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US Regulators Have Received $19 Billion From Crypto Companies in 2024

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United States regulators have secured over $19 billion in lawsuit settlements from cryptocurrency companies in 2024, representing nearly two-thirds of all settlements to date.

An October 9 report from CoinGecko revealed that the bankrupt crypto exchange FTX and its affiliated trading firm Alameda accounted for the majority of these settlements, paying $12.7 billion to the Commodity Futures Trading Commission (CFTC) in an August agreement.

Across eight settlements in 2024, regulators collected 78% more than in 2023, when $10.87 billion was paid. This marks a staggering 8,327% increase in settlement values compared to 2022.

The past two years have seen more settlements with regulators than all previous years combined.

The total settlement amounts included forfeiture, disgorgement, civil penalties, and prejudgment interest but excluded individual lawsuits against executives. According to CoinGecko research analyst Lim Yu Qian, the collapse of Celsius and Terraform Labs in mid-2022 were “key events” that shifted the market from a crypto bull run to a bear market, ultimately leading to FTX’s collapse and increased regulatory scrutiny in the U.S.

Terraform Labs reached the second-highest settlement in 2024, paying $4.47 billion to the Securities and Exchange Commission (SEC) over the collapse of the algorithmic stablecoin TerraUSD (UST). Genesis followed with a $2 billion settlement with the Office of the Attorney General (OAG) after filing for Chapter 11 bankruptcy in early 2023.

Regulator activity has intensified over the last two years, and Qian anticipates more settlements before the end of 2024. She stated, “Even with a few months left in the year, 2024 has already recorded a 78.9% increase in settlement value compared to 2023.” She added that given regulators’ persistence, 2024 could surpass last year’s record.

One significant settlement in 2023 involved Binance, marking the only billion-dollar settlement with an operating crypto company. Binance and its former CEO, Changpeng “CZ” Zhao, agreed to plead guilty to charges related to Anti-Money Laundering violations to resolve lawsuits with the Department of Justice (DOJ), Treasury Department, and CFTC.

Since 2019, U.S. regulators have collected approximately $31.92 billion in settlements from cryptocurrency companies.

British IT Engineer Sues Council Over Lost 8,000 Bitcoin

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James Howells, an IT engineer from Newport, UK, is suing Newport City Council for 495 million British pounds (approximately $647 million) after accidentally discarding a hard drive containing 8,000 Bitcoin.

According to WalesOnline, Howells has repeatedly sought permission from the council to retrieve the hard drive from a local landfill but has faced consistent rejection.

The drive, which was mistakenly thrown out during a household clearout in 2013, now holds Bitcoin valued at nearly half a billion pounds.

Howells has been trying to recover the lost hard drive for over a decade. The hard drive ended up in a landfill after he mistakenly placed it in a bin liner that was sent to a recycling center.

Back in 2013, the 8,000 BTC was worth about 1 million pounds (around $1.3 million), but its value has surged since then.

Howells has assembled a team of legal experts and filed a court claim, which is expected to be heard in December.

Despite offering Newport City Council 10% of the recovered Bitcoin’s value if the hard drive is found, the council has consistently denied his requests, citing environmental concerns.

The landfill in question has been flagged for violations of its environmental permit, including high levels of asbestos, arsenic, and methane. The council argues that excavating the site could cause harm to the surrounding environment and maintains that its operations follow strict protocols.

In 2022, Howells reportedly proposed an $11 million plan to recover the lost hard drive, involving the use of technology to locate it among 110,000 tonnes of garbage. The plan would come at no cost to the council, but Newport City Council continues to refuse, questioning the legality and feasibility of Howells’ efforts.

To avoid losing access to Bitcoin, it’s crucial to securely store hardware wallets, protect private keys offline, and back up recovery phrases in multiple secure locations.

Ex-FTX CEO Accuses US Government of Unfair Treatment Due to Him Supporting Republicans

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Ryan Salame, the former co-CEO of FTX Digital Markets, claimed that the U.S. government has unfairly targeted him due to his support for the Republican Party.

Salame made these statements during an appearance on The Tucker Carlson Show on October 10, a day after requesting a judge delay his self-surrender date by two months for medical reasons.

