Hyperbolic’s blockchain-based cloud platform aims to make AI affordable to startups, researchers and builders squeezed by surging GPU prices.

Hyperbolic, one of the newer contenders in the race to apply blockchain tech to artificial intelligence, has raised $7 million in a seed funding round led by Polychain Capital and Lightspeed Faction.

The AI boom has strained the global supply chain for graphics processing units (GPUs) and other hardware used to train AI models. Surging hardware prices have squeezed all but the best-resourced AI outfits, making it difficult for startups and researchers to access AI alongside Big Tech companies like Microsoft, Google and Meta.

Hyperbolic’s blockchain-based cloud platform aims to make AI hardware affordable for a wider swath of builders.

“Currently, AI companies are reportedly spending over 80% of their capital on compute resources, without a cost-effective solution on the market, and causing an industry-wide bottleneck due to cost and distribution challenges,” Hyperbolic explained in a statement shared with CoinDesk. “Hyperbolic’s solution addresses this issue by creating a scalable system to aggregate global GPU compute and leveraging blockchain technology to ensure their network of nodes operates in a verifiable and secure manner.”

Hyperbolic’s first product will be an AI inference service that allows builders to use state-of-the-art AI models “at a fraction of the cost,” according to the company. (After an AI model is trained, it makes “inferences” based on user requests, such as when ChatGPT responds to user queries.)

In the long term, the firm plans to build a “GPU marketplace” that offers developers and researchers cheaper access to cloud computing hardware for training their own AI models.
The seed round included participation from Chapter One, LongHash, Bankless Ventures, Republic Digital, Nomad Capital, CoinSummer Labs and Third Earth Capital. It also included angel investors like Balaji Srinivasan, NEAR’s Illia Polosukhin and Polygon’s Sandeep Nailwal.

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GM Vietnam, the highly anticipated blockchain event of the year, will take place on July 7th and 8th, 2023, at THISO SkyHall (Ho Chi Minh City, Vietnam).

Bringing together over 2,000 participants, including developers, entrepreneurs, investors, and crypto community members, GM Vietnam aims to create an unparalleled experience for Web3 enthusiasts. As the largest cryptocurrency adopting nation globally, Vietnam offers the perfect backdrop to explore the potential of Web3 and foster global connections.

Vietnam – A Prospective Market

GM Vietnam, Vietnam Blockchain Week, is set to be held in Ho Chi Minh City in July 2023. The event is being co-organized by Kyros Ventures, Ancient8, and Coin98. Vietnam has maintained its first place ranking in cryptocurrency adoption for two consecutive years (2021 and 2022), and consistently ranks among the leading nations in terms of MetaMask usage (2021).

GM Vietnam aims to bring together and connect innovators, investors, projects, and leading VC funds to showcase the unique Vietnamese culture and promote the #BUILD spirit of the Vietnamese people to the global crypto community.

GM Vietnam – Networking and Sharing

In order to showcase the unique Vietnamese culture and promote the #BUILD spirit of the Vietnamese people to the global crypto community, GM Vietnam – Vietnam Blockchain Week aims to encompass a wide range of activities. This event is open to everyone and is expected to bring together nearly 2,000 attendees.

Are you eager to discover what our event has in store for you?

• The event offers a professional platform to connect with the top crypto community in Vietnam and around the world, allowing for networking and knowledge sharing opportunities.
• Attendees will have the chance to explore a comprehensive overview of the crypto and blockchain market, along with emerging trends that will shape the industry’s future.
• Experience cutting-edge technologies including Web3, AI, SocialFi, NFT, VR, etc. at the exhibition booths.
• The event is open to all and will offer a place for networking, learning from experiences, and building relationships with startups, builders, KOLs, and leading investment firms. Partners and guests include Binance, Animoca Brands, Amazon Web Services (AWS), ConsenSys, Coinbase, Hooked Protocol, and many other big names.
• The event features an NFT art exhibition, hackathons, and the Axie Tournament.

The list of projects coming to GM Vietnam includes: Animoca Brands, Ava Labs, Aptos Labs, Binance, Chainanalysis, Circle Internet Financial (Circle), Coinbase, ConsenSys, Delphi Digital, Google, OKX, Tezos, and many more.

Event Agenda

Day 1: July 7 | Sunrise

• The event kicks off with a series of insightful talks and engaging exhibitions.
• Engage in discussions centered around the state of the crypto industry in Vietnam and the immense potentials that lie ahead. Gain insights from esteemed panelists, including leaders in DeFi, Web3 innovations, venture capitalists, and regulators in the region.
• Experience the excitement of the Guild Rush S5 LAN Final, featuring a thrilling Axie Infinity competition and showcasing top players in the industry.

