Monat: Juli 2022

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Animoca Brands raises $75 million to fund the open metaverse

Animoca Brands, a leader in the Web3 game ecosystem, has raised more than $75 million in an investment as it looks to boost development of the open metaverse.

The company, which has made several key investments across projects such Axie Infinity, OpenSea, Yield Guild Games, Dapper Labs (NBA Top Shot), Eden Games and Harmony, has raised the funds just slightly under seven months after securing nearly $359 million at a $5 billion valuation.

Investors in Animoca’s latest funding included Liberty City Ventures, SG Spring Limited Partnership Fund, Kingsway Capital, 10T, Alpha Wave Ventures, Generation Highway Ltd and Cosmic Summit Investments Limited among others, the firm said in a blog release.

Advancing the open metaverse 

Animoca Brands, which is taking a major lead in the establishment of the open metaverse via multiple initiatives in blockchain, digital entertainment, and gamification, says it will use the fresh capital to further this goal.

“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honoured to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership,” said Yat Siu, the co-founder and executive chairman of Animoca Brands.

According to the company, the money will go into strategic acquisitions, product development and investments in the space. 

The firm will also use the funds to secure intellectual properties licences, with key areas of advancement being blockchain and NFTs, DeFi, GameFi and asset interoperability.

The post Animoca Brands raises $75 million to fund the open metaverse appeared first on CoinJournal.

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Upbit operator eyes ambitious Web 3 growth with 10,000 jobs

South Korean fintech giant Dunamu, the firm behind cryptocurrency exchange Upbit, has announced an ambitious plan that could see it bring more than 10,000 jobs to the Web3 ecosystem.

The company’s plans were revealed in a local news report published on Tuesday, which notes that the Upbit operator wants to plough up to 500 billion won (roughly $380 million) into its Web3 investment.

Per the report, Dunamu’s plans will revolve around injecting the funds into blockchain and Web3 projects over a five-year period. The company is also looking to offer key software solutions to startups within the fast-growing ecosystem, targeting these as strategic incentives meant to bolster fresh growth and create thousands of jobs.

Dunamu targets 500 startups

According to Dunamu CEO Lee Sirgoo, the initiative is geared towards strengthening Korea’s place within the innovation space, with jobs in blockchain, non-fungible tokens (NFTs) and the metaverse part of the vision.

The firm, which launched in 2012 and is one of the biggest investors in blockchain-focused projects, plans to expand its presence via new offices in some of South Korea’s top cities.

The main target will be fresh graduates from universities across the country, Dunamu said. This group of talent will look to launch 500 new startups, according to the report.

The post Upbit operator eyes ambitious Web 3 growth with 10,000 jobs appeared first on CoinJournal.

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KuCoin partners with Coinrule for automated trading

KuCoin, a Seychelles-based cryptocurrency exchange launched in 2017, has announced its partnership with one of the leading automated crypto assets trading platforms, Coinrule, to offer automated trading to its users.

According to KuCoin’s official announcement, Coinrule will allow its traders to trade cryptos on KuCoin using its platform API by integrating the KuCoin spot market data. Soon, more KuCoin products like futures trading and margin trading are also expected to be supported on the network.

While commenting on the partnership, KuCoin CEO, Johnny Lyu said:

“As the ‘People’s Exchange’, KuCoin is committed to easy-to-use trading tools for users to bring crypto to mass adoption. And the partnership with Coinrule is a big step towards this.”

Coinrule CEO and Founder, Gabriele Musella, was also excited about the partnership noting:

“At Coinrule, we are glad to see KuCoin joining our integration program. Our Users are eager to trade on KuCoin and to explore all the markets it provides.”

Embracing automated trading

KuCoin provides over 700 crypto assets trading which includes margin trading, futures trading, spot trading, staking, and P2P fiat trading. It also provides crypto assets lending to its 18 million users across 207 countries.

With the automated trading high-security mechanism, convenience, and comfort, crypto traders have also started to embrace it. It’s worth noting that KuCoin launched its Trading Bot Service back in 2021 to support five advanced trading strategies for users to gain passive income without monitoring the markets.

With this partnership, KuCoin will onboard more users that will promote trading strategies on the platform as well as lower the investment barriers for users.

The post KuCoin partners with Coinrule for automated trading appeared first on CoinJournal.

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Litecoin price prediction as token trades under $50

  • Litecoin has plummeted over 60% since March

  • The launch of the MWEB privacy upgrade contributed to a bearish sentiment

  • LTC trades lower than $50 psychological support level

Litecoin (LTC/USD) has been trading in lower highs and lower lows since March 2022. The trend has led to a 64% decline from $132. The current trading price is $47, with a daily drop of 4.36%. 

Litecoin is one of the earliest crypto projects that was forked from Bitcoin in 2011. LTC token is a utility crypto powering transactions in the network and acting as a store of value.

Many factors have contributed to the decline in LTC. The launch of Litecoin’s MimbleWimble update received negative sentiment leading to delisting in Binance and multiple Korean exchanges.

Litecoin is also a victim of the overall cryptocurrency bearish sentiment, which has seen most tokens dip. The token was designed to complement bitcoin with a faster block time and larger supply. Due to its similarity with bitcoin, Litecoin is affected by the same sentiment facing BTC. Some of them include the hike of interest rates by the Federal Reserve. The economic intervention with the rising inflation rate has forced investors to less risky assets.

Currently, most cryptos tokens are flashing red lights. Bitcoin has dipped 4.45% in the past day, trading at $19,623. Ethereum is also down 7.88% in the same period at $1,056. BNB, XRP, and Cardano have also plunged 4.3%, 4.88%, and 6%, respectively.

LTC loses $50 Psychological support level

Source: TradingView

According to Litecoin’s daily chart, LTC has been bouncing off a descending trendline. The token has also lost key support levels at $98 and $60. Furthermore, at the $47 support zone, LTC is looking bearish and can trade lower. The price outlook shows that if the LTC loses the currency support, more positions will be liquidated even as the RSI remains above the Oversold zone.

Closing thoughts

We do not recommend a buy of LTC at the current level as the technical and fundamental analysis points towards a bearish momentum. Investors should remain patient until there is a change of sentiment. The sell-off in LTC is related to both internal factors and the aspects around the macroeconomic level.

The post Litecoin price prediction as token trades under $50 appeared first on CoinJournal.