KuCoin launches $50M fund / Robinhood reports outages as DOGE surges / Fresh Funding

Plus: Ark invested another $110M in Coinbase

Inside.com Part of   Network April 16, 2021

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The global crypto market cap is $2.24T 1.01%▼ with a 24hr market volume of $303.08B 64.32%▲. Bitcoin's dominance is currently 51.65% -0.92%▼.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $61,928.01 -1.74% ▼ 2 Ethereum ETH $2,436.45 -1.67% ▼ 3 Binance Coin BNB $517.11 -6.27% ▼ 4 XRP XRP $1.64 -7.38% ▼ 5 Cardano ADA $1.44 -1.79% ▼ *Prices as of 4:00 p.m. ET.

KuCoin Labs launched a new incubation program with a $50M fund. KuCoin plans to allocate the funds to startups that provide value to the overall crypto ecosystem. More: KuCoin has frequently invested in crypto projects in the past. It currently has a primarily DeFi- and NFT-based portfolio of over 50 different projects including OneLedger, MultiVac, and LUKSO. Johnny Lyu, CEO of KuCoin Global, ultimately decided to create the fund because he felt now was the best time to help projects and grow blockchain to “a state of mass adoption.” KuCoin’s native token (KCS) saw an increase of 465% in trading volume in the past quarter, with a user growth rate growing 577%.

Robinhood saw a crypto trading outage following high levels of trading volume yesterday. The outage, which lasted about 12hrs, was mainly due to the explosive price action of Dogecoin. More: Robinhood is one of the few platforms that allows the trading of Dogecoin on its platform. Other exchanges, like Coinbase, have yet to list the asset. Dogecoin doubled in value yesterday to $0.29, bringing its price up over 5000% in the past year. DOGE is now the fifth-largest cryptocurrency by market cap. Robinhood has an unfortunate record for outages during high trade volume times. The platform previously experienced outages last March during the initial sell-off that occurred in response to the pandemic.

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🍋 FRESH FUNDING 🍋 Pendle Finance, DeFi: $3.5M. The tokenized yield market provider received $3.5M in a funding round led by Mechanism Capital. More: Other investors in the project included DeFi Alliance, CMS, Crypto.com, and Spartan Group. Pendle's upcoming protocol plans to allow users to separate future yields from yield-bearing assets to trade future yields in an automated market maker (AMM). The AMM lets users trade the tokenized yield so that a user can forgo future revenue in exchange for immediate profits. Cryptology Asset Group, crypto investment firm: $38.3M. The Malta-based crypto investment firm raised $38.3M in funding through new shares on German exchanges. More: Cryptology Asset Group invests in blockchain technologies and infrastructure, including companies like nextmarkets, Bottlepay, cloudeo, and Block.One. The group is looking to further raise capital, hiring ICF Bank AG to structure a convertible note or bond. While Cryptology hasn't yet invested in crypto, it is "exploring the possible acquisition" of cryptocurrencies like bitcoin for its corporate treasury.

▲ TOP GAINERS # Name Price 24h % 1 Dogecoin DOGE $0.3332 120.62% ▲ 2 Chiliz CHZ $0.7655 38.81% ▲ 3 ETH Classic ETC $36.86 36.79% ▲ 4 BTC Cash BCH $1,039.78 23.28% ▲ 5 Dash DASH $379.97 19.36% ▲ ▼ TOP LOSERS # Name Price 24h % 1 XRP XRP $1.64 -7.38%▼ 2 Binance Coin BNB $517.10 -6.27%▼ 3 Terra LUNA $15.74 -5.99%▼ 4 Uniswap UNI $36.32 -5.22%▼ 5 BitTorrent BTT $0.007812 -4.87%▼ *Limited to cryptocurrencies with a market cap >$4B. Prices as of 4:00 p.m. ET.

QUICK HITS: Collaborate with other investors and never be alone with your charts and numbers.* Crypto exchange apps Robinhood and Coinbase succeeded social media platforms TikTok, Youtube, Instagram, and Snapchat on the Apple App Store on Tuesday and continue to hold the number 1 and 2 spots. Candian financial regulators have approved of the world’s first Ethereum ETF. Ark invested another $110M in Coinbase, equally 341,186 shares divided among the three Ark ETFs. Rothschild Investment Corporation invests $4.75M into Grayscale Ethereum Trust Shares, the first crypto-related investment in the 211 years of the institutional investment manager’s operation. Regional blackouts in Northwest China are reportedly the cause of the recent drop in bitcoin mining hash rates. ETH2 staking is rolling out on Coinbase today, providing waitlisted users the chance to earn a 6% APR on their ETH. Early-stage regenerative medicine? Find out how to invest in the future of pain relief.* *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 Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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