Bitcoin

Recur after Series A raise of $50M reaches $333M Valuation

Evolution is in human nature, as evident from the history of mankind. The latest segment of growth is cryptocurrencies that have opened up new opportunities. Amongst the crypto universe, there are several segments continuously in the works. NFTs are one of these segments that have become more and more popular because of their ability to provide an interactive and fun approach to otherwise mundane crypto financial markets.

In the NFT Metaverse, several projects have been trying to establish their foothold, but only a few succeed. Recur, a famous NFT company has been making waves with its funding rounds. Recently, Recur conducted a Series A investment round led by billionaire Steve Cohen of $50M. This investment round helped the platform to reach a total of $333M valuation, to rank relatively high in the almost saturated NFT market.

Series A Fundraising

The fundraising came from DIGITAL, a metaverse in itself founded by Steve Cohen, Mark Daniel, and Benjamin Milstein. The funds raised will be utilized to grow to Recur into an enviable metaverse with an array of features. The investment will also be used to hire over 150 people, develop new brand experiences and launch an NFT platform called NFTU.com.

In the previous investing rounds that helped Recur raise $5 Million, the company saw participation from several other investors as well including Defi Alliance, Courtside VC, Volt Capital, Joe Lubin, The Winklevoss Twins, Gary Vaynerchuk, Scott Belsky, Hashed, Nascent, Delphi Ventures, JST Capital, Divergence, 640 Oxford, IOSG, CMT Digital, David Choi, Jason Derulo, Scott Lewis, and Chris Hermida.

According to Recur

“At RECUR, we imagine a future where NFTs can be taken anywhere as tokens of personal expression, community membership, and fandom, among so many other use cases. We want fans to own pieces of the stories and IPs they love, with real value retained across any future chain. Further, we see a future where the standard for a decentralized RECUR-ing royalty is embedded, giving the creator due credit as assets are exchanged over and over again….forever.”

Recur has also announced partnerships with Ai firms Veritone and CLC, one of the most significant collegiate trademark licensing companies in the country. With the NFT market growing every day, raising funding and making meaningful partnerships are the recipe for the success perfectly showcased by Recur. 

Crypto Custody Services On the Rise in Asia

Cryptocurrency custodial services are on the rise, helping institutional investor be better protected in terms of security, insurance and in the care of a more experienced third party. One such region where Cryptocurrency custodians are picking up in pace in Asia.

Fusang Group

Fusang Group which is Hong Kong-based has very recently announced the new launch of Crypto custody services called the Fusang Vault.

Fusang Vault has entered the Crypto scene right after receiving approval from the Malaysian regulator to launch tokenised securities exchange which will be the first one in the Asian region.

Henry Chong, the CEO of Fusang Group, stressed on the need of a Crypto custody given the mismanagement that occurs to increase reliability. A focus has been made on the current technology on the platform, level of security, need for customisation for the client and ensuring the best services possible.

Fusang has automized operations in the Crypto custody platform to minimise errors too with the added steps of AML and KYC checks.

Branding China Group

A Hong Kong-based trading and asset management company called Branding China Group (BC Group) launched an insured Crypto custody product for investors in Asia.

BC Group already owns Crypto investments which include a trading platform called Anxone and a digital brokerage called OSL hence already has great traction amongst investors.

An insured custody will ensure that investors are fully assured that their funds are safe and compliant. All the funds from investors will be transferred directly to cold storage as soon as bought, giving major upcoming Crypto platforms such as Bakkt a run for their money.

Crypto custody solutions are the missing link between investors and fund managers to explore the more modern and digital Cryptocurrency market. In addition, Asian investors are an essential part of the Crypto capital market given their knowledge, connections and an understanding of underlying technologies.

BitGo To Establish New Trust Company For The Custody Of Crypto Assets

According to a recent article by CNBC, BitGo, a U.S. cryptocurrency wallet, and security firm have now received a state trust charter from the South Dakota Division of Banking. This means the company will soon be certified to store crypto assets for investors.

Along with Coinbase and Japan’s Nomura Bank, BitGo has announced they will be offering a crypto custody service. And, according to industry leaders, this could be a game changer for the entire industry.

Trust

Once established, the new trust company will be subject to the regulatory scrutiny that all trust companies must undergo. This means that BitGo will be required to follow Know-Your-Customer (KYC) protocols and anti-money laundering (AML) checks, as well as filing financial audits and releasing monthly disclosure statements.

As it stands, one of the most significant problems in the industry is that users are responsible for the security and storage of their crypto assets. Therefore, by creating the trust company, BitGo will be providing a solution to the problem and could lead to more people investing in cryptocurrency.

According to Mike Belsch, CEO and co-founder of BitGo, “This is the missing piece for infrastructure – it’s a treacherous environment today. Hedge funds need it; family offices need it; they can’t participate in digital currency until they have a place to store it that’s regulated.”

A Solution For Widespread Adoption

In a recent interview with CNBC, Monica Sommerville of TABB Group, said, “Institutional investors are very interested in finding a solution, but they haven’t seen one that they think is perfect for various reasons. They still self-custody, and manage all their keys.”

Sommerville also added that “Family offices and hedge funds are required by the U.S. Securities and Exchange Commission (SEC) to use a third-party regulated institution to safely store assets if they are worth over $150 million.”. Therefore, the move comes as an excellent solution to the problem and could contribute to the much more widespread adoption of cryptocurrency.

Crypto Is Coming!

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