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Marcus Sotiriou, Market Analyst at Listed Digital Asset Broker global block (TSXV: Block)
Bitcoin has dipped below $17,000 over the weekend, hovering around $16,700 at the time of writing, but governments around the world are making incremental changes towards the cryptocurrency industry. According to a local newspaper, Nigeria to soon pass bill to legalize cryptocurrencies, inconsistent with previous Nigerian law. In addition, Hong Kong’s first Bitcoin ETF has been officially listed. Hong Kong is the financial gateway to China, so it could be a powerful backdoor for mainland Chinese money to access Bitcoin.
Web3’s privacy layer, Aztec, has raised $100 million in a Series B funding round led by a16z crypto, a subsidiary of Andreessen Horowitz. Aztec currently provides privacy services for applications on Ethereum, but is currently planning to create a cryptographic version of Ethereum that will allow individuals and organizations to transact privately. As Aztec co-founder Joe Andrews puts it, privacy is an important area of cryptography.
The world is not good to live without encryption. Doing things without privacy is a pretty scary world and not what we want.
A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi and AVG all participated in the round along with a16z crypto. Amidst the crypto market madness of the last few weeks, it is positive that investors are not hesitant and that there is still a strong appetite.
