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Oracle Red Bull Racing Drivers Max Verstappen and Sergio Pérez Take a Ride to Become Crypto Insiders With Bybit

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  • As one of the crypto-inspired initiatives of its partnership with Oracle Red Bull Racing, Bybit created the #BybitLevelUpChallenges, a series of videos featuring Oracle Red Bull Racing F1 drivers Max Verstappen and Sergio ‘Checo’ Pérez about digital assets and technology in racing.

  • In the latest episode, Max and Checo opened the crypto-racing dictionary and took up Bybit’s “Crypto Slang Challenge”, an original way to learn the meaning of crypto trading terms such as “HODL”, “Gas Fees”, “Bear Market”, “Fiat on-ramp” or their favorite, “When Lambo”.

Dubai, United Arab Emirates–(Newsfile Corp. – May 12, 2022) –  Bybit, one of the world’s fastest growing cryptocurrency exchanges, premiered the “Crypto Slang Challenge”, the second episode of its crypto-inspired series #BybitLevelUpChallenges. Conceptualized as a beginner’s guide to pave the way forward for the crypto curious in ways that are immediately relevant to race fans, the new episode features Oracle Red Bull Racing drivers Max Verstappen (2021 Formula 1 Drivers’ World Champion) and Sergio ‘Checo’ Pérez on a crash course challenge to decipher the latest and most common crypto trading terms and slang in both the crypto and racing world. It turns out that both industries have a lot in common.

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Figure 2: The Crypto-Racing Dictionary, created by Bybit to help F1 fans and crypto enthusiasts alike understand relevant terms that are applicable in both the crypto and racing world

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Figure 4: The Crypto-Racing Dictionary, created by Bybit to help F1 fans and crypto enthusiasts alike understand relevant terms that are applicable in both the crypto and racing world

To view an enhanced version of this graphic, please visit:

Figure 6: The Crypto-Racing Dictionary, created by Bybit to help F1 fans and crypto enthusiasts alike understand relevant terms that are applicable in both the crypto and racing world

To view an enhanced version of this graphic, please visit:

Figure 2: Snippets from the episode where Max and Checo both tried deciphering crypto slang and references

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8506/123756_2860fedc54013b77_008full.jpg

Figure 3: Snippets from the episode where Max and Checo both tried deciphering crypto slang and references

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8506/123756_2860fedc54013b77_009full.jpg

In a race to become Bybit Insiders themselves, Oracle Red Bull Racing drivers took on the challenge to guess and appreciate the meaning of expressions such as “gas fees” (blockchain transaction fees), “position” (a trade) or “fiat on-ramp” (a reference for one-stop conversion of fiat money into cryptocurrency). Crypto enthusiasts and F1 fans alike are in for a good laugh, as Max and Checo tried their hands (and luck) at guessing the meaning of acronyms such as ATH (all-time high) and FUD (fear, uncertainty and doubt).

When the drivers were asked to guess the meaning of “HODL” (an acronym for “hold on for dear life”, an expression used by crypto enthusiasts referring to a long-term approach to cryptocurrency) 2021 Formula 1 Drivers’ World Champion Max Verstappen quickly stated “stick to your position”, showing that he has some grasp of the investment jargon.

When the drivers were shown the term “diamond hands”, Verstappen immediately responded “that’s Checo”, and Max was right in a way, as crypto enthusiasts use this expression to talk about high risk tolerance when trading and investing – this bears some similarity to Checo’s stellar strategies that earned him the title as “Minister of Defense”.

“Is where things are really nasty on the market,” said Checo when asked the meaning of the term “bear market”, displaying his knowledge.

But perhaps the most entertaining part of the challenge was when Max and Checo were asked to guess the meaning of the expression “when Lambo?” as Max promptly responded “when to shine through the streets… show off”, while Checo added, “you’ve done well in crypto, you have to show it.”

Before the start of the 2022 Formula 1 season, Bybit became Oracle Red Bull Racing’s exclusive Principal Team Partner, Cryptocurrency Exchange Partner, Fan Token Issuance Partner and Tech Incubator Partner. Both crypto and racing fans can now look forward to more exclusive content and exciting initiatives only available at the Bybit Race Insider – check it out to stay updated on what else Max and Checo might be up to together with Bybit.

As the Fan Token Issuance Partner and Tech Incubator Partner, Bybit will support Oracle Red Bull Racing with the distribution of its growing digital asset collections among other endeavors, so fans will have to stay tuned for more surprises in the near future.

About Bybit

Bybit is a cryptocurrency exchange established in March 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is a proud partner of Formula One racing team, Oracle Red Bull Racing, esports teams NAVI, Astralis, Alliance, Virtus.pro and Oracle Red Bull Racing Esports, and association football (soccer) teams Borussia Dortmund and Avispa Fukuoka.

For media inquiries, please contact: [email protected]

For more information please visit: https://www.bybit.com/

Contact:
Name: Dan Edelstein
Email Address: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123756

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

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Global Supply Chain Finance Market

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Blockchain

Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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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.

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Blockchain

ASIC cracks down on blockchain mining firms

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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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