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Rockefeller-backed Venture Firm Venrock to Start Investing in Bitcoin, Altcoins

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Venrock, the venture capital firm backed by the Rockefeller family, is throwing its weight behind the cryptocurrency and blockchain industry. And this is not mere speculation as one of the firm’s partner has gone on record suggesting that Venrock is keen on riding the crypto wave.

In fact, the firm has reportedly already taken the first step by striking a deal with a cryptocurrency investor group.

In a recent conversation with Fortune, David Pakman, a Venrock partner, disclosed the firm’s deal with Brooklyn-based CoinFund. He stated that Venrock, whose net asset currently hovers somewhere around three billion is looking to diversify its financial portfolio and has decided that rapidly growing blockchain sector will be a good bet.

Exciting Time Ahead for Promising Crypto Enterprises

Venrock’s venture into crypto enterprises shortly after the multi-billion dollar Soros Fund Management announced their plan to trade cryptocurrencies soon.

All goes well, Venrock has all the resources required to boost the growth of promising crypto enterprises in need of financial support. For the uninitiated, the firm has an excellent track record of spotting rising startups and helping them make it to the big leagues. In fact, it had a prominent to play in the success of many tech heavyweights that today dominate their respective industries, e.g., Apple and Intel.

The partnership with CoinFund signed earlier in April 2018, will help the VC firm to empower up-and-coming businesses to build exciting new projects based on blockchain technology.

CoinFund was founded in 2015 and since its launch, the investor group has backed many successful blockchain ventures.

Speaking of the new deal with Venrock, Jake Brukhman, co-founder of CoinFund, stated that the group is committed to helping out blockchain teams working on quality projects to reach their full potential and is ever-ready to collaborate with any organization keen on adding to its efforts.

“We’ll be working closely with them to help mentor, advise, and support teams in the space,” he said, before adding, “We’re trying to cultivate a unique synergy between teams as we see more experienced founders and more traditional tech startups taking up blockchain.”

Both Pakman and Brukhman seem convinced that blockchain technology has a lot to offer to businesses across industries and niches.

“The benefit of the advent of crypto is that we have fewer gatekeepers,” said Pakman in the conversation with Fortune. Calling venture capital basically  “a gatekeeper industry,” he suggested that the time is ripe to put up an effort and change that.

“I don’t believe that a small group of people should make the decisions about which projects can raise some money and get off the ground.”

It is worth noting here that many venture capital firms have recently shown interest in the crypto industry and blockchain-related businesses. But among all those keen on making the most out of the so-called crypto wave, the Rockefeller family’s venture firm is arguably one of the wealthiest and has the capability to take things to the next level for many up-and-coming entities.

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Crypto Arbitrage Today: XLM, LTC, Dash, TRX, EOS, XMR

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As the overall cryptocurrency bear market continues to rage on in full effect, the moneymaking opportunities involving Bitcoin and altcoins are slowly drying up. There is still money to be made by playing the spreads, but arbitrage opportunities may slowly become a better option at this rate. The following six options are worth keeping in mind throughout today.

Dash (Bittrex / Kraken / HitBTC)

Another day of price gaps between exchanges and another day selling altcoins on HitBTC will yield the best results. In the case of Dash, there are options to buy the altcoin cheap on either Bittrex or Kraken and selling it on HitBTC for profits of 1% up to 2.39%.  These gaps are more than respectable under the current circumstances, especially because all markets are hemorrhaging value right now. That also means the price differences between trading platforms will grow larger over time.

Stellar Lumens (KuCoin / Binance / Sistemkoin)

A fair few different price gaps have opened up where XLM is concerned. Buying on Kraken or Binance and selling on HitBTC can yield a profit of 1.5%. Buying on KuCoin, Kraken, or Binance and selling on Bitexen will yield profits of up to 2%. Buying on Binance and selling on Sistemkoin offers gains of up to 0.9%. All options are well worth looking into for those who want to score some small profits during this next leg of bearish pressure.

Monero (Bittrex / Kraken / HitBTC)

As has been the case more often than not, arbitrage opportunities for both Monero and Dash – and often ZCash – are all identical. They revolve around buying on the same exchanges, selling on the same trading platform, and yielding nearly identical profits. Flipping XMR between Bittrex / Kraken and HitBTC can yield a 2.5% profit when timed correctly. A more than respectable option, given the current circumstances.

Tron (Binance / KuCoin / HitBTC)

Buying any currency that is listed on HitBTC from any platform that isn’t HitBTC will often yield some profits these days, it seems. In the case of Tron, buying TRX rather cheap on either Binance or KuCoin and selling it on HitBTC will yield profits of roughly 1.3%. It is a somewhat small spread first and foremost, but these small profits can all add up to pretty decent gains throughout the day.

EOS (Binance / KuCoin / HitBTC)

It shouldn’t come as much of a surprise to learn the arbitrage opportunity involving EOS is identical to Tron’s. These two coins often follow very similar patterns when it comes to exploiting price gaps, for some unknown reason. In today’s edition, the EOS price on Binance and KuCoin is 1.7% lower compared to HitBTC, which makes for a very easy and straightforward direct arbitrage opportunity.

Litecoin (Bitstamp / Binance / HitBTC)

For those who want to sell Litecoin on HitBTC for a profit, buying on Bitstamp, Binance, Kraken, or KuCoin are all viable options to score profits ranging from 1.2% to 2.5%. When buying on Bitstamp, there is also an option to sell on Cex, Bitfinex, or VeBitcoin for a gain of 1.8% on average. All of these options are rather profitable, although it may take some organizing to explore the best options at any given time.

