Autor Cointelegraph By Sam Bourgi

Crypto quant firm Gauntlet valued at $1B following Series B

Crypto quant firm Gauntlet valued at $1B following Series B

Uverejnil používateľ | mar 14, 2022 |

Crypto-focused financial modeling platform Gauntlet has achieved unicorn status after raising $23.8 million in Series B funding from some of blockchain’s biggest venture funds.The investment round was led by Ribbit Capital, a Palo Alto-based venture firm, with participation from existing investors Paradigm and Polychain Capital, Bloomberg reported Monday. Gauntlet said the funding will be used to hire additional workers and expand into new industry verticals, including gaming. Gauntlet was founded in 2018 by Tarun Chitra, a Wall Street executive who previously worked at multinational hedge fund D. E. Shaw. Gauntlet provides financial modeling and simulation tools to the cryptocurrency industry, with a focus on capital efficiency and risk.In 2018, Gauntlet received its first seed investment from Coinbase Ventures and five other participants to the tune of $2.9 million, according to Crunchbase. The company raised an additional $4.4 million two years later. Gauntlet’s $1 billion valuation reflects the rapid growth of the cryptocurrency industry over the past two years. As Bloomberg explained, Gauntlet’s main product allows cryptocurrency projects — and specifically decentralized finance (DeFi) platforms — to run stress tests that can help them set optimal lending and collateral levels.Gauntlet’s most notable clients are Aave (AAVE) and Compound (COMP), which are two of the largest DeFi projects based on market capitalization and total value locked.Related: Crypto Biz: Goldman Sachs tiptoes into ETH, Mar. 4–10Companies in the crypto and blockchain industries have attracted significant venture capital since early 2021, leading to several “unicorns” being crowned. In the startup community, a unicorn is a company that achieves a valuation of at least $1 billion. Over a dozen such unicorns have been crowned over the past 12 months. 2021 was a volatile period for cryptocurrency markets, but venture capital wasn’t all too concerned with short-term price fluctuations. Source: Cointelegraph/CB InsightsAs Cointelegraph reported, blockchain startups generated $25.2 billion in venture funding last year, including 59 “mega-rounds” worth more than $100 million each.

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Crypto Biz: Goldman Sachs tip-toes into ETH, Mar. 4-10

Crypto Biz: Goldman Sachs tip-toes into ETH, Mar. 4-10

Uverejnil používateľ | mar 12, 2022 |

Wall Street’s embrace of digital assets is showing no signs of slowing down. In fact, they don’t even need to tell us about it as the proof is in the fine print. This week, a United States Securities and Exchange Commission (SEC) filing revealed that multinational investment bank Goldman Sachs has been quietly offering clients exposure to Ether (ETH) through Galaxy Digital, a crypto-focused financial services provider headed by billionaire Mike Novogratz. Of course, this isn’t the first time Goldman has worked with Galaxy Digital to offer clients a gateway to digital assets. In June 2021, the investment giant began trading a Bitcoin (BTC) futures project in collaboration with Galaxy Digital. Like other financial services giants, Goldman Sachs sees the writing on the wall and realizes that crypto is an emerging asset class with long-term potential. Either that or its clients really want to invest in crypto.This week’s Crypto Biz newsletter features classic storylines about a major Wall Street bank expanding its crypto offerings and venture capital continuing to pour hundreds of millions of dollars into blockchain startups. We also take a deeper dive into Binance’s new crypto-to-fiat gateway.Goldman Sachs is hooking clients up with Galaxy Digital’s ETH fundAccording to regulatory documents filed with the SEC, Goldman Sachs has already begun offering ETH investments to its clients through Galaxy Digital, possibly opening the door to wider institutional adoption of digital assets. The Form D filing, which was submitted by Galaxy Digital, listed Goldman Sachs as a recipient of introduction fees for referring clients to the Galaxy ETH Fund. As per the filing, Goldman is accepting a “minimum investment” of $250,000 per client for exposure to the investment product. Interestingly, the filing appeared on the SEC’s website just two days after Lloyd Blankfein, Goldman’s senior chairman, tweeted that he’s “Keeping an open mind about crypto.”Keeping an open mind about crypto, but given the inflating US dollar and the stark reminder that governments can and will under certain circumstances freeze accounts and block payments, wouldn’t you think crypto would be having a moment now? Not seeing it in the price, so far….— Lloyd Blankfein (@lloydblankfein) March 7, 2022Bain Capital Ventures sets up a half-billion-dollar fund for crypto projectsThe crypto economy has received renewed interest from the venture capital community after Bain Capital Ventures, a Massachusetts-based asset management firm, announced the creation of a $560 million fund dedicated to blockchain startups. According to Bloomberg, the firm has already invested $100 million in 12 undisclosed projects. Cointelegraph managed to get ahold of a Bain Capital Ventures representative, who informed us that the crypto fund is focused on supporting open internet infrastructure — that probably means Web3. I’ve spent the last six months screaming from the rooftop that venture capital funding is changing the composition of the crypto industry. Not accounting for price appreciation for crypto assets, the influx of VC capital is one of the most bullish indicators we have for the industry right now.Binance to focus on crypto payments with new subsidiary BifinityAs the world’s largest cryptocurrency exchange by trading volume, Binance has a lot of resources to address the ever-growing needs of the digital asset community. This week, the Changpeng Zhao-led company unveiled Bifinity, a new fiat-to-crypto payment onramp that allows merchants to provide crypto services to their customers. Bifinity has already secured partnerships with crypto-focused platforms such as Safepal and Zilliqa, as well as payment solutions Paysafe and Checkout.com. Binance has been exploring fiat gateways since at least 2020 and only recently finalized its acquisition of Swipe, a leading crypto Visa card provider. (I’ll be honest, though, the partnership with Zilliqa — a blockchain sharding developer — was a bit surprising.)Andreessen Horowitz invests $70M in Ethereum staking protocol LidoSilicon Valley venture firm Andreessen Horowitz has made another big splash in the cryptocurrency market by investing $70 million in Ethereum staking solution Lido Finance. The cash injection will be used by Lido’s developers to further support the adoption of staking solutions on Ethereum 2.0, which has been renamed as the consensus layer. Andreessen likes Lido because the protocol makes it easier for users to stake Ether without having to meet the 32 ETH threshold to become a network validator. Although 32 ETH didn’t amount to much a few years ago, it now sets you back almost $90,000 at current prices.Excited to share that @a16z has invested $70M in @LidoFinance, one of the easiest ways to stake ETH and other PoS assets, and we used Lido to stake a portion of our ETH holdings on the Beacon chain. More from @DarenMatsuoka & @_PorterSmith: https://t.co/vc2tzDJ3mS— cdixon.eth (@cdixon) March 3, 2022Before you go…The Terra ecosystem continues to generate a lot of buzz in the cryptocurrency community. This week, the network’s native token Terra (LUNA) reached new all-time highs after a 30% rally in just three days. The latest edition of The Market Report took a deep dive into up-and-coming Terra ecosystem projects. You can watch the replay to learn more about exciting projects such as StarTerra, Loop Finance and Mirror Protocol.[embedded content]Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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Crypto funds register largest weekly inflows since December

