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...

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...

Nike deepens its web3 presence with .SWOOSH platform

Nike is going deeper down the web3 rabbit hole with the unveiling of its own platform.

The iconic brand is launching .SWOOSH (pronounced “dot swoosh”), a platform where fans can buy – and even co-create – virtual items.

“Web3 digital technology has opened the door for creators and collectors like never before (shoutout to our friends and mentors at RTFKT for leading the charge and helping us understand what’s even possible),” the company explained in a blog...

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...

Decentralized Storage Alliance launches with Filecoin, AMD among founders

A new alliance called the Decentralized Storage Alliance aims to increase adoption and bridge the chasm between Web2 and Web3.

Founding members of the alliance include Filecoin, AMD, Ernst & Young, and Seagate. The members bring vast experience which spans both Web2 and Web3.

“With top-tier leaders across Web2 and Web3 coming together to explore the unrealized potential of decentralised technology, this Alliance has the power to transform the foundation of the...

‘Solana killer’ Aptos soared to $100 on Binance before plunging

Aptos, a blockchain created by former Meta employees, debuted on Binance this week and soared to $100 before plunging to around $8.

The project has been called the “Solana killer” due to its claims of being able to process an incredible 130,000 transactions per second (tps).

As of writing, Aptos is processing around 24tps. This has led to many within the crypto community saying that Aptos’ performance claims are misleading.

Aptos co-founder Mo Shaikh has...

Blockchain Expo: Maturing blockchain industry paves the way for enterprise adoption

A session at this year’s Blockchain Expo Europe highlighted that blockchain is reaching a stage of maturity that paves the way for enterprise adoption.

The session was presented by Pedro Lopez-Belmonte, Senior Manager of Web3 and Technology Innovation at Richemont, on day one of Europe’s leading blockchain conference.

One of the first charts presented during the session was Gartner’s hype cycle, which shows blockchain platforms now leaving the trough of...

Jeremy Epstein, RDX Works: On the ‘practically unlimited scalability’ of Radix

Radix claims it will offer “practically unlimited scalability” with its novel consensus algorithm, Cerberus.

In 2019, Radix set a record for decentralised ledgers when it demonstrated the ability to process over one million transactions per second. For the demonstration, Radix replayed 10 years of Bitcoin’s transaction history in under 30 minutes. That demonstration used Cerberus’ predecessor, Tempo.

Despite the record-breaking demonstration, it was...

Chris Dixon, a16z, says crypto can shift power away from Big Tech

Web3 network

After raising a record-breaking $4.5 billion (£3.8bn) for its latest crypto fund earlier this year, Andreessen Horowitz (a16z) has said it sees the ongoing market downturn as an investment opportunity.

Chris Dixon, the founder of a16z’s crypto arm, believes cryptocurrency has the ability to disrupt the power imbalance between consumers and big tech companies like Meta and Twitter.

In an interview on FT's Tech Tonic podcast, Dixon said that power on the internet...

Ripple: Most financial institutions plan to use crypto within three years

A report by Ripple suggests that most financial institutions plan to start using crypto within the next three years.

Despite the bear market, financial institutions remain interested in the cryptocurrency space. Just this week, $10 trillion asset manager BlackRock launched a spot Bitcoin trust while saying that it’s also exploring “permissioned blockchains, stablecoins, cryptoassets, and tokenization.”

While BlackRock is exploring the potential financial benefits...