Kategorie: Crypto Business

Tranglo, a cross-border payment gateway founded in 2008 and Ripple’s newest investment partner, has launched an all-in-one business payment solution called Tranglo Business to allow businesses receive and send their global payments in a faster way.

The payment solution will utilize Ripple’s on-demand liquidity (ODL) technology to allow Tranglo to use all its 25 payment corridors as well as allow remittance providers to conduct a real-time payment across the borders without pre-funding the transactions.

#Ripple investment and partner, Tranglo. https://t.co/cokDK4sxRW

— WrathofKahneman (@WKahneman) April 11, 2022

Ripple’s ODL uses XRP, its digital currency, as a bridge between two currencies and also runs on RippleNet, Ripple’s global financial network. Therefore, Tranglo users will be able to lower operating costs as well as save money by getting rid of destination account charges.

Ripple bought a 40% share of Tranglo

Ripple purchased a 40% share of Tranglo and became one of the major enterprise providers of blockchain solutions payments across the borders. 

Tranglo ODL pilot began in September 2021, and in the first 100 days, it was able to complete 250,000 transactions of $48 million since then it paved way for the move.

Japan, Australia, Singapore, and the Philippines are one of the markets using RippleNet for their ODL transactions, however, more markets are joining the wagon.

Tranglo global network

Tranglo has established its offices in Singapore, Dubai, Kuala Lumpur, London, and Jakarta and its global network has 130,000 cash collection sites, 1,300 wallets/banks, and 2,500 mobile operators in over 100 countries.

Against all odds, Ripple has managed to spread its payments systems across the borders outside the United States despite the ongoing lawsuit in the state.

In the previous years, Ripple remittance technology’s popularity has continued to grow due to its fast transactions and low prices as compared to the traditional payment gateways.

According to the U.Today previous report, Ripple partner, Clearing House, and Wells Fargo talks are underway to create a SWIFT replacement.

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UK-based Fabric Ventures supports both early-stage and later-stage projects, with Polkadot, Decentraland and Bitstamp among earlier beneficiaries.

Fabric Ventures, a London-based capital venture investment firm, is on the verge of closing to Web3 funds as it looks to bolster its wallet ahead of several investments.

Per a report in The Block, the company is set to raise a total of €225 million (roughly $245 million).

Fabric expects to close the first of the two funds, at €125 million (about $136 million), soon. This fund was significantly oversubscribed according to Fabric Ventures managing partner Richard Muirhead, the reason for the raising of the cap to €125.

Once closed, the company will use the funds to support early-stage projects.

Meanwhile, the company is set to close another €100 million ($109 million) fund later this April. As it has done over the past few years, Fabric Ventures will use the second fund to help projects scale as part of its goal of supporting later-stage investments.

The fund will be targeted for projects seeking series B funding or beyond.

The funds follow on from Fabric Ventures’ July 2021 raising of $130 million from various backers. A notable contributor to the fund was the European Investment Fund (EIF), which put in $30 million.

According to Muirhead, Fabric is eyeing fresh funds in 2023.

Projects in the digital assets space to receive investment backing from Fabric include crypto exchange Bitstamp, blockchain platform Polkadot (DOT) and metaverse linked protocol Decentraland (MANA). The VC firm has also contributed to Axie Infinity developer Sky Mavis.

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• Toncoin Fund seeks to bring DeFi, NFTs and Metaverse projects onto the TON blockchain.

• Telegram abandoned TON (The Open Network) blockchain project in 2020 after the SEC sued it over the $1.7 billion ICO

Kucoin Ventures and Huobi Incubator have joined other top crypto-focused investments in backing a $250 million ecosystem fund for Toncoin.

Others to contribute to the fund are 3Commas Capital, MEXC Pioneer Fund, Orbs, Kilo Fund and TON Miners.

Toncoin is a blockchain and cryptocurrency project that arose out of the failed TON blockchain, a platform whose development had been spearheaded by Telegram.

But the messaging service halted its involvement in TON in 2020. This is after the US Securities and Exchange Commission (SEC) sued it. The agency had maintained Telegram’s $1.7 billion initial coin offering (ICO) involved the sale of unregistered securities.

TON (The Open Network) lost the case, with Telegram choosing to refund US investors. The TON community, however, continued to build on the blockchain, which now runs independently under the Ton Foundation.

