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Overview

• Today, RockawayX and Dealroom published the State of European Crypto Funding report which details VC funding trends in Europe.
• The report highlights that European crypto startups attracted record funding ($5.7BN) in 2022, while US crypto startup funding declined YoY.
• London remains the crypto hub of Europe with more than half of European crypto VC funding going to companies building financial products and services.

Unicorn Creation

The report revealed that unicorn creation across all geographies peaked in 2021, where early-stage investors from the US contributed 21% and 29% to Seed and Series A investments in Europe’s crypto startups respectively. This trend is expected to continue as an increasingly hostile US regulatory environment pushes investors to explore other regions for opportunities.

Rise of Web3 Projects

The report further highlighted that Web3 projects are gaining traction with users mounting, big brand entrants, and increased venture funding. The majority of the venture capital funds have been directed towards companies developing financial products and services such as decentralized finance (DeFi), decentralized exchanges (DEXs), stablecoins, custodial solutions, etc.

Funding Trends

The report also revealed a surge in funding for companies building developer tools, roll-ups and Layer 1s during 2022 along with a steady flow of investment into blockchain networks such as Ethereum (ETH). These trends point to sustained investor interest despite market volatility caused by economic uncertainties due to the COVID-19 pandemic.

Conclusion

In conclusion, the State of European Crypto Funding Report highlights how venture capital activity has shifted from the US towards other regions such as Europe due to an increasingly hostile regulatory environment along with increased interest in Web3 projects. Moreover, there has been a surge in early-stage investments for companies working on cryptocurrency infrastructure solutions such as Layer 1s and Rollups during this cycle indicating sustained investor confidence amidst market volatility caused by economic uncertainties due to the pandemic.

• Bitcoin (BTC) has experienced a surge in price over the past week, buoyed by the US banking crisis and government efforts to mitigate it.
• Traders have entered the crypto market with the expectation of a bullish rebound, indicated by the rising Keltner Channel bands.
• The increasing MACD blue line and histogram green bars suggest that BTC may continue its upward trend, providing an opportunity for investors to purchase the asset.

Bitcoin’s Rising Price

Bitcoin (BTC) has seen its price skyrocket over the past week due to ongoing developments in the US banking crisis and government efforts to mitigate its effects. This increase signals traders‘ belief in the potential of crypto markets for development and profitability, which could result in more investments and expansion soon.

Price Analysis

Traders have taken advantage of this bullish rebound, with both market cap and 24-hour trading volume increasing significantly by 14.95% and 28.94%, respectively. The 1-Month chart of BTC price shows that Keltner Channel bands are heading upwards, indicating that a bullish trend may be on its way soon. In addition, MACD blue line has moved into positive territory at 600 level while histogram’s green bars are increasing in size as well – both suggesting that purchasing momentum is picking up steam and traders should consider taking a long position soon to take advantage of any gains.

Investment Opportunity

The rising volatility of Bitcoin (BTC) in tandem with increased trading volume hints at a potential buying opportunity for investors who want to get involved with cryptocurrencies now before they become even more popular than they already are. Furthermore, as BTC is heading towards its upper band, investors should take advantage of this situation before prices start to drop again due to profit taking or other market forces.

Conclusion

The current state of Bitcoin (BTC) suggests that there may be an investment opportunity coming up soon; however it is still important to do research before entering any kind of trade so as not to risk too much capital on speculation alone. As always, only invest what you can afford to lose and be mindful of risks associated with investing in crypto markets.

Disclaimer

This article is not financial advice nor does it constitute legal advice or consultation services regarding investments or investments related activities; readers should seek professional help when making decisions about their finances or investments

• Mysten Labs has announced a partnership with Metagame Industries to build Abyss World, an action role-playing video game.
• The game will be built on Sui and will bridge web2 and web3 users.
• Abyss World is expected to launch its open beta version in Q3 2023.

Partnership Between Mysten Labs and Metagame Industries

Mysten Labs, a web3 infrastructure company, has partnered with Metagame Industries, an interconnected gaming ecosystem, to develop Abyss World, the first AAA-level action role-playing open-world game in web3. This partnership allows both companies to leverage Sui Network’s technology to create an immersive gaming experience that bridges the gap between web2 and web3 users.

Objectives of the Partnership

The primary objective of this partnership is for Metagame Industries to use Sui’s high-performing, secure blockchain infrastructure to enable players to have a next-generation gaming experience. Additionally, it is intended to introduce a masterpiece into the space that will bring quality games at scale for both web2 and web3 gamers.

