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The shedding of Ethereum’s energy-intensive proof-of-work (PoW) system is anticipated to see Ether (ETH) “flow into the institutional world,” in response to quite a few fund managers and co-founders.On Sept. 15, Ethereum formally transitioned to a proof-of-stake (PoS) consensus mechanism, which is anticipated to chop power consumption utilized by the community by 99.95%, in response to the Ethereum Foundation. The improve successfully ended the necessity for the Ethereum community to depend on miners and energy-guzzling mining {hardware} to validate transactions and construct new blocks, as these capabilities at the moment are changed by validators who “stake” their ETH.”The merge will scale back worldwide electrical energy consumption by 0.2%” – @drakefjustin— vitalik.eth (@VitalikButerin) September 15, 2022

In an announcement to Cointelegraph, Charlie Karaboga, CEO and co-founder of Australian fintech firm Block Earner stated the community’s transition to PoS would “drive the future of money to be more internet-based.”He stated that Ethereum would turn into “the settlement layer that everyone will accept and trust — especially when the spotlight is shining brighter than ever on the issue of sustainability in crypto mining.”Markus Thielen, Chief Investment Officer of digital asset supervisor IDEG stated that he had been in discussions with sovereign wealth funds and central banks to assist construct their digital asset portfolios, however direct funding had typically been “voted down due to energy concerns.” But now that the Ethereum community has transitioned to PoS, this subject is way much less of a priority, he stated:“While demand has been strong, the missing link has been an underlying zero-emissions, financial infrastructure. With Ethereum moving to PoS, this clearly solves this last pillar of concern.”Henrik Andersson of Apollo Capital instructed Cointelegraph that ESG had turn into a “big factor” behind institutional funding choice making in the previous few years.Andersson stated he believes the 99.95% power consumption lower on Ethereum would dramatically enhance ETH’s ESG rating, which in flip would “make it more appealing for institutional investors” over the long-term.Blockworks co-founder Jason Yanowitz instructed his 92,900 followers on Sept. 15 that “Green ETH” would be the “best narrative” in crypto’s historical past, with crypto mining and PoW lengthy plaguing the trade. Related: How blockchain expertise is used to save lots of the surroundingsYanowitz famous that till now, the “Bitcoin is bad for the environment” narrative has been “so impactful,” including it unfold like wildfire” and “has probably had the most negative impact on the asset’s performance.”“Most large institutions now have ESG mandates,” stated Yanowitz. “Fidelity, BlackRock, Goldman, etc… whether or not they like it, they now have to consider the environmental impacts of their portfolios.”But that’s now outdated information for Ethereum, with Yanowitz including that crucial takeaway from the Merge is that “Ethereum becomes green” which turns into extremely interesting to giant companies who’ve ESG mandates to adjust to:“This will be the best narrative crypto and ETH has ever seen. It will flow into the institutional world, where investors will buy ETH because it satisfies their ESG mandate.”

