Bitstamp Ready To Move Into US Market Following Insane Q1 Growth

Bitstamp Ready To Move Into US Market Following Insane Q1 Growth

London-based crypto exchange Bitstamp has announced its intention to further expand its US operations following astronomical growth in Q1, 2021.

Bitstamp Ramps Up Operation In US

The announcement made in a blog post on its website noted that its decision boils down to several positives they have seen coming from the US financial cycles.

Bitstamp said it was prioritizing the US market as it has seen a 570% increase in new customers in the first four months of 2021, in contrast to the same period in 2020.

Assets under management (AUM) for U.S customers had also increased by 281% in Q1 and a 325% increase in its mobile app usage in the U.S.

In terms of US client’s activities (trades, deposits), Bitstamp said this metric jumped on a monthly level by 348% in 2021 versus the same period last year.

To further cement its place in the US market, Bitstamp will be launching a full-scale marketing campaign to educate retail investors in the country about the potential benefits that come with owning cryptocurrencies.

Bitstamp’s campaign will be called “For All The Ways We Crypto.” The campaign will also play a crucial role in raising its global profile as a top cryptocurrency exchange.

Bitstamp’s CEO Julian Sawyer describes crypto as one of the fastest-growing segments of the financial world.

Sawyer was the former Gemini managing director for Europe.

Sawyer said Bitstamp has an ambitious goal of becoming a leader in a highly competitive marketplace, like the US.

He also said that the triple-digit growth was a clear indication that American investors wanted access to their services.

Bitstamp has been carefully positioning itself for the crypto avalanche after appointing Sawyer as the new CEO in October last year. It also brought in Barclay’s financial director and former Amazon veteran Stephen Ballpark to head its financial unit while Sameer Dubey was appointed as the exchange’s operations officer.

But that is not all. Bitstamp says it will also be increasing its customer support team by 50% this year.

Bitstamp’s Impressive US Record

Bitstamp said that it would continue to focus on optimal trading speed by handling large trading orders without affecting the price of the digital assets.

It also pointed out that it is one of the top 5 globally recognized crypto exchanges for large volume trades as it processes over $28 billion in monthly transactions. Alongside this, it has $11 billion total AUM, with the US market contributing 11% to this remarkable return.

To add more laurels to its achievement, Bitstamp collaborated with Silvergate Bank to launch Silvergate’s SEN Leverage. The financial instrument focused on institutional investors allows traders to invest in any asset with leverage collateralized by Bitcoin or US dollars.

According to Bitstamp, this partnership has so far generated over $50 million in loans and may likely raise over $250 million before the year ends.

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Author: Jimmy Aki

Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles

Before moving into the weekend, Bitcoin started seeing traction and made its way past $58,500.

As of writing, we are still keeping around $57k on the back of very low funding rates. The highest Bitcoin funding rate is currently 0.0376% on Binance despite the price of Bitcoin increasing by about 11.5% to its highest level since mid-April.

Low funding rate has been the case ever since April 17, when over a million traders were liquidated for $10.1 billion. The funding even further minimized after another $4 billion were liquidated on April 22nd.

The same has been the case for ETH funding rates which are the highest at 0.056% on OKEx, while the price continues to hit a new all-time high — up 44% in the last 8 days to climb to $2,955.07 today and 0.052 BTC on Friday.

With seven straight green months in a row, Ether had its largest-ever monthly close. ETH 0.19% Ethereum / USD ETHUSD $ 2,951.18
$5.610.19%
Volume 28.03 b Change $5.61 Open $2,951.18 Circulating 115.71 m Market Cap 341.49 b
11 h Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles 1 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum 2 d “Institutional Money is Moving Toward Ethereum,” says Guggenheim’s Scott Minerd

With funding remaining flat, it means the rally is being led by spot buying, which makes it more sustainable and less prone to get wiped out by a brutal liquidation.

Open interest on Bitcoin futures also has yet to recover as it is currently at $19.8 billion, down from $27.68 billion on April 13. OI on Ethereum futures meanwhile continues to increase, perched on a record $8.5 billion, up from $2 billion at the beginning of this year.

Amidst all the positive action, hedge funds on CME that have been record short on Bitcoin since late last year to earn all the yield have also decreased their short exposure. Overall, the net short position has fallen to early March level.

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The latest price action has helped Bitcoin surpass the technical hurdle of its 50-day average price. According to traders, Bitcoin’s move above $57,000 is a bullish sign for further continuation, but it needs to be seen if it will be able to maintain this level.

Trader SmartContracter sees the current momentum to take bitcoin to $74,000.

