Digital asset infrastructure provider Fireblocks said that it had raised the investment from institutional investors. It made it one of the largest financing rounds in the cryptocurrency sector in the last few years.

The company also acknowledged that it is now the highest-valued digital asset infrastructure provider globally. They have become after receiving an $8 billion valuation. It’s nearly four times higher than the sum it commanded during its Series D six months ago.

“We’re going to use the capital for further investment into new use cases in the digital asset space. Such as decentralized finance, non-fungible tokens, gaming, entertainment, and music,” 

Fire blocks said that the funding was led by D1 Capital Partners and Spark Capital in participation with other investors. Such as General Atlantic, Altimeter, Index Ventures and CapitalG, Alphabet’s growth fund.

Furthermore, Fireblocks offers the infrastructure to strengthen the security of digital assets. Companies that are interested in building cryptocurrencies and digital assets. 

Moreover, the company’s clients have increased from 150 to over 800 throughout 2021.

“It’s pretty aggressive growth, and we have a lot of clients from very different use cases and domains, from traditional financial institutions to leading hedge funds, exchanges, neo banks, gaming companies, payment providers and so on,” Shaulov said.

Shaulov also said that other than supporting a wide range of blockchains and tokens. Fire blocks differentiate themselves by providing a network for their clients to interact by buying and selling transactions amongst each other. 

Among other services, Fireblocks also provides strategic consulting to help clients build digital asset capabilities that are already using its custody platform.

The post Fire Blocks Raise $500M, Taking Valuation to $8B appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Recently, the Minister for the Digital Economy, Jane Hume, gave positive remarks about digital assets while addressing at the AFR Super and Wealth Summit. Further, Jane said that cryptocurrencies are not just a fad, and they are not going away any time soon. Moreover, she compared the present crypto market conditions with the early internet era of the 1990s. She also commented on the audience’s remarks that don’t be the person of 1995. The person who said that the internet was just a place for criminals and geeks.

Besides, the comment from the Australian Lawmakers came after the Jane statement. The Reserve Bank head of payments policy, Tony Richards, stated that global regulators are still ‘doubtful’ on the use of digital assets.

Also, according to a recent inquiry, nearly 17% of the Australian population has spent their crypto investment. However, Richard was curious about how extensively the crypto was kept.  

Australia’s Minister Favors Crypto Growth Through DeFi

Decentralized Finance (DeFi) is growing immensely while eliminating the need for traditional brokerages, banks, and exchanges. Further, it completely relies on blockchain technology to finish the financial transactions in a localized manner.

Moreover, Hume praised the largest Commonwealth Bank of Australia for allowing its customers to use Cryptocurrencies and Bitcoin through its 6.5-million-user banking app.

The post Australia Likely to Make Cryptocurrency Key Financial Element of the Country appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

In a recent statement to the press, the senator said that he would want to see political parties including his act on creating a new regulatory framework for cryptocurrencies and the evolving alternative financial markets. 

“We will want the major parties, including my party, to adopt these policies as part of their election manifestos,” he said. The senator also indicated that the plans are already underway and the new crypto regulations will most probably come into effect by early 2022. 

Senator Bragg was speaking at the virtual NFT Fest event that was sponsored by Blockchain Australia.  He revealed that the select Senate committee is already making efforts to investigate the alternative financial systems that rely on the use of blockchain-powered cryptocurrencies and they will have a report by the end of October. 

“The review is due to conclude in about three weeks from now and the promise that I made you, I will keep. We will give you a plan, and that plan will be designed to put Australia at the front end of the digital asset society and the world,” he said.

Cryptocurrencies are becoming increasingly popular in Australia, especially amongst millennial investors. A report estimated that one in six Australians owns bitcoin or any other cryptocurrency. With the growing popularity of digital assets, the country needs new crypto regulations. It will help both the regulators and blockchain startups who are on the receiving end due to the ambiguous regulatory framework. 

Demonstrating commitment Senator Bragg affirmed: “Now, for those of you that say we don’t want to have regulation. I would remind you that your industry reps and the vast bulk of the industry is asking for some regulation, so there will be some regulation.”

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