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SoMee.Social secures $50M investment commitment from GEM Digital

  • GEM Digital Limited has committed $50 million to SoMee through a token subscription facility.
  • The blockchain-based social media platform will use the investment to increase the liquidity of native token $SME
  • SoMee users earn token rewards in $SME and Hive blockchain’s $HIVE when they like or post on the network.

SoMee.Social, a blockchain agnostic social media platform powered by HIVE blockchain technology, has secured a $50 million investment commitment from Bahamas-based digital asset investment firm GEM Digital Limited.

Liquidity for native token $SME

An announcement by the platform on Friday said that the investment group’s backing was being provided via a Token Subscription Facility, which SoMee will channel into fueling liquidity for its HIVE-backed native token $SME.

SoMee also plans to leverage the investment to drive further growth for its SoMee.Social network, including incentivising users. In this, SoMee users have access to US dollar-denominated earnings that reflect their rewards in $SME and $HIVE tokens. 

Network users earn these tokens from posting content or “liking” posts by other users. The incentives apply to all users across SoMee and all HIVE-based applications tapped into the social media channel’s posting data.

SoMee, which received startup grants from Amazon Web Services (AWS) and IBM, will officially be available in the Apple and Google app stores by early September. The platform is already accessible via web at SoMee.Social.

The post SoMee.Social secures $50M investment commitment from GEM Digital appeared first on CoinJournal.

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Ethereum falls 9% as risk-on assets tumble on Fed Chair remarks

Ethereum (ETH) price fell alongside other cryptocurrencies and equities following hawkish remarks by the US Federal Reserve Chairman Jerome Powell.

By the close of stock markets Friday, Ethereum was down 9%, near $1,555 per token with bears looking to break towards $1,500. The dip happened after downside pressure late afternoon had seen the ETH/USD pair snap below $1,600 – the losses mirroring Bitcoin (BTC), which broke below $21,000 to touch intraday lows of $20,620.

Ethereum and the merge factor

Ethereum’s losses on Friday helped push the altcoin to lows last seen in late July, when ETH/USD traded in the $1,400 range. But while it remains well above its mid-June sell-off floor, the current weakness comes amid a largely positive period for the smart contracts platform.

Ethereum developers this week confirmed the “Merge”, a highly anticipated event for the network, will happen in mid-September.

While ETH deposits into the Beacon Chain have slowed down, the community is upbeat about possibilities for the Ethereum blockchain, and consequently for the price of Ether.

But even as many analysts see the “Merge” as the catalyst that could trigger the next market cycle, there are calls that the market has already priced in the event.

Wall Street plummets on Fed Chair remarks

Stocks also fell after Powell said at the Jackson Hole symposium that the central bank had a job to do and that they would keep at it “till it’s done.”

He told the forum that the Fed needed to maintain its aggressive approach if it were to succeed in restoring price stability. The Fed Chair noted that it wasn’t time yet for the central bank to adopt a loosening policy.

His remarks appear to have spooked markets, with S&P 500 slipping more than 3%, the Nasdaq Composite fell nearly 4% and the Dow Jones Industrial Average fell more than 1,000 points.

The post Ethereum falls 9% as risk-on assets tumble on Fed Chair remarks appeared first on CoinJournal.