|Robinhood broke on the first day of listing, and the stock price closed down more than 8%; State Street Bank began to provide encryption services (July 30)

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2021-07-30 08:10 (UTC+8)

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Stablecoin issuer Paxos received $300 million in Series D financing, with participation from FTX and Coinbase Ventures.

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Stablecoin issuer Paxos received $300 million in Series D financing, with participation from FTX and Coinbase Ventures.

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American online brokerage Robinhood broke on the first day of listing, and the stock price closed down more than 8%
At 10:00 p.m. Beijing time on July 29, the Nasdaq Stock Exchange announced that the Robinhood (NASDAQ: HOOD) team, an American online brokerage, had completed the bell-ringing ceremony and officially listed on Nasdaq. Two hours later, Robinhood officially opened for trading, with an opening price of $38, rising to $40.22 and then falling to a minimum of $33.35; as of the close, it was at $34.82, a drop of 8.37%.

According to previous reports, on July 2, Robinhood submitted its prospectus and set its IPO price at US$38, which is at the bottom of the guidance range of US$38 to US$42. This pricing also makes Robinhood’s valuation reach US$32 billion.

Ascensive Assets launches a new $130 million fund that will bet on the DeFi market

Ascensive Assets, an investment firm led by former professional poker players, has raised a $130 million fund that will focus on the DeFi market. Oliver Blakey, a partner at Ascensive Assets, revealed that in terms of investors, the main investors in this round of financing are high-net-worth individuals from China (mainland as well as Hong Kong and Macau), Singapore and Malaysia, many of whom are associated with the professional poker and gaming industries. related. About a third of the new fund will be invested in early-stage startups, with the remainder doubling down on the winners of the first fund, Blakey said. It is reported that this fundraising is much higher than Ascensive’s first fundraising scale of US$24 million in 2019. At the time, the fund received support from Polkaswap, Benqi, Yield Guild Games, and JennyDAO, among others. (CoinDesk)

State Street to start offering crypto services to its private fund clients
According to news in early June, State Street Bank has established a new digital financial department, State Street Digital, which will be led by State Street Executive Vice President Nadine Chakar and focus on cryptocurrency, central bank digital currency, blockchain, DeFi and other fields. (U. Today)

digital currency

Comments by PayPal CEO Dan Schulman during the second-quarter earnings call suggest that the company is accelerating its focus on cryptocurrency technology. “We remain very pleased with the momentum in cryptocurrencies,” Schulman said, echoing the long-term goal of increasing limits on crypto services and allowing transfers to third-party wallets. According to Schulman, PayPal's crypto ambitions are not limited to the above-mentioned aspects, PayPal is clearly thinking about what the next generation financial system will look like and how it can help shape it. After highlighting the company's conversations with regulators and its long-term goal of potentially providing the infrastructure for central bank digital currencies, Schulman pointed to potential applications for the technology, with a particular emphasis on smart contracts and the decentralized finance (DeFi) ecosystem. (The Block)

Uniswap Founder and Paradigm Developers Collaborate to Build a New Market Making System to Execute Large Trades

Uniswap founder Hayden Adams and two Paradigm developers DaveWhite and Dan Robinson are building a market-making system for executing large transactions on Ethereum. The market-making system, named Time-Weighted Average Market Maker (TWAMM), breaks down long-term orders into countless infinitely small fragments and executes them smoothly on its embedded AMM over time. The idea is still in its early stages, and Dave White called for more developers to get involved. (The Block)

dForce Releases Bug Bounty Program, Top Level Rewards $250,000

On July 29, the decentralized financial protocol dForce released a bug bounty program on the DeFi bounty network Immunefi for its core functions of lending and synthetic asset protocols, mainly targeting its smart contracts and infrastructure vulnerabilities. There are 4 danger levels, and the prize money ranges from $1,000 (low-level vulnerabilities) to $250,000 (critical vulnerabilities). Previously, dForce has hired Trail of Bits, ConsenSys Diligence, CertiK, Certora, Paidun Technology, SlowMist Technology, Ambi Labs and other institutions to conduct code audits and formal verification of the dForce native protocol. It is reported that dForce is a secure, flexible, open source protocol. The decentralized lending agreement, in the global fund pool model, has added over-collateralized multi-currency loans, allowing users to generate stablecoin loans in different currencies through over-collateralization.