Metagame Industries‘ Plans Ahead of Launch

Ahead of the launch of Abyss World’s open beta version in Q3 2023, Metagame Industries plans to expand its team size and further develop its product as well as increase marketing efforts surrounding the game. Early holders of Abyss World’s NFTs will receive access to exclusive content and rewards when the beta version goes live.

About Mysten Labs

Mysten Labs is a team comprised of leading distributed systems experts whose founders previously worked at Google Brain AI research lab. Their mission is to deliver innovative and immersive games through their holistic blockchain infrastructure for their budding community.

About Metagame Industries

Metagame Industries is backed by AMD, Microsoft, and IGN and specializes in creating interactive games with an interconnected gaming ecosystem that unites all types of gamers from around the world. They are passionate about introducing creative products into the space that provides people with valuable experiences while playing video games

• On February 24, Ark Invest, led by Cathie Wood, purchased 150,192 shares of Coinbase (COIN).
• Coinbase reported overall revenue of $605 million in Q4 and the Federal Reserve’s preferred inflation gauge increased by 4.7%.
• Ark Invest has acquired 722,942 shares of Coinbase (COIN) this month.

Cathie Wood Buys Coinbase Stock

Investment management company Ark Invest, run by Cathie Wood, made a significant purchase of Coinbase stock when the price dropped below $58 on Friday. The funds were acquired for the ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). This is the third day in a row that shares of Coinbase have been purchased.

Coinbase Financial Report

Coinbase announced overall revenue of $605 million in Q4 profits which was above analyst predictions of $588 million. Additionally, U.S. Core PCE inflation for January came in at 0.6%, higher than expected at 0.4%, causing the price to drop and leading to the purchase on February 24th.

Ark Investment

Ark Invest has so far acquired 722,942 shares of Coinbase (COIN) this month with purchases on February 22nd and 23rd as well as on Friday 24th. With the release of their Basic Layer-2 blockchain this week, Cathie Wood has expressed optimism about future performance for her holdings in Coinbase stock despite current losses this month due to extraordinary crypto market and macro circumstances.

Market Prediction

The Federal Reserve’s preferred inflation gauge increased by 4.7% in February suggesting more rate increases by the end of the month which could lead to further drops in prices for cryptocurrency exchange such as Coinbase despite their strong financial results reported earlier this year .

Conclusion

Despite current losses from extraordinary macroeconomic conditions, Cathie Wood continues to invest heavily into Coinbase stocks with increasing optimism over its potential future performance thanks to their recent layer-2 blockchain launch announcement .

• The 17th Edition of BFSI IT Summit Indonesia is taking place on the 10th of March 2023.
• The summit will bring together senior government representatives, thought leaders, and leading industry experts to share their knowledge and experience on the latest technologies and trends shaping the BFSI industry.
• VIP speakers joining the conference include Raine Renaldi, Edisono Limin, James Rex Elwes, Sonny Supriyadi, Yoanna Darwin, Edwin Sugianto, Gede Putra Arsana, Umi Kawiryani Tjiptoningsih, Ivan Irawan.

17th Edition of BFSI IT Summit: Indonesia Physical Conference

The 17th Edition of BFSI IT Summit Indonesia is taking place on the 10th of March 2023 in Jakarta. Supported by Indonesia Blockchain Society and KADIN Indonesia and organized by Exito Media Concepts – this event will bring together senior government representatives, thought leaders and leading industry experts to share their knowledge on the latest technologies and trends shaping the banking financial services & insurance (BFSI) sector in Indonesia.

Key Speakers

The summit will feature renowned VIP speakers such as Raine Renaldi (Chief of Economy and Digital Asset Committee at Indonesian Chamber of Commerce and Industry), Edisono Limin (Executive Director / Country Head Of Channels And Digitalisation at UOB), James Rex Elwes (Operations And IT Director / Chief Operating Officer at PT Bank HSBC Indonesia), Sonny Supriyadi (Head, Pricing and Data Analytics at Maybank Indonesia), Yoanna Darwin (Director / Country Head of Treasury Trade Solutions at Citi Bank), Edwin Sugianto (COO & CMO at PT Mandiri AXA General Insurance), Gede Putra Arsana (Senior Financial Sector Specialist at World Bank), Umi Kawiryani Tjiptoningsih (Digital Strategy/Innovation/Customer Experience Department Head at Bank Syariah Indonesia) as well as Ivan Irawan (Director Of Information Technology at Credit Bureau Indonesia).

Agenda

The agenda for this event includes a wide range of topics including Central Bank Digital Currency in Indonesia; Banking 3.0; Digital Payments Transformation from Cash to E-Money; Integrating cloud & AI to empower digital transformation; blockchain; fintech; data privacy & protection in the digital era. The event will also feature an exhibition area where companies can showcase their products or services.

