Blockchain
NanoByte Becomes the First Token to Provide Instant Fiat Loans; Following a Partnership with One of the Largest Traditional Financial Institutions in Indonesia
Jakarta, Indonesia–(Newsfile Corp. – April 27, 2022) – After a successful partnership with Danamas – one of the leading FinTech Cooperations in Indonesia, NanoByte is ready to pave the way for Crypto Adoption in the Asia Pacific. They will be the first to provide instant fiat loans to the more than 270 million people in Indonesia.
Danamas x NanoByte Partnership
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Three of the world’s most populous countries (China, India, and the USA) are becoming more stringent about cryptocurrency, while crypto supporters have been touting Indonesia as a future emerging market for the industry. When it comes to cryptocurrency, Indonesia is way ahead of many nations. With a population of over 270 million and being one of the fastest-growing economies in the world, the future of this avenue seems promising. Its government is also open to crypto, with its President (Joko Widodo) actively encouraging Indonesians to learn more and improve their skill set around new tech, including crypto.
Despite huge opportunities in Indonesia, there are only around 7 million crypto investors in the country – or less than 3% of its total population. NanoByte Token (NBT) was launched last month, aiming to become a pioneer of crypto adoption in the fourth most populated country in the world. NanoByte is affiliated with Nanovest, an investment application to trade US stocks and cryptocurrency, based in Indonesia. It has already gained the support of more than 2 million people in Indonesia during its beta launch. Today, they finally announced their latest innovation: the first-ever instant fiat loan with NanoByte through a partnership with Danamas, a subsidiary of the Sinarmas Financial Service company.
Sinarmas Financial Service is a leading financial services provider in Indonesia that provides an integrated and comprehensive range of financial services, including Banking, Insurance, Financing, Capital Markets, Asset Management, Share Administration, Security, and Information Technology. Sinarmas Financial Service is also part of the conglomerate group Sinarmas whose presence in Indonesia dates back to the 1930s.
NanoByte’s partnership with Danamas is one of the first maneuvers of making crypto assets accepted in the full suite of the traditional financial ecosystem in Indonesia.
As a crypto project, the Nanobyte Token (NBT) is now available through the centralized exchange platform Tokocrypto, Binance’s portfolio in Indonesia. In the global market, it is accessible through Pancakeswap and Uniswap.
Nanovest’s CEO, Hutama Pastika, said the partnership between Nanobyte and Danamas in providing NBT as an instant loan application service facility will be effective as of 19th April, 2022.
“The latest scheme in the crypto-asset-based instant lending services (NBT) is expected to encourage education and be a proof to crypto enthusiasts with all Indonesian people of what kind of amazing things a digital asset can provide. Hopefully, all of these efforts can foster people’s trust that this new investment instrument is not that difficult and perfectly safe for everyone.”
The NBT asset-based instant loan offered by Nanobyte and Danamas is an innovative project, claimed to be the first of its kind in the world. All Indonesians who are interested in applying for a loan can do so as long as they have NBT and are available to join this program.
“Danamas and Sinarmas Financial Service discover that today’s young generation has begun to get more literate in investment and invest a lot through digital currency. Through this partnership, NanoByte token holders can get instant loans with up to 80% lower interest than what they normally get in the market,” Danamas’s CEO, Joyce Andries said.
To date, crypto-based projects are often seen as risky, scary, and unstable investments. Through this innovation, Danamas and Sinarmas Financial Service intend to boost the adoption of crypto assets by introducing a new channel that is more reliable and relatable to the novice. Hopefully, it can drive greater and faster growth of the crypto industry in Indonesia, the Asia Pacific region, and across the globe. The bases are formed, and the growth has begun. It can only get bigger and brighter from here.
About NanoByte Token (NBT)
NanoByte Token aims to bridge cryptocurrency to the traditional/conventional currency system; by creating utility for cryptocurrency in products such as e-money, credit cards, insurance, and other investments. NBT’s home market is Indonesia, the 4th largest country in the world with 270 million lives. After its initial launch in Indonesia, NanoByte is exploring opportunities in more countries. NBT has a unique position to make crypto legitimate and mainstream because of the support that it gets from both traditional financial institutions and new-age crypto institutions. Some of the big names who are partnering with NBT include Sinar Mas Financial Services (one of the largest financial institutions and a diversified group in Southeast Asia), Tokocrypto (the largest crypto exchange in Indonesia), and Agate International (the largest game developer in Indonesia).
Nanobyte Website | Instagram | Twitter | Telegram | Medium | YouTube
About Danamas and Sinarmas Financial Service
Danamas is a company that was founded in 2000 under the name PT. Komunindo Arga Digital, the company later changed its name to PT Pasar Dana Loan which was established under the auspices of Sinarmas Financial Service, a leading financial services provider in Indonesia. Danamas is also a member of the Indonesian Fintech Association (AFPI). The company is committed to helping business people, especially MSME fighters to develop their businesses, as well as employees/workers to get loans by way of submission and easy.
Danamas Website | Instagram | YouTube
Contact:
Cindy Claudia
+6281372738935
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121709
Blockchain
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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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