Tag: web 3

Huobi Global Launches Investment Arm Named Ivy Blocks to Focus on DeFi, Web 3 Projects

Huobi Global, one of the largest trading platforms in the world by volume, has launched a new venture capital arm aimed at investing in upcoming blockchain, Web 3 and decentralised finance (DeFi) projects. The spinoff is called Ivy Blocks, and has over $1 billion (roughly Rs. 7,770 crore) in assets under management as part of its “war chest.” According to a statement issued by the company, this pool of funds will be directed towards “identifying and investing in promising blockchain projects.”

Ivy Blocks’ offerings through the fund won’t be limited to investments alone. The VC arm is also planning on setting up an asset management platform, a blockchain incubator, and a specialised research arm for blockchain initiatives. According to Huobi Global’s chief financial officer, Lily Zhang, the company’s asset management division would make “liquidity investments” to aid with the launch of the DeFi and Web 3 initiatives.

As per a press release announcing the new investment arm, Ivy Blocks will be providing three core services. To begin with, there will be a liquidity investment department providing an asset management platform for smart DeFi mining and income aggregation. The other two areas the VC firm wants to focus on from the get-go include a department called Ivy Labs, an innovative crypto and blockchain incubator; and Ivy Research, which focuses on blockchain and cryptocurrency research.

“Many promising projects tend to encounter liquidity constraints and a lack of go-to-market support, which present significant barriers to growth,” said Huobi Chief Financial Officer Lily Zhang in a statement. The new investment arm “will no doubt contribute towards creating a better, more inclusive DeFi and Web 3 blockchain ecosystem.”

Ivy Blocks also announced that Capricorn Finance, an automated market maker decentralised exchange (DEX) built on the Cube blockchain, was the first project to receive funding.

The firm’s focus on DeFi comes at a time when the sector’s overall value has declined by roughly two-thirds from its peak. When measured in total value locked, or TVL, the DeFi sector is currently worth just under $84 billion (roughly Rs. 6,52,535 crore), according to DeFi TVL aggregator DefiLlama. DeFi TVL peaked north of $252.4 billion (roughly Rs. 19,60,634 crore) in December 2021.



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Brave Web 3 Browser Adds Solana Support, Improves BAT Utility With Latest Update

Privacy-first browser, Brave has unveiled its desktop browser version 1.39, which comes with Solana integration in a bid to improve Web 3 access for users. Before the announcement, Brave Browser had a linked wallet and a robust suite of tools for both novices and experts. Adding support for Solana means that users will now be able to enjoy lower fees and faster transactions. Brave joins Opera, which made a similar move when it integrated with Solana, Polygon, StarkEx, and other blockchain ecosystems in March.

The plans for the integration were first shared in November 2021. Using desktop version 1.39, Brave Wallet users can transact SOL and SPL tokens directly from their Brave Wallet. Also, they will be able to purchase other cryptocurrencies with fiat through its integration with Ramp. To crown it all, the platform’s native token, Basic Attention Token (BAT) has also been transmuted into an SPL token.

Confirming the development, CEO and co-founder of Brave, Brendan Eich said, “As the leading Web 3 browser, Brave is now providing integration with Solana’s blockchain so that users and developers can seamlessly transact on their fast, low-fee network.”

According to the announcement, the Solana integration is but one move among many others to improve web 3 ecosystem access.

The firm also announced its integration with Ramp. The Ramp integration allows users to directly buy crypto within the Brave Wallet. According to Greg McEwan, Head of Marketing at Ramp, the integration will shorten the “painful process of converting fiat currencies to crypto.”

Likewise, Brave announced its partnership with the leading Solana NFT marketplace, Magic Eden. Using BAT tokens, Brave wallet users will soon be able to purchase NFTs directly from their wallets. Founder of Magic Eden, Sidney Zhang, stated, “The integration of Brave Wallet in our marketplace will further drive the ecosystem forward.”

Asides from this, Brendan Eich of Brave noted the firm will provide decentralised app (dApp) support in a future release.

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Robinhood Launches New Non-Custodial Web 3 Wallet to Rival MetaMask, Coinbase

US-based stock trading and investing major Robinhood has announced that the company is building a non-custodial wallet that will allow its customers to have total control of their crypto in Web 3. Robinhood said that this new multichain Web 3 wallet will launch as a standalone app. Customers will be able to hold the keys for their own crypto and access decentralised apps (dApps) to trade and swap crypto with no network fees, store non-fungible tokens (NFTs) and connect to NFT marketplaces, earn yield using their assets, and access a variety of crypto assets.

“At Robinhood, we believe that crypto is more than just an asset class. By offering the same low cost and great design that people have come to expect from Robinhood, our Web 3 wallet will make it easier for everyone to hold their own keys and experience all the opportunities that the open financial system has to offer,” Vlad Tenev, the co-founder and CEO of Robinhood, commented in a press release+Announces+Non-Custodial+Wallet/20090869.html) announcing the new wallet.

For now, Robinhood customers can join this non-custodial wallet by signing up for its waitlist. Its Beta program will be available later this summer, and Robinhood noted that the wallet is set to be deployed fully by the end of the year.

Robinhood has been trying its best over the past couple of years to be the go-to platform for crypto investors, regardless of the space, they’re interested in. In 2018 the project launched cryptocurrency trading, but without the ability to transfer tokens to external wallets. In 2021, the project unveiled plans to enable external withdrawals, a move that would allow users to on-ramp into the decentralised finance (DeFi) ecosystem through Robinhood.

With its new wallet, the company is leaning further into crypto and will be competing with existing non-custodial wallets. Previously, people would need to transfer their assets out of Robinhood to a wallet like Metamask in order to access DeFi. Now, people will be able to stay within the Robinhood ecosystem with more freedom in terms of crypto interaction.

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