High-profile sports sponsorships driving Crypto.com user base expansion

Treehouse expands NFT data offering through Origins acquisitionTreehouse, a Singapore-based Web3 data firm, has bolstered its presence in the NFT analytics market with the recent acquisition of Origins Analytics, an NFT analytics platform. This strategic move is aimed at enhancing Treehouse’s NFT product offerings and expanding its capabilities in the flourishing NFT ecosystem.Photo by Andrey Metelev on UnsplashAcquisition synergyTreehouse announced the acquisition on Thursday, via a press release published by PR Newswire. Origins Analytics has distinguished itself as a leader in NFT data analysis. The enterprise had raised $4 million in funding in 2022, going on to grow a community of over 10,000 users. The enterprise-grade platform offers valuable insights and services to NFT enthusiasts and investors.Origins Analytics proficiency in both on-chain and off-chain data analysis had made it a highly sought-after name in the NFT space. With this acquisition, Treehouse is doubling down on its intention to deliver comprehensive NFT analytics services to its clientele.In reorganizing the businesses following acquisition, the founding team of Origins Analytics will be joining forces with Treehouse. Treehouse’s management believes that this synergy of expertise from both companies will ensure a seamless transition and integration of Origins’ capabilities into Treehouse’s existing suite of offerings.Broadening service offeringThe integration of Origins Analytics opens up new avenues for Treehouse’s service portfolio. As a consequence, Treehouse will now be able to offer an algorithmically tagged NFT wallet notification system. This will allow its clients to anticipate and better leverage algorithms to deliver real-time updates on NFT transactions and wallet activity.Treehouse is set to introduce NFT analytics bots designed to provide comprehensive data insights and market trends, empowering users to make informed decisions in the dynamic NFT sector. Additionally, the company will go forward to offer an NFT wallet profiling API, granting users deeper insights into NFT wallet activity and aiding in trend identification and opportunity spotting.CEO of Treehouse, Brandon Goh, conveyed his enthusiasm for the acquisition and the broader NFT analytics market, stating:“Treehouse is excited to make this move into NFT analytics. This strategic acquisition underscores our commitment to our clients, many of whom have NFT exposures. Our team is gearing up to integrate Origins’ system into our flagship product, Hyperion, confident that its technology aligns with our users’ needs and paves the way for us to serve the wider NFT community. Despite the bear market, Treehouse is expanding and is actively looking to acquire synergetic businesses.’’Expansion ambitionsTreehouse’s decision to acquire Origins Analytics comes hot on the heels of its successful seed round in 2021, which saw it raise $18 million from prominent investors, including Lightspeed, MassMutual, Binance, Mirana, LeadBlock, Jump, GSR and Wintermute. This recent acquisition stands as a testament to Treehouse’s ambition to broaden its Web3 portfolio and provide cutting-edge services to its valued clients.While the exact financial terms of the acquisition remain undisclosed, Treehouse clearly views this move as a strategic investment in the rapidly expanding NFT market. The company demonstrates confidence in its ability to harness the potential of the NFT sector, even in the face of challenging market conditions.

UAE’s RAK DAO Partners with HBAR Foundation to Support Web3 StartupsRAK Digital Assets Oasis (RAK DAO), the world’s first free zone dedicated to digital and virtual asset companies located within the United Arab Emirates (UAE), has announced a collaboration with the HBAR Foundation which aims to provide growth and funding opportunities to members of the free zone.Leveraging blockchain technologyThe Cayman Islands-based HBAR Foundation, the project team behind the Hedera public ledger, will assist RAK DAO members in leveraging cutting-edge technologies, including blockchain, and building economies and applications on Hedera.In a joint statement released on Tuesday, the partners outlined the benefits of the collaboration, which include a grant program, financial backing processes, and specialized expert support in technology, marketing, and business development. They also aim to support the scaling of adoption and innovation of new ideas in the Web3 space.Photo by Mostafa Ashraf Mostafa on UnsplashRas Al Khaimah free zoneSheikh Mohammed bin Humaid Al Qasimi, Chairman of RAK Digital Assets Oasis, expressed his excitement about the partnership, stating: “Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward. This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”Ras Al Khaimah is the largest city within the Emirate of the same name. It’s the sixth largest city in the UAE and home to the RAK DAO free zone.In March, Ras Al Khaimah enacted a law to establish RAK Digital Assets Oasis, demonstrating its commitment to diversification, attracting new businesses, and positioning itself as a global tech center. The free zone is exclusively focused on digital and virtual asset companies operating in various sectors such as the metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens, decentralized autonomous organizations (DAOs), decentralized applications, and other Web3-related businesses.Various initiativesAs part of the collaboration, RAK Digital Assets Oasis and HBAR Foundation will undertake several initiatives, including start-up and scale-up pitching sessions, opportunities for partners and investors to connect, and exploration of joint projects such as venture studios or accelerators. Grantees of the HBAR Foundation will also benefit from discounted set-up and licensing packages to establish their presence within RAK Digital Assets Oasis.Shayne Higdon, CEO of HBAR Foundation, acknowledged the UAE’s reputation as a dynamic hub for Web3 innovation and its ability to attract global enterprises and top-tier talent. Higdon stated: “Through this exclusive relationship we are honored to provide grantees with greater access to the UAE while working together to establish RAK Digital Assets Oasis as a major hub for the Web3 and digital assets sector.”The UAE has been actively investing in its infrastructure and implementing policy reforms to attract more entrepreneurs and businesses, aiming to grow its non-oil sector. The country’s digital economy is projected to surpass $140 billion by 2031, up from nearly $38 billion at present, according to a report by the Dubai Chamber of Digital Economy in February.

