German blockchain gets VC funding

☝🏻 Huobi rebrands to HTX, not FTX

Huobi has rebranded as "HTX" to mark its 10th anniversary, sparking controversy and comparisons with the now-defunct FTX exchange.

The new name's meaning has stirred debate, with some suggesting it ties in with Huobi's native token and 10 years in operation. This rebranding move coincides with Huobi's recent challenges, including reports of potential insolvency and regulatory issues in Malaysia. Concurrently, the FTX estate has been approved to liquidate its cryptocurrency holdings, amounting to $3.4 billion. The crypto community is actively speculating on the sale method to avoid significant market disruption.

✨ Second time's a charm for DCG's proposal?

Digital Currency Group (DCG) has presented a new proposal concerning creditors of the bankrupt Genesis Global, estimating a 70–90% recovery rate for unsecured creditors.

Significantly, Gemini Earn users are expected to recover between 95–110% of their claims without any involvement from Gemini. The proposed agreement highlights that if Gemini were to contribute $100 million, Gemini Earn users would see more than a complete recovery. This development comes in light of Genesis' bankruptcy in January 2023 due to a massive liquidity crisis in late 2022. This new proposal is the second, following an initial one which was deemed inadequate by Genesis lenders.

🇩🇪 While some slept, Germany grabs the crypto cash

Germany has achieved a record in its share of global venture capital funding in 2023.

The report by Crypto Valley Venture Capital, titled "The German Blockchain Report 2023," indicates Germany's blockchain sector received $355 million across 34 deals, marking a 3% YoY increase. In global metrics, Germany attracted 2.4% of blockchain funding and 2.5% of deals, a substantial uptick from 2022. For Europe, Germany represented 9.4% of the continent's blockchain funding and 10.3% of its deals. Notably, this growth contrasts with a global downturn in venture capital funding, which saw a 62% decline in funding and a 44% reduction in deals YoY.

🇭🇰 Hong Kong responds to Vitalik Buterin’s concerns

Johnny Ng has invited Vitalik Buterin to visit Hong Kong in response to Buterin's concerns about the stability of the city's crypto climate.

The Hong Kong Legislative Council member emphasized that local policies don't change abruptly and undergo rigorous consensus and procedures. Speaking in Singapore, Buterin had highlighted the need for projects to assess the long-term stability of the Hong Kong government's approach to crypto. Ng further clarified that under the "one country, two systems" principle, Hong Kong possesses its own legislative power and is supportive of global compliant crypto companies. Despite these assurances, Hong Kong recently fell one spot in the Chainalysis crypto adoption ranking.

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