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Cryptocurrency Exchange FTX Reaches $32 Billion Valuation in Funding Round
FTX, a cryptocurrency exchange based in the Bahamas, recently announced a significant milestone in its valuation, reaching an impressive $32 billion in a new funding round unveiled on January 31. This achievement highlights the persistent interest and investment flowing into the cryptocurrency sector. The company successfully raised $400 million in its Series C funding round, marking its third funding round in the past nine months and bringing its total venture capital raised to $2 billion.
FTX’s valuation surge is not an isolated case, as the crypto industry continues to attract substantial funding. In 2021, blockchain startups witnessed an astonishing 8-fold increase in venture funding, totaling $25.2 billion. This trend shows no signs of slowing down in 2022, boding well for companies operating in the cryptocurrency space, such as WonderFi Technologies Inc. (NEO: WNDR) (OTC: WONDF), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Hut 8 Mining Corp. (NASDAQ: HUT), Hive Blockchain Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE), and Voyager Digital Ltd. (TSX: VOYG).
WonderFi Technologies Inc. Continues Expansion Through Strategic Acquisitions
One of the standout companies in the crypto space, WonderFi Technologies Inc. (NEO: WNDR) (OTC: WONDF), has been actively pursuing its mission to enhance access to decentralized finance (DeFi) through strategic acquisitions. In a recent move, WonderFi announced the acquisition of Bitbuy Technologies, Canada’s premier approved crypto marketplace. This acquisition has already proven to be a savvy investment, given Bitbuy’s reputation as a trusted execution platform serving over 389,000 users and facilitating transactions exceeding $4.6 billion.
Moreover, WonderFi recently announced that Bitbuy Technologies witnessed a surge in monthly new deposits and marketplace coin volumes despite market fluctuations in December and January. This growth trajectory underscores WonderFi’s belief in the resilience of the crypto exchange model, which generates diverse revenue streams and operates independently of market performance trends.
Bitbuy reported a 29% increase in Ethereum trade volume in January compared to the previous month, showcasing the platform’s robust performance. Furthermore, the introduction of seven new coins in December 2021 led to a $34 million increase in value, highlighting Bitbuy’s commitment to platform expansion and user satisfaction.
In their efforts to sustain marketplace volume growth, Bitbuy plans to continue adding new coins to their platform in the first quarter of 2022.
Marathon Digital Holdings Appoints Ashu Swami as Chief Technology Officer
Marathon Digital Holdings, Inc. (NASDAQ: MARA) recently announced the appointment of Ashu Swami as its Chief Technology Officer. With a diverse background encompassing chip design, entrepreneurship, and expertise in crypto and DeFi, Swami brings a wealth of experience to his new role. His background includes founding LocalPad and holding three patents related to blockchain, trading, and technology.
The inclusion of Swami in Marathon’s leadership team signifies the company’s commitment to advancing innovations in bitcoin and blockchain technology, positioning itself at the forefront of industry developments.
Hive Blockchain Technologies Reports Strong Performance
Hive Blockchain Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE) disclosed that it mined a total of 4,032 Bitcoin Equivalents in 2021, underscoring its robust operational performance. In January alone, Hive produced 264 bitcoins with a mining capacity of 1.87 Exahash, in addition to generating 2,170 ETH equivalent with an Ethereum mining capacity of 4.56 Terahash.
Despite challenges such as increased network difficulty and adverse weather conditions affecting mining operations, Hive has consistently expanded its Bitcoin hashing power, demonstrating resilience and adaptability in the face of industry dynamics.
Voyager Digital Ltd. Strengthens Position with CoinLedger Investment
Voyager Digital Ltd. (TSX: VOYG), a prominent publicly-traded cryptocurrency platform in the US, has made a strategic investment in CoinLedger, a crypto lending and tax platform. This move aligns with Voyager’s long-term strategic vision within the crypto industry, offering additional services to users to simplify tracking and reporting of cryptocurrency taxes.
Partnering with CoinLedger enables Voyager users to access free tax tools for the 2021 tax year, enhancing their overall experience on the platform.
Despite market volatility, companies like WonderFi are witnessing positive growth and increased platform activity, indicative of the cryptocurrency market’s evolving maturity and resilience.
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