May 17, 2020

DeFi Lending Attracts VC Backing Despite Sharp Drop in Crypto Fundraising

May 17, 2020 boss

A report published by venture capital research firm, Ana.vc, has revealed a 57% decline in crypto funding from VCs over the month of April. Despite the decline in overall investment, the decentralized lending sector appears to still be flourishing — raising 150% of its March total. Crypto fundraising plummets during April The report excludes Bakkt’s raise, identifying 32 disclosed deals valued at nearly $50 million in total, down from $117 million last month. “Crypto winter isn’t over and is not entirely immune to macro economic trends as [the] majority of…

Web3 Foundation Holds Off on 100x Polkadot Redenomination

May 17, 2020 boss

The Web3 Foundation has pushed back its proposal to redenominate 100x of Polkadot’s (DOT) supply after conducting a community referendum on the Kusama network. While the referendum, dubbed a Polkassembly, largely saw support for the proposal, Web3 noted a “non-negligible amount of opposition, including from some within the ranks of Web3 Foundation and Parity.” Web3 Foundation backs off on DOT redenomination The Web3 Foundation has announced that it “cannot, in good faith, sponsor redenomination” after seeking community feedback on its proposal to increase the supply of DOTs by 100x. The…

CME Bitcoin Trading Product Records Show Institutional Participation Uptick

May 17, 2020 boss

Mainstream market exchange, the Chicago Mercantile Exchange, or CME, recently posted record numbers for its Bitcoin (BTC) trading products. May 14 yielded open interest of 10,792 Bitcoin futures trading contracts at CME, totalling 53,960 BTC — an all-time high for the product, according to information a CME representative provided to Cointelegraph. On May 4, CME also tallied 66 large open interest holders, or LOIHs — another record. These LOIH figures in particular indicate added involvement from institutions, the CME representative noted. CME Bitcoin options have performed well since launch CME largely…

Analyst Who Predicted Bitcoin’s 2019 Bottom Asserts That $6,000s Are Likely

May 17, 2020 boss

After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days. BTC’s tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support. One investor touting this forecast is the same individual who, in the middle of last year, predicted a retracement to $6,400 when the asset was rallying well above $10,000. The retracement took place…

Analyst Who Predicted Bitcoin’s 2019 Bottom Asserts That $6,000s Are Likely

May 17, 2020 boss

Ripple Settlements Are Coming to Japanese ATMs

May 17, 2020 boss

Ripple partner and investor, SBI Holdings, announced plans to integrate Ripple-powered settlements across ATMs in Japan. The news was revealed in SBI’s latest financial report, announcing a plan to integrate the Ripple-powered settlements platform MoneyTap with ATMs run by various banks across Japan. The integration is intended to provide consumers with easier access to funds at ATMs regardless of their banking affiliation. SBI to integrate Ripple tech across Japanese ATMs SBI claims that integrating MoneyTap will also allow banks to reduce the costs incurred through operating an ATMs, stating: “Currently,…