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Bitcoin Hits a 16-Month Low of $26K as Effects of the Terra Crash Spill Over

by Blockchain NewsMay 12, 2022

Bitcoin (BTC) nosedived to lows of $26,595, a scenario not seen since Dec 30, 2020, when the leading cryptocurrency dropped below the $27,000 zone.

Even though Bitcoin had regained momentum to hit $27,769 during intraday trading, the top crypto continues to limp based on factors like Fed’s interest rate hike and the Terra crash.

TerraUSD (UST) and Luna (LUNA) are two tokens mainly supported by the Terra network, a blockchain project developed by South Korean-based Terra Labs.

LUNA sent shockwaves to the crypto market because it collapsed to nearly zero in just a day.

Source: TradingView

LUNA was previously one of the largest cryptocurrencies based on more than $40 billion in market capitalization. It had shed off 97% of its value in the last 24 hours, according to CoinMarketCap.

Terra’s UST was also not spared because it fell to lows of $0.225 this week despite it being the third largest stablecoin globally after Tether (USDT) and USD Coin (USDC). Market insight provider IntoTheBlock noted:

“As the stablecoin UST fell to $0.225 overnight, the number of transactions happening reached a new high, representing a 13x increase against the previous 2 days. Investors are rushing to sell their UST positions.”

Source: IntoTheBlock

Despite UST recovering to $0.63 during intraday trading, it is still below the expected $1peg.

Therefore, Bitcoin is still suffering from the receiving end based on the shockwaves triggered by intensified liquidation of UST and LUNA.

Moreover, the leading cryptocurrency faces additional pressure because the Luna Foundation Guard intends to revive UST by selling its BTC reserves worth $3 billion.

Nevertheless, as Bitcoin continues to trade in the extreme fear territory, time will tell how it plays out in the short term because events of intense fear are often followed by bullish momentum.

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Tagged : #BTC / Bitcoin / Crypto / Cryptocurrencies / Investment / Luna / Terra / Ust

Green Bay Fintech Firm Sequoir Developing Crypto Technology to Fill ‘Capability Gap’ for Banks

by Blockchain NewsMay 12, 2022

Sequoir, a Green Bay-based fintech company, announced on Wednesday that it is developing an offering that will enable community banks to hold cryptocurrencies and execute such trading.

Justin Seidl, the founder and CEO of Sequoir, talked about the development and said that the offering is software that integrates the new technology into the already available online banking framework that lenders provide.

However, many people still find it challenging to understand the language and functionality of such a technology. There are also restrictions for US banks which engage in certain activities involving crypto trading.

Despite that, Sequoir envisions that the future of banking will embrace digital assets and use cryptocurrencies to trade and make payments. This Green Bay-based fintech firm believes in a future with integrated blockchain technology.

Seidl said: “It’s just a matter of how it will be used.” He foresees the crypto revolution and thinks that banks and credit unions will eventually jump in, expand their product base and integrate the technology.

Seidl, a software developer born and raised in Green Bay, launched Sequoir in 2018.

Initially, he focused on developing software that allowed US residents to sell and purchase digital assets, such as NFTs (non-fungible tokens) or cryptocurrencies and made regulation and compliance a priority.

But the strategy turned out to be a conservative approach and gave the firm very little growth.

Seidl decided to pivot to a service model in 2021 and therefore used Sequoir’s built-in software to provide the blockchain technology to financial institutions.

So far, the software technology has demonstrated the ability to offer more benefits to community banks and their clients. Financial institutions, which decide to integrate their online banking infrastructure to Sequoir’s software technology, won’t have to pay the huge transfer fees they pay on third-party crypto trading firms.

Seidl elaborated: “Clients who use these enterprises pay a 1.5% fee for the use of Automated Clearing House Network, a fund-transfer system used by organisations for payroll, direct deposit, tax payments and refunds, and other services; and also, a 3.5% fee for the use of credit cards.”

