Coinspeaker Binance Launches Megadrop to Harness Launchpool, Web3, Airdrop Elements

Binance, the world’s leading cryptocurrency exchange by trading volume, has unveiled the latest leap in the crypto space with the launch of Megadrop, a revolutionary token platform that integrates elements of Launchpool, Web3, and Airdrop.

Binance Megadrop: Revolutionizing Airdrops with Launchpool Integration

The announcement of the Megadrop launch by Binance explains that the new platform is meant to boost unparalleled airdrop opportunities and experience for its users as it has a blend of Binance Simple Earn and the exchange’s Web3 Wallet.

Introducing Megadrop, #Binance's first-of-its-kind token launch platform blending the best of Launchpool, Web3, and Airdrop elements.

Unlock exclusive early access to upcoming tokens and seize one-of-a-kind airdrop opportunities!

Learn more 👇

— Binance (@binance) April 18, 2024

Megadrop offers users exclusive early access to selected Web3 projects even before their listing on Binance, using BNB as the primary token. Binance’s launch of Megadrop is based on its belief that it presents a blend of engagement, education, and reward, contributing to the growth of both Binance and the broader crypto community.

The inaugural project on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Users participating in Megadrop will receive 8% of the token supply, equivalent to 168,000,000 BB tokens out of a total max token supply of 2,100,000,000 BB. Currently, the initial circulating supply stands at 409,500,000 BB, representing 19.5% of the maximum token supply.

Earlier this month, Binance introduced its 51st project on its Binance Launchpool platform enabling users to stake their BNB (Binance Coin) which qualified participants to earn SAGA tokens. The exchange allowed the transfer of any unclaimed reward and token to the various spot accounts of users on the platform.

Binance assures users that the projects featured on Megadrop were thoroughly researched before being included on the platform. BounceBit aims to enable BTC holders to earn income from multiple sources by utilizing a combination of CeFi and DeFi frameworks. The project has developed a BTC re-hypothecation infrastructure, providing a base layer for various re-hypothecation products.

Binance’s Ongoing Expansion amidst Challenges

Despite ongoing concerns about the SEC lawsuit, the detention of its executive in Nigeria by government authorities, and fluctuations in Bitcoin price ahead of the halving event, Binance remains committed to driving positive developments in the crypto space. Binance CEO Richard Teng recently revealed that the exchange is actively exploring potential headquarters and engaging in constructive discussions with multiple countries. This is an attempt to score points with critics and regulators who have issues with the exchange’s lack of operational base.

In the interim, Binance Holdings has secured a full Virtual Asset Service Provider (VASP) license in Dubai. This milestone achievement follows a strategic decision by co-founder Changpeng “CZ” Zhao to relinquish his voting control in the local entity.

The VASP license allows Binance to offer broker-dealer and exchange services, including crypto derivatives trading. For context, Binance blazed the trail in 2023 by becoming the first crypto exchange to obtain an operational Minimum Viable Product (MVP) license in Dubai. The MVP Operational license is an interim greenlight granted before a full VASP permit.

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Binance Launches Megadrop to Harness Launchpool, Web3, Airdrop Elements

Coinspeaker Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal

The total cryptocurrency market cap has continued to shrink, down 2.4 percent in the last 24 hours to about $2.36 trillion, ahead of the much anticipated Bitcoin (BTC) halving 2024. After registering an impressive first quarter, JPMorgan Chase & Co (NYSE: JPM) analysts have now pointed out short-term weakness post-Bitcoin halving.

According to the JPMorgan note to investors on Wednesday, Bitcoin price will trigger another crypto landslide because the market is still in overbought conditions, based on the analysis of the Open Interest in BTC futures.

Bitcoin Whales Undeterred

According to on-chain data analysis provided by CryptoQuant, crypto whales have accumulated more than 27,700 Bitcoins, worth over $1.7 billion in the past few days. Despite the continued market dump by Grayscale Investments’ GBTC, on-chain data shows long-term investors are unwavering.

Furthermore, Bitcoin supply on a daily basis will be reduced from 900 to 450 coins after the upcoming halving. With the heightened Bitcoin demand from institutional investors, amid the halving impact, it is safe to assume a super cycle is at hand.

As Coinspeaker recently explained, the approval of spot Bitcoin and Ethereum ETFs in Hong Kong will significantly add to existing buying pressure. Moreover, the United States-based spot Bitcoin ETFs have already proved to be a huge success within the first few months.

Crypto Price Action Amid Bitcoin Halving

Bitcoin price has severally retested the support level around $61K in the past few weeks after reaching a new all-time high (ATH) last month. Already in the price discovery phase, Bitcoin dominance has been consuming the altcoin market in the recent past. According to the latest market data, Bitcoin dominance stands around 55.46 percent as of Thursday.

However, a popular crypto analyst Ali Martinez, opined that Bitcoin price must defend the support level of around $61k to avoid a capitulation towards the next major support of around $56,200.

$61,000 is a very important level for $BTC ! If it breaks, it will trigger a correction to $56,200.

But if #Bitcoin can rebound, we could see an upswing to $66,500. The first sign of a rebound will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for… pic.twitter.com/KOg4HuZOJ2

— Ali (@ali_charts) April 18, 2024

On the other hand, if Bitcoin price rebounds from the current levels amid the upcoming halving, a rally towards a new ATH will be inevitable.

On the Flipside

With the ongoing choppy crypto market, most traders have taken refuge from the high volatility in the stablecoins sector. According to market data provided by Coingecko, the stablecoins industry has a daily average trading volume of about $88.5 billion out of the $117 billion for the entire industry.

😧 According to the #crypto crowd, the #bullmarket has essentially come to an end after #Bitcoin's -16% market value drop since the #AllTimeHigh of $73.6K hit back on March 14th. At the same time, #bearmarket mentions are increasing. Historically, prices move the opposite… pic.twitter.com/1fnGePwMV0

— Santiment (@santimentfeed) April 17, 2024

Having analyzed the available data, market intelligence platform Santiment concluded that crypto traders have shifted from a bullish narrative to bearish sentiments. However, Santiment noted that the significant decline in FOMO (fear of missing out) combined with an increase in FUD is a promising indicator for an imminent crypto recovery.

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Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal

Coinspeaker Swedish Tax Authorities Seek $90M from Crypto Miners for Unpaid Dues

Swedish tax regulators demand $90 million from companies mining cryptocurrencies in the country for unpaid dues. According to a recent announcement, the country’s tax agency, Skatteverket, uncovered significant tax evasion in the nation’s crypto mining sector during an investigation and is now demanding that the companies pay what is owed to the government.

Misleading Information

Skatteverket investigated 21 crypto mining firms between 2020 and 2023. These firms claim to be operating data centers to avoid paying taxes. During this period, the tax agency found that 18 of the companies had provided misleading or incomplete information regarding the full scale of their business operations.

