Day: January 11, 2024

Hedera and Algorand forge an alliance for crypto recovery

Hedera and Algorand jointly launch Decentralized Recovery (DeRec) protocol for robust digital asset security.
DeRec protocol uses trusted entities, secret sharing, and automatic confirmations for enhanced recovery.
The Hedera and Algorand alliance aligns with industry needs for improved safety standards.

In a groundbreaking collaboration, blockchain ecosystems Hedera and Algorand, including the HBAR Foundation and Algorand Foundation, have united forces to address the challenges of decentralized wallet recovery.

The newly formed Alliance, consisting of key figures from both ecosystems, introduces an innovative Decentralized Recovery (DeRec) protocol. This protocol sets out to enhance digital asset security and recovery, offering a robust solution to a critical need in the blockchain industry.

The DeRec Alliance

The DeRec Alliance was unveiled at the Crypto Finance Conference in St. Moritz by Dr. Leemon Baird, the co-founder of Hedera, and John Woods, the CTO of the Algorand Foundation.

The centrepiece of the DeRec Alliance is the Decentralized Recovery (DeRec) protocol, a pioneering approach to managing digital secrets. This open-source protocol is grounded in the concept of secret sharing among trusted entities, such as friends or businesses. Users can recover their secrets with the assistance of these trusted entities, ensuring security without any single party having complete access to the information.

The DeRec protocol includes automatic confirmations to guarantee that helpers retain shares of secrets. Moreover, it facilitates automatic resharing in response to changes in secrets or modifications in the helper group. Crucially, the identities or the number of helpers involved in the process remain confidential, adding an extra layer of security and privacy.

Addressing DeFi security challenges

This strategic initiative by Hedera and Algorand addresses ongoing security challenges in the decentralized finance (DeFi) space. The DeRec Alliance’s efforts align with the broader industry’s need for improved security measures, echoing recent recommendations from regulatory bodies like the United States Commodity Futures Trading Commission.

Dr. Leemon Baird emphasizes the importance of collaboration across the industry to establish unified standards and open-source code, aiming to bolster safety within the Web3 environment.

With banks, credit unions, and various wallet software projects already participating, the DeRec Alliance indicates a growing interest in developing a more secure and user-friendly framework for digital asset management. This collaborative effort marks a significant leap forward in establishing a standardized, decentralized recovery protocol, potentially setting a new industry standard for wallet safety and trust in digital asset technologies.

By forming the DeRec Alliance and introducing the innovative DeRec protocol, Hedera and Algorand are laying the foundation for a more secure and user-friendly DeFi ecosystem.

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DePIN and DeWi Come to Sui in Groundbreaking Karrier One Partnership, Upcoming Token Launch

Markham, Ontario, January 11th, 2024, Chainwire

The deal includes strategic investment from Sui to fuel the expansion of Karrier One’s growing global footprint

Sui, in collaboration with Karrier One, proudly announces a strategic partnership that marks a significant leap in integrating advanced telecom services with the dynamic capabilities of web3 technology. At the heart of the partnership is the investment that Sui is making in Karrier One, which provides funding to help expand its Decentralized Physical Infrastructure (DePIN) technology. This collaboration showcases the potential for decentralized technologies to vastly expand access to the digital world and enhance connectivity for underserved populations.

The technical integration of this new partnership will feature DePIN services powered by the Sui blockchain and the launch of a Karrier One Decentralized Wireless (DeWi) network token on Sui. In addition, contributors to and participants in the Karrier One ecosystem will be able to earn DeWi tokens for various activities such as deploying radios and mobile usage involving Karrier One phone numbers.

This launch not only introduces a versatile governance token but also expands the Karrier ecosystem with a diverse array of utilities accessed and consumed via fungible tokens and NFTs. For example, as part of Karrier One’s implementation, universal phone numbers will be sold by Karrier One on the network and secured by NFTs using the Karrier Number System (KNS) which is fortified with features that prioritize self-sovereign digital identity, safeguard user data and enhance digital security.

