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Investment Drama of Bankruptcy Claims Exchange OPNX; Intel Ends Bitcoin Mining Chip Business | Cointime Weekly Apr.16 – Apr.22

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OPNX Investment Fiasco: Backers Deny Investment, OPNX Expressed Disappointment 

Open Exchange disclosed its institutional backers and strategic partners, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent, and Tuwaiq Limited. However, institutions such as DRW, MIAX Group, Nascent, and Susquehanna have since denied investing in the exchange.

The exchange expressed disappointment in the misrepresentation and stated that it would prefer not to have these parties as investors in the future.

Intel Signals End of Bitcoin Mining Chip Business

Intel will discontinue its Blockscale Bitcoin mining chip line, a year after it debuted the product.

Coinbase Receives License To Operate in Bermuda

Coinbase (COIN) has obtained a license to offer its services in Bermuda as part of its international expansion efforts, the firm announced in a blog post on Wednesday.

Gemini Launches Derivatives Platform, Available Only Outside of US

The platform will offer its first derivatives contract in the form of a BTC perpetual contract denominated in Gemini dollars, an ETH/GUSD perpetual contract will be introduced subsequently.

Apple Crypto Users Potentially Exposed to iOS, MacOS Vulnerabilities

Wu Blockchain warned Apple crypto users that operating system vulnerabilities could expose them to attackers. Linking an article from Kaspersky, it was noted that these are “high threat” vulnerabilities applicable to iOS and macOS.

Global regulations

EU Parliament Approves Crypto Licensing, Funds Transfer Rules

The European Union has voted in favor of a comprehensive crypto law, the Markets in Crypto Assets regulation (MiCA), with 517-38 in favor, making it the first major jurisdiction to introduce such a law. 

Hong Kong Court Recognizes Crypto as Property

Hong Kong's High Court has ruled that cryptocurrency is property, marking the first such decision regarding digital assets in the city-state. The ruling was made in a legal matter involving defunct crypto exchange Gatecoin, with the court determining that crypto has all the qualities of property and can be held on trust. 

Russian Central Bank Allows Experimental Use of Cryptocurrency

The head of the Russian Central Bank, Elvira Nabiullina, has announced that the bank is considering the experimental use of cryptocurrency for foreign settlements. She also stated that special organizations will be created for this purpose, and a draft law is currently being prepared.

China’s State-Affiliated Banks Are On-Boarding Crypto Companies in Hong Kong

The Hong Kong arm of Bank of Communications and ZA Bank are collaborating with several cryptocurrency businesses registered in the city and facilitating the depositing and withdrawal of fiat currencies. 

Bank of England Considers Limits on Stablecoin Payments

The Bank of England (BoE) will consider whether to put limits on stablecoins used for payments in new rules for the sector, Deputy Governor Jon Cunliffe said in a speech on Monday.

Crypto weekly price action

Fundraising and investment

Hitachi Establishes $300 Million Third Fund for Hitachi Ventures

Hitachi, Ltd. announced the establishment of a third fund for Hitachi Ventures (HV), the global corporate venture capital arm of Hitachi, for the purpose of accelerating innovation and initiating new business opportunities in the digital domain.

GPU-focused Cloud Computing Startup CoreWeave Raises $221M

NYC-based cloud computing startup CoreWeave, which began as an Ethereum mining venture, has raised $221m in a Series B funding round led by Magnetar Capital, with participation from Nvidia, former GitHub CEO Nat Friedman and ex-Apple exec Daniel Gross.

Unchained Raises $60M to Offer Collaborative Custody Bitcoin Services

Unchained Capital, a financial services provider for Bitcoin (BTC) holders, has raised $60 million in a Series B funding round led by Valor Equity Partners, with participation from NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners.

Berachain Raises $42 Million to Launch Yet Another Layer 1 Blockchain

Bear-themed crypto project Berachain, run by pseudonymous co-founders Homme Bera, Dev Bear, Papa Bear and Smokey the Bera, has raised $42m to launch a new Layer 1 blockchain. Polychain Capital led the funding, with Hack VC, Shima Capital, Robot Ventures, Goldentree Asset Management and others participating.

KRAFTON and NAVER Z Expand Metaverse Strategy with $36M Joint Venture

KRAFTON and NAVER Z are forming a joint venture for a new metaverse platform called "Migaloo," with an initial investment of 48 billion Korean won (~$36.4 million). KRAFTON will own 85% of the entity, while NAVER Z will own the remaining 15%. 

XRSPACE Secures $25M Funding Round Led by Foxconn

XRSPACE has raised $25 million in a funding round led by Foxconn Technology Group, with Taiwan’s National Development Fund investing $10 million.

Research and technology

Web3 Gaming Protocols Analysis

Blockchain gaming or Web3 gaming decentralizes certain parts of and activities within gaming ecosystems and platforms. Over the last few years, it has gained a lot of attention — from game developers, users, and investors.

Overview of the Technology Stack for NFT Marketplace Development

We will delve into the technology stack used for NFT marketplace development. We will discuss the importance of selecting the right technology stack and its components. 

Decoding Sentiment Protocol’s $1 Million Exploit

The attackers exploited this vulnerability, stealing approximately $1 million. Fortunately, the attacker returned around 90% of the stolen funds.

What Is a ZkEVM and How Can It Enhance the Ethereum Ecosystem?

zkEVMs extend the capabilities of zero-knowledge rollups (zk-rollups) on Ethereum to support decentralized applications (DApps).  zkEVMs make it easy to deploy both existing and new Ethereum projects using ZKPs to enhance the Ethereum ecosystem.

Viral Quotes

"It's ugly for firms to seek financial gain while simultaneously denying association due to fear of social media backlash."

– Open Exchange responded to recent denials from backers regarding their investment

"The SEC has caused untold harm to America with its policy of regulation by enforcement. We will fight to fix that."

– Brian Armstrong , Coinbase CEO

"Gary Gensler is an incompetent 'cop on the beat.' He's actively putting everyday Americans in harm's way and pushing American firms into the hands of the Chinese Communist Party."

– Republican Tom Emmer (R-MN)

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