Sommelier raises £16.7m in Series A funding for automated DeFi protocol

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Sommelier Finance, the Ethereum-based project designed to automate decentralised finance (DeFi) trading, has raised £16.7 million in its Series A funding round.

The round was led by Polychain Capital with participation from existing investor Alameda Ventures and new participation from Zola Ventures, Byzantine Ventures, Tendermint Ventures, Secure Ventures, D1 Ventures, and Ferngrove Ventures.

Sommelier was founded in 2020 by Zaki Manian, the former lead developer of...

Ether overvalued by 125%, according to JP Morgan strategist

Ether Logo

Ether, Ethereum’s native token, should be valued somewhere around £1,000, according to JP Morgan market strategist, Nikolaos Panigirtzoglou.

Compared to Ether’s price on Tuesday morning, this marks an 125% overvaluation of the crypto world’s second largest currency.

In correspondence with Insider, Panigirtzoglou said that the Ethereum network is less attractive than the current price of Ether suggests, especially as it faces increased competition from networks...

Advertising campaign launched to highlight cryptocurrency investment risk

A view of Edinburgh.

UK-based money app Ziglu, which offers people access to a range of cryptocurrencies such as Bitcoin and Ethereum, has launched a new advertising  campaign in Edinburgh with the slogan ‘Scotland, Your Capital is at Risk’.  

It will appear in more than 200 outdoor locations and will run until September 5, 2021. As more people start to invest in cryptocurrencies for the first time and the sector becomes more mainstream, Ziglu has launched its campaign to highlight how...

Microsoft devises blockchain-based piracy solution ‘Argus’

Copyright Claim

Researchers from Microsoft have found a new way to fight online piracy using a proposed bounty system called ‘Argus’ that runs on the Ethereum blockchain.

In a recent article, titled ‘Argus: A Fully Transparent Incentive System for Anti-Piracy Campaigns’, the software giant’s research department introduced the blockchain-based bounty system that could potentially see development.

Piracy does not just hurt major copyright holders like Microsoft and other tech...

Weekly NFT roundup April 7-13: Christie’s, Triller, and more

NFTs made headlines again this week as the market continues to grow rapidly. Beyond this week, future developments may include Playboy which will soon begin auctioning NFTs on Nifty, luxury fashion brands that are exploring ways to implement 3D clothing in their offerings, and even Tom Brady who is set to launch his very own NFT marketplace.

CryptoPunk NFT artwork expected to sell for millions at upcoming Christie’s auction

A selection of NFTs from the iconic...

Weekly NFT roundup March 30-April 6: mass industry adoption and environmental concerns

Continuing our new series, this week saw increased NFT adoption in a variety of industries, especially music and art, amidst growing concerns over the environmental impact of NFTs. You can take a look at last week's roundup here, or read all of The Block's NFT stories here.

India’s largest crypto exchange launches NFT marketplace

WazirX continues its successful start to 2021 with the launch of India’s first NFT marketplace. Last month the company’s in-house...

PayPal confirms addition of Checkout with Crypto capability

PayPal Office, Dublin

PayPal has confirmed the launch of Checkout with Crypto, which enables US customers to pay with cryptocurrency and aims to 'significantly increase' utility.

Customers will be able to select their cryptocurrency of choice - Bitcoin, Bitcoin Cash, Ethereum, or Litecoin - with only one type of cryptocurrency able to be used for each purchase. Once the customer confirms the purchase, the cryptocurrency is then converted to fiat currency by PayPal on the customer's behalf to complete...

Weekly NFT roundup March 23-29: Circle, Klaytn, and more

From Jack Dorsey's first tweet to the Beeple digital artwork sold by Christie's, the non-fungible token (NFT) market has exploded in recent weeks. In the first of a new series, The Block takes a look at the past week’s developments in the budding NFT industry.

Circle launches its NFT payments solution

Global fintech firm Circle, which provides payments and treasury infrastructure for internet-based businesses, has announced a payments solution for NFT marketplaces and...

Ethereum 2.0: What it is, why it is here, and what is on the horizon

Feature Ethereum successfully launched its beacon chain at the end of 2020, the first step in the transition from its current system to the highly anticipated Ethereum 2.0. (ETH2). Despite this initial progress, the remaining upgrades required to realise ETH2 are far more complex, with seemingly everyone in the blockchain sphere having a different opinion on whether the benefits outweigh the costs. Predictions as to what will happen to ETH2 post-launch are even less clear. But to attempt to...

Fergal Downey, Rakuten: On how blockchain is being used for retail, Covid compliance, and more

Ahead of his talk at Blockchain Expo on March 17, The Block speaks with Fergal Downey regarding the inner workings of his engineering team, his thoughts on the challenges facing enterprise organisations, and the potential future directions of the blockchain industry.

Fergal Downey is vice president (VP) of engineering at Rakuten Blockchain Lab in Belfast, the blockchain-based products and solutions team for Japanese eCommerce giant, Rakuten. Prior to joining in 2016, he led an...