Day 2: July 8 | GM Vietnam

• The focus shifts to the technical aspects of blockchain and the practical steps required to bring ideas to fruition.
• Immerse in panels that delve deep into the evolving landscape of blockchain technology. Explore topics such as the next stage of blockchain infrastructure, strategies for projects to achieve mass adoption, and bridging the gap between Web2 and Web3.
• The GM Vietnam HackerSpace will host an awards ceremony, recognizing outstanding contributions in the blockchain space.
• Following the day’s activities, participants can celebrate and connect at the official GM Vietnam Afterparty.

Throughout the week, GM Vietnam will feature a variety of side events that complement the main conference activities. These side events will provide additional opportunities for networking, learning, and engaging with the vibrant Web3 community. To stay updated on the latest information regarding these side events, please visit the official event website at https://gmvietnam.io/.

Whether you are a seasoned professional or just starting out, GM Vietnam is the perfect chance to stay ahead of the curve with like-minded individuals and gain valuable insights.

Event information

There are also two other types of premium tickets available with even more privileges. Please visit the event website at https://gmvietnam.io/ for more details.

• Date: July 7-8, 2023
• Location: Ho Chi Minh City, Vietnam
• Register for free tickets: https://app.moongate.id/events/gmvietnam2023

The post GM Vietnam Takes a Leap into the Future: Harnessing Web3 and Blockchain in the Vietnamese Market appeared first on Crypto Insider.

The firm will back blockchain projects that could achieve mass adoption.

Singapore-based crypto firm HashKey Capital, the investment arm of financial services group HashKey Group, has closed its third fund with $500 million in committed capital. The fund will invest in crypto and blockchain initiatives around the world with a particular focus on emerging markets.

HashKey FinTech Investment Fund III was backed by institutional investors, including sovereign wealth funds, businesses and family offices, according to a press release. Verticals of interest include infrastructure, toolings and applications that could achieve mass adoption.

The latest HashKey fund comes during an extended bear market and a number of high-profile crypto scandals, including the collapse of multibillion-dollar exchange FTX.

“HashKey Capital has weathered at least three cycles in the industry,” said HashKey Capital CEO Deng Chao in the release. “These unique experiences and insights will be invaluable to us in navigating through turbulence.”

Launched in 2018, HashKey Capital said it manages over $1 billion in client assets. Portfolio companies include Cosmos, Aztek, Blockdaemon and ANimoca Brands. The firm operates in Hong Kong and Singapore, with a presence in the U.S. and Japan.

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The layer 1 blockchain from ex-Meta employees made its mainnet debut last month with a limited ecosystem.

Blocto, a Mark Cuban-backed multi-chain crypto wallet and ecosystem, has announced a $3 million Aptos Ecosystem Fund to help projects onboard new users, according to a press release provided to CoinDesk.

Aptos Labs, the company behind Aptos, was co-founded by Mo Shaikh and Avery Ching, former Meta employees who helped create the tech giant’s failed stablecoin known as diem. The high-profile layer 1 blockchain raised $200 million in a March funding round led by noted investment firm Andreesen Horowitz and then raised another $150 million in a July round led by FTX Ventures and Jump Crypto. However, the mainnet debut last month was shaky, with initially slow transaction times and a limited ecosystem as dozens of projects were still waiting to launch.

Blocto was founded in Taipei in 2019 by parent company portto and offers a wallet application and ecosystem that aims to make it easier for new users to enter the Web3 space through features such as email logins and universal gas or transaction fees. Blocto, which has raised $8.8 million in funding according to Crunchbase, also supports the Ethereum, Solana, Flow, BNB Chain, Polygon and Tron blockchains.

“We’ve been on the lookout for promising blockchain ecosystems with long-term potential, and Aptos has caught our attention,” said Blocto co-founder and CEO Hsuan Lee in the press release. “It aims to make blockchain accessible for average users – a big focus for us at Blocto – and has accumulated a lot of momentum in the dev community, even in the current market situation.”

Alongside the funding, Blocto will also offer the selected projects operational support, including access to Blocto’s investor base, financial marketing team and its developers.

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Many crypto exchange-traded funds started during the last bull market and enjoyed an initial boom before crashing months later when valuations tanked.

Cryptocurrency exchange-traded funds (ETFs) account for five for the worst seven debuts in ETF history, according to Morningstar Direct data, the Financial Times reported on Friday.

