Media sources said Binance immediately disputed the content of the news. According to representatives of the exchange, the Reuters story indicates outdated information: such an investigation into Binance was conducted in 2018 and focused on the company's compliance with US anti-money laundering laws and sanctions.
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Many investors immediately freaked out upon hearing the news: however, there is no cause for panic or emotion. According to CryptoCompare, Binance and Coinbase, the largest US crypto platform, have both strengthened significantly since the FTX collapse. The chart below illustrates the market share dynamics of exchanges supporting fiat currency trading.
In addition, among exchanges that only support crypto-asset trading, Binance's share rose from 82.7% to 87% over the same period.
Binance supports crypto market
The fact that Binance has no problems (both legal and financial) can also be deduced from the fact that the world's largest cryptocurrency exchange created a $1 billion fund in late November, which aims to restore the cryptocurrency market after the FTX collapse. The fund is designed to support companies and projects that «through no fault of their own face significant short-term financial difficulties».
While Binance continues to grow steadily and help the cryptocurrency market through a bad patch, the field of Web3 development is also gradually gaining stability and attracting more attention from venture capitalists. According to Venture Intelligence, funding for next-generation Internet-related projects has doubled this year in the first six months alone.
The sector has already raised more than $1 billion, up from $0.5 billion for all of 2021, indicating the continued interest of venture capitalists in the emerging space despite unfavourable macro indicators and a crypto winter. According to Polygon Ventures' chief investment officer, Aashima Arora, although the pace of investment growth has slowed, the market is now trending towards more interesting projects as the additional information noise has disappeared.
If you're the founder of a Web3 startup and are wondering how to survive the current crypto winter and take your business to the peak after the bear market, read our tips and tricks — they will help you streamline workflows and make your project even better.
Scale Up Your Project With PayApp
What Is PayApp?
PayApp is B2B online banking with acquiring for businesses with worldwide payment acceptance and online assistant. With this app, you can manage all your Mastercard or Visa debit/credit cards in one place and pay at the touch of a button.
Another definite advantage of PayApp is that it can be integrated into absolutely any iOS and Android app. Thanks to the clear code, it's easy to integrate, and the overall design in your shop's app is fully retained.
PayApp's main goal for the next six months is to give startups and small businesses the most convenient banking tool with the ability to open a business account in a day and save them the hassle of accepting online payments and reporting to the tax authorities.
Find out how marketing strategies changed during the bear market and build a better business model
Nearly two trillion dollars disappeared from the crypto industry in 2022. Start-ups around the world have laid low and are waiting for the market to revive again. On the other hand, investors are only investing in active teams that have great growth potential and a desire to scale.
The new realities of the global economy have also changed consumer behavior, forcing large companies to take a fresh look at promoting their products. For example, self-isolation has set new consumer behaviors — a preference for online shopping, rational spending in times of crisis, and the consumption of content digitally.
These changes have strongly influenced marketing and advertising. Successful brands and start-ups must adapt to these new market conditions and be proactive in thinking through strategic solutions and implementing them in their ongoing marketing campaigns. The main mistake at this stage will be to retreat into the shadows and wait for the market to start growing again. After all, a bear market offers excellent marketing opportunities:
Freedom from information noise;
An investment opportunity that will yield huge returns during the next bull rally.
Analyze the news and read success stories of Web3 startups
To stay in the know of the Web3 scene and stay one step ahead of the competition, don't forget to read news and interesting stories about promising startups on their way to success. For example, we recently published a digest that talks about the strong European venture funding of blockchain companies and the major mistakes that founders continue to make. We also mentioned in the piece the success story of a startup developing Memory Bank, whose founder was invited to Draper's Hero training program in Silicon Valley after a pitching event organized by the InnMind team.
Watch pitching sessions and Demo Day with startups from the InnMind team
The pitching and demo day with the startups that took part in the three-month InnMind Accelerate program can help you understand what the founders want from the venture capitalists and how to best present your project to them. After all, getting investment during a bear market is no easy task, requiring entrepreneurs to be persuasive, flexible and focused while pitching a startup.
In addition, we post recordings of pitching sessions and Demo Day on our LinkedIn profile.
We know that many startup founders are now thinking about their options and the future of the whole Web3 industry. So, we would like to give a little advice, which might be useful for aspiring entrepreneurs: don't stop developing new marketing strategies and gather around like-minded people, who share your idea, instead of waiting for another giveaway of free products/tokens.
If you want to know more about how to develop your startup, what trends are prevailing in Web3 sphere right now and how to find venture capitalists during the subscribe to our platform: