Blockchain
VeChain Attends Amazon Web Services (AWS) Global Beijing Summit, Showcased VeChain ToolChain and Various VeChainThor Blockchain-Powered Use Cases
The AWS Beijing Summit, a grand gathering for the Chinese cloud computing community hosted by AWS, was held on Wednesday. VeChain attends the Summit as a technology partner of AWS in the blockchain industry and a member of AWS Partner Network (APN). The Summit brought together over 200 APN Partners and over 150 guest speakers, such as the experts from IBM, Xiaomi, and Deloitte, to have in-depth discussions on the best practices of cutting edge cloud technology. More than 15,500 attendees from across China attended the Summit.
The cooperation between VeChain and AWS kick-started this year. In February 2019, VeChain announced the launch of an integrated solution into the AWS Cloud platform to enable one-click deployment of VeChainThor Blockchain Nodesupon VeChainThor Blockchain. Since then, VeChain has received strong support from AWS in terms of operations, technology development, and marketing.
Mr. Gu Jianliang, Chief Technology Officer at VeChain, attended the Summit as a keynote speaker. In his speech, Mr. Gu introduced VeChain ToolChain, a revolutionary one-stop Blockchain-as-a-Service solution. ToolChain integrates the strengths of NFC/RFID chips, IoT sensors, and mobile devices to lower the threshold for adopting blockchain technology. The solution comes with a variety of general-purpose interfaces, with which anyone, even those without any tech background, can build their own blockchain-based solutions for their businesses.
Thanks to the joint efforts made by VeChain and its partners, VeChain ToolChain-powered solutions, such as the Digital Carbon Ecosystem, Liquefied Natural Gas Solution and Consumer Confidence Index have been successfully integrated into various industries and sectors including FMCG, Food and Beverage, Wine, Luxury, Automobile, Healthcare, and more. Through the application of the above-mentioned solutions, the participating enterprises streamlined their business workflow and enjoyed greater transparency, enhanced security, and reinforced traceability. The adoption of blockchain technology created real value for the real economy.
The partnership between the two parties proved to be a win-win for both. As Mr. Gu said: “On the one hand, it allows enterprises to deploy quick, secure, and compliant blockchain applications, which is essential to promote the mass adoption of blockchain technology. Other than that, the blockchain technology provided by VeChain can be leveraged to create value for AWS’s clients. More importantly, the interaction and exchange between the VeChainThor ecosystem and that of AWS are giving rise to new business models and application scenarios, which brings opportunities for the two.”
SOURCE VeChain
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Blockchain
ASIC cracks down on blockchain mining firms
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.
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