Altcoins

Akshay Aggarwal to lead Draper Dragon Crypto Fund in India

Silicon Valley-based Draper Dragon Fund is an early backer of the popular crypto exchange Coinbase, which has decided to enter India. While the Indian crypto community is still awaiting a firm stand on the regulations for digital currencies, this news was enthusiastically welcomed as the fund is likely to invest up to $100 million in Indian cryptocurrency startups. 

Regulatory Uncertainties in India

Recently the Indian government announced that it will take a firm decision on its stand on the use of cryptocurrencies in the winter session of Parliament, which “seeks to prohibit all private cryptocurrencies in India” but allows “for certain exceptions to promote the underlying technology and its uses”.

To prepare for this monumental decision, few venture funds are restructuring strategies and pausing further investments awaiting a final decision. However, Andrew Tang, partner at Draper Associates believes, “Crypto will work out fine in the long run in India,”

So far the Draper Dragon fund has invested in four startups in India, CropBytes, Safle, Pontoon Finance, and Polkamusic. The investment process will be led by Akshay Aggarwal, the co-founder of Blocumen Studios and Blockchained India. 

Venture Capitals and Indian Crypto Market

The large consumer base and the thriving community have attracted the attention of several investors in the Indian crypto and blockchain projects. Venture Capital Funds such as Andreessen Horowitz have also entered the Indian crypto market by investing in Coinswitch Kuber, a crypto-selling platform. Moreover, funds such as Jump Capital and Anter Global have also shown interest in India’s crypto landscape. 

“At the fund, we regard Indian talent very highly. We believe the global impact of the web3 industry is going to have a very strong India quotient. For us, this wave is only starting, we were early investors in the metaverse, we want to push forward on our early success,” Akshay Aggarwal said. “We have ample experience sailing in turbulent regulatory weathers and we intend to provide that as an advantage to the founders we back.”

Akshay Aggarwal will lead this role while following his existing role as the leader of Blockchain India and Blocumen Studios.

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.

What’s happening in the crypto world?

The crypto world is ever happening with the change in prices in the market to new promising projects. It’s that time of the week when we take a quick recap of the latest that happened over the past week. 

Bitcoin

Bitcoin is the highlight of the crypto ecosystem, and what better aspect to start than this. Recently Bitcoin has been a victim of several incidents that shot its price down considerably. From massive whale manipulation to China banning Bitcoin mining, the past weeks haven’t been kind to it. 

Currently, Bitcoin is trading at about $32,780, which is significantly lower than its highest price of $63,729.5. Even the price of its competitor Ether has dropped down considerably to $2,000. Unfortunately, China does not have any plans on slowing down and is looking to implement new measures soon. As a result, Bitcoin miners are shifting their operations overseas, which could potentially lead to Bitcoin surging at a new high. 

Altcoins

Altcoins, on the other hand, are starting to rise after a long slump. Dogecoin recently gained 8% after Elon Musk tweeted, stating his support for $DOGE over $BTC and $ETH. 

“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.

There is merit IMO to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”

Musk has been seen constantly putting in the effort to boost the use of $DOGE and its price. He even brought it up on his Saturday Night Live show apart from his social media fiascos. 

DeFi

Decentralized Finance is a happening sector, and lot of new exciting projects announced new exciting plans for the community, such as:

  • Kyber Network launched the Rainmaker Liquidity Mining Program on Polygon. The company used its Kyber Dynamic Market Maker Framework to create interoperability between different DEXs.
  • Perpetual Protocol announced the launch of V2 on Arbitum, which will use Uniswap v3 to reduce slippage. 
  • Nansen, a Blockchain analytics program, closed its $12 million funding round. The funding round saw participation from a16z, Skyfall Ventures, Coinbase Ventures, and QCP Capital. 

What Is Bitcoin Second Layer Rootstock (RSK)?

Forget blockchain, Mother Earth has some plants whose survival and growth depends on decentralized nodes. How is that possible? Think Rootstock. Alright, back to our digital lives, Rootstock (RSK) is an open-source smart contracts platform that allows seamless DAPP development and more miner rewards through merge-mining. At the foundation, RSK will be a scalability solution to Bitcoin.

Merge Mining

RSK’s partnership with miners aims at revolutionizing the current Bitcoin mining process. As earlier mentioned, Bitcoin miners using the RSK platform can look forward to extra rewards via merge mining. Simultaneously mining two different cryptocurrencies is what merge mining is all about.

Although, for this to work, both cryptocurrencies have to be based on the same algorithm. Example, mining Bitcoin and Namecoin with the SHA-256 algorithm. Flowing from this, bitcoin miners searching for more income would be wise to add-on RSK. By the way, it is also based on the SHA-256 algorithm.

It would be fair to say that RSK is a smart contract platform with a few similarities to the Ethereum platform. It utilizes sidechain and drivechain technology, a 2-way peg, to connect to the Bitcoin Blockchain. RSK promises faster services, especially near instantaneous transactions.

Rootstock Infrastructure Framework

The RSK project is not just centered around Smart contracts, it looks to explore other options, experimenting with infrastructural framework designed using the RSK smart contracts, with the aim of creating a service similar to AWS. This service will serve as the foundation for the development of an ecosystem platform that uses a single token Rootstock Infrastructure Framework (RIF). The platform would be known as RIFOS.

RIFOS is going to bring an entirely new experience to the whole blockchain ecosystem. The service RIFOS will be offering is long overdue. Moreover, developers pay little or no attention to the storage layers. This negligence is part of the factors causing inefficiencies in Dapps.

Essentially, RIFOS offers a helping hand to take the load off the shoulders of developers, giving them the freedom to make use of BTC, consuming services already made by RIFOS, in exchange for payments. Payment on the RIFOS platform is being made fast and easy using Lumino Payment Protocol.

One Token to Code Them All

Payments would be carried out using the RIF token. This is amazing because a developer will be able to start and finish his entire project using a single payment method, no complications associated with using numerous payment methods from different platforms. Fortunately, with what RIFOS has to offer, you can still use these platforms but maintain a single, fast, simple and efficient payment method.

Unlike regular cryptocurrencies in the market that mostly pre-mine its coin, RSK will be merge mined to reward both existing and new RSK miners who take part in the RSK platform. This way, RSK will enjoy the benefits of Bitcoin (top-level security) yet improve on its speed and efficiency. Talk about hitting two birds with one stone.

The team behind RSK have chosen to stay anonymous. Other than the name Sergio Demian Lerner, who is author of the RSK Original whitepaper, there appears to be scant information on members of the core team. Nevertheless, its website has a menu for ambassador applications.

As blockchain technology matures, projects solving bitcoin’s scalability issues will continue to be seen, till it can be said that mainstream adoption is actualized.

If you didn’t know, you should now…Crypto is Coming.

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Interested in other cool crypto content? Check out What is Ethereum’s Casper update? and Game Changer: Binance and LCX Crypto Exchange Joint Venture.

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