SC Ventures Exits Digital Asset Custody Infrastructure Investment

Socket Protocol Raises $5M in Strategic PartnershipSocket Protocol, an interoperability protocol founded by Indian duo Rishabh Khurana and Vaibhav Chellani, has raised $5 million with the strategic investment coming from Coinbase Ventures and Framework Ventures.Despite the ongoing bear market, cross-chain protocols like Socket have continued to attract substantial investment, underlining the growing belief in a future where different blockchains seamlessly connect.Photo by Towfiqu barbhuiya on UnsplashMore than just fundingSocket Protocol, designed to enhance communication between various blockchains, secured this funding to further its collaboration with Coinbase. The firm articulated the nature of the funding and that collaboration on X (formerly Twitter) on Wednesday.The partnership aims to create bridging opportunities for developers and users of Coinbase Wallet and Base, Coinbase’s recently launched layer-2 network built on Ethereum. Socket explained that there is already evidence of that collaboration, borne out by a bridging feature that has already been built into Coinbase Wallet, and powered by Socket Protocol.In relation to the newly launched Base network, the project stated: “We are also helping developers and apps expand to Base with a seamless onboarding experience. Rainbow Wallet, Layer3, Bungee, Zapper & more apps leverage Socket to get their users onboarded to Base already!”As the cryptocurrency ecosystem witnesses the emergence of new layer-2 networks or “rollups” and the continuous expansion of layer-1 blockchains, Socket Protocol positions itself as a critical player in connecting these fragmented ecosystems.Seamless cross-network communicationThe protocol’s primary goal is to facilitate communication between different blockchains, allowing them to interact seamlessly. By offering a bridge for assets, Socket Protocol simplifies cross-network transactions, effectively making the experience akin to operating on a single unified blockchain.Socket boasts that since the launch of the project, it has facilitated over 2.5 million cross-channel transactions, accounting for $3.5 billion in value transfer, while claiming that this is just the starting point, with the project aspiring to grow past that milestone going forward.The recent fundraising highlights the increasing interest in interoperability solutions like LayerZero, as investors recognize the significance of bridging for the future of blockchain technology. Notably, inter-bank messaging system Swift revealed experiments involving the transfer of tokenized value across various private and public blockchains, with Chainlink’s Cross-Chain Interoperability Protocol playing a pivotal role in these experiments.Socket Co-Founder Chellani emphasized the importance of scalable solutions for the future. He noted that “rollup-to-rollup communication is really important” for achieving scalability, aligning the scaling future with the concept of a multi-chain or cross-chain future. “I think the scaling future, and the multi- or cross-chain future are the same thing,” he added.This investment in Socket Protocol, coming at a time of market uncertainty within the crypto space, reflects the growing confidence in the potential of blockchain interoperability to unlock new possibilities and create a more interconnected blockchain landscape.