Laos Halts Crypto Miners’ Electricity Amid Drought and DebtsLaos, a leading producer and exporter of hydroelectricity, has made the decision to suspend electricity supply to cryptocurrency mining operations within its borders.Photo by Ioana Farcas on UnsplashTackling a perfect stormThe decision comes as a result of a perfect storm of challenges, including a struggle to meet escalating power demands due to drought conditions, impending commitments to export electricity to Thailand, and the mounting debts of cryptocurrency mining companies.In a calculated move in 2021, Laos initiated a public-private pilot program aimed at delving into cryptocurrency mining and trading. The context for this move was China’s sweeping crackdown on mining activities, compelling miners to scout for alternative jurisdictions for their operations.In response, Laos granted authorization to a handful of entities, spanning construction conglomerates and a bank, to partake in the mining and trading of Bitcoin, Ethereum, and Litecoin. This led to a commitment to regulatory collaboration between government ministries, the Bank of Laos, and Electricité du Laos (EDL).Exploiting hydropowerLaos’ abundant and affordable electricity has placed it on the short list of locations for crypto miners to settle in. With an abundance of rivers and waterfalls, hydropower stands as one of the nation’s primary energy sources, offering a renewable source of cost-effective electricity.However, events in 2023 have disrupted that narrative. A persistent drought has hit the country during the first half of the year, which triggered an unprecedented surge in the demand for electricity from sources other than hydro.The dependence on hydropower, constituting 95% of the nation’s energy generation, struggled to keep pace with the demand. As a direct consequence, EDL, a state-owned electricity distributor, announced the cessation of electricity supply to crypto mining operations.The problem has compounded as Laos finds itself committed to exporting substantial quantities of electricity to the Electricity Generating Authority of Thailand (EGET), serving as a lifeline for Thailand’s power grid during the forthcoming dry season. This external commitment has, in turn, further strained the local capacity for electricity supply.Another Asian country, Bhutan, has also gotten involved with crypto mining in an effort to exploit its hydropower resources, where 99% of electricity supply comes from hydropower within the kingdom.Unpaid billsAnother dimension to the saga is the growing debt crisis faced by cryptocurrency mining operations. A representative of EDL cited the inability of these mining businesses to settle their accumulating electricity bills as a key factor in the decision for suspension. The Bank of Laos has further escalated matters by deciding to halt loans to cryptocurrency companies in January.Laos has had bold objectives to transform itself into Southeast Asia’s premier exporter of clean electricity. The nation’s topography, featuring mountainous terrain covering 70% of the country, has immense potential for hydropower, with over 26,000 megawatts of installed capacity and ambitious plans to double this figure.Hydroelectric dams like Nam Theun 2 have become conduits for substantial volumes of low-cost electricity, primarily directed towards neighboring Thailand and Vietnam. Meanwhile, projects like the Luang Prabang dam, boasting an installed capacity of 1,460 megawatts, underscore the country’s ambitions to develop hydropower further.Revenues from power exports have become a vital component in Laos’ gross domestic product (GDP), contributing almost 15%, as per a report from October 2022.