Archiv für den Monat: Februar 2023

Build Your Own Online Town with Crypto Backed Web3 App!

• Here Not There Labs has raised $25 million in a Series A round led by Andreessen Horowitz (a16z) to build out Towns, a Web3 group chat protocol and app.
• The startup also received backing from Benchmark and Framework Ventures.
• Towns offers an end-to-end encrypted chat protocol that lets communities create programmable, self-governed „town squares“ where users can assemble and chat.

Here Not There Labs Raises $25M for Web3 Startup

Here Not There Labs has just secured $25 million in a Series A round of funding led by venture capital firm Andreessen Horowitz (a16z). The investment will go towards building out Towns, a Web3 group chat protocol and app that allows online communities to create blockchain-based gatherings in a fully decentralized way. Benchmark and Framework Ventures also participated in the round.

What Is Towns?

Towns is an end-to-end encrypted chat protocol designed to let communities create their own programmable, self-governed „town squares“ where users can assemble and communicate without worrying about access being revoked or rights being changed due to decisions made by the app owner. Through this platform, community members can control settings like administration, privacy and roles; customizing the experience with features such as rewarding member participation or allowing NFT sales within the chat itself. Additionally, any community can build new clients or application programming interfaces (API) for further customization options on the protocol level.

The Promise of Decentralization & Web3

As General Partner Sriram Krishnan of Andreessen Horowitz stated in his blog post draft: “The team’s vision for creating a digital town square where members can define the borders, set the rules, and build the world they want is an ambitious goal that is uniquely achievable through the promise of decentralization and web3.“ Despite recent industry trends showing decreased investments during this crypto winter period, it appears that Web3 was one sector which remained relatively stable throughout January 2021.

About Here Not There Labs

Here Not There Labs was founded by Ben Rubin – cofounder of Houseparty & Meerkat – as well as Brian Meek – former CTO at Twitch/Amazon Studios. Together they have set out to replicate town squares online while leveraging blockchain technology which provides increased security benefits over traditional apps based on centralized systems alone.

Conclusion

This latest milestone achieved by Here Not There Labs proves there are still investors willing to back innovative projects looking to revolutionize how we interact online through decentralized protocols such as web 3 technologies using blockchain technology – even during difficult market conditions like those seen during this past crypto winter period!

Coinbase Launches Layer 2 Blockchain Base: Easier On-Ramp for Ethereum, Solana and Others

Summary:
• Coinbase launches Base, a layer 2 blockchain built on Optimism’s OP Stack.
• Base provides access to Ethereum, Solana and other blockchains.
• Coinbase announces the Base Ecosystem Fund to invest in projects building on Base.

Table of Contents:
I. Introduction
II. Overview of Coinbase’s Layer 2 Blockchain – Base
III. Benefits of Using Coinbase’s Layer 2 Blockchain – Base

Article: Introduction – With the increasing popularity of cryptocurrencies and decentralized applications (dapps), the need for reliable platforms that can handle high transaction volumes without compromising scalability has become more pressing than ever before. To meet this requirement, crypto exchange Coinbase (COIN) recently launched its layer 2 blockchain called “Base” which is built on Optimism’s OP Stack technology. This article will discuss the launch of Coinbase’s layer 2 blockchain, what it offers users and developers, as well as details about its ecosystem fund program designed to support early-stage projects building on Base that meet certain criteria.

Overview of Coinbase’s Layer 2 Blockchain – Base – The testnet for base was started by Coinbase on Thursday and it is joined by Optimism as a core developer for its open-source OP Stack toolkit which is used for developing applications over the Optimism network itself. It is important to note that while base does offer close integration with Ethereum, it does not limit itself to this particular blockchain alone; instead, it also enables secure access to other layer two networks such as Optimism or even different blockchains ecosystems like Solana among others. According to Will Robinson who is Vice President of Engineering at Coinbase “We’re incubating Base inside of Coinbase leveraging our experience from the past decade when building crypto products with plans to decentralize the chain over time“.

Benefits of Using Coinbase’s Layer 2 Blockchain – Base – Using this layer two network allows developers to directly integrate their product with base while providing fiat onramps all targeting an estimated 110 million verified users and $80 billion in assets held within the coindesk ecosystem which makes usage much easier than ever before especially when compared with using traditional crypto exchanges or trading platforms where one would have had to go through a long process just in order sign up and get started using these services; not only that but due to them being part of a larger entity like coinbase such transactions are also likely much safer too given how large scale companies tend have better security protocols than smaller ones do or even individuals running their own operations independently from any organization whatsoever could provide thus making them significantly less vulnerable than before allowing people transact safely without worry about stolen funds or hacked accounts . Furthermore since coinbase already has so many users already signed up , they can also easily incentivize people into trying out their services by offering discounts or loyalty points similar things done by conventional banks credit card companies etcetera thus helping expand reach even further .

