2023-12-08 04:44

Copyrighted Image by: Reuters. SAN FRANCISCO - In a significant move for the cryptocurrency sector, Babylon Chain has successfully raised $18 million in a Series A funding round. The investment is aimed at advancing the company's innovative Bitcoin staking protocol. This protocol is designed to integrate Bitcoin's proof-of-work system with proof-of-stake networks, all without necessitating any modifications to the Bitcoin network itself. The funding round, which culminated today, was spearheaded by Polychain Capital and Hack VC. Alex Pack from Hack VC expressed confidence in the project's potential to revolutionize Bitcoin staking. The financial injection will help Babylon Chain develop a decentralized network that facilitates trustless conversions for the Proof-of-Stake economy. This development follows the release of Babylon's minimum viable product (MVP) in October, which demonstrated the initial capabilities of their system. The MVP aims to bridge the gap between different blockchain technologies and leverage underutilized Bitcoin resources. Glassnode reports have previously highlighted these dormant Bitcoin supplies as a vast untapped asset within the blockchain sector. The recent capital inflow is supported by a consortium of investors with a keen interest in blockchain innovation. Framework Ventures, Polygon Ventures, Castle Island Ventures, Finality Capital, and Symbolic Capital are among the contributors who see potential in Babylon's approach to fostering new services like data availability services for blockchain. Babylon's initiative is set to unlock new functionalities within the blockchain ecosystem by enabling existing Bitcoin supplies to participate more actively in a variety of blockchain-based applications and services. This funding marks a significant endorsement of Babylon Chain's vision and technological approach within an increasingly diverse and evolving cryptocurrency landscape. https://www.investing.com/news/cryptocurrency-news/babylon-chain-secures-18-million-for-bitcoin-staking-protocol-93CH-3252187

2023-12-08 03:02

Copyrighted Image by: Reuters. SAN FRANCISCO - Uphold CEO Simon McLoughlin announced Thursday the upcoming release of Vault, a new product designed to enhance the security and convenience of cryptocurrency self-custody. Set for an early 2024 beta launch, Vault aims to provide over 10 million Uphold customers with a simplified self-custody experience, initially supporting XRP with plans to extend Bitcoin support within the first quarter of the following year. Since its inception in 2015, Uphold has facilitated over $4 billion in transactions globally. The introduction of Vault represents a strategic response to growing concerns over centralized exchange vulnerabilities, highlighted by the recent collapse of FTX. This move indicates a broader industry pivot towards more secure solutions for digital asset management. In a parallel development underscoring the industry's focus on security, Safe has announced a collaboration with Sygnum and Coincover to offer an optional crypto recovery service. This initiative aligns with the trend of providing users with enhanced protection for their digital assets. Vault's key replacement feature is part of Uphold's commitment to combine the ease of use typically found in centralized finance (CeFi) platforms with the robust security measures essential in self-custody solutions. This approach reflects a significant shift in the cryptocurrency space, as both individual users and institutions seek greater control and safety for their investments following high-profile security breaches. InvestingPro Insights As Uphold gears up for the launch of Vault, a product designed to bolster the security of cryptocurrency self-custody, the financial metrics of the company reflect a strong market presence. With a hefty Market Cap of $1520.0B USD, Uphold stands as a significant player in the digital finance arena. The company's Revenue Growth over the last twelve months as of Q3 2023 has been notable at 10.32%, indicating a solid expansion in its operations amidst the dynamic crypto market. Investors keeping an eye on Uphold's performance will find the P/E Ratio (Adjusted) of 69.35 as a key metric to consider, especially in the context of the company's future earnings potential as it rolls out new services like Vault. Moreover, the Gross Profit Margin at an impressive 46.24% showcases Uphold's ability to maintain profitability while investing in innovative security solutions for its users. For those looking to delve deeper into the financial health of Uphold, InvestingPro offers additional insights. Subscribers can access a comprehensive list of over 40 InvestingPro Tips, which provide an in-depth analysis of a company's financials, including future growth prospects and risk factors. These tips are particularly relevant for investors considering Uphold's strategic moves in the evolving landscape of cryptocurrency security. To make the most out of these insights, InvestingPro subscription is now on a special Cyber Monday sale, offering a discount of up to 60%. For even greater savings, use coupon code sfy23 to get an additional 10% off a 2-year InvestingPro+ subscription. This is an opportune moment for investors to leverage the advanced features and expert analysis provided by InvestingPro, to make informed decisions in the fast-paced world of cryptocurrency investments. https://www.investing.com/news/cryptocurrency-news/uphold-to-launch-vault-beta-in-early-2024-with-bitcoin-support-93CH-3252176

