Kategorie: Crypto Business

Delta One, a Solana-based decentralised finance (DeFi) protocol for yield generation, has raised $9.1 million in a seed round as it looks to expand its ecosystem.

The round was led by Alameda Research and Ship Capital, the protocol said in a press announcement. Delta One also attracted investment from Solana Ventures, Raj Gokal (the co-founder of Solana), investment firm Electric Capital and early stage venture fund AlleyCorp.

Others to participate were Alfred Chuang and Chris McCann, the co-founders of Race Capital.

Delta One eyes ecosystem growth

According to Delta One, the funding round is set to help its team handle the protocol’s core development. The platform also eyes further ecosystem growth, with the main focus being the integration of projects targeting Delta One’s product offering.

The team will also seek to build out its user-friendly structured products. It seeks to have its automated yield farming strategy “delta neutral” available to over 100,000 participants on a waitlist going back to October 2021.

The delta-neutral yield generation strategy allows for high risk-adjusted yield, with virtually no active management from the user’s side. The strategy saves users the would-be hours needed to “crunch numbers and track positions.”

“Delta-neutral farming is a technique that many hedge funds love to use, but it can require spending hours each day crunching numbers and tracking positions when done manually by retail investors,” said DJ Sengh, co-founder of Delta One.

It’s a protocol offering that Delta One hopes can be the foundation of further expansion in the DeFi ecosystem.

“We believe democratizing these strategies through structured products will be a pivotal part of onboarding the first billion users into DeFi,” Sengh added.

As part of its expansion, Delta One is looking to team up with other projects on ventures around lending markets and reserve currencies. The platform is also eyeing partnerships with teams that can help it build sustainable liquidity.

Started in 2021 as part of the Solana Ignition Hackathon, Delta One’s growth over the past half year has been immense. It’s now among the most highly anticipated projects in the Solana ecosystem.

The post Solana-based protocol Delta One raises $9.1 million to build its yield product appeared first on Coin Journal.

CoinDCX CEO Sumit Gupta said the crypto exchange will use the funds to help support crypto adoption and Web3 projects in India.

CoinDCX, one of the largest cryptocurrency exchanges, has announced a $135 million Series D funding round, according to details shared by the firm’s CEO Sumit Gupta.

“Excited to share that CoinDCX has raised over USD 135 million, in our latest Series D funding round. Another step closer to our dream of making crypto accessible to every Indian,” Gupta tweeted on Tuesday.

The funding round was led by Pantera Capital and Steadview Capital. Others to participate in the round were Kingsway, Draper Dragon, Kindred and Republic. 

CoinDCX’s series D financing also attracted further investment from existing investors B Capital Group, Coinbase, Polychain Capital and Cadenza.

The investment round pushed the India-based crypto exchange’s valuation to $2.15 billion. The company became India’s first crypto unicorn when it was valued at $1.1 billion during its Series C funding last August. The exchange has now raised over $245 million.

Web3 growth in India

The crypto startup’s funding round and plans around crypto adoption and Web3 comes just a couple of weeks after India’s tax regulation took effect. The 30% capital gains tax took effect on 1 April, with various aspects of the taxation criticized as potential setbacks to the industry.

CoinDCX wants to support growth within the crypto sector as well as Web3.

“We are on a mission to build a greater understanding and trust between regulators, industry, and our users. This latest round of funding will help us accelerate the growth of Crypto adoption in India and further the march of Web3.0,” he noted.

To help achieve these goals, CoinDCX has plans to make an even bigger impact via blockchain awareness and education programs for Indian investors.

The exchange will also use the funds for risk management as it seeks to offer its users a safe platform to transact.

The post CoinDCX raises $135M in funding towards crypto and Web3 growth appeared first on Coin Journal.

Davion Labs’ ApeX protocol, the decentralized, non-custodial, permissionless, censorship-resistant perpetual derivatives project has announced that it will be the first project on popular crypto exchange Bybit’s newly released Launchpad 2.0.

The recently revamped platform allows users to buy best performing tokens directly through the launchpad and features a lottery model that enables users of new projects to win allocations of tokens with USDT.  Bybit offers innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients.

The company is a partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus. pro and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka 

ApeX protocol is known for its ability to allow users to swap markets for any token pairs and transfer crypto derivatives on Ethereum 2 blockchain without compromising private keys and involving any intermediaries.

