The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter Beta

The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter Beta

The Daily

In today’s edition of The Daily, we focus on the intersection between the cryptocurrency industry and gaming. A game startup recently raised $16 million from investors such as Okcoin and Galaxy Digital, while the developers of a game backed by the investment arm of Coinbase have released a new gameplay trailer. And in related news, a recent report shows that young people prefer cryptocurrency and in-game coins over fiat cash.

Also Read: Venezuelan Department Store Chain Accepts Cryptocurrency

Mythical Games Secures $16M of Funding

Mythical Games, a new Los Angeles-headquartered game studio, announced on Friday that it has secured $16 million in a Series-A financing round. The funds will support the development and co-production of blockchain-powered games for mobile devices, PCs and consoles. The round was led by Galaxy Digital and included Okcoin, Javelin Venture Partners, Divergence Digital, Fenbushi and Noris.

The startup plans to provide its proprietary platform to other developers to help build “player-owned” economies. It will also produce tools for brands to monetize their game assets.

“We believe that gaming — and specifically players’ interaction with in-game economies and virtual goods — will play a key role in how the masses first discover the true potential of the blockchain,” said Mike Novogratz, CEO and Founder of Galaxy Digital. “Mythical’s experience building rich and immersive game worlds will be invaluable to this mission.”

The company was founded by former executives from Activision, Blizzard and Yahoo. They each previously led development teams for games such as “Call of Duty” and “World of Warcraft.”

“The investment from Galaxy, Javelin, and our other new investors will allow us to ignite a new approach to developing games, giving players and content creators a bigger stake in the games they love,” commented John Linden, co-founder and CEO of Mythical Games. “We believe these new economics will come to dominate gaming, resulting in an even bigger addressable market for the industry.”

On Saturday, Mythical Games revealed its first collectibles game, “Blankos Block Party.”

The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter Beta

Fuel Games Releases ‘Gods Unchained’ Trailer

Fuel Games, another blockchain-powered game development company that was founded earlier this year, released an official gameplay trailer on Thursday for its upcoming title “Gods Unchained.” The startup raised $2.4 million in seed funding in May and is backed by Coinbase Ventures, Continue Capital, Sora Ventures and Nirvana Capital.

“Gods Unchained” is a competitive collectible trading card game, like a cross between “Magic: The Gathering,” “Hearthstone” and “Crypto Kitties.” Fuel Games also announced on Thursday that it will begin rolling out a closed beta of the game “over the next week or two.”

Teenagers Want Bitcoin for Christmas

The Daily: Okcoin-Backed Studio Raises $16M, Coinbase-Funded Game to Enter BetaBeyond investments by cryptocurrency exchanges in blockchain-powered games, another connection between crypto and gaming is that young people tend to prefer in-game digital currencies over old fiat money. Piper Jaffray, an investment banking and asset management firm, on Wednesday published its “Holiday 2018” consumer report, which rates the gift preferences of American teenagers. The reports shows that for the first time ever, young people prefer cryptocurrency and “V-Bucks” as presents over fiat cash, gift cards and money for car-related expenses.

The V-Buck is the in-game currency of the battle royale game “Fortnite.” The wildly popular title has been raking in hundreds of millions of real-world dollars per month from the sale of in-game assets, despite being free to play. The game’s incredible commercial success is probably a major contributing factor to the recent increase in game-development funding, as many investors hope to capitalize on its popularity.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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KPMG: Cryptocurrency Still Far Away From a Store of Value

When Moon? Not soon according to the talking heads at KPMG. Bitcoin and other cryptocurrencies will require a bit more time before they truly function as a reliable store-of-value.


We Ain’t There Yet, Says KPMG

Whereas in August, KPMG reported that the blockchain industry was maturing and moving beyond experimentation, the latest study authored by KPMG, says Bitcoin and other cryptocurrencies will require a bit more time before they truly function as a reliable store-of-value.

The report, titled Institutionalization of Crypto-assets determined that Bitcoin and other digital assets are not useful as a medium of exchange or store of value due to a lack of trust in digital assets, rampant volatility, and scalability issues.

The report also suggests that cryptocurrency must be reformed by institutionalization in order to thrive in the future and KPMG chief economist Constance Hunter explained that “more participation from the broader financial services ecosystem will help to drive trust and scale for the tokenized economy.”

KPMG believes that large-scale involvement from banks, payments institutions, FinTech companies, and exchanges are exactly what the crypto-sector requires to better integrate into the current global financial system.

Buy the Rumor, Sell the News

At the moment, many analysts and researchers believe that they crypto-market is primarily propelled by speculative investment from small investors who either select startups based on the potential of their technology or simply because they believe that the digital assets with eventually appreciate in value.

