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Helium to Migrate Network to Solana on 27 March

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Helium Network plans to migrate its platform to the Solana blockchain on 27 March, it has announced.

The measures aim to boost reliability and to upscale the technologies, it said in a 17 February blog post. The migration will take 24 hours to complete and temporarily halt Helium’s blockchains.

The process will not affect Helium’s proof-of-coverage and data transfer activities.

Helium’s tech teams added the migration marked a “new era for the Helium Network, enabling it to achiev greater scale and truly become a network of networks.”

It continued that the Helium community had onboarded roughly 1 million hotspots, with growing commercial demand set for future targets.

Helium explained further: “With the ability to power thousands of transactions per second, combined with its massive ecosystem of developers, applications, and integrations, Solana has the speed and scale necessary to take on the blockchain responsibility while the Helium core-developers and community can focus on building wireless protocols and enabling utility on these networks.”

Concluding, it wrote that HNT would becomem “natively compatible with other platforms within Solana’s ecosystem,” namely for HNT, MOBILE, and IOT token holders.

Regarding all digital assets, the firm would also snapshot the blockchain following the migration process to Solana. It would also mint all Hotspots as non-fungible tokens (NFTs).

The news comes after Nova Labs, the company behind Helium, announced in September last year it would partner with US telecom T-Mobile. The joint effort would open a mobile service for subscribers to earn cryptocurrency bonuses and rewards by sharing coverage data to improve the network.

DeFi Protocol Platypus Hit by $8.5m Hack, De-Pegs Stablecoin from USD

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Hackers hit Platypus Finance, a platform for decentralised finance (DeFi), with a major flash-loan attack, reports revealed.

Blockchain cybersecurity company CertiK wrote in the report that the thefts cost the crypto protocol roughly $8.5 million.

The hack also cost its native token, Platypus USD (USP), its peg to the US dollar, sending the coin plummeting from $1 USD to 48 cents.

The platform automates stablecoin swaps for crypto traders and hosts $59 million USD in virtual assets. At its peak, the platform held up to $1.2 billion in March last year, according to data.

Flash loans allow traders to profit from arbitrages, but conversely invite exploitative users to drain digital assets on DeFi platforms.

The news comes after CertiK reported in early January that 2023 would continue trends from last year, where cybercrime would remain steady in frequency and number. The report noted that 2022 saw nearly $3.7 billion hacked from victims, up from $3.2 billion in 2021.

Cartesi launches a community-driven program funding developers to help build and expand the Cartesi ecosystem.

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Singapore, Singapore, 21st February, 2023, Chainwire

Cartesi (an application-specific rollup execution layer with a Linux runtime) has launched its Community Grants Program for developers looking for support to get their ideas off the ground, and for Web3 enthusiasts interested in helping shape Cartesi’s developing ecosystem. A community-driven program to fund a broad network of contributors, its goal is to help build and expand the Cartesi ecosystem. Reflecting a broader movement towards Cartesi’s decentralization, the Community Grants Program is a step forward in providing increased community involvement in the grants selection process.

For developers who have an incredible idea, but need some extra help to get it off the ground, Cartesi’s Community Grants Program is not only about financial support. By harnessing the power of the Cartesi community, developers are also provided with invaluable technical and strategic advice to ensure the success of projects growing within the Cartesi ecosystem. 

With the Community Grants Program, developers can easily refine their proposal for funding their project with community feedback, strengthening its feasibility and potency.

In addition to developers submitting their ideas, the Cartesi Foundation will periodically publish Requests for Proposals (RFPs) for projects that the Foundation believes are of particular relevance and impact to the ecosystem.

The launch of the Cartesi Community Grants Program also ushers in a new governance function for Cartesi’s token, CTSI.  The Cartesi Foundation’s decentralized ecosystem will use CTSI as a way for community members to signal approval or disapproval of grants that are proposed.

With the Community Grants Program, the Cartesi community can influence what is being funded and built on Cartesi tech. It also allows the community to more easily connect with the builders in the Cartesi ecosystem, potentially even independently collaborating with any of the projects being built and funded. 

About Cartesi

Cartesi Rollups is an application-specific execution layer that elevates simple smart contracts to decentralized Linux runtimes. It allows developers to launch highly scalable rollup chains, and code decentralized logic with their favorite languages and software components.

