NeuronX Raises $1M in Pre-Seed Round to Develop AI-Driven Lending ProtocolNeuronX, a pioneering decentralized lending protocol on Dfinity, has successfully raised $1 million in a pre-seed funding round led by Obelisk Capital, with participation from Ecco Capital, AU21 Capital, Eureka Partners, and some angel investors. The funds will be used to advance NeuronX’s mission of revolutionizing decentralized finance (DeFi) through AI-driven automation and enhanced user experiences, making advanced financial strategies accessible to a broader audience.
At the heart of NeuronX is its groundbreaking innovation: AI-Powered Smart Liquidity Platforms (AILPs). These advanced vault strategies, powered by intelligent AI algorithms, allow users to effortlessly gain leverage by depositing a base asset. AILPs automate complex transactions and continuously rebalance positions to ensure optimal leverage without the risk of liquidation, streamlining the process and eliminating traditional DeFi complexities.
NeuronX aims to set the stage for smart DeFi, leveraging AI to create a seamless and efficient lending ecosystem. With this pre-seed funding, the company is well-positioned to drive innovation and expand its reach in the rapidly evolving DeFi landscape.
For more information:
Website: neuronx.xyz
Twitter: @NeuronX_ICP
Contact: info@neuronx.xyz
About Obelisk Capital
Obelisk Capital is a premier venture capital fund specializing in Web3 investments and market value management.
Website: obeliskcapital.xyz
Contact: official@obeliskcapital.xyz
BlackRock's Bitcoin ETF Plans Raise Concerns About Centralization, Notes Arthur HayesBlackRock's Bitcoin ETF Plans Raise Concerns About Centralization, Notes Arthur Hayes
Arthur Hayes discusses the potential impact of BlackRock's involvement in Bitcoin, emphasizing concerns over decentralization and the SEC's role.
Image by 24K-Production, Adobe Stock
According to a recent Tom Bilyeu interview with Arthur Hayes, co-founder of BitMEX, the possible entry of asset management behemoth BlackRock into the Bitcoin sector could reshape the leading cryptocurrency in ways that diverge from its original ethos.
While traders and investors anticipate the approval of a spot Bitcoin ETF—which BlackRock is also contending for—Hayes highlighted concernsabout the large-scale influence traditional finance could exert on Bitcoin.
BlackRock's Pending ETF and the Implications for Bitcoin
Arthur Hayes' warning comes as BlackRock, the world's largest asset management firm with assets totaling over several trillion dollars, awaits a decision from the U.S. Securities and Exchange Commission (SEC) on its application for a spot Bitcoin ETF.
While the SEC has postponed decisionson numerous such applications, including BlackRock's, as of September, it is expected to rule on them by early 2024.
"Will so much value and currency be owned by these centralized asset managers, who are essentially arms of the traditional finance ecosystem, that the underlying fundamentals of what Bitcoin is—the privacy—will those be altered?" Hayes questioned.
The Balancing Act Between Traditional Finance and Crypto
Hayes' concern echoes a broader discourse in the crypto community around the tension between centralization and the foundational principles of Bitcoin. The initial idea behind the digital currency was to offer an alternative to traditional financial systems, free from centralized control.
Hayes pointed out that the entry of firms like BlackRock into the Bitcoin scene may shift the balance of power, potentially undermining Bitcoin's key attributes such as censorship resistance and decentralization.
The SEC's role in this scenario is key. While the financial community waits for the SEC's ruling, expected by early 2024, questions arise about how the approval of a Bitcoin ETF from a giant like BlackRock might influence the cryptocurrency in terms of centralization.
"The crypto veteran says that is the 'real crucible' the digital asset industry will face going forward," Hayes remarked.
The Debate Over Bitcoin's Core Principles
The ultimate issue, according to Hayes, is whether large asset managers like BlackRock, which are fundamentally part of the traditional financial ecosystem, might dilute the core tenets of Bitcoin. These tenets include its immutability, resistance to censorship, and most importantly, its decentralization.
"Will a BlackRock support through maybe ownership and large mining companies, different sorts of improvement protocols... detract from the immutability of the money, or the censorship resistance or the decentralization?" Hayes questioned in his interview.
