Internet Computer to release 10,000 free NFTs in debut drop

by John Stapel

Dfinity’s clown-based collectibles are seemingly inspired by musical duo Insane Clown Posse and the early NFT project, CryptoPunks.

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Internet Computer to release 10,000 free NFTs in debut drop

Dfinity’s Internet Computer has announced the release of 10,000 nonfungible tokens (NFT). Users are eligible to claim their free token Wednesday at 8 pm UTC.

Conceptualized by brothers Przemek and Tomasz Chojecki, alongside Adam Stępnik, the trio was inspired to create the avatars following acronym comparisons to the 1990s hip-hop duo Insane Clown Posse and the overwhelming success of the legendary CryptoPunk NFTs.

Following a series of exclusive early releases, it is expected that only 3,000 punks will be available to claim, one per user, at the time of release.

Cointelegraph spoke to Przemek, a co-founder of the project, about his expectations for the NFT drop:

“We’re incredibly excited for the launch of ICPunks on the Internet Computer. The NFT space is moving at such a rapid pace — it is amazing to be part of it. We have a lot of plans for ICPunks, including an NFT Marketplace, this is the first step towards that.”

Internet Computer is a cryptocurrency token (ICP) that allows users to build applications, websites and digital services.

Alternatives to popular social media networks, including LinkedIn, Medium, WhatsApp, as well as community-driven sites such as Reddit have already been created by community members.

According to a recent tweet, the ICPunk drop has garnered notable attention from the crypto community, with analytical data reporting 89,000 visitors to the NFT website since it went live.

Related: CryptoPunks creators sign with top Hollywood agents as sales top $305M in a week

We also spoke to Tomasz about the recent Dfinity partnership:

“We have been following Dfinity’s work since 2017. We believe the Internet Computer is the best solution for NFTs. One of the benefits of the Internet Computer is that all information is stored on-chain. There is no need to use IPFS or dedicated web servers to host images. It’s truly a decentralized NFT solution.”

The NFT market has recorded exceptional growth over the past year following an illustrious list of reputable brands, celebrities and public figures contributing to the space.

Last week, Cointelegraph reported that credit card giant Visa made a statement NFT purchase of a $150,000 CryptoPunk.

This week, Japanese tennis star Naomi Osaka announced a collection of NFT tokens in the lead-up to the US Open championships.

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Christine Lagarde, president of the European Central Bank, said all cryptocurrencies, in which she included stablecoins and speculative assets, “are not currencies at all.”

In a Sept. 1 interview with World Economic Forum founder and executive chair Klaus Schwab, Lagarde said cryptocurrencies “present themselves as currencies,” but she still considered them as assets to be regulated and “supervised by asset regulators.” Under this definition, the ECB president claimed fiat-pegged digital currencies were also considered assets.

“Stablecoins are pretending to be a coin, but in fact it’s completely associated with an actual currency,” said Lagarde. “For instance, some of them are saying that they can be used for transactions, but the value will be exactly aligned to the dollar.”

She added that projects behind issuing any stablecoins should be required to fully back their assets with fiat:

“That needs to be checked, supervised, regulated so that consumers and users of those devices can actually be guaranteed against eventual misrepresentation. I think very recent history has shown that those reserve currencies were not always available and as liquid as they were intended to be.”

Lagarde may have been referring to Tether, the largest stablecoin issuer by market capitalization. The company recently agreed to pay $18.5 million in damages and submit to periodic reporting of their reserves until 2023 as part of a settlement with the Office of the New York Attorney General, who alleged that the stablecoin issuer had misrepresented the degree to which its USDT tokens were backed by fiat collateral.

Related: Pandemic has accelerated adoption of digital currency: ECB President

However, despite these seemingly strong opinions on digital assets, Lagarde made it clear the ECB intended to respond to its customers. She has previously criticized stablecoins and cryptocurrencies, but didn't rule out the possibility the ECB would introduce a central bank digital currency. In July, the ECB's governing council said it would launch the investigation phase of a digital euro project lasting two years.

