Daily Archives: November 4, 2021

US Senator Proposes Congress Adopt Cryptocurrency for Payments

US Senator Ted Cruz Proposes Congress Adopts Cryptocurrency for Payments

U.S. Senator Ted Cruz has introduced a resolution that would position Congress to lead in the area of cryptocurrency by having congressional cafeterias, vending machines, and gift shops accept crypto payments. “Congress is typically slow to adopt new technology,” he said.

Senator Pushes for Crypto Adoption in Congress

U.S. Senator Ted Cruz has introduced a resolution titled “Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution,” also referred to as “ACCEPT Resolution,” in the Senate Monday.

The resolution proposes cryptocurrency be accepted at “restaurants, vending machines, and gift shops in the Capitol Complex.” According to the text of the resolution:

The Architect of the Capitol, the Secretary of the Senate, and the Chief Administrative Officer of the House of Representatives shall each … solicit and enter into contracts to provide food service and vending machines in such Capitol Buildings with persons that will accept digital assets as payment for goods.

They shall also “encourage the gift shops in such Capitol Buildings to accept digital assets as payment for goods,” the resolution adds.

Cruz told Breitbart News Monday that Congress can lead in the area of cryptocurrencies by adopting them as payment and increasing crypto awareness in Congress.

“As consumers better understand and embrace cryptocurrency, merchants are increasingly accepting crypto as a payment method. Congress is typically slow to adopt new technology,” the senator from Texas explained to the publication, adding:

My bill would position Congress to lead on this issue by having congressional cafeterias, vending machines, and gift shops accept crypto payments.

What do you think about Senator Cruz’s crypto adoption proposal? Let us know in the comments section below.

Indiana’s Star Bank Launches Bitcoin Trading Services

Indiana's Star Bank Launches Bitcoin Trading Services

Star Financial Bank (Star Bank) says it has become the first bank in the U.S. state of Indiana to offer bitcoin services to customers. The services will be offered through the New York Digital Investment Group and Alkami platform. Customers will have the ability to buy and sell bitcoin via the Star Mobile Banking App.

‘First Bank in the State of Indiana to Offer Bitcoin Trading Services’

Star Financial Bank (Star Bank) announced Tuesday:

Star is excited to offer customers the ability to buy and sell bitcoin via the Star Mobile Banking App.

“We’re launching this new offering as a closed beta,” the bank added.

Star Bank is an Indiana-based community bank. Its parent company, Star Financial Group, has $2.80 billion in assets with 36 locations in central and northeast Indiana, according to its website.

The bitcoin services are provided by the New York Digital Investment Group (NYDIG) via Alkami, a cloud-based digital banking solutions provider for U.S. banks and credit unions. NYDIG is the bitcoin investment arm of Stone Ridge Asset Management.

According to the announcement published on Star Bank’s website:

Star Bank is the first bank in the state of Indiana to offer bitcoin trading services to customers.

The bank’s customers will have the option to “acquire, sell, hold, and manage bitcoin alongside their traditional assets,” the announcement details.

Alkami’s founder and chief strategy and sales officer, Stephen Bohanon, explained that his company “helps financial institutions achieve digital banking success by delivering the most advanced cloud-based digital banking platform on the market.” He opined: “Early technology adopters appreciate the importance of embracing bitcoin opportunities.”

What do you think about Star Bank offering bitcoin trading services? Let us know in the comments section below.

Trava Finance Is a Groundbreaking Protocol That Lets You Create Lending Pools to Start a Lending Business

Trava is the next generation of Lending Protocols, employing an innovative model of multiple lending pools created by users. This groundbreaking cross-chain lending development is something you have to check out if you ever wanted to create and manage your own lending pool, starting an online lending business and potentially earn big profits from it. The Trava smart contract is now live on both Binance Smart Chain and Fantom Network.

