of ways to get involved in the [NFT] space because we think we’re in a really good position to do so.”
According to Marcus, Facebook’s plan is to use NFTs within the Novi crypto wallet. Facebook designed Novi to support transactions for Diem, the stablecoin project previously known as Libra.
“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs,” Marcus said.
The Facebook executive also hinted that the Novi wallet would allow users to hold and transact NFTs, without revealing specific details. The wallet has been built on a permissioned blockchain network developed by Facebook’s team.
Demand for NFTs has soared recently during a period that some are calling “NFT summer.” One of the biggest drivers of the growth is OpenSea, an NFT marketplace built on the Ethereum blockchain. Amid the booming NFT market, the OpenSea platform has registered over $1.5 billion in trading volumes in the last month.
Other Ethereum-based Web3 wallets such MetaMask and TrustWallet also allow users to store and send NFTs with each other, though they don’t fully sync the assets.
Facebook originally designed its wallet for Libra in 2019. It was envisioned as a dollar-pegged digital asset that could be exchanged across the Internet, similar to other tokens like USDC and USDT. Libra received a lot of pushback from regulators worldwide, who expressed concerns over its misuse by nefarious entities.
Since the tussle with regulators, the company has been slowly moving towards rolling out the stablecoin under a rebranded name, Diem.
Facebook’s interest in NFTs is being considered welcome news among enthusiasts, but the social networking platform is not the first large tech company to use NFTs.
Among the largest American technology companies or FAANG stocks, Microsoft was the first to adopt NFTs.The IT giant behind the Windows operating system had partnered with Enjin to reward its developer community with unique digital collectibles.
However, Microsoft’s NFT exposure has been limited to its developer community. Several other global firms across such as Shopify, Atari, Coca-Cola, Budweiser, and Twitter have integrated, released, or purchased their own NFTs in recent months. As an increasing number of global companies look to enter the space, it seems clear that the technology is here to stay.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Compound is up 23.4% in the last 24 hours following the announcement of its new Treasury product.
The Treasury will offer a fixed 4% interest rate on cash deposits made with wire transfers.
It’s aiming to help traditional businesses earn from DeFi yields without directly using cryptocurrencies.
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Compound has announced a new product called Treasury Accounts allowing non-crypto clients to earn 4% APR on fiat deposits. The protocol’s COMP token has surged 23.4% following the announcement.
Compound Rallies on Treasury News
Compound is soaring.
The DeFi protocol’s COMP token is up 23.4% in the last 24 hours. The asset has broken out of a descending wedge and is moving towards resistance.
Source: TradingView
One reason for the price rally may be Compound’s latest product news. Compound announced a Treasury aimed at traditional businesses and institutions last night.
We’re proud to announce Compound Treasury, designed for businesses and financial institutions to access the benefits of the Compound protocol.
The idea is simple: a fixed 4% APR on US dollars, with daily liquidity and none of the complexity of crypto.https://t.co/l8ih8IzrHh
— Compound Labs (@compoundfinance) June 28, 2021
The product allows clients to earn a fixed 4% APR yield on cash deposits without using any cryptocurrencies. It’s the result of a partnership with crypto custody firm Fireblocks and Circle, which issues the USDC stablecoin. The offering is designed to overcome the complications associated with the use of cryptocurrencies for non-crypto clients.
Clients will only need to wire U.S. dollars to start earning a fixed interest rate.
While 4% is relatively meager in DeFi terms, it is relatively much higher than any traditional bank can provide on dollar savings accounts.
Treasury Accounts will automatically convert U.S. Dollars to USDC. The funds will then be supplied to the Compound Protocol to generate a yield.
In the announcement of the product, Compound Strategy Lead Calvin Liu said:
“Our vision is that Compound Treasury becomes the bridge for non-crypto financial institutions to deliver the core benefits of DeFi to the next billion users.”
Liu added that neobanks, fintech firms, and other traditional firms can take advantage of stablecoin yield rates on Compound protocol.
The service will manage private key management and crypto-to-fiat conversion for customers.Furthermore, since the rate of interest is fixed, customers do not have to bear the interest rate volatility found in lending protocols.
Treasury Accounts may appeal to those looking to make a better return on what the traditional banking system currently offers.The team has already started onboarding customers and plans to expand access to Treasury Accounts over the coming months.
DeFi has suffered recently. Many tokens dropped as much as 70% from their highs when the market crashed in May, and several assets have underperformed tokens like Ethereum over the course of this year’s bull run. Nevertheless, COMP’s recent rise shows that enthusiasm in the space hasn’t completely died yet.
This news was brought to you by ANKR, our preferred DeFi Partner.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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Chia has raised $61 million from leading venture capitalists in its latest funding round, putting its valuation at $500 million.
Chia is being touted as an eco-friendly alternative to Proof-of-Work blockchains like Bitcoin.
The firm is also said to be eyeing an IPO or SPAC merger in the future.
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Chia, a storage-based cryptocurrency that’s been described as a “green Bitcoin,” has raised $61 million in a Series D funding round led by Andreessen Horowitz and Richmond Global Ventures.
Chia Gains Traction
Chia has landed a valuation of $500 million after securing a $61 million investment in a funding round led by Andreessen Horowitz and Richmond Global Ventures. A host of other top venture capital firms participated in the round, including Breyer Capital, Cygni Capital, Collab+Currency, DHVC, Naval Ravikant, Slow Ventures, and True Ventures.
Following the valuation, Chia is planning to go public via an Initial Public Offering or SPAC merger in the near future, according to reports. If Chia does go public, it would be the first major cryptocurrency issuer to be publicly traded in the U.S. In the past, similar rumors have surfaced about other crypto firms like Ripple going public. However, excluding the cryptocurrency exchange Coinbase’s recent direct listing, none have come to fruition.
Chia was founded by Bram Cohen, the famed inventor of BitTorrent, and incorporated in the U.S. state of Delaware in Aug. 2017. The firm has written in its business whitepaper that it intends to drive the adoption of Chia across enterprises and focus on business cases like e-commerce and cross-border payments. The funds raised in the Series D round should go some way to fast-tracking that via new hires and other expansions.
The project strives to be an eco-friendly alternative to Proof-of-Work chains like Bitcoin. It’s widely known that Bitcoin mining consumes a huge amount of electricity. A Cambridge study found that mining currently uses about 112.5 terawatt-hours annually, a level of power consumption that comparable to countries like Finland. Although 75% of miners use renewable energy, Bitcoin has been subject to much criticism for its environmental impact recently, thanks in no small part to Elon Musk. Last week, Tesla announced it would stop receiving Bitcoin payments citing the asset’s environmental impact, sparking debate and a brief price crash.
Unlike Bitcoin, Chia does not consume significant amounts of electricity because generating new blocks on the network does not require computing hashes using specialized hardware like ASIC chips and GPUs. For block production, Chia uses a consensus algorithm called Proof of Space and Time, which relies on computer storage. Users can deploy unused portions of storage drives and earn XCH, the native cryptocurrency of the network.
After its mainnet launch in May 2021, Chia mining has quickly surged in popularity. According to reports, crypto users in countries like China have been stockpiling SSD cards specifically for Chia mining. The trend is causing a rise in the prices of SSD disks around the world. There’s now also an AWS service in China that allows users to mine XCH by renting high amounts of storage.
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