Visa, Paypal Invest in Crypto-Focused Blockchain Capital's New $300 Million Fund
Visa Inc. and Paypal have invested in Blockchain Capital’s new fund. The venture capital firm focuses exclusively on the crypto ecosystem and blockchain technology.
Blockchain Capital Raises $300M for Its New Fund
Blockchain Capital announced Tuesday that it has raised $300 million for its 5th venture capital fund (Fund V).
Paypal and Visa were among the investors. Others include pension funds, major university endowments, and family offices from around the world, the company said, adding that select investors, including Paypal and Visa, will participate in its strategic partnership program.
Blockchain Capital described itself as “the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem.” The firm has invested in more than 110 companies, protocols, and crypto assets across the ecosystem since its inception in 2013. Its portfolio includes major crypto companies such as Coinbase, Kraken, Anchorage, and Opensea. In addition, it includes Defi players: Aave, Nexus Mutual, and UMA.
Jose Fernandez da Ponte, Paypal’s vice president and general manager of blockchain, crypto and digital currencies, commented:
Paypal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure. Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.
Visa Inc. and Paypal have invested in Blockchain Capital’s new fund. The venture capital firm focuses exclusively on the crypto ecosystem and blockchain technology.
Blockchain Capital Raises $300M for Its New Fund
Blockchain Capital announced Tuesday that it has raised $300 million for its 5th venture capital fund (Fund V).
Paypal and Visa were among the investors. Others include pension funds, major university endowments, and family offices from around the world, the company said, adding that select investors, including Paypal and Visa, will participate in its strategic partnership program.
Blockchain Capital described itself as “the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem.” The firm has invested in more than 110 companies, protocols, and crypto assets across the ecosystem since its inception in 2013. Its portfolio includes major crypto companies such as Coinbase, Kraken, Anchorage, and Opensea. In addition, it includes Defi players: Aave, Nexus Mutual, and UMA.
Jose Fernandez da Ponte, Paypal’s vice president and general manager of blockchain, crypto and digital currencies, commented:
Paypal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure. Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.
Cardano Founder Says Ethereum Will Flip Bitcoin
Charles Hoskinson, the founder of Cardano has stated the possibility of Ethereum flipping Bitcoin sooner or later. While talking about cryptocurrencies, he cited categorically the speed of Bitcoin transactions compared to other blockchains as a possible fallout to make other cryptos flip Bitcoin. Hoskinson also noted that Ethereum has performed better than Bitcoin in a number of ways.
Hoskinson seems to have joined the bandwagon of Ethereum fans. The second largest cryptocurrency by market capitalization after Bitcoin has gained a lot of momentum in recent times and there have been speculations on its possibility of flipping Bitcoin. The founder stated that the digital asset is far better than Bitcoin because of its flexibility in terms of development.
Also, the Ethereum network is flexible because no problem is permanent with the network. Any issues found on the blockchain can be fixed. This is evident in the development of the Ethereum 2.0 which has been in the works for a while now. The upgrade is to address the issues on the current Ethereum blockchain such as high transaction fees among others. It will ensure the efficiency and scalability of the network.
Hoskinson underlined the rigidity of the Bitcoin network. That is, changes cannot be made to the blockchain and it is subjected to effects from the network such as traffic on the Blockchain. Traffic on the Bitcoin network will slow down transactions and increase fees. The CEO outlined this problem as making improvements on the network not possible.
Closing on, the Chief executive stated that the cryptocurrency industry is still in the early stages. Bitcoin and Ethereum are the leading digital assets. Despite the emergence of a number of blockchains in the space, Cardano remains a great competitor to the rising blockchains according to Hoskinson.
Charles Hoskinson, the founder of Cardano has stated the possibility of Ethereum flipping Bitcoin sooner or later. While talking about cryptocurrencies, he cited categorically the speed of Bitcoin transactions compared to other blockchains as a possible fallout to make other cryptos flip Bitcoin. Hoskinson also noted that Ethereum has performed better than Bitcoin in a number of ways.
Hoskinson seems to have joined the bandwagon of Ethereum fans. The second largest cryptocurrency by market capitalization after Bitcoin has gained a lot of momentum in recent times and there have been speculations on its possibility of flipping Bitcoin. The founder stated that the digital asset is far better than Bitcoin because of its flexibility in terms of development.
Also, the Ethereum network is flexible because no problem is permanent with the network. Any issues found on the blockchain can be fixed. This is evident in the development of the Ethereum 2.0 which has been in the works for a while now. The upgrade is to address the issues on the current Ethereum blockchain such as high transaction fees among others. It will ensure the efficiency and scalability of the network.