A Decentralized Marketplace for Cross-Chain Lending

Trava.Finance is the world’s first decentralised marketplace for cross-chain lending and offers a flexible mechanism in which users can create and manage their lending pools to start a lending business. Initially deployed on the Binance Smart Chain, Trava allows for lending with BSC tokens at initial stages, with cross-chain lending with various tokens on Ethereum and other blockchain networks enabled after. Established in 2018 with an initial 20+ members, the team has gathered outstanding specialists and individuals in blockchain, security, finance, risk management, and law to aid its growth.

The BSC Trava lending pool supporting 14 assets. While existing approaches provide only one or a few lending pools with their own parameters such as borrow/supply interest rate, liquidation threshold, Loan-to-Value ratio, or a limited list of exchangeable cryptocurrencies, Trava offers a flexible mechanism in which users can create and manage their own lending pools to start a lending business. Trava also offers the credit score function based on financial data on-chain analysis as a useful tool that reduces risk and increases profits for all users.

The main innovation behind Trava is that it allows users to create their own pools with their own parameters such as borrow/supply interest rate, liquidation threshold, etc. However, there are other important differences between Trava and existing solutions. Trava provides users with a credit score – The pool owners can define a credit-score threshold for borrowers to reduce the lending risks and set a high Loan-to-Value ratio for borrowers with high credit scores. NFT, stock tokens, and other digital assets as collaterals: to increase the liquidity. This service will be released in Q4, 2021.

Cross-chain identification and cross-chain lending is another Trava advantage. It can identify all wallet addresses of the same users on different chains. After that, users can use up all of their cryptos as collateral for a huge loan in a single transaction. Trava plans to offer many statistical functions and analyze data for users, so they can reduce the risks and increase profits in a professional manner.

Trava Launches Lending Pool on Fantom Network

The Trava team recently announced that they will open a Lending Pool on Fantom Network on November 4th. Together with the launching of the lending system on Fantom Network, Trava will run its W2.1 Liquidity Mining Program for depositors and lenders when participating in the Lending Pool on Fantom Network. At this early stage the lending pool supports six assets, covering: FTM, DAI, USDC, USDT, ETH, and BTC.

Dr. Minh Nguyen, Trava CEO & co-founder, commented: “Deploying Trava lending pool on Fantom network is a pre-planned of Trava.Finance that proves Trava.Finance’s commitments to users including: (1) gradually support cross-chain lending, (2) serve more users of Defi services in different potential networks like Fantom, and others, and (3) formed the Trava DEFI 2.0 ecosystem with upcoming products launched by Trava.Finance.”

Trava has a lot more developments coming up, such as opening rTrava vault on Fantom, launching NFTs staking and NFT marketplace, adding more tokens on BSC and FTM pools, creating a credit score-based lending pool, sharing profits from Trava Bridge for rTrava holders, new partnerships and listings on top-tier exchanges. So to keep up the project visit the website, and make sure to follow the team on Twitter, Telegram, Reddit, and Medium.


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Russian Government to Track Crypto Transactions With Help From Anti-Drug Organization

Russian Government to Track Crypto Transactions With Help From Anti-Drug Organization

Russian institutions have responded to a call from а public movement for joint efforts to identify cryptocurrency transfers related to drug trade. The anti-drug organization, Stopnarkotik, recently asked the interior ministry and the central bank to investigate alleged connections between U.S.-sanctioned crypto exchange Suex and a darknet market operating in the region.

Russian Authorities Respond to Stopnarkotik’s Request for Action Against Drug Trade

The Ministry of Internal Affairs of the Russian Federation (MVD) and Bank of Russia have agreed to cooperate with the All-Russian Public Movement Stopnarkotik on identifying financial flows involving cryptocurrencies obtained as a result of drug sales. The Russian online news portal Lenta.ru reported on the agreement, quoting a letter from a high-ranking MVD official.

The letter signed by Major General Andrei Yanishevsky, head of the Drug Control Department at the Interior Ministry, has been issued after a working meeting with representatives of the anti-drug organization. It comes in response to Stopnarkotik’s call for the two institutions to carry out an investigation focused on Suex, a Russia-based OTC crypto broker, and its links to other companies and banks.

