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Block Fi Gets Its Hands on $50 Million with Help from Morgan Creek Digital

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Crypto lender and financial services firm Block Fi has garnered roughly $50 million in funding through a Series C funding round. The event was led by venture capital companies such as Morgan Creek Digital and brings its recently raised funds to more than $80 million after a series B round garnered the company as much as $30 million.

Block Fi Is Headed to New Heights

Bitcoin appears to be growing in popularity as of late, with the price of the asset spiking to new heights and briefly surpassing the $12,000 mark. Some of the other companies and enterprises to take part in the series funding round include Castle Island Ventures, Winklevoss Capital, Avon Ventures, Purple Arch Ventures and CMT Digital.

Anthony Pompliano – co-founder and partner at Morgan Creek Digital – expressed his joy and excitement over the event and his pride that the company could garner so much financial assistance through Morgan Creek’s help. In a statement, he mentioned:

Block Fi’s platform offers investors unparalleled capabilities in the digital asset ecosystem. We’re excited to back this world-class team as they continue to add new products and expand into incremental areas that are disrupting traditional finance.

Aside from the price spikes bitcoin’s been garnering, people also seem to be trusting it more and have completely changed their view of the asset. At one time, bitcoin was viewed as purely speculative, a tool that could potentially make a person rich in a short period. Now, however, the asset is looked at more as a “safe haven” – something that could potentially hedge a person’s wealth and protect their portfolio from potential inflation and other economic hazards.

This sentiment is growing due to the recent coronavirus pandemic, which has dealt a huge blow to the U.S. dollar and several other forms of fiat across the world. It’s unfortunate that it took a serious health crisis for people to see bitcoin as the incredibly powerful financial tool many traders and analysts have always known it to be.

Block Fi has garnered more than $100 million in funding over the past year and now has more than $1.5 billion total assets. Zac Prince – CEO and co-founder of the company – explained in an interview:

The past 12 months at Block Fi have been nothing short of amazing, and if anything, is a testament to the staying power of bitcoin and other digital assets.

A Big and Boisterous Future

Flori Marquez – SVP of operations and co-founder of Block Fi – also weighed in on the present situation:

Bitcoin, ether, digital assets, cryptocurrency, blockchain – words that years ago were considered a pipedream and now more acceptable investment options to safeguard wealth at a time when traditional market performance doesn’t even make sense to analysts. We’re a driving force bringing cryptocurrencies mainstream, and I can’t wait to see how the market is going to respond to what we’re working on next.

Tags: , , Source: https://www.livebitcoinnews.com/block-fi-gets-its-hands-on-50-million-through-new-funding-round/

Blockchain

OCC Chief Hints at Coming ‘Good’ Actions on Crypto by End of Trump’s Term

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Acting Comptroller of the Currency Brian Brooks predicted a lineup of cryptocurrency banking and clarification actions will emerge from the Trump Administration during its final days.

The chief national banking regulator was speaking on CNBC Squawk Box:

“I don’t think we need 50 regulations, but what we do need is clarity about what’s allowed,” he said. Brooks cited banks plugging into “directly into blockchains as payment networks” as one place where “the answer has to be yes.”

Brooks seemed to imply that the crypto banking clarity coming “in the next 6 to 8 weeks” would have a positive impact on bitcoin‘s price.

“It may have been a bubble two years ago, but with more clarity institutions that see this is a real thing are going to adopt at scale, which they’ve already started to do so,” Brooks said. He said regulatory clarity “are the things that are driving prices at this point.”

Brooks refused to directly answer show hosts’ questions about the rumored self-hosted wallet regulation supposedly coming out of the Treasury Department. Last week, Brooks’ former boss, Coinbase CEO Brian Armstrong, publicly suggested on Twitter that his current one, Treasury Secretary Steve Mnuchin, would stifle crypto innovation with a slap-dash final regulatory push.

“We’re very focused on getting this right, we’re very focused on not killing this, and it’s equally important that we develop the networks behind Bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing so believe me, there’s a balance here and it’s going to work for everybody,” he said.

