cryptocurrency
Bitlayer closes $9m extended series A round led by Polychain Capital
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3 hours agoon
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adminBitlayer, a Layer 2 platform on Bitcoin, has raised $9 million in its extended Series A funding round, bringing the total raised during the funding round to $25 million.
The Bitcoin (BTC) L2 network announced that venture capital firm Polychain Capital led the extended round, with asset manager Franklin Templeton, which co-led the first phase, returning to co-lead.
Bitlayer Labs highlighted the funding round as a key step ahead of the anticipated launch of Bitlayer V2. This version introduces a Bitcoin-native rollup leveraging OpVM, protecting state transitions through validity proofs and fraud proofs.
Commenting on the technology, co-founder Kevin He said:
“It empowers Bitcoin to seamlessly integrate into any programmable blockchain environment in a trustless manner, which will catalyze rapid development and widespread adoption of a decentralized application ecosystem based on Bitcoin’s substantial liquidity.”
Advancing Bitcoin’s L2 ecosystem
The latest investment follows Bitlayer’s $5 million seed round closed in March 2024 and the $11 million Series A round in July. Since launching its mainnet V1 on April 15, Bitlayer has gained traction, and the latest funding reinforces investor confidence in the platform.
Growth metrics for Bitlayer include the deployment of more than 280 decentralized applications across infrastructure, developer tools, decentralized finance, wallets, non-fungible tokens, and gaming. Real-world assets and the metaverse are also seeing notable activity on the network.
Key partnerships have emerged with platforms like Ankr, Polyhedra, Particle Network, and Babylon. Bitlayer Labs has also teamed up with blockchain security auditor Hacken and cloud computing provider AWS Cloud.
SCB Limited, Selini Capital, and G-20 Group were among the backers in the extended round. The July fundraising received investment from Framework Ventures, Franklin Templeton, ABCDE, and OKX Ventures, among others.
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cryptocurrency
CATS see 691% surge ahead of major exchange listings
Published
15 hours agoon
October 8, 2024By
adminCATS, a meme coin based on the TON blockchain, has witnessed a remarkable surge in its price over the past 24 hours, ahead of its listing on multiple major cryptocurrency exchanges.
Cats (CATS) has skyrocketed by 691%, climbing from $0.000067 to an intraday high of $0.00053, according to CoinMarketCap data. At press time, CATS was trading at $0.000223, still maintaining a 259% gain within a single day.
The surge in CATS’ value coincides with a massive uptick in its trading activity. Daily trading volume increased by 13-fold, reaching approximately $267,000, while the token’s market capitalization hovered around $294.4 million.
The hype surrounding CATS has pushed the token to trend on Google, driven by its popularity as a Telegram mini-app with millions of active users. It’s gaining momentum alongside other Telegram-based games like Hamster Kombat (HMSTR) and Notcoin (NOT).
Cats’ price rally came ahead of the meme coin being listed on multiple exchanges, including Bybit, KuCoin, Bitget, and Haskey, on Oct. 8 at 10:00 UTC. With these listings, community members can now withdraw the airdropped tokens they received during Season 1 of the project. The airdrop distribution was determined by various Telegram account metrics, including the age of the account, premium status, and user activity.
This event also marks the official launch of CATS’ Season 2, which is expected to bring additional developments to the memecoin ecosystem. Season 2 will introduce innovative features such as AI photo farming and unique CAT-themed profile pictures, offering further engagement opportunities for users.
Airdrop distribution and community involvement
CATS has a total supply of 600 billion tokens, with a significant portion allocated for airdrops across Seasons 1 and 2. Specifically, 55% of the total supply has been reserved for distribution, with Season 1 already allocating 30%, 180 billion tokens to active community members.
Rewards have been structured to prioritize users with OG passes and those who engage in daily transactions, ensuring that the most dedicated participants benefit from the airdrop.
As part of its community-building strategy, the project encourages users to boost their token earnings by inviting friends and completing simple tasks, such as joining the official CATS Telegram channel.
Despite the recent rally, CATS holders could soon face a potential price drop as a large number of airdropped tokens enter circulation. Similar to other meme coins based on the TON blockchain, such as Hamster Kombat’s HMSTR, which saw a 54% price decline after its launch, CATS may experience selling pressure as users begin offloading their tokens.
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cryptocurrency
Moo Deng, Neiro, SPX6900 surge as fear and greed index hits 42
Published
2 days agoon
October 7, 2024By
adminIt was a sea of green in the cryptocurrency industry as Bitcoin rose for two consecutive days, and the fear and greed index exited the fear zone.