Hoskinson underlined the rigidity of the Bitcoin network. That is, changes cannot be made to the blockchain and it is subjected to effects from the network such as traffic on the Blockchain. Traffic on the Bitcoin network will slow down transactions and increase fees. The CEO outlined this problem as making improvements on the network not possible.
Closing on, the Chief executive stated that the cryptocurrency industry is still in the early stages. Bitcoin and Ethereum are the leading digital assets. Despite the emergence of a number of blockchains in the space, Cardano remains a great competitor to the rising blockchains according to Hoskinson.
Nigerian FinTech Stakeholders Establishes the FinTech Alliance Coordinating Team (FACT)
Stakeholders in the Nigerian FinTech community have come together to establish the FinTech Alliance Coordinating Team – FACT to ensure a collaborative and proactive approach to policies and regulations of FinTechs in the country.
The initiative was led by the FinTech Association of Nigeria (FinTechNGR) and the alliance was formed in a meeting which was held on the 15th of June, 2021.
The basis for the alliance stems from the need to be in control of their destiny as innovators considering the reactive initiatives of FinTechs to regulators policies which were often in isolation to each other’s moves.
This creates problems and doesn’t ensure proper coordination of positive results. There’s therefore the need to adopt a collaborative and proactive approach to ensuring the growth of the industry and well-being of players.
The founding members of the FACT are:
- Association of Licensed Mobile Payment Operators (ALMPO)
- Fintech Association of Nigeria (FintechNGR)
- Blockchain Nigeria User Group (BNUG)
- Financial Services Innovators (FSI)
- Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
- Cryptography Development Initiative of Nigeria (CDIN)
- Innovation Support Network – Hubs, (ISN Hubs)
Stakeholders in the Nigerian FinTech community have come together to establish the FinTech Alliance Coordinating Team – FACT to ensure a collaborative and proactive approach to policies and regulations of FinTechs in the country.
The initiative was led by the FinTech Association of Nigeria (FinTechNGR) and the alliance was formed in a meeting which was held on the 15th of June, 2021.
The basis for the alliance stems from the need to be in control of their destiny as innovators considering the reactive initiatives of FinTechs to regulators policies which were often in isolation to each other’s moves.
This creates problems and doesn’t ensure proper coordination of positive results. There’s therefore the need to adopt a collaborative and proactive approach to ensuring the growth of the industry and well-being of players.
The founding members of the FACT are:
- Association of Licensed Mobile Payment Operators (ALMPO)
- Fintech Association of Nigeria (FintechNGR)
- Blockchain Nigeria User Group (BNUG)
- Financial Services Innovators (FSI)
- Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
- Cryptography Development Initiative of Nigeria (CDIN)
- Innovation Support Network – Hubs, (ISN Hubs)
‘Bitcoin will go all the way to $160,000 this year,’ says Celsius CEO
The highs for Bitcoin are yet to be seen this year, says Alex Mashinsky.
Although the price of Bitcoin (BTC) continues to hover around $30,000, industry experts are noting that there is a bullish long-term view.
To put this into perspective, Alex Mashinsky, chief executive officer and co-founder of Celsius – the centralized cryptocurrency lending platform – told Cointelegraph at Bitcoin 2021 in Miami that he sees Bitcoin reaching $160,000 this year, or possibly a bit lower. “We haven’t seen the highs yet for 2021,” Mashinsky said.
Mashinsky further remarked that the crypto market was bound for a correction, following Bitcoin’s recent all-time high of over $63,000:
“When you go too high, too fast, you are bound for a correction. You can see my tweets in both March and February saying ‘we’re going to have a crash, we’re going to have a correction.’ I predicted $30,000. Bitcoin is like a spring – we stretch it too much and we put too much leverage. Too many people got greedy.”
The highs for Bitcoin are yet to be seen this year, says Alex Mashinsky.
Although the price of Bitcoin (BTC) continues to hover around $30,000, industry experts are noting that there is a bullish long-term view.
To put this into perspective, Alex Mashinsky, chief executive officer and co-founder of Celsius – the centralized cryptocurrency lending platform – told Cointelegraph at Bitcoin 2021 in Miami that he sees Bitcoin reaching $160,000 this year, or possibly a bit lower. “We haven’t seen the highs yet for 2021,” Mashinsky said.
Mashinsky further remarked that the crypto market was bound for a correction, following Bitcoin’s recent all-time high of over $63,000:
“When you go too high, too fast, you are bound for a correction. You can see my tweets in both March and February saying ‘we’re going to have a crash, we’re going to have a correction.’ I predicted $30,000. Bitcoin is like a spring – we stretch it too much and we put too much leverage. Too many people got greedy.”
