Weekly Wrap of The Crypto World! (End Apr’22)
CoinDCX Became India’s Most Valuable Cryptocurrency Exchange
Cryptocurrency Exchange Coindcx, closed a series D funding round with $135 Million, becoming India’s Most Valuable Crypto exchange with a valuation of $2.14 Billion Dollar.
Sumit Gupta, co-founder, and CEO of CoinDCX said “The latest round by some of the largest institutional investors only reinforces the belief in India’s immense potential in the crypto ecosystem. With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future.”
US Dollar Index (DXY) Reaches Long Term Resistance!
A rise in the US Dollar index is often a signal of uncertainty and fear not just in the financial markets but also in Cryptocurrencies. DXY has a long-term history of Negative Correlation with the price of Bitcoin and Cryptos.
A negative correlation could initiate a bull market or a plunge into bear markets. With the war crisis going on in Russia, DYX would be a close watch!
(BTCUSD Current Price:$38,300)
Crypto Bahamas Became Center of Attraction For Crypto Industry Backers!
Crypto Bahamas powered by FTX and SALT is held this week, with FTX Crypto Exchange setting up Headquarters in the Bahamas. Bahamas government also took a strong step in order to allow its citizens to pay taxes in Crypto!
Goldman Sachs Sanctioned First Every Crypto-Backed Loans- Bloomberg
After the first-ever over-the-counter option Bitcoin Options in March’22, Goldman Sachs Group Inc. offered its first-ever lending facility backed by Bitcoin, a significant step for a major U.S. bank that accelerates Wall Street’s embrace of cryptocurrencies.
The secured lending facility lent cash collateralized by Bitcoin owned by the borrower, a spokeswoman for the bank said. The deal was interesting to Goldman because of its structure and 24-hour risk management.
Tron Blockchain Network Announced The Launch of Algoratimic Decentralised Stable Coin USDD
An open letter from Justin Sun through Tron DAO announced that USDD will be backed by $10 Billion of Tron (TRX) backing to peg USDD to $1. Along with that, the reserve will offer a risk-free interest rate of 30% per annum, sets to launch on 5th May’22
Twitter Content Creator Will Soon Receive Payments via Polygon Network
After taking over Twitter by Elon Musk, Twitter, a microblogging site, is all set to pay its content creators in Crypto. Recently Stripe Connect announced a partnership with Twitter to pay creators in USDC using Polygon Blockchain Network!
NFTs Booming!
Hyundai, To celebrate the beginning of the Hyundai Metamobility universe, Hyundai issued 30 special NFT collections collaborating with Meta Kongz. All sold out within seconds! https://twitter.com/Hyundai_NFT
Rario, the world’s first officially licensed digital collectibles platform for cricket enables fans to buy, sell and trade cricket NFTs of their favorite player,completed series A Funding Round of $120 Million by Dream Capital (the venture capital arm of fantasy sports platform Dream Sports)
Certik-Blockchain Security Firm hits $2 Billion Valuation
With increasing hacking and security issues in the ongoing Blockchain world, Certik, which provides smart contract audits and other blockchain security services, announced another $60 million funding round. SoftBank Vision Fund 2 as a new investor, joining Tiger Global. Tiger participated in the $88 million round announced less than two weeks ago, which included Goldman Sachs.
