Connect with us

Cryptocurrency

Filecoin Surges 162% to Displace Litecoin as 9th Largest Cryptocurrency

Published

on


Filecoin fundamentals may make it plausible for the digital currency to sustain the 9th largest crypto ranking as the project seeks to offer a highly sustainable and secure decentralized storage system.

Decentralized storage system Filecoin (FIL) is seeing the best of its days as its continuous growth has earned it a place as the 9th largest cryptocurrency by market capitalization. According to Coindesk, a major factor fueling the upsurge in the price of the asset is its addition to the Grayscale Trust back in March, through which it has been seeing a lot of institutional demands.

Per the data gleaned from the Bybt, a cryptocurrency derivatives analytics provider, the Grayscale Filecoin Trust recorded its largest inflow of 29,550 on Thursday, April 1, accounting for the bulk added to the Trust since it was launched on March 17th. The Filecoin Trust has a total of 45,500 FIL cryptocurrencies accumulated to date.

The institutional demand has fueled the attainment of a new all-time high price for FIL coins which is trading at $234.54, up 50.52% in the past 24 hours at the time of writing according to data obtained from CoinMarketCap. The coin has seen more than 162% growth in the past week and over 490% leap in the month-ago period, reaffirming the consistency of market players in getting it to this historic price level.

Amidst all the growth, Filecoin has valiantly displaced Litecoin (LTC) as the 9th largest cryptocurrency by market capitalization. Per market cap outlook, FIL coins is currently worth $14,845,450,976 while Litecoin’s is pegged at $13,219,975,189 at the time of writing.

Can Filecoin Fundamentals Help It Sustain Its 9th Largest Cryptocurrency Ranking?

Filecoin fundamentals may make it plausible for the digital currency to sustain the 9th largest crypto ranking as the project seeks to present to the world a highly sustainable and secure decentralized storage system. The operational model of Filecoin directly competes with centralized storage services providers including but not limited to Amazon Web Services (AWS) from the tech giant Amazon.com Inc (NASDAQ: AMZN), and Cloudflare from Cloudflare Inc (NYSE: NET).

Founded by Juan Benet, the creator of the Interplanetary File System (IPFS), a peer-to-peer network for storing and sharing data in a distributed file system. The Filecoin technology and blockchain are based on both proof-of-replication and proof-of-spacetime models.

Per the operational dynamics, the Filecoin blockchain allows for the cryptographic creation of contracts through which users can pay FIL currency to miners in exchange for storing the specific file data that the client requests.

Though the journey to the top of the crypto ladder can be swift based on favorable market sentiments at a given point in time but maintaining the growth may take a while to be achieved. In the past weeks, Theta (THETA) surged to a similar position but soon fell off the cliff following the announcement of a delay in the launch of the network’s Mainnet 3.0.

The strength of Filecoin’s fundamentals will be tested out in the coming days as THETA, and other digital currencies including Chainlink (LINK) will also strive to regain their place amongst the top ten cryptocurrencies.

next Altcoin News, Blockchain News, Cryptocurrency news, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



Source link

Cryptocurrency

SoftBank to Invest $75 Million in Crypto Exchange Bullish

Published

on

By


SoftBank has made enormous investments into the crypto space recently. For example, it has invested $200 million in a Brazilian company Mercado Brazil.

SB Northstar, an investment unit of Japanese corporation SoftBank, has agreed to invest $75 million in Block.one’s cryptocurrency exchange, Bullish. The filing done with the SEC on July 9, 2021, showed that SoftBank will buy $7.5 million units of shares at $10 each.

The Tokyo-based company had previously invested $300 million in a private offering as a sign of commitment. Currently, Bullish has a market valuation of $9 billion and is expected to undergo a SPAC merger with Far Peak Acquisitions. The merger is scheduled to take place before the end of 2021.

After the merger, co-founder of Paypal and former president of the New York Stock Exchange (NYSE) Thomas Farley, will become the CEO of Bullish. Block.one CEO Brendan Blumer, will on the other hand serve as chairman.

Also, SB Northstar LP will purchase 3 million warrants to buy shares of Far Peak when Bullish goes public. The warrants will be got from sponsors of the SPAC, or its core investors below regular cost. This will result in a $1.5 million loss. According to James Cassel, Chairman of Cassel Salpeter & Co., this is done by SPACs to attract high-profile investors.

At the time of writing, Bullish was yet to identify Sb Northstar as one of the buyers in any of its press statements.

While some critics have faulted the decision by the firm to go public so early on, others suggest the move will increase the value of Block.one blockchain. Yet another group led by Sam Bankman-Fried opines that the move will see Bullish become like MicroStrategy for cryptocurrencies.

Bullish and Other Crypto Investments of SoftBank

SoftBank has certainly made enormous investments into the crypto space recently. Earlier in the month, it had invested $200 million in a Brazilian company Mercado Brazil. It had also invested funds in a Brazilian money management firm Hashdex. Again, the bank is reportedly leading the $530 million funding round of the famous sports NFT platform Sorare.

