Connect with us

adoption

Investment bank Moelis & Co. starts advising blockchain companies

Published

on

Investment bank Moelis & Co. starts advising blockchain companies

Investment bank Moelis & Co. starts advising blockchain companies Zeynep Geylan · 10 hours ago · 2 min read

Moelis & Co. offers its advisory capabilities and existing blockchain expertise to benefit the blockchain space and drive crypto adoption higher.

2 min read

Updated: July 25, 2022 at 7:49 pm

Advertisement

Cover art/illustration via CryptoSlate

Investment bank Moelis & Co. launched a new initiative called ‘the Global Blockchain Group’ to advise blockchain companies to increase crypto adoption by offering their existing advisory capabilities.

Moelis & Co.’s co-founder John Momtazee is appointed to oversee the effort. The company’s long-term investor Lou Kerner, the founder of CryptoOracle Collective, is appointed as a senior advisor to the Group.

Kerner said:

“The presence of Moelis as a leading advisor in this space is an important development for the long-term growth of blockchain technology. Our combined advisory capabilities, longstanding client relationships and extensive blockchain expertise will help drive the adoption of this transformative technology.”

The Global Blockchain Group will start working with Moelis & Co.’s existing clients interested in the technology. Moelis & Co. currently provides strategic advisory services to companies in 21 locations globally.

Advertisement

Moelis & Co. believes in crypto

In addition to its founders, the staff is also interested in crypto, with 30% of staff having crypto wallets, juniors being the majority, Bloomberg News reported, citing an interview with Momtazee.

Moelis & Co. believes that technological investment is a significant factor that shapes the business landscape. In this respect, the company sees immense potential in crypto and the grandness of its advisory impact.

Momtazee said in a July 25 press statement that more than 50 unicorns have appeared, and nearly $20 billion of capital was raised for blockchain companies last year. The potential of this sphere is evident by these numbers only. He added that blockchain technology solves many problems and that we’re still in the early ages of its revolution.

The Moelis & Co. co-founder said he trusted the sector and dismissed the negative sentiment due to the bear market. According to Bloomberg, Moelis Momtazee said in an interview.:

“We love the timing. We think that to pile in on good days and say, ‘Here we are, ready to help,’ feels less genuine than when there’s a challenge. Any disruptive technology is going to have volatility.”

Moelis has already been advising crypto projects, including Voyager Digital, which had to file for bankruptcy due to the Three Arrows Capital collapse.

Advertisement

Like the internet

Momtazee likened the transformative power of crypto to the internet in the late 90s. Like the internet, he said, blockchain carries long-term potential, which creates the need for proper advising.

Moelis, on the other hand, said the crypto space would grow further, and companies would keep making more significant deals. He said the arrangements made now are not “big-ticket” yet, much like the early days of the internet where companies made small deals.

In the future, Moelis said, Mergers & Acquisitions deals will also increase with market cap expansion and deals enlargement.

Advertisement

adoption

What a complete yolk! Comparing Bitcoin to Eggs and why it matters

Published

on

What a complete yolk! Comparing Bitcoin to Eggs and why it matters

What a complete yolk! Comparing Bitcoin to Eggs and why it matters Liam ‘Akiba’ Wright · 4 seconds ago · 2 min read

How many eggs can you get for 1 Bitcoin? One might ask “what do eggs have to do with Bitcoin?” Surprisingly we can gather a ton of useful information by examining the price of eggs over the past 40 years.

2 min read

Updated: August 15, 2022 at 5:07 pm

Advertisement

Cover art/illustration via CryptoSlate

Let’s talk about eggs. Eggs are a staple food for many around the world and one that has changed little since 1980. Free-range, grass-fed, organic; these are all changes and improvements to the egg industry, but the underlying product is fundamentally the same.

However, the price of eggs has been far but consistent, as the data below from the St. Lois Fed indicates. The average price of eggs in 1980 was less than $1, while in 2022, the same product costs around $3, a 3x price.

Due to the impact of long-term inflation, $1 in 1980 has the equivalent in purchasing power of around $3.60 today. This increase amounts to a rise of $2.60 in the space of 42 years. Throughout this time, the Dollar had an average inflation rate of 3.09% per year, producing a cumulative price increase of 259.56%.

Holding an asset like BTC is important on both a long-term horizon and low-time preference. If we change the unit of account from USD to BTC, we get an entirely different chart. When measured in BTC, it looks like the price of eggs has fallen drastically since 2015.

Advertisement

Using today’s Bitcoin price, in 2009, it would cost you $1m for eggs, whereas in 2022, it would be nearly 12,000 Sats (roughly $3.)

While this is more of a theoretical argument than a practical one, it does showcase that the purchasing power of Bitcoin, when compared to an everyday essential such as eggs, has risen dramatically over recent years.

