Superblock Rolls Out Crypto Wallet, Garnering Over 680K Pre-Registrants

Tel Aviv-based cryptocurrency accounting and taxation reporting platform TRES has successfully raised $11 million in a funding round led by Faction Ventures, with participation from New Form, Boldstart Ventures, Cyber Fund and Ambush Capital.Photo by Markus Winkler on Unsplash Sustained investor buy-inThe firm announced this latest financing round on its website on Wednesday. It brings TRES’s total funding to $18.6 million. This recent instance of funding comes on the heels of TRES’s previous success in securing $7.6 million in seed funding in September 2022. That round was led by Boldstart Ventures and Alchemy Ventures. The diverse participation included F2, New Form, Kenetic Capital, Blockdaemon Ventures and Mantis. With Miami-based Boldstart Ventures being a key investor in both funding rounds, Boldstart partner Shomik Ghosh took to social media on Wednesday to comment on this latest development, stating: “The Tres team and founders @TalZackonand @eilonlotem embody perseverance more than anyone I’ve ever met[.] So proud to work with you guys and learn how to handle yourselves in stressful situations taking care of family, friends, colleagues, and country[.]” $19B client baseTRES currently serves a client base with combined assets valued at $19 billion, offering comprehensive solutions to manage, monitor and reconcile digital asset activities. The platform supports over 100 Layer 1 and Layer 2 blockchains, including popular ones like Bitcoin, Ethereum, Solana and Avalanche. Notably, TRES has ambitious plans to continually expand its supported blockchains, aiming to introduce support for “new blockchains every week,” according to a recent announcement. As the cryptocurrency industry witnesses increased institutional adoption, there is a growing demand for sophisticated accounting and taxation reporting tools, mirroring those available in traditional finance. TRES is working towards positioning itself to address this need by providing a comprehensive solution for firms to gain a “full and accurate picture across all of their Web3 financial activity,” stated Tal Zackon, co-founder and CEO of TRES. Zackon emphasized the importance of compliance across accounting, audit and reporting functions, asserting that TRES facilitates an easy path for customers to navigate these regulatory landscapes. The Series A funding round, led by Faction Ventures, signifies TRES’s commitment to further developing its platform to meet the evolving needs of the crypto industry. Optimistic outlookZachon told The Block that the outlook for crypto looks bright in terms of extending its appeal to new market participants. He stated: “This next bull cycle will have something that no other bull cycle before it had — dozens of live blockchain networks, thousands of decentralized applications, battle tested infrastructure, and the adoption by major banks and government organizations around the world. The number of companies that will hold crypto on its balance sheets is about to explode, and we are here to serve them — no matter how complex the transactions are.” With this latest round of venture capital backing, TRES appears to be well-positioned in striving to become a key player in facilitating transparent and compliant financial operations for an ever-expanding array of blockchain networks and decentralized applications. As the crypto industry matures, the importance of robust accounting and taxation reporting solutions like TRES is poised to grow in tandem with the increasing complexities of financial transactions within the blockchain ecosystem.

In a historic move, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Chairman of the Board of the Central Bank of the United Arab Emirates (UAE), executed the first cross-border payment for the UAE’s central bank digital currency (CBDC), the "Digital Dirham." Utilizing mBridgeAccording to local news source Gulf News, the transaction, valued at 50 million dirhams ($13.6 million), was conducted directly with China through mBridge. mBridge is a multi-CBDC platform which has been developed to support peer-to-peer cross-border payments in real time. The blockchain-based system was established by the Bank of International Settlements (BIS), in conjunction with the central banks of Hong Kong, Thailand, China and the UAE. The project has an additional 23 central banks and the IMF involved as observers. It’s thought that mBridge can play a vital role for nations to circumvent the use of the U.S. dollar for international trade purposes. Within each participant country, the project has onboarded multiple commercial banks.Photo by Karthik B K on UnsplashMarking CBUAE’s 50th anniversarySheikh Mansour carried out this groundbreaking payment during a celebration commemorating the 50th anniversary of the Central Bank of the UAE (CBUAE). The event also witnessed the graduation of the inaugural batch of 1,056 citizens from the "Ethraa" program, a high-level training initiative at the Emirates Institute of Finance aimed at fostering Emirati representation in the financial sector. The ceremony, held at the Abu Dhabi National Exhibition Center, showcased the significant progress and development the CBUAE has undergone over its 50-year history. The apex bank has played a pivotal role in strengthening financial and monetary stability, contributing to economic growth, and implementing innovative projects as part of the Financial Infrastructure Transformation Programme (FIT program) to accelerate digital transformation in the financial services sector. Sheikh Mansour emphasized the leadership's commitment to solidifying the UAE's position as a global financial center, praising the CBUAE's role in enhancing financial and monetary stability, ensuring efficiency in the financial system and supporting economic growth and development. He underscored the leadership's dedication to empowering UAE nationals to become fintech specialists, providing them with skills and knowledge to contribute to the nation's progress. The Vice-President also commended the efforts of all CBUAE employees, the Emirates Institute of Finance and the graduates of the Ethraa program, expressing his best wishes for their success in serving the nation. During the event, Sheikh Mansour was briefed on the services offered by the "Aani" instant payment platform, designed to facilitate fast, secure and convenient fund transfers. He also witnessed the launch of "Open Finance," allowing consumers to connect and share data across the entire financial ecosystem, and the visual identity of the Ombudsman Unit called "Sanadak," the first independent unit for settling banking and insurance disputes in the Middle East and North Africa (MENA) region. According to data from the Atlantic Council, 130 nations, accounting for 98% of global GDP, have made some efforts towards exploring the adoption of a CBDC. 11 countries have actually launched a CBDC and 19 of the G20 economies are at the advanced development stage. Meanwhile, a survey report published by the BIS last summer revealed an expectation among central banks that by 2030, we could see the launch of nine wholesale CBDCs and 15 retail CBDCs.  

