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The growth in cryptocurrency adoption has led to the registration of cryptocurrency projects; every month, almost 50 new projects debut on the market. Paradigm, a venture capital firm, has financially backed several startups and other companies.
Ellipsis Labs, a cryptocurrency exchange developer, has raised $20 Million in Series-A funding; Paradigm majorly led the round. Electric Capital and other leading firms participated in the funding round.
The funds Ellipsis secured will be used to boost its Decentralized (DeFi) technology. Ellipsis Labs also designed Phoenix, a Solana-based decentralized exchange.
Without the use of a central custodian, traders may transact directly with one another on decentralized exchange platforms. However, liquidity is a frequent issue.
Phoenix also gives customers access to its activity history and transparency by providing on-chain market event data, such as put limit orders, fills, and canceled limit orders.
Other News
Following the rebound of Bitcoin (BTC), the cryptocurrency investment firm Paradigm has set up a strategy to seek up to $850 Million in new investments. Bitcoin reached an all-time high of $73,750 in March 2024.
Optimism, Blast, Flashbots, Amber Group, UniSwap, Lido, Magic Eden, StarkNet, and Blur, among several other companies, reportedly obtained investment from Paradigm, according to RootData.
Recent information states that Ripple is planning to enter the stablecoin market by launching its in-house stablecoin claimed to be pegged by the U.S. dollar. The company states that the stablecoin will always be backed 1 to 1 by an equivalent sum of assets.
Ripple asserts that reserves would be accounted for in publicly available monthly attestation reports. However, which company will carry out the auditing procedure still needs to be determined.
Most recently, the subsidiary of GSR Markets has secured a significant payment institution (MPI) from the Singaporean Financial Authority(MAS). The company gathered approval on April 01, 2024, from MAS Singapore.
The press release of the GSR Markets quotes that it is the first company to secure the entire MPI license in the nation. It is crucial to note that presently, 19 companies are offering cryptocurrency services and digital payment token services, and they also have MPI licenses.
Crypto Market Overview
The cryptocurrency market capitalization fell 2.68%; in the past 24 hours, at the time of writing, it was $2.40 Trillion. In the past 52 weeks, the market capitalization reached its highest at $2.401 Trillion.
The average trading volume of cryptocurrencies in the past 30 days is $208.26 Billion, and intraday trading is $129.19 Billion. In the weekly time frame, the market cap slipped by 6.84%. However, it was 47.27% positive in the past quarter.
Bitcoin, the market leader, lost $1538 intraday; as of writing, its price was $67050. In the 52-week time frame, it traded highest at $73,835. According to market analysts, the growth of Bitcoin was primarily backed by the approval and popularity of BTC spot ETF.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
