Phoenix Group adjusts public trading launch date

Taiko Labs Raises Funding to Build Ethereum-Equivalent zkEVMTaiko Labs, a crypto startup focused on scaling the Ethereum blockchain, has successfully raised a total of $22 million in two funding rounds.According to a blog article published to the startup’s website on Thursday, the first funding round, a $10 million seed raise, was led by Sequoia China and concluded in the third quarter of 2022. The second round, a recent pre-Series A round, raised $12 million and was led by Generative Ventures, according to co-founder Daniel Wang.Photo by cottonbro studio on PexelsBroad investor participationNotable investors in the two rounds include IOSG Ventures, GSR, and GGV Capital, as well as angel investors like Patricio Worthalter, the Founder of the Proof of Attendance Protocol (POAP), Tim Beiko from the Ethereum Foundation, and Anthony Sassano, Co-Founder and COO of the decentralized virtual world, The Sandbox. Taiko Labs has not disclosed its valuation.Scaling EthereumThe primary focus of Taiko Labs is to develop a scaling solution for the Ethereum blockchain that closely adheres to Ethereum’s design and ideology. The company refers to its product as a Type 1 zero-knowledge Ethereum Virtual Machine (zkEVM).Vitalik Buterin, the inventor of Ethereum, emphasized the importance of Type 1 zkEVMs for scaling the Ethereum layer 1 in a blog post. Taiko Labs aims to extend Ethereum’s capabilities by sticking to the Ethereum Virtual Machine (EVM) specification and leveraging its best properties, as explained by Matthew Finestone, co-founder of Taiko Labs.On Wednesday, Taiko Labs released its latest version, its alpha-3 testnet, Grímsvötn, marking a significant milestone on its path to a decentralized and Ethereum-equivalent ZK-EVM.Taiko backstoryThe journey towards Taiko Labs began when Daniel Wang and Matthew Finestone worked together at Loopring Foundation, a trading and payment protocol based on zk-rollup technology. Wang served as the founder and CEO of Loopring Foundation from July 2017 until November 2021, while Finestone worked as the head of business for three years.Wang initially intended to build a decentralized social network but encountered a major obstacle — the lack of infrastructure and scalability. This realization led to the birth of the idea for Taiko Labs.Wang commented on the funding milestone, stating: “We believe that we are now on the cusp of having a truly decentralized Ethereum-equivalent ZK-rollup. This is our core mission at Taiko and we are incredibly proud to partner with leading investors who share our uncompromising vision.”The successful financing rounds will enable Taiko Labs to ensure a successful launch of its mainnet. However, the company is considering raising additional capital, partly to establish an ecosystem investment fund that will attract decentralized applications (dApps) and developers to the ecosystem.In terms of organizational structure, Taiko Labs plans to follow in Ethereum’s footsteps. Wang told The Block: “We are going to quickly convert the organization into a non-profit one. Ideally, we’ll operate very similarly to the Ethereum Foundation.”These successful funding rounds provide a solid foundation for Taiko Labs’ future endeavors, and the company is aiming to make a meaningful impact on the global adoption of blockchain technology with its focus on scaling.

