After raising $230m in new funding, Venture Capital company, focusing on FinTech assets, FinTech collective, has revealed that it will use the funds to improve its initial prospecting strategy. It has already earmarked $60 million to fund a new decentralized finance (DeFi) project.
Investing In DeFi Projects Is The Priority
Part of the press release states that these DeFi funds are mainly invested in DeFi projects on the Ethereum network. Most of the investors in the FinTech Collective fundraising round were asset management companies and a few individuals.
With the new funds raised, the total worth of assets under this firm’s management is now over $510m. Established nine years ago, the asset management firm has investments in 54 assets worldwide. FinTech Collective’s managing partner claimed that the venture capital firm was one of the few companies to identify the massive opportunities for the FinTech world during the pandemic season.
He also said, “within the next 25 years, there is bound to be a massive evolution in the financial ecosystem, especially in America and Europe. Thus, there will be great opportunities for every FinTech or venture capital FinTech companies that have positioned themselves properly.”
Binance Outage: Traders Seek Legal Redress
There was a major outage on Binance two months ago, and the outage lasted for almost 60 minutes. Coincidentally, the two largest cryptocurrencies had their worst price drop for over a year, and the market cap of the cryptocurrency industry declined by over $1 Tr. Some traders using Binance who couldn’t close their positions got their accounts wiped out, losing millions in the process.
Now, these traders are collectively seeking legal redress against Binance. However, a Binance spokesperson remained defiant about the issue stating that the exchange couldn’t have predicted or prevented such an outage or imaginary profits. This case isn’t the first time the exchange will experience an outage when there is high volatility in the cryptocurrency sphere.
There are none of these outages that haven’t led to massive losses for traders and investors. Most times, investors are even the cause of their own problems because of the huge leverage they use to execute their trades.
While Coinbase also experienced the same problem, it is only Binance users that seeking legal redress. It might be the amount involved with Binance is higher than Coinbase, or Coinbase traders are waiting for the outcome of this matter before taking steps of their own.
Binance Traders’ Headache
The only issue Binance traders might face now is the country where it would need to take Binance to its court. The exchange is yet to have an office in any specific location, with its CEO claiming that it is better that way.
However, LiTi capital has offered to help the aggrieved traders. The Swiss-based law firm is expected to represent these traders and seek damages against Binance in Hong Kong. A rep for the firm revealed that it is choosing Hong Kong because Binance had stated (through its terms of use) that the Asian country is the only place where it has an operating license.
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