Home Blog

Crypto Exchange Firm Announces New Funding Valued at $420 Million

Over the past few months, Bahamas-based crypto exchange firm FTX has been expanding its platform and recently announced that it has raised $420,690,000 in a Series B-1 funding round. About Sixty-nine investors were reported to have taken part in this recent funding, including firms like BlackRock,  Tiger Global, Ontario Teachers’ Pension Plan Board, Singapore’s Temasek,  and Sequoia.

According to reports,  investors valued the company at $25 billion, up roughly 39% from the Series B sticker price set in July when it collected $900 million in crypto’s largest-ever venture capital round. As part of the huge growth witnessed in the exchange firm, users have increased by 48 percent, while trade volume has increased by 75 percent.

The fresh round of funding comes just one day after bitcoin reached a new high of more than $66,000. Investors are ecstatic about the debut of the first U.S. exchange-traded fund that tracks bitcoin futures, a significant step that brings crypto closer to Wall Street.

More Plans to Spread

This year, FTX has been out to spread the adoption of cryptocurrency in various industries and has spent a lot of money on sports advertising, with a partnership with  Major League Baseball announced a few weeks ago. Getting some of the big players in the sporting scene is one of the strategies it has adopted to advance its frontiers.

With a plethora of venture funding and multimillion-dollar-per-day revenue streams, the CEO, Bankman-Fried,

Is contemplating a series of acquisitions and collaborations to expand FTX into other nations and reach a larger audience.

In an interview,  FTX’s CEO noted that the firm had done over half a billion worth of acquisitions, adding that some of the firms are quite sizable.  The financial muscles being flexed by FTX shows how much it is growing in the crypto space every day and is wielding much power.

FTX is now a Giant in the Crypto Space 

FTX, previously exclusively an international crypto derivatives exchange, now has a US subsidiary with its own NFT marketplace and plans to sell regulated futures products.

Last week, FTX demonstrated its dominance in the cryptosphere by banning NFTs projects with revenue-sharing systems from listing on its exchange. To comply, a number of projects, like Solarians, rapidly dropped that function, enraging a large number of buyers.

FTX competes with Coinbase, Binance, and Kraken as one of the world’s largest digital currency exchanges. It specializes in derivatives and leveraged trading, which involves using borrowed cash to increase the size of a trade.

In an interview, FTX CEO noted that the firm was set up to create a better financial market but has since evolved and grown to include newer ambitions. He said, “We founded FTX two years ago with the idea of creating a better financial marketplace.

Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors.”

 

Asset Manager Pimco to Increase Its Presence in Crypto

Over the last 12 months, cryptocurrencies have found their way to the big scene in the world’s market and constantly dominate the headlines. News of the value of several coins reaching all-time highs and business tycoons such as Elon Musk adopting crypto is almost commonplace these days. Although crypto space is still in its cradle stage, it has not stopped global corporations from trooping into it and staking their future in it. 

A growing number of businesses across a wide range of industries – from major tech to airlines – are embracing cryptocurrencies and allowing customers to pay for their goods and services with them, making the crypto world expand exponentially in different parts of the world. 

Pimco to Buy More Crypto

The latest to announce their interest in the crypto space is fixed-income giant Pimco. According to Pimco’s chief investment officer Daniel Ivascyn, the financial giant has dabbled in cryptocurrencies and aims to gradually invest more in digital assets that have the potential to disrupt the financial industry.

In a statement, Ivascyn gave more details on the firm’s recent activities in the crypto space; he said, “now we’re looking at potentially trading certain cryptocurrencies as part of our trend-following strategies or quant-oriented strategies, then doing more work on the fundamental side. So this will be a gradual process where we spent a lot of time on the internal diligence side speaking to investors. And we’ll take baby steps in an area that’s rapidly growing.”

Bitcoin Hits an All-time High

Prior to this time, institutional asset managers have been slower in embracing cryptocurrencies than retail traders, but following the recent surge in bitcoin, their adoption is growing rapidly. Following the successful launch of the first U.S. bitcoin futures exchange-traded fund, bitcoin hit a new all-time high. It is widely regarded as a watershed moment for the embryonic crypto industry, which has long pushed for broader Wall Street adoption of digital currencies. The world’s most valuable cryptocurrency increased by about 4% to $66,416.86, breaking the previous high of $64,899 established in mid-April.

Pimco, which was founded in 1971, is a global asset manager specializing in active fixed-income securities. As of December 31, 2020, the firm’s assets under control reached $2.2 trillion. Some of Pimco’s hedge fund portfolios are already trading crypto-linked securities, according to Ivascyn. He reportedly said, “we’re trading from a relative value perspective. So we’re not taking directional exposure, but we’re looking to take advantage of mispricings between the cash product, popular trust that trades on the exchange, and then the futures. So that was a starting point for us in a very narrow segment of our business.”