The five funds were all linked to the performance of crypto or blockchain. The worst performer was France-based Melanion BTC Equities Universe fund, which invests in companies such as bitcoin miners Marathon Digital Holdings (MARA) and Riot Blockchain (RIOT). The fund, which launched October 2021, has seen its value slide 76.9% in the past 12 months.

Many ETFs started during the heady days of the last crypto bull market, enjoying an initial boom at the end of 2021 before crashing as valuations tanked this year.

Morningstar’s data however suggests that a poor first year does not condemn ETFs in the long-term. The SPDR Portfolio S&P 500 Growth ETF (SPYG), a non-crypto fund that tracks the S&P 500 Growth Total Return Index, fell by 52.8% in 2000-01. It has since recovered and is now a $12.2 billion fund, the FT said.

“The people that I speak to who invest in bitcoin are still reliably bullish because the potential use cases haven’t changed,” said Kenneth Lamont, a senior fund analyst at Morningstar. “A lot of those involved in the industry have just regathered themselves for the next bull run.”

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The Norwegian browser company has already offered in-browser crypto wallet support to nine blockchains since its beta version in January.

Web3 browser Opera will soon integrate scalable blockchain Elrond to its crypto browser, allowing users to access the network through its integrated Opera Wallet.
Opera, one of the original web browsers, has been building crypto products since 2018. It released a beta version of its specialist “Crypto Browser Project” in January.

In March, the Norwegian browser company added in-browser crypto wallet support for eight other blockchains, including Solana and Polygon.

Opera and other crypto-focussed browsers, like Brave, have been betting big on an explosion in Web3, which refers to the third generation of Internet services driven by blockchain. The increased Web3 integration will make it easier for users to interact with different decentralized finance (DeFi) and other on-chain ecosystems.

“The vision we share and the common goal of minimizing user onboarding friction into Web3 are the driving force behind this new collaboration,” Beniamin Mincu, CEO of Elrond, said.

Later this year, Opera will add support for Elrond’s dapps, blockchain applications that run without a central administrator, and its native token EGLD, Senior product manager of Opera Crypto Browser, Danny Yao told CoinDesk.

According to a press release shared with CoinDesk, Opera has over 300 million users. At press time, Opera refused to disclose its crypto users’ number.

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Voter turnout showed overwhelming support for moving Helium’s native network to Solana, with 80% of voters in favour in early Asian hours on Thursday.

Helium community members have voted to move the decentralized WiFi network from its blockchain, officially known as HIP 70, to the Solana blockchain.

The HIP 70 proposal concluded voting early Thursday morning, with some 81% voting in favor of migration in early Asian hours. Participants staked Helium token (HNT) to participate in the on-chain vote. In order for a vote to migrate the network to pass, a two-thirds majority was needed.

Some 6,177 community members voted in favor of the move by staking over 12 million HNT. Just 1,270 voted against it.

Developers behind Helium proposed the migration to Solana to help scale the protocol through more efficient transactions as well as interoperability. The move will transfer all tokens, applications and governance to the network.

“Solana has a proven track record powering some of the world’s most important decentralized initiatives and they were an obvious choice for us to partner with,” Scott Sigel, COO of the Helium Foundation, said in a statement. “Moving to the Solana blockchain allows us to focus our efforts on scaling the network as opposed to managing the blockchain itself.”

The migration will see HNT, MOBILE and IOT issued on the Solana network, which will continue to be the tokens in the Helium ecosystem. Once the migration is complete, a new version of the Helium Wallet App will be made available. Additionally, the Helium L1 blockchain history will remain public. Users will be able to access the new application by updating their current wallet app. HNT holders can also use other wallets within the Solana ecosystem, such as Phantom or Solflare.

However, although the votes show overwhelming support for the migration, not everyone has been on board with the network’s choice to move to Solana. Last week, Borderless Capital, an Algorand-focused VC that is backed by Helium, took to Twitter to suggest the network reconsider its choice to move to Solana, and instead move to Algorand.

The post Helium Ditches Own Blockchain in Favor of Solana After Community Vote appeared first on Crypto Insider.

The NEAR Foundation is collaborating with Caerus Ventures in the initiative, which will make seed round investments.

The NEAR Foundation is introducing a $100 million venture capital fund and venture lab in partnership with Caerus Ventures, the Swiss organization behind the NEAR blockchain protocol announced Monday.

NEAR will anchor the fund, which has an initial closing of $50 million and a target of $100 million for seed series A investments. The first investment will be in the venture lab, which will work with creators, talent and franchise owners to conceive, validate, test and build the next generation of platforms, according to the press release.

