• DeFi overvalued by $2.8 billion
    Alt coins

    Is the DeFi craze overvalued by $2.8 billion?

    Research suggests that DeFi Pulse’s estimate of the total value locked in protocols is considerably exaggerated due to double counting, but the website’s co-founder is standing firm

    Whether you think it’s a bubble or not, decentralized finance certainly has all the markings of the ICO craze. The industry has seemingly come out of nowhere since 2020 began. According to DeFi Pulse, the total value locked in protocols has surged 877% to hit $6.75 billion at the time of writing, with much of that growth concentrated in July and August.

  • Fidelity BlockFi partner custody

    BlockFi raises $50M as revenue increases tenfold

    The DeFi firm, which offers crypto-backed loans and savings accounts, is planning to launch a credit card that offers Bitcoin rewards in the near future

    Crypto lending firm BlockFi has raised $50 million in a funding round led by Morgan Creek Digital—with Winklevoss Capital, two university endowments, and the NBA player Matthew Dellavedova among the participating investors.

  • State of fintech report

    CBInsights State of Fintech report reveals some opportunities for crypto companies

    Unprecedented levels of growth in eCommerce could be an opportunity for crypto-focused companies to reduce friction in digital payments

    The State of Fintech Q2 2020 report, produced by CBInsights, estimates that eCommerce could represent 27% of U.S. retail sales in 2020—two-thirds higher than in 2019. According to the report’s authors, reducing friction in payments will be crucial as levels of online spending remain heightened.

  • MakerDAO bringing Bitcoin to Ethereum
    Alt coins,  Bitcoin,  Ethereum

    MakerDAO bringing Bitcoin to Ethereum blockchain

    It’s hoped the addition of ‘wrapped Bitcoin’ will give the DeFi sector a much-needed boost, but bridging the two blockchains is fiddly to say the least; tBTC pitched as a better alternative

    Wrapped Bitcoin—an ERC-20 token that is backed on a 1:1 basis with BTC—is now being accepted as collateral for MakerDAO loans. It’s a significant development, not least because the crypto community has lamented the lack of a bridge between BTC and ETH for some time.