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DeFi Startup Compound Finance Raises $25 Million Series A Led by A16z

Lending protocol Compound Finance just raised $25 million in a round led by Andreessen Horowitz’s a16z crypto fund, marking one of the largest venture capital investments in a decentralized finance (DeFi) startup to date. According to DeFi Pulse, Compound has nearly $103 million worth of crypto locked up in its automated system, which can generate returns for users comparable to interest. Today’s announcement of the Series A follows Compound’s $8.2 million seed round in 2018. …

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Pension Funds Double Crypto Asset Exposure in Morgan Creek’s Fund to 1%

Morgan Creek Digital now takes up around 1 percent of the assets of two Fairfax Retirement System pension funds – an investment which has more than doubled since taking their first position in the fund that closed in February. Two of the three pension funds under the system from Fairfax County, Virginia, the Police Officer’s Retirement System and Employees’ Retirement System, invested $55 million in Morgan Creek’s second fund in October. The new allocation came …

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Switzerland’s ‘Crypto Valley’ Is Bringing Blockchain to Zurich

Switzerland’s “Crypto Valley” is centered on Zug, a tiny, semi-infamous tax haven hamlet known for harboring embargo-breaking oil trader Marc Rich in the 1980s, tax shells in the 1990s and tech companies in the age of bitcoin. Zug and its Silicon Valley-esque moniker are 30 minutes’ drive south of Zurich. But if a new partnership between Zug’s crypto lobbyists and Zurich’s tourism czars pans out, the Crypto Valley could soon expand northwards. Zurich is full of …

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Zcash Will Get a Gateway Into Ethereum’s DeFi Ecosystem

When cryptocurrency fans gathered in Osaka, Japan, this week for the Devcon developer conference, the halls were filled with buzz about smaller projects seeking access to ethereum’s decentralized finance smorgasbord, especially loans and financial products, via interoperability. “Connecting to other chains doesn’t seem to be an ethereum developer’s priority,” Summa co-founder James Prestwich told CoinDesk. “But other chains seem to want to connect to ethereum.” For example, Josh Swihart, VP of marketing and business development …

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Facebook’s Calibra Sued by Mobile Banking App Over Similar Logos

Facebook’s Calibra is being sued for trademark infringement by mobile banking app Current, adding a potential legal showdown to the beleaguered Libra digital currency project’s growing list of woes. The complaint, filed Thursday in the U.S. District Court for the Southern District of New York, alleges that the Calibra logo is too similar to Current’s own, which the fintech firm has been using since August 2016. Calibra is developing the Libra project’s digital wallet. Current …

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China Merchants Bank’s Latest Crypto Partnership Includes STO Investment

The Chinese government is indirectly participating in a security token offering (STO). The Nervos Network STO kicks off on Oct. 16, aiming to raise an undisclosed amount within two weeks through the CoinList platform. So far, Polychain Capital confirmed to CoinDesk it will contribute $5.7 million to the STO, in addition to previous investments. Nervos project co-founder Kevin Wang told CoinDesk that the Hong Kong-based China Merchants Bank International (CMBI), a wholly-owned subsidiary of China …

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Microsoft, Intel Back Ethereum-Based Token to Reward Consortium Efforts

The Enterprise Ethereum Alliance (EEA), the consortium charged with creating standards for businesses to build applications using the ethereum blockchain, has created a system of reward tokens to incentivize groups of companies. The system is backed by Microsoft and Intel. Showcased Tuesday at Devcon 5, the annual ethereum developers conference being held in Osaka, Japan, the so-called trusted reward token is a way of accruing and calculating rewards for active participation in a consortium. Michael …

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Ripple’s Xpring Looks to Build XRP DeFi Products With New Acquisition

Ripple has made its first move towards building decentralized finance (DeFi) products based on XRP. With its acquisition of decentralized payments platform Logos Network, Ripple’s investment arm, Xpring, will add nine New York-based engineers. Logos founder and CEO Michael Zochowski will become Xpring’s “Head of DeFi Products.” Xpring did not disclose the price of the deal. Before joining Xpring, Logos was working to build a payments network inspired by the bitcoin blockchain, with a focus …

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This File-Sharing Dapp Shows How Blockstack and Ethereum Are Different

The Blockstack file-sharing dapp Envelop, which works a little like WeTransfer but with encrypted storage via the blockchain platform, just launched a browser extension for Chrome, Firefox and Opera. Now desktop Blockstack users can simply upload files to the extension and drop them in emails or direct messages even if the file is normally too big. “With Blockstack, there’s the knowledge of where your files are stored at any given time,” Envelop co-founder Sérgio David …

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Oil and Gas Giant Pilots New Blockchain Platform From Modex

Blockchain startup Modex announced the launch of its blockchain-based database platform for simplified blockchain deployment, which will be piloted by Dietsmann, a major oil and gas firm. Simplifying blockchain adoption  On Sept. 19, Modex announced the release of its latest product, the Modex Blockchain Database platform (Modex BCDB) which simplifies the way companies can deploy blockchain technology projects. According to the announcement, Modex BCDB enables companies to start blockchain projects in just a few hours, …

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