More Firms to Adopt Crypto

For much of 2021, institutions have been pouring money into crypto investments, reflecting the growing acceptance of digital assets by the general public. According to a September survey by European investment management Nickel Digital Asset Management, nearly two-thirds of worldwide institutional investors with no cryptocurrency exposure planned to make their first investments within the next 12 months. According to data from Chainalysis, institutional money was the key driving force behind Asia’s 706 percent increase in crypto transactions over the past year. Experts believe more firms will be following Pimco in the coming days.

 

New Partnership to Expand and Improve Blockchain Gaming Announced

Video gaming is an experience that everyone enjoys, and according to research, there are approximately 3.24 billion gamers on the planet. Even in 2020, when many sectors were forced to close because of the Covid epidemic, the gaming industry was booming like never before.

The Rise of Blockchain Gaming 

Similarly, Blockchain technology has permeated almost every part of human life, and gaming is no exception. The gaming industry has also become a part of the growing crypto world, and several crypto firms are cooking up gaming content and attracting users in their numbers. 

Video games that run on a cryptocurrency network are known as blockchain games or crypto games.  These games have gained incredible popularity because they reward players for their effort and time. As a result, people can earn incentives while playing their favorite games. It also allows gamers to trade the digital assets they have amassed anywhere in the world.

New Partnership

The Interchain Foundation (ICF) and Tendermint, the software development company behind Cosmos, have announced a partnership with Forte, a business developing a blockchain platform for video games.

Tendermint’s cooperation with Forte, as a core contributor to the Cosmos Network, opens up blockchain gaming to all developers and gamers, allowing them to seamlessly link their gaming ecosystems with the Cosmos interoperable blockchain network.

Shedding light on the recent partnership, the CEO of Tendermint, Peng Zhong, said, “with almost three billion gamers around the world and immense interest surrounding NFTs, the partnership with Forte will help propel Cosmos to a wider audience and solidify our place as a leading blockchain ecosystem. We have already built the industry’s best tools for blockchain development like Cosmos SDK and Starport.” 

Similarly, Billy Rennekamp, Grants Manager on the Board of Management at ICF, was quoted to have said, “Forte and Cosmos share a vision of applications and economies built around passionate communities. Now that the technology is mature, I’m thrilled to work with Forte, who can onboard the next generation of game developers and users, bringing Cosmos gaming to the mainstream.”

Forte, a Leading Voice in Gaming

Forte, as a leading blockchain gaming platform, provides game creators and gamers with the essential blockchain infrastructure, such as cryptocurrency wallets for storing virtual assets and NFTs, in a safe, easy-to-use, and completely compliant packaging.

More than 25 world-class game developers are creating on Forte’s platform, including pioneers Will Wright (SimCity, The Sims), Jeff Tunnell (Starsiege: Tribes, Social City), and Hi-Rez Studios, which raised $185 million in Series A funding headed by Griffin Gaming Partners earlier this year (Smite, Paladins). 

Forte has created over 10 million wallets, 5 million NFTs, and over 8 million monthly accounts to date.

The Role of Cosmos in the Partnership

 The partnership between both parties appears to be mutually beneficial. To this end, Cosmos developers will work closely with Forte to ensure that all Forte-based third-party game developers have access to Cosmos’ technology and can easily connect their games with the Cosmos network.

Furthermore, Forte will also connect ATOM and other Cosmos-enabled currencies, such as stablecoins, to the Forte network for users to utilize as payment, liquidity, or collateral, dramatically enhancing the utility of the ATOM token and assisting developers and gamers in creating a better experience. The Forte wallet architecture will also support Cosmos Hub wallets and accounts.

 

Socios.com is the Official Sponsor of the Los Angeles Lakers

The last few months have seen an increased awareness of cryptocurrency’s potential usage in sports and various industries, and recently, there have been multiple partnerships between various crypto firms and sporting giants.  To acquire traction and enhance brand recognition, sports teams are increasing their advertising budgets to incorporate new and upcoming crypto exchange platforms, and these partnerships have proven to be incredible.

The crypto world is acting as a bailout for the cash-strapped sporting industry. Because of the Covid-19 outbreak, sports teams are turning to cryptocurrency and blockchain technologies to boost income and improve the fan experience. Clubs are looking into crypto-sponsorships, non-fungible tokens (“NFTs”), and fan tokens as ways to improve their relationship with fans.

Lakers Announce a New Partnership

Like many other teams, The NBA’s Los Angeles Lakers have joined Socios.com’s network as the twenty-fourth team in the American basketball league as a partner. This collaboration, like most others in the NBA, will revolve around Socios sponsoring the Lakers and fostering a new relationship and experience for their fans.