Crypto funds register largest weekly inflows since December

Uverejnil používateľ | mar 7, 2022 |

Inflows into cryptocurrency investment funds rose sharply last week, offering cautious optimism that investors are broadening their exposure to digital assets despite geopolitical uncertainty and monetary tightening from central banks.Digital asset investment products registered $127 million worth of cumulative inflows for the week ending March 6, according to CoinShares data. A CoinShares representative told Cointelegraph that this was the highest weekly inflows since Dec. 12, 2021. The increase was also significantly higher than the $36 million of inflows registered the previous week. Like in previous weeks, Bitcoin (BTC) products recorded the largest weekly inflows at $95 million. Bitcoin fund flows have increased for seven consecutive weeks. Ether (ETH) funds saw inflows totaling $25 million, which was the largest in 13 weeks. Inflows into multi-asset investment products also increased by $8.6 million. Year-to-date, Bitcoin funds have seen $166 million in cumulative inflows.Institutions are bullish on #Bitcoin! The amount of BTC held by public companies has gained significant market share from that held in spot ETFs. https://t.co/DZP2AlMXlh— Cointelegraph (@Cointelegraph) January 3, 2022Crypto markets have exhibited a higher correlation with public equities since the onset of the Covid-19 pandemic, which means that digital assets have been negatively impacted by legacy finance’s shift to a more risk-off environment in recent months. That shift was largely prompted by the Federal Reserve’s plans to begin normalizing monetary policy. The recent events in Ukraine have also negatively impacted demand for higher-risk investments, which include crypto. Related: Rate hikes, CPI and war in Europe — 5 things to watch in Bitcoin this weekBitcoin is trading below its 11-year trend — a region it has dwelled in for only 12.7% of its history. Source: Pantera CapitalHowever, according to crypto hedge fund Pantera Capital, the correlation between stocks and crypto is a “short-lived thing.” As CEO Dan Morehead noted, since 2010, correlations between Bitcoin and the S&P 500 usually spike over a two-month period before decoupling. Morehead noted six downtrends of the S&P 500 over that period.

