Autor Cointelegraph By Sam Bourgi

Crypto rallies to $2T market cap as institutions signal readiness to enter

Crypto rallies to $2T market cap as institutions signal readiness to enter

Uverejnil používateľ | mar 24, 2022 |

Bitcoin (BTC) and the broader cryptocurrency market rallied on Thursday, as the total value of digital assets crossed $2 trillion for the first time in over three weeks amid signs of a clear shift in market sentiment — headlined by Goldman Sachs, no less. BTC printed an intraday high of $44,253, having gained more than 3% during the session, according to data from Cointelegraph Markets Pro and TradingView. The largest cryptocurrency by market capitalization has now recovered over 33% from its January low.The total crypto market cap has gained over 7% since Monday to reach nearly $2.1 trillion, according to Coingecko data. The market capitalization figure also reached $2 trillion on CoinMarketCap.While not bullish, Bitcoin’s Fear & Greed Index has escaped “extreme fear” and is now in the “fear” stage with a reading of 40. The volatility and sentiment indicator is based on a scale of 0 to 100 with higher readings corresponding to a more bullish outlook for BTC. Bitcoin’s Fear & Greed Index remains an important proxy for overall market conditions. Source: Alternative.meThe crypto market’s apparent shift in sentiment follows months of downward price action for Bitcoin and altcoins, which led some investors to speculate about the possibility of a full-fledged bear market. Amid geopolitical unrest, however, members of the legacy finance community have identified crypto as a potential opportunity. As Cointelegraph reported, BlackRock CEO Larry Fink said the war in Ukraine could force nations to reevaluate their currency dependencies, potentially paving the way for digital assets. Specifically, the BlackRock CEO touted digital assets as a viable tool for international settlements and transactions. Crypto has been on Fink’s radar since at least the fourth quarter of 2020. Meanwhile, multinational investment bank Goldman Sachs appears to have put crypto on its radar and even redesigned its website’s homepage to reflect the growth of digital assets and the metaverse. Referring to these technologies as “megatrends,” Goldman populated a new “Insights” section of its website with previously released reports on gaming, the metaverse and Web3. Goldman Sachs’ homepage on March 24, 2022. Goldman Sachs recently completed its first over-the-counter crypto options trade with Galaxy Digital. The investment bank first launched its Bitcoin futures product for CME in June 2021. Related: US investment bank Cowen launches dedicated crypto divisionFinally, Grayscale Investments recently announced the launch of a new smart contract fund that allows accredited investors to back Ethereum competitors. The new fund, which has already opened for daily subscriptions, provides exposure to Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO) and Stellar (XLM).

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Former Polychain GP unveils $125M crypto fund with DAO governance ambitions

Former Polychain GP unveils $125M crypto fund with DAO governance ambitions

Uverejnil používateľ | mar 23, 2022 |

Former Polychain Capital general partner Tekin Salimi has launched a new blockchain-focused investment fund that will eventually be converted into a founder-owned decentralized autonomous organization (DAO), offering a novel way for startup leaders to be rewarded for their contributions. The $125 million fund, known simply as “dao5,” will invest in blockchain and cryptocurrency projects in their pre-seed and seed stages. In the startup world, a pre-seed round usually helps company founders get their operations running. The seed stage is the first official equity funding round. The fund will invest primarily in projects specializing in layer-1 blockchain infrastructure, privacy technology, decentralized finance (DeFi), DAOs, gaming, nonfungible tokens and crypto-oriented social platforms. Unlike traditional venture capital funds where company owners simply receive direct funding from venture capitalists, dao5 will give recipients a grant of governance tokens that will comprise the fund’s future DAO. Employees and advisers of dao5 will also receive governance tokens.The fund is expected to begin its formal transition into a DAO — and hence achieve an appropriate level of decentralization — sometime around 2025. By pursuing a DAO governance structure, dao5 is attempting to provide project founders with a certain degree of risk diversification as all the grant recipients will have exposure to all other projects in the portfolio. The company says this will incentivize founders to collaborate and maximize their chances of success. Will 2022 be the year of DeFi and DAO? @Huobi_Research projects a big year for both, but it is much less bullish on Bitcoin. https://t.co/wdeECLiS2J— Cointelegraph (@Cointelegraph) January 22, 2022“The goal of dao5 is to explore a new model to bootstrapping a DAO: by focusing first on talent and capital acquisition through venture investing, and second on growing the treasury value through leveraging the collective talent of the dao5 community,” said founder Tekin Salimi. Salimi served as general partner to Polychain Capital — one of crypto’s biggest venture funds — for over four years. His term at the company ended in February.Related: Legal DAOs: Why is the Marshall Islands betting on a decentralized future?DAOs have multiplied in the last two years empowered by the potential to move the world through democracy. But are they a feasible alternative to the traditional governance models?(Via @CointelegraphZN)https://t.co/w0vdIh0c9n— Cointelegraph (@Cointelegraph) March 4, 2022

Proponents of decentralized autonomous organizations view this mode of governance as a major innovation in how organizations and systems should run. A DAO’s mandate could apply to all sorts of governance schemes where the principal-agent problem exists. As Cointelegraph reported, the Republic of the Marshall Islands has taken a bold step in normalizing decentralized corporate governance by officially recognizing DAOs as legal entities.