Moo Deng, Neiro, SPX6900 led the crypto comeback
Meme coins were some of the best-performing assets. Moo Deng (MOODENG), the new hippo-themed token, doubled, with its market cap rising to over $35 million.
Neiro (NEIRO), another popular meme coin, jumped by 51.6% and reached an all-time high of $0.0015. Its market cap rose to over $621 million, making it more valuable than many well-known U.S. public companies like Beyond Meat, GoPro, and Spirit Airlines.
The SPX6900 (SPX), which aims to be a better version of the S&P 500 index, rose by 46%, continuing the gains made last week. It has increased by over 46% in the last 24 hours, giving it a market cap of over $373 million.
This price action happened as investors embraced a risk-on sentiment after last week’s strong US nonfarm payrolls data and as China unveiled more stimulus. As a result, global stocks also bounced back, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng rising by over 2%.
Crypto fear and greed index rises
Meanwhile, the crypto fear and greed index exited the fear region, rising to a weekly high of 42. In most cases, cryptocurrencies perform well when investors are no longer fearful.
The rebound also followed some positive news in the crypto industry. Metaplanet, a Japanese company, has continued to accumulate accumulate Bitcoins (BTC) as it seeks to replicate MicroStrategy’s success. MicroStrategy, which has accumulated over 252,000 coins worth $15.8 billion, has a market cap of over $33 billion, giving it a high premium.
Additional data showed that the number of Bitcoin addresses holding over $1 million in Bitcoin has continued to rise. This is a sign of significant demand for the coin despite its recent performance.
Donald Trump is also a factor in the ongoing comeback after he held a campaign rally with Elon Musk. Polymarket data shows that he has increased his lead against Kamala Harris, currently modeling a 51% chance of winning the upcoming presidential election.
Trump is seen as a better candidate for the crypto industry because he has vowed to appoint crypto-friendly officials. He is also a key participant in the industry through his World Liberty Financial project. Data from Arkham shows that he holds cryptocurrencies worth over $6.5 million.
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cryptocurrency
Crypto sponsorships with Premier League reach record high amidst gambling sponsor ban
Published
2 days agoon
October 7, 2024By
adminCrypto companies shelled out a record total of nearly $170 million on sponsorship deals with Premier League clubs for the 2024/2025 season based on data from SportsQuake.
According to an Oct. 7 Bloomberg report, sponsorships from crypto firms have come flooding into the pockets of Premiere League clubs.
As the League prepares to adjust to tightening regulations on gambling sponsorship, crypto firms have seized the opportunity by partnering up with football leagues for the first time.
Data from sports sponsorship agency SportQuake revealed that the sponsorship value coming from crypto firms have risen almost 30% compared to last year’s sponsorships.
CEO of SportQuake, Matt House, remarked that clubs have gotten more confident in making deals with crypto firms compared to last year when rules around cryptoasset marketing were tightened.
Meanwhile, crypto firms have grown much more “comfortable about what they can do”.
“We’re just going to use the Premier League to drive a brand message, we’re not actually pushing direct sales messages,” said House to Bloomberg.
One of the most notable partnerships between a crypto firm and a football club occurred in July 2024, when Kraken announced a partnership with Spanish football club Atlético de Madrid, making the crypto exchange become the official crypto and Web3 partner of the Madrid-based club.
As part of the deal, Kraken’s logo will be featured as Atletico’s official sleeve partner for both the men’s and women’s teams for the upcoming season.
Another crypto exchange, OKX, secured a deal last year to sponsor Manchester City, the Premier League’s reigning champions. While cryptocurrency ecosystem Floki has announced that it will sponsor Nottingham Forest.
In August, Crypto.com announced that it will sponsor Union of European Football Associations’ Champions League.
Crypto sponsorships changing the terms of football partnerships
Although more football clubs have embraced crypto sponsorships, contracts reveal that they still proceed with an air of caution.
According to lawyers at Charles Russell Speechlys to Bloomberg, companies that relatively new to the football scene — such as crypto firms — are required to shell out money up front.
Not only that, contracts may even include a boilerplate clause in case of reputational harm, which allows clubs to sever ties with a company if they deem there is a significant risk.
As a protective measure, rights holders can ask for a letter of credit, or a guarantee from a bank or parent company before securing a deal.
Although crypto firms are on the rise when it comes to football sponsorships, some clubs are still adamant in maintaining their sponsors from the gambling industry.
Bournemouth, Crystal Palace and Aston Villa are among the football clubs that have signed new sponsorship deals with betting companies this year despite the upcoming ban.
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