Kategorie: Crypto Business

• Red Bull’s Max Verstappen won the F1 title in 2021

• The record-breaking deal will also see Bybit work with Red Bull Racing on fan tokens and blockchain education programs.

Bybit has announced a multi-year sponsorship deal with Oracle Red Bull Racing, becoming the Formula One team’s first-ever ‘Principal Team Partner’.  

ByBit also becomes the F1 team’s official ‘Cryptocurrency Exchange Partner’ and will help further several collaborations that promote fan engagement and crypto adoption.

The deal will see Bybit pour $50 million per year for three years into the sponsorship with Red Bull Racing, bringing the multi-year layout to $150 million. According to a statement from the partners, the record-breaking deal will be paid in both cash crypto (BitDAO’s governance token BIT).

Bybit’s deal with Redbull comes hot on the heels of a most dramatic title-deciding race for the racing team’s Max Verstappen. The 2021 F1 champion won the Abu Dhabi Grand Prix on the last lap of the last race of the season, capping Redbull’s 11 wins and 10 pole positions season in style.

Ben Zhou, co-founder and CEO of Bybit said:

“Oracle Red Bull Racing’s unique energy and creativity inspires us. The team has changed the game in the same way that digital assets have changed the global financial system.”

The partnership will include collaborations of projects that involve NFT activations, issuance of social tokens, and the promotion of blockchain technology education and adoption for positive change and financial inclusion.

The two partners will also work to promote and support women in blockchain, according to a press release published on 16 February.

Biggest sports crypto-related deal?

The three-year deal is currently the largest per annum of all the sports deals sealed by crypto companies date.

For comparison, Crypto.com’s mega $700 million naming rights deal for the Staples Center (now Crypto.com Arena) involves $35 million per annum over 20 years. 

Algorand’s $100 million deal with Drone Racing League will see $25 million invested per year over 5 years.

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• eToro and a Paris Saint-Germain star Marco Verratti among its buyers

• The exclusive islands sold for 910 ETH, worth about $2.9 million at the time of sale, the platform said in a press release.

Exclusible, a leading metaverse and NFT marketplace dedicated to luxury brands, has announced that all of its 25 Private Islands on The Sandbox have been sold.

According to Exclusible, its sale was limited to 25 private islands, with the last among the purchases reserved for personalities whose social media following was 1 million or more.

Among the standout buyers was eToro, the world’s leading social investing network. Others to snap the exclusive islands were Paris Saint-Germain soccer star Marco Verratti, Bayern Munich winger Kingsley Coman and former Victoria’s Secret model Sara Sampaio.

Stanislas Wawrinka, a Swiss tennis star and Ana Ivanovic, a former world No. 1 tennis player were the other public personalities to participate in the sale.

The sale, according to a press release shared with Coinjournal, fetched 910 ETH, or about $2.9 million (as of 9 February 2022).

This is yet another major sale from Exclusible, which recently sold 150 villas in its virtual Luxury District in The Sandbox, bringing in 750 ETH, or roughly $1.6 million at the time. 

Commenting on the sale, Exclusible co-founder and CEO Thibault Launay said the platform was working hard to help its partners achieve their metaverse goals.

“Selling out our stock of islands in only two weeks demonstrates the high demand for exclusive metaverse assets and experiences. We strive to continue our mission in bringing unique experiences to the metaverse,” Launay said.

The Private Islands are “strategically” located in The Sandbox lands, and feature four different sizes. Buyers have access to exciting virtual amenities, including helipads, a harbor, and furniture or other assets. Interior or exterior customization is also possible.

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• Buffet’s Hathaway Berkshire acquired $1 billion worth of shares of a company whose business model supports Bitcoin.
• The veteran investor’s firm also sold $1.8 billion and $1.3 billion in Visa and Mastercard stocks respectively.

Warren Buffett’s Berkshire Hathaway has invested in a Bitcoin-related business, shelling $1 billion in investment to acquire stocks of Brazil-based fintech Nubank.

Details disclosed in a securities filing on 14 February show that Buffet’s company purchased shares of Brazil’s digital bank in the fourth quarter, putting down $1 billion to get the fintech’s Class A stock.

The filing also showed that Berkshire’s firm sold over a billion dollars worth of each of Visa and Mastercard’s stocks. Per details in the firm’s Q4 2021 filing, the investment giant dumped $1.8 billion worth of its holdings in Visa shares and $1.3 billion worth of Mastercard stock.

Nubank is a New York Stock Exchange (NYSE)- listed company, debuting on the US exchange on 9 December 2021. At its IPO launch, the company was $45 billion to rank then as the largest digital neobank by market valuation.

The NU shares make up about 0.3% of the Berkshire Hathaway portfolio.

