Digest

• ConsenSys valued at $3.2 billion after $200 million funding round, Gemini Eyes $7Billion Value
• KuCoin Labs Announces $100 Million Fund to Support Metaverse Development
• Crypto Mining Chips Sales at Nvidia (NASDAQ) Dropped by 60% during Q3, Expect Strong Revenue for AI
• Following Company’s purchase of rights to staples, crypto.com token (CRO), rallies
• Canadian Police arrest a teenager in crypto theft worth $36.5 million

ConsenSys valued at $3.2 billion after funding of $200 million, Gemini Eyes $7Billion Value

ConsenSys is a blockchain company that has been popularly backed by after it completed a $200 million round of funding. It now stands at $3.2 Billion. Third Point Ventures, Marshall Wallace, Coinbase Ventures (NASDAQ:) Ventures and HSBC led the round.

ConsenSys’s funds will be used mainly for expansion. Simon Morris Chief Strategy Officer at ConsenSys stated that up to 400 people will be hired from the new fund. Morris spoke about the round.

We don’t need to be there to tell you what the next DeFi or NFT big thing is. All of it is possible because we are there.
Gemini is another well-known name in crypto, and it’s looking for a $750 million financing round. The Winklevoss-led crypto exchange announced in January its intention to launch an initial public offer.

Flipsider:

• Gemini has yet to close the $400 million round and it could change.

Why you should care

The cryptocurrency industry is experiencing an unprecedented fundraising boom, which could be beneficial for its future.

KuCoin Labs launches $100 million fund for metaverse development

Metaverses are everywhere these days. KuCoin Labs has created a $100,000,000 fund to help investors in the metaverse.

A virtual reality world that allows people to interact with computers-generated environment and others is called the metaverse. KuCoin Labs has revealed that $100 million will be invested in GameFi and NFTs as well as decentralized infrastructure projects.

KuCoin Labs pointed out that KuCoin Labs supports the development of other technologies.

“fund will also help the metaverse education program to aid the younger generation in exploring their potentials.”

Flipsider:

• Although blockchain and gaming platforms dominate metaverse discussions, experts think its most useful use lies within the office.

Why you should care

Metaverse is a combination of artificial intelligence, AR, and VR. It aims to revolutionize the way that we play online games, interact with each other, and even how we work.

Nvidia Crypto Mining chip sales fell 60% during Q3, forecasts strong revenue on AI

The world’s leading graphics and AI chips manufacturer, Nvidia, has released its financial results for Q3 of 2021. According to the report, crypto mining processor (CMP), sales fell by 60% between Q2 and Q3, falling from $266 million to $105 millions in Q2 to Q3.

The drop could be linked to China’s crackdown on mining; the country once controlled 70% of Bitcoin’s global mining pool. Despite the drop in CMP sales, Nvidia’s stock is up over 123% year-to-date, and the company made $3.2 billion in total revenue.

Flipsider:

• Despite the sharp drop in sales from Q2 through Q3, Nvidia has placed its forecast for Q4 2021 above Wall Street’s predictions
• The chipmaker has forecasted a Q4 revenue of $7.4 billion, plus or minus 2%, above analysts’ average estimate of $6.86 billion
• Nvidia is betting that more companies will turn to artificial intelligence amid the metaverse buzz.

Why you should care

Nvidia’s shifting interest from mining to the metaverse conforms with increasing interest from megacorporations in AR/VR and shows how quickly technology is changing.

Following Company’s purchase of rights to staples, crypto.com token (CRO), rallies

Crypto.com’s CRO token soared by more than 30% on November 18, breaking into the top 20 cryptos. CRO now ranks as the 15th most valuable crypto, with a market value of $14.56 trillion.

CRO’s seven-day price graph. Source: Tradingview

This CRO price increase comes as Crypto.com’s cryptocurrency trading platform secured a 700 million twenty-year contract agreement with Anschutz Entertainment Group for the naming rights of the Staples Center Los Angeles.

Flipsider:

• Christmas Day will see the Lakers hosting the Brooklyn Nets.

This is the largest naming rights agreement in sporting history. According to Dan Beckerman, president and CEO of AEG, “this partnership is about the future.”

Crypto.com CRO token saw a rise after the transaction was made. On November 18, it reached its highest point. Today, the price of the Crypto.com CRO token is $0.5721

Why you should care

The deal with AEG may see Crypto.com get additional market share, as it will now be associated with the Lakers, one of the NBA’s top brands.

Canadian Police arrest a teenager in crypto theft worth $36.5 million

The Canadian Police have arrested a Hamilton teenager in relation to a $36.5 million crypto theft (C$46 Million). According to a Hamilton police press release, this was the largest ever cryptocurrency fraud in Canadian history.

The press release states that investigations started in March 2020, after the victim complained about being targeted by a SIM-swap attack. Scammers can access and intercept two-factor authorizations and access accounts by manipulating service providers to switch a victim’s phone number to their own.

At his arrest, the police confiscated the suspect’s $5.5 million (C$7 million) worth of cryptos. Hamilton Police worked in collaboration with U.S. Federal Bureau of Investigations and U.S. Secret Service Electronic Crimes Task Force.

Flipsider:

• Texas teenager August and his nine-year-old sibling made $35,000 monthly mining in Texas, according to their August report.

What You Need to Care About

SIM Swap attacks can be used for more than just crypto-scams. It is important to safeguard our personal information all the time.

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