Organizers

Rishikesh Shetty – CEO of Exito Media Concepts which is organizing this summit expressed enthusiasm stating „We are excited to bring this significant event to Jakarta ,serving as a valuable platform for industry leaders to collaborate & share their expertise on the future of BFSI in Indonesia.“

Expected Attendees

The summit is expected to attract hundreds of attendees from across country & region making it a must-attend event for everyone involved in the banking financial services & insurance sector.

• Fujitsu, a Japanese multinational technology firm, has announced the release of a new platform to aid Web3 developers globally.
• The platform would facilitate the development of a rich ecosystem of Web3 apps, including digital content rights management, commercial transactions, contracts, and procedures.
• Fujitsu also plans to host a worldwide planning and development competition to help promote its new platform.

Fujitsu Announces Web3 Acceleration Platform

Fujitsu, a Japanese multinational technology firm, has announced the release of a new platform to aid Web3 developers globally. The Web3 Accelerator is dedicated to helping startups in a growing field by offering co-working space, business assistance, financing options, and community support.

Platform Aims To Create Rich Ecosystem Of Web3 Apps

The platform would facilitate the development of a rich ecosystem of Web3 apps for activities such as digital content rights management, commercial transactions, contracts, and procedures. In addition to this it would offer blockchain-based service APIs as well as high-computing technologies such as simulations and AI combinatorial optimization.

Fujitsu Launching Worldwide Planning And Development Competition

To further promote its new platform Fujitsu plans on launching an international planning and development competition with the goal of creating DAO communities and developing original Web3 services. It is also launching its own accelerator program called “CaaS” (Containers as a Service) which will provide free access to chosen members in its worldwide partner program starting in March 2021.

Increase In Other Blockchain And Cryptocurrency Accelerators

In the last year there has been an increase in other blockchain and cryptocurrency accelerators such as Beacon which hosted its first cohort in October 2020 with 15 enterprises from DeFi (Decentralised Finance), gaming and infrastructure sectors all working on blockchain based projects. This just goes to show that there is increased interest in this emerging field with more people wanting to get involved than ever before.

Conclusion

Overall this announcement from Fujitsu shows that they are keen to be at the forefront of technological innovation when it comes to blockchain technology and cryptocurrency applications by providing resources for startups looking for funding or assistance with their projects through their accelerator program or competition opportunities available through their newly launched platform -Web 3 Accelerator Platform .

• The Federal Reserve Board has decided to increase interest rates by a quarter of a percentage point.
• Crypto markets responded positively with Bitcoin prices breaching the $24k mark.
• Stocks increased on Tuesday as the Fed began its two-day meeting, signaling a slowdown in their fight against inflation.

Fed Raises Interest Rate by 25 BPS

The Federal Reserve Board recently decided to raise interest rates by another quarter of a percentage point. This is the smallest rate rise since March 2022 and signals a moderation in the pace of rapid tightening throughout 2022.

Crypto Market Reacts Positively

The crypto market responded positively with Bitcoin price even breaching $24k mark. Other altcoins traded in green as well and Bitcoin was trading at $23,823 at the time of writing, up 4% in the last 24 hours according to CoinMarketCap (CMC).

Stocks Increase After Fed Meeting

Stocks increased on Tuesday as the Federal Reserve began its two-day meeting. Technology stocks rose 9% monthly and 10-year Treasury yields dropped from 3.9 percent at year’s conclusion to 3.5 percent.

Fed Continues To Monitor Inflation

In light of continuing inflationary pressures, Chairman Jerome Powell will delay future raises in interest rates until further notice while still being vigilant about inflation control efforts.

Conclusion

The Fed’s decision to implement its smallest rate rise since March 2022 signals both a moderation in tightness and an effort towards controlling inflationary risks that could arise due to too rapid an increase in prices or yield levels. The crypto market reacted positively with Bitcoin price even breaching $24k mark, while stocks also rose following this news.

• The FBI has concluded its investigation into the June 2020 crypto hack of US-based Harmony protocol, which saw the theft of $100 million worth of crypto.
• The investigation revealed that the attack was perpetrated by two North Korea-backed hacking groups, the Lazarus Group and the APT38.
• The breakthrough in the investigation came on January 13 when the hackers attempted to move over $60 million of ETH that they had stolen during the attack.

The Federal Bureau of Investigation (FBI) has recently concluded its investigations into the June 2020 crypto hack that saw US-based Harmony protocol, lose $100 million worth of crypto. The investigation revealed that the attack was perpetrated by two North Korea-backed hacking groups, the Lazarus Group and the APT38.

