Tag: Investment

Tether Q3 Attestation: 85.7% Cash Reserves, $330M Loan Cut, $670M Research Spend

by Blockchain News

In a newly published assurance opinion, Tether Holdings Limited disclosed its financial standing for Q3 2023, substantiated by a comprehensive assessment conducted by BDO, a globally recognized independent public accounting entity. The attestation, dated October 31, 2023, reaffirms the veracity of Tether’s Consolidated Reserves Report (CRR) as of September 30, 2023, offering a detailed breakdown of the assets maintained by the Group.

Reserve Composition and Liquidity Maintenance

A notable revelation from the CRR is the record percentage of reserves Tether now holds in Cash and Cash Equivalents (C&Ceq), marking a historic 85.7%. A significant portion of these reserves, amounting to US$ 72.6 billion, is held in US Treasury Bills, depicting both direct and indirect exposure. This strategic allocation accentuates Tether’s ongoing commitment to ensuring liquidity and fostering stability within the broader stablecoin sphere.

Prudent Financial Management

Further emphasizing prudent financial management, the report elucidates a substantial contraction in secured loans extended by Tether, exceeding $330 million, augmenting confidence in the firm’s judicious asset management approach. This reduction aligns with Tether’s publicly declared ambition of diminishing, and eventually eliminating, secured loan exposure from its reserves, leveraging its surplus reserves and undistributed profits to attain this objective.

Investment in Research and Excess Reserves

Tether’s financial disclosure also unveiled investments exceeding $670 million in Q3 2023, and over $800 million year-to-date, funneled into industry-aligned research domains. Although these investments are external to the reserves backing the issued tokens, they showcase Tether’s long-term vision and resilience, particularly amid fluctuating gold and Bitcoin valuations. The report confirmed a stable excess reserves buffer, in spite of market volatilities, with a fair value evaluation causing a diminution of US $116 million for gold inventory and US $195 million for Bitcoin positions as of end Q3 2023.

Independent Verification and Assurance

BDO’s independent attestation reinforced that Tether’s consolidated assets, evaluated at a minimum of US$ 86.4 billion, surpassed its consolidated liabilities amounting to US$ 83.2 billion, with US$ 83.15 billion pertaining to digital tokens issued. This positive assessment underscores the robust financial health of Tether Group, even as it continues to diversify its investment portfolio into sustainable energy, Bitcoin mining, data, and P2P technology, with Q3 2023 investments in these sectors reaching nearly US$ 669 million, totaling around US$ 809 million since the onset of the year.

The Q3 attestation stands as a testament to Tether’s unwavering commitment to transparent and responsible financial stewardship, fortifying its position as a credible and stable entity in the crypto-finance ecosystem.

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Bitcoin ETF Approval Expected to Propel Market Influx

by Blockchain News

The anticipation surrounding the approval of a US-regulated spot Bitcoin ETF is mounting, considering its potential to significantly catalyze the adoption of Bitcoin and its recognition as a viable asset class. As of September 30, 2023, Bitcoin investment products, including Exchange Traded Products (ETPs) and closed-end funds, held about 842k BTC, equivalent to approximately $21.7 billion, according to Charles Yu, a Research Associate at Galaxy.

Prevailing Challenges in Bitcoin Investment

Current Bitcoin investment avenues present a slew of drawbacks for investors, encompassing high fees, low liquidity, and tracking errors. These inefficiencies, coupled with the administrative burden associated with direct Bitcoin ownership such as wallet/private key management and tax reporting, hamper a broader population of investors from engaging in the Bitcoin market.

Spot ETF: A Gateway for Broader Accessibility

A spot ETF is emerging as a promising solution for investors looking to gain direct exposure to Bitcoin without the need for self-custody. This development addresses several existing pain points in the Bitcoin investment landscape.

Firstly, cost efficiency is a notable advantage. Unlike the high fees often associated with hedge funds or closed-end funds, ETFs are generally known for their lower fees. This is a positive aspect for investors seeking more cost-effective investment channels. Moreover, the competitive landscape among the numerous ETF applicants is likely to drive the fees down further, making Bitcoin investments more accessible.

Secondly, the aspect of liquidity and price tracking is significantly improved with a spot ETF. As it is traded on major exchanges, a spot ETF is well-positioned to offer enhanced liquidity and better price tracking as compared to futures-products or other proxies aimed at Bitcoin exposure.

