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Crypto-finance company Amber Group valued at $1B following $100M raise

Cryptocurrency investment platform Amber Group has added $100 million to its coffers following a successful Series B fundraiser, bringing its total pre-money valuation to $1 billion — a major milestone for the firm as it enters its fourth year of operations. 

The cash injection will be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” co-founder and CEO Michael Wu said.

Measures of trade volume and total assets under management showcase Amber Group’s significant growth over the past four years. The company now has over $1 billion in assets under management, with more than $500 billion worth of cumulative trade volumes.

“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said, adding:

“Since stepping up our on-screen presence, we now account for 2-3% of total trading volumes in major spot and derivative markets and are continuing to see growth. Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”

In terms of notional trade volume, Amber Group ranks 21st among global exchanges, according to BitMEX data.

Amber’s assets topped $530 million in 2020, representing a 275% increase from the prior year. At the time, Wu told Cointelegraph that his company has “already proven we can provide institutional-grade integrated crypto financial services.”

In addition to its Series B backers, Amber Group has received direct funding from some of blockchain’s biggest venture funds, including Pantera Capital, Coinbase Ventures and Blockchain.com.

Related: Financial advisers lead the institutional push toward crypto adoption

Venture funds have poured billions of dollars into the crypto economy over the past six months, highlighting their conviction in the new asset class. Just this month, Solana Labs finalized a $314 million private token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi exchange dYdX raised $65 million through a Series C fundraiser.

Crypto-finance company Amber Group valued at $1B following $100M raise

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A brief study of Decentralized Autonomous Organization (DAO) in Blockchain

Decentralized autonomous organization (DAO) is one of the best-known concepts that blockchain technology has introduced to date. “Decentralized” refers to no need for any central government interventions, and “autonomous” refers to the amplification of smart contracts and encoded transactions on the blockchain. The creation of DAO was first made public by some members of the ethereum blockchain community in early May of 2016. The DAO creation was an outstanding success which produced 150 million dollars worth ether at that time.  Furthermore, this value managed to reach a worth of 250 million dollars which is recognized as the biggest crowdfunding in history.

Let us understand the meaning of the term and important points related to it.

Table of content

  • What is the meaning of DAO?
  • Why are DAOs needed?
  • How do DAOs work?
  • How-to use DAO?
  • In charitable organizations
  • In freelance business
  • Pool investments
  • How to get DAO membership?
  • Token based membership
  • Share based membership
  • Misconceptions around DAO
  • Closing Thoughts

What is the meaning of DAO?

As you already know that DAO stands for decentralized autonomous organization, but what does that mean exactly? Well, it is a blockchain-based technology that lets users organize and oversee themselves. Users have to play along with the set of self-executed public blockchain rules. The system is free from the governance of any central party. Additionally, users can receive funds from the DAO by projecting their pitches to the community. Now that you have learned the base concept of  DAO creation, we can move ahead with its roles in the blockchain.

Why are DAOs needed?

When a person wants to build up an organization with the other party, the involvement of money and funding in this process demands a lot of trust in the parties you are working with. But it is not a wise move to trust anyone you just interacted with on the internet for your business. But by using DAO, one doesn’t need to stress out in finding trustable people as the DAO system will provide you with a hundred per cent credibility and transparency on DAO code. This advancement draws in so many opportunities for worldwide collaboration.

So, this is why DAO holds its importance in the world of trade. Now, let’s look into how it works.

How do DAOs work?

The smart contract is the foundation of DAO. DAO group regulations and organization rules are ingrained in the smart contract. No changes can be made to the rules once the contract is published on Ethereum. However,  a voting system can be used to approve any changes. If any member does something that is not under the logic and rules of the created code, the action will cease to function. Without the group’s permission, nobody can spend the money as funding is also specified by the smart contract.  The DAO group decides rulings altogether without the central authority, and donations are granted automatically when votes are passed. Smart contracts are untameable after they get sent on Ethereum. Nobody can just modify its rules without getting caught by other members as everything in this system is public. 

How to use DAO?

Here are some examples of how one can use a DAO:

  • In charitable organizations: By using DAO, you can approve membership and contributions from people around the world, and the respective organization can decide on how they can spend these donations.
  • In freelancer business: Another excellent example of DAO use is creating a network of contractors who are willing to combine their funds for office areas and software subscriptions.
  • Pool investment: One can establish a venture fund that merges investment capital and counts on enterprises to support it. Later on, refunded money can be distributed again among each and every DAO member.