As per the announcement, this misleading information included falsifying business descriptions to avoid paying value-added tax (VAT) on taxable operations and finding ways to evade import taxes on mining equipment and income tax on mining revenue.

“There is an incentive for unscrupulous actors to conceal their cryptocurrency mining operations and instead claim that they are conducting VAT-liable business activities. In this way, tax revenues disappear from the country in the form of incorrect payments from the state, unpaid output VAT, and unreported crypto assets,” said Patrik Lillqvist, the intelligence chief at the Swedish tax agency.

Authorities said that these companies received tax benefits on false grounds. As a result, crypto mining firms have been asked to return more than 990 million Swedish krona ($90 million) to the government. The amount includes unpaid total VAT of 932 million krona ($85.4 million) and tax surcharges of approximately 57.9 million krona ($5.3 million).

Crypto Miners Appeal $90M Tax Demand

Following the government’s demand to pay up the unpaid dues, the affected companies appealed against the request in the Swedish administrative court.

However, after reviewing the motions, the court upheld only two of the appeals and rejected the rest. According to the announcement, the $90 million has been adjusted for the verdicts.

The tax agency painted a clear picture of how the affected companies operated to conceal the full scale of their business offerings.

According to the authorities, some firms opened a local office in Sweden and registered the business under the country’s market regulator as a data center without disclosing their intention to mine cryptocurrencies.

The company’s representatives then front other businesses, such as selling computing powers to companies abroad owned by the same firms, while, in reality, they are mining crypto in Sweden. The foreign companies served as camouflage, buying services from the Swedish-based firms to make it appear legit as a true data center.

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Swedish Tax Authorities Seek $90M from Crypto Miners for Unpaid Dues

Coinspeaker Ex SEC Crypto Chief Ladan Stewart Says XRP Lawsuit Likely to Reach Supreme Court

It appears that the last is not heard of the ongoing legal tussle between Ripple Labs and the US Securities and Exchange Commission (SEC). The XRP lawsuit, as it is popularly called, borders on the status of Ripple’s native token XRP as a security.

While Ripple has recorded some significant wins in the case so far, many believe that the case may still be headed to the US Supreme Court, particularly in the light of a recent ruling in the Coinbase case, which favored the SEC.

Ladan Stewart’s Take on the XRP Lawsuit

The former chief of the SEC’s crypto litigation unit, Ladan Stewart, recently spoke on a panel at Columbia Business School, sharing some knowledge about how the agency operates. While she no longer works with the Сommission, Stewart’s insights reflect very deep connections to the SEC’s stance, its strategies, and what it hopes to achieve with the crypto industry.

During the panel, Stewart noted that Judge Failla’s decision in the Coinbase case may have emboldened the SEC even more. That is with respect to how the agency has always approached matters such as this. As obtained from a Bitcoinist report, Stewart said partly:

“The agency is not going to back off from bringing regulatory cases in the crypto space.”

However, she acknowledged the need for clarity in some of these cases. Hence, she believes that there is a likelihood that one of the lawsuits brought against Ripple and the likes will eventually find its way to the Supreme Court.

For Stewart, the reason is to provide clarity. At least, something comprehensive enough to give a definitive answer to fundamental questions about what qualifies as securities within the crypto space. Hopefully, the Supreme Court would be able to shed more light on that, she noted.

Friendly Foe?

Stewart’s closing remarks at the event were the typical “we’re all friends” line. However, other panelists – Rebecca Rettig from Polygon and Lewis Cohen from DLx Law, would beg to differ with that statement.  The duo hammered on the impracticability of the SEC’s laws, adding that it is why it approaches regulation by enforcement.

As many crypto advocates have pointed out, the existent securities laws do not align with the realities of digital asset markets. There is a persistent grey area that creates confusion and plunges the industry into a state of dilemma.

Nonetheless, the ongoing debates are poised to shape the future of crypto regulation in the United States.

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Ex SEC Crypto Chief Ladan Stewart Says XRP Lawsuit Likely to Reach Supreme Court

Coinspeaker Binance Receives Full Crypto License in Dubai after Changpeng Zhao Agrees to Cede Control

Binance has finally been granted a full crypto license from authorities in Dubai, securing a Virtual Asset Provider (VASP) permit in the city. Binance Chief Executive Officer (CEO) Richard Teng disclosed the development in a Thursday Bloomberg interview. According to unnamed people familiar with the development, Binance only received the VASP permit after co-founder and former CEO Changpeng Zhao agreed to cede voting control of the Dubai entity. 

Binance Gets Dubai License from VARA

Dubai’s Virtual Asset Regulatory Authority (VARA) gave Binance FZE, the Dubai arm, an MVP Operational license since June last year. The license allows Binance to offer broker-dealer and exchange services, including crypto derivatives trading. The MVP Operational license is an interim greenlight granted before a full VASP permit.

In addition to a few requirements, VARA asked Zhao to give up voting control of Binance FZE as one of the final conditions. According to reports, the Dubai authority wanted to ensure that Binance maintained its agreement with US authorities, part of which required Zhao to cede his CEO position.

Over the last two years, Binance has been in a legal battle with US authorities over several alleged misconducts, including commingling user funds. Last June, the United States Securities and Exchange Commission (SEC) sued Binance for several violations, accusing the major exchange of misleading investors and regulators and flouting KYC rules.

The Commission alleged that Binance knew the rules but deliberately chose to circumvent them for profits and put customers at risk. Eventually, Zhao had to step down as CEO of the exchange after pleading guilty to federal charges. The Binance co-founder also relinquished his position as Binance.US chairman.

The full license Binance FZE has now received is a feather in the exchange’s hat, mainly because of the regulatory problems. It also supports CEO Teng’s promise to ensure that the exchange achieves regulatory compliance with authorities in several jurisdictions. For instance, Binance announced it would begin restricting accounts without KYC verification. This effort largely relates to accounts created under the Binance Link Program.

Binance Scrutiny and Headquarters

Furthermore, Binance is ready to welcome scrutiny in addition to general regulations, according to Catherine Chen, the Head of VIP and Institutional at the exchange. At the Paris Blockchain Week, Chen said the $4.3 billion settlement it agreed to with the SEC was a major turning point for the company. The agreement also requires Binance to submit to US Treasury monitoring for five years. According to Chen, this is a “great thing.” The exchange has already employed an independent compliance monitor to keep the company in check. 

Binance is currently searching for crypto-friendly jurisdictions to situate its headquarters. The exchange, which presently has no formal headquarters, is now looking for a home, according to CEO Teng. Speaking during a discussion at the Paris Blockchain Week, Teng explained that the decision requires some consideration. According to him, corporate governance requires more than simply picking a country at random. He explained that there are a “multitude of factors that you have to weigh and assess.” Some of these include the value of Binance’s suite of products and what jurisdictions have laws that can cater to this suite.