“If customers prefer to use digital currencies rather than have banknotes and cash available, it should be available,” Lagarde said. “We should respond to that demand and have a solution that is European based, that is secure, that is available, and friendly terms that can be used as a means of payment.”

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Japanese financial conglomerate SBI Holdings is reportedly planning to set up one of the first funds in the country giving investors exposure to crypto. 

According to a Thursday Bloomberg report, SBI, aiming to have a crypto fund available by the end of November, will offer residents of Japan the opportunity to invest in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), XRP, and others. Tomoya Asakura, a director and senior managing executive officer at SBI, said the company could see the fund growing to several hundred million dollars, with investors likely being required to deposit a minimum of 1-3 million yen, or $9,093-$27,279 at the time of publication.

“I want people to hold [crypto] together with other assets and experience firsthand how useful it can be for diversifying portfolios,” said Asakura. He added that SBI would consider launching a second crypto fund depending on the success of the first.

The crypto fund would potentially be launched amid the country’s financial watchdog, the Financial Services Agency, or FSA, not allowing companies to operate crypto investment trusts. The regulator also requires compulsory national registration for crypto exchanges and licensing for platforms looking to operate in Japan.

According to Asakura, he will be working to show the Japanese public and the FSA that cryptocurrencies can be part of a well-balanced investment portfolio rather than “highly volatile and speculative” assets as many believe. SBI has been working for four years to launch the crypto fund, which it now plans to do using an “anonymous partnership” — partnering with an investor that agrees to supply capital to SBI, an arrangement sometimes used for private equity funds in Japan.

“[People] will understand that we aren’t recommending cryptocurrencies as a tool of speculation,” said Asakura.

Related: SBI looking to set up joint crypto ventures with foreign firms

Japanese regulators have reportedly been hiring more staff to develop stricter global rules for digital currencies. Cointelegraph reported in July that the country’s Ministry of Finance was considering adding experienced regulators in an effort to scrutinize the crypto and blockchain industry worldwide, while the FSA has already established a new unit to oversee digital currency regulation.

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Two bills aimed at furthering the adoption of cryptocurrencies and blockchain are now law in the state of Texas.

Texas House Bills 4474 and 1576, passed by both chambers in the state legislature in May and signed into law by Governor Greg Abbott in June, officially took effect on Sept. 1. H.B. 1576 establishes a blockchain working group in Texas, while H.B. 4474 amends the state's Uniform Commercial Code to recognize cryptocurrencies under commercial law.

Lee Bratcher, president of the Texas Blockchain Council, told Cointelegraph that H.B. 4474 better defines the security interests for Bitcoin (BTC) and other cryptocurrencies to \"allow institutional investors to get involved with sizable investments.\" He added that the Texas Banking Commissioner and the Texas Department of Banking announced in June that banks with a state charter can custody cryptocurrencies under certain circumstances.

\"This is positive for crypto generally because Texas became the 4th U.S. state, behind Wyoming, Rhode Island and Nebraska, to clarify the commercial law status of these assets,\" Wyoming-based crypto proponent Caitlin Long told Cointelegraph. \"This means parties to transactions have clarity regarding their legal rights and obligations, judges have a roadmap to adjudicate disputes, and lenders know they have an enforceable lien on the crypto pledged as collateral for collateralized loans.\"

The Texas Blockchain Council president told Cointelegraph in March that Texas adapting commercial law to blockchain innovation and digital asset regulations could bring the state more in line with Wyoming, which has a Digital Asset Law which went into effect in July 2019. Governor Abbott has also previously described himself as a “crypto law proposal supporter” — specifically referencing H.B. 4474 — and seemed to encourage crypto mining firms to operate in Texas.

Related: Crypto cowboys: Texas counties welcome Bitcoin miners with open arms

Following China cracking down on many crypto mining operations, some BTC miners have set up shop in Texas — the state is currently home to BlockCap, Riot Blockchain, and others. In addition, major supermarket chain H-E-B announced in June it would be installing crypto ATMs for its Texas stores.