Caerus Ventures is a newly launched investment firm led by IMG executive Nathan Pillai, who said Caerus aims to catalyze innovation in Web3, focusing on sport, music, film, fashion and art.

“I believe talent and intellectual property (IP) creators need to have a more equitable share of value that is created, and for this, to be then shared amongst consumers and fans,” Pillai said in an interview with CoinDesk.

“We want to focus on how to deepen engagement and reward the people who spend a lot of time and money consuming entertainment.” Pillai said, adding that the company is currently looking at investing in a music streaming service that allows users to invest in the success of an artist.

Near Foundation CEO Marieke Flament said in an interview with CoinDesk that NEAR chose to work with Caerus because its values align with NEAR’s. “We are both trying to reinvent what it means to be a creator,” Flament said. “They have a uniquely differentiated proposition and robust investment thesis predicated on the tokenisation of entertainment.”

The NEAR Foundation is holding its annual ‘NEARCON’ conference in Lisbon this week.

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The consumer electronics company, which has served on The Hedera Governing Council since 2020, is bringing NFTs to television screens through a platform built on the Hedera network.

Another consumer electronics company is taking NFTs to TV screens.

Korea-based LG is releasing a non-fungible token (NFT) marketplace called LG Art Lab that plugs into the Hedera Network, which LG supports. Television owners with sets updated to LG’s most recent software will be able to buy, sell and showcase their Hedera NFTs from their screens.

LG’s strides into the NFT space follow Samsung’s release of an NFT marketplace on three of its TVs, all supported by Nifty Gateway. LG Art Lab will only be on LG TVs. Incorporating LG’s mobile crypto wallet Wallypto, users can purchase assets by scanning a QR code to connect their wallets.

Chris Jo, Senior Vice President, Head of Platform Business at LG told CoinDesk in an email that the platform aims to make NFTs accessible for users looking to step into the space.

The choice of Hedera is not an obvious one for an NFT integration. According to data from the past 30 days, Hedera NFT marketplace Hash Axis’ $36,000 trading volume pales in comparison to Ethereum’s $330 million trading volume on OpenSea. But it makes more sense for LG: it’s been on Hedera’s Governing Council since 2020.

Shayne Higdon, CEO of the HBAR foundation, an organization supporting developers on the Hedera network, told CoinDesk that the Hedera’s energy efficient consensus mechanism makes it an ideal blockchain for cheap, low carbon footprint NFT transfers. Still, other networks are catching up; market leader Ethereum is moving to proof of stake this month.

The post LG Picks Lesser-Known Hedera Blockchain for Television NFTs appeared first on Crypto Insider.

Avalanche founder Emin Gün Sirer said the allegations – which drove the AVAX token down about 11% – are “categorically false.”

Emin Gün Sirer has denied his company, Ava Labs, has been involved in a behind-the-scenes smear campaign against competitors of Avalanche, the firm’s $5 billion layer 1 blockchain, calling recent allegations “categorically false.”

“These claims evidently came about when Kyle Roche, a lawyer at a firm we retained in the early days of our company, tried to impress a potential business partner by making false claims about the nature of his work for Ava Labs,” wrote Gün Sirer in a statement Monday.

Gün Sirer spoke after an Aug. 26 report on whistleblower site Crypto Leaks alleged Ava Labs executives paid law firm Roche Freeman to smear competitors using class-action lawsuits that would attract greater scrutiny from crypto regulators such as the U.S. Securities and Exchange Commission (SEC). The allegations sent Avalanche’s AVAX token plummeting about 11%, although it has since rebounded somewhat. AVAX is the 16th-largest cryptocurrency by market value, according to CoinMarketCap.com.

Gün Sirer, an ex-Cornell University professor turned blockchain entrepreneur, wrote that he was “disheartened” by the crypto community’s reaction to the news, which he dismissed as “obvious nonsense.”

According to Gün Sirer, Avalanche does not entrust its legal affairs to Roche, and did not direct him to file any lawsuits towards other projects – including, for example, a July class-action lawsuit against Solana Labs, the team behind the multi-billion-dollar Solana blockchain. The lawsuit alleged that Solana’s SOL token is an unregistered security whose investors have profited at the expense of retail buyers.

“For instance, we learned about the Solana lawsuit only through the press, were livid that he was suing another project and attempted to persuade him to drop the case,” wrote Gün Sirer.

Gün Sirer says Roche has only handled a few “minor” legal cases regarding Avalanche.

Roche, in his own statement, denied that a “secret pact” exists between his law firm Roche Freeman and Ava Labs.

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