Ethereum Classic devs announce upcoming hard fork
Ethereum Classic gets a major upgrade in July. Here’s how it will save users on gas fees.
On Monday, developers of the Ethereum Classic (ETC) blockchain announced a hard fork to implement the project’s latest version, now scheduled for launch in late July.
The upgrade, which the community has dubbed "Magneto,” will include the four Ethereum Improvement Proposals, or EIPs, first seen in Ethereum’s Berlin upgrade earlier this year.
These proposals are meant to improve the network’s security, while saving on gas costs by storing addresses and keys in one place for users to access with a single transaction.
Beta testing on ETC’s Morder and Kotti testnets began on June 2 and June 9, respectively. The Magneto fork is set to officially occur once these tests have concluded.
Stevan Lohja, developer relations manager for Mantis — a full-featured client and wallet for Ethereum Classic — told the ETC community:
“To ensure a successful fork, we ask ETC consumers to upgrade their node software to a Magneto compatible version if they have not done so already. If you’re not operating nodes or services, but use ETC through other services, then check with that service to ensure they’re supporting the Magneto hard fork.”
Ethereum Classic gets a major upgrade in July. Here’s how it will save users on gas fees.
On Monday, developers of the Ethereum Classic (ETC) blockchain announced a hard fork to implement the project’s latest version, now scheduled for launch in late July.
The upgrade, which the community has dubbed "Magneto,” will include the four Ethereum Improvement Proposals, or EIPs, first seen in Ethereum’s Berlin upgrade earlier this year.
These proposals are meant to improve the network’s security, while saving on gas costs by storing addresses and keys in one place for users to access with a single transaction.
Beta testing on ETC’s Morder and Kotti testnets began on June 2 and June 9, respectively. The Magneto fork is set to officially occur once these tests have concluded.
Stevan Lohja, developer relations manager for Mantis — a full-featured client and wallet for Ethereum Classic — told the ETC community:
“To ensure a successful fork, we ask ETC consumers to upgrade their node software to a Magneto compatible version if they have not done so already. If you’re not operating nodes or services, but use ETC through other services, then check with that service to ensure they’re supporting the Magneto hard fork.”
Nigerian Learning Institution Says It Now Accepts Crypto as Payment for School Fees.
A learning institution in Nigeria’s Kano state, the New Oxford Science Academy, recently announced it will be accepting cryptocurrency as payment for school fees. According to the school’s proprietor, Sabi’u Musa Haruna, the institution arrived at this decision after consulting parents and guardians of the students.
The New Oxford Science Academy owner also justified the move saying this is in line with the changing global trends. Haruna said:
“We have decided to accept cryptocurrency as school fees because the world today is tilting towards the system. We believe one-day digital money will gain more acceptance than paper money. The decision is aimed at easing the payment of school fees for the parents.”
By accepting cryptocurrencies, New Oxford Science Academy is ignoring the Central Bank of Nigeria (CBN) and other regulators’ repeated warnings against the use and acceptance of cryptocurrencies
A learning institution in Nigeria’s Kano state, the New Oxford Science Academy, recently announced it will be accepting cryptocurrency as payment for school fees. According to the school’s proprietor, Sabi’u Musa Haruna, the institution arrived at this decision after consulting parents and guardians of the students.
The New Oxford Science Academy owner also justified the move saying this is in line with the changing global trends. Haruna said:
“We have decided to accept cryptocurrency as school fees because the world today is tilting towards the system. We believe one-day digital money will gain more acceptance than paper money. The decision is aimed at easing the payment of school fees for the parents.”
By accepting cryptocurrencies, New Oxford Science Academy is ignoring the Central Bank of Nigeria (CBN) and other regulators’ repeated warnings against the use and acceptance of cryptocurrencies
Bitcoin leads crypto rally despite UK’s Binance crackdown.
The largest digital coin rallied on Monday to near $35,000 after wobbling down to around $30,000 over the weekend.
Bitcoin pushed higher as proponents took the U.K.’s crypto crackdown in stride after the digital token traded above a key technical level over the weekend.
The largest cryptocurrency advanced as much as 8%, and recently traded at around $34,580 in New York trading. The broader crypto market also climbed, with the total valuation up about 5% to $1.44 trillion, according to CoinGecko pricing.
In one of the most significant moves to date by a regulator amid a global crackdown, Binance Markets Ltd., an affiliate of top global crypto exchange Binance, was banned Sunday by the U.K. financial watchdog from doing any regulated business in the country. Huobi, one of the most popular cryptocurrency platforms in China, said Monday that users in the country are prohibited from trading derivatives.
