The multinational conglomerate holding company headquartered in Tokyo, Softbank operates a Latin America Fund that invests in startups focused on identification technology, e-commerce, education, fintech, and now cryptocurrency solutions. The Softbank Latin America Fund revealed on Thursday that it invested $200 million in the crypto-asset exchange Mercado Bitcoin.Mercado Bitcoin’s $200M Capital Raise: Softbank Funds One of the largest Series B funding rounds in LATMThe Softbank Latin America Fund has invested in Mercado Bitcoin’s parent company 2TM Group. The announcement highlights that it is one of the largest Series B funding rounds in Latin America and Softbank’s largest crypto investment in the Latin American continent. The investment brings 2TM Group’s unicorn status to $2.1 billion and the eighth-most valuable fintech firm in Latin America.Mercado Bitcoin aims to leverage the financing to continue scaling operations and invest in more infrastructure. The company’s announcement emphasizes that over the last 12 months, Mercado Bitcoin has gathered 2.8 million clients. “Between January and May 2021, approximately 700,000 new customers signed up to use Mercado Bitcoin’s services,” the company’s announcement detailed. Additionally, Mercado Bitcoin’s trade volume in 2021 has seen massive growth as well “surpassing the total for its first seven years combined.”“Mercado Bitcoin has become a global leader in the cryptocurrency space. We’ve been impressed by 2TM Group’s understanding of the Brazilian ecosystem, as well as their contribution to the evolving regulatory framework in Brazil,” Marcelo Claure, CEO of Softbank Group International and COO of Softbank Group said in a statement. The Softbank executive further added:Cryptocurrencies have incredible potential in Latin America. We believe winning in Brazil is critical for 2TM Group and are excited to take part in this incredible journey.Softbank Group and the Conglomerate’s Portfolio Companies Have Vested Interest in Fintech and BlockchainFintech companies and crypto solutions have gathered mainstream attention in Latin America and the first Bitcoin exchange-traded fund (ETF) in Latin America made its debut on the Brazil Stock Exchange last week. Softbank Group and the firm’s Latin America Fund have been growing portfolio companies based on these trends. The Softbank Latin America Fund also backs fintech firms such as Credits, Cortex, Inter, Loggi, Konfio, and Ualá.The multinational conglomerate Softbank has been into crypto and blockchain technology for quite some time. In October of 2019, Softbank announced it was working with Tbcasoft, and IBM on a cross-carrier blockchain technology project. Softbank also worked with Tbcasoft when the firms created a blockchain-based “Identification & Authentication” Working Group the same year.One of the Tokyo-based company’s portfolio firms is also leveraging crypto-asset solutions. Just recently, in mid-April 2021, the Softbank-backed global space provider We work recently revealed it was accepting cryptos and keeping digital assets on its balance sheet.Mercado Bitcoin’s financing from Softbank follows the company’s Series A round in January 2021, which was co-led by Parallax Ventures and G2D/GP Investments. Mercado Bitcoin aims to use the funding to “accelerate growth across 2TM Group’s portfolio.” 2TM Group’s portfolio also includes the crypto wallet provider Meubank and it hopes to launch a fund called the “Bitrust” in the near future.
The account pastor of Norway accepts that bitcoin may encounter "leap forwards." He noticed that "There is no uncertainty that there is incredible interest in cryptographic money both in Norway and globally."Bitcoin May See Breakthroughs, Says Finance Minister of NorwayThe money clergyman of Norway, Jan Tore Sanner, proposed in a meeting a week ago that "digital forms of money will sooner or later move past the unpredictability for which they're right now known and experience a time of 'forward leaps,'" Bloomberg announced. He was cited as saying:Unmistakably there might be an improvement over the long haul, whereby you will actually want to get more adjustment components in the monetary forms that can prompt more prominent leap forwards and disturbances in the somewhat longer term.In any case, he noticed that for now, digital money isn't a market he would prescribe buyers to enter.The account serves added that he doesn't accept crypto resources will go standard until they are appropriately controlled, referencing that digital forms of money are additionally "well known with hoodlums."Regardless, Sanner said individuals ought to be allowed to settle on their own choice whether to put resources into bitcoin yet underscored that the digital currency isn't yet fit to be utilized as a substitute for cash. He believed:There is no uncertainty that there is extraordinary interest in digital money both in Norway and globally. Yet, that fear has been unsatisfactory as a method for installment.