In his interview, Salame argued that he was unjustly charged with “campaign finance violations” for his donations to the Republican Party. He pointed out that other FTX executives, including former CEO Sam Bankman-Fried, who “helped get Biden elected,” were not charged with similar violations.

“Correct me if I’m wrong here. You have Sam Bankman-Fried, who’s in prison for a long time, but he’s not been charged with any campaign finance violations. He gave it to Democrats,” Salame said.

Although Salame has not been charged in connection with FTX’s collapse, he faces charges related to campaign finance violations after borrowing money from Alameda Research to make political contributions. Salame stated that he donated between $20 million and $30 million to Republican candidates.

Salame claimed his legal team had assured him that the borrowed funds were legal, but he was later accused of orchestrating a straw donor scheme, using company money to make contributions in others’ names.

He also questioned a second charge, which accused him of operating without a money-transmitting license.

Salame noted that Bankman-Fried had donated between $60 million and $70 million to Democratic candidates in the 2020 election but has not faced similar campaign finance charges.

Salame further alleged that federal prosecutors pressured him to plead guilty by threatening to investigate his child’s mother. He said, “They told me that if I pled guilty to these two crimes, they would not pursue my loved ones and look at anything that they had done or investigate them.”

He claimed that despite his plea deal, the government continued to pursue his family, breaking their agreement. Salame now plans to use this in an appeal, stating, “Because the government has now continued to pursue the mother of my child, despite saying that they wouldn’t if I pled guilty.”

Salame emphasized that none of Bankman-Fried’s family members have faced legal consequences and claimed the U.S. justice system prioritizes convictions over truth.

He has already spent about $6 million on legal fees.

On October 9, former Alameda Research CEO Caroline Ellison agreed to settle her case with FTX by turning over “substantially all of her assets,” according to court documents filed earlier that month.

Bitcoin Rallies as Higher-Than-Expected PPI Data Revealed

Bitcoin (BTC) edged closer to $61,500 as markets opened on October 11, showing resilience despite new inflation concerns in the United States.

Data from Cointelegraph Markets Pro and TradingView indicated Bitcoin reaching local highs of $61,476 on Bitstamp.

The latest U.S. macroeconomic data, the Producer Price Index (PPI), came in higher than expected at 1.8%, surpassing the forecast of 1.6%.

According to the Bureau of Labor Statistics (BLS), “the index for final demand less foods, energy, and trade services inched up 0.1 percent in September after rising 0.2 percent in August,” while prices for final demand excluding these sectors increased by 3.2% over the past 12 months.

This PPI increase joins the Consumer Price Index (CPI) in signaling growing inflationary pressures, posing further challenges for the Federal Reserve, which is already grappling with inflation.

Reacting to the PPI results, trading resource The Kobeissi Letter stated on X, “Both Core PPI and CPI inflation are now officially back on the rise. The Fed did not need a 50 basis point rate cut.”

While Bitcoin initially benefited from the Fed’s recent rate cut, crypto and risk assets began diverging this week, with stocks rising while Bitcoin and altcoins faced selling pressure.

The PPI print had a moderate impact on market expectations for the Fed’s next interest rate decision in November. According to CME Group’s FedWatch Tool, the likelihood of a smaller 0.25% rate cut stood at nearly 84%, while the chance of rates remaining unchanged was about 17%.

As for Bitcoin’s price action, analysts identified key levels to watch for potential resistance retests.

“Bitcoin reclaimed $60,600/800 overnight,” analyst Justin Bennett noted, referencing the recovery from $58,860 lows.

He added, “I never trust an Asia session pump, but if this holds, we could get that $62k retest.”

Bitget Tightens Token Listing Requirements

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Crypto exchange Bitget has announced an update to its token listing requirements, introducing stricter criteria that include a thorough review of projects’ business plans and background checks on developers.

In an announcement on October 10, Bitget outlined the new requirements, which demand compliance with several factors. These include a fully diluted valuation (FDV), past development and investment records, a detailed business plan, lock-up periods, a token distribution plan, and social media activity, among other indicators.

Based in the Seychelles, Bitget is one of the largest crypto exchanges by trading volume. According to data from CoinMarketCap and DefiLlama, Bitget holds over $3.4 billion in user assets, with a trading volume exceeding $1.5 billion in the past 24 hours.

