China News by Thebittimes.Com

Venture capitalists are forming a new firm based on accumulating stablecoin-focused crypto project Ethena (ENA). Special purpose acquisition company TLGY Acquisition, announced early on Monday that it had entered into an agreement for a business combination with StablecoinX Assets. The two companies agreed to a roughly $360 million private investment in public equity (PIPE), including a $60 million investment from the Ethena Foundation itself, plus contributions from other high-profile investors in the space like Pantera Capital, Galaxy Digital, Wintermute and more. According to the press release, the VCs believe in “large-scale ENA accumulation” in order to provide shareholders exposure to the “secular stablecoin supercycle.” Says Young Cho, CEO of both TLGY and SC Assets, “As a top issuer of digital dollars alongside Tether and Circle, Ethena is a direct beneficiary of the growth in stablecoin adoption… But it is currently difficu...

Venture capitalists have favoured ICOs in recent years, but Bitcoin-related startups are seeing renewed interest from investors. Initial coin offerings (ICOs) may have hampered the development of the Bitcoin ecosystem , with market research reflecting a massive slant towards non-Bitcoin investments by venture capital ists over the past five years. Blockstream CEO Adam Back highlighted the juxtaposition between the lack of venture investment in Bitcoin in comparison to its dominance of the total cryptocurrency market capital ization in conversation with Cointelegraph’s Joseph Hall in Lugano, Switzerland. Adam Back alongside Cointelegraph's Joseph Hall in Switzerland. Back, the inventor of Hashcash upon which Bitcoin’s proof-of-work algorithm was derived, pointed to market research published by Trammell Venture Partners which detailed venture capital flows into the ICO craze in the years following the launch of Ethereum and smart contract functionality. Back said that venture capi...

Grants valuing between $5,000 and $25,000 will be allocated to qualifying project teams. On May 3, layer-1 Blockchain Fuse announced that it would pledge $10 million to "reinvigorate the Fuse ecosystem and drive growth in multiple areas." The program, dubbed "Fuse Ignite," is structured between liquid incentives and grants. As told by developers: "Teams can apply for grants of between $5,000 and $25,000, depending on the focus of their project or service. DeFi projects can apply for incentives designed to boost liquidity and general user activity when deploying on Fuse Network." Upon application approval, Fuse Ignite operator grants are issued in Fuse Tokens (FUSE) and USD Coin (USDC). Operators use the Fuse Network Blockchain and other tools to power payment services.  Parts of the $10 million budget are also allocated for adoption incentives and community airdrops. To participate, users must hold and stake a minimum balance of Fuse, provide liquidity...

Source: Unsplash The Web3 industry can add as much as $1.1 trillion to India’s GDP by 2032, a new report from the Indian tech industry association Nasscom has shown. The massive value-add to the economy will come as India continues on its path as a leading global player for Web3, both on the development and adoption side, the new report said. Already, Web3 investments in the country have grown a whopping 37 times from the start of 2020 to the first quarter of 2022. The report added that the number of start-ups that can be categorized as Web3 companies stood at 450 as of the end of the second quarter. Since 2020, these companies combined have raised more than $1.3bn in capital, with the average deal size being around $10m. In terms of venture capital, the country was home to more than 70 “active institutional investors” in 2021, the report found. Notably, it was the launch and subsequent meteoric growth of Ethereum (ETH) from 2015 to 2017 that kicks...