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Crypto Price Watch: Waves (WAVES) and Maker (MKR) Continue to Showcase Strong Market Support

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At press time, around 85% of the world’s top-30 altcoins lay in the red zone, with premier assets such as Bitcoin Cash (BCH), Stellar (XLM), Bitcoin SV showcasing losses of around 10%, 5% and 6% respectively (over the course of the past 24 hours). However, in the midst of all this chaos, crypto coins such as Maker (MKR), Waves and Ethereum Classic (ETC) have continued to rally strong, with the aforementioned currencies gaining 10%, 3%, and 1.5% respectively.

What’s Causing MKR to Surge?

One of the primary factors that could be behind Maker’s amazing run is the fact that investment fund ‘a16z crypto’ recently bought a whopping 6% of the total MKR token supply for a sum of USD $15 million. As a result of this deal, a16z crypto now owns a tangible stake in the functional decentralized stablecoin (which bytheway makes use of formally verified smart contracts).

At this point, it is also worth mentioning that ‘a16z crypto’ is owned and operated by VC firm ‘Andreessen Horowitz’. The aforementioned deal was facilitated by former federal prosecutor Katie Haun (who is now a partner at a16z).

Additionally, over the course of the past few weeks, there have been other developments that too have spurred the overall adoption of MKR all across the globe. For starters, the dev team at Opera (the web browsing application) announced yesterday that they had created an all-new lightweight crypto wallet solution that allows users to ‘store and transact’ altcoins such as Dai and MKR using a pre-built extension module on the browser

Lastly, MKR is also now live on the Wanchain main net. In regards to the matter, the Maker team released the following tweet:

“The Dai token will utilize Wanchain’s cross-chain functionality allowing for Bitcoin to be exchanged for Dai in a fully decentralized manner”

Can Waves Sustain its Amazing Run?

As many of our readers may already know, over the course of the past month or so, the price of Waves has increased quite significantly (with the currency even breaking into the top-30 a couple of weeks back). However, such pump and dumps are quite ordinary within this volatile market and thus it remains to be seen if Waves can continue its amazing performance in the coming few days and weeks.

One of the most intriguing aspects of the Waves project is the that by next year, the dev team wants to deploy ‘atomic swaps’ into their native operational module. As a result of using this technology, the Waves ecosystem will not only be able to make asset trading much more streamlined but also make digital altcoin transfers cheaper and more secure.

Some of the other key developments in relation to Waves that are worth noting include:

  • Decentralized 2-FA: Once implemented, this technology will help usher in a new era of decentralized security since it allows for the creation of a new layer of internet privacy.
  • Smart assets: In regards to this technology, the Waves team claims that once this feature is live in its final iteration, it will allow devs to create complex smart assets on the Waves blockchain (thus allowing traders to indulge in even more unique financial exchanges).

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Bitcoin Cash Price Heads South of $90 Once Again

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Nothing ever comes easy in the world of cryptocurrency and digital assets. As all markets remain subdued for yet another day, it seems there will not be any real improvements moving forward. For Bitcoin Cash, things have looked bleak all year, and the pressure hasn’t relented just yet. In fact, the value now sits below $90 again following another big loss over the past 24 hours.

Bitcoin Cash Price Dip Is not Over

No one will be really surprised to learn there is yet another deficit for the Bitcoin Cash price as of right now. Not just because all other markets are down as well, but primarily because the recent network protocol upgrade has left a mark on this fork of Bitcoin. As such, there are a lot of investors and speculators who are bailing on anything that isn’t Bitcoin. That is only to be expected, especially when the market remains uber-bearish.

Over the past 24 hours, there has been another near 10% drop for Bitcoin Cash in USD value. Additionally, there is a 7.2% decline in Bitcoin value. It has been a while since BCH dipped below the 0.025 BTC mark, yet it seems that may happen pretty soon at this rate. For now, there is no indication the current market sentiment will turn around, neither for BCH nor any other asset or currency on the market.

The positive news is how there will be yet another Bitcoin Cash Meetup in Pasadena this weekend. Events like these usually help to spread the word about specific projects, as well as get existing investors a bit more excited about what the future may hold. This Meetup will apparently discuss the “exciting roadmap for BCH’. An interesting aspect, as BCH needs a plan for the future.

On the other side of Twitter, there are those who are still pretty annoyed with the Bitcoin Cash “split” that happened about a month ago. Ever since this happened, the value of all cryptocurrencies has decreased significantly. One has to wonder if the Bitcoin SV creation is the only reason for this bear trend, which was in effect well ahead of this network upgrade.

A similar sentiment is echoed by Adhik Joshi, who isn’t too amused by all of these coins deriving value just because they have “Bitcoin” in their name. As such, he dislikes both Bitcoin Cash and Bitcoin SV, a sentiment that has been rather apparent for quite some time now. It will be interesting to see how things play out for all Bitcoin-named currencies over the coming weeks.

Based on the current market conditions, it would appear there is no genuine improvement in sight whatsoever. All markets continue to struggle, despite some positive momentum on the hourly charts. Those gains are incredibly difficult to turn into a sustainable trend these days, which only adds more fuel to the proverbial fire. For now, a Bitcoin Cash price dip to $85 or potentially even lower is not out of the question.

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