Polygon Joins Hands ? With Reddit Co-Founder For Web 3.0 Initiatives

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Polygon Joins Hands ? With Reddit Co-Founder For Web 3.0 Initiatives 

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Alexis Ohanian, the co-founder of Reddit, has teamed up with crypto and blockchain platform Polygon for a $200 million fund that will work towards building gaming and social media projects on Web 3.0.

Web 3.0 is the third iteration of the internet that focuses on giving internet users control of their data, and blockchain technology is at the heart of this revolution.

In addition, the funds will also focus on projects that are building on the Ethereum layer 2 platforms as the partnership looks to pioneer the bold new world of user-owned and controlled internet.

Alexis co-founded Reddit in 2005, left in 2010, and then came back as executive chairman in 2014 to lead a turnaround before quitting in 2020.

He has also been an investor in many well-known tech and blockchain companies such as Coinbase, Patreon, Instacart, and Sky Mavis.

On December 17, Polygon published a blog announcing that it had teamed up with Seven Seven Six, the venture capital firm led by Alexis.

Polygon said that the new fund would “will back projects at the intersection of social media and Web3, exploring better ways for humans to connect online.”

Verizon, AT&T, And Others Settle FCC 911 Outage Investigations ⚖

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On December 17, the Federal Communications Commission (FCC) said that it has reached a settlement with four telecom providers- AT&T, Verizon, Intrado, and CenturyLink (now Lumen Technologies) over investigations into compliance with the agency’s 911 reliability rules during the 2020 network outages.

The four telecom companies will pay a total of $6 million in total and also agreed to implement compliance plans to ensure adherence to FCC emergency call rules going forward.

As part of the settlement, Lumen will pay $3.8 million, Intrado will pay $1.75 million, Verizon will pay $274,000, and AT&T will pay a total of $460,000 to settle two investigations.

Jessica Rosenworcel, the FCC Chairwoman said, “The most important phone call you ever make may be a call to 911.”

“Sunny day outages can be especially troubling because they occur when the public and 911 call centers least expect it. It’s vital that phone companies prevent these outages wherever possible and provide prompt and sufficient notification to 911 call centers when they do occur,” she added.

This settlement is a testament to the telecom companies owning up to their end, as they failed to adequately accommodate emergency calls.

Despite Technical Glitches Adidas Sells NFTs Worth Over $22 Million?

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Adidas has entered into the emerging space of NFTs (non-fungible tokens) and the metaverse with a bang.

Over the last weekend, the company earned more than $22 million after its NFT pieces were minted within hours of going live on sale.

The company had put up about 30,000 NFTs for sale, of which 29,620 were sold while the partners kept 380 pieces for future events.

Each of the NFT was priced at ETH 0.2, which converts to roughly $769.

The NFTs were made by Adidas in partnership with Punks Comics, Bored Ape Yacht Club, and GMoney (a pseudonymous crypto enthusiast).

Customers who buy an NFT will get access to special physical goods like a hoodie and a tracksuit worn by the Bored Ape that Adidas owns, among other upcoming digital experiences.

However, the sale did face some technical snags as the Mutant Ape Yacht Club owners complained of not being able to mint the pieces.

The sale was paused for some time and later resumed. Adidas has said that it will reimburse everyone who lost gas fees while there were problems.

JP Morgan Fined $200 Million Over Use of Encrypted Messaging Apps ?

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JPMorgan Chase was slapped with $200 million in fines after the company admitted to widespread recordkeeping violations including, the usage of unapproved messaging apps like WhatsApp and other platforms and failing to secure communications.

The U.S. Securities and Exchange Commission (SEC) said that JPMorgan Securities agreed to pay $125 million after admitting to “widespread” record-keeping failures in recent years.

In addition, the Commodity Futures Trading Commission also said that it has fined JP Morgan $75 million for allowing unapproved communications since at least 2015.

The federal law requires financial companies to keep secured records of electronic messages between brokers and clients.

But JP Morgan’s failure to secure those offline conversations violated federal securities law and left the regulator unsighted to exchanges between the bank and its customers.

The ruling by the regulators is the latest sign of an ongoing conflict between banks, regulators, and employees over the use of personal devices.

Because of the findings at JP Morgan, the SEC said it will launch an investigation into recordkeeping practices at other financial institutions; however, the SEC did not disclose their names.

Around the Web ?

Business-To-Business Marketplace OfBusiness Raises $325 Million: OfBusiness, an Indian-based startup that sells industrial goods and provides small businesses with credit, has raised $325 million in its fourth major equity fundraising round this year. The Series G round was led by Alpha Wave Global, Tiger Global Management, and Softbank Vision Fund 2, taking the overall valuation of the startup to $5 billion.


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