On 5th July, the Request Network Foundation, a decentralized Ethereum-based payment system, announced that they have joined the Enterprise Ethereum Alliance [EEA], one of the largest blockchain initiatives in the world.
The Request Network [REQ] allows developers to augment their own financial applications and anyone can use it to request payments. These transactions are made in a secure way with all the information stored in a decentralized ledger.
The EEA is a not-for-profit built to customize Ethereum for industry players. It aims to build software that is proficient in handling the most complex applications.
REQ has announced that they will be collaborating with EEA industry leaders ‘in pursuit of Ethereum-based enterprise technology best practices, open standards, and open-source reference architectures.’ The REQ will be working directly with experts in the EEA in developing an interoperability standard for blockchain financial transactions.
Along with the announcement came a statement from Christophe Fonteneau, Head of Strategic Partnerships from REQ. He said:
“We are excited to join the EEA. The EEA offers us the ability to work with leaders in the financial industry to address specific, enterprise-based use cases. We look forward to helping define the building blocks need to drive the Web 3.0 era of decentralized, connective intelligence.”
EEA members include more than 500 companies that represent business sectors from regions all over the world, inclusive of banking, government, technology, energy, healthcare, pharmaceuticals, marketing, and insurance.
REQ aims to eventually become the top platform for payment in multiple industries, especially next-generation platforms such as virtual reality and cryptocurrency tax payment systems.
Ethereum [ETH/USD] Technical Analysis: Bull’s presence dims the market
After a mass massacre, the bear seems to have slowed down its rampage in the market as the cryptocurrencies have not witnessed a massive price movement. The most-affected coins in the market include Bitcoin [BTC], Litecoin [LTC], Monero [XMR], Cardano [ADA], and Ethereum [ETH].
According to CoinMarketCap, at press time, Ethereum is trading at $89.70 with a market cap of $9.3 billion. The cryptocurrency shows a trading volume of $1.53 billion and has plunged by more than 11% in the past seven days.
In the one-hour chart, the coin demonstrates a downtrend from $102.14 to $96.89. It also shows another fall from $89.99 to $88.45. The coin has an uptrend from $82.85 to $85.90, and a second one from $86.58 to $87.76. The immediate resistance is at $90.40 and the strong resistance at $97.38. The coin has set its immediate support ground at $85.88 and a strong support ground at $82.82.
Parabolic Sar is showing a bearish trend as the dots have aligned on top of the candlesticks
Chaikin Money Flow is demonstrating a bullish trend as the line is above the zero mark.
Bollinger Bands are forecasting a less volatile market for the coins as the bands have started to converge.
The one-day chart demonstrates that the coin has a downtrend from $466.01 to $208.77. It records another steep downwards trend from $208.77 to $89.09. The immediate resistance for the coin is at $122.28 and the strong resistance is set at $317.84. The support level is set at $86.87.
RSI is predicting a bearish move as the coin is currently oversold in the market.
MACD indicator has pictured the moving average line make a bullish crossover.
The same seems to the case with Klinger Oscillator as well, as the reading line has made a crossover only to take the upwards direction.
The bearish trend is predicted by the Parabolic SAR from the one-hour chart and the RSI from the one-day chart and the bullish trend is predicted by MACD and Klinger Oscillator from the one-day chart and the CMF from the one-hour chart.
Fidelity, Akuna Capital backed fundraising raises $4 million for crypto-to-USD lending startup BlockFi
Fidelity and Akuna Captial led fundraising raised a whopping $4 million for BlockFi, a startup, which is similar to the online lending industry in fiat, but for cryptocurrencies. The company plans to start debit and credit products for crypto-assets in the market.
BlockFi has been the talk of the week, as major Wall Street players like Fidelity, Akuna Capital, Mike Novogratz’s Galaxy digital, and even Anthony Pompliano’s Morgan Creek Digital are backing the startup.
The recent round of funding that raised $4 million was led by Akuna Capital, with participation from CMT Digital, Susquehanna Government Products, LLLP, Recruit Strategic Partners, Galaxy Digital Ventures, Morgan Creek Digital and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments.
The latest round was preceded by two other rounds, the first being the ConsenSys Ventures, SoFi and Kenetic Capital round that raised $1.55 million, and the second round led by Galaxy Digital, which raised $52.5 million.
BlockFi is the only firm which offers individuals and companies, loans using cryptocurrencies as collateral. Currently, the company offers services in 42 US states and plans to extend its services worldwide.
Speaking to Anthony Pompliano, Zac Price, the CEO of BlockFi, explained why he decided to start a lending industry for cryptocurrencies:
“For all the same reasons why the online lending industry was successful, there are areas in the lending industry that the banks are not participating. I thought that the crypto-ecosystem was going to need debt and credit products, just like every other asset class, and banks were not going to do that.”
Toby Allen, the head of digital assets at Akuna Capital, added:
“The BlockFi team is providing a critical piece of financial services infrastructure in the crypto space. Companies like BlockFi are representative of the high-quality development that will facilitate continued consumer adoption.”
Zac Prince, CEO of BlockFi, said:
“We’re thrilled to have such a strategic group of investors supporting our efforts to bring low-cost credit to crypto market participants. Our pragmatic approach to fundraising and team building has enabled us to continue growing through negative market conditions.”
Anthony Pompliano, the founder and partner at Morgan Creek Digital, tweeted on December 12 and revealed that firm had also invested in BlockFi.
A Twitter user Gregg commented:
“I just want a cc that pays BTC as a reward”
Mark W. Yusko, a partner at Morgan Creek Digital, replied:
“Actually a Great Idea….”
Another Twitter user Cryptomanager replied:
“I second that! I have a massive points on Citi, I wish it can be converted to any cryptocurrency”
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