Term Labs, the platform’s builder, raised $2.5 million in a seed round led by Electric Capital with participation from Coinbase Ventures, Circle Ventures, Robot Ventures and MEXC Ventures. There was also angel investment from the founders of DeFi stalwarts Aura, Balancer, Hashlow and Llama. Source
Several Japanese tech and finance giants have signed a document to create the Japan Metaverse Economic Zone, a multipurpose virtual universe that will have its base in a platform called Ryugukoku. The virtual world will allow these companies to share their technology with users as it lets them roam this role-playing-game-like world as online avatars. Japan Goes Big on Metaverse With Japan Metaverse Economic Zone Several Japanese tech and finance companies have kickstarted the launch of one of the biggest metaverse initiatives in Japan. On Feb. 16, JCB, Mizuho Financial…
The G20 finance ministers and central bank governors recognize that cryptocurrencies pose major risks to financial stability, monetary systems, and cyber security, India’s central bank governor reportedly said. Crypto regulation was among the key topics discussed during the G20 meeting over the weekend. G20 Agrees Crypto Poses Major Risks to Financial Stability, Says RBI Governor Reserve Bank of India (RBI) Governor Shaktikanta Das talked about cryptocurrency during a media briefing Saturday following the G20 meeting of finance ministers and central bank governors in Bengaluru. According to India’s state-owned media agency…
press release PRESS RELEASE. Flynt Finance, a cryptocurrency portfolio management platform, has announced a partnership with Ceffu, formerly known as Binance Custody, to provide its clients with enhanced asset storage security and access to its off-exchange settlement solution, Mirror. Ceffu is an institutional custodian that offers secure custody and liquidity solutions. With this partnership, Flynt Finance’s clients will benefit from Ceffu’s secure cold storage solutions, which are designed to protect against theft, loss, and other risks associated with the storage of digital assets. Flynt Finance’s automated strategies, including its covered…
Liquid staking protocol Lido Finance has pushed the big red button in order to activate a protocol safety feature called “Staking Rate Limit” after more than 150,000 Ether was staked with the protocol in a single day. Lido is a liquid staking solution for digital assets, in this case allowing users to stake Ether (ETH) without them needing to have their tokens locked. When a user deposits Ether, Lido issues them a liquid variant of ETH, known as staked ETH (stETH), giving users staking rewards for each day the tokens…
The second-largest bank in Germany, DZ Bank, is preparing to become a provider of custody services for crypto assets. The offering will be facilitated by a partnership with Metaco, a Swiss company that specializes in helping financial institutions to operate in the digital asset space. DZ Bank to Use Metaco’s Harmonize Platform to Launch Crypto Custody Services DZ Bank, part of Volksbanken Raiffeisenbanken which is one of the largest banking groups in Germany, is going to employ a platform built by Metaco to offer institutional clients services in the field…
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The backlash from the Terra implosion still haunts the crypto world, with the now-shuttered stablecoin yield platform Stablegains being sued for customer losses. The plaintiffs allege that the platform funnelled customer funds into Anchor Protocol without users’ knowledge or consent. Platypus, the DeFi protocol that was exploited for over $8 million, is working on a compensation plan to recover some of the funds. Florida’s…
The product is designed to offer users exposure to a basket of liquid staking derivatives in one token. Source
The community of decentralized finance stablecoin protocol Frax Finance has voted to fully collateralize its native stablecoin Frax (FRAX), marking an end to the algorithmic backing of the protocol. The FIP-188 governance proposal initially posted on Feb. 15 reached a quorum following a 98% vote in favor, according to a snapshot on Feb. 23 — which would change the collateralization model of FRAX. “The time has come for Frax to gradually remove the algorithmic backing of the protocol,” last week’s proposal read. Near unanimous vote to move $frax to 100% CR…
Indian Finance Minister Nirmala Sitharaman has stressed the importance of international cooperation in order to regulate the crypto sector. She also confirmed that Indian regulators’ crypto awareness campaign will continue to alert people about the risks of investing in crypto. Indian Finance Minister on Crypto Regulation, Bill, and Awareness Campaign India’s finance minister, Nirmala Sitharaman, answered some questions about crypto during a press conference on Monday. She said: In India, crypto is on the agenda of G20. This is because we think technology-driven crypto asset creation and buying and selling…