As the industry awaits the SEC's decisions on a range of Bitcoin ETF applications, including BlackRock's, Arthur Hayes' concerns shed light on an oft-overlooked angle—how the entry of large asset management firms could affect the very fabric of the cryptocurrency.
While a spot Bitcoin ETF is broadly anticipated to attract investment into the crypto market, the conversation around the influence of traditional finance players like BlackRock on Bitcoin's inherent qualities is equally vital.
Today in Crypto: Fines and Prison for Unregistered Crypto Firms in Cyprus, OrdinalsBot Raise $1 Million, Zimbabwe Gold is Now a Payment MethodToday in Crypto: Fines and Prison for Unregistered Crypto Firms in Cyprus, OrdinalsBot Raise $1 Million, Zimbabwe Gold is Now a Payment Method
Source: AdobeStock/ Andrii Yalanskyi
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Regulation news
Aiming to bolster its regulatory framework in the crypto sector, Cyprusis planning to introduce penalties for cryptocurrency service providers (CSPs) who fail to register with the relevant authorities, the Cyprus Mail reported. The penalties include fines of up to €350,000, imprisonment of up to five years, or both. This development follows the submission of a proposed legislative amendment to the "Prevention and Suppression of Money Laundering Law," which seeks to align Cyprus with international standards set by the Financial Action Task Force(FATF) and the recommendations of the Moneyvalreport.
Investment news
OrdinalsBot, which enables ordinals to be inscribed on Bitcoin, raised more than $1 million in seed funding from ventures like Kestrel 0X1,Lightning Ventures, UTXO Management, the asset management arm of BTC Inc, Bitcoin Frontier Fund, Angsana Investments, Deep Ventures, assisted by Novum Insights, MetaLink Capital, Louis Curran and Digital Phoenix Group, as well as James Haft and PAL Capital. "The substantial capital infusion from this funding round will enable OrdinalsBot to expand its API capabilities, enhance its inscription service, and continue its educational initiatives, further advancing the accessibility and usability of Ordinals for users worldwide," said the press release.
Payments news
Zimbabweannounced that the gold-backed digital token, Zimbabwe Gold (ZiG), is now an official payment method for domestic transactions. The Reserve Bank of Zimbabwe(RBZ) saidthat digital tokens will be backed by a physical amount of gold held in the bank's reserves, while an external auditor will validate the availability of the gold. "The applicable intermediated money transfer tax (IMTT) will be half of the IMTT applicable to transactions in the foreign currency, and the relevant legal instrument to that effect will soon be published," it said.
Scam news
A teacher in Chinawas scammed out of ¥4 million ($555,000) and continued to believe the fraudster would marry her despite police trying to dissuade her 12 times. Perthe South China Morning Post, over a period of four months last year, the woman borrowed money from the bank and used it as collateral to invest in a bitcoinproject her "boyfriend" promised would make her a fortune. Shanghai police discovered the crime after "unusual activity" was noticed in her bank account, but she could not be persuaded at the time not to send money. "She has invested so much money and emotion in it that she would rather believe the police were scammers," said an officer from the police anti-scam team.
AI news
The King Abdullah University of Science and Technology(KAUST) in Saudi Arabia, the School of Data Science, the Chinese University of Hong Kong, Shenzhen (CUHKSZ), and the Shenzhen Research Institute of Big Data(SRIBD) collaborated to create an Arabic-focused artificial intelligence (AI) system. Accordingto the project’s GitHub page, AceGPT,an open-source Large Language Model (LLM) tailored for the Arabic language, addresses "the unique syntactic intricacies" of Arabic and ensures "cultural sensitivity and alignment" with local values. "Our methodology encompasses incremental pre-training on Arabic texts, supervised fine-tuning (SFT) using genuine Arabic instructions paired with native GPT-4responses, and a novel reinforcement learning approach termed Reinforcement Learning with AI Feedback (RLAIF)," it said.
