Aave, the governance token of the decentralized finance (DeFi) Aave protocol, witnessed a 17% decline between July 30 and August 1, reaching $62.
Although the $62 support level proved resilient, the current price of $64.40 remains 12% below the July 30 daily close, leading investors to question whether this indicates a cautious approach to the sector or if other factors are at play.
One contributing factor to the recent movement in the AAVE token can be attributed to the risks of cascading liquidations on DeFi protocols stemming from the Curve Finance pool exploit that began on July 30.
However, Aave’s decentralized liquidity protocol has previously withstood similar scenarios, and it currently holds a substantial $295.6 million in its Safety Module, which provides added security.
A concerning element affecting AAVE’s token performance is the stablecoin GHO, which has been trading below the $1 peg since its launch on July 16.
The lack of DeFi integration and farming opportunities for GHO discourages its holders, leading to selling pressure and depegging on decentralized exchanges.
Despite these challenges, the Aave protocol maintains an impressive $5.1 billion in total value locked (TVL) across six chains.
Nevertheless, it experienced a 12.5% decline in TVL within just one week, whereas Uniswap’s and Compound’s TVL remained relatively stable.
While Aave’s annualized revenue of $12 million lags behind some competitors, such as Convex Finance with $52 million and Radiant with $20 million, proponents argue that Aave’s higher fees may create potential for future revenue growth.
READ MORE: U.S. Judge Denies Motion to Dismiss SEC Lawsuit Against Terraform Labs
Recent events may have influenced investors’ views on Aave. In May 2023, the older version of the Aave protocol (v2) encountered a bug that temporarily hindered withdrawals on the Polygon Network implementation. The issue was quickly resolved without any reported losses.
Additionally, a contentious event occurred on June 12 when a proposal sought to prevent a specific account, owned by Curve founder Michael Egorov, from accumulating further debt.
This sparked debates about censorship resistance in DeFi.
Despite the recent decline in the AAVE token price and TVL, Aave’s decentralized application remains a strong contender in the DeFi space.
With a robust insurance fund and protocol fees, Aave is well-prepared to weather market fluctuations and potential risks.
The protocol’s solid foundation and significant TVL signal its resilience and potential for continued success.
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Google and Accenture, who operate a joint business venture, are facing allegations of violating federal labor laws in the United States, as reported by Bloomberg.
The Alphabet Workers Union lodged a complaint with the U.S. National Labor Relations Board on August 3, asserting that Alphabet Inc. acted in contravention of the law that prohibits retaliation against employees for organizing.
The union alleges that Alphabet terminated the contract employment of a significant number of Google Help workers who were in the process of unionizing.
This affected over 70% of the “proposed bargaining unit,” which included 118 writers, graphic designers, and launch coordinators responsible for generating content for Google both internally and externally.
Notably, workers handling Google search engine optimization and AI chatbot responsibilities were employed through Accenture.
One affected worker, Anjail Muhammad, a writer with Accenture, described the job loss as “retaliatory.”
The timing of these job cuts raised suspicions, prompting the union to file an unfair labor practice charge against Google and Accenture. The union aims to hold the companies accountable for their actions.
In response, Google maintained that organizing matters were solely between the workers and their employer, Accenture, adding that it did not control the terms and conditions of their employment.
READ MORE: Goldman Sachs Economists Predict AI to Surpass Electricity and PCs in Financial Impact on US Economy
Despite the complaint, Google stood by its previous statement and reiterated that the changes in employment contracts were driven by cost-saving measures and efforts to improve efficiency.
Earlier in the year, on January 20, Google had reportedly laid off 12,000 employees. It’s worth noting that several tech and crypto companies also conducted large-scale layoffs around the same time.
In April, Google underwent restructuring within its AI research and development unit, Deepmind.
Furthermore, Google has been embroiled in legal disputes, including a class-action lawsuit filed on July 12 concerning its recently introduced AI data scraping privacy policy.
The allegations from the Alphabet Workers Union highlight the growing concerns about labor practices within major technology companies.
As the case progresses, it may prompt further scrutiny of Google and Accenture’s business practices in relation to their employees’ rights and organizing activities.
