Crypto software company OneBalance raises $20 million from Cyber Fund and Blockchain Capital
OneBalance, a London-based crypto software company, has raised $20 million in a Series A led by venture capital firms Cyber Fund and Blockchain Capital, the company announced on Wednesday. The round included participation from Mirana Ventures and L2IV and brings the company's total funding to $25 million. OneBalance declined to disclose its valuation in this round.
OneBalance, founded in 2024, aims to build software that will make it possible for non-crypto-native software engineers to build applications that use crypto, CEO Stephane Gosselin told Fortune. The company's main product, which launched on Wednesday, is a toolkit—a collection of software tools and libraries—that lets developers integrate into applications the ability to trade memecoins, swap tokens, and facilitate peer-to-peer payments, among other things.
'They [developers] can focus on their product and how to create the user experience, while having a reliable way to do transfers, swaps, and earning yield,' Gosselin said.
With an increasing number of non-crypto companies—including Meta and Google—considering integrating stablecoins in some manner, Gosselin says software like his will make it easier for companies to add blockchain technology to their services.
'They don't necessarily know how to be able to execute reliability on-chain, and the last thing they want to do is start to expose a lot of that complexity to their users,' Gosselin said.
The toolkit launched with support for Ethereum, Polygon, and other Ethereum Virtual Machine blockchains. OneBalance will introduce support for Solana at the end of this month, the company said.
OneBalance will charge a fee for each transaction processed by a platform that integrates the toolkit, Gosselin said. 'We want to make money when our customers make money,' he added. 'If our customers decide to monetize and to do this with us, then we will keep a small fee on top of that.'
OneBalance is among a number of crypto companies seeking to make application development simpler. Reown and Privy, for instance, both offer standard developer kits, or SDKs, that aim to make it easier for engineers to integrate crypto wallet functionality into their applications. Another example is Helius, a developer platform focused on eliminating complexities for application engineers trying to build on the Solana blockchain.
Gosselin says his company will use the money raised in this round to expand the capabilities of its flagship product by integrating functionality for additional blockchains.
This story was originally featured on Fortune.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business of Fashion
39 minutes ago
- Business of Fashion
Salomon and Arc'teryx Help Amer Sports Defy Downturn With Athleisure Bet
In 2020, Carlo Aragon started the 'Salomonology' Instagram page as a fashion moodboard to help him decide whether to invest $150 in a pair of Salomon XT-6s. He bought it, liking how the shoes looked 'unorthodox.' Others did too — the account now has almost 150,000 followers, intrigued by how trail shoes can pair with streetwear. Aragon's Instagram fame mirrors the ascent of Amer Sports Inc., the company behind Salomon. Since its New York Stock Exchange debut in February 2024, the Helsinki-based group, which also owns outerwear brand Arc'teryx and sports equipment maker Wilson, has nearly tripled its market value to $21 billion. It has outpaced peers like On Holding AG, Hoka parent company Deckers Outdoor Corp. and Anta Sports Products Ltd., the Chinese sporting goods giant that owns a 42% stake in Amer Sports. Amer Sports' growth has beaten the consumer downturn by riding the outdoor activity wave. It's among the mid-tier luxury brands offering shoppers high-quality goods that don't break the bank. The bulk of this rally occurred recently, following first-quarter results that defied a rocky global economy. Sales topped expectations, and the company raised its outlook while others cut theirs. Growth of its Technical Apparel and Outdoor Performance divisions — which respectively house Arc'teryx and Salomon — boosted results, Chief Executive Officer James Zheng said in the most recent earnings call, highlighting the brands' potential. While Salomon sneakers surpassed $1 billion in sales in 2024, it's a fraction of the $180 billion global sneaker market, and Arc'teryx is 'very under-penetrated globally,' he said in the call. Amer Sports declined a request for an interview with an executive. Reversal of fortunes Amer Sports wasn't always this successful. Shares remained subdued after the IPO due to high debt, low trading volume, and significant exposure to a lagging Chinese economy, said Laurent Vasilescu, an analyst at BNP Paribas Exane, who rates the stock outperform. Then in December, Amer Sports issued shares to pay down most of its debt. This move reduced leverage and boosted trading volume, alleviating two of the three primary investor concerns, Vasilescu said in an interview. China, which accounts for about 30% of the company's revenue, remains a concern, though sales in the market have bested expectations every quarter since the IPO. Premium sportswear and outdoor market gear is one of the fastest-growing consumer segments in China, attracting younger and female consumers, as well as luxury shoppers, Chief Financial Officer Andrew Page said on the earnings call. Glamping — short for glamorous camping — and gorpcore – wearing outdoor clothes as everyday wear – are currently trending in China, Vasilescu said. Amer Sports is also attracting middle- and upper-income customers who like the 'quiet luxury' aesthetic and the upscale in-store shopping experience of its brands, he added. That's happening in the US too, where celebrities like Timothée Chalamet and Bella Hadid have been spotted wearing Salomon shoes. Sales in its Americas division have grown every year since 2020 – the earliest publicly available results – though at a slower pace than Greater China's, which is estimated to overtake Europe, the Middle East and Africa as Amer Sports' second-largest market by revenue this year. One fan is Gabriella Gonzalez, a 29-year-old stylist who popped by a Salomon store in New York City's SoHo shopping district on a Friday afternoon. She praised the breathability, waterproofing and style of her pink-and-black XT-6 shoes. 