At Sequoir, Seidl said: “Customers would only have to pay for the difference between the buying and selling price of a cryptocurrency, or what is called the ‘spread’ in trading.”

Sequoir can be a great solution for smaller community banks because they don’t have the same resources as larger firms to invest in software developers and develop such a type of technology.

Sequoir is regulatory compliant and it is backed by the Financial Crimes Enforcement Network, a top US government bureau whose mission is to prevent and punish criminals and criminal networks that participate in money laundering and other financial crimes.

Recently, Sequoir raised $1.7 million led by Tundra Angels, an angel investor network established in 2020 by the Greater Green Bay Chamber. Investors, including two local community banks (the Bank of Kaukauna and the Bristol Morgan Bank), also participated in the funding round.

One thing that attracted investors to participate in the funding raise was Sequoir’s commitment to integrating its software technology into the online banking framework to allow customers to access crypto markets via banks.

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Tagged : Banks / Crypto / Industry / SEQUOIR / Technology

BTCS Inc Taps Axie Infinity intto its Blockchain Infrastructure Operations

by Blockchain NewsMay 12, 2022

Digital currency ecosystem company BTCS, a pioneer in the blockchain and digital currency ecosystem, announced the addition of blockchain-based game Axie Infinity to its blockchain infrastructure operations.

According to its statement, the player ownership can allow the community to reward players to earn “actual monetary value” when they reach a higher level in the game, which is different to traditional video games, fulfilling the goal of “play to earn”.

The company said BTCS has completed the technical job of running Axie Infinity validator nodes, while including it in the Staking-as-a-Service platform.

BTCS pledges 28,794 AXS, allowing users to entangle a corresponding percentage of their annual income in pledged tokens, yielding compound rewards.

BTCS CEO Michael Prevoznik said: “We believe that blockchain gaming can shape the future of the entire gaming industry with Ethereum-based games like Axie Infinity leading as frontrunners. Axie Infinity changes the way people play games, going from something that is just fun, to something that has actual monetary value.”

With over 29 million searches around the world, the game recorded the most number of searches in the past six months. The average search for other games hit 1.45 million.

The Axie Infinity game is one of its kind in the blockchain world whose success since inception has continued to trail the blaze across the board. Developed by Vietnamese studio Sky Mavis, Axie Infinity lets collect players, breed, raise, battle, and trade token-based creatures known as Axies.

In 2021, Axie Infinity’s non-fungible token (“AXS”) transaction volume reached total over $3.5B, accounting for two-thirds of the total transaction volume in the blockchain gaming space.

BTCS Inc. (“BTCS”) is the first “Pure Play” listed company in the United States focusing on blockchain technology. The company secures blockchain through its transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast-growing multi-billion-dollar industry.

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Tagged : Axie Infinity / Bitcoin / Blockchain / Btc’S / Industry

DApps Development Platform Moralis Raises $40m in Series A Funding

by Blockchain NewsMay 12, 2022

On May 11, Moralis, a blockchain development platform for web applications, announced the completion of a $40 million in Series A round, according to Bloomberg.

With the funds raised, the startup will save companies as well as individual developers the time and money they need to build web3, a vision for a decentralized internet owned and managed by users while expanding the cross-chain connectivity between blockchain interactions.

Investors in the Series A round include Coinbase Ventures, the venture capital arm of cryptocurrency exchange Coinbase, as well as EQT Ventures, Fabric Ventures and Dispersion Capital.

However, the company declined to disclose which company lead the investment.

Ivan Liljeqvist, co-founder and CEO of Moralis stated that:

“Web3 really democratizes the use of the internet, so you don’t have to go through the intermediaries that we have today, which normally is big tech.”

Moralis provides a complete end-to-end blockchain application development platform that supports decentralized applications (dApps), uniquely allowing developers and companies to focus on the front-end while handling the entire back-end of development.

