Kategorie: Crypto News

NYM token has rallied by over 30% following Harry Halpin, NYM CEO, and announcement on raising a $300 million fund towards its mixnets development. It’s worth noting that NYM received the funds after its native token ‘NYM’ was listed on a major crypto exchange.

 At the time of writing, NYM is trading at $0.9366, up 32.34% over the past 24 hours.

The firm noted that it has been able to win the trust of investors at a time when Venture Capitals are dumping projects, besides, the Venture Capitalists that participated in its earlier round also participated in the latest one.

Everyone is terrified of VCs „dumping“ on projects – but in the case of NYM, the VCs from our previous rounds are doubling down on their support of privacy with a $300 million dev fund for developers to build on top of mixnets!

Details to apply soon!
https://t.co/Qr6UltAg5m pic.twitter.com/rScyHuzl6d

— Nym (@nymproject) May 2, 2022

NYM is determined to provide a next-generation multipurpose mixnet that will help internet surveillance users. For them to be able to achieve this, they noted in a report that they raised some funds from prominent industries like Andreessen Horowitz (a16z), Eden Block, Polychain, Tioga Capital, and many others.

NYM’s Venture Capital funding on the rise

Harry Halpin in a report revealed that over $50,000 million has flown in but the firm will utilize the raised $300 million in different phases and for future needs. Currently, NYM is developing services that will cover all the activities in and out of the crypto.

In addition, Andreessen Horowitz (a16z) had invested in the NYM mentioning that NYM is working on solving internet privacy with its mixnet by the use of blockchain. Besides, the NYM team and its CEO have been working on its privacy with projects like Panoramix and NEXTLEAP to meet the idea.

This move by the firm has demonstrated the high number of venture capital funding that are venturing into the crypto industry with the recent one being Dragonfly Capital which launched its biggest fund of $650 million to invest in blockchain technology. 

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Cronos (CRO) has become one of the worst-performing cryptos, trading at $0.310417, down 12.86% in the last 24 hours.

One of the main reasons for the price of CRO to drop token is a blog post that Crypto.com exchange published on Sunday, May 1^st, noting that they had reduced the rewards they were offering on their lower-tiers Visa cards. Crypto.com also said that it had reduced the CRO staking rewards by more than a half.

The exchange also added that from 1st June its Midnight Blue card tier will not be offering rewards to its customers but other tiers like Icy White, Obsidian and Ruby steel will offer reduced rewards. In addition, there will be a reward spending cap, where the highest amount of the reward will be locked at $50 per month.

Crypto.com, however, termed this a “difficult decision”  saying that it had to be done because of the need for sustainability.

The slashing of the rewards earned the exchange a lot of criticism on social media where users stated that they were given fewer CRO staking options and less use of the Visa cards. Some also threatened to opt for other crypto card operators like Coinbase and Binance.

However, this is not the first incentive cut the exchange has made this year. In March, it cut the interest rate on token deposits twice giving prior notice to its users. 

Despite the challenges, the Crypto.com exchange still seems to be growing by the day with over 10 million users besides the fact that it will be the official sponsor of the FIFA World Cup 2022.

Reduced crypto Lending activities

Crypto.com’s recent move portrays a broad issue in crypto lending due to the rising U.S interest rate, high inflation, high returns, and weak market performance which are becoming unsustainable. An increase in crypto adoption leads to more account holders which makes big payouts unachievable.

However, this issue has been mostly experienced in the majority of the DeFi lending platforms where they are forced to lower the interest rates as the user counts and deposits continue to grow. Crypto lending platforms could also follow suit as the adoption rate increase.

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The crypto market as a whole is mixed with most top 100 coins adding or losing 1-5% of their value at the time of writing. 

Top cryptos

The majority of top 10 cryptos registered gains. Bitcoin was up around 2% at time of writing, trading above $38,000. Ethereum climbed around 3%, and Cardano and XRP registered gains of around 2% and 5%, respectively. 

Crypto.com’s Cronos dropped to #20, losing around 15% today. For most of the year, the CRO token has been trading at relatively low levels. The price is now close to its lowest level this year.

The dynamic exchange sponsors many sports events and featured Matt Damon in an endorsement, but this has failed to reflect on CRO’s price.   

Top movers

Outside the top 20, Tron gained 6% after reporting the total accounts on its network have now exceeded 90 million. 

Fantom jumped in Asian hours, up by almost 15%. It is still growing with gains of 6% at the time of writing. Fantom integrated Chainlink this week and announced a series of exciting giveaways today. 

As for the losers, the main ones today are all coins that registered major gains last week. These include Kyber Network’s KNC with -9% and ApeCoin with -11%. 

Trending

The biggest winner today is MetaPay, a token that you can shop in the Metaxion universe, a new metaverse. With MetaPay, you can sell the parcels and avatars you buy in the metaverse or convert these into MetaPay tokens. 

The Metaxion demo has been released on the website. MetaPay is having another rally, up 1,069% at the time of writing.  

The post Highlights May 2: Cryptos mixed, Cronos sheds 15% appeared first on Coin Journal.