The world of cryptocurrencies has seen a resurgence in terms of both prices and interest from various players in the industry. The latest mainstream financial institution to jump on the cryptocurrency bandwagon is Andreessen Horowitz, with the decade-old company prioritizing cryptocurrencies within its fold. Margit Wennmachers, an operating partner at the firm, said:
“As a firm, we have this massive ambition to be the best investor period, and want the flexibility to invest in what we think is the best investment.”
The move is aimed to give the company more flexibility in the investments that it can take part in. Andreessen Horowitz claimed that the company is planning to invest as much $1 billion into the cryptocurrency industry, which will entail dealing with not just digital assets but also blockchain technology and distributed ledger technology. Andreesen had claimed earlier that the 21st century is the “era of disagreeables”, a statement that could be correlated to the company’s decision to venture into cryptocurrencies.
With the entry into the world of cryptocurrencies, all employees of Andreessen Horowitz will have to undergo background checks and register all their financial holding, crypto as well as fiat. The company, by becoming a registered investment advisor, will possess the complete freedom to delimit its investment rate as well as have the ability to invest any percentage of its holdings in other growth-projected companies. Ben Horowitz, Co-founder of Andreessen Horowitz, had earlier praised Bitcoin while calling it the “leader in store of value”. He also stated:
“The thing that’s deceptive about it is when the new platform at the time is generally worse, in most ways, than the old platform, but has some new capabilities. With crypto, it’s very similar in that it’s worse in most ways than the old computing platform. And that it’s slow. It’s really complex. It’s lacking a lot of features. But it has one feature that has never existed before. And that’s trust
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Basic Attention Token surges by over 6% as Ad Launch nears
The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].
The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.
BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.
Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,
“They are about to launch ads this month hence the pump.”
BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.
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