“We’re seeing the $30,000 level on Bitcoin being defended quite well with a number of tests at that level over the past month,” said Vijay Ayyar, head of Asia-Pacific at crypto exchange Luno Pte. “We saw a lot of downward pressure on prices being defended, so this looks quite bullish at this point.”
The largest digital coin rallied on Monday to near $35,000 after wobbling down to around $30,000 over the weekend.
Bitcoin pushed higher as proponents took the U.K.’s crypto crackdown in stride after the digital token traded above a key technical level over the weekend.
The largest cryptocurrency advanced as much as 8%, and recently traded at around $34,580 in New York trading. The broader crypto market also climbed, with the total valuation up about 5% to $1.44 trillion, according to CoinGecko pricing.
In one of the most significant moves to date by a regulator amid a global crackdown, Binance Markets Ltd., an affiliate of top global crypto exchange Binance, was banned Sunday by the U.K. financial watchdog from doing any regulated business in the country. Huobi, one of the most popular cryptocurrency platforms in China, said Monday that users in the country are prohibited from trading derivatives.
“We’re seeing the $30,000 level on Bitcoin being defended quite well with a number of tests at that level over the past month,” said Vijay Ayyar, head of Asia-Pacific at crypto exchange Luno Pte. “We saw a lot of downward pressure on prices being defended, so this looks quite bullish at this point.”
Canadian Electric Vehicle to start Mining Bitcoin and Dogecoin
Daymak, the electric automobile company and Tesla’s biggest competitor, announced yesterday 29th June, 2021, that the sketch model of Spiritus; the company’s three wheeler that would launch sometime later, started mining Bitcoin, Dogecoin and other cryptocurrencies.
Daymak initially announced that Spiritus would be capable of mining cryptos earlier this month, June. The car’s mining process would be monitored by viewers with the broadcast on the company’s website. The unique feature was enabled by the Daymak Nebula platform.
The prototype of the vehicle has a powerful GPU integrated into its system that mines Bitcoin whenever the car is parked. A Nebula wallet is also in the vehicle to collect and store proceeds from mining. Other electric vehicle companies looking to integrate the Nebula wallet will have to buy a license to do so.
Spiritus is expected to be launched in 2023 according to reports. Pre-order for the electric vehicle is available already at a price of $18,495 per vehicle. Another unique feature of the car apart from crypto mining is wireless charging.
Daymak, the electric automobile company and Tesla’s biggest competitor, announced yesterday 29th June, 2021, that the sketch model of Spiritus; the company’s three wheeler that would launch sometime later, started mining Bitcoin, Dogecoin and other cryptocurrencies.
Daymak initially announced that Spiritus would be capable of mining cryptos earlier this month, June. The car’s mining process would be monitored by viewers with the broadcast on the company’s website. The unique feature was enabled by the Daymak Nebula platform.
The prototype of the vehicle has a powerful GPU integrated into its system that mines Bitcoin whenever the car is parked. A Nebula wallet is also in the vehicle to collect and store proceeds from mining. Other electric vehicle companies looking to integrate the Nebula wallet will have to buy a license to do so.
Spiritus is expected to be launched in 2023 according to reports. Pre-order for the electric vehicle is available already at a price of $18,495 per vehicle. Another unique feature of the car apart from crypto mining is wireless charging.
Bitcoin bulls must now defend $33K support after 5% daily loss
A test of support levels is on the cards after resistance takes control of Bitcoin’s latest attempt to hit $40,000.
Bitcoin (BTC) faced fresh losses on Thursday as attention focused on an impending test of an important support zone.
Eyes are now on an area between $32,300 and $33,000 to provide a floor. On Thursday, popular trader Michaël van de Poppe reiterated the need for that zone to hold.
The pair had reversed after reaching nearly $36,700, erasing most of the gains it had sealed in a run-up that began on the weekend.
“Would be nice if Bitcoin creates a higher low here & flips $33K for support to sustain the momentum,” he said in his latest Twitter update.
A test of support levels is on the cards after resistance takes control of Bitcoin’s latest attempt to hit $40,000.
Bitcoin (BTC) faced fresh losses on Thursday as attention focused on an impending test of an important support zone.
Eyes are now on an area between $32,300 and $33,000 to provide a floor. On Thursday, popular trader Michaël van de Poppe reiterated the need for that zone to hold.
The pair had reversed after reaching nearly $36,700, erasing most of the gains it had sealed in a run-up that began on the weekend.