  • Every DApp has its own high-performing rollup chain;
  • No cannibalization of resources from other DApps in Cartesi’s ecosystem;
  • No network gentrification;
  • Enable an entirely new class of DApps that currently cannot run on EVM chains;
  • Preserve the strong security guarantees of the underlying blockchain
Contact

Karmen Truong
Cartesi
karmen.truong@cartesi.io

ABO Digital Commits $25M to Extended Reality Metaverse Company Spheroid Universe

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Rotterdam, Netherlands, 21st February, 2023, Chainwire

Spheroid is an AR/XR platform that uses the SPH utility token for powering all the activities in its ecosystem.

This funding commitment from ABO Digital marks a significant milestone for Spheroid, which plans on using the funds to continue building tools and capabilities within Spheroid Universe, such as Spheroid Script (A cross-platform programming language developed to speed up and reduce the cost of developing AR/XR applications) and Spheroid Demiurge IDE (Cloud-based integrated development environment for programmers and designers who work together on AR/XR projects), among others. 

“This commitment from ABO Digital will enable Spheroid to continue developing and scaling the infrastructure within Spheroid Universe,” said Spheroid Universe Managing Director Andrea De Marco.

“We are excited to work with the Spheroid team going forward,” said Amine Nedjai, Director of ABO Digital, “Spheroid is building essential tools for creators in the AR/XR space which we believe will be seeing increased demand over time.”

About Spheroid

Spheroid Universe (Spheroid), an extended reality metaverse company, has announced that it has secured an investment commitment from ABO Digital for its utility token SPH. Spheroid is a platform for developing extended reality projects. The technological basis of the platform is the Spheroid XR Cloud and the Spheroid Script programming language designed for AR/XR creation. 

SPH is the native token of the Spheroid ecosystem that fuels the activities of the platform. It can be exchanged for Spaces (virtual lands of the Spheroid Universe), used for advertising in XR, placing content, and for various platform services. Among the products powered by SPH there is Spheroid Earth – an open global project for creating Earth 3D Digital Twin.

About ABO Digital

ABO Digital is a digital asset investment firm, and part of the Alpha Blue Ocean group which has executed more than $2bn in financing commitments for publicly listed companies across the globe. ABO Digital is based in the Bahamas and invests in cryptocurrency projects globally.

Contact

Managing Director
Andrea De Marco
Spheroid Universe
info@spheroiduniverse.io

Sensorium Galaxy Enters Public Playtest and Lays Out Global Metaverse Vision

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Zug, Switzerland, 21st February, 2023, Chainwire

Sensorium is announcing that the Sensorium Galaxy metaverse has entered its much-awaited VR multiplayer public playtest as it opens up access to more virtual reality and content features inside virtual worlds, while also laying out a new metaverse doctrine. 

Delivering on its promise to develop a full-fledged metaverse with unparalleled entertainment offerings, Sensorium is unveiling PRISM, a virtual world dedicated to music, as the first destination to become available to users. Inside this environment, visitors can experience the 24/7 galactic Sensorium Party where Sensorium’s pioneering AI avatars can be seen performing. 

The new stage enables users to become familiar with the metaverse’s VR mechanics, its immersive environments, and avatar customization options.

Users will also have the opportunity of interacting, for the first time, with others in VR and via voice chat, meeting not only other human participants but also AI virtual beings.

Sensorium Galaxy is emerging as the first AAA-inhabited metaverse with a community of AI-powered avatars populating its virtual worlds. Here, social AI is a core technology in powering next-generation networking relationship building and content creation, for users and artists alike. 

Sensorium’s press secretary, the AI-driven avatar Yonaka, offers a detailed look at the company’s global metaverse doctrine.

In another demonstration of the groundbreaking capabilities of generative AI technology to hold contextual conversations, Sensorium is now also unveiling the Salvador Dali Experience, a VR environment where users are invited to meet the AI avatar of the late genius and chat with Dali’s virtual being across an endless variety of topics.

Based on these features, Sensorium is opening up a pathway for users to live out alternative life scenarios, build a digital self, and attain digital immortality, whereby they choose the digital footprint they’re leaving behind and allow future generations to interact with. 

Built on top of Unreal Engine 5 as well as advanced VR and AI technologies, the depths of Sensorium Galaxy unfold across several virtual worlds, each dedicated to different types of entertainment and filled with curated content. 

Developed in collaboration with nightlife entertainment visionary, music trendsetter, and Hï Ibiza and Ushuaïa Ibiza founder Yann Pissenem, PRISM world is already a confirmed destination for shows by acclaimed world-class performers, including David Guetta, Carl Cox, and Black Coffee, among others. The first three performances in PRISM are slated to take place during the first half of 2023. The second half of the year will also see the release of MOTION, introducing users to more ‘virtual life’ mechanics of Sensorium Galaxy. 