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Interest in both Bitcoin and Ethereum continues to grow, especially the second-largest cryptocurrency, which has its big upgrade, London hard fork, with EIP 1559 coming in July. As we reported, Rothschild bought the shares of Grayscale Ethereum Trust for the first time in Q1, and Guggenheim’s CIO shared that money is also flowing into ETH and other credible cryptos.

Assets in Bitcoin products, including ETFs and ETPs, meanwhile have reached a record high of $9 billion at the end of the first quarter, as per ETFGI.

“If you make an investment today or you make an investment in early December like we did, you have to expect multiple 20% to 30% pullbacks in the bull-market phase,” Troy Gayeski of Skybridge Capital said this week on Bloomberg. “But that being said, I mean, the combination of extraordinary supply growth, we still think we’re in the early innings of the adoption cycle.”

Meanwhile, Mike McGlone of Bloomberg continues to see Bitcoin’s diminishing supply combined with the historically low interest rate and a substantial amount of money being pumped into the system to act as catalysts to take it to $100,000.

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Author: AnTy

Beijing Probes into Bitcoin Mining; This Is ‘Normal Bureau Business’ Aimed at Energy Consumption

Beijing Probes into Bitcoin Mining; This Is ‘Normal Bureau Business’ Aimed at Energy Consumption

Beijing is conducting a check on data centers involved in cryptocurrency mining to understand their impact on energy consumption. The probe was directed by city authorities.

The Beijing Municipal Bureau of Economy and Information Technology sent an “emergency notice” to the city’s data center operators earlier this week to report on if they are involved in crypto mining and if so, to provide the amount and share of power consumed by them, reported the Chinese state media PengPai.

The three biggest telecom operators in China also received the notice.

“China used to be a place where cryptocurrency mining was thriving, but the business is shrinking due to policies,” Edward Lu, senior vice president of Canaan Inc, a Chinese cryptocurrency mining machines maker told Reuters.

The Beijing Bureau of Economics and Information Technology meanwhile has clarified that the notice was issued by the bureau, mainly from the perspective of the types of services carried by the data center and the energy consumption, and it is the normal business work of the bureau. The local publication Wu Blockchain noted,

“Security inspections in northwestern China have basically ended, and the bitcoin hashrate has begun to recover. This inspection is not aimed at Bitcoin mining, but on the overall safety of electricity.”

Just this month, Li Bo, deputy governor of the People’s Bank of China called Bitcoin and stablecoins investment options and said that they are not currencies. He further said,

“Until we figure out what regulatory rules are needed, we will continue to maintain our current initiatives.”

Additionally, Li Bo believes that if stablecoins are to become widely used payment solutions, stronger regulatory rules are required, which will be more stringent than Bitcoin’s current supervision.

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Author: AnTy

Turkey Drafting Wider Crypto Regulations, Probe Launched into Another Exchange

Turkey Drafting Wider Crypto Regulations, Probe Launched into Another Exchange After it Ceases Activities

After Thodex was abruptly shut down, Vebitcoin abruptly stopped all its activities as well. An investigation has been launched in both the crypto exchanges, and several people have already been detained.

The Finance Minister of Turkey is working on broader regulations regarding cryptocurrencies, said Central Bank Governor Sahap Kavcioglu on Friday.

However, the bank does not intend to ban crypto, he added.

Some details on regulations would be ready as early as in two weeks, Kavcioglu said in an interview with Turkish broadcasters. Recently, the central bank banned the use of cryptos as payments, citing volatility along with “irreparable” damage and transaction risks.

This latest move towards regulating digital assets came after crypto exchange Thodex abruptly shut down, making hundreds of millions of dollars worth of crypto assets irretrievable.

Thodex recorded about $538 million in volume on its last trading day.

The authorities have detained dozens of people in the investigation into the exchange and sought its founder’s arrest in Albania, police said on Friday.

As we reported earlier this week, the Thodex platform said on its website that it would be closed for four to five days due to a sale process. After people were unable to make any withdrawals or access their accounts, they filed criminal complaints saying they had been scammed.

Police launched raids across eight provinces on Friday with warrants to arrest 78 suspects, the Istanbul police said. Sixty-two people have been detained so far, reported the state-owned news agency Anadolu.

A day earlier, the officials searched the company’s Istanbul offices and seized materials.

According to the police, the company’s founder and CEO, Faruk Fatih Ozer, had flown to the Albanian capital Tirana on Tuesday. Interpol then issued a red notice for Ozer.

Amidst all this, a probe has been launched into another cryptocurrency exchange Vebitcoin, a local prosecutor said on Saturday.

