Tenstorrent Secures $100 Million Led by Hyundai and Samsung

AI chip developer Tenstorrent has successfully closed a $100 million strategic financing up-round, co-led by Hyundai Motor Group and the Samsung Catalyst Fund. The funding round was announced on August 3, 2023, and includes participation from other investors such as Fidelity Ventures, Eclipse Ventures, Maverick Capital, and more.

Tenstorrent, headquartered in Toronto, Canada, with global offices in various locations, specializes in selling AI processors and licensing AI and RISC-V IP to customers who wish to own and customize their silicon. The company’s CEO, Jim Keller, has previously developed AI chips for major tech companies like Apple, Intel, and Tesla.

The funding details reveal that $30 million came from Hyundai, $20 million from Kia, and $50 million from the Catalyst Fund by Samsung and other participating investors. The funds will be used to “accelerate the company’s product development, the design and development of AI chiplets,” and further advancements in its machine learning software roadmap.

Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office at Hyundai Motor Group, commented on the investment, stating that the Group expects to “develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development.”

The investment comes at a time when developers are competing with Nvidia, the current market leader in AI chip development. The growing demand for high-powered semiconductor chips to develop AI systems has led to increased competition in the market, with companies like AMD also announcing details of forthcoming AI chips.

Tenstorrent’s collaboration with industry giants like Hyundai and Samsung highlights the growing interest in AI technology and the potential for innovation in the field. The investment also aligns with Hyundai Motor Group’s aggressive adoption of technology, including their acquisition of Boston Dynamics and joint venture with Aptiv.

Samsung Catalyst Fund’s EVP, Marco Chisari, expressed excitement about the opportunity to work with Tenstorrent, stating that the company’s “industry-leading technology, executive leadership, and aggressive roadmap motivated us to co-lead this funding round.”

The strategic investment in Tenstorrent is indicative of a broader trend in the automotive and electronics industries, where AI and semiconductor technologies are playing a pivotal role in shaping the future of mobility and computing. The collaboration between Tenstorrent, Hyundai, and Samsung may pave the way for new developments in AI technology, positioning them as key players in the rapidly evolving landscape of artificial intelligence and machine learning.

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Samsung Investment Exploring Hong Kong Spot-Bitcoin ETF


Following closely on the heels of its exchange-traded fund (ETF) for Bitcoin futures in Hong Kong, Samsung Asset Management has stated that it is exploring the launch of a spot Bitcoin ETF on the city’s exchange, provided that the laws allow for it. This announcement comes shortly after Samsung Asset Management launched its Bitcoin futures ETF in Hong Kong.

In a recent interview with Bloomberg that was published on January 13, it was reported that Sam Park, the chief executive of Samsung Asset Management in Hong Kong, was recently quoted as saying the following: “It truly depends on how policy is going to be created.”

He stated that developing Hong Kong into a hub for the Bitcoin business is “clearly” the goal of the administration in charge of the city’s affairs in Hong Kong.

Rebecca Sin, an ETF analyst at Bloomberg Intelligence, made the observation that “Hong Kong is well positioned to become Asia’s crypto gateway.” She anticipates that spot Bitcoin and Ether (ETH) products will be permitted there by the end of the year. Sin’s statement was made in reference to the fact that Sin believes Hong Kong is well positioned to become Asia’s crypto gateway. The basis for Sin’s forecast was the assertion that Hong Kong is “ideally positioned to become Asia’s crypto gateway.”

On January 13, Samsung debuted an exchange-traded fund (ETF) that will invest in Bitcoin futures on the Hong Kong Exchanges and Clearing Market. The Hong Kong Exchanges and Clearing Market is the only exchange in Asia that presently offers trading in Bitcoin futures ETFs. This distinction currently belongs to Hong Kong.

Additional interest has been shown in Hong Kong futures exchange traded funds (ETFs), such as the $73.6 million that was invested in two ETFs managed by CSOP Asset Management prior to their listing on December 16th. This investment is an example of the additional interest that has been shown in Hong Kong futures ETFs.