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London, UK, August 4th, 2023, Chainwire
Shiba Memu, a buzzing new AI-backed crypto meme coin, is creating more stir as it surges past the $1.5 million fundraising milestone and makes its exchange announcement debut with a BitMart listing – all within just one month of its presale starting.
Getting listed on an established exchange like Bitmart, a significant player since 2017 that showcases an impressive roster of over 1500 cryptocurrency pairs, underscores a smart strategic play for the project.
The main idea behind Shiba Memu’s AI was born out of the team’s experiences with excessive marketing agency fees in previous business endeavors. This motivated them to take the initiative, developing a self-promoting AI that can scale into a variety of practical applications.
The tangible concept, combined with the appealing Shiba Memu mascot, has fueled a wave of interest from investors and crypto enthusiasts who recognize the long-term potential of the project.
Shiba Memu is currently priced at $0.0181, with a scheduled price increase every 24 hours, courtesy of the team’s expertly programmed smart contract. This enticing mechanism is especially appealing to presale fans, as it guarantees the token purchase price will always be lower than the eventual exchange listing price. For example, if you bought today at $0.0181 the increase by the end of the presale on day 60 would be 35%.
SHMU tokens are available to purchase on the official Shiba Memu website here.
Why is Shiba Memu Trending?
Shiba Memu’s notable success can be attributed to the untapped potential of its AI. Still in its early stages, the AI employs Natural Language Processing (NLP) and Sentiment Analysis to scan the web, primarily focusing on social platforms, for Shiba Memu mentions and tailors its promotions accordingly.
This has transformed the brand image from a simple cute dog meme to a funny and engaging dog meme with a sharp sense of humor! The glimpse into the project’s future, and the forthcoming AI dashboards scheduled for Q4, are whetting investor appetite for meme coins with tangible utility.
The project boasts a healthy outlook in its tokenomics, with 85% of tokens being dedicated to its presale, 10% to exchange listing liquidity and 5% to development – putting real power in the hands of SHMU owners in the future development of the dApp.
Crypto Community Backing Is Driving Shiba Memu Engagement Through the Roof
With more and more hard-hitting YouTubers getting involved with the project, it’s no wonder that global enthusiasm for the project is growing by the day.
Prominent Youtuber NFTsGuide, with over 700K followers recently described the project as a ‘AI Marketing Powerhouse’, which again goes to show how the developers premise of building self-marketing tech is relatable to not only investors but crypto enthusiasts.
Some have even speculated that Shiba Memu is in the running to dominate other memes, with Crypto Moonlight’s channel suggesting this could be an interesting opportunity for those who missed out on PEPE and others like Austin Hilton making some bold price predictions and calculations about how much SHMU investors would need to hold to hit significant ROI.
The rapidity with which word has spread and the interest it’s gauged from seasoned hands like those above goes to show that the marketing tactics implemented so far are gaining serious traction – it will be interesting indeed to see how this one plays out.
Now on day 32 of the presale which is scheduled to run for 60 days, at which time the price will have increased 119% from $0.011125 to $0.024400, Shiba Memu is truly racing ahead – time is running out for investors looking to get involved.
About Shiba Memu
Shiba Memu (SHMU) is a fresh dog-themed crypto meme coin that supports a platform utilizing AI to promote itself and generate buzz in online communities. This technology is poised to gain traction within the blockchain industry in the coming years, establishing Shiba Memu’s position as an industry innovator. The innovative AI technology behind the project demonstrates true innovation in the meme coin sector, offering small and medium-sized businesses access to effective marketing solutions that could significantly cut costs and provide competitive advantage.
Learn more about this innovative AI-powered dog meme on the official website.
For more information: Website | Whitepaper | Socials
Contact
Shiba Memu Press
Shiba Memu
[email protected]
According to economists at Goldman Sachs, artificial intelligence (AI) is poised to make a greater financial impact on the American economy than even electricity and personal computers did.
In their investment report released on August 1, Goldman Sachs economists Joseph Briggs and Devesh Kodnani projected that AI could attract up to $200 billion in global investments by 2025, with approximately half of that investment occurring in the United States.
