AliExpress Partners With ‘The Moment3!’ NFT Project

Ethiopian Investment Holdings, the largest sovereign wealth fund in Africa, has announced the signing of a memorandum of understanding (MoU), which is suspected to involve a deal on Bitcoin mining. Deal uncertaintyTaking to LinkedIn on Feb. 15, the sovereign wealth fund outlined details of a partnership with Data Center Service, a subsidiary of Hong Kong’s West Data Group. Separately, Kal Kassa, CEO of Ethiopian operations at Hashlabs Mining, posted on the X social media platform, outlining that it was a stakeholder in the project and that it involved Bitcoin mining. The matter lacks full confirmation however, given that Kassa subsequently deleted his post while the sovereign fund’s statement falls short of mentioning Bitcoin mining. Once verified, the project would signify a substantial investment of $250 million. It’s understood that the investment would be directed towards the establishment of state-of-the-art infrastructure tailored for data mining and artificial intelligence (AI) training operations within Ethiopia.Photo by Kelly on PexelsExploiting abundant energy resourcesA key component of this venture may involve the setup of Bitcoin mining operations utilizing Canaan Avalon miners. This initiative would align with Ethiopia's broader strategy to capitalize on its abundant energy resources to attract international investment and stimulate economic growth.Ethiopia has about 5,200 MW of installed generation capacity, 90% of it coming from hydropower and the remainder from wind and thermal sources. While the official confirmation from the government is pending, the ambitious project has sparked both excitement and skepticism within the industry. Concerns linger regarding the energy-intensive nature of Bitcoin mining and its potential strain on the local electricity supply, an issue of particular relevance in a nation where energy accessibility remains a pressing challenge for many. Bloomberg reportEarlier this month, a report from Bloomberg highlighted Ethiopia as being a new haven for Chinese crypto miners. Following the imposition of a mining ban in China in 2021, many operations were redeployed overseas. Kazakhstan in particular was a popular choice. The Eurasian country wasn’t prepared for the influx, leading to power blackouts.Hashlabs Mining co-founders Jaran Mellerud and Alen Makhmetov both featured in the article. Mellerud outlined the difficulty, stating:“Firstly, countries can run out of available electricity, leaving no room for miners to expand. Secondly, miners can suddenly be deemed unwelcome by the government and be forced to pack up and leave.”Makhmetov outlined that he had a 10 MW facility in Kazakhstan which still sits idle today as curbs and taxes enforced in Kazakhstan on miners “basically killed the industry.” Despite these difficulties in Kazakhstan and China's official ban on cryptocurrency trading, the legalization of Bitcoin mining in Ethiopia in 2022 has spurred a notable influx of Chinese miners seeking new investment avenues. Ethiopia will need to be mindful of the difficulties experienced in Kazakhstan. With that, the Ethiopian government's move towards regulating cryptographic products, including mining activities, reflects a measured yet optimistic approach towards harnessing the economic potential of Bitcoin mining. This regulatory framework aims to strike a balance between fostering sector growth and safeguarding the country's energy security and environmental commitments.  

Untangled Finance Launches Tokenized RWA PlatformUntangled Finance has officially launched its tokenized real-world asset (RWA) marketplace on the Celo network, according to a report by CoinDesk.Photo by Blake Wheeler on UnsplashVietnamese rootsThe platform’s inauguration follows a successful $13.5 million venture capital funding round, with Fasanara Capital, a London-based asset management firm, serving as the lead investor. Untangled is also London-headquartered, with most of its employees from Vietnam.Private tokenized credit poolsIn addition to its investment, Fasanara Capital has initiated two private tokenized credit pools on the Untangled platform, focusing on off-chain operations and underwriting loans.Untangled’s expansion plans are ambitious, aiming to extend its reach to the Ethereum (ETH) network and the layer 2 scaling solution Polygon (MATIC) via Chainlink’s Cross Chain Interoperability Protocol. This strategic move transforms Untangled into a multi-chain and interoperable RWA credit protocol, catering to a broader spectrum of users and assets.Untangled Finance’s specific focus lies in the private credit market, a sector valued at over $1 trillion. The platform aims to bridge the gap between traditional private credit and blockchain technology by tokenizing these assets. Currently, decentralized finance (DeFi) platforms account for only $550 million of private credit assets, according to data from rwa.xyz.To achieve this, Untangled is concentrating on fintech lending, including services like invoice financing and consumer loans based on salary advances. The platform also targets “green assets,” such as working capital or development loans for eco-friendly infrastructure projects like battery swapping stations.Untangled serves as the infrastructure to host blockchain-based credit pools. Investors, including certified investors, firms, and decentralized autonomous organizations (DAOs), can deposit funds into these pools to lend and earn a yield. In return, depositors receive an ERC-20 token representing their positions in the pool.Asset tokenization potentialAsset tokenization, the process of representing traditional financial assets on a blockchain, has emerged as a key growth opportunity in the digital asset space. This trend comes as the industry grapples with the aftermath of a challenging bear market and the fallout from high-profile implosions witnessed in recent years.Tokenization has the potential to transform various real-world assets, such as credit, real estate, or bonds, into blockchain-compatible tokens.Untangled Finance is attempting to set itself apart from other RWA lending protocols through innovative product features, including a built-in liquidation engine designed to auction off collateral assets if the pool’s health falls below a certain threshold. The platform also employs a credit assessment model to monitor borrowers’ future default risks and offers an auction-based withdrawal mechanism for investors seeking an early exit from the pools.Francesco Filia, CEO and CIO of Fasanara Capital, commented on the significance of this development, stating:“We see an upcoming merging of worlds. “On one side, fintech lending which fills the gap in underserved SME and consumer markets and, on the other, the way values are being transferred within the new world of digital assets.”

