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π Ever heard of $11M Gelato?π¦
π Ever heard of $11M Gelato?π¦
| Don't miss out on the juiciest news in the crypto space! Stay in the loop to ensure that you receive our latest newsletters, right in your inbox! | | Time flies when you're having fun, Geckos! According to a note JPMorgan shared on Thursday, the recent spike in BTC price was primarily ascribed to institutional investors seeking a hedge against inflation.
"The re-emergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge," the analysts said, alleging a shift of perception of BTC's merits in comparison to gold.
The analysts also claimed the recent assurances by US policymakers that there is no intention towards banning cryptocurrencies, and the rise of the Bitcoin Lightning Network, as the other two factors behind the rally.
In today's news, Velas allocates a $100M incentives program to startups, Visionrare shuts down its NFT marketplace after a day of beta testing, and Gelato raises $11M in Series A funding.
Read on! | | |
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| Velas Welcomes Developers With $100M Incentives Velas (VLX), a Swiss-based technology firm, has allocated $100 million to startups developing on top of the Velas blockchain, significantly increasing its initial $5 million pledge earlier this year.
The incentives program is intended to help the Velas ecosystem grow and enhance its capabilities inside Web 3.0.
Developers accepted for the program will receive networking, marking, and technical assistance, as well as a grant of up to $100,000 per project from the Velas team. Cointelegraph | | Fictitious Investment Game Shuts Down Pay-to-Play Marketplace Visionrare, a startup that aimed to create the fantasy football equivalent of NFT venture capital, shut down its marketplace after a day of open beta testing and is now shifting the game to a free-to-play model.
The original idea was that people could use real money to buy NFTs that represented fake shares of actual firms and compete to see who had the most successful portfolio.
The founders apparently did not obtain authorization from the companies featured in the game to sell NFTs of fictitious shares of their companies. TheBlockCrypto | | Gelato Network Raises $11M In Series A Smart contract automation network Gelato (GEL) has raised $11 million in a Series A fundraising headed by Dragonfly Capital with participation from ParaFi Capital, Nascent, IDEO CoLab Ventures, and Aave founder Stani Kulechov.
The funds were raised through a closed-door token sale, and it will be used to onboard more blockchains to the network and expand its current team of 15.
Gelato automates Ethereum (ETH) smart contracts using "arbitrary logic" and bots to tackle liquidity and volatility issues in cryptocurrency trading and protect traders from significant losses by automatically rebalancing portfolios and making deals on their behalf. Cointelegraph |
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