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Grayscale launches smart contract fund for Ethereum competitors

Grayscale launches smart contract fund for Ethereum competitors

Uverejnil používateľ | mar 22, 2022 |

Digital asset manager Grayscale Investments has unveiled a new cryptocurrency fund dedicated to smart contract platforms excluding Ethereum, underscoring growing investor appetite for alternative blockchain networks. The Grayscale Smart Contract Platform Ex-Ethereum Fund, also known by the ticker symbol GSCPxE, is the company’s 18th investment product. The fund will provide exposure to seven smart contract platforms at the following weightings:Cardano (ADA): 24.63%Solana (SOL): 24.27%Avalanche (AVAX): 16.96%Polkadot (DOT): 16.16%Polygon (MATIC): 9.65%Algorand (ALGO): 4.27%Stellar (XLM): 4.06%Grayscale said the new fund is now open for daily subscription by accredited investors.Ethereum’s dominance as the premier smart contract platform is being challenged by competitors that claim to offer superior transaction speeds, lower costs and higher throughput capacity. While Ethereum continues to dominate the decentralized application space, the DeFi industry is becoming a more level playing field. Currently, Ethereum accounts for just over 55.4% of the total value locked on DeFi protocols, down from over 96% in January 2021, according to DeFi Llama.Ethereum remains the largest DeFi platform by total value locked, but its dominance has eroded over the past year. Source: DeFi LlamaGrayscale is by far the world’s largest digital asset manager with over $36 billion in assets under management as of March 22. Assets under management reached north of $60 billion in November 2021 during the height of Bitcoin’s (BTC) record-breaking rally. Related: DCG announces $250M share repurchase for Grayscale productsHere’s a snapshot of Grayscale investment products as of March 21, 2022.Visit our product tracker for daily updates: https://t.co/XOE44lKFHm$AAVE $ADA $AMP $BTC $BAT $BCH $COMP $CRV $ETH $ETC $FIL $LINK $LPT $LTC $MANA $MKR $SNX $SOL $SUSHI $UNI $XLM $YFI $ZEC $ZEN pic.twitter.com/Nal3Qg5Mm7— Grayscale (@Grayscale) March 21, 2022The Grayscale Bitcoin Trust, also known as GBTC, is the largest offering with over $26.4 billion in assets. As Cointelegraph reported, institutional investors have increased their exposure to GBTC in recent months as its discount to Bitcoin’s spot price widened.

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The rise of crypto analytics: Data provider The TIE valued at $100M following Series A

The rise of crypto analytics: Data provider The TIE valued at $100M following Series A

Uverejnil používateľ | mar 21, 2022 |

Digital asset analytics provider The TIE has closed a strategic investment round backed by some of blockchain’s most prominent investors, underscoring heightened demand for crypto data and software services. The TIE raised $9 million in Series A funding at a valuation of $100 million, making it one of the largest crypto analytics services in the market. The funding round was led by Blizzard, an Avalanche-focused investment fund, with additional participation from executives at Golden Tree Asset Management, Nexo, Gemini, Frontier Fund, Republic Capital, Hudson River Trading and New York Digital Investment Group, better known as NYDIG.The TIE said the new capital injection will be used to further scale its product development and increase in-house capacity. Nearly 100 crypto companies currently use The TIE’s services. Venture capital fell in love with the blockchain in 2021, with a new @CBinsights report showing a 713% increase in funding. https://t.co/6n0RGLzN1o— Cointelegraph (@Cointelegraph) February 5, 2022The TIE’s product suite includes the SigDev Terminal, a customizable data analytics and news platform used by leading hedge funds and financial services firms, as well as by media companies including Cointelegraph. The company also houses Token Labs, a service to help token issuers make more informed data-driven decisions across their business.The TIE also provides the sentiment analysis and multiple other datasets that power the Cointelegraph Markets Pro VORTECS™ Score, a real-time algorithmic rating that helps traders understand the current health of the market for a given digital asset.The company announced that Ava Labs president John Wu will join its board of directors. Wu said that “robust data and workflow solutions” are essential to institutional investors, implying that such data services in crypto could hasten adoption within legacy finance. Series A is one of the earliest stages in the capital-raising process and is used by established startups to further optimize their product offerings. Crypto startups drew record interest from the venture capital community in 2021, with more than $25 billion flowing to such companies across various funding rounds. As Cointelegraph reported, venture capital funding grew over 700% between 2020 and 2021. Related: Crypto quant firm Gauntlet valued at $1B following Series BData terminals and market analytics are routinely used by investment professionals to trade financial assets, monitor information and optimize user workflow. As the crypto industry continues to attract institutional capital, the need for advanced analytics is becoming more important. Joshua Frank, The TIE’s co-founder and CEO, confirmed to Cointelegraph that his firm is servicing many hedge funds that have either dabbled in or made significant strides in the digital asset market. “Just like liquidity in cryptocurrency markets, information within the space is fragmented,” Frank said in a written statement. “Institutional investors are being forced to use 20 different websites and to spend countless hours scrolling through Twitter and Discord just to stay on top of the market.”We have crypto TikTok data, let us know if you want a demo.Also @eddylazzarin you might be interested pic.twitter.com/aEctgzzOGJ— The TIE (@TheTIEIO) March 15, 2022