Expanding beyond the Ethereum Virtual Machine (EVM) domain, Malaysia-headquartered Etherscan has officially acquired Solscan, a prominent block explorer within the Solana ecosystem.Photo by Shubham’s Web3 on UnsplashEnhancing cross-chain analysisThe acquisition, announced earlier this week, signifies a noteworthy development within the blockchain industry and is poised to bring about a new interface aimed at enhancing cross-chain analysis. Solscan, based in Singapore with its primary team in Vietnam, was previously majority-owned by TomoChain Lab, a Singaporean blockchain software developer. The deal’s terms were not disclosed and the acquisition places Solscan in the same league as Polygonscan within the family of Etherscan block explorers. Diversifying product offeringEtherscan, established in 2015, stands as one of the earliest crypto projects, initially focusing on the EVM space. The platform offers an explorer-as-a-service product for blockchain explorers, with the acquisition of Solscan marking a significant step in diversifying its offerings. Since its inception in 2021, Solscan has risen as a leading explorer in the Solana ecosystem, catering to over three million monthly users. Providing services such as detailed address, token, transaction information, APIs, dashboards and NFT metadata, Solscan mirrors Etherscan’s services but is tailored for the Solana network. The merger between Etherscan and Solscan is anticipated to bring forth a series of enhancements and innovations, with both platforms benefiting from the integration of additional features. The roadmap for this collaboration outlines improvements in user interfaces, navigation and overall accessibility, promising an enriched user experience. Solscan, in its announcement, assured its commitment to the Solana community, vowing to maintain unparalleled blockchain exploration services. The shared vision of Etherscan and Solscan revolves around providing what Etherscan termed “credibly neutral and equitable access to blockchain data,” underlining their commitment to transparency and fairness in the blockchain space. Matthew Tan, CEO and founder of Etherscan, expressed excitement about the acquisition and highlighted the alignment of Solscan’s expertise in making blockchain data accessible and user-friendly with Etherscan’s mission. The acquisition is expected to contribute significantly to the broader blockchain ecosystem. Solscan serves as a crucial player in the Solana ecosystem, an Ethereum alternative. The platform assists users in viewing information within the Solana blockchain, managing accounts, tracking transactions and exploring investment opportunities across various crypto platforms. Solana resurgenceThis deal comes at a time when Solana’s momentum is evident, ending 2023 on a strong note. In December 2023, NFT sales on the Solana network surpassed those on Ethereum for the first time. Solana has experienced substantial growth in comparison to Ethereum, both in terms of its token’s value and against the U.S. Dollar. The fall of crypto exchange FTX had a large impact on Solana and its ecosystem as FTX had been heavily involved within that community and associated projects. The exchange still holds a sizable amount of locked SOL tokens. Following its collapse, the SOL unit price fell below $10. At the time of writing, it stands at $100. The acquisition of Solscan by Etherscan underscores the resurgence of the Solana ecosystem, with major players in the Web3 space recognizing the value of Solana-based technology. As both platforms collaborate, users can anticipate a more robust and interconnected blockchain exploration experience.