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As part of its ongoing decentralization efforts, non-custodial cryptocurrency exchange ShapeShift announced Thursday that it has open-sourced the code of its upcoming version two platform, giving developers the opportunity to contribute to the iteration process. 

ShapeShift’s v2 code repository is now available on Github, making it easier for developers to download it to their local drives. “This is a great step in our ongoing efforts to open source and involve the community in iterating on the first comprehensive, multichain, community-built interface,” said Josh Foreman, engineering workstream lead for ShapeShift DAO.

The company also announced that open-source developers can attend biweekly community calls held on ShapeShift’s Discord channel. The meetings will feature demos and discussions related to various product engineering topics.

Related: Algorithmic stablecoins show promise of reducing volatility — ShapeShift

ShapeShift is in the process of dissolving its corporate structure and fully decentralizing its operations as part of a pledge to create an open, immutable organization. As part of that process, the company announced plans to airdrop 340 million of its native FOX tokens. Over 1 million users are eligible for the airdrop.

Decentralization has been a driving force of the blockchain revolution ever since Bitcoin’s (BTC) pseudonymous creator Satoshi Nakamoto proposed a decentralized approach to transactions. Some of Bitcoin’s most ardent proponents — dubbed “Bitcoin maximalists” by the community — argue that no other cryptocurrency has achieved a level of decentralization near that of BTC.

Related: Erik Voorhees lashes ‘disgusting’ behavior of Bitcoin maxis: ‘Not the community I come from’

Although not every crypto-based project requires a decentralized value proposition to drive adoption, decentralization is viewed as a solution to many of the perils of centralized systems. Decentralization is therefore seen as both a philosophical approach and a technical solution.

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Blockchain-based music streaming platform Audius announced Thursday that it had launched full Solana NFT integration, allowing its more than six million users to begin featuring digital collectibles from the Solana library.

The integration will occur through Phantom, Solana’s multichain wallet and browser extension. The new features will be available to Audius’ silver tier profiles, accounts holding more than 100 of the platform’s native AUDIO tokens.

Roneil Rumburg, Audius’ co-founder and CEO, said the partnership gives Solana its first “NFT discovery layer,” adding that:

“Tooling from Metaplex and the Audius integration with Phantom made it possible to ship Solana support while maintaining the usability bar that Audius has become known for.”

As Cointelegraph reported, Metaplex is an NFT marketplace that launched in June on the Solana network. Several celebrities and businesses endorsed it at the time.

Related: Strong fundamentals lure traders back to Audius, Raydium and Helium

Audius, meanwhile, has been in the headlines after it announced a new partnership with TikTok, the popular social media platform. The partnership allows Audius users to share songs directly on TikTok for the purpose of creating short videos. Since launching in 2017, TikTok has become one of the world’s largest social media platforms, boasting nearly 1 billion monthly active users.

NFTs have permeated mainstream consciousness thanks to high-profile celebrity endorsements, multi-million-dollar collections and a growing recognition that digital collectibles are the future. NFT sales reached $900 million in August alone, easily shattering the previous monthly record set in May at $255 million.

Related: CryptoPunks creators sign with top Hollywood agents as sales top $305M in a week

Investors are shelling out millions of dollars on CryptoPunk NFTs and are even paying high six-figure sums for pet rock collections centered around Ethereum. As Cointelegraph recently reported, this year's iHeartRadio Music Festival in Las Vegas this year features an NFT giveaway.

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Seety, a digital parking startup based in Belgium, has introduced crypto payment support for parking tickets.

According to a report by DataNews on Thursday, the company, which is one of the firms bootstrapped by Belgian accelerator program Start it @KBC, has rolled out a crypto payment feature in Antwerp and Brussels.

Beginning Thursday, Seety users will be able to use Bitcoin (BTC) to pay for parking tickets in both cities.

