💰 Blockchain Startups Raise $4.4 Billion in Q2 2021

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Despite a Slump in the Crypto Prices, Blockchain Startups Raise $4.4 Billion in Q2 2021

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It may be a bit surprising for many that despite crypto prices slumping from their record highs at the beginning of 2021, there has been no slump in funding raised by blockchain startups.

In fact, the funding raised by blockchain startups is up 50% in Q2 2021 compared to Q1 2021.

When compared to Q2 2020, there has been a ninefold rise in the total funding amount raised by blockchain startups in Q2 2021.

(Source: CB Analytics)

As per CB Analytics' data, blockchain startups raised $4.38 billion in the second quarter this year.

If you do not know it, blockchain technology is the backbone of almost every cryptocurrency in circulation.

Blockchain technology acts as a virtual ledger for cryptocurrency transactions.

The blockchain company to raise the highest amount in Q2 2021 among all blockchain companies was Circle, a major name in the payments and digital currency space.

The payments and digital currency behemoth raised $440 million. 

Now, Circle plans to go public at a $4.5 billion valuation after merging with a special investment vehicle.

Ledger, a hardware crypto wallet developer, raised $380 million, the second-largest funding amount in the blockchain space in Q2 2021. 

It seems that despite declining crypto prices, venture investors remain unfazed. Their belief in the high potential of the crypto & blockchain space remains strong. 

Twitter is Experimenting With Upvote & Downvote Button 

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Twitter users may see upvote & downvote options, with the usual retweet and reply option, if the social media giant finds the outcome of an experiment they are running now satisfactory.

As per Twitter’s announcement, they are currently testing the upvote and downvote options on tweets with a small group of users. The test is limited to iOS for now. 

Users, who are part of the experiment, have already made it public about playing around with the experimental feature.

Twitter also announced that the iOS users who see the upvote & downvote option may see it in different styles.

Some will see it as a thumbs up and thumbs down option or as a heart icon and a down arrow, whereas some may see an up and down arrow.

For now, Twitter did not indicate if the upvote & downvote feature will be rolled out to all users. All that Twitter users can do for now is wait and see how the experiment turns out.

Uber to Acquire Transplace, a Transportation Logistics Company, for $2.25 Billion 

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The trucking division of Uber, known as Uber Freight, announced on Thursday that it is acquiring Transplace in a deal worth $2.25 billion.

The deal consists of Uber common stocks worth $750 million and the rest in cash.

Currently, TPG Capital owns Transplace, which they bought back in 2017. It means Uber Freight is buying Transplace from TPG Capital.

Such an acquisition from Uber may surprise some as the company has been shedding its loss-making units like flying taxis and self-driving taxi units since last year.

Instead, Uber has been focusing more on strengthening its UberEats brand with back-to-back acquisitions like Postmates (Food Delivery Service) and Drizly (Alcohol Delivery Company).

Interestingly, experts believe that Uber's acquisition of Transplace will help Uber Freight become profitable.

The U.S. Jobless Claims far Above the Expectations Amid Declining Continuing Claims

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Despite experts saying the United States labor market is poised for a strong recovery, the weekly jobless claims came out higher than expected.

As per the Labor Department's report, the initial filings for unemployment insurance stood at 419,000 by the end of the week on July 17, far above the Dow Jones estimate.

After all, the Dow Jones estimate on the number of unemployment insurance filings for the week ended July 17 was only 350,000. The numbers were highest ever since May 15. 

As the news became public, the impact was clearly felt in the stock market futures.

Government bond yields slid to the lower side, whereas wall street was on a somewhat negative side.

Amid all the negatives, the declining number of continuing claims turned out to be the only good news.

The continuing claims came down to 3.24 million, declining 126,000 from the previous week.

It is the lowest ever figure in the pandemic when it comes to the continuing claims. 


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