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Solana's Wallet Phantom has Secured a $109M Series B Investment Led by Paradigm

Solana’s wallet Phantom has secured a $109 million Series B investment led by cryptocurrency firm Paradigm.

Wallet, as the most critical user touchpoint, acts as a gateway for exchanges and smart contracts. Phantom is valued at $1.2 billion after this round of financing, which officially made Phantom a unicorn.

A unicorn is a technology startup that has been established in less than 10 years but is valued at more than $1 billion and has not been listed on the stock market.

Six months ago, Phantom received a $9 million Series A funding round led by Andreessen Horowitz,

CEO Brandon Millman noted that the company has been getting about 100,000 users on a weekly basis.

The company also said it is launching an iOS app and will release an Android native app in the coming months

Brandon Millman expressed an eagerness to move to open source but said it was difficult to prioritize.

He said that:

“Once it’s open-source, there’s this implicit expectation around responding to people who are leaving issues on the GitHub repo, people who are submitting pull requests, wanting to get features into the wallet,” he said. “We don’t want to start doing those things quite yet.”

The next goal for Phantom is to develop multi-chain compatibility and add support for another blockchain outside of the Solana ecosystem in its wallet.

Multi-chain will provide users with more investment opportunities.

Fractional Rebrands to Tessera after Raising $20m from Paradigm

Fractional, a Non-Fungible Token (NFT) based platform, has rebranded its name to Tessera and raised $20 million as it is pursuing avenues to re-affirm its foothold in the digital collectable world.

Tessera, as the startup is now renamed, said the funding round was led by Paradigm, with participation from Focus Labs, Uniswap Labs Ventures, E Girl Capital, and Yunt Capital. Additionally, the funding round was backed by about 50 Angel Investors, the majority of whom have deep expertise in the Decentralized Finance (DeFi) and NFT worlds.

As highlighted by Tessera founder and CEO Andy Chorlian, these angel investors will be very instrumental in giving the right feedback and suggestions to improve the protocol.

Tessera’s business model primarily revolves around the splitting of NFTs such that users can earn a royalty on the parts they give out for rent. There are many use cases attached to this, but in all, it prevents users from parting ways with their digital collectable prematurely.

With the new capital injection, Chorlian said it plans to develop a new protocol that will help sustain the integrity of the fractionalized NFTs.

The funding will also be deployed into adding more staff to the 24 persons it currently works with. According to Chorlian, these new hands will span marketing, engineering, and other divisions that are needed for the platform to maintain a healthy brand and enhance product recognition.

In all, Tessera will work towards simplifying its processes such that users can have better experiences using the protocol.

“It was a really, really big barrier for a lot of our users, who are just so used to trading NFTs on OpenSea or any of these other marketplaces, and that level of education and trying to explain how all this works was just a step too far for a lot of people,” Chorlian told Fortune.

NFT-focused platforms are of particular interest to investors, a trend provable with the previous capital injections received by Magic Eden and OpenSea in the past year.

Crypto’s Options Market Expands Beyond BTC and ETH to TONcoin

January 26th, Thursday – The nascent cryptocurrency options trading market is ready to explode into life following the addition of its third major cryptocurrency, TONcoin (TON). It’s a big addition to what is potentially one of the most lucrative digital token trading markets, enabling institutional investors and private individuals to increase their exposure to one of the most promising tokens in the crypto ecosystem.

TON options trading has gone live on the leading Bitcoin options and futures exchange BIT today and will be available on Paradigm, the institutional liquidity network for derivatives traders, at a later stage. The addition of TON to crypto options trading was made possible by a collaboration with the pioneering liquidity provider Darley Technologies and blockchain industry market maker DWF Labs, a key backer of the TON ecosystem.

Crypto options trading is a niche market that provides investors with a relatively low-cost and low-risk way of trading digital assets. Options are a type of derivative contract that gives its buyer the right, but not the obligation, to buy or sell an underlying asset at a set price on or before its expiration date. Like other crypto derivatives, options enable traders to manage their exposure to, and speculate on the future price of digital assets.

