Web3 on 🔥 | 🏦 Euro Reaches Parity Against the US Dollar

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🎮 Despite the bear market, users are increasing in blockchain-based games.🤑 Multicoin Capital has raised $430 million for a new crypto startup fund.🏦 Euro Reaches Parity Against the US Dollar

Despite the bear market, users are increasing in blockchain-based games.

Despite the current bear market, data shows that blockchain-based gaming protocols have seen an increase in daily active users and transactions.

Crypto winters are always difficult, but one of their benefits is that they clear the clutter, allowing legitimate projects to stand out. While most investors are focused on the most recent centralized finance (CeFi) and decentralized finance (DeFi) scandals, the blockchain gaming sector has quietly weathered the storm better than other market segments. The total of gaming-related operations is currently 173.17 million, far exceeding any other sector of the market, with decentralized finance coming in second with 8.86 million.

Despite the sharp drop in blockchain gaming-related altcoins, gaming has proven to be one of the more resilient sectors in terms of active user retention. This fact, combined with the gaming industry's growing popularity, suggests that it is one sector with the potential to lead the way into the next bull market.

Multicoin Capital has raised $430 million for a new crypto startup fund.

Despite the fact that Bitcoin, Ether, and other altcoins are all in a bear market decline, venture capital for the crypto industry is increasing.

Multicoin Capital, a noteworthy crypto investor, has launched a new venture fund worth $430 million, demonstrating venture capital's increased interest in the blockchain economy amid the bear market.

According to the company