Commenting on Bitcoin recently, Chief Executive Officer of SoftBank, Masayoshi Son had stated that cryptocurrencies can no longer be ignored because of their rising popularity. Son previously held bitcoin but had sold it all in 2018.

next Altcoin News, Bitcoin News, Business News, Cryptocurrency news, Investors News

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



Source link

Continue Reading

Cryptocurrency

Vizsla Inu: Charity for Dog Shelters Created With Crypto Transactions

Published

on

By


Place/Date: Budapest, Hungary – July 16th, 2021 at 7:00 pm UTC · 3 min read
Contact: Peter Guelsen,
Source: Vizsla Inu

Hungarian Crypto platform Vizsla Inu achieved an increase of 151.43% in token value with a market cap increase of 144% and is set on a mission to help Dog Shelters. The exchange rate of the Vizsla Inu coin increased 950 times in a month of its launch. Hungarian Vizsla Inu is the first investment and charity-oriented cryptocurrency that has shown incredible performance and popularity among users. By bringing the same on the blockchain technology, this Hungarian crypto platform is creating benefits for the coin holders and organizations that take care of the dogs.

Accessible Crypto For Everyone

The motive of building Vizsla Inu is not just to help charitable organizations for dogs but to create a crypto world that is attainable and understandable for everyone. The purpose is to build a trustworthy platform that interacts with everyone in a transparent manner.

The development team of Vizsla Inu is optimistic about the impact it will create and about the collective impact the project can build across the globe. Their strategic growth decisions and marketing campaigns are targeted to create positive imagery of the platform and help every user become a part of a world where dogs are loved, cared for, and adored.

 $HVI Token

The $HVI token will transact on the platform to help the dog shelters with donations every time the Vizsla coin is traded on the platform. While the users interact with the platform to create more coins, it will benefit the users and the organizations meant for dogs.

The community-driven token will bring better value to the Vizsla holders. The leadership team is also highly passionate and positive about the impact Vizsla coin is destined to create in the world.

They concur that while continuously building on the unlimited potential of the Vizsla coin, the focus will be on creating a transparent and sustainable project.

Planned Marketplaces for Better Connectivity

Three different but interconnected marketplaces are planned to be built under the Vizsla Inu project. The Merchandise, NFT, and Charity Marketplace will have an integrated system for processing payments on all three channels.

Some portion of these proceeds will go towards the charitable missions effectuated by Vizsla Inu and let the community become a part of a better world.

About Vizsla Inu

In a short time after its launch, the Vizsla Inu coin has generated an impressive market cap and got listed on CoinHunt, Poocoin, BSCScan, CoinSniper, and several more platforms. It has seen an increase of 257% in the number of coin holders and has been recognized by the Hungarian media. It is a platform that is driven by an urge to build a community of crypto enthusiasts and access an understandable crypto platform while helping dog shelters with charities generated from the platform-based transactions.



Source link

Continue Reading

Cryptocurrency

Polygon, Fireblocks Partner to Provide Secure Interface for Institutions

Published

on

By


The Polygon network supports faster and cheaper transactions. By integrating with this, institutions will have access not just to faster and cheaper means of transactions, but to a secure system only comparable to that of major chains.

Polygon (previously known as Matic) is collaborating with Fireblocks to bring more security to projects, individuals and institutional users on its platform. Fireblocks is known for delivering a secure interface through which digital assets can be issued, stored, or moved. In partnering with the Ethereum-based network, its extensive retinue of security infrastructure and tools will become available to users on the network.

There are a variety of such tools available on Fireblocks. All of them are built to facilitate mainstream cryptocurrency adoption. Some of those that will become available to Polygon users are Fireblocks Asset Transfer Network, MPC Wallet-as-a-Service, and Fireblocks’s Security platform.

The Asset Transfer Network is a secure gateway for buying and selling vast sums of cryptocurrencies between institutions. For the MPC Wallet-as-a-Service, it ensures a safe and efficient means of conducting transactions with multi-owner digital wallets. The Security platform provides secure hardware devices to safeguard highly valued wallets e.g. those used by centralized exchanges, etc.

Implications of the Polygon and Fireblocks Collaboration

The Polygon network supports faster and cheaper transactions. By integrating with this, institutions will have access not just to faster and cheaper means of transactions, but to a secure system only comparable to that of major chains.

Another implication of the integration will be that institutions will be able to access all secondary deployment of protocols, and native DeFi platforms on the Polygon network; there are quite a lot of them because of the high scalability of the Ethereum network.

Chief Executive Officer, and co-Founder of Polygon, Jaimti Kanani said, “I’m very excited to be working with Fireblocks to provide an institution-friendly way of accessing the Polygon Commit Chain.” He noted that Fireblocks’ extensive tools suite boasts capabilities comparable to that of major funds and institutions that interface with the blockchain. Particularly, he pointed out security and regulatory compliance that will be made possible because of Fireblocks.

“Now, accessing Polygon for institutions is as easy as any other major blockchain,” he concluded.

Fireblocks is an enterprise-grade multi-layer security platform that helps customers and investors secure their funds by providing a safe infrastructure that allows moving, storing, and issuing digital assets without cyber attacks, internal collusion, and human error. The franchise enables banks, Fintechs, exchanges, liquidity providers, OTCs and hedge funds to securely manage digital assets across a wide range of products and services.

next Blockchain News, News

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



Source link

Continue Reading

Trending