The purchasing power of the Dollar (and most fiat currencies) falls over time. Bitcoin is unique because its purchasing power has continued to rise following each halving cycle. Past performance is not indicative of future success, but Bitcoin’s mechanics don’t change. There is a fixed supply of Bitcoin; no money printer run by a central bank exists.

The amount of Bitcoin that was last active 5+ years ago has reached an all-time high of 25%, meaning a quarter of all Bitcoins have not moved for five years. Therefore, those who purchased Bitcoin in 2017 can now buy more eggs than ever before with their BTC.

Eggcellent news for Bitcoin Hodlers.

Advertisement

For those interested, you can load up a debit card with Bitcoin using companies such as Crypto.com, Ziglu, BitPay, Binance, and many more. Once you’ve done this, you can use your Bitcoin to buy eggs. With 1 Bitcoin, you can buy 122,979 eggs at today’s price in a UK grocery store; or 1 egg for just 0.000008 BTC.

Continue Reading

adoption

New Brazil bill wants to tokenize mined gold on blockchain

Published

on

New Brazil bill wants to tokenize mined gold on blockchain

New Brazil bill wants to tokenize mined gold on blockchain Oluwapelumi Adejumo · 60 mins ago · 1 min read

The bill will bring more transparency to Brazil’s gold mining industry.

1 min read

Updated: August 15, 2022 at 4:08 pm

Advertisement

Cover art/illustration via CryptoSlate

Brazil’s Federal Deputy Joenia Wapichana has proposed a bill to tokenize gold mined in the country via blockchain technology.

According to Wapichana, the country should be able to account for gold mining activities within its territory. The bill introduces new legislation targeting transactions involving precious metals and their transportation.

The bill would also help to combat illegal mining activities within the country.

The lawmaker pointed out that around half of the country’s gold is mined illegally. She added that the illegal mining activities had worsened the environmental impact of mining.

Advertisement

“These operations are accompanied by mercury contamination, violence and deforestation, as has been frequently reported by the national and international press, and by civil society organizations that fight for the protection of the forest and the guarantee of indigenous rights.”

Wapichana stated that she believes using blockchain technology would help the country keep track of the industry.

According to her, “the National Mining Agency (can) implement a single digital system, with secure records, using blockchain technologies, to consolidate all data and processes of mineral operations with the additional electronic records and documentation on transactions and sales.”

Meanwhile, the lawmaker did not specify a preferred blockchain for the tokenization process.

Governments embracing blockchain solutions

While the bill would be a novel application of blockchain technology in Brazil, it is not the first time that a country has considered the idea of using blockchain technology to track its natural resources.

The central African Republic recently revealed that it is considering tokenizing its natural resources. The pro-Bitcoin country intends to tokenize the resources to enable more people to access it.

Advertisement

Colombia integrated a digital land registry built bin Ripple’s XRPL ledger into its National Land Registry. The blockchain solution will help the country solve its land issues.

Continue Reading

adoption

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

Published

on

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Samuel Wan · 1 hour ago · 2 min read

The new stablecoin — interBitcoin — is a wrapped product that will bring Bitcoin’s trust and security to more technologically innovative chains.

2 min read

Updated: August 15, 2022 at 2:41 pm

Advertisement

Cover art/illustration via CryptoSlate

Interlay has launched a wrapped Bitcoin asset called interBitcoin (iBTC) on the Polkadot chain. The product intends to widen BTC use “for DeFi, cross-chain transfers, NFTs, and more.”

iBTC is already Acala and Moonbeam compatible. But developers have put up $1 million of funding to extend the project to other chains. Plans are in place to launch on Ethereum, Cosmos, Solana, and Avalanche soon.

“iBTC is a Bitcoin-backed stablecoin, maintained by a decentralized network of collateralized Vaults and redeemable 1:1 for BTC.”

How does iBTC work?

Interlay’s mission is to realize “the true nature of BTC” by extending its use to any blockchain.

“interBTC realizes the true free nature of BTC and decentralized finance. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant.”

Source: pr.reblonde.com

Underpinning this is a network of decentralized vaults, which the company has stated is open for anyone to run and operate their own vault. Users lock their Bitcoin collateral with a vault, which then mints and issues iBTC to the user.

Advertisement

Interplay said iBTC is 1:1-backed and redeemable with Bitcoin. Moreover, the locked BTC is insured and reimbursed in the event of vault failure.

Interlay co-founder and CEO Dr. Alexei Zamyatin said iBTC brings Bitcoin’s trust and security to more technologically innovative chains. In effect, combining the best of both worlds while protecting Bitcoin’s trustless nature.

“Bitcoin is the driving force behind global crypto adoption, while Polkadot, Ethereum & co. is where technological innovation is happening.”

The project said iBTC is different from other cross-chain bridges in that users need only trust Bitcoin and Polkadot. What’s more, “there is no single point of failure,” and there is an automatic reimbursement process for lost BTC from the collateral insurance.

