Crypto features prominently at the Collision Conference in Toronto and more

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Crypto features prominently at the Collision Conference in Toronto and more

Even though the mar­ket has been reel­ing under the bear mar­ket, cryp­to still has hopes for a brighter future

By Shashank Bhardwaj brand­ing dur­ing day three of Col­li­sion 2022 at Ener­care Cen­tre in Toron­to, Cana­da; Pho­to By Lukas Schulze/Sportsfile for Col­li­sion via Get­ty Images

The Col­li­sion Con­fer­ence, the biggest tech con­fer­ence in North Amer­i­ca, held in Toron­to from June 17 to June 23 was a huge suc­cess. The con­fer­ence was sold-out, and cryp­to was one of the promi­nent top­ics of dis­cus­sion there despite the six-month-long bloodbath. 

The Col­li­sion Con­fer­ence fea­tured many inter­est­ing pan­el dis­cus­sions, two of which were about the cryp­to mar­ket and the lat­est invest­ments and busi­ness news from the blockchain world. There are par­tic­u­lar high­lights of the con­fer­ence that are worth the mention. 

It is clear from the con­tin­ued glob­al inter­est that the cryp­to indus­try is more than just price. Many insti­tu­tions, includ­ing the KPMG Cana­da cryp­to team, are inves­ti­gat­ing the space. Sam Bour­gi from Coin­tele­graph asked KPMG Canada’s cryp­to divi­sion about the fir­m’s recent move into dig­i­tal assets. In Feb­ru­ary, KPMG Cana­da announced the addi­tion of Bit­coin (BTC) and Ether (ETH) to its cor­po­rate treasury. 

KPMG said that the com­pa­ny’s choice to accept dig­i­tal assets was not made on the spur of the moment; rather, it was direct­ed by an inter­nal gov­er­nance com­mit­tee that con­duct­ed exten­sive research before sug­gest­ing cryp­to treasuries. 

Amid 3AC (Three Arrows Cap­i­tal) expo­sure, Voy­ager has entered into a $500 mil­lion loan deal with Alame­da. 3AC, a cryp­to-focused hedge fund, is on the verge of insol­ven­cy after a string of lever­aged bets went bad. Voy­ager Dig­i­tal, a trad­ing plat­form, bor­rowed mon­ey from Ala­ma­da Research to off­set loss­es relat­ed to its expo­sure to 3AC. Voy­ager bor­rowed 15,000 BTC from Alame­da, almost equal to the 15,250 BTC owing to it by 3AC. Voy­ager has asked 3AC to clear its out­stand­ing pay­ments or face legal action.

Anoth­er notable men­tion was about Fal­conX, a cryp­to bro­ker­age, rais­ing $150 mil­lion at a val­u­a­tion of $8 bil­lion. Fal­conX has raised a $150 mil­lion Series D fund­ing backed by Sin­ga­pore sov­er­eign wealth fund GIC, val­ued at $8 bil­lion. Since August, when it com­plet­ed its Series C invest­ment round, the com­pa­ny’s val­u­a­tion has near­ly doubled.

Meta, the par­ent com­pa­ny of Face­book, is get­ting ready to start test­ing NFTs on Insta­gram Sto­ries using Spark AR. Talk­ing about the project, the CEO of Spark AR said, “We’re expand­ing our test so more cre­ators around the world can dis­play their NFTs on Insta­gram.” He also added, “Cre­ators and col­lec­tors will be able to share their dig­i­tal col­lectibles across Face­book and Insta­gram after we begin rolling out the fea­ture on Face­book with select US cre­ators at a lat­er date.” 

The fact that one of the largest tech con­fer­ences in North Amer­i­ca is active­ly fea­tur­ing and talk­ing about cryp­to, even after the cryp­to mar­ket has been a full-blown dis­as­ter for the past six months, proves the impor­tance of cryp­to and the indus­try is more than just prices.

Shashank is the founder of yMedia. He ven­tured into cryp­to in 2013 and is an ETH max­i­mal­ist. Twit­ter: @bhardwajshash 

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