In September, the U.S. Treasury Department blacklisted the Czech-registered entity Suex OTC s.r.o. which operates out of physical offices in Moscow and Saint Petersburg. The crypto platform is suspected of processing hundreds of millions of dollars in coin transactions related to scams, ransomware attacks, darknet markets, and the infamous Russian BTC-e exchange.

Since launching in 2018, Suex is believed to have received over $481 million in BTC alone. Close to $13 million came from ransomware operators such as Ryuk, Conti, and Maze, over $24 million was sent by crypto scams like Finiko, $20 million came from mixers, and another $20 million from darknet markets such as the Russia-targeting Hydra, blockchain forensics firm Chainalysis detailed in a report.

In its request to the Russian authorities, following the announcement of the U.S. sanctions, Stopnarkotik noted that Suex had been “involved in money laundering for the largest drug-selling platform.” The organization pointed out that the market’s drug trafficking in the Russian Federation amounts to an estimated $1.5 billion a year or more.

It also mentioned the name of one of Suex’s co-founders and highlighted its alleged connections with other crypto companies and financial institutions such as Exmo, a major digital asset exchange in Eastern Europe, financial services company Qiwi, a leading payment provider in Russia and the CIS countries, as well as the Ukraine-based Concord Bank.

Stopnarkotik asked Bank of Russia to provide its assessment on the matter, check if the operations of Suex and other entities are being conducted in accordance with the law in Russia, and consider blocking Russian payments to a Ukrainian organization.

“We received a response from the Ministry of Internal Affairs and the Central Bank. We also had a personal meeting with the Ministry of Internal Affairs so that they had an understanding of how we receive information, including about money laundering,” the movement’s chairman, Sergei Polozov, has been quoted as saying. He added that the Russian Interior Ministry is ready to accept Stopnarkotik’s data and work together with the organization.

Do you expect the cooperation between Stopnarkotik and Russian government institutions to develop further? Tell us in the comments section below.

Finder’s Experts Expect Solana to Surpass $1,100 by 2025, Over $5K by 2030

Finder's Experts Expect Solana to Surpass $1,100 by 2025, Over $5K by 2030

At the end of October, the product comparison website finder.com published new survey data about price predictions concerning the leading crypto asset ethereum. On November 1, Finder’s researchers published price predictions for the ethereum competitor solana, as Finder’s panelists predict the digital asset is expected to reach $235 by the year’s end and $1,178 by the end of 2025.

Solana Expected to Hit $1,178 by 2025

During the course of 2021, finder.com, an investing companion application and product comparison website, has been covering a number of popular crypto assets to survey what people think about future crypto prices. Finder researchers have covered price forecasts for digital assets like bitcoin (BTC), ethereum (ETH), and litecoin (LTC). On November 1, the company published a survey that polled 50-expert panelists stemming from the fintech and crypto industry about the crypto asset solana (SOL).

Solana has seen a significant increase in value and has recently positioned itself as the fourth largest market valuation on November 4. SOL’s market cap today is $72.4 billion and during the last month, SOL has gained 43%. Year-to-date, SOL is up a whopping 16,930% and the market valuation commands 2.54% of the entire crypto economy’s aggregate value ($2.85 trillion). The 50 expert panelists from Finder’s survey data indicate that the experts believe SOL will end the year at $235 per unit. Moreover, SOL is expected to jump to $1,178 by 2025, according to finder.com’s surveyed fintech specialists. In 2030, Finder’s panelists expect SOL to tap a high of $5,056 per unit.

Finder’s Expert Says Recent DDoS Attack Against Solana ‘Indicative of an Inherent Problem’

51% of the survey’s participants believe Solana’s proof-of-history (PoH) network will dominate the Ethereum network over time. However, 40% of the experts noted that the recent DDoS attack Solana suffered was an issue. While 51% said PoH could have an “edge over” Ethereum, 26% say it won’t and the other 23% are unsure. Joseph Raczynski, the Thomson Reuters technologist and futurist, thinks SOL will hit $250 by the year’s end.

