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Ethereum-based Compound raises $25 million from Andreessen Horowitz

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Ethereum-based Compound raises $25 million from Andreessen Horowitz

The Decentralized Finance or DeFi ecosystem has been one of the most discussed fields in 2019, with the industry now worth over $650 million. It is owing to this success that various foundations today are launching their own DeFi protocols on the Ethereum network. The compound is one such player in the space.

According to reports, the San Francisco-based company has raised $25 million over its Series A funding round from popular VC firm Andreessen Horowitz, with Compound successfully convincing the influential investment firm about the future of DeFi.

The lending and borrowing market in the crypto-industry has significantly grown over the past few months, with Blockchain.com also unveiling its lending desk on 14 November. Tagomi, another prominent crypto-broker, also launched its lending platform on 12 September.

In a recent interview with Fortune, Robert Leshner, Founder of Compound, claimed that the organization already had assets valued at over $150 million on its lending platform. Presently, the company’s new objective is to make its service accessible to the mass population. Leshner added that the organization is currently heading towards integration with major exchanges so that customers are able to lend out their digital assets via the services of maybe Coinbase or Kraken.

After the announcement, Chris Dixon, General Partner at Andreessen Horowitz, stated,

“Compound is a lending protocol that is open to anyone in the world, that disintermediates banks and allows anyone to earn interest on their money. We’ve worked with Robert and his team for over two years and think they are world-class technologists and entrepreneurs.”

Additionally, Leshner suggested that the organization is aiming to slowly gravitate towards defined decentralized governance, in order to catch the interest and attention of crypto-enthusiasts. The Compound Founder added that the company hierarchy will not be able to enforce any form of influence on the lending protocol, like other traditional banking set-ups.

Altcoin News

Ethereum Fractal Suggests Altcoins Could Soon Outperform Bitcoin

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Ethereum Fractal Suggests Altcoins Could Soon Outperform Bitcoin

Throughout 2019, altcoins like Ethereum, Ripple, and others, have grossly underperformed next to Bitcoin, sans a few outliers like Chainlink, or Binance Coin, who had breakout years themselves in 2019.

But according to a very accurate-looking fractal on ETH/BTC price charts, Ethereum could soon break out against Bitcoin, helping to propel altcoins out of the gutter and back into a full-blown alt season.

ETH/BTC Trading Pair Fractal Hints at Ethereum Outperforming Bitcoin

The year of 2019 has been mostly about Bitcoin and its safe-haven narrative driving the price of the leading cryptocurrency by market cap up 350% at its high of $14,000. At its peak, the first-ever cryptocurrency was able to reclaim as much as 70% of the all-time high price is set at the height of the crypto hype bubble.

During Bitcoin’s highly-publicized meteoric rise, another crypto asset, the number two cryptocurrency by market cap, Ethereum, also reached its all-time high price of $1,400. However, throughout 2019, Ethereum was only able to regain 25% of the ground it lost during the bear market and downtrend.

But that may soon change, as according to a fractal shared by one well-known crypto analyst, the ETH/BTC trading pair price chart is exhibiting a price pattern fractal that very closely mimics a pattern that played out just before Etheruem had its first alt season, where the altcoin exploded in value against its Bitcoin ratio.

In the chart shared by the analyst, prior to the main, blue-underlined price action notated with 7 total waves, a miniature version of the price action can be seen, with the same exact peaks and troughs. In the tiny-sized version, following the sixth wave down, came a powerful, seventh wave up that sent the price of the asset skyrocketing.

ETH/BTC just completed what appears to be the sixth wave down once again, which could indicate that an extremely powerful wave seven upward is about to begin, causing Ethereum to greatly outperform Bitcoin for the foreseeable future as it makes up for ground it lost throughout the year against the first-ever cryptocurrency.

The last time this occurred, Ethereum helped drag the entire altcoin market upward, causing what most refer to as an alt season – or a period of time when altcoins trend and significantly outperform Bitcoin as a result.

