Despite ongoing vaccination efforts and pandemic aid, the world’s economy looks remarkably different than it did over a year ago. The new financial landscape and continued uncertainty have accelerated the shift away from traditional financial institutions. As the economy attempts to roar into high gear from a standing start, the world of cryptocurrency has taken to the main stage. It has cemented itself as a recognized asset class by major asset managers, investment banks and hedge funds. As the speed of mainstream adoption continues to take the financial world by storm, it is also paving the way for investors to …
Fidelity Investments, one of the world’s largest asset managers, has poured more capital into a Hong Kong-based cryptocurrency operator — offering yet another bullish indicator for the evolution of digital-asset markets worldwide. An exchange filing obtained by Singapore-based Business Times shows that Fidelity acquired a 6.29% stake in BC Technology Group after investing $6.71 million in the company. Business Times indicated that Fidelity had increased its exposure to the company, though didn’t specify the initial investment amount. The investment was announced shortly after BC Technology Group disclosed that it had reached an agreement to raise HK$697 million ($89.9 million) in …
Veteran cryptocurrency investor Polychain Capital has joined a funding round in DFX Finance, a new decentralized finance exchange protocol optimized for non-U.S. dollar stablecoins. DFX raised more than $5 million in seed funding from Polychain and True Ventures to create a new blockchain-powered market for stablecoins and open up DeFi applications to a global audience. Announcing the news Wednesday, DFX said that other investors included industry players like Hex Capital, CMS Holdings, Castle Island Ventures and DeFi Alliance. DFX is currently being developed by contributors from major crypto projects and firms like the Ethereum Foundation and ConsenSys. The platform is …
Bitcoin (BTC) was created in the aftermath of the 2008 financial crisis and planned to solve the problems created by loose monetary policies. The cryptocurrency’s creator, Satoshi Nakamoto, said in late 2008 that the cryptocurrency’s supply increases “by a planned amount” that “does not necessarily result in inflation.” The cryptocurrency’s inflation rate has been fixed and its circulating supply is capped at 21 million coins, expected to be mined by 2140. By then, BTC’s inflation rate will drop to zero. In contrast, fiat currencies have no finite supply and can be printed to adjust monetary policy. An expansionary monetary policy, …
Cronos, a blockchain ecosystem built by major crypto exchange Crypto.com, announced the launch of an accelerator program to fast-track advancements across the decentralized finance (DeFi), Web3 and Metaverse space, among others. Driving the initiative, the Cronos Accelerator Program is backed by $100 million to help crypto projects in the seed and pre-seed stages seeking mentorship, funding and growth. According to the announcement, projects shortlisted for the accelerator program will be matched with compatible mentors. Some of the prominent investment partners backing the Cronos Accelerator Program include Mechanism Capital, Spartan Labs, IOSG Ventures, OK Blockchain Capital, AP Capital, Altcoin Buzz and …