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Binance Receives Full Crypto License in Dubai after Changpeng Zhao Agrees to Cede Control

Coinspeaker Omni Network Token Crashes 56% after Airdrop Distribution 

Omni Network (OMNI) lost more than 56% of its market value after its airdrop distribution and exchange listing on April 17, 2024, as investors dumped the token back into the market. According to CoinGecko data, the token’s value crashed from $53 to $23 within the past 24 hours.

OMNI Underperforms after Airdrop Distribution

Starting at 11 am UTC on Wednesday, Omni distributed approximately 3% of its total token supply of 100 million to early adopters who interacted with the blockchain before launch. The airdrop allocation extended to the platform’s community, restakers in EigenLayer, and those on Beacon.

In less than 60 minutes after the token was distributed and listed on exchanges such as Binance, ByBit, Bitget, and KuCoin for trading, its value dipped 30% to around $39 from $53.

The token continued on a downward trajectory, with its market cap slipping from the $560 million it recorded before the airdrop to $245 million. It currently boasts a 24-hour trading volume of $737 million.

The decline aligns with the broader market downturn, which saw the two leading cryptocurrencies in the industry, Bitcoin (BTC) and Ethereum (ETH), plummet below $60,000 and $3000 before recovering slightly.

Fake OMNI Token Rug Pulls With Investor’s Funds

Scammers created a fake token with the same name, OMNI, to take advantage of the excitement surrounding the Omni token launch, which aims to connect Ethereum rollups.

However, according to blockchain security company PeckShield, which identified and exposed the scam, the project “rug pulled,” causing the token’s value to plummet by 100%.

Meanwhile, in a recurring trend, the recent rug pull involving the fake Omni tokens is just one of many similar scams plaguing the crypto industry. Last year, Magnate Finance rug pulled with $6.5 million belonging to users. The project’s developers stripped liquidity off the platform, sending the token price to zero. Magnate Finance was launched on Coinbase’s layer-2 network Base and exited the market after gaining millions of dollars in vestments from users.

In March 2024, OrdiZK, a crypto project promising to connect the Bitcoin, Ethereum, and Solana blockchains, carried out a rug pull. The developers suddenly withdrew liquidity, causing the token’s value to plummet by 99%. According to blockchain company CertiK, the scammers managed to pocket $1.4 million from this fraudulent scheme.

Rug pulls played a significant role in the industry’s $1.7 billion loss to fraudulent activities last year. Specifically, scammers siphoned off $760 million through rug pulls and related scams, as reported by blockchain security firm Quantstamp.

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Omni Network Token Crashes 56% after Airdrop Distribution 

Coinspeaker UAE Pro League Embraces Web3 with Chiliz Partnership for Immersive Fan Experiences

Chiliz, a blockchain provider focused on sports and entertainment, has announced a partnership with the UAE Pro League (ADNOC Pro League). This collaboration aims to supercharge fan experiences and increase the popularity of the premier professional football league in the United Arab Emirates through innovative blockchain-enabled solutions.

Founded in 2018, Chiliz has been at the forefront of developing scalable and secure blockchain applications tailored for the sports industry. Their expertise lies in utilizing the power of digital assets to create immersive and engaging experiences for fans globally.

We're excited to announce our partnership with UAE Pro League 🤝⚽

Chiliz and @UAEProLeague will develop a web3-based fantasy football game and give fans the opportunity to own exclusive blockchain-authenticated game-scored balls.https://t.co/wHNnIluGWI#ChilizChain ⚡ $CHZ

— Chiliz ($CHZ ) – The Sports Blockchain ⚽🏆 (@Chiliz) April 18, 2024

Exploring Web3-Based Fantasy Football Game

The initial phase of this partnership will see Chiliz and the UAE Pro League explore a wide range of applications, including the development of a Web3-based fantasy football game. This promises to offer fans a unique and immersive experience, allowing them to engage with their favorite teams and players in new ways.

The collaboration will also allow fans and supporters to possess unique game-scored balls authenticated through blockchain technology. Although specific plans for distributing these items are still being determined, both parties are dedicated to ensuring fair and equal access for fans worldwide, thereby enhancing the overall fan experience.

Through partnering with the UAE Pro League, Chiliz not only intends to introduce advanced technology to the league but also contribute to the expansion and popularity of football in the Arab country.

Commenting on the collaboration, Waleed Ebrahim Alhosani, CEO of the UAE Pro League, expressed excitement about the partnership, stating that their goal is to bring advanced Web3 technologies to fans while expanding the global reach of the league and setting new standards for technological innovation in the world of sports.

Alexandre Dreyfus, CEO of Chiliz and Socios.com, echoed this sentiment, noting that collaborating with the UAE Pro League is a key milestone for the company as it continues to pioneer the integration of Web3 technologies in football.

Chiliz Continues to Set a Standard for Football with Web3

This partnership is not Chiliz’s first venture into football leagues. The Web3 company, known for its native token CHZ, recently announced its collaboration with game studio Unagi and the French Professional Football League (LFP) to introduce Coach Ligue 1, the first-ever fantasy football game created by a football league.

This game allows fans of Ligue 1 and Ligue 2 to build their dream teams using digital trading cards, created on the Chiliz Chain, featuring their favorite players. By developing its own assets, it eliminates the risk of licenses expiring, ensuring a lasting connection with fans and a sustainable approach to utilizing the league’s intellectual properties.

This partnership by the blockchain company showcases its commitment to improving sport and entertainment using Web 3 technology, as echoed in the statement made by its CEO.

“We’re committed to enhancing the fan experience through these innovative platforms and look forward to contributing to the growth and success of football in the wider region by leveraging not only our technology and expertise but also our remarkable network within the global sports industry,” said he.

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UAE Pro League Embraces Web3 with Chiliz Partnership for Immersive Fan Experiences

Coinspeaker Binance Eyes India Re-entry by Paying $2M Penalty

Binance, the world’s largest cryptocurrency exchange, is set to make a return to India after agreeing to pay a $2 million penalty. The decision, as reported by India’s Economic Times, is in line with its efforts to get right back into the fast-evolving Indian market. Therefore, the penalty is only one of many other requirements that the exchange must fulfill to comply with India’s stringent financial regulations.

Binance’s Second Coming to India

Binance’s exit from India was a direct consequence of the government’s crackdown on crypto exchanges that did not comply with the Financial Intelligence Unit (FIU) guidelines and the Prevention of Money Laundering Act (PMLA). The exchange, alongside several others, was banned from India in January, meaning that its operations were suspended in one of the world’s most promising crypto markets.

The crackdown was a major setback for Binance, which at the time held the Indian crypto market by the neck. For clarity, the exchange accounted for approximately 90% of all crypto holdings belonging to Indian investors. That is according to the Economic Times, which claims the holdings were estimated at around $4 billion.

