California DMV taps Tezos blockchain for digital car title transfers

Old Vehicle

The California Department of Motor Vehicles (DMV) is trying to digitise car titles and title transfers on a private Tezos-built blockchain.

The state agency has collaborated with Tezos and blockchain software firm Oxhead Alpha to build a successful proof-of-concept.

The move is part of a wider push to modernise the state’s in-place systems for car titles and increase transparency in title transfers. California’s DMV is responsible for all vehicle registrations and...

CasperLabs: 90% of enterprises are adopting blockchain tech

Business

Despite a difficult past year for crypto and blockchain, new research from web3 platform CasperLabs has found that 87 percent of businesses say they are likely to invest in blockchain in 2023.

‘The State of Enterprise Blockchain Adoption in 2023’ questioned 603 enterprise “decision makers” across firms from the United States, UK, and China.

It found that sentiment towards blockchain remained strong in these countries despite market downturns. On top of the 87...

Venom Foundation launches $1bn web3 fund from Abu Dhabi

Abu Dhabi, UAE

The Venom Foundation, an Abu Dhabi-based blockchain platform, and investment manager Iceberg Capital have unveiled a $1 billion venture fund to invest in web3 and blockchain projects.

The Venom Ventures Fund (VVF) plans to invest in pre-seed to Series A funding rounds with projects focused on decentralised finance (DeFi), payments, asset management, and blockchain gaming.

Venom Foundation is a layer-1 blockchain solution with a focus on “serving the needs of the Middle...

GammaRey fintech finalises £267m merger with GoLogiq

Handshake

Blockchain fintech and financial management platform GammaRey has signed a merger agreement with e-commerce and consumer data analytics firm GoLogiq.

Together the two US-based companies hope to grow their market share of the Generation Z wealth management market.

“The combined company plans to initially focus on the high-growth market of wealth management for Generation Z and millennials,” GoLogiq said.

“This new generation of wealth-builders represents...

Visa will ‘actively contribute’ to web3 development

Visa refuses to become a dinosaur and will “actively contribute” to developing the web3 and crypto ecosystem.

Aside from maximalists, few experts believe that crypto poses an existential threat to fiat currencies. Legacy payment processors like Visa and Mastercard have increasingly been joining the web2-era disruptors like PayPal and Square in supporting the web3 and crypto ecosystem.

Greater public adoption of “crypto” will likely come through CBDCs (Central...

Goldman Sachs ready to buy crypto firms after FTX bankruptcy

Wall Street

In the midst of FTX’s collapse and tanking crypto company valuations, leading financial services firm Goldman Sachs is eyeing up investment opportunities while prices are low.

During an interview with news outlet Reuters, Goldman Sachs executive Mathew McDermott said Wall Street are closely following the fallout from the collapse as calls for regulation in the industry grow stronger.

McDermott said the firm believes investment opportunities are now “priced more...

Ego Huang, CEO, Deepcoin: Managing risk as a CEX

Crypto Exchange

In the aftermath of FTX's collapse, all eyes are on centralised exchanges to see how they are reacting - and responding - to the major industry shakeup.

The Block sat down with the CEO of crypto derivatives exchange Deepcoin, Ego Huang, to get a preliminary glimpse at some of the topics being discussed at Blockchain Expo Global on 1-2 December.

The Block: We may as well start by addressing the elephant in the room, FTX. What has Deepcoin learned from this debacle and...

Heroic Story raises £5m to create web3 roleplaying game

Blockchain Gaming

Web3 gaming company Heroic Story has raised £5 million in a seed round led by Upfront Ventures for a blockchain-based tabletop roleplaying game (RPG).

The funding will be used to launch a live beta of the game, develop blockchain technology for a multiplayer version of the game, and hire more talent.

Other participants in the round included Multicoin Capital and Polygon Technology, along with strategic angels such as Team Liquid CEO Steve Arhancet and Quantstamp CEO...

Coinbase cuts 60 more jobs as web3 layoffs continue

Layoffs

Major crypto exchange Coinbase is cutting 60 jobs as layoffs continue to plague the bearish cryptocurrency market.

The employees from Coinbase’s recruitment and onboarding teams will lose their jobs as the crypto industry continues to suffer from the dramatic downfall of a major Coinbase competitor, FTX.

This marks the second round of job cuts Coinbase has had to make this year, albeit far smaller than the 1,100 employees who were laid off in June.

The...

Blockchain analytics firm TRM Labs nets £60m in expanded Series B

Analytics

Blockchain analytics firm TRM Labs has expanded its Series B funding round with a £60 million injection led by Thoma Bravo.

The intelligence company uses blockchain data and advanced analytics to detect and tackle financial crime.

The expanded round was led by global private equity firm Thoma Bravo, with Goldman Sachs and previous TRM investors Amex Ventures, Citi Ventures, and PayPal Ventures all participating.

TRM’s initial Series B kicked off in December...