Crptocurrency
Kraken and Spanish Football Club Atlético de Madrid Shake Hands on a Major Sponsorship Deal: Details – BitcoinWorld
![](https://upliftedstories.com/wp-content/uploads/2024/07/kraken-atl.png)
- Kraken has partnered with Atlético de Madrid as its Official Crypto and Web3 Partner and Official Sleeve Partner, aiming to bridge the cryptocurrency industry and the sports world.
- The initiative aims to enhance fans’ digital experiences and promote cryptocurrency education.
“Kraken and Atlético de Madrid believe crypto and football both have the potential to transform lives,” CMO Gupta said.
The Terms of the Collaboration
The US-based cryptocurrency exchange – Kraken – announced its partnership with one of the most successful Spanish football teams – Atlético de Madrid.
The company will become the club’s Official Crypto and Web3 Partner and its Official Sleeve Partner from the start of the new La Liga season (scheduled for mid-August this year).
The collaboration is expected to create a bridge between the cryptocurrency industry and the sports world, “unlocking great opportunities” for Spanish football fans and Kraken’s users. Speaking on the matter was Mayur Gupta – Chief Marketing Officer of the exchange:
“We’re proud to partner with such a distinguished football club, which equally recognizes that success requires a meticulous focus on its own processes. We’ve put in nearly 13 years to become one of the most trusted crypto platforms, and we look forward to collaborating with Atlético de Madrid to educate more people about the true potential and value of crypto.”
In turn, Oscar Mayo – Chief Revenue and Operating Officer of the club – described Kraken as “the ideal partner” that could help Atlético de Madrid, which aims to increase its efforts in innovation and technology.
“We are sure that this partnership will ensure that our fans enjoy a digital experience which extends beyond matchdays at the stadium,” he added.
Atlético de Madrid has won 33 titles in its 121-year history, making it Spain’s fourth-most successful football team. The club in the second spot with 99 titles – FC Barcelona – has already jumped on the crypto bandwagon.
Two years ago, it teamed up with WhiteBIT. The latter will serve as Barca’s official cryptocurrency exchange partner until June 2025.
Kraken’s Previous Endeavors in the Sports World
The company made the headlines last year when shaking hands with the popular Formula 1 team – Williams Racing. As a result, Kraken’s logo became visible on the cars driven by Alex Albon and Logan Sargeant. In addition, the brand was featured on the drivers’ clothing.
Other well-known cryptocurrency exchanges that have made a serious presence in the past few years include Crypto.com and the now-defunct FTX. The former became the official partner of the Miami Grand Prix in 2022, while the latter inked a deal with Mercedes.
However, the team suspended the collaboration shortly after the platform’s collapse in November 2021.
Crptocurrency
U.S. Spot Ethereum ETFs Record $47.4M Net Outflows on September 3
![](https://upliftedstories.com/wp-content/uploads/2024/09/What-Is-Sandwich-Attack-Explained.65.png)
U.S. spot Ethereum ETFs net outflows amounted to $47.4 million on September 3, according to data from Farside Investors. This significant movement within the Ethereum-based exchange-traded funds (ETFs) sector reflects broader market volatility and shifting investor sentiment.
Key Details of September 3rd Outflows
- Grayscale’s ETHE Leads Outflows: Grayscale’s ETHE was the largest contributor to the total outflow, with a net loss of $52.3 million. This reflects growing caution among institutional investors regarding Ethereum’s near-term performance, particularly as the crypto market continues to face uncertainties.
- Fidelity’s FETH Sees Inflows: Despite the overall outflows, Fidelity’s FETH recorded a net inflow of $4.9 million. This suggests that some investors remain bullish on Ethereum, seeing potential for growth in the medium to long term.
- Other ETFs Remain Stable: The remaining U.S. spot Ethereum ETFs saw no significant net inflows or outflows, indicating relative stability in other funds despite the broader market movements.
Market Implications
The U.S. spot Ethereum ETFs net outflows reflect shifting dynamics in the market as investors navigate current price volatility and macroeconomic conditions:
- ETH Price Decline: Ethereum’s recent price movements, coupled with broader market uncertainty, may have triggered caution among institutional investors, leading to the substantial outflows from Grayscale’s ETHE.
- Continued Institutional Interest in FETH: Fidelity’s FETH gaining $4.9 million in inflows suggests that some institutional investors are still confident in Ethereum’s long-term potential, despite the overall outflows.
Conclusion
The U.S. spot Ethereum ETFs net outflows on September 3 show a divided market sentiment, with Grayscale’s ETHE losing significant ground while Fidelity’s FETH managed to attract new investments. As Ethereum continues to navigate market volatility, the movements within these ETFs will likely serve as indicators of broader institutional confidence in the digital asset.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Crptocurrency
D20 Labs Acquires Zynga’s Web3 Game Sugartown
![](https://upliftedstories.com/wp-content/uploads/2024/09/What-Is-Sandwich-Attack-Explained.64.png)
D20 Labs acquires Sugartown, a Web3 game developed by mobile gaming giant Zynga, in a strategic move that highlights the growing importance of blockchain-based gaming. According to a press release on Game Developer, the sale has been completed, although the financial details of the transaction have not been disclosed. This acquisition marks a key development for both D20 Labs and the expanding Web3 gaming space.
What is Sugartown?