The Open Network (TON) is a revolutionary technology to unite all blockchains and the Web2 internet into a single, open network. It was born to empower billions of Telegram users with genuine Web3. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. It can support millions of transactions per second near-instantly.

TONcoin was one of the best-performing cryptocurrencies in 2022, with its value gaining more than 200% in the second half of the year, becoming the 23rd largest cryptocurrency by market capitalization.

With the addition of TON options trading on BIT and, soon, Paradigm, TON is set to become among the most actively traded digital tokens in the burgeoning crypto options market.

“We are thrilled to be working with Darley Technologies and DWF to offer TON options. With the advent of dollar-margined products and the addition of various altcoin options, the options market has enormous growth potential. BIT and our trusted partners are devoted to increasing the accessibility of crypto options for both institutional and retail traders,” BIT Co-founder and COO Lan said in a statement.

Crypto options trading is a fast-growing segment of the digital asset trading market that is expected to grow rapidly in the coming years. In traditional finance, the options trading market is 35-times bigger than the spot market, yet in crypto it only accounts for 2% of all trading activity. As one of the earliest trading exchanges to introduce USD-margined options, BIT is poised to become a leading player in crypto options trading as the market matures, offering unrivaled ease of access for users. With USD as collateral, BIT enables users to trade a variety of options including BTC and ETH, and has the unique capability to quickly add support for additional altcoins.

Darley Technologies and DWF Labs have been instrumental in enabling TON options trading on both BIT and Paradigm. Market making for altcoins options trading is a major challenge that involves new operational risks and has unique market risk management requirements that only Darley Technologies can provide through its cutting-edge trading infrastructure. Darley Technologies intends to play a key role in democratizing crypto options trading, and is committed to participating in future projects that will bring this vision to reality.

“Through cutting edge technology, innovation and an entrepreneurial spirit, Darley Technologies has the vocation to democratize options. Offering market making services on the unique alt-coins options market is a new milestone for us. In addition, this new project, in collaboration with BIT, TON Foundation and DWF Labs, epitomizes the growing trust and synergies with our long standing partners,” said Clément Florentin, CEO & Co-founder of Darley Technologies.

DWF Labs has long been one of the most prominent supporters of the TON ecosystem, committing $10 million to its growth in Nov. 2022. Through its partnership with TON Foundation, DWF Labs supports the network through token development, market creation and exchange listing, and was a key player in bringing TON options trading to BIT and Paradigm.

“With a global community growing at a speed of more than 2% weekly, as well as more than 100 million transactions to date, the TON ecosystem is one of the most promising on the market. Joining the options market is a logical and important step for TON, because until now the only coins available there were BTC and ETH. It means TON will take its place alongside crypto’s most prestigious coins,” said Andrei Grachev, Managing Partner at DWF Labs.

“We have invested $10 million in the TON Foundation last year, and we have pledged – and already started deploying capital – to support 50 projects in 2023.”

TON crypto options trading is an ideal product for institutions and individuals looking to increase their exposure to TON and is live now on BIT. It will become available on Paradigm early next month.

About BIT

BIT is a full-featured cryptocurrency exchange that is designed for use by professionals, with advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin.

BIT was launched in August 2020 as an affiliate to Matrixport, a prominent crypto financial service company. BIT is one of the top crypto options trading platforms which offer innovative USD-margined trading pairs.

BIT is always striving to widen its selection of tokens, enhance its trading tools, and inspire the creation of innovative financial products.

About Darley Technologies

Darley Technologies is a pioneering liquidity provider for options trading in the cryptocurrency space, with a mission to provide deep and reliable liquidity at competitive prices. Based in Zug, Switzerland, the heart of Europe’s blockchain ecosystem, Darley Technologies brings together teams of highly experienced scientists, developers and traders to design and engineer the most advanced network infrastructures, technology and trading algorithms, enabling it to successfully execute its mission across multiple venues worldwide.

