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izumi Finance Closes Series A Fundraising With $3.5 Million From DeFi and Crypto Investors

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Singapore, Singapore, 9th December, 2021,

izumi, the innovative protocol that provides programmable liquidity mining on Uniswap V3, has successfully closed its Series A fundraising round of $3.5 million.

Including this last investment round, izumi has raised a total of $5.6 million. The recently acquired funds are going to facilitate izumi’s native token (iZi) launch, which will happen on December 20 and will be immediately followed by the launch of the izumi “LiquidBox” platform on December 21. The Series A fundraising has seen the participation of investors like Mirana Ventures,  IOSG, Cadenza, FENBUSHI, EVG, Hashkey, GSR, CyberX, Bixin, WOO Network, Dorahacks, Gate Labs, MEXC and individual investors from Nansen, Perp, Chainlink, and Babel.

izumi is building a fresh and innovative tool that is highly needed in the DeFi ecosystem, especially after Uniswap has released its V3.

Thanks to the innovative concentrated liquidity model in Uniswap V3, liquidity providers have been able to bond their assets to one or more tight price ranges, a feature that should help them by capturing much more transaction fees for the same investment.

Unfortunately, some studies have revealed that investors actually end up losing capital due to increased impermanent loss. Defining tight price ranges means being left exposed 100% to the asset losing in value should the price break out of the range.

izumi’s innovative liquidity mining tool “LiquidBox” solves a number of issues in both Uniswap V3 mining and the classic Uniswap V2 design, allowing investors to increase their earnings and for projects to more efficiently attract liquidity with token rewards.

This is made possible by LiquidBox’s design of allocating reward tokens according to specific rules to achieve the best outcome for the projects. For example, one model involves only providing buy side liquidity to Uniswap V3 and using the other portion of a portfolio to farm rewards directly. This ensures the user only suffers some downside impermanent loss but nothing on the upside. izumi also features innovative models like providing liquidity only to specified ranges, solving the “Pool2 dilemma” of excessive dilution.

izumi’s customizable models create a win-win situation both for users, who are going to earn by staking their tokens on izumi, and for the projects, who will be able to take advantage of larger and cheaper liquidity pools.

“izumi is building another missing lego in the DeFi puzzle by helping projects achieve target liquidity distribution, including enhanced concentrated liquidity, with a suite of tools. We are very glad to be working with them on this ambitious and critical task!” – said Xinshu Dong, co-founder of IOSG.

“izumi’s vision is clear and meaningful: to help projects attract on-chain trading liquidity in an efficient and continuous way,” added Jimmy Yin, co-founder of izumi Finance. “LiquidBox of izumi will be our first step, and a multi-chain liquidity solution is on the way. We sincerely welcome every project to izumi to come to us for better and cheaper liquidity.”

About izumi

izumi Finance is the platform providing programmable liquidity as a service on Uniswap V3 multi-chains. It proposes LiquidBox liquidity mining platform to provide Uniswap V3 LP token staking rewards non-homogeneously in different price ranges, which could improve the efficiency of incentive distribution for reward providers and enhance the earnings of liquidity providers in Uniswap V3. In addition, izumi will extend liquidity service to multi-chains with built-in DEX and bridge in the future.

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I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals

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Raoul Pal

Millionaire investor Raoul Pal has revealed how much he owns of bitcoin, a cryptocurrency that he has been known to actively promote in the past. In what was a shocking revelation, the CEO and founder of Real Vision posted his bitcoin holdings on Twitter, which turned out to be lower than everyone’s expectations. Pal disclosed that he only owned a measly 1 bitcoin.

Why Does Raoul Pal Only Own 1 Bitcoin?

The CEO got into a heated Twitter argument with Greg Foss after Foss insulted Pal. In a response to another user who defended the CEO saying they liked him, Foss explained that he was “just calling out the BS.” This is where Pal came into the conversation demanding to know what exactly it was that Foss was accusing him of as he’d like to know.

Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

Foss continued on to explain that he did not agree with Pal promoting his trading mechanism to other traders who were less inclined to understand how it worked, pointing towards bond math. Pal however disagreed with Foss’s assessment, stating that he did not hold his views on bonds as a philosophy, rather just a mechanism which he uses to trade.

The argument continued on, eventually culminating in Pal stating how much bitcoin he owned, which it turns out is a single bitcoin. The founder and CEO of Real Vision explained that it was because of the bitcoin community’s approach to inclusion that led to this decision. Pal lamented the exclusion of others from the space who happen to share a different viewpoint from the accepted majority.

BTC price recovers above $43,000 | Source: BTCUSD on TradingView.com

“This is why I hold only one bitcoin, the community has lost sight of inclusion and you sir, are helping reduce the network effects by excluding people who don’t share your view from the network,” said the CEO.

It eventually ended with Greg Foss conceding and acknowledging he was wrong to have attacked Pal in the first place. In a separate tweet, Foss tendered an apology to the CEO, stating that he regretted his actions.

Not Completely Out From Crypto

Despite his views on the bitcoin community, Raoul Pal has not entirely ruled crypto. Even bitcoin has not been completely ruled out as evidenced by his tweet stating that he does own one BTC. However, Pal has moved on to other things in the crypto space. Given his comments not too long ago, the CEO is now more bullish on ethereum compared to bitcoin.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Pal noted back in November that he expected ethereum to continue to outperform bitcoin given its performance in previous months. The millionaire investor still holds a well-rounded bullish view on bitcoin but expects ethereum to be the better investment of the two going forward.

A month before this, Pal had received that he made the biggest personal position of his life in ethereum. He explained that he is long the digital asset which he placed at the $20,000 mark by the second quarter of 2022, less than six months away from now.

Featured image from iGaming.org, chart from TradingView.com

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Australian Football League Bags $25 Million Sponsorship Deal With Crypto.com

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Australian Football League Bags $25 Million Sponsorship Deal With Crypto.com

Sponsorship deals have become part of the measures that crypto-related companies employ in widening the knowledge and acceptance of cryptocurrency, one of the recent deals in the Australian Football League (AFL) and Crypto.com.

Most of these sponsorships have been on sporting teams, with more football and basketball.

This deal comes as the number 1 primary crypto sports sponsorship for AFL as this deal with Crypto.com will be backing its women’s league (AFLW).

The sponsorship deal, about $25 million, is expected to last for five years. It depicts an increase from the current $18.5 sponsorship contract AFL has with Toyota.

Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block

This Crypto.com partnership with AFL represents its first sponsorship for an Australian sports team. Also, it stands as the initiating move from the crypto exchange in supporting an elite women’s sports competition globally.

Reacting to the milestone created by the sponsorship, Kylie Rogers confirmed that she is proud to be a part of it.

The general manager said that the AFL is proud of receiving the honor as the first Australian Sports league and the global elite women’s competition to partner with Crypto.com. She stressed their excitement in working with a company with the same passion. And for the progress and sustainability of elite sports and technology.

Reason Behind Sponsorship Deal With Crypto.Com

Karl Mohan, the general manager of Asia and Pacific of Crypto.com, is on his part. He revealed that his company’s attraction came from the high volume of interested women in cryptocurrency.

Mohan stated that their latest research on their Australian customers revealed female investors in cryptocurrencies were over 53%. The general manager mentioned that such a discovery is quite encouraging.

According to Mohan, this indicates that crypto adoption in Australia cuts across all levels without any inhibition from either gender or background. So, Crypto.com is pleased to serve as their beck-on-call platform for any of their crypto-related activities.

In August, a survey from CNBC disclosed that women’s participation in crypto investments is far below half of their male counterparts. The report indicated that while 16% of men were involved, only 7% were recorded.

The Singapore-based crypto exchange, Crypto.com, provides many crypto services to its customers. These include digital wallets, crypto-backed debit cards, and others.