The exchange emphasized that projects’ tokenomics will receive “special attention,” with a focus on analyzing token supply, distribution, and utility. Bitget’s evaluation process for new projects begins by examining the project’s FDV — a metric that estimates the potential value of the total token supply.

“The FDV should align with the amount raised, typically not exceeding 20 times the financing. For example, a project raising $5 million should have an FDV under $100 million,” Bitget noted, adding that this ensures “valuations don’t mislead investors.”

Tokens with a locking period shorter than two years will face additional scrutiny. Bitget explained that a short-term unlock period might indicate a “lack of long-term commitment” and could lead to “early sell pressure, jeopardizing the token’s stability.”

The exchange will also assess the online reputation and backgrounds of team members, particularly focusing on any involvement in fraud, investor deception, or illegal activities. Hon Ng, Bitget’s chief legal officer, stated, “We appreciate the effort users put into gathering documents to register. We want to ensure their protection and expect the same from projects.”

For tokens already listed on other exchanges, Bitget will evaluate smart contract security and token distribution. Projects with concentrated token distributions — where the team holds more than 50% or the issuer holds more than 20% — will be considered risky. Bitget cited Simpson-themed tokens in 2024, which tried to hide centralized control but were rejected after further analysis.

Fetch.ai Launches Innovation Lab with Imperium College London

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Fetch.ai, a crypto artificial intelligence company built on Cosmos, has announced the launch of its Innovation Lab in collaboration with Imperial College London’s I-X Hub at the White City Campus.

The lab aims to become a leading research center for AI, machine learning, and autonomous systems, expanding Fetch.ai’s ongoing partnership with the college to advance AI technology.

In an interview with Cointelegraph, Sana Wajid, chief development officer at Fetch.ai Innovation Labs, highlighted the significance of this collaboration, stating it will push “the boundaries of autonomous systems and machine learning.”

Wajid added that the lab will offer “a space for high-caliber researchers and students to work on real-world AI applications leveraging the Fetch.ai tech stack” and help create a thriving ecosystem that fosters talent, empowers startups, and drives the development of innovative solutions to global challenges.

The Innovation Lab is designed to foster collaboration between academia, government, and industry, aiming to become a hub for generating ideas that can be translated into practical applications.

Wajid emphasized that Fetch.ai’s tech stack is “industry agnostic,” drawing interest from various sectors such as “manufacturing, mobility, travel, and more.”

These industries can use Fetch.ai’s agent-based technology to create AI-driven solutions that improve processes, enhance efficiency, and solve complex challenges.

In addition to launching the Innovation Lab, Fetch.ai announced a $10 million fund to support startups and AI-driven projects.

This fund will assist early-stage companies in scaling their ideas and advancing their research.

Wajid explained that the funding aims to accelerate “AI startups by providing financial resources and support,” helping these companies transform into industry leaders and bring AI-powered solutions to market more quickly.

Despite a general decline in venture capital funding across various sectors, AI startups have attracted increased investment, raising $11.8 billion in the third quarter.

Ubisoft to Launch Champions Tactics: Grimoria Chronicles as Its First Web3 Game with the Oasys Layer 2 HOME Verse

Paris, France, October 10th, 2024, Chainwire

Leading video game developer Ubisoft has announced that it is to launch its first game seamlessly leveraging web3 technologies. On October, 23rd, Champions Tactics: Grimoria Chronicles will be deployed on HOME Verse, the layer-2 network that forms part of the Oasys gaming ecosystem.

Close to a year after the first announcement at IVS Kyoto, Ubisoft will make its first foray into web3 gaming with the support of Oasys and double jump.tokyo. Champions Tactics: Grimoria Chronicles is a tactical RPG where players assemble a team of mythical Champions and engage them in thrilling PvP battles while exploring the dark and mystical world of Grimoria.

“At Ubisoft Strategic Innovation Lab, our goal is to be pathfinders in delivering innovative player experiences”, says Nicolas Pouard, VP of the Ubisoft Lab. “With Champions Tactics, we aim for Web3 technology to seamlessly fade into the background, allowing players to fully immerse themselves in the fun and strategy of the game. Our focus is on enhancing gameplay by unlocking new possibilities, and with the champion creation forge, we’re recreating the joy of playing with real toys and miniatures, bringing that hands-on excitement into the digital realm.” 