The fact that so much bitcoin activity is taking place in countries other than the United States is being attributed by many people to a lack of clarity in the applicable laws. Because of this, legislators are advocating for crypto legislation to be enacted as rapidly as is practically possible.


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Samsung Asset Management to Launch 1st APAC Metaverse Theme Active ETF on HKEX

Samsung Asset Management (Hong Kong) Limited (“SAMHK”), which Exchange Ticker: 3172.HK, announced to launch the first APAC metaverse theme active ETF in Hong Kong with the announcement of Samsung Asia Pacific ex NZ Metaverse Theme ETF.

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The listing is set to go live on July 7, 2022, on the Stock Exchange of Hong Kong (“SEHK”). The ETF sets the listing price at HKD15, board lot size of 50 units, price per lot is HK$750. The ETF is expected to be the first global APACblockchain ETF in Asia, whose management fees will be charged 0.85% per annum.

Samsung said the new ETF is “a simple tool that can help investors investing in Metaverse related industries in APAC ex NZ.” According to the company, the categories that will be considered may include but are not limited to augmented reality/virtual reality, artificial intelligence, social media, online gaming, digital transactions, devices, platforms and content.

Yet, no official announcement for the details of its top 10holdings though.

The metaverse is a virtual space created with the new internet using 3D technologies to imitate, simulate or enhance physical reality by technologies. The technologies involved in the metaverse are virtual reality, blockchain and augmented reality.

According to Gartner, the metaverse market may reach US$783.3 billion in 2024 with a CAGR of 13.1% since 2020.

As Metaverse business is in a vast and rapid developing stage, 3172.HK as an actively managed portfolio can grasp the investment opportunity in a “time to market” manner.

Samsung has also further stated that it is considering plans to list Amplify’s some other flagship ETFs in the Korean and overseas markets. The Korean investment company revealed that it is assessing a way to list Amplify CWP Enhanced Dividend Income ETF, in Korea or Hong Kong.

Previously, the group has launched another blockchain technology ETF in Hong Kong (Stock code: 3171.HK) last Friday (June 23), which is the first global technology active ETF, tracking various crypto companies. Its top 10 holdings include US-listed exchange CME Group, which offers bitcoin futures contracts, cryptocurrency banking group Silvergate, and IBM.

Samsung has been showcasing its growing interest in the crypto space with the release of its new flagship phone Galaxy S22 Ultra, Blockchain.News reported.

The South Korean electronics company announced that the S22 Ultra is equipped with a crypto wallet and users would also be able to store ID documentation and keys in digital format.

The electronics giant said that the new features in S22 Ultra are set to release later in the year first in South Korea before expanding globally.

Additional features that come with the new digital ID feature include storing documentation such as national IDs, driver’s licenses, digital debits and credit cards, and digital keys for houses and cars.

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Samsung to List Blockchain ETF on the HKEX

Samsung Asset Management Co., Ltd., a Seoul-based investment arm of Samsung Group, announced on Thursday that it plans to list a Blockchain exchange-traded fund (ETF) on the Hong Kong Exchange (HKEX) in the first half of this year, according to the Korea Economic Daily.

The Samsung Group’s investment subsidiary said that the new investment product is the first ETF that will track cryptocurrencies and blockchain tech companies listed in Asia.

The listing plans follow the Samsung asset management company’s acquisition of a 20% stake in US ETF sponsor Amplify Holding Company LLC, an Illinois-based ETF provider, in late March. Samsung said that, as a result, it has secured exclusivity to offer Amplify products in Asia through a $30 million deal.

Samsung Asset Management stated that it plans to brand the new ETF under its company’s name. The asset manager further mentioned that it will list the new ETF alongside its five existing ETFs on the Hong Kong Exchange, which track the performance of major companies such as global semiconductors; FANG+, Facebook, Apple, Amazon, Netflix, Google (Alphabet) and others; Asia-Pacific publicly traded equity real estate investment trusts (REITs); Chinese internet companies; and crude oil.

Samsung Asset Management said that the new ETF’s listing in the Hong Kong stock market will be Asia’s first public blockchain ETF that includes cryptos. However, the asset manager disclosed that the new ETF will not list on the South Korean Stock Market in the near term because of the country’s regulations on crypto investment.