In addition, the crypto exchange has had several sponsorships deals from sports brands within the past few months which amounts to more than $1.5 billion.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Crypto.com, in June ending, bagged a $100 million sponsorship deal with Formula 1. This was followed closely with its July partnership with the UFC worth over $175 million.

Furthermore, mid-November saw the company with a new agreement of renaming the Staples Center in Los Angeles to the Crypto.com Arena. The deal worth over $700 million is expected to cover the next 20 years.

The total crypto market cap stays below $2 trillion | Source: TradingView.com
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Russia just suggested a blanket ban on cryptocurrency

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Russia crypto ban

Russia has proposed a full ban on crypto, this includes both mining and use of cryptocurrencies. The country’s Central Bank suggested that the trading of cryptocurrencies must come to a stop immediately. In the report put forth in an online press conference, the Russian government along with the Bank of Russia suggested this regulatory measure. This blanket ban on cryptocurrency was tied to risks of financial instability and rising illegal activities. The digital asset apparently posed a serious threat to the sovereignty of Russia’s monetary policy. Russia holds the third rank in bitcoin mining after US and Kazakhstan.

This recent ban on cryptocurrency comes right after the Central Bank of Russia displayed interest in securing information from commercial banks in respect to private money transfers. It also specified that the information collected will comprise of details of individuals who have previously traded in cryptocurrency, not only within the country but also outside of it. Despite Russia legalising cryptocurrencies in the year 2020, it always remained sceptical in regards to accepting the same as a medium of exchange. The report stated that this measure of banning crypto might after all be in favour of Russial as this decision happens to be the “best” and “optimal” one that safeguards Russia.

“Cryptocurrencies: Trends, Risks, Measures”

In the report, “Cryptocurrencies: trends, risks, measures” an excerpt read that cryptocurrenices “offer an outlet for people to take their money out of the national economy, thereby undermining it and making the regulators job of maintaining optimal monetary policies harder.” The other major concern that led to this ban was the ever increasing dynamic and volatile nature of cryptocurrency along with illegal activities being funded by the digital asset. The culmination of which has urged the Central Bank to form new laws and regulation which could help ban the digital asset in Russia.

Related Reading | NGOs Use Crypto To Aid Afghans Facing Taliban Takeover

Russia previously also expressed its concerns around cryptocurrency as they believed that the asset could be used for money laundering and even financing terrorism. Reportedly, Russia has showed interest in creating thier own digital currency (CBDC) which is believed to enable, equip and finally empower the functioning of future banking in the country.

This could help people of Russia to opt for a quicker, easier and more seamless payment option. The report also stated that there will be a prohibition of mutual funds investments in cryptocurrency. Besides that, institutional investors have also been discouraged from investing in crypto. This move might be quite a blow to the country’s financial organisations as any cryptocurrency in the form of a financial asset will not be accounted for. Failing to abide by the above mandated resolution will result in firm punishment as mentioned in report.

The crypto industry's growth has attracted a lot of negative attention | Source: TOTAL-CRYPTOCAP on TradingView.com

Russia Crypto Ban Extends To Mining Also

Cryptocurrency mining in Russia has a major footing as the country is the third largest when it comes to mining of cryptocurrencies. Volume of cryptocurrency mining still remains the highest in the US, followed by Kazakhstan, however, the latter has been in talks about cutting off electricity provisions. This news about Russia’s ban might potentially drive crypto enthusiasts across the globe up the wall. Minimising of crypto issuance along with over-the-counter trading desks, crypto exchanges and peer-to-peer exchanges could send a ripple across the whole crypto space.

Related Reading | Digging Into The Data Of Bitcoin Mining Decentralization

The aforementioned report also added that this prohibition was also because of environmental factors as it creates “”creates a non-productive electricity expenditure, which undermines the energy supply of residential buildings, social infrastructure and industrial objects, as well as the environmental agenda of the Russian Federation.

Featured image from iStockPhoto, Charts from TradingView.com
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