“Our most significant client base is the buy side and we are primarily working with the front-office,” he said.

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VC Roundup: NFTs, crypto mortgages, 5G network and Web3 devs raise millions

VC Roundup: NFTs, crypto mortgages, 5G network and Web3 devs raise millions

Uverejnil používateľ | mar 20, 2022 |

The cryptocurrency market has failed to make significant headway in recent months, but that hasn’t stopped the industry’s builders from building. Nonfungible tokens (NFTs), crypto mortgages, blockchain-powered cellular networks and Web3 gaming have all piqued the interest of venture capitalists. These new and familiar investment themes headline the latest edition of VC Roundup, as venture funds continue to target blockchain’s most promising value plays. a16z execs back new NFT fundAndreessen Horowitz’s foray into the blockchain industry continued this month after a large segment of its investing team backed a new nonfungible token fund called Curated. The fund, which is worth $30 million, has the singular purpose of buying and holding NFT artwork. Among the a16z brass, Marc Andreessen, Arianna Simpson, Chris Dixon, Andrew Chen and John Lai are all investors in the fund, according to Tech Crunch. NFTs and traditional art are increasingly being viewed as stores of value in an inflationary environment. (Interestingly, a16z has been talking about NFTs since at least 2020, which is eons ago in the crypto industry.)How are crypto marketplaces and NFTs changing the game for creators? Listen to our Q&As with artists @muratpak and @sigggnasty for an intro to the token-based creator economy: https://t.co/Lj42leSkfa— a16z (@a16z) November 22, 2020Related: You don’t need to be angry about NFTsCrypto mortgage lender Milo receives $17MCrypto-focused fintech startup Milo has raised $17 million in Series A funding from venture firms M13, QED Investors and MetaProp. Milo will use the funding to advance its suite of product offerings, which includes a 30-year crypto mortgage that allows users to put up digital assets as collateral for their home loans. Since launching in January, Milo’s 30-year mortgage has already received over 7,400 applications. The company’s first product — a mortgage solution for foreign nationals — processed $500 million in applications from over 90 countries. Crypto-friendly neobank raises $77MScandinavian neobank Lunar is planning to launch a new cryptocurrency platform and business-to-business service after raising $77 million at a $2 billion valuation. The crypto trading service will initially focus on just five assets: Bitcoin (BTC), Ether (ETH), Cardano (ADA), Polkadot (DOT) and Dogecoin (DOGE). The company’s crypto gambit reflects a growing desire to service more consumer-oriented sectors in a region that has enjoyed a sizable uptake in digital asset trading. According to Tech Crunch, Lunar is already raising capital for its next funding round, which is expected to close in May. FreedomFi closes $9.5M funding roundCrypto-friendly 5G developer FreedomFi has raised $9.5 million in funding to advance a Web3 platform that enables consumers to crowdsource deployments of small cell networks using digital assets. The Series A round was financed by Blueyard Capital, Qualcomm Ventures and Samsung Next. FreedomFi has already made inroads into the digital asset space, having partnered with the Helium blockchain in 2021 to advance wider adoption of cellular base stations at the consumer level. Web3 platform Joyride raises $14MWeb3 gaming platform Joyride Games recently closed a $14 million seed round that was financed by some of blockchain’s biggest venture funds, including BITKRAFT Ventures, SuperLayer, Coinbase Ventures, Animoca Brands, Dapper Labs and Solana Ventures. The Joyride platform is mainly geared towards developers who want to build and launch blockchain-powered esports and social games. The company said that it plans to launch the first batch of gaming projects on its platform in the near future. Describe Web3 in 3 words. — Cointelegraph (@Cointelegraph) March 8, 2022

Related: VC Roundup: Web3 infrastructure developers attract major investorsCrypto Unicorns closes $26M token saleWeb3 game developer Laguna Games completed a $26 million token sale for its Polygon-based NFT collection Crypto Unicorns. The biggest buyers included TCG, Backed VC, ACME Capital, BITKRAFT Ventures, Delphi Digital, Polygon Studios and CoinFund, among others. Laguna Games said all of the funds raised will be allocated to the Crypto Unicorns DAO Treasury, whose governance will be transferred to the community over time.

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