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The highly scalable blockchain platform for DeFi, crypto dApps, and enterprise applications that is Fantom (FTM) took a dip recently after its price fell 13 percent over the past 24 hours. Such development is contrary to last week’s positive trend where it gained 67 percent moving from $0.92 to its current price of $1.66 (as of writing).
Fantom nosedive
According to reports, fantom’s trading volume has surged 92 percent over the previous week while the crypto’s overall circulating supply also saw a 0.12 percent increase which translates to $2.54 billion. This makes up an estimated 80.04 percent of its maximum supply. At the time of writing, fantom ranked 44 alongside a market cap of $4. 11 billion.
Early FTM investors
In line with this, FTM is up by an impressive 9,700 percent since the start of 2021. This means that if you happen to purchase at least $1,000 worth of fantom at the beginning of the year, your investment could be worth $98,100 by now which is a return of $97,000.
That $1,000 you invested in at the start of the year would have got you around almost 60,000 FTM tokens at $0.01692 each. Come present day those FTMs are $1.66 each which adds up to a hefty sum of cash.
Fantom-Fireblocks partnership
Meanwhile, the team behind the FTM blockchain – Fantom Foundation – revealed a few days back that the digital assets custody platform of Fireblocks has added support for the said cryptocurrency. With that in mind, both ERC-20 and the Fantom mainnet are now available to over 500 financial institutions that use Fireblocks.
Also, Fireblocks is providing treasury management services to Fantom to expand access to crypto capital markets and maximize portfolio returns. This resulted in Fantom investors commending Fireblocks in extending its support to the said blockchain.
Nabeel Qadri – Protocol Ventures’ managing partner said that the integration will allow them to confidently interact with Fantom’s mainnet as they increasingly participate in the budding ecosystem of the said blockchain and deliver compelling risk-adjusted returns to their investors.
Managing director of the Quantum Fintech Group, Harry Yeh felt positive about such a move. He stated that by segmenting part of their Fantom portfolio using Fireblocks, they claim to have greatly reduced the security and custody risk to themselves adding that they can rely on a trusted, expert custody solution.
That said, Fantom CEO Michael Kong stated that the integration of Fantom into Fireblocks validates their fast-growing presence across the crypto industry and look forward to on-boarding financial institutions on their network.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
