Similarly, even though the price of Bitcoin has dropped by 60% since the turn of the year, BlackRock, the world’s largest asset manager, has linked with Coinbase, which will give its institutional clients access to crypto trading and custody services.īitcoin will be the first digital asset available for trading others are expected to follow.Īnd this month, Tiffany & Co made $12.5m (€12.3m) after it sold off its own NFT, and was paid entirely in Ethereum - the second biggest cryptocurrency after bitcoin in terms of market capitalisation. Similarly, venture capital firms Multicoin Capital and Lightspeed Venture Partners have set aside up to $900m for DeFi and Web3 projects.įor those investors at least, there is confidence and belief that the underlying technology is going to have a real impact in the coming years. Just last month, Binance Labs, the investment wing of Binance, one of the world's largest crypto exchanges, launched a $500m (€493m) investment fund focused on Web3 start-ups. Many of these emerging subsets of blockchain tech are attracting investors interest.
There has also been a noticeable shift away from this original use of blockchain technology as just a new form of money, into a wide range of areas such as Web3, or the next generation of the internet, metaverse-gaming, non-fungible tokens (NFTs), and DeFi, or decentralised finance. But a brutal bear market has acted in the digital asset sector to wipe out much of the short-term opportunistic money, and the scammers, whose projects are based on flaky, or non-existent, fundamentals. It’s fair to say that in recent times, many projects were overvalued. After all, this is one of the initial primary uses of Bitcoin.īetween 20, the number of so-called initial coin offerings was almost out of control. Many crypto projects in the early days focused on creating alternative forms of traditional currencies. One reason is that the sector is far more diverse and mature than it was a few years ago.Īlternative forms of traditional currencies
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