Libeara gears up to offer tokenized Singapore dollar government bondsStandard Chartered’s fintech investment subsidiary SC Ventures has unveiled Libeara, a platform set to cause a stir with the introduction of the first-ever tokenized Singapore-dollar government bond fund.Once launched, the offering would provide for a significant departure from traditional bond funds, offering a sleek and digital twist to the stable investment option. There’s no fixed date for the product offering as yet, as it will need to be approved by the local regulator, the Monetary Authority of Singapore (MAS).Photo by Zhu Hongzhi on UnsplashGreater accessibility and liquidityLibeara’s emergence signifies yet another instance of the convergence of traditional financial instruments in combination with blockchain technology. Through the tokenization of government bonds, Libeara not only aligns with the evolving preferences of modern investors but also promises greater accessibility and liquidity in the bond market.Within Libeara’s distributed ledger-based innovation, each token mirrors a unit of the bond fund, embodying its value and ownership rights. This approach streamlines the investor experience, ensuring a seamless process from onboarding to subscription and redemption of tokenized units. Libeara’s model addresses historical inefficiencies, enhancing the efficiency, transparency and security of bond trading that has long been plagued by cumbersome processes and intermediaries.Aaron Gwak, Founder and CEO of Libeara, provided further details on the new startup’s market offering:“This will be the first time a Singapore-dollar government bond fund will be offered in token format. At Libeara, we care deeply about not only creating a token representing an asset but also about how close the token is to the actual asset. Ensuring that FundBridge’s investors can buy native tokens, where each token represents a unit of the fund, is central to the infrastructure of the tokenisation solution that we have created for FundBridge.”Catering to accredited investorsLibeara’s product proposition caters to accredited investors and is positioned as a collaborative effort with industry leaders. The new start-up is emerging in Singapore, wholly owned by SC Ventures while partnering with FundBridge Capital, both headquartered in the city-state.The firm has partnered with enterprise-grade platform Fireblocks for digital asset infrastructure. There’s further Singaporean involvement by way of partnerships with local entities such as digital assets services group Fazz and digital asset payments infrastructure firm StraitsX for crypto-to-fiat conversions. Chainalysis has been contracted for its on-chain AML capabilities, Hong Kong’s Chekk for KYC solutions and local firm Letsbloom for cloud deployments and compliance.Sue Lynn Lim, CEO and COO of FundBridge Capital, emphasized the transformative potential of the venture, stating:“By partnering with Libeara, we are ensuring that we can provide additional investment opportunities enabled by lower operating costs, higher transparency and higher operational efficiency.”The move not only involves creating a digital representation of an asset but reimagining the asset itself in a digital format for increased accessibility, ease of trade and potential profitability.

Singapore’s SAI.TECH, a bitcoin miner and mining infrastructure hardware developer, has chosen to consolidate its product offering. The company has simplified its product range by categorizing them as Ultiaas, Boltbit, and Heatnuc. Virtual annual conferenceThe company took the opportunity to host SAITIME 2023, a virtual corporate annual conference, using the event as a platform to announce its SAIHUB product consolidation.Ultiaas will focus on the development of hardware and software products alongside integrated solutions, in order to enable liquid cooling and heat reuse capabilities while attempting to achieve optimized energy efficiency. In practical terms, these products convert mining chip heat into reusable energy.The team behind the Ultiaas product line believes that the technology can have a significant positive effect on data centers through the harnessing of chip heat in commercial, residential, industrial and agricultural locations. The firm has thoroughly tested the product, with its first successful operation at its testing and distribution facility in Ohio in the United States. According to a press release, the company says that “we look to tap into the state’s vast reservoir of clean energy.” With that, it is already working on the construction of a second site.The green bitcoin mining specialist recycles 90% of the waste heat produced in the mining process, thanks to the technology that it has developed.Boltbit concerns itself with the provision of decentralized transaction system services and technical support. It focuses on blockchain and lightning network technology. Lastly, Heatnuc will focus on the research and promotion of small modular reactors. Unusual price actionThe company, which listed on the Nasdaq last year following a special purpose acquisition companies (SPAC) merger in 2021, was the center of some speculative interest last week. The firm’s shares surged by over 360% to a high of $7.42 in one day’s trading. A week on, the share price has calmed down, trading at $3.68 on Friday. The rationale behind the short-lived share price surge remains a mystery. Kazakhstan scale-backIn August of last year, SAI.TECH decided to scale back an active bitcoin mining site that it is involved in in Kazakhstan. A second phase of the project would have brought 90 MW online. It is still working on phase 1 which will bring 15 MW online.Kazakhstan had seen an influx of bitcoin miners in the wake of a China mining ban a few years ago. The sudden surge in energy consumption on the Kazakh energy grid upset the national power supply, resulting in protests and riots. The country then pushed back against the miners, disconnecting many projects from the grid. It was against this background that it’s understood SAI.TECH decided to scale back its plans in the landlocked Eurasian country.