“While vastly more centralized, Solana could perform well for less financially important asset tokenization projects,” Raczynski said in Finder’s survey. “If you need lots of transactions, but security is not important, Solana will eventually work.” Coinmama’s CEO Sagi Bakshi said that Solana’s DDoS attack was “indicative of an inherent problem” and estimates that by 2030, SOL will be trading for $50 per unit.

“I have no idea if Solana will survive, nothing at this point can indicate that it will succeed,” Bakshi told Finder’s researchers. Johannes Schweifer, the CEO of Coreledger AG, claims the recent DDoS attack against Solana was merely a “hiccup” and stressed that other crypto asset networks have suffered from “similar teething problems.”

“[Ethereum] experienced similar attacks in the past, too… It went down in history as a hiccup. So will this past DDOS attack on Solana,” Schweifer insists. However, concluding the survey’s commentary from the fintech specialists, Martin Froehler, CEO at Morpher, is sitting on the fence in regard to Solana’s recent mainnet issue. Froehler also agreed with Schweifer and noted that it was a “hiccup” but highlighted that it “uncovered a much bigger fundamental problem with Solana: its lack of decentralization.”

What do you think about the comparison website Finder’s survey on Solana’s future prices? Let us know what you think about this subject in the comments section below.

Smartbch Defi Universe Expands — Dozens of SEP20 Tokens, $12.8M Total Value Locked in Dex Platforms

On April 1, Bitcoin.com News published an in-depth report on the Smart Bitcoin Cash (Smartbch) protocol and its compatibility with Ethereum’s EVM and Web3 API before any Smartbch projects were seen in the wild. Seven months later, Smartbch has matured a great deal and metrics indicate that between three decentralized finance (defi) protocols, there’s roughly $12.8 million total value locked on the Smartbch-based applications.

Defillama Tracks Smartbch, $12.8 Million Locked Across 3 Dex Protocols

It’s been an active year for decentralized finance (defi) applications as the total value locked (TVL) in defi surpassed $250 billion this week. Meanwhile, the top defi blockchains like Ethereum, Binance Smart Chain, Solana, Polygon, Avalanche, Terra, and more continue to see TVLs rise.

Alongside this, smaller defi networks like Zilliqa, Algorand, and Smartbch have seen TVLs expand as well. The Bitcoin Cash-based Smartbch protocol has expanded a great deal since Bitcoin.com News first reported on the subject.

During the first week of September, Bitcoin Cash community members discussed the decentralized exchange (dex) Benswap.cash. Since then, a number of Smartbch compatible dex applications and non-fungible token (NFT) projects have been seen in the wild. On Wednesday, the official Twitter account for the defi analytics web portal defillama.com tweeted that the Defillama team is tracking Smartbch.

“Now tracking Smartbch,” the Defillama Twitter account said. “Smart Bitcoin Cash (Smartbch for short) is an EVM compatible sidechain for Bitcoin Cash and has an aim to explore new ideas and unlock possibilities in a fast, secure, and decentralized manner.”

Statistics indicate that Smartbch has a TVL of $12.8 million on November 3, 2021, between three defi protocols. Smartbch defi applications tracked by defillama.com include Benswap, Mistswap, and Muesliswap respectively. Benswap has around $5.71 million, Mistswap commands $5.49 million, and Muesliswap has around $1.66 on Wednesday. Benswap’s TVL is the most dominant with 44.38% of the $12.8 million TVL among the three dex platforms.

Tokens swapped on Benswap include coins like eben (EBEN), flexusd (FLEXUSD), flex (FLEX), law (LAW), and cashcats (CATS). According to metrics from the web portal smartbch.fountainhead.cash, 49,373 bitcoin cash (BCH) worth $29 million is locked in Smartbch today. Roughly 52.5 BCH has been burnt or $31,482 in fees, and there are more than 434,000 contract actions. The web portal marketcap.cash keeps a list of Smartbch (SEP20) tokens in terms of the size of each coin’s market capitalization.

