Venture capital firm Sequoia Capital is creating a fund to boost the development of startups focused on cryptocurrencies and the blockchain industry. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin and Blockchain Adoption
📍Venture capital firm Sequoia Capital calls cryptocurrencies the “money of the future” and launches fund of up to $600 million for crypto companies. Sequoia Capital wants to boost the growth and development of companies and startups cryptocurrencies, , through its new fund of up to $600 million. The creation of this fund is the latest sign of the venture capital firm's enthusiasm for the crypto industry, he pointed Bloomberg Technology.
Shaun Maguire, a partner at Sequoia Capital, said that cryptocurrencies are the future of money. Cryptocurrencies will become a megatrend in the next 20 years, he said.
Play to Earn and Metaverse
📍Game developer Grease Monkey Games aligns with blockchain technology through Animoca Brands. The gaming software company that promotes property rights through NFTs and the MetaverseAnimoca Brands has acquired video game developer Grease Monkey Games. The transaction will help Grease Monkey Games align with the innovation that blockchain technology, cryptocurrencies, and NFTs have brought to the digital gaming industry.
Grease Monkey Games, developer of high quality motorsport games like Torque burnout y Torque drift, will add significant capabilities and expertise to Animoca Brands' gaming ecosystem, primarily, REVV Motorsport, the company said in a recent statement.
Miners
📍ConocoPhilips, the third-largest oil company in the United States, supplies gas to Bitcoin miners. A spokesman for the oil company said CNBC reported that ConocoPhilips has entered the Bitcoin mining business to supply fuels to those engaged in this emerging industry.
ConocoPhilips is selling surplus associated gas from its oil business as fuel for alternative energy generation. Instead of flaring the associated gas and polluting the environment, the company is supplying this byproduct to BTC miners to sustain their operations within the blockchain network. ConocoPhilips is currently servicing a Bitcoin mining pilot project located in Bakken, North Dakota; a region known as a major source of new oil production in the United States, the spokesperson reported.
In general, other oil companies such as Gazpromneft are also developing similar initiatives to boost Bitcoin mining through alternative and environmentally friendly energy sources, while reducing gas flaring.
📍Intel, the world's largest integrated circuit manufacturer, will develop a new, more energy-efficient Bitcoin mining chip. Patrick Gelsinger, CEO of Intel and Bitcoin critic, said Bloomberg said his company will develop a new chip for Bitcoin miners to make the activity more energy-efficient and prevent a climate crisis.
Gelsinger has been critical of Bitcoin's energy consumption for years, saying that it is an intolerant and unnecessary waste. However, he wants to offer an alternative solution by designing a new blockchain chip that will be 1000 times better than conventional GPUs. With this, the company's CEO stressed that it will help solve Bitcoin's climate problem, to make good use of the technology and offer better conditions for Bitcoin to fulfill its goal of becoming a global currency.
Cybersecurity
📍Polygon co-founder Mihailo Beljic responds to CyberCapital CIO Justin Bons' criticism of security and centralization. On his Twitter account, Beljic explained the key points of Polygon's security, indicating that the network responsibly uses multisig to increase security and that it is planning to eliminate them.
Justin Bons, CIO of CyberCapital, had said that Polygon was an insecure network due to its high level of centralization. “It would only take 5 people to commit over $5 billion!” on Polygon, he argued, to which Beljic responded with a series of tweets explaining key points about the security of stored funds and the management of the network developers. In 2021, Polygon published a transparency report on multisig, Beljic explained. He also noted that the network developers are planning to improve and eventually remove multisigs.
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