Now, however, Binance may have indicated its readiness to adhere to the local laws and regulations with the penalty payment. By settling the $2 million fine, Binance is expected to resume operations as a compliant FIU-registered entity.

What to Expect

This move is expected to significantly toggle with the market dynamics. That is with Binance’s superior technology and liquidity being thrown into the mix. Binance’s re-entry also means that it is ready to face the previous concerns being raised over tax leaks and non-compliance with the 1% tax deducted at source (TDS) that is applicable on registered exchanges.

Recall that, in the past, the platform has faced criticism over its dominance of the Indian market. Critics claimed that its dominance was because of tax gaps that allowed investors to trade on it without the mandated taxes.

As Binance gears up to re-launch its services, it appears that the exchange is fully prepared to cover all its tracks. This means that it will attempt to be fully compliant on all fronts. Especially with the VDA taxation framework, which it was previously accused of violating.

Interestingly, the exchange’s return is a potential advert for India. That is in the sense that it indicates to the global crypto community that India is not against innovation. However, the country will only be open to doing business under the condition of full legal compliance.

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Binance Eyes India Re-entry by Paying $2M Penalty

Coinspeaker Binance Successfully Converts $1B in SAFU Funds to Circle’s USDC

Amid the ongoing heightened cryptocurrency volatility ahead of Bitcoin halving 2024, the leading crypto exchange by daily traded volume and registered users Binance Holdings Ltd announced major changes to its Secure Asset Fund for Users alias SAFU. According to the announcement, Binance’s emergency insurance funds have fully been converted to USDC, a US dollar-backed stablecoin issued by Circle Internet Financial.

“Today, we are transferring 100 percent of SAFU’s assets to USDC. Making use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1 billion,” Binance noted.

According to on-chain data, Binance converted a total of 16,277 Bitcoins in several batches and 1.36 million BNB coins to USDC. As a result, Binance SAFU wallets are now capped at $1 billion.

Established in 2018 during the tenure of Changpeng Zhao as the CEO, the Binance SAFU has set the cryptocurrency exchange apart from other exchanges. Furthermore, the Binance exchange has more than 187 million registered global users, who need protection against existential threats, especially from hackers.

Why Binance Opted for Circle’s USDC

The cryptocurrency market has heavily been regulated in the past year following the collapse of Terra Luna UST and FTX exchange. Already, Binance Exchange was forced to part with $4.3 billion as a fine for violating U.S. financial regulations on fraud and money laundering.

As a result, Binance has been doing all its operations by the books to ensure further growth prospects. Moreover, institutional investors are seeking secure and regulated web3 firms to operate with during the confirmed crypto bull run.

Notably, Circle’s USDC has achieved the second-largest stablecoin by market cap after the collapse of the Binance BUSD. As of this report,  Circle’s USDC had a fully diluted valuation (FDV) of about $32.7 billion and a daily average trading volume of around $9.1 billion.

As a fully US dollar-backed stablecoin, USDC is used by top institutions such as BNY Mellon, MoneyGram, Visa Inc (NYSE: V), Robinhood Markets Inc (NASDAQ: HOOD), BlackRock Inc (NYSE: BLK), and Mastercard Inc (NYSE: MA), among others.

Market Impact

The transition of Binance’s SAFU from Bitcoin and BNB to USDC is a clear indication the cryptocurrency market is highly liquid for all investors. With less than four days to the fourth Bitcoin halving, the BNB and BTC sales by Binance weighed heavily on short-term buyers.

Moreover, BNB price has been dropping about 10 percent in the past seven days to trade around $541 on Thursday.  Similarly, Bitcoin price has slipped more than 14 percent in the past week to trade around $60,987 at the time of this report. Nonetheless, Binance will continue to reign the crypto market due to its user protection measures, which are not available in other exchanges.

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Binance Successfully Converts $1B in SAFU Funds to Circle’s USDC

Coinspeaker P2P.org Taps SSV Network to Launch Distributed Validator Technology for Staking

P2P.org, a non-custodial staking service provider, has announced the launch of its Distributed Validator Technology (DVT)-powered restaking solution with Ethereum staking infrastructure protocol SSV Network. This collaboration represents a significant advancement in Ethereum staking, offering a more secure, efficient, and decentralized approach.

DVT-Powered Restaking Solution Enters the Market

The partnership between P2P.org and SSV Network marks one of the largest demonstrations of DVT’s capabilities. The technology will become ubiquitous in the liquid staking market, since it allows staking protocols to extend their validator set, bringing greater efficiencies in terms of maximizing uptime and bolstering decentralization.

Distributed Validator Technology is a solution for assigning key management to multiple parties which allows these entities to be responsible for maintaining a validator. This eliminates single points of failure. DVT entails splitting the key used to control the validator into a cluster. This helps make it virtually impossible for an adversary to obtain all the key parts needed to assume control.

P2P.org’s restaking solution harnesses the power of SSV Network’s DVT to offer Ethereum stakers a more robust and secure staking experience. By integrating DVT, P2P.org enables validators to participate in multiple instances, distributing the key fragments across different nodes.

Meanwhile, the staking product offers an annual percentage yield (APY) of over 5.6%. This yield allows users to benefit from the rewards associated with securing ETH and Layer 2 protocols while maintaining the integrity and stability of the underlying network.

P2P.org Launches Staking-as-a-Business Model

Recall that P2P.org launched an entirely novel concept called Staking-as-a-Business (SaaB) to change the approach that companies implement in staking services. This creative solution solves common problems like restricted utility, attracting people to take advantage of staking services, and generating earnings.

According to the announcement, the SaaB model offers an infrastructure for staking and extra services like legal, marketing, and sales support. Staking is a way for ETH users to support the network while earning rewards.

However, the overall value locked for P2P.org has increased considerably, rising from $1.4 billion at the end of the first quarter of 2023 to an impressive $7.3 billion by the end of the first quarter of 2024. This amazing growth shows that Ethereum users are becoming more and more reliant on and trusting of P2P.org’s staking infrastructure, making it a big player in the industry.

Data from Dune Analytics shows that as of April 8, 240,832 ETH were staked on P2P.org, which is 0.75 percent of all the Ethereum that is staked. This makes P2P.org one of the best validators in the Ethereum environment, up against big names like Lido.

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P2P.org Taps SSV Network to Launch Distributed Validator Technology for Staking

Coinspeaker Chainlink’s LINK Token: Potential Buying Opportunity amid Bearish Trend?

The native token of Chainlink, LINK, has been on a downtrend for a while, with the price falling even further over the past six days, following the broader market trend. Despite this, an on-chain analyst on X has provided a glimmer of hope for investors.