2023-12-08 02:14

Copyrighted Image by: Reuters. Investing.com - Oil prices rallied Friday, as a stronger jobs report lifted optimism about a U.S. soft landing, but that wasn't enough to stave off a seventh-straight weekly plunge as fears about a global supply surplus continues to keep the bears in control. At 14:30 ET, West Texas Intermediate crude futures rose 2.7% to settle at $71.23 a barrel. The Brent oil futures expiring in February had added 2.4% to $75.81 per barrel. Both contracts, however, ended the week about 4% lower. OIl prices rise on growing US soft landing bets Oil prices were pushed higher Friday, a stronger than expected jobs report added to hopes the U.S. will avoid a recession, underpinned the crude demand outlook. "A soft landing in the US and ongoing structurally accommodative government policy in China could see demand beat expectations," ANZ Research said in a note. But.. Oversupply concerns remain front and center Concerns that supply will outstrip demand, leading to supply surplus continued cast a shadow on oil prices at time when markets doubt pledges by OPEC+ to collectively cut production by 2.2 million barrels per day early next year. "The lack of details in the announcement opens the possibility of producers sidestepping their commitments," ANZ Research said in a recent note. Saudi Arabia and Russia attempted to restore confidence, calling on fellow members of the Organization of the Petroleum Exporting Countries and its allies -- a group known as OPEC+ -- to adhere to an agreement on output cuts made last week. Should OPEC+ members honor their pledges to cut that would ease worries about supply surplus concerns despite ongoing non-OPEC output growth. "Nevertheless, the cuts should see our previously forecast surplus in Q1 2024 turn into a small deficit. . Rig counts fall Oilfield services firm Baker Hughes Co (NYSE:BKR) reported its weekly U.S. rig count fell by two to 503. The fall in rigs, which started at the start of summer, pointing to slowing production comes just as data showed U.S. production rose to record highs. In the U.S., crude production was near record highs of over 13 million barrels per day in the week to Dec. 1, threatening to exacerbate concerns at the time over slowing American oil consumption. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon code INVESTPRO to get a limited time discount on our Bi-Yearly subscription plan. Click here to find out more, and don't forget to use the discount code when checking out. https://www.investing.com/news/commodities-news/oil-prices-rebound-but-still-set-for-seventh-straight-week-in-red-3252174

2023-12-08 00:40

Copyrighted Image by: Reuters. PALAU - Ripple's foray into the stablecoin space has seen a positive first phase in Palau, as reported by Jay Hunter Anson on Thursday. The pilot program, which began in July 2023, involved the issuance of a stablecoin pegged to the US dollar on the XRP Ledger. The initiative was tested in a controlled environment with executive branch employee volunteers and local businesses participating. Key takeaways from the initial phase include: The successful completion of Phase 1 marks a significant step forward for Ripple and Palau in exploring digital currencies. The next stages of development will focus on expanding the ecosystem to include financial institutions, regulatory bodies, legal frameworks, businesses, and users. This comprehensive approach aims to establish a robust stablecoin ecosystem within the country. https://www.investing.com/news/cryptocurrency-news/ripples-stablecoin-pilot-in-palau-shows-promising-results-93CH-3252154

2023-12-07 20:00

ABU DHABI - Phoenix Group PLC, a company specializing in blockchain technologies and high-performance computing (HPC) data centers, has entered into a significant $380 million agreement with Whatsminer. This deal, announced today, includes immediate delivery of mining hardware valued at $136 million, with the option to acquire an additional $246 million worth of equipment. The transaction comes on the heels of Phoenix Group's initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) earlier this week, where the company raised $370 million and saw its market cap surge to over $4 billion. This swift follow-up deal underscores Phoenix Group's aggressive expansion strategy in the cryptocurrency domain. At the core of this strategic move is the integration of hydrocooling technology within their HPC data centers. Co-founders Bijan Alizadehfard and Munaf Ali have highlighted this development as a testament to their commitment to environmental stewardship in crypto-mining operations. The innovative cooling technique is expected to bolster Phoenix Group's sustainable approach to digital finance. Ali stressed the significance of balancing environmental concerns with technological advancements, indicating that eco-conscious operations are integral to the company's ethos. Alizadehfard echoed this sentiment, pointing out that strategic partnerships like the one with Whatsminer have been made possible by their successful market debut on ADX. https://www.investing.com/news/cryptocurrency-news/phoenix-group-inks-380-million-deal-with-whatsminer-following-adx-ipo-93CH-3251972

2023-12-07 19:58

Copyrighted Image by: Reuters. KYIV - Ukraine's national currency, the hryvnia, has weakened to a new low against the dollar, with the latest figures showing a rate of 36.43 UAH/$ on Thursday. This decline follows a period of managed flexibility initiated by the National Bank of Ukraine (NBU) starting October 3, aimed at allowing greater exchange rate fluctuations. The NBU's policy shift is part of a strategy to progressively liberalize the currency market. By permitting increased volatility, the central bank intends to enhance the economy's resilience to external and internal shocks while considering overall macroeconomic development and maintaining international reserves. Deputy Governor Sergei Nikolaichuk of the NBU had outlined in Ekomomicheskaya Pravda that the managed flexibility policy led to limited currency fluctuation levels initially, to help the market adapt. These levels have since been increased, with standard changes rising from 1.3% in October to 3% in November. On Wednesday, Deputy Chief Serhiy Nikolaychuk acknowledged that an increase in dollar rate fluctuations was inevitable under this policy. Since the implementation of the new policy, there has been a noticeable rise in interbank market activity without central bank intervention. Transactions surged from $37 million pre-policy to $95 million in November due to managed flexibility policies. The NBU is preparing for a future transition back to a floating exchange rate once market self-regulation becomes viable without substantial central bank involvement. An upcoming decision by the International Monetary Fund (IMF) regarding a $900 million tranche this December could further impact Ukraine's economic stability and monetary policy direction. https://www.investing.com/news/forex-news/ukraines-hryvnia-hits-new-low-as-central-bank-eases-grip-93CH-3251970