TON Ecosystem fund targets Web3 development

In an announcement released Monday, the Foundation plans to use the funds to promote developer activity via incubation and grants. The fund will also provide investment and be used in the launch of hackathons to encourage further development.

The TON Foundation wants to use the ecosystem funds to bring Web3 to the blockchain. Projects will range from decentralised finance (DeFi), non-fungible tokens (NFTs), metaverse and data and infrastructure services, according to details on the TON protocol website.

Integration with Telegram is one other major development the Foundation is eyeing. If it happens, it will effectively make the cryptocurrency easily accessible to 600 million users currently making up the encrypted messaging app’s monthly user base.

The post KuCoin, Huobi back $250M Toncoin ecosystem fund appeared first on Coin Journal.

• Bitcoin makes up 60% of Ricardo Salinas Pliego’s liquid portfolio
• Mexico’s third-richest person calls bonds ‚a terrible investment‘. 
• The TV Azteca CEO says he has 40% of his investment in oil and gold.

Billionaire Ricard Salinas Pliego, the third wealthiest individual in Mexico per Forbes‘ latest rich list, has revealed Bitcoin makes up the largest portion of his liquid portfolio.

Salinas, who has previously urged investors to have at least part of their portfolios in the benchmark cryptocurrency, was speaking at the Bitcoin 2022 conference in Miami on Thursday.

„I have a liquid portfolio. I have 60% in Bitcoin and Bitcoin equities, and then 40% in hard asset stocks like oil and gas and gold miners. And that’s where I am,“ the Grupo Elektra chairman noted.

Going by the remarks, Salinas Pliego’s total Bitcoin and related products‘ holdings have increased significantly over the past two years. In 2020, the Mexican billionaire said he had about 10% of his portfolio in BTC.

Like then, his latest comments suggest Bitcoin is a better investment than holding government bonds.

„I definitely don’t have any bonds,“ he said on a panel at the conference. He went on to call bonds „a terrible investment,“ that he wouldn’t touch even with a „10-foot pole.“

With bonds headed for their worst returns in over seven decades amid central bank monetary tightening and interest rate hikes, Salinas says Bitcoin presents a better asset. On bonds‘ performance, he said:

„It’s just the worst thing. I mean, the best thing that can happen to you is you get back your $100. That’s the best thing that can happen.“

I want to thank @TheBitcoinConf for giving me the opportunity to speak about “what’s next”, it was a pleasure to meet you all 😌.

“Please… don’t put your future in government’s hands, you and I know how does that always ends, stay away from #FIAT money, invest in #btc” pic.twitter.com/sjVvbbZKcY

— Ricardo Salinas Pliego (@RicardoBSalinas) April 7, 2022

Salinas is also the owner of one of Mexico’s leading broadcasters in TV Azteca. His net worth is around $12.9 billion.

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The funds will be used to refund Axie Infinity users who lost their assets after a hacker exploited Sky Mavis’ Ronin validator nodes and Axie DAO in March.

Sky Mavis, the developer firm behind the Axie Infinity game, has announced a $150 million funding round led by leading crypto exchange Binance.

The funding round also attracted other major investors from across the crypto space, including venture capitals a16z and Dialectic, crypto-focused investment firm Paradigm, and game software firm Animoca Brands.

According to Sky Mavis, the funds will be combined with those on the company’s balance sheet and be put into the reimbursement plan for Axie Infinity players affected by the recent $625 million hack.

Following the attack, the company has undertaken to bolster network security, including via internal audits. Reimbursing players was also one of the first commitments the developer pledged.

„Sky Mavis is committed to reimbursing all of our users‘ lost funds and implementing rigorous internal security measures to prevent future attacks,“ the firm’s CEO Trung Nguyen said.

He also touched on Sky Mavis‘ plans.

“As a team, we have made an intentional decision to focus on what lies ahead, starting with tomorrow’s launch of Axie Infinity: Origin. We are also thrilled to collaborate with Binance NFT on future projects.”

The company hopes to reopen the Ronin Network bridge, which the hacker exploited to steal 173,600 Ethereum (ETH) and $25.5 million in USDC, once the security audits are over.

As a way toward making the network even more robust going forward, Ronin’s validator group will increase from five to 21. The process will be complete in the next three months and with validators set to be split between the firm’s partners and community members.

Despite the historic hack, the Axie Infinity game remains the most popular and most-played NFT game. More than 2.6 million people own Axie NFTs, while monthly active users currently stand around 2.2 million.

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