All members of the crypto community (no matter whether they are active participants or silent observers) know how quickly the crypto market reacts to different changes and how vulnerable it is to various factors.
Blockchain-based startup , that is trying to build the internet of new generation with the help of the decentralized cloud technology, has announced that its native Internxt tokens (INXT) now can be stored in wallet.
According to the strartup’s team, the X Cloud platform that they are building is able to guarantee total security of all stored data and files, 100% privacy and easy usage, leaving such giants as iCloud, Google Drive, OneDrive and Dropbox aside and taking their place. The platform’s token is intended to be used for payments for its services.
The startup has taken a decision to make an option to store in private wallets available for all cryptocurrency holders with a view to provide them with a safer alternatinve to holding assets directly in an exchange’s wallet. When traders have their own wallets, only they themselves are in control of their holdings, while in the second situation a third party manages them.
This news was announced on November, 2 which has immediately boosted the market.
Market Reaction
The price for INXT is continuously growing. On November, 5 INXT made headlines once again. Over the previous 24 hours it gained 29.4% against the dollar, while over the previous seven-day period it managed to gain almost 40% against the fiat.
At the press time INXT is traded for $2,87 USD having gained 19,61% over the last 24 hours. A total market cap amounts to $1.8 million and approximately $11,000 worth of INXT was traded during the last 24-hour period.
After the news about a new opportunity to store INXT in Coinbase Wallet, traders definitely have started to show more interest in holding this cryptocurrency which has resulted into an active growth of its value.
Nevertheless, it’s worth mentioning that it is not the first case of movement up demonstrated by Internxt token this autumn
Previous Growth
In September, as it was by CoinSpeaker, while the first decentralized internet service X Cloud was gaining popularity, the price of its native token was going up as well. At that time, following the release of the platform’s Beta version, the token was traded for approximately $3 but it was gaining not so quickly if compared with the pace we observe today.
However, today’s growth can’t be considered to be a record for INXT. Last December it took less than a month for the price to increase by 600% and reach $25,23 when the community was waiting for X Cloud version. Since that time INXT has experienced several ups and downs and now it’s up again.
Bitfury Group, the San Francisco-based manufacturer of bitcoin mining hardware, announced today that it has closed an $80 million private placement funding round. This may indicate that the company, which was rumored to be working on an initial public offering, has decided to delay taking the IPO route for now.
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‘Incredible Expansion’
Institutional and corporate investors from Europe, Asia and the U.S. participated in Bitfury’s $80 million private placement, led by Korelya Capital, the European arm of South Korea’s Naver Group. Participants also included Macquarie Capital, Dentsu, Armat Group, Jabre and Lian Group, Argenthal Capital Partners, MACSF, Mike Novogratz’s Galaxy Digital, and itech Capital. Investment bank Bryan, Garnier & Co. advised Bitfury on the process.
“2018 has been a year of incredible expansion for Bitfury. This private placement reflects our achievements, and it recognizes our ability to address adjacent market segments in high-performance computing, including in emerging technologies like artificial intelligence,” said Valery Vavilov, CEO and co-founder of Bitfury. “The institutionalization of blockchain and cryptocurrencies, partnered with the opportunity of these emerging technologies, is a natural expansion opportunity that Bitfury will build on — in 2019 and beyond.”
What About the IPO?
It has long been expected that Bitfury would eventually seek an IPO. And only last month it was reported that the company had been in contact with a number of investment banks about the possibility of taking its business public by next year. This was meant to be at an expected valuation of between $3 billion to $5 billion, based on about half a billion dollars in yearly revenues.
The move would have made Bitfury the first European company in the space to do so and would have enabled it to raise public funds needed to fend off competition from Asian manufacturers such as , and above all . But by deciding to go with a private placement instead, Bitfury might be signalling that it is willing to wait for a better opportunity to go public in a more bullish market down the line.
“This private placement will take our corporate governance to the next level, broaden our financial strategic options, and ideally position us for our next phase of growth as the market matures,” said George Kikvadze, executive vice chairman of Bitfury.
What can we learn about the direction of the market from this investment? Share your thoughts in the comments section below.
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