Blockchain
VCs are investing in a new class of space startups applying web3
A group of VCs and investors including Startup Wise Guys and Pointer Capital recently invested into the seed round of Copernic Space, a blockchain-based platform to enable the purchase of space assets and investment into space ventures by the mass market. The increased interest in the new budding sector applying blockchain technology to open wider commercial access to space and related investments marks the beginning of a new market.
In development since 2020, Copernic Space recently launched its marketplace where space industry players can tokenize their space assets to commercialize what they own and access new monetization methods. The launch features the first-ever sale of tokenized payload space featuring Lunar Outpost’s MAPP Lunar Rover destined for the Moon this year. In the first commercial lunar mission, you can not only buy the rights to send a physical lunar payload through Copernic Space but fractionalize ownership of that payload and resell it to the retail market. This brings space into the digital economy, democratizing access and creating a true space asset market that provides the opportunity to have ownership in space for the first time. As further space asset sales are released on the marketplace, in 2023 Copernic Space plans to add the SpacePool, a DeFi application that facilitates liquidity directly from the retail market into space projects.
General Partner of Pointer Capital, Lukas S. Zgiep said: “It is fresh, creative, and shows us that we should step out from our comfort zone in the way we look at Crypto and NFTs. There is huge potential that the space economy will be more valuable than the earth’s economy. If this happens Copernic Space will be Amazon for the Space economy!”
Led by Grant Blaisdell, one of the Co-Founders of a leading blockchain analytics company Coinfirm, Copernic Space represents a new market in the collision of space and crypto. This marketplace sets the standard for the commercialization of space and related investments. But the platform is not only looking to scale up the already $500b space economy, but be the home for other space-related crypto companies building a diverse ecosystem like Spacechain, Space DAOs like SKTLS, and NFT based space projects such as Spaceman.
The Managing Director of Startups Wise Guys Growth program and space industry enthusiast, Daniela Esposito, said that “Copernic Space is providing such a unique and disruptive proposition into the market, that missing the opportunity to invest into and to support the first digital marketplace ever for space assets wasn’t an option.”
Investors continuously push more and more investments into the space economy, but this category represents a new class of space-related companies with much lower capital requirements and shorter liquidity event timelines, a big roadblock for many traditional investors. What this new market also represents is breaking down the barriers of entry into the space economy to where the average person can participate and become an owner or investor in space. Space is truly entering into a new final frontier.
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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