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Former Cisco Germany CEO and Senior VP Central Europe Michael Ganser joins peaq to spearhead enterprise strategy

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Peaq Foundation, the non-profit organization supporting peaq, the blockchain for real-world applications announces Michael Ganser has joined in an executive role with a focus on building out peaq’s enterprise strategy. Michael Ganser is the former CEO of Cisco Germany and Senior Vice President Central Europe. He’s also an investor and startup mentor, and has been advising the peaq team in a non-executive role for four years. With decades’ worth of business experience, Michael will help to guide the growth of the peaq ecosystem and spearhead peaq’s reach into the enterprise space, building up on existing collaborations with Bosch and other industry leaders.

As one of peaq’s early investors, Michael lent his entrepreneurial experience and knowledge to back peaq during the crucial years of building and testing. In the run-up to the mainnet launch, he is expanding his involvement in the project, aiming to bolster peaq’s appeal for traditional businesses and enterprises through his vast network and deep knowledge of the Web2 and corporate space. 

“peaq’s vision and the impact it will create has the potential to make it one of the most influential projects for this decade and beyond,” says Michael Ganser. “The combination of Web3, IoT and AI will be a major innovation and growth driver across the world. The benefits of real world asset tokenization and generating new income sources for Enterprises and Consumers will bring Web3 at the forefront of many business innovations. I had the opportunity to get to know the world class team behind peaq for many years and it is my great pleasure to join the Foundation in an executive capacity and support innovative Enterprises in the transition from Web2 into the Web3 future.”

Michael joined Cisco, one of the largest IT and networking companies in the world, in 1996 as its general manager/CEO for Switzerland. From there, he held a variety of leadership positions in the company, including VP for Service Provider, VP Central-Eastern Europe, CEO for Cisco Germany, and Senior Vice President for Sales Germany, Austria, Switzerland and Eastern Europe. Under his leadership, Cisco won multiple awards, including being recognized multiple times as the best company to work in several countries. 

“Michael’s knowledge and reach will be vital for peaq as we approach launch,” says Till Wendler, peaq’s co-founder. “In many ways, this is a continuation of Michael’s life’s work of laying the foundations for the internet and the Internet of Things. As a long-time trusted advisor and friend, he is the perfect addition to the team, and his leadership and management skills will be crucial to establish peaq as the backbone of the Economy of Things. peaq’s mission is to fundamentally transform the way we manage our devices and connected infrastructure. Michael is the perfect person to convey this vision to the boardrooms of machine manufacturers, whose involvement will be important for the ecosystem’s long-term growth and adoption.”

The post Former Cisco Germany CEO and Senior VP Central Europe Michael Ganser joins peaq to spearhead enterprise strategy 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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