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The blockchain is the first with native account abstraction that the web3 developer platform offers, allowing developers to build applications with Alchemy’s infrastructure on StarkNet.

Access to the Senior Credit Opportunities Fund is available through a feeder fund from Securitize.

Throw out your spreadsheets and PDFs. A new startup in the crypto space is looking to reshape the financial underpinning of the global supply chain with stablecoin USDC. 

OpenTrade, which announced a $1.5 million fundraise on Thursday, provides stablecoin rails it says will help companies move money faster and more affordably. Investors include Sino Global Capital along with Circle Ventures, Kronos Research and others.

Today, large manufacturers like automakers rely on a network of banks and non-bank entities to pay suppliers, make payroll and move funds around. Much of that activity can move to stablecoin rails, the firm said.

“When you combine composable DeFi infrastructure with payment stablecoin, the results can truly be game changing,” the firm said in a blog. “For one, we can begin to move trillions of dollars of trade and supply chain finance off of spread sheets and PDFs and into programmable internet native formers. In doing so, we can make them transferable, peer-to-peer, in real time.”

The fundraise comes after the lowest quarter for blockchain funding in two years, from a high of more than $12 billion in the first quarter of 2022 to $2.7 billion last quarter, according to The Block Research.

Five Sigma

OpenTrade was founded in February by Dave Sutter and Jeff Handler, former employees of Centre, the consortium that manages USDC. Prior to Centre, the duo operated in the sleepy trade finance space, which is responsible for the financial pipes and plumbing that makes commerce and trade function. 

The firm has already clinched one major client, a supplier in the port services industry, which it claims could move $750 million in the next year. The firm, which historically has required its own clients to pay out a full invoice upfront, will now borrow from OpenTrade’s sister company, Five Sigma, the full amount of its client invoice to allow them to pay as they go. 

“It leverages Circle accounts so if they don’t want to be stuck with USDC it instantly coverts to dollars in your account,” he said. 

Five Sigma was spun out of AGFE, a London-based firm with more than $3 billion in assets under management, and manages $700 million in assets and is run by Michele Bisceglia, who previously was a partner at AGFE. Steve White, another former AGFE partner is an advisor.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Named Cloudverse, the launchpad is designed to provide an end-to-end platform for companies to customize and maintain their metaverse spaces.

The fall of the Japanese exchange in 2014 saw 750,000 bitcoin go missing, putting crypto’s future in doubt. The event reverberates to this day.

Our month-long series looking back at 10 years of CoinDesk features a lot of failures. But, in most cases, what seemed like disasters at the time have actually allowed the industry to grow, says CoinDesk’s Chief Content Officer Michael Casey.

The U.S. has no plans to issue a digital dollar. So why are so many politicians coming out against the idea?

The machines will be installed in two tranches, one by mid-May and the second by mid-June.

The median average transaction fee on Ethereum has risen to its highest level since May 2022 following increased on-chain activity. 

Fees on the Ethereum network jumped to around 87 gwei on May 2, according to a Dune analytics dashboard from Hildobby, a pseudonymous data researcher at VC firm Dragonfly. The increase was mostly down to memecoin trading, Hildobby told The Block. 

Memecoins have enjoyed somewhat of a renaissance recently. The Pepe the Frog-themed token has seen particularly high interest. The token price soared over 266 times in just four days last month.

The memecoin’s market cap soared to over $500 million this week before crashing below $400 million again. Many of these tokens lack liquidity, or market depth, meaning the ability for traders to buy and sell close to the market price is limited — leaving coins susceptible to sharp price swings. 

The token is largely traded on decentralized exchanges, encouraging more on-chain activity. Decentralized exchanges on Ethereum have attracted the highest level of users since 2021 due to the demand for memecoin trading. Ethereum-based DEXs saw over 72,000 unique traders on one day in April, according to data from The Block Pro. 

Users look for alternatives

Ethereum Virtual Machine (EVM)-compatible blockchains hit all-time highs last week due to high transaction fees.

Daily new unique addresses of EVM-compatible blockchains reached 6.77 million on April 25, according to The Block’s Data Dashboard. The previous record was over two years ago when it reached 6.74 million. 

The EVM-compatible blockchains include BNB Chain, Polygon, and Avalanche. These chains tend to have lower transaction fees than Ethereum.

 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

ZkLink offers a zero-knowledge rollup-backed decentralized trading infrastructure that makes it easier to trade between chains.