LINK, which serves as an incentive mechanism for users participating in the decentralized oracle network, has experienced price fluctuations. After reaching its highest point this year at around $22 in early March, the bears took control of the market, pushing the price down to $16, where it found significant support. However, the bulls were unable to sustain the price at this level, resulting in a continued dip. Currently, the price is trading at $13, representing a decline of around 50% from its highest price this year.

A Potential Buying Opportunity?

However, amidst this bearish trend, an on-chain analyst on X named AliChart has spotted a potentially favorable moment for investors to consider buying Chainlink’s LINK token. According to AliChart’s fundamental analysis, each time the coin’s 30-day MVRV (Market Value to Realized Value) ratio has fallen below -12.24% since August 2022, it has signaled an opportune time for investors to start buying the coin, potentially resulting in a 50% return.

Notably, the coin’s MVRV 30-Day Ratio currently stands at -17.54%, which AliChart believes presents another opportunity to buy the coin. The MVRV ratio is a metric used to assess the potential for profit or loss based on the current market value compared to the realized value of the asset.

While AliChart’s analysis seems optimistic, the market situation of the token paints a different picture. The coin’s market capitalization has decreased by over 0.6%, and the trading volume has dropped by over 40%, indicating a bearish sentiment among traders.

Bullish Predictions and Future Outlook for Chainlink’s LINK

At the time of writing, the LINK token is trading around $13. In order for the bulls to regain control of the market, they will need to push the price above the immediate resistance level at $14.7, which would require a substantial surge in buying pressure. If successful, the coin could potentially spike to another key level at $16. Should the coin surpass these key levels as well, then the analyst’s prediction will begin to materialize.

Furthermore, Ash Crypto, another notable crypto trader on X with over 1 million followers, recently included the coin in the list of coins he is monitoring for potential spikes within the next 12 to 15 months. Ash Crypto anticipates the coin to reach heights between $250 and $500, indicating a significant potential upside if the bullish scenario unfolds.

Based on the technical analysis and forecast provided, it can be inferred that there is still a near-term bullish sentiment for the coin. Therefore, investors and traders alike will need to keep a keen eye on the coin’s price movement in the next few days and be on the lookout for possible entry points.

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Chainlink’s LINK Token: Potential Buying Opportunity amid Bearish Trend?

Coinspeaker Hello Pal Announces 12-Month High Crypto Mining Revenue of $1.82 Million

While the crypto industry is reeling from the aftereffects of the Iran attack on Israel over the past weekend, Hello Pal, a popular social messaging app with several arms of businesses, announced its crypto mining unit witnessed significant revenue growth over the past 12 months.

According to an official press release, the monthly revenue generated from the company’s crypto mining business has ranged from 170,000 Canadian dollars to 317,000 in the past 12 months, with March recording the highest figure. The company made 2.5 million Canadian dollars worth approximately $1.82 million from mining Dogecoin (DOGE) and Litecoin (LTC) in total. Hello Pal said that electricity contributed around 30% of the revenue.

Hello Pal’s Live Streaming Business Sees Positive Return

Aside from the crypto business, which saw a good turnaround in its endeavors, other arms of the company were not left behind. Hello Pal’s efforts to expand its live streaming operations abroad paid off, as the business had a positive revenue return.

Over the last year, these efforts have resulted in monthly revenues ranging from 200,000 Canadian dollars to 580,000.

The company has also made progress in its business offerings following its departure from the Chinese market. In its announcement, the company said it has made alterations to its flagship app to suit users in the Middle East.

The app has been created with specifications to meet user requirements outside China. The updated versions are set to be launched soon, and the company is optimistic about the potential for increased live-streaming revenue in the Middle Eastern market.

A Business Setback

Despite these positive developments, Hello Pal’s common shares are currently under a cease trade order due to the company’s failure to file audited financial statements for the fiscal year ending 2023.

The company is seeking an auditor to audit these financial statements so that it can resume trading. Once the auditor has been engaged, Hello Pal will update the market on the expected timing for filing the overdue 2023 YE Financials.

The company faced similar challenges last year. In June 2023, Hello Pal submitted an application to the British Columbia, Alberta, and Ontario Securities Commission for a management cease and desist order.

The firm wanted the authorities to stop its CEO and the interim chief financial official from trading securities listed by the firm until they file audited financial statements for the year 2022. However, the order did not apply to the general public as the securities were available for investors to trade.

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Hello Pal Announces 12-Month High Crypto Mining Revenue of $1.82 Million

Coinspeaker Centrifuge Closes Oversubscribed Series A Funding with $15M to Scale Adoption of Institutional DeFi

Ahead of the fourth Bitcoin halving and the premier crypto event in Dubai, the Centrifuge (CFG) platform announced the closure of Series A funding round with $15 million at hand. According to the company, the funding round led by ParaFi Capital and Greenfield attracted key participants from all over the world. Some of the Centrifuge platform investors include Arrington Capital, Bloccelerate, Borderless Capital, Circle Ventures, Edessa Capital, Gnosis, IOSG Ventures, Modular Capital, and ProtoCap, among many others.

Centrifuge has raised $15M to scale the adoption of institutional DeFi.

With this round of Series A funding secured, we're excited to share our key focuses for Centrifuge's development, innovation, and adoption across the worlds of traditional and decentralized finance: ↓… pic.twitter.com/xYJ57Kai1K

— Centrifuge (@centrifuge) April 17, 2024

The strategic investment will be used to further build reputable products and crucial hirings to enable seamless adoption of institutional decentralized financial (DeFi) ecosystems. Furthermore, the Centrifuge platform has established its operations over the years as a leader in real-world assets (RWA) tokenization.

“We’re focused on building a fundamentally better financial system. DeFi has always been about accessibility, transparency, and interoperability, making markets more open, fair, and decentralized. We’re bringing these innovations to institutions in a compliant and safe way. We are not recreating existing off-chain processes on-chain, we are creating new, interesting opportunities never before possible,” Lucas Vogelsang, Centrifuge Co-founder, noted.

According to Ben Forman, the founder and Managing Partner at ParaFi Capital, the Centrifuge platform has grown to a major tokenization platform for all global assets including stocks, bonds, collectibles, currencies, and commodities, among others.

“We believe we’re reaching an inflection point in institutional adoption and are excited to double down with the Centrifuge team,” Forman added.

What Next for Centrifuge Platform

Having secured the funds amid the ongoing cryptocurrency bull market, the Centrifuge platform has announced plans are in place to launch an institutional-grade lending market for RWAs. Centrifuge’s RWA lending platform will be built on Ethereum’s layer two scaling solution backed by Coinbase Global Inc (NASDAQ: COIN), Base, and integrated with Coinbase Verification.

Consequently, the Centrifuge platform will enable institutions to quickly verify and onboard real-world assets. With the new RWA lending platform, the real-world asset market will be democratized without sacrificing compliance requirements.

