Rubic(RBC)

The National Anti-Corruption Bureau of Ukraine has seized $1.5 million worth of cryptocurrency from Yuriy Shchigol, Ukraine's former head of the State Special Communications Service, according to local news outlet RBC.

Wallet-as-a-service provider Magic has successfully raised $52 million in a strategic funding round led by PayPal Ventures. The investment will support Magic's expansion plans within the European Union and Asia-Pacific region, as well as the development of additional use cases. Magic offers non-custodial wallet infrastructure to enterprise clients, enabling them to securely onboard customers into the Web3 ecosystem. Participants in the funding round inccluded Cherubic, Synchrony, KX, Northzone, and Volt Capital. With this latest funding, Magic's total raised capital now exceeds $80 million. The San Francisco-based company, founded in 2018, provides enterprise-grade solutions that simplify the adoption of Web3 technology for large enterprises in various sectors. Magic's non-custodial wallet creation infrastructure utilizes a software development kit (SDK), allowing companies to seamlessly integrate wallet creation into their applications. Users can create wallets instantly using existing email, social media accounts, or SMS. To date, Magic has generated over 20 million unique wallets, and its SDK is widely used by more than 130,000 developers. Notable clients of Magic include Mattel, Macy's, Xsolla, and Immutable. Alan Du, a partner at PayPal Ventures, expressed his confidence in Magic's wallet creation service, highlighting its ability to onboard new users to Web3 and enable global brands to explore diverse use cases within the growing Web3 landscape. Magic's CEO, Sean Li, stated that the company has observed a steady increase in Web3 adoption among large enterprises, with global brands leveraging blockchain technology to engage customers and monetize their experiences in innovative ways. "Our vision is to ignite new economic opportunities by enabling authentic digital ownership for everyone - starting with building the necessary infrastructure to onboard the next billion users to web3." Li shares. The strategic funding will allow Magic to further expand its functionality and provide increased value to its customers. The company aims to deepen its integration within the European Union and Asia-Pacific markets. Magic's vision is to enable widespread economic opportunities by creating the necessary infrastructure to onboard billions of users into the Web3 ecosystem. Magic's solutions are designed to simplify the migration to Web3, providing enterprise-grade, low-effort solutions for various applications such as customer loyalty programs, digital collectibles, employee recognition, ticketing, and memberships. The company's success lies in its commitment to secure and seamless non-custodial wallet creation, offering users complete control over their assets. Magic's scalability and compliance with industry standards differentiate it from other wallet-as-a-service providers. The partnership between Magic and PayPal Ventures reflects the increasing interest and recognition of the potential of blockchain technology by established companies. While Magic continues to facilitate the onboarding of users into Web3, the funding and expansion plans will position the company to bridge the gap between traditional businesses and the evolving Web3 ecosystem. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Dispersion Capital, an early-stage venture capital firm, has emerged from stealth mode and announced the launch of a $40 million fund to support startups working on infrastructure for Web3 projects. The firm already has investments in 20 companies, with a majority of them receiving follow-on financing. According to a an official press release, the venture capital firm aims to invest in startups that are developing cutting-edge infrastructure for a multichain, multi-currency, and multi-platform world, with a particular focus on Web3 and decentralized platforms. The fund has received backing from prominent organizations in the industry, including Ripple, HashKey, Wemade, Circle Ventures, Alchemy Ventures, Lightspeed, Cherubic Ventures, Forte, and NGC Ventures. This list also includes participation from individual general partners working in the Web3 space. Dispersion Capital's founder, Patrick Chang, explains that the goal of the fund is to elevate Web3 to a level similar to cloud computing. Chang highlighted the need for stronger infrastructure support in the Web3 ecosystem, particularly in areas such as onboarding, scalability, and security. "To unlock the true power of these developers and enable the creation of groundbreaking applications, Dispersion Capital is dedicated to enabling the future robust and mature infrastructure that goes beyond protocols and networks," Chang shares. Dispersion Capital's investment focus lies in funding startups working on specific layers of Web3, including fintech and gaming infrastructure, security, data, and platforms that challenge legacy industries. By supporting these startups, the venture capital firm aims to address the perceived immaturity of Web3 infrastructure and enable the development of groundbreaking applications. The timing of Dispersion Capital's launch is significant in that it comes at a time when crypto venture capital is considerably accelerating into the direction of zero-knowledge (ZK) protocols and integrations. Firms backed by Dispersion Capital working in this area include Mystiko Network, Chaos Labs (security and risk management), and ZettaBlock (Web3 analytics). While investments in Q1 2023 were down compared to the previous year, emerging markets such as privacy, data management, and security for Web3 protocols show potential for growth. This suggests that Dispersion Capital could be well-positioned to navigate regulatory uncertainty and support startups in these emerging markets. Chang is a seasoned investor with web3 credentials and nearly two decades of experience. He previously led Samsung Next's blockchain investments and played a key role in defining investments in notable web3 startups such as Dapper Labs, Flow, and Alchemy. Chang's expertise and track record have garnered support from various industry pioneers who believe in his ability to spot ambitious founders and scale the next generation of web3 infrastructure. Dispersion Capital's vision aligns with the concept of the "Dispersion Economy," which represents the evolution of the decentralized economy. The firm aims to disperse blockchain's game-changing decentralization throughout the ecosystem, making decentralized technology functional, accessible, and scalable for developers. By funding the fundamental tech layers needed for this future, the venture firm strives to empower Web3 builders and developers to deploy on dispersed, decentralized infrastructures.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.