Samsung further stated that it is considering plans to list Amplify’s some other flagship ETFs in the Korean and overseas markets. The Korean investment company revealed that it is assessing a way to list Amplify CWP Enhanced Dividend Income ETF, in Korea or Hong Kong.

Boosting Mainstream Crypto Adoption

Samsung, the South Korean technology giant and creator of the Galaxy smartphones, is becoming a major driver of Bitcoin, crypto, and blockchain adoption.

In early 2020, Samsung started developing 5G enabled smartphones that support Bitcoin, crypto, and blockchain wallets.

Cryptos stored on a smartphone-based wallet give users control over their private keys as the new technology removes reliance on external exchanges. This is a significant way in which Samsung is putting the power of Bitcoin, cryptocurrency, and blockchain in people’s hands.

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Samsung Inks Deal with Nifty Gateway, Allowing Trading NFTs with Smart TVs

For more innovations, South Korean electronics giant Samsung has teamed up with Nifty Gateway to develop a new line of smart TVs to enable non-fungible tokens (NFTs) to be bought, sold, and held. 

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Nifty Gateway, a leading marketplace for NFTs owned by Gemini crypto exchange, will join Samsung’s NFT platform on its 2022 Neo QLED premium and QLED TVs. 

Per the report:

“This partnership enables users to browse, display and interact with NFTs on their Samsung TVs. It provides them with access to more than 6,000 pieces of digital art and collectibles from artists like Daniel Arsham, Pak and more.”

Duncan Cock Foster, the co-founder of Nifty Gateway, welcomed the cooperation and noted:

“The objective of Nifty Gateway is to bring NFTs to a billion people by empowering creators and streamlining the process by which customers buy, sell, produce, and hold NFTs. We are devoted to making NFTs more accessible and purchasing them more convenient than before.”

The ground-breaking partnership will entail using Nifty Gateway’s Omnibus wallet when buying NFTs using cryptocurrency and credit or debit cards.

Samsung has been gearing up towards the crypto space, given that it disclosed plans to develop top-notch metaverse devices to foster accessibility earlier this month. This decision was reached because the company saw the metaverse and robots as new growth engines.

As the crypto space continues to gain steam, more digital giants are jumping on this bandwagon to create seamless devices. For instance, South Korean tech giant LG Electronics recently revealed plans to add blockchain, cryptocurrency, and medical devices as new sectors in its corporate charter, Blockchain.News reported. 

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SK Square Earmarks $1.6b to Invest in New Tech Including Blockchain

SK Square, the largest shareholder of South Korean chipmaker SK Hynix, is reportedly earmarking the sum of 2 trillion won ($1.63 billion) to invest in new technologies, including chips and blockchain.


Per a Reuters report, the investment will feature a number of targeted partnerships with both domestic and foreign investors alike.

“We are considering investments in companies ranging from those that are big in scale to those that are small,” Co-CEO of SK Hynix Park Jung-ho, who is also CEO of SK Square, said in its annual shareholder’s meeting.

SK Square currently controls about a 20.1% share of SK Hynix, a company that has made its mark in the semiconductor space. There was not much detail revealed about the proposed investment in the blockchain space. However, the Korean Herald reported that SK Square is planning to launch its own digital token as contained in a whitepaper detailing the properties of the new coin. The scheduled timeline for the issuance of the whitepaper is expected to launch in the first half of the year, while the coin will be officially launched by the end of the third quarter.

The report has it that the new project will form the building blocks of a new blockchain-based economic system across SK Telecom’s metaverse platform and other SK Square affiliates’ internet service.

“This will mark the first year when SK Square creates new shareholder value by investing in chips and blockchain, the fields that we are familiar with and we see a high growth potential,” Park Jung-ho added.

It is not uncommon to find a related move by a mainstream technology company diving into the blockchain world. From Samsung to Nvidia and LG Electronics, the number has continued to increase as these tech firms are creating their own pathways through NFTs, metaverse, and other related moves. SK Square will rank as one of the big players from South Korea to join the train.

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Samsung Launches New Phone, Featuring Crypto Wallet Equipment

Samsung is showcasing its growing interest in the crypto space with the release of its new flagship phone Galaxy S22 Ultra.