Altcoins have long been oversold, reaching increasingly lower lows, and potentially signaling that a bottom is in against Bitcoin and a reversal could soon take place – all while Bitcoin continues to correct following the lonely parabolic rally it went on by itself during the second quarter of the year.

ETH/BTC is currently priced at around 0.02 on the ratio against Bitcoin, but such a move could take the ETH/BTC back to 0.16 or higher, where the trading pair peaked in early 2017

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Bitcoin News

One Billion of Ripple’s XRP Released From Escrow As BTC and ETH Whale Activity Escalates

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One Billion of Ripple’s XRP Released From Escrow As BTC and ETH Whale Activity Escalates

One billion XRP owned by Ripple has just been released from escrow, making it available for the San Francisco startup to sell to institutions and crypto exchanges.

It’s part of a monthly routine set up by Ripple in late 2017. At that time, Ripple locked 55 billion XRP into separate escrow accounts – each account containing 1 billion XRP.

Every month, 1 billion XRP is unlocked from escrow, and the amount that Ripple doesn’t sell is placed right back into escrow 30 days later.

The process is designed to assure investors that Ripple will never sell all of its holdings on the open market at once.

“To provide additional predictability to the XRP supply, Ripple has locked 55 billion XRP (55% of the total possible supply) into a series of escrows.

These escrows are on the ledger itself and the ledger mechanics, enforced by consensus, control the release of the XRP.”

With the price of XRP lagging far behind Bitcoin in 2019, Ripple has faced increasing criticism that its sales of XRP are keeping the price of the third-largest cryptocurrency from rising.

Ripple sells XRP to crypto exchanges on a daily basis, at 10 basis points of the daily XRP volume. It also conducts over-the-counter (OTC) sales to institutions looking to buy the crypto asset in large quantities. The company strongly denies the notion that its sale has any impact on the market.

Ripple says it sold $66.24 million worth of XRP in the third quarter of this year and plans to sell a similar amount in Q4.

Meanwhile, a number of Bitcoin and Ethereum whales are making a splash this weekend.

Whale watchers spotted a movement of 385,904 ETH worth $58.2 million on Saturday. The transaction was sent between two wallets of unknown origin.

Bitcoin whales sent a total of 7,642 BTC worth about $58.4 million in the last 24 hours. Three of the transactions involved crypto moving from unknown wallets onto exchanges, with the other three doing the opposite – moving BTC from crypto exchanges to unknown wallets.

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Altcoin News

bloXroute helps Akomba Labs receive blocks 50% faster

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bloXroute helps Akomba Labs receive blocks 50% faster

bloXroute Labs, creators of a blockchain scaling solution through its Blockchain Distribution Network (BDN), announced today the results of three-week-long testing done by Akomba Labs showing they can significantly improve block propagation performance.

The collaboration with Akomba Labs, technology research and advisory firm, measured the effect of using the BDN on transactions and block propagation on the Ethereum network.

The testing was organized by Virgil Griffith from the Ethereum Foundation and measured the propagation of Ethereum blocks with and without the BDN from a major mining pool in China to a node managed by Akomba in Singapore.

During testing, actual propagation data was collected from roughly 2,015 blocks mined by a leading mining pool in China to the Akomba Labs’ node located in Singapore.

The results show that, on average, the propagation time without the BDN was 360ms (1598 blocks) and with the BDN it was 172ms (1690 blocks): cutting it by more than 50% with the BDN.

“We spent the last few months focusing on improving propagation out of mainland China. With so many mining pools, exchanges, DApps, and other Ethereum users based in Asia, it was a major goal of ours us to improve the blockchain networking infrastructure in these geographies. We were pleased to be able to deliver such promising results while further testing the BDN’s robustness and new network features. It is also important to emphasize that we expect to see even more improvements with a larger gas limit and larger blocks on Ethereum as bloXroute allows Ethereum miner pools to increase the gas limit and generate larger blocks without slowing down propagation and increasing the uncle rate.”
– Eyal Markovich, COO, bloXroute Labs

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