Crypto.com Adds Jon Russell As Asian Based General Partner

The Singapore-based company, Crypto.com, has hired the former TechChurch and The Ken reporter, Jon Russell as their Asian-based general partner. And with this new development, they hope to expand Fund further.

Crypto.com’s $200 million Web 3 fund came into existence in March 2012. As of Monday, intending to expand via the venture arm of investing in Series A stages, project at seed and crypto startups, has grown expectedly.

Russell, during an interview, made known that the fund is believed to rise to double its current size and will be announced in a few days.

Crypto.com is still hiring GP’s, but with the help of Russell, the fund’s acknowledgment will extend to that Asia-based project. Though Bobby Bao, Crypto.com co-founder, currently runs the fund.

Things To Know About Jon Russell

Jon Russell is a Uk citizen based in Bangkok. He has lived in Thailand since 2008. In 2014 Jon Russell became a reporter for TechChurch focused on all tech-related issues in Asia. Especially all the major names in India, China, and Southeast Asia.

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With this, he changed the daily life of people across Asia. And his knowledge and influence in the tech and crypto field are precisely one of the reasons Crypto.com has hired him as one of their General partners in Asia.

Crypto.com Expansion in Asia

The Capital prior investment of Crypto.com comprises liquidity provider Woo Network and the first fractional-algorithmic stablecoin protocol Frax Finance.

VCs to allocate stock to the ecosystem regardless of the bear market. This leaves Sino Global Capital opening to outside investors through a $200 million fund and FTX ascertaining a $2 billion investment.

On June 17, 2021, Crypto.com was integrated into the biggest and most effective digital asset transfer network for institutions, Fireblocks Network.

And this helper, Crypto.com, reaches about 400+ institutional participants in their network, thereby helping them grow trading volume and global level. In addition, one of the largest banks in the Singapore region, DBS Bank, is now operating a crypto trading desk.

And recently, a majority stake in Thai cryptocurrency exchange Bitkub was amassed by Siam Commercial Bank (SCB), Thailand’s bank.

Innovation Officer Mukaya Tai and SCB 10x Chief Venture have proclaimed that she foresees world DeFi protocols have interposed banks. Huge institutional yearning for digital assets is quickly growing in Asia.

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Crypto has earned about 2 million transactions and USD 1 billion in TVL and spotlighting projects like VVS Finance and a couple of others. Moreover, Crypto.com motivated developers to build on Cronos via the Cronos Bounty Programme. It will grant USD 1,337,133.7 as the biggest reward and a Hackathon.

Featured Image From Twitter

Harmony Organizes $1M Hackathon To Bridge DeFi and Traditional Finance

According to the information available, Harmony Hackathon will last for six weeks. The Hackathon will commence on August 15, 2021, and ends on September 30, 2021.

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There will be three categories, and each one will have four challenges for the experts to complete.

Presently, the organizers, Harmony blockchain, have disclosed that the registration for the event will start in August. Also, there are more than one million dollars available in seed funds and participant prizes. The company made the announcement on Thursday through Twitter.

According to the announcement, the hackathon aims to achieve cooperation between traditional finance and decentralized finance.

Furthermore, the team aims at bringing more people from the traditional finance sector to tackle the challenges affecting both their industry and the DeFi sector.

A Brief On Upcoming Hackathon

According to what Harmony revealed, the Hackathon will come in three categories. These categories will have four challenges, including cross-chain & trustless bridges, cross-border with fintech integration, social wallets & keyless security.

Harmony also made some statements on Twitter saying that blockchain finance is where there’s product-market fit. However, many people who created decentralized finance are not of traditional finance.

Harmony Organizes $1M Hackathon To Bridge DeFi and Traditional Finance
Image Credit:  Harmony Official Twitter

Therefore, Harmony aims at bringing more traditional finance experts to add their knowledge to decentralized finance.

Harmony also mentioned that traditional finance experts have many things to teach them in DeFi. Likewise, DeFi practitioners can also help them understand the sector more and learn how to utilize it. So, it will be a mutually beneficial event for both TradiFi and Defi.

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Concerning the event, Harmony disclosed some people who will speak in the event or serve as judges for the participants.

According to the blockchain, these people include, Omakase, the core developer of SushiSwap, Lily Liu, the co-founder of Earn.com, the lead for DeFi Alliance Imran Khan, and other prominent people in the industry.

Also, the event sponsors include Messari, SushiSwap, CoinGeckom, Unstoppable Domains, DoraHacks, DappRadar, Hummingbot, and The Defiant, a news platform.

A Brief on Harmony

Harmony is a Sharding protocol that uses a “Trustless Ethereum Bridge” to separate its blockchain into different segments. These segments are responsible for the processing and storage of data in parallel.

The mainnet launched in 2019, and since then, the company has partnered with many others to push its operations further. Also, Harmony has completed many integrations since then as well. For instance, it added Terra to its blockchain to use the token on the apps in the ecosystem.

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The blockchain disclosed that it would sponsor the Hackathon in June. According to the blockchain, it aims to reach 10 billion users, which is a way to achieve it.

The registration will end on August 15, and teams can only be 5 people. Once they reached the submission deadline, the event will kick-off.

Featured image from Pixabay