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Elrond (ERD) Partners with Swingby for Secure Inter-Blockchain Asset Swaps

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Ahead of its mainnet launch on July 30, scalable blockchain platform Elrond (ERD) today announced its integration with inter-blockchain swaps protocol Swingby to facilitate seamless exchange of ERD and other Elrond mainnet assets with prominent digital tokens such as bitcoin (BTC), ether (ETH), and Binance coin (BNB).

Cross-Chain Liquidity for Frictionless Token Exchange

Elrond, an enterprise-grade blockchain architecture that is nearing its mainnet launch has joined forces with Singapore-based distributed ledger technology (DLT) project Swingby.

The collaboration will see Elrond leverage Swingby’s inter-blockchain asset swaps to enable uninterrupted cross-chain blockchain asset exchange. Notably, the non-custodial, decentralized protocol works with all digital wallets.

Targetting the exponentially growing decentralized finance (DeFi) landscape, Elrond looks to cater to the DeFi application and components’ need for an infrastructure that offers high liquidity with minimal friction. The protocol’s creative approach to tackling some of the most evident bottlenecks of blockchains, including scalability, places it among the frontrunner DLT projects that promise to scale in tandem with the increasing number of users joining the digital assets ecosystem.

Commenting on the development, Elrond CEO, Beniamin Mincu, noted:

Getting access to all the available liquidity from day 1 is an important prerequisite for anyone building DeFi tools. This integration enables Elrond to be part of many existing cross-chain DeFi applications. We’re excited to work with Swingby and increase access to Elrond’s highly scalable and cost-effective solution.

A Promising Alliance

Swingby is in the works to implement the “first-ever truly decentralized custodian inter-blockchain protocol” which has its roots in recent research on fast multiparty threshold signature schemes. In essence, this protocol could enable a decentralized set of anonymous participants to jointly sign transactions across multiple chains.

According to the announcement, the successful deployment of the aforementioned research holds the potential to bring about a first-of-its-kind protocol that can aid in the implementation of a trustless 2-way peg with BTC and its forks, thereby pitting Elrond ahead of its competition.

DeFi Continues to Gain Traction

DeFi has dominated the better part of 2020 and only seems to be snowballing into a bigger phenomenon in the industry by offering users a reliable and trustless alternative to traditional financial institutions.

A horde of blockchain projects, including Elrond, is vying to make DeFi accessible to new users who might not necessarily be aware of the nitty-gritty of the emerging space.

As reported by BTCManager on July 3, Justin Sun-led Tron (TRX) launched three new DeFi-focused products, marking the project’s entry into the nascent space.

That said, not all is hunky-dory with DeFi, as one of Ethereum’s co-founders, Vitalik Buterin recently expressed concerns pertaining to the “yield farming” frenzy that has taken the DeFi landscape by storm.

Similarly, in June, DeFi protocol Balancer Labs was exploited by cybercriminals who managed to steal more than $500k worth of crypto assets from its token pools.

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Source: https://btcmanager.com/elrond-erd-swingby-secure-inter-blockchain-asset-swaps/

Blockchain

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

A multinational payments firm is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

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Multinational payments firm Sia is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

“When you have one bitcoin, it’s not a big problem, but when you start adding 10, 20 or 100, you have a treasury and you have to decide where to store this,” said Daniele Savarè, SIA’s innovation and business solutions director. “We are discussing digital custody needs with banks in Europe.” 

The firm is also helping banks manage and safekeep security tokens and central bank digital currencies, he added.

Through SIA, Hex Trust plans to offer European banks the software to custody digital assets on behalf of their customers. Hex Trust will also act as a sub-custodian for banks that don’t want to directly offer the service, said Hex Trust CEO Alessio Quaglini. 

Currently, Hex Trust works with three banks – Mason Privatbank Liechtenstein AG and two unnamed Asian banks. Quaglini said Hex Trust has 10 other banks that are exploring the custodian’s products.

Going forward, SIA will be the primary distribution partner for Hex Trust to offer digital-asset services to banks in Europe, Quaglini said. 

Source: https://www.coindesk.com/hex-trust-sia-crypto-custody-eu-banks

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Collider Labs Raises $1M to Invest in Blockchain Startups

The venture builder is seeking to invest in early-stage startups with a focus on transparency, privacy and “fairness.”

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Collider Labs has raised $1 million to be invested in early-stage blockchain and cryptocurrency startups.

