Galaxy Digital to Launch $100M Fund For Early-Stage Crypto Companies

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Daily News:

1) Galaxy Digital to Launch $100M Fund For Early-Stage Crypto Companies

2) Coachella to Gamify Festival Experience & Distribute Rewards on AVAX

3) Bitcoin Mining Ban Proposed in Paraguay Over Power Problems

4) Ripple Set to Launch USD-Backed Stablecoin This Year

5) Swan and Wise platform Join Forces to Transform International Payments

Galaxy Digital to Launch $100M Fund For Early Crypto Companies:

• Galaxy Digital Holdings is setting up a $100 million fund, Galaxy Ventures Fund I, LP, to invest in early-stage cryptocurrency startups, with plans to allocate up to $1 million to each of up to 30 startups over three years.

• The fund will focus on startups in financial applications, software infrastructure, and protocols within the crypto sector, reflecting a resurgence in funding for the cryptocurrency industry, which saw around $3.1 billion raised in Q4 2023.

• Galaxy's initiative aims to build on its track record of investing in digital asset companies and blockchain infrastructure, partnering with outside investors to fuel the growth of the digital asset ecosystem by supporting promising early-stage companies.

Coachella to Gamify Festival Experience & Distribute Rewards on AVAX:

• Coachella Valley Music and Arts Festival has introduced Coachella Quests, a new loyalty game powered by Avalanche, rewarding attendees for participating in virtual and physical experiences, enhancing fan engagement and loyalty through Web3 technology.

• The game features the Coachella Canvas, allowing fans to engage with art, games, and immersive experiences. Fans can create a Canvas Card, serving as their passport and record of experiences, and complete Quests to earn digital Stamps (NFTs) and Points (XP) for exclusive prizes and festival experiences.

• Coachella will also host an on-site Avalanche activation, connecting its Web3 offerings with the physical festival experience. Goldenvoice, the creators of Coachella, operates various music venues and events, emphasizing its growth from a punk rock promoter to a leading alternative promoter. Avalanche is a smart contracts platform offering scalable, fast, and eco-friendly blockchain solutions for Web3 developers.

  

  Source: Decrypt

Bitcoin Mining Ban Proposed in Paraguay Over Power Problems:

• Paraguay faces a crypto conundrum as illegal crypto mining farms strain the country's power grid amid soaring temperatures and increased electricity demand, leading to a proposed bill to temporarily ban all crypto-related activities until a regulatory framework is established.

• The bill aims to prohibit the creation, storage, and commercialization of virtual assets and the installation of crypto-mining farms for 180 days or until sufficient infrastructure can support the energy demands of crypto mining without affecting the grid.

• Critics argue that the proposed law is too broad and could hinder legitimate crypto activities and economic growth, suggesting a more balanced approach to regulate energy-intensive mining while promoting energy-efficient tokens. Crypto enthusiasts are coordinating actions against the bill, emphasizing the need for precise regulation that protects legitimate users.

Ripple Set to Launch USD-Backed Stablecoin This Year:

• Ripple is set to launch its own US dollar-backed stablecoin this year, as announced by CEO Brad Garlinghouse, aiming to bridge the gap between traditional finance and crypto.

• The stablecoin will be pegged 1:1 with US dollar deposits, short-term US government treasuries, and other cash equivalents, with reserves audited by a third-party accounting firm and asset attestations published monthly.

• Initially launching on the XRP Ledger (XRPL) and Ethereum blockchains with ERC20 token standards, the stablecoin will later expand to other blockchains and DeFi protocols and apps, with Ripple exploring institutional and DeFi use cases across multiple ecosystems.

Swan and Wise Join Forces to Transform International Payments:

• Wise Platform has partnered with Swan, a European leader in embedded finance, to integrate its API for efficient and cost-effective international payments, enhancing Swan's banking features for its clients across Europe.

• Swan's 100+ clients can now enable their customers to send and receive funds in 20+ currencies at the mid-market rate, with over 60% of all transfers sent globally via Wise settling instantly and 94% within 24 hours.

• Nicolas Benady, CEO of Swan, emphasized the strategic growth opportunities this partnership brings, allowing companies to embed international payments with transparency, low costs, and fast delivery, particularly benefiting financial management and niche banking software.

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