Rather than the popular non-fungible token, Socios’ main offering is fan tokens, which are cryptocurrencies. To sell the teams’ tokens, Socios.com has agreements with numerous top global sports entities, including soccer clubs PSG, Barcelona, and Arsenal. These digital assets can be bought and sold with cryptocurrencies. Token holders can also trade them for benefits such as team experiences, poll voting privileges, and special items.

Socios.com will be the presenting sponsor of the Los Angeles Lakers Facebook Group, beginning with the 2021-22 season, where Lakers fans can interact with one another and discuss their favorite Lakers moments by posting and viewing content, as well as participate in virtual events sponsored by Socios.com. 

Furthermore, content sponsored by Socios.com will be shared on the Lakers’ Twitter Polls which would allow fans to vote on a variety of team-related topics. Also, Socios.com will be an official sponsor of the Lakers 2k gaming team and the South Bay Lakers, in addition to prominent broadcast signage.

Reaction to the Partnership

In a statement, Alexandre Dreyfus, CEO of Socios.com. expressed his excitement about the new partnership and was quoted saying, “The Los Angeles Lakers are one of the most prestigious brands in sport, and I’m thrilled to be working with them as Socios.com rapidly expands into the U.S. market. What an awesome way to round off another great week of growth.”

Similarly, Tim Harris, President of Business Operations, Lakers, said in a statement, “as an that Socios.com has a shared perspective and will help support our initiatives to serve the Lakers fanbase.”

The Lakers join a roster of more than 90 major worldwide sporting franchises on Socios.com, including soccer, Formula One, mixed martial arts, esports, and cricket. The sponsorship also helps Socios.com’s growing presence in the US sports market and spread cryptocurrency adoption.

The International Cricket Council and FTX Strikes a Global Partnership

FTX Trading Limited, one of the most prominent cryptocurrency exchange platforms, has announced a global partnership with the International Cricket Council, the governing body of cricket, globally, that would see it sponsor major ICC as II continues its expansion into the sporting world.

Beginning with the ICC Men’s T20 World Cup, hosted by India and staged in Oman and the United Arab Emirates, all major ICC men’s and women’s World Cups, as well as men’s and women’s T20 World Cups, Men’s Under-19 World Cup, and Men’s Cricket World Cup Qualifiers, will be included in the collaboration.

FTX is leading the path for worldwide cryptocurrency adoption, and its latest collaboration with the International Cricket Council shows its ambition to be one of the loudest voices announcing cryptocurrency. The platform, one of the busiest cryptocurrency exchange groups in the world, is spearheading a digital economy revolution, and recently, it has announced several partnerships within the sporting world, which has a huge fan base.

Crypto sponsorship has shown to be the only method for the growing crypto world to spread across all industries, and the athletic world’s acceptance of cryptocurrency will certainly be a huge success for the crypto community. Sports have billions of fans and a slew of sponsorship deals worth billions of dollars over the years. 

Reaction to the Partnership

Reacting to the recent partnership between ICC and FTX, Sam Bankman-Fried, CEO and Founder of FTX, said,  “Cricket is a long-established sport with deep a history and team ties that go back generations. Cryptocurrency is still in its infancy and at FTX we are looking to forge a new path in mostly unchartered territory. However, to me, this partnership represents the marriage of those two concepts. It is an honour to be a part of the men’s and women’s cricket tournaments, and we look forward to building a strong relationship with the International Cricket Council in the years to come.”

Similarly,  Anurag Dahiya, Chief Commercial Officer, ICC, reacted to the collaboration, noting the global organization’s excitement over its latest addition. Dahiya reportedly said,  “We are delighted to welcome FTX to our diverse family of partners at the ICC at an especially exciting time for the sport, with the highly anticipated ICC Men’s T20 World Cup coming up shortly. FTX has successfully established itself in a very dynamic sector as one of the world’s leading cryptocurrency exchanges. Their innovative and ambitious approach matches well with the energy of our sport. We look forward to working together on opportunities to engage fans in exciting new ways over the coming years and throughout our events.”

FTX has been Expanding

Starting on October 17th, FTX will be responsible for sponsoring all major ICC events until 2023, commencing with the first match series. The organization has long dabbled in the sports business, securing various deals in the process, including one with Mercedes Formula One and another with Major League Baseball.

FTX Trading, which was founded in 2019, is one of the most popular cryptocurrency exchanges, with an average daily trading volume of $10 billion as of July 2021. The exchange currently has over one million members and is worth more than $18 billion. The company is working to expand its service offerings, with plans to launch NFTs on the Ethereum blockchain in the near future. Consumers will be able to access Solana-based digital collectibles for minting, trading, and auctioning purposes, according to FTX.