Crucial to all metaverse activities, Sensorium Galaxy’s in-platform token, SENSO, will continue supporting the entirety of the ecosystem, across activities and offerings such as premium content and NFT drops.

NFT drops scheduled for 2023 include DAPP avatars and UNDER land tokens. These assets will be used in Sensorium’s decentralized platform, which ensures that all users have ownership over their digital assets and are the sole entity responsible for decision-making over their virtual possessions. Starship and UNDER will become the first two virtual environments to leverage Web3 capabilities within the Sensorium ecosystem.

All of these blockchain-based activities are now being made compatible with VR. 

Sensorium Galaxy is available on Steam, where users can access the metaverse’s public playtest, as well as the Sensorium Galaxy mobile app. Full cross-platform access, including desktop access, will become available later this year. 

About Sensorium

Founded in 2018, Sensorium is a Swiss company and a leading metaverse developer, leveraging cutting-edge XR and AI technology to deliver next-generation virtual experiences in entertainment and social interaction.

The award-winning Sensorium Galaxy metaverse project, the company’s flagship product, is currently the only global XR multiplayer platform that immerses users into multi-sensory experiences in virtual worlds, across content hubs of various forms.

These include immersive musical experiences in the epicenter of entertainment, PRISM world, self-discovery programs and guided meditations unfolding within the spiritual environment of MOTION world, and a new type of transversal social interaction enabled by a million-strong community of AI-controlled autonomous virtual beings inhabiting the metaverse.

Sensorium leans on its long-standing collaboration with the world’s best technology and entertainment partners to shape the environments and content of its metaverse.

In addition to the innovative developments in the fields of virtual reality and AI, accessible through a wide variety of interfaces, Sensorium is also a leading Web3 company enabling a stack of pioneering blockchain and decentralized solutions. 

Contact

Web3 Marketing Director
Matias
Sensorium
matias.lapuschin@sensoriumxr.com
+971552430075

Venom Foundation and Hub71 Partner to Accelerate Growth and Adoption of Blockchain Technologies from Abu Dhabi

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Abu Dhabi, UAE, 20th February, 2023, Chainwire

Venom Foundation, the first Layer-1 blockchain licensed by Abu Dhabi Global Market (ADGM), has teamed up with Hub71, Abu Dhabi’s global tech ecosystem, to provide startups with enterprise-grade solutions and simplify blockchain adoption for businesses.

The collaboration between Venom Foundation and Hub71 will focus on accelerating the growth and adoption of blockchain technologies in the Middle East and North Africa (MENA) region and beyond. Venom Foundation will work closely with Hub71+ Digital Assets, Hub71’s dedicated Web3 and Digital Assets specialist ecosystem, to help startups as well as enterprises with business development, digital asset regulation, blockchain adoption, and related technologies.    

The Venom-Hub71 collaboration was brought together by Iceberg Capital, the regulated investment manager based in ADGM which will further leverage its network and expertise to assist the parties in reaching their common objectives. 

With an aim to raise industry standards for incubation, acceleration, and grant programs, Venom Foundation will deploy its expertise and know-how in venture capital, venture building, and technology to support startups to grow and scale from Hub71+ Digital Assets. Additionally, startups and established businesses will be able to benefit from the use of the Venom blockchain to successfully transition from Web2 to Web3.

As part of the partnership, Venom and Hub71 will also work together to onboard local and international startups to Hub71+ Digital Assets. By joining the specialist ecosystem, startups will be able to engage and collaborate with a diverse range of partners and leading Web3 entities to accelerate the transition toward disruptive blockchain technologies. Startups will also benefit from Hub71’s value-add programs and incentives.

Peter Knez, Chairman of the foundation council at Venom Foundation, commented: “Collaboration is the key to unlocking the full potential of emerging technologies. We are proud to have struck such a great collaboration, here in the financial heart of Abu Dhabi. By working together, we can build a better future for businesses and communities, from Abu Dhabi to the world.”

Elodie Robin Guillerm, Head of Growth and Strategy at Hub71, said: “We are excited to be collaborating with Venom Foundation to help startups in the MENA region develop and scale Web3 technologies from Abu Dhabi. By bringing together leading industry experts and players such as Venom Foundation, Hub71+ Digital Assets is accelerating the growth of disruptive businesses and creating commercialization and investment opportunities for founders.”

Startups onboarded to Hub71+ Digital Assets will also gain access to Venom’s infinitely scalable blockchain architecture and a team of highly skilled specialists that will help them build their Web3 solutions. 

