Blockchain
Citadel’s Startup To Raise Valuation To $1 Billion Amid a Bounceback in The Crypto Market
Citadel Securities-backed brokerage firm Hidden Road Partners plans to raise fresh capital to bolster operations amid a bounce back in the cryptocurrency market.
The crypto and forex brokerage firm is looking to raise $120 million in Series B funding that will increase its valuation to $1 billion, Bloomberg reported citing unnamed sources. The company offers brokerage services to institutional clients in the crypto market, precious metals, and foreign exchange.
According to Bloomberg, Hidden Road Partners and FalconX gained momentum in the market after the collapse of the cryptocurrency exchange FTX in 2022 because of counterparty risk undertaken by both firms.
“Their services include providing financing, which has been much in demand as the crypto market recovers from the credit crunch left by the blowup of several lending firms in 2022.”
Hidden Road Partner’s $50 Million Funding
Founded in 2022 by Marc Asch, Hidden Road Partners raised $50 million in 2022 to boost its operations. Citadel Securities, FTX Ventures, Greycroft, SLN Capital, Coinbase Ventures, and Capital Island Ventures backed the previous funding round.
The company plans to solve modern problems in global prime brokerage and credit intermediaries due to difficulties in raising credit. “Among these problems is the difficulty that institutional investors have in getting the credit and financing they need to trade efficiently across fragmented global markets.”
Crypto VC Move-In
This year, crypto startups have recorded huge participation from venture capitalists (VC) firms as the market rebounds on the back of institutional investors. Following the approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC), institutional inflows are at monthly highs before recent liquidation.
These positive sentiments led to increased VC activities. According to data from PitchBook, VC investments hit $2.5 billion in Q1 2024. The second quarter has seen Berachain notch $100 million alongside other inflow to other firms.
Also Read: Are Institutional Investors Losing Interest In Ethereum?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Sui Foundation has recently made an important partnership agreement with Franklin Templeton Digital Assets, which will help develop DeFi solutions on the Sui platform. This will give the Sui ecosystem developers support and additional guidance in enhancing blockchain solutions and products.
Franklin Templeton Joins Sui Foundation to Support Blockchain Projects
A recent blog post reveals that Franklin Templeton Digital Assets will partner with the Sui Foundation to support developers deploying and working on Sui. The partnership will increase the use of decentralized finance (DeFi) in the execution of various projects and the deployment of enhanced blockchain technologies.
Franklin Templeton brings years of experience in blockchain-based technology, including node validation and investment strategies. Its dedicated research team focuses on tokenomics and leverages data science for informed decisions. Key projects highlighted by the partnership include Deepbook, Karrier One, and Ika, which showcase the scalability and security of the blockchain.
Sui Blockchain Records Impressive DeFi Growth Metrics
The blockchain has demonstrated remarkable performance in the DeFi sector since its mainnet launch in May 2023. It recorded a 675% growth in total value locked (TVL) and a 956% increase in DeFi transaction volume. These metrics underscore the platform’s efficiency, enabled by its massive parallelization technology, low transaction latency, and consistently low gas fees.
Projects like Deepbook and Karrier One benefit from Sui’s advanced infrastructure, driving developer interest and ecosystem expansion. The partnership with Franklin Templeton will boost this growth trajectory further.
Can Price Soar to $18 After 740% Rally?
Additionally, the blockchain’s native token, SUI, has seen a 740% price increase in just four months, outperforming other Layer-1 blockchains like Solana. The token is currently trading at $3.51, with analysts predicting that the SUI price could reach $18 during this bull cycle, provided it breaks key resistance levels at $3.93. Market analysts note that the price rally was driven by the blockchain’s innovative capabilities and growing DeFi adoption.
Recently, the Sui Network faced a two-hour outage that temporarily halted block production. Validators encountered technical challenges, prompting the Sui team to deploy a fix swiftly. While the network resumed normal operations, the incident raised concerns among the community.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
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