Cross-chain bridges under fire

Several high-profile hacks, including the Nomad hack, which was drained for $190 million, and the Ronin hack, where attackers netted $615 million, have put cross-chain bridges firmly in the spotlight.

A recent report from data analytics platform Chainalysis estimated that $2 billion was lost to cross-chain bridge hacks so far this year. What’s more, this type of cybercrime now accounts for 69% of all stolen crypto funds.

Advertisement

Chainalysis researchers said the issue has become so prevalent it now poses “a significant threat” to public trust in blockchain technology.

To combat the problem, Chainalysis called for more rigorous code audits and the use of established smart contract code to serve as a template for new projects.

Continue Reading

Top posts

․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol ․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol
BIT2 hours ago

․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol

sponsored .bit (did.id) has raised $13 million to build a cross-chain decentralized identity protocol. The Series A round, completed one...

What a complete yolk! Comparing Bitcoin to Eggs and why it matters What a complete yolk! Comparing Bitcoin to Eggs and why it matters
adoption3 hours ago

What a complete yolk! Comparing Bitcoin to Eggs and why it matters

What a complete yolk! Comparing Bitcoin to Eggs and why it matters Liam ‘Akiba’ Wright · 4 seconds ago ·...

Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High  Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High 
Analysis3 hours ago

Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High 

Shiba inu remained close to a three-month high to start the week, after breaking out of a key resistance level...

Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security
Cyber Security4 hours ago

Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security

Hashing is really important for integrated encryption in cyber security Assuming you work in the innovation or cyber security industry,...

Bitgert (BRISE) Marketcap To Explode Past Baby Doge And Safemoon (SFM) This Month Bitgert (BRISE) Marketcap To Explode Past Baby Doge And Safemoon (SFM) This Month
SafeMoon4 hours ago

Bitgert (BRISE) Marketcap To Explode Past Baby Doge And Safemoon (SFM) This Month

Bitgert’s massive developments that include adding disruptive products and projects to the Brise ecosystem are key skyrocketing Bitgert marketcap. The...

New Brazil bill wants to tokenize mined gold on blockchain New Brazil bill wants to tokenize mined gold on blockchain
adoption4 hours ago

New Brazil bill wants to tokenize mined gold on blockchain

New Brazil bill wants to tokenize mined gold on blockchain Oluwapelumi Adejumo · 60 mins ago · 1 min read...

Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears
btcusd5 hours ago

Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears

Solana (SOL) price has locked its sights on the goal from day one. Solana’s price is extremely bullish Price spiked...

President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies
Brazil5 hours ago

President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies

The president of the Central Bank of Brazil, Roberto Campos Neto, has defended the use of more moderate regulations in...

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network
adoption6 hours ago

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Samuel Wan · 1 hour ago · 2 min read The new...

TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT
Bitcoin6 hours ago

TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT

Top 5 Crypto You Should Watch This Week, with many crypto altcoins producing price gains of two or more digits....

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000 Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000
Analysis6 hours ago

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of...

Monero enhances privacy, security features with new upgrade Monero enhances privacy, security features with new upgrade
Monero7 hours ago

Monero enhances privacy, security features with new upgrade

Monero enhances privacy, security features with new upgrade Oluwapelumi Adejumo · 2 hours ago · 2 min read The Monero...

Report Shows Crypto Assets Record Steady Growth As Inflation Lowers Report Shows Crypto Assets Record Steady Growth As Inflation Lowers
BTC7 hours ago

Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the...

MANA’s network activity could bring forth a shorting opportunity here MANA’s network activity could bring forth a shorting opportunity here
Altcoins9 hours ago

MANA’s network activity could bring forth a shorting opportunity here

Every once in a while, cryptocurrencies go through a phase where volumes contract and prices are restricted within a narrow...

Monero (XMR) Climbs Over 7% Before Weekend Hard Fork Monero (XMR) Climbs Over 7% Before Weekend Hard Fork
btcusd9 hours ago

Monero (XMR) Climbs Over 7% Before Weekend Hard Fork

Monero (XMR) price has surged by as much as 7% in a matter of 24 hours before network upgrade or...

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets
MIM10 hours ago

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets Oluwapelumi Adejumo ·...

GameFi as a major achievement of the Korean Wave (Hallyu) movement GameFi as a major achievement of the Korean Wave (Hallyu) movement
Company News11 hours ago

GameFi as a major achievement of the Korean Wave (Hallyu) movement

July 15th was a music milestone. Ten years ago in Summer 2012, the release of “Gangnam Style,” catapulted South Korean...

Ripple lawsuit: SEC receives another shock after latest court ruling Ripple lawsuit: SEC receives another shock after latest court ruling
News11 hours ago

Ripple lawsuit: SEC receives another shock after latest court ruling

American watchdog SEC took a recent hit as the battle against Ripple moved into an interesting phase this week. There...

Trending

Daily Bitcoin MiningEarn At least $50 daily with just your phone