A key feature of the KNS will be the integration of zkLogin, a fundamental Sui primitive that streamlines user interactions on Sui by enabling web3 authentication with familiar web2 credentials. For example, with zkLogin, users can log in with Google or Facebook to generate a self-custodial wallet secured by zero-knowledge proofs.

By combining KNS with zkLogin on Sui, the partnership enables end users to transact in web3 using their telephone numbers instead of requiring them to manage a crypto native wallet. All Karrier One phone numbers will be distributed with these integrations as a default option of its phone plan. Users will also be able to transfer their numbers from other carriers, allowing them to enjoy the benefits of KNS and zkLogin.

For the first time ever, users will be able to specify an address on the network using a phone number and securely and privately send and receive digital assets via text message with no wallet setup required.

Already a leading player in DePIN technology, Karrier One will utilize the new investment from Sui to augment its offerings with an array of new services, such as retail radio deployments and innovative mobile phone plans along with KNS, delivering vital infrastructure to underserved areas. A pivotal aspect of this work involves leveraging Karrier One’s advanced radio technology to tap into unused wireless spectrum, primarily from large telecom companies, which are often reluctant to incur the hefty capital expenditures required to build the infrastructure in certain regions of the US and abroad. As a result, a vast portion of the spectrum is left under-utilized. Karrier One addresses this gap by monetizing these signals efficiently and effectively to promote sustainable economic growth and inclusive connectivity.

“We are thrilled to announce our partnership with the Sui Foundation,” stated Samer Bishay, CEO of Karrier One. “This partnership is a major step towards expanding our influence and reach in telecommunications. Our goal has always been to ensure that connectivity is universally accessible, affordable, and sustainable. Sui’s parallelized transactions, efficient on-chain data storage capabilities and superior processing capacity align perfectly with our mission. Sui has demonstrated its ability to maintain gas fees that are low and predictable even during massive use of the network, ensuring that our users can leverage the full potential of our technology with the prospect of millions of daily hashed transactions on-chain and despite the vast requirements for data storage. This technology is crucial for our telecom application buildouts, which demand rapid, scalable, high-volume transaction handling in the nine and ten-figure range.”

Greg Siourounis, Managing Director of the Sui Foundation, commented, “Our collaboration with Karrier One demonstrates our commitment to using decentralized technologies to build a more inclusive and interconnected future. More than just an alignment of goals and values, our partnership combines two superior technologies to advance decentralized telecommunications. By developing the DePIN network on Sui, Karrier One is leveraging network scalability, security, and efficiency unmatched by existing platforms and moving us forward towards a future where this technology is a catalyst for positive change.”

This partnership also represents the teams’ shared commitment to the United Nations Sustainable Development Goals (UN SDGs), focusing on Quality Education (Goal 4), Industry, Innovation, and Infrastructure (Goal 9), and Sustainable Cities and Communities (Goal 11). In particular, Karrier One’s presence at the COP 28 conference in Dubai at the end of 2023 was an opportunity to showcase its innovative solutions and strategies that align with global sustainability efforts. This appearance not only underscored Karrier One’s dedication to sustainable practices but also highlighted its growing influence in the UAE and on the global stage.

The partnership between Karrier One and Sui embodies their united vision of leveraging decentralized technology for societal and environmental betterment. It is expected to accelerate the deployment of DeWi solutions, making a substantial contribution to worldwide efforts for a sustainable, inclusive and connected future.

 

Contact

Sui Foundation
media@sui.io

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BTC surges as BlackRock’s IBIT trades $7.5M shares in first 10 minutes

Bitcoin (BTC) price surged to above $48,000 again on Thursday as spot Bitcoin ETFs made their market debut following SEC’s approval on January 10, 2024.
BlackRock’s Bitcoin ETF ($IBIT) traded $7.5M shares within the first 10 minutes as spot ETFs roared into the ecosystem.

Bitcoin’s price shot past the $48,000 level on Thursday as the market opened to welcome the first trading day of spot Bitcoin ETFs in the US.

