Cryptotax secures pre-series A funding from Hashed

Hong Kong’s Metalpha Secures $5M Investment from BitmainMetalpha Technology Holding, a Hong Kong-headquartered crypto-based wealth management company, has recently announced a significant milestone for its Next Generation Fund I. The fund, put together in collaboration with NextGen Digital Venture Limited, has secured a strategic investment of $5 million from Bitmain, a prominent player in the crypto space.Photo by Pixabay on PexelsFund expansionThe timing of this investment is noteworthy as Metalpha’s licensed fund products are experiencing rapid growth. These products cater to the increasing demand for exposure to cryptocurrencies among institutional investors, family offices, and high net worth individuals. The Next Generation Fund I serves as a regulated and compliant avenue for investing in the Grayscale Trust’s digital asset investment products through structured derivatives.Having set a target capital raise of $100 million, the fund had already secured $20 million by March of this year, demonstrating a strong market interest. This additional $5 million investment from Bitmain further solidifies Metalpha’s position and potential for expansion.Adrian Wang, the President of Metalpha, commented on the development: “We aim to capitalize on the fast growing digital assets industry here in Hong Kong and provide our clients with competitive, complaint products worldwide.”Founded in 2015, Metalpha aims to provide customers with high-quality investment products and trading capabilities. The company, which went public in October 2017, claims to deliver the best structured derivative products to participants in the cryptocurrency market.Strategic investmentThe strategic investment from Bitmain not only brings substantial financial backing to Metalpha’s Next Generation Fund I but also signifies the confidence that industry leaders have in the company’s potential. Bitmain’s reputation as a prominent manufacturer of cryptocurrency mining hardware lends credibility to the investment and serves as a testament to Metalpha’s position in the market.The digital assets sector has had to deal with a 2022 bear market and macroeconomic headwinds. Notwithstanding that, the investment is timely and while we are not in bull market conditions, the space remains progressive, working towards ongoing adoption. Institutional investors, in particular, are increasingly seeking exposure to digital assets as part of their diversified portfolios. Metalpha’s licensed fund products provide a regulated and compliant solution to meet this demand, offering investors a secure and structured way to access the cryptocurrency market.Asian hubHong Kong, as a global financial hub and aspiring crypto hub, has witnessed substantial interest in digital assets in recent months. The region’s supportive regulatory environment, combined with its proximity to major Asian markets, makes it an attractive destination for companies like Metalpha to operate and grow. The autonomous Chinese territory’s credentials have been bolstered in that respect recently with a move to permit retail crypto trading while enabling aspiring digital asset unicorns.The $5 million investment from Bitmain will enable Metalpha to further enhance its fund offerings, expand its reach, and strengthen its position as a leader in crypto-based wealth management. With the financial support and industry expertise of Bitmain, Metalpha can leverage this partnership to drive innovation and develop new investment opportunities for its clients.As the digital assets industry continues to evolve and mature, companies like Metalpha play a crucial role in bridging the gap between traditional finance and the crypto space. By providing regulated investment products and maintaining compliance with regulatory frameworks, Metalpha contributes to the overall growth and legitimacy of the cryptocurrency market.

Rotonda Signs Deal with The Sandbox for Blockchain Ecosystem ExpansionRotonda, a subsidiary of Korean crypto exchange Bithumb and the operator of the Web3 digital wallet Burrito Wallet, announced that it has signed a memorandum of understanding (MOU) with metaverse platform The Sandbox to expand its blockchain ecosystem.Photo by Shubham Dhage on UnsplashA space for creativity and monetizationThe Sandbox is a global metaverse platform that allows users to easily create and participate in games, avatars, and items. It also provides free three-dimensional content creation tools called VoxEdit and Game Maker, and users can monetize their content. It has partnered with over 400 major companies, including Netmarble, LINE Studio, Ubisoft, and Zynga, securing some five million subscribers worldwide. “We expect that users will be able to enjoy a new Web3 experience within the metaverse, where they can create their own content,” said Max Minchul Shin, CEO of Burrito Wallet.Elevating the metaverse experienceThrough the new partnership, Burrito Wallet will support wallet integration within The Sandbox’s platform by unifying the on-chain experience across services. Burrito Wallet users will thus have more convenient access to various content within The Sandbox, including LAND — the platform’s virtual real estate space for interacting and showcasing creativity — as well as personalized avatars and assets, and an NFT marketplace. Additionally, the company plans to enhance wallet utility by supporting the multi-chain functionality of SAND, The Sandbox’s utility token.“Our partnership with Burrito Wallet will make it easier and more convenient for users to enjoy The Sandbox,” said Cindy Lee, CEO of The Sandbox Korea.“We will continue to collaborate with companies from various fields to advance the Web3 market and establish ourselves as a distinguished wallet service in the global market,” Shin added.Rotonda’s global initiativesRotonda is actively collaborating with global projects to promote the mass adoption of Web3 and blockchain technology. Last month, it launched the iOS version of Burrito Wallet in a move to expand availability for Web3 users on all operating systems. The company also recently co-hosted Next Block 2023 with its parent company Bithumb to promote business collaboration and build an ecosystem for accelerating Web3 projects.

One Store’s App Market to Support Polygon-Based dAppsSouth Korean native app market One Store said Friday that it has signed a memorandum of understanding (MOU) with Polygon Labs, the operator of the Polygon blockchain network, to provide robust support for Web3 games and decentralized applications (dApps) as part of its upcoming global service expansion.The signing ceremony for the MOU took place on Thursday at One Store’s headquarters in Seongnam, Gyeonggi Province. Peter Chun, CEO of One Store, and Marc Boiron, CEO of Polygon Labs, were in attendance.Polygon is a layer 2 scaling solution for Ethereum, with numerous domestic and international gaming companies already partaking in the Polygon ecosystem for a variety of purposes, such as Web3 game development and technological collaborations.Elevating user experienceThis new partnership is part of One Store’s efforts to offer enhanced choices for mobile users worldwide, setting its sights on overseas expansion and the creation of a global platform. With a focus on supporting Web3 games, the platform aims to cater to the blockchain gaming and app user base on an international scale, thus contributing to the expansion of the Web3 gaming ecosystem.Photo by Jonas Leupe on UnsplashAccording to the agreement, One Store will support marketing for Web3 games that have onboarded the Polygon platform, while Polygon Labs will encourage game developers that use its platform to enter One Store’s global market.“Through the upcoming global One Store platform, we will connect with users worldwide who are eagerly anticipating Web3 games and apps,” CEO Chun said.This marks a significant step towards the realization of a vibrant Web3 gaming and dApp landscape on a global scale. The collaboration is expected to bring about new opportunities and experiences for users seeking innovative and engaging digital content.Polygon’s collaboration with Korean industry leadersPolygon Labs has been teaming up with other Korean companies as well, including the telecommunications giant SK Telecom, in efforts to further nurture the ever-growing Web3 ecosystem.