Currently, Moralis supports users building on blockchains, including Ethereum, Polygon, Solana, Binance Smart Chain, and Avalanche.

However, due to the growing demand for other blockchains, people are no longer satisfied with the establishment of the underlying network for most decentralized applications – Ethereum, so Moralis will also actively expand access to different blockchains.

Moralis has raised a total of $53.4M in funding over 2 rounds. According to relevant sources, the market value of Moralis will reach 215 million US dollars after completing this financing.

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Tagged : Bitcoin / Blockchain / MORALIS / News / Web 3

Illicit Activities in DeFi Sector Seen Rising in Past Two Years: Chainalysis

by Blockchain NewsMay 12, 2022

Illicit cryptocurrency transactions in the decentralised finance (DeFi) sector have been rising over the last two years, according to the Web3 Safety & Compliance report from Chainalysis.

Over the last three years, illicit DeFi activities have witnessed a steady rise in terms of raw value and also as a share of all cryptocurrency transaction value, primarily in the theft of funds through hacking and abuse of DeFi protocol for money laundering.

In 2022, the total value received by DeFi from illicit and share of all value almost touched US$2.5 billion, data from Chainalysis showed.

DeFi is an umbrella term for peer-to-peer financial services on public blockchains.

According to Chainalysis, Ronin Bridge and Wormhole Network driven hacks have accelerated the value stolen from DeFi protocols since the beginning of 2021. It reached its highest-ever levels in Q1 2022, with cryptocurrency value stolen, amounting between $1 billion to $ 1.5 billion.

In fact, throughout 2021, DeFi protocols became the go-to target for hackers looking to steal cryptocurrency, the report stated.

Even though an ever-growing share of all funds stolen from cryptocurrency platforms since the beginning of 2020 was through DeFi protocols, the bulk of stolen funds was lost in 2021, according to the report.

As of May 1, the report added that DeFi protocols account for 97% of the $1.68 billion worth of cryptocurrency stolen in 2022.

This year, most of the cryptocurrency stolen from DeFi protocols has gone to hacking groups in ties with the North Korean government, Chainalysis said.

A report from Chainalysis further stated that 2022 has been the biggest year for North Korean hackers as they have successfully stolen over US$840 million. Those thefts were based entirely on hacks of DeFi protocols.

DeFi protocols have witnessed serious money laundering issues. These protocols represent a vast share of all funds sent from illicit addresses to services over the last two years.

In 2022, DeFi protocols have become the biggest recipient of illicit funds, taking in 69% of all funds sent from addresses associated with criminal activity, compared to 19% in 2021, the report showed.

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Tagged : Blockchain / Chainalysis / Crypto / Cryptocurrency / Cybercrime / DeFi

Republic Capital to Raise $700m for Two Crypto-focused Funds

by Blockchain NewsMay 12, 2022

Investment platform Republic is raising $700 million for two cryptocurrency-focused funds, as reported by online media outlet Axios.

The funds include a $200 million flagship venture fund and a $500 million dedicated crypto fund respectively.

The venture fund will invest 20% of its capital in cryptocurrencies, while the other 80% will be invested in equity investments in web3, fintech, and deep tech.

The crypto fund in this round would focus on supporting late-stage protocols.

Currently, Republic Capital has invested in more than 100 companies since its inception in January 2019. Republic Capital led a $50 million round in Flipside Crypto, which provides blockchain analytics and business intelligence to Crypto companies, boosting its valuation tenfold to $350 million.

Republic also recently participated in a $135 million fundraising for CoinDCX, India’s largest cryptocurrency exchange

According to the company, their team has been working on raising funds for outstanding crypto projects, including DeFi protocol Ratio Finance and Solana-based money management solution Zebec.

Republic capital is also supported by companies such as Galaxy Digital, The Motley Fool, Binance, Naspers, AngelList, and has global teams in six countries.

Republic has raised a total of $214 million in 12 funding rounds. Their latest funding round was on November 12, 2021, with a Series B round led by Valor Equity Partners.