This surge in AI investment is expected to contribute significantly to the country’s gross domestic product (GDP).
While previous technological booms associated with the introduction of electricity and PCs saw a 2% growth in GDP, the economists estimated that AI could be responsible for up to 4% of GDP growth in the United States and 2.5% in other nations that are already heavily investing in AI technologies.
Goldman Sachs attributed a significant portion of these anticipated gains to the rapid advancements being made in generative AI.
Generative AI, which includes technologies like OpenAI’s chatbot ChatGPT, image creation software Midourney, and text-to-speech generator Eleven Labs, is expected to have enormous economic potential.
The economists predicted that generative AI could boost global labor productivity by over 1 percentage point annually in the decade following widespread adoption.
However, while generative AI offers promising productivity benefits, businesses will need to make substantial upfront investments in physical, digital, and human capital to acquire and implement these new technologies and transform their business processes.
Goldman Sachs also highlighted the increasing prevalence of AI adoption among companies, with 16% of Russell 3000 companies mentioning AI in their earnings calls.
READ MORE: IRS Issues New Ruling: U.S. Crypto Investors Must Report Staking Rewards as Gross Income
This figure represents a significant increase from less than 1% in 2016, indicating that America is taking the lead in AI innovation.
The economists believe that American companies are likely to be early adopters due to the country’s position as a market leader in AI technology.
Regarding the timing of the AI investment cycle, it remains challenging to predict precisely. However, based on current business surveys, the economists suggest that AI will start to have its most significant investment impact after 2025.
In conclusion, economists at Goldman Sachs are optimistic about the financial potential of AI in the American economy.
They project that AI investments could be substantial, leading to substantial GDP growth and improved productivity in various sectors.
Although the transformation brought about by AI will require significant upfront investments from businesses, the potential benefits are expected to be substantial and could drive the American economy to new heights.
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U.S. Senators Elizabeth Warren, Bernie Sanders, Bob Casey, and Richard Blumenthal have sent a letter to the Internal Revenue Service (IRS) and the Treasury, urging them to take swift action in closing tax loopholes that are being exploited by “crypto tax evaders.”
The lawmakers emphasized that failure to act promptly could result in a “crypto tax gap” of $50 billion, leading to a potential loss of $1.5 billion in tax revenue for the 2024 financial year if tax policy updates are delayed.
The senators’ concerns stem from the tax laws outlined in the Senate’s $1.2 trillion infrastructure bill, which was passed in August 2021.
The bill aimed to increase tax reporting requirements for businesses operating as crypto brokers. Despite the bill being signed into law, the Treasury and IRS have yet to release their new tax rules.
The deadline for their implementation is December 31, and the senators are calling for an expedited process.
Elizabeth Warren has been a vocal critic of the cryptocurrency industry in the United States and even made it a central focus of her Senate re-election campaign, forming an “anti-crypto army.”
Bernie Sanders, though less vocal about crypto, has co-signed letters with Warren seeking tighter restrictions on the space.
READ MORE: IRS Issues New Ruling: U.S. Crypto Investors Must Report Staking Rewards as Gross Income
A recent poll commissioned by Grayscale Investments revealed that 59% of Democrats and 51% of Republicans view cryptocurrencies as the future of finance, suggesting that Warren’s anti-crypto stance might not resonate with the majority of the population.
The senators’ letter serves as a reminder of the growing concern among lawmakers about potential tax evasion facilitated by cryptocurrencies.
They stress the importance of implementing robust regulations promptly to prevent tax evaders and intermediaries from exploiting the system and diverting billions of dollars annually from the U.S. government.
With the clock ticking and the deadline approaching, the lawmakers are pushing for the IRS and Treasury to take action immediately to address the crypto tax gap and ensure a fair and transparent tax system for all citizens.
Whether the agencies will act promptly in response to the senators’ letter remains to be seen, but the call for regulatory clarity in the crypto space continues to gain momentum.
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BlockFi, the cryptocurrency lender undergoing reorganization, has taken a significant step forward as the United States Bankruptcy Court for the District of New Jersey conditionally approved its disclosure statement.
