CV VC, a Swiss-based venture capital firm, has announced the launch of its Africa fund, which aims to invest in early stage web3 startups across the continent. The fund has raised $20 million from a mix of institutional and private investors and plans to deploy capital in sectors such as decentralized finance, non-fungible tokens, metaverse, and blockchain infrastructure.
The fund is led by a team of experienced African entrepreneurs and investors, who have a deep understanding of the local market and the potential of web3 technologies. The fund will also leverage CV VC’s global network of partners, mentors, and advisors, as well as its portfolio of over 50 web3 companies.
CV VC’s Africa fund is one of the first dedicated web3 funds in the region and reflects the growing interest and adoption of blockchain and crypto in Africa. According to a recent report by Chainalysis, Africa is the third-fastest growing crypto economy in the world, with a 1,200% increase in value received between July 2020 and June 2021.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
The fund’s vision is to support the next generation of African innovators and entrepreneurs, who are building solutions that can transform the continent and the world. The fund will provide not only capital, but also mentorship, guidance, and access to a global community of web3 enthusiasts and experts.
CV VC’s Africa fund is currently open for applications from startups that are based in or have a strong focus on Africa. The fund will invest in pre-seed and seed stage companies, with ticket sizes ranging from $50,000 to $500,000. The fund is also looking for co-investors and strategic partners who share its vision and mission.
Stackr raises $5.5 millions to simplify crypto app development for web2 developer
Stackr, a platform that aims to make it easier for web2 developers to build and deploy decentralized applications (dApps) on top of various blockchain protocols, announced today that it has raised $5.5 million in a seed round led by Placeholder, with participation from Fabric Ventures, 1kx, and several angel investors.
The company was founded in 2022 by a team of experienced web2 developers who saw the opportunity to bridge the gap between the traditional web and the emerging web3 ecosystem. Stackr provides a suite of tools and services that enable developers to create, test, and deploy dApps without having to deal with the complexity and fragmentation of the underlying blockchain infrastructure.
Stackr’s platform supports multiple blockchain protocols, including Ethereum, Polygon, Solana, and Near, and allows developers to choose the best fit for their use case. Stackr also integrates with popular web2 frameworks and technologies, such as React, Next.js, GraphQL, and Firebase, to offer a familiar and seamless development experience.
Stackr’s co-founder and CEO, said in a statement: “We believe that web3 is the future of the internet, but we also recognize that there are many challenges and barriers that prevent web2 developers from embracing it. Our mission is to simplify and democratize crypto app development by providing a platform that abstracts away the technical hurdles and lets developers focus on building amazing user experiences.”
Stackr’s seed round will help the company expand its team, grow its community, and launch its platform to the public in early 2024. The company also plans to add more features and integrations to its platform, such as support for more blockchains, identity solutions, storage providers, and analytics tools.
Chris Burniske, partner at Placeholder, said in a statement: “We are impressed by the vision and execution of the Stackr team. They have built a platform that lowers the entry barrier for web2 developers to join the web3 movement and unleash their creativity. We are excited to back them and support their growth.”
CFTC achieves record-breaking enforcement milestones in 2023 amid LHV Bank founder losing $472M in Ethereum
The Commodity Futures Trading Commission (CFTC) has announced that it has reached unprecedented levels of enforcement actions and penalties in the digital asset sector in 2023. The agency, which regulates the derivatives markets in the US, has been actively pursuing cases involving fraud, manipulation, registration violations, and other misconduct involving cryptocurrencies and other digital assets.
According to the CFTC’s annual report, the agency filed 32 enforcement actions related to digital assets in 2023, more than double the number of cases filed in 2022. The agency also obtained more than $1.5 billion in monetary relief, including civil penalties, disgorgement, and restitution, from digital asset defendants. This amount represents a 300% increase from the previous year and the highest ever for the digital asset sector.
Some of the notable cases that the CFTC resolved in 2023 include:
A $200 million settlement with BitMEX, one of the largest cryptocurrency derivatives platforms, for operating an unregistered trading platform and violating anti-money laundering and customer identification rules.
A $100 million settlement with Tether, the issuer of the largest stablecoin, for making false and misleading statements about its reserves and liquidity.
A $50 million settlement with Binance, the world’s largest cryptocurrency exchange, for facilitating illegal transactions and failing to implement adequate controls and compliance programs.
A $25 million settlement with Coinbase, the largest US-based cryptocurrency exchange, for engaging in wash trading and market manipulation on its platform.
A $10 million settlement with Ripple, the developer of the XRP token, for offering and selling unregistered securities and failing to disclose material information to investors.
The CFTC’s acting chairperson, Sarah Raskin, stated that the agency’s enforcement efforts reflect its commitment to protecting investors and ensuring market integrity in the rapidly evolving digital asset space. She added that the CFTC will continue to work closely with its domestic and international counterparts to coordinate regulation and enforcement of digital assets.
The CFTC’s report also highlighted some of the challenges and opportunities that the agency faces in regulating digital assets. These include:
Developing a clear and consistent regulatory framework that balances innovation and consumer protection. Enhancing data collection and analysis capabilities to monitor market activity and identify emerging risks. Increasing staff expertise and resources to keep pace with the growth and complexity of the digital asset sector.
Educating investors and market participants about the benefits and risks of digital assets. Fostering cooperation and collaboration with other regulators, law enforcement agencies, industry associations, and academia.
The CFTC’s report concluded that digital assets are a transformative force that have the potential to create new markets, products, and services, as well as to improve efficiency, transparency, and inclusion in the financial system. The agency stated that it will continue to pursue its mission of fostering open, transparent, competitive, and financially sound markets for digital assets, while protecting investors and the public interest.
LHV bank founder Rain Lohmus loses access to ether worth $472 millions.
In a shocking turn of events, the founder of LHV bank, Rain Lohmus, has reportedly lost access to his digital wallet containing 40,000 ether, worth about $472 millions at the current market price. According to a statement released by Lohmus, he forgot the password to his wallet and has exhausted all the possible recovery options.
Lohmus, who is a prominent figure in the Estonian banking and fintech sector, had invested in ether since 2015, when the cryptocurrency was still in its infancy. He had stored his ether in a hardware wallet, a device that allows users to securely store their private keys offline. However, he claims that he misplaced the paper where he had written down his password and could not remember it.
“I deeply regret this unfortunate situation and I apologize to all my investors and partners who trusted me with their funds. I have tried everything in my power to recover my wallet, but I have failed. I have accepted the fact that I have lost my ether forever,” Lohmus said in his statement.
Lohmus added that he still believes in the potential of blockchain technology and cryptocurrencies, and that he will continue to support the development of the industry. He also urged other crypto investors to be more careful with their passwords and backup methods, and to use reputable custodial services if they are not confident in managing their own wallets.
The incident has sparked a lot of reactions in the crypto community, with some sympathizing with Lohmus and others criticizing him for his negligence. Some have also speculated that Lohmus may have staged the loss as a way to avoid taxes or legal issues, but there is no evidence to support this claim.
Ether is the second-largest cryptocurrency by market capitalization, after bitcoin. It is the native currency of the Ethereum network, a decentralized platform that enables smart contracts and decentralized applications. Ether has seen a massive surge in value this year, reaching an all-time high of over $1,800 in November.