In addition to Bitcoin, customers can also use cryptocurrencies such as Ether (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), and Litecoin (LTC), as well as stablecoins like Dai and USD Coin (USDC).

Customers looking to use crypto to pay for a parking space will use the “coins” to buy Seety credits on the company’s app. According to the report, customers will not incur any additional fees if they use crypto.

The Seety app reportedly has over 355,000 users in Belgium and the Netherlands and is aiming to achieve an annual turnover above 2 million euros ($2,372,002.28) by 2022.

For the company, using crypto to pay for parking spaces is indicative of how cryptocurrencies will eventually gain greater adoption in everyday microtransactions. Seety expects crypto adoption to grow once tokens become more environmentally friendly.

Related: Visa will facilitate USDC payments, thanks to fresh partnership

Using Bitcoin to pay for parking tickets goes as far back as 2014 with the defunct Brawker app. These days, crypto payment options for microtransactions are becoming increasingly popular even though significant hurdles still stand in the way of a more broad-based penetration.

Crypto credit cards and stablecoins are also helping to simplify the process of spending cryptocurrencies while making it easier for merchants to onboard cryptocurrency payment options to their platforms.

As previously reported by Cointelegraph, Visa recently stated that its crypto-enabled cards processed over $1 billion in crypto spending in the first half of 2021.

\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/72028.0c43012f-9178-4ae3-b824-2ddfea9c8504.mp3",facebookShares:d,twitterShares:d,linkedinShares:d,redditShares:d,views:2741,shares:54,tags:[{id:af,slug:me,title:am,url:ha},{id:fc,slug:fd,title:fe,url:ff},{id:mf,slug:mg,title:an,url:hb},{id:"911",slug:"belgium",title:"Belgium",url:"/tags/belgium"},{id:"950",slug:"payments",title:"Payments",url:"/tags/payments"},{id:"1299",slug:"adoption",title:"Adoption",url:"/tags/adoption"},{id:"2067",slug:"bitcoin-payments",title:"Bitcoin Payments",url:"/tags/bitcoin-payments"},{id:"2536",slug:"micropayments",title:"Micropayments",url:"/tags/micropayments"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=72028regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:fi,isDeleted:a,isDisclaimerHidden:d,isSponsored:a,isPressRelease:a,isExplained:a,slug:"leading-south-korean-telecom-firm-adopts-blockchain-for-carbon-ambitions",url:lK,absoluteUrl:"https://cointelegraph.com/news/leading-south-korean-telecom-firm-adopts-blockchain-for-carbon-ambitions",title:gU,youtubeVideoIdCover:c,cover:lL,datePublished:Q,dateHuman:g$,humanDateTime:"2021-09-02 14:02",dateISOFull:"2021-09-02T13:02:59+01:00",publishedDateTimeObject:{year:A,month:u,day:e,hour:eP,minute:e,second:59,millisecond:f},categorySlug:G,categoryUrl:H,categoryName:I,authorName:gG,authorUrl:gH,authorAvatar:lm,previewText:"South Korean telecommunication giant KT Corp announced its intent to launch a blockchain digital document initiative to tackle carbon emissions. ",twitterLeadText:"A South Korean telecommunications firm wants to use blockchain to undercut documents' carbon footprint.",badgeSlug:i,badgeName:S,fullText:"

A major South Korean telecommunication company, KT Corp, has outlined plans to create a fully electronic documentation service, utilizing blockchain technology to contribute to environmentally conscious ambitions.

The telecommunications firm currently provides around 90% of the nation’s fixed-line mobile networks, as well as a further 45% of broadband high-speed internet services.

The e-document venture titled “E-document Digital Transformation (DX) One Team” will be a collaborative effort among 14 businesses, with the established objective of reducing the network’s carbon emission output.

Once implemented, the initiative will digitize the entire tenure of the paper-based documentation process ranging from creation through to storage and finally customer distribution.

The numeral goal is to convert 4.5 billion paper documents into e-documents each year, considerably reducing carbon emissions by 129.6 billion tons.

