Ethereum co-founder Vitalik Buterin has expressed his dissatisfaction with the current wave of celebrity crypto projects, emphasizing their lack of meaningful societal contributions. He highlighted projects like Stoner Cats, which actually fund real initiatives, as more commendable. Buterin also detailed the criteria that celebrity crypto projects must meet to gain his respect. Vitalik Buterin Critiques […]
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Coinbase Ventures Into Australia’s $600 Billion Pension Market With Tailored Crypto Services
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Crypto Derivatives Exchange Bitmex Ventures Into Options Trading
On Wednesday, the cryptocurrency exchange and derivatives trading platform Bitmex declared its introduction of new trading options. Users now have the opportunity to engage in a broad selection of crypto options, which are margined in bitcoin, USDT, or USDC. Bitmex Introduces Options Trading On Wednesday, the crypto firm Bitmex, established in 2014 by Arthur Hayes, […]
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Germany’s Largest Federal Lender LBBW Ventures Into Crypto Custody, Targets Mid-2024 Launch
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GDA Capital (GDA) Ventures Into the Future of Influencer Marketing, Backs Chirpley as a Key Venture Capital Partner with International Distribution Support
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Classic Minerals And AuResources Drive Blockchain-Backed Funding For Gold Mining Ventures
Classic Minerals Limited, an Australian gold exploration company, and AuResources AG, a Swiss fintech startup, have begun a million funding initiative to leverage blockchain technology to boost the gold mining and fintech sectors.
The collaboration is designed to accelerate the development of Classic’s gold projects, particularly the Kat Gap Project in Western Australia and the Forrestania Gold Project, by avoiding traditional commodity trade funding.
Blockchain-Backed Capital
In a move that bypasses traditional banking channels, AuResources, backed by digital and tokenization-focused bank Black Manta Capital, will provide the initial million in funding.
This capital injection is intended to support Classic’s production capacity at the Kat Gap project and facilitate the development of the Lady Magdalene and Lady Ada deposits. By leveraging blockchain technology, the partnership introduces a new business model that aligns with the companies’ interests.
Classic’s Kat Gap project, situated approximately 170km south of Southern Cross, has demonstrated potential. It boasts a million reserve at 2.5 grams per tonne (g/t) and additional inferred resources of 0 million at 2.19g/t within the area.
Following a successful trial mining phase in mid-August 2023, the project has generated revenue, with gold sales surpassing 7,000 across the September and December 2023 quarters. The collaboration with AuResources aims to build upon this initial success, facilitating further exploration.
In addition, Classic Minerals has acquired full control of the 500 km² Forrestania Gold Project Properties. The Forrestania Project, with a history of production and resources Inferred and Indicated, represents additional exploration and development for blockchain-backed financing.
Gold Financing Enters The Digital Age
After a long period of planning and support from investors, Ian Cooper, CEO of AuResources, expressed his excitement about the partnership by stating the following:
Being able to reach this milestone today is the result of two years of dedicated work and the unwavering support of our investors. The entire team is proud to move forward, and we couldn’t have found a better partner than Classic Minerals.
Furthermore, the financing structure, backed by gold “tokens” using distributed ledger technology, aims to provide investors with increased security and transparency.
On the other hand, John Lester, Chairman of Classic Minerals, expressed his gratitude towards AuResources and Black Manta Capital Partners for their support, stating:
The launch of this funding round firmly establishes Classic on the international stage. We are now poised to deliver exceptional value to AuResources, Black Manta Capital, and our esteemed shareholders.
Overall, the partnership and the new funding strategy underscore the use and wider adoption of blockchain technology within the crypto asset industry and for traditional finance (TradFi) companies such as gold and other commodities.
Featured image from Shutterstock, chart from TradingView.com
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KIP Protocol Closes Strategic Funding Round Led by Animoca Ventures
PRESS RELEASE. Hong Kong, 1 February 2024 – KIP Protocol, the Web3 base layer for artificial intelligence (AI), has successfully closed its strategic funding round led by Animoca Ventures.
KIP Protocol builds secure and gas-efficient Web3 infrastructure that makes it possible for AI creators – whether app developers, model makers or data owners – to:
- deploy their work on Web3, thus retaining full ownership,
- interact and transact with other AI assets and
- monetise without losing control over access.
Using KIP Protocol, AI app developers can easily create decentralised apps linking to a wide variety of models (whether on-chain or off-chain), drawing data from decentralised knowledge bases to provide retrieval-augmented generation services, with user revenue being distributed automatically and transparently to all contributors on chain. An early alpha of KIP Protocol’s code was a prize winner at Chainlink’s 2023 Fall Hackathon.
KIP’s core mission is to spawn a vibrant business ecosystem of independent AI apps, models and knowledge bases, collaborating and competing freely to counter the growing AI monopoly of tech giants.