Mustafa Kheriba, the Executive Chairman of Iceberg Capital, said: “We are pleased with this promising partnership between Venom Foundation and Hub71 and we are confident that this partnership shall be very beneficial for the development of Web3 technologies throughout the region. Iceberg will leverage its expertise in helping both parties achieving their shared objectives”

The Venom blockchain is an asynchronous chain that uses a state-of-the art dynamic sharding technology while maintaining decentralization, scalability, and security.

Venom Foundation provides the essential infrastructure that enables startups to grow within a regulated and scalable environment. The Foundation’s primary focus is on technologies in the MENA region that provides easy and secure migrations to Web3 for both private and public organizations and governments, while also handling massive transaction volumes with no increase in network latency or costs.

Hub71’s vibrant community consists of over 200 startups operating in 20 economic sectors. Founded on the values of partnership and collaboration, Hub71 connects entrepreneurs with impact-driven investors and corporates and supports them with scaling their businesses and accessing global markets.

About Venom Foundation

Venom is the first licensed blockchain operating under the jurisdiction of the ADGM, with a license to issue utility tokens. The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.

A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. It now harbors the potential to become a bridge for the adoption of CBDCs in the Middle East, North Africa, and worldwide.

For more information, visit: Website  |  Twitter

About Iceberg Capital

ICEBERG Capital Limited is regulated by FSRA as a Prudential Category 3C investment manager based in ADGM. ICEBERG Capital is a fast-growing alternative asset management company that provides diversified investment management platforms that includes direct and private equity, venture capital, technology, and virtual assets. ICEBERG Capital also offers traditional asset management services such as investment portfolios in local and international markets, financial instruments (equities, ETFs, commodities, derivatives, etc), as well as specialized platforms for securities, and blockchain technology.

For more information about Iceberg Capital, visit: Website | LinkedIn

About Hub71

Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation. 

Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build, and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development. For more information visit www.hub71.com and follow us on @Hub71AD #Hub71.

For more information, visit: Website  |  Twitter  |  LinkedIn

Contact

Adam Newton
pr@venom.ventures

Abu Dhabi Pledges $2bn to Incubate Web3, Metaverse Economy

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Abu Dhabi has announced its latest initiative for incubating Web3-based solutions around the blockchain and metaverse.

The programme aims to build an ecosystem of Web3 startups along with government, financial, corporate, and other sectors involved across the United Arab Emirates (UAE). In a press release, the Emirate stated it had backed its Hub71+Digital Assets initiative with roughly $2 billion USD.

Abu Dhabi’s initiative also plans to facilitate a cutting-edge blockchain infrastructure along with numerous virtual assets and accommodating regulations.

First Abu Dhabi Bank has tasked its FABRIC research and innovation centre with working jointly with service providers and digital asset platforms to boost and secure use cases for virtual products.

Hub71 will host the initiative by assisting enterprises to work across Abu Dhabi, the Middle East, and numerous markets worldwide. Web3 startups valued over $1 billion USD will receive priority.

According to Ahmad Ali Alwan, deputy chief executive of Hub71, the launch of the initiative would signal Abu Dhabi’s embracing of “disruptive businesses that drive change and transformation on a global scale.”

The initiatives partnership with the Abu Dhabi Market Group (ADMG), FAB, FABRIC, and others would provide funding, research and development, and additional support. Those involved would operate in the largest Middle East North Africa (MENA) region’s regulated virtual assets jurisdiction.

A DIgital Dubai?

The news comes as the UAE pushes to develop Web3 and metaverse solutions, namely after opening a trove of initiatives aimed at building use cases for the emerging technologies.

The nation aims to facilitate the use of non-fungible tokens, metaverse platforms, Web3 solutions, and the blockchain as part of its metaverse strategy launched last year.

The UAE government has been proactive in embracing blockchain technology and the emerging markets it encompasses, including the Metaverse, nonfungible tokens (NFTs), and Web3. 

The nation launched a metaverse platform to expand medical services to citizens via the Ministry for Health and Prevention (MOHAP).

Siemens Issues Germany’s First Blockchain-Backed Bonds

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Siemens has launched Germany’s first digital bond based on the blockchain, it announced this week.

The German engineering and tech behemoth became one of the country’s first enterprises to issue blockchain bonds. The securities are valued at €60 million and mature after one year, following the German Electronic Securities Act.

Investors such as DekaBank, Union Investment, and DZ Bank purchased the bonds. Regulators did not require the securities to obtain central clearing and paper-based global certificates, the statement read.

Siemens claimed that the Polygon-based blockchain bonds expedited transactions faster and more efficiently than traditional methods. It also stressed how using digital bonds over paper and traditional means could offer benefits.

