Capital for the fund came from its trio of partners, high net worth individuals, family offices and institutional investors, said Lechuga. Once all of the capital is raised, the fund plans to invest in 12 to 15 companies with an average check size of $1 million to $1.5 million. Half of the fund capital will go toward follow-on investments in the original batch of portfolio companies, according to Lechuga. Original
Voyager Digital has preferred not sue its top executives for incompetence, in spite of their role in approving a huge loan to Three Arrows Capital (3AC) without adequate due diligence. That loan was a key element leading to Voyager Digital’s bankruptcy. Court papers filed Oct. 17 show that a Voyager Digital internal special committee has proposed that CEO Stephen Ehrlich and chief commercial officer (formerly chief financial officer) Evan Psaropolous keep their jobs and not be sued. The court filing describes the due diligence process for the 3AC loan: “On…
Flipkart, the Walmart-backed Indian e-commerce giant, has launched a pilot to allow its customers to experience making purchases in a metaverse environment. The company announced the launch of its own metaverse, called Flipverse, in which several brands will be able to offer their own shopping experiences. Flipkart to Launch Flipverse: A Metaverse of Purchases Flipkart, one of the biggest India-based e-commerce companies, has announced it will pilot its own metaverse purchasing experience. Called Flipverse, this metaverse will allow customers to experience purchasing as if they were physically present in a…
In commodities, West Texas Intermediate crude and European Brent crude fell 3.7% and 1.5% respectively. Safe haven gold declined 0.47%. Copper futures, often viewed as an indicator of economic health, declined 1.7%. Year to date, copper prices are down approximately 25%. Source
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Web 3 Isn’t Dead, Despite What Critics Might Say Source
The CoinDesk Market Index fell by 1.6% over the past 24 hours. Bitcoin (BTC), the largest cryptocurrency by market value, was down 1.7%, changing hands in a range between $19,300 and $19,700. Ether (ETH), the second-largest by market capitalization, followed a similar trajectory, down 2% to about $1,300 as of press time. Original
On Oct. 18, Silvergate Capital, a crypto-fiat gateway network designed for financial institutions, announced its financial results for Q3 2022. The bank, known for services such as processing consumer fiat deposits to cryptocurrency exchanges, saw thetransfer volume on the Silvergate Exchange Network plummet close to $50 billion compared to Q3 2021. Silvergate handled $112.6 billion of such transfers in Q3 2022. It appears that investors were less than satisfied with the results. Silvergate’s share price, as listed on the U.S. NASDAQ exchange, fell by close to 22% at the time…
“We could shut it down,” said Himes, noting that the possibility that a CBDC will never be adopted in the U.S. “But the point is, since it is a technological innovation, why not keep up with our peers, with our competitors and see where it goes.” Source
BitKeep lanzará en tres días un portal de compensación y dice que reembolsará el 100% de los tokens robados a los usuarios. Source