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The South Korean electronics company announced that the S22 Ultra is equipped with a crypto wallet and users would also be able to store ID documentation and keys in digital format.

The electronics giant said that the new features in S22 Ultra are set to release later in the year first in South Korea before expanding it globally.

Additional features that come with the new digital ID feature include storing documentation such as national IDs, driver’s licenses, digital debits and credit cards, and digital keys for houses and cars.

Sources have claimed that other possible features might include storage of boarding passes, coronavirus vaccination cards, and crypto in the digital wallet.

Samsung announced that the wallet would be “a seamless, convenient and secure experience to make everyday life easier,” the company said.

Samsung also added that the wallet combines digital payments, asset management, keys, and ID into one tool that will help in simplifying a user’s day to day routines. 

Samsung’s growing interest in the crypto sector was clearly visible when it first unveiled the phone on the metaverse using Decentraland – a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.

Samsung has further showcased its ambitions for the metaverse by launching a store on Decentraland.

According to  January 7, 2022, reported by Blockchain.News, Samsung Electronics America launched a new store dubbed the Samsung 837x on Decentraland.

The report added that the Samsung 837x store is modelled after the tech giant’s physical Samsung 837 flagship location in New York City, and it seeks to give visitors a unique metaverse experience and experiential playground for people to discover the amazing possibilities when technology and culture collide.

While in 2021, Samsung issued an official announcement to inform users that they will now be able to manage and trade cryptocurrencies from third-party wallets directly on Samsung Galaxy smartphones, Blockchain.News reported.

The update was designed to provide blockchain users with a more convenient and faster way to process transactions between digital assets by transferring funds from cold storage wallets to the Samsung blockchain, the report added.

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Tech troubles as Samsung debuts Galaxy S22 phones at Metaverse event

Samsung has unveiled its new range of Galaxy S22 premium smartphones at its virtual Samsung 837X space in the Decentraland metaverse.

Over 100,000 users attended the “Samsung Unpacked 2022: The Epic Standard of Smartphone Experiences” event in the first 11 hours since it launched on Feb. 9 at 1:37PM UTC, making it one of Decentraland’s most experienced destinations to date.

The South Korean multinational electronics company showcased the new Galaxy S22, Galaxy S22 Plus, and Samsung Galaxy S22 Ultra on a screen in the Samsung 837X space’s “Connectivity Theatre.” Metaverse-averse fans could also watch via stream on Samsung’s YouTube channel and other various social platforms.

Users were theoretically able to preorder the new products by clicking on an icon that sent the user to Samsung’s website. However, technical issues plagued the feature, with many people taking to Samsung’s Twitter to complain.

“Did the site crash, I can’t even place my order in the cart?” asked one user. Another user replied, saying the same thing had happened to them. They added that it seems as though “scalpers and robots are trying to steal the show.”

Meanwhile, others complained that they were unable to collect the NFT badge reward for completing the event’s “Turning Red Hearts Green” treasure hunt game. The “quest” is set to run for five days, culminating on Feb 14.

Upon entering the Samsung 837X space, a hologram asks users to find and collect five discarded cardboard boxes to receive a gift. The gift turns out to be a seed to plant in Samsung’s virtual forest, to highlight the company’s focus on sustainability.

In exchange for planting the seed, users are supposed to receive a heart badge. In order to receive the real gift, they need to return on Valentine’s Day (to show their love for the forest) to swap the badge for an “exclusive new wearable.”

Despite the technical challenges, it seems as though users were generally pleased with Samsung’s focus on the climate and willingness to embrace burgeoning technology. One user in attendance at the event, “CheddarQueen,” told Cointelegraph that they enjoyed the “sustainability aspect” of the event.

“Many people say the Metaverse disconnects us from the natural world but this challenge proves just the opposite.”

On the other hand, some mainstream media outlets that reported on the launch didn’t seem too impressed. Cnet didn’t hold back, writing that it was an “example of what not to do when using the Metaverse to host a product launch”

“This could have been a lot of fun, but instead felt rushed and incomplete. It was a halfhearted attempt in a long line of cultural zeitgeist moments from Samsung.”

