Connect with us
[crypto-donation-box]

Blockchain

Arca secures $10M in Series A funding as traditional financiers back crypto

Republished by Plato

Published

on

Arca, an emerging digital-asset manager, has secured $10 million in Series A funding to bootstrap the next phase of its business strategy — one that could bridge the gap between traditional finance and cryptocurrencies. 

In a Wednesday press release, Arca said the funding round was led by venture capital firm RRE Ventures, with key contributions from Alex Tisch, president of Loews Hotels & Co, and a “coalition of financiers led by Littlebanc Advisors.”

Arca sai it will use the funding to enhance its infrastructure and digital service offerings, as well as stay abreast of all the legal and regulatory requirements in the industry.

Rayne Steinberg, Arca’s CEO, told Cointelegraph that 2020 was a watershed year for cryptocurrency. Although that’s in large part due to Bitcoin (BTC), the firm has seen “this initial awareness translate into interest in the many other aspects of digital assets.”

When asked about the biggest roadblock to digital asset adoption, Steinberg identified the “confusing and fractured narrative” around cryptocurrency. He explaine:

“Sophisticated investors need to understand what they’re investing in before making investments. So, education standardization and consistency [in] message are things that are of equal importance to the actual products.”

Steinberg said the Series A investors have recognized that there is a large addressable market for crypto asset management — and have identified Arca’s potential in filling the void.

“Our investors recognized Arca’s plan to become the premier branded asset manager in digital assets as an idea with enormous potential,” he said.

Those views were echoed in the press release. James Robinson, founder and CEO of RRE Ventures, said his decision to back Arca stems from his long-standing experience with the firm’s management team:

“We have worked with members of the Arca senior team for the past two decades as they revolutionized asset management, giving us high confidence they can do it again with future evolutionary products.”

Founded in 2018, Arca provides a suite of investment products marketed to traditional investors who are looking for a way to tap into cryptocurrencies. The firm provides actively managed hedge funds and treasury management services dedicated to crypto.

Digital-asset management is a growing niche within the cryptocurrency industry, with firms like Bitwise and Grayscale seeing an influx of capital from new investors looking for direct exposure to the asset class. 

Source: https://cointelegraph.com/news/arca-secures-10m-in-series-a-funding-as-traditional-financiers-back-crypto

Blockchain

SingularityNET Partners With Ocean Protocol Prior to the AI-Based DeFi Fund Launch

Republished by Plato

Published

on

[Press Release – Amsterdam, Netherlands, 18th May 2021]

SingularityNET’s first DeFi spin-off project, SingularityDAO, is announcing today their partnership with leading decentralized data provider Ocean Protocol.

The collaboration will see the OCEAN token’s inclusion in SingularityDAO’s index fund/investment portfolio. Moreover, SingularityDAO is designed to leverage AI at multiple levels: AI manages dynamic token-sets, executes predictive market-making strategies to provide liquidity for these token-sets on DEXs, and predictively models hedging strategies.

All this AI requires a lot of data to learn and improve, which is why SingularityDAO is a natural user of Ocean data sets – data sets published via Ocean Market (and other Ocean-based markets) into the Ocean ecosystem. The Ocean ecosystem is host to many diverse and varied trading and DeFi data sets. These make excellent candidates for consumption by SingularityDAO’s AI agents to enhance its financial modeling.

I’m really excited by the opportunity to work together with Ocean Protocol, one of the most respectable projects in crypto that has been constantly delivering community-driven, decentralized data solutions. SingularityDAO will constantly make use of data to train our ML and I can’t think of a better partner than Ocean Protocol. – Marcello Mari, CEO at SingularityDAO

The news follows the successful completion of a total of $5.2 million raised in three different rounds for the highly anticipated Governance Generation Event on MANTRADAO, which reached its hard cap within less than 2½ hours.

The protocol, described as ‘DeFi meets decentralized AI,’ held the event exclusively for SingularityNET $AGI holders and attracted 5,800 registrations in one week. The token sale raised $1.6 million (8,000,000 SDAO).
The successful Governance Generation Event follows a recent private sale wherein SingularityDAO raised $2.7 million of funding from a number of top-tier investors such as AlphaBit, Marshland Capita, GBV, and SMO Capital. SingulariyDAO’s governance token has been generated on May 13th and distributed on the same day. It is currently trading on Uniswap.

About SingularityDAO

SingularityDAO is a decentralized platform, governed by the SDAO token, tasked with governing DynaSets. DynaSets are diversified baskets of cryptocurrency assets dynamically managed by AI and curated by the protocol. SingularityDAO brings the financial sophistication of AI-managed funds to DeFi, deploying SingularityNET’s AI technology to navigate complex markets.

About Ocean Protocol

Ocean Protocol’s mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world.
Data is a new asset class; Ocean Protocol unlocks its value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/singularitynet-partners-with-ocean-protocol-prior-to-the-ai-based-defi-fund-launch/

Continue Reading

Blockchain

Bought the Dip? MicroStrategy Purchased $10M in Bitcoin at $43.6K

Republished by Plato

Published

on

Michael Saylor’s NASDAQ-listed company continues with its initiative to purchase sizeable amounts of bitcoins at frequent intervals. The firm said earlier today it had allocated another $10 million in cash in BTC, and its total stash is over 92,000 coins.

