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Uniswap Token UNI Officially Live and Listed by Binance and Coinbase Pro

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1 billion Uni Tokens will be made accessible to four groups of people over a period of four years. Interestingly, it took just a few hours after its launch for Coinbase Pro and Binance to list it.

Uniswap, a DeFi protocol platform has officially launched its long-awaited token (Uni Token) today with a positive response from its community. Interestingly, it took just a few hours after its launch for Coinbase Pro and Binance to list it. This has been said to be a huge blow to its rival, Sushiswap which recently launched an automated market maker protocol to cause a considerable migration of a share of Uniswap‘s liquidity and volume. This move caused the Uniswap Total Value Lock to fall significantly from $1.72 billion to as low as $518 million in less than three days, though it recovered its lost value in a few hours.

Allocation Plan of Uni Token

According to the official report, 1 billion Uni Tokens will be made accessible to four groups of people over a period of four years. After the allocation over the designated period, there will be an inflation rate of 2% every year in a bid to ensure continuous participation and contribution.

600,000,000 Uni Tokens representing 60% of the available token will be made accessible to the Uniswap community members. 215,101,000 Uni Tokens representing 21.5% will be accessible to the team members and future employees with four years vesting according to the report. In addition, 178,000,000 Uni Tokens which represents 17.8% will be accessible by investors with four-year vesting. And then finally, 6,899,000 tokens which represent 0.069% will be made accessible to the advisors with four-year vesting.

The Users, SOCKS holders, and historical liquidity providers will be able to claim 150,000,000 Uni Tokens which represent 15% of the tokens. The claim will be based on snapshots which end on 1 September 2020, 12:00 am UTC. With this, there will be a retaining of 430,000,000 representing 43% of the total Uni Token Supply. This will be distributed through a number of programs including liquidity mining, contributor grants, and community initiatives.

In just three hours after the launch, 400 free Uni Tokens were claimed by Uniswap users with the number of tokens said to be valued at $1344 per user based on the current rate. There were about 44,000 confirmed transactions and 13,314 addresses holding the UNI Token at the time the announcement was released. The demand has caused the price to trade at over $3 after surging by about 90%.

Listing of the Token by Binance and Coinbase Pro

Binance has listed the Uni Token after announcing that trading will be opened at 7:00 am on 2020/09/18 for the perpetual contract of UNI/USDT. The announcement states that the UNI/USDT is a USDT margine futures contract that will ensure that USDT is used for collateral.

Also, users are free to choose between 1 to 50x leverage. The immediate announcement to list the Token is said to be partly linked to its recent criticism of listing its rival, Sushi, immediately after it was launched.

Coinbase has also announced that it will accept Uni Tokens as soon as possible with the Uni trading set to commence as soon as there is enough liquidity. However, Coinbase did not reveal whether the Uni Token will be accessible on its retail-oriented platform.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Goldman Sachs Clearing and Settling Crypto ETPs for European Clients

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The decision by Goldman Sachs to deal with ETPs comes following a recent survey that involved over 150 family offices that the bank does business with.

Goldman Sachs is now settling and clearing crypto-linked Exchange Traded Products (ETPs) for its European hedge fund clients. It has been revealed by sources familiar with the matter.

The bank’s prime brokerage unit is initially only offering the service to an exclusive group of clients, reveal the sources. The bank’s possibility of rolling out the service to a broader client pool is still under review.

ETPs track the performance of investments like stocks, bonds and currencies. Crypto ETPs enable clients to invest in crypto without trading in the cryptocurrency associated with them. As the name suggests, they are traded on an exchange like the better known Exchange Traded Funds (ETFs). They have recently been gaining popularity.

ETC Group, the self-proclaimed “bridge between crypto and regulated markets” introduced the first Bitcoin ETP in the United Kingdom on the Aquis Exchange of London. Other exchanges, such as Switzerland’s SIX Exchange and Germany’s Deutsche Boerse have seen a rising number of crypto ETPs being listed.

The adoption of cryptocurrencies by major financial institutions does not stop there. The Bank of America earlier this week revealed that it would be clearing and settling crypto ETPs for hedge funds. This, after last week’s announcement that they would be trading Bitcoin features for select client’s and had started clearing cash-settled contracts. Also, BNY Mellon announced this week that it was joining State Street and four other banks in backing crypto trading platform Pure Digital.

Global Head of Foreign Exchange at the bank Jason Vitale had this to say:

“Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.”

The decision by Goldman Sachs to deal with ETPs comes following a recent survey that involved over 150 family offices that the bank does business with. According to the survey, 15 percent revealed that they had already invested in crypto. 45 percent of respondents said they would consider investing in crypto as a hedge against “higher inflation, prolonged low rates, and other macroeconomic developments following a year of unprecedented global monetary and fiscal stimulus.”

Meana Flynn, Global Co-Head of Goldman Sachs Private Wealth Management said that a large number of family offices wanted to consult with the bank on ‘blockchain and digital ledger technology’. She revealed that some believed,  from a purely efficiency and productivity point of view, that blockchain technology would be as impactful as the internet has been.