KPMG

KPMG does not discount the necessity of retail investors to the sector but also points out that the industry’s failure to comply with existing regulations and the need for a unique set of new regulations that recognize the unique characteristics of digital assets are needed before cryptocurrencies can mainstream and become a real store of value.

Basically, KPMG issued the same guidance that many others suggest, which boils down to crypto startups needing to either adjust their business model to comply with current regulations or do a better job defining and representing their products in the eyes of financial regulators.

Only Time will Tell

Coinbase was also a contributor to the report and added that as the cryptocurrency market matures it will slowly undergo a metamorphosis that transforms the market from a space driven by retail speculators to a place frequented by the world’s premier financial institutions.

Through a bit of shameless self-promotion, Coinbase also dropped a hint that it had already designed and launched the platforms and services that institutional investors require to invest in the crypto-sector.

Fortunately, the KPMG ended the report on a positive note by concluding that the advent and dominance of crypto assets will eventually occur. The authors perceive the current challenges facing the crypto sector as merely transitional growing pains and KPMG suggests that cryptocurrencies will reign supreme once issues like taxation, regulatory compliance, security, financial auditing and liquidity are properly addressed.

Do you think institutional investment is the only way for the cryptocurrency market to escape its current malaise? Share your thoughts in the comments below!


Images courtesy of Shutterstock.

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates Wallet

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates Wallet

The Daily

In Sunday’s edition of The Daily, we cover the upcoming launch of a new Visa debit card that will allow users in the U.S. to spend cryptocurrencies through conversion to fiat. We also mention the updated Coinbase wallet and take a look at an educational course that’s going to reward students with digital coins.    

Also read: New Woe for ICOs, Bitcoin Cash Trading Resumes

Crypto.com to Launch Prepaid Visa Cards in the US

New York-based Metropolitan Commercial Bank and Foris Inc., a Jacksonville, Florida-headquartered affiliate of digital asset wallet provider Crypto.com, are preparing to issue Visa crypto debit cards in the United States. The announcement comes after Crypto.com, a Hong Kong-based company formerly known as Monaco, recently launched its Mco Visa card program in Singapore.

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates Wallet

The prepaid cards, which have no annual, monthly and ATM withdrawal fees, can be ordered from the wallet and card app of the cryptocurrency payment platform. The application allows users to purchase, sell, store, send and track cryptocurrencies. Customers can also use it to spend their digital coins in stores accepting Visa through conversion to fiat money without being charged exchange fees.

Reservations for the Mco Visa cards can be made after users pass an onboarding process which includes ID verification. According to a press release, over 100,000 cards have already been reserved globally. With the wallet app, cardholders will be able to manage the card usage and their crypto and fiat transactions. They can also freeze and unfreeze their cards with a single tap at any moment.

Coinbase Wallet Updated

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates WalletCryptocurrency exchange Coinbase has updated its Ethereum-based wallet to improve its looks and add new functionalities. According to an announcement on Twitter, all supported ERC20 tokens will now show up automatically, along with available values in local fiat currency. That means users will no longer need to manually add the tokens to their portfolios.

The California-based digital asset trading platform has also introduced a new crypto collectibles gallery integrated with Opensea and Rarebits to support hundreds of collectibles. Other changes include improved stability, security, and better gas price estimation. The wallet app has already been updated for iPhone users. The new version for Android phones is expected within the next few days.

Course Rewards Students With Coins

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates WalletAeternity, a company that manages smart contracts, has recently teamed up with peer-to-peer online learning platform Dacade to launch an introductory course for cryptocurrencies and blockchain. The free program is designed to educate users, developers and entrepreneurs on the basics of crypto-related technologies.

Furthermore, students who develop practical use cases will be rewarded with aeternity tokens. According to Coinmarketcap, the Aeternity coin (AE) currently sells for around $0.88. The first edition of the course is a non-technical introduction for beginners but the partners plan to soon form advanced learning communities for developers.

Tron Launches Dapp Development Program

The Daily: US Bank to Issue Crypto Cards, Coinbase Updates WalletCryptocurrency project Tron (TRX) has unveiled a $1 million program to support developers of decentralized applications (dapps). The accelerator will distribute rewards among 56 teams developing dapps and products based on the Tron protocol.

According to an announcement, the initiative is aimed at supporting the spread of blockchain technologies among users. It comes after Tron recently bought the file-sharing service Bittorrent, the payment service Poppy and launched its Atlas project.

The winners of the three “grand prizes” will divide a pool of $550,000. Another eight “special prizes” of $30,000 will be awarded to leading projects in several categories, and 42 teams will receive “finalist prizes” worth $5,000 each.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Crypto.com.


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