Dubai Based Crypto Investment Fund to Convert $750 Million Worth of BTC Into ADA and DOT Tokens – Altcoins Bitcoin News

A Dubai based crypto-based investment fund, FD7 Ventures says it will offload bitcoins worth $750 million and will use the proceeds to increase positions in Cardano and Polkadot tokens. According to FD7 Ventures, this switch to the two altcoins will help the fund to better serve the interests of investors who are looking to diversify their portfolios. Altcoins Preferred In his remarks following this announcement, Prakash Chand, the managing director at FD7 Ventures, touts the potential of the two altcoins while claiming that BTC “is actually pretty useless.” Chand added:…

Cryptocurrency Adoption Passes Another Milestone Surpassing 100 Million Users – Emerging Markets Bitcoin News

According to a new study conducted by Crypto.com, the total number of global cryptocurrency users has surpassed 100 million for the first time ever. The study, which measured the cryptocurrency marketplace’s size using onchain metrics, survey analysis, and internal data, recorded 106 million cryptocurrency users in January 2021. January’s Bitcoin Rally Accumulated a 15.7% Jump in Global Users Compared to December 2020, the 106 million users represent a 15.7% increase in just one month. What’s fueling the growth of the crypto market? According to Crypto.com’s research, it comes down to…

Square Records 1 Million First-Time Bitcoin Buyers in January

The CFO further revealed that Square’s Bitcoin investment represents 5% of the company’s cash. She noted that Square has a long-term vision on the investment. The chief financial officer at Square Inc (NYSE: SQ) Amrita Ahuja, said that the company’s Cash App platform recorded 1 million new Bitcoin buyers in January 2021. The CFO revealed details of the surge in first-time Bitcoin buyers while speaking on CNBC’s Squawk Alley on the 24th of February. Square: Increase in First-Time Bitcoin Buyers Number As stated in a CNBC report, Ahuja said that 3…

Optimism Raises $25 Million in Series A Funding Round

The raised funds will see the larger share going into this development that seeks to ensure that transactions are 10x improved with the L1 development experience preserved. Andreessen Horowitz (A16Z), a venture capital firm has led a Series A funding round to raise about $25 million for Optimism, a public benefit corporation that concentrates on the scalability of the Ethereum Network. The firm has over some months been actively working on its Optimistic Rollup project. According to the blog post published by the supporting platform, A16Z, they are excited to…

Square Adds $170 Million More in Bitcoin to Balance Sheet — Company Now Holds 5% of Total Cash Reserves in BTC – Finance Bitcoin News

Square has bought more bitcoin, adding $170 million worth of the cryptocurrency to its balance sheet. The company now holds 5% of its cash reserves in bitcoin. Its Cash App was used by more than three million customers to purchase or sell the cryptocurrency last year. $170 Million Bitcoin Purchase Square Inc. (NYSE: SQ) announced Tuesday its fourth quarter and full year 2020 results. The company also announced that it has purchased $170 million worth of bitcoin “as part of its ongoing commitment to the cryptocurrency.” This is the company’s…

Alameda Invests $40 Million in Robinhood-like Crypto Startup Oxygen

Oxygen is built on Solana, a blockchain that can handle up to 50,000 transactions per second, which is miles ahead of Ethereum that can only process a maximum of 15 transactions per second. There is a general consensus in the crypto space that decentralized finance (DeFi) is the future of the traditional financial system. However, despite the level of growth enjoyed by this sector in recent times, its adoption rate is still very low meaning it has enormous room for growth when it comes to the issue of public adoption.…

Total estimated crypto users worldwide tops 100 million, survey finds

Crypto exchange and debit card provider Crypto.com has published a new report estimating that the total number of crypto users globally rose from 66 million in May 2020 to 106 million by January. Given the complexity of mapping unique crypto wallet addresses onto the number of persons, Crypto.com’s methodology combines on-chain data with several blended parameters to calculate separate estimates for the two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ether (ETH). These then yield an aggregate that can be used to track trends in the growth of global…

Alameda Research doubles down on Maps.me, invests $40 million in Oxygen

How much are 140 million users worth?  After a $50 million direct investment in travel app Maps.me earlier in the year, Alameda Research has announced today a $40 million investment in decentralized finance protocol Oxygen, a Solana-based lending platform that will plug into the app.  Similar to lending protocols such as Aave and Compound, “Oxygen will first offer borrow-lending services via pools, in which users will deposit their assets and leverage Serum’s on-chain infrastructure to lend according to their desired terms. Users can also simultaneously lend to generate yield while…

Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO – Mining Bitcoin News

While the public prepares for the upcoming Coinbase public offering, the mining firm Northern Data AG is reportedly planning to go public as well. Sources say that the mining business is in talks with Credit Suisse Group to launch an initial public offering (IPO) in the United States. Report: Sources Say Northern Data AG IPO for $500 Million Is in the Works Recent reports say that Northern Data AG, the mining operation that mines bitcoin (BTC), is planning to IPO in the near future. Bloomberg reveals that “sources familiar with…

$24 million lost in second-largest day of DeFi liquidations

The Feb. 22 crypto crash has sparked the second-largest volume of DeFi liquidations in the sector’s history, with more than $24.1 million worth of loans being forcefully closed within 24 hours. According to crypto data aggregator DeBank, $13.7 million, or nearly 60% of the losses occurred on Compound, followed by Aave with $5.4 million worth of liquidations. Yesterday’s liquidations were the second-largest to hit DeFi, trailing behind the $93 million in margin calls that were triggered by a sudden increase in the price of DAI on Nov. 26. 2020. The…