Avalanche rakes in £167m of funding led by Polychain

Avalanche

Avalanche, a proof-of-stake and smart-contract enabled cryptocurrency, has received £167 million in funding through a private sale led by Polychain and Three Arrows Capital.

R/Crypto Fund, Dragonfly and CMS Holdings also invested substantially by buying up the company’s native AVAX token.

Avalanche is an ultra-fast and eco-friendly blockchain protocol with a growing ecosystem of decentralised finance (DeFi) products.

Avalanche has experienced monumental...

HIVE Blockchain warns of fraudulent impersonator websites

Crypto miner HIVE Blockchain Technologies has issued a warning against multiple imposter groups pretending to be HIVE to “defraud individuals”.

According to a post on its website, some people have already been targeted and affected by these groups, having lost money to supposed investments.

“Some of these impersonator groups appear to promise large returns on investment and are not legitimate. Other impostors are promoting investment through an app. We are not...

Fluency valued at £17m with CBDC interoperability solution

Bank

Fluency, a CBDC blockchain enterprise platform, has raised £940,000 in seed funding to give it a £17 million valuation.

The company’s Aureum solution is being created to help build and interconnect national CBDC networks with cash retail banking, supporting the transition from cash to a CBDC.

Its smart contract platform enables issuance, distribution and exchange of multiple CBDCs between central banks, commercial banks, merchants, and consumers.

Having...

IOTA Foundation selected for EU blockchain network

EU flags outside the EU headquarters.

IOTA, the open-source distributed ledger and cryptocurrency, has been selected as one of seven contractors by the European Blockchain Partnership (EBP) to develop and enhance pan-European blockchain services.

Overseers of the IOTA network, the IOTA Foundation is set to “participate in the first phase” of the EU’s blockchain pre-commercial process.

This stage will see new distributed ledger solutions designed with a focus on energy efficiency and scalability. If...

Mastercard buys blockchain analytics start-up CipherTrace

Mastercard - blockchain

Mastercard has entered into an agreement to purchase blockchain analytics start-up CipherTrace for an undisclosed amount.

The deal marks the latest sign that major corporates are warming towards cryptocurrencies, following similar trends amongst companies like Amazon and PayPal.

Based in California, CipherTrace develops tools and solutions to help government agencies and businesses detect and stamp out illicit digital currency transactions.

The company sits...

DigitalBits signs £73m deal with Inter Milan FC

Inter Milan DigitalBits Partnership

DigitalBits has signed a €85 million (£73m) multi-year partnership with Italian Serie A’s reigning champions Inter Milan FC.

The partnership marks the second Italian top-flight team to sign a major deal with the cryptocurrency company in recent months, with AS Roma FC agreeing to a €36m deal in July.

As part of this partnership, DigitalBits becomes the ‘Official Global Cryptocurrency’ and Zytara Labs becomes the ‘Official Global Digital Banking Partner’...

Leaders in financial services gaining faith in blockchain

Financial Data Analytics

Most financial services leaders now see blockchain as an important source of competitive advantage, according to Deloitte’s ‘2021 Global Blockchain Survey’.

In its poll of 1,280 senior executives and practitioners, the survey found that 77% said their organisations would lose opportunities for competitive advantage if they did not adopt blockchain or digital assets into their business strategy.

Similarly, 80% of leaders believed their industry will see new revenue...

Telefónica Tech launch document verification service using blockchain

Person signing document

Telefónica Tech, the Madrid-based telecoms company behind O2 and Vivo, has launched its own blockchain-based document certification service.

The new service utilises Telefónica’s in-house TrustOS platform to generate certificates that combine the digital signature of the user with a trace of the content to be certified, alongside a time stamp to establish the date of certification.

It will allow companies to generate digital evidence of authorship, ownership, and...

Australia and Singapore successfully trial cross-border trade project

Koala Bear, Australia

The Australian Border Force (ABF) has completed a trial testing the interoperability of its blockchain-based verification system with its Singaporean counterpart.

Working alongside Singapore Customs and the Infocomm Media Development Authority of Singapore (IMDA), the ABF has concluded a trial that proves trade documents can be digitally issued and verified across both countries’ systems.

The trial, which was initiated as part of the Australia-Singapore Digital Economy...

Liquid hit by $100m crypto heist in second major hack this week

Crypto Hacker

Liquid, a Japanese cryptocurrency exchange, has been hit by a cyberattack that saw $97 million (£71m) stolen from users’ digital wallets.

Liquid said some of its digital currency wallets had been “compromised,” and that hackers were transferring the assets to four different wallets.

“We are currently investigating and will provide regular updates,” Liquid tweeted. “In the meantime deposits and withdrawals will be suspended.”

Although no estimated...