At the heart of Champions Tactics lies a collection of 75,000 Champions—digital collectibles that serve as the primary characters in the dark fantasy world of Grimoria. Each Champion possesses unique traits and abilities, enabling players to build and optimize their ultimate team. By strategically selecting their team of three Champions, players can dominate their opponents and seize glory in intense PvP showdowns.

The Forge empowers players to craft new Champions by blending the unique powers and traits from their existing collection, unlocking limitless possibilities for strategic mastery. This crafting system allows players to create tailored champions, unlocking new abilities and enhancing team dynamics. The Forge is essential for those looking to refine their roster and dominate the leaderboard.

Ubisoft’s first 10K PFP collection, The Warlords, was the most hyped mint of Q3, 2023, and the 75K Champions mint in July 2024 broke more records. As excitement builds for the launch of Champions Tactics, its community has swelled to more than 100K X followers and 50K Discord users. Closed alpha and beta tests, meanwhile, involving thousands of players, have resulted in positive feedback and helped to further enhance the game’s mechanics.

“With Champions Tactics: Grimoria Chronicles, we’re bringing a true gaming experience to Web3. This isn’t GameFi—it’s about pure, immersive gameplay that draws players in, while giving them the freedom to own their assets and shape the game’s future. With a seasoned team that has worked on beloved Ubisoft franchises like Assassin’s Creed, Heroes of Might & Magic, Rayman, Mighty Quest or Far Cry, we’re using our expertise to craft something entirely new for all players, not just Web3 enthusiasts.” said Sylvain Loe-Mie, executive producer for the game. 

Oasys will collaborate with Ubisoft on the deployment of its debut web3 game on HOME Verse to ensure that the blockchain elements of Champions Tactics are fully optimized. Through combining video game style gameplay with enhanced web3 features, Ubisoft’s Champions Tactics will combine the best of both worlds, delivering an immersive game that rewards regular play. 

Oasys representative director, Ryo Matsubara said: “We’re delighted that Ubisoft has chosen to launch their first web3 game on HOME Verse, the Oasys L2 whose architecture has been engineered to support a seamless playing experience. Demand for the Warlords and Champions mints earlier this year attests to the level of interest in Champions Tactics. The official release of Grimoria Chronicles will raise the bar for web3 gaming while demonstrating the enduring appeal of the Ubisoft brand.”

About Ubisoft

Ubisoft is a creator of worlds, committed to enriching players’ lives with original and memorable entertainment experiences. Ubisoft’s global teams create and develop a deep and diverse portfolio of games, featuring brands such as Assassin’s Creed, Brawlhalla, For Honor, Far Cry, Tom Clancy’s Ghost Recon, Just Dance, Rabbids, Tom Clancy’s Rainbow Six, The Crew and Tom Clancy’s The Division. Through Ubisoft Connect, players can enjoy an ecosystem of services to enhance their gaming experience, get rewards and connect with friends across platforms. With Ubisoft+, the subscription service, they can access a growing catalog of more than 100 Ubisoft games and DLC. For the 2022–23 fiscal year, Ubisoft generated net bookings of €1.74 billion. To learn more, please visit: www.ubisoftgroup.com

For more information on Champions Tactics:: Website | Twitter | Discord

About Oasys

Oasys is a game-optimized blockchain that offers a highly scalable Layer 1 hub and specialized Layer 2 using Ethereum’s Layer 2 scaling solution. The ecosystem provides game developers with a secure and scalable blockchain infrastructure for creating more efficient, secure, and interoperable games. Among Oasys’ validators are leaders in gaming and Web3, such as SEGA, Ubisoft, and Yield Guild Games, who act as initial validators in our Proof-of-Stake (PoS) based blockchain. Oasys’ expert blockchain team, combined with the biggest names in gaming, is revolutionizing the gaming industry. Oasys solves the challenges that game developers face when building blockchain-based games by focusing on creating an ecosystem for gamers and developers to distribute and develop games. The company’s trifecta approach includes a fast network powered by the gaming community, a scalable network powered by AAA game developers, and a blockchain that provides the best user experience with fast transactions and zero gas fees. This approach prepares participants to enter the Oasys and play. 

