Blockchain Press Releases
Ondo Debuts USD Yield (USDY) for Global (Non-US) Individual and Institutional Investors
GREENWICH, Conn., Aug. 3, 2023 /PRNewswire/ — Ondo Finance, a leader in institutional-grade on-chain finance, is excited to announce the launch of USD Yield (USDY), the world’s first tokenized note secured by US Treasuries and bank deposits. USDY provides similar accessibility and utility as stablecoins while paying token holders a yield—5% APY at launch—and offering significantly enhanced investor protections.
The debut of USDY follows Ondo Finance’s entry into the tokenization space earlier this year with OUSG (Ondo Short-Term US Government Bond Fund), the first-ever on-chain US Treasuries product. With over $160 million in assets, OUSG has garnered substantial interest, but it is exclusively accessible to institutional investors.
“Crypto is all about financial inclusion, and we are thrilled to offer a yield-bearing product with mature financial structuring and investor protections to both individual and institutional investors. USDY will expand the universe of investors seeking to save and spend in a more global and digitally-native manner by sharing the yield and providing improved transparency and security over conventional stablecoins,” said Nathan Allman, CEO of Ondo Finance.
USDY is senior secured debt issued by Ondo USDY LLC, a US-domiciled specialty purpose vehicle, managed by a Board including an independent director, and designed to maximize bankruptcy-remoteness. USDY is over-collateralized by a roughly 3% first loss equity position that absorbs short-term fluctuations in US Treasuries prices.
Ankura Trust will serve as the Verification Agent and Collateral Agent to USDY in accordance with the underlying governing documents. Ankura Trust will post daily reports starting 60 days after launch that will provide transparency into the assets of the issuer for the benefit of lenders. As Collateral Agent, Ankura will be prepared to seize the assets that secure the tokens and repay holders if Ondo was to cease operations or breach certain covenants of the debt, subject to approval from USDY holders. This structure ensures a degree of transparency and investor protection that traditional stablecoins lack.
USDY is currently accepting deposits. Non-US investors can learn more at ondo.finance/usdy.
Disclaimer
The USDY Tokens are not being offered or sold, and will not be offered or sold, in the United States or to U.S. persons. In addition, the USDY Tokens have not been registered under the Securities Act of 1933, as amended (the “Act”) or the securities laws of any other jurisdiction, and may not be offered, sold or otherwise transferred in the United States or to U.S. persons unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. Additional limitations on transfer also apply.
About Ondo Finance
Ondo Finance is dedicated to enhancing the safety, efficiency, and accessibility of financial services through institutional-grade on-chain offerings. Ondo Finance has a technology arm focused on developing on-chain financial software and an asset management arm that creates and manages tokenized products.
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SINGAPORE, June 1, 2024 /PRNewswire/ — HTX Ventures, the global investment arm of the cryptocurrency exchange HTX, has announced a strategic investment in Babylon, a Bitcoin staking protocol. This investment underlines HTX Ventures’ commitment to fostering innovation and supporting groundbreaking technologies in the blockchain and cryptocurrency sectors.
Babylon builds infrastructure that allows proof-of-stake systems to obtain staking capital from Bitcoin. The platform uses modular design and slashing functionality to let stake-base systems, such as blockchains, Layer 2s, DA layers and oracles, and incorporates Bitcoin as a staking and restaking asset.
“HTX Ventures is excited to support Babylon’s pioneering efforts in harnessing Bitcoin for decentralized security,” said Edward, Managing Partner of HTX Ventures. “Babylon’s trustless design unlocks new possibilities for Bitcoin, transforming its utility and paving the way for innovative Bitcoin-native applications. We believe Babylon will play a crucial role in advancing the blockchain ecosystem, and are proud to be a part of this transformative journey.”
“This funding will accelerate our mission to make Bitcoin the security backbone of PoS systems,” Babylon co-founder David Tse said in a statement. “Our team is dedicated to advancing the utility of Bitcoin beyond its traditional roles and enhancing the security of the entire blockchain ecosystem.”
Babylon recently raised $70 million in a funding round led by the venture firm Paradigm. In February 2024, Babylon launched the world’s first trustless Bitcoin staking testnet, attracting over 100,000 stakers within 48 hours. This remarkable response highlights the platform’s potential to transform Bitcoin into the security backbone of PoS systems. This achievement underscores Babylon’s technical expertise and commitment to fostering a secure, decentralized economy.
About HTX Ventures
HTX Ventures, the global investment division of HTX, integrates investment, incubation, and research to identify the best and brightest teams worldwide. With a decade-long history as an industry pioneer, HTX Ventures excels at identifying cutting-edge technologies and emerging business models within the sector. To foster growth within the blockchain ecosystem, we provide comprehensive support to projects, including financing, resources, and strategic advice.
HTX Ventures currently backs over 200 projects spanning multiple blockchain sectors, with select high-quality initiatives already trading on the HTX exchange. Furthermore, as one of the most active Fund of Funds (FOF) investors, HTX Ventures collaboratively forges the blockchain ecosystem alongside premier global blockchain funds, including IVC, Shima, and Animoca.