Source: https://www.coindesk.com/brian-brooks-crypto-clarity

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Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November

Unchained Capital revealed the news via a data visualization on Dec 3. Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30. Some Long-Term Investors … Continued

The post Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November appeared first on BeInCrypto.

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Approximately $4 billion worth of bitcoin which had been inactive for between five and seven years was moved out of long-term storage following November’s massive price rally.

Unchained Capital revealed the news via a data visualization on Dec 3.

Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30.

Some Long-Term Investors Take Profit

Investors who locked their coins into storage in 2013 did so at a price level that averaged between $134 and $1,151. In 2014 and 2015, the price averaged between $500 and $750.

With bitcoin closing at $18,702 on Nov 30, long-term investors would have made anywhere between 1524% and 13,856%.

Bitcoin All-Time Price Chart: TradingView

According to the HODL Waves calculation, 1.19% of the bitcoin total supply left this storage category and became active on-chain.

Given the current total supply of 18,60,637.5 BTC at press time, this represents roughly 200,000 BTC, currently worth just over $3.8 billion.

Bitcoin HODLers Not Relenting

The data reveals a mix of long-term strategies. The vast majority of long-term investors are not only holding, but also increasing their holdings.

Whereas the previous five to seven year long-term storage category fell more than 1%, the over ten-year storage category actually rose 0.19% from 9.73% to 9.92%.

The long-term storage category between seven and ten years also rose 0.2% from 7.08% to 7.28%. Similarly, the three to five year storage category jumped 0.69% from 10.06% to 10.85%.

In fact, the data shows that it’s mostly the shorter-term storage categories that witnessed holding declines. Overall, more than 61% of bitcoin’s total supply has not moved at all in more than a year.

This data, some argue, would seem to validate the position that bitcoin could be viewed more as a store of value asset and an inflation hedge versus just a speculative instrument.

On Nov 19, BeInCrypto reported that Glassnode data had revealed a huge surge in creation of new bitcoin addresses, only bettered in January of 2018.

On-chain analyst Willy Woo predicted that bitcoin’s Network Value Transaction Ratio (NVT) all-time high in mid-November was driven by the presence of “underlying long term investors.” This he said, would drive bitcoin to a new all time high, which subsequently took place on Nov 30.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/over-200000-bitcoin-moved-out-of-long-term-storage-since-november/

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OMG Network acquisition raises its token price by 18%

TL:DR Breakdown: Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm. The announcement brought over an 18 percent price increase for the native token, OMG.  The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired […]

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TL:DR Breakdown:

  • Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm.
  • The announcement brought over an 18 percent price increase for the native token, OMG. 

The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired by Genesis Block Ventures (GBV), a blockchain-focused venture capital investment company. GBV’s plans for the blockchain network is geared at accelerating more adoption and expanding its reach across countries in Asia and beyond, according to the announcement on Friday.

OMG Network sets for adoption

In 2017, the OMG Network was established as a subsidiary of SYNQA, a holding computer in Asia that specializes in blockchain development for fintech, online payment, and digital transformation. The OMG Network serves an Ethereum-based network that allows users to process transactions on Ethereum off-chain at a faster and reduced fee. In August 2020, Tether had partnered with the OMG team to host the popular US dollar-backed stablecoin, USDT, on the OMG Network.

However, following the acquisition by GBV, the network’s team and business will be transitioned from the initial parent company, SYNQA, to Genesis Block, in a bid to spearhead more growth and adoption for the blockchain network. Meanwhile, the acquisition today could be viewed as an important development for OMG users, as the native token surged by 18 percent since the announcement today. 

OMG reacts to new acquisition

According to Denis Vinokourov at Brokerage Bequant in London, “OMG surged higher overnight in reaction to the news that Hong-Kong based OTC trading firm is to acquire OMG Network.” The cryptocurrency increased from $3.74 to $4.41, making over 18 percent price growth. In August, the token grew by more than 200 percent due to the craze in the decentralized finance (DeFi) market, which, in turn, increased the activities on the network.

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