For more information on Oasys: Website | Twitter | Discord | Telegram

About double jump.tokyo

Founded in 2018, double jump.tokyo Inc. is a leading Japanese startup at the forefront of Web3 solutions and blockchain game development, with notable successes like “My Crypto Heroes” and “Brave Frontier Heroes.” As a technology solution provider, the company partners with major enterprises, facilitating the seamless integration of blockchain technologies into their games and overall business strategies. Backed by prominent investors, including Circle, Gate Ventures, Protocol Labs, SBI Investment, Sony Group, and WEMADE, double jump.tokyo boasts collaborations with industry giants such as SEGA, Square-Enix, Bandai-Namco, Ubisoft, and LINE. With a clear mission to drive the widespread adoption of blockchain technologies, the company is dedicated to transforming the global gaming and entertainment industries.

For more information on double jump.tokyo: Website | Twitter

Contact

Gal Raviv
pr@marketacross.com

Constellation Network, the DoD-vetted blockchain for Big Data, unveils Panasonic partnership details at its October HyDef Conference

San Francisco, USA / California, October 10th, 2024, Chainwire

Constellation Network’s “HyDef ‘24” conference will take place on Thursday, October 24, 2024, featuring a free daylong virtual event combined with a live in-person event for a nominal fee at 1 Hotel in San Francisco.

Constellation Network is a unique Web3 framework with new open-source tooling that empowers companies and individuals to build blockchain networks for Big Data, creating trust and transparency around data collection, validation, and transacting. Nicknamed “America’s Blockchain,” Constellation Network actively works with entities such as the U.S. Military, The Digital Chamber, the Texas Blockchain Association, Space ISAC, and the National DigiFoundry. Constellation has been validated and approved by the U.S. Department of Defense through the Air Force Research Laboratory (AFRL) as a, “Scalable, Secure and Defense-Approved Blockchain technology.” 

“So much work has been going on behind the scenes which is why HyDef is a great forum to bring it to the forefront around one action packed event. Since the launch of Metagraphs, it’s been hard to keep up with all the inbound interest from federal, enterprise and academia. We are excited to not only give updates on what has matured but also unveil new expressions that truly separate Constellation apart in the Web3 industry.” – Benjamin Diggles, Constellation Co-founder and CSO

Constellation’s HyDef ‘24 conference will deliver a jam-packed day of ground-breaking insights. Conference sessions cover secure information-sharing in a zero-trust world, the future of finance and blockchain, the evolving regulatory environment, government and blockchain, and much more.

Hackathon-winning projects will be showcased at the event where developers have leveraged Constellation’s big data transaction and validation capabilities to build apps that gather and validate data at scale. These apps feed the data into AI or causal models to give businesses and individuals insights based on more input than we’ve heretofore been able to process.

Another HyDef highlight will be the long-awaited reveal of the details of the working relationship between Constellation and Panasonic. The work the two companies are doing together has the potential to bring Constellation’s technology and blockchain-secured edge computing to the world en masse in a meaningful way.

“The Constellation Community is the backbone to our ecosystem. HyDef is a time for us all to come together, celebrate the progress in our ecosystem, give visibility to our partners, and gear up for the future of Constellation. By bringing together thought leaders, builders, and new product development we paint a picture for new opportunities in distributed networks and the communities that build them.”- Ben Jorgensen, Constellation Co-founder and CEO

The in-person event will be held at the 1 Hotel in San Francisco and will require a nominal $150 fee. Attendees include representatives from Panasonic, the Greer Institute at Intel, Forward Edge AI, venture capitalists, The Digital Chamber, the Constellation leadership team, along with Stardust Collective community leaders.

The virtual event is free to attend with access via livestream to all keynote speeches, panel discussions, and hackathon showcases in real time. Virtual attendees can engage directly with speakers and panelists through Q&A and live chat features, and may connect with other attendees in virtual event spaces.