In March 2020, the firm launched a blockchain-based platform called Paperless to support businesses and organizations in digitally creating and storing contract documents.

An official from KT Corp, Yoon Dong-Sik shared his views on the impact of the paperless system at the time:

“We expect KT Paperless Service to reduce corporate document management and costs so that it will improve the business process as well.”

Related: South Korea Telecoms Giant Ramps Up Blockchain Roaming Deal With China

Last week, Cointelegraph reported that supply chain management platform VeChain launched a similar blockchain initiative to support businesses in tracking and reporting their carbon production data.

\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/72025.2c7b21aa-b5e5-4479-9b28-8b13fec25311.mp3",facebookShares:d,twitterShares:d,linkedinShares:d,redditShares:d,views:1398,shares:mh,tags:[{id:T,slug:fK,title:fL,url:eF},{id:eq,slug:eN,title:eO,url:em},{id:"1644",slug:"south-korea",title:"South Korea",url:"/tags/south-korea"},{id:"3795",slug:"environment",title:"Environment",url:"/tags/environment"},{id:"4813",slug:"telecommunications",title:"Telecommunications",url:"/tags/telecommunications"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=72025regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:eL,isDeleted:a,isDisclaimerHidden:d,isSponsored:a,isPressRelease:a,isExplained:a,slug:"cream-finance-will-integrate-with-polkadot-blockchain-using-moonbeam",url:lM,absoluteUrl:"https://cointelegraph.com/news/cream-finance-will-integrate-with-polkadot-blockchain-using-moonbeam",title:gV,youtubeVideoIdCover:c,cover:lN,datePublished:Q,dateHuman:g$,humanDateTime:"2021-09-02 14:00",dateISOFull:"2021-09-02T13:00:00+01:00",publishedDateTimeObject:{year:A,month:u,day:e,hour:eP,minute:f,second:f,millisecond:f},categorySlug:G,categoryUrl:H,categoryName:I,authorName:fl,authorUrl:fm,authorAvatar:fW,previewText:"Kusama and Polkadot users will be able to use Cream’s services to deposit digital assets as collateral or lend them out.",twitterLeadText:"Other projects integrating using Moonbeam include Equilibrium, Ocean Protocol, SushiSwap, Balancer, and IDEX",badgeSlug:i,badgeName:S,fullText:"

Decentralized finance (DeFi) project ​​Cream Finance will bring its lending and borrowing services to Moonbeam, a smart contract platform on Polkadot. 

In a Thursday announcement, Moonbeam said Cream Finance would be integrating with its ecosystem, starting with a parachain on Kusama, Moonriver and then on Polkadot. Kusama and Polkadot users will be able to use Cream’s services to deposit digital assets as collateral or lend them out.

“Lending and borrowing protocols lie at the heart of a productive DeFi ecosystem,” said Moonbeam founder Derek Yoo. “The integration not only provides a critical capability to the growing DeFi ecosystem on Moonbeam, it also provides builders on Moonbeam with a critical building block for creating new Polkadot-based DeFi applications.”

Related: Equilibrium’s Polkadot-native stablecoin will integrate with Moonbeam

The number of options for decentralized finance projects building on Moonbeam through Kusama or Polkadot have grown in recent months as many protocols announced integrations with the platform. Projects include cross-chain lending protocol Equilibrium, Ocean Protocol, SushiSwap, Balancer, IDEX and others.

Cream Finance was recently the target of a major hack, in which an attacker used a flash loan exploit to steal $18.8 million. According to the project, it has more than $1 billion in total value locked on the platform.

