This week’s investment deals and partnerships reflect the growing influence of cryptocurrencies and blockchain technology across various sectors. Notably, political contributions by crypto-focused PACs have targeted key U.S. primaries, indicating the industry’s desire to shape favorable regulations. Meanwhile, companies like Metaplanet and OneMedNet are bolstering their Bitcoin holdings, signaling a trend of using cryptocurrencies as treasury assets.
Additionally, advancements in blockchain infrastructure and decentralized internet protocols, alongside strategic collaborations such as Bitstamp’s partnership with Stripe, underscore the sector’s expanding footprint in both technology and finance.
Crypto PACs Put $4 Million Into August 6 Primary Candidates
About $4 million has been contributed by Fairshake Super PAC and its allies to both support and oppose candidates in the forthcoming primary elections in Michigan, Washington, and Missouri. The PACs are focused on U.S. House and Senate campaigns, supporting pro-crypto politicians and opposing those perceived as anti-industry.
Fairshake invested $1.4 million in Missouri’s First Congressional District to challenge Democratic incumbent Cori Bush. In the 3rd District of Missouri, Republican Bob Onder received more than $250,000 in support from the Defend American Jobs PAC. Protect Progress contributed $1 million to the campaign of Democrat Shri Thanedar in Michigan’s 13th District and $1.5 million to the campaign of Emily Randall.
Of course totalitarians like Warren hate cryptocurrencies, because they hate freedom. Governments have used control of money to manipulate the economy for their benefit. https://t.co/eXjmPze3KR
— Dr. Bob Onder (@BobOnderMO) February 1, 2024
The outcomes of the recent primaries in Arizona, when two candidates backed by Fairshake lost, show how unclear the impact of these investments is. Nonetheless, the major financial support indicates the crypto industry’s expanding political clout and its endeavors to mold advantageous regulations via calculated political contributions.
Metaplanet Sets Aside $58.76 Million for Investment in Bitcoin
The Japanese company Metaplanet Inc. declared that it would use a stock rights offering to generate about 10 billion yen, of which 8.5 billion yen would be invested in Bitcoin. All common shareholders will receive stock purchase rights from the corporation on September 5; the allocation will take effect on September 6.
In order to protect against currency depreciation, Metaplanet plans to use Bitcoin as a long-term appreciating asset. As part of its plan to use cryptocurrencies as treasury assets, the company had already purchased $6.5 million in April and $2.5 million in July in Bitcoin.
In the wake of the Bank of Japan’s interest rate adjustment, the Japanese stock market had its biggest one-day decline since 1987. This led to the company’s decision to substantially invest in Bitcoin. Metaplanet’s move towards cryptocurrencies is indicative of a rising trend among businesses looking for alternative value storage and protection against the volatility of traditional markets.
OneMedNet Buys $1.8M to Advance its Bitcoin Treasury Strategy
OneMedNet, a medical data startup, utilized $1.8 million of the $4.6 million it acquired in a private placement to buy Bitcoin. Fund for Crypto Investments Removed Chain Capital Management purchased a mix of OneMedNet shares and warrants as part of their investment round.
The investment is in line with Off The Chain Capital’s plan to beat the price of Bitcoin by purchasing it at a discount and allocating it to businesses such as OneMedNet. This strategy is similar to that of MicroStrategy and other publicly traded firms that have included Bitcoin in their treasury reserve plans and added it to their balance sheets.
OneMedNet’s choice to invest a sizeable amount of the money it collected in Bitcoin is a noteworthy change for a medical data firm. This action would encourage other businesses in non-tech sectors to think about taking similar approaches, which would increase the number of companies using cryptocurrencies as corporate treasury assets.
Blockscout Completes $3 Million Seed Funding to Advance EVM Block Explorer Technology
Primitive Ventures, Gnosis, and 1kx led the $3 million seed fundraising round for Blockscout, an open-source block explorer for EVM-based networks. The funding will help Blockscout expand its product line, improve user experience, and include social media and AI-powered tools in the dashboard.
By taking advantage of its standing as one of the few open-source participants in the market, the firm intends to solidify its position as the default block explorer for both new and current EVM chains.
This fundraising round demonstrated the increasing significance of strong infrastructure tools in the blockchain ecosystem. Blockscout’s open-source methodology may be crucial in promoting transparency and accessibility across various networks as the count of chains that are compatible with the Ethereum virtual machine grows, hence establishing novel benchmarks for blockchain explorers.
Andrena Funds Decentralized Broadband Protocol with $18 Million
In order to create DAWN, a DePIN protocol for broadband internet, wireless internet operator Andrena raised $18 million. Dragonfly led the investment round, with participation from Wintermute Ventures, Castle Island Ventures, and CMT Digital.
Without depending on centralized providers, DAWN seeks to offer decentralized internet access. The protocol will make its debut on the Solana blockchain and is presently in testnet. The money will help DAWN finish its smart contracts and protocol.
A big step in decentralizing essential infrastructure services is the creation of DAWN. Andrena’s idea has the ability to upend the current ISP paradigm by utilizing blockchain technology and token incentives. This would give customers greater control over their internet connection and promote a more robust, community-driven network design.
Bitstamp and Stripe Collaborate to Expand Crypto in Europe
For consumers in the European Union, payment processor Stripe has partnered with cryptocurrency exchange Bitstamp to provide fiat-to-crypto on-ramps. Stripe will provide developers with a configurable widget so they can include quick settlement and cryptocurrency conversion into their products.
Bitstamp will expand its Bitstamp-as-a-service offering by handling Stripe’s fiat-to-cryptocurrency conversions and transfers. The partnership intends to expedite the growth of both businesses in the European market; however, clients in the UK will not be able to utilize the service.
This collaboration occurs at a critical juncture for both businesses. After re-entering the cryptocurrency industry in 2022, Stripe sees it as a sign of their growing commitment to the space. The partnership helps Bitstamp, which Robinhood just bought, become more competitive in the European market. Together, the two initiatives have the potential to greatly reduce the obstacles to cryptocurrency adoption for businesses and individuals in the EU and to stimulate a wider integration of digital assets into the financial system of the area.
The post From Political Power Plays to Bold Bitcoin Bets: A Deep Dive into This Week’s Key Industry Deals appeared first on Metaverse Post.
