Author: Andrei Ionescu
Silicon Valley startup Fabric Cryptography has raised $33 million in a Series A funding round to advance the development of a cryptography processing unit it calls the Verifiable Processing Unit (VPU). The funding round was co-led by Blockchain Capital and 1kx, with additional backing from Offchain Labs, Polygon, and Matter Labs. This follows a $6 million seed round led by Metaplanet, along with contributions from Inflection, Liquid2 Ventures, and others. The fresh capital will be used to create specialized computing chips, software, and cryptographic algorithms for the VPU, a custom silicon chip designed specifically for cryptography. According to the company’s…
Research and brokerage firm Bernstein reports a surge in investor interest surrounding bitcoin miners pivoting toward artificial intelligence (AI) and high-performance computing (HPC) data centers. In a note shared on Monday, analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia highlighted the rising trend of bitcoin miners exploring opportunities beyond cryptocurrency mining and into the burgeoning AI sector. The shift, commonly referred to as the “Mullet” strategy, involves AI data centers at the forefront of operations while continuing bitcoin mining activities in the background. Bernstein’s report described the current mining industry as being nearly split between those staying focused on bitcoin…
This integration allows users on the Aptos network to transact with USDT at lower costs compared to more expensive networks like Ethereum. “This collaboration underscores our ongoing efforts to lead with innovation and support our users with stable, reliable financial tools,” said Tether CEO Paolo Ardoino in a statement. Aptos is a Layer 1 blockchain developed by former Meta engineers Mo Shaikh and Avery Ching, who were key figures in Facebook’s blockchain project, Diem. The platform is designed to provide scalable, user-friendly infrastructure for decentralized applications (dApps) and smart contracts. While Tether has expanded USDT to multiple blockchains in recent…
Pump.Fun, a memecoin generator on the Solana blockchain, is poised to surpass $100 million in cumulative revenue just eight months after its launch. According to data from DeFiLlama, the platform’s current revenue sits at $94.5 million, a significant jump from $50 million at the end of June. The platform, which allows users to easily create and trade memecoins, has facilitated the deployment of over 1.8 million tokens since its launch at the beginning of 2024. Pump.Fun’s success has largely been driven by Solana’s low transaction costs and its bonding curve pricing model, which offers predictable price increases as more buyers…
Goldman Sachs has reduced the likelihood of a U.S. recession in the next year to 20%, down from its previous estimate of 25%, according to a report released. The report, led by chief economist Jan Hatzius, cites strong retail sales and improved unemployment data as key reasons for the adjustment. The bank hinted that if upcoming labor market data for August is favorable, the recession probability could be further reduced to 15%. Goldman’s report also signals increased confidence that the Federal Reserve might lower interest rates by 0.25% in September. However, the economists note that a weak jobs report on…
Google is facing legal action after taking three months to remove a scam app that defrauded users of over $5 million in cryptocurrency. The lawsuit was filed by Florida resident Maria Vaca, who claims she was misled into downloading the fraudulent app, Yobit Pro, from the Google Play Store. According to the lawsuit, Vaca began investing in cryptocurrency through Yobit Pro between February and July 2023, believing her investments were growing. At one point, the app displayed a balance of around $7 million. When she attempted to withdraw her funds, she was told to pay $500,000 in “taxes,” which she…
The Turkish cryptocurrency market is undergoing a significant transformation as major players like Coinbase, KuCoin, and others vie for business licenses amid evolving regulations. This flurry of activity follows recent updates by the Turkish Capital Markets Board (CMB), which has positioned Turkey as a critical hub for the global crypto industry. Surge in License Applications On August 9, the CMB revealed that 47 cryptocurrency companies had initially applied for licenses under the new regulatory framework. The list has since expanded to 76, with prominent additions including Coinbase, KuCoin, and Gate.io. These firms join established names like Binance, Bitfinex, and OKX…
According to blockchain analytics firm Arkham, a Gnosis Safe Proxy address associated with Metalpha transferred 10,000 ETH, valued at approximately $26.02 million, to Binance around two hours ago. The transfer follows Metalpha’s recent application to Lido for redeeming the same amount of ETH. Metalpha is an asset management firm linked to Bitmain, the world’s largest Bitcoin mining company. The transaction highlights the movement of significant digital assets by a company closely tied to one of the industry’s major players. The sequence of events began when Metalpha applied to Lido yesterday to redeem 10,000 ETH, raising speculation about the purpose behind…
Digital payments platform Flexa has launched Flexa Components, a new point-of-sale tool designed to enable retailers to accept cryptocurrency payments like USDC directly at checkout. The tool allows for instant, fee-free transactions using digital wallets, simplifying the process for both merchants and customers. Flexa Components lets customers pay for purchases with their preferred crypto wallets by scanning a QR code or tapping a “Pay” button integrated into the merchant’s payment system, similar to existing mobile payment methods like Google Pay. The platform supports a wide range of cryptocurrencies, including USDC, bitcoin (BTC), ether (ETH), sol (SOL), and litecoin (LTC). “We…
In a move to strengthen Malaysia’s digital infrastructure, MIMOS Berhad, the applied R&D arm of the Malaysian Government, has signed a Memorandum of Understanding (MoU) with the Worldcoin Foundation, Tools for Humanity (TFH), and MyEG, a leading e-government service provider. This collaboration aims to integrate Worldcoin’s technology into the country’s digital systems, focusing on digital proof of humanness in the era of artificial intelligence. The partnership seeks to leverage Worldcoin’s protocol and TFH’s cutting-edge technologies to enhance digital credential initiatives in Malaysia. A core element of this integration involves providing Malaysian citizens with access to advanced iris imaging technology, developed…