After a steady stream of collapses, the persistent crypto bear market shows no signs of slowing down. Since the December bull run of 2018, ICO market has seen bubbles burst and mining pools clear out. Crypto exchanges and mining rig manufacturers have also taken a hit; rumors of massive layouts are rampant.
However, though the crypto market is down, not everything is gloomy. Similar to the reversals in traditional stock market, crypto market welcomes the plethora of opportunities that lie ahead.
To start, Coinbase is stronger than ever. On October 26th, the San Francisco based cryptocurrency exchange confirmed that it is raising an Initial Public Offering (IPO) of $500 million at a valuation of $8 billion. The prospectus suggests a 400% increase in its market cap within a short year.
The formula for Coinbase’s success can largely be attributed to its commitment to excellence, supplemented by its arduous efforts in staying compliant with local regulations; the latter constituting the primary reason for its success in raising an IPO. With potential money flowing into its business, Coinbase is positioned to greatly expand even in a down market.
Another example of business prosperity within the siege of the crypto bear market is CoinNess, the crypto trading news platform. CoinNess, which is deep rooted in the Asian markets, is said to be entering the American market.
Seunghwan Lee, a crypto investor in Korea, have revealed that CoinNess has encroached on the Korean and Chinese cryptocurrency markets within one year; Southeast Asian markets also lie within its radar. “Top 10 crypto exchanges and digital wallets are using their information services.”
Lee further cited data from App Annie, claiming that the 24/7 crypto and blockchain news provider already has more than three million downloads and 180,000 daily active users (DAU). “They are number one in Asia,” reported Lee, “and now they are eyeing for a big slice of the pie, the USA.” According to public documents, CoinNess received angel investments from leading crypto exchange Huobi Global; later investments came from ZhenFund, created by venture capitalist (VC) mogul Xu Xiaoping, other notable VC funds are expected to participate in the near future.
CoinNess has confirmed in an e-mail its plans to launch in the American market, leaving details unspecified. Unlike CoinDesk and other competitors, CoinNess delivers innovative information services – combining media and Internet-based stock broker services. Browsing through the app, more than 10,000 records of user interactions on a daily basis is easily observed. According to a Korean news outlet, the start-up has hired more than 70 tech employees accounting for more than half of its talent.
Peter Tan, founder of CoinNess Group, is known for his bold yet effective management tactics. He has managed to put together a global legend consisting of experienced talent from local communities that have enabled it to work in a coordinated fashion across the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005348/en/
Contacts:
Mindy SUN
mindy@coinness.com