The benchmark cryptocurrency’s price was up 8.8% to $48,875 at the time of writing, with a market capitalization of about $950 million. The price surge coincided with a stellar start to Bitcoin ETFs trading as BlackRock’s IBIT recorded an impressive $7.5 million traded shares within the first 10 minutes of going live.

BlackRock’s $IBIT on fire

With 20 minutes in, Bloomberg ETF analyst Eric Balchunas pointed out that volume was “big” and was set to outpace the record the ProShares Bitcoin Strategy ETF (BITO) set when it went live in October 2021. BlackRock’s IBIT, with over $292 million in shares at the time, was on track to surpass $1 billion, the analyst noted.

Other Bitcoin ETFs, including Grayscale’s GBTC, Ark Invest’s ARKB and Fidelity’s FBTC, were also heating up as trading showed demand could pick up as momentum builds. Balchunas added that “almost all the volume in first few days will convert to inflows.

Wow, only 20 min into trading and the volume is big with HALF A BILLION traded for the group (ex GBTC too) (outpacing $BITO by a lot) led by $IBIT (which is near lock to pass $1b) and $FBTC. Imp to note almost all the volume in first few days will convert to inflows. pic.twitter.com/LrGxZTFNsG

— Eric Balchunas (@EricBalchunas) January 11, 2024

While focus has been on bitcoin, a big takeaway is that ETFs continue to show they can handle just about anything,” the ETF guru noted in an earlier post on X. He explained this with a comparison chart showing the trading profile of spot Bitcoin ETFs in Europe.

Spreads and prem/disc have tightened,” he wrote, adding that he expected the same outlook in the US over time.

As the ETFs markets heats up on the debut day, the uptick in BTC price has market observers pointing to a potential continuation. With the sell the news idea floated before the approval likely not happening, Bitcoin could retest the $50k level before accumulating at support levels for a new leg.

The upcoming BTC halving is another huge catalyst waiting in the wings, which analysts say could combine with overall bullish sentiment to catapult prices beyond $100k in 2024.

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ATH Vodka unveils Tidepay-powered crypto rewards App for exclusive experiences

ATH Vodka launches ATH Rewards app with Tidepay, leveraging web3 for exclusive lifestyle rewards.
ATH token serves as primary incentivization, offering discounts, event access, and more.
Commitment to web3 optimization includes 10% revenue allocation for ATH token buyback and burn.

Global spirits brand ATH Vodka is revolutionizing customer engagement with the launch of the ATH Rewards app, powered by Tidepay. This innovative loyalty program leverages web3 technology and the ATH token to offer users a range of exclusive lifestyle rewards.

Beyond its renowned premium vodka, ATH is breaking new ground in incentivization, bringing a fresh perspective to the intersection of luxury spirits and cutting-edge blockchain solutions.

Unlocking exclusive rewards with ATH Rewards App

ATH Vodka’s ATH Rewards app is set to redefine brand loyalty, utilizing the ATH token as the primary mechanism for incentivization. Users can accumulate ATH tokens through various activities, notably by purchasing ATH Vodka products.

From discounts on ATH Vodka offerings to access to live events, music festivals like Strawberries and Cream, supercar trips with Cannon Run, weekends away, and even yacht hire – the ATH Rewards app transforms every bottle of ATH into a gateway for exclusive rewards. This decentralized approach, powered by blockchain, ensures a seamless and transparent rewards system for ATH Vodka customers.

Web3 optimization and social responsibility

In a strategic move, ATH Vodka pledges to allocate 10% of its revenue towards buying back and burning ATH tokens. This initiative not only increases demand for the token but also demonstrates a commitment to optimizing the brand’s web3 strategy. Simultaneously, a portion of ATH Vodka’s profits will be directed towards charitable causes, aligning the brand with social responsibility while harnessing the potential of blockchain technology.

The ATH Rewards app is a testament to how traditional brands can seamlessly integrate with emerging technologies to deliver unparalleled value to their customers. By utilizing Tidepay’s B2C engagement solution and the power of the ATH token, ATH Vodka is at the forefront of an industry-wide transformation, setting a precedent for other global brands looking to explore the limitless possibilities of web3.

