Hey Waivly Crew! 🌊 Fractional has rebranded to Tessera and raised a $20 million Series A funding round. Canadian crypto exchanges are introducing measures to cap the annual buy limit for select altcoins at CAD 30K.
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Fractional rebrands to Tessera, raises $20M in Series A
NFT platform Fractional has rebranded to Tessera and raised a $20 million Series A funding round.
The round was led by Paradigm, with participation from Uniswap Labs Ventures, Focus Labs, eGirl Capital, Yunt Capital, and more than 50 individual angel investors, including Keyboard Monkey and DC Investor.
Tessera, formerly known as Fractional, allows investors to collectively own pieces of the most sought-after NFTs. NFT collections featured on its platform include CryptoPunks, Bored Ape Yacht Club, Cool Cats, and Pudgy Penguins.
Andy Chorlian, co-founder and CEO of Tessera, told Decrypt that the platform’s original name was “on the nose” and conveyed the concept of fractionalizing an NFT. However, it never firmed up in the minds of users, as they would call it Fractionalize, Fractal.art, or even Fractal, the name of Justin Kan’s gaming NFT platform.
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Crypto Special
Canadian crypto exchanges impose $30K CAD annual limit on select altcoins
Canadian crypto exchanges Bitbuy and Newton are enforcing a 30,000 Canadian dollars annual “buy limit” for “restricted coins” for their users based in Ontario.
Newton, a Toronto-based crypto exchange, said in a statement that "over the past several months," they have been "quietly" working on getting registered with the Ontario Securities Commission and the securities regulatory authorities in other provinces and territories of Canada, adding:
“You may already be familiar with these changes as they impact all Canadian crypto trading platforms, not just Newton. These changes are to protect crypto investors…and to make sure investors are aware of the risks associated with investing in crypto assets.”
Newton will impose the annual net buy limit of 30,000 CAD on all cryptocurrencies except Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, this does not apply to British Columbia, Alberta, Manitoba, or Quebec residents.
Vitalik Buterin, the founder of Ethereum, commended Ethereum community members on Twitter for criticizing the regulations that “privilege ETH over other legitimate cryptocurrencies.”
Mercado Libre launches its own cryptocurrency
Mercado Libre, Latin America’s largest e-commerce company by market cap, announced the launch of its own cryptocurrency yesterday.
The currency, Mercado Coin, will be part of its loyalty program and initially be available in Brazil. Clients will earn MercadoCoins as cashback when buying products on the e-commerce platform.
Mercado Libre expects the cryptocurrency to be available to its 80 million clients in Brazil by the end of August and said its plans to introduce it in other Latin American countries further down the road.
Mercado Coin will only be tradable on Mercado Pago, the company’s digital payment platform, at an initial price of 10 cents before being “determined by the rules of market supply and demand."
“Mercado Coin is our new way of rewarding our users for their behaviour within our ecosystem,” Mercado Libre said. “The more purchases of selected products they make, the more Mercado Coins they receive.”
Own and secure your crypto with Ledger
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The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.
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