DAOs are highly functional in numerous funding areas, users can legally use DAOs according to the required scenario. All you need is a DAO membership.

How to get DAO membership 

There are various categories to get DAO membership. Membership can conclude the working procedure of voting and other crucial roles of the Decentralized autonomous organization.

  • Token-based membership

Primarily on a decentralized trade, these tokens can be exchanged for permissionless trade. Depending on the type of token, members can acquire full permission for all activities. At the same time, others need to offer contributions in liquidity or any other proof for credibility. Either way, simply having a  token offers you access to voting. This is commonly employed to regulate vast decentralized strategies and tokens themselves.

  • Share-based membership

Share-based membership is more restrictive yet quite open. All interested members are allowed to enrol into DAO, usually by providing valuable contributions in the form of a task or tokens. Having shares gives members unrestrained ownership and voting rights. Group members are free to exit anytime with their earned share of the profit.

Although DOA has marked its importance in the Blockchain space, still there are a number of fallacies  around the term.

Misconceptions around DAO

  • Above everything else, let us first talk about the “decentralization” part of a DAO. It is muddled whether decentralization just should be set up at the level of the primary blockchain-based organization or whether it additionally should be carried out at the administration level (for example, the DAO ought not to be constrained by any centralized group).
  • Second, the fact of whether a DAO should be wholly autonomous and automated, meaning the DAO ought to work with no human mediation at all, or whether the idea of “self-rule” ought to be seen from a more delicate perspective, is a matter of confusion. For example, while the DAO, as an association, may require the support of its users, its administration should not be subject to the tendencies of a bit group of users.
  • There are a few discussions concerning when the user group connecting with a smart contract can be viewed as a real “organization” (freely of any legal acknowledgment). For example, it is puzzling whether the simple demonstration of executing with a smart contract qualifies as an authoritative action or whether a more grounded level of involvement is vital, such as having an administration model or collective communications among members.

Closing Thoughts

The term “decentralized autonomous organization” is now well solidified in the blockchain platform. DAOs have become critical as they assist in systematizing the principles of a business, providing robust decision-making equipment, and abolishing the need for papers and external authorization. 

To learn more about blockchain in detail from certified ethereum expert, check out BLOCKCHAIN COUNCIL and sign up for various courses and certification programs.

A brief study of Decentralized Autonomous Organization (DAO) in Blockchain

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Bitcoin price drops below $34,000, pulling altcoins to multi-month lows

On May 21 the crypto market was hit with a fresh round of fear, uncertainty and doubt (FUD) which sparked another, albeit more muted, sell-off in Bitcoin (BTC) price and a majority of the altcoins. 

For the second time in less than 3-weeks, China was again the culprit as rumors that regulators were looking to crack down on Bitcoin mining and trading. Media also reported that authorities in Hong Kong proposed banning retail traders from cryptocurrency trading.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) bulls were holding the $40,000 support level prior to the announcement from China but quickly lost it and had to regroup at the $36,000 support before further downside ensued.

BTC/USDT 4-hour chart. Source: TradingView

While the turnaround seen across the market on Thursday helped assuage fears of the return to a crypto winter, some analysts, including Jarvis Labs co-founder Ben Lilly, correctly assessed that “we are not out of the woods” prior to Friday’s drawdown. 

Still, there is room for hope that the price of BTC could manage to hold its ground and climb higher as activity seen in whale wallets showed heavy inflows at $39,931, indicating a new possible level of support. 

Exchange activity spikes during sell-off

Cryptocurrency exchanges played a big part in Wednesday’s price action as highlighted in the recent Delphi Daily report by Ashwath Balakrishnan. 

According to Balakrishnan, Binance was responsible for:

“Facilitating nearly $100 billion worth of spot trades” and decentralized exchanges on the Ethereum (ETH) network “recording over $10 billion in volume.”

Ethereum DEX daily volume. Source: Delphi Digital

This marked the “single highest day of volume for all DEXes” on record led by Uniswap (UNI) which saw “nearly $6 billion of volume” transacted as retail traders ran for the exits.

According to Micah Spruill, managing partner and chief investment officer at S2F Capital, approximately $9 billion in value was liquidated during this week’s correction in a similar washout to what was experienced in March 2020.

