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Solana Foundation reports remarkable growth in developer retention in 2023
#News
2 mins read
2 years ago

Solana Foundation reports remarkable growth in developer retention in 2023

ECB
#News
3 mins read
2 years ago

When exactly should we expect ECB to start rate cuts?

Federal Reserve and rate cuts
#News
3 mins read
2 years ago

Federal Reserve and the rate cut rodeo of 2024

Spot Bitcoin ETFs gain momentum as SEC reviews amended filings
#News
2 mins read
2 years ago

Spot Bitcoin ETFs gain momentum as SEC reviews amended filings

Bitcoin
#News
2 mins read
2 years ago

Bitcoin developers to preserve Nintendo games on Ordinals

GBTC
#News
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2 years ago

GBTC drops to new low as Grayscale falls in ETF fees race

CIO
#News
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2 years ago

CIO Dive’s 2024 Tech Trends: AI, Cloud, and More

LLMs
#News
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2 years ago

Generative AI and LLMs: Transforming Healthcare and Bridging the Gap

Tunisia
#News
2 mins read
2 years ago

Tunisian universities to host hackathon to boost DLT education

Fox Corp.
#News
2 mins read
2 years ago

Fox Corp. Launches Blockchain-Based Verify Tool for Content Authentication

Evmos
#News
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2 years ago

Evmos founder to return $7.6 million worth of allocated tokens

Environmental
#Tech
2 mins read
2 years ago

AI Revolutionizing Environmental Health Research: ECHO Discovery Unveils ComptoxAI

Tech
#Tech
2 mins read
2 years ago

Cumbrian Tech Firm Embraces Renewables to Power AI Surge

Finoa, a prominent crypto custodian and staking service provider based in Germany, has successfully raised $15 million in a strategic funding round. The round, co-led by Maven 11 Capital and Balderton Capital, marks a significant achievement for the company, especially in the context of the current challenging market conditions. Other participants in the round included Blue Bay Ventures, Signature Ventures, Coparion, and Venture Stars. Expansion beyond initial fundraising goals Initially, Finoa aimed to secure $5 to $6 million from its existing investors. However, the company's recent return to profitability and the heightened interest from external investors allowed it to exceed the target significantly. The fundraising success comes almost three years after Finoa's $22 million Series A funding in April 2021. Christopher May, co-founder and co-CEO of Finoa, revealed that instead of pursuing a larger Series B round, the company opted for the smaller yet strategic round to fuel its growth. A source familiar with the matter disclosed that the funding round maintained Finoa's valuation at a steady $100 million, the same as its Series A valuation in 2021. The flat valuation is notable given the turbulent market conditions that have affected many in the crypto space. Return to profitability and revenue streams Founded in 2018, the comppany faced a period of losses in 2021 and 2022 due to challenging market conditions and crypto market downturns. However, the company rebounded to profitability in the fourth quarter of 2023, driven by a market recovery and growth in its staking business. Finoa Consensus Services, its staking unit launched in May 2022, has amassed over 500 million euros in assets and now accounts for nearly 60% of Finoa's total revenue. The company supports staking for over ten blockchains and is the third-largest validator for Celestia, as per Nodes. Guru data. Finoa's flagship custody service contributes around 30% of revenue, with the remaining coming from brokerage and other services. Finoa is expanding its service offerings with the introduction of FinoaConnect, a new feature providing access to decentralized finance (DeFi) applications through its custodial wallet infrastructure. Currently in beta, the service is expected to generate additional revenue upon its full launch. Finoa's competitive edge and plans The company stands out among its competitors, like Fireblocks and Anchorage, as a qualified custodian in Europe, holding licenses from the German Federal Financial Supervisory Authority. The company, currently with a team of about 50 employees, has no immediate aggressive hiring plans. The cautious approach comes after a period of downsizing from a peak staff count of over 100 in 2021 due to market conditions. As part of the strategic funding round, Balder Bomans, the managing partner at Maven 11, has joined Finoa's board as an observer, further strengthening the company's strategic positioning in the market. Conclusion Finoa's successful fundraising and strategic decisions amidst a challenging crypto market landscape demonstrate its resilience and potential for continued growth. With its diversified revenue streams, innovative service offerings, and strong regulatory standing, Finoa
#News
2 mins read
2 years ago