'They make my outfits pop,' she said. About half a mile away is Arc'teryx's largest US store. Customer Chris Rojes said he doesn't mind paying more for Arc'teryx's gear over other brands. 'You feel more special in them.' Arc'teryx distinguishes itself from other outdoor apparel brands like Patagonia Inc. and VF Corp's The North Face through a 'much higher level of premiumization,' said TD Cowen analyst John Kernan, who has a buy rating on Amer Sports. Despite higher prices, consumers are willing to pay for Arc'teryx's 'leading innovation.' Declining consumer brand loyalty and a growing desire for variety also creates an opportunity for Salomon and Arc'teryx to gain market share from industry leaders like Nike Inc. and Adidas AG, Vasilescu said. To keep flying high, Amer Sports needs to go global, analysts said, warning that it's an uphill battle. 'We believe that the global brand rollout will not be easy' due to Arc'teryx's high price points and intense competition in Western outerwear markets, said HSBC analyst Akshay Gupta, who has a hold rating on the company. Morningstar analyst Ivan Su, who has a sell rating, believes Amer Sports' would need a compound annual growth rate of 20% over the next five years to support its currently high valuation, which would require 'near flawless execution' globally. By Rachel Phua and Rachel Yeo Learn more: Amer Sports Raises 2025 Guidance on Strong Demand for Arc'teryx and Salomon Footwear Shares of the athletic apparel and equipment maker hit an all-time high on Tuesday.
Forbes
an hour ago
- Forbes
UK Releases Draft Sustainability Reporting Standards, Seeks Input
Long exposure photo from Big Ben in sunrise getty On June 25, the United Kingdom's Department for Business and Trade released a draft of sustainability reporting standards for the UK. The proposal implements guidelines on climate-related risk and greenhouse gas emissions reporting, at a time when other jurisdictions are considering reducing requirements. The consultation period is open until September 17, with the final requirements set to be published by December. The International Financial Reporting Standards Foundation, the organization that drafts financial reporting standards used in 168 jurisdictions, began drafting sustainability reporting standards in 2021, through the International Sustainability Standards Board. The IFRS Sustainability Disclosure Standards were released in June 2023. National regulatory agencies were then tasked with amending the standards to comply with national laws. The IFRS Sustainability Standards are divided into two reporting tiers. IFRS S1 establishes sustainability disclosure requirements, while IFRS S2 sets out specific climate-related disclosures to be used along with IFRS S1. Both focus on a company's governance, strategy, risk management, and metrics and target, as they relate to either sustainability or climate. The UK initially required sustainability reporting in 2022. Following the release of the IFRS Sustainability Standards, in May 2024, the Department of Business & Trade began the process of converting the standards to work with national law. On June 25, the Department released the 'exposure draft of UK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2." The draft states, 'making the transition to an economy that is climate resilient and sustainable is essential for long-term economic growth. One of the 5 missions of this government is to make the UK a clean energy superpower – delivering clean power by 2030 and accelerating to net zero. This will support growth through the creation of hundreds of thousands of good jobs across the UK and protect our economy from the future price shocks that reliance on fossil fuels creates, while delivering a range of social and health benefits.' The UK is using a phased approach to adopt sustainability reporting requirements, starting with the proposed draft. The second 'focuses on providers of assurance over sustainability- related financial disclosures following the conclusion of the Financial Reporting Council's (FRC) recent market study on this theme.' The third 'published by the Department for Energy Security and Net Zero – seeks views on the government's manifesto commitment on the theme of transition planning.' The Department of Business & Trade's draft includes six proposed amendments to the ISSB Standards. Amendments 1 - 4 were proposed by UK Sustainability Disclosure Technical Advisory Committee, known as TAC in the document. Amendments 5 & 6 were proposed by the UK Sustainability Disclosure Policy and Implementation Committee, known as PIC in the document. The amendments are as follows. Amendment 1 - IFRS S1 included 'transition relief' that allowed companies to delay sustainability reporting during the first year. While the reporting would still take place, it would not be in alignment with the existing financial reporting requirements. The proposal removes that relief. 