With a tech-savvy population, progressive regulatory frameworks, and ambitious government-led initiatives, significant strides are being made across the Middle East when it comes to nurturing blockchain and crypto innovation. This year, I had the pleasure of attending the Satoshi Roundtable and the Token 2049 summit in Dubai, two flagship gatherings on the global web3 events circuit. In addition to showcasing the latest milestones and breakthroughs across the web3 landscape, the events served as a celebration of the region’s rapid ascension as a thriving hub of web3 activity, and the energy in the air was palpable.
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Hive Digital Technologies Ltd. (HIVE) notched a 36% uptick in sales in the second quarter of 2024 as the Canadian Bitcoin miner diversifies into providing computational power to artificial intelligence (AI) applications, according an Aug. 13 filing. Hive reported second-quarter 2024 revenues of around $32 million, compared to some $23.5 million the year prior, the company said. Much of those gains came from Hive’s core cryptocurrency mining business. The company also scaled its new high-performance computing platform to around $2.6 million in sales. On July 12, 2023, the company changed its name from Hive Blockchain Technologies to Hive Digital Technologies to reflect a pivot to hosting AI and other advanced applications. The shift was an effort to cash in on the company’s large inventory of Nvidia graphics processing unit (GPU) cards, Hive said.
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Crypto startup Kintsu has closed a $4 million seed round led by Castle Island Ventures. The project has also received investments from venture funds Brevan Howard Digital, CMT Digital, Spartan Group, Breed VC, CMS Holdings, Animoca Ventures, and a number of private business angels. In comments to The Block, Kintsu founder Stephen Novenstern said that the company began seeking investment in May and closed the round in early July 2024. The funds raised are structured as a simple agreement for future equity (SAFE), which gives investors the right to receive tokens. It is known that Stephen Novenstern previously headed the development department of the Pangolin decentralized exchange, which operates on the Avalanche blockchain. The Kintsu team initially created a liquid staking protocol for the Aleph Zero blockchain, but subsequently focused its efforts on Monad.
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