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New USD 110m for Crypto Startups, Crypto.com Swap Fuels MCO + More News

New USD 110m for Crypto Startups, Crypto.com Swap Fuels MCO + More News 101
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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Investments news

  • Early-stage venture firm Electric Capital said it raised USD 110m for Seed and Series A fund, focused on cryptonetworks and blockchain enabled startups. The firm partnered with undisclosed "world-renowned university endowments and philanthropic foundations" for their second fund. It will invest from USD 250,000 to USD 10m in tokens or equity.
  • Online space strategy game Infinite Fleet has raised USD 3.1m through a private security token offering (STO), led by, among others, Litecoin creator Charlie Lee, Blockstream CEO Adam Back, and Heisenberg Capital founder Max Keiser, said the tweet. More than USD 250,500 of it was raised on investment platform BnkToTheFuture, surpassing the USD 250,000 goal. The game was developed by Pixelmatic, founded by Blockstream's CSO Samson Mow.

Altcoins news

  • Payments and crypto platform Crypto.com has implemented the MCO Swap Program. Per the announcement, once the swap process is complete, the Crypto.com ecosystem will use one streamlined token (CRO) with the combined functionality, rather than two separate tokens (CRO and MCO). MCO that is not swapped will still exist and circulate on the Ethereum (ETH) blockchain, but Crypto.com will no longer support them, and no service will use them. MCO, ranked 94th by market capitalization, is up by 37% in a day, trading at USD 5.5 (15:06 UTC).

Exchanges news

  • Argentine crypto exchange operators who imposed limits on dollar-to-bitcoin (BTC) trades did so at their own discretion – not because of government-imposed legal limitations as there is no legal limit for buying BTC in US dollars, Criptonoticias reported, citing an Argentine legal expert.

Blockchain news

  • Samsung SDS and South Korean cloud provider NHN have agreed to strengthen blockchain collaboration, reported ITDaily. The firms stated that they would develop a solution that would allow NHN cloud clients to pay for services using Samsung SDS-provided blockchain-powered payment tools.
  • Liaoning Province, China, has begun a cross-border trade financing pilot, per East Money. A number of state-owned banks have agreed to take part, and the platform will allow companies in the region to complete authenticity verification tests on a blockchain network, as well as making credit applications for international trade deals.
  • Ethereum Classic (ETC) experienced a 3,693-block chain reorganization early Saturday morning, which caused all state pruned nodes to stop syncing, per Bitfly's post. They said at the time that it was likely caused by a 51% attack. Ethereum Classic developers said in a report that the reorganization could have happened because "the offending miner lost access to internet access for a while when mining, which led to a 12 hour mining period and about 3000 blocks inserted."

DeFi news

  • Crypto exchange operator Huobi Group has announced the establishment of Huobi DeFi Labs. This platform will be focused on DeFi (decentralized finance) research, investment and incubation of DeFi projects, and collaborations with DeFi projects to service the ecosystem. The DeFi initiatives will be led by Huobi's Chief Investment Officer Sharlyn Wu, formerly a Wall Street veteran, who also led blockchain investment at China Merchant Bank International.

Crypto adoption news

  • Digital travel platform Agoda and crypto-friendly accommodation booking platform Travala.com have announced a new strategic partnership. Per the emailed press release, the partnership saw more than 600,000 Agoda hotels worldwide now available via Travala.com, bringing the total number of properties available on the platform to over 2,200,000 covering 90,124 destinations in 230 countries and territories. Backed by crypto exchange Binance, Travala.com lets travellers book trips using more than 30 different cryptos.
  • Meanwhile, also in Argentina, a number of economists have praised bitcoin, but said it does not have what it would take to become a currency. Per Criptonoticias, a round table discussion organized by Bitcoin Argentina concluded that BTC was too volatile to become a major currency, and could not be considered as a reliable means of storing value.
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