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South Korean Crypto Assets Investment Group, Hashed Raises $120 Million For Venture Capital

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South Korean cryptocurrency assets fund management company Hashed has raised around $120 million for funding new blockchain initiatives in the “protocol economy.”

The funds will be for its venture capital fund operating as Hashed Ventures Inc. which will confine its operations around Hashed’s core operations of investing in blockchain startups. The company is yet to disclose the backers of the funding round but a spokesperson hinted that leading South Korea IT firms could be involved.

Hashed Ventures to invest in blockchain startups

According to an announcement from the company, they will invest significantly in the incubation of domestic and overseas blockchain startups expecting to realize the protocol economy. Also, they will invest in tech companies in the blockchain sector through the establishment of this first venture capital fund. The VC will invest in startups emp0loying blockchain tech in disrupting the “protocol economy” a term covering emerging applications and platforms.

Simon Kim, Hashed’s CEO said that the ushering of a new age of the protocol economy will see the South Korean startup sector witness a resurgence of the blockchain sector. This will help in attracting institutional support and government into the new paradigm. Hashed raised the cash when the interest of venture capital funds in the blockchain sector seems to increase. Although most crypto firms chose the route of initial coin offering in 2017, blockchain startups have begun leaning to venture capital to raise funds.

Hashed has a wide range of investment portfolio

The Seoul and Silicon Valley-based Hashed prides itself as a blockchain experts team pushing from decentralization. Its investment portfolio includes several cryptocurrency companies that include well-known blockchain projects such as Ontology, EOS, Ethereum,Kyber network, and ICON. Hashed’s investments currently cut across financial infrastructure, blockchain platforms, publishing, applications, and pick-and-shovel plays.

In recent times South Korea has risen as a blockchain development and crypto markets hotbed even though the company cracked down on ICOs and domestic exchanges. An influential cryptocurrency lobby group recently succeed in postponing the new tax law on crypto until 2022 third giving business time to comply with the rules.

Bitwise Asset Management Liquidates $3.9 Million of Its Entire XRP Holding As Backlash to Ripple Grows

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More companies are distancing themselves from Ripple following regulatory backlash after the SEC sued the company for conducting an unregistered securities offering. . The latest is cryptocurrency fund management firm, Bitwise Asset management which has divested filly from XRP.

Bitwise liquidates $3.9 million worth of XRP token

In a statement, the firm announced that it had liquidated its XRP position because they don’t invest in assets that could potentially be deemed securities under state or federal securities laws. Bitwise said that its decision to sell the asset was supported by new information from the SEC’s lawsuit. Before the liquidation, XRP was around 3.8% of the fund and after liquidating $3.9 million worth of XRP the firm reinvested the amount in other portfolio assets. Ether (ETH) and Bitcoin (BTC) mostly dominated the Bitwise 10 Crypto Index Fund but the fund also holds Bitcoin cash (BCH), Litecoin (LTC), ADA, LINK, EOS, XLM, and tezos (XTZ).

The fund launched in 2017 to offer institutional investors digital assets exposure. In October assets under management of the firm surpassed $100 million thanks to significant inflows from hedge funds, families, and advisers.

SEC sues Ripple for issuing unregistered securities offering worth $1.38 billion

In the past few days, XRP’s prices had declined considerably after revelations that the SEC was suing the token’s parent company, Ripple. The SEC accuses Ripple of issuing a “$1.3 billion unregistered securities offering.” The suit outlined in a 71-page complaint is a result of a multi-year probe by the regulator. According to the suit, the defendants sold around 14.6 units of XRP since 2013 in return for cash or other considerations worthy of more than $1.38 billion to fund the company’s operations and profit Larsen and Garlinghouse

Brad Garlinghouse, Ripple’s CEO has urged employees and investors not to worry regarding the suit but indicated that the legal battle could take long before a verdict is offered. Notably, RippleNet has limited business operations in the US which means that it could potentially shift operations abroad although the firm has not indicated such plans for now.