The FBI’s breakthrough in the investigation came on January 13 when the bad actors attempted to move over $60 million of ETH that they had stolen during the attack. The hackers had used a privacy protocol called RAILGUN to try to conceal their transactions. Some of the funds were sent to various crypto exchanges and converted to Bitcoin, however, some exchanges were able to freeze and recover the remaining funds as the hackers attempted to swap them for Bitcoin.

The FBI’s conclusion of their investigation into the Harmony protocol hack is an important step, as it brings to light the roles of the North Korea-backed hacking groups in the cyber attack. It also serves to warn other crypto companies to be extra vigilant in their security measures, to ensure that such an attack does not occur again.

In addition to the FBI’s findings, other organizations and experts have also been looking into the attack. For example, the Blockchain Intelligence Group has discovered that the hackers had used a variety of techniques in order to hide their activities, including mixing services and decentralized exchanges, as well as the RAILGUN protocol.

The FBI’s conclusion of the investigation into the Harmony protocol hack is an important step, as it sheds light on the roles of the North Korea-backed hacking groups in the cyber attack. It also serves to warn other crypto companies to be extra vigilant in their security measures, to ensure that such an attack does not occur again. This is a reminder that the cryptocurrency space needs to remain vigilant and take extra measures to protect itself against malicious actors.

• Bulgarian police denied any political agenda behind the recent raids on Nexo’s office in Bulgaria.
• The news about the Nexo investigation comes within a month of its exiting the US market in December 2022.
• Siika Mileva, a spokesperson for Bulgaria’s chief prosecutors, however, has denied any political motivation behind the probe against crypto lending firm Nexo.

The Bulgarian police recently launched an investigation into crypto lending firm Nexo, in a probe over alleged tax evasion and money laundering. The raid took place last week on January 12 and it involved a group of prosecutors, foreign agents, and investigators searching Nexo’s Bulgaria office. This news comes within a month of Nexo’s exit from the US market in December 2022.

Following the raid, there were allegations that the investigation had a connection with the company’s political donations and that it had a political agenda. However, Siika Mileva, a spokesperson for Bulgaria’s chief prosecutors, denied any such claims. Mileva argued that it has become a national sport to attack the institutions when a prosecution starts an investigation that affects someone’s financial interests. She also stressed that in almost all cases in recent years, wherein a prosecution starts an investigation that affects someone’s financial interests, leads to accusations and attacks.

The Bulgarian police are still investigating the case and the details of the probe are still unknown. However, Nexo’s legal team has released a statement expressing their shock over the incident and stressing that the company has always abided by the law. They also assured the public that the company has all the necessary documents to prove their innocence.

Nexo is a crypto lending firm that provides its users with the ability to borrow money against their cryptocurrencies. It is one of the largest and most popular crypto lending firms in the world. The company has offices in Bulgaria, the UK, the US, and Canada and it has over 1 million customers worldwide.

The news of the investigation has caused a stir in the cryptocurrency community, with many questioning the motivations behind the raids. However, it is still unclear what the outcome of the investigation will be and whether Nexo will be found guilty of any wrongdoing. In the meantime, Nexo and its legal team will continue to cooperate with the authorities and provide all the necessary documents to prove their innocence.

• Digital Currency Group (DCG) has announced that it is shutting down operations at its wealth management division HQ due to the current economic situation.
• DCG has been hit hard by the implosion of the FTX exchange in early November and is facing liquidity issues.
• The firm will be winding down operations effective January 31, 2023.

Digital Currency Group (DCG) has recently announced that it is shutting down operations at its wealth management division HQ, due to the current economic situation. DCG has had a difficult year since the beginning of 2020, but has been particularly hard-hit by the implosion of the FTX exchange in early November. This has led to liquidity issues for the company, leading to the decision to wind down operations effective January 31, 2023.

DCG is a major player in the crypto space, owning companies such as Grayscale and Genesis. The decision to close its wealth management division HQ is a drastic step, but one necessitated by the current economic climate. A spokesperson for the firm released a statement saying: “Due to the state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry, we made the decision to wind down HQ, effective January 31, 2023.”

The crypto industry has been significantly affected by the global economic crisis, and DCG is no exception. The firm had been a reliable source of capital for the industry, but has been forced to take drastic action in order to remain afloat. The closure of HQ is a sign of the difficult times the industry is facing, and is likely to have an impact on the entire crypto space.

DCG’s decision to close HQ is a testament to the difficulty of the situation the crypto industry is facing, and the firm will undoubtedly have to make more tough decisions in the coming months. For now, however, the company is focused on moving forward and navigating this difficult period. It remains to be seen how the closure of HQ will impact the industry, but it is clear that the current economic situation is affecting the crypto space in a major way.