Contact Details
Michael Wang
[email protected]
Company Website
https://www.htx.com/en-us/ventures
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DUBAI, UAE, May 31, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by volume, today announced that after careful consideration, Spark Fintech Limited, an affiliate of Bybit, has made the decision to withdraw its application for a Virtual Asset Services Providers (VASP) license with the Hong Kong Securities and Futures Commission (SFC).
Impact on Customers
Effective June 1, 2024, at 00:00 GMT+8, Spark Fintech will temporarily suspend all products and services on its Hong Kong platform, except for customer withdrawals. Customers are advised to withdraw their remaining funds according to the instructions provided.
Continued Support for Hong Kong’s Crypto Development
Spark Fintech remains a strong supporter of Hong Kong’s development as a leading center for cryptocurrency innovation. The company is committed to working collaboratively with regulators and industry stakeholders to foster a healthy and sustainable crypto ecosystem in Hong Kong.
#Bybit / #TheCryptoArk
About Bybit
Bybit is one of the world’s top three cryptocurrency exchanges by volume with 30 million users. Established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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Blockchain Press Releases
Unite: Leading The Charge in Web3 Gaming With Revolutionary Infrastructure and $2 Million In-Game Airdrop Campaign
SINGAPORE, May 31, 2024 /PRNewswire/ — Taki Games, the leading player-owned web3 mobile gaming network, proudly announces its rebrand to Unite. This strategic move marks the launch of the first Layer 3 blockchain dedicated to seamlessly supporting mass-market web3 mobile games.
Two years ago, Taki introduced its first decentralized application, Taki Social, and built a robust community around it. Recently, the Taki community ventured into web3 gaming, achieving remarkable growth and market demand. Since January 2024, Taki’s gaming dApps have seen the creation of over 170,000 new unique wallets, the release of more than 100 games and mini-game collections, over 5 million downloads, and more than 300,000 monthly active users. These games and users are migrating to Unite.
Taki’s rebranding to Unite stems from recognizing the current infrastructure limitations in web3 mobile game development, such as high gas fees and network congestion. These issues hinder real-time data interactions and on-chain validation, resulting in poor web3 mobile dApp experiences and challenges for developers using traditional game development tools. To address these challenges, Unite aims to share its web3 game development expertise and tools with the broader community, transforming these best practices into vital steps towards web3’s first mass-market adoption.
Under the new Unite brand, these best practices and tools will be integrated into a comprehensive end-to-end Layer 3 blockchain solution for mass-market mobile games. Unite symbolizes the unification of stakeholders within the web3 mobile gaming ecosystem, including players, web3 communities, brands, mobile game developers, monetization partners, advertisers, and channel partners, all working together to drive rapid iteration and growth in web3 mobile gaming.
With over 2.8 billion mobile gamers worldwide and the traditional mobile gaming industry facing growth challenges, there is a significant market opportunity for web3 to welcome billions of new users. The Unite team, leveraging its deep understanding of the mobile gaming industry and web3 technologies, aims to upgrade the mobile gaming sector and achieve broad market scalability for web3.
Unite will gradually release the details of its Layer 3 blockchain solutions for web3 mobile games. These include:
- Unite blockchain and node components
- A decentralized physical infrastructure (DePin) centered on mobile devices
- A seamless web3 mobile game wallet solution SDK
- Game development service SDKs supporting engines like Unity, Cocos, React Native, Flutter, and HTML5
- Web3 mobile game publishing, and user growth strategies.
These tools and best practices will significantly enhance web3 mobile gaming experiences, improve game development efficiency, and provide sustainable economic models to expand and increase web3 gaming user bases.
The Unite leadership team boasts over 50 years of combined experience in the gaming industry. Unite CEO Weiwei Geng led the development of top-grossing games that generated over $400 million in revenue. Unite co-founder Kevin Chou is a serial entrepreneur who founded Kabam, known for creating successful mobile game titles like “Marvel Contest of Champions.” Kabam was acquired for $1 billion in 2017 by Korean mobile game giant Netmarble and FoxNext Games, marking one of the largest gaming industry acquisitions of that time.
Unite CEO Weiwei said: “Mobile games are a viable path forward for the mass adoption of web3. We have seen this trend more clearly with our recent success in launching a series of web3 mobile games. However, the current infrastructure limits the growth of such potential. Therefore, we can leverage our team capability and everything we’ve built so far to address these challenges and bring web3 to the mass market.”
As part of its launch, Unite also announces its inaugural in-game reward season in its flagship mobile game, Mom’s Kitchen, boasting over 500,000 downloads world-wide. Players can earn Unite points through gameplay and interactions, which can be redeemed for rewards later. Unite has allocated over $2 million dollar worth of rewards for this event, and players can learn more by following Unite’s community announcements.
About Unite
Unite is on a mission to build the first Layer 3 blockchain solution for mass-market mobile games, targeting the 2.8 billion players and the $90 billion revenue generated from the mobile game market. Focused on enhancing player experience with in-game earning capabilities, Unite offers a comprehensive L3 solution encompassing chain, client, ecosystem and establishing a decentralized physical infrastructure (DePin) built on billions of daily active mobile devices worldwide.
Founded by veterans in mobile, gaming and web3 infrastructure who served as founders and executives of some of the biggest names, Unite is leading the innovation to the mobile games.
For more information, visit Unite’s official website, follow us on Twitter, and join the Unite Discord community.
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