This synergy between a luxury spirits brand and cutting-edge blockchain technology not only enhances customer loyalty but also exemplifies the potential for diverse industries to embrace and benefit from the decentralized revolution. The ATH Rewards app stands as a testament to innovation and commitment to creating memorable experiences for ATH Vodka enthusiasts, firmly establishing the brand in the ever-evolving landscape of digital incentives and exclusive rewards.

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South Korea won’t allow crypto ETFs despite US approval, official says

South Korea’s Financial Services Commission (FSC) will not allow crypto ETFs despite SEC’s approval of spot Bitcoin ETFs.
An FSC official says the ban on financial instutitions with regard to cryptocurrencies remains.

Despite the eventual approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC), it does not change South Korea’s regulatory approach on these products.

An official of South Korea’s Financial Services Commission (FSC) told a local news outlet on January 11, a day after the SEC’s spot Bitcoin ETF approval, that financial institutions are banned from investing in cryptocurrencies.

TAccording oto the FSC official, there are no policy changes regarding virtual currencies and that the US move isn’t new. Spot ETFs have been allowed in Hong Kong, Germany, Canada and other jurisdictions. But that does mean South Korea will follow suit.

Also, as it stands, the law does not allow financial institutions to launch ETFs or participate in the buying, selling or trading of crypto in the country. The South Korean government continues to stand firm as it looks to “stabilize the financial market and protect investors,” the official said. 

Notably, financial institutions have been banned from holding and investing in cryptocurrencies since December 2017.

Will SEC allow ETH, XRP ETFs?

The FSC official’s remarks come as the crypto market shifts focus from the spot Bitcoin ETFs to Ethereum spot ETFs.

Multiple issuers have already applied to list a spot ETF based on the world’s second-largest cryptocurrency by market cap. There is also speculation on what SEC’s approval means for XRP, which was declared not a security by a US court in July 2023.

Market reaction has seen prices of Ethereum spike to above $2,600, buoying altcoins as Bitcoin hovered near $46,000. XRP price has crossed above $0.60, while Ethereum Classic is one of the biggest gainers in the past 24 hours after its price jumped more than 35% to trade near $30 on Thursday.

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Bitwise and VanEck to donate 10% ETF profits following SEC’s spot Bitcoin ETFs approval

SEC approves spot Bitcoin ETFs: A historic moment for mainstream crypto integration.
Bitwise and VanEck donate 10% ETF profits to Bitcoin development: Philanthropy meets finance.
Meme Moguls emerges as the world’s first meme-backed stock market, aiming for 100x growth.

After the US Securities and Exchanges Commission’s (SEC) spot Bitocin approval, Bitwise, a major asset management player, has declared its intention to donate 10% of the profits from its recently approved Bitcoin ETF, BITB, to the development of Bitcoin’s open-source ecosystem.

Bitwise stated that its Bitcoin ETF $BITB would begin trading on 1/112024 with a 0% fee through 7/10/24 (on the fund’s first $1B in assets; 0.20% after).

Today, we are thrilled to announce that the Bitwise Bitcoin ETF $BITB intends to begin trading on 1/11 with a 0% fee through 7/10/24 (on the fund’s first $1B in assets; 0.20% after).

Read the full prospectus & risk disclosures: https://t.co/QBzLCyzkN4https://t.co/DJI7L1l3DY

— Bitwise (@BitwiseInvest) January 10, 2024

This philanthropic move follows a similar commitment from VanEck, adding a new dimension to the intersection of traditional finance and cryptocurrency. Meanwhile, the emergence of Meme Moguls, a crypto platform integrating memes with trading, promises a unique venture in the crypto space.

SEC approves spot Bitcoin ETFs

In a historic move, the US Securities and Exchange Commission approved spot Bitcoin ETFs, marking a monumental moment in the financial world. This approval opens the floodgates for investors to directly participate in the cryptocurrency market through exchange-traded funds, providing a more regulated and accessible avenue for BTC investment.