Thirdly, the ease of access is another beneficial feature of a spot ETF. It facilitates Bitcoin exposure through a wider array of channels and platforms, potentially simplifying the onboarding process for both retail and institutional investors.

Lastly, regulatory compliance is a crucial advantage of a spot ETF. By adhering to stringent regulatory compliance around custody setups, surveillance, and bankruptcy protection, a spot ETF could provide a level of security and transparency that current Bitcoin investment products lack. This compliance framework not only establishes a safe investment channel but also builds a foundation of trust and clarity in a market that is often seen as volatile and unpredictable.

Market Acceptance and Accessibility

The formal recognition from regulators and established financial services brands could bolster Bitcoin’s acceptance, addressing the existing regulatory and compliance concerns. This potential validation is expected to attract more investment and development into the crypto industry, fostering a more conducive environment for both retail and institutional investors.

Estimations of Market Inflows Post ETF Approval

As of October 2023, the total assets managed by broker-dealers, banks, and Registered Investment Advisors (RIAs) in the US summed up to $48.3 trillion. Using this figure as a baseline Total Addressable Market (TAM) for analysis, the addressable market size for a US Bitcoin ETF is estimated to be around $14T in the first year post-launch, $26T in the second year, and $39T in the third year.

The projected inflows into Bitcoin ETFs are estimated at $14 billion in the first year, increasing to $27 billion and $39 billion in the subsequent years, assuming a 10% adoption of BTC by total available assets in each wealth channel with an average allocation of 1%.

ETF Impact on Bitcoin Price

Drawing a comparison between Gold and Bitcoin ETFs as of 9/30/23, the analysis anticipates a significant price impact on BTC in the first year post-ETF approval. With a projected estimate of $14.4 billion in inflows, the analysis suggests a +6.2% price impact for BTC in the first month, tapering down to +3.7% by the last month of the first year, culminating in an estimated +74% increase in BTC price.

Beyond US Borders

The potential approval of a Bitcoin ETF is not only poised to influence the US market but is likely to reverberate across global markets, prompting similar ETF offerings and encouraging a broader spectrum of investment vehicles to integrate Bitcoin into their strategies. The ripple effect could see incremental inflows into Bitcoin investment products ranging from about $125 billion to approximately $450 billion over an extended period, as projected by the analysis from Galaxy.

The trajectory of Bitcoin’s market capitalization, which skyrocketed from less than $1 billion to $600 billion over a decade, underscores the growing appetite for Bitcoin investments. The United States, despite being a major capital market, still awaits the approval of a spot-based Bitcoin ETF – a development that could unlock significant inflows, primarily driven by wealth management channels. Coupled with market narratives surrounding the upcoming Bitcoin halving in April 2024 and potential peaking of rates, 2024 could indeed herald a significant year for Bitcoin.

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Why Multicoin Capital Invested $5.7M in Squads Labs

by Blockchain News

On October 16, 2023, investment firm Multicoin Capital divulged its latest funding round for Squads Labs, amounting to $5.7 million. This investment surge elevates the total funding for Squads to $12.5 million, marking a significant financial milestone for the core contributor to the Squads Protocol, a multisig (multi-signature) solution on the Solana blockchain. Multicoin’s initial investment in Squads dates back to late 2021, showcasing a growing rapport between the two entities.

Squads Labs is at the forefront of developing robust smart contract wallet infrastructure alongside a variety of products aimed at simplifying self-custody at a larger scale. Key products include “Squads,” a multisig standard for Solana assisting teams and developers in managing treasuries, programs, tokens, and validators, and “Fuse,” a wallet for secure individual interactions with Solana dapps and protocols from a multisig’s safety. Through their open-sourced and audited Squads Protocol, they provide a foundational smart contract wallet infrastructure layer for the Solana blockchain, encouraging collaboration in building self-custody products.

The essence of asset custody remains intact despite technological advancements over centuries. Traditionally, businesses leaned on banks for asset security since the era of 17th-century goldsmith bankers. However, modern banking structures are not immune to insolvency risks, as exemplified by the recent Silicon Valley Bank collapse. Besides, the financial sector has been entrapped in a convoluted clearing and settlement process, a situation exacerbated in the 1960s’ Wall Street paperwork crisis.

