OpenSea valued at over $1.5B after $100M Raise, Bank of America Reportedly Clearing ETPs in Europe
OpenSea a Unicorn Blockchain Startup after raising $100 million
OpenSea, the world’s largest marketplace for NFTs, this week, successfully raised $100 million in a Serie B round valuing the platform at a whopping $1.5 billion.
Funding was led at A16z, providing the marketplace with a new financial war chest to reinforce their efforts to dominate as a trusted, reliable marketplace. Ashton Kutcher also participated in the second institutional funding round.
This funding automatically makes OpenSea a startup unicorn, boasting of a valuation upwards of $1 billion. Funds will go towards scaling NFTs. OpenSea’s immediate focus will be on hiring engineering talent.
NFTs continue to expand in reach and valuation. Although the vibe has, in recent times, cooled off as crypto prices fall, what NFTs represents is here to stay.
NFTs–which are digital assets available for sale at OpenSea–are backed by the blockchain, mainly Ethereum. These assets can represent digital art, collectibles, tickets, and more. NFTs as another subsector can also be easily incorporated in DeFi, creating a cyclic ecosystem allowing fast and quick circulation of funds.
Bank of America Reportedly Clearing ETPs in Europe
CoinDesk now says one of the largest banks in the U.S, Bank of America (BofA), is reportedly clearing crypto Exchange-Traded Products (ETPs) for European hedge funds.
According to sources, the bank’s brokerage unit has been involved in the inherently volatile arena.
BofA recently approved the trading of Bitcoin futures and has been clearing cash-settled contracts of the same.
The demand for crypto derivatives continues to increase as the SEC remains firm, failing to approve a Bitcoin ETF.
In Europe, some of the top bourses, such as Switzerland’s SIX exchange and Deutsche Boerse’s Xetra market, are listing different variants of crypto ETPs.
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