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| Hey Insider! Welcome back to the Inside Cryptocurrency newsletter! Today's issue again covers some of the biggest stories from the crypto market, including a cybersecurity incident targeting the largest crypto gambling site, Stake, Casio's upcoming NFT collection on Polygon, the decline in the venture capital (VC) funding to crypto startups, and more. Enjoy your reading, and if you find this newsletter useful, please do not forget to share it with your friends and colleagues! Doğa
p/dogayurduneri | |
| 1 | | Stake, the largest crypto gambling site, has confirmed that it experienced a cybersecurity incident resulting in unauthorized third parties withdrawing funds from its hot wallets. The platform underlined that user funds are safe, and it was keeping a small portion of its crypto reserves in hot wallets to prevent further harm in case of a hack. More: - Blockchain security firms estimated that the attackers withdrew $41.3M of funds in crypto during the hack.
- Stake said the losses would not affect users since they represent a small percentage of the total.
- The official statement also pointed out that Stake is still actively investigating the incident.
- Following the confirmation, the platform suspended deposits and withdrawals as a precautionary measure, though they were reopened within five hours after the hack.
Zoom Out: - Stake is a crypto gambling protocol offering dice, sports betting, and casino games to users.
- In July, Alphapo, a centralized crypto payment provider for gambling sites, also experienced a hack resulting in $31M in losses through unauthorized withdrawals.
Q: What measures should be taken by platforms keeping user funds in hot wallets to prevent high losses in a potential cybersecurity incident? Join the conversation here. |     | |
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What the numbers say: The data compiled by The Block shows that the venture capital (VC) funding to crypto and blockchain startups decreased to less than $500M in August. The new figure means that the investment in Web3 projects did not see any increase for four consecutive months. The amount of VC funding in August also represents a two-and-a-half-year low, with the lowest monthly amount recorded since January 2021. Relevance: Another report by Crunchbase in July similarly revealed that VC funding to Web3 startups declined by 76% in Q2 compared to the same period last year. During the second three-month period of 2023, Web3 startups raised just over $1.8B in 322 deals. At the time, Crunchbase attributed the plummet in Web3 funding to the increased number of investors gravitating to AI and more traditional sectors following a prolonged winter in the crypto industry. Brands that should care: On the other hand, some leading crypto-related firms have managed to raise significant funding from investors in August despite the plummet in VC funding. Most recently, the U.S.-based crypto custody firm BitGo announced that it raised $100M in funding from entirely new investors at a $1.75B valuation. In late August, Middle East-focused crypto exchange BitOasis also revealed that it secured new funding in a fundraising round led by India-based crypto exchange CoinDCX without disclosing the amount of funding and the valuation. | | | |
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| 3 | | Payment processing giant Visa has expanded its stablecoin settlement options to include the Solana blockchain in addition to Ethereum. The move will see Visa starting to support USD Coin (USDC) payments settled on Solana. More: - The decision will also make Visa one of the first major payment companies to add Solana as a supported blockchain for settlements.
- As part of the expansion, the company carried out pilot programs in partnership with financial technology (fintech) companies like Worldpay and Nuvei.
- During the live tests, the firm has moved millions of USDC between its partners across the Solana and Ethereum networks while settling fiat-denominated payments.
- Visa's head of crypto, Cuy Sheffield, said the move aims to improve the speed of cross-border payment settlements and offer a modern stablecoin payment option to clients.
- Worldpay and Nuvei, serving merchants across different industries, are expected to gain the capability of offering merchants the option to accept payments in stablecoins, including USDC, through Visa's support.
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| 4 | | Cronos Labs, the firm behind the Cronos blockchain network, has started searching for new participants for the third cohort of its $100M accelerator program. The 12-week program will support eight new early-stage crypto startups through mentorship and funding. More: - The recruitment phase will continue until Sept. 10.
- Cronos Labs will prioritize the startups building projects at the intersection of AI and crypto.
