Crypto Flipsider News – ConsenSys Hits $3.2B, KuCoin Labs Opens

Read in the Digest

• ConsenSys Valued at $3.2 Billion after $200 Million Funding Round, Gemini Eyes $7 Billion Valuation
• KuCoin Labs Launches $100 Million Fund for Metaverse Development
• Nvidia (NASDAQ:) Crypto Mining Chip Sales Dropped 60% in Q3, Forecasts Robust Revenue on AI
• Crypto.com Token (CRO) Rallies after Company Buys Rights to Staples
• Teen Arrested by Canadian Police in Crypto Theft Worth $36.5 Million

ConsenSys Valued at $3.2 Billion after $200 Million Funding, Gemini Eyes $7 Billion Valuation

ConsenSys, the blockchain company popular for being backed by , has hit a $3.2 billion valuation after completing a $200 million funding round. The round was led by Third Point, Marshall Wallace, Coinbase (NASDAQ:) Ventures, and HSBC, among others.

The funds raised by ConsenSys will largely be used for expansion. According to ConsenSys Chief Strategy Officer Simon Morris, the fund will be used to recruit up to 400 new hires. Talking about the round, Morris said;

“We don’t have to sit here and say what’s the next big DeFi thing or what’s the next big NFT thing. We’re there for all of it.”
Gemini, another household name in the cryptoverse, is looking to reach a $7 billion valuation by completing a $400 million funding round. In addition, the Winklevoss-led exchange in January announced its plans to conduct an initial public offering.

Flipsider:

• The Gemini $400 million round has not yet been finalized and could change

Why You Should Care

The crypto industry is currently experiencing a fundraising blitz, which could serve as a boost for the industry.

KuCoin Labs Launches $100 Million Fund for Metaverse Development

These days, the metaverse is everywhere. Joining the growing trend, KuCoin Labs, the investment and research firm of the global crypto exchange KuCoin has launched a $100 million fund to invest in metaverse projects.

The metaverse is a virtual-reality world where users can interact with computer-generated environments and other users. KuCoin Labs reveals that the $100 million fund will be used to invest in GameFi, NFTs, and decentralized infrastructure projects.

In addition to supporting development, KuCoin Labs noted that the

“fund will also support the metaverse education programs to assist the younger generation in exploring its potentials.”

Flipsider:

• While blockchain and gaming platforms currently dominate metaverse conversations, experts believe its best use lies in the work space

Why You Should Care

By combining artificial intelligence with AR and VR, the metaverse looks to change the way we interact online, play games, and even work.

Nvidia Crypto Mining Chip Sales Dropped 60% in Q3, Forecasts Robust Revenue on AI

The world’s leading graphics and AI chips manufacturer, Nvidia, has released its financial results for Q3 of 2021. The report shows that crypto mining processor (CMP) sales dropped by 60%…