Bitcoin
Fintech Firm Galoy Raised $4 Million, Startup Launches Bitcoin-Backed Synthetic Dollar Product
On Wednesday Galoy, El Salvador’s Bitcoin Beach Wallet creator, announced that it had raised $4 million through an investment round managed by Hivemind Ventures. The startup also launched Stablesats, which is a stablecoin product that leverages derivatives contracts in order to create a bitcoin-backed synthetic currency pegged to US dollars. Stablesats allows users to transact through the Lightning Network while also protecting against volatility in the crypto market.
Fintech Startup Galoy Raises $4 Million in a Funding Round Led by Hivemind Ventures
Galoy, the startup behind the Bitcoin Beach Wallet, has made two announcements on August 3. Galoy, the startup behind the Bitcoin Beach Wallet, has made two announcements on August 3. Galoy stated that the round was also attended by “other top bitcoin investors”.
Max Webster, founder of Hivemind Ventures believes that open-source bitcoin banking is vital to encourage global adoption of technologies such as the Lightning Network. Webster stated in a press release that Galoy significantly lowers the barriers for communities and organizations to create their own banks and connect to the first open monetary, and payments standards in the world.
The Lightning Network (LN), a layer 2 (L2) protocol that is built on top Bitcoin, aims to scale the network and allow peer-to-peer transactions at lower fees than traditional on-chain transactions. The founder of Galoy, Nicolas Burtey, wholeheartedly believes LN is the future of BTC payments. “It’s not secret that Lightning and bitcoin are disrupting traditional finance,” Burtey stated during the fund raise announcement. We see the Galoy client, contributors, and team as one community that works together to create a bridge to a more inclusive global financial system .”
Galoy Reveals the Stablesats, a Lightning Network-Powered Bitcoin -Backed Synthetic Dollar
Presently, the value locked in the LN system is roughly $79. 60 million, or around 3,418. 14 BTC. Galoy also announced a new product called Stablesats. Galoy explained in a blog post, that Stablesats is one of the newest features being added to the cryptocurrency payment platform. Galoy wrote in a blog post that Stablesats is an alternative to fiat bank integration or stablecoins. It uses derivatives contracts for a bitcoin-backed synthetic currency pegged to USD. Galoy’s announcement includes:
This enables dollar-equivalent USD accounts inside of Lightning wallets, solving one of the biggest problems for people using bitcoin for everyday transactions: short-term exchange rate volatility.
Burtey believes that technology like the Lightning Network or Stablesats can help digital transactions thrive in all regions of the globe. Burtey observed that Bitcoin has enabled digital transactions in previously unbanked areas across Latin America, Africa, and elsewhere. However, it is difficult to manage financial obligations due to its volatility. With Stablesats-enabled Lightning wallets, users are able to send from, receive to and hold money in a USD account in addition to their default BTC account. Regardless of how the bitcoin exchange rate changes, the dollar value of their account does not change. $1 in their USD account will always be $1.
The Stablesats product has its own website which gives a detailed summary of what it is and how to use the technology. Galoy’s open-source codebase for Stablesats and its other products can be seen on Github. Stablesats uses “an instrument called perpetual inverted swap to create synthetic USD”, and the team points out that there are “other interesting avenues for exploring .”
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This story contains tags
$4 Million, Bitcoin, Bitcoin (BTC), BTC-backed, derivatives contracts, El Zonte Capital, Fundraise, Galoy, Galoy Founder, Hivemind Ventures, Kingsway Capital, lightning network, ln, Nicolas Burtey, Product Launch, Stablecoin, Stablesats, Stablesats Product, synthetic dollar, Timechain, Trammell Venture Partners, Valor Equity Partners
What do you think about Galoy raising $4 million from strategic investors? What are your thoughts on Galoy’s Stablesats products? Please comment below to let us know your thoughts on this topic.
Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Galoy,
Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.
Bitcoin
Mint-free OKX Football Cup NFTs for group stage games enter the second round
The second round of group-stage games at the FIFA World Cup 2022 began today. Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends Get a chance to redeem stakes and collect rewards by December 20. FIFA World Cup group stage games enter the second round The second round…
- The second round of group-stage games at the FIFA World Cup 2022 began today.
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Users can still mint free OKX Football Cup NFTs until the FIFA 2022 Group stage ends
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Get a chance to redeem stakes and collect rewards by December 20.