Former SoftBank Executive Launches Stablecoin in Abu DhabiAkshay Naheta, a former executive from SoftBank, known for his involvement in some of the firm’s most significant deals, is embarking on a new venture in Abu Dhabi, focusing on stablecoins.Photo by Mathilde Cureau on UnsplashDRAM Trust partnershipThe 42-year-old financier has established Distributed Technologies Research (DTR) within Abu Dhabi’s international financial free zone. The firm has partnered with Hong Kong-based DRAM Trust, an entity with connections to a pool of high-net-worth individuals.Together, the firms aim to tap into the stablecoin market, which analysts at Bernstein predict will surge more than twenty-fold, reaching $2.8 trillion within the next five years. While the vast majority of stablecoins are pegged to the US dollar, DRAM coins will have backing from the United Arab Emirates dirham.Targeting high-inflation countriesThis peg to a relatively stable currency like the dirham offers greater security for individuals residing in high-inflation countries like Turkey, Egypt, and Pakistan. Additionally, it presents an alternative to the SWIFT system. While the dirham currently plays a minor role in the global economy, it has recently gained prominence as a petro-currency.“Our main focus is the unbanked and under-banked in these nations,” Naheta explained in an interview from Dubai. “If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this,” he added.Naheta previously worked as a trader at Deutsche Bank. He had played a central role in some of SoftBank’s most notable deals during his tenure. Notably, he pitched the sale of chip designer Arm to semiconductor giant Nvidia. He also led a $4 billion investment in Nvidia in 2017, generating a $3 billion profit.Since his departure from SoftBank last year, Naheta has been actively involved in various fintech projects, with the UAE serving as his base of operations.Growing stablecoin circulationStablecoins have been in existence for nearly a decade. However, their primary use has been for trading purposes to facilitate the movement of digital assets between exchanges, and their adoption in consumer payments has been limited. Currently, there are approximately $124 billion worth of stablecoins in circulation, with Tether’s USDT being the largest, followed by the Circle-issued USDC.Supporters of stablecoins view them as a superior means of achieving cost-effective and instant money transfers and payments. Nevertheless, they have encountered resistance from central banks worldwide, which are actively developing their own central bank digital currencies (CBDCs).DRAM coins will be accessible on decentralized automated market makers, including Uniswap, Sushiswap, and Pancakeswap. Additionally, the team plans to collaborate with centralized exchanges in the near future, as revealed by Naheta.UAE ‘the new Switzerland’The former SoftBank executive anticipates significant demand for DRAM coins in the UAE, where a sizable expatriate population resides. Furthermore, the country is situated close to several high-inflation nations in Africa, the Middle East, and Asia.“I’m extremely bullish on the UAE,” Naheta stated. “It’s the new Switzerland — geopolitically neutral, a great transportation hub and a top tourism destination.”

The blockchain gaming realm witnessed another milestone moment as "Heroes of Mavia," the mobile gaming sensation backed by Vietnam-based Skrice Studios, set the stage for a token airdrop on Tuesday, according to an announcement by the studio. Top free mobile game on AndroidJust days since its launch on both Apple and Android platforms, "Heroes of Mavia" has surged past the milestone of 1 million downloads, with an impressive 230,000 daily active users already immersed in its captivating world. Garnering acclaim as the top free mobile game on Android devices in China and dominating the Google Play store charts in Nigeria, the game's ascent continues with high rankings in Poland, Finland and Canada on Apple's App Store, according to Skrice Studios. While the quest to propel blockchain gaming into the mainstream remains a formidable challenge, "Heroes of Mavia" is already carving a path to success. Joining the ranks of ambitious gaming ventures vying for mainstream acclaim, including "Star Atlas," "Illuvium" and "Shrapnel," its promising trajectory is marked by its early triumphs.Photo by LinkedIn Sales Navigator on Pexels100,000 benefit from airdropA grand total of 100,000 players have earned eligibility for today's token airdrop of the MAVIA token, with a generous allocation of up to 6,250,000 tokens available for claim, representing 2.5% of the total token supply of 250 million. With a valuation soaring to $100 million, Skrice Studios stands as a testament to its remarkable growth since its last funding round two years ago, which saw an infusion of $2.5 million led by Crypto.com Capital. The studio's ascent was further fueled by a $5.5 million seed round in 2021 spearheaded by Binance Labs. In total, Skrice Studios has amassed $9 million in funding, as disclosed in its latest statement. The studio's enduring appeal has attracted notable venture capital firms keen on blockchain gaming, evidenced by its seed round in January 2022. Led by Binance Labs, that round also saw participation from esteemed investors such as Genblock Capital, Delphi Digital, Mechanism Capital, Alameda Research and Animoca Brands, among others. In a strategic move to ensure the sustainability and vitality of its in-game economy, "Heroes of Mavia" officially enlisted in Machinations’ Game Economy Health Monitoring Service. The Machinations platform can be harnessed to design and predict game economies and systems for play-to-earn blockchain games. Drawing parallels to the iconic Clash of Clans, "Heroes of Mavia," captivates players with its strategic depth, emphasizing base building, resource management and immersive tactical combat. The highly anticipated "Heroes of Mavia" token commenced trading at 7 a.m. ET on Tuesday on major exchanges such as Bybit, KuCoin and HTX, debuting with a unit price of $1.83. As of the latest update, the token is trading at $3.62, signaling a promising start to its trading journey. Blockchain gaming emerged through projects such as Axie Infinity, developed by Vietnam’s Sky Mavis. Engaging gameplay didn’t factor in the first play-to-earn iteration. However, through projects like Heroes of Mavia, 2024 could prove to be very different.