Turkish authorities blocked the onshore bank accounts of Vebitcoin and detained four people as part of the investigation. This action was taken after the exchange announced that it had stopped all activities, citing financial issues. The notice on the exchange reads,

“Due to the recent developments in the crypto money industry, our transactions have become much more intense than expected. We would like to state with regret that this situation has led us to a very difficult process in the financial field. We have decided to cease our activities in order to fulfill all regulations and claims.”

The Financial Crimes Investigation Board (MASAK) has blocked the company’s accounts and started an investigation, reported Anadolu.

“Four administrators and personnel of the company were detained on Saturday on allegations of fraud,” Mehmet Nadir Yagci, a prosecutor in the southwestern city of Mugla, said in a statement.

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Author: AnTy

Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions

Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions

2021 has been an explosive year so far.

As prices rallied, so did the crypto market cap from about $780 billion at the beginning of the year to an all-time high at $2.35 trillion on April 17. As of writing, the total market cap is just under $2 trillion.

With this price move, the volume on cryptocurrency exchanges also exploded. As Coinbase revealed in its Q1 2021 results, it did $335 billion in trading volume in just three months.

In total, last month, crypto exchanges did $1.17 trillion, and in April, so far, we have already surpassed $1.26 trillion, as per The Block data.

Comparatively, $3.32 trillion was recorded in volume by the New York Stock Exchange (NYSE) alone in March. NYSE is the largest exchange venue, operating NYSE, NYSE Arca, NYSE Chicago, NYSE American, and NYSE National, which makes up 20-25% of US equity exchange trading.

Interestingly, while total crypto trading volume was a mere 8% of NYSE Group’s volume in September 2020, it reached 48% in February 2021.

These numbers could be benefitted by unique features of the crypto market, which runs 24/7, around the globe, and has thousands of crypto assets, in some cases tokenized stocks as well, listed on them.

Interestingly, Bison, the crypto trading app of Boerse Stuttgart, Germany’s second-biggest stock exchange which is one of the largest in the world, also achieved €2 billion (US$2.4 billion) in trading volume so far this year, up from €35 million ($42.3 million) in November.

Launched in 2018, the app also recorded an 83% surge in the number of its active users to 400,000 since the year started. It allows users to trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, and Bitcoin Cash (BCH). BTC -0.83% Bitcoin / USD BTCUSD $ 50,052.83
-$415.44-0.83%
Volume 49.01 b Change -$415.44 Open $50,052.83 Circulating 18.69 m Market Cap 935.51 b
4 h Louisiana Passes Bill Encouraging Bitcoin’s Increased Usage while Commending it on its Success 6 h Olives Are A Better Inflation Hedge Than Bitcoin, says “Black Swan” Author 8 h Ethereum London Upgrade with EIP-1559 Set to Be Released on July 14th
ETH -4.39% Ethereum / USD ETHUSD $ 2,214.41
-$97.21-4.39%
Volume 31.87 b Change -$97.21 Open $2,214.41 Circulating 115.61 m Market Cap 256 b
8 h Ethereum London Upgrade with EIP-1559 Set to Be Released on July 14th 9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 1 d Hong Kong Restaurant Starts Accepting Bitcoin, Ether & other Cryptos as Payment
LTC -4.71% Litecoin / USD LTCUSD $ 224.92
-$10.59-4.71%
Volume 4.57 b Change -$10.59 Open $224.92 Circulating 66.75 m Market Cap 15.01 b
9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 4 d Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 4 d Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App
XRP -6.48% XRP / USD XRPUSD $ 1.05
-$0.07-6.48%
Volume 8.58 b Change -$0.07 Open $1.05 Circulating 45.4 b Market Cap 47.65 b
9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 1 d Hong Kong Restaurant Starts Accepting Bitcoin, Ether & other Cryptos as Payment 1 d SOL Bucks the Trend and Hit a New ATH as Crypto Market Sees Another Sell-off
BCH -6.16% Bitcoin Cash / USD BCHUSD $ 769.18
-$47.38-6.16%
Volume 3.51 b Change -$47.38 Open $769.18 Circulating 18.72 m Market Cap 14.4 b
9 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 4 d Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 4 d Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App

This growth in both users and trading volume “reflect the current high momentum in the crypto market and the increasingly broad interest in cryptocurrencies,” said Ulli Spankowski, CEO of Sowa Labs GmbH, a Boerse Stuttgart subsidiary that developed the app.

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Author: AnTy

Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Inflows into digital asset investment products totaled $233 million last week, the largest since early March. It is, however, nowhere near the record inflow seen in late January. CoinShares, one of the largest crypto asset managers, in its weekly report wrote,

“We believe this recent renewed appetite for digital assets is due to a combination of increasing acceptance from institutional investors, fears for inflation, and price momentum.”