The company released a joint statement with the Official Committee of Unsecured Creditors on August 2, 2023, urging all eligible parties to vote in favor of the plan before the September 11 voting deadline.
This approval is crucial as it will lead to the resolution of the Chapter 11 cases and the eventual return of client funds.
Once the bankruptcy plan obtains the necessary approval, BlockFi aims to focus on recovering funds from various defunct firms, including Alameda Research, FTX, Three Arrows Capital, Emergent, Marex, and Core Scientific.
The primary objective is to optimize the recovery of client funds while also countering potential claims by third parties that could dilute client assets.
The plan offers clients the option for releases if they don’t opt out of a voluntary third-party release.
This release would exempt them from any claims and causes of action that BlockFi might have against them.
However, this release does not apply to clients who withdrew $250,000 or more from BlockFi Interest Accounts (BIA) or BlockFi Private Client (BPC) Accounts on or after November 2, 2022.
Additionally, the plan stipulates that BlockFi will not reclaim amounts under $250,000 that clients properly transferred from BIAs or BPCs to BlockFi Wallet and subsequently withdrew from Wallet before the platform’s pause on November 10, 2022.
READ MORE: Decentralized Exchange on Coinbase’s Base Network Pauses Trading Amidst Concerns of Exploit
Furthermore, clients with claims under $3,000 or those who choose to reduce their claim to $3,000 will be part of the convenience claim class and receive a one-time cash distribution from the BlockFi estate equal to 50% of their claim.
In another development, the United States Securities and Exchange Commission (SEC) has agreed to postpone the collection of a $30 million fine from BlockFi until creditors are fully repaid.
This fine constitutes the remaining balance of a $50 million settlement reached with the regulator in February 2022.
With the conditional approval of the disclosure statement, BlockFi is inching closer to resolving its bankruptcy cases and ensuring the return of funds to its clients.
The company urges all eligible parties to vote in favor of the plan before the voting deadline to move forward with the reorganization process successfully.
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Los Angeles, California, August 3rd, 2023, Chainwire
Entertainment and gaming franchise WAGMI Games has unveiled key appointments who will lead its quest to transform web3 entertainment. A number of flagship hires have been onboarded to the mobile-first gaming company with experience of leading global gaming studios.
WAGMI Games has sought to acquire top talent from established games companies whose skills can be brought to bear within a web3 environment. Chief among these is Esteban Gil, who led top-grossing mobile game Garena Free Fire and served as LPM (Lean Portfolio Management) at Respawn and Apex Legends. Esteban has assumed a similar role at WAGMI, where he will oversee business strategy development, with a focus on driving consumer-oriented products.
Esteban Gil said: “I’m excited to apply the skills and experience I’ve gained from the mobile space to the world of web3 and NFT technology. I believe that these technologies have the potential to revolutionize the gaming industry, and I’m thrilled to be a part of that journey. By leveraging these cutting-edge technologies, we can deliver even more engaging and immersive gaming experiences to our fans around the world.”
In addition, WAGMI Games has announced the appointment of Brent Pease, former Director of Operations at Electronic Arts. The highly experienced executive has assumed a combined COO/GM role at WAGMI, overseeing operations with a focus on implementing key growth strategies. Brent is a widely respected figure within the gaming industry, having founded Industrial Toys before assuming a senior role at Electronic Arts, which acquired his startup.
Brent Pease said: “’I am honored to have been asked to bring my 30 years of experience in building games and companies to this incredible team of passionate creators. This is the most exciting vision for players I have seen and I look forward to making amazing games at WAGMI that thrill our ever-growing community.”
WAGMI Games is on a mission to drive mass adoption of web3 games, which currently attract just 3% of the 3 billion players who regularly participate in gaming. The WAGMI team is confident that through driving down the barriers to participation, including onboarding friction and crypto wallet requirements, it can create highly engaging games that are mass market ready.
To solve these challenges, WAGMI Games has assembled a skilled team of professionals with a proven track record of developing and successfully launching blockbuster gaming titles. This talented lineup of founders, high-level executives, and producers are ideally qualified to refine every conceivable touchpoint, resulting in a gaming experience that delivers all of the upsides to web3.
