In a blog post published on Oct. 1, managing partner Kyle Samani said that Tony Sheng would help secure new deals for the firm while also working with existing portfolio members.

Blockchain and cryptocurrency investment firm Multicoin Capital hired a former Google product manager as one of its new investment Principals.

Crypto market offers “tremendous alpha”

“The crypto market is still very young, and there is tremendous alpha to be captured in many ways. Things are only just starting to get interesting”, he summarized, adding:

“With the all the right forms of capital- people, financial, social, service providers, and brand-we’re looking forward to our next stage of growth as a firm. We’ve made it from 0 to 1. Now to go from 1 to N.”

Changing tides in blockchain investment

Multicoin has contributed to several notable funding rounds in recent months. The latest was for Ethereum-compatible Skale Network that raised $17.1 million this week, including investors such as Winklevoss Capital and ConsenSys Labs.

Prior to that, in October 2018, Multicoin led another $9.65 million round of investments in Skale.

As Cointelegraph reported previously, blockchain investment could drop by as much as 60% this year as attention continues to focus on Bitcoin.

Ex-Fed Official: Ending US Dollar Dominance for Crypto Makes No Sense

Ex-United States Federal Reserve official Simon Potter stated that the plan to end the U.S. dollar’s dominance by replacing it with a digital currency makes no sense.

Central banks unlikely to coordinate around virtual currency

Last month, Governor of the Bank of England Mark Carney suggested ending the U.S. dollar’s dominance by replacing it with a digital currency, such as Facebook’s planned stablecoin, Libra. The Bank of England chief said that he considers this to be a better option than allowing it to be replaced by another national currency such as China’s renminbi.

On Sept. 25, Simon Potter, a former senior Federal Reserve official who ran the New York Fed’s trading desk, told BNNBloomberg that Carney’s suggestion “ignores the benefits of having the greenback as a reserve currency.” He added:

“I see no argument that makes sense to have something that complicated out there when you have large, liquid capital markets in the U.S. Not having one currency that you can basically price things and have a deep market in, that makes life much harder for the global economy.”

Although Potter believes that it is unlikely for central banks to “ever coordinate around a virtual currency”, private companies might. Potter added:

“Central banks should be very concerned about the private sector doing this. … A nation’s control of its currency is designed to protect people and get good outcomes. The private sector is much more interested in selling products.”

Libra as a solution to financial problems

In July, Carney argued that people need to come to terms with the issues Facebook is attempting to solve with its stablecoin, regardless of the project’s potential downsides, while pointing out that Libra, due to the massive scale of the project, has to be perfect right out of the gates. He said:

“It’s either successful or it isn’t. If it’s successful, it becomes systemic, because it would involve a very large number of users. And if you’re a systemic payment system, it’s 5-sigma. You have to be on all the time. You can’t have teething issues. You can’t have people losing money out of their wallets.”

Everledger Offers Diamond Industry Blockchain-Based Carbon Offsetting

Track-and-trace blockchain pioneer Everledger is using its technology to help the diamond industry offset its carbon footprint.

The firm’s new platform, being launched with India and U.S.-based Shairu & Atit Diamonds, allows diamond industry participants the option to purchase credits in carbon reduction projects. These work to counter greenhouse gas emissions by planting new trees, reducing deforestation, providing clean water access and investing in renewable energy.

Fred Meyer and Littman Jewelers in the U.S. will be the first retailers to make use of Everledger’s carbon offsetting feature.

Everledger, which started out back in 2015 tracing the provenance of diamonds using a permissioned blockchain, is making sustainable supply the governing theme across the range of goods it tracks, combining what Everledger CEO Leanne Kemp calls “value and values.”

Platform clients including Shairu & Atit Diamonds will also be able to provide consumers with data about the carbon footprint arising from their manufacturing processes in real time, with sustainability reports publicly available on the Everledger platform.

“Earth Day is the right day to launch this new solution, as it has the aims of the Paris Agreement and the United Nations’ Sustainable Development Goals at its core”, said Kemp in a statement. “This is the first time consumers will be able to access diamond carbon footprint information on the blockchain, via the Everledger platform. It’s also the first time carbon offsetting will be possible on a blockchain platform for jewellery.”

Looking beyond gemstones, Everledger is also involved in sustainable supply chain tracking of rare earth minerals such as cobalt and lithium used in batteries, and plans to collaborate with Hyperledger blockchain stablemate Circulor.

Carrie George, VP and head of sustainability for Everledger, said the new platform will provide blockchain certificates to verify energy efficiency and renewable sourcing efforts. “We can connect stakeholders faster and more directly than ever to get their time and money focused directly on the impact they want to achieve”, she said.

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