Connect with us

Blockchain

Maps.me Completes $50 Million Round for DeFi Integration

Republished by Plato

Published

on

Maps.me, a travel and mapping application, has announced a successful funding round as it looks to integrate the travel world with decentralized finance (DeFi). The Dutch company recently raised $50 million in a funding round as it looks to bolster its operations.

Travel Meets DeFi

The funding round was reportedly led by quantitative crypto trading firm Alameda Research. Other investors in the funding round include CMS Holdings and genesis Capital. Maps.me will be looking to expand its core mapping service, along with support for DeFi into its ecosystem.

Per reports, the primary objective will be to launch a multi-currency wallet inside Maps.me. Sam Bankman-Fried, the founder and chief executive of Alameda Research, explained to reporters that Maps.me will also hope to embed and democratize access to yield farming to its over 140 million users worldwide. The company hopes to propel DeFi into mainstream adoption.

The wallet will reportedly allow users to store value and earn up to eight percent in yields. Users will also be able to make transactions in several currencies, enjoy cashback on their transactions, and exchange funds with no additional fees.

Maps.me will look to combat increasing foreign exchange fees and commissions that banks and other travel platforms charge. As expected, the fact that it will be increasing access to general finance is a bonus.  

Maps.me launched in 2012 under a different name MapsWithMe. The company was eventually acquired by Netherlands-based tech firm Mail.ru in 2014 for $14 million. last November, Daegu Limited, a subsidiary of the Parity.com Group, purchased the app for almost $20 million.

Alex Grebnev, Maps.me’s co-founder and an executive at Parity.com, told sources that the acquisition was part of Parity’s mission to build an ecosystem that integrated DeFi into a platform with a large user base. With Maps.me, they have the perfect opportunity to do that.

The Hot Streak Continues

Maps.me has chosen an interesting time to integrate DeFi, especially as the tokens of some of the sub-industry’s top platforms have been surging recently. Blue-chip DeFi tokens like SUSHI and AAVE have risen threefold since December, notching more milestones even as Bitcoin struggles to stabilize above the $35,000 mark for the second week.

News of a Coinbase listing has also pushed Synthetix, with the asset rising by over 225 percent since the middle of December. Currently, DeFi Pulse shows that total assets locked in DeFi are at a record $24.5 billion.

Several DeFi corollaries have also seen significant gains. Earlier today, LINK, the in-house token for blockchain oracle protocol Chainlink, surpassed Bitcoin Cash to become the eighth-most valuable cryptocurrency. While Bitcoin Cash took its position soon after, there’s little doubt that Chainlink will eventually beat it.

Source: https://insidebitcoins.com/news/maps-me-completes-50-million-round-for-defi-integration

Blockchain

OpenSea Crashes Following BossLogic NFT Drop via Ethernity

Republished by Plato

Published

on

The hype around non-fungible tokens (NFTs) continues to escalate as demand for primary sales is only growing higher.

The last manifestation of this was earlier during the BossLogic NFT drop that took place on the OpenSea marketplace, causing it to essentially crash under the high traffic.

OpenSea Crashes as Traffic Surges

OpenSea, touted as the largest NFT marketplace crashed last night under a serious surge in traffic caused by an NFT drop.

The platform took it to Twitter to explain what happened:

Outage notice: the Bosslogic drop caused a 2X surge in traffic at 19:30 UTC, ultimately causing two spikes of failed requests, at 19:50 and 20:40.

The issue was our servers’ ability to reclaim memory. We will have a fix out shortly, but sincerely apologize to all affected!

Naturally, this caused some users to be upset because they’d lost gas fees as a result of the outage. The team responded that they “will not have to pay gas the next time you bid, for the next auction – that cost is only for the first time you ever bid on anything (converting ETH to wrapped ETH).”

ADVERTISEMENT

BossLogic’s NFT Drop

BossLogic is a well-known artist with almost half a million followers on Twitter and a lot more across different social media platforms.

His latest NFT drop was through a partnership with Ethernity chain to offer 2501 pieces of art to the very first lucky community members.

The tokens were sold for 0.299 ETH and each one of them represented digital artwork that’s featured in the collection.

This latest NFT drop is the latest to create massive hype around it. As CryptoPotato reported yesterday, the interest surrounding non-fungible tokens have surpassed that of ICOs from back during their peak in early 2018. This has caused many people to believe that they are in a state of a bubble.

Featured image courtesy of Inverse

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 CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://cryptopotato.com/opensea-crashes-following-bosslogic-nft-drop-via-ethernity/

Continue Reading

Blockchain

Norwegian Oil Mogul Sets Up $58 Million Entity to Buy Bitcoin

Republished by Plato

Published

on

The institutional bitcoin frenzy continues to spread like an epidemic. After several United States mega corporations added the digital currency to their balance sheet, the floodgates have been opened to major institutions across the world. Norwegian holding company Aker ASA said today that it will establish a new unit dedicated to bitcoin investment and the digital asset’s underlying technology.

Miss Out? “No Way”!

Asian smartphone giants, Meitu yesterday joined the league of institutional bitcoin adopters, as reported by CryptoPotato. With the future of modern-day finance hanging in the balance, companies investing reserve cash in bitcoin is widely becoming a norm rather than an exception. The latest to embrace bitcoin is Norwegian holdings, Aker ASA. It made the announcement in a press release this morning.

