Polygon Labs Acquires Toposware

Hi NoRamp Community,

Daily News:

1) Polygon Labs Acquires Toposware

2) GnosisDAO Approves Karpatkey’s Spin-Off

3) FTX & IRS Reach Settlement For Approximately $885M

4) CSG Acquires Florida-Based Paytech iCG Pay in $17M Deal

5) Richmond National Secures $55M

Polygon Labs Acquires Toposware:

• Polygon Labs has acquired blockchain research firm Toposware, its third investment in zero-knowledge (ZK) startups in three years. This acquisition will integrate 11 Toposware engineers into Polygon’s existing ZK development teams.

• With this deal, Polygon's cumulative investment in ZK technology exceeds $1 billion, following the 2021 acquisitions of Mir and Hermez for a combined $650 million. ZK technology enhances privacy by enabling transaction validation without revealing transaction details.

• A Polygon spokesperson stated that they continually explore acquisitions to bolster ZK research and development, although no other deals are currently being considered. Web3 services are projected to require around 90 billion ZK-proofs by 2030, driving significant interest and competition in the ZK technology space.

GnosisDAO Approves Karpatkey’s Spin-Off:

• GnosisDAO voted to spin off DAO treasury risk manager Karpatkey as an independent entity with its own KPK governance token. Karpatkey has managed over $2.6 billion in treasuries since 2021 without any losses or hacks.

• Karpatkey provides treasury and risk management solutions, on-chain financial services, and support for DAO business development initiatives, working with clients like Aave, Uniswap, ENS, and MakerDAO. The proposal to spin off Karpatkey was approved via an on-chain vote.

• As an independent entity, Karpatkey plans to expand beyond traditional Web3 services, including launching a non-custodial, actively managed open-end fund for institutional investors. KPK token holders will influence treasury management strategies, aligning with GnosisDAO's broader strategy to enhance the Web3 ecosystem.

  

  Source: Blockworks

FTX & IRS Reach Settlement For Approximately $885M:

• The FTX estate and the IRS proposed a settlement in which the bankrupt exchange’s estate will pay the government nearly $1 billion, a significant reduction from the original $24 billion sought by the IRS.

• As part of the proposed plan, the debtors will pay the IRS $200 million within 60 days of confirmation, with the remaining $685 million paid as funds become available, making it a lower priority claim compared to others.

• A hearing on the motion is scheduled for June 25 before Judge John Dorsey. The proposed settlement, reducing the IRS's claim from an initial $44 billion to $885 million, marks a step forward in FTX’s bankruptcy proceedings. The estate, which has assembled between $14.5 and $16 billion to repay creditors, will face a hearing later this month on its reorganization plan, which has faced mixed reviews from critics..

CSG Acquires Florida-Based Paytech iCG Pay in $17M Deal:

• CSG, a Colorado-based provider of customer engagement, revenue management, and payments solutions, acquired iCheckGateway.com (iCG Pay), a Florida-based integrated payment processing technology vendor, in a deal initially worth $17 million. The acquisition includes additional earn-out sums tied to performance goals.

• CSG expects the acquisition to expand its footprint in the North American payments market through new independent software vendor (ISV) channel partnerships and a team of payments leaders. Once integrated, CSG plans to offer enhanced solutions for automated clearing house (ACH) and credit card processing, anticipating boosted profitability in 2024.

• iCG Pay has historically delivered double-digit organic revenue growth, with total revenue of approximately $9.5 million in 2023. Founded in 1994, CSG serves over 900 customers across 120 countries, offering cloud-driven revenue management, payments, and customer engagement SaaS solutions.

Richmond National Secures $55M:

• Richmond National, a specialty excess and surplus lines insurance company, successfully closed an oversubscribed equity capital raise, securing $55 million in common equity from existing shareholders including HF Capital, Bonhill Capital, WT Holdings, and employees.

• This latest capital infusion brings the total equity raised since the company's inception to over $155 million. The new funding will support Richmond National's growth and expansion, enhancing service offerings, market presence, workforce development, and technological capabilities.

• Joe Kavanagh, president and CEO, highlighted the growth opportunities ahead, while Wellford Tabor, board chair, emphasized the company's strong foundation. Trey Sheridan, director and managing partner of Bonhill Capital, expressed pride in the company's achievements and excitement for its continued growth trajectory.

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