Several Projects Complete Successful Investment Rounds, Pound Plunges to All Time Low – crypto.news

Deribit, a popular crypto derivatives exchange platform, recently announced that they raised $400 million in a funding round to cushion problems caused by 3AC’s fall. Several other projects, including Hume, Infinity Exchange, and Block Dot Green, also completed successful funding rounds.

Deribit Raises Funds at $400 Million Valuation

Deribit, a crypto derivatives exchange, recently raised funds from its existing shareholders, gaining a $400 million valuation. The existing shareholders include Akuna Capital, QCP Capital, and Dan Tapiero’s 10T Holdings.

One person with knowledge of the matter, Luuk Strijers, Deribit’s chief commercial officer, said that this funding “is essentially irrelevant” since it was raised from existing investors. Luuk Strijers said; 

“It could have been any value. It’s more a clawback of dividends from existing shareholders. We paid a high dividend before and decided it’s more prudent to strengthen our balance sheet and retain assets instead of distributing them to shareholders.”

A few months ago, Deribit took a minor hit after 3AC collapsed. According to sources, Deribital raised the new capital to restore its reserves to its former heights before the 3AC fall.

Hume Raises $11.7 Million

We are Hume, a web3 record label, just recently announced the completion of a Series A funding round led by @tcg_crypto. According to reports, several investors, including   @winklevosscap, @Gemini, @Collab_Currency, @FLAMINGODAO, @TheLAOOfficial, @noisedao, @DistributedG, and Coopahtroopa.

Jarrod Dicker, an accomplice at TCG Crypto, recently said;

“The web3 music area isn’t simply introducing new monetization fashions, it’s introducing fully new genres and experiences. By means of this, followers will turn into extra deeply linked with their favorite artists and the moments that propel that keenness. We consider Hume’s method would be the driving drive on this subsequent evolution of the music enterprise.”

David Beiner, Hume’s Co-Founder and CEO, recently said;

“Right now’s report labels will not be inherently constructed for web3, and the trade is crammed with forms and politics that always restrict the connection between artists and followers. We created Hume to construct a world of metaverse native digital artists and create a platform that harnesses NFTs in a means that redefines the fan-to-artist relationship.” 

Infinity Exchange Raises $4.2 Million in Seed Round

Infinity Maxima, a DeFi protocol, recently completed a successful funding round raising $4.2 million. This round was led by @GSR_io, SIG, @CsquaredVC, @cmsholdings, and Flow Traders.

Infinity is a DeFi protocol offering institutional-grade capital efficiency for yield farmers, crypto traders, and global fixed-income investors. The network plans to use the proceeds to grow the headcount and develop further Infinity’s offerings. 

Kevin Lepsoe, the network’s founder and ex-Morgan Stanley Head of Structuring, recently said;

“Crypto interest rates or Lending Protocols have been built in isolation and on economically weak foundations that do not align with the core tenets of traditional finance. To gain institutional adoption, we need to completely rebuild these foundations, change the narrative, and show market participants through our protocol that Lending, Interest Rates, and Credit Risk Management must work together for a robust crypto financial system to flourish.”

Block Dot Green Raises $3.7 Million in Seed Round

Block Dot Green, a lending protocol, just recently completed a funding round raising $3.7 million. This round was led by @foundersfund with participation from Coinbase Ventures, Dao5, and Blizzard.

 The network’s founder Sebastien Hess founded the company last year. Hess noted that he intends to create a ‘Bitcoin DeFi.’ Hess said;

“Right now, loans are backed by Asics — the hardware used to mine crypto — which is essentially pegged to the price of bitcoin. As a lender, your collateral is basically very sensitive to the price of Bitcoin. If Bitcoin goes down, it’s very likely the miners will actually go bust.” 

Block Green is created to allow BTC miners to use their hash power as collateral for loans. On the other hand, BTC holders can lend their assets and receive a small share from BTC mining. 

Pound Records All-Time Low Against USD

Earlier today, the pound recorded its lowest all-time value of $1.0327 against the USD. According to reports, the pound lost more than 4% as most markets appeared to respond to the biggest tax cuts in the UK in the past five decades. 

However, the pound began recovering, going to a 2-decade low of $1.05, and later to $1.07. These pound drops gave crypto and BTC investors some respite from their losses.