Google, the multinational technology company, is continuing to expand its Web3 program by including 11 blockchain firms to provide grants, expertise, and services to emerging Web3 entrepreneurs. This move is a clear indication of Google's bullish outlook on blockchain and its potential to revolutionize different industries. The program's inclusion of partners such as Alchemy, Polygon, Celo, and Hedera will provide pre-seed Web3 startups up to $2,000 in Google Cloud credits valid for two years, while seeded startups can access $200,000 over two years for Google Cloud and Firebase usage. Blockchain partners are also offering grants of up to $3 million to seeded companies in the Google for Startups Cloud Program.
Nansen, a blockchain analytics company, has also partnered with Google Cloud to provide real-time blockchain data for startups as part of the program. Nansen will utilize its database of over 250 million wallet labels to provide startups with real-time intelligence. This development will help startups identify trends and opportunities in the blockchain industry and streamline their operations.
In other news, the United Kingdom government has allocated $125 million in funding for a task force aimed at accelerating the country's artificial intelligence (AI) readiness. The task force is focused on ensuring sovereign capabilities such as public services and fostering the adoption of safe and reliable AI foundation models. This announcement is in line with the UK's commitment to becoming a science and technology superpower by 2030. The task force is expected to launch its first pilots of AI usage 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 limiting innovation.
In the cryptocurrency space, FTX has agreed to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings, an affiliate of Miami International Holdings, for around $50 million. The deal is subject to approval from the U.S. Bankruptcy Court for the District of Delaware and 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 purchased LedgerX in August 2021 to expand its spot trading services. The FTX exchange is currently undergoing bankruptcy proceedings.
Binance.US has backed out of its agreement to purchase bankrupt cryptocurrency brokerage Voyager Digital's assets for $1 billion. The exchange blamed the move on the "hostile and uncertain regulatory climate in the United States." The Voyager Official Committee of Unsecured Creditors tweeted its disappointment at the news and said it was investigating potential claims against Binance.US. Voyager and the creditors' committee have said they would now work on distributing cash and crypto to customers directly via the Voyager platform. Voyager declared bankruptcy in July 2021.
Overall, these developments indicate the growing interest and investment in blockchain and AI technologies. With Google expanding its Web3 program and the UK government pledging significant funding for AI readiness, it is clear that these technologies will continue to play a significant role in shaping the future of various industries. However, the challenges faced by cryptocurrency exchanges such as FTX and Binance.US highlight the regulatory uncertainty surrounding the industry and the need for clearer guidelines to enable innovation and growth.