The company has also raised more than $20 million through the sale of crypto tokens. Republic has received more than $500 million in investments from more than 1 million global community members.

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Tagged : Bitcoin / Blockchain / Crypto / Finance / Fund / Republic

The City of Mobile in Alabama State Launches Bitcoin Mining Project

by Blockchain NewsMay 12, 2022

GulfQuest Maritime Museum Board announced on Wednesday a partnership with Distributed Ledger, Inc. (DLI), a blockchain and crypto service provider, to develop sustainable Bitcoin mining in the City of Mobile, Alabama state.

The mining project is being built at GulfQuest Maritime Museum, a non-profit organisation governed by community and state leaders.

Last month, Mobile City – a port city on Alabama’s Gulf Coast – held a city council meeting whereby they came into agreement and therefore approved the project to move forward. The move showed the willingness of the authorities to allow the city to expand its exposure to blockchain and other crypto-related projects.

The plan is part of the city’s efforts to develop a new sustainable revenue source to boost growth for the next decade. As GulfQuest and DLI work to drive blockchain adoption on a government scale, financial gains are just getting started.

According to the report, DLI is using a modified shipping container as a plant to house 100 mining machines of Bitmain’s Antminer S19s, all of which will be fully air-cooled on-site. Such machines will mine Bitcoin around the clock. The initial development of the project will be backed through government funding, but subsequent infrastructure will be funded through crypto mining revenue.

Mike Dow, the former Mayor and the current Executive Director of GulfQuest Board, talked about the new development and said: “The hi-tech revenue source of Bitcoin mining, is tied to the education, adoption and growth of the next level of encrypted and secure growth of the internet designed to provide a dramatic time and cost savings and a higher level of security for the global maritime industry.”

Mike Francis, Distributed Ledger CEO, also talked about the partnership and stated: “We couldn’t be more excited at the opportunity to bring blockchain technology and bitcoin to the State of Alabama and, more importantly, the great City of Mobile. Our goal at DLI is simple, help companies and institutions with the understanding, accumulation, and usage of cryptocurrency.”

The City of Mobile is home to one of the largest ports in the US, with a trading volume of over 65 million annually. GulfQuest, which sits on the mouth of the Mobile River, was developed in 2015 to showcase and tell the story of the maritime and cultural heritage of Mobile, the oldest city in Alabama state. GulfQuest plays a vital role in portraying the history of the city and the state while watching the use case of its maritime industry’s competitive growth closely.

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Tagged : ALABAMA / Bitcoin / Mining / Mobile

The City of Mobile in Alabama State Launches Bitcoin Mining Project

by Blockchain NewsMay 12, 2022

The mining project is being built at GulfQuest Maritime Museum, a non-profit organisation governed by community and state leaders.

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Tagged : ALABAMA / Bitcoin / Mining / Mobile

HK-based Gusto Collective Raises $11m in Funding Round Led by Animoca Brands, Gaw Capital

by Blockchain NewsMay 12, 2022

Hong Kong-based Gusto Collective has raised $11 million in its Seed Plus funding round led by Animoca Brands and Gaw Capital.

The company plans to utilise the funds to support its geographic expansion into other parts of Asia, grow Web3 services, products and recurring-revenue product development. Other participants for the funding round include BlackPine, YCI Limited and existing shareholders ClearVue Partners.

Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: “Major brands continue to increase their Web3 involvement and capabilities in order to engage with customers in the open metaverse. Gusto Collective has already proven to be adept at partnering with customers for Web3 and augmented reality services.”

Gusto Collective is Asia’s first BrandTech holding company. Founded in 2020, the company consists of four specialisms in Web3 marketing services, an augmented reality experience platform, a metahuman platform and luxury marketing services.

Following the end of this funding round, Gusto Collective has raised $23 million in cumulative external funding since launching in 2020.