“To have AAA talent like Brent and Estaban join our team is a real testament to what we are building,” states Ian Bentley, CEO. “They see clearly not only our vision as a franchise, but also this once in a lifetime opportunity to be a part of history in evolving the gaming space.”
From production and management to game balancing and marketing, WAGMI Games has meticulously recruited outstanding candidates for each role, making it optimally positioned to fulfil its promise of creating mainstream web3 games with viral appeal and longevity.
WAGMI’s ability to convince Esteban Gil and Brent Pease to join its team are a testament to the company’s vision and an endorsement of web3 gaming. At WAGMI, they will play a key role in helping the company bring mobile gaming to a new audience. Brent’s extensive experience and extensive network of contacts will be instrumental in driving WAGMI Games’ growth, while Esteban is leading a comprehensive redesign of the company’s game economy, meticulously organizing live operations and future expansions.
About WAGMI Games
WAGMI Games is a community-led entertainment franchise combining high-fidelity graphics, sustainable in-game economies and vibrant communities to create a first of its kind crypto gaming experience. By enabling players to purchase assets using fiat in-app, WAGMI bypasses the limitations of existing web3 applications while onboarding a new generation of users to digital collectible and the power of player-owned assets.
Learn more: https://wagmigame.io/
Contact
Dan Edelstein
[email protected]
Singapore, Singapore, August 2nd, 2023, Chainwire
OKX, a leading Web3 technology company, today announced the launch of a new account abstraction-powered Smart Account feature on its OKX Wallet, enabling users to pay for transactions on multiple blockchains using USDC or USDT.
OKX Wallet will soon launch additional account-abstraction powered features, including social recovery functionality. This will enable users to select trusted “guardians” from their social network to help them recover their Smart Account if they lose their keys.
OKX Wallet is one of the first wallets in Web3 with multi-chain account abstraction support. With Smart Account, users can now interact with multiple contracts in a single transaction. This enhances composability for advanced users and adds convenient features for beginners, creating a more user-friendly and intuitive wallet experience.
OKX Chief Innovation Officer Jason Lau said: “Our aim is to provide our users with the most accessible, secure, and powerful Web3 gateway. The Smart Account feature will play a significant role in achieving this goal. Account abstraction technology is a game-changer for the broader adoption of Web3 and enables new use cases and user experiences. We are excited to share more as we continue to build on top of this feature.”
Account abstraction simplifies crypto transactions by enabling the creation of Web3 wallet accounts that conceal the more technical details of their on-chain interactions behind a more accessible and user-centric interface. This is achieved by combining users’ smart contracts and Externally Owned Accounts (EOAs) into a single “smart” account, providing a more unified Web3 experience.
The account abstraction-powered Smart Account simplifies some of the complexities of blockchain transactions; for example, one of the biggest painpoints that users face is the need to navigate the complex transaction process and decipher technical terms such as ‘gas fees’ and ‘Gwei.’ Smart Account addresses this painpoint by reducing the number of steps required to complete a token swap or trade to just one click.
OKX Chief Marketing Officer Haider Rafique said: “We promised our customers and the larger DeFi community that we would prioritize security and interoperability as we build our Web3 wallet and apps. We support 60+ cross-chains, Multi-Party Computation (MPC), and now with Smart Account, we offer a stablecoin account that can interact with transactions on multiple blockchains without the need for a specific blockchain’s native token, with a social recovery feature coming soon. This is a game-changer, and we believe it has the ability to make transactions between chains a lot more seamless.”
Additional benefits of OKX Wallet’s Smart Account feature include:
Gas fee-related
- The option to pay for gas on any of the supported chains using stablecoins USDC and USDT.
- Users can also conduct gasless transactions if third-party dApps choose to sponsor their on-chain interactions.
- Elimination of the need for users to pay gas fees with each individual chain’s native token.
Simplified token swaps and staking
- Smart Account combines multiple stages of the swap and staking process into a single step. Users can exchange tokens and earn interest by staking crypto with just one click.
