Blockchain
Looking Glass Labs to Acquire Development Division of LACA Solutions and Establishes APAC Web3 Office
Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization, and virtual asset royalty streams, is pleased to announce it has entered into a letter of intent (“LOI“) to acquire the Development Division of LACA Solutions Corporation (“LACA“). The Development Division contains certain proprietary technologies and intellectual property, as well as the employment contracts of 13 talented individuals equipped with over 140 years of combined experience in gaming, programming and Web3 applications. Upon closing of the acquisition, the Development Division is intended to become the foundation of LGL’s new base of operations in Vietnam, which is one of the world’s leading jurisdictions for NFT, metaverse and play-to-earn (“P2E“) gaming development.
Founded in 2017 by Son Nguyen in Ho Chi Minh City, Vietnam, LACA works with clients in a variety of industries including blockchain, gaming, software outsourcing, payment processing, loyalty reward programs as well as customer promotion services. With extensive experience working in the US, Japan. the EU, and Singapore, LACA develop a roster of notable local and international clients. LACA’s Founder and CEO, Son Nguyen, has more than 20 years of experience in the information technology industry. His partner, Tin Nguyen, is based in Georgia, USA, is a strategic member of LACA’s board with 20 years of experience focused primarily on product and enterprise development.
Transaction Rationale
Company management views the intended acquisition as being both strategic and accretive from a human capital perspective, as the ability to quickly add talent and experience in the rapidly evolving Web3, NFT and P2E gaming industries is a competitive advantage for growth that is expected to benefit customers, shareholders and other stakeholders alike. From an organizational design perspective, the Company is planning for the Development Division to fall under its wholly owned subsidiary and flagship studio, House of Kibaa (“HoK“).
The Development Division will be focused on assisting HoK with Unreal Engine gaming, Web3 development as well as front-end and back-end web programming. Specifically, a redemption portal is being targeted as the Development Division’s nearest term project, which is being planned to include: a front-end launcher; and local database systems for internal assets and games. Future projects are also expected to include the creation of avatar systems, NFT renting contracts, user-friendly NFT minting tools, treasure box systems, HTML5 integration and testing for HoK’s Origin metaverse, game development services for third parties and other research and development projects for the Company.
Further, the Company is pleased to announce that it is in the process of establishing a corporate office in Ho Chi Minh City, Vietnam which intended to function as LGL’s APAC Web3 Campus (pictured below in the form of an architectural rendering):
The consideration payable for LGL’s acquisition of LACA’s Development Division shall consist of up to CAD 500,000 cash and up to CAD 1 million in common shares in the capital of LGL, payable as follows:
- CAD 50,000 cash payable within 10 days from the date of acceptance of the LOI by LACA;
- CAD 50,000 cash upon the execution of the formal and binding transaction agreement (“Definitive Agreement“);
- CAD 100,000 cash upon the successful transfer of the employment of the 13 individuals within the Development Division to LGL or an affiliate of LGL;
- CAD 100,000 cash within 90 days from the Development Division achieving certain milestones mutually agreed to between the parties, as further set out in the Definitive Agreement;
- CAD 200,000 cash within 120 days from the Development Division achieving certain milestones mutually agreed to between the parties, as further set out in the Definitive Agreement;
- CAD 500,000 of common shares in the capital of LGL upon the Development Division achieving certain milestones in connection with a launch of an HoK token; and
- CAD 500,000 of common shares upon the Development Division achieving certain milestones in connection with the alpha launch of HoK’s metaverse and subsequent virtual land sales.
The issuance of any common shares of LGL as contemplated in the LOI remains subject to a Definitive Agreement and approval from the Neo Exchange.
Management Commentary
Dorian Banks, Chief Executive Officer of LGL said, “Acquiring the development division of LACA is strategic for LGL as it marks our first purchase of assets overseas. We are optimistic that the transaction of operations in Vietnam will only help us achieve our goals as a company.” Mr. Banks added, “The HoK VN Studio is a project that LGL is excited about, and to have LACA onboard and working with us is encouraging.”
Service Provider Engagement
The Company also announces that it has engaged MarketSmart Communications Inc. (“MarketSmart”), an arm’s length party to the Company, to provide investor relations services and the management of the Company’s social media channels (collectively, the “Services”) for an initial period of six (6) months with the option to renew at the Company’s election. The Company has agreed to pay to MarketSmart CAD 9,500 plus GST per month for the Services. In addition to the monthly retainer, the Company has granted to MarketSmart an aggregate of 100,000 stock options (each an “Option”), each Option is exercisable to purchase one (1) common share in the capital of the Company at CAD 0.76 per common share for a period of two (2) years and shall vest in one-third (1/3) tranches over a period of 18 months.
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.
-
Blockchain5 days ago
Open-Source Intelligence (OSINT) Market is expected to reach a revenue of USD 64.9 Bn by 2033, at 25.6% CAGR: Dimension Market Research
-
Blockchain4 days ago
Blockchain Transforming Travel: Quantum Temple’s Innovative Venture
-
Blockchain Press Releases3 days ago
Bybit and Franck Muller Partner with Sidus Heroes to Launch Cosmic Gears: A Pioneering Web3 Game with a $250,000 Prize Pool and Exclusive Watch Collection
-
Blockchain4 days ago
Bybit and World Leaders Forge Major Alliance to Direct Web3 for Social Good
-
Blockchain2 days ago
Quantum eMotion Files a Patent for Quantum-based Blockchain Wallet Under the Patent Cooperation Treaty (PCT)
-
Blockchain2 days ago
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
-
Blockchain Press Releases2 days ago
Canaan Shines at Blockchain Life 2024 in Dubai
-
Blockchain Press Releases2 days ago
Bybit Institutional Report 2024: Institutions Become Bullish and Eye Challenger Chains, while VC Funding Resurges for Infrastructure, Gaming, and AI