Meanwhile, Animoca Brands – one of the biggest names in the gaming and metaverse world – recently announced a partnership with OliveX to run an allowlist campaign for Dustland Runner – the company’s move-to-earn game.

As part of the campaign, users can participate in the mint of Dustland Runner’s Operation Ape: Exclusive Access Pass NFT (“Access Pass”) through the allowlist this May.

Last week, Animoca Brands also announced a partnership with Untamed Planet to develop and publish Untamed Metaverse, a game to help nature conservation efforts.

While in another development, Animoca Brands also unveiled its partnership with OneFootball, and Liberty City Ventures to establish OneFootball Labs as a Joint Venture between the trio, Blockchain.News reported.

Per the announcement, OneFootball Labs will bring football fans a whole new experience powered by blockchain technology. Riding on the broad network of Animoca Brands in the blockchain ecosystem, the new startup will “enable clubs, leagues, federations, and players to release digital assets and fan-centric experiences” on the blockchain.

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Tagged : ANIMOCABRANDS / Blockchain / Finance / GAWCAPITAL / GUSTOCOLLECTIVE / Web3

Crypto Exchange Gate.io Launches Institutional Services Division

by Blockchain NewsMay 12, 2022

Gate.io, a major cryptocurrency based in the US, announced on Wednesday that it has launched an institutional services arm that is designed specifically for servicing brokers and market makers.

The new service, which is named “Gate Institutional,” will provide the tools needed to help institutions to increase their cryptocurrency exposure. The division aims to offer a “best-in-class crypto trading solution” to large companies seeking to trade cryptocurrencies, a group that includes market makers, hedge funds, and buy-side firms, among others.

The new institutional division has programs that target to fulfil the needs of brokers and market markets. Such a move is part of Gate.io’s commitment to increase liquidity while continuing its expansion.

Gate Institution’s market maker programs support some of the major cryptocurrencies in the world with flexible trade strategies, a frequency of 900r/s for order placement, 5000r/s for order cancellations, and support for over 300 connections through WebSocket.

On the other hand, the broker program supports three types of brokers – Portal, API, and Exchange. Each of the brokers will earn bonuses and rewards depending on the way they use the platform.

Besides that, Gate Institution plans to issue an exclusive NFT pass, which users can hold in order to access Gate.io’s metaverse. Gate.io said that the NFT has been upgraded with 3D capabilities and will enable users to access whitelist qualifications or direct airdrops.

Gate.io is therefore keen on continuing to serve institutional clients at maximum capability.

Mariela Tanchez, Director of Business Development at Gate.io, talked about the development and said: “More and more institutions are curious about cryptocurrencies and are looking to diversify their portfolios. To ease their access to crypto services, Gate.io launched Gate Institutional. Being a comprehensive crypto ecosystem, Gate Institutional will benefit a wider range of brokers and market makers.”

Cultivating Innovation in the Crypto Industry

Gate.io established its crypto trading services in 2013. Initially, the exchange was based in China, but later the firm moved its services to the US, where it witnesses a huge daily trading volume. Its headquarters is based in Virginia where it supports more than 500 crypto coins for trade and around 30 for direct purchase.

With over 10 million registered users on the platform, Gate.io is regarded as one of the major crypto exchanges in the world and provides services related to the trading of multiple leading digital assets.

In September last year, Gate.io launched a $100 million fund designed to support early-stage projects in the industry. The exchange unveiled its venture capital vehicle, Gate Ventures, which focuses on early-stage investments in decentralized infrastructure, ecosystems, and applications.

Since the crypto and blockchain industries are still in their early days, Gate.io is working to cultivate innovation in the market. Gate Ventures invests in “wide-ranging” projects with capital injections of up to “multi-millions” of dollars. The venture fund also provides grants to open-source projects that are developing Web 3.0 and open-finance infrastructure.

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Tagged : Cryptocurrency / Enterprise / Exchange / Gate.Io