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Andreessen Horowitz launches $2.2 billion crypto fund

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Andreessen Horowitz partner Marc Andreessen

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Andreessen Horowitz is launching a multibillion dollar fund to invest in a volatile ecosystem whose betting will be as influential as the internet.

The Silicon Valley venture capital company founded by Marc Andreessen and Ben Horowitz announced its new $ 2.2 billion cryptocurrency fund on Thursday. It plans to use this capital in blockchain and digital asset startups.

“The size of this fund speaks for the size of the opportunity that is presented to us: Crypto is not only the future of finance, but, like the Internet in the early days, will change all aspects of our lives”, Katie Haun and Chris Dixon, partners , who run Andreessen’s cryptocurrency group, said in a blog post.

The company’s first crypto-focused fund was launched three years ago in what is known as the “crypto winter”. This year, Bitcoin’s value soared about 80% from its 2017 highs. The latest fund is also coming to another bearish moment for Bitcoin.

The world’s original cryptocurrency has lost about half its value since hitting $ 60,000 high in April. This week alone, a 20% loss is on track. Detecting the volatility of the asset class, Haun and Dixon said, “Prices can fluctuate, but innovation continues to increase with each cycle.”

“We believe that the next wave of computer innovation will be driven by crypto,” the partners wrote, adding that they are “radically optimistic about the potential of crypto.”

The company is known for early betting on companies like Facebook, Instagram, Lyft, and Pinterest. Andreessen Horowitz took his first step into the field of digital assets in 2013 via Coinbase. Coinbase went public this year via a direct listing and is about 50% below its high on the day of the listing.

Andreessen Horowitz is also an early investor in the Facebook-backed Libra digital currency project, now known as diem, which has gone through a series of renaming and has encountered opposition from global regulators.

The company has interests in companies like OpeanSea and Dapper Labs, which are fueling the recent NFT boom, and plans to focus on “decentralized finance”. Also known as “Defi”, the term used to describe traditional financial applications such as lending or banking that are based on the same technology that underlies Bitcoin. The company said it plans to hold these crypto investments for a decade or more.

These digital asset investments are being driven by partners Haun, a former Justice Department attorney, and Dixon, who founded and ran two startups before joining Andreessen Horowitz. Haun helped set up the Justice Department’s first government working group on crypto and worked on the first high profile cryptocurrency-related case, Silk Road.

Andreessen Horowitz also announced a wave of new hires for the fund, including former Securities and Exchange Director Bill Hinman, who will join the company as an advisory partner. Rachael Horwitz, who was in charge of communication on Twitter, Google and Facebook, joined as an operational partner.

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Cryptocurrency

Indian Decor Brand The Rug Republic Starts Accepting Cryptocurrency for Payments: Report

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India’s decor brand The Rug Republic joins the ranks of Microsoft, Paypal and Overstock and has now reportedly started accepting payments in major cryptocurrencies for purchases. This makes the native decor brand the first major company to step into the insecure but exciting arena of cryptocurrency. The Rug Republic, which is said to be present in 90 countries, will reportedly use the WazirX and Binance platforms for these cryptocurrency transactions. Interested parties can purchase carpets, handmade accessories and other products available in The Rug Republic’s online shop using cryptocurrencies.

According to a report by Cryptopolitan, the company will accept payments in at least 20 major cryptocurrency tokens, including Bitcoin. The report also states that the Delhi-based brand plans to develop an in-house payment system for digital currencies.

Although the company is a global player in the decor business, the company has limited the acceptance of cryptocurrencies to its Indian customers only. Additionally, to avoid confusion, the company will reportedly keep a list of sales made through cryptocurrency tokens. The brand’s invoices will indicate the method of payment, including the name of the digital currency used, the date of purchase and the amount paid, as shown on the report.

Raghav Gupta, the CEO of Rug Republic and a cryptocurrency enthusiast, is quoted in the report as saying that blockchain is an excellent technology and can transform the financial world.

The Rug Republic boss is said to have invested in his first Ethereum token in 2016 and benefited from the cryptocurrency boom in recent months. Gupta also reportedly holds stakes in Polygon, an Indian cryptocurrency company that owns the Matic token. He explains in the report that the purpose of adopting digital currencies is not to convert them into major currencies. However, he expects the digital currency to see a historic surge. The Cryptopolitan report also states that Gupta trusts cryptocurrency more than the US dollar or Indian rupee.

In India, start-ups such as HighKart and Purse were among the first to accept cryptocurrencies as a means of payment. Among the countries, El Salvador recently became the first country to legalize cryptocurrencies.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency prices on Indian exchanges

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NSAV ANNOUNCES IT’S ON SCHEDULE FOR AUGUST 9, 2021 LAUNCH OF CRYPTOCURRENCY EXCHANGE

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NSAV DIRECTOR AND BITMART EXCHANGE MANAGING PARTNER, MR. YUEN WONG TO OFFER VIDEO UPDATE TO SHAREHOLDERS NEXT WEEK

London, England, July 26, 2021 (GLOBE NEWSWIRE) – Net Savings Link, Inc. (OTC Pink: NSAV), a cryptocurrency, blockchain and digital asset technology company, announced today that it has signed up for the August 9 is on schedule. 2021 launch of its wholly owned cryptocurrency exchange. Mr. Yuen Wong, NSAV Director and Managing Partner of the leading cryptocurrency exchange, Bitmart https://www.bitmart.com, will give shareholders a video address next week and update the status of the exchange which will be branded NSAV. The launch officially marks the company’s entry into the global $ 2 trillion cryptocurrency market, making NSAV the second publicly traded US company to own a cryptocurrency exchange at over Coinbase after Coinbase https://www.coinbase.com/ went public in April $ 85 billion.