“Our metagraph application layer just released to the public, and this is the perfect time for us to showcase our Hackathon winners, our partners, and our progress. I’m excited for the chance to bring the industry together in this unique format and share ideas and ways we can work together and build together.”- Altif Brown, Constellation co-founder, Head of Community, and conference organizer

To find out more about the event and register, users can visit stardust’s event site at https://stardust-collective.org/HyDef-Conference

About Constellation Network

Constellation Network, founded in 2017, is a Blockchain ecosystem powered by the Hypergraph Transfer Protocol (HGTP), designed to secure, validate, and process data for Web3 applications. HGTP enables seamless and secure Blockchain communication, akin to how HTTP functions for the web. Constellation’s tools support building Blockchain networks for big data, fostering trust and transparency. Validated by the U.S. Department of Defense via the Air Force Research Laboratory (AFRL), Constellation is recognized as a scalable and secure Blockchain solution.

Website: www.constellationnetwork.io

Twitter: https://twitter.com/Conste11ation

Telegram: https://t.me/constellationcommunity

Contact

Constellation co-founder, Head of Community, and conference organizer
Altif Brown
Constellation Network, Inc.
altif@constellationnetwork.io

VanEck Launches New Fund to Support AI and Crypto Projects

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VanEck, one of the issuers of spot Bitcoin exchange-traded funds (ETFs) in the U.S., has launched a new initiative to support early-stage cryptocurrency and artificial intelligence projects.

On October 9, the company announced the creation of VanEck Ventures, a $30 million fund dedicated to investing in fintech, crypto, and AI startups at the pre-seed and seed stages.

Among VanEck Ventures’ core investment themes are tokenized assets, internet-native financial marketplaces, and payments using stablecoins and tokenized capital markets.

The new fund is led by Wyatt Lonergan and Juan Lopez, both previously with Circle Ventures, the venture arm of Circle Internet Financial, which operates USD Coin (USDC), the second-largest stablecoin by market capitalization.

During their time at Circle Ventures, Lonergan and Lopez invested over $50 million in early-stage companies focused on areas such as infrastructure and consumer applications.

Lonergan emphasized the importance of stablecoin projects, predicting that stablecoins will evolve into an “open-source banking layer.”

Lopez added, “Over the past few years, we’ve seen stablecoins enable seamless, large-scale value storage and transfer along with Linux-like composability.” He noted that now is an exciting time to build as regulatory clarity grows around on-chain utilities focused on programmability and compliance.

VanEck Ventures plans to make 25 to 35 investments, with individual investments ranging from $500,000 to $1 million.

The fund has already made four investments, which have yet to be announced.

According to The Information, two-thirds of VanEck Ventures’ capital comes from external investors, while the rest is from VanEck itself. The fund will make both equity investments and acquire stakes in companies in exchange for project tokens.

VanEck CEO Jan van Eck said, “From pioneering an approach to gold investing in 1968 to recognizing the disruptive potential of Bitcoin in 2017, embracing a long-term view on transformative opportunities has always been part of our investment philosophy.” He added that the new fund aims to support some of the most innovative companies in fintech, helping to shape the future of finance.

VanEck Launches $30M Fund to Support Innovation in Fintech, Crypto and AI

New York, NY, USA, October 9th, 2024, Chainwire

VanEck Ventures, a $30 million early-stage fund, focuses on investing in fintech, digital assets, and AI startups in the pre-seed and seed stages. VanEck’s strategic expansion into venture capital reflects its long-standing investment philosophy of identifying transformative opportunities early.

The Fund is available to Qualified Purchasers Only, is subject to significant risk and may not be suitable for all investors. Please carefully read the Private Placement Memorandum before investing.

VanEck, a leading global investment management firm, announces the launch of VanEck Ventures, a $30 million early-stage fund dedicated to investing in visionary founders operating at the intersection of fintech, digital assets, and artificial intelligence. This launch marks VanEck’s strategic expansion into venture capital, building on its long-established record of identifying and supporting transformative markets.      

“From pioneering an approach to gold investing in 1968 to recognizing the disruptive potential of Bitcoin in 2017, embracing a long-term view on transformative opportunities has always been part of our investment philosophy. This fund extends that vision into the early-stage venture space,” said Jan van Eck, CEO of VanEck. “We look forward to supporting founders of what we believe are some of the most disruptive companies in fintech—those building the future of finance.” 

