Blockchain
Coinberry Tops $1 Billion in Crypto Traded
Canada’s trusted crypto trading platform passes 215,000 accounts and now offers 29 different coins
Toronto, Ontario–(Newsfile Corp. – March 9, 2022) – Canadians’ growing interest in the blockchain economy has propelled Coinberry — one of Canada’s most trusted and secure crypto trading platforms — to surpass $1 Billion in crypto traded, the company confirmed today.
Helping Canadians on their Crypto Journeys
“Coinberry was founded in 2017 to make it easier and more secure for Canadians to buy, trade and sell Bitcoin and Ethereum. Over the past five years, we’ve grown tremendously to become one of Canada’s most trusted crypto trading platforms and one of the first to be fully regulated by the Ontario Securities Commission (OSC),” explains Coinberry CEO and Co-Founder Andrei Poliakov.
Building Canada’s Digital Financial Institution of the Future
“Coinberry was one of Canada’s first FINTRAC-registered crypto trading platforms, providing customers with a safe and secure platform to buy and sell cryptocurrencies. We again made news in 2019 with our innovative approach helping a Canadian municipality make history by offering secure cryptocurrency tax payment processing. The spirit behind Coinberry has always been to make it possible for everyone to participate in the blockchain economy. As our base of crypto investors has grown, we’ve expanded our offering to 29 cryptocurrencies, including many of the world’s top trending and most exciting Metaverse and Altcoins,” says Poliakov. Coinberry recently added 11 top trending coins to the platform, including: Fantom (FTM), Polygon (MATIC), Shibu Inu (SHIB) and Terra (LUNA).
More Coins, More Innovations, More Investor Opportunities
“Our long-term goal has always been to build and grow Coinberry to become one of the nation’s most trusted digital financial institutions of the future. Reaching the $1 Billion traded milestone is an important accomplishment for our team and for Coinberry’s 215,000 accounts,” says Poliakov, adding that Coinberry has plans to offer more coins, innovations and investor opportunities in 2022 — as well as potentially taking the company public in the near future.
About Coinberry
Coinberry makes it easy and secure for Canadians to buy, trade and sell a wide range of cryptocurrencies. As a OSC and FINTRAC-registered crypto trading platform, Coinberry is powered by the belief that the digital economy should be inclusive and accessible to everyone. Headquartered in Toronto, Canada, Coinberry currently offers more than 29 coins and has facilitated trades of over $1 Billion on its platform to date. To learn more about Coinberry and to open a free, secure account, visit www.coinberry.com
Contact
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116077
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Blockchain
ASIC cracks down on blockchain mining firms
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.
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