This decision triggered a surge in Bitcoin prices, briefly touching the $47,000 mark. Analysts anticipate increased capital inflow into the cryptocurrency space as investors, both institutional and retail, explore these newly approved financial products.

As the market speculates on potential pullbacks, the SEC’s endorsement signifies a growing acceptance and integration of cryptocurrencies into mainstream financial instruments.

Bitwise and VanEck 10% profit donation for Bitcoin development

Bitwise’s commitment to donating 10% of BITB profits to Bitcoin development echoes a similar initiative by VanEck, another prominent financial institution. Both companies pledge to direct a percentage of their ETF profits to support the open-source development of Bitcoin, showcasing a shared vision for the cryptocurrency’s sustained growth.

Bitwise, having filed for a spot Bitcoin ETF five years ago, sees the recent approval as a significant milestone. The company envisions BITB as the ETF best suited for the evolving crypto landscape, and this philanthropic endeavour aligns with its dedication to fostering a robust Bitcoin ecosystem.

Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development.

Recipient orgs:
@BitcoinBrink
@OpenSats
@HRF

Bitcoin is important to the future. We’re excited for $BITB to support its foundation 👇 pic.twitter.com/JMzd4bMOB9

— Bitwise (@BitwiseInvest) January 10, 2024

These donations will benefit organizations such as Brink, OpenSats, and the Human Rights Foundation, emphasizing a commitment to diverse causes within the Bitcoin community. Importantly, these contributions come with no strings attached, ensuring a transparent and altruistic approach to supporting the foundational aspects of the Bitcoin network.

Meme Moguls: where to trade memes

On another front, Meme Moguls introduces a novel concept by merging memes with a trading ecosystem. Positioned as the world’s first meme-backed stock market, Meme Moguls aims to leverage the power of memes for financial gains. The platform offers diverse meme-inspired assets, a trading platform, a fantasy trader game, a casino, and a metaverse world known as Mogul Land.

Participants can accumulate $MGLS tokens by engaging with the platform, staking tokens, and actively trading meme-inspired assets. With a focus on becoming the next 100x token, Meme Moguls aims to create millionaires within the first three months of launch. The ecosystem’s tokenomics, with 60% allocated to the presale, indicates a strategic approach to fueling the platform’s growth.

Is Meme Moguls (MGLS) a good investment?

As the cryptocurrency market continues to witness innovative ventures, potential investors may ponder whether Meme Moguls (MGLS) is a worthy addition to their portfolios especially now that the US SEC has approved spot Bitcoin ETFs for trading.

The platform’s unique features, including a fantasy trader game, a casino, and the promise of creating millionaires, contribute to its appeal. However, as with any investment, individuals are advised to conduct thorough research, considering the inherent risks associated with the cryptocurrency market.

To invest in the Meme Moguls (MGLS) token, you can visit the official website where the token’s presale is currently ongoing. The presale is currently in its fourth stage and the $MGLS token is going for   $0.0027.

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Ethereum Classic soars as momentum takes Ethereum above $2,600

Ethereum Classic (ETC) is one of the top performing coins in the past 24 hours, coming close to breaking above the $30 mark after surging +30% in the period. ETC price reached an intraday high of $29.25 across major exchanges, with trading volume increasing 220% to over $948 million.

Ethereum (ETH) spiking to above $2,623 on Wednesday has given the altcoin new impetus. 

While ETC price currently sits around $27.80, it looks poised for a new leg as the crypto market reacts to the eventual approval of the spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). 

ETC price outlook amid spot ETF approval 

As Bitcoin looks to strengthen above $46,000 following an initial slip on approval news, Ethereum (ETH) and Ethereum Classic (ETC) are taking the top altcoin market by storm. Market trader Christopher Inks noted:

$ETC pumping hard today. As I’ve said before, if $ETH is rallying then you should expect $ETC to rally along with it. pic.twitter.com/Q4jg4mGWBX

— Christopher Inks (Trader/Market Psychology Coach) (@TXWestCapital) January 10, 2024

Part of the upbeat mood is down to market’s expectations on what next for Ethereum. Various issuers, including BlackRock and Grayscale, that just scored the Bitcoin ETF, also eye an Ethereum spot ETF. The world’s second-largest cryptocurrency by market cap is likely next to get the SEC’s nod. 