The statement continued: “Issuing the bond on a blockchain offers a number of benefits compared to previous processes. For instance, it makes paper-based global certificates and central clearing unnecessary. What’s more, the bond can be sold directly to investors without needing a bank to function as an intermediary.”

The document cleared in two days, despite using traditional payments due to a lack of a digital euro. Siemens hopes to lead markets in developing digital securities and capital solutions.

Peter Rathgeb, Corporate Treasurer for Siemens AG, added: “By moving away from paper and toward public blockchains for issuing securities, we can execute transactions significantly faster and more efficiently than when issuing bonds in the past.

He added that the successful cooperation with project partners allowed the firm to reach “an important milestone” in developing digital securities in Germany.

The news comes as Siemens advocates implementing blockchain technologies across industry verticals. The company was among the first, along with JP Morgan, to test blockchain-based automated payment systems on the latter’s Onyx system — the world’s first.

Rival crypto company blew the whistle on competitor, leading to NYDFS investigation

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Circle, a rival stablecoin issuer of Paxos, blew the whistle on the latter’s cryptocurrency offering to New York regulators, fresh reports have revealed.

According to a Bloomberg report on Monday, Circle tipped off the New York Department of Financial Services (NYDFS) in the autumn of last year. Citing people familiar with the matter, it alleged to regulators that Binance failed to show sufficient reserves to support Binance USD (BUSD) tokens issued from the competitor platform.

The news comes after Reuters received comment from an NYDFS spokesperson revealing Paxos did not issue BUSD in a “safe and sound” manner.

This allegedly violated obligations to conduct “tailored, period risk assessments” and due diligence on Binance and Paxos-issued BUSD customers to prevent “bad actors from using the platform,” the report read. The NYDFS later ordered Paxos to halt minting BUSD due, citing its ties to Binance.

Paxos later issued a statement that it had stopped minting BUSD tokens, adding that US dollar-denominated reserves backed all current BUSD tokens.

The company added: “BUSD will remain fully supported by Paxos and redeemable to onboarded customers through at least February 2024. New and existing Paxos customers will be able to redeem their funds in US dollars or convert their BUSD tokens to Pax Dollar (USDP), a regulated US dollar-backed stablecoin also issued by Paxos Trust.”

The news comes after the US Securities and Exchange Commission (SEC) launched a lawsuit against Paxos, accusing the latter of issuing BUSD as an unregistered security.

Cryptocurrency exchange Kraken and Ripple Labs, the firm behind the Ripple (XRP) token, were also slapped with unregulated securities accusations over the last few months.

News of the lawsuits has triggered backlash from the crypto community and prompted Kraken to remove its $30 million USD staking platform for cryptocurrencies.

Banco do Brasil Approves Crypto Tax Payments

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Brazil’s oldest bank has launched payment systems for taxpayers to use cryptocurrency for annual filings, reports found this week.

The Banco do Brasil said in an 11 February statement that it was “possible” for taxpayers to pay their bills with cryptocurrencies. Bitfy, a Brazilian crypto platform, has worked jointly with the bank to facilitate the programme as its collection partner.

The bank added that using cryptocurrencies could provide customers convenience and “expand” digital asset ecosystems nationally. It could also offer the stability of Banco do Brasil’s strong reputation and consumer protections.

Bitfy founder and chief executive Lucas Schoch said in a statement: “Now that we have sealed this strategic partnership, Bitfy and Banco do Brasil, we will drive the adoption of the new DeFi economy, developing the necessary infrastructure to increase autonomy and democratize the use and access to the digital asset ecosystem throughout Brazil.”

He added that the “new digital economy is a catalyst for a future full of advantages.”

How Does it Work?

Bitfy’s statement continued that people using cryptocurrencies to pay taxes could use the streamlined process complete with tax data and amount of reals, the nation’s fiat currency. The new platform would convert the amount owed to cryptocurrency to pay the fee.

Users can scan barcodes to pay the tax bill, similar to a “boleto,” or ticket payment. Brazilian municipalities such as Rio de Janeiro have already rolled out similar programmes in October last year.

Former president Jair Bolsonaro passed regulatory frameworks to legalise cryptocurrencies as national payment, with the law set to pass later in June.

Additional companies have begun exploring cryptocurrency integrations across their respective economies. Nations and blocs such as El Salvador, China, Fiji, Tonga, and others have begun trialling cryptocurrencies as accepted forms of payment.

The European Union, the United Kingdom, the United States, Montenegro, Japan, and many nations have begun outlining plans to unveil central bank digital currencies.

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