“Centrifuge is a pioneer in real-world assets, and is now scaling using Coinbase Verifications and Base as the open-source settlement layer. This is an important step in ensuring Institutional clients can build with Centrifuge in a safe and secure manner across the Coinbase ecosystem,” Anthony Bassili, Head of Allocators and Tokenization at Coinbase Global, noted.

Market Picture

Following the announcement, the Ethereum-based CFG token bumped to as high as 85 cents before retracing below 69 cents fueled by the ongoing Bitcoin-led crypto correction. Notably, the Centrifuge (CFG) price has gained about 9 percent in the past four weeks to a fully diluted valuation of about $378 million.

The small-cap altcoin is well-positioned to grow further in the coming quarters amid the mainstream adoption of RWA tokenization by institutional investors all over the world.

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Centrifuge Closes Oversubscribed Series A Funding with $15M to Scale Adoption of Institutional DeFi

Coinspeaker Chad Steingraber Explains Why XRP Lags despite Ripple’s Partnerships

Chad Steingraber, a professional game developer has provided explanations why XRP, the cryptocurrency associated with Ripple Labs Inc, is underperforming despite recent partnerships and payment utility.

XRP’s Trading Volume Decreases

As of the latest CoinMarketCap data, XRP is trading at $0.4924, representing a 1.7% increase in the past day, with its market capitalization standing at $27 billion. The trading volume is down by 34.9% to $1.5 billion, indicating dwindling interest from investors.

According to Steingraber, one main reason for XRP’s underperformance is that the cryptocurrency is primarily traded Over-The-Counter (OTC) rather than on public exchanges such as Binance Holdings Ltd and Kraken.

The reason #XRP price is not affected by today’s partnerships and ODL/Payments utility use described below:

ALL use of #XRP globally today is essentially OTC trading that does not touch public crypto exchanges. Crypto exchanges currently today determine the price.

Traditional… https://t.co/fjZIj3tisH

— Chad Steingraber (@ChadSteingraber) April 17, 2024

Steingraber stated that while the price of XRP is currently determined by supply and demand on exchanges, traditional finance institutions such as Bank of America Corp (NYSE: BAC) are restricted from using the asset due to regulatory requirements. Thus, they engage in OTC for XRP trading.

He, however, noted that XRP price will begin to surge when demand from businesses increases. He painted a scenario where firms will start accumulating more XRP from any available source, including public exchanges fueled by an increase in demand.

Besides the influence of XRP’s utility, Steingraber pointed out investment through Exchange-Traded Funds (ETF) as a key factor that could influence the price of the cryptocurrency. According to him, investment activities beyond Ripple can remove XRP from public supply, further affecting its price.

Steingraber concluded that an outstanding price uptick for XRP would occur when public supply completely depletes due to increased demand from businesses and traditional financial firms.

What Makes Ripple Labs-backed XRP Stand Out

XRP primarily functions as a bridge currency, providing financial institutions with a more cost-effective way to trade crypto and fiat currencies. Ripple Labs’s selling pitch for XRP has always been the low transaction costs and speedy settlement status.

The network’s minimum transaction cost for a normal trade is 0.00002 XRP. Another unique feature of XRP is its scalability, which allows for 1,500 transactions per second. This is in addition to its inherent green characteristics, which make it carbon-neutral and energy-efficient.

In a positive development for XRP, Brad Garlinghouse, Ripple CEO expressed optimism regarding the potential launch of an XRP ETF. He cited the recent approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) as a signal of the possibility of additional ETFs entering the market.

Meanwhile, the ongoing legal battle between Ripple and the SEC has taken a new dimension, with the exchange’s legal team citing comparisons with the Govil case, as previously reported by Coinspeaker. Experts claim that if Ripple can demonstrate that no institutional investor suffered financial loss during the sale of XRP through its On-Demand Liquidity (ODL) platform, the Second Circuit’s stance on Govil bodes well for the defense of the payments firm.

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Chad Steingraber Explains Why XRP Lags despite Ripple’s Partnerships

Coinspeaker ByteDance’s Subsidiary BytePlus and Mysten Labs Merge AI and Blockchain in Web3 Leap

BytePlus, which is the tech arm of TikTok’s parent ByteDance, has announced a long-term partnership with Mysten Labs, the company that developed the Sui layer-1 blockchain.

BytePlus stated on April 17 that it would use its experience with AI and data storage to transform how the Sui ecosystem’s web3 games and SocialFi projects function. As a result of this new partnership, the two companies will be free to tap into each other’s innovative solutions like ByteHouse and Sui’s full-node data.

🚨BREAKING: BytePlus, the enterprise technology arm of ByteDance (the company behind @TikTok_US), is coming to Sui! pic.twitter.com/GtutYyFI5X

— Sui (@SuiNetwork) April 17, 2024

BytePlus ‘TikToking’ into Web3

The new partnership signals BytePlus’s entry into the Web3 world after the news. BytePlus’s AI solution could improve Sui’s analytical abilities, leading to unlimited scalability and real-time data processing, according to the release.

With BytePlus’s integration, Mysten Labs could also benefit from ByteHouse, which is BytePlus’s cloud-native data warehouse. In this case, the integration might make the overall user experience better and help Web3 games and SocialFi projects become a greater success.

Evan Cheng, co-founder and CEO of Mysten Labs, was positive about the partnership and talked about how it might improve the user experience in Web3 gaming platforms and SocialFi projects. He stressed how important it was to add AI and visual tools to Sui, which would be a huge step forward in Web3 data analytics.

“Integrating cutting-edge AI recommendation and visual algorithms into Sui signifies a leap toward enhancing user experience within Web3 game platforms and SocialFi projects,” explained he.

ByteDance Continues Exploration of Web3

This move by ByteDance into Web3 is not the first time the company has looked into blockchain technology. In 2019, the company teamed up with a Chinese government-run media group to make industry-specific business units for blockchain and AI.

Additionally, ByteDance’s attempt to get a virtual banking license in Singapore in June 2020 could be viewed as a demonstration of its interest in digital finance and blockchain technology.

Although Mysten Labs only released Sui in March 2022, it has grown and become popular very quickly in the blockchain community. Sui’s present partnership with BytePlus is the latest in a string of partnerships that aim to increase his reach and abilities.

Web3 Gaming Investments in 2024

There has been a lot of money going into Web3 game projects in 2024. Three companies – Australian venture capital firm King River Capital, blockchain game company Immutable, and Polygon Labs – announced in March that they would be starting a $100 million gaming fund.

Following suit, Andreessen Horowitz (a16z), a well-known venture capital company in Silicon Valley that was started by Marc Andreessen and Ben Horowitz, said it would put around $30 million into gaming startups this year.

