Alibaba Fintech Division to Invest in QEDIT

$10M worth series A financial round was led by MizMaa Ventures; Ant Financial, Meron Capital, Collider Ventures, Jovono, Target Global and RGAX took part too
08 May 2019   791

QEDIT, developing privacy-oriented solutions for commercial blockchains, closed a $ 10 million round of financing for Series A, led by venture capital firm MizMaa Ventures.

Among the participants of the round there are also Fintech division of Ant Financial, which is part of the Alibaba, Meron Capital, Collider Ventures, Jovono, Target Global and RGAX.

QEDIT develops solutions based on zero-knowledge proof compatible with private commercial blockchains. It is noteworthy that Ant Financial intends to use the technology in its blockchain services.

Note that earlier QEDIT raised $ 3 million in a seed round and $ 1 million in grants.

In the summer of 2018, Ant Financial, following the results of the round of financing of Series C, raised $ 14 billion to develop blockchain solutions an launched a cross-border settlement service based on distributed ledger technology soon.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   316

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.