Crypto Payments, Web3 & Taxes: What’s Happening in Crypto Today?

• Chaos Labs raises $20 million in seed funding led by Galaxy Digital and PayPal.
• Tezos partners with Google Cloud to accelerate Web3 application development on the Tezos blockchain.
• Router Protocol launches Layer 1 blockchain to increase Web3 adoption.

Chaos Labs Secures Funding from Galaxy Digital and PayPal

Chaos Labs, a US-based cloud platform for securing blockchains and protocols, announced it raised $20 million in seed funding led by investment management firm Galaxy Digital and payments giant PayPal, with participation from Coinbase Ventures, Polygon, Avalanche, OpenSea, and UniSwap, among others. The funds will be used „to automate on-chain risk optimization“ and will allow the team „to expand our suite of products & keep risk management at an optimal level,“ according to Chaos Labs‘ founder and CEO, Omer Goldberg.

Tezos Partners with Google Cloud

The Tezos Foundation, which promotes the adoption of the Tezos blockchain, announced today that it is working with Google Cloud to accelerate Web3 application development on the Tezos blockchain. The collaboration includes Google Cloud becoming a Tezos network validator (or „baker“) and Tezos helping Google Cloud’s corporate customers deploy Tezos nodes. Through the collaboration, select Tezos incubator startups will also be eligible to receive Google Cloud credits and mentorship via the Google for Startups Cloud Program.

Router Protocol Launches Layer 1 Blockchain

Router Protocol, an infrastructure enterprise enabling communication between blockchains, announced the devnet launch of its Layer 1 blockchain. The primary purpose of this is to increase Web3 adoption by solving existing problems in cross-blockchain communications such as security, scalability, decentralization; as well as lack of true-blue cross-chain decentralized apps (dapps). It added that „Router Chain introduces the concept of composability for the first time in the interoperability space.“

Covalent Expands Work Alongside NodeReal

Web3 data provider Covalent announced expansion of its work alongside blockchain infrastructure provider NodeReal which will involve release of Premium Balance API; a paid upgraded offering for developers looking to leverage NodeReal’s infrastructure and Covalent’s pool of blockchain data. The Premium Balance API enables developers to maximize API capabilities by increasing speed and efficiency of data queries said announcement.

BitPay And ZenLedger Join Hands

Crypto payment service BitPay has partnered with accounting software ZenLedger in order to provide better tax reporting services for its users who hold virtual currency assets or transact using cryptocurrencies like Bitcoin (BTC) or Ether (ETH). Through this partnership users can now access automated cryptocurrency tax preparation features directly through their BitPay wallets making tax filings more efficient says blog post from both companies.