City Electric Financial News

Ellipsis Labs, a prominent player in the crypto exchange sector, has secured $20 million in Series A funding, with Paradigm taking the lead in the investment round. 

The Swiss not-for-profit organization behind the NEAR Protocol, NEAR Foundation, has launched a new modular product suite to form Nuffle Labs. raising $13 million in funding.

Electric Capital led the round with participation from Paxos and Alchemy, bringing the firm’s total seed raise to $28 million.Fordefi has built a self-custody multi-party computation (MPC) wallet for institutions, acquiring a host of industry-leading clients and securing over $3 billion in on-chain transaction volume.The new wallet-as-a-service (WaaS) offering enables exchanges, fintechs, and web3 businesses to offer their customers a user-owned wallet, directly within their applications.Curtis Spencer, general partner, Electric Capital, says: “Fordefi changes the game for safe institutional access to DeFi and crypto by providing novel tools around MPC, user policies, and transaction simulation.“Their new Wallet-as-a-Service offering extends their industry leading technology to any business wanting their customers to have the best mix of security and user experience to get on-chain.”

Electric Capital led the round with participation from Paxos and Alchemy, bringing the firm’s total seed raise to $28 million.Fordefi has built a self-custody multi-party computation (MPC) wallet for institutions, acquiring a host of industry-leading clients and securing over $3 billion in on-chain transaction volume.The new wallet-as-a-service (WaaS) offering enables exchanges, fintechs, and web3 businesses to offer their customers a user-owned wallet, directly within their applications.Curtis Spencer, general partner, Electric Capital, says: “Fordefi changes the game for safe institutional access to DeFi and crypto by providing novel tools around MPC, user policies, and transaction simulation.“Their new Wallet-as-a-Service offering extends their industry leading technology to any business wanting their customers to have the best mix of security and user experience to get on-chain.”

Crypto wallet provider Fordefi announced today via press release that it has raised $10 million in funding to help bring its institutional-grade crypto wallet to retail platforms.

With the 2024 Budget announcement on the horizon, Singapore’s web3 community is voicing a critical need for government support.

Cardano’s co-founder Charles Hoskinson has projected 2024 as the biggest year for massive growth in the network’s ecosystem.

The Solana (SOL) ecosystem now boasts more than 2,500 monthly active developers, according to the Solana Foundation. 

The co-founder of the crypto-focused VC firm Electric Capital, Avichal Garg, has warned investors over a potential disguised crypto scam.

Ethereum layer-2 scaling solutions Starknet and zkSync are among the few platforms to have increased their total monthly active developer counts over the last 12 months, data shows.

The approval for America’s largest digital asset exchange, Coinbase, to offer crypto futures to U.S. retail customers is being seen as a major regulatory victory amid a heated battle with the country’s securities regulator.

The transition from Web2 to Web3 is reshaping the technology landscape and attracting the attention of developers. Despite the challenges faced during the current crypto winter, the Web3 ecosystem continued to onboard new developers, with many thousands of developers making the jump from Web2 to Web3.

The number of new developers entering the cryptocurrency sector has dropped by nearly 50 percent over the past year, according to research from Electric Capital’s Developer Report.

While the year-long bear market tore off a good chunk of the market cap, it also presented an opportunity for new ideas to flourish as the industry’s focus shifted from price volatility to innovation. Unfazed by the market conditions, the Web3 ecosystem has continued to build around fresh concepts to prevent the same crashes from happening again and also to find new ways for users to interact with decentralized digital realities.

The share of global crypto developers based in the United States declined by 26% from 2018 to 2022, according to a report from venture capital firm Andreessen Horowitz, also known as a16z. The report, titled “State of Crypto 2023,” cited data from Electric Capital and SimilarWeb to support its findings.

A new protocol that allows Ethereum validators and stakers to “re-stake” their assets onto other emerging networks has just launched on testnet.

Blockchain development has come a long way since the introduction of Bitcoin (BTC), the leading cryptocurrency and the first successful application of blockchain technology. The introduction of smart contracts by the Ethereum blockchain gave birth to potential use cases for blockchain both within and beyond the finance world.

About two months after the FTX collapse, the Solana network is stronger than ever, according to Austin Federa, head of strategy and communications at the Solana Foundation. 

The notion that bear markets are good for builders appears to be true with the total number of monthly active Web3 developers increasing 5.4% to more than 23,300 over the last 12 months despite a near 70% drop in crypto prices.

United States-based exchange FTX US has left its position at the crypto advocacy group Crypto Council for Innovation, or CCI.

Celebrating the myriads of accomplishments earned by the crypto ecosystem, Immunefi, Electric Capital, Bitscale Capital and MA Family together hosted The Bug House — a party for bringing together the global Web3 community.