The shedding of Ethereum’s energy-intensive proof-of-work (PoW) system is anticipated to see Ether (ETH) “flow into the institutional world,” in response to quite a few fund managers and co-founders.On Sept. 15, Ethereum formally transitioned to a proof-of-stake (PoS) consensus mechanism, which is anticipated to chop power consumption utilized by the community by 99.95%, in response to the Ethereum Foundation. The improve successfully ended the necessity for the Ethereum community to depend on miners and energy-guzzling mining {hardware} to validate transactions and construct new blocks, as these capabilities at the moment are changed by validators who “stake” their ETH.”The merge will scale back worldwide electrical energy consumption by 0.2%” – @drakefjustin— vitalik.eth (@VitalikButerin) September 15, 2022 In an announcement to Cointelegraph, Charlie Karaboga, CEO and co-founder of Australian fintech firm Block Earner stated the community’s transition to PoS would “drive the future of money to be more internet-based.”He stated that Ethereum would turn into “the settlement layer that everyone will accept and trust — especially when the spotlight is shining brighter than ever on the issue of sustainability in crypto mining.”Markus Thielen, Chief Investment Officer of digital asset supervisor IDEG stated that he had been in discussions with sovereign wealth funds and central banks to assist construct their digital asset portfolios, however direct funding had typically been “voted down due to energy concerns.” But now that the Ethereum community has transitioned to PoS, this subject is way much less of a priority, he stated:“While demand has been strong, the missing link has been an underlying zero-emissions, financial infrastructure. With Ethereum moving to PoS, this clearly solves this last pillar of concern.”Henrik Andersson of Apollo Capital instructed Cointelegraph that ESG had turn into a “big factor” behind institutional funding choice making in the previous few years.Andersson stated he believes the 99.95% power consumption lower on Ethereum would dramatically enhance ETH’s ESG rating, which in flip would “make it more appealing for institutional investors” over the long-term.Blockworks co-founder Jason Yanowitz instructed his 92,900 followers on Sept. 15 that “Green ETH” would be the “best narrative” in crypto’s historical past, with crypto mining and PoW lengthy plaguing the trade. Related: How blockchain expertise is used to save lots of the surroundingsYanowitz famous that till now, the “Bitcoin is bad for the environment” narrative has been “so impactful,” including it unfold like wildfire” and “has probably had the most negative impact on the asset’s performance.”“Most large institutions now have ESG mandates,” stated Yanowitz. “Fidelity, BlackRock, Goldman, etc… whether or not they like it, they now have to consider the environmental impacts of their portfolios.”But that’s now outdated information for Ethereum, with Yanowitz including that crucial takeaway from the Merge is that “Ethereum becomes green” which turns into extremely interesting to giant companies who’ve ESG mandates to adjust to:“This will be the best narrative crypto and ETH has ever seen. It will flow into the institutional world, where investors will buy ETH because it satisfies their ESG mandate.”

The shedding of Ethereum’s energy-intensive proof-of-work (PoW) system is anticipated to see Ether (ETH) “flow into the institutional world,” in response to quite a few fund managers and co-founders. On Sept. 15, Ethereum formally transitioned…

Cryptocurrency startup Portofino Technologies has formally launched its high-frequency buying and selling platform for digital belongings, securing main funding from enterprise capital companies within the course of. In launching its platform, Portofino disclosed that it had raised $50 million in fairness funding from Valar Ventures, Global Founders Capital and Coatue. Although Portofino didn’t disclose how the funding shall be used, the corporate has been energetic on the hiring entrance, having recruited over 35 staff throughout 5 world places. Portofino was based in 2021 by former Citadel Securities staff Alex Casimo and Leonard Lancia. The firm is constructing crypto-focused high-frequency buying and selling expertise, which is especially utilized by hedge funds. While the corporate is barely now popping out of stealth mode, it claims to have traded billions of {dollars} throughout centralized and decentralized crypto exchanges. High-frequency buying and selling, or HFT, refers to automated buying and selling platforms which might be sometimes utilized by massive monetary establishments to execute massive batches of orders at extraordinarily excessive speeds. These platforms depend on advanced algorithms to investigate market tendencies and buying and selling alternatives that may be executed in seconds. Hedge funds are tasting a little bit of honey.A current report by PwC reveals a 3rd of the 89 surveyed conventional funds are investing in digital belongings. https://t.co/Tm4uNEZo5V— Cointelegraph (@Cointelegraph) June 9, 2022

On the crypto entrance, HFT methods can now be executed on decentralized exchanges, or DEXs. Unlike centralized exchanges, DEXs provide a lot sooner buying and selling speeds and new arbitrage alternatives. Portofino’s HFT expertise is trying to construct on these capabilities by growing entry to liquidity. Related: Fixed rates of interest to create a DeFi 2.0 for establishments, says former financial institution execHedge funds and different institutional traders have proven a eager curiosity in cryptocurrencies, however general adoption has been sluggish as a result of a number of components, together with laws and a scarcity of infrastructure. As the top of crypto funding supervisor Apollo Capital instructed Cointelegraph: “No one wants to be the first into something like this. Because if you’re the first one and things go wrong, then there’s a career risk. That will flip at some point to the opposite.”

