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Fantasy soccer NFT platform Sorare scores $680 million raise led by SoftBank

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Sorare, a soccer-focused NFT trading platform, has announced a $680 million Series B fundraise led by SoftBank.

Rumours of the investment have been swirling since May of this year. Now finalized, the investment values Sorare at $4.3 billion.

Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP and Liontree are all investing in the startup for the first time alongside SoftBank, with existing backers Benchmark, Accel and Headline also participating.

Sorare lets fans trade non-fungible token (NFT) trading cards of superstar players like Cristiano Ronaldo and Antoine Griezmann, which are underpinned by the Ethereum blockchain. Founded in 2018, the Paris-based startup has notched $150 million in cards sales so far this year.

The platform’s monthly active paying users grew by 34 times between the second quarter of 2020 and the second quarter of this year, with quarterly sales up 51 times over the same period. It currently boasts 600,000 registered users and has licensed players from over 180 soccer organizations, including Real Madrid, Liverpool and Juventus.

“Sorare’s game is born from our love for football and our expertise in tech. We saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other,” said Nicolas Julia, CEO and co-founder of Sorare, in a statement.

The platform plans to use the funding injection to help it expand into other fantasy sports; for hiring; marketing campaigns with partners and athletes; and to open its first office in the United States.

SoftBank backs another fintech firm

Over the course of this year, SoftBank – primarily through its Vision Fund 2 – has backed a host of fintech firms.

Its recent bets include the $33 billion neobank Revolut; DriveWealth, an infrastructure firm supporting fractionalized investing in U.S. stocks; Nigerian-based payments firm OPay; and, through its Latin America Fund, Brazilian crypto exchange Mercado Bitcoin.

Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group, said Sorare “sits at the intersection of two really exciting industries in digital collectibles and fantasy sports.” 

“It’s evident from Sorare’s amazing growth this year alone that football fans around the world have been eagerly waiting for the ‘game within the game’ that Sorare provides,” he added.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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Source: https://www.theblockcrypto.com/post/118094/fantasy-soccer-nft-sorare-scores-680-million-raise-softbank?utm_source=rss&utm_medium=rss

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PayPal’s Peter Thiel Wishes He Had Bought More BTC

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Peter Thiel feels he underestimated bitcoin. The world’s number one digital currency by market cap recently hit a new all-time high of approximately $66,000, though the asset is now down by a few thousand and trading for just over $62,000.

Peter Thiel Wishes He Had Invested More in BTC

Either way, Thiel implied in a recent interview that he wishes he had gotten more involved with the cryptocurrency and added more units to his portfolio, and he thinks the opportunity to take advantage of the asset may be gone. He commented:

I feel like I’ve been underinvested in it. Maybe it still is enough of a secret. I think the answers are still to go long.

Thiel is a libertarian and the founder of PayPal. This is ironic given that the digital payment platform has arguably been more serious about bitcoin than Thiel has. About a year ago, the company announced that it was going to allow customers to not only hold digital currencies in their PayPal accounts, but they could also pay for goods and services through the platform with crypto.

This got the digital currency community hopping like mad, and the price of bitcoin rose to $13,000 per unit, which back then, was somewhat impressive. By today’s standards, however, the currency has grown nearly five times that, so $13K doesn’t seem like much anymore.

This has both its good and bad sides. During a separate interview, Thiel discussed that he thinks bitcoin may be overbought at $60,000+. At the same time, he says it is a bad sign for central banks, and that the standard financial procedures America and other regions across the globe have gotten used to may come crashing down soon.

Could Standard Banks Soon Be a Thing of the Past?

Discussing financial protocols in the United States, he said that the entire system may soon be stuck adhering to bitcoin, and that individuals may find themselves looking at it more given the honesty behind it and the fact that inflation continues to occur. He states:

I don’t know that you should put all your money into bitcoin at $60,000 a bitcoin right now, but surely the fact that it is at $60,000 is an extremely hopeful sign. It’s the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit… regime is about to blow up.

The attitude towards bitcoin that we’re witnessing today – where it’s being viewed as something of a hedge tool that can keep one’s wealth stable and steady during times of economic strife – began about a year and a half ago when the coronavirus pandemic first began to take hold of the global economy. Many governments began printing money like mad to offer individuals stimulus funds so they could remain afloat. This is largely believed to have begun the inflationary waves we’re now seeing.

Tags: bitcoin, PayPal, Peter Thiel
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Source: https://www.livebitcoinnews.com/paypals-peter-thiel-wishes-he-had-bought-more-btc/

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Bitcoin Funding Rates Touch Same Level As Early September, More Correction To Come?

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Data shows Bitcoin funding rates right now are at the same level as they were in early September. This means the coin may see another flush out similar to how it happened back then.