“Would be nice if Bitcoin creates a higher low here & flips $33K for support to sustain the momentum,” he said in his latest Twitter update.
JPMorgan Predicts When Bitcoin Bear Market Will Be Over
Global investment bank JPMorgan has predicted that the bitcoin price slump will likely be over when the cryptocurrency’s dominance rises back above 50%. “I think that’s another indicator to watch here in terms of whether this bear phase is over or not,” the firm’s analyst explained.
JPMorgan’s Bitcoin Market Prediction
JPMorgan analyst Nikolaos Panigirtzoglou has shared his view of when he expects the current bitcoin bear market to be over. In an interview with CNBC on Tuesday, the analyst explained that the bitcoin price slump will likely end when the cryptocurrency’s market share of all cryptocurrencies climbs back above 50%. He explained:
“A healthy number there, in terms of the share of bitcoin as a percentage of the total cryptocurrency market cap, is 50% or above. I think that’s another indicator to watch here in terms of whether this bear phase is over or not.”
Another JPMorgan analyst said that the crypto market is healing even though it is not yet healthy. Furthermore, the near-term outlook for the crypto market is “challenging,” the analyst added, warning of more sell-offs.
Global investment bank JPMorgan has predicted that the bitcoin price slump will likely be over when the cryptocurrency’s dominance rises back above 50%. “I think that’s another indicator to watch here in terms of whether this bear phase is over or not,” the firm’s analyst explained.
JPMorgan’s Bitcoin Market Prediction
JPMorgan analyst Nikolaos Panigirtzoglou has shared his view of when he expects the current bitcoin bear market to be over. In an interview with CNBC on Tuesday, the analyst explained that the bitcoin price slump will likely end when the cryptocurrency’s market share of all cryptocurrencies climbs back above 50%. He explained:
“A healthy number there, in terms of the share of bitcoin as a percentage of the total cryptocurrency market cap, is 50% or above. I think that’s another indicator to watch here in terms of whether this bear phase is over or not.”
Another JPMorgan analyst said that the crypto market is healing even though it is not yet healthy. Furthermore, the near-term outlook for the crypto market is “challenging,” the analyst added, warning of more sell-offs.
Vietnamese Prime Minister Asks the Central Bank to Look into Cryptocurrency
The Prime Minister of Vietnam, Pham Minh Chinh, has requested that the State Bank of Vietnam (SBV) begin feasibility studies on cryptocurrencies. The Prime Minister also stated that the country’s bank is to pilot blockchain based cryptocurrency on or before the year 2023.
It was revealed in a report by local media. The decision is part of Prime Minister Pham’s plans towards a digital government according to the report. The blockchain based cryptocurrency is one of the other plans towards the e-government in works under the Prime Minister. Other technologies such as Artificial Intelligence (AI) as well as Virtual Reality and Augmented Reality (VR/AR) are in the plans of the government.
However, for a country like Vietnam who hasn’t been really crypto friendly, this might be considered great news. For a long time till date, cryptocurrencies weren’t recognized in the country’s regulatory framework. The country’s central bank (SBV) emphasized for a long time that cryptocurrencies were not a legal means of payment and remittance within the region. It also noted that Bitcoin and other cryptocurrencies were not recognized in Vietnam.
Vietnam seems to be the latest country to join the train of countries looking to the potential of digital currencies. This might in the long run be an inevitable trend where all countries would have to implement one way or the other as time goes on.
The Prime Minister of Vietnam, Pham Minh Chinh, has requested that the State Bank of Vietnam (SBV) begin feasibility studies on cryptocurrencies. The Prime Minister also stated that the country’s bank is to pilot blockchain based cryptocurrency on or before the year 2023.
It was revealed in a report by local media. The decision is part of Prime Minister Pham’s plans towards a digital government according to the report. The blockchain based cryptocurrency is one of the other plans towards the e-government in works under the Prime Minister. Other technologies such as Artificial Intelligence (AI) as well as Virtual Reality and Augmented Reality (VR/AR) are in the plans of the government.
However, for a country like Vietnam who hasn’t been really crypto friendly, this might be considered great news. For a long time till date, cryptocurrencies weren’t recognized in the country’s regulatory framework. The country’s central bank (SBV) emphasized for a long time that cryptocurrencies were not a legal means of payment and remittance within the region. It also noted that Bitcoin and other cryptocurrencies were not recognized in Vietnam.
Vietnam seems to be the latest country to join the train of countries looking to the potential of digital currencies. This might in the long run be an inevitable trend where all countries would have to implement one way or the other as time goes on.