",audio:"https://s3.cointelegraph.com/audio/71916.c5fd4cfa-e064-45e7-aeeb-8fae69ce62ec.mp3",facebookShares:d,twitterShares:d,linkedinShares:d,redditShares:d,views:3112,shares:eM,tags:[{id:eq,slug:eN,title:eO,url:em},{id:fq,slug:"smart-contracts",title:"Smart Contracts",url:"/tags/smart-contracts"},{id:"4838",slug:"integration",title:"Integration",url:"/tags/integration"},{id:"9415",slug:"defi",title:"DeFi",url:"/tags/defi"},{id:"9478",slug:"polkadot",title:"Polkadot",url:"/tags/polkadot"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=71916regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:fj,isDeleted:a,isDisclaimerHidden:d,isSponsored:a,isPressRelease:a,isExplained:a,slug:"russian-sberbank-plans-to-register-its-digital-asset-tool-in-september",url:lO,absoluteUrl:"https://cointelegraph.com/news/russian-sberbank-plans-to-register-its-digital-asset-tool-in-september",title:gW,youtubeVideoIdCover:c,cover:lP,datePublished:Q,dateHuman:"10 hours ago",humanDateTime:"2021-09-02 13:15",dateISOFull:"2021-09-02T12:15:16+01:00",publishedDateTimeObject:{year:A,month:u,day:e,hour:er,minute:fr,second:hc,millisecond:f},categorySlug:G,categoryUrl:H,categoryName:I,authorName:"Helen Partz",authorUrl:"/authors/helen-partz",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/04a25228c6ee7dcd9af6997bf9906ba7.jpg",previewText:"As the largest banking and financial institution in Russia and one of the world’s biggest public companies, Sber’s move into digital assets is a significant one.",twitterLeadText:"Russia’s biggest bank, Sber, is looking to register its digital asset issuance platform with the Bank of Russia by mid-September.",badgeSlug:i,badgeName:S,fullText:"

Sber, the largest banking institution in Russia, continues progressing with the development of its blockchain-based platform for issuing digital assets.

Anatoly Popov, deputy chairman of the executive board at Sber, said that the bank is planning to have registered its digital asset issuance platform with the Bank of Russia — the country’s central bank — by mid-September, local news agency TASS reported on Thursday.

Popov said that Sber has started building functionalities to allows third parties to issue digital assets and expects to have rolled out this feature by the end of the year. At the time being, the bank is focused on issuance and management of Sber’s own digital financial assets, he added.

According to the executive, Sber is actively cooperating with the Russian central bank regarding functionalities and requirements for its upcoming digital asset product. Sber has recently sent an updated application for the platform to the Bank of Russia, following some feedback from the institution, Popov said.

Sber is the largest banking and financial institution in Russia and one of the world’s biggest public companies, ranking 51st on Forbes’ Global 2000 list this year. Formerly known as Sberbank, the state-owned company last year rebranded to “Sber” to show the company’s commitment to dive into digital services and become a technology leader rather than a pure banking institution. According to local reports, Sber has invested about $1 billion in its digital ecosystem in the first half of 2021.

Related: Russian court orders Sber to unblock account used for Bitcoin trading

As part of the company’s move into digital services, Sber has been actively striving to launch digital asset-related services and its own digital assets. Earlier this year, the company applied with the Bank of Russia to launch a blockchain platform for its own stablecoin, known as Sbercoin, but thus far, the central bank has been strongly opposed to private firms offering stablecoins pegged to the Russian ruble.

Sber has maintained a negative stance on private cryptocurrencies like Bitcoin (BTC), echoing a similar approach by the country’s central bank. In June, Sberbank CEO Herman Gref argued that digital currencies like Bitcoin are the riskiest type of investment alongside the equity market.