Dozens of SEP20 Tokens, Bridge Development, Beachswap ‘Rug Pull’

Today, the SEP20 token with the second-largest market valuation below bitcoin cash is eben (EBEN) which is trading for $0.74 per coin. The stablecoin flexusd is the third-largest cap while mist (MIST) is the fourth and trades for $0.011 per token. Just a while back, the Smartbch bridge stemming from the crypto trading platform Coinflex was the only bridge to access the Smartbch network’s EVM compatibility.

Now, there are a few different bridges coming to life as Mota Global has been developing a Smartbch bridge, the BCH developer Ekliptor has created an SEP20 bridge called prompt.cash/bridge, and there’s another being deployed called ​​tokenbridge.cash, which is in the midst of “undergoing a full code review and validator voting.”

Bitcoin cash proponents testing the Smartbch network with some of the decentralized applications (dapps), decentralized exchange (dex) platforms, and cross-chain bridges should always be cautious of possible losses, hacks, and rug pulls. Just recently, Smartbch saw its first “rug-pull” as it’s been alleged that a decentralized exchange (dex) platform called Beachswap “exit scammed.”

Some of the aforementioned bridges have just been released and users should test small fractions in order to verify reliability. On September 8, Bitcoin.com News reported on the dex Benswap and at the time the project was not audited. Since then, however, the firm Certik has published a “fundamental protection and assessment” audit of the dex platform.

What do you think about all the activity taking place on the Smartbch network? Let us know what you think about this subject in the comments section below.

KuCoin Labs Invest in Huobi-Backed SocialFi Platform to Expand Into Metaverse and NFT Space

PRESS RELEASE. The latest strategic investment in emerging SocialFi startup Torum from KuCoin Labs will empower the development of a SocialFi Metaverse powered by VR and Web3.0 technologies.

4th November 2021, Kuala Lumpur, Malaysia — Following the strategic investment of Huobi Ventures and 20 other prominent crypto VCs, Torum SocialFi platform is excited to announce that the project has secured a strategic investment from KuCoin Labs, the $50M incubator and research arm of KuCoin.

The Torum KuCoin Ecosystem

Torum is a SocialFi Metaverse ecosystem that is specially designed to connect cryptocurrency users and projects. The Web 3.0 ecosystem is built with a social media platform with over 120,000 users at its core, integrated with an interactive yield farming platform, an NFT marketplace, and lastly the world’s first PFP Metaverse identity – Torum Avatar NFT.

Everything started when Torum announced the ambition to expand into the Metaverse and NFT on 27th September 2021. The SocialFi Metaverse concept has caught the eye of KuCoin Labs, which led to intensive meetings and follow-up calls between the two parties and lastly the strategic investment on Torum.

Lou, Head of KuCoin Labs stated:

“The beauty of Metaverse lies in its diversity. Social, Avatars, NFT collections, GameFi – Metaverse is going to change the world as we see it. This is merely the tip of the iceberg, and we look forward to support Torum’s vision to build a SocialFi Metaverse for the crypto users”

Ecosystem Expansion

As part of this strategic investment, Torum will be building an immersive and interactive SocialFi Metaverse ecosystem, where cryptocurrency users around the world can access Social, Decentralized Finance, NFT and Metaverse all in one place.

Yi Feng Go, CEO, and founder of Torum stated:

“This round is a major step towards the upcoming Metaverse revolution. It doesn’t matter if you are a Bitcoin maximalist, DeFi player, altcoin trader or NFT artist. This SocialFi Metaverse is our promise of creating an open, safe and interconnected world for everyone.”

The partnership with KuCoin Labs will empower Torum with the connection to exclusive partners and access to premium services (blockchain technical support, legal advice, etc) that are within the reach of the KuCoin ecosystem to focus on the development of the SocialFi Metaverse.