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ByteDance’s Subsidiary BytePlus and Mysten Labs Merge AI and Blockchain in Web3 Leap

Coinspeaker SingularityNET Teams Up with Cardano’s Minswap for AI-Driven DeFi

SingularityNet, a decentralized platform focused on AI, has teamed up with Minswap Labs, a multi-pool decentralized exchange (DEX) built on Cardano. Announcing on April 17, SingularityNet stated that the two companies would be working together to transform decentralized finance (DeFi) on the Cardano blockchain by integrating DeFi technology with artificial intelligence (AI).

The new partnership between Minswap Labs and SingularityNet signals a new age of innovation, which promises to enhance the functionality and efficiency of AI and DeFi within the Web3 ecosystem.

Bringing AI to Cardano’s DeFi Ecosystem

As per the announcement, the new partnership is multi-faceted and will focus on a number of key areas. One of the main goals is to use SingularityNET’s AI expertise to supplement the Minswap platform. As such, Minswap will leverage SingularityNET’s AI tech stack to improve the user interfaces, enhance transaction processes, and optimize liquidity provision via smart analysis and prediction.

In addition, the new collaboration will amplify accessibility and the utility of SingularityNET’s native token, AGIX, through integration with Minswap. As a result, the new partnership might open up new methods for AGIX hodlers to engage in DeFi activities in the Cardano ecosystem.

Furthermore, the two companies intend to create new products and solutions for the Web3 ecosystem by exploring new ways of combining both AI and DeFi for mutual benefit. Both businesses are additionally keen to develop new products and solutions for the Web3 ecosystem as a whole, looking for creative ways to integrate AI and DeFi technologies that will benefit both.

Ben Goertzel, CEO of SingularityNET, was excited about the new partnership and said that AI could change many things about the Minswap platform. His said:

“The use of modern AI can enhance what a top-grade DEX like MinSwap already does, from providing intelligent interactive user interfacing to help end-users better leverage MinSwap’s capabilities, to uses of AI predictive and causal analysis within agents carrying out transactions on the exchange and assisting with liquidity provision.”

Together, the two businesses will work on liquidity pools (LPs), various connections, and maybe even adding SingularityNET’s token bridge functionality to the Minswap platform in the future. This could make it easier for AGIX and ADA to work together and make them more useful on both platforms and in the larger Cardano community.

ADA and AGIX Ready for the Price Rally?

The announcement of the new partnership had an impact on both ADA and AGIX prices. Cardano’s ADA price has slightly declined by 3.3% over the last 24 hours, while AGIX has seen a 2% decline over the same time period. At the time of writing, ADA is trading at $0.4443, while AGIX is trading at $0.8054, according to CoinmarketCap data.

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SingularityNET Teams Up with Cardano’s Minswap for AI-Driven DeFi

Coinspeaker Web3 Investment Jump 55% in Q1 as VC Confidence Returns to Sector

The total amount spent on Web3 investments went up by 55% in Q1 of the year. The impressive increase shows that venture capital firms and entities are regaining interest in crypto, blockchain, and Web3 in general.

According to the OnChain Report published by blockchain infrastructure firm QuickNode and crypto data service Artemis, Web3 investments rose 55% over figures reported in the fourth quarter of 2023. The report also noted a quarter-on-quarter (QoQ) 36% rise in the number of Web3 investment deals. The two metrics indicate a “strong rebound in VC confidence and investment activity”.

AI Saw More Web3 Investments than Others in Q1

Of all investments, seed round transactions had the highest increases, rising 53% QoQ and indicating investor interest in early-stage firms. The report also noted that Seed and Series A funding rounds nearly doubled the amounts raised between Q4 2023 and Q1 2024.

The OnChain Report highlighted artificial intelligence (AI) as the “clear favorite”. In Q1, the category attracted heavy interest and investment as companies began to explore AI use and its application as a Web3 forerunner. On the other hand, other categories like trading and developer tools only recorded slightly higher investment. This is likely due to reduced investor interest or general disinterest because of uncertainties or the reduced likelihood of quick returns.

“Overall, the first quarter of 2024 not only restored growth trajectories in venture capital funding for Web3 but also highlighted strategic shifts toward sectors that VCs believe will deliver substantial impact and drive the evolution of the blockchain landscape. This period has set a precedent for energetic and strategic engagements in Web3, reinforcing the belief in its significant role in the broader technological ecosystem.”

The QuickNode and Artemis report also contained insights into noteworthy Web3 narratives, as seen in Q1. For instance, the report highlights a stablecoin surge, noting a QoQ increase of 42% in stablecoin user activity. The specified reasons include the upcoming spot Bitcoin ETF, a resurgence in decentralized finance (DeFi), and the introduction of spot Bitcoin exchange-traded funds (ETFs). In general, stablecoins have had the most active addresses for five consecutive quarters. In Q1, stablecoins accounted for more than 41% of all daily active addresses (DAA). This shows that stablecoins are essentially “the backbone of value transfer on the blockchain.”

More on DeFi and Gaming

On DeFi, the report specifies an impressive 291% QoQ increase in user activity despite the continuous SEC crackdown. The quarter ended with DeFi transaction volume surging past record stablecoin transactions, hitting 7 million daily. In addition, all major DeFi platforms, including derivatives, bridges, yield, lending, and liquid staking, doubled or tripled their total value locked (TVL) in the quarter.

Furthermore, the number of active Web3 gaming addresses rose by 155% QoQ, indicating the sector’s ability to attract and maintain its user base. There are also several decentralized social platforms recording increased adoption rates by offering users more data control and a potential share in the platform’s success than is available with traditional alternatives. The OnChain report revealed a 425% QoQ growth in these platforms’ DAA.

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Web3 Investment Jump 55% in Q1 as VC Confidence Returns to Sector

Coinspeaker Bernstein Sets $150,000 Post-Halving Bitcoin Price Target

Analysts from Bernstein, a top research and brokerage firm, strongly believe that the price of Bitcoin (BTC) will hit $150,000 after the upcoming halving event. The analysts are optimistic that the top cryptocurrency by market capitalization will resume its bullish trajectory once the halving event is out of the way and the mining hash rate has settled.

The projected Bitcoin price target is expected to be achievable before the end of 2025. It is worth noting that Bitcoin halving usually comes with some price fluctuations. Often, it precedes a significant bull run for Bitcoin as it alters the market dynamics. The new demand from miners’ potential sell pressure becomes the catalysts that lead to Bitcoin price appreciation in every cycle.

“Historically, a bitcoin price breakout has always followed the halving event and sometimes a few months after halving,” Gautam Chhugani and Mahika Sapra, two senior Bernstein analysts said.

Spot Bitcoin ETF Inflows Drop

Chhugani and Sapra also acknowledged that massive spot Bitcoin ETF inflows must have resumed by the time the halving is over. This statement comes as the Bitcoin ETF market has hit a rocky path these last few days.