BitMEX Co-Founder Forecasts $750K to $1 Million Bitcoin Price by 2026In a recent interview with YouTuber Tom Bilyeu, Arthur Hayes, Co-Founder of the Seychelles-registered cryptocurrency exchange and derivative trading platform BitMEX, has expressed his bullish outlook on Bitcoin’s future price, projecting a valuation of $750,000 to $1 million for the leading cryptocurrency by the year 2026.Photo by Kanchanara on UnsplashFinite supply to drive price dynamicHayes’ optimism is rooted in several factors that he believes will shape the next Bitcoin cycle. One of the key factors driving Hayes’ projection is Bitcoin’s limited supply. With a maximum cap of 21 million coins, Bitcoin’s scarcity is expected to propel the unit price of the asset in tandem with growing demand as more investors seek to secure a piece of this finite resource.The idea that Bitcoin’s scarcity will drive its value higher has been a fundamental tenet of the cryptocurrency since its inception. In 2010 the leading cryptocurrency’s pseudonymous Founder stated: “When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes.”ETF potentialHayes also highlighted the potential for Bitcoin spot exchange-traded funds (ETFs) to become available in major regulated markets. The introduction of Bitcoin ETFs could attract institutional investors and provide a more accessible way for the broader public to invest in Bitcoin, further boosting its demand.However, Hayes also speculates about the risks associated with a Bitcoin ETF. He stated: “Are we inviting in something that’s going to fundamentally change what Bitcoin is?”Geopolitical factorsGeopolitical uncertainty plays a significant role in Hayes’ forecast also. As global economic and political instability persists, investors may turn to Bitcoin and other alternative assets as hedges against traditional financial instruments.However, it’s important to note that Hayes contextualized his Bitcoin price prediction within a larger bullish macroeconomic environment. From his perspective the surge in asset prices will not be limited to cryptocurrencies alone. He anticipates a substantial boom in financial markets, with not only Bitcoin but also traditional assets like stocks experiencing substantial price growth.Hayes stated: “I think it will be the biggest boom in financial markets we have ever seen in human history. Bitcoin will have a ridiculous price, Nasdaq will have a ridiculous price, S&P will have a ridiculous price.”Known for his thoughtful and insightful writings on the subject area, Hayes wrote in July that he believes that Bitcoin will be the currency of choice when it comes to the growing need for artificial intelligence (AI) to work directly with a means of payment.$1 million BTC by 2026While Hayes’ projection of a $1 million Bitcoin price by 2026 may seem ambitious, his short-term predictions are more moderate. He foresees Bitcoin trading in the $30,000 range for the current year. Building upon that thesis, he maintains that the possibility exists of it reaching $70,000 by 2024.This aligns with the views of other industry analysts who anticipate challenges and headwinds in the near term. There’s little doubt that recent platform failures and speculation with regard to the health of other leading crypto platforms have been retarding market performance more recently.While the road ahead may hold fluctuations and challenges, many experts believe that Bitcoin’s long-term trajectory remains promising, driven by its unique attributes and the changing dynamics of global finance.