Crypto winter is here, industry continues to pour in positive news

Crypto winter is here, industry continues to pour in positive news

Despite the fact that the crypto market is generally going through a rough patch owing to the general global economic scenario that has evolved out of inflation, geopolitical crisis, uncertainty in the global supply chain, etc., it is motivating to see crypto companies performing well.

This week, blockchain domain name provider Unstoppable Domains has raised $65 million in its Series A fundraising to become a unicorn. Santander Brazil announced it would launch a crypto Trading Feature in the coming months. Cryptocurrency market has shown a considerable gain in the last one week. Crypso revealed on Tuesday that it had secured $3 million in seed funding from a number of illustrious angel investors.

With more than 2.5 million registered non-fungible token (NFT) domains, Unstoppable Domains, founded in 2018, is the dominant platform for Web3. As it continues to develop a platform for user-owned and portable digital identity, the platform stated that it would utilise the funding to support product innovation and expand its collaborations in the Web3 sector.

Matthew Gould, Founder and CEO, said, “For too long, companies have controlled people’s digital identities, and Unstoppable Domains is putting that power back into the hands of people.”The company has registered 2.5 million domains, which users may use to develop decentralised websites, create their web3 identity, log into more than 150 Web3 services, substitute cumbersome crypto wallet addresses on more than 80 wallets and exchanges and more.

According to Unstoppable Domains, it has forged more than 300 alliances with big web3 firms like Polygon, Blockchain.com, MoonPay, and others.

Paul Veradittakit, Partner at Pantera Capital said, “Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the internet as we know it.”

With regards to Santander Brazil announcement, CEO Mario Leao said the bank intends to provide cryptocurrency trading to its customers in Brazil in the near future. In Latin America this year, Santander has already made great strides with cryptocurrency. In conjunction with Agrotoken, an Argentine agricultural commodities tokenization platform, it introduced loans for farmers in Argentina in March that were secured by tokenized commodities.

Recently, a number of non-crypto financial firms in Brazil declared or launched their operations in the cryptocurrency space. Brazilian fintech PicPay announced in July that it would launch a cryptocurrency exchange and a Brazilian real estate-backed stablecoin in 2022. In contrast, Mercado Libre, Latin America’s largest e-commerce company by market value, began allowing users in Brazil to buy, sell and hold cryptocurrencies in December. 

After introducing its cryptocurrency trading platform in June, Nubank, the largest digital bank in Brazil in terms of market value, stated that it had attracted one million customers in just one month.

The Indian community-led cryptocurrency investing platform Crypso revealed on Tuesday that it had secured $3 million in seed funding from a number of illustrious angel investors, including Kunal Shah of CRED, Better Capital, Whiteboard Capital, Polygon founders Sandeep and Jaynti, Athera Venture Partners (formerly Inventus), and Hashed Emergent.

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