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2023-02-24 16:59:02 Base network creation by Coinbase exchange will benefit Ethereum

Many analysts believe the Ethereum cryptocurrency (ETH) will benefit from the recent launch of the second-tier Base network developed by the Coinbase exchange.

Bankless Show host Ryan Adams said that the number of verified Coinbase customers reaches 110 million. If at least 20% of them find a use for Base, the number of ETH users will grow significantly.

In addition, Coinbase cooperates with 245,000 companies from more than 100 countries. Accordingly, thanks to the Layer 2 network, Ethereum blockchain can become a global settlement platform for these businesses.

Ryan Watkins, co-founder of hedge fund Syncracy Capital, also took the news of Base's launch positively. He called it a "watershed moment" in the history of the ETH ecosystem. Watkins anticipates that Coinbase will be able to attract about 10 million retail and institutional traders to the blockchain.

However, Gabriel Shapiro, general counsel at investment firm Delphi Labs, reported on the risk that Base poses. He said the creation of a centralized second-tier network could be grounds for SEC intervention in the Ethereum blockchain. Open / Comment

2023-02-23 19:01:40 Chain Reaction raised $70 million in a round led by Morgan Creek

Blockchain and privacy-focused chipmaker Chain Reaction raised $70 million in a Series C funding round led by Morgan Creek Digital.

Participants include Hanaco Ventures, Jerusalem Venture Partners, KCK Capital, Exor, Atreides Management and BlueRun Ventures.

The round brought the company's total capital raised to $115 million.

The startup is using the funds to expand its engineering and development team. The unit now has 100 employees, including ex-specialists from Nvidia, Mellanox, Israel Intelligence and TSMC.

The funding will allow Chain Reaction to accelerate the deployment of enterprise-grade blockchain products, such as integrated circuits for special applications (ASICs) and hardware based on them.

The team also plans to scale technical solutions for privacy related to cloud computing.

"The additional investment ensures that Chain Reaction can focus on developing and delivering products for two target markets. This includes - leveraging high-performance blockchain and privacy hardware in data centers and the cloud, creating advanced solutions for segments that are still in their infancy," the statement said.

Chain Reaction expects the first chips and hardware systems to be publicly available in the first quarter of 2023.

As a reminder, in October 2022, Morgan Creek Digital led a $40 million funding round with Brevan Howard Digital for gaming NFT startup Horizon Blockchain Games. Open / Comment

2023-02-22 13:14:10 You can find all actual news about crypto world in our channel! Also you can get analytics and the value of currencies!

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2023-02-22 12:07:09 Solana announced the closure of Solana Spaces stores in New York and Miami

The reason for this decision was the lack of popularity - the stores attracted too few users. Project founder Vibhu Norby said:

"We have decided to close our stores in New York and Miami by the end of February. Our efforts will focus on attracting users to digital products such as the NFT product DRiP. Between 500 and 1,000 people visited the stores each week, but the DRiP product registers that many daily."

The Solana Spaces initiative didn't last long, with the New York store opening in late July last year and the Miami store opening in August. Norby hoped the stores would attract 100,000 users each month, but the project proved less popular.

Recall that DeFi Everlend had previously shut down in the Solana ecosystem due to liquidity issues. Open / Comment

2023-02-21 17:45:44 Oil giant Saudi Aramco begins deploying Web3 technology

droppGroup was founded in the U.S. but has an office in Saudi Arabia and focuses on developments in artificial intelligence, machine learning, blockchain technology and meta-universes. droppGroup promises to develop new employee onboarding tools and Web3 blockchain-based training programs for Saudi Aramco.

This is not Saudi Aramco's first experience with blockchain. In 2021, the company tokenized its document workflow. It was a joint project with nine major partners in finance, blockchain, shipping and energy. The blockchain platform facilitated customs clearance and shipping, as well as trade in energy, chemicals and metal.

Saudi Arabia's largest oil producer caught the attention of crypto-enthusiasts in 2020, when it invested $5 million in Vakt. In 2021, rumors began to emerge that the oil giant would mine bitcoins with the energy of burning associated gas. However, the company denied the rumors, while confirming its interest in blockchain-oriented companies and technologies. Open / Comment

2023-02-20 19:16:02 Total outflows from crypto-ETP amounted to $32 million for the week

CoinShares experts have published another 119th weekly report on financial flows in the virtual currencies sector. They noted that as of February 20, 2023, there was a $32 million outflow from cryptocurrency products in the past week. This was the most since late December 2022. However, rising prices for key digital assets pushed the amount of virtual funds in trust (AuM) to its highest level since August 2022.