Although Ethereum Classic currently has no such applications filed, the anticipation is high with regard to what Bitcoin’s approval and potential Ethereum nod could mean.

Upside momentum for Ethereum Classic is also building up ahead of its Spiral hard fork, set to activate on block 19,250,000 on January 31, 2024. Spiral is a compatibility upgrade that will see the ETC network become compatible with EVM standards enabled by the Ethereum Foundation’s Shanghai upgrade.

As traders and investors take a bullish outlook on Ethereum Classic, it’s possible a breakout above $30 could bring the $50 mark into play. Positive sentiment amid further altcoin rallies would put bulls in control.

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Robinhood plans to list Bitcoin ETF soon as this new hybrid exchange joins the race

Robinhood to list SEC-approved Bitcoin ETFs, aligning with the convergence of crypto and finance.
Pullix, powered by PLX token, introduces a hybrid crypto exchange.
The PLX token pioneers “Trade-to-Earn” in the DeFi space.

In a major development for the crypto space, trading app Robinhood is gearing up to list spot Bitcoin exchange-traded funds (ETFs) after the recent approval by the SEC. This move comes as a response to the SEC’s historic decision to green-light 11 spot Bitcoin ETFs, marking a pivotal moment in the world of cryptocurrency trading.

Meantime, as Robinhood sets its eyes on the Bitcoin ETF market, a new hybrid cryptocurrency exchange platform called Pullix scheduled for launch this January is making waves in the crypto space.

Robinhood’s foray into Bitcoin ETFs

Robinhood CEO Vlad Tenev took to social media to share the platform’s eagerness to list the 11 newly approved spot Bitcoin ETFs. Emphasizing Robinhood’s pioneering role in offering spot crypto trading, Tenev expressed the company’s thrill about the SEC’s decision and outlined plans to make these ETFs available on the Robinhood platform.

Exciting update from Washington today! As a pioneer in offering spot crypto trading, Robinhood is thrilled about the @SECGov‘s decision to approve spot Bitcoin ETFs. We’ve been ahead of the curve in crypto access, and we plan to list these ETFs on @Robinhoodapp as soon as…

— Vlad Tenev (@vladtenev) January 10, 2024

This strategic move aligns with Robinhood’s ethos of providing early access to cryptocurrencies and seamlessly integrating digital assets with traditional finance. Tenev believes that this milestone not only brings transparency to the crypto market but also creates opportunities for advanced risk management tools, benefitting users managing their digital asset investments.

Robinhood, known for democratizing access to financial markets, aims to bridge the gap between traditional finance and the emerging crypto landscape. With educational materials on Bitcoin, ETFs, and risk management strategies, the platform positions itself as a facilitator for mainstream engagement with digital assets, expecting this trend to continue with SEC-approved Bitcoin ETFs.

Pullix: the new hybrid crypto exchange

In parallel to Robinhood’s Bitcoin ETF announcement, another player is entering the crypto arena – Pullix. This new decentralized finance (DeFi) protocol introduces a hybrid exchange, seamlessly combining the strengths of centralized and decentralized exchanges into a unified platform. Pullix’s native token, $PLX, takes centre stage as a “Trade-to-Earn” cryptocurrency, allowing users to earn a share of the daily revenues generated by the exchange.

Pullix’s innovative approach addresses liquidity problems in the DeFi space, offering a unified platform for seamless access to liquidity and global asset trading. With a commitment to user security, Pullix ensures that users retain custody of their assets, eliminating the need to trust third parties with their funds. The platform offers a range of features, including margin trading, institutional tools powered by AI, and a unique revenue-sharing mechanism through the $PLX token.

Should you invest in Pullix (PLX) now?