In an announcement Thursday, the venture builder said the raise had brought on board several notable limited partners including Efficient Frontier CTO Alon Elmaliah and Follow [the] Seed Founding Partner Andrey Shirben.

Collider provides funding and liquidity and actively participates in building up startups alongside their communities and founders, according to the firm’s founding partner, Avishay Ovadia.

The company is actively seeking to invest in early-stage blockchain and crypto startups globally, with a focus transparency, privacy and “fairness.”

Collider “is a venture builder that somewhat resembles an accelerator” Ovadia said. With some “key characteristics” that differentiate it from a typical accelerator.

Venture builders, also known as startup studios, pair with early-stage startups and utilize their own ideas and resources to, if all goes according to plan, construct viable enterprises.

According to Ovadia, Collider forms partnerships with founders, invests in teams and works alongside them as what he calls “Investors in Residence.”

Source: https://www.coindesk.com/collider-labs-raises-1m-to-invest-in-blockchain-startups

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Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

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Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Voyager Digital, a publicly traded digital asset brokerage with offices in New York, has agreed to buy LGO, a French crypto exchange primarily serving institutional investors, as the company expands to Europe.

The transaction requires regulatory approval, which the parties said they expect to receive by the end of this year, along with the token swap. The value of the deal will depend on the value of Voyager’s shares, and the firms’ tokens, at closing; at current prices, it would be in the low seven figures.

As such, this deal is dwarfed by this year’s blockbuster crypto M&A deals such as Binance’s acquisition of CoinMarketCap, estimated to be worth $400 million, and FTX’s $150 million deal to acquire Blockfolio.

Read More: ‘They Have the Users’: Binance CEO Explains Why He Bought CoinMarketCap

What makes this deal unusual is that the two companies’ utility tokens, VGX and LGO, will be swapped into newly minted tokens featuring decentralized finance (DeFi) functions such as community governance and staking at an initial interest rate of 7%.

“We think this is really taking the old-school mergers and acquisitions to the token world, which hasn’t been done before,” Steve Enrlich, Voyager’s co-founder and chief executive officer, told CoinDesk.

Upon completion, Voyager, which is publicly listed on the Canadian Securities Exchange, will issue one million shares for the acquisition and operate in the European retail market with LGO’s Virtual Asset Service Provider registration with the French Financial Markets regulator (AMF). All activities will be conducted under the Voyager brand and LGO will discontinue its institutional services on Oct. 31. Shares of Voyager closed at C$0.67 ($0.51) on Wednesday. 

Read More: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients

Hugo Renaudin, co-founder and chief executive officer of LGO, told CoinDesk that the French company made the deal after it decided to shift its focus from institutional clients to increasing value for its token holders.

“The key decision-maker is what will bring the most value to our tokens,” Renaudin said. “So we have this token. We have token holders and they’re mostly retail [clients].”

LGO launched an initial coin offering (ICO) in February 2018, according to its website, which raised 3,600 bitcoin (worth about $36 million at the time). The company’s white paper shows that 60% of the tokens were distributed through a pre-sale process, while 20% of the supply went to LGO’s founders and advisors.

At its peak in April 2018, the LGO token’s market cap was nearly $40 million, according to data from CoinMarketCap. On Wednesday, that value was calculated to be $1.5 million. 

Renaudin told CoinDesk that the company’s other option would have been focusing on better serving its institutional clients, which means its spot exchange would have to provide new and exotic derivatives products. After consideration, he said that the team had decided to change its focus to retail customers instead.

The merger comes during a time of regulatory crackdown on crypto derivatives trading around the globe. Popular crypto derivatives exchange BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) with facilitating unregistered trading activities, while in the UK, the Financial Conduct Authority (FCA) has banned crypto derivatives for retail consumers.

This is not the first acquisition by Voyager, which went public in early 2019 in a reverse merger with the shell of a Canadian mineral exploration company. Previously, it acquired wallet startup Ethos.io for about $4 million.

Read More: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

Voyage’s revenue in the most-recent fiscal quarter, which ended Sept. 30, surged to about $2 million, compared with $1.1 million during the fiscal year ending in June.

“We are becoming the financial service firm of the future, which means I will look at acquisitions that can add products, customer assets to the platform, or tokens and other communities that can be accretive to what we are trying to do,” Enrlich said. “And adding these pieces together we are going to either do it organically or through more acquisitions.”

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Source: https://www.coindesk.com/voyager-acquires-lgo-token-merger

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