 

About KuCoin Labs

Initially founded as the KuCoin Investment and Incubation Program in May 2018, KuCoin Labs is the investment and research force of the KuCoin ecosystem. With a team of research and market experts, KuCoin Labs diversifies and intensifies investments into early-stage projects, ecosystems, and communities, empowering BUIDLers to achieve sustainable growth and success in the decentralized world.

 

About Torum

Torum is the world’s largest SocialFi Metaverse ecosystem that is specially designed for cryptocurrency users and projects. The Web3.0 ecosystem is built on a social media platform, coupled with a yield farming platform for DeFi players, an NFT marketplace for crypto artists and Avatar NFT for Metaverse enthusiasts.

 

Torum Socials

Twitter | Telegram | Discord | Medium | Facebook | LinkedIn | Reddit

 

Media Contact Details

Contact Name: Jayson Tan

Contact Email: [email protected]

 

Torum is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Kazakhstan President Demands ‘Urgent’ Regulation of Crypto Mining Amid Power Shortages

Kazakhstan President Demands ‘Urgent’ Regulation of Crypto Mining Amid Power Shortages

Facing an electricity deficit largely blamed on cryptocurrency miners, Kazakhstan is trying to avoid an energy crisis this winter. The president of the country has insisted on the need to maintain power supply for the industry and population, calling for urgent legal regulation of the expanding coin minting sector.

President Tokaev Calls for Legislative Regulation of Cryptocurrency Mining in Kazakhstan

During a recent meeting with the energy minister of Kazakhstan, Magzum Mirzagaliev, President Kassym-Jomart Tokayev criticized his department for allowing a sharp decline in fuel reserves. The head of state also emphasized the need to ensure an uninterrupted supply of electricity for both businesses and households, and to create additional generating capacities.

According to a press release from Tokayev’s office, Mirzagaliev informed the president about steps taken to compensate for fuel shortages and presented a forecast for the development of Kazakhstan’s power generation industry until 2035. Electricity consumption has been projected to increase annually and Kazakhstan intends to rely on renewable sources, natural gas, and hydroelectric power to deal with the rising demand.

The Central Asian nation, which maintains low electricity rates, is becoming home to a growing number of cryptocurrency miners amid an ongoing crackdown on bitcoin mining in China. Their energy-hungry data centers have been blamed for a 7-percent spike in consumption in the first nine months of the year alone, and authorities claim that a single mining farm needs as much energy as 24,000 homes to operate.

Minister Mirzagaliev also acquainted Tokayev with the measures aimed at establishing firmer control over the cryptocurrency mining sector, especially in regards to illegal coin minting operations. Official estimates suggest that these so-called “gray” miners burn as much as 1,200 megawatts of electricity. Authorities continue with their efforts to identify such facilities across the country.

The president instructed the government to step up these efforts with the help of other competent authorities, the announcement quoted by Forklog reveals. Tokayev also tasked the executive power to organize “urgent legislative regulation of mining.” At the same time, he stressed that legal, “white” miners will be allowed to continue their activities without additional restrictions. In his view, Kazakhstan has the resources to ensure an uninterrupted supply of electricity for its domestic market.

Tokayev’s comments come after a group of lawmakers proposed the establishment of a state register for cryptocurrency farms operating in the country last month. The members of the Mazhilis also suggested that miners should be charged a higher price for the electricity they use.

The capped tariff is one of Kazakhstan’s main problems, officials in neighboring Russia believe, as the artificially low price has limited investments in new infrastructure and generation capacity. Russian energy giant Inter RAO recently revealed it’s considering providing electricity supplies for Kazakhstan to help the country deal with the shortages in the winter months.

Do you expect Kazakhstan to adopt comprehensive regulations for its crypto mining industry? Tell us in the comments section below.

