Blockchain
Ethereum, thank Bitcoin’s trickle-down effect for surge in interest
The cryptocurrency industry, while looked down upon with a lot of suspicion once, is turning out to be the saving grace of many investment portfolios today since Bitcoin is proving itself to be an ass
The post Ethereum, thank Bitcoin’s trickle-down effect for surge in interest appeared first on AMBCrypto.

The cryptocurrency industry, while looked down upon with a lot of suspicion once, is turning out to be the saving grace of many investment portfolios today since Bitcoin is proving itself to be an asset that can hold its value in the long run. Institutional interest in Bitcoin, aided by increasing regulatory clarity, has surged over the years, despite the fact that altcoins are gaining a lot of prominence by the day.
Speaking on the Blockcrunch podcast, Seth Ginns, Head of Liquid Strategy at CoinFund, discussed why Bitcoin continues to be the favorite asset for this class of investors and how the creation of a fairly robust infrastructure around Bitcoin has helped its cause. According to the CoinFund exec, from an institutional investor’s point of view, Bitcoin is the only crypto-asset with a large enough network value to be on the radar of institutional investors. He added,
“What ended up happening that there was a lot of institutional-grade infrastructure that had to be built, that started with custodians to prime brokers. And I think that’s all been built out very quickly… and been built out primarily for Bitcoin. So I think what that leads to is very good institutional engagement initially in Bitcoin.”
Ginns went on to say that this interest in Bitcoin has also led to investors getting exposure to other assets in the crypto-markets. Among such investors, the exec said, there is a growing need to get up to speed with the crypto-market in general. This trickle-down effect can explain the surging interest in other cryptocurrencies and projects like Ethereum and DeFi, to a certain extent, he said.

Source: Skew
The scale of the interest in Bitcoin can be evidenced by Bitcoin Futures’ OI charts and volumes over the past six months. On observation, it can be seen that the cryptocurrency remains popular among institutional circles. This is the case, despite the fact that OI has fallen considerably over the past 45 days.
Ginns had a word to say about the industry’s other projects as well, with the CoinFund exec concluding,
“If Bitcoin goes to a trillion dollars in network value, there there’s plenty of room for, DeFi protocols and other web three protocols to see increases in their value over long periods of time… [However] I think that, the only part of the space that can really take, significant institutional checks today is Bitcoin”
Source: https://eng.ambcrypto.com/ethereum-thank-bitcoins-trickle-down-effect-for-surge-in-interest
Blockchain
Supercar maker Mazzanti Automobili launches security token offering


Italian luxury car manufacturer Mazzanti Automobili has launched its security token offering on regulated digital marketplace STOKR.
As part of the offering, Mazzanti aims to raise 999,999 euros ($1.2 million) on STOKR to develop a special edition of its hypercar model Evantra Millecavalli R.
According to a Feb. 25 announcement, Mazzanti’s STO will allow investors to purchase MZZ tokens, priced at 1 euro each. The token is issued by Mazzanti via Blockstream AMP, a platform for the tokenization of securities built on the Liquid sidechain of Bitcoin (BTC), which has been directly integrated with STOKR.
As part of the STO, MZZ investors will be able to receive a 50% revenue share in the sale of the Evantra special edition. The offering is available for select European countries, with a minimum investment of 50 euros, the announcement notes.
Mazzanti’s founder Luca Mazzanti said that the company has been considering running an STO for a while. The company initially announced its upcoming STO plans earlier in February.
In conjunction with the STO, Mazzanti also announced that the company will allow its customers to purchase all editions of the Evantra model with Bitcoin starting from Feb. 25. The move echoes Tesla’s recent move toward accepting Bitcoin payment for its electric vehicles.
Based in Luxembourg, STOKR has been listing various STOs in compliance with capital market laws of the European Union. Last year, Germany’s Federal Financial Supervisory Authority approved ParkinGO’s offering as the first cross-border STO on STOKR.
Blockchain
Finance Redefined: Ethereum exodus continues as Binance ‘helps,’ Feb 17–24.