Last week, the price action also pushed assets under management to over $64 billion for the first time.

What’s even more interesting is the crypto assets that the funds have been flowing into. Bitcoin (BTC), without any doubt, continues to see the largest inflows of $108 million, with Ethereum (ETH) right behind at $65 million. This time other altcoins also captured institutions’ interest, with XRP, which CoinShares just launched an XRP ETP, being the most popular among all. BTC 0.91% Bitcoin / USD BTCUSD $ 56,484.77
$514.010.91%
Volume 67.71 b Change $514.01 Open $56,484.77 Circulating 18.69 m Market Cap 1.06 t
3 h South Koreans to Face Tougher Crypto Laws to As Regulators Tackle Cases of Money Laundering 3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 4 h TIME Now Accepts Crypto as Payment for Subscriptions in the US and Canada
ETH 6.97% Ethereum / USD ETHUSD $ 2,338.20
$162.976.97%
Volume 39.3 b Change $162.97 Open $2,338.20 Circulating 115.55 m Market Cap 270.18 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest
XRP 5.23% XRP / USD XRPUSD $ 1.39
$0.075.23%
Volume 15.54 b Change $0.07 Open $1.39 Circulating 45.4 b Market Cap 63.16 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

XRP had weekly inflows of $33 million, nearly doubling its assets under management to $83 million.

Inflows were also seen in Tezos (XTZ) at $7 million, Polkadot (DOT) at $5 million, Bitcoin Cash (BCH) at $4 million, and Binance (BNB) at $3 million. Other crypto assets collectively saw $6 million of inflows. XTZ 1.52% Tezos / USD XTZUSD $ 5.70
$0.091.52%
Volume 651.56 m Change $0.09 Open $5.70 Circulating 767.09 m Market Cap 4.37 b
6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 5 d European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain
BCH 3.49% Bitcoin Cash / USD BCHUSD $ 942.35
$32.893.49%
Volume 8.03 b Change $32.89 Open $942.35 Circulating 18.71 m Market Cap 17.64 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App 4 d Chainlink Releases Whitepaper 2.0, Set to Revolutionize DeFi Industry Through Decentralized Oracles
BNB 15.12% Binance Coin / USD BNBUSD $ 586.90
$88.7415.12%
Volume 9.34 b Change $88.74 Open $586.90 Circulating 153.43 m Market Cap 90.05 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 8 h Binance Hires Former Top US Banking Regulator, Brian Brooks as CEO of its US Exchange 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

Trading volume for these digital asset investment products was also high, totaling $4.8 billion. Last seen in early February 2021, this level represents a rise of 59% compared to last week.

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Author: AnTy

Playboy Partners with Gemini-Owned Nifty Gateway to Enter into NFT Space

Playboy Partners with Gemini-Owned Nifty Gateway to Enter into NFT Space

The iconic brand sees “the digital asset revolution as an enormous business opportunity” and “huge growth potential in integrating tokens” into its business.

Entertainment magazine Playboy announced a partnership with crypto exchange Gemini-owned digital art platform Nifty Gateway on Tuesday.

According to the iconic brand, Playboy’s entry into the NFT space is its “long history of providing a platform for artists and creative self-expression.”

Besides art, Playboy’s NFT can further extend to tickets to a virtual mansion experience or interviews.

While the company is planning to receive cash for its initial projects, Rachel Webber, Playboy’s chief brand officer and president of corporate strategy, said they are open to expanding into cryptocurrencies as an alternative payment method Playboy explores the digital assets space. Webber told Insider,

“We see the digital asset revolution as an enormous business opportunity.”

“We see huge growth potential in integrating tokens into our streetwear business, our live experiences, and events, creating a social token economy with our network of talent.”

This foray into digital art would be kickstarted with collaboration with two artists, Blake Kathyrn and Slimesunday, one featuring inspiration from their archive, and the other would be an upcoming Pride-themed curation this June.

“We are thrilled by all of the innovation and access the blockchain can bring.”

“We have much more in store as well, including curated NFT art collections from our nearly 70-year archive of art and photography.”

NFTs have exploded into popularity this year, with the market cap of related tokens growing past $27 billion and their trading volume soaring to $3.7 billion, as per Coingecko. According to data from CryptoSlam, more than $1 billion was spent on NFT collectibles in March alone.

