Blockchain
Usechain Funds Crypto and Derivative Exchange TaurusEX to Compete With Others
Recently, Usechain Asia Foundation funded TaurusEX (jinniu.pro), a one-stop digital financial assets trading platform built by quantitative execs from Wall Street, which was officially launched on Aug 8. As a finance-based crypto exchange, TaurusEX will compete against other similar crypto derivative exchanges by offering creative derivatives products.
Ambitious in Derivatives Market
TaurusEX got funded by Usechain Asia Foundation, which launched the mirror-identity blockchain — Usechain in 2018. TaurusEX introduces “Brennan-Cao” formula from the frontier theory of high-order future pricing by Usechain CEO, former Berkeley Finance Professor Henry Cao, to develop the most innovative product – high-order futures contracts.
“Traditional futures contracts are linear as we all know, but the high-order futures contracts are what we put more factors into consideration to make a more complete market compare to linear contracts,” Professor Henry Cao explained.
Other Crypto derivative exchanges are mainly about crypto currencies like BTC/ETH, while TaurusEX is more than that. Besides crypto currencies, forex, commodity, futures, even options can be tokenized and traded on the platform. In addition, TaurusEX will provide not only futures but also spots as supplementary.
“This is a greater market and I see great ambition on TaurusEX,” said Professor Henry Cao.
A Combination of Decentralization and Centralization
The difference between TaurusEX and most of the exchanges on working process is that it is a compromised model with combined decentralization with centralization. Briefly the matchmaking mechanism is a centralized system that supports high concurrency working off-chain, while clearing and settlement are decentralized working on the Usechain network (DPoS). The Mirror Identity Protocol on Usechain network will help TaurusEX to comply with KYC, AML and CFT regulations as well. In this case, the liquidity is improved and the safety is guaranteed.
New Model of Token Listing
Most of the exchanges charge huge fees to token sponsors to list on their exchange, this is one of the factors why exchanges are profitable. TaurusEX would like to create a new business model, that it allows a direct listing without listing fees for those who meet the standard of premium project judging by deposit volume. The deposit volume requires no less than 1 USDT equivalent in value each from 1000 valid users. In this way, it will bring real trading volumes instead of fabricated volumes, and benefit the sustainable development of TaurusEX. Moreover, token listing recommended by community is in the plan.
It’s just the beginning of TaurusEX, and so far, it gained a lot of attention in the Taurus Coin (TC) sale, which shows high expectation from the market. TaurusEX will realize its commitment of providing creative derivatives service in the medium term according to its roadmap.
“TaurusEX is absolute professional and I believe it will meet our expectation of helping potential projects get funded and benefit the whole industry, instead of earning high commissions and fees,” said professor Henry Cao.
SOURCE Usechain
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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