OKX Wallet currently supports account abstraction technology on seven blockchains: Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche and OKT Chain. It is also the first Web3 wallet to utilize multi-party computation (MPC) technology across 37 blockchains, eliminating the need for traditional written down keys and seed phrases by splitting a user’s private key into three parts, greatly improving security and eliminating a single point of failure.
About OKX
A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:
- OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 50 blockchains while allowing them to take custody of their own funds. The wallet Includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases
- DEX: A cross-chain decentralized exchange which aggregates nearly 200 other DEXs, with 200,000+ coins on more than 10 blockchains available.
- NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
- Web3 DeFi: A powerful DeFi platform that supports earning and staking on 80 protocols across 15 chains.
OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.
As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
The information displayed is strictly for educational and informational purposes only. It does not constitute and shall not be considered as an offer, solicitation or recommendation, to deal in any products (including any NFT or otherwise), or as financial or investment advice. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
Contact
Seoul, South Korea, August 3rd, 2023, Chainwire
The inaugural edition of the Seoul Web3 Festival, hosted by Seoul City, Baobab Partners, and the Seoul Design Foundation with the support of Cronos Labs, reached a successful conclusion today after 3 days of hackathon, start-up demonstrations and NFT exhibition.
65 teams, representing 245 team members, were selected to participate in the hackathon. They received hands-on mentoring and technical support from Cronos Labs so that they could build Web3 projects on the Cronos blockchain. 10 winning projects were selected by the jury based the innovative nature of their solution, as well as their potential to drive mass adoption of Web3 and their positive impact on underprivileged communities.
Hackathon judges included representatives from Cronos Labs, Crypto.com, Microsoft, Alibaba Cloud and Ledger.
Finalist teams delivered innovative prototypes such as: a tool that leverages AI to remove sensitive biometric data from NFT images uploaded to decentralized storage; a voice identification app based on AI and zero-knowledge proofs to warn users in case of phishing scams; and various DAO protocols which take advantage of the wisdom of the crowd to report natural disasters or safety hazards.
Ken Timsit, Managing Director of Cronos Labs, said: “I am grateful for the opportunity to accompany the City of Seoul for the inaugural edition of the Seoul Web3 Festival. Cronos Labs mobilized some of our most experienced blockchain specialists in order to provide in-person support to hackathon participants. The connections forged with the local developer community are sure to create a strong pipeline of interest for the various Cronos ecosystem development programs such as the Cronos Builders Program, the Ecosystem Grant Program and the Cronos Accelerator Program.”
Cronos Labs views Korea as a top crypto market, and views Korea’s developer ecosystem as a major contributor to the global DeFi and GameFi markets. Cronos’ significant participation in the Seoul Web3 Festival highlights the growing global interest in the Korean crypto and blockchain industry.
About Cronos
Cronos (cronos.org) is the leading EVM-compatible layer 1 blockchain network built on the Cosmos SDK, supported by Crypto.com, Crypto.org and more than 500 app developers and partners. The mission of Cronos is to make it easy and safe for the next billion crypto users to adopt self-custody in Web3, with a focus on DeFi and GameFi.
Cronos has skyrocketed to a top 10 position among all chains and is adopted by >1 million users. The chain is powered by the Cronos ($CRO) cryptocurrency, which supports an ecosystem of more than 80 million users worldwide.
To build on Cronos, application developers can leverage: all the major Ethereum developer tools; Cronos Play, a suite of tools and integrations for Unity, C++ and Unreal games; IBC cross-chain connectivity to Cosmos chains; and a rich ecosystem of composable DeFi and GameFi Dapps.
Cronos Labs is the R&D, ecosystem development, and start-up accelerator arm of the Cronos chain.
Contact
Avishay Litani
[email protected]
Hong Kong, Hong Kong, August 2nd, 2023, Chainwire
Terminal 3, a Hong Kong-based Web3 startup, has successfully raised an oversubscribed pre-seed round to build user data infrastructure for a decentralized future. The company announced today a world-class investor group comprising 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, Bored Room Ventures, Mozaik Capital, and others.
The company aims to replace centralized data storage that deprives users of privacy and saddles enterprises with compliance and security issues and their associated costs. Terminal 3 leverages decentralized storage and zero-knowledge proofs to empower an equitable Web3, where user data is freely composable while remaining fully private and secure.
