In the latest crypto news, we have the giant Coinbase and its recent $300 million raise in a Series E funding round that was led by Tiger Global Management. Some of the other firms that participated in the round included Y Combinator Continuity, Wellington Management, Andreessen Horowitz and Polychain – in an investment that secured a valuation of around $8 billion for Coinbase.
Currently, the large investment that is interesting in the context of dwindling USD volumes on Coinbase. According to a piece of research by one cryptocurrency newsletter named Diar, Coinbase has reported a greater volume in the first quarter of 2018 than it did in the second and third (Q2 and Q3) combined. However, we have to keep in mind that the cryptocurrency bear market here took its toll as well.
Despite the low volume, Coinbase is still projecting $1.3 billion in revenue and more than $456 million in profit this year, as a report from Bloomberg noted.
The COO of Coinbase, Assif Hirji, briefly summed up the news:
“For this round, we simply weren’t interested in taking investments from firms that didn’t have a constructive view of crypto. This round, and the future of crypto in general, needs to be about more than asset prices.”
Recently, Coinbase announced a new asset listing process that may rapidly expand the selection of cryptocurrencies added to the platform. The company also decided to back USD Coin (USDC), which is a dollar-pegged stablecoin developed by a consortium that is ran by the fintech startup Circle.
Bitcoin Is Close To $4,100 As Tokens Gain 20%
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
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