About DWF Labs

DWF Labs is a global leading digital asset market maker and multi-stage web3 investment firm, providing support from token listing to market making to OTC trading solutions. DWF Labs seeks to invest and support bold founders who want to build the future of Web3.

DWF Labs is present in Singapore, Switzerland, South Korea, the BVI, and the UAE and trades almost 2,000 pairs with a daily volume that places DWF Labs among the top 5 ranking entities trading on the world’s top 40 exchanges.

About Paradigm

Paradigm is a zero-fee, institutional liquidity network for derivatives traders across CeFi and DeFi. The platform provides traders with unified access to multi-asset, multi-protocol liquidity on demand without compromising on execution preferences, costs and immediacy. The firm’s mission is to create a platform where traders can trade anything, with anyone and settle it anywhere.

Paradigm has the largest network of institutional counterparties in crypto with over 600 institutional clients trading over $10 B per month including Hedge Funds, OTC Desks, Lenders, Structured Product Issuers, Market Makers, and prominent Family Offices.

EDX Markets Debuts Cryptocurrency Trading Platform and Wraps Up Latest Investment Round

In a key milestone, EDX Markets has successfully kick-started its cryptocurrency trading operations and completed a fresh funding round. Based in Hoboken, New Jersey, EDX has been established as a trusted marketplace for digital assets, promoting safe and compliant trading through reliable intermediaries.

EDX has garnered the attention of major financial institutions, becoming the preferred cryptocurrency marketplace for industry leaders. The platform stands out with its non-custodial model designed to prevent conflicts of interest. It also offers benefits like enhanced liquidity, competitive quotes, and a retail-only quote, giving retail-originated orders a better pricing advantage. Currently, EDX supports the trading of well-known cryptocurrencies (mainly POW), including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Another milestone is on the horizon for EDX. Later this year, it plans to launch a clearinghouse, EDX Clearing, which will settle trades matched on EDX Markets. The clearinghouse will function as a central counterparty for trades, reducing settlement risks, promoting price competition, and increasing operational efficiency.

The launch of EDX and the forthcoming EDX Clearing comes on the heels of a successful new funding round. The round saw participation from strategic investors such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. These firms join the platform’s founding investors, including heavyweights like Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial. The newly secured funding will bolster the ongoing development of EDX’s trading platform and strengthen its market leadership position.

Jamil Nazarali, CEO of EDX, expressed his confidence in the platform’s potential and its ability to attract investors. He stressed EDX’s commitment to incorporating the best practices from traditional finance into the cryptocurrency market and hinted at the significant edge EDX Clearing will provide by improving competition and operational efficiency.

Crypto Investment Firm Paradigm Welcomes New Government Affairs Lead Alex Grieve

On July 17, 2023, Alex Grieve, a veteran in the intersection of politics and financial policy, announced his new role as the Government Affairs Lead at Paradigm, a leading investment firm in the crypto industry.

Grieve has a wealth of experience from his decade-long career in Washington, DC, starting with his tenure under Speaker of the House John Boehner, and later at the Depository Trust and Clearing Corporation (DTCC).

Grieve’s journey into the crypto world began in 2017 when he bought his first Bitcoin and Ethereum on Coinbase. His interest in the sector deepened as DTCC explored blockchain-based settlement, leading him to be among the first in Washington, DC, to educate Hill staffers about blockchains and digital assets.

Prior to joining Paradigm, Grieve spent two years at Tiger Hill Partners, a regulatory advisory firm, where he helped build the crypto practice. His work involved collaborating with prominent firms such as Coinbase, Polygon Labs, and BitGo, as well as trade associations like the Proof of Stake Alliance.

Grieve’s appointment comes at a pivotal time for US crypto policy, with multiple bills addressing various aspects of the industry, from stablecoins to market structure, currently under consideration on Capitol Hill. His role at Paradigm will involve promoting crypto’s policy priorities in Washington, leveraging the firm’s resources and commitment to supporting innovation and entrepreneurship in the crypto industry.

