Nears $ 800 Million Fund and Miami’s Cryptocurrency Bet, May 22-29 October

Welcome to the latest edition of Cointelegraph’s Decentralized Finance (DeFi) newsletter.

The DeFi room was full of fundraisers this week. Read on to find out where the venture capital firm, led by Reddit’s co-founder, invests.

What you are about to read is the compressed version of this newsletter. To read the full round-up of the news that moved the DeFi space over the past week, subscribe to our newsletter below.

Near Protocol is offering a $ 800 million fund to develop its ecosystem

Nears $ 800 Million Fund and Miami’s Cryptocurrency Bet, May 22-29  October
Nears $ 800 Million Fund and Miami’s Cryptocurrency Bet, May 22-29 October

The smart contracts platform Near Protocol announced the allocation of a $ 800 million global funding initiative to help develop its DeFi ecosystem. and to create incentives for network developers to develop products.

In addition to the $ 350 million grant program announced by Proximity Labs on October 21 $ 250 million will go to existing developers, $ 100 million to a series of 20 new projects, and the remaining $ 100 million to regional funds in Asia, Europe and the United States.

According to the project’s press release Near has already distributed $ 45 million in protocol infrastructure grants to more than 120 projects. these include textiles, Liquality and CronCat. These and other projects have contributed to the platform’s growing locked down value, which is currently $ 150 million.

FATF is updating guidelines on DeFi and NFT for the first time in two years

The intergovernmental group The Financial Action Task Force International (FATF) released an updated guide to virtual asset providers this week. with an inherent focus on the decentralized finance (DeFi) and non-fungible tokens (NFT) sectors.

The FATF was founded in 1989 following a G7 summit and was founded with the aim of introducing guidelines and procedures relating to illegal money laundering activities. The group consists of 37 countries including the United States, China and the Russian Federation, as well as two regional organizations, the European Commission and the Gulf Cooperation Council.

According to the new guidelines Owners and operators who have “control or influence over DeFi agreements” could fall under the FATF definition of a provider of virtual assets, with which they would be subject to the associated requirements.

QuickNode raises $ 35 million in Series A funding

Blockchain infrastructure platform QuickNode raised $ 35 million in its Series A funding round this week. under the direction of the American investment company Tiger Global and with the participation of Seven Seven Six, Soma Capital, Arrington XRP Capital and Anthony Pompliano.

This is the second round of funding for the Miami-based project after an initial round of $ 5.3 million that was conducted in March this year.

Reddit Co-Founder, Alex Ohanian, who participated in both fundraising campaigns through his venture capital fund Seven Seven Six, shared his expectations of the platform’s growth:

“We are excited to see firsthand the rapid growth of QuickNode, which enables more individuals and businesses to adopt blockchain technology with ease. QuickNode is another example of Miami Tech’s excellence. “

Immunefi raises $ 5.5 million to strengthen its DeFi security offering

DeFi security company Immunefi this week announced a $ 5.5 million round of funding from 11 venture capital firms including Blueprint Forest, Electric Capital, Framework Ventures and Bitscale Capital. along with a number of individuals.

Immunefi offers services for some of the major DeFi protocols on the market, such as: Synthetix, chain link, SushiSwap and PancakeSwap, Protected more than $ 50 billion in valuable assets and paid $ 7.5 million in rewards for failure since its inception.

The company will use the capital to advance its burgeoning security service, ensure asset protection in smart contract logs, and provide financial incentives for philanthropic digital hackers in the form of bug bounty programs.

Mitchell Amador, Immunefi founder and CEO, spoke about the importance of DeFi protections:

“DeFi is unique in that vulnerabilities in code represent a direct loss of user funds. Bug bounty programs are an open invitation to security researchers to find these vulnerabilities in exchange for a reward, and have proven to be one of the most effective ways “to fix critical security vulnerabilities.”

Immunefi recently offered to assist with the discovery of potential vulnerabilities in Belt Finance and the Polygon double spending bug. Facilitating the process between the white hat hackers and the respective projects.

Performance of DeFI tokens

Analytical data shows that the total value of DeFi logs rose 5.1% over the week to the $ 160.59 billion mark.

Data from Cointelegraph Markets Pro and TradingView shows the top 100 DeFi tokens by market capitalization pretty good by the last seven days.

Secret (SCRT) secured first place on the podium with an impressive 116.9%. Curve DAO Token (CURVE) took second place with 60.96%. while Fantom (FTM) took third place with 33.19%. The fourth and fifth place were occupied THOR chain (THOR) and Basic attention token (BAT) with a 25.66% and a 9.8%, respectively.

Thank you for reading our roundup of this week’s hottest news from DeFi. Visit us again next Friday for more stories, knowledge and education in this dynamically developing space.

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