This Week’s Top Investment Moves: Major Crypto Partnerships and Groundbreaking Deals Unveiled
In Brief
Blockchain and digital asset sectors are experiencing significant developments, with significant investment deals and strategic partnerships being made, including Oobit’s $XTZ tap payment collaboration and PIP Labs’ Series B round.
This week has been buzzing with groundbreaking investment deals and strategic partnerships across the blockchain and digital asset sectors. From Oobit’s collaboration with Tezos to enable $XTZ tap payments worldwide to PIP Labs raising $80 million in a Series B round to advance its Story Protocol, the landscape is witnessing transformative developments. Notable highlights include Ledn’s pioneering Bitcoin-backed syndicated loan and Fanton Fantasy Football’s $1 million seed funding to bring blockchain to fantasy sports.
Oobit Partners with Tezos to Enable $XTZ Tap Payments Worldwide and Launches iOS App
Leading cryptocurrency payment company Oobit and the Tezos Foundation have teamed up to include $XTZ, the native token of Tezos, onto Oobit’s platform. Users will be able to use $XTZ to make tap payments at any Visa or Mastercard terminal in the globe thanks to this. Additionally, Oobit has released its iOS software, giving iPhone customers a more approachable and intuitive interface for crypto tap payment transactions.
An open-source platform called Tezos tackles the main obstacles to the adoption of blockchain technology for assets and applications. Users may now easily utilize their digital assets for routine purchases thanks to the integration of $XTZ into Tap & Pay, which closes the gap between established banking institutions and the rapidly developing field of blockchain technology.
Additionally, Oobit is allowing Tezos Network functionality for withdrawals and deposits on its platform. Oobit’s goal of making crypto a widely accepted form of payment has advanced significantly with the partnership with the Tezos Foundation. With intentions to expand to additional areas soon, Android and iOS users in the EU may already make in-app crypto tap payments.
Story Protocol Gets $80M Funding from PIP Labs
In a Series B investment round that was co-led by well-known investors a16z Crypto and Polychain Capital, PIP Labs successfully received $80 million. With this significant investment, the company’s worth soars to an astounding $2.25 billion, signifying a critical turning point in its growth trajectory.
The money will go toward creating Story Protocol, an advanced layer-1 chain created especially for tokenizing property rights. This technology solves important problems in the rapidly changing fields of digital content production and AI training by enabling producers to specify ownership and usage guidelines for their intellectual property assets on the blockchain.
With more than 200 teams using the platform and 20 million intellectual property assets being created, Story Protocol has already acquired traction. These range across a number of areas, including consumer markets, AI, and IP finance, illustrating the technology’s adaptability and potential influence.
Ledn Secures $50M Syndicated Loan Backed by Bitcoin
Ledn, a digital lending platform, has made history by obtaining a $50 million syndicated loan that is Bitcoin-backed. Sygnum, a digital asset banking business that oversees $4.5 billion in client assets, syndicated this historic agreement, which is the first of its kind in the sector to be backed by Bitcoin.
The loan’s structure, which demands collateral top-ups at particular loan-to-value thresholds, is modeled after Ledn’s strategy for managing loans for retail consumers. This modern financial tool will help Ledn’s retail lending operations grow, possibly creating new opportunities for lending backed by cryptocurrencies in the larger financial sector.
Ledn hopes to set a precedent for Bitcoin’s acceptance as an asset class in conventional finance by pulling off this deal. According to the business, this is an important first step toward bringing cryptocurrency assets into the mainstream financial markets and may open the door for other financial products with a cryptocurrency component in the future.
$1 Million in Seed Funding is Raised by Fanton Fantasy Football
A $1 million seed investment round has been obtained by blockchain-integrated gaming platform Fanton Fantasy Football. Prominent blockchain backers led the funding round, demonstrating their great belief in the platform’s potential.
Fanton uses Telegram, a messaging service with a large user base, to bring conventional gamers into the Web3 realm. The platform’s distinctive feature is the way it combines blockchain technology and fantasy sports involvement by using NFT player cards to create teams and score goals based on actual soccer matches.
The recently obtained capital will be employed to broaden the scope of Fanton and improve its user experience. With a blockchain turn, Fanton hopes to redefine fan interaction with their favorite sport and maybe open up new revenue streams for the sports entertainment sector by making use of the $32.75 billion fantasy sports market.
Fabric Cryptography Closes $33M Series A for Data Privacy Chip
A $33 million Series A fundraising round has been successfully concluded by Silicon Valley hardware firm Fabric Cryptography. With involvement from other well-known blockchain companies, including Offchain Labs, Polygon, and Matter Labs.
The creation of the Verifiable Processing Unit (VPU), an innovative silicon processor designed specifically for cryptography, is the main goal of this financing. Because of the VPU’s special instruction set architecture designed for cryptography, every cryptographic method may be divided into mathematical building parts that the device can natively accelerate.
Compared to conventional CPUs and GPUs, Fabric Cryptography seeks to greatly increase the performance and economy of cryptographic applications. The Web3 sector has already placed significant pre-orders for the startup’s VPUs, demonstrating the high need for specialized cryptographic hardware solutions in the market.
Aptos Foundation and Myco Collaborate on Web3 Streaming
A strategic agreement has been established between the Aptos Foundation and Myco, a Web3 streaming platform. The primary goal of this partnership is to further advance Web3 technologies and decentralize the streaming experience by connecting Myco’s platform with the Aptos blockchain.
Myco intends to move its infrastructure to the Aptos blockchain as part of this agreement, in line with its long-term goal of reaching complete decentralization. This change is anticipated to improve the platform’s functionality and provide consumers with a more reliable streaming experience driven by blockchain technology.
Myco’s intended early-Q4 launch of its native utility token on the Aptos blockchain is a crucial part of this partnership. In the decentralized streaming market, this token launch and the technological integration are expected to open up new doors for users and content producers.
Bitpanda and RAKBANK Collaborate on a Digital Asset Platform
In order to create a digital asset management platform for UAE citizens, Bitpanda Technology Solutions and RAKBANK have partnered. Through the provision of a regulated banking infrastructure that handles digital assets, this partnership seeks to close the gap in the market.
RAKBANK may provide digital asset services without having to build internal infrastructure by utilizing Bitpanda’s experience. By taking this calculated risk, RAKBANK puts itself at the forefront of the banking industry’s embrace of digital assets in the United Arab Emirates, possibly creating new income streams and drawing in tech-savvy clients.
Despite the announcement of the cooperation, the platform is still awaiting United Arab Emirates Central Bank certification. If authorized, it will offer more digital asset options to RAKBANK clients, demonstrating the bank’s faith in digital assets as a forward-thinking strategy for safe and effective money management.
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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.
