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Coinbase, Polychain Invest $7 Mln into Dharma Labs, Aiming to Build Loan Platform for Crypto

  • Yuri Molchan
    📰 News

    Large companies, including Coinbase, are supporting Dharma Labs with a $7-mln investment to let the startup build a crypto lender


Coinbase, Polychain Invest $7 Mln into Dharma Labs, Aiming to Build Loan Platform for Crypto
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Dharma Labs, based on the Dharma protocol, hopes to create a lending platform for crypto investors and traders using outside investments. So far it has attracted $7 mln from Coinbase Ventures, Green Visor, Polychain, Passport Capital and some other major firms.

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Product being trialed

The CEO of Dharma, Nadav Hollander, compared the company’s new product with Uber, which has changed the way people around the world can order taxis, saying that he wants to let traders receive margin lending in crypto just as easily.


The firm’s product is called Dharma Lever, and it operates through a direct connection to a trader’s wallet. No special software is required for it.

The mechanisms of giving credits is operated by smart contracts. Besides, the company says that the rates on the loans it offers will be lower than fees on exchanges.

With the money raised from the investment, Dharma intends to hire more experts onto its technical and promotional teams.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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Contents

It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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