DBS, Southeast Asia's biggest bank, has dispatched its first security token contribution (STO) on its digital money trade. The DBS Digital Bond is valued at 15 million Singapore dollars. "We anticipate that asset tokenization should progressively turn out to be more standard," said a DBS leader.DBS' First Security Token OfferingDBS reported Monday its first security token contribution (STO) on the DBS Digital Exchange (Ddex). The DBS Digital Bond, evaluated at 15 million Singapore dollars (US$11.37 million), accompanies a six-month tenor and coupon pace of 0.60% per annum. It is offered as a private position and DBS is the sole bookrunner for the exchange. The bank nitty-gritty:This prepares for different backers and customers to tap on Ddex's capacities to effectively get to capital business sectors for their subsidizing needs and makes way for more STO issuances and postings on Ddex as resource tokenization turns standard.Clifford Lee, Global Head of Fixed Income at DBS, said that "this denotes the first of numerous means in the excursion to advance the customary bond issuance into a more extensive computerized environment where more comprehensive backer and financial backer support can be quickly evolved."Lee proceeded: "While most bond tokenization practices reported in Asia to date will, in general, be repackaged types of an ordinary bond issue, the current exchange straightforwardly consolidates existing legitimate and expense framework necessities with an immediate issuance on the advanced trade in more modest part estimates." The chief added:This security token construction was just made conceivable as a result of the reformist improvement of Singapore's legitimate and assessment framework, which can work with more STO issuances to widen and extend our capital business sectors.Eng-Kwok Seat Moey, Group Head of Capital Markets at DBS, remarked: "Our lady STO posting on the DBS Digital Exchange is a critical achievement … This concretes our capacity to give coordinated arrangements across the advanced resource esteem chain, from bargain beginning to tokenization, posting, exchanging, and guardianship, which thusly opens the entryway for more STOs on Ddex." He underlined:We anticipate that asset tokenization should progressively turn out to be more standard as a greater amount of our customers begin to accept security token issuance as a feature of their capital raising support practice which we accept will help Singapore's desires to be an advanced resource center in Asia.The DBS Digital Exchange was dispatched in December a year ago. It offers "trade administrations between four fiat monetary forms (SGD, USD, HKD, JPY)" and four "digital currencies, to be specific bitcoin, ether, bitcoin money, and XRP," its site clarifies.The bank revealed in its first-quarter income call that its crypto trade "appreciated solid market footing since its dispatch." Specifically, its "Every day exchanging volumes have expanded 10-crease from the underlying seven day stretch of dispatch, and the trade as of now serves more than 120 members. DBS additionally holds over SGD 80 million in advanced resources in its custodial assistance," the bank uncovered. In May, the bank dispatched a trust administration for digital currencies.
Bespoke Investment Group's Dan Ciotoli believes the cryptocurrency's price could nearly triple by the end of the year — declaring that the January crash is likely behind it."There was a big run-up in December, and then we kind of saw these get-rich-quick-investors exiting the space. Everyone rushed in at once. So, the inevitable crash happened," he said Tuesday on CNBC's "Futures Now." "Now it's starting to recover. We saw a bottom around $9,000."Ciotoli, a blockchain analyst and software engineer, is out with a year-end forecast placing bitcoin prices in the $20,000 to $30,000 range."The driver I think is going to bring bitcoin up in 2018 is bitcoin denominated commerce," he added — noting that converting it into dollars right now is too pricey.For his bullish forecast to stick, Ciotoli says it depends on the success of the Lightning Network, a technological endeavor that's expected to roll out this year. The network's goal is to bring in a new wave of buyers by making bitcoin transactions faster and cheaper.If the network fails, Ciotoli says, his year-end bitcoin target could drop as low as $5,000."If I don't see people actually able to use bitcoin to say 'buy Starbucks' or something. I'd be worried that people would slowly lose interest, the price kind of levels off or even goes down," he said.It would be an unwelcome scenario, but even that wouldn't spell the end of bitcoin, according to Ciotoli."The technology is here to stay, and I think it'll be interesting to see how things play out over the next year," Ciotoli said.Original source: https://www.cnbc.com/2018/01/24/bitcoin-prices-could-triple-by-years-end-bespoke-analyst-predicts.html