All coins liquidations across centralized exchanges. Source: Coinalyze

Spruill also pointed to the “historic levels of Bitcoin being moved off the exchange on May 19 when compared to the net exchange outflows over the last several years,” highlighting the fact that this was the highest dollar denominated amount of net outflows in history and is “extremely bullish.”

To get a better grasp on the current sentiment of traders in the market, Spruill pointed out that retail wallets have continued to grow in numbers despite the market turmoil with the dip being quickly bought by retail investors, which is “a sign of continued growth and adoption.”

Spruill said:

“The number of new entities has been increasing this entire pullback as well, further pointing to the fact we have not experienced a bull cycle top but rather a local top within a large bull cycle.”

Altcoins crushed, again 

The continued pressure on Bitcoin spilled over into the altcoin market causing the majority of tokens in the top 100 to drop deeper into the red.

Daily cryptocurrency market performance. Source: Coin360

The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance rate is 44.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin price drops below $34,000, pulling altcoins to multi-month lows

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A Beginner’s Guide to Non-Fungible Tokens (NFT)

A Beginner's Guide To Non-Fungible Tokens (NFT)

If you’ve ever used the words “NFT” or “non-fungible token” and had no idea what they meant, you’re not alone.
Until 2021, it was a relatively rare concept, but in recent months, it’s become more common to hear it mentioned in conjunction with digital artwork sold for millions of dollars.
In the cryptocurrency world, NFTs are the latest craze.
Are NFTs, however, worth all of the publicity and, well, money? They aren’t going to be around for too long, according to many experts. Many others, on the other hand, believe that NFTs are here to stay and will forever change investing.
But, first and foremost, what is NFT?

Table of Contents 

    • What is NFT?
    • What You Should Do About NFTs
    • How do NFTs work?
    • Why is the price of NFTs so high?
    • Wrapping up

What is NFT?

The most recent blockchain craze to enter the mainstream is non-fungible tokens or NFTs.

NFTs, or non-fungible tokens, are cryptographic objects on the blockchain with special identification codes and metadata that differentiate them from one another. They cannot be sold or substituted for equivalency, unlike bitcoin. This is in contrast to fungible currencies, such as bitcoins, which may be used as a means of exchange since they are interchangeable.

The special construction of each NFT allows for a wide range of applications. They’re an excellent way to digitally represent real-world artifacts like real estate and artwork, for example. Since NFTs are based on blockchains, they may also be used to replace intermediaries and link artists and fans, as well as for identity management. NFTs will cut out the middlemen, simplify contracts, and provide new markets.

Want to become a Certified NFT Expert? Sign up to the Blockchain Council now!

What You Should Do About NFTs

Cryptocurrencies, like real money, are fungible, which means they can be bought and traded with one another. For eg, one Bitcoin is still worth the same as another Bitcoin. A single Ether unit is frequently equivalent to another Ether unit. Because of their fungibility, cryptocurrencies are suitable for use as a stable medium of trade in the modern age.

Non-fungible tokens (NFTs) change the crypto model by rendering each token exclusive and irreplaceable, making comparisons between non-fungible tokens impossible. They’ve been compared to digital passports because they’re digital representations of money, and each token has its own exclusive, non-transferable identity that sets it apart from the others. They’re also extensible, meaning you can combine two NFTs to make a third, exclusive NFT.

NFTs, like Bitcoin, have unique ownership characteristics that make it simple to recognize and transfer tokens between owners. Owners of NFTs may also provide metadata or attributes about the asset. Coffee beans, for example, maybe represented by fair exchange tokens. Artists may also sign their immersive artwork with their own name in the metadata.

NFTs were created as a result of the ERC-721 specification. The ERC-721 standard specifies the minimum interface for sharing and distributing gaming tokens, including ownership histories, authorization, and metadata. The ERC-1155 protocol expands on this idea by lowering non-fungible token processing and storage costs while still allowing many non-fungible token forms to be combined into a single contract.

How do NFTs work?

On a high level, most NFTs are part of the Ethereum blockchain. The blockchain also supports certain NFTs, which store additional information that enables them to work differently than, say, an ETH coin. Ethereum, like bitcoin and dogecoin, is a cryptocurrency, but the blockchain frequently accepts such non-fungible tokens (NFTs), which store additional information that enables them to function differently from an ETH coin, for example. It’s important to note that NFTs can be used in a variety of ways by other blockchains.

There are no physical items shared since NFTs are only usable in digital form.