Cryptocurrency startup Portofino Technologies has formally launched its high-frequency buying and selling platform for digital belongings, securing main funding from enterprise capital companies within the course of. In launching its platform, Portofino disclosed that it had raised $50 million in fairness funding from Valar Ventures, Global Founders Capital and Coatue. Although Portofino didn’t disclose how the funding shall be used, the corporate has been energetic on the hiring entrance, having recruited over 35 staff throughout 5 world places. Portofino was based in 2021 by former Citadel Securities staff Alex Casimo and Leonard Lancia. The firm is constructing crypto-focused high-frequency buying and selling expertise, which is especially utilized by hedge funds. While the corporate is barely now popping out of stealth mode, it claims to have traded billions of {dollars} throughout centralized and decentralized crypto exchanges. High-frequency buying and selling, or HFT, refers to automated buying and selling platforms which might be sometimes utilized by massive monetary establishments to execute massive batches of orders at extraordinarily excessive speeds. These platforms depend on advanced algorithms to investigate market tendencies and buying and selling alternatives that may be executed in seconds. Hedge funds are tasting a little bit of honey.A current report by PwC reveals a 3rd of the 89 surveyed conventional funds are investing in digital belongings. https://t.co/Tm4uNEZo5V— Cointelegraph (@Cointelegraph) June 9, 2022 On the crypto entrance, HFT methods can now be executed on decentralized exchanges, or DEXs. Unlike centralized exchanges, DEXs provide a lot sooner buying and selling speeds and new arbitrage alternatives. Portofino’s HFT expertise is trying to construct on these capabilities by growing entry to liquidity. Related: Fixed rates of interest to create a DeFi 2.0 for establishments, says former financial institution execHedge funds and different institutional traders have proven a eager curiosity in cryptocurrencies, however general adoption has been sluggish as a result of a number of components, together with laws and a scarcity of infrastructure. As the top of crypto funding supervisor Apollo Capital instructed Cointelegraph: “No one wants to be the first into something like this. Because if you’re the first one and things go wrong, then there’s a career risk. That will flip at some point to the opposite.”

Cryptocurrency startup Portofino Technologies has formally launched its high-frequency buying and selling platform for digital belongings, securing main funding from enterprise capital companies within the course of.  In launching its platform, Portofino disclosed that it…

Mysten Labs, the corporate behind the yet-to-launch layer-1 blockchain Sui, has raised $300 million aimed toward constructing core infrastructure and accelerating the adoption of its Sui blockchain ecosystem. The blockchain firm, which was based by former executives of social media big Meta in 2021, mentioned in a Thursday announcement that it landed $300 million in a Series B funding spherical led by crypto trade enterprise arm FTX Ventures.: Today, we’re excited to announce our $300M Series B funding spherical. This milestone alerts the technical energy & immense potential of our Sui ecosystem. #Suinami 1/ pic.twitter.com/wQ8WH1egyY— Sui by Mysten Labs (@Mysten_Labs) September 8, 2022

Other Series B buyers included Coinbase Ventures, Jump Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs and O’Leary Ventures, amongst different funding funds and companions, with the brand new capital valuing the corporate at over $2 billion. In addition to fairness, buyers will obtain warrants for native tokens to be traded on the longer term blockchain.Mysten is the creator of the Sui blockchain, a proof-of-stake (PoS) layer-1 blockchain that makes use of a function known as “transaction parallelization” to realize excessive throughput, low latency transactions and low transaction charges, which can give present blockchains comparable to Ethereum and Solana a run for its cash. Mysten co-founder and CEO Evan Cheng mentioned the brand new funding can be used to construct its expertise, the corporate’s hiring efforts and growth to the Asia-Pacific area. “This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission.”Cheng steered that present Web3 infrastructure “is in the dial-up era,” noting: “It’s slow, expensive, capacity constrained, insecure, and simply hard to build for.” The newest funding means that some enterprise capital buyers stay unphased by the crypto bear market. A latest report from Messari revealed that $30.3 billion in funds was invested by VC companies within the first six months of this yr, outpacing all the fundraising yr in 2021. Related: VCs pour $14.2B into crypto in H1 2022, however investments now slowingLast December, Mysten Labs raised $36 million Series A funding, led by a16z.The firm was based in September 2021 by former cryptographical program engineers behind Meta’s crypto-payments platform Diem and cellular pockets Novi. Mysten Labs is led by CEO Evan Chang, chief expertise officer Sam Blackshear, chief product officer Adeniyi Abiodun and chief scientist George Danezis.

