Is Blockchain Funding At High Right Now?
Sitzation in the world is not entirely stable, unfortunately, the crypto world has also staggered. Many people are now stubbornly following the future of cryptocurrency and blockchain in general. In our article, together with buidlbee.com, we will analyze the most important of the latest news in the world of blockchain in order to understand if blockchain funding is at high right now.
Bankruptcy FTX
Recently, information appeared on Twitter, namely a screenshot that the FTX cryptocurrency exchange is declaring bankruptcy.
After this announcement, a series of actions will follow: verification and monetization of assets for parties interested in this. All 130 FTX subsidiaries (including Alameda Research)
will file for bankruptcy. There will also be a change in CEO: Sam Bankman-Fried will leave his post and be replaced by John J. Ray III, who will act as gender director of the exchange
from beginning to end of the trial.
The stock exchange is going through a crisis, it has a lot of problems. One of which was the freezing of assets and the appointment of a temporary liquidator in the Bahamas, where the
headquarters of the exchange is located. This is all done to protect investors.
However, despite the whole situation, FTX reached an agreement with Justin Sun (CEO of TRON). As a result of the agreement, he will provide the exchange with a kind of loan with a limit of $13 million. This is done to help FTX users withdraw their funds.
Huobi has disclosed information about reserves. Exchange holds $3.5 billion worth of assets
Another cryptocurrency exchange Huobi shared information about the value of reserves – it amounted to a billion dollars.
As of November 12, 2022, the exchange held on its balance, including:
● HT – 191 million;
● ETN – 274,000;
● TRX – 9.7 billion;
● BTC – 32,000;
● $820 million.
The company committed to regularly releasing these reports. According to the document, the exchange also recruited a private company to carry out a second audit of the reserves.
An independent group will take a picture of the exchange wallets and assemble them as a part of the Merkle Tree Proof of Reserves procedure, into a Merkle tree.
HT quotations have decreased by roughly 17% during the last days, according to CoinGecko, despite the revelation of reserves. The asset is trading close to $4.4 at the time of writing.
Ramp raises $70 million
Startup Ramp raised $70 million in a Series B investment round. Mubadala Capital and Korely Capital also participated in this round.
Ramp, which has operations in London and Warsaw, offers a payment software development kit as its primary product. Customers may buy cryptocurrencies both on and off
the startup's website using debit and credit cards, bank transfers, and Apple Pay.
70% of payments, according to Ramp's founder Shimon Sipnevich, are made in the US and Europe. The business is looking for opportunities for expansion in Mexico, Brazil, Japan, and South Korea.
Crypto bank Caitlin Long raised $7 million
Custodia, a cryptocurrency bank, raised $7 million. The business withheld information regarding investors.
The firm, which was then known as Avanti, raised $37 million in a Series A fundraising round in March 2021. Binance.US, Coinbase Ventures, Morgan Creek Digital, and other organizations were among the investors.
The entire amount of funding for Custodia is currently $51 million.
Trade a range of digital securities and assets.
Xternity raises $4.5 million
Pre-seed funding for Web3 gaming infrastructure firm Xternity totaled $4.5 million.
It was headed by early-stage venture funding company NFX. Additional contributors include Jibe Ventures, Flori Ventures, Secret Chord Ventures, and vGames.
The Israeli firm Xternity intends to help game publishers use Web3 components like NFT. To do this, the business has developed a no-code platform that integrates with the Polygon,
ImmutableX, Solana, BNB Chain, Celo, and Ethereum blockchains.
Ten individuals are currently employed by Xternity. The company intends to add five more developers to its workforce.
An increasing number of institutional players are becoming interested in the bitcoin market.
This is demonstrated by recent infrastructural expenditures as well as by businesses' growing interest in bitcoin as an asset class. We have examined the most important
blockchain-related events in this post.
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