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Crypto Flipsider News – ConsenSys Hits $3.2B, KuCoin Labs Opens Metaverse Fund, Nvidia’s CMP Sales Drop, CRO Token Soars

Read in the Digest

  • ConsenSys Valued at $3.2 Billion after $200 Million Funding Round, Gemini Eyes $7 Billion Valuation
  • KuCoin Labs Launches $100 Million Fund for Metaverse Development
  • Nvidia Crypto Mining Chip Sales Dropped 60% in Q3, Forecasts Robust Revenue on AI
  • Crypto.com Token (CRO) Rallies after Company Buys Rights to Staples
  • Teen Arrested by Canadian Police in Crypto Theft Worth $36.5 Million

ConsenSys Valued at $3.2 Billion after $200 Million Funding, Gemini Eyes $7 Billion Valuation

ConsenSys, the blockchain company popular for being backed by Ethereum, has hit a $3.2 billion valuation after completing a $200 million funding round. The round was led by Third Point, Marshall Wallace, Coinbase Ventures, and HSBC, among others.

The funds raised by ConsenSys will largely be used for expansion. According to ConsenSys Chief Strategy Officer Simon Morris, the fund will be used to recruit up to 400 new hires. Talking about the round, Morris said;

"We don't have to sit here and say what's the next big DeFi thing or what's the next big NFT thing. We're there for all of it."

Gemini, another household name in the cryptoverse, is looking to reach a $7 billion valuation by completing a $400 million funding round. In addition, the Winklevoss-led exchange in January announced its plans to conduct an initial public offering.

Flipsider:

  • The Gemini $400 million round has not yet been finalized and could change

Why You Should Care

The crypto industry is currently experiencing a fundraising blitz, which could serve as a boost for the industry.

KuCoin Labs Launches $100 Million Fund for Metaverse Development

These days, the metaverse is everywhere. Joining the growing trend, KuCoin Labs, the investment and research firm of the global crypto exchange KuCoin has launched a $100 million fund to invest in metaverse projects.

The metaverse is a virtual-reality world where users can interact with computer-generated environments and other users. KuCoin Labs reveals that the $100 million fund will be used to invest in GameFi, NFTs, and decentralized infrastructure projects.

In addition to supporting development, KuCoin Labs noted that the

"fund will also support the metaverse education programs to assist the younger generation in exploring its potentials."

Flipsider:

  • While blockchain and gaming platforms currently dominate metaverse conversations, experts believe its best use lies in the work space

Why You Should Care

By combining artificial intelligence with AR and VR, the metaverse looks to change the way we interact online, play games, and even work.

Nvidia Crypto Mining Chip Sales Dropped 60% in Q3, Forecasts Robust Revenue on AI

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

  • Regardless of its sharp decline in sales going from Q2 to 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 has placed its predictions very high, betting on more companies to turn to artificial intelligence amidst 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.

Crypto.com Token (CRO) Rallies after Company Buys Rights to Staples

Crypto.com’s CRO token soared by more than 30% on November 18, breaking into the top 20 cryptos. CRO has now set a new all-time high of $0.5938 as it is ranked as the 15th largest crypto with a market cap of $14.56 billion.

The seven-day price chart of CRO. Source: Tradingview

The CRO price jump comes after the cryptocurrency trading platform, Crypto.com, secured a $700 million 20-year contract deal with the Anschutz Entertainment Group (AEG) for the naming rights to the Staples Center in Los Angeles.

Flipsider:

  • The name change will not happen until Christmas Day when the Lakers host the Brooklyn Nets.

The deal is one of the biggest naming rights agreements in sports history. According to Dan Beckerman, president and CEO of AEG, “this partnership is about the future.”

After the deal was announced, the Crypto.com CRO token began to rise, reaching its ATH on November 18. The CRO token now trades at $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.

Teen Arrested by Canadian Police in Crypto Theft Worth $36.5 Million

A Hamilton teen has been arrested by the Canadian Police in connection with a crypto theft of $36.5 million (C$46 million). In a press release, the Hamilton police said that this is the single largest cryptocurrency scam in Canadian history.

According to the press release, investigations began in March 2020 after the victim reported he was targeted in 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. The Hamilton police worked with the U.S. Federal Bureau of Investigation and the U.S. Secret Service Electronic Crimes Task Force.

Flipsider:

  • A teenager and his 9-year-old sister in Texas in August said they make $35,000 a month by mining Bitcoin

Why You Should Care

SIM swap attacks are not only used in crypto scams; it is crucial to protect our sensitive information at all times.

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