Aker ASA is going a step beyond investing in the leading digital currency. It will set up a company devoted to investing in bitcoin and blockchain technology. The new company called “Setee AS” will actively participate in the cryptocurrency space by collaborating with other industry players. It will also invest in other companies with healthy prospects in the blockchain and cryptocurrency industry.

The company which majors in offshore fishing, construction, and engineering said it would convert all its liquid assets to bitcoin. The new dedicated bitcoin unit will have a capital of around 500 million Norwegian crowns (approximately $58.6 million).

.. With Great Power Comes Great Responsibility

According to Aker, the operation of the new entity will span beyond bitcoin investment. The unit is expected to leverage the capabilities of its parent organization to pursue innovations in cybersecurity, financial transactions, and emissions-free verification operations. As part of the latter, the company will research and work on alternative ways to verify bitcoin transactions in a more environmentally friendly manner.

ADVERTISEMENT

To set the ball rolling, Setee is collaborating with a Canadian global leader in Bitcoin and blockchain technologies, Blockstream. President and CEO of Aker ASA, Øyvind Eriksen, spoke on the launch of Setee and its first partnership.

“With the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation. We look forward to addressing these and other applications together with Blockstream and other partners”

Aker AS is owned by Norwegian billionaire businessman Kjell Inge Rokke. Rokke shared a letter concerning the latest development to the company’s stakeholders. In the letter, he wrote:

First, we will use bit­coin as our trea­sury as­set and join the com­mu­ni­ty. In Bit­coin speak, we will be hodlers. We will be dif­fer­ent, but ad­di­tive.

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 CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://cryptopotato.com/norwegian-oil-mogul-sets-up-58-million-entity-to-buy-bitcoin/

Continue Reading

Blockchain

ETC Group adds Ethereum ETP on Deutsche Borse

Republished by Plato

Published

on

Exchange-Traded Products [ETPs] are gaining prominence and crypto investment firm ETC Group announced the launch of an Ethereum ETP on Deutsche Borse’s Xetra on 9 March. This ETP will go live with the ZET ticker and will be its second crypto investment product after Bitcoin ETP, as per reports.

The firm launched Bitcoin ETP in June 2020 and its assets under management have surged to $1 billion since. Since ETP’s value depended on the underlying security, this growth was a given for Bitcoin. Now that Ethereum has also joined the bandwagon, the results of its growth will also reflect positively for the investment firm.

Xetra, operated by the Frankfurt stock exchange, noted that more than 90% of trading in German shares goes through the marketplace, along with 30% of trading in exchange-traded funds [ETFs]. As per its website, more than 30 new ETFs and 4 ETCs are tradeable on Xetra since January.

However, ETC Group was not the only one listing ETPs on Deutsche Borse. 21Shares AG also announced the launch of the world’s first centrally cleared Ethereum [ETH] and Bitcoin Cash [BCH] ETPs a few days back.

According to reports, this was done to further push the institutionalization of crypto assets. Subject to approval by the Frankfurt Stock Exchange, the 21Shares Ethereum ETP [21XE] and 21Shares Bitcoin Cash ETP [21XC] will list on Deutsche Boerse on 9 March, with annual management fees of 1.49% and 2.50%, respectively.

The institutional interest has been increasing for Ethereum ever since the market has been rallying. The second-largest crypto and the most popular altcoin, Ethereum has managed to carve a niche for itself with the addition of decentralized finance [DeFi] and dApps.

Source: CoinStats

At the time of writing, ETH was going strong at $1,713, despite the high volatility in the market. It is returning 142% year-to-date to its investors as more people flock into the Ethereum ecosystem.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Check out Nord
Make your Money Grow with Mintos
Source: https://ambcrypto.com/etc-group-adds-ethereum-etp-on-deutsche-borse

Continue Reading
Blockchain3 days ago

How to Protect Yourself from the Cryptojacking Threat

Blockchain5 days ago

Will Netflix soon buy bitcoin?

Blockchain3 days ago

Experts divided on BTC predictions: Bullish or super bullish?

Blockchain3 days ago

BitGo To Introduce Crypto Custodial Services To New York Clients

Blockchain3 days ago

Bitcoin “Cheat Sheet” Calls For Next Leg Up To $77K

Blockchain5 days ago

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Blockchain3 days ago

Ethereum gas fees drop as daily DEX and DeFi volumes decline

Blockchain3 days ago

Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments

Blockchain3 days ago

Analyst tells Tesla to dump Bitcoin for buybacks as shares plunge alongside MSTR’s

Blockchain4 days ago

XRP Price Analysis: 04 March

Blockchain3 days ago

TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K

Blockchain3 days ago

Thailand’s largest movie theater chain accepts Bitcoin

Blockchain3 days ago

Decentralized Companies Are the New Norm and It’s the DAO Revolution That’s Making It Possible

Blockchain4 days ago

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

Blockchain4 days ago

Co-founder of Floyd Mayweather-promoted ICO sentenced to 8 years

Blockchain3 days ago

Binance Coin, Neo, Enjin Price Analysis: 05 March

Blockchain4 days ago

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

Blockchain3 days ago

Blockchain Association meeting with key Biden staff about regulations

Blockchain3 days ago

Ripple’s Asia expansion unaffected by SEC lawsuit, says CEO

Blockchain3 days ago

Bitcoin Losing the $50K Mark, Entering Bearish March: The Weekly Crypto Recap

Trending