Finoa’s Strategic Growth: $15 Million Funding at $100 Million Valuation

Investment
#Tech
3 mins read
2 years ago

Microsoft’s OpenAI Investment Faces Potential EU Merger Probe

BitPay Expands Cryptocurrency Offerings Beyond Bitcoin
#News
2 mins read
2 years ago

BitPay Expands Cryptocurrency Offerings Beyond Bitcoin

BitLicense Oversight Under Scrutiny in New York: A Deep Dive into the Comptroller’s Concerns
#Regulation
3 mins read
2 years ago

BitLicense Oversight Under Scrutiny in New York: A Deep Dive into the Comptroller’s Concerns

imToken's Plea for Blacklist Removal: Engaging with Singapore's MAS
#Regulation
2 mins read
2 years ago

imToken’s Plea for Blacklist Removal: Engaging with Singapore’s MAS

Crypto
#News
3 mins read
2 years ago

Why is the crypto market up today? BTC hovers around $47K

Satoshi Nakamoto
#News
4 mins read
2 years ago

What would Satoshi Nakamoto say about spot Bitcoin ETFs? I wager disappointment

SEC
#News
4 mins read
2 years ago

5 members of the SEC could potentially delay a BTC Spot ETF approval – But how, why, and who?

Binance Pay
#News
2 mins read
2 years ago

Binance Pay: A year of remarkable growth in the challenging crypto landscape

Gaming
#News
2 mins read
2 years ago

Warner Bros. Interactive Announces Expanding Wizarding World Gaming Universe

AI companionship
#Tech
3 mins read
2 years ago

AI Companionship: A Cure for Loneliness or Ethical Challenge?

Video games
#News
2 mins read
2 years ago

Video Games Lose Top Spot in UK Entertainment

Mintel
#Tech
2 mins read
2 years ago

Mintel Launches Groundbreaking Market Intelligence AI, Mintel Leap

Game Pass
#News
2 mins read
2 years ago

Exciting Game Pass Additions for Xbox Players in January 2024

Jay Clayton says spot Bitcoin ETF approval is coming
#News
2 mins read
2 years ago

Jay Clayton says spot Bitcoin ETF approval is coming

Why Nvidia Could Lose Big in China
#News
2 mins read
2 years ago

Why Nvidia Could Lose Big in China

Bitcoin surges back to $46,000 amidst spot ETF frenzy
#News
2 mins read
2 years ago

Bitcoin surges back to $46,000 amidst spot ETF frenzy

Dogs
#Tech
2 mins read
2 years ago

Tech Innovations for Dogs: Improving Canine Lives in 2024

Why is the US dollar index continuously falling so low?
#News
2 mins read
2 years ago

Why is the US dollar index continuously falling so low?

XRP
#News
2 mins read
2 years ago

XRP rebounds from January plunge, offers a promising entry point for investors

Mercedes
#Tech
3 mins read
2 years ago

Mercedes Launches ‘Dialogue Partner’ Voice Assistant at CES 2024

JPMorgan raises alarms over the U.S. economy
#News
2 mins read
2 years ago

JPMorgan raises alarms over the U.S. economy

Sony
#News
2 mins read
2 years ago

Sony CEO Kenichiro Yoshida Builds Excitement for Nintendo’s Zelda Movie

Gensler
#News
2 mins read
2 years ago

Prominent figures in crypto community criticize SEC chair Gensler’s statements

crypto lobbying
#News
3 mins read
2 years ago

Crypto-backed nonprofit sets up shop near D.C. ahead of 2024 election

IBM
#Tech
3 mins read
2 years ago

Consumer Demand for AI Integration in Shopping Surges, IBM Report Reveals

U.S. banks face scrutiny over loan troubles
#News
2 mins read
2 years ago

U.S. banks face scrutiny over loan troubles

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