This historical dilemma led to the birth of the Depository Trust & Clearing Corporation (DTCC), which propelled the digitization of securities and centralized clearing and settlement services. Nonetheless, the settlement timeframe, extending to days, remained a challenge despite the advent of electronic trading. Following the 2008 financial meltdown, a custodian bank consolidation emerged under stringent regulatory scrutiny, leading to a $136.6 trillion asset under custody by the four predominant custodian banks as of June 2022.

Blockchains symbolize a promising leap in financial custody, blending digitization with bearer instruments adeptly. This innovation empowers real-time global settlement and significantly curtails counterparty risks, setting a solid foundation for tokenizing real-world assets. An illustrative testament is the over $1 billion in notional private credit and US treasuries currently onchain.

The inherent challenge of self-custodianship in blockchain necessitates a shift towards organizational spread of custody authority. The envisaged end-game is a setup where multiple parties exercise authority in managing assets through multi-signature wallets.

Squads, launched in February 2022, emerged as a pioneering multisig solution in the Solana ecosystem. It has garnered rapid adoption, with over 100 teams including notable entities like Helium and Hivemapper entrusting Squads with asset coordination, valued around $500 million.

With a solid 13-month market-tested track record, four independent audits, and formal verification, Squads stands as a robust platform for institutional investors and internet-native organizations.

Squads revealed a major platform upgrade earlier this week, introducing SquadsX, Solana’s maiden multisig browser extension wallet, and Squads (v4), an audited protocol upgrade slated for immutability by November end. These upgrades encompass enhanced security features, roles and permissions, fee relay, mass payouts, and expanded transaction complexity, laying the groundwork for blockchain-native custody infrastructure.

The Squads initiative is a beacon of crypto adoption simplification, poised to offer compelling enterprise and institutional-grade products. Over the past 18 months, the Squads team has showcased relentless dedication and execution, with Multicoin Capital’s backing amplifying its potential to redefine internet-native infrastructure for self-custody and on-chain capital coordination.

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Fidelity Reiterates Bitcoin’s Unique Value as a Primary Investment Choice

by Blockchain News

Identifying assets with enduring value remains a pivotal concern for investors. Recently, Fidelity Digital Assets shed light on the distinct stature Bitcoin holds among digital assets, endorsing it as a primary consideration for investors. This narrative was further propagated by MicroStrategy’s Founder and Chairman, Michael Saylor, who shared Fidelity’s insights on Twitter on October 10, 2023, garnering over 300K views.

Bitcoin’s Distinguished Attributes Unveiled

A research study issued on October 4, 2023, by Chris Kuiper and Jack Neureuter under the banner of Fidelity Digital Assets, revisited the intrinsic characteristics that set Bitcoin apart from other digital assets. Titled “Bitcoin First Revisited: Why investors need to consider bitcoin separately from other digital assets,” the study builds on an initial analysis from January 2022. Over the span of a year and a half, Bitcoin has not only sustained its unique attributes but has witnessed an upward trajectory in adoption and market share, even as other digital assets encountered headwinds.

Positioning Bitcoin as a Monetary Good

The crux of the study hinged on recognizing Bitcoin as a monetary good, distinctly different from other digital assets due to its secure, decentralized nature, and sound digital money qualities. The authors assert that the prospect of any digital asset surpassing Bitcoin in these aspects is slim, as any such “improvement” would entail trade-offs. They propose that Bitcoin should be the introductory route for traditional allocators looking to delve into the digital asset space, emphasizing the need for separate evaluation frameworks for Bitcoin and other digital assets.

Fidelity’s Expanding Footprint in Bitcoin and ETF

Fidelity has been extending its stride into the Bitcoin realm through ETFs and other products, embodying its acknowledgment of Bitcoin’s unique value proposition. As of October 2023, Fidelity Investments offers a compact selection of 58 ETFs in the U.S., some of which provide exposure to the digital asset market, including Bitcoin. These offerings are a testament to Fidelity’s growing commitment to providing diversified investment avenues in the digital asset spectrum. The total assets under Fidelity’s ETFs amount to $36.24 billion as of October 7, 2023, showcasing the substantial footprint Fidelity has in the ETF domain.

Unpacking the Implications for Investors

Fidelity’s publication elucidates that the thriving nature of Bitcoin doesn’t spell doom for other digital assets; the broader digital asset ecosystem can cater to diverse needs and problem-solving avenues that Bitcoin doesn’t address. Yet, when it comes to serving as a reliable store of value in an increasingly digital world, Bitcoin’s position remains unrivaled. The insights furnished by Fidelity Digital Assets are poised to equip investors with a nuanced perspective, underlining the imperative of distinguishing between Bitcoin and other digital assets when orchestrating investment strategies.