Many Stablecoins Failing to Meet Forthcoming Global Standards: FSB

Summary:
• The Financial Stability Board (FSB) is set to release regulations for crypto and stablecoins in July 2023.
• Existing stablecoins are unlikely to meet the standards set by the FSB and other international standard setters.
• The FSB is also working with the International Monetary Fund (IMF) on paper about regulatory issues related to cryptocurrencies.

Table of Contents:
• Overview of Regulations
• Impact on Existing Stablecoins
• Working with IMF

Overview of Regulations:
The Financial Stability Board (FSB) has announced that it will be releasing its recommendations for regulating crypto and stablecoins by July 2023, as part of its work plan for 2023. This comes as regulators around the world have been taking steps to oversee payments-focused stablecoins, most of which are backed by fiat currency reserves in the form of cash equivalents – or unsecured short-term debt. The FSB’s upcoming guidance targets the strengthening of governance frameworks, redemption rights and stabilization mechanisms for these digital assets. Klaas Knot, Chairperson at FSB, noted that many existing stablecoin projects would not meet the “high-level” recommendations soon to be set by global standard setters such as his organization. In addition, he noted that many existing coins would not comply with payment or securities standards either.

Impact on Existing Stablecoins:
This news means that many existing stablecoin projects may need to adjust their operations so as to adhere to forthcoming global standards recommended by organizations like the FSB if they wish remain competitive within this space going forward. Many issuers have made efforts over recent months towards improving transparency and cutting private debt out of their reserves but these measures may still not be enough in order to meet regulatory requirements put forth next year when global guidelines arrive in full force. As such, stakeholders within this ecosystem should consider making amendments where necessary ahead of time so as avoid any potential disruption come implementation day – a move which could help them stay one step ahead once new rules enter into effect globally next summertime..

Working with IMF: Last week, it was reported that the FSB will be working alongside other standard-setting bodies such as International Monetary Fund (IMF) when determining how decentralized finance (DeFi) should be regulated moving forward – an effort which involves producing a paper tackling related regulatory issues concerning cryptocurrency assets overall. This collaboration between two major international authorities further demonstrates how serious regulators are getting about ensuring compliance amongst those operating within this sector going forwards – signaling tougher times ahead for those who fail abide by future rules & regulations once they become effective across all jurisdictions involved..

Digital Surge Set to Resume Trading After Stakeholders Sign Recovery Plan

• Digital Surge, an Australian cryptocurrency exchange, is set to come back online after stakeholders signed the recovery plan.
• Creditors were notified earlier today through a circular and the exchange is expected to resume trading next week.
• The plan involves a loan of 1.25 million Australian dollars from an associated business, Digico, to support the business and customers with under $250 will be repaid in full while others will receive at least 45% of their balance immediately.

Table of Contents:
I. Introduction
II. Background Information
III. Recovery Plan

Introduction:
Digital Surge, one of Australia’s leading cryptocurrency exchanges has recently announced that it is set to come back online following the signing of its recovery plan by all stakeholders on Wednesday. This news has been welcomed by many as it marks the first successful restructuring of a crypto related company in Australia and could prove to be a major turning point for digital asset regulation in the country going forward. In this article we will look at some background information about Digital Surge as well as details about their recovery plan and what this means for investors in Australia moving forward.

Background Information:
Digital Surge was established in 2018 when it launched its Brisbane based cryptocurrency exchange platform with the aim of providing Australians with easy access to crypto markets around the world. However things took a turn for worse when FTX collapsed late last year leaving Digital Surge holding 33 million Australian dollars on their platform which led them into voluntary administration soon afterwards where Melbourne-based investment firm KordaMentha was appointed as administrators. It was during this period that creditors approved a long-term recovery plan for Digital Surge which still needed both company and administrator signatures before it could take effect 15 days later which they managed to do so just before time ran out ensuring continued operations at Digital surge now onwards into 2023..

