It was inevitable, given that traditional cryptocurrencies have no backing by any assets. There is need to think of creating cryptos that address the high volatility of digital currencies. Cryptocurrencies backed by no assets have the perceived value only and even a single tweet from influencers like Elon Musk can affect their valuation greatly. TerraUSD Backers Seek $1.5 Billion to Prop Up Stablecoin The startup tells TechCrunch that it has closed a $200 million “strategic” investment led by a16z, with participation from Tiger Global, Katie Haun, Multicoin Capital, 3 Arrows Capital, FTX Ventures and Coinbase Ventures among others. Another investor of note in the maiden round is Silvergate Capital, though the Aptos team swears they will not be licensing or utilizing any of the Diem IP that Silvergate owns as they build out their blockchain.
Gemini, the crypto exchange led by the billionaires Tyler and Cameron Winklevoss, also announced this month that it was laying off 10 percent of its work force. In a memo to staff, the Winklevoss twins said the industry had entered a “crypto winter.” Read and share thoughts with a community that collaborates and helps each other Tesla was incorporated in July 2003 with the name Tesla Motors by Martin Eberhard and Marc Tarpenning. In February 2004, with an investment of $6.5 million, Elon Musk became its largest shareholder. Here is an interesting Tesla fact: Musk fought a legal battle to earn the status of being named a company ‘founder’. Today, Musk owns around 15% of Tesla, implying his $6.5 million investment is now worth more than $80 billion.