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

Several Projects Complete Successful Investment Rounds, Pound Plunges to All Time Low

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Deribit, a popular crypto derivatives exchange, recently announced that it has raised $400 million in a funding round to mitigate the problems caused by the collapse of 3AC. Several other projects such as Hume, Infinity Exchange and Block Dot Green also completed a successful funding round.

Deribit is raising funds at a $400 million valuation

Crypto derivatives exchange Deribit recently raised funds from existing shareholders and received a $400 million valuation. Current shareholders include Akuna Capital, QCP Capital and Dan Tapieron’s 10T Holdings.

One person with knowledge of the matter, Deribit’s commercial director Luuk Strijers, said this funding “is essentially insignificant” as it was raised from existing investors. Luuk Strijers said;

“It could have been any value. It’s more of a dividend recapture from existing shareholders. We used to pay a high dividend and decided it made more sense to strengthen our balance sheet and keep the funds instead of distributing them to shareholders.

A few months ago, Deribit took a bit of a hit after the collapse of 3AC. According to the sources, Deribital raised new capital to restore its reserves to their former heights before the 3AC decline.

Hume collects $11.7 million

We are Hume, the web3 label, recently announced that it has closed a Series A funding round led by @tcg_crypto. According to reports, several investors including @winklevosscap, @Gemini, @Collab_Currency, @FLAMINGODAO, @TheLAOOofficial, @noisedao, @DistributedGand Coopahtroopa.

Jarrod Dicker, partner in crime at TCG Crypto recently said;

“The Web3 music domain not only introduces new monetization fads, it introduces entirely new genres and experiences. This allows followers to become especially deeply connected to their favorite artists and moments that foster this enthusiasm. In our opinion, Hume’s method would act as a driving force in the subsequent development of this music company.

David Beiner, founder and CEO of Hume, recently said;

“Right now, report tags aren’t inherently built for web3, and the store is full of formats and politics that always limit the connection between artists and followers. We created Hume to build a world of metaverse native artists and create a platform that harnesses NFTs in a way that redefines the relationship between fans and artists.

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_ioSAY, @CsquaredVC, @cmsholdings, and Flow Traders.

Infinity is a DeFi protocol that provides institutional level capital efficiency for yield farmers, crypto traders and global fixed income investors. The network intends to use the proceeds to increase the number of personnel and develop Infinity’s offer.

Kevin Lepsoe, founder of the network and former head of structure at Morgan Stanley, recently said;

“Crypto interest or loan protocols are built in isolation and on financially weak foundations that are not in line with the basic principles of traditional finance. To gain institutional acceptance, we need to completely rebuild these foundations, change the narrative and demonstrate to market participants through our protocol that lending, interest rates and credit risk management must work together for a strong crypto-financial system to flourish.

Block Dot Green raised $3.7 million in a seed round

Block Dot Green, Citation Protocol, recently ready funding round raising $3.7 million. This round was led by @foundersfund including Coinbase Ventures, Dao5 and Blizzard.

The network’s founder, Sebastien Hess, founded the company last year. Hess stated that he plans to create a “Bitcoin DeF.” Hess said;

“Currently, the loans are backed by Asics – the hardware used to mine crypto – which is essentially tied 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 that miners will go broke.”

Block Green was 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 get a small share of BTC mining.

The pound is at an all-time low against the dollar

Earlier today, the pound hit an all-time low of $1.0327 against the dollar. According to reports, the pound fell more than 4% as most markets appeared to react to Britain’s biggest tax cuts in five decades.

However, the pound began to recover, hitting a two-decade low of $1.05 and later $1.07. These drops in the pound gave crypto and BTC investors a respite from their losses.

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