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Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.



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BlockFi Formulates Plans to Go Public Despite Growing Regulatory Intervention

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BlockFi has been focusing its efforts to go public long before the regulations grew deep.

The documents circulated in the media have given an edge to the growing speculation highlighting the intention of BlockFi to go public in the next 12-18 months. The documents are also suggesting that the company will be closing a Series E funding round which will further make the company valuation reach a striking figure of $4.75 billion.

BlockFi was recently embroiled in an alleged security violation that had made the company suspend the acceptance of new user payment accounts. Despite growing speculation and BIS regulations, the company is still vying to seek a stable spot and go public in the next 12-18 months.

BlockFi Intends All Set to Go Public

Amidst such regulatory issues, the company is still striving for a public spot and is accelerating its operations to accomplish the task at hand. According to the documents circulated in the media, the company is closing a series E funding round valued at $500 billion. The funding round is headed by leading names such as Hedesophia and Daniel Loeb’s Third Point LLC. According to CoinDesk, other participants also include Tiger Global and Bain Capitals.

BlockFi has been focusing its efforts to go public long before the regulations grew deep. The company was once hoping to get a public spot in the second half of 2021, which was delayed and now appears to be progressive again in the middle of regulations imposed by Texas, Alabama, and New Jersey.

BlockFi was entangled in a state security regulatory case where the company was charged with allegations stating its participation in the unauthorized sale of securities. Texas finance officials were quick to notify the company of such alleged actions. Following the identical course, BlockFi received similar complaints against unauthorized BIA from New Jersey and Alabama which compelled the firm to postpone their decision of going public amidst such rising claims and statements.

BlockFi’s CEO Zac Prince however had confirmed through his tweets that the company will be cooperating with the legal proceedings imposed by the Bureau of Securities of the associated states and will have dialogues with regulators to establish a peaceful settlement. A set of documents that were disclosed to the media outlets have added a surge in speculation stating that the company might go public in the next 12-18 months. BlockFi was approached to comment on the matter concerning its intent to go public but the company has refused to issue any statement.

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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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Thesis Raises $21M in Series A Funding, Plans to Launch New Wallet

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The CEO talked about the expansion plans of Thesis, stating that the company is looking to increase its current team of around 40 across all projects.

Thesis, a crypto venture studio, has completed a $ 21 million Series A funding round. The Series A round saw a long list of investors including ParaFi Capital, Polychain, Capital Nascent, Draper Associates, Fenbushi Capital, alongside individual investors like Josh Cincinnati, Kain Warwick, Viktor, and Lisa Bunin, and James Prestwich.

Existing investors of the firm from previous funding rounds include Polychain Capital, which again participated in this round, Andreessen Horowitz, or a16z, and Paradigm. The cryptocurrency production studio according to reports plans to extend its reach in venture capital to a wider audience, and launch new projects including a Web 3 wallet set to be launched in September this year and will be its fifth studio project.

Matt Luongo, founder, and CEO of Thesis stated speaking to reporters stated that, the latest fundraiser will also see Dan Elitzer, co-founder of Nascent Join Thesis’s board of directors, adding that the Series A funding was secured through an equity round. Luongo also revealed that Thesis is now looking to enter new markets, grow its ecosystems as well as strengthen its tech capabilities. The CEO however declined to comment on the specific details.

The CEO highlighted the number of new infrastructures which continue to fill the crypto space, stating that he wants to ensure that the people who build in this space create open-source products with the communities being the sole focus and not companies or users who own them. Luongo added that he believes that the wallets should belong to the community and the users again noting that the planned Web3 portfolio is not intended to enrich the company behind the curtain, but enriching users. “If everything is close by, it is just a glorified bank,” he said.

Luongo talked about the expansion plans of Thesis, stating that the company is looking to increase its current team of around 40 across all projects. The crypto venture studio is also hiring engineers, designers, and product ideators to build decentralized finance (DeFi) solutions platform, a sector that has raked in millions this year in the crypto space.

“This investment validates the thesis model and will allow us to evolve the studio and ultimately allow our operation to be autonomous in the years to come,” Luongo stated.

The Series A funding now brings Thesis total funding to $26.5 million. The crypto production studio previously raised $5.5 million in an equity round. The company’s projects including Keep, Saddle, and Fold, have also collectively raised over $42 million, said Luongo.

Thesis was founded in 2014 and has a glowing seven-year portfolio which includes Fold, a consumer payments app, Keep Network, a confidentiality layer for public blockchains, Saddle, an automated market maker, and a decentralized exchange for swapping stablecoins. Thesis is also behind the open-source initiative project tBTC that serves millions of its users across the globe and has over $ 300 million in total locked-in value.

Fold was the world’s maiden Bitcoin-backed reward card with over $ 20 million in sales activity per month. According to the company, it has raised a total of $20 million through its partnership with Visa to bring Bitcoin to consumers and drive massive adoption of cryptocurrencies.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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