Fidelity Investment’s FBTC, which has been one of the top-performing spot Bitcoin ETFs since the launch, registered $0 inflows a few days ago. This broke the 63-day inflow streak that the ETF has maintained for more than two months.

About a week ago, the crypto inflows slipped to $646 million fueled by a drop in institutional investors’ interest in Bitcoin ETFs. The dwindling interest in spot Bitcoin ETFs was believed to have been triggered by a significant drop in the price of the underlying cryptocurrency.

Notably, BTC price dropped to around $67,000 during this time after reaching an All-Time High (ATH) of $73,750.

“Further, integration of spot bitcoin ETFs with wirehouses, RIAs will continue to provide structural demand for bitcoin, in our view. We continue to expect bitcoin to touch a cycle high of $150,000 by 2025,” as seen in a note written by Chhugani and Sapra to clients.

Bitcoin Price Catalysts Outlined

The speculations of these analysts underscore the previous opinion shared by Bloomberg Senior ETF Analyst Eric Balchunas. In an interview, Balchunas stated that the accessibility of spot Bitcoin ETFs on significant wirehouse platforms was “like putting a product on the shelf of Whole Foods or a big food store. Just that kind of exposure and availability is only going to help.”

The Bloomberg analyst expects that spot Bitcoin ETFs will find their way to these wirehouse platforms, which he says could have as much as $7 trillion and $10 trillion in assets, in the coming months.

Another catalyst believed to possess the capacity to push spot Bitcoin ETF performance is Options trading associated with the new asset class. Despite the expectation of approval, the SEC is still weighing in on the matter.

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Bernstein Sets $150,000 Post-Halving Bitcoin Price Target

Coinspeaker P2 Ventures Launches $50M Investment Fund to Support Startups on Polygon

P2 Ventures, a crypto-focused financial investment firm, has launched a $50 million investment fund to support the growth of the Polygon ecosystem, citing a press release. According to the report, the funds will be dedicated to supporting startups building innovative applications on the Polygon chain through a founder’s program known as Hadron Founders Club (Hadron FC). The club, which currently has campuses in both Dubai and New York, was established in March 2024 to help early-stage crypto companies within the Ethereum ecosystem.

36 Crypto Projects Selected to Participate in Hadron FC

Startup companies based on the Polygon ecosystem will have to go through Hadron FC to be considered for the $50 million investment funds. The program is designed to provide the projects with mentorship, legal and regulatory assistance, networking opportunities, and comprehensive support to navigate the complexities of startup development and help them raise capital.

So far, P2 Ventures has selected 36 projects to participate in the Hadron FC program’s initial stage. Some of the chosen project founders will “engage in a week of in-person co-building at the facility in Dubai”.

Shreyansh Singh, head of investments at P2 Ventures, said the investment fund shows the company is confident “in Hadron Club’s unmatched ability to fuel the ambitions of visionary founders within the Polygon ecosystem”.

Polygon Adoption Fund

Meanwhile, the launch of P2 Ventures’ investment funds came when interest in Polygon increased following the market resurgence after two years of massive downturn. The layer-2 scaling solution, designed to improve the scalability challenges of the Ethereum blockchain, has been receiving significant attention from both venture capital firms and asset managers.

In March, a subsidiary of the Japanese banking giant Nomura launched an institutional fund dubbed the Laser Digital Polygon Adoption Fund to offer investors exposure to the Polygon chain.

“We are making Polygon-Matic digital asset investment accessible in the most secure and efficient way for institutional investors,” the company said.

Earlier this month, Polygon caught the interest of asset management company Franklin Templeton. The firm plans to expand its on-chain US government money fund to the network.

Polygon Labs also joined the trend with a $100 million planned fundraising in partnership with Immutable, a blockchain development company.

The fund, which is still in its early stages, is called the Inevitable Games Fund (IGF). So far, the companies have raised $30 million from institutional investors, which, once completed, will be used to support Web3 gaming companies and enhance the ecosystem’s growth.

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P2 Ventures Launches $50M Investment Fund to Support Startups on Polygon

Coinspeaker Bitcoin Exchange Withdrawals Hit One-Year High, BTC Price Surge Ahead?

The world’s largest cryptocurrency Bitcoin (BTC) has continued to face selling pressure off-lately as we approach the fourth Bitcoin halving ahead this week on April 20. However, on-chain activity shows some bullish developments ahead of BTC halving 2024.

As per on-chain data provider CryptoQuant, the Bitcoin withdrawals from the exchanges have reached their highest levels since January 2023. This clearly hints at strong ongoing accumulation before the supply shock kicks in post the halving event. Furthermore, the expectation that the Bitcoin supply shock will lead to a price surge, could be another reason behind the exchange withdrawals.

Photo: CryptoQuant

Also, the developments taking place in the Bitcoin derivatives market are on a positive note. CryptoQuant analyst Burak pointed out that the open interest in derivatives exchanges has dropped from $18 billion to $14.2 billion. As a result, there’s a drop in the excess leverage trading happening in the market. This comes after a period of high trading activity and could imply a temporary market stabilization.

Photo: CryptoQuant

CryptoQuant analyst CoinLupin observes that Bitcoin has reached the support zone in the Short-Term Holder Spent Output Profit Ratio (STH SOPR), indicating a potential buying opportunity as short-term holders start to sell off. This phase has historically preceded price increases.

Bitcoin to Become 2X Scarce than Gold After Halving

As we know each halving event leads to a supply shock for Bitcoin cutting the supply by half. However, the upcoming halving event this week holds greater significance since Bitcoin is likely to become twice as rare as gold, said analysts from crypto exchange Bybit.

The Bybit report which talks about what to expect after the halving event reveals that the BTC supply on all centralized exchanges will be consumed in just nine months.

According to Bybit, the Bitcoin stock-to-flow (S2F) model supports its assertions, as the metric indicates that BTC becomes rarer than gold following each halving event. The S2F ratio measures scarcity by dividing a commodity’s circulating supply by its annual production.

As of the latest data, Bitcoin’s S2F ratio stands at approximately 56, slightly lower than gold’s ratio of 60. However, post-halving, Bitcoin’s ratio is projected to double to 112, further emphasizing its increasing scarcity compared to gold.

While the Bitcoin halving will reduce supply at one end, the demand from Bitcoin ETFs will also aid in reducing the available supply. As of now, there are nearly two million Bitcoins on the centralized exchange reserves. Considering $500 million daily inflows into spot Bitcoin ETFs, Bybit reports that around 7,142 BTC will leave the exchange reserves on a daily basis. this suggests that the reserves will last only nine months post-halving.

“With this in mind, it’s unsurprising that Bitcoin’s price may continue to climb before the halving, or even afterward, as the supply squeeze propels the price to another new record,” Bybit report reads.

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Bitcoin Exchange Withdrawals Hit One-Year High, BTC Price Surge Ahead?