Monat: September 2023

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Bitget earmarks another $100 million for global expansion

  • Bitget announced a new $100 million fund it’s calling Empower X on Tuesday.
  • The crypto exchange wants to tap on investment opportunities to diversify its business.
  • Bitget made the announcement today at its 5th anniversary summit in Singapore.

Bitget is in focus this morning after announcing plans of spending big on global expansion.

Bitget has established a new fund

On Tuesday, the crypto exchange revealed “Empower X” – a $100 million fund dedicated to investing in media organisations, data analytics firms, and regional exchanges.

Bitget expects tapping on such investment opportunities to help diversify its business. According to its Managing Director Gracy Chen:

Through strategic, targeted investments that foster long-term growth, we aim to expand our ecosystem of services to better serve evolving needs of users.

The Seychelles-based company made the aforementioned announcement at its 5th anniversary summit in Singapore. It was recently named one of the top four centralised exchanges by TokenInsight.

Bitget is committed to global expansion

Earlier this year, Bitget had earmarked $100 million to invest in Asia-focused Web3 startups. Its Managing Director Chen also said in a press release today:

CEX landscape is evolving … and more investment, merger and acquisition will happen in the following months. Our vision goes beyond the present.

In March, the crypto exchange also spent $30 million to secure a controlling stake in BitKeep and rebranded the decentralised multichain wallet as Bitget Wallet.

The announcement arrives shortly after Bitget reported a 1.8% increase in its market share in the second quarter of this year to 8.7%. It has recently registered successfully in Lithuania.

The post Bitget earmarks another $100 million for global expansion appeared first on CoinJournal.

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Mohamed El-Erian: Crypto is more institutionalised and maturing well

  • Crypto is getting more and more institutionalised and maturing well, says Mohamed El-Erian.
  • The top economist pointed to the flip in sentiment from major players such as BlackRock as good for crypto.
  • El-Erian also commented on US inflation.

Mohamed El-Erian, the chief economic advisor at Allianz, says the cryptocurrency industry is getting more institutionalized and maturing well. The economist and president of Queen’s College, Cambridge, shared the outlook during an interview with CNBC’s “Squawk Box” show on Tuesday.

His comments also came as Bitcoin bounced off lows seen on Monday to trade above $26,000 as the broader market awaits the latest on US inflation. BTC was also up as asset manager Franklin Templeton filed for a spot bitcoin ETF to add to those of BlackRock, Fidelity and others.

Crypto becoming part of global ecosystem

According to El-Erian, the growing embrace of crypto by big mainstream players can only be good for the sector even amid the wider scope of Fed’s rates path.

“Crypto is settling as part of the ecosystem. People have recognized it’s not the new global currency. People have also realized it’s not going to disappear tomorrow. It’s been institutionalized. If I were a crypto person, this maturation process is a good thing,” he told CNBC.

The investor also noted that headline inflation is likely to “prove much more complicated”, with core inflation less well behaved amid the Fed’s battle to bring it to its desired 2% level. 

In his opinion, the market may have to absorb the notion that the trajectory is “higher for longer.” He also thinks that the assumption is that the Fed will have to cut rates beginning early 2024, but this may not happen.

El-Erian, who said he could not predict where the crypto market is headed in terms of price performance, is however optimistic about crypto’s future in relation to the growing adoption by Wall Street giants. It is this perspective that could outline the potential impact to cryptocurrency prices.

The post Mohamed El-Erian: Crypto is more institutionalised and maturing well appeared first on CoinJournal.

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Tron (TRX) price prediction as DeFi TVL rises in its ecosystem

  • Tron price made a strong comeback on Tuesday.

  • Franklin Resources applied for its own Bitcoin ETF.

  • Tron’s user statistics are strong as the DeFi TVL soars.

Tron price popped on Tuesday as cryptocurrencies went through a short squeeze. The TRX coin jumped to a high of $0.082, the highest level since July 30th. It has soared by more than 135 from the lowest level in August.

US inflation data ahead

The main catalyst for the TRX price was a decision by Franklin Templeton to file for its spot Bitcoin ETF. It joins other large American companies like Ark Invest, Invesco, and Blackrock. 

It is still unclear whether the SEC will accept these funds even though the companies have put in place strict surveillance clauses to prevent manipulation. Still, analysts believe that the SEC will ultimately accept these funds, thanks to the recent breakthrough by Grayscale Bitcoin Trust.

Franklin Resource’s application is a major one because of how big the fund is. It is one of the biggest companies in the US with over $1.5 trillion in assets under management (AUM). This makes it the 20th company in the industry.

Tron price also jumped as the total value locked (TVL) in its DeFi ecosystem continued rising. The TVL jumped to $5.7 billion, making it the second-biggest player in the sector after Ethereum.

Most dApps in Tron’s ecosystem have added more funds recently. For example, JustLend’s TVL has jumped by more than 7% in the past 7 days while JustStables, Sun, and stUSDT TVL has risen by over 5% in the same period.

Tron remains one of the most active blockchains in the industry. Data by DeFi Llama shows that the number of active users in the ecosystem were over 1.25 million in the past 24 hours. Its revenue in the same period was over $1 million.

The next catalyst for Tron price will be the upcoming US inflation data scheduled for Wednesday. These numbers are expected to show that inflation remained at an elevated level in August.

Tron price prediction

The daily chart shows that the TRX price has been in a strong bullish trend in the past few months. It has formed an ascending channel that is shown in black and has now moved to its middle point. Tron’s volume has been relatively elevated while the price remains above the 50-day moving average.

Therefore, the outlook for Tron is bullish, with the next level to watch being at $0.0851, the highest level on July 28th. The stop-loss of this trade will be at $0.077.

How to buy Tron

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy TRX with eToro today

OKX

OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.

Buy TRX with OKX today

The post Tron (TRX) price prediction as DeFi TVL rises in its ecosystem appeared first on CoinJournal.

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Google Cloud becomes default verifier for LayerZero

  • Google Cloud will be set as default verifier of every message within LayerZero by September 19, 2023.
  • LayerZero is a cross-chain communication protocol developed by $3 billion startup LayerZero Labs.

LayerZero Labs, the team behind the cross-chain communication protocol LayerZero, has announced integration with Google Cloud. 

Per an announcement published Tuesday, the startup’s integration with the leading cloud provider involves the use of Google Cloud oracles to verify the validity of all messages sent between blockchains across the LayerZero ecosystem.

Tapping into Google Cloud’s secure infrastructure

According to LayerZero, applications within the blockchain messaging protocol’s ecosystem can now tap into Google Cloud’s secure infrastructure that provides for a purpose-built verifier. The roll out comes after more than a year of collaboration and is available immediately to all applications utilizing LayerZero.

“The Google Cloud oracle is meant to serve as the https of cross-chain messaging. Just like they verify all https certificates to attest to the validity of the website, The Google Cloud oracle is now additionally verifying all LayerZero messages by default,” LayerZero Labs wrote.

Officially, the crypto startup will have Google Cloud configured as its default messaging verifier across the platform on September 19, 2023. LayerZero sees this as a significant milestone that adds to the network’s reliability and security.

LayerZero Labs raised $120 million in its series B funding round backed by a16z, Sequoia Capital, Circle Ventures and Samsung Next. The round gave the blockchain startup a valuation of $3 billion at the time. 

As CoinJournal recently reported, the company is facing a lawsuit from FTX that seeks to recover $21 million. FTX Ventures co-led LayerZero’s extended Series A round that raised $135 million at a valuation of $1 billion in March 2022.

The post Google Cloud becomes default verifier for LayerZero appeared first on CoinJournal.