Mysten Labs, the corporate behind the yet-to-launch layer-1 blockchain Sui, has raised $300 million aimed toward constructing core infrastructure and accelerating the adoption of its Sui blockchain ecosystem. The blockchain firm, which was based by former executives of social media big Meta in 2021, mentioned in a Thursday announcement that it landed $300 million in a Series B funding spherical led by crypto trade enterprise arm FTX Ventures.: Today, we’re excited to announce our $300M Series B funding spherical. This milestone alerts the technical energy & immense potential of our Sui ecosystem. #Suinami 1/ pic.twitter.com/wQ8WH1egyY— Sui by Mysten Labs (@Mysten_Labs) September 8, 2022 Other Series B buyers included Coinbase Ventures, Jump Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs and O’Leary Ventures, amongst different funding funds and companions, with the brand new capital valuing the corporate at over $2 billion. In addition to fairness, buyers will obtain warrants for native tokens to be traded on the longer term blockchain.Mysten is the creator of the Sui blockchain, a proof-of-stake (PoS) layer-1 blockchain that makes use of a function known as “transaction parallelization” to realize excessive throughput, low latency transactions and low transaction charges, which can give present blockchains comparable to Ethereum and Solana a run for its cash. Mysten co-founder and CEO Evan Cheng mentioned the brand new funding can be used to construct its expertise, the corporate’s hiring efforts and growth to the Asia-Pacific area. “This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission.”Cheng steered that present Web3 infrastructure “is in the dial-up era,” noting: “It’s slow, expensive, capacity constrained, insecure, and simply hard to build for.” The newest funding means that some enterprise capital buyers stay unphased by the crypto bear market. A latest report from Messari revealed that $30.3 billion in funds was invested by VC companies within the first six months of this yr, outpacing all the fundraising yr in 2021. Related: VCs pour $14.2B into crypto in H1 2022, however investments now slowingLast December, Mysten Labs raised $36 million Series A funding, led by a16z.The firm was based in September 2021 by former cryptographical program engineers behind Meta’s crypto-payments platform Diem and cellular pockets Novi. Mysten Labs is led by CEO Evan Chang, chief expertise officer Sam Blackshear, chief product officer Adeniyi Abiodun and chief scientist George Danezis.

Mysten Labs, the corporate behind the yet-to-launch layer-1 blockchain Sui, has raised $300 million aimed toward constructing core infrastructure and accelerating the adoption of its Sui blockchain ecosystem.  The blockchain firm, which was based by…

Animoca confirms $110M spherical led by Temasek, plans new acquisitions

Animoca confirms $110M spherical led by Temasek, plans new acquisitions

Animoca Brands, a significant participant within the metaverse and blockchain gaming, has formally disclosed particulars of a funding spherical led by Singapore’s state-owned investor Temasek. Animoca introduced on Thursday that it closed a strategic funding…

VCs pour $14.2B into crypto in H1 2022, however investments now slowing

VCs pour $14.2B into crypto in H1 2022, however investments now slowing

Venture capital companies poured $14.2 billion into crypto throughout 725 offers within the first half of 2022, however massive 4 accounting agency KPMG predicts investments will doubtless sluggish for the rest of the 12 months. …

Blockchain incubator valued at $100M following NGC Ventures-led Series A

Blockchain incubator valued at $100M following NGC Ventures-led Series A

Blockchain-focused incubator and adviser PANONY has closed a Series A funding spherical backed by NGC Ventures, one in all Asia’s largest crypto funding companies, placing the corporate on monitor to develop its portfolio and geographic…

You can’t cease the Tether FUD

You can’t cease the Tether FUD

In the world of crypto, FUD stands for concern, uncertainty and doubt. It’s usually evoked deliberately to attract unfavourable consideration to a specific mission or enterprise. One of crypto’s most enduring legacies has been the…

