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Farquhar Venture Capital partners with TZ Apac to accelerate Web3 games on the Tezos blockchain




Farquhar Venture Capital (FVC), a leading backer of early stage companies in Singapore and Southeast Asia, is announcing a strategic partnership with TZ Apac to catalyse the growth of Web3 gaming on the Tezos blockchain. Both parties will pool financial and other resources to support the integration of browser and mobile games into the Web3 ecosystem.

As an active member of the Innovation ecosystem, FVC has backed promising startups across a wide variety of sectors, such as Spark Systems, Fairphonic, and Beep Technologies. This latest endeavour will see FVC commit financing from existing or upcoming thematic funds into upcoming Web3 game startups and projects that will utilise the Tezos Blockchain. As these projects would also receive funding and other support from TZ Apac, a Singapore-based adoption hub for the Tezos blockchain, this becomes a synergistically perfect opportunity for Web3 games to ascend to greater heights within and beyond the Tezos ecosystem.

“After recent investments into Game-tech startups such as Lockpick Learning and the EMERGE Group, this partnership is a timely opportunity to enter into the world of Web3 and to partake in its exponential growth,” said FVC Managing Partner and Chief Investment Officer Jason Su.

To-date, FVC has invested into 40 startups, of which a significant majority of these companies have successfully established enduring partnerships, scaled beyond their domestic markets, and attracted follow-on investments. Hence, FVC’s timely entry and partnership with TZ Apac underscores its commitment to driving impactful growth in the Web3 gaming sector.

Tezos emerged as the preferred partner for this ambitious initiative, offering a robust, and scalable blockchain protocol ideally suited for Web3 gaming and Real-World Assets (RWA) projects. As more gaming projects use Tezos, the partnership between FVC and TZ Apac promises to boost the Tezos ecosystem through strategic investments and accelerator support for projects adopting the protocol.

“We are thrilled to collaborate with FVC in propelling the adoption of Web3 gaming. Tezos’ community-driven ethos, coupled with its energy efficiency and scalability, positions it as the platform of choice for pioneering ventures seeking to innovate in the blockchain gaming space.” said Jason Lim, TZ Apac Games Adoption for the Tezos Ecosystem.

With other partners from Asia expressing keen interest in exploring gaming and RWA projects powered by blockchain technology, FVC’s expansion into Web3 investments holds immense promise for the broader ecosystem. By combining FVC’s strengths in traditional Web2 spaces with the rapid growth potential of Web3 gaming, this partnership is set to deliver tangible impact and drive the next wave of innovation.

Moreover, this partnership signifies a boon for the Tezos gaming ecosystem. Since the inception of the adoption hub’s gaming vertical in late 2022, the dedicated efforts of the team have been validated by this collaboration and other recent partnerships. EMERGE Group, a Southeast Asia marketing technology firm specialising in IP and gaming partnerships, announces a strategic collaboration with TZ APAC to accelerate the onboarding of Web3 games onto the Tezos ecosystem. Additionally, the KAP Co-Grant Program, in partnership with TZ APAC, aims to bring faster financial support, development resources, and marketing partners to propel the future of Web3 gaming on the Tezos blockchain.

Just last month, CoinBlast was the second fastest growing blockchain game and charted number 45 in the DappRadar Insights Blockchain Game Rankings, becoming the first Tezos game in the Top 50. GoLive Games’ Cricket Stars, India’s first strategy-based NFT cricket game, launched on Tezos in 2023, achieved a milestone of over 5,000 monthly active users and facilitated more than 12,000+ NFT transactions in January 2024. Rhythm game Star Symphony currently has 20,000 registered users and more than 100 songs in the library and some are generated by users, showcasing the potential of community driven games. MetaPals recently unveiled its Alpha version, paving the way for NFT minting starting in March. With beloved characters from iconic franchises like Teletubbies and Minto the horizon, MetaPals promises to captivate audiences and enrich the Tezos gaming ecosystem with its innovative offerings.

The post Farquhar Venture Capital partners with TZ Apac to accelerate Web3 games on the Tezos blockchain 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




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




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.


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




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.


The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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