“The continued growth in blockchain allows us to reimagine digital data ownership and security,” said Gary Liu, CEO of Terminal 3. “We believe that data should flow freely between applications to drive innovation and improve user experience, but not at the expense of personal privacy and control.”
Terminal 3 was co-founded by Gary Liu alongside his partners Malcolm Ong (CPO) and Joey Liu (COO). All three were former entrepreneurs and business leaders who have built, scaled, and transformed some of the world’s leading technology companies. The co-founders previously worked together at the South China Morning Post, where they led the historic newspaper’s successful digital transformation. Gary was the Post’s CEO, while Malcolm and Joey were SVP of Product and Head of Strategy respectively.
Malcolm was also the Co-founder and CTO of Skillshare, the world’s largest online learning community for creativity, while Gary and Joey co-founded Artifact Labs, a Web3 startup backed by Blue Pool Capital and Animoca Brands that is preserving historical assets on the blockchain. Gary is also the Founding Chair of Web3 Harbour, an association in Hong Kong serving Web3 builders, investors, users, and leaders.
“I believe Gary, Malcolm, and Joey are perfectly suited to address data privacy problems that plague the internet,” said Vishal Harnal, Managing Partner at 500 Global. “Their mix of consumer startup success and expertise in enterprise technology could help bridge a critical gap between the old world of centralized data and the new world of decentralized identity.”
Growing Need for Alternative Data Infrastructure
Over the past five years, new regulations on data privacy have created a stringent environment for the storage and use of personal information worldwide. Led by Europe’s General Data Protection Regulation (GDPR) and China’s Personal Information Protection Law (PIPL), global regulators and lawmakers are increasingly holding enterprises accountable for the protection of individual privacy. This trend is set to continue with the approval of the Digital Market Act in Europe and upcoming GDPR-inspired laws in the United States and around the world.
US and UK corporations have spent over US$9 billion on GDPR compliance since 2018, with those investing incurring average costs of US$1 million annually. However, over 40% of companies still lack any budget for such compliance while GDPR fines continue to grow, with Meta alone sustaining over US$2.3 billion in penalties.
Data security is also a costly enterprise concern as data breaches accelerate in frequency. Global spending on data security and risk management products is projected to exceed US$188 billion in 2023. However, in a world where 90% of companies rely on multi-cloud environments, data privacy and security issues will grow regardless of investment.
Blockchain technology is increasingly viewed by corporate executives as a solution for user data privacy and security. In a recent survey of US Fortune 500 companies, Coinbase found that 51% of enterprises that use or plan to use blockchain employ the technology for ‘Data Collection and Management’.
“Terminal 3 is a compelling alternative to the non-compliant and unsecured data infrastructure that enterprises rely on today,” said Shawn Cheng, Partner at Consensys Mesh. “Data regulations and security laws are becoming more stringent around the world, and companies are finally realizing that self-sovereign data is a great solution for both users and enterprises. We are excited to be involved in this important project.”
“Scaling Web3 will require the re-invention of core enterprise technologies,” added Gary Liu. “Terminal 3 is building solutions that serve both corporations and individuals, to enable this critical shift in our digital world.”
About Terminal 3
Terminal 3 is a Hong Kong-based Web3 startup building user data infrastructure for a decentralized future. The company’s solutions are an alternative to centralized data storage that deprives users of privacy and saddles enterprises with compliance and security concerns. Terminal 3 leverages decentralized storage and zero-knowledge proofs to empower an equitable Web3 where user data is freely composable while remaining fully private and secure. The company’s founders are successful corporate executives and entrepreneurs, who have built, scaled, and transformed some of the world’s most important companies. Terminal 3 is also backed by world-class investors including 500 Global, CMCC Global, Consensys Mesh, Bixin Ventures, BlackPine, DWeb3, Hard Yaka, and Bored Room Ventures.
For more information about Terminal 3, please visit Terminal 3’s: Official Website | Twitter | LinkedIn
Contact
Joey Liu
Terminal 3
[email protected]