'The TAC concluded that allowing entities to disclose sustainability-related information at a later time compromises the principle of 'connectivity' with the financial statements and other narrative reporting.' Amendment 2 - In addition to transition relief, IFRS S1 also allowed companies to only report climate-related risks the first year, delaying the broader sustainability reporting until the second year in a 'climate-first' approach. The draft proposal extends that relief to the first two years. In practice, for year 1 companies will be required to report 'climate-related risks and opportunities except Scope 3 emissions.' In year 2, 'all climate-related risks and opportunities including Scope 3 emissions.' In year 3, 'climate-related risks and opportunities, Scope 3 emissions, and wider sustainability-related risks and opportunities.' Amendment 3 - IFRS S2 requires companies to use the Global Industry Classification Standard when reporting 'financed emissions.' There are GHG emissions attributed to 'loans an investments made by an entity.' The proposal allows flexibility in the usage of GICS, changing the language to give companies the option to use the standard of choice. 'The TAC recommended that entities should be able to use any appropriate classification standard – which could be GICS or an alternative standard that they use within existing reporting practices. The use of an existing classification could allow for increased connectivity with existing reporting. A requirement to use GICS, if not already used, could also impose an unnecessary additional cost.' Amendment 4 - The ISSB Standards were effective January 1, 2024. However, the UK did not implement them by that timeline. As a result, the draft removes the effective date, allowing for voluntary usage until required by law or regulation. Amendment 5 - The ISSB Standards require companies to use industry-specific standards for the 'disclosures of financially-material sustainability information' as provided by the Sustainability Accounting Standards Board. However, the SASB was created in 2011 to draft standards for use with reporting to the U.S. Securities and Exchange Commission. As a result, the choice of language is specific to the SEC. The ISSB is updating those standards, with an anticipated release in July, but for now, the draft takes issue with the use. Further, the draft states 'the detailed content of the SASB materials had not been through the same level of due process as the ISSB Standards. The PIC also observed that the TAC's stakeholder engagement found mixed feedback on the SASB materials, with many UK organisations supporting voluntary (rather than mandatory) use.' To resolve the issues, the proposal changes the standard from 'shall' to 'may', providing flexibility to companies to use the SASB standards if they feel it is the best option. Amendment 6 - Referring back to the transition releif addressed in Amendments 1 & 2, the PIC wants to clarify that relief is tied to the date standards become mandatory, not when companies begin voluntary reporting. 'The PIC agreed that it wanted to facilitate use of the reliefs for any mandatory reporting while avoiding penalising any early voluntary reporters.' The Department provided 20 consultation questions for interested parties to address via an online form. Responses are due by September 17. The draft states that the new UK Sustainability Reporting Standards will be finalized in autumn 2025. Expect to see the final draft in early December.
Yahoo
an hour ago
- Yahoo
UK business confidence levels hit highest since 2015, Lloyds says
LONDON (Reuters) -Confidence levels among British employers hit a fresh nine-year high this month as companies became more optimistic about the outlook for the economy, according to a survey published on Monday. The Lloyds Bank Business Barometer rose by one point to 51%, the highest since November 2015, adding to an 11-point jump in May following a tumble in April when U.S. President Donald Trump announced a big jump in import tariffs, many of which have since been suspended. The survey's measure of economic optimism touched a 10-month high, rising by a point after a 16-point increase in May. Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking, said a rise in hiring intentions - with 60% of firms expecting higher staffing levels in the coming year - suggested employers were starting to prepare for future growth. The Bank of England is watching Britain's jobs market closely as it tries to gauge how much inflation pressure remains in the economy. Governor Andrew Bailey said last week that he saw signs of a slowdown in the labour market, due in part to the government's tax increase for employers, which began in April. But the Lloyds survey showed wage growth expectations rose for a second month in a row, with 36% of respondents forecasting average pay increases of 3% or more. Separate figures published by jobs website Adzuna showed UK staff vacancies edged down in May from April but rose by 0.5% compared with May last year, the third such increase in a row after more than a year of falls. "May reinforced the sense that the job market in the UK is gradually regaining its footing," said Andrew Hunter, co-founder of Adzuna. The Confederation of British Industry (CBI) said its gauge of expectations among businesses about the economy over the next three months were less negative than in May but remained weak after the tax increase on employers and geopolitical upheaval. "Companies are still grappling with higher employment costs, cautious spending behaviour on the part of households and increasing global uncertainty," said Alpesh Paleja, the CBI's deputy chief economist. (Writing by William Schomberg;Editing by Helen Popper) Sign in to access your portfolio