1inch Network Launches the 1INCH Governance and Utility Token

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1inch, a decentralized finance (DeFi) platform has announced the launch of a governance and utility token, 1INCH. A distributed autonomous organization (DAO) will govern the 1inch Network according to the announcement from the non-custodial cryptocurrency exchange aggregator.

1inch introduces an easy way to vote for protocols

According to the 1inch team, the DeFi industry is growing fast but most governance models are not ideal to adapt to changes quickly in the market. Therefore to address the issues 1inch is introducing “instant governance” allowing the community to vote for certain protocols. Under the DAO model, the community can vote on protocols transparently.

Most importantly the 1INCH token will be vital for both the platform’s decentralized exchange aggregator services and the automated market maker protocol. Stakers can now vote on Spread Surplus coins distribution thanks to the “Aggregation Protocol.” Usually, these result when the final transaction rate was undertaken via the aggregator service is more than what the user confirms. The returns are shared between the governance reward and referrer with a percentage going to each as determined by DAO. To begin with, the governance reward will be at zero.

Stakers and liquidity providers to vote ion protocols

The Spread Surplus coins are then converted into 1INCH tokens through the 1inch Liquidity Protocol previously called Mooniswap. Through the Liquidity Protocol governance module, liquidity providers and stakes can vote on main protocol parameters including swap fee, impact fee, referral reward, decay time, governance reward, and price impact fee. Interestingly governance of some parameters will be on an individual liquidity pool basis with other and default values applying to all pools.

Equally, there will be a liquidity mining program for 6 new pools pairing the tokens with DAI, ETH, USDC, WBTC, YFI, and USDT. So far around 30% of the total 1INCH supply of 1.5 billion has been assigned to community incentives with another 14.5% reserved for a development fund and protocol growth for the next four years. Initially, the circulation supply will be 6% with an additional 0.5% released in the first two weeks of liquidity mining from December 26, 2020.

MoneyGram Says It Has Never Used the RippleNet Platform As Ripple Faces a SEC Lawsuit

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Money remittance company MoneyGram has issued a statement distancing itself from the turmoil between the US SEC and Ripple regarding a suit the regulator filed against the cryptocurrency firm. MoneyGram stated that its collaboration with Ripple doesn’t include the use of its On-Demand Liquidity (ODL) platform or RipplNet for funds transfer.

MoneyGram has never used the Ripple platform for transfers

A statement from the money transfer service provider indicated that they do not use the ODL platform in the direct transfer of funds be it digital or not. The company added that it has been using its traditional FX trading counterparties since it signed an agreement with Ripple. MoneyGram says that it does not rely on RippleNet or ODL platform to meet its forex trading needs.

Ripple entered a strategic partnership agreement with MoneyGram in June 2019 to facilitate cross-border payments. The crypto company was to invest around $50 million in MoneyGram as part of the collaboration in the exchange of the money remittance company’s stock. In February this year, MoneyGram announced that Ripple had invested another $11.3 Million in the company. It’s important to note that Ripple has already sold around $15 million of its interest in MoneyGram and this decision seemed to be motivated by the surge in MoneyGram stock price and the desire to earn profits.

Companies disassociating with Ripple or XRP token

Interestingly, MoneyGram’s claim that it is not using Ripple’s services seems to be in line with recent events. At the beginning of this year, MoneyGram launched a real-time remittance service using the Visa network rather than that of its blockchain partner. Also in March, another collaborator Intermex stated that it was not using Ripple’s platform for its core market remittance.

The statement from MoneyGram is among the series of actions that various firms have taken related to Ripple or XRP. Bitwise Asset Management moved to liquidate its XRP holdings and exchanges have started to delist XRP with Coinbase also considering its options. The SEC suit has led to a fallout exerting negative pressure on XRP price.

Cryptocurrency Skeptics Rejoice With the US SEC Decide to Move the Court Against Blockchain Payments and Ripple Drops 60%: Nouriel Roubini Hogs Limelight for His Latest Tweets

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Nouriel Roubini is once again in the news for scouting for the demise of cryptocurrency. He aimed his latest tweets at a time when Bitcoin (BTC) bracing for new highs and XRP gained 35%.