Crypto lending platform SALT has obtained a buyout provide from a outstanding on-line funding platform — a transfer the corporate mentioned may probably improve its product choices and advance its mission of constructing digital belongings extra accessible to mainstream audiences. Bnk To The Future, or BF, has submitted a letter of intent to amass SALT for an undisclosed quantity, the businesses disclosed Friday. The acquisition is contingent on each events signing definitive agreements and requires regulatory approval. Robert Odell, SALT’s chief product officer, described the potential acquisition as being a unity of first-movers within the cryptocurrency market:“This potential union will combine SALT, the world’s first crypto lending platform, with BF, the world’s first Bitcoin and crypto securities business.”The settlement, ought to it undergo, wouldn’t impression current SALT clients. “We want to assure you that there will be no changes to your loan as a result of this announcement,” the corporate mentioned.Founded in 2016, SALT is among the first crypto-backed lending platforms to present debtors the power to acquire U.S. dollar-denominated loans collateralized by digital belongings together with Bitcoin (BTC) or Ether (ETH). The firm’s founding preceded the so-called DeFi Summer of 2020, which noticed dozens of decentralized finance protocols attain multi-billion-dollar valuations.Bnk To The Future is a micro enterprise capital agency that permits buyers to again early-stage fintech and crypto corporations for as little as $1,000. Startups can even increase capital by the platform by pitching their services on to buyers. Through BK, startups have reportedly raised over $1.7 billion. Related: VC Roundup: Lightning Network fee rail, DeFi buying and selling platform and blockchain safety agency increase thousands and thousandsWith the fallout from crypto contagion slowly subsiding, enterprise capital continues to again digital asset startups to the tune of billions of {dollars}. Funding offers had been down 43% in July in comparison with the earlier month, however total capital flows remained remarkably constant within the first and second quarters. Crypto VC funding is down from its peak however total trade exercise stays resilient. Between January and July, crypto initiatives raised $31.3 billion in enterprise funding, exceeding the $30.5 billion raised in all of 2021, based on Cointelegraph Research.

Crypto lending platform SALT has obtained a buyout provide from a outstanding on-line funding platform — a transfer the corporate mentioned may probably improve its product choices and advance its mission of constructing digital belongings extra accessible to mainstream audiences. Bnk To The Future, or BF, has submitted a letter of intent to amass SALT for an undisclosed quantity, the businesses disclosed Friday. The acquisition is contingent on each events signing definitive agreements and requires regulatory approval. Robert Odell, SALT’s chief product officer, described the potential acquisition as being a unity of first-movers within the cryptocurrency market:“This potential union will combine SALT, the world’s first crypto lending platform, with BF, the world’s first Bitcoin and crypto securities business.”The settlement, ought to it undergo, wouldn’t impression current SALT clients. “We want to assure you that there will be no changes to your loan as a result of this announcement,” the corporate mentioned.Founded in 2016, SALT is among the first crypto-backed lending platforms to present debtors the power to acquire U.S. dollar-denominated loans collateralized by digital belongings together with Bitcoin (BTC) or Ether (ETH). The firm’s founding preceded the so-called DeFi Summer of 2020, which noticed dozens of decentralized finance protocols attain multi-billion-dollar valuations.Bnk To The Future is a micro enterprise capital agency that permits buyers to again early-stage fintech and crypto corporations for as little as $1,000. Startups can even increase capital by the platform by pitching their services on to buyers. Through BK, startups have reportedly raised over $1.7 billion. Related: VC Roundup: Lightning Network fee rail, DeFi buying and selling platform and blockchain safety agency increase thousands and thousandsWith the fallout from crypto contagion slowly subsiding, enterprise capital continues to again digital asset startups to the tune of billions of {dollars}. Funding offers had been down 43% in July in comparison with the earlier month, however total capital flows remained remarkably constant within the first and second quarters. Crypto VC funding is down from its peak however total trade exercise stays resilient. Between January and July, crypto initiatives raised $31.3 billion in enterprise funding, exceeding the $30.5 billion raised in all of 2021, based on Cointelegraph Research.