- The accelerator program will also try to pick projects using AI to offer speed and efficiency while onboarding new products to the crypto market.
- The program's mentors and resource providers include some giant companies, such as Google Cloud, Amazon Web Services (AWS), PeckShield, and CertiK.
- The program is also backed by several leading venture capital (VC) firms, including Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, and AP Capital.
Zoom Out: - Cronos Labs first announced its accelerator program in June 2022 with an initial focus on decentralized finance (DeFi), Web3 gaming, infrastructure, and tooling.
- The program's second cohort, which began in May 2023, concluded in July, and each of the eight participant startups received an upfront $30M seed funding.
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| 5 | | The U.S.-based crypto custody firm BitGo has signed a strategic business agreement with KEB Hana Bank, one of the largest South Korean banks, to help the bank improve its digital asset custody services. As part of the deal, the two companies will establish a joint venture featuring BitGo's custody solutions and Hana Bank's expertise in financial services and compliance. More: - The partnership was announced at the Korea Blockchain Week in Seoul.
- A Hana Bank executive said they hope to increase trust in the South Korean digital asset market and contribute to consumer protection through the partnership.
- BitGo CEO Mike Belshe also stated that they would focus on enhancing transparency and security in South Korea's digital asset industry.
- The joint crypto custody venture is expected to launch in H2 2024.
- BitGo also plans to open an office in South Korea late next year when its paperwork becomes ready for local compliance.
Zoom Out: - On the other hand, the strategic business agreement between the two firms came nearly 20 days after BitGo raised $100M in funding from new investors at a $1.75B valuation.
- At the time, CEO Belshe said the new funding would be used for strategic acquisitions and global expansion plans.
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| 6 | | Japanese electronics giant Casio, better known for its wristwatches, has partnered with the Polygon blockchain to launch Virtual G-Shock, a blockchain-based community co-creation program. As part of the program, the company will release a 15,000-piece free NFT collection on the network to design the virtual version of its iconic G-Shock watches. More: - The creator pass NFTs in the collection will offer holders access to a dedicated Discord channel for the project.
- Casio customers who already have a Casio ID will be able to claim their NFTs from a window on the company's membership site between Sept. 23 and 26.
- The public distribution phase, however, will start on Sept. 26 and continue until Sept. 29.
- Holders will be able to participate in a co-creation competition on the Discord channel, submitting their design ideas.
- The winner will be chosen with a community vote, and the winning design will become a variant of the G-Shock's NFT version.
- The collection will be available to residents of the U.S., the U.K., Germany, Italy, the Netherlands, Spain, Portugal, Austria, Japan, India, Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Vietnam.
- The project mainly aims to increase the presence of the G-Shock brand in the Web3 space, and Casio Senior General Manager of Timepieces, Takahashi Oh, visions creating a virtual world where many avatars wear G-Shock watches.
Zoom Out: - Casio's iconic G-Shock watch series celebrates its 40th anniversary this year, and the company has shipped more than 100 million G-Shock devices since its debut in 1983.
- The latest move came two weeks after Casio filed a trademark application covering virtual clothing and watches, NFT-backed media, and virtual goods stores with the U.S. Patent and Trademark Office (USPTO).
- Over the past years, many giant brands, including Adidas, Nike, Starbucks, and Prada, have launched NFT collections and Web3-based loyalty programs in partnership with Polygon.
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- Crypto infrastructure provider Qredo has reduced its headcount by 50 employees to save around 35% of its annual expenses.
- The Monetary Authority of Singapore's former chair, Tharman Shanmugaratnam, who defined crypto assets as highly volatile and risky investment products in 2021, has won the presidential election race in Singapore, gaining over 70% of the votes.
- Australia's Senate Economic Legislation Committee has rejected a crypto bill proposed by Andrew Bragg, a pro-crypto politician, to establish a legal framework for digital assets in the country.
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INSIDE CRYPTOCURRENCY LEADERBOARD (ALL-TIME) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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