Exchange news
Web3 healthcare company XRP Healthcareexpanded its reach into Africavia its listing on the Coinstorecrypto exchange. Accordingto the press release, "this strategic move comes as XRP Healthcare seeks to capitalize on the burgeoning healthcare market in Africa, with a primary focus on Uganda." Coinstore users can now access XRP Healthcare's solutions and utilize its payment system built on the XRP Ledger. The company's expansion into Africa aligns with Ripple Labs' increasing presence in the region and the growing interest in crypto adoption across the continent, it said.Crypto Aid Israel Launches to Raise Funds Amid Gaza ConflictAs death tolls continue to climb and violence spreads in the rapidly escalating clash between Israel and Gaza that broke out on Saturday, cryptocurrency has emerged as a go-to fundraising tool across the region.
On Monday, a coalition of Israeli crypto executives announced the creation of Crypto Aid Israel, a fund designed to collect donations in 12 cryptocurrencies from across the world. The industry leaders plan to distribute funds to Israelis impacted or displaced by the weekend’s violence.
On Saturday, hundreds of Palestinian fighters linked to the militant group Hamas, which controls Gaza, bulldozed through barricades that separate the territory from southern Israel in a surprise attack and attempted to take over several settlements. About 800 Israelis were killed and at least 150 were taken hostage by the militants, according to the Israeli government.
The team behind Crypto Aid Israel says it will send crypto donations it raises to Israeli nonprofits, which will in turn aid families that fled southern Israel for Tel Aviv, Israel’s largest city, without packing necessities such as food and clothing. The aid group, which is comprised of executives from Israeli crypto companies including 42Studio, MarketAcross, Collider Ventures, and CryptoJungle, also says it has been in contact with multiple Israeli government agencies interested in overseeingthe disbursement of funds raised by the group.
Kim Bazak, one of the founders of the initiative, told Decryptthat the impetus for focusing on crypto donations is to tap into and raise awareness specifically among the global Web3 community.
In Gaza as well, crypto has emerged as a popular fundraising tool since Sunday, when Israel began bombarding the territory with hundreds of airstrikes. On Monday, Israel’s defense minister called for a “complete siege” of Gaza that would cut off all electricity, food, water, and fuel to the coastal strip, which is home to around 600,000 people.
Numerous Arab charities have, since fighting broke out, listed crypto wallet addresses on social media sites to attract donations for Gazans, that have thus far raised several thousands of dollars worth of cryptocurrencies. At least 687 Palestinians have been killed and more than 3,726 wounded,by Israel’s airstrike campaign so far, according to Gaza’s Ministry of Health.
It remains uncertain how rapidly those digital funds can be converted into tangible aid, given the damage already incurred to Gaza’s infrastructure. On Monday, an Israeli strike on the Palestine Telecommunications Company wiped out most internet in the territory, according to a report in The New York Times.
Who might receive those funds if they are ever doled out has also become a point of contention. Hamas, which controls Gaza, is officially designated a terrorist organization by the United States and other governments. According to several sources familiar with the matter, the Israeli government is working with on-chain analytics firm Chainalysis to scan solicited crypto addresses for potential ties to Hamas, and potentially seek their freezing by crypto exchanges including Binance.
Chainalysis declined comment when reached by Decrypt.NeuronX, a pioneering decentralized lending protocol on Dfinity, has successfully raised $1 million in a pre-seed funding round led by Obelisk Capital, with participation from Ecco Capital, AU21 Capital, Eureka Partners, and some angel investors. The funds will be used to advance NeuronX’s mission of revolutionizing decentralized finance (DeFi) through AI-driven automation and enhanced user experiences, making advanced financial strategies accessible to a broader audience. At the heart of NeuronX is its groundbreaking innovation: AI-Powered Smart Liquidity Platforms (AILPs). These advanced vault strategies, powered by intelligent AI algorithms, allow users to effortlessly gain leverage by depositing a base asset. AILPs automate complex transactions and continuously rebalance positions to ensure optimal leverage without the risk of liquidation, streamlining the process and eliminating traditional DeFi complexities. NeuronX aims to set the stage for smart DeFi, leveraging AI to create a seamless and efficient lending ecosystem. With this pre-seed funding, the company is well-positioned to drive innovation and expand its reach in the rapidly evolving DeFi landscape. For more information: Website: neuronx.xyz Twitter: @NeuronX_ICP Contact: info@neuronx.xyz About Obelisk Capital Obelisk Capital is a premier venture capital fund specializing in Web3 investments and market value management. Website: obeliskcapital.xyz Contact: official@obeliskcapital.xyz
