BitGo Enters Retail Market with New Crypto Trading Platform

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Table of Content

In today edition we talk about

• November VC Highlights: Blockchain Startups Secure $350M Across 99 Deals

• US Government Transfers $1.9B in Bitcoin Seized from Silk Road to Coinbase Prime

• BitGo Enters Retail Market with New Crypto Trading Platform

November VC Highlights: Blockchain Startups Secure $350M Across 99 Deals

The blockchain sector saw significant activity in November, with 99 venture capital deals and mergers totaling over $350 million, according to RootData. Highlights included groundbreaking projects in AI, DeFi, and identity verification, showcasing the sector’s resilience and innovation.

Major Deals and Investments

1. Zero Gravity Labs Secures $290M
   A notable highlight was Zero Gravity Labs raising $290 million to develop a decentralized AI operating system (dAIOS).

2. Superscrypt Plans $100M Blockchain Fund
   Superscrypt announced a $100 million fund to support blockchain startups, reflecting growing investor confidence.

3. Talus Network Raises $6M for AI Agents
   Talus Network attracted $6 million to develop Protochain, a decentralized AI framework supporting DeFi, DAOs, and gaming.

4. Binance Labs Backs Kernel and Astherus
   Binance Labs invested in Kernel, which enhances BNB Chain’s security features, and Astherus, a liquidity hub maximizing crypto asset yields.

5. Barter Secures $3M for DeFi Optimization
   Barter, a DeFi startup, raised $3 million to launch its AppChain, addressing liquidity and transaction inefficiencies.

6. Rarimo Raises $2.5M for ZK Identity Tech
   Rarimo secured $2.5 million to roll out zero-knowledge identity verification technology, starting with passport-based systems.

Investor Sentiment and Regulation

The surge in funding may be tied to optimism surrounding a potentially favorable U.S. regulatory climate after Donald Trump’s reelection. Founders are also exploring alternative fundraising approaches, returning to community-driven models inspired by crypto’s ICO roots.

This flurry of funding activity underscores blockchain’s adaptability and its drive to address complex global challenges through innovation.

US Government Transfers $1.9B in Bitcoin Seized from Silk Road to Coinbase Prime

The U.S. government has moved $1.9 billion worth of Bitcoin (approximately 19,800 BTC) linked to the 2021 Silk Road case to a Coinbase Prime wallet, according to blockchain analytics firm Arkham Intelligence.

Details of the Transfer

• Seized Assets: The BTC was part of the 50,000+ Bitcoin confiscated during the investigation of James Zhong, convicted of wire fraud involving the Silk Road marketplace.

• Storage: Initially, the BTC was found in unusual locations, such as a popcorn tin containing a single-board computer.

• Custody Partner: The U.S. Marshals Service, which manages seized assets, partnered with Coinbase Prime for custody in 2023.

Future Plans for the BTC

The purpose of the transfer remains unclear, but it could be tied to liquidation or strategic reserve initiatives. U.S. lawmakers, including President-elect Donald Trump, have suggested creating a “strategic Bitcoin reserve” to bolster national crypto capabilities.

Background on Silk Road

The Silk Road marketplace, active during the early days of cryptocurrency, facilitated illicit transactions involving weapons, drugs, and stolen data. Its creator, Ross Ulbricht, was sentenced to life in prison in 2015. Following Trump’s reelection, calls to commute Ulbricht’s sentence have resurfaced, with Trump pledging to take action “on day one” of his presidency.

This high-profile movement of assets underscores the evolving intersection of cryptocurrency and federal oversight.

BitGo Enters Retail Market with New Crypto Trading Platform

After years of catering to institutional clients, BitGo is expanding its services to retail investors with a global digital asset platform.

Key Features of the Platform

• Services: The platform will offer trading, staking, wallet solutions, and regulated custody options, including cold and self-storage.

• Security Focus: BitGo aims to address reliability and custody concerns in the retail market by leveraging its institutional-grade solutions.

Strategic Shift

• Market Expansion: Since 2013, BitGo has focused on institutional clients, including Nike and over 150 crypto exchanges. The company now seeks to diversify into retail as global crypto users are projected to reach one billion by 2024.

• Competition: Amid rising competition in the institutional sector, BitGo aims to bridge gaps in the retail market with secure and reliable services.

Recent Developments

• Stablecoin Launch: In September, BitGo announced plans for a stablecoin pegged to the US dollar and a regulated platform for managing native tokens for Web3 protocols.

• Custody Services: BitGo serves as a custodian for Bitcoin ETFs in the U.S., offering cold storage solutions for issuers like Valkyrie and 21Shares.

• Growth: Valued at $1.75 billion after a $100M Series C funding round in 2023, BitGo’s investors include Goldman Sachs and Galaxy Digital Ventures.

With this move, BitGo is positioning itself to serve both retail and institutional markets, offering comprehensive solutions in the evolving crypto ecosystem.

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