The „Oracle of Omaha,“ as the investment guru is fondly known, has never shied from criticizing Bitcoin and the broader crypto sector, previously calling Bitcoin “rat poison squared.”

He’s yet to invest directly in Bitcoin, but he holds stocks worth billions in companies that are increasingly leaning into the cryptocurrency space.

These include American banks such as Bank of America, US Bancorp and BNY Mellon. Berkshire also bought nearly $1 billion worth of shares of Activision Blizzard, a company recently acquired by Microsoft Corp.

The post Warren Buffett invests $1B in Bitcoin-friendly neobank appeared first on Coin Journal.

• Pantera Capital led the funding round contributed to by among other, Gemini Frontier Fund and Circle Ventures.

• Maverick seeks to use its strategic partnerships with several liquidity providers to revolutionize the decentralised finance (DeFi) derivatives market.  

Maverick Protocol, an innovative permissionless derivatives platform, has announced an $8 million funding round from leading investors in the crypto ecosystem, led by Pantera Capital.

According to the platform, the funds will go towards a product launch as well as team expansion in the next few months.

Circle Ventures, Gemini Frontier Fund and Jump Crypto contributed to the funding round, with other major participants being Altonomy, CMT Digital, GoldenTree Asset Management, and Tron Foundation.

New technology for perpetual derivatives markets

Dubbed ALP (Automated Liquidity Placement), Maverick’s technology is designed to allow traders access to decentralised derivatives through an open listing model. The tech is set to change perpetual markets, according to Maverick co-founder  Alvin Xu, with users able to easily trade mid-cap tokens on decentralised derivatives exchanges.

“Perpetual markets still lack the ability to quickly list new assets due to the intensive work required to spin up a sustainable market. With Maverick […] markets can now be created by the community with way less capital, but still offer a great experience to traders,” Maverick’s co-founder, Alvin Xu said.

Maverick also looks to use the funds to scale the ALP via a rapid expansion of its core machine learning protocol. The platform will also seek to grow its team as it moves towards exploiting a growing market for derivatives.

The ALP protocol allows for open listing of derivative trading pairs, easing access to hundreds of pairs as opposed to the limit of 30 pairs allowed for DEXs.

With its innovation, crypto users will be able to leverage any trading pair, with any tokens in ERC20 token standard allowed as collateral, Maverick noted in its announcement.

Revolutionising the crypto DEX derivatives market

The innovation could revolutionise the decentralise finance (DeFi) derivatives market, said Pantera Capital co-CIO Joey Krug.

„DeFi needs someone to answer the demand for derivatives built on the mid-cap and long-tail assets that are underserved by existing exchanges,”

Users will benefit from low slippage, with gains made from capital-efficient staking to liquidity providers (LPs), he added.

Derivatives volume makes up more than 50% of the daily trading volume in the digital asset market. In this case, the massive growth seen in the sector since 2021 offers a great opportunity for derivatives DEXs.

Maverick plans to launch its innovative technology in mid-2022.

The post Pantera backs Maverick Protocol’s $8 Million Strategic round appeared first on Coin Journal.

Bittrex Global says it is looking at adding support for Tezos tokens FA1.2 and FA2

Bittrex Global, a top digital asset exchange that ranks among the world’s largest, is exploring the listing of two Tezos-based tokens, the exchange said in a press announcement shared with CoinJournal on Tuesday.

According to Bittrex, the two tokens under consideration are FA1.2 and FA2, crypto token standards on Tezos (much like the ERC-20 fungible tokens). They enable users to create unique digital assets in decentralised finance (DeFi), non-fungible token (NFT) and decentralised autonomous organisations (DAOs).

“The integration and listing of FA1.2 and FA2 tokens on Bittrex would signify that a variety of tokens on the Tezos blockchain can be supported and integrated on the exchange,” Bittrex said in its statement.

According to Bittrex Global, all token listings “follow a thorough review and close examination” before the tokens are added to the exchange.

Among key factors, the team considers amid the need for regulatory compliance include due diligence on the token issuer, project’s innovation, token’s economics, roadmap, and market interest.

Last week, the exchange added support for CCD, a token on the regulated digital asset platform Concordium.

Tezos (XTZ)

Tezos continues to be a leading blockchain platform for investors seeking to interact with yield farming protocols and decentralised exchanges (DEXs). Low gas fees and institutional-grade security has seen a spike in contract calls on the platform.

In January, there were over 6 million contract calls while active smart contract addresses grew 200% in 2021 to surpass 600,000.

In the market, Tezos’s (XTZ) price is up 4.6% in the past 24 hours and currently trades near $4.13. Its all-time high is $9.12, reached on 4 October 2021.

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