FIFA World Cup group stage games enter the second round
The second round of the group stage games for the FIFA World Cup in Qatar is underway. There were some big upsets in the first round, with Saudi Arabia winning against Argentina and Germany losing against Japan.
The second round of games started today and the chances for the host nation to qualify for the knockout round are virtually nonexistent.
You have the chance to get OKX Football NFTs for free as the world cup continues. A week ago, crypto exchange OKX announced the launch of its NFT Football Cup.
The OKX Football Cup is part of the crypto exchange’s ‘The OKX Football Festival,’ and it is giving millions of fans around the world the opportunity to earn from a great prize pool.
With this competition, users can mint free NFTs of their preferred teams and use the NFTs to predict matches and stand a chance to win huge prizes.
NFT minting will end after the group stages
The free minting of the NFTs began on November 21st and will end on December 3rd. All users can participate in minting as long as there are group stages. Users must stake 0.01 for each mint. 01 ETH. You can create up to three teams prior to the group stage. With the first round of games producing some shocking results, you can look at the tables so far and partake in the OKX Football Cup.
Each match offers a fixed prize pool of 20,000 USDT. OKX revealed that it adds 10 USDT for every NFT minted, thus, growing the prize pool.
As an NFT owner, you will earn a share of the $20k in USDT if your team wins a match. However, when the teams draw, each side will share $10,000 in USDT
Participants will also have the option of redeeming their full stakes at the completion of the OKX Football Cup.
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BNB recovers above a critical level. Do we need to wait for another bullish push?
Binance token rose by 17% on Wednesday. The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad. BNB eyes $330 next and is a buy on a retracement As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any…
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Binance token rose by 17% on Wednesday.
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The crypto exchange has announced the sale of HOOK tokens on Binance Launchpad.
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BNB eyes $330 next and is a buy on a retracement
As Binance coin (BNB/USD) slipped below $266, it signalled the start of a bearish market. Since July, BNB has maintained the level and any decline below could have given bears complete control. However, it is now not the case as BNB trades at $295, well above the crucial level. It is possible that cryptocurrency may be heading for the next level. What happened then?
The gains in BNB happened after November 23 cryptocurrency news. BNB’s price rose by 17% on the day after the exchange announced the Hooked Protocol (HOOK) token sale on Binance Launchpad. This is the 29th project launching on Binance Launchpad.
According to the announcement, the token sale will occur through a lottery and conclude on December 1. 25 million HOOK coins have been allocated to the launchpad, equivalent to 5% of the total supply.
This latest development comes as Binance continues to reassure users following the collapse of FTX. Binance announced Thursday that it would contribute $1 billion to help protect crypto-related firms. Binance has committed to increasing this amount if necessary and will look to include traditional financial institutions. This fund is the result of a series of measures that are designed to ensure users have sufficient reserves in case of a crypto confidence crisis.
BNB price action as token hits a 2-week high
BNB rose from a low of around $250 to a 2-week high of $303. The $266 has been re-established as the immediate support for the cryptocurrency.
A bullish MACD crossover was initiated after the bullish push. The RSI also moved above its midpoint, which suggests that BNB has attracted a lot more buyers since the breakout. The cryptocurrency is consolidating ahead the next move.
Should you buy BNB now?
Buyers may not be done with BNB, with the area around $330 and $360 as the next target. However, if intending to buy BNB, wait for some correction to snap it lower. This consolidation could lead to a correction before the next bullish leg.
Where to buy BNB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users have the ability to connect with, learn, copy, or get copied from other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is known for its low trading fees and multiple trading options. These include margin trading, peer-to-peer, spot trading, and margin trading.
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Bitcoin
Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack
A major cryptocurrency mining pool was attacked by hackers in early March, according to the pool’s owner. The hackers stole digital assets worth $3 million from the pool and its clients.
Chinese Authorities Open Investigation into Crypto Mining Pool Hack
A subsidiary of Bit Mining, a coin minting company, was the victim in a hacking attack. The company released a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.
According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.
The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. With the support of other agencies Bit Mining highlighted that the Chinese authorities are investigating the incident and collecting evidence.
The company will devote considerable efforts to recover the stolen digital assets.
The mining company stated that certain crypto assets of Btc.com were already secured. It pointed out that it had implemented technology to better intercept and block hackers after discovering the breach.
Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.
Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.
Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.
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What are your thoughts on the hacking attack against the bitcoin mining pool Btc.com? Please leave your thoughts in the comments below.
Lubomir Tassev
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.
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