  • The founder and CEO of the business intelligence giant announced the latest purchase on Twitter earlier on May 12th.
  • It reads that the firm has bought 229 bitcoins for $10 million in cash at an average price of $43,663 per coin.
  • Keeping in mind the multiple purchases made since August 2020, the firm holds 92,079 bitcoins. MicroStrategy has paid $2.251 billion for its stash, with an average price of $24,450 per token.
  • Although this is far from being the largest single acquisition, as the company once bought more than $1 billion worth of BTC, this one actually comes in a compelling moment.
  • In fact, buying 10 million coins at an average price of $43,663 means that MicroStrategy has taken advantage of a popular narrative in the crypto community – buy the dip.
  • The price of the primary cryptocurrency has suffered severely in the past week or so after Elon Musk announced that Tesla has stopped receiving BTC payments for its electric vehicles.
  • In a matter of days, bitcoin fell from over $58,000 to a three-month low of $42,000.
  • Although losing $16,000 of value in less than a week could be considered a major blow, and some investors disposed of their coins even at a loss, MicroStrategy has reaffirmed its promise to continue buying bitcoin as part of its reserve treasury strategy.
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bought-the-dip-microstrategy-purchased-10m-in-bitcoin-at-43-6k/

Continue Reading

Blockchain

Bitcoin’s price could drop to $29,000, claims CNBC’s Carter Worth.

Republished by Plato

Published

on

In an appearance on the CNBC network’s Fast Money segment on Monday, Carter Worth, chief market technician of Cornerstone Macro, warned that the BTC bottom might be far from in. Bitcoin could drop to $29,000 and still be testing current support in line with past dips, he claimed. Analyzing recent price activity and comparing it to past Bitcoin bottoms, Worth said that current levels at around $45,000 represent the top of a support zone.

$45,000 represents the top of a support zone. 

“Were we to go down 55%, we’d be in the lower end of support,” Carter Worth summarized. “I think we’re in support — it’s fighting, but my hunch is it goes lower.” A 55% drop from current all-time highs would mean BTC to bottom out at just above $29,000. For Worth, this is a useful reference point, as 55% marks the average of every major price dip of 30% or more since 2011. However, as Twitter users noted, his calculations include events such as the 80% decline from all-time highs in 2017 — a process that took over a year to unfold.

Elon Musk’s tweets continue to trigger bitcoin prices. 

Elon Musk’s tweets once again seem to trigger the price of the leading cryptocurrency bitcoin and other cryptocurrencies. Earlier, Tesla CEO Elon Musk had announced that Tesla has decided to suspend short-lived bitcoin payments for its electric vehicles. The announcement caused bitcoin’s price to fall. However, this was not the only instance that triggered bitcoin prices. Later, Elon Musk replied to a tweet claiming Tesla might sell its bitcoin holdings by saying “indeed,” which started rumors about Tesla selling off its bitcoins holdings. However, Elon Musk later clarified that Tesla had not sold its bitcoin holdings.   

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://chaintimes.com/bitcoins-price-could-drop-to-29000-claims-cnbcs-carter-worth/

Continue Reading
Blockchain5 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain4 days ago

Coinbase revenue tripled in Q1, plans to add bank-like services and to list DOGE

Blockchain1 day ago

YooShi Launches MEME DeFi Token

Blockchain5 days ago

MicroStrategy Buys Another $15M Worth of Bitcoin at $55K

Blockchain5 days ago

Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin

Blockchain5 days ago

Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

Blockchain4 days ago

Get the most out of social media with the Weentar blockchain platform

Blockchain5 days ago

AppSwarm’s DOGE division calls for a global dev teams to build off Dogecoin

Blockchain5 days ago

Cardano DeFi Project deFIRE Secures $5M in Funding Round

Blockchain4 days ago

Sportsbet.io and Arsenal FC Launch Augmented Reality Matchday Programme

Blockchain4 days ago

Coinbase Nets $771 Million Profit in Q1 2021

Blockchain3 days ago

Increasing Popularity of Crypto Pressures Samsung to Add Hardware Wallet Support to Its Galaxy Smartphones

Blockchain4 days ago

Elon Musk loses $20B since SNL, as Michael Saylor comes out firing

Blockchain5 days ago

Binance Faces Investigation from IRS and DoJ

Blockchain5 days ago

deFIRE Raises $5 Million in Pre-IDO Funding Round to Enable Defi on Cardano

Blockchain5 days ago

Polkadot-centric derivatives exchange raises $6.4M in seed funding

Blockchain5 days ago

Digitex Announces Launch of Blockfarm Yield Farming: First Program Offers $50K ETH

Blockchain5 days ago

Can XRP stand to gain from Tesla dumping Bitcoin payments?

Blockchain4 days ago

Ethereum, EOS, MATIC Price Analysis: 14 May

Blockchain5 days ago

Shanghai Man: Aping out of gorilla token, digital dollar Biden its time… and more

Trending