Roubini feels that the incoming President of the US, Joe Biden will harden his stand in regulating the cryptocurrency. He called the sector – cryptocurrency as cesspool in his recent debate on Twitter on December 24, 2020.

Roubini terms Jake as delusional

The lawyer – Jake Chervinsky studies the effects of the talk of the US lawmakers on the cryptocurrency. The US lawmakers are batting for the implementation of stable coins for anti-money laundering and KYC identification methods.

According to Jake, those talks are the personal views of the Treasury Secretary – Steven Mnuchin, who is under Trump, and unlikely to have an impact. Moreover, Steven will be replaced soon. Reacting Roubini said Jake is delusional.

Jake said Yellen, who is the new pick by Biden, is his boss at CEA. Yellen will bring in tougher laws to check tax-evading and prevent money laundering using crypto. Roubini said Jake is hired by the crypto teams.

Cryptoskeptics rejoiced with the US SEC files lawsuit

Cryptoskeptics are rejoicing this week with the US regulators decided to submit a lawsuit against Ripple, the blockchain payments. The Ripple, XRP declined almost 60% after the news broke out.

According to commentators, Bitcoin barely changed following the outbreak of news. However, it expects to come under a crackdown by the government in the future. Proponents negate this opinion.

B2C2 stops XRP trading with US Counterparts

B2C2 stopped XRP trade with the counterparts in the US with effect from December 25, 2020, because the US SEC filed a lawsuit against Ripple. However, non-US customers can still engage in XRP trading. They need to ensure funding for all short trades before commencing trading.

B2C2 halted trading following the decision of cryptocurrency exchanges like CrossTower, OCL, Bitstamp, and Beaxy to stop the trade of XRP. The US lawsuit says Ripple mobilized funds of $1.3 billion during the seven years from the retail investors by selling XRP.

Jerome Powell receives person of the year award

Jerome Powell received the Forbes person of the year award in Crypto. The US Federal Reserve Chairman’s fed played a vital role in doubling the balance sheet in the central bank by effectively printing new money of over $3 trillion.

Anthony Scaramucci’s SkyBridge Capital Launches Bitcoin Fund

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Anthony Scaramucci’s hedge fund, SkyBridge Capital has submitted an application to the SEC to launch a Bitcoin fund. Scaramucci is launching the fund to democratize cryptocurrency investment for the mass affluent with a small-fee product.

Scarammuci launching a BTC hedge fund

According to a Form D that appeared on the SEC website for an exempt offering, SkyBridge Bitcoin Fund L.P. has been listed as the issuer and related person of the “SkyBridge Bitcoin Fund GP LLC.” SkyBridge is a fund offering a conduit for investment in digital currencies for mass affluent as week as registered investment advisors to invest in hedge funds.

Scaramucci said that SkyBrdige Capital has committed $25 million in capital to open the fund on January 4, 2021. The company didn’t disclose its targeted investment size but any individual investor will have a minimum of $50,000 subscription. Scaramucci said that the fund is already compiling a “nice book” with initial orders. He said that among the things they have tried to do is democratizing the hedge fund sector and BTC is still challenging to buy. Like most investors, he pointed out that BTC-USD is in the “store of value” category thus drawing a comparison to bullion whose market cap is $10 trillion compared to Bitcoin’s $400 billion.

Hedge fund for select investors

The offering will take place under Reg. D exemption which means that the company’s proposed Bitcoin fund will be accessible by accredited investors only. SkyBridge filed the application six weeks after informing the SEC of its intention to launch a BTC-related hedge fund. The fund will levy 75 basis points against Grayscale Bitcoin Trust’s annual fee of 2%.

Corporate and institutional uptake of BTC has surged this year with big names such as Stanley Druckenmiller, Paul Tudor Jones, and Jim Camer showing support for BTC. Companies such as Ruffer Investment and MassMutual are also in the BTC market.  Owing to the growing adoption Scaramucci believes that in the next five to ten years BTC will see a large move because it is a product investors want to have in their portfolios.

