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AYDO joins peaq as a privacy-first platform for smart device setup and monitoring

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peaq, the blockchain for real-world applications, announces the expansion of its ecosystem as AYDO joins to connect smart devices with Web3. AYDO is building a platform that enables Internet of Things (IoT) devices from any vendor to interact with one another and send data to supported blockchains. Integrating with peaq will enable various connected devices to work together on a privacy-first Web3 platform. The integration will turn the AYDO platform into a powerful tool for decentralized physical infrastructure networks (DePIN) on peaq, giving the community a versatile instrument for IoT networking. 

The global smart home market is expected to grow to more than $680 million by 2030 as connected devices become more and more ubiquitous in our lives. At the same time, though, a smart home on a Web2 backbone lets tech corporations collect even more private data, studying our daily routines under a microscope. 

AYDO is building a Web3 alternative to centralized IoT management platforms. Its platform will enable smart devices, such as sensors, smart lights, smart plugs, and more, to exchange data between one another and send data to any supported blockchain. By leveraging the ZigBee protocol, it will be able to support more than 3,000 devices, enabling smart home owners to set up and monitor them on a privacy-first platform, and offers an alternative to centralized IoT control software.

The integration brings the AYDO-powered IoT apps into the Economy of Things on peaq, enabling a variety of potential use cases. With AYDO, smart sensors can generate proofs of behavior, confirming, for example, that a tenant stuck to the house rules on noise for a set period of time or that a household used a certain amount of green energy. This can work as the basis for next-generation Airbnb stays and rental agreements, private carbon credits, and more.   

Besides linking its platform with peaq, AYDO will enable users to create self-sovereign peaq IDs for their devices, and set up the decentralized data storage mechanism and user reward rules. It will also release apps for Android and iOS phones, enabling people to set up and monitor their devices from those, and make the platform compatible with peaq control, peaq’s tool for managing and earning from connected machines and devices. 

“Data is at the core of most IoT apps, and AYDO gives people back control over this data,” says Oleksandr Markin, CEO of AYDO. “peaq was made with IoT needs in mind, which makes for a lot of synergy between the two projects. We are excited to be moving ahead with this integration and linking our platform with the blockchain that’s tailor-made for DePIN.”

“This integration makes for a major boost for the DePINs building on peaq, giving them a versatile tool for connecting millions of devices into living and breathing networks,” says Till Wendler, co-founder of peaq. “I am certain that AYDO will bring a lot of value to the peaq ecosystem.”

The post AYDO joins peaq as a privacy-first platform for smart device setup and monitoring appeared first on Hipther Alerts.

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Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

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Global Supply Chain Finance Market

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Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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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.

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ASIC cracks down on blockchain mining firms

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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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