Huobi Group launched $100M DeFi/NFT fund / Binance investigated by DOJ and IRS / Fresh Funding: dTrade, DeFIRE

Plus: TSLA will no longer accept BTC, citing energy usage concerns

Inside.com Part of   Network May 13, 2021

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The global crypto market cap is $2.15T 9.64%▼ with a 24-hour market volume of $331.96B 44.97%▲. Bitcoin's dominance is currently 41.96% 0.63%▼.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $47,901.24 11.53% ▼ 2 Ethereum ETH $3,590.32 10.58% ▼ 3 Binance Coin BNB $546.89 13.89% ▼ 4 Dogecoin DOGE $0.3799 15.31%▼ 5 Cardano ADA $1.86 10.23% ▲ *Prices as of 3:00 p.m. ET.

Huobi Group launched a $100M VC fund for early-stage DeFi and NFT startups. The announcement from Houbi’s new subsidiary, Huobi Ventures, stated that the company is diversifying into VC and M&A. More: The M&A division at Houbi will look for blockchain-related “strategic opportunities” while the VC subdivision plans to seek out long-term investments. Houbi Ventures additionally established a $10M fund solely dedicated to NFTs. Beyond collectibles, Houbi is specifically looking at NFT-related projects involving mining, gamification, and marketplace integrations.

Binance is reportedly facing investigations from the IRS and DOJ, which probe matters of money laundering and tax evasion. The U.S. federal agencies haven’t accused the crypto exchange of wrongdoing. More: Bloomberg first reported that the DOJ and IRS are seeking “information from individuals with insight into Binance’s business.” Binance has previously faced an inquiry from the CFTC regarding U.S. residents on its trading platform. Binance has been increasing the size of its regulatory advisory team, appointing former U.S. senator Max Baucus as a regulatory advisor and two former members of the Financial Action Task Force.

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▲ TOP GAINERS # Name Price 24h % 1 HEX HEX $0.06432 27.02% ▲ 2 Kusama KSM $539.05 10.79% ▲ 3 Cardano ADA $1.86 10.23% ▲ 4 Polkadot DOT $38.88 1.95% ▲ 5 Stellar XLM $0.6388 0.83%▼ ▼ TOP LOSERS # Name Price 24h % 1 ETH Classic ETC $79.64 18.45%▼ 2 BTC Cash BCH $1,146.56 18.78%▼ 3 EOS EOS $9.66 17.66%▼ 4 Filecoin FIL $110.32 17.37%▼ 5 Maker MKR $4,5200 16.20%▼ *Limited to cryptocurrencies with a market cap >$4B. Prices as of 3:00 p.m. ET.

🍋 FRESH FUNDING 🍋 DeFIRE, Order Routing: $5M. The private funding round for the Cardano-based smart order routing platform was supported by Morningstar, SwissBorg Ventures, Cryptodrop Fund, MoonWhale, Hype Partners, Lotus Capital, Sheesha Finance, GenBlock, Nodeseeds, and others. More: DeFIRE is a collaborative startup between IDO platform Occam.fi and crypto exchange Changelly. The private funding round comes ahead of DeFIRE’s IDO through OccamRazer. The startup plans to use its fresh funding to expand infrastructure, hire additional staff, and further provide functionality to the platform. DTrade, Exchange: $6.4M. The startup’s seed funding round was backed by Three Arrows, DeFinance, Huobi, and Polychain. More: DTrade plans to be the first derivatives exchange built within the Polkadot ecosystem, enabling leveraged derivatives that settle on-chain. DET token, the native token of dTrade, is expected to be released sometime in June. Due to regulatory issues, dTrade will not be made available for retail traders in the U.S.

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QUICK HITS With fatigue on the rise, Muse is helping teams build resilience with remote corporate wellness programming. * Elon Musk tweeted last night that Tesla will no longer accept bitcoin, citing concerns over claims about bitcoin’s energy usage. NFT fashion platform DIGITALAX announced the upcoming launch of a metaverse magazine called DIGIFIZZY. Bitcoin’s price dropped to $46K following the news that Binance is under investigation by the DOJ and IRS. Tether publicly disclosed a full breakdown of its reserve for the first time since 2014. View Tether’s transparency page here. IndyCar’s Ed Carpenter teamed up with payment platform Strike to feature a BTC-themed racecar in the upcoming Indy 500. Forget trackers. The Apollo Neuro wearable actually helps you stress less and sleep more. Save 10% today. * * This is sponsored content.

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Justin Anderson is an editor and writer who has worked with words for two decades. A graduate of Ryerson University’s Journalism program, he’s covered business, politics, entertainment, and almost everything in between. He lives in Toronto.

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