A new investment in the cryptocurrency market
There was a time when everybody was speaking about cryptocurrencies, especially about bitcon. Even some people were wearing t-shirts with bitcoin logo. It seemed that every smart person had invested in bitcoin and become rich instantly because they were so brave and knowledgeable. However, all of a sudden, with the crash of bitcoin, those who could not stop talking about cryptocurrencies went into deep silence.
Therefore, nowadays, every report about cryptocurrencies states that, much like the early days of the Internet, cryptocurrencies bring as much hope as they do risk, with more than a thousand of cryptocurrencies and initial coin offerings (ICO) having flooded the market. Moreover, the World Economic Forum in 2018 estimates that by 2027, 10 percent of global GDP will be stored on blockchain technology.
In a Guardian report on Nov. 20, “the crypto bloodbath continues,” said Neil Wilson, the chief market analyst at Markets.com.
“Things look like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market.”
Nouriel Roubini wrote that blockchain isn’t about democracy and decentralization – it’s about greed. Therefore, things are not looking so bright for cryptocurrencies these days.
However, this situation is much healthier than the time when everybody was buying into cryptocurrencies.
I take the companies who are investing in cryptocurrencies now much more seriously. As I think that if they are investing at a time that the bubble went bust, they must really be believing in the future of the industry and probably they are not trying to rip people off.
It also makes me happy that the latest cryptocurrency investments involve Turkey as well. It is partly due to the fact that we, as Turkish people, are very adaptable to new technologies and new methods as much as the fact that Turkey is one of the top countries in terms of the number of cryptocurrency investors in the world.
The latest news came from Singapore.
IDG Capital, Matrix Partners and Neo Global Capital, players in technology and venture capital investments, have recently announced a partnership with Singapore-based international cryptocurrency platform KuCoin to bring cryptocurrency trading into the mainstream world via the KuCoin exchange.
IDG Capital, Matrix Partners, and Neo Global Capital have combined to invest a total of $20 million in KuCoin through this Round A of funding.
The exchange has already attracted more than five million registered users with its sights set on becoming the market leader in the blockchain industry.
This investment in KuCoin will create more secure, widespread global access to this rapidly expanding technology market, according to their statement.
They say that their goals are as follows: To bring KuCoin Platform 2.0 to life, to increase customer support staff to offer concierge-level service to all traders, to achieve global expansion by concentrating on targeted markets (Vietnam, Turkey, Italy, Russia and all Spanish-speaking countries will be the main focus for growth in Q4 of 2018) and to increase research to find the best of the best in blockchain projects.
In short if you are a cryptocurrency trader based in Turkey, you may have a new outlet.