This Week In Crypto (November 28th-December 4nd) 🧠
Greetings DeFi Pioneers!Another huge week in the books for DeFi — and no we’re not just talking about FTX & he who will not be named. Rain or shine builders are always building. Speaking of — we’re already building a one-stop hub for your crypto investments & thought why not share some key industry news and updates with you all as well. Knowledge is power, after all!
For now, and forever more, we will be publishing a weekly wrap-up with the latest in DeFi. Considering how FUD spreads like wildfire, it’s encouraging to see how much capital is still being invested into DeFi.
Some Top Stories of the Week1. DeFi leads emerging Tech Investments
DeFi leads biotech and fintech in total tech investments! DeFi and web3 have seen $6.5B in investment, despite a particularly chilly ‘Crypto Winter’. Impressive. If you listen to the pundits, you’d probably expect that number to be closer to 0 but turns out the people with the loudest mouths don’t always have all the answers — we’re looking at you Jim Cramer.
2. Binance Launches $1BN recovery fund
Binance agrees to commit $1B to the ‘Industry Recovery Initiative’ in order to support crypto projects that are currently struggling with some of the FTX-related fallout. This initiative should help some key players to maneuver through this ‘Crypto Winter’. This is a good sign for the future of the industry. As bad as it might feel right now we cannot forget that it's always darkest right before dawn (yes, we stole that from Batman & no, we will not apologize.).
3. Binance Releases Proof of Reserves System
To improve transparency, Binance releases their Proof of Reserves (PoR) system. Binance wants to demonstrate they hold reserves for cryptocurrencies that are held for users 1:1. This move comes as the solvency of some protocols has come into question and no one is above reproach, in light of the recent events. This is a good thing that can help rebuild some much-needed trust.
4. Cosmos-based DeFi protocol Onomy raises $10 million
Onomy, a Cosmos-based DeFi protocol raises $10 million in private funding. Key investors include Bitfinex, GSR, Ava Labs, CMS Holdings and DWF Labs. Onomi is an L1 that aims to converge DeFi and Forex markets.
5. Magic Eden launches on Polygon
Magic Eden, a multi-chain NFT platform, is integrating with the Polygon network. This partnership seeks to accelerate their foray into Web3 gaming. Not a bad choice — maybe Velvet.Capital will be next. 👀
Let’s Build the DeFi Future Together!
The future is Velvet! We’re calling on all DeFi pioneers to come join us in building the future of DeFi! Don’t forget to follow us on Twitter, LinkedInand join us on Discord & Telegram for more updates!
We want to hear from you, don’t be shy.
Let’s build together!
Until next time,
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Velvet.Capital is a cross-chain DeFi asset management protocol that helps people & institutions (DeFi-as-a-service) create tokenized index funds, portfolios, and other financial products with additional yields. Our customizable portfolios operate across chains & ecosystems to offer the broadest exposure on the market. We utilize modern portfolio theory & highly vetted yield farming to amplify your returns.
Visit, https://velvet.capital/, for more information or email firstname.lastname@example.org.