Kategorie: Crypto Business

Daily headlines and news about crypto business.

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TON launches $25 million accelerator for emerging projects

  • Projects will receive between $50,000 and $250,000 from the $250 million Toncoin Fund.
  • The program will offer partnership and mentorship support, with multiple leading firms available to projects.
  • TON Accelerator Program will draw funding from the $250 million ecosystem fund dubbed TONcoin Fund.

In crypto news today, The TON Foundation, the organisation behind the The Open Network (TON) blockchain, has announced a new $25 million accelerator program for emerging projects. 

The program, called the TON Accelerator Program, will provide funding, mentorship, and other resources to help projects build in the TON ecosystem.

TON is a community created blockchain network that uses the technology designed by Telegram and has the native cryptocurrency Toncoin (TON).

TON to offer upto $250k to each project

The TON Accelerator Program, which is open to various types of projects, will see select teams receive between $50,000 and $250,000 in funding. TON looks to have particular focus on projects in the DeFi space, according to details shared on Monday.

The program’s funding will come from the TONcoin Fund, a $250 million ecosystem fund launched to support developers and founders looking to build on TON.

Projects will also benefit from mentorship provided by some of the top partners and investors within the TON community. These will include hedge fund and AI-powered market maker GotBit Markets; Web3-focused innovation platform Web3Port; and Tonstarter, the leading fundraising platform on TON.

Also key to the program will be South Korea based Web3 incubator Boom Labs and UAE-based multi-strategy #crypto investment firm Cypher Capital Group.

Justin Hyun, Head of Incubation and Growth at TON Foundation expressed delight at the launch of the accelerator program, noting in a statement that the funding is part of a crucial strategy of ensuring growth.

“This is the beginning of many different incubators which will be supported in the future. Funding forms part of our local hubs rollout strategy and our ecosystem will work to attract new developers as well as successful repeat founders, based across a variety of key global locations,” Hyun added.

Projects set to be included in the initial selection will be those that participated in the Hack-a-TONx DoraHacks hackathon. The virtual hackathon ran for two months and involved DoraHacks, a leading hacker organisation.

According to the TON Foundation, application for funding is open to all MVP-ready projects. Those projects with a proof-of-concept or prototype and are seeking initial technical support are encouraged to apply for early-stage grants.

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Crypto exchange Hotbit shuts down

  • Hotbit has announced that it will be halting its operations as from 22 May 2023.
  • The exchange cites the deterioration in operating conditions and the change in the cryptocurrency exchange trends among reasons for the decision.
  • The exchange has asked its users to withdraw their funds before June 21, at 4:00 am UTC.

Hotbit, a cryptocurrency exchange that has been in operation for over 5 years, has announced that it will be shutting down all operations.

A notice to customers from the exchange’s team on Monday noted that operations would be halted as from 22 May 2023, at UTC 04:00. Users have been asked to withdraw their remaining assets before June 21, 2023 at UTC 04:00.

Why did Hotbit shut down?

The decision to halt activities is down to multiple factors, including the deterioration of operating conditions and the change in the cryptocurrency exchange trends.

“After the Hotbit management team was forced to suspend operations for several weeks due to the investigation in August 2022 the industry has experienced a series of crises, including the collapse of FTX, bank crises causing USDC off-peg incidents, resulting in continuous outflows of funds from CEX users, including Hotbit, and deteriorating cash flow,” the announcement read.

However, Hotbit also suffered from a number of problems, including repeated cyber-attacks and the exploitation of project vulnerabilities by malicious actors.

Hotbit was founded in 2017 and quickly became one of the most popular cryptocurrency exchanges in the world.

The exchange’s shutdown comes at a time when the crypto industry is still navigating the negative impact of major collapses.

It’s also within an environment where regulators have increasingly tightened their crackdown on the industry. The past few months have seen major players like Coinbase, Ripple and Binance take the lead in asking for greater clarity in regulation from US regulators.

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Swiss fintech platform Acredius launches on Cardano

  • The integration will allow Acredius’ investors to use Cardano’s cryptocurrency, ADA, to invest in SMEs.
  • Acredius will also deploy smart contracts on the Cardano blockchain, allowing for the tokenization of loans.
  • ADA price has struggled to break above $0.37 since the rejection at around $0.46 in mid-April.

Acredius, a Swiss lender that provides financing to small and medium-sized businesses (SMEs), has launched on the Cardano blockchain.

The integration will allow Acredius’ investors to use ADA, the native token of the Cardano blockchain, to invest in SMEs and will also provide greater investment flexibility and transparency, the fintech platform said.

