Pompliano on the Board of Blockchain-based Lending Company with 103 Million Dollars Raised

Blockchain-based lending company called Figure Technologies, decided to add one of the most active supporters of the sector of blockchain to its board after the company successfully raised 103 million dollars with C funding round. CEO of Figure Technologies, Mike Cagney, stated that the last funding round was somewhat opportunistic, while the CEO also added that the company has enough funds for execution. The general plan of Figure Technologies is to use the collected funds for expansion of their lending products that run on blockchain technology. Anthony Pompliano, also known as Pomp in the cryptocurrency circles, alongside Morgan Creek Digital pitched the idea of starting the latest funding round in order to collect additional funds, while Pompliano is set to bring more strategic partners to Figure Technologies that he is a part of the firm’s board.

The latest funding round brings the total funding of Figure Technologies to 225 million dollars, with an estimated value of 1.2 billion dollars according to the company’s statement in the form of the latest press release. Morgan Creek led the funding round on the head with Pompliano, with other participants joining the round: MUFG, Digital Currency Group, DCM, HCM Capital, DST Global, RPM Ventures, and Ribbit Capital. Figure Technologies company is best known by its latest product dubbed HELOC, offering refinancing programs for mortgages and student loans, altogether originating around 1 billion dollars in loans, out of which 700 million dollars was generated by HELOC products.

Brave Blockchain Browser Significantly Increases the Number of Active Users

According to the company behind privacy-focused blockchain-based browser Brave, the blockchain browser has managed to double the number of monthly active users (MAU), while also managing to increase the number of daily active users (DAU) three times. By tripling DAUs and doubling MAUs, Brave blockchain browser achieved a new milestone, altogether with proving that the interest in privacy-oriented browser is significantly increasing. The company reported 5.5 million active monthly users in 2018, renewing numbers for 2019 and reporting 10.4 million monthly active users. On December 5th, in an official statement made by the firm, Brave team announced that the number of their daily active users has tripled in the course of a single year, now counting 3.3 million daily active users as opposed to around 1 million in 2018.

In accordance with the company’s statement, Brave managed to increase the number of MAU and DAU in the course of the last year thanks to the release of the new version of the browser, dubbed Brave 1.0, released in November 2019. Based on the company’s reports, the number of active monthly users was set at 8.7 million just ahead of the release of Brave 1.0 in October, reaching the current number of 10 million users achieved in November after the initial release of the new browser version. Brave is obviously becoming more popular, prescribing a part of that success to the tipping feature on social media.

New Bitcoin Record: Approximately $9 Billion in Bitcoin Moved in a Single Hour

As reported on December 4th by the co-founder of on-chain market intelligence company called Glassnode, Rafael Schultze-Kraft, Bitcoin achieved a new record when it comes to the hourly transaction volume on the chain made by Bitcoin (BTC). According to the post released by Schultze-Kraft, the network hasn’t witnessed a similar volume before the mentioned event that took place on December 4th, when 8.9 billion dollars-worth Bitcoin was sent in the course of a single hour, The co-founder of Glassnode further added that such transaction volume was the first in the history of Bitcoin in terms of hourly transactions in USD.

Glassnode decided to do a research in order to reveal the factors responsible for the sudden and unusual increase in hourly volumes of Bitcoin, determining that Bittrex exchange was responsible for the unexpected spike in transaction volumes. Apparently, Bittrex made 21 transactions within a single hour, while each transaction contained approximately 56,000 BTC units, which is the equivalent to 416 million dollars per one transaction made on December 4th. Bittrex confirmed that no hack attack was responsible for the unusual rise in the USD hourly volume of BTC, while it is interesting that the prominent exchange moved a substantial number of BTC ahead of scheduled maintenance.

Deutsche Bank Research Implies that Crypto Could Replace Fiat by 2030

Deutsche Bank conducted a research dubbed Imagine 2030, where the bank managed to conclude based on collected data and extensive research, that cryptocurrency is most likely to replace fiat currencies in the next ten years. By the year 2030, cryptocurrency could replace fiat, while Deutsche Bank strategist, Jim Reid, stated that there are challenges set before the system of fiat currency, which came to an emphasis in the recent years, where the appearance and rise of cryptocurrency and digital assets played a major part in revealing these challenges.

As Reid advocates, the general need that people are expressing for dematerialized and fast means of payments, as well as the need for anonymity and privacy, more consumers should be turning to cryptocurrency as an alternative way of making payments, storing money and paying for goods. Although a major potential is seen in crypto utilization in terms of mainstream usage, there are challenges set before adopting digital assets as well. First, crypto would need to gain more recognition from the governments in terms of regulations, followed by global reach and stability in the market price. According to Reid, mobile apps developers and card providers should push and enable the overall mainstream development and adoption of cryptocurrency. Meanwhile, governments are discussing whether national digital currencies should be created to meet the rising demand for cryptocurrency.

USA Less Likely to Issue a National Crypto in the Next 5 Years, Mnuchin Claims

While many governments are already debating around the need, or the lack of need, to issue a national cryptocurrency, Steven Mnuchin, the US Secretary of the Treasury, claims that the United States is less likely to issue a national digital currency in the course of the next 5 years. Mnuchin further added that himself and the Federal Reserve Chairman, Jerome Powell, don’t expect to see the development of a national cryptocurrency in the following years. During a House Financial Services Committee, Mnuchin delivered his statement as a part of a hearing in Washington on December 5th.

The statement and the resolution that the Fed doesn’t see the need for issuing a national cryptocurrency in the next five years is related to the upcoming Libra coin developed by Facebook. Mnuchin also shared his opinion on the upcoming Libra stablecoin that caused numerous debates on the safety of consumers, and the economy in general, stating that he has nothing against the issuance of Libra, as long as the coin is compliant with AML and bank secrecy regulations.

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Author: Tokens.net Team