Investments, Expenditures and More from the Cryptoverse

Investments, Expenditures and More from the Cryptoverse

All of the latest major news, solely on investments in the crypto market over the second week of September are in our Investment Digest

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Ethereum Founder Vitalik Could Be Worth $100M+, Crypto Investor Speculates

Vitalik Still Owns $50 Million In Ethereum Crypto investors are curious folk. Almost every stakeholder wants to know who Satoshi really is. So, it should come as no surprise that some have delved into blockchain data to determine the net worth/asset value of some of this space’s leading figures. Alex Sunnarborg, who heads cryptocurrency hedge fund Tetras Capital, recently divulged a bit about the financial status of Vitalik Buterin, the creator of Ethereum. In a six-part thread, Sunnarborg did his utmost to analyze the publicly-known wallets of the Russian-Canadian coder. It was explained that per Etherscan, Buterin currently owns the keys to the 24th most valuable Ethereum (not counting ERC tokens) account. 1/ Some data on Vitalik’s ETH … pic.twitter.com/T6Cu16aAb8— Alex Sunnarborg (@alexsunnarborg) March 19, 2019 The wallet in question has custody of 350,003 Ether, 0.332% of the asset’s current circulating supply. At current valuations, such a cryptocurrency stash is valued at $50,000,000 by the market — evidently no small sum. 350,003 ETH is drastically less than the 500,000 coins he received during Ethereum’s genesis block, presumably for his work building the blockchain from the ground up. Sunnarborg speculates that the disparity between the Ether amount Buterin initially received and his current balance is due to a series of cash outs, which were purportedly completed between June 2017 and February 2018. The investor adds that these sales likely netted Vitalik approximately $40 million, which has likely funded Buterin’s little-known living habits. And with that, Sunnarborg concluded that Buterin’s finances can be broken down as follows: $50 million worth of Ether in primary address, $40 million in fiat reserves, and likely millions worth of Ether, ERC tokens, and project equity. Long story short, Buterin is doing rather well for himself. Bone To Pick With Ether? While Sunnarborg did not divulge his reasoning for issuing the aforementioned thread, some have speculated that he has a bit of a bone to pick with Ethereum. One Twitter user with the moniker “Yanay” asked if this thread was meant to shame Buterin, who has been rather closed about his private life throughout his seven or eight years in the industry. And in the eyes of some, this may be the case. In a recent Forbes interview, the Tetras Capital representative noted that recent layoffs at Consensus Systems, better known as ConsenSys, should have a negative effect on the broader Ethereum ecosystem. He added that the fact ConsenSys is an integral part of this subsector and underwent purportedly drastic staff cuts should have some worried. Generalizing DApps and products on the platform, Sunnarborg explained that many promising offerings have yet to launch, and the ones that have are “pretty difficult to use” and have little-to-zero active users. Case in point, the Tetras capital founding partner drew attention to the mere $40,000 currently staked on Augur, a multi-million dollar ICO. Thus, he claimed: “There’s this massive disconnect between how much money is still tied up in these projects and how much people actually use them.” Sunnarborg added that Ethereum may also become pressured by competition blockchains, like Dfinity or Polkadot, along with the fact that the chain’s development is losing momentum and steam. The post Ethereum Founder Vitalik Could Be Worth $100M+, Crypto Investor Speculates appeared first on Ethereum World News.
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Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption

The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management. The official release stated, “Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.” Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s  positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future. Ikigai Chief Investment Officer Travis Kling said, “DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.” Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added, “Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”   The post Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption appeared first on AMBCrypto.
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Vitalik Buterin: High Ethereum (ETH) Prices are Good For Development

Vitalik Buterin, co-founder for Ethereum, has an interesting view on the price development of ETH. While current investors would be happy to see the price of Ethereum return to its all time high of $1432 in the early days of Jan. 2018, Buterin believes that a high ETH price is healthy for both network security and ecosystem development. Buterin made his comments in a crypto-focused interview held by Laura Shin at the Columbia Graduate School of Journalism on Mar. 20, which was live-streamed for outside viewers. Shin asked the ETH co-founder whether project leads and designers–such as Buterin–should be focused on the price of cryptocurrency, particularly in light of the high volatility and the current “crypto winter” market conditions. In response, Buterin pointed to what he called “earlier rhetoric” for ETH which downplayed the importance of cryptocurrency valuation in light of industry growth in development. In particular, Buterin explained that efforts to downplay price talk were both a way to distinguish ETH from other crypto pump and dump schemes, while also keeping the currency from treading in murky legal territory. Buterin told Shin, “In part, it was counter-signaling to distinguish ourselves [Ethereum] from other crypto projects that do pumping and lambo-ing way too much. But it was also about minimizing legal risk by basically trying to make the project seem more distant from something that would be covered by financial regulation.” Since the release of Ethereum in July 2015, Buterin reports that the landscape of cryptocurrency has shifted dramatically. As opposed to earlier perceptions and conversations surrounding crypto, which hinged upon illicit use and other miscreant behaviors, regulators in today’s context are much more open to digital assets and blockchain projects. However, these regulators are unlikely to ignore coin projects just because developers claim they have no interest in the market price, with Buterin explaining, “Even if people try to claim the price doesn’t matter at all, they are totally going to see through that.” The cryptocurrency co-founder went on to share his view of ETH’s price, and how increased valuation would benefit the project as a whole instead of just pumping investor wallets, “I can tell you what things are clearly important about why the price being higher rather than lower is good. One of them is obviously security. If the price is zero, then the network can’t be secure. That’s true in proof-of-work and proof-of-stake.” Finally, Buterin outlined the value of incentives in cryptocurrency adoption and development, specifically claiming that coin developers and community members are better positioned both in terms of resources and rewards if the currency’s price can continue to grow higher. The interview concluded with the audience being poised the question “Are Ethereum developers focused enough on the price of Ethereum?,” to which 21 percent reported “yes” with the largest pool of respondents at 38 percent responding “don’t care.” The post Vitalik Buterin: High Ethereum (ETH) Prices are Good For Development appeared first on Ethereum World News.
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