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Upbit Operator Dunamu Invested $46 Million in Blockchain Startups in Last Year

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South Korean fintech firm Dunamu, operator of cryptocurrency exchange Upbit, says it invested 55 billion won ($46 million) in 26 blockchain startups over the past year.

The firm said Wednesday that the investments have been made mainly via its subsidiary Dunamu & Partners, which was launched in March 2018. At the time of the launch, the firm announced a three-year plan to invest 100 billion won ($84 million) in the blockchain industry.

The investments have been into companies that are focused on developing core blockchain solutions, as well as those related to fintech and games, Dunamu said, which also operates the Kakao Stock trading app.

Portfolio companies now include stablecoin-based payments network Terra, fintech startup Rainist and gaming software firm Dalcom Soft, according to the announcement. Peer-to-peer lending platform Honest Fund, online travel agency Tide Square and blockchain-based investment platform Finhaven have also seen investments from Dunamu.

Ryan Lee, CEO of Dunamu and Partners, indicated that the firm will continue to invest in blockchain and fintech startups this year, regardless of their size, stage and region.

“Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world class technology and services with potential for real-life implementation,” said Lee.

In particular, the firm will focus on companies that will help drive mainstream adoption of blockchain-based services and mobile fintech services, as well as those centered around individual content creators, according to the announcement.

Indeed, earlier this year, Dunamu backed a $3 million seed round for blockchain startup Band Protocol, which incentivizes reliable content producers with token rewards and staking.

The firm added Wednesday that it also partnered with games developer Neptune in April 2018 to set up a 100 billion won ($84 million) fund to invest in blockchain-based gaming companies.

South Korean won image via Shutterstock 

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Major Coins Trading Sideways With Moderate Losses, Bitcoin Near $10,400

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Sunday, July 21 — Major coins are mostly trading sideways, remaining relatively quiet with moderate losses over the past 24 hours, according to data from Coin360.

Market visualization from Coin360

Market visualization from Coin360

The leading cryptocurrency Bitcoin (BTC) broke the $11,000 threshold earlier yesterday, but could not hold its position and dipped to its current price point of $10,406, down by 1.86% on the day. In terms of its weekly performance, BTC has lost 2.20%.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

The second-largest crypto, Ether (ETH), has taken a downturn as well and is trading at $221.26 at press time, down by 1.34% on the day. ETH began the day at $233.61, hitting its highest mark at $236.05 in the middle of the day before reaching its current price.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

Ripple (XRP) has also experienced slight losses over the last 24 hours, down 1.78% to trade at $0.323 at press time. The altcoin’s weekly chart is showing its price increase by 2.91%, with its lowest price mark of $0.293 on July 16.

Ripple 7-day price chart. Source: Coin360

Ripple 7-day price chart. Source: Coin360

On the top-20 digital currencies list, only Tether (USDT), EOS (EOS), UNUS SED LEO (LEO), Cosmos (ATOM), and Tezos (XTZ) are reporting gains, wherein XTZ is up by 9.37%.

Total market capitalization of all coins is over $288 billion at press time, which is its lowest point on the day. The daily trading volume of all cryptocurrencies is around $59.4 billion.

As reported earlier today, BTC outflows on major cryptocurrency exchange BitMEX notably exceeded the inflows after the firm was reported to be a subject in a regulatory investigation. Over the past 24 hours, BitMEX reportedly saw an outflow of $83 million worth of Bitcoin, while only $12 million came in.

Keep track of top crypto markets in real time here





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Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

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Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

July 20 — Bitcoin (BTC) has retaken the $11,000 price point on the heels of a turbulent week. 

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

After a bull market at the end of June brought the price of BTC to almost $14,000, the coin had largely been maintaining between $10,000 and $13,000 for most of the past month, briefly cracking $11,000 on July 15 before slipping below the $10,000 price point on July 16. For the past three days, BTC has been in the $10,000 range, but had faltered at the $11,000 resistance until now.

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

The past week has seen some major hurdles for cryptocurrency at large, particularly within the United States. On July 11, President Donald Trump voiced his opposition to cryptocurrencies, particularly BTC and Facebook’s planned Libra, in a series of tweets, saying:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” 

Trump’s tweets came days before hearings on Facebook’s Libra before the US Senate Banking Committee on Tuesday, July 16 and the House Financial Services Committee Wednesday, July 17. The two hearings left little doubt as to Congress’s attitude toward Libra, which was overwhelmingly negative. Representative Madeleine Dean commented:

“It’s tough to trust when the collection, storage and misuse of the information of your customers generated a $5 billion fine.”

While Libra’s outlook may be bleak, the significance of the hearings for Bitcoin — with a market cap of $196,266,374,749 as of press time, the largest cryptocurrency — has remained unclear. 

Today’s price rally may mean that the storm has passed for BTC.





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Coinbase CEO Wants Firm to Move Beyond Trading in Next 5 Years

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Brian Armstrong, CEO of major American crypto exchange and wallet service Coinbase,  believes that the firm will be less about trading and more about adoption five years from now.

Armstrong wants the firm to connect people in crypto industry

 In an AMA session on July 19, Armstrong presented his vision of the company in five years, claiming that he sees Coinbase as not just a crypto trading service provider, but rather a more universal entity driving adoption to crypto.

Armstrong pointed out Coinbase’s mission to help grow the global crypto economy by connecting people in the market and expanding crypto community to help people use cryptocurrencies for more than just buying and selling. In this regard, Armstrong cited some recent Coinbase developments, such as incentivized crypto educational program Coinbase Earn, as well as preparations to soon enable crypto lending and margin trading on Coinbase. Armstrong explained:

“In five years I hope that we’ll have it even further beyond that. There’ll be thousands of companies that’ll be crypto-first.”

Armstrong supports people who left Coinbase to run their own crypto projects

As a part of Coinbase’s crypto adoption driver mission, Armstrong has also expressed his positive stance to former Coinbase employees who decided to leave the company to launch a new successful crypto project. Coinbase CEO noted the existing term of Coinbase mafia, recalling roughly ten people who have quit Coinbase to run successful crypto companies.

Armstrong appeared to encourage these former employees, claiming that he really wants people to learn from Coinbase and spread their knowledge to bring more adoption. “We‘re just gonna keep doing more and more of that,” Armstrong said, still adding that Coinbase is a multi product company.

On July 12, Armstrong said that a recent anti-Bitcoin (BTC) tweet by United States President Donald Trump unlocked another achievement for crypto industry, indicating that crypto industry is independent of global powers and that those powers cannot shut crypto down.





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