Powered by its native token $APEX, The ApeX protocol offers various benefits including governance, protocol incentivization, and staking. Its seed funding round was led by Dragonfly Capital Partners and supported by other prominent investors and venture capitalists including Jump Trading, Tiger Global, Mirana Ventures, Kronos, M77 Ventures, and CyberX.

With ApeX now on Bybit’s Launchpad 2.0, users can subscribe to the $APEX, a token with a maximum supply of 1,000,000,000 either with BIT or USDT. BIT is the native token of the world’s largest decentralised autonomous organisation, BitDAO.

To enter the lottery on the launchpad, a minimum commitment amount of 50 BIT or 100 USDT is required. The minimum amount will buy the user 1 lottery ticket. Each participant will be granted an equal and random chance at winning the token allocation.

ApeX’s token was introduced to the market earlier this year at a public sale of ApeX’s original NFT collection. The project’s NFT holders were given additional benefits such as the 8% lifetime transaction fee discount and the allocation of $APEX. ApeX NFTs are currently trading at 0.87 ETH, from the mint price of 0.45 ETH, marking a surge of more than 40%.

 

The post ApeX protocol to be the first project on Bybit’s Launchpad 2.0 appeared first on Coin Journal.

Amazon CEO Andy Jassy has said that the e-commerce giant is not close to accepting cryptocurrencies for payments, but believes the crypto sector has the potential to realise even bigger growth in the future.

Jassy said this during an interview with CNBC on Thursday, telling ‘Squawk Box’ host Andrew Ross Sorkin:

“We’re not probably close to adding crypto as a payment mechanism in our retail business, but I do believe over time that you’ll see crypto become bigger,”

The Amazon exec’s comments come at a time many companies continue to lean toward accepting digital assets for payments. The e-commerce had itself signaled some intent on the subject after it advertised for a crypto and blockchain expert in 2021.

But it appears the eventual adoption of cryptocurrencies as a payment option at the world’s largest online retail business is not something that will come anytime soon.

Amazon could sell NFTs

Non-fungible tokens (NFTs) have caught on big time, with almost every other big company either already tapping into the digital assets, or looking to do so. The UK government is one of those looking to create an NFT in 2022.

So it might not be surprising that Amazon could start selling NFTs. NFT sales account for billions of dollars worth of trades, with this year likely to eclipse the $17.6 billion recorded last year.

According to Jassy, the sector could see even more growth and it is possible for Amazon to explore the business of selling NFTs. Amazon’s online retail business competitor eBay already sells NFTs on its platform.

“I think it’s possible down the road on the platform,” he told CNBC.

The Amazon CEO’s comments came after his first shareholder letter since replacing Amazon founder Jeff Bezos in 2021. He says he doesn’t own any Bitcoin or NFTs.

The post Amazon CEO says crypto will boom, company could sell NFTs appeared first on Coin Journal.

BingX has tapped into WOO Network’s deep liquidity to boost its trading platform via a better price execution and faster transactions.

BingX, an innovative social trading platform for digital assets, has partnered with crypto liquidity platform WOO Network to help boost price execution and transaction processing.

The partnership will see BingX users tap into Wootrade, WOO Network’s institutional-grade liquidity solution for liquidity support.

According to details shared via a press release on Thursday, Wootrade will be freely accessible to BingX users. With the integration, it’s now possible for customers to “plug into” the solution and benefit from its deep liquidity.

The liquidity pools are available for all the main pairs, the trading platform wrote in the release.

“WOO Network is excited to explore providing liquidity to  BingX, a platform that plays a very innovative role in bringing crypto-asset trading to the global stage,” said Ran Yi, WOO Network’s Chief of Ecosystem Development.

He added:

“BingX’s focus on compliance and security makes them an ideal partner to develop new markets and bring more volume to our network.”

Better price execution

The partnership is set to boost BingX’s status as a platform for investors seeking faster and better services.

Specifically, the deep liquidity is set to enhance customer confidence as order books increase. The overall trading experience will also improve with faster transactions and better price execution- something that will significantly cut trading costs.

BingX has added several coins in recent months as it looks to attract more customers and provide the best trading experiences for its users. Among coins added recently are Avalanche (AVAX), Algorand (ALGO), Sushi (SUSHI) and Solana (SOL).

These are among over 300 spot trading pairs on the platform, with earlier support including OmiseGo (OMG) and Stellar (XLM).

The post BingX integrates WOO Network’s deep liquidity solution Wootrade appeared first on Coin Journal.