Revolut backer Lakestar closes $265 million follow-on fund

The post Ethereum Foundation Converts $4.5M ETH to Stablecoins appeared on BitcoinEthereumNews.com. The Ethereum Foundation (EF) announced plans to convert 1,000 Ether (ETH) into stablecoins to finance research, grants and donations, aligning with its broader treasury strategy and involvement in funding decentralized finance (DeFi) initiatives.  The sale, worth approximately $4.5 million at current prices, was executed via CoW Swap, a decentralized trading protocol that aggregates liquidity across multiple exchanges to offer users competitive prices without relying on a centralized intermediary. Neither the foundation’s announcement nor its treasury policy specified which stablecoins it would receive in exchange for the ETH. Source: Ethereum Foundation This latest conversion follows EF’s earlier disclosure in September that it planned to convert 10,000 ETH into stablecoins over several weeks. However, Friday’s transaction appears to be separate from that initiative, given its smaller scale and use of CoW Swap rather than a centralized exchange. According to the Ethereum Foundation Treasury Policy, EF seeks to “balance between seeking returns above a benchmark rate and extending EF’s role as a steward of the Ethereum ecosystem, with a particular focus on DeFi.” The increased use of stablecoins also comes as EF temporarily paused open grant submissions to its Ecosystem Support Program, citing an influx of applications. The foundation said it will instead prioritize funding for the network’s most pressing needs. In April, EF also announced a leadership restructuring to improve strategic and operational management. The foundation appointed Hsiao-Wei Wang and Tomasz K. Stańczak as co-executive directors, both of whom previously held roles within EF. In June, the foundation laid off staff and restructured its core development team. Related: ‘Vitalik: An Ethereum Story’ is less about crypto and more about being human Vitalik Buterin doubles down on DeFi Since its launch, Ethereum has remained the leading platform for DeFi applications. Despite growing competition from other blockchain networks, Ethereum still accounts for roughly 68%…

The post Central Bank of Nigeria set to work on crypto regulation framework with the SEC, governor confirms appeared on BitcoinEthereumNews.com. The Central Bank of Nigeria (CBN) has announced plans to work with the Nigeria Securities and Exchange Commission (SEC) to develop the right regulatory framework for digital assets in the country. This development was revealed by Olayemi Cardoso, the Governor of the CBN, who spoke at a lecture series in Lagos. According to Cardoso, the CBN is expected to partner with the SEC to develop the crypto regulatory framework as they aim to create a sustainable framework for digital assets in the country. At the annual lecture series at the Lagos Business School, Cardoso noted that the future currency policy of the country is expected to be impacted by digital assets, fintech, and blockchain. However, he added that the extent of their influence remains uncertain at this time. The Central Bank of Nigeria will work with the SEC on crypto regulation In his statement, Cardoso claimed that the collaboration is expected to ensure that all different angles of regulation with respect to digital assets are considered. “We are deeply in collaboration to ensure that all the different regulatory authorities can midwife the process that is sustainable with respect to digital currency,” he said. He mentioned that Nigeria had gained global attention in the crypto space years ago. The CBN governor also mentioned that while the country has gained quite a reputation for its crypto exploits, there have been talks about regulations since then. He also recalled two years ago when the country gained global attention after regulators faced challenges in controlling crypto exchange markets. “Suddenly, over a period of time, coin exchange became very difficult to protect. Many people, not just youngsters, turned to crypto, and a whole architecture started to evolve,” he said. As previously reported by Cryptopolitan, the Central Bank of Nigeria, in early 2021, ordered traditional banks…

PANews reported on October 4th that the Wall Street Journal reported that OpenAI CEO J.C. Altman has launched a global fundraising and supply chain campaign, seeking financing and manufacturing partners to help meet the startup's insatiable demand for computing power. People familiar with the matter revealed that to ensure long-term, low-cost supply for OpenAI's massive, multi-trillion-dollar infrastructure plan, Altman is exploring financing alternatives with supply chain partners. Since late September, the creator of ChatGPT has traveled extensively across Asia to accelerate global AI chip manufacturing capacity. He visited companies including TSMC, Foxconn, Samsung, and SK Hynix. Altman urged these companies to expand production capacity and prioritize OpenAI's orders. Many of these companies are suppliers to Nvidia (NVDA.O). Altman also plans to visit investors in the United Arab Emirates to raise funds for OpenAI's infrastructure expansion and research.