\n\n\n",audio:"https://s3.cointelegraph.com/audio/72021.59738e58-67cf-4f70-b068-c4e04d9d7ad0.mp3",facebookShares:d,twitterShares:d,linkedinShares:d,redditShares:d,views:3185,shares:mi,tags:[{id:ao,slug:"bank-of-russia",title:"Bank of Russia",url:"/tags/bank-of-russia"},{id:"194",slug:"russia",title:"Russia",url:"/tags/russia"},{id:"483",slug:"banks",title:"Banks",url:"/tags/banks"},{id:gI,slug:gJ,title:gK,url:fg},{id:"3865",slug:"sberbank",title:"Sberbank",url:"/tags/sberbank"},{id:lo,slug:lp,title:lq,url:lr},{id:"4557",slug:"digital-asset",title:"Digital Asset",url:"/tags/digital-asset"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=72021regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:fk,isDeleted:a,isDisclaimerHidden:d,isSponsored:a,isPressRelease:a,isExplained:a,slug:"us-defense-contractor-simba-chain-raises-25-million-to-boost-nft-efforts",url:lQ,absoluteUrl:"https://cointelegraph.com/news/us-defense-contractor-simba-chain-raises-25-million-to-boost-nft-efforts",title:gX,youtubeVideoIdCover:c,cover:lR,datePublished:Q,dateHuman:"11 hours ago",humanDateTime:"2021-09-02 12:35",dateISOFull:"2021-09-02T11:35:32+01:00",publishedDateTimeObject:{year:A,month:u,day:e,hour:aE,minute:fn,second:lX,millisecond:f},categorySlug:G,categoryUrl:H,categoryName:I,authorName:mj,authorUrl:mk,authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/33aad0377aa91b5e16ef2b8348b212d5.jpg",previewText:"The $25 million funding round, led by Valley Capital Partners, will enable Simba Chain to dedicate resources to new trends in the blockchain space.",twitterLeadText:"Simba Chain aims to be the tech provider for business enterprises, academic institutions and others who want to monetize digital and physical assets.",badgeSlug:i,badgeName:S,fullText:"

The United States-based blockchain startup Simba Chain, which provides technology for several U.S. defense organizations, raised fresh funds to scale the business and tap new opportunities like nonfungible tokens (NFTs).

The $25 million Series A funding round was led by Valley Capital Partners with the participation of Notre Dame Pit Road Fund, Elevate Ventures and Stanford Law School Venture Fund, according to an official announcement.

Simba Chain will use the new funding to scale several departments within the company and to dedicate resources to emerging trends like NFTs. The company aims to be the tech provider for business enterprises, academic institutions and others who want to monetize digital and physical assets.

As a startup incubated at the University of Notre Dame, Simba Chain offers a cloud-based smart contract platform with enterprise-level security for organizations that want to deploy blockchain technology.

The company says that its technology is currently used by the U.S. Air Force, Army, Navy and Marines as well as Boeing. Simba has grown its revenue by 360% over the last 18 months and surpassed 6,000 users.

“Users across multiple spectrums have embraced and validated the SIMBA Chain model, which simplifies the development of smart contracts,” said Simba Chain CEO and co-founder Joel Neidig. “The market has also responded positively to our support of multiple blockchains, including Ethereum, Avalanche, RSK, Stellar, and many others, making SIMBA Chain-based applications simple, highly portable and sustainable.”

Related: US Air Force prioritizes blockchain security with new Constellation Network contract

Simba Chain first drew attention when the startup was picked by the U.S. Air Force in 2019 to provide a blockchain-based supply chain. Six months later, a California-based research group of the U.S. Navy paid Simba Chain $9.5 million to develop a secure messaging platform on the blockchain for the Department of Defense (DoD).

The company scored another contract from the U.S. DoD, this time to develop a proof-of-concept for a blockchain-based data management system. Last year, Simba Chain won the Advanced Manufacturing Olympics, organized by the DoD, with its use of blockchain to provide a secure network for a virtual wargame.

Earlier this year, Simba Chain received a $1.5 million grant from the U.S. Office of Navy Research to revamp the supply chain of the United States military with a blockchain-based solution to enable demand sensing for critical military weaponry parts.