Recovery Plan:
The main focus of Digital Surges recovery plan revolves around receiving a loan from an associated business called Digico worth 1.25 million Australian dollars which would provide much needed financial support for them going forward and also help pay back customer deposits up until 250 AUD with full payment while any amounts above that figure would receive 45% immediately followed by 55% over 5 years from profits made by the company itself . There have also been other measures put in place such as better risk management systems being implemented along with stringent anti money laundering regulations making sure only legitimate transactions are allowed onto their platform thus providing customers peace of mind knowing that there funds are secure at all times when trading on Digital surges platform . All these changes have been welcomed by investors who hope that this could be start something big not only for digital assets but also blockchain technology in general within Australia and beyond into neighboring countries like New Zealand

Core Scientific to Hand Crypto Mining Rigs to NYDIG, Extinguishing $38.6M in Debt

• Core Scientific (CORZ) has agreed to hand over 27,403 crypto mining rigs to NYDIG in exchange for extinguishing $38.6 million in debt.
• Core had previously borrowed $77.5 million from NYDIG to buy mining equipment starting October 2020.
• Core Scientific also recently agreed to borrow $70 million from investment bank B. Riley, with NYDIG reserving the right to object if its own deal wasn’t finalized.

Table of Contents:
I. Introduction
II. The Deal and Its Benefits
III. Background on Core Scientific and NYDIG

Introduction:
Core Scientific (CORZ) has recently entered into an agreement with NYDIG which will see it handing over 27,403 crypto mining rigs in exchange for extinguishing a debt of $38.6 million due to the lender. This is not the only financial arrangement that Core has recently made as it also secured a lifeline loan of $70 million from investment bank B. Riley last month, though these two deals are connected given that NYDIG reserved the right to object if their own agreement was not finalized by the company beforehand – a condition which they have now met with this new deal being announced earlier this week on February 2nd 2021 following approval by the bankruptcy court judge in charge of overseeing proceedings pertaining to Core’s Chapter 11 filing late last year due to mounting debts within their business operations caused mainly by high energy prices coupled with a low bitcoin price leading them down an unsustainable path resulting in consolidation and capitulation within the industry at large.. In any case, let us take a closer look at both companies involved and how this particular arrangement came about before delving deeper into its implications going forward as we assess whether or not it can provide any respite from their current predicaments moving ahead accordingly..

The Deal and Its Benefits:
Under terms outlined by the agreement between Core and NYDIG, approximately 18% of all crypto mining rigs owned by CORZ will be handed over directly – amounting to 27,403 machines – in return for eliminating all outstanding principal owed by them on previous loans taken out back when they were still looking for ways out of their already precarious situation dating back as far as October 2020 when they had initially taken out a loan worth around $77.5 million from NYDIG itself specifically intended for buying more mining equipment at that time with no obvious long-term solution readily available until now however since prices for Bitcoin mining rigs have dropped roughly 85% since then while making them largely redundant alongside other operational costs associated further complicating things thereby giving rise this new ’solution‘ instead albeit one which may only prove temporary given its limited scope ultimately thus leaving much else still unresolved here despite this progress being made here nonetheless..

Background on Core Scientific and NYDIG:
Core Scientific is one of largest players within North America’s cryptocurrency mining sector currently operating 153,000 machines throughout various facilities located across different parts of country though notably including one Marble facility located North Carolina which serves as hub many activities related therewith including hosting contracts Celsius Mining who themselves filed bankruptcy shortly before beginning 2023 while simultaneously attempting reject said contracts accordance part broader restructuring plans purportedly aimed helping company regain control sinking finances general through such means although results remain be seen yet meanwhile other side equation stands New York Digital Investment Group (NYDIG) established 2017 provide various services clients ranging custodial insurance solutions asset management digital securities offerings though core focus primarily lies area blockchain technology-related investments banking having become leading provider fintech decentralized finance space today overall offering numerous products institutional investors alike even so what ties both these entities together really comes down fact latter served former creditor having lent them money before eventually deciding call due repayment respective obligations whereupon negotiations led eventual conclusion reached earlier week after being approved judge presiding proceedings related case turn meaning certain number machines formerly used business purposes handed off way repaying debt incurred during process allowing move onto next stage recovery plan going forward under supervision creditors course time tell just effective those efforts prove end day either way regardless outcome something clearly needed done attempt prevent complete collapse sooner than later betterment everyone involved all respects certainly encouraging sign least regards trying handle situation maturely step direction ensuring bright future awaits everyone concerned moment least whatever potential consequences might arise after fact remains minds most observers present however only time tell basically…