Investments: Crypto Industry Is Waiting For the Flood

Binance invests in Certik and TravelByBit, Ulysses Capital finances NULS, Swiss startup receives funding, FINMA gives license to Crypto Fund AG, Seoul Mayor plans to invest $108M in blockchain, $400M from Yale University, SKALE acquires $9.65M, Medici Ventures invests in VinX, TD Ameritrade has plans for ErisX

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Switzerland is Welcoming Yet Another Crypto Hub

Switzerland, already well-known for its crypto-friendly stance, is gearing to develop yet another crypto hub. If the new partnership between crypto valley Zug’s crypto lobbyists and Zurich’s tourism Czars is executed, the valley could soon witness a northward expansion.  More than 150 Blockchain Companies in Zurich The Swiss city of Zurich boasts of financial traditionalists and also headquarters one-third of Switzerland’s banks. In addition to well-established legal and health services, it is also the home of a large number of tech-minded individuals. The list includes 150 blockchain-related companies. The rising growth can be attributed to the Crypto Valley Association(CVA) which has been earnestly working to catalyze the growth of Swiss crypto space. The previous month, it put forward 14 different laws for the same.  CVA Executive Director Alexander Schell then said: “We’re not just waiting for things to happen. We’re actively involved in proposing regulation.” Will the Banking Sector Realise the Crypto-Blockchain Potential? The latter also partnered with Zurich Tourism, to bring blockchain awareness, tourism, and business to Zurich. For the same, the pair signed a memorandum of understanding “to grow the Swiss blockchain ecosystem.” The gnomes of Zurich- a slang term for Swiss Bankers are also warming up to blockchain and crypto. Also, the deep-rooted trust in gold and traditional finance is slowly turning to turn around into an increasing need for privacy. Rising Tech Economy Startups have become an important part of the ecosystem in recent years. As a matter of fact,  Zurich attracted 515 million francs ($517 million) in venture capital investment in 2018, as per the Swiss Private Equity and Corporate Finance Association. Also, in August, the Financial Market Supervisory Authority (FINMA) licensed two companies to provide banking services to Swiss-based crypto businesses and also trade securities. Furthermore, Zug-registered Seba Crypto and Zurich-based Sygnum became Switzerland’s first regulated crypto banks.  Will Zurich see more crypto and blockchain ventures soon? Let us know, what you think in the comments below!   The post Switzerland is Welcoming Yet Another Crypto Hub appeared first on Coingape.

a16z, Paradigm back Compound’s $25M Series A to integrate with crypto exchanges and brokers

Compound, the decentralized finance (DeFi) lending protocol, just raised a staggering $25 million Series A led by Andreessen Horowitz, with participation from Bain Capital Ventures, Polychain Capital, Paradigm, and others.  The San Francisco-based company was able to convince these top-tier investors that the future of DeFi may rely on integrating with existing crypto-trading infrastructure, Compound founder Robert Leshner told The Block. Specifically, Compound is hoping to partner with companies such as exchanges, brokers and custodians to expand their business lines into lending. Instead of developing a lending unit from scratch, these firms can use and improve on Compound's protocol to suit their own needs, According to Leshner.  Leshner said Compound has yet to figure out a viable business model. However, the handsome Series A funding will sustain the company before it achieves significant market share.  "In some ways, I think of us similar to Google, which is nobody asks Google what its business model is because it developed [the business model] after it achieved significant market share," said Leshner.  Compound raised a $8.2 million seed round in 2018 led by Andreessen Horowitz, Bain Capital Ventures, and Polychain Capital. Its protocol now has over $130 million in total loan supply. 
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