Fun

News Feed - 2023-09-23 06:09:00

Ana Paula Pereira3 hours agoCrypto Biz: Bidding war for SVB Capital, new crypto funds and Citi’s private blockchainThis week’s Crypto Biz explores SVB Capital bids, new funds from Blockchain Capital, the Hut 8-US Bitcoin merger and Citigroup’s private blockchain.398 Total views3 Total sharesListen to article 0:00NewsletterJoin us on social networksThe venture capital industry appears to be gearing up for portfolio rebalancing in 2024, with investors positioning themselves to increase exposure to digital assets in the next bull market. Blockchain Capital, for instance, closed two new funds this week, with $580 million in capital to be deployed in crypto gaming and decentralized finance projects. 


Likewise, SkyBridge Capital, Atlas Merchant Capital and Vector Capital are among the final bidders to acquire SVB Capital, the venture arm of the collapsed Silicon Valley Bank. SVB Capital is reportedly a backer of other major venture capital firms in the crypto space, including Sequoia and Andreessen Horowitz.


Meanwhile, Bitcoin-based investment products from mainstream financial giants are becoming more popular. Japan’s largest investment bank, Nomura, launched through its subsidiary, Laser Digital, a new Bitcoin (BTC) fund for institutional investors looking to cater to the demand for Bitcoin exposure.


A growing number of newcomers are also attracting funds. Web3 startup Bastion disclosed $25 million in a seed round to bridge Web3 infrastructure into enterprise technology. The round was led by Andreessen Horowitz, Laser Digital Ventures (Nomura’s crypto venture arm), Robot Ventures, Aptos Ventures and Alchemy Ventures.


This week’s Crypto Biz explores SVB Capital bids, new funds from Blockchain Capital, the Hut 8-US Bitcoin merger and Citigroup’s private blockchain.Scaramucci leads bidding for Silicon Valley Bank VC arm: Report


SVB Financial Group, the former parent company of Silicon Valley Bank, is getting closer to a deal that will see the institution sell its venture capital arm, SVB Capital. According to a report from The Wall Street Journal, Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital are jostling with the San Francisco firm Vector Capital in the final stages of the bidding process. Sources claimed that SVB’s venture capital arm could be sold off for between $250 million and $500 million but warned that a final sale is not guaranteed and would still require the review of the creditor’s committee. SVB Capital conducts a wide range of investments, including backing other major venture capital firms, such as Sequoia and Andreessen Horowitz. The company is not part of SVB’s Chapter 11 bankruptcy proceedings, and a decision on the sale is expected in the coming weeks.SVB Capital holdings overview as of December 2022. Source: SVB CapitalHut 8 receives green light from Canadian Supreme Court for US Bitcoin merger


Canadian Bitcoin mining firm Hut 8 is set to wrap up its planned merger with US Bitcoin following final approval from the Supreme Court of British Columbia. Hut 8 and US Bitcoin announced the move in February 2023, subject to shareholder and regulatory approval. The merger will see the two companies form Hut 8 Corporation, or “New Hut,” which will become a publicly traded United States-based business. An initial announcement from Hut 8 highlighted that the merger would open up 825 megawatts of capacity across six different Bitcoin mining and data center facilities. New Hut also plans to list its shares on the Nasdaq and Toronto stock exchanges, trading under the ticker HUT.Blockchain Capital closes funds totaling $580 million for investments in crypto gaming, DeFi


Venture capital group Blockchain Capital announced the closing of two new funds, totaling $580 million, for investment in infrastructure, gaming, decentralized finance (DeFi), and consumer and social technologies. The funds will operate as Blockchain Capital’s sixth early-stage fund and its first “opportunity fund,” which will serve as an entry point for companies that have already attracted funding. The funds will be split, with $380 million reportedly going to the early-stage fund and $200 million earmarked for the opportunity fund. The company did not specify which projects will be prioritized by the investment fund; however, a spokesperson noted that it has no plans to invest in artificial intelligence-related projects or act as a hedge fund. We"re thrilled to share the closing of 2 new funds – our 6th early stage fund and 1st opportunity fund.

Together, they total $580 million and serve to reinforce our commitment to leading the global transition to decentralized, blockchain-based systems. ↓https://t.co/Vr2uYnGlF7— Blockchain Capital (@blockchaincap) September 18, 2023 Citi Token Services will provide payments, liquidity to institutional customers


Institutional clients can now access cross-border payments, liquidity and automated trade finance solutions through Citi Token Services, a private blockchain by Citigroup. According to the financial giant, its Citi Treasury and Trade Solutions is licensed in over 90 countries and has completed two pilot programs. It worked with Danish shipping company Maersk and an unnamed canal authority on a program that made instant payments to service providers via smart contracts, reducing transaction processing times from days to minutes. The service replaces bank guarantees and letters of credit, the statement said. A second pilot enabled clients to transfer liquidity between Citi branches, allegedly reducing “frictions related to cut off times and gaps in the service window.” Citi was among the large financial institutions that participated in a proof-of-concept headed by the Federal Reserve Bank of New York that concluded in July.


Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.# Canada# Business# Citi# Blockchain Capital# SVBAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, ExplainedBitcoin miners seek alternative energy sources to cut costsStablecoin exodus: Why are investors fleeing crypto’s safe haven?

News Feed

Dear Ripple, Don’t Settle: Embrace the Opportunity to Shape Crypto’s Future
Dear Ripple, Don"t Settle: Embrace the Opportunity to Shape Crypto"s Future As Ripple and the U.S. Securities and Exchange Commission (SEC) persist in their legal dispute over XRP&
Philippines begins Peso-backed stablecoin sandbox testing
Arijit Sarkar23 minutes agoPhilippines begins Peso-backed stablecoin sandbox testingThe test aims to evaluate the PHPC stablecoin’s real-world performance, its impact on the local fiat ecosystem, and its potential uses
Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced
Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced Coinmena, the Bahrain-based cryptocurrency exchange, recently announced that r
Silk Road 2 Admin Forfeits $667,000 in Bitcoin to British Law Enforcement
Silk Road 2 Admin Forfeits $667,000 in Bitcoin to British Law Enforcement According to reports, the founder of the now-defunct Silk Road 2 marketplace has forfeited more than half-
India’s Crypto Trading Volume Plunges Further as Mobikwik Stops Payment Service
India"s Crypto Trading Volume Plunges Further as Mobikwik Stops Payment Service Cryptocurrency trading volumes in India have plunged further across exchanges as traders mull over t
Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses
Law Firm"s White Paper Claims US Bank Regulators Are Waging a "Clandestine Financial War" Against Crypto Businesses According to a recent white paper published by four members of t
Bitcoin Price Restarts Its Climb: Is The Rally Back On?
Este artículo también está disponible en español. Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for mor
Ethereum Price Sits Above Crucial Support Level — Is A Fall To $1,500 Possible?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
UniLend V2 Launched: Becomes 1st True Permissionless Lending and Borrowing Protocol
UniLend V2 Launched: Becomes 1st True Permissionless Lending and Borrowing Protocol press release PRESS RELEASE.Launching its much awaited V2 testnet on the Goerli chain today, UniL
Is a Bitcoin Rally Coming? Exchange Net Flow Data Suggests So
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Savannah Fortis11 hours agoDisney creates an AI task force to explore the tech and cut costs: ReportDisney has reportedly created a task force for studying how it can incorporate AI into its operations, sources close to
Samsung Launches ‘Space Tycoon’ Metaverse Experience
Samsung Launches "Space Tycoon" Metaverse Experience Electronics giant Samsung has announced the launch of Space Tycoon, a metaverse-based experience built as part of the Roblox wo