The study thus serves as a cornerstone for shaping informed investment decisions in the digital asset spectrum, reinforcing the unparalleled value proposition Bitcoin brings to the table.

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Gemini Allocates $24 Million for Expansion in India

by Blockchain News

Key Takeaways

  1. Gemini plans to invest INR 200 crore ($24 million USD) in India over the next two years.

  2. The investment aims to grow Gemini’s development center in Gurgaon, focusing on core platform fundamentals.

  3. India’s robust startup ecosystem and technological advancements make it an attractive destination for Gemini.

Investment Details

Gemini, the cryptocurrency exchange, has announced plans to invest INR 200 crore ($24 million USD) in India over the next two years. The investment will primarily focus on expanding the company’s development center in Gurgaon. As of September 2023, the center has already grown to over 70 staff members, supporting various aspects of Gemini’s business.

Strategic Focus

The Gurgaon-based teams will be responsible for core platform fundamentals, including compliance, data pipelines and warehousing, security, and payments. This expansion complements Gemini’s existing 500+ strong global workforce. The center will also act as a developer for the exchange’s new features in nonfungible tokens and asset marketplaces.

Why India?

Gemini cited India’s “robust support framework that allows startups to thrive” as a key reason for the investment. The Indian government’s Startup India initiative and the country’s ranking as the third-largest global startup ecosystem make it an attractive destination for technological investments. Additionally, India has been actively adopting blockchain technology, with a significant number of local and state-level governments incorporating it into their data management systems.

Broader Context

The investment aligns with Gemini’s disclosed plans for international growth in the Asia-Pacific region. Pravjit Tiwana, the firm’s CEO for the APAC region, referred to India as a “global hub for entrepreneurship and technological development.” Between 2021 and 2022, India saw investments of $1.5 billion in 450 Web3 startups, indicating a fertile ground for blockchain and crypto-related ventures.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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MicroStrategy Acquires Additional 5,445 Bitcoins, Total Holdings Reach 158,245 BTC

by Blockchain News

Key Takeaways

MicroStrategy purchases 5,445 more Bitcoins for approximately $147.3 million.

The company now holds a total of 158,245 Bitcoins, acquired at an average price of $29,582 per Bitcoin.

The acquisition comes amid a period of relative price stability for Bitcoin, which is currently trading around $26,000.

Strategic Investment

MicroStrategy, a leading business intelligence firm, has further solidified its position as a significant Bitcoin investor by acquiring an additional 5,445 BTC. The announcement was made by Michael Saylor, the company’s co-founder and executive chairman, on X (formerly known as Twitter) on September 25, 2023. The acquisition was completed for a total cash payment of $147.3 million, averaging $27,053 per Bitcoin.

Regulatory Filing Details

According to a Form 8-K filing submitted to the United States Securities and Exchange Commission (SEC), the latest acquisition took place between August 1 and September 24, 2023. As of the latter date, MicroStrategy and its subsidiaries control approximately 158,245 Bitcoins. These assets were acquired at an average price of $29,582 per Bitcoin, inclusive of all fees and expenditures. The aggregate purchase price for all Bitcoin assets held by the company stands at around $4.68 billion.

Market Context

The acquisition comes at a time when Bitcoin prices have shown relative stability, hovering around the $26,000 mark for several weeks. After peaking close to $28,000 on August 29, the cryptocurrency hit a low of $25,000 on September 11. According to data from CoinGecko, the current market price of Bitcoin is $26,081, representing a 1.9% decrease over the last 24 hours and a 4% decrease over the past week.

Company’s Bitcoin Strategy

This latest acquisition reinforces MicroStrategy’s bullish stance on Bitcoin. Earlier in June 2023, the company purchased 12,333 Bitcoins for a total of $347 million, at an average price of $29,668 per coin. Notably, MicroStrategy reported its first profitable quarter since 2020 in Q1 2023, thanks in part to a one-time income tax gain.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Bitget Pledges $10 Million for Fetch.ai Ecosystem

by Blockchain News

A big cryptocurrency derivatives exchange known as Bitget just just made the news that it will be spending $10 million towards the development of an ecosystem that is known as Fetch.ai. An artificial intelligence agent network is the primary offering made available by Fetch.ai, a startup that specializes in the provision of infrastructure for autonomous service providers. This network makes it possible for decentralized and autonomous agents to carry out a range of tasks, ranging from simple data processing to complex financial modeling. In addition, the smart wallet that is provided by Fetch.ai includes automation and interaction with OpenAI’s ChatGPT API. This API was first introduced in January 2023 and has amassed a user base of one hundred million users in only a few short months after its debut.