Crypto lending platform SALT has obtained a buyout provide from a outstanding on-line funding platform — a transfer the corporate mentioned may probably improve its product choices and advance its mission of constructing digital belongings…

Reddit founder, Galaxy and Genesis execs elevate large cash

Reddit founder, Galaxy and Genesis execs elevate large cash

Reddit co-founder Alexis Ohanian’s enterprise capital (VC) agency Seven Seven Six (776) is seeking to elevate a crypto funding fund value $177.6 million, whereas present and former executives from Galaxy Digital and Genesis are elevating…

The enterprise capital market of the cryptocurrency business is holding robust regardless of the crypto winter as main government-linked corporations reportedly proceed betting on large business gamers.Singapore state-owned funding agency Temasek is becoming a member of a $100 million funding spherical for the blockchain and enterprise studio Animoca Brands, Bloomberg reported on Tuesday. According to the report, Temasek will lead Animoca’s financing spherical by way of convertible bonds.Both Animoca and Temasek are identified for investing in main crypto corporations. In March 2022, each corporations participated in a $200 million funding spherical for the Australian nonfungible token (NFT) platform Immutable.Temasek is a serious crypto-related investor, taking part in a number of funding rounds for main business corporations, together with the Binance crypto change. The agency can also be identified for backing crypto finance service supplier Amber Group earlier this 12 months, alongside engaged on many different business initiatives like a blockchain-based carbon credit score change.Headquartered in Singapore, Temasek is likely one of the world’s greatest buyers. According to official knowledge, Temasek’s Asian portfolio amounted to roughly 403 billion Singapore {dollars}, or $290 billion as of March 2022.Temasek declined to touch upon the report back to Cointelegraph. “As a matter of policy, Temasek does not comment on market speculation and rumors,” a spokesperson for the agency famous.Animoca ​​didn’t instantly reply to Cointelegraph’s request for remark.The report comes shortly after Animoca closed a $75 million funding spherical in July, securing the second tranche of funding following a $360 million elevate in January 2022. The funding was supported by enterprise capital giants like Sequoia China, Winklevoss Capital, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures and others. The agency is now reportedly valued at $6 billion.Related: Crypto fundraising hits $30.3B in H1, outpacing all of 2021: ReportOn Aug. 26, Animoca’s strategic subsidiary Animoca Brands Japan additionally raised $45 million from main Japanese financial institution MUFG. Focused on cooperative partnerships in Japan for NFT-related enterprise alternatives, Animoca Brands Japan goals to make use of the newly secured funds to develop Web3 merchandise within the nation.

The enterprise capital market of the cryptocurrency business is holding robust regardless of the crypto winter as main government-linked corporations reportedly proceed betting on large business gamers.Singapore state-owned funding agency Temasek is becoming a member of a $100 million funding spherical for the blockchain and enterprise studio Animoca Brands, Bloomberg reported on Tuesday. According to the report, Temasek will lead Animoca’s financing spherical by way of convertible bonds.Both Animoca and Temasek are identified for investing in main crypto corporations. In March 2022, each corporations participated in a $200 million funding spherical for the Australian nonfungible token (NFT) platform Immutable.Temasek is a serious crypto-related investor, taking part in a number of funding rounds for main business corporations, together with the Binance crypto change. The agency can also be identified for backing crypto finance service supplier Amber Group earlier this 12 months, alongside engaged on many different business initiatives like a blockchain-based carbon credit score change.Headquartered in Singapore, Temasek is likely one of the world’s greatest buyers. According to official knowledge, Temasek’s Asian portfolio amounted to roughly 403 billion Singapore {dollars}, or $290 billion as of March 2022.Temasek declined to touch upon the report back to Cointelegraph. “As a matter of policy, Temasek does not comment on market speculation and rumors,” a spokesperson for the agency famous.Animoca ​​didn’t instantly reply to Cointelegraph’s request for remark.The report comes shortly after Animoca closed a $75 million funding spherical in July, securing the second tranche of funding following a $360 million elevate in January 2022. The funding was supported by enterprise capital giants like Sequoia China, Winklevoss Capital, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures and others. The agency is now reportedly valued at $6 billion.Related: Crypto fundraising hits $30.3B in H1, outpacing all of 2021: ReportOn Aug. 26, Animoca’s strategic subsidiary Animoca Brands Japan additionally raised $45 million from main Japanese financial institution MUFG. Focused on cooperative partnerships in Japan for NFT-related enterprise alternatives, Animoca Brands Japan goals to make use of the newly secured funds to develop Web3 merchandise within the nation.

The enterprise capital market of the cryptocurrency business is holding robust regardless of the crypto winter as main government-linked corporations reportedly proceed betting on large business gamers. Singapore state-owned funding agency Temasek is becoming a…