Galaxy Digital Fund Leads Funding Round for Blockchain-Based Game Platform
A fund of cryptocurrency investment bank Galaxy Digital led a $1.8 million seed funding round for Azure’s blockchain-based gaming rewards platform, VentureBeat reports on June 5.
Smart Challenge, Azure’s gaming rewards platform, reportedly allows users to create and compete in challenges on the EOSIO blockchain protocol. By using blockchain technology, the challenges are said to be verifiably fair, since participants can see all the challenge rules and how they are implemented.
Galaxy Digital reportedly invested to the project through its Galaxy EOS VC Fund, which is an investment organization that funds products built on EOSIO.
Users can participate in the challenges to earn “AZA credits” which are used to buy in-game benefits, such as virtual items or currency. One type of challenge users can reportedly participate in are streaming questions, which reference activity in esports streams; answering correctly rewards successful participants with AZA credits.
Smart Challenge was first launched in 2018, and is designed to increase player engagement with their preferred games and esports, via both spectating and playing.
‘Gold Is Superior to Bitcoin,’ Say People Who Sell Gold
The folks that sell gold are a bit upset by Grayscale’s Drop Gold advertising campaign.
In particular, GoldMoney.com, is going to great lengths to convince the investing public that the yellow metal is “superior” to bitcoin, not the other way around as the Grayscale ads claim.
The precious-metals company has created an infographic and white paper that aim to convince us gold isn’t so bad.
$1 Billion Valuation May Elude Ethereum Co-Founder’s New Blockchain Polkadot
Blockchain project Polkadot’s bid for a $1.2 billion valuation has hit a snag.
Since January, the Web3 Foundation, the Switzerland-based nonprofit behind the project, has been trying to raise up to $60 million through a private token sale. According to people familiar with the situation, three Chinese funds have agreed to invest $15 million in the project’s DOT tokens.
However, these three investors agreed to pay prices that, on average, valued the project below $1 billion, the sources said – falling short of the unicorn threshold Polkadot was reportedly seeking. (The agreed-to prices may vary from investor to investor.)
While it’s unclear how many tokens the three Chinese funds bought, or how many investors besides them participated, one source said Polkadot has been able to sell only 70 percent of the intended 500,000 DOT.
Rather than closing the private round now, Polkadot will continue trying to sell the remaining tokens to accredited investors and distributing them freely to community contributors, sources said.
Assuming other investors participate at similar valuations to the three funds, selling the remaining 30 percent would not bring in the targeted proceeds. To raise the full $60 million, then, Polkadot would need to increase the allocation of tokens for sale.
Think Tank Pushes for Creation of a National Cryptocurrency in Switzerland
Avenir Suisse, one of the most influential think tanks in Switzerland, released a report urging the Swiss National Bank (SN to start working on a national cryptocurrency.
The report, called “Blockchain After the Hype,” proposes an economic model based on the blockchain. It suggests that the next step is to move forward with the creation of a “franc token” controlled by the SNB.
According to the new model suggested by Avenir Suisse, developing a stablecoin could convert Switzerland into a “blockchain nation.” The publication presents this goal as a way to upgrade the Swiss financial sector by enabling the trade of cryptoassets.
“It would facilitate tokenized securities trading if the National Bank and major players in the industry were to drive the development of a Swiss franc token,” the report reads.
Also, the centralized asset would be a door to blockchain use in other areas of the financial industry, mainly trade finance and new business models. The approach will help Switzerland move ahead of its peers in Europe while expanding global market possibilities.
“If it manages to position itself internationally as a pioneer in trading tokenized securities, Switzerland will be able to expand its relatively small capital market,” Avenir Suisse wrote.
Mark Karpeles: Bitcoin Security Tech Needs an Update
Disgraced Mt. Gox manager Mark Karpeles is looking for a second act.
Karpeles, the author of the new book “Cryptocurrency 3.0“, has come out as vocal proponent of improved security on the blockchain and bitcoin. “It is dangerous that Bitcoin will continue to exist with the current encryption technology,” he said in a wide-ranging interview with CoinDesk Japan.
In February 2014, Karpeles announced that hackers had stolen 850,000 bitcoin from Mt. Gox over the preceding year. The site, originally a “Magic: The Gathering” trading site, morphed into a bitcoin exchange and was one of the first places many crypto luminaries bought and sold bitcoin. The firm went bankrupt. Karpeles admitted fault and Japanese police arrested him. The hack was, in short, the definitive moment for cryptocurrency. In a heartbeat the industry went from clever toy to a serious – and expensive – business.
“Although I was able to win my case in March 2019, I am very sorry that I caused a great deal of damage to customers and caused inconvenience to the people involved,” he said.
In the interview, he described the difficulties of running a popular exchange from his office in Japan.