Bitcoin Funding Rates Float Around Similar Levels To Early September

As per this week’s on-chain report from Glassnode, the BTC futures perpetual funding rate of all exchanges is currently at the level similar to what it was back in early September before the crash.

The “funding rates” is an indicator that shows the premium that traders have to pay each other while holding on to their positions in the perpetual swap futures markets.

When the metric has negative values, it means that short traders are paying longs, and that many traders are bearish on Bitcoin right now.

Opposite to that, positive funding rates imply that the overall market sentiment is leaning towards bullish and longs are currently paying shorts to keep their positions.

Related Reading | BTC Holders Reduce Spending, Why Bitcoin Could Get More Rocket Fuel

Now, here is a chart that highlights the trend in the value of the indicator over the last six months:

Bitcoin Futures Funding Rates

Looks like the metric is currently showing highly positive values | Source: Glassnode's The Week On-Chain, Week 43

As the above graph shows, when Bitcoin made its new all-time high (ATH) some days ago, the indicator reached positive local highs.

This means traders started opening many leveraged long positions so that they don’t miss out on the wave of BTC making new ATHs.

Related Reading | On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin

However, the price had a correction, which has often been the case during periods of high leverage, and a lot of the excess leverage was flushed out.

Nonetheless, the funding rates are still at similarly high levels right now as in early September. What followed then was the El Salvador crash that took the rates to negative values.

It’s possible another correction can take place now in order to flush out more of the currently high leverage in the market. Though it’s not a certainty that it will be how it plays out.

BTC Price

At the time of writing, Bitcoin’s price floats around $62.5k, down 0.4% in the last seven days. Over the past month, the crypto has gained 44% in value.

The below chart shows the trend in the price of the crypto over the last five days.

Bitcoin Price Chart

BTC's price seems to be recovering somewhat from the dip | Source: BTCUSD on TradingView

Over the last few days, Bitcoin has shown some effort to bounce back from the correction, but in the last couple of days, the crypto has only moved rather sideways. If the futures funding rates are anything to go by, the market may be heading towards another correction soon that will wipe out the excess leverage.

Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-funding-rates-sept-correction/

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On-Chain Data Shows Bitcoin Miners Continue To Accumulate

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On-chain data shows Bitcoin miners are still in the process of accumulation, despite the crypto recently reaching new all-time highs (ATHs).

Bitcoin Miners Continue Their Accumulation

As pointed out by an analyst in a CryptoQuant post, BTC miner reserves have continued the trend up recently, despite the coin hitting new ATHs.

The “miner reserves” is an on-chain indictor that shows the total amount of Bitcoin that miners have currently stored in their wallets.

An increase in the indicator’s value means Bitcoin miners as a whole are accumulating more of the cryptocurrency. Such a trend may show they are bullish on the price and that there isn’t much selling pressure among them right now.

On the other hand, a decrease in the reserves would imply that they are in the process of distribution currently. And this may mean they feel bearish on the price, and feel a selling pressure in the market.

Related Reading | Bitcoin Miners See 31% Uptick In Revenue As Hash Crash Recovery Continues

Now, here is a chart that shows the trend in the value of this Bitcoin indicator since March of 2019:

Bitcoin Miner Reserves

BTC miner reserves seem to be continuing their recent trend upwards | Source: CryptoQuant

The above graph shows some interesting trends in the value of this indicator over the period. During 2020, it looks like Bitcoin miners built up their reserves during the dry year of 2020, in anticipation of another bull run.

After almost a year’s long wait, BTC started on a fresh bull run, and some of these network validators decided to take the opportunity to offload their wallets. This showed up as a plunge on the above chart.

Following this dip, the metric again showed an upwards trend as miners continued picking up more coins. Shortly after the Bitcoin May price crash, there was again some selling, but since then the indicator has again climbed up.

Right now, the reserves stand at the same level as they were when Bitcoin’s value was under $40k after the aforementioned crash.

Related Reading | Nvidia RTX 3060 GPUs Being Sold For As Low As $270 By Miners As China’s Crackdowns Continue

The analyst in the post believes this uptrend could be quite bullish for the coin as it may show that the bull run has still not reached its final stage.

BTC Price

At the time of writing, Bitcoin’s price floats around $62.5k, up 0.5% in the last seven days. Over the past seven days, the crypto has gained 44.6% in value.

The below chart shows the trend in the price of the coin over the past five days:

Bitcoin Price Chart

BTC's price looks to be bouncing back up from the correction that took place a few days back | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Source: https://bitcoinist.com/on-chain-data-shows-bitcoin-miners-continue-to-accumulate/?utm_source=rss&utm_medium=rss&utm_campaign=on-chain-data-shows-bitcoin-miners-continue-to-accumulate

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