The investment that Bitget has made in the AI infrastructure provider Fetch.ai has two main goals: one is to contribute to the firm’s continued growth and the other is to encourage the extension of commercial partnerships that the company already has. Bitget cited the recent AI buzz that was generated by OpenAI’s ChatGPT as evidence that the technology has the potential to increase human productivity and creativity. As part of the partnership, Bitget will provide marketing consultancy and other services to Fetch.ai in order to aid the firm in growing its clientele.

According to CoinGecko, Bitget is now the ninth largest cryptocurrency spot exchange in the world, with a daily transaction volume of $990 million in bitcoin. This information was obtained from Bitget. Bitget, a company that now serves over 8 million consumers, has its headquarters in the Seychelles. The company’s clientele is spread out throughout more than one hundred countries and territories. In April 2023, Bitget was awarded a regulatory license, which cleared the way for the firm to start providing its services to customers in Lithuania. In the previous month, the firm made an investment of $30 million in the multichain wallet provider BitKeep. As a result of this investment, the corporation became the dominant investor in the company.

As a direct consequence of Bitget’s investment, it is projected that Fetch.ai would see increased levels of growth. The company is in the process of increasing the size of its infrastructure so that it can support autonomous services. As a result of Bitget’s financial support, Fetch.ai is in a position to both expand the scope of its commercial relationships and continue the development of innovative products. These are the kinds of problems that can be solved with the help of artificial intelligence.

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UK to Invest in AI Task Force

by Blockchain News

The United Kingdom is making significant investments in the development of its technology sector. UK officials recently announced the formation of an AI task force that will receive an initial funding of £100 million to accelerate the country’s readiness for the adoption of artificial intelligence. This task force will prioritize public services and aim to ensure that safe and reliable foundation models for AI use are established.

UK Prime Minister Rishi Sunak expressed his belief in the opportunities that AI presents for economic growth, advancements in healthcare, and security. He stated that by investing in emerging technologies through the task force, the UK can continue to lead the way in developing safe and trustworthy AI and shaping a more innovative economy.

The task force is set to focus on ensuring sovereign capabilities, including public services, and fostering broad adoption of safe and reliable foundation models. The UK has committed to becoming a science and technology superpower by 2030, and this task force’s work will contribute to achieving this goal. The first pilots of AI usage and integration will target public services and are expected to launch in the next six months.

The UK government has already invested £900 million into computing technology, highlighting its commitment to developing its technology sector. Officials in the UK are simultaneously pushing for “safe AI,” which means regulating the technology to keep people safe while promoting innovation.

The country’s science, innovation, and technology secretary, Michelle Donelan, expressed her belief that AI can transform every industry if developed responsibly. She said that this development would ensure that the public and businesses have the trust they need to confidently adopt this technology and realize its benefits fully.

This announcement comes shortly after the UK Treasury announced the revival of its Asset Management Taskforce, which will focus on developing crypto regulation. Coinbase CEO Brian Armstrong will help advise regulators on law and taxation between banks and the fintech industry.

In conclusion, the UK’s investment in the AI task force represents a significant step towards establishing the country as a leader in AI technology. By prioritizing public services and establishing safe and reliable foundation models for AI use, the UK is paving the way for innovation while keeping people safe.

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Over 1 in 3 TikTok Influencers Post Misleading Crypto Content

by Blockchain News

A recent study by dappGambl has revealed that TikTok influencers are posting misleading videos about cryptocurrency investments, with over one in three videos found to be deceptive. The social media platform has become an alternative to Google searches for many individuals, particularly younger generations. However, some influencers have been found to share unvetted misinformation on crypto investments, often trying to convince unwary viewers to put their hard-earned money into loss-making cryptocurrencies.

The analysis of over 1,161 TikTok videos with the hashtag “#cryptok” revealed that only 1 in every 10 cryptok accounts or videos contained some form of disclaimer that warned users about the risk of investments. Additionally, out of the lot, 47% of TikTok creators were found trying to push services to make money. This lack of accountability and transparency highlights the need for better regulation in the social media industry.