This Animoca Ventures-led round also saw participation by an especially diverse group of investment DAOs, Web3 community leaders, and funds across multiple geographical territories, including B.Army (Vietnam), CSP DAO (EMEA), MQdao, Spicy Capital (Latin America), Skyvision Capital (HK), and Purechain Capital (UK), to name just a few.
The diversity of KIP Protocol’s investors reflects its aim of expanding access and participation rights to as wide a group of users and token-holders as possible, reflecting the overarching influence of AI across all spheres of human activity.
Driving AI Decentralization: A Shared Vision
Central to the KIP Protocol vision is protecting the digital property rights of value creators in AI through Web3, opening a path to fair monetisation for even the smallest AI creators.
James Ho, Head of Animoca Ventures, commented that, “KIP Protocol’s goals of creating a more competitive playing field for all AI creators are strongly aligned with Animoca’s vision of a more equitable Internet underpinned by true digital property rights.
We at Animoca Ventures are focused on finding and supporting innovative new teams in Web3 and the KIP Protocol team boasts a unique blend of deep AI credentials, Web3 experience, and business savvy. We are delighted to be an early backer in their quest.”
Dr. Jennifer Dodgson, Chief AI Officer and Co-Founder of KIP Protocol, commented that, “We believe that AI advances fastest through cheap, small-scale experimentation and evolutionary pruning. With the help of Animoca Ventures, we aim to create a future in which everyone has the potential to build the next GPT.”
Julian Peh, CEO and Co-Founder of KIP Protocol, added that, “AI could be the most powerful technological force driving humanity’s progress in the future. Everyone, not just tech giants, should be able to reap the economic benefits of the AI-driven era. KIP Protocol was born from the necessity to re-level the playing field for all AI contributors, irrespective of their size.
We are grateful to Animoca Ventures, and our global group of investors for their support for our mission.”
KIP Protocol is building a three-layered architecture, powered by the $KIP token, to safeguard the ownership rights of all key stakeholders – model maker, app developers, and data owners, and empower them to monetise safely, securely and efficiently, thereby serving as a catalyst for the adoption of decentralised AI.
The launch of the first dApp on KIP Protocol is planned for Q1/Q2 2024.
About KIP Protocol
KIP Protocol builds Web3 infrastructure for AI app developers, model makers and data owners, empowering easy deployment and monetisation of AI assets while maintaining full ownership rights.
KIP solves mission-critical challenges faced in decentralised AI deployments, with an aim to jumpstart wholly new business ecosystems, and ensure the economic benefits brought about by AI can be enjoyed by all.
Founded and helmed by AI and business veterans, KIP aims to be a catalyst for the widespread adoption of decentralised AI.
To learn more, visit www.kip.pro or follow them on X @KIPProtocol
For media inquiries, contact press@kip.pro
About Animoca Ventures
Animoca Ventures is the venture investment arm of Animoca Brands, a global leader in digital entertainment, blockchain, and gamification.
Animoca Ventures specialises in early-stage investments in Web3 and blockchain companies and projects.
It serves as the pulse of Animoca Group, working at the frontlines to discover new cutting-edge projects and trends in the Web3 space.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
New Web3 and Blockchain Focused VC Fund, Paper Ventures, Launched With Initial Capital of $25 Million
Paper Ventures, a new blockchain venture capital (VC) fund focused on early-stage Web3 and blockchain projects, has been launched with an initial fund of million. The fund, founded by experienced venture capitalists, will not only invest in outstanding projects but will help nurture them.
New Fund Backed by Leading Industry Figures
A new blockchain venture capital (VC) fund, Paper Ventures, has been launched with an initial fund of million earmarked for investment in early-stage Web3 and blockchain projects. The fund was mobilized from traditional hedge funds, family offices, exchanges, founders, and high net worth (HNW) crypto OGs.
The VC, which claims to have the backing of some prominent industry figures, said it not only seeks to fund but also to nurture outstanding projects. According to a statement, Danish Chaudhry, Oliver Blakey, and Ivailo Jordanov are the founders of Paper Ventures. The three are experienced in investing in Web3 projects.
Some of the projects which the trio helped to secure early funding include Frax Finance, SEI, Polygon, Injective, Polkadot, Moonbeam and Cosmos.
Commenting on the launch of the fund, co-founder Blakey, a former poker pro, said:
“We are more than just investors. Our mission at Paper Ventures is to be at the very forefront of innovation, fostering groundbreaking ideas that redefine the boundaries of technology and finance. We believe in the transformative power of blockchain and are committed to supporting those who are as passionate about its potential as we are.”
Fellow co-founder Chaudhry expressed his delight and readiness to invest in not only groundbreaking ideas but also to do his part in elevating the brilliant minds behind them. Through Paper Ventures, the co-founders plan to avail their extensive industry experience and network, which can help provide the portfolio projects with the connections they need to succeed.
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