Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Terraform Labs co-founder Do Kwon has announced that Terra Bridge (also known as bridge.terra.money) now supports 5 new blockchain networks — Avalanche, Solana, Osmosis, Moonbeam Network and Fantom. These add to Terra Bridge’s existing networks, Ethereum, Binance Smart Chain (BSC), Harmony, Secret, Injective, Cosmos and Polygon. Referring to the additional support, Kwon called it “the easiest way to move funds in crypto”. Terra is now the second-largest blockchain in terms of DeFi TVL (total value locked), with $26.14 billion, or 12.52% of the overall DeFi TVL of $208 billion.
Effective 15 Apr, crypto lender Celsius will ban unaccredited investors’ new transfers on its US platform from earning rewards on its program. Investors must have a minimum yearly income of $200,000 or a net worth of over $1 million to be accredited in the US. All existing US Celsius users (both accredited and unaccredited) will continue to earn rewards so long as the tokens are in their Earn accounts before 15 Apr, after which unaccredited users’ tokens will be held in custody; they won’t earn rewards but can still swap, borrow and transfer within their custody accounts based on their local jurisdiction. US users who want to use tokens as collateral against loans opened before 15 Apr will have their assets returned to their accounts upon repayment of their loans.
Pantera Capital has revealed plans over the next month to close its first blockchain fund, the Pantera Blockchain Fund, with around $1.3 billion in committed capital. This amount is more than double the company’s $600 million target of its fundraising, which started last Nov. Director of portfolio development Franklin Bi said Pantera was planning for a second blockchain fund next year with similar objectives as its initial fund, and in 2024, would “come back with a larger and more diversified and probably longer-investment-period growth-stage fund”.
Metaverse company Infinite Reality will purchase esports giant ReKT Global for $470 million in an all-stock deal, as part of the former’s plan to expand its offerings, which include social, gaming, virtual and remote production, NFT minting, content and metaverse creation. The deal is based on an equity valuation for Infinite Reality of $2 billion, for a combined post-close valuation of $2.47 billion. Infinite Reality plans to go public in a SPAC merger with Universal Security Instruments (UUU).
USDC issuer Circle Internet Financial has entered into an agreement for a $400 million funding round with investments from Blackrock Inc., Fidelity Management and Research, Marshall Wace LLP and Fin Capital. At the same time, Blackrock and Circle have entered into a “broader strategic partnership” that includes “exploring capital market applications for USDC”. Circle’s co-founder and CEO Jeremy Allaire said the partnership would expand on the relationship between the two companies “for managing significant assets for the reserves that back USDC to explore new ways USDC can be adopted in TradFi capital markets applications”.
Ethereum developer Virgil Griffith has been sentenced to 5 years and 3 months in prison and fined $100,000, after pleading guilty in Sep 2021 to 1 count of conspiracy to violate the International Emergency Economic Powers Act (IEEPA). Griffith was arrested in Nov 2019 in LA after having traveled to North Korea 7 months earlier, where he had attended the Pyongyang Blockchain and Cryptocurrency Conference despite the US Department of State having denied him permission to travel there. The Department of Justice (DOJ) said he had delivered “a presentation and technical advice” on using crypto and blockchain technology to “launder money and evade sanctions” at the conference, and had not obtained permission from the US Treasury Departments Office of Foreign Assets Control (OFAC) “to provide goods, services or technology to the DPRK”.
Show me the money
After declining in recent days, BTC and ETH have seen a slight increase, with the former up 3.7% to $43,852 and the latter up 0.93% to $3,057 over the past 24 hours. Within the same period, ADA and LUNA saw modest increases of 0.2% and 0.39% respectively, while SOL fared much better, with a 10.28% increase. Memecoin SHIB surged by 20.04% after being listed by trading platform Robinhood, and DOGE rose slightly by 1.32% in the last 24 hours.