In addition, Acredius will deploy smart contracts on Cardano. This will allow for the tokenization of loans, which will make it easier for retail investors to participate in the lending market.

Cardano to help Acredius revolutionise the lending marketplace

Acredius is a Swiss fintech platform that helps investors and borrowers shape the future of the economy by supporting small and medium-sized businesses (SMEs). The company provides a marketplace where investors can lend money to SMEs, and borrowers can access capital to grow their businesses.

The collaboration with Cardano could spark further adoption of the ADA token, providing new impetus for its value to rise in the future. Elsewhere, it enhances Cardano’s growing ecosystem and outlines the positive impact of blockchain technology in the world.

ADA price outlook

The price of Cardano has been trading below $0.4 since the retreat from the highs of $0.46 in mid-April. ADA bulls have found it difficult to break above $0.37, and the bearish outlook is likely to be helped by a broader lull in the crypto market.

If ADA breaks below the support level of $0.35, it could fall to the next support level of $0.31. However, should bulls reclaim the $0.40 in coming weeks, a retest of the resistance level at $0.43 could rally to the next resistance level currently at $0.48.

The post Swiss fintech platform Acredius launches on Cardano appeared first on CoinJournal.

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Miami International Securities Exchange acquires FTX subsidiary LedgerX

  • The Miami International Securities Exchange (MIAX) is owned by Miami International Holdings (MIH).
  • The acquisition deal was announced in April and approved by the bankruptcy judge on May 4.
  • LedgerX is one of the FTX assets the bankruptcy court approved for sale in January.

The Miami International Securities Exchange (MIAX) has today completed acquiring LedgerX, which is one of the FTX assets the court had approved for sale.

LedgerX operated as an exchange and clearinghouse and was regulated by the United States Commodity Futures Trading Commission (CFTC).

MIAX expansion into the swaps and futures industry

According to the CEO of MIAX, Thomas Gallagher, the acquisition of LedgerX is “an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry.”

In an April tweet, the CEO of OPNX, a cryptocurrency exchange co-founded by Three Arrows Capital (3AC) founders claimed that MIAX was also an investor in the firm.

The acquisition process started in April when the involved parties entered into a $50 million purchase agreement. The agreement was, however, approved on May 4 by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware and it has taken almost 15 more days to complete the purchase.

FTX assets approved for sale

LedgerX was among the four FTX subsidiaries that were approved for sale in January by the Delaware court. The other three are FTX Japan, FTX Europe, and the stock-trading platform Embed.

On May 17, FTX filed a lawsuit against the former FTX CEO Sam Bankman-Fried, former engineering director Nishad Singh, and co-founder Gary Wang for failing to apply due diligence when acquiring Embed. FTX paid $200 million when acquiring the stock trading platform.

It was reported that 117 prospective buyers expressed interest in the four assets out of which 56 wanted to acquire LedgerX.

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Venom Foundation announces strategic partnership with the Government of Kenya

  • The partnership is through Venom Africa.
  • Venom seeks to establish a “blockchain hub” in Africa.
  • The hub will focus on the development of Web3 and blockchain technology applications.

Just over fifteen days after launching the public testnet of its L1 blockchain, Venom Foundation has announced a strategic partnership with the Government of Kenya through Venom Africa. The partnership is a great step towards establishing a “blockchain hub” in Africa focusing on the development of Web3 and blockchain technology applications.

Expressing enthusiasm for the partnership, the Cabinet Secretary for Investments, Trade and Industry, in Kenya, Moses Kuria said:

“We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

This partnership is aimed at driving innovation in key sectors like financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, in Kenya and the entire African continent.

Impact on financial services

Currently, more than 84% of the Kenyan population has access to financial services through banks and fintech.

The implementation of blockchain infrastructure will increase value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra-African trade lines.

By advocating for the adoption of blockchain technology, Venom Foundation is seeking to endow African communities and create a bridge between traditional finance and trade with the web3 world. It also wants to stimulate regional economic growth by enabling seamless cross-border trade and transactions.

The population will benefit from:

  • Minimized transaction costs
  • Enhanced security and transparency
  • Increased access to financial services
  • Expedited settlement times for cross-border transactions
  • Creation of new investment opportunities through asset tokenization.
  • Economic development and financial inclusion across the continent.

Venom’s blockchain hub in Africa

The blockchain hub will be a central platform for building partnerships with innovative companies in Africa.

Venom will also supply crucial resources and tools to support African countries in developing a solid foundation for digital transformation including blockchain-based solutions for land registry, voting systems, and supply chain management among other areas. Venom will primarily be seeking to promote efficiency, transparency and trust across various sectors in Africa.

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