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Figment Raises $2.5 Million in VC Funding To Grow Web 3

Figment aims to build an “Internet where individuals control and profit from their data” with the help of the $2.5 million in VC funding.

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In brief

  • Figment has raised $2.5 million in a second funding round.
  • The funding round was led by Bonfire Ventures.
  • Figment will use the money to develop new products and services for an Internet built on blockchain technology.

Figment, a Canada based blockchain infrastructure and software provider, has raised $2.5 million in a second round of venture funding to develop new products and services for Web 3. The round of funding was led by Bonfire Ventures, who lead seed rounds for business software founders.

The funding will be used by Figment to grow their team, scale infrastructure, and further develop staking and developer services, with a view to making building on blockchain an easy and accessible process for token holders and developers. 

“We have a vision of a better Internet built on blockchain technology,” said Lorien Gabel, Figment CEO, in a prepared statement. “An Internet where individuals control and profit from their data rather than the large data monopolies and governments.”

Building the blockchain Internet

The company has expanded to include 26 employees and built services on over 30 protocols, according to Gabel. In addition to those services, the company’s Hubble Web 3 Explorer aims to provide data visibility and increased participation to a further nine blockchains, while its recently announced DataHub allows developers to build on another seven blockchains.

Mark Mullen, Bonfire Ventures co-founder, is optimistic about Figment’s role in building a blockchain-inspired Internet. “It was a no-brainer for us to lead this round,” Mullen said, adding that “they know what is needed to increase the adoption of blockchain technology and they execute on those needs.” 

“This new round of capital will enable Figment to continue to invest in our best in class blockchain staking, governance and developer tools,” Gabel added.

In addition to Bonfire Ventures, the funding round also saw participation from FJ Labs, XDL Capital Group, Leminiscap, BKCM, and investor Stephan Patnernot.

Blockchain

Ethereum price prediction: price to retest $580 support level

TL;DR breakdown Ethereum price currently $587.97 with bearish movement in short-term charts Price heads towards support level at $580 Traders can expect price to rise above $600 if support level is maintained Ethereum price prediction: Today’s price overview Ethereum (ETH) price started the day at $616, with bears dominating the market throughout the day. The […]

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TL;DR breakdown

  • Ethereum price currently $587.97 with bearish movement in short-term charts
  • Price heads towards support level at $580
  • Traders can expect price to rise above $600 if support level is maintained

Ethereum price prediction: Today’s price overview

Ethereum (ETH) price started the day at $616, with bears dominating the market throughout the day. The price declined from a high of $620 to a low of $581, but the price has slightly recovered since then. Currently, the price is trading at $587.97, showing a 4.62 percent decline from the day’s opening price.

Ethereum price prediction: Where is ETH price heading

Ethereum price prediction: price to retest $580 support level 1

Since the start of December, Ethereum price has moved with significantly high volatility compared to November. The price started the month with slight bearish momentum that suddenly turned bullish before switching once again as the price climbed to $626 before crashing to below $560. The price action quickly recovered above the $575 level, and the level has supported the price action since then.

The price action remained indecisive as waves of bullish and bearish candles continued to mark the chart with a lack of strong movement in either direction. Since the rejection of December 1, the price action has continued to consolidate between $620 and $580.

The technical indicators flash ‘buy’ signals as the MACD shows signs of a bullish turnover. Meanwhile, the RSI remains neutral but hands low, suggesting sharp bearish movement will make Ethereum oversold.

If buyers continue to defend the current support level at $575, traders can expect Ethereum price to rise above $600, making another attempt at crossing the $620 resistance level. Conversely, downwards movement below the support level would send the price crashing below the $540 mark as the nearest strong support lies at $530.

ETH USD long-term trend analysis

Ethereum price prediction: price to retest $580 support level 2

Ethereum price started the year at $128.66 with a bullish reversal as the buyers successfully defended the support level at $120. Following the trend reversal, the price continued to ascend until mid-February, reaching a high of $288 but failed to defend the support at the level. Subsequently, as the bullish momentum exhausted, the bears took control of the price action, and the price declined significantly.

While the buyers attempted to defend the support level above $200, they failed due to the high selling pressure, and the price declined further. The price bottomed out below $100, which turned out the year’s low as the buyers managed to initiate a trend reversal. The support level enabled the price to recover to $200 by the start of May. The bulls appeared exhausted as the price action did not continue the rally but consolidated at around $200 for most of May.

Near the end of May, Ethereum price action climbed above $220 only to consolidate around the $230 level for the next two months. In late-July, the markets were fully controlled by the bulls as the price rose from $236 to $387 in just ten days. However, the sharp ascension meant that the price did not have a strong foothold at the level.

Subsequently, the price briefly crashed to $300 before bouncing back to the $400 resistance level. The price hovered at this level for quite a while, and the buyers managed to break above twice. However, the bulls failed to maintain support at the level, and the price declined below; the price bottomed at $310 in September.

Between October and mid-November, the price ascended steadily as the charts observed wave-like bullish activity, causing the price to rise above $475. The bullish momentum only grew stronger as the price crossed $600 on November 23. However, the bulls were exhausted, and the price action retraced below.

Since finding support below $500, the price action has recovered to the $600 level and continues to test the resistance level. Although the price has broken above the level several times, it failed to maintain support at the level and declined.

On the technical indicators, the MACD indicates a slight bullish momentum that is declining as the two EMAs converge. Meanwhile, the RSI has remained in the neutral territory since the recent price correction. While the RSI is relatively high, there is still room for upwards price movement.

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Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

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Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

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Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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