The potential financial risk for unwary investors remains equally high, despite TikTok influencers having a smaller reach than their mainstream counterparts. The study also discovered that popular crypto-related hashtags such as crypto, cryptok, cryptoadvice, cryptocurrency, cryptotrading, and cryptoinvesting have cumulatively churned over 6 billion views on TikTok. The platform has become a breeding ground for unverified information on crypto investments, causing viewers to overlook the ill-intent of their favorite influencers and trust their content purely based on the high number of views or likes.

The consequences of this trend are severe, with individuals investing their hard-earned money into cryptocurrencies without proper research, often resulting in significant financial losses. The United States Securities and Exchange Commission (SEC) has also cracked down on the promotion of cryptocurrencies by influencers. The SEC forced Kim Kardashian to pay $1.26 million in penalties for the promotion of EthereumMax (EMAX). Other mainstream influencers such as Jake Paul and Soulja Boy have also been accused of promoting cryptocurrencies to their millions of fans without disclosing payments received.

On April 2, a $1 billion lawsuit was filed against crypto exchange Binance, its CEO Changpeng “CZ” Zhao, and three crypto influencers for promoting unregistered securities. The Moscowitz Law Firm and Boies Schiller Flexner, who filed the lawsuit, referred to the case as a “classic example of a centralized exchange, which is promoting the sale of an unregistered security.”

In conclusion, the study by dappGambl highlights the need for stricter regulations and accountability measures for social media platforms. Both new and seasoned investors are advised to do extensive research on crypto projects prior to making any form of investment. With the potential financial risk for unwary investors remaining high, it is crucial that social media platforms such as TikTok take responsibility for the content shared by their influencers, and ensure that users are properly warned about the risks of investing in cryptocurrencies.

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African Blockchain Ventures See Explosive Growth

by Blockchain News

Blockchain technology is making waves across the African continent, as it continues to provide fertile ground for the growth and implementation of this cutting-edge technology. According to the African Blockchain Report 2022 by Crypto Valley VC, the funding for blockchain deals in Africa raised a whopping $474 million in 2022, representing a staggering 429% increase in African blockchain venture funding. This surge in funding for African blockchain ventures outpaced the global average of only a 4% increase in blockchain funding.

The report revealed that African blockchain funding demonstrated a growth rate that was over 12.5 times higher than that of general African venture funding on a year-on-year basis. Specifically, African blockchain ventures raised $474 million through 2022, reflecting a 429% increase in funding. In contrast, overall African venture funding saw a 34% increase, with $3.14 billion raised across 570 deals during the same period.

Africa experienced the highest growth rate in funding among all regions, with Seychelles and South Africa responsible for 81% of the blockchain venture funding in Africa, having raised $208 million and $177 million, respectively. This can be attributed to the fact that the number of African blockchain deals increased by only 12% year-on-year, from 26 to 29, indicating that the median deal size has significantly risen. This suggests that businesses are securing more substantial funding, and investors are becoming more confident in African blockchain ventures.

In the past year, Nigerian blockchain startups raised the highest number of deals in the continent, followed by South Africa, Seychelles, and Kenya. However, despite Nigeria’s high number of deals, it only accounted for 3.4% of all African blockchain venture funding, with an average deal size of $1.25 million.

Meanwhile, the United States remained steady at $15.2 billion in funding, while Asia and Europe saw a year-on-year increase of 50% and 35%, respectively, with $4.74 billion and $4.88 billion in funding. African blockchain venture funding made up 1.77% of global blockchain venture funding, which saw an impressive 407% year-on-year increase, with several countries contributing to the surge. In comparison, the US concluded 137 deals, while Asia and Europe had 84 and 78, respectively.

Overall, the remarkable growth in African blockchain ventures indicates a promising future for the industry in the region. As more businesses secure larger investments, and investor confidence grows, the African blockchain industry is poised for continued success and innovation. With Nigeria leading the charge in the number of blockchain startups receiving funding, the future looks bright for African blockchain ventures.

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Bitcoin (BTC) $ 38,766.39 0.50%
Ethereum (ETH) $ 2,100.06 0.35%
Litecoin (LTC) $ 71.67 0.78%
Bitcoin Cash (BCH) $ 226.67 0.75%