VanEck Ventures invests in category-defining founders pushing the boundaries of financial applications and markets leveraging emerging technologies like blockchain and large language models. The fund’s investment philosophy focuses on supporting exceptional teams building at the application layer while maintaining an infrastructure-agnostic approach. The fund’s core investment themes include tokenized assets, internet native financial marketplaces, and next-generation payments building on stablecoins and tokenized capital markets. 

The fund is led by Wyatt Lonergan and Juan Lopez, both seasoned investors with experience in fintech and crypto ventures. Previously, Lonergan and Lopez headed Circle Ventures, the venture arm of USDC-issuer Circle, where they successfully invested over $50 million in early-stage companies ranging from infrastructure to consumer applications. Their leadership, combined with VanEck’s strong reputation in asset management, positions VanEck Ventures as a valuable partner for emerging innovative startups. VanEck’s global workforce and senior leadership support the fund from an operational and advisory perspective.

“Three inflection points core to our investment thesis are starting to reshape the foundation of the internet: stablecoins emerging as an open-source banking layer, the commoditization of blockspace, and AI breakthroughs. The convergence of these is creating unprecedented opportunities for globally connected, user-centric financial experiences, and we are excited to back founders building on these innovations,” said Wyatt Lonergan, General Partner at VanEck Ventures.

The fund expects to make 25 to 35 investments with check sizes ranging from $500,000 to $1 million, focusing on companies that offer both strategic and financial upside. The fund has already made 4 investments yet to be announced. 

“Over the past few years, we’ve seen stablecoins enable seamless, large-scale value storage and transfer along with Linux-like composability,” said Juan Lopez, General Partner at VanEck Ventures. “As several on-chain utilities, focused on programmability and compliance, come to market with growing regulatory clarity, it’s never been a more exciting time to build. Our goal is to be a long-term partner to bold founders defining the next phase of blockchain utility.”

About VanEck

VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry.

Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of August 31, 2024, VanEck managed approximately $113.9 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.

Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.

General Disclosures

This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned is unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.

The Fund is available to Qualified Purchasers Only. Please carefully read the Private Placement Memorandum before investing. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. There is no guarantee the Fund will achieve its investment objective and investors may lose their entire investment. The Fund is not suitable for all investors. Past performance is not a guarantee of future results. 

The Partnership’s investment program is speculative and entails substantial risks. There can be no assurance that the Partnership’s investment objective will be achieved.

An investment in the Fund involves a high degree of risk, including, without limitation, uncertain returns, market risk, risks associated with Limited Partner default, indemnification risks, illiquidity, possible lack of diversification, lack of management control, tax risks and potential conflicts of interest. There is no guarantee that the Funds’ investment objectives will be achieved.

VANECK ABSOLUTE RETURN ADVISERS CORPORATION (‘VEARA”), THE INVESTMENT MANAGER OF THE FUND, IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. VEARA HAS ENGAGED OR MAY ENGAGE IN UNDERLYING OR SPOT VIRTUAL CURRENCY TRANSACTIONS IN THE FUND. ALTHOUGH NFA HAS JURISDICTION OVER VEARA, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY FOR UNDERLYING OR SPOT MARKET VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS. YOU SHOULD ALSO BE AWARE THAT GIVEN CERTAIN MATERIAL CHARACTERISTICS OF THESE PRODUCTS, INCLUDING LACK OF A CENTRALIZED PRICING SOURCE AND THE OPAQUE NATURE OF THE VIRTUAL CURRENCY MARKET, THERE CURRENTLY IS NO SOUND OR ACCEPTABLE PRACTICE FOR NFA TO ADEQUATELY VERIFY THE OWNERSHIP AND CONTROL OF A VIRTUAL CURRENCY OR THE VALUATION ATTRIBUTED TO A VIRTUAL CURRENCY BY VEARA.

General Digital Asset Risks

Cryptocurrencies and digital assets are not suitable for all investors. Investments in digital assets and Web3 companies are highly speculative and involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility and limited liquidity, including but not limited to, inability to liquidate a position; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets.

Digital asset prices are highly volatile, and the value of digital assets, and Web3 companies, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss of your entire principal investment.

Digital assets are not generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by SPIC and are not FDIC insured. Furthermore, markets and exchanges for digital assets are not regulated with the same controls or customer protections available in traditional equity, option, futures, or foreign exchange investing.

 Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products.

 Web3 Companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies.

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