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0,2,0,"_self",null,"default",1,"USD","EUR","GBP","JPY","RUR","KRW","TRY",3,4,"Language",9,"en","es","1","2","CNY",2021,"EOS","NEO","changelly-button","17","18.83 m","latest-news","/category/latest-news","Latest News","https://hitbtc.com/?ref_id=5cba0be404aa3","ar","xxs","xs","sm","md","lg","2021-09-02",5,"News","11","23","adbutler","9","0.84",8,"https://changelly.com?utm_source=cointelegraphutm_medium=referralutm_campaign=changellyctengbuttonref_id=le9ssi8dgmskmqu0","hitbtc-button","promo_button","13","article","cointelegraph.com","es.cointelegraph.com","7","4","27",48,79,138,"en.LanguageType.1","en.LanguageType.2","Bitcoin","Ethereum","16","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505","21","22",6,"26","/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank","14","1.00",7,95,11,10,51,"BTC","/bitcoin-price","ETH","/ethereum-price","3","LTC","Litecoin","XRP","Ripple","6","BCH","Bitcoin Cash","XMR","Monero","8","DASH","Dash","/dash-price-index","/eos-price-index","ZEC","Zcash","/zec-price-index","12","ADA","Cardano","/ada-price-index","/neo-price-index","TRX","TRON","/tron-price-index","15","BNB","Binance Coin","/binance-coin-price-index","XLM","Stellar","/stellar-price-index","USDT","Tether","/tether-price-index","18","MIOTA","IOTA","/iota-price-index","19","ONT","Ontology","/ontology-price-index","20","MKR","Maker","/maker-price-index","BSV","Bitcoin SV","/bsv-price-index","DOGE","Dogecoin","/doge-price-index","ETC","Ethereum Classic","/etc-price-index","24","XTZ","Tezos","/xtz-price-index","XEM","NEM","/nem-price-index","USDC","USD Coin","/usdc-price-index","28","CRO","Crypto.com Coin","/crypto-com-price-index","29","ATOM","Cosmos","/cosmos-price-index","30","LEO","UNUS SED LEO","/leo-price-index","1.03 b","2.46 b","33.10 b","27.50 b","3.16 b","Y2hhbmdlbGx5LWJ1dHRvbg==","Changelly",47,50,789073.31,"789.07 k",18804656,"18.80 m",6472816.64,"6.47 m",117363781.499,"117.36 m",14325689.73,"14.33 m",66752614.51538747,"66.75 m",4363586280.77,"4.36 b",99990287008,"99.99 b",5026930.55,"5.03 m",18834981.25,730938.86,"730.94 k",17985433.2712685,"17.99 m",1306644.02,"1.31 m",10313460.80036521,"10.31 m",361060208.68,"361.06 m",1033159359.299,1452516.51,"1.45 m",12564956.25,"12.56 m",2455265405.77,33095610707.522,8670777.88,"8.67 m",100000000,"100.00 m",18230100151.85,"18.23 b",100850743811.662,"100.85 b",4810050.15,"4.81 m",168137036,"168.14 m",2218669580.72,"2.22 b",50001802844.44143,"50.00 b",84953700065.91,"84.95 b",67357085235.95035,"67.36 b",597290802.05,"597.29 m",2779530283,"2.78 b",160414118.27,"160.41 m",1000000000,"1.00 b",38438.97,"38.44 k",991328.38195493,"991.33 k",1867675.44,"1.87 m",18831801.64423905,10177112936.24,"10.18 b",131114847996.93857,"131.11 b",84027179.98,"84.03 m",210700000,"210.70 m",37080602.84,"37.08 m",887632877.651198,"887.63 m",378232428.67,"378.23 m",8999999999,"9.00 b",3155071217.53,27496248166.62919,382626085.58,"382.63 m",30263013692,"30.26 b",24291584.46,"24.29 m",278533317.317014,"278.53 m",867959.69,"867.96 k",985239504,"985.24 m","71970","ar.cointelegraph.com","/tags/business","Note that all trading strategies are to be used at your own risk. Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","side","en.LanguageType.17","414",12,"Large devices"," 1200px","Medium devices"," 992px","Small tablets"," 768px","Smartphones"," 480px","Extra small devices","