Several Organizations Ups the Ante Against the Town of Torrey, NY to Stop Bitcoin (BTC) Mining Facility Expansion

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Several organizations such as Sierra Club filed a complaint against the town of Torrey, New York to give its nod for expanding the Bitcoin (BTC) mining facility circumventing the rules near the Finger Lake.

The local government violates local rules

According to the documents submitted in the Supreme Court of New York on Thursday, the committee for preserving the Finger Lakes and over 20 residents said the local government violated the laws in the state. The state government approved the site plan of the Greenidge Generation for expanding the prevailing Bitcoin mining facility.

Ignores environmental impact

The state government gave the nod for the Bitcoin mining facility near the Finger Lakes by accepting two separate applications and ignored the environmental impact. According to the issues raised by residents, the expansion of the Bitcoin mining facility will negatively affect the wildlife, contaminate lakewater, and recreational activities.

The power required for the Bitcoin mining facility is generated by the gas, which is drawn through a pipe from the nearby Dresden town. It is economical. Atlas Holding, the owner of the facility, implemented seven thousand crypto mining machines in 2019.

The plant previously operated below its rated generating capacity and intermittently. Greenidge approached the local authorities for expanding the Bitcoin mining facility by constructing and managing new buildings, which holds the mining machines. But the expansion allows the company to operate the Bitcoin mining facility at full capacity.

Claims to operate within permitted limits

Greenidge claimed to operate the Bitcoin mining facility within the permitted environmental limits set by the central and local laws in a board meeting held in October 2020.

Enegix ready to inaugurate a 180 MW Datacenter

Enegix, a mining facility operator, is all set to inaugurate 180 MW Datacenter for mining pools in early September 2020. Dmitriy Ivanov, Director (Sales) said the new facility, which is located in Ekibastuz close to the Russian border, can support up to 50,000 mining rigs.

At full capacity, the mining power of the new plant would be 5-6 EH/s. The new facility will employ 160 people that comprise electricians, engineers, and security staff. It can handle electricity, which is sufficient to power around 180,000 US homes.

Nervos Unveils Trustless “Force Bridge” Permitting Seamless Cross-Chain TransactionsBetween the CKB Network And Ethereum

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Chinese blockchain project Nervos is introducing a trustless bridge with Ethereum which will simplify cross-chain transactions between Ethereum and its CKB network.

Nervos launches bridge to facilitate cross-chain transactions with Ethereum

The company revealed the launch of the Nervos Force Bridge on December 17, 2020. The Bridge boasts ERC-20 native tokens that support simplified transfers across the CKB chain and Ethereum network. According to the team, a “Force Staff” tool from the renowned game Dota 2 inspired the bridge. The tool enables users to force objects to move across the virtual realm.

According to Nervos, the trustless architecture minimizes the steps one needs to complete cross-chain transfers. Nervos claims that the bridge is different compared to other bridges that require the deployment of “a new asset on the target chain, specifying relationship between transfer assets and registering the address on Ethereum” to finalize inter-chain functionality.

Interestingly developers will not be required to make integrations for them to access the “Force Bridge.” This is because the Nervos bridge will require users to only deploy ERC-20 to start the asset transfer since the CKB native support for ERC smart contracts does not need any additional steps to execute a contract.

Nervos focusing on interoperability with DApps

Kevin Wang, Nervos’ co-founder said that the company is the focus is interoperability as it continues to develop its infrastructure to support next-generation decentralized finance apps. Ethereum users will be able to directly use the Force Bridge from their wallet. Nervos is optimistic that Ethereum developers will consider the Nervos network and this expand their user bases and DApp ecosystem.

In the third quarter, Ethereum witnessed considerable success following the DeFi boom and Eth2 beacon chain launch in Decembers which has inspired top blockchain projects to launch between their networks and Ethereum. Last month Ava Labs launched Avalanche-Ethereum Bridge developed by ChainSafe as part of the Avalanche-X grants program.Also in August, Web3 Foundation gave PureStake a grant for developing cross-chain functionality between smart contracts parachain Moonbeam and Ethereum. Most projects are looking to develop cross-chain architecture beyond Ethereum.

