China Forms Metaverse Working Group With Huawei, Tencent, Ant Group

Hi NoRamp Community,

Daily News:

1) China Forms Metaverse Working Group With Huawei, Tencent, Ant Group

2) Ethereum Staking Platform Kiln Raises $17M for Global Expansion

3) Cybrid Adds B2B Payment Capabilities to Embedded Finance API Solutions

4) Briq Brings in $8M Extension At $150M Valuation

5) Private Equity Firm WCAS Buys Majority Stake in EquiLend

China Forms Metaverse Group With Huawei, Tencent, Ant Group:

• China has established a working group, comprising government, academic, and corporate representatives, to standardize the metaverse sector, aiming to drive growth in this emerging industry.

• The Ministry of Industry and Information Technology (MIIT) leads the initiative, with participation from tech giants like Huawei, Ant Group, Tencent, Baidu, NetEase, and Sense Time, to develop industrial standards and basic metaverse terminologies.

• The MIIT recognizes the lack of consensus on the metaverse's definition and the impact of speculative investments. China plans to focus on non-fungible tokens and decentralized applications, despite its cryptocurrency ban, and formulate Web3 development strategies. Local governments, like Sichuan and Shandong provinces, have pledged to significantly grow their metaverse industries by 2025.

Ethereum Staking Platform Kiln Raises $17M for Global Expansion:

• Ethereum staking platform Kiln has secured $17 million in a recent funding round, extending its Series A round from November 2022, bringing its total raised funds to $35 million.

• The round saw participation from 1kx, IOSG, Crypto.com, Wintermute Ventures, KXVC, LBank, and existing investors. Kiln is based in Paris and plans to use the funds for global expansion and product development.

• Kiln aims to democratize value creation in the digital assets ecosystem and plans to open its Asia-Pacific headquarters in Singapore. CEO Laszlo Szabo emphasizes providing users with easy access to rewards through the platform.

Cybrid Adds B2B Payment Capabilities to Embedded Finance API:

• Cybrid, a provider of embedded finance API solutions, has expanded its platform to include business-to-business (B2B) payments, enhancing its existing business-to-consumer (B2C) services.

• The new B2B payment capabilities integrate real-time transactions with high transaction limits and rich remittance data, streamlining financial processes and record-keeping for businesses.

• Cybrid's platform now offers comprehensive financial services for B2B transactions, including a know your business (KYB) process and crypto onramp/offramp for USD Coin and Bitcoin. This expansion aligns with the trend towards embedded finance in the B2B space, catering to the growing demand for versatile online payment methods and tools.

Briq Brings in $8M Extension At $150M Valuation:

• Briq, a platform for automating financial workflows in construction companies, has raised $8 million in an extension round at a valuation of $150 million. This follows its $30 million Series B round in June 2021 led by Tiger Global Management.

• CEO Bassem Hamdy decided to raise a smaller amount with less dilution at a flat valuation, rather than pursuing a Series C. Tiger Global, along with MetaProp, Blackhorn, Eniac, and new backer Nemetschek, participated in the round.

• Briq experienced a 40% growth in annual recurring revenue in 2023 and implemented cost-reduction strategies, reducing its workforce. The company offers solutions like Briq AutoPilot and Briq CoPilot, which utilize generative automation bots for tasks like payroll and financial forecasting. Briq plans to expand into non-English speaking markets in the Middle East, Asia, and Europe, and is exploring the use of conversational AI for financial transactions in 2024.

Private Equity Firm WCAS Buys Majority Stake in EquiLend:

• Welsh, Carson, Anderson and Stowe (WCAS), a New York-based private equity firm, has acquired a majority stake in EquiLend, a securities lending platform. The financial terms of the acquisition have not been disclosed.

• WCAS also plans to commit an additional $200 million to support EquiLend's organic growth and acquisition activities. The deal is expected to be completed in Q2 of this year, pending regulatory approvals.

• EquiLend, founded in 2001 by a consortium including JP Morgan, Lehman Brothers, and Goldman Sachs, is known for operating the Next Generation Trading (NGT) platform. It executes transactions worth $2.4 trillion monthly for its client base of nearly 200. WCAS believes EquiLend is well-positioned to promote further efficiency and innovation in the securities finance industry..

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