African Fintech Giant Raises $150 Million in Funding Round Led by FTX, Firm Now Valued at Over $2 Billion

Chipper Cash, one of Africa’s biggest fintechs, recently concluded a Series C extension funding round in which it raised $150 million, a report by Techcrunch has revealed.

New Investors Participate in Latest Round

According to the report, this latest funding round — which was led by Sam Bankman-Fried’s FTX — comes barely six months after the fintech startup Chipper Cash was able to raise $100 million in the first Series C funding round.

Besides FTX, other investors that participated in Chipper Cash’s latest funding round include SVB Capital, which led the first Series C. Also reinvesting were Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital.

The report acknowledges that new investors participated in this series. It states, however, that the names of these investors have not yet been made public. It also reveals that following the $150 million haul, Chipper Cash has now raised over $305 million. The firm is now valued at over $2 billion.

The fintech, which was founded in 2018 by Ham Serunjogi, the current CEO, and Maijid Moujaled, specializes in peer-to-peer, cross-border payments. According to the report, Chipper Cash services are presently used in seven African countries: Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, and Uganda.

Beating the Competition

In the report, Serunjogi is quoted explaining why Chipper Cash is beating the competition. He said:

Chipper Cash is offering remittances considerably cheaper than anyone else. More important to that is that we are now the first ones that I know honestly to be able to support Africa to the U.S. in terms of sending money.

In addition to enabling cheaper cross-border payments, Chipper Cash has been busy tapping into the world of social payments, the report states. Already the fintech has partnered with Twitter to launch its tips feature, also known as Tip Jar, to allow creators to receive money on the platform.

What are your thoughts about Chipper Cash’s latest capital raise? Tell us what you think in the comments section below.

The Sandbox Scores $93 Million Investment Led by Softbank as Metaverse Tokens Thrive

sandbox

The Sandbox, a blockchain-based metaverse game, has scored an investment of $93 million to keep expanding its metaverse proposal. The funding round was led by Softbank’s Vision Fund 2, an investment vehicle that puts funds on early tech-based companies. Other investors in the round included Animoca Brands, True Global Ventures, Liberty City Ventures, and Galaxy Interactive, among others.

The Sandbox Gets $93 Million in Series B Funding Round

The Sandbox, one of the leading blockchain-based metaverse games, has closed its Series B funding round raising $93 million to further expand its virtual world. The funding round was led by Softbank’s Vision Fund 2, which specializes in investing in tech startups. The round also had the participation of Animoca Brands, True Global Ventures, Liberty City Ventures, and Galaxy Interactive, among others.

The funds raised in this round will help the game to keep expanding its reach. Sebastien Borget, COO and co-founder of The Sandbox, stated:

This investment round led by Softbank Vision Fund 2 will help scale up our growth strategy, operations, and player acquisition in The Sandbox ecosystem while sending a clear statement that the world’s most innovative fund believes in Web3 and decentralization as the next major trend

The Sandbox, which is owned by Animoca Brands, has experienced explosive growth since its creation, with more than 500K users having an in-game wallet now. The game lets players and companies own virtual lots of land, and monetize these interactions. Celebrities like Snoop Dogg, have also made deals to allow digital alter egos to be represented in the game. Other IPs like The Walking Dead, The Smurfs, Care Bears have also made arrangements to be present in the virtual world.

Metaverse Tokens Getting a Boost

While virtual worlds and the metaverse concepts are not new, they have been picking up steam recently due to the pivot that Facebook, one of the pioneers in the social network world, is doing to also power its own version of the metaverse. This seems to have raised awareness about the validity of the metaverse proposal and has propped up interest and prices of metaverse related tokens, like sand, The Sandbox native token, and mana, the token of another metaverse based project called Decentraland.

Facebook announced its name change to “Meta” on October 28. Mana was trading at less at 0.77$ for that date, and sand had a price of 0.81$. In the days following the announcement, these two experienced a big jump, with mana now hovering on top of the $3 mark, and sand reaching a price of $2.83.

What do you think about The Sandbox’s $93 million funding round? Tell us in the comments section below.