Tag: 10M

DeFi protocol raises $10M from Bitfinex, Ava Labs despite turbulent market

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The ongoing crypto bear market has proven itself to be a builders market as investments continue to find projects with promise. Onomy, a Cosmos blockchain-based ecosystem, just secured millions from investors for the development of its new protocol. The project merges decentralized finance (DeFi) and the foreign exchange market to bring the latter on-chain. According to the developers, the latest funding round garnered $10 million from big industry players such as Bitfinex, Ava Labs, the Maker Foundation and CMS Holdings among others. Lalo Bazzi, co-founder of Onomy, said the underlying…

Ohio Investment Manager Arrested for Allegedly Running a $10M Cryptocurrency Ponzi Scheme

Giri allegedly misled investor by promoting himself as an expert cryptocurrency trader with a specialty in bitcoin derivatives. According to the indictment, Giri falsely promised investors lucrative returns on the money they invested with him, with no risk to principal. In reality, he used funds from previous investors to pay off new investors in a classic Ponzi scheme set-up. Source

Damien Hirst burns $10M in art: Nifty Newsletter, Oct 5–11

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Racing league Formula One is positioning its brand in Web3 as it files trademark applications for “F1” covering crypto and NFTs. In this week’s newsletter, read about how the racing brand Formula One is planning to position itself in Web3 and how nonfungible tokens (NFTs) will transform betting on upcoming athletes. Check out how GameFi can provide the unemployed with a new means to earn and find out how the wealthiest British artist alive burned $10 million in artworks to complete his NFT project. And, don’t forget this week’s Nifty…

Damien Hirst live streams the burning of $10M in art for NFT project

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The Currency is the name given to Hirst’s NFT project which examines the value of digital art vs physical art. Britain’s wealthiest living artist, Damien Hirst, has started setting fire to millions of dollars worth of his own artworks as part of his nonfungible token (NFT) project called “The Currency.” During an Oct. 11 livestream of his London gallery at 12:30 pm local time, Hirst burned hundreds of his own The Currency artworks, ensuring that they exist only in the form of an NFT moving forward. The Currency is the…

Crypto Stories: How an entrepreneur raised $10M for her startup during a bear market

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Josipa Majic explains what she and her partners did to build a crypto company at a time when investors were fleeing the space. In the midst of the 2018 crypto price slump, a young entrepreneur invested all her funds and personal money into a prototype that combined fintech and crypto services to offer virtual debit cards and crypto payment services for subscriptions. But because it was a bear market, no one wanted to invest the capital to put the solution on the market. In the latest episode of Cointelegraph’s “Crypto…

DeFi Platform Ribbon Finance’s Unsecured Lending Product Sees Crypto Firms Folkvang and Wintermute Borrow Over $10M

Meanwhile, Lend users stand to make higher yields from unsecured lending to institutions that have been evaluated for their creditworthiness by Credora. Besides, lenders can exit their positions at any time, subject to availability of liquidity in the pool. According to Ribbon, most unsecured lending in Decentralized Finance (DeFi) is for the fixed term, meaning lenders cannot withdraw deposits until the loan maturity. DeFi is a term used to describe financial activities carried out on a blockchain without the help of intermediaries. Source