Similar to crypto-currency, a blockchain (a digital record) acts as a public ledger to verify ownership status. Critics lament that these artificial inventions can be accessed and traded, but experts argue that this is close to how things work in the physical world. A copy of an existing work of art is not the same as the original. A “token” is sent to the buyer of an NFT, proving that they are the only ones who have the “original” work.

Why is the price of NFTs so high?

Anyone should use an NFT to tokenize their “one-of-a-kind” work in theory.

Non-fungible tokens go a bit above the comparatively simple concept of cryptocurrencies. Complex exchange and leasing schemes are available for a range of asset types, including real estate, loan arrangements, and artwork, in modern finance systems. NFTs are a step forward in the reimagining of this infrastructure and they provide digital versions of physical properties.

To be sure, neither the concept of digital representations of physical objects nor the use of a unique identity are novel concepts. When these innovations are mixed with the benefits of a tamper-proof blockchain with smart contracts, they become a strong force for change.

The most noticeable advantage of NFTs is their productivity in the workplace. Converting a tangible asset to a digital asset streamlines operations and eliminates the need for middlemen. 

On a blockchain, NFTs reflect digital or tangible artwork, removing the need for agents and allowing artists to interact directly with their audiences. They will also help businesses grow their operations. An NFT for a designer bag, for example, would make it easier for various supply chain participants to communicate with it and monitor its development, processing, and distribution during the process.

Non-fungible tokens may also be used to keep track of identities. Take, for example, ID cards for work in a company, which must be shown at all points of entry and exit. Individual ID cards may be converted into NFTs, each with its own unique set of characteristics, to streamline entry and exit procedures for officials. 

NFTs can democratize investing by fractionalizing tangible assets such as real estate.
It is 100 times easier to distribute a digital asset between multiple owners than a physical one.

This tokenization approach isn’t just about real estate; it can be applied to other forms of property as well, such as artwork. As a result, artwork does not need to be purchased by a particular person. Its digital equivalent will be owned by many people, each of whom will be responsible for a small part of the job. Deals like this have the potential to increase the company’s value and profits.

The emergence of new opportunities and ways of funding is the most promising opportunity for NFTs. Consider a parcel of land that has been subdivided into many parts, each with its own collection of characteristics and property types. One division might be near a beach, while another might be a shopping mall, and yet another might be a suburban town. Each piece of land is exclusive, priced appropriately, and represented by an NFT that reflects its characteristics. Real estate trading, which is a complex and bureaucratic operation, can be simplified by adding relevant metadata into each special NFT.

Wrapping up

So there you have it, the A to Z of NFTs. The concept of tokenized pieces of land of different values and positions could be applied in the modern world as NFTs became more sophisticated and integrated into the financial infrastructure. To summarise, combining art and collectible attributes seems to be one of the most effective ways to draw new buyers.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

A Beginner’s Guide to Non-Fungible Tokens (NFT)

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Bridgewater Associates CFO heads to Bitcoin-focused firm

Departing his position as the chief financial officer of Bridgewater Associates, John Dalby will assume the post of chief financial officer for Bitcoin-focused tech and finance company NYDIG.

“The NYDIG team and I are extremely excited to welcome John,” NYDIG CEO and co-founder Robert Gutmann said in a public statement released on Friday. He added:

“His kindness, curiosity, and humility, combined with his deep financial services experience, are a perfect match for NYDIG as we continue to build institutional Bitcoin solutions. Working on Bitcoin is increasingly what many of the best and brightest employees seek – including industry leaders like John – and NYDIG is uniquely positioned to offer them the platform, resources, and culture to shine, in pursuit of our collective mission to bring Bitcoin safely to everyone.”

Founded in 1975 by famous investor Ray Dalio, Bridgewater Associates operates as a mainstream powerhouse investment management entity. NYDIG, a younger company focused on Bitcoin, has made a number of headlines this year, including garnering funding to the tune of $100 million.

Dalby formerly held high positions at UBS and D.E. Shaw Renewables Investments, giving him vast expertise, based on the public statement. “The growth of NYDIG has been incredible,” Dalby said in the statement. “Every day, more industries come to understand Bitcoin’s potential and more clients seek ways to safely access it,” he added. Further comments in the statement from the new NYDIG chief financial officer showed his positivity toward Bitcoin’s potential.

Bridgewater Associates CFO heads to Bitcoin-focused firm

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