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WOW Summit Hong Kong 2024 Concludes In Triumph, Cementing Its Position As A Blockchain Powerhouse




WOW Summit Hong Kong brought together blockchain luminaries, industry leaders, and the future architects of the digital asset space from over 30 countries, showcasing the industry’s energy and innovation. The summit’s location in Hong Kong, Asia’s fintech hub, emphasized the growing role of digital assets in the global financial landscape. Attendees experienced an expansive range of activities, including panel discussions, side events, and exclusive networking opportunities.

WOW Summit Hong Kong boasted an exceptional lineup of speakers, featuring heavyweights like Sebastien Borget, Co-founder and COO of The Sandbox; Yat Siu, Chairman and Co-founder, Animoca Brands, Joseph Chan, Under Secretary for Financial Services and the Treasury, The Government of Hong Kong SAR; John Cahill, COO, Asia, Galaxy Digital, Stacey-Ann Pearson, Head of Web3 – APAC, AWS; Bugra Celik, Director, Digital Assets, Global Private Banking and Wealth, HSBC. Their presence, alongside other esteemed figures, fostered a dynamic exchange of ideas and unparalleled insights.

Sotheby’s wowed attendees with a captivating digital art exhibition VENET EVENT (2024) – an exclusive, never-before-seen collection of 500 generative artworks by the esteemed conceptual artist Bernar Venet. Each piece is a testament to Venet’s visionary prowess and promises to captivate art enthusiasts worldwide. The highly anticipated release and public sales of this collection are scheduled for this June promising an unparalleled opportunity for collectors to acquire truly unique masterpieces.

Viola Lukács, Digital art expert and Founder of Violuk Projects, introduced Bernar Venet’s six-decade exploration across diverse mediums, including sculpture, painting, and even sound, and how EVENT (2024) delves into the fascinating interplay of chance and unpredictability within the digital realm. Viola said:

“Blockchain emerges as a medium for pushing the frontiers of art, offering dynamic platforms for the cultivation of generative art. Concurrently, the advent of web3 technologies heralds a transformative era in art presentation and distribution, amplifying both scalability and accessibility on a global spectrum. Within this landscape of innovation, WOW Summit Hong Kong 2024 emerges as a pivotal nexus, bridging the realms of art and technology, fostering a rich tapestry of cross-pollination and inspiring dialogue.”

Celebrating the event’s massive success, Ivan V. Ivanov, Global CEO, WOW Summit, said,

“We were thrilled to have had this expanding, impressive roster of speakers and sponsors for WOW Summit Hong Kong, accompanied by extensive international media attention. The response has been unanimous – Asia stands at the forefront of innovation in digital assets and Web3, with WOW Summit emerging as the premier platform for the global ecosystem to converge. The overall traction for the event has been extraordinary with several side events. We couldn’t be more excited for what’s to come.”

The meticulously curated agenda offered attendees a comprehensive exploration of the ever-evolving blockchain landscape. Panels and keynote presentations addressed thought-provoking topics. From the transformative power of asset-backed cryptos and the impact of Bitcoin ETFs to navigating complex regulatory landscapes and shaping long-term industry frameworks, the Summit delved into the most critical themes shaping the future.

Bowie Lau, Co-host of WOW Summit Hong Kong, remarked:

“The caliber of speakers and the depth of the discussions solidified WOW Summit Hong Kong as a must-attend event for anyone invested in the future of blockchain technology.”

The Summit’s success wouldn’t have been possible without the invaluable contributions of top-notch roster of sponsors, including Platinum Sponsors MMPro Trust, EXOLO, WOW Earn, Valhalla, InvestHK, LAK3, Zima Bank and Gold Sponsors Azbit, ivendPay, Chain Up, Custonomy, Market Making Pro, Tangem, VALR, all demonstrating their unwavering commitment to fostering a vibrant and cutting-edge blockchain landscape.


The post WOW Summit Hong Kong 2024 Concludes In Triumph, Cementing Its Position As A Blockchain Powerhouse 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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