Samsung NEXT’s investment arm has participated in a seed round of investment from Web3 startup Startale Labs, developer of Astar Network. This and more news is in this handy daily digest so you’re always up to date with the latest developments in the crypto world.
Samsung invests in the development of Web3
📍Samsung's investment arm participates in Startale Labs' seed round. Samsung, one of the world’s largest multinational technology, consumer electronics and financial conglomerates, has invested in Web3 development company Startale Labs, behind the development of the Astar Network protocol. According to Web3, the investment was made through Samsung NEXT’s investment arm, Samsung NEXT Ventures.
Samsung's investment aims to accelerate the expansion of Startale Labs' Web3 product suite and the growth of its workforce.
In total, the technology company has raised $3,5 million in this initial round, which also included the participation of UOB Venture Management, a multinational bank based in Singapore.
In its previous round, in which Sony participated, Startale Labs raised another $3,5 million, bringing its initial capital to $7 million, to consolidate its expansion and development plans in the Web3 ecosystem.
In addition to this, Startale Labs also develops a blockchain together with Sony, which is focused on creating a global infrastructure that simplifies the use of new technologies.
Outsyde Tokenizes Real Estate on Polygon Network
📍Outsyde is bringing land ownership tokenization to the Polygon blockchain. Polygon Network developers have announced that Outsyde, an eco-friendly project focused on real estate tokenization on the blockchain, is expanding to the Polygon network by tokenizing land ownership rights on the blockchain to improve monetization opportunities for its partners and suppliers.
The project focuses on tokenizing land on the Algorand blockchain, and now on the Polygon Network, through fractional non-fungible tokens (NFTs) that represent carbon offsets. These tokens can be sold as green investments and their generated profits and gains can be used for the acquisition of additional at-risk land and for funding new ventures, according to the company. Indian the project.
Through the Polygon Network, Outsyde seeks to accelerate the tokenization of land, to convert these illiquid assets into liquid and tradable assets, creating new forms of monetization in the real estate market.
South Africa allocates resources to stablecoin adoption
📍South Africa's 2024 budget includes resources to accelerate the adoption of digital payments through stablecoins. According to a report According to a report released by the country’s National Treasury Department, stablecoins will be included in current regulations as a “special type of cryptoasset,” in order to boost new applications and use cases and accelerate the adoption of digital payments.
In addition to this, the Intergovernmental Task Force on Financial Technology recently highlighted that it will publish a new report on the role of tokenization in financial markets by the end of this year.
Spot ETFs and the risks of centralization on Ethereum
📍A recent report published by S&P Global Ratings highlights the risks that the approval of spot ETFs poses for the Ethereum network. According to the rating agency, the possible approval of spot investment funds for Ethereum could aggravate the centralization of this blockchain network, putting its security and stability at risk in the long term.
The report highlights that ETFs could “exacerbate the risk of concentration” of ethers held by a few entities.
The agency acknowledges that there is a high level of probability that these exchange-traded funds will be approved this year by the SEC, which would increase the risk of concentration in the cryptocurrency, especially if investors “choose a single entity to stake the majority of the ether included in these ETFs,” he pointed The report.
Currently, liquid staking platform Lido controls almost a third of all staked ether.
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