The PLX token is positioned as a game-changer in the crypto market, introducing a “Trade-to-Earn” model where users earn instant rewards for trading on the platform. Holders of $PLX not only benefit from trading but also participate in the daily revenue of the exchange, earning a fixed passive income by providing liquidity to automated market makers.

The tokenomics of $PLX are designed to promote utility, encourage trader engagement, guarantee sustainability, and foster platform growth. With a fixed supply, token-burning mechanisms, and staking rewards, Pullix aims to create a well-balanced ecosystem where every stakeholder experiences mutual benefits. The platform’s unique features, including deep liquidity, leverage, and privacy-focused user accounts, contribute to its appeal in the competitive DeFi space.

If interested, you can visit Pullix’s official website and participate in the ongoing PLX token presale. The presale stage is currently in its sixth stage and has raised more than $3.3 million. The PLX token is going for $0.08 although the price is scheduled to rise in the next 15 days as it enters the next presale stage.

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Bitget Report: Female-Led Blockchain Startups Receive Only 6% of Overall Funding

Victoria, Seychelles, January 11th, 2024, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released a study analyzing the latest trends in the blockchain startup funding landscape and their influence on gender-based disparity in investment patterns. The study encompassed two years and relied on both qualitative and quantitative data to give a clear overview of the gap in funding received by male and female-led startups. The purpose of this research was to highlight existing issues with gender inequality in the industry and give insights into its potential solutions.

Key takeaways:

Overall, fundraising by blockchain startups fell by 70.1% per quarter between Q1 2022 and Q3 2023.
During the study period, blockchain startups raised $27.85 billion, with female-led blockchain startups securing only 6.34% of the overall funding.
The number of female-led blockchain startups has fallen by 45.2% since the beginning of 2022 but is already showing a recovery.
The share of female-led startups has seen a slight increase from 8.3% in 2022 to 8.6% by Q3 of 2023.
Female-led blockchain project funding is more sensitive to negative changes but less sensitive to bullish trends
There is a strong need for incubators capable of nurturing female-founded startups and fostering a more inclusive and encouraging environment for their development.

The report delved into the key reasons for the ongoing disparity, identifying that female-led blockchain startup funding is influenced by general trends in investing in startups, the overall crypto market situation, investor sentiment, and investor bias. The latter factor is construed as the result of over 90% of the funding going to male-led projects.

The Bitget team based their research approach on the period from 2022 to the first three quarters of 2023 to receive up-to-date insights into the current market’s principles of evaluation and gain insights into potential trends. Among the trends most affecting funding availability is the prevalent bearish sentiment, which has seen the number of deals drop by 61.6% in 2022, resulting in smaller investment volumes, with the lowest recorded figure being $1.97 billion, constituting 29.1% of the peak seen in early 2022.

Gender bias has been proven to have a determining effect on investments, as the statistics indicate that male-led startups attracted $27.85 billion, while female-led blockchain startups raised $1.77 billion, or only 6.34% of the overall amount. The share of female-led startups has, however, seen a small increase from 8.3% in 2022 to 8.6% by Q3 of 2023.

The study conducted by Bitget shows a clear correlation between founder gender and investment volumes, raising questions regarding the predominance of bias in the crypto industry. Considering the inclusive and global nature of the blockchain-based economy, having gender bias play a determining role in limiting engagement and opportunities is an unacceptable phenomenon that has to be addressed. Gracy Chen, the Managing Director of Bitget, commented on the report:

“As a leader in the crypto industry, we acknowledge our responsibility to address uncomfortable truths and catalyze meaningful changes. The disparities illuminated by our study serve as a poignant reminder that we must proactively strive for an ecosystem where talent and potential are the sole criteria, devoid of gender bias. Our commitment remains resolute in fostering an inclusive environment, where everyone, regardless of gender, enjoys equal opportunities within this transformative sector.”

The report also sheds light on some important dynamics in the industry, underscoring the impact of investor sentiment on startup potential and viability based on the gender of the founder under the influence of market conditions.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord
Bitget Wallet

 

Contact

Rachel Cheung
media@bitget.com

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