- Web3 startups to raise $100 million from Hong Kong fund
A new fund has been created in Hong Kong that plans to raise $100 million to invest in cryptocurrency companies. The city aims to become a global cryptocurrency hub with a more regulatory-friendly stance.
According to Bloomberg, ProDigital Future Fund has already received $30 million from major Asian investment firms, including Sunwah Kingsway Capital Holdings and Golin International Group.
The fund is led by Ben Ng, a general partner at Asian private equity firm SAIF Partners, and renowned technology investor Kurt Shea. The new fund comes amid Hong Kong's ambition to become a global cryptocurrency hub. This is in contrast to the policies of global regulators, who have increased their focus on the industry following the collapse of FTX and other prominent cryptocurrencies.
- The Ether (ETH) exchange rate is at an eight-month high.
Last night, the exchange rate approached $1,900 and today crossed that psychological mark.
In European trading on April 5, the exchange rate of ether continued to rise and reached $1,912, while its capitalization amounted to $230.19 billion. Thus, the altcoin reached the highest values, which were recorded in April last year.
Bitcoin is also rising on the back of a weaker dollar. The US currency index fell to a two-month low of 101.79.
Investors are increasing their positions in ethereum ahead of the Ethereum network refresh, which will take place in less than ten days in Shanghai. This will allow them to withdraw ETH blocked in the deposit contract from December 2020.
Some analysts believe that some traders, having gained access to their coins, will start selling them en masse. Such tactics could trigger an altcoin pullback.
- The CBDC plans to ensure the widest possible use of blockchain.
According to a Citi analyst named Ronita Gose, central banks that have issued digital currencies (CBDCs) could be the catalyst for widespread adoption of blockchain technology. The growth of token transactions will help increase the number of users of digital platforms.
Citi predicts CBDC transactions will reach $5 trillion by 2030. Half of the world's largest economies are already actively adopting decentralised technologies.
Goze calls CBDC the "Trojan horse of blockchain" - integrating digital currencies into the traditional financial system will ensure blockchain's widespread adoption. China is likely to be a pioneer in this regard.
In addition, CBDC will give a strong impetus to the development of the tokenised asset market. In the next 3-5 years, the blockchain industry will be one of the priority development areas in any developed economy.
- The total number of transactions in BTC has exceeded 800 million.
And the value moved in the Bitcoin network reached $107 trillion. In 2022, Bitcoin overtook Mastercard and Visa: the cryptocurrency's blockchain processed over $14.8 trillion. BTC is the world's first decentralised digital currency that uses the blockchain network to secure transactions, and its value depends on market demand. BTC has gained worldwide recognition in recent years and is currently the largest cryptocurrency by market capitalisation.
- Solana introduced a new data compression technology
Solana continues its development and is becoming more and more interesting for NFT. The developers of this cryptocurrency platform have unveiled a new data compression technology aimed at reducing the cost of data storage on the network. The Solana Foundation's technical head stated that 100 million NFTs can be created for 50 SOL ($1,000) using this technology.