NSAV’s management believes that given the expertise of its management and strategic partners, the company can capture a significant share of the massive Chinese cryptocurrency market. Currently, Huobi Cryptocurrency Exchange https://www.huobi.com/en-us/ has over $ 6 billion in 24-hour trading volume and 40% of its users are from China. Huobi is number 3 worldwide in daily sales with $ 2.29 million, behind Upbit https://sg.upbit.com/home $ 3.42 and industry leader Binance https://www.binance.com / s with $ 3.48 million.

The NSAV added a countdown timer to their corporate website https://nsavholdinginc.com/ to keep shareholders informed of how much time there is before the official launch of our cryptocurrency exchange.

The management of NSAV and its partners are pioneers in the digital asset and blockchain industry. The team is led by the above mentioned NSAV director, Mr. Yuen Wong. Mr. Wong is also the CEO of LABS Group Limited https://labsgroup.io, the world’s first end-to-end real estate investment ecosystem powered by blockchain and powered by decentralized finance (DeFi) and governance from the LABS ecosystem Token is powered.

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As one of the founders of Bitmart Cryptocurrency Exchange, Mr. Wong helped BitMart become a leading global digital asset trading platform with over 2 million users worldwide and was among the top crypto exchanges on CoinMarketCap. Bitmart’s platform supports over 220 cryptocurrencies and has a 24-hour trading volume of approximately $ 2 billion.

NSAV’s management released the following statement: “We are really excited to provide weekly updates to our shareholders and to be on track with the launch of our own cryptocurrency exchange.”

NSAV’s vision is to create a fully integrated technology company providing turnkey technological solutions for the cryptocurrency, blockchain and digital asset industries. Over time, the company plans to offer a wide range of services such as software solutions, e-commerce, advisory services, financial services, and information technology.

For more information, please contact NSAV at info@nsavholdinginc.com

The NSAV’s Twitter account can be found at https://twitter.com/nsavtech. be called

The NSAV corporate website can be found at http://nsavholdinginc.com

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe havens it creates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, Net Savings Link, Inc.’s ability to meet its stated business plan. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable and that any such assumption may be inaccurate and, therefore, no assurance can be given that the forward-looking statements contained in this press release will prove to be substantiated to be exact. Given the significant uncertainties inherent in the forward-looking statements contained herein, inclusion of such information should not be taken as a representation by Net Savings Link, Inc. or any other person.

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Net Savings Link, Inc.
info@nsavholdinginc.com

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Bitcoin Jumps as Much as 20% to a Six-Week High

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Bitcoin price jumped to a six-week high on Monday, with some investors blaming the rally on liquidation of short positions and speculation that Amazon.

AMZN 0.51%

com Inc. may venture into digital currencies.

Bitcoin rose to $ 39,544.29, according to CoinDesk, its highest level since mid-June. It is up 18% from its Friday at 5 p.m. ET after briefly rising more than 20% on Monday morning. The rival currency, Ether, rose more than 14%.

Recent bullish comments from high profile cryptocurrency supporters have helped prop up price gains. Last week, Elon Musk, chief executive of Tesla Inc., said he and his rocket company SpaceX are holding Bitcoin despite concerns about its environmental impact. Mr Musk also said that Tesla would likely accept the cryptocurrency as payment again if the process of creating it, known as mining, became less dependent on fossil fuels.

“There has been a lack of good news in the cryptocurrency market for the past two months,” said Bobby Lee, founder and CEO of Ballet, a hardware wallet for cryptocurrencies. “Now they are trickling out, so investors and speculators are taking this opportunity to build their positions and buy back Bitcoin, causing the price to go up pretty dramatically.”

Bitcoin is still about 40% below its high of nearly $ 65,000 in mid-April. The following month, China’s renewed efforts to crack down on Bitcoin mining and trading contributed to sharp falls in prices.

Speculation has risen in recent days about Amazon’s possible plans for cryptocurrencies and related technologies after the company posted a position for a digital currency and blockchain expert.

The online retail and cloud services giant said the person who would be on its payments team in Seattle will be tasked with developing “Amazon’s digital currency and blockchain strategy and product roadmap.” That sparked online chatter that the company might one day allow customers to pay in cryptocurrencies. Amazon did not immediately respond to a request for comment.

China’s recent warning about cryptocurrencies has left the market in a tailspin. WSJ’s Aaron Back explains why recent changes in the value of Bitcoin, Dogecoin, Ether and other cryptocurrencies may point to barriers to mainstream adoption. Photo: Dado Ruvic / Reuters

According to data from Bybt, short positions in Bitcoin worth around $ 740 million were liquidated on Monday, more than ever in the past three months.

Many cryptocurrency exchanges allow their users to bet on price drops by taking short positions in their margin trading accounts. As with stocks, traders do this by borrowing cryptocurrencies like Bitcoin – sometimes with leverage or borrowed money – and selling them before buying them back at a lower price to repay their lenders.

Mr Lee said that when prices rise unexpectedly – especially in cryptocurrencies where there are a large amount of futures and other derivatives – traders are caught short, causing what is known as a short squeeze and making the price go even higher.

Claire Wilson, partner at Singapore-based consulting firm Holland & Marie, said volatility in the crypto market caused by a variety of factors is nothing new. “In the past few months, however, these wild price fluctuations have been linked more often to comments from personalities on social media,” she said.

Write to Elaine Yu at elaine.yu@wsj.com and Caitlin Ostroff at caitlin.ostroff@wsj.com

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