BITCOIN has received a ratings grade which has shockingly been outperformed by lesser-known altcoins in the first cryptocurrency review delivered by top financial institution, Weiss Ratings.The ratings agency claims they were hit with cyberattacks ahead of the historic ratings release which they blamed on Korean hackers who were trying to defend Bitcoin from the prospect of a negative rating.The rating said: “Bitcoin gets excellent scores for security and widespread adoption.“But it is encountering major network bottlenecks, causing delays and high transactions costs.“Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”Weiss Ratings founder Martin Weiss said of the cyberattacks: "Earlier commentary on social media expressed considerable fear we were about to release negative ratings on their preferred currencies."So this may be an attempt to thwart our release today."In a surprise to many cryptocurrency traders, Ethereum outperformed Bitcoin gaining a “good” B rating compared to a “fair” C+ rating for its better known competitor.Novocain and SaluS were both deemed weak as they earned a D rating, while relatively unknown Steem also outperformed Bitcoin to earn a B-.Mr Weiss said: “Despite extreme price volatility, cryptocurrencies have a bright future and the potential to deliver unusually large profits to investors.“However, the market is hectic and confusing for investors. They need the clarity that only robust, impartial ratings can provide.”The ratings agency released a statement amid concern its ratings had been misunderstood as overly negative.It read: “Other rating agencies use a scale from triple A to single C. In that scheme a B grade is “junk” and a C is close to failure.“In contrast, Weiss Ratings’ B is ‘good’ and C is ‘fair’.“Based on a study of the Weiss Ratings by the US Government Accountability Office, an institution is not categorised “vulnerable” unless its grade is D+ or lower.”The ratings shock come as Bitcoin expect and CEO of Shopin, Eran Eyal, said he had “no doubt” the currency would hit $100,000.The ratings agency took the opportunity to explain why Bitcoin did not receive a higher rating.While no coin received an A rating overall, Bitcoin did earn the highest rating on its Fundamental Index.However, the Fundamental Index is just one of the major metrics used to calculate a currencies rating.Bitcoin loses out on the Risk Index owing to its highly volatile price and the Technology Index due to the energy consumption of mining and the lack of scalability of the system to meet demand.Mr Eyal said it is important to separate Bitcoin from other types of cryptocurrencies such as Ethereum or Ripple. He said each cryptocurrency has its own “business model” to differentiate from one another.Speaking on CNBC, Mr Eyal said: “I have no doubt that Bitcoin is going to reach well-beyond $100,000. Have a look at how it has climbed over the past.“I think it’s important not to just look at it at this moment in time but also to look at it historically at what has happened around the world.“I mean, look in the United States, Bitcoin exchanges were shut down three times. What we are seeing here is really government’s taking a knee and taking a moment to understand the ramifications of their specific culture.”Mr Eyal said all cryptocurrencies are different. He used the example of Ethereum and said it is a platform for building "exciting technologies".He said it is “impossible” to look at Bitcoin and Ethereum and compare one to the other because “they are not both apples”Original source: https://www.express.co.uk/finance/city/909614/Bitcoin-ratings-ethereum-Weiss-Ratings-Steem-cryptocurrency-invest-price-buy
Persistent demand around the $10,000 mark appears to have not only neutralized the immediate bearish outlook on bitcoin, but also hints the cryptocurrency could be building a base for an eventual move higher.Prices on CoinDesk's Bitcoin Price Index (BPI) fell to $9,972.29 yesterday, before witnessing a quick recovery to $11,000 levels. This is the fourth time in last week that bitcoin (BTC) has recovered losses after sinking below $10,000 levels. As of writing, bitcoin is at $10,990 levels. The cryptocurrency has appreciated by 3.38 percent in the last 24 hours, according to OnChainFX.On Coinbase's GDAX exchange, BTC witnessed two-way business yesterday with prices hitting highs and lows of $$11, 370 and $9,945, respectively, before closing (as per UTC) at $10,824 levels.The situation looks no different today as the rebound from the intraday low of $10,450 seems to have run out of steam above $11,000 levels. The cryptocurrency was last seen changing hands on GDAX at $10,970 levels.The two-way price action witnessed in the last 24 hours is indicative of indecision in the marketplace and a decisive move (in either direction) would likely set the tone for the market. That said, the price chart analysis today puts the odds of a decisive move higher above 50 percent.Original source: https://www.coindesk.com/building-a-base-bitcoin-demand-at-10k-hints-at-move-higher