Paradigm, known for its active support of disruptive crypto/Web3 companies and protocols, has recently broadened its investment focus to include a wider spectrum of emerging technologies beyond crypto and blockchain. The firm now describes itself as a “research-driven technology investment firm” focusing on supporting numerous businesses and protocols, potentially including artificial intelligence (AI).

This shift comes at a time when AI is profoundly impacting the cryptocurrency business, with blockchain-based AI projects witnessing progress across various industries.

At Paradigm, Grieve joins a team of experts, including Rodrigo Seira, Dominique Little, Brendan Malone, Justin Slaughter, and Katie Biber, Paradigm’s Chief Legal Officer. Together, they aim to navigate the complex landscape of fintech and crypto regulation, advocating for crypto-friendly policies in Washington.

Paradigm: Onchain Gaming's Transformative Potential in the Broader Landscape

According to Paradigm,the gaming realm stands at the brink of a significant transformation, as the convergence of blockchain technology and gaming unveils numerous prospects and hurdles. A fresh piece from Paradigm.xyz offers an in-depth exploration of onchain gaming and its possible ripple effects throughout the gaming landscape.

The Inspiration Behind Onchain Games

The concept of integrating blockchain technology into gaming isn’t new. Ethereum’s creator, Vitalik Buterin, was inspired to create the platform after Blizzard made changes to his World of Warcraft class. The incident highlighted the vulnerabilities of centralized gaming platforms and the potential benefits of decentralized alternatives.

Why Onchain?

The primary question is: Why should games be on a blockchain? The article suggests two main reasons:

Composable Modding: Onchain games allow players to add modifications without fragmenting their state or seeking permission. This is in stark contrast to traditional games, which aren’t structured to support such flexibility.

Permissionless Open Economies: Onchain games can leverage smart contracts to create intricate in-game economies. Players have full control over their assets, eliminating compliance issues associated with off-ramping assets or exchanging in-game goods for fiat currency.

Challenges Ahead

While the potential is vast, onchain games face significant hurdles:

Technical Constraints: Current blockchain infrastructure, especially the Ethereum Virtual Machine (EVM), is not optimized for complex game development. High costs and scalability issues further compound the problem. However, initiatives like Lattice and Dojo are working on game-specific infrastructure to address these challenges.

Game Design Limitations: Permissionless blockchains introduce challenges like incomplete information, automation & collusion, and asynchronous transaction-driven mechanics, which can hinder traditional game design.

Financialization Pressures: The inherently financial nature of blockchains can introduce unintended economic incentives that may distort gameplay. Designing games that can harness these pressures without being overwhelmed by them is a significant challenge.

The Future of Onchain Games

The article raises a thought-provoking question: Should games be fully onchain? While onchain games offer unique advantages, they might not be the optimal solution. Hybrid models, combining offchain game infrastructure with onchain assets and DeFi interoperability, might be more practical.

Conclusion

The world of onchain gaming is still in its infancy, filled with both promise and challenges. While the road ahead is uncertain, the exploration of this frontier could lead to innovations that reshape the gaming industry.

Breaking: Coinbase, a16z, and Ledger Back New Texas Alliance Advocating for Clear Digital Asset Regulations

As the federal government grapples with establishing clear guidelines for digital assets, Texas emerges as a potential frontrunner in the crypto regulatory landscape. Today marks the launch of the Crypto Freedom Alliance of Texas, an entity committed to advocating for transparent and consistent digital asset regulations in the state.

Major Industry Players Rally Behind the Alliance

The Alliance isn’t a standalone endeavor. It boasts the backing of some of the crypto and blockchain industry’s most recognized names, including a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm. This coalition, rich in technical and legal expertise, underscores the significance and potential impact of the Alliance’s mission.