Livepeer, a decentralized video transcoding platform based on Ethereum, announced the completion of a $20 million Series B round of financing, led by Digital Currency Group (DCG), with participation from Coinbase Ventures, CoinFund, and Northzone. In a press statement, CoinFund CEO Jake Brukhman said: “By creating an open marketplace run by a decentralized network of active participants, Livepeer can transcode 10% cheaper than centralized alternatives like Amazon Web Services. times (or more).” (CoinDesk)

Investment and Financing

Bank of America, FTX, Founders Fund, and Coinbase Ventures Invest in Paxos' $300M Series D Funding

Stablecoin issuer Paxos on Thursday disclosed additional participants in its $300 million Series D funding round, including Bank of America, FTX, Founders Fund and Coinbase Ventures. Bank of America joined the Paxos settlement service earlier this year, the company noted. The platform uses blockchain technology to realize the settlement of stock transactions on the same day.
At the end of April, it was reported that Paxos completed a US$300 million Series D financing at a valuation of US$2.4 billion, led by Oak HC/FT, and participated by PayPal Ventures, Declaration Partners, and Liberty City Ventures. So far, Paxos has raised more than $500 million in total funding. In addition, in December 2020, Paxos received US$142 million in Series C financing, led by Declaration Partners, with participation from PayPal Ventures, RIT Capital Partners, and investment banking legend Ken Moelis. (CoinDesk)

Cryptocurrency lending and trading platform Vauld raises $25M Series A led by Valar Ventures

Vauld, a cryptocurrency lending and trading platform, announced the completion of a US$25 million Series A round of financing, led by Valar Ventures, with participation from Pantera Capital, Coinbase Ventures, CoinShares, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital. The financing will be used to support the company’s global growth and license applications, as well as expand its retail crypto banking and investment platform. In addition, it will bring in new talent and plans to offer more than 200 vacancies in the near future. The company said it has raised $27 million to date.
It is reported that Vauld, formerly known as Bank of Hodlers, is a cryptocurrency lending platform based in Singapore, but most of its team is located in India. The company’s CEO and co-founder Darshan Bathija said in an interview that Vauld supports more than 30 cryptocurrencies and operates in more than 160 countries, focusing on the European and Indian markets. He added that Vauld's user base and assets under management have grown more than 200-fold over the past year. (Blockworks)

Ethereum's decentralized video transcoding platform Livepeer completes $20 million in Series B financing, led by DCG

global policy

U.S. House of Representatives Proposes Digital Asset Market Structure and Investor Protection Act

U.S. Representative Don Beyer proposed the Digital Asset Market Structure and Investor Protection Act, which will create a far-reaching regulatory framework for digital assets. The bill seeks to describe the treatment of crypto assets under five securities laws, the Commodity Exchange Act and the Bank Secrecy Act, as well as the Federal Reserve's treatment of stablecoins and possibly digital fiat currencies. (The Block)

Beijing Chaoyang District Finance Office and State-owned Assets Supervision and Administration Commission supervised and guided the establishment of Beijing Central Business District Xinlian Technology Co., Ltd.

Recently, Beijing Central Business District Xinlian Technology Co., Ltd. was established under the supervision and guidance of the Chaoyang District Finance Office and the State-owned Assets Supervision and Administration Commission of Beijing, and the concrete implementation of CBD International Group. The prepaid supervision technology system built by the company integrates Chaoyang's "Early Warning" detection system, the "Building Assistant" applet, and the "Prepaid Supervision Platform". Among them, the latest integration of the "Prepaid Supervision Platform" , Supervision services can be provided through consumption scenarios such as settlement of consumption progress, settlement of consumption times, freezing and unfreezing of funds. (Jintai Information)

Russian experts plan to launch Bitcoin inheritance tool, use Sberbank cloud service for safe storage

A group of Russian experts is working on a new blockchain-based service that allows users to bequeath their cryptocurrencies and digital rights to the next generation, which will be realized through the cloud service of the Russian Federal Reserve Bank (Sberbank). Safe storage of digital assets such as coins. Russia’s National Technology Initiative (NTI) has announced a new digital inheritance tool based on blockchain technology, Russian news agency RIA Novosti reported on Tuesday. The initiative brings together experts from three local universities, including Moscow State University, National Research Nuclear University and Moscow State Institute of International Relations. According to the NTI, the service, called Time Capsule, will allow users to store digital data and assets such as social media passwords and bitcoin wallet keys, in addition to allowing the transfer of other digital property such as images, text, videos or location coordinates. (Cointelegraph)

Mexico’s Financial Intelligence Unit (UIF) has accused 12 cryptocurrency exchanges of failing to comply with its reporting requirements. The head of the agency, Santiago Nieto Castillo, said the 12 exchanges were not registered with the agency and had been operating illegally. Castillo said combating money laundering through cryptocurrencies is a top priority for the UIF. It is reported that UIF did not disclose the names of these companies. So far, UIF has received nearly 3,400 notifications from 23 exchanges reporting information to the Mexican Tax Administration (SAT). After receiving this information, the UIF identified at least three cases of potential money laundering through the use of cryptocurrencies. (CoinDesk)