Experts pointed out: as of mid-week last week, the outflows were much higher at $62 million, but by Friday, investor sentiment had improved. Bitcoin "took the brunt of the negative," recording a minus $25 million. At the same time, the inflow in short-term investment products based on BTC was only $3.7 million. Speaking of blockchain shares, it was noted that they received an inflow of $9.6 million. This indicator has been growing for 6 weeks in a row.

According to assurances of researchers, the negative sentiment among investors in ETP was not so pronounced in the broad market, and the price of the cryptocurrency bitcoin (BTC) even grew by more than 10% in the reporting period. This led to the fact that the total value of AUM increased to $30 billion.

CoinShares assured that the market situation is directly related to the fact that ETP investors reacted much less optimistically to recent pressure from U.S. regulators.

According to market analysts, the negative sentiment was very mixed, with Ethereum, Cosmos, Polygon and Avalanche products recording outflows of $7.2 million, $1.6 million, $800k and $500k respectively. Meanwhile, products like Aave, Fantom, XRP, Binance and Decentraland had inflows of $260k to $360k. Open / Comment

2023-02-19 18:18:45 Large holders of BTC cryptocurrency were inactive

Glassnode researchers noted that major holders of bitcoin (BTC) cryptocurrency have been extremely inactive in recent weeks. Experts stressed that the rise in prices from $17,000 to $25,000 since the beginning of 2023 has attracted the attention of not only the public, but also big investors. The number of traders who haven't moved their virtual assets in a long time has increased dramatically. Researchers recorded abnormally low activity among those "whales" who had been storing their BTC for 5-7 years.

According to Glassnode, more than 1.6 million Bitcoins have not been moved from addresses that have not been used for that period of time. Such figures among "old" wallet holders led analysts to speculate that long-term holders may have chosen to accumulate digital gold rather than sell the asset. This is due to the fact that the value of the virtual coin began to rise in January of this year.

Experts assured: the dynamics of bitcoin price growth was impressive: the cryptocurrency went up by more than 40% in the first month of this year. Nevertheless, the market is characterized by extremely high volatility. In addition, the rate of the flagship digital currency dropped significantly last year, due to a number of failures in the industry. Experts mentioned the collapse of Terra (LUNA) and the bankruptcy of the FTX exchange.

Researchers stressed that despite all the problems, digital gold did recover in value. The increase in the number of idle wallets could indicate that the market has entered a new phase.

The point was that long-term holders were accumulating more assets and not touching their old holdings. Experts noted that this could be an extremely positive signal for the entire market and indicate a trend reversal.

According to the data as of 15:20 Moscow time on February 19, 2023, the cost of BTC was fixed at $24,699. The market capitalization of the digital asset reached $476.6 billion, while the daily trading volume was $18.46 billion. Open / Comment

2023-02-18 17:26:06 MatchX introduced a highly efficient NEO mining system

MatchX recently unveiled a highly efficient cryptocurrency mining system called NEO. Company executives said that now is the optimal time for newcomers to enter the market, as large mining pools are losing control over the hashing rate of most major blockchains.

The NEO miner is now available to the general public and costs $2800. It is a silent, energy-efficient device that consumes only one watt of power - much less than traditional ASICs, which require up to 3,000 watts.

In addition, thanks to the multitoken feature, users can use this energy-efficient unit to mine a variety of cryptocurrencies and generate a variety of ROIs. Thanks to the MXC POP mining feature, it will allow MXC tokens to be used as a service token in the Match Data Dash application. Experiments have shown that NEO can earn up to $6 daily in MXC rewards.

MatchX plans to create an LPWAN (long-range energy-efficient network) of 50,000 miners around the world, such as in Europe, the US, China, etc., that will be used to transmit data from IoT gadgets using the MXC protocol. Open / Comment

2023-02-17 20:40:26 Cryptokits purchased 1.6 million APEs worth approximately $8.5 million

Network analysis platform Lookonchain shared new data on cryptokits owning Apecoin (APE). Three cryptocurrency users with "fat" wallets bought a total of 1.6 million APEs worth about $8.5 million on Binance and sent them for steaming.

Cryptoaddress 0x09BC bought 750,954 APEs worth about $3.8 million, while 0xb0ec bought 663,681 tokens for about $5.45. Other cryptokits owned 187,890 APEs at $5.3, valued at about $1 million.

According to cryptodata aggregator site CoinGecko, APE is currently worth about $5.47 with a daily drop of 3%. Over the day, the token was able to hit a low of $5.17 and a high of $5.73.

APE has also weakened against bitcoin (BTC) and Ethereum (ETH) by about 2.37% and 4.50% in the past 24 hours. Nevertheless, altcoin managed to maintain a positive trend of 8.3%. Open / Comment

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