The parabolic rise of the Binance Smart Chain has been all over the news this week, aided by a few seemingly unfriendly moves by the exchange itself.
It started on Friday, when Binance suddenly froze withdrawals of Ethereum-based assets for about one hour. Many interpreted it as a move against the blockchain and its ecosystem, given that the cited reason was “congestion issues” — something one hardly imagines is a problem for an exchange, unless they shoulder withdrawal costs for the user.
The day after, FTX started shaming Binance for excessive promotion of BSC on the exchange. Specifically, FTX was apparently “spending millions” in failed deposits that came over the Smart Chain but were meant for Ethereum. FTX’s accusation toward Binance, one of its investors, is that the exchange put BSC as the default option for withdrawing many ERC-20 assets, which caused a lot of failed deposits to FTX.
I can’t say I’ve ever noticed Binance Smart Chain being “the default option” for withdrawals. BSC is the first listed when you attempt to withdraw something like USDC, though it does not actually select the blockchain for you. Still, I can see how some newbies could get swindled by this. People overestimate the degree to which terms like “ERC-20” are known in the casual crypto community. Testing the withdrawal now, Binance forces you to go through a quiz where you confirm you know what you’re doing by selecting BSC. I have no idea when this was introduced, but it’s not impossible that it’s a response to FTX’s statements.
Overall though, there’s nothing inherently wrong with one company using its products to promote another of its products. From the official responses it seems that the Ethereum congestion incident won’t happen again because they “upgraded the systems.”
Cheap tricks would never be able to undermine Ethereum without there being an underlying fundamental weakness. And I think we’ve all had enough with Ethereum gas fees. I tried a non-Ethereum DeFi product recently, and it felt so good to pay just a few cents for a complete interaction.
Binance Smart Chain is already processing more transactions than Ethereum and has over 5 million unique wallets. Ethereum, with its much longer history, is currently sitting at 140 million wallets in total.
Ironically, Ethereum fans should secretly want the bull market to end right now. The longer it goes on, the more gas fees will remain high, and the more people will want to migrate away and seed other environments.
Second largest liquidation day in DeFi history
Speaking of the end of the bull market, a massive slide in crypto markets triggered some $24 million in liquidations on Tuesday, the second highest loss in DeFi history. It would’ve been the highest if not for that infamous day in November when Compound thought Dai was worth $1.3.
The firesale was triggered by nothing in particular, though I suspect that rising bond yields are having their effect on the riskiest of assets on Wall Street, of which Bitcoin is the quintessential representative. And then Bitcoin dragged the rest of crypto with it.
I don’t normally talk about price because I’m not a financial advisor or even a successful trader. But I am feeling a lot of fundamental and sentimental indicators of a coming correction, ranging from a wavering stock market to, well, the strength of Tuesday’s dump.
To top it all off, my non-crypto feeds are being invaded by crypto stuff, which is never a good sign. I certainly hope that I’m misinterpreting what is actually unprecedented adoption and acceptance, but let’s face it — it’s all about price for now, while fundamentals are still lagging.
With layer two platforms and new blockchains coming online, we may get something useful out of crypto and DeFi soon. But everything could happen before we get there. Be especially careful right now and, most importantly, don’t get liquidated.
In other news
Blockchain
Blockchain soccer gaming startup Sorare raises $50M


Sorare, a major blockchain-based soccer gaming platform, has raised $50 million from high-profile investors backing major companies like Twitter, Instagram and Discord
The fresh Series A round brings Sorare’s total funding to $60 million, the company told Cointelegraph Thursday.
The funding round was led by Benchmark, an investment giant famous for funding companies like Twitter, Uber and Snap. Accel Partners was another lead investor, known for backing companies like Facebook and Spotify. The round also included some additional investment from investors like Reddit co-founder Alexis Ohanian, VaynerMedia CEO Gary Vaynerchuk, and Barcelona striker Antoine Griezmann.
With the new funding, Sorare is planning to continue growing its ecosystem, including launching a mobile application and onboarding the top global 20 football leagues. “We’re designing an experience where fans can celebrate, share, and live football moments at a deeper connection. We’re making fantasy football a reality,” Sorare said.
Founded in 2018, Sorare provides a digital collectibles platform based on the Ethereum blockchain. With non-fungible tokens, the platform offers a collective fantasy football experience allowing players to manage their players and earn prizes.
Gerard Piqué, strategic advisor at Sorare, explained that the platform aims to meet the significant shift to online and digital fan experiences:
“As world football has shifted from local supporters to global fanbases, football fans are looking for new ways to be connected to the game, the players and other fans.”
Blockchain and cryptocurrency startups have been actively tapping the soccer industry in order to bring new ways of fan engagement using emerging technologies. Socios and Chiliz represent some of the best-known industry efforts, jointly providing blockchain fan tokens for popular global soccer clubs like FC Barcelona, Juventus and Paris Saint-Germain. Earlier this week, Polish Legia Warsaw became the latest soccer club to join Chiliz and Socios.
Source: https://cointelegraph.com/news/blockchain-soccer-gaming-startup-sorare-raises-50m
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