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Author: AnTy

Digital Asset Manager Grayscale Says It Is ‘100% Committed To Converting GBTC Into An ETF’

On conversion of GBTC into an ETF, the holders of GBTC shares won’t need to take any action, and the management fee, currently at 2%, will be reduced. Meanwhile, the world’s first Bitcoin ETF (BTCC) holds 16,462 BTC without a single outflow since its debut.

Today, the world’s largest digital asset manager clarified its intentions for a bitcoin ETF: they are fully committed to converting its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF).

Launched in 2013, GBTC is currently a publicly-traded Bitcoin fund in the US and an SEC-reporting company.

Today, with $34 billion in AUM, GBTC only stands behind SPDR Gold Trust in terms of global commodity ETPs. With $2.6 billion in weekly volume, it stands in third place behind only GLD and iShares Silver Trust.

For several years now, Grayscale has been examining ETFs closely from both a commercial and regulatory perspective, said the fund in its official announcement on Monday.

Grayscale actually submitted an application for a Bitcoin ETF in 2016 and has been in conversation with the SEC since then. But they later withdrew the application because the regulatory environment for digital assets wasn’t advanced enough. So far, not a single Bitcoin ETF has been approved either.

This year, however, many applications for the same have been filed, and the market has high expectations from the SEC, especially with President Joe Biden’s nominee for the SEC chair Gary Gensler. The company said,

“While several firms have submitted Bitcoin ETF applications in the form of an S-1 or 19b-4 to the SEC, we are confident in our current positioning and engagement with the SEC.”

When GBTC converts to an ETF, the company says, the holders of GBTC shares won’t be needed to take any action. Also, the management fee, currently at 2%, will also get reduced accordingly.

Since late Feb., GBTC’s coveted premium has been running in the negative, which has been attributed to the rise of other products, including several Bitcoin ETFs trading in Canada.

The first-ever Bitcoin ETF from Purpose Investments (BTCC) currently holds 16,462 BTC, with $1.22 billion in AUM. Launched in mid-February, the Purpose Bitcoin ETF has seen only inflows, and not a single outflow has been recorded yet.

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Author: AnTy

Shopify CEO Is “Spiritually Aligned With Decentralizing Opportunity;” ‘Dabbles’ In Ethereum & DeFi

Shopify Is “Spiritually Aligned With Decentralizing Opportunity,” Says CEO As He “Dabbles” Into Ethereum & DeFi

The latest person to get an interest in decentralized finance (DeFi) is the chief executive officer of the e-commerce company Shopify, which has more than 1 million users.

“Hey DeFi Twitter. What are the commerce-related opportunities that you are most excited about? What role do you want Shopify to play?” tweeted Tobi Lutke on Saturday.

Nadav Hollander, Co-Founder & CEO of Ethereum wallet Dharma recommended Shopify to facilitate the tokenization of a seller’s revenue stream, which he said would be “a massive new primitive for DeFi services.”

While some may feel off about a centralized organization getting into the DeFi scene, which has over $47.5 billion in total value locked (TVL), according to Lutke, “Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity.”

With its mission to have retail participate, “in spirit (not by your definition) we are helping push against centralization,” he added.

Before he asked about DeFi, Lutke shared that he has been exploring the second-largest network, Ethereum, which has been primarily used for building DeFi protocols.

“Speaking of crypto though- I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world,” Lutke said just the day before sharing his interest in DeFi.

Interestingly, the e-commerce site already supports cryptocurrency, and that too for a long time now; as shared by the Vice President of the company, Kaz Nejatian, “Shopify stores have been accepting crypto since at 2014 I think.”

Not only Shopify accepts the stablecoins USDC and PAX, and others, but they are also members of Facebook’s upcoming fiat-backed digital currency Diem.

“All of our merchants can accept a bunch of different cryptos through our payment integrations.”

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Author: AnTy

129 Crypto Startups Raised $2.6 Billion in Q1: CB Insights Report

Venture capitalists are pouring money like crazy into cryptocurrency-related companies, according to CB Insights.

In the first half quarter of 2020, $2.6 billion was raised by 129 startups focused on the blockchain. In just three months, the crypto industry had raised more than they did in all of 2020 when they attracted $2.3 billion in 341 deals.

This jump in fundraising was fueled by several large rounds by the likes of game-maker Dapper Labs Inc., crypto wallet provider Blockchain.com, and crypto lender BlockFi Inc., according to the data analysis company.

This surge in funding is happening due to the ongoing bull rally that has Bitcoin price soaring to an all-time high of $62k and becoming a billion-dollar asset.

With the cryptocurrency market reaching a $2 trillion market capitalization, corporations, hedge funds, high net-worth individuals, institutions, asset managers, pension funds, and insurance companies are all coming in to invest in the crypto space.

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Author: AnTy