MINNEAPOLIS, Oct. 5, 2020 /PRNewswire/ — DeFiner, the decentralized finance network for crypto savings, loans, and payments, has announced a new investment from SNZ Holding, a global network of top tier venture capitals and state-of-the art blockchain technologies.
DeFiner will join the SNZ Portfolio alongside leading platforms from the DeFi economy, such as Nervos, Cosmos, and Acala. Although many tools and resources allow users to more confidently engage with the DeFi ecosystem, it requires a constant high-level of maintenance. DeFiner will leverage SNZ Holding’s support to refine the security protocols on its non-custodial digital asset platform, and stay ahead of the rapid development in the DeFi space.
SNZ Holding is a crypto fund founded by a group of blockchain evangelists with a diverse range of expertise, aligned on innovating for a better future with blockchain. SNZ Holding is focused on investing in prospects that value consumer privacy and interoperability, and will be supporting the development of the various DeFi savings, lending, and borrowing products available on DeFiner’s peer-to-peer network in the Asia-Pacific region.
Jason Wu, CEO of DeFiner, commented, “This investment positions DeFiner further into the heart of the DeFi space, in an expanded community of investors and developers, providing innovative solutions within the blockchain industry. There have been several security incidents emerging from the DeFi boom during 2020, and DeFiner will use the support of its investors to continue monitoring the health of our savings and lending protocols.”
The investment from SNZ Holding follows DeFiner’s recent investment announcements with Signum Capital, a leading blockchain venture capital firm based in Singapore, and Alphabit, a fund specializing in distributed ledger technology investments. These investments bring DeFiner another step closer to realizing the potential of true decentralization in the financial space.
About DeFiner
DeFiner is a decentralized finance network for crypto savings, loans, and payments. Powered by blockchain technology, DeFiner’s decentralized financial (DeFi) platform enables users to effortlessly lend, borrow, and earn digital assets within a global network. DeFiner removes the friction and costs associated with conventional financial services and instead offers maximum flexibility to set one’s own rates and terms. DeFiner also removes the need for third parties from its financial ecosystem by using an immutable blockchain to track all loans and transactions, providing ultimate security for users. By offering 24/7 global accessibility with significantly lower costs than traditional finance, DeFiner allows those embracing the new, digital economy to unlock instant value from their assets.
SNZ Holding believes that blockchain will usher in a new era of decentralized information technology that may change human history fundamentally. SNZ Holding is in search of promising projects, teams, and partnerships; also participating in projects as an active supporting node; and providing services for project business implementation. The ropes are stowed and the sail is hoisted as SNZ Holding gets ready to embark on the next adventure to the decentralized world. Find out more at https://snzholding.com/index.html
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
