Crypto On LYO: The Blend —Crypto Outlook Strengthened by US Banking Turmoil, Turkish Crypto Exchange Raises $11 Million, EOS Network Ventures Commits $200M to Build Dapps and Games

What happened in the crypto world in the last week? Let’s see some interesting news together!

Cryptocurrency Outlook is Strengthened by U.S. Banking Turmoil: Coinbase

The medium to long-term outlook for the cryptocurrency market has been “reinforced to the upside” following recent turmoil in the U.S. banking industry, Coinbase (COIN) said in a report Friday.

“Cryptocurrencies have exhibited some resilience, in part due to technical reasons,” but also because more people “now appreciate the fundamental value proposition of having an alternative to the points of failure inherent in the traditional financial system,” wrote David Duong, head of institutional research.

The technology behind open blockchains and transparent smart contracts stands in “stark contrast to the poor risk management practices that led to the turmoil witnessed in the U.S. banking sector this week,” the report said.

This supports the argument in favor of digital assets as an alternative and as a viable solution to the “points of failure witnessed in the existing financial system,” the report added.

Turkey’s Crypto Exchange Raises $11 Million In Seed Funding

Metatime, a Turkish crypto exchange that has yet to launch, raised $11 million in seed funding.

Turkish investment firm Yildiz Tekno GSYO and multiple undisclosed angel investors provided the funding, Metatime said.

Abdurrahman Kilic of Yildiz Tekno confirmed the investment to The Block. The firm’s limited partners are some of Turkey’s biggest companies including Halkbank, Turk Telekom and Kalyon Holding.

Crypto is popular in Turkey where inflation is sky-high and the currency is devalued. The country was ranked twelfth in Chainalysis’s 2022 Global Crypto Adoption Index.

EOS Network Ventures Commits $20M to Build dApps and Games on EVM

EOS Network Ventures has committed $20 million in capital to develop applications and gaming products on the EOS network after April’s Ethereum Virtual Machine (EVM) launch.

“EOS Network Ventures (ENV) is making a formal commitment to invest $20M directly into $EOS EVM and GameFi projects”, EOS Foundation CEO Yves La Rose tweeted early Monday. “EOS EVM will also have the most funding available for builders,” he opined.

“With $20M up for grabs for EVM projects, we expect a massive influx of developers who want to take advantage of the funding opportunities”, La Rose said, adding the commitment was made to attract developers and builders to the EOS blockchain in the coming months.