Schlagwort: crypto business

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Singapore VC firm announces $100M fund for Web3 projects

NGC Ventures is an early backer of Algorand and Solana and will use the new fund to invest in early-stage DeFi, NFTs and Metaverse projects.

Singapore-based institutional investor NGC Ventures, which focuses on venture funding for projects in the blockchain space, has announced a new fund targeted at early-stage projects in the Web3 and metaverse ecosystems.

The fund, the company’s third in its crypto-focused programs, has secured $100 million in funding from various investors as it looks to help projects build and launch across the industry.

According to an announcement the company made on Wednesday, participating investors included Huobi Ventures, Babel Finance, Nexo Ventures, and GBIC.

Per the venture firm, the new funds will go into early-stage projects in decentralized finance (DeFi), blockchain gaming, non-fungible tokens (NFTs), and the metaverse.

Selected projects will also benefit from expert input on tokenomics, with access to major industry influencers, launchpads, market makers, and exchanges also available.

NGC is an early investor in several projects, including Algorand and Solana. Recently, it participated in the $8 million funding round for Africa-based DeFi startup Cassava Network.

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Filecoin dips further after a 56% drop in the past 30 days: here’s why it’s dropping

The price of Filecoin (FIL) has dropped by more than 56% in the last 30 days as the firm continues to face allegations of pyramid schemes and fraud and is now under police investigations.

 It has dropped by 2.41% today to trade at $8.19.

The Boss of Filecoin’s largest firm under police custody

Shikongyun boss, Filecoin’s largest firm in China, Lai Chuhang has been arrested by Guangxi police after being suspected of organizing pyramid schemes and fraud.

However, this is not the first case as a couple of Filecoin companies in China were under police investigation in November last year after running FIL mining scams and pyramid schemes.

During the investigation, the police arrested about 30 suspects who had seized over $50 million during the scam.

Chinese government action on pyramid schemes

Chinese police have continued with the crackdown on the suspected Filecoin companies running mining pools in the country. Several agents carried out pyramid schemes to increase project participation after which the Chinese media reported in 2019, that the scheme raised about $300 million.

However, Shikongyun’s authority and technical account have been transferred to the police at the moment after which the services will resume after the investigations are over.

Besides, some executives are currently collaborating with the police to provide evidence. However, some employees have been released back to their jobs by the police after helping the police with the investigations.

Filecoin (FIL) price trend

Filecoin price has been dropping since last year September and is currently at 89% drop for the past 9 months following the fraud and scams reports. 

At the time of writing, FIL was trading at $8.25 down 1.86% in the last 24 hours from an all-time high of $237.24 set a year ago on April 1.

In addition, the current drop in Filecoin price has also been highly influenced by the current crypto market crash.

Filecoin Foundation partnership with Lockheed Martin

As the price of FIL continues with the dip, Filecoin Foundation and Lockheed Martin, an aerospace company, have planned to carry out an InterPlanetary File System (IPFS) node in space to increase data downloads as well as allow network participants to share or hold information.

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Binance Loans starts accepting AVAX and ADA as collateral assets 

Binance has announced that Binance Loans has started accepting AVAX and ADA tokens as collateral assets.

Binance Loans’ new Collateral assets (AVAX and ADA)

Binance Loans will now be accepting AVAX and ADA as collateral where they will provide loan orders that are backed by the two tokens so as to lower the borrowing cost.

However, Binance Loans also offers a number of cryptos as collateral assets, loanable limitations, and interest rates which depends on the internal risk mitigation and market situations. 

Difference between Crypto Loans and traditional loans

Basically, Crypto loans and traditional loans depend on the same principle but the main difference between the two is how people account for their money. In traditional loans, credit ratings are used to determine the risks, but in crypto loans credit rates are irrelevant. Institutions can use traders’ crypto as collateral until the borrower repays the loan. 

In Crypto Loans the period of repayment can be shorter than that of regular loans, for example, Binance Loans offers a loan term of about 7 to 180 days.

The risks involved in Crypto Loans

One of the risks involved in Crypto loans is the volatility of cryptos which makes them unstable as compared to normal currencies. For example, the value of crypto can drop making the collateral value of the lender less than that of the loan.

However, crypto loans may appeal to investors for a number of reasons as a number of traders might not consider liquidating their assets. Crypto loans can help traders to receive interest on their assets.

Besides, traders can use Bitcoin (BTC) to borrow USDT or BUSD as there is a high probability for the collateral value to increase and worth more than the loan. BTC value might rise to make some profits for the loan borrower.

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Why is Loopring up by more than 6% today?

The cryptocurrency market has experienced a mixed performance over the past 24 hours.

The crypto market has experienced a mixed performance since the start of the week. The market is up by less than 1% in the last 24 hours, with the total market cap currently below the $1.3 trillion threshold.

Bitcoin is trading in the green zone but continues to struggle to surpass the $30k resistance level. Ether is also trading around the $2k level after adding less than 1% to its value so far today.

However, LRC, the native token of the Loopring ecosystem, is one of the best performers amongst the top 100 cryptocurrencies by market cap today.

LRC has added more than 6% to its value in the last 24 hours and is up by 20% over the past seven days.

At press time, LRC is trading at $0.5734 per coin. The major catalyst behind LRC’s ongoing rally is the news that Loopring has processed more than $5 billion in cumulative trading volume. 

As a layer-2 protocol, this latest development is an important milestone for the Loopring ecosystem. 

Key levels to watch

The LRC/USD 4-hour chart is currently bullish as Loopring has been performing well so far this week. The technical indicators show that it is one of the best performers amongst the top 100 cryptocurrencies by market cap.

The MACD line has been above the neutral zone for the past few days, indicating bullish momentum. The 14-day relative strength index of 59 shows that LRC could enter the overbought region if the current market momentum is maintained.

If the rally continues, LRC could break past the first major resistance level at $0.6137 before the end of the day. The second resistance level currently stands at $0.7564 and LRC could surge past it with the help of the broader cryptocurrency market. 

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Highlights May 25: Market bullish, Ethereum Classic and Kava lead the way

The Ethereum Classic logo, grey circle with blue rim that has a blue & black diamond at its center

The crypto market as a whole is bullish with most top 100 coins in the green at the time of writing. 

Top cryptos

This market was mixed over the past 24 hours, with some of the top 10 cryptos registering gains, while others registered losses. 

Bitcoin was around 2% higher, trading below $30,000 this morning. Ethereum and Cardano registered small gains, while XRP and Solana registered small losses.  

Top movers

Outside the top 20, most coins registered slight gains. Notable standouts include Ethereum Classic and Kava with 11% each. Ethereum Classic is going against the market, possibly gaining on news of an associated NFT giveaway. 

Kava’s EVM launch is tomorrow. It is expected to add some value to their L1 space. TerraUSD added almost a quarter to its value today, but is still trading for a fraction of its former price at 10 cents. 

On the losing side, NEM and Decred are down by around 5% each, reversing recent gains.  

Trending

The biggest winner today is Diamond Love (LOVE), the token of Diamond Network, a new multichain platform.

It is said to help blockchain developers easily deploy custom blockchains and decentralized applications and easily connect to the Diamond ecosystem.

Diamond Network is positioned to become a leading multichain network among blockchains built on Polkadot’s Substrate Framework. It is up 2,244% today.  

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