A Proactive Stance in the Face of Federal Inertia

The federal government’s challenges in passing clear digital asset legislation present states with a unique opportunity. Texas, with its history of fostering innovation, is well-positioned to lead. The Alliance aims to be a cornerstone for regulators and industry stakeholders in Texas, offering insights and guidance on the rapidly evolving world of digital assets.

Kinjal Shah, Chair of the Crypto Freedom Alliance of Texas and General Partner at Blockchain Capital, emphasized the state’s potential role.

In the face of federal inaction, Texas has the opportunity to lead with policies that not only safeguard consumers and investors but also catalyze innovation,

Shah remarked.

Alliance’s Pillars: Regulation, Collaboration, Education, and Innovation

The Alliance’s objectives are clear-cut:

Transparent Regulation: At its core, the Alliance seeks to develop clear and predictable regulations for digital assets in Texas. The goal is to strike a balance – fostering innovation while ensuring consumer protection.

Stakeholder Collaboration: Recognizing the multifaceted nature of the digital asset space, the Alliance is dedicated to promoting dialogue and cooperation among regulators, consumers, and industry participants.

Education as a Catalyst: The Alliance believes in the power of education to shape favorable crypto policies. Targeted initiatives aim to enlighten a spectrum of audiences, from government officials to nonprofits, about the potential of Web3 technologies.

Championing Blockchain Ventures: Beyond regulations, the Alliance is committed to nurturing the blockchain ecosystem. Through mentorship and educational endeavors, the goal is to bolster the growth of startups and entrepreneurs in the crypto domain.

With its launch, the Alliance is poised for growth, eyeing an expanded membership and a more influential role in the Texas legislative process. An official launch event is slated for September 12 in Austin.

About the Crypto Freedom Alliance of Texas

A 501(c)6 non-profit, the Crypto Freedom Alliance of Texas champions transparent digital asset regulations in Texas. Its foundation is strengthened by the support of industry leaders like a16z crypto, Bain Capital Crypto, Blockchain Capital, Coinbase, Ledger, and Paradigm.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

Decoding Paradigm's Vision: Cryptocurrency as the Next Tech Revolution

Key Takeaways

Paradigm’s recent article discusses the growing adoption and potential of cryptocurrency.

Matt Huang, co-founder of Paradigm, uses the metaphor of a “new planet” to describe the crypto landscape.

Crypto KOL Splin Teron offers an analysis of Paradigm’s perspective on cryptocurrency.

Paradigm’s View on Cryptocurrency

Paradigm, a leading crypto-focused investment firm, recently published an article that has garnered attention in the crypto community. The article explores the adoption and potential of cryptocurrency, a subject that has been gaining increasing attention, according to crypto KOL Splin Teron.

Matt Huang’s Metaphor: “Crypto as a New Planet”

Matt Huang, co-founder of Paradigm, contributed to the discourse with a tweet on September 21. He likened the crypto space to a “new planet that’s being settled,” capturing the essence of both skepticism and optimism surrounding the technology.

Splin Teron: A Crypto KOL Weighs In

Splin Teron, a key opinion leader (KOL) in the cryptocurrency community, recently analyzed Paradigm’s stance on the future of cryptocurrency. On September 26, Teron took to Twitter to discuss how cryptocurrency is poised to be the next technological revolution, akin to the internet’s transformative impact.

Influencers to Watch

In his Twitter thread, Splin Teron also recommended a list of crypto influencers to follow for diverse insights into the crypto ecosystem. These influencers range from @0xGGreen to @eli5_defi and are known for their expertise and contributions to the field.

Paradigm Challenges SEC's Authority in Lawsuit Against Binance

On September 29, 2023, Paradigm filed an amicus brief in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Binance, a leading cryptocurrency exchange. Paradigm is not an investor in Binance and has no direct financial interest in the lawsuit’s outcome. However, the firm believes that the SEC’s actions represent a form of government overreach that could have significant implications for the broader financial and crypto markets.

