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.
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.
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 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.