Google bullish on blockchain, UK’s $125M AI pledge, Voyager and Binance
At the intersection of technology and cryptocurrency news, the Google for Startups Cloud Program has expanded to include 11 blockchain firms. Together, the entities will provide grants, expertise and services to new Web3 entrepreneurs. Meanwhile, the UK government has allocated $125 million in funding to a task force aimed at accelerating the country’s readiness for artificial intelligence (AI). The working group will focus on securing sovereign capabilities, such as public services, and promoting the use of safe and reliable AI foundation models.
In other headlines, troubled cryptocurrency exchange FTX is set to sell its LedgerX futures and options exchange and clearinghouse for around $50 million to private equity investment firm M7 Holdings, subject to court approval. Meanwhile, Binance.US has pulled out of the deal to buy Voyager Digital’s assets, worth $1 billion, citing a “hostile and uncertain regulatory climate in the United States.”
This week’s Crypto Biz: Google expands its Web3 program, UK pledges $125 million for an AI task force, FTX sells LedgerX for $50 million and Binance.US pulls out of buying $1 billion in Voyager assets.
Google Cloud expands Web3 startup program with 11 blockchain companies
The Google for Startups Cloud Program has expanded to include 11 Web3 blockchain partners, such as Alchemy, Polygon, Celo and Hedera. Blockchain analytics company Nansen also announced that it has partnered with Google Cloud to provide real-time blockchain data for startups as part of the program. As part of the new Cloud program, pre-seeded Web3 startups can receive up to $2,000 in Google Cloud credits valid for two years, while startups with startups can access $200,000 over two years for using Google Cloud and Firebase . In addition, blockchain partners offer grants of up to $3 million to seeded companies in the Google for Startups Cloud Program. Nansen will also use its database of over 250 million wallet tokens to provide startups with real-time intelligence.
UK pledges almost $125m to create ‘safe AI’ task force
The UK government has announced it is providing £100 million ($125 million) in seed funding to support a task force aimed at accelerating the country’s readiness for AI. The task force is aimed at ensuring “sovereign capabilities,” which include public services, and promoting the adoption of “safe and reliable foundation models.” This coincides with the UK’s commitment to becoming a science and technology superpower by 2030. The taskforce is expected to launch its first pilots of AI use and integration targeting public services in the next six months. The UK is also pushing for “safe AI”, which aims to regulate technology to “keep people safe” without restricting innovation.
FTX sells LedgerX for $50 million to a subsidiary of a Miami-based exchange holding company
Cryptocurrency exchange FTX has agreed to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings, a subsidiary of Miami International Holdings, for about $50 million. The deal, which is subject to approval by the U.S. Bankruptcy Court for the District of Delaware, is scheduled to be heard in court on May 4. The purchase of LedgerX is part of FTX’s ongoing efforts to monetize assets and deliver recoveries to stakeholders. FTX acquired LedgerX in August 2021 to expand its spot trading services. The FTX exchange is currently undergoing bankruptcy proceedings.
Binance.US pulls back from $1 billion Voyager asset purchase, blames regulatory environment
Binance.US has pulled out of its deal to buy bankrupt cryptocurrency broker Voyager Digital’s assets for $1 billion. The exchange blamed the move on the “hostile and uncertain regulatory climate in the United States.” Voyager’s official committee of unsecured creditors tweeted its disappointment at the news and said it is investigating potential claims against Binance.US. Voyager and the Committee of Creditors have said they will now work to distribute cash and crypto to customers directly via the Voyager platform. Voyager declared bankruptcy in July 2021.
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