Web3 🌒 Saturday Developments: Bitcoin Gets Stablemate, Pantera Raises for New Fund, Bitcoin ETFs Cool Off After Hot Debuts, Polkadot Backs Decentralized Storage
1/ Bitcoin-based Stablecoin - USDO.
2/ Pantera Capital raise for their new crypto fund.
3/ Bitcoin ETF Growth Stalls After Strong Debuts.
4/ Web3 Foundation Backs Decentralized Storage Solution.
Let's keep reading for more details. ⬇️
Today's crypto news brings a mix of developments. A new Bitcoin-backed stablecoin called USDO aiming to make DeFi more accessible. Investment giant Pantera Capital raises a billion dollars for a new crypto fund, reflecting their continued optimism. Bitcoin ETFs experience a pause in growth, but analysts remain positive. Finally, the Web3 Foundation supports decentralized storage on Polkadot, and the network's founder launches a new podcast. Let's dive into these developments!
1/ Bitcoin-based Stablecoin - USDO.
Get ready for a new Bitcoin-based stablecoin called USDO! USDO is designed to maintain a one-to-one peg to the dollar's value by using collateralized bitcoins from users. OpenDelta, the company behind USDO, is a pioneer in building DeFi for Bitcoin using Runes, a new method for creating tokens on the Bitcoin blockchain. OpenDelta believes USDO will be particularly attractive to Bitcoin users who are unfamiliar with other DeFi platforms.
[Credit]
Danny Nelson
2/ Pantera Capital raise for their new crypto fund.
Pantera Capital, a big name in digital asset management, is looking to raise a whopping $1 billion for their new crypto fund. This move comes after the crypto winter of 2022, signaling their strong belief in the future of digital assets. The new fund will provide investors with exposure to a variety of cryptocurrencies, allowing them to diversify their holdings and potentially capitalize on future growth in the crypto market.
[Credit]
Bhushan Akolkar
3/ Bitcoin ETF Growth Stalls After Strong Debuts.
Bitcoin ETFs are experiencing a slowdown in growth after two successful launches, BlackRock's IBIT and Fidelity's FBTC. This is likely a result of the recent dip in Bitcoin's price since its peak in March. However, despite the stall, these ETFs are still viewed as a success story, bringing Bitcoin to a wider audience and accumulating over $54 billion in assets. Analysts believe Bitcoin ETFs are still in their early stages and are expected to see continued growth in the future.
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4/ Web3 Foundation Backs Decentralized Storage Solution.
The Web3 Foundation throws its weight behind Moonsong Labs' StorageHub, a decentralized storage solution built on Polkadot's network. This move highlights the growing importance of decentralized storage solutions. Additionally, Polkadot's founder, Gavin Wood, has launched a new podcast, "A Glass with Gav," offering insights into the world of Web3.
[Credit]
Will McCurdy
The cryptocurrency world is buzzing with new developments!
A new Bitcoin-backed stablecoin, USDO, aims to simplify DeFi for Bitcoin users. Pantera Capital's hefty fundraise signals continued confidence in the market's future. While Bitcoin ETF growth has slowed recently, analysts remain optimistic about their long-term potential. Finally, the Web3 Foundation's backing of decentralized storage solutions highlights an evolving blockchain landscape.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