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VC Roundup: Web3 infrastructure developers attract major investors

VC Roundup: Web3 infrastructure developers attract major investors

Uverejnil používateľ | mar 7, 2022 |

Despite extreme volatility in the price of crypto assets, venture funds continue to make strategic investments in the industry. In recent weeks, the focus has shifted to infrastructure developers in Web3, play-to-earn and GameFi — nascent industries that still have significant upside ahead.Cointelegraph’s latest VC Roundup provides a rundown of funding stories that didn’t get front-page coverage but still generated significant interest from the venture capital realm. Related: VC Roundup: Animoca leads NFT3 raise, Arca launches NFT fund and Alexis Ohanian broadens crypto exposurePantera leads $32.9M Subspace Labs funding roundWeb3 infrastructure developer Subspace Labs concluded a $32.9 million funding round to advance its ongoing growth initiatives, including integrating with major blockchain networks Ethereum, Polkadot and Kusama. Subspace Labs is the creator of Subspace Network, a so-called fourth-generation blockchain that’s working to expand scalability and computing capacity without sacrificing decentralization. The network has prioritized development in the nonfungible token (NFT), GameFi and metaverse sectors. Venture firm Pantera Capital led the Subspace funding round, with additional participation from Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys and many others. Related: Cointelegraph Consulting: Exploring the DeFi components in GameFiJambo raises $7.5M to develop Africa’s crypto economy Web3 application developer Jambo has raised $7.5 million in seed funding to continue building its so-called “superapp” — a crypto-focused personal finance portal for the African economy. Jambo is being developed to bridge the gap between Africa and the Web3 economy that is being built on the blockchain. Jambo’s “superapp” is described as an all-in-one platform for education, play-to-earn games and personal finance. Some of blockchain’s biggest venture funds participated in the seed round, including Delphi Ventures, Coinbase Ventures, Three Arrows Capital, Alameda Research, Polygon Studios and Yield Guild Games. Haruko closes $10M funding roundCrypto investment infrastructure provider Haruko has closed a $10 million seed round that was co-led by venture firms Portage Ventures and White Star Capital. Haruko provides technological solutions that allow hedge funds, crypto-native banks and other institutions to trade digital assets in a more familiar setting. The seed round will be used to finance the development of a back-end solution intended to bridge the gap between institutional capital and the crypto industry. Bullish? Institutional investors are back. After five weeks of constant outflows, institutional investment is finally trickling back into crypto funds, with $BTC the asset of choice and $ETH falling out of favor. https://t.co/B4FB6N4aF8— Cointelegraph (@Cointelegraph) January 26, 2022Gamepay earns pre-seed investment Metaverse company Gamepay has raised $1.2 million in pre-seed capital to expand its presence in the play-to-earn NFT gaming sector. The funding round was led by venture firm Seier Capital, with additional participation from 8i Holdings. Gamepay has created a platform that allows developers to launch their own play-to-earn games using tools that can help them to grow and sustain their own digital communities. The platform is slated to release its own marketplace for NFTs and P2E game projects later this month. [embedded content]

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Andreessen Horowitz invests $70M in Ethereum staking protocol Lido

Andreessen Horowitz invests $70M in Ethereum staking protocol Lido

Uverejnil používateľ | mar 3, 2022 |

Ethereum staking solution Lido Finance has raised $70 million from venture capital giant Andreessen Horowitz, marking the protocol’s first funding round since May 2021. Andreessen Horowitz’s investment in Lido is intended to further support the adoption of decentralized staking solutions for Ethereum 2.0, a spokesperson for the venture capital firm said. Ethereum 2.0 marks a significant shift in the network’s consensus algorithm by ushering in the adoption of proof-of-stake (PoS) and other upgrades that could enhance scalability and reduce fees. The transition to Ethereum 2.0, which began in November 2020, is still ongoing.Excited to share that @a16z has invested $70M in @LidoFinance, one of the easiest ways to stake ETH and other PoS assets, and we used Lido to stake a portion of our ETH holdings on the Beacon chain. More from @DarenMatsuoka & @_PorterSmith: https://t.co/vc2tzDJ3mS— cdixon.eth (@cdixon) March 3, 2022According to Andreessen, staking Ether (ETH) has significant barriers due to the high threshold for operating a node. To become a full validator, users must be able to stake at least 32 ETH, which is worth over $90,000 at current prices. In addition to investing in Lido, Andreessen said it’s staking a portion of its ETH holdings on the BNB Beacon Chain through the protocol. “Staking with Lido removes many of the operational complexities that institutional investors have faced,” the venture firm said.Ethereum’s BNB Beacon Chain recently registered its 300,000th validator, according to industry data. At the time of writing, nearly 9.7 million ETH had been staked for a total value of over $27.1 billion.Although terms like Ethereum 2.0 and Eth2 are still widely used in the industry, the Ethereum Foundation announced in January it would ditch such terminology. Instead, it now refers to the original Ethereum blockchain as the “execution layer” and the PoS chain as the “consensus layer.”Founded in 2020, Lido Finance offers a liquid staking solution for Ethereum 2.0, allowing users to stake their ETH with no lockups or minimum deposits. As Cointelegraph reported, Lido also supports other tokens, having only recently added Kusama liquid staking. More staking options arrive as we get closer to Ethereum 2.0. @Ledger has announced a partnership with @LidoFinance in a move that could make $ETH staking more accessible. https://t.co/SgGZTWyRhF— Cointelegraph (@Cointelegraph) August 16, 2021

Related: Ethereum hash rate scores new ATH as PoS migration underwayLido concluded a $73 million funding round in May 2021 that was led by crypto venture capital firm Paradigm. Three Arrows Capital, Alameda Research, Digital Currency Group and Alameda Research also contributed.

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