Related: Samsung launches metaverse store in Decentraland

The Samsung 837X space on Decentraland first opened its doors on Jan 6 as a virtual replica of its real-world storefront at 837 Washington Street in New York City.

Samsung also announced the same month that it would be partnering with blockchain technology company Veritree to plant 2 million mangrove trees in Madagascar over the next three months.


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Cardano Backed Metaverse Project Pavia’s Land Price Skyrockets

Last week, Cardano network launched Pavia, a gaming application on the Metaverse. This stands as the first metaverse project operated on the Cardano blockchain.

The use of non-fungible tokens (NFTs), which operate with the same blockchain technology as cryptocurrencies, is increasing. They enable investors to get tokenized assets of their favorite art items, idols, places, etc. NFTs create representations of both tangible and non-tangible items.

According to its design, Pavia has about 100,000 land parcels issued. Each land parcel’s minting is a non-fungible token, NFT, that possesses individual coordinates.

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The pre-selling of the parcels kick-off since 2021 with more than 60% done between October and November. Also, there is a rush for the remaining portions which will be on sale within the first quarter of 2022.

The functionality of Pavia’s native token is as an in-game asset. An airdrop of Pavia’s native token was made to NFT landholders. This was after the blockchain’s snapshot in December 2021.

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According to data from MuesliSwap, a Cardano-based exchange, Pavia tokens are selling around 20 cents per coin at the press time. Also, it has a market cap of more than $107 million.

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Furthermore, Pavia landowners are more than 8,300. The data has it that the users were unable to deploy assets over their land on Monday. Caution documents from Pavia have warned customers that they can neither visit nor deploy content to the plots. This was due to the development stage of the land parcels.

More Craving For Metaverse Projects On Cardano

The emergence of Pavia on Cardano is during the period of incredible carvings for virtual parcels of land. Presently, the sale of virtual plots of land runs into millions of dollars on several blockchains such as Ethereum.

The value for land plats on Pavia runs as huge as 30,000 Cardano on CNFT, the Cardano NFT marketplace. This amount is equivalent to about $45,600 at the press time.

The Metaverse is recently getting more attention. It is a virtual world that provides people with unrestricted interactions like the real world.

This distinguishing factor is its digitalization of operations. The functionality of the Metaverse is attracting several firms as they intend to create their appearance on the platform.

One of the companies interested in the Metaverse includes Binance.US, developing on Portals, an office. Portals is a Solana-based metaverse project.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Also, Samsung, a global electronics maker, launched a metaverse brand of its New York City flagship store. This launching took place this January on Decentraland.

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Lamborghini Ventures into NFTs with New Collection

Italian luxury car manufacturer Lamborghini is launching its Non-Fungible Token (NFT) collection to cement its foothold in the emerging digital art world.

The company said its NFTs, which will be a total of 5, is a digital version of ‘Space Key’, a physical object crafted from a 3D composite material sent to the International Space Station for joint research work.

Built-in collaboration with NFT PRO™, a white-label NFT solution provider for enterprises, Lamborghini said the five artworks will be up for auction with details to be provided at a much later date. The anticipated update includes the details of the artist who worked on the piece and what the NFTs themselves will look like. Each of the physical Space keys is integrated with a QR Code at the back, which will be needed to grant access to the associated NFTs.

“Innovation is a deeply rooted part of the Lamborghini DNA,” said Stephan Winkelmann, Chairman, and CEO of Automobili Lamborghini.

“Now entering the metaverse is again proof of Lamborghini always setting sail for new horizons. The NFT world has been calling to us, and we are excited about engaging with this very passionate and innovative community.”

Lamborghini churns out cars that are exclusive to the affluent in society. While the details of the NFT collection remain an enigma, one can glean based on the company’s pedigree that the NFT collection will embody class and the scarcity based on its limited number. That will also make it the craving of most of the digital art collectors around the world.

From Samsung to Lamborghini, and Adidas, more brands are finding their way into the NFT and metaverse world, a move that is billed to push the industry into the mainstream in a few years.

Image source: Blockchain.news


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