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Avalanche has successfully raised $250 million in a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 investment firms participating. This funding aims to support the upcoming launch of the Avalanche9000 upgrade, which seeks to significantly reduce transaction costs and enhance application deployment on the layer-1 blockchain.In a separate development, the renomination vote for SEC Commissioner Caroline Crenshaw has been postponed, amid criticism from crypto advocacy groups regarding her stance on regulatory policies. The delay raises the possibility of a Republican-majority SEC following the upcoming presidential transition.
BlackRock recommends a 1-2% bitcoin allocation for multi-asset portfolios, emphasizing its unique risk profile compared to traditional assets. Meanwhile, Step Finance plans to launch tokenized stock trading on Solana by Q1 2025, targeting the $14 billion real-world asset market. Avalanche has raised $250 million for its upcoming upgrade, aiming to significantly reduce blockchain deployment costs.
Ethereum has overtaken Tron as the leading blockchain for Tether's USDT supply, with $20 billion issued in the past month, signaling a shift in stablecoin dominance. Analysts predict Ethereum's stablecoin supply could reach $1 trillion by 2025, bolstering its role in decentralized finance. Tether controls over 69% of the $201 billion stablecoin market, while competitors like USD Coin seek to challenge its dominance through strategic partnerships.
The Avalanche Foundation has raised $250 million through a private token sale, leading to a 10% surge in the AVAX token price, now at $52. This funding supports the upcoming Avalanche9000 upgrade, which aims to drastically reduce deployment costs and transaction fees, enhancing scalability for various industries. Institutional players like BlackRock are already leveraging Avalanche's multi-chain model, positioning it as a key player in the decentralized finance ecosystem.
The Avalanche Foundation has raised $250 million through a locked sale of its AVAX token ahead of the upcoming Avalanche9,000 network upgrade, which aims to significantly reduce deployment costs for app-specific blockchains. The testnet for this upgrade has already launched, with over 500 L1s in development and $40 million in retroactive grants available to incentivize builders. Scheduled for early 2025, the upgrade is expected to enhance the decentralized finance ecosystem and solidify Avalanche's position in the competitive blockchain landscape.
Paxos CEO Charles Cascarilla announced the launch of the Global Dollar (USDG) stablecoin and its network, aimed at enhancing the utility of the dollar through 24/7 access and instant transfers. He emphasized that stablecoins can democratize financial access, allowing anyone to hold dollars without a bank account, and are crucial for onboarding users into Web3 by solving real-world problems.
Brian Quintenz, a former CFTC commissioner and current policy lead at a16z Crypto, is a leading candidate to chair the Commodity Futures Trading Commission under President-elect Donald Trump. His appointment could signal a shift in crypto regulation, as he advocates for clearer guidelines for digital assets and prediction markets. The CFTC is viewed as the preferred regulator for the crypto industry, which seeks clarity on compliance with existing financial regulations.
Coincheck Group, Japan's second-largest crypto exchange, began trading on Nasdaq on December 11 after merging with Thunder Bridge Capital, marking it as the second publicly listed dedicated crypto exchange in the U.S. The merger generated approximately $31.6 million, with expectations for a more favorable regulatory environment for digital assets under the incoming administration. Oki Matsumoto, Executive Chairman, credited the company's success to its strong Japanese foundation and strategic use of U.S. capital markets.
The recent surge in Bitcoin prices, surpassing $100,000, has revitalized the struggling crypto lending sector, particularly in decentralized finance (DeFi). Demand for Bitcoin-backed loans has surged, with lending activity tripling in early 2024 compared to the previous year, although it remains below 2021 levels. Despite the recovery, caution persists among lenders due to past failures and regulatory uncertainties, with institutional players adopting a more conservative approach.
Bitcoin approached the $100,000 mark this week, reaching within $1,000 before retreating to around $96,150. Analysts express caution, noting that the psychological barrier of $100,000 may hinder further gains, with some investors cashing in on recent highs. Concerns about market leverage and potential corrections loom, yet optimism remains if political promises to the crypto sector materialize.
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