Kategorie: Crypto Business

Daily headlines and news about crypto business.

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Sam Bankman-Fried commits $250M to BlockFi: read the details here

Crypto lending platform BlockFi has secured $250 million in revolving credit from Sam Bankman-Fried’s FTX, the firm said in a press release on Tuesday.

The credit allows BlockFi access to further capital at a time the crypto market has seen a prolonged crash, with several firms sinking into liquidity problems. As such, BlockFi will use the funds to bolster its balance sheet and look to establish long-term stability.

Zac Prince, the CEO of BlockFi confirmed this via a tweet, noting:

He added in a statement:

“This agreement also unlocks future collaboration and innovation between BlockFi and FTX as we work to accelerate prosperity worldwide through crypto financial services. This is a significant step forward in our continued commitment to the strength and accessibility of cryptocurrency markets.”

FTX CEO Bankman-Fried added:

The credit facility agreement between BlockFi and FTX comes just days after Bankman-Fried said his company (and Alameda Research) would “step in” to help distressed crypto projects as the market reels from a brutal downturn.

It also comes not long after BlockFi said it had been forced to liquidate one of its large clients for failing to meet margin calls.

Celsius Network, Three Arrows Capital and Babel Finance have all hit news headlines in the past week over liquidity issues.

The post Sam Bankman-Fried commits $250M to BlockFi: read the details here appeared first on CoinJournal.

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Blockchain protocol Minima added to MobilityXlab program to create V2V solutions

Blockchain’s use across the world continues to gather massive traction, with use cases in virtually every aspect of the global society.

And decentralized protocol Minima is set to add to that with its selection to the MobilityXlab program.

Announced recently, the program will see the blockchain platform take part in an initiative aimed at creating new solutions in the vehicle and mobile communication world.

Hugo Feiler, CEO at Minima said:

“ We’re thrilled to be part of the MobilityXlab program and can’t wait to demonstrate the benefits of a truly decentralized network for mobility more broadly, and vehicle-to-vehicle communication in particular.”

Minima to help create Vehicle-2-Vehicle communication

Minima joins another 10 startups from around the world on this project, and will partner leading companies in the auto-mobility industry to help bring these innovations to the market.

Partners will include Ericsson, CEVT, Polestar, Volvo Cars, and Volvo Group & Zenseact among others.

Minima is expected to begin work on the solutions in August 2022, and will include the use of Layer1 security and decentralization to connect cars, allowing for greater security of data through immutable and censor resistant transfers. 

The Peer-2-Peer (P2P) network of connected node will also allow for more than just chat and communication. According to the platform, the innovation is set to bring the benefits of rewards, loyalty programs and sharing to connected vehicles.

The post Blockchain protocol Minima added to MobilityXlab program to create V2V solutions appeared first on CoinJournal.

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Voyager Digital seals $200M and 15,000 BTC loan deal from Alameda Research

Voyager Digital has secured a loan facility agreement with Alameda Research, in a deal that the brokerage platform says will help it better protect its customer assets amid the current market conditions.

$200 million in cash/USDC and 15,000 BTC

Voyager announced on Friday that it had sealed “a non-binding term sheet” with trading firm Alameda Research, securing a revolving line of credit that offers access to fresh capital should it be needed.

According to the company, the loan facility will be used to provide a safety net around customer assets as the market navigates the current volatility.

The credit facility comes in two parts, with the first being a $200 million loan agreement denominated in cash or the USDC stablecoin. In addition to that, Voyager and Alameda have agreed on a further 15,000 Bitcoin (BTC) credit facility. 

The two facilities’ term expires on December 31, 2024 and will attract an annual interest of 5% to be paid on maturity.

Voyager is “well capitalized”

Turbulence in the crypto markets has had a drastic impact on companies and projects, with the recent upheavals for Celsius and 3AC pointing to potential contagion. 

In light of this, the Voyager team provided an asset and risk management update earlier in the week, seeking to assure its customers that all was well.

Apart from stating that it had no assets with Celsius, Voyager CEO and co-founder Steve Ehrlich noted:

“The company is well capitalized and in a good position to weather this market cycle and protect customer assets. It is Voyager’s goal to continue to build secure products and services, as well as build trust and leadership in the cryptocurrency industry.”

The company has over $200 million on its balance sheet, it said on Friday.

The post Voyager Digital seals $200M and 15,000 BTC loan deal from Alameda Research appeared first on CoinJournal.

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Immutable unveils $500M fund to support Web3 gaming adoption

Immutable, the firm behind Ethereum’s leading NFT scaling solution Immutable X, has announced a $500 million fund aimed at boosting Web3 gaming development, according to details shared on Friday.

Immutable will count on experience gained from the development of Gods Unchained and Guild of Guardians to help new developers. New talent is also being added to the team from leading game studios like Riot Games in a bid to provide the best in terms of game design, tokenomics, and marketing.

Venture and Grants program

According to the platform, the fund will be split into two – ventures and grants – with both layered on the objective of accelerating the global adoption of Web3 games.

The venture side of the fund will see Immutable partner with leading venture funds to provide developers access to the support they need to build on the platform. Firms already in the mix include BITKRAFT, Airtree, Animoca Brands, GameStop and King River Capital among others.

Grants will also involve Immutable X (IMX), the native token on the L2 platform. All token-related investments will be unlocked after 24 months.

Immutable says their goal is to help onboard the next big project on Immutable X, joining the likes of TikTok, GameStop, Illuvium, Opensea, Ember Sword and VeeFriends among other top gaming platforms and IP holders.

The post Immutable unveils $500M fund to support Web3 gaming adoption appeared first on CoinJournal.

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Luxury brand Lacoste expands into web 3 with UNDW3

Lacoste, a French-based luxury clothing brand, has launched a new NFT collection as it expands into Web3.

A press release from the firm said the new experience will come via its aptly named UNDW3 (pronounced ‘underwater’).

The community around the brand will use the digital experience to “take ownership” of the firm, according to the announcement.

UNDW3 with the iconic crocodile brand

Lacoste’s NFTs will feature the iconic crocodile, with the total pieces released corresponding to the L1212 polo shirt the fashion brand’s founder René Lacoste invented.

On 6 June, Lacoste launched a Discord server for the NFT, attracting 55,000 people. 30,000 subscribers registered within the first 48 hours, the firm said. The collection went live on Tuesday 14 June, giving fans a chance to mint an underwater NFT.

In total Lacoste plans to launch 11,212 NFTs in the first drop with each NFT priced at 0.08 ETH. 

Apart from the NFTs giving holders exclusive access to the UNDW3 universe, it will also bring together the brand’s customers and fans.

The firm says this is just the first phase of its journey into Web3 and hopes to see further growth over the next few years.

The post Luxury brand Lacoste expands into web 3 with UNDW3 appeared first on CoinJournal.