The SEC initiated legal action against Binance in June 2023, accusing the exchange of multiple violations of securities laws. These include operating without the necessary licenses and registrations as an exchange, broker-dealer, or clearing agency. The SEC’s investigation into Binance began in May 2023. In its amicus brief, Paradigm argues that the SEC is attempting to change existing laws without adhering to the established rulemaking process, thereby acting outside its regulatory scope.

Paradigm’s brief raises several critical points that challenge the SEC’s interpretation of securities law. The firm argues that the SEC’s expansive interpretation of “investment contract” could bring a wide range of asset sales under the purview of securities laws. Paradigm also highlights flaws in the SEC’s application of the Howey test, a legal standard used to determine what constitutes a security.

Circle, a stablecoin services company specializing in blockchain technology, has also been brought into the legal battle between Binance and the SEC as well. Circle argues that stablecoins, a type of cryptocurrency designed to maintain a stable value, should not be treated as securities, adding another dimension to the ongoing case.

Paradigm emphasizes that regulatory gaps do exist in the crypto sector and that it is Congress’s responsibility to fill these gaps. This perspective aligns with SEC Chair Gary Gensler’s Congressional testimony, where he acknowledged the SEC’s limitations in regulating crypto secondary markets.

Paradigm’s amicus brief serves as a significant counterpoint to the SEC’s actions against Binance and other crypto exchanges. By challenging the SEC’s authority and interpretation of securities law, Paradigm adds a layer of complexity to an already intricate legal landscape. The firm’s stance could potentially influence how securities laws are applied to the crypto industry in the future.

Paradigm Unveils Frog Framework to Enhance Farcaster Frames Development

Paradigm, in collaboration with Wevm, has launched Frog, a comprehensive toolkit designed to streamline the creation of Frames on Farcaster. Announced on February 28, 2024, Frog promises to offer developers the ability to craft high-performance Frames with minimal code and deploy on infrastructures of their choice, marking a significant milestone in the evolution of social media applications.

Farcaster, akin to a decentralized version of Twitter, introduces the concept of Frames, allowing developers to transform standard posts, or “casts,” into interactive elements. This integration of interactive apps within a Farcaster client, such as Warpcast, is redefining user engagement on social platforms. By leveraging the Open Graph protocol, Frames have become a vessel for creating “interactive social rich objects,” changing the landscape for content creators and consumers alike.

The Frog framework emerges as a response to the need for a simplified yet powerful developer experience in building these Frames. With its integrated debugger and support for live reloading, Frog facilitates a rapid development cycle, ensuring immediate feedback and iteration capabilities. Additionally, the framework is built on Hono, a highly performant and lightweight JavaScript web framework, further emphasizing the speed and efficiency of the development process.

Developers are particularly excited about Frog’s local feature-rich debugger, state management through “state derivation,” and intuitive connection of Frames using “Actions.” The framework’s versatility is also a strong point, with no vendor lock-in and compatibility across various JavaScript runtimes and platforms such as Cloudflare, Vercel, Next.js, and Bun.

The rationale behind Frog’s creation addresses the limitations faced by developers when dealing with server-rendered meta tags and the constraints of client-side reactivity, tag size, behavior, and security concerns. Frog aims to abstract these complexities, allowing developers to focus purely on innovation and user experience.

As Frog is built and improved, the next anticipated feature is the integration of “Transactions” for Frames, which is expected to further enrich the Farcaster ecosystem. The team also plans to develop Framehouse, a tool akin to Lighthouse, to help developers optimize their Frames for performance and adherence to best practices.

In keeping with the spirit of open-source collaboration, Frog is freely available on Github, accompanied by extensive documentation and a support chatroom. The creators of Frog, including Achal Srinivasan, Georgios Konstantopoulos, awkweb, and jxom, encourage the developer community to engage with the framework, contribute to its evolution, and share feedback.

With the goal of revolutionizing the developer experience in the Farcaster community, Frog is poised to make a significant impact on the future of social media interaction and the broader decentralized application landscape.