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Crypto Venture Capital Firm Phoenix VC Announces Seed Investment in Predictr.club, The World’s First P2P ERC20 Prediction Platform

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Phoenix VC, a leading venture capital firm based in Dubai, UAE, today announced its latest seed-stage investment in Predictr.club, the world’s first P2P ERC20 prediction platform. Predictor is a newly launched platform that is decentralizing the P2P prediction segment and has just closed its first successful round of 80,000 PDCT tokens in less than 24 hrs. of listing on Bounce.

Surveys, Sentiment Analysis and making predictions is a practice as old as time itself. The newest trend is to back it up with capital on a decentralized prediction market such as Predictr.club. With the rise of decentralized prediction markets, anyone can earn money with their accurate prediction skills. A prediction market is a place where anyone can come and buy predictions, just how investors buy and sell stocks on the stock market. Similar to the way investors buy shares in a company, prediction markets allow their users to buy shares in an event outcome. Users can bet on all kinds of events, such as the winner of a presidential election, the price of Bitcoin by December 31st, and more. The online prediction space is a $100+billion market continuously growing at a CAGR of 11.5%. Co-founder of Ethereum Vitalik Buterin believes prediction markets were better indicators of the election than traditional polls this year. “Regardless of who wins from here, I definitely think that the prediction markets have proven themselves more accurate than the polls/models this time around,” said Buterin.

Predictr.club is a revolutionary P2P prediction platform that enables users to make predictions and get friends, family, and the world to back their views with their PDCT Tokens. Unlike the ordinary centralized prediction markets, who limit what and how anyone can predict, a peer-to-peer prediction market like Predictr allows anyone to become the originate a prediction slip. The Predictr app streamlines the entire prediction play process by utilizing Smart Contracts as Prediction Pools and Oracles to gather event result data, providing users with a hassle-free intuitive user interface to generate a Predictr slip within a few clicks and set it up for play. Each Predictr has a simple YES or NO answer, making it easy to play and use. “The advantage of a prediction market is that rather than being based on one person’s model, it lets the world come together and essentially negotiate a clearing price — the point at which people who think it’s too high and people who think it’s too low are balanced”, said Sam Bankman-Fried, CEO of FTX.

Predictor.club is powered by its own utility token called the PDCT and is now available on Uniswap with plans of listing on a few Centralized exchanges in the coming weeks. The PDCT token can be used to get discounts on creating slips, get entry to jackpots, and earn staking rewards. The platform plans on minting only 190,000 predictor tokens whose sale will enhance the platform’s user experience, build a user base, and promote the PDCT Token. According to the Phoenix Venture Partner, Mr. Bijan Alizadeh – Prediction markets are the next big thing in the Crypto Industry and there are players like Augur and PlotX that are catering to different segments. For Phoenix Predictr was interesting as it added gamification and has benefits for the originator and the participants – A truly Decentralised Prediction marketplace.

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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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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