The US Treasury Proposes New Crypto Rules to Deal With “Unhosted Wallets” and Hire Policy Experts

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The US treasury is looking to hire experts to offer cryptocurrency expert advice to address legal challenges related to the sector. The Financial Crimes Enforcement Network (FinCEN) has advertised two high profile positions for crypto policy officers as it seeks to get expert advice on crimes associated with digital currencies.

Crypto policy experts to offer advice on tackling crypto crimes

On December 12, 2020, FinCEN posted the two permanent and full-time jobs targeting professional experts in cryptocurrency-related finance risk and threats. The policy experts will help in coming up with policy responses to address challenges associated with cryptocurrencies. According to FinCEN, the policy officers will offer insights on a range of areas such as financial technology, digital identity, and crypto regulation.

Candidates for the GS-13 and GS-14 positions will need at least a year of specialized experience at a similar level as per the federal service’s grade levels. The salary for the positions will range from $102,663 to $157,709 per year. Most importantly FinCEN has indicated that the policy officers will carry out extremely complex and sensitive assignments associated with cryptocurrencies that include advisories issuance and assistance to financial institutions. The move by FinCEN shows that the agency is receptive to industry feedback on the anticipated ban of “self-hosted” cryptocurrency wallets by the Treasury.

Cracking down crypto crimes by banning “unhosted wallets”

Proposed new rules by the Treasury will make it less attractive for criminals to leverage convertible currencies such as bitcoin to engage in crimes such as ransomware attacks. After the adoption of proposed new regulations, banks and financial institutions will obtain and report the identities of customers engaging in digital transactions. These include transactions that involve “unhosted wallets.”

Essentially this means that banks will be reporting on crypto transactions in a similar manner they have been doing regarding cash transactions since the 70s. Banks will have to report digital transactions exceeding $10,000 for non-wire transactions and for wire transactions the limit is $3,000 just like with cash transactions. The rationale behind stringent measures is the increase in crimes facilitated by convertible virtual currency.

K framework Ensures Compatibility Between Solidity And Cardano’s Blockchain For Interoperability

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The developers of Cardano are embarking on a mission to ensure compatibility between Cardano’s blockchain and Solidity.

Restarts KEVM

The new initiative called K framework provides interoperability between solidity and Cardano’s blockchain. KEVM or K Ethereum virtual machine (EVM) will be restarted by the developers and allows running EVM within the K framework.

What is the K framework?

K framework is defined as a system to create or specify languages and virtual machines. The main aim of K is to allow the developers to either implement or define formal semantics of PL (Programming Language) in a modular or intuitive way.

According to the announcement on the website of Cardano developers, the developers can create an executable and functional VM using the specification. The new VM is powerful and faster to facilitate running smart contracts and programs. K framework will be developed from scratch to facilitate the creation of code that is more reliable and secure.

The developers can start working across both platforms after the implementation of the K framework. According to the information revealed by IOHK, a tech startup, through a blog post on Wednesday, the KEVM ensures full interoperability with Ethereum. A native Ethereum Code is used in the interoperable platform.

The Director (Marketing) of IOHK, Tim Harrison said Solidity is an HLL (high-level language). EVM cannot directly execute programs developed using HLL. The programs developed using Solidity needs to be compiled into EVM bytecode or assembly language for execution on EVM.

The developers of Cardano will also implement other devnets including IELE and Glow. Harrison said Glow, which is developed by partner – Mukn, is the next devnet for implementation. Around 90% of the core development is already completed and expected for deployment in January 2021 after QA check.

Runtime Verification, a Cardano Community Partner, developed the VM – IELE to offer as a more reliable and secure system than EVM.

To offer major functionalities, the Cardano Ecosystem is integrating the SC (smart contract). IOHK entered a pact with Wolfram Blockchain Labs on Thursday to integrate data with Wolfrom Alpha from the Cardano blockchain. Wolfram Alpha is a service to provide answers for products like Siri Assistant of Apple Inc (NASDAQ:AAPL).

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