Investment Surge: Fabric’s VPU Tech, Merlin’s ZK Bridge, PIN AI’s Open-Source AI, and Accenture’s Emtech Partnership Lead Top Deals
In Brief
The investment landscape is reshaping tech and finance sectors with transformative deals and high-profile partnerships, including Fabric’s collaboration with Polygon Labs for zero-knowledge encryption and Merlin Chain’s BitcoinOS launch.
This week’s investment landscape is bustling with transformative deals and high-profile partnerships that are set to reshape the tech and finance sectors. From Fabric’s strategic collaboration with Polygon Labs to develop advanced Verifiable Processing Units (VPUs) for zero-knowledge encryption, to Merlin Chain and BitcoinOS’s groundbreaking launch of a ZK-powered Bitcoin bridge.
Fabric and Polygon Labs Partner on Verifiable Processing Units for ZK
Verifiable Processing Units (VPUs), specialized chips designed for zero-knowledge (ZK) encryption, are being developed by Fabric. Polygon Labs is the first protocol to purchase VPU-based server equipment, having committed $5 million toward the purchase. The aim is to accelerate ZK-powered protocols throughout the Polygon ecosystem.
The Plonky2 and Polygon Plonky3 proving systems, which are essential to ZK technology on Polygon, will have end-to-end systems implemented by the VPUs. The cheap cost and real-time ZK proofing are the goals of this hardware design.
Polygon Labs selected Fabric as a collaborator in order to create the best hardware possible to support the developments in their ZK software. High performance, general-purpose cryptography support, ease of programming, and scalability are the goals of the VPUs.
Merlin Chain and BitcoinOS Launch ZK-Powered Bitcoin Bridge
The BitcoinOS Grail bridge is being deployed by Merlin Chain, a layer-2 scaling solution, in collaboration with BitcoinOS, a Bitcoin rollups protocol. This bridge eliminates the need for centralized trust mechanisms by enabling safe cross-chain transactions between Bitcoin and Merlin Chain using zero-knowledge proofs.
With the Grail Bridge, cross-chain transactions no longer require centralized security mechanisms like multisig or multiparty computation. It is immediately penned on the blockchain.
With this agreement, users will have access to a decentralized, trustless bridge for assets that are native to Bitcoin. Making sure the installation goes well and growing the infrastructure to accommodate higher transaction volumes are challenges. Plans for the future can include introducing additional decentralized apps and enhancing bridge capabilities.
PIN AI Raises $10M for Open-Source Apple Intelligence Alternative
To create an open-source Personal Intelligence Network (PIN) in place of Apple’s recently released Apple Intelligence AI program, PIN AI has raised $10 million in the pre-seed investment round. The business has also enrolled in the a16z Crypto Startup Accelerator’s Fall 2024 cohort.
PIN The answer provided by AI is the result of research partnerships between MIT, Stanford, and Ethereum Core. Unlike Apple’s offering, it is intended to work on a broader variety of devices including handsets with lower specifications. Users will be able to securely manage their data across applications thanks to the platform’s usage of AI models and blockchain technology.
The open-source nature of PIN AI aims to protect user freedom from large tech companies. It will enable developers to create AI agents that operate on users’ devices in a decentralized, privacy-preserving manner. Users will be able to monetize and control their own data on the platform.
Accenture Invests in Emtech for CBDC and Fintech Solutions
Accenture has invested in Emtech, a fintech business that offers central banks and other fintech companies software-as-a-service. Accenture intends to include Emtech’s solutions into its main portfolio of banking services.
Emtech provides regulatory sandbox functionality and infrastructure for central bank digital currencies (CBDCs) and is working on a compliance component for financial service providers. The firm has over 200 fintech clients and counts seven central banks among its customers.
Emtech will participate in the Accenture Venture Project Spotlight accelerator as part of the agreement. The partnership seeks to provide guidance to banks as they update their infrastructure for the tokenization age. Emtech has teamed with Hedera Hashgraph to provide further blockchain capabilities, and it employs a unified ledger framework for its CBDC services.
Crypto Super PAC Spends $660K on Massachusetts Senate Race
The co-founders of Ripple Labs and Gemini have principally supported the Commonwealth Unity Fund, a political action committee which has spent over $600,000 on the Massachusetts U.S. Senate election. Roughly $330,000 was spent by the PAC on media to oppose Democratic incumbent Elizabeth Warren and to assist Republican opponent John Deaton.
Attorney Deaton has supported Ripple and other cryptocurrency companies in their legal battles with the SEC. Throughout his campaign, he attacked Senator Warren’s position on cryptocurrency regulation. To promote Deaton’s campaign, the Commonwealth Unity Fund has raised more than $2.5 million.
Since 2019, Warren has raised more than $18 million to support her reelection. Although the precise number and structure of the debates are still being discussed, the contenders have committed to taking place in October. This race is part of a broader trend of crypto-funded PACs becoming involved in the 2024 U.S. election cycle.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