Sugartown is a Web3 game designed to integrate blockchain technology into mobile gaming, allowing players to interact with decentralized assets and in-game economies. As Web3 gaming continues to evolve, games like Sugartown aim to capitalize on the growing interest in decentralized finance (DeFi) and NFTs within interactive entertainment.
- Blockchain Integration: Sugartown incorporates blockchain technology, giving players control over in-game assets, which can be traded or sold on decentralized platforms.
- Web3 Gaming Evolution: The game represents Zynga’s initial foray into Web3, reflecting its ambition to explore the convergence of mobile gaming and decentralized finance.
D20 Labs Expands Web3 Footprint
D20 Labs, a Web3 development studio, has positioned itself as a key player in the blockchain gaming space with this acquisition. The company’s decision to acquire Sugartown further strengthens its portfolio and commitment to expanding in the Web3 gaming sector.
- Strategic Acquisition: With the acquisition of Sugartown, D20 Labs aims to leverage the game’s potential and integrate it more deeply into the Web3 ecosystem. This move aligns with their broader goal of developing innovative gaming experiences that incorporate decentralized technologies.
- Growth in Web3 Gaming: As the Web3 gaming industry continues to grow, D20 Labs is likely to use Sugartown as a cornerstone for building a more interactive and financially inclusive gaming environment.
The Future of Sugartown
With D20 Labs acquiring Sugartown, the game is set to undergo further development and integration into the broader Web3 landscape. As D20 Labs continues to explore the possibilities of decentralized gaming, Sugartown is expected to evolve and offer players more robust blockchain features, including decentralized asset ownership and new gameplay mechanics.
Conclusion
The D20 Labs acquires Sugartown transaction marks a significant step in the Web3 gaming world. While the financial details remain undisclosed, the acquisition signals D20 Labs’ ambition to push the boundaries of decentralized gaming, and Sugartown will likely play a central role in that strategy.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Crptocurrency
Ethereum On-Chain Lending Markets Face $436M in Liquidations for August, Second-Largest in History
![](https://upliftedstories.com/wp-content/uploads/2024/09/What-Is-Sandwich-Attack-Explained.62.png)
Ethereum on-chain lending markets liquidations August reached a staggering $436 million, marking the second-largest liquidation volume in history, as reported by The Block. This significant surge in liquidations came as the price of ETH dropped by 22% over the course of the month. Decentralized lending protocol Aave bore the brunt of the liquidations, accounting for $289 million, or 66% of the total, underscoring the volatility and risks inherent in decentralized finance (DeFi) lending markets.
Reasons Behind the Surge in Liquidations
August’s massive liquidation event on Ethereum’s lending platforms was driven by several key factors:
- ETH Price Decline: A 22% decline in ETH’s price in August triggered automatic liquidations across DeFi lending markets. Borrowers who had used ETH as collateral were unable to meet their debt obligations, leading to a wave of liquidations to cover outstanding loans.
- Market Volatility: The broader crypto market also experienced heightened volatility, which exacerbated the liquidation events. As ETH prices fell, borrowers found themselves undercollateralized, triggering liquidation bots to sell off their collateral.
Aave’s Role in the Liquidation Wave
Aave, one of the largest decentralized crypto lending protocols on Ethereum, was at the center of August’s liquidation wave:
- $289 Million Liquidations on Aave: Aave accounted for 66% of all liquidations in August, totaling $289 million. As one of the most widely used lending platforms, Aave’s users were particularly exposed to the market downturn, leading to significant sell-offs as the price of ETH dropped.
- Lending Risk Exposure: The large volume of liquidations on Aave highlights the risks associated with DeFi lending protocols, where the rapid decline in asset prices can lead to cascading sell-offs as borrowers struggle to maintain sufficient collateral.
Second-Largest Liquidation Volume in History
The Ethereum on-chain lending markets liquidations August event stands as the second-largest recorded in the history of decentralized finance. The magnitude of these liquidations reflects the vulnerabilities that still exist within DeFi protocols, where rapid price swings can lead to substantial losses for both borrowers and lending platforms.
- Historical Context: The only liquidation event larger than August’s occurred during a previous market crash when similar conditions led to widespread liquidations across Ethereum-based lending platforms. These events highlight the challenges DeFi protocols face in managing risk during periods of high volatility.
Implications for DeFi Lending Markets
The sharp increase in liquidations during August has several implications for the DeFi space:
- Risk Management: DeFi protocols will need to continue improving their risk management frameworks to prevent large-scale liquidations in the future. This could include more robust collateral requirements, enhanced liquidation processes, and better tools for borrowers to manage their loans during periods of market stress.
- Borrower Caution: Borrowers in DeFi markets will need to be more cautious about how they use collateral in volatile market conditions. Using ETH or other volatile assets as collateral can lead to rapid liquidation during market downturns, as seen in August.
- Market Stabilization: While liquidations are a natural part of the DeFi ecosystem, large liquidation events like the one in August can cause market instability. Ensuring that these events are managed smoothly will be critical for the long-term sustainability of DeFi lending platforms.
Conclusion
The Ethereum on-chain lending markets liquidations August event has cemented itself as one of the largest in DeFi history, with $436 million liquidated due to a 22% decline in ETH prices. Aave, as a leading lending protocol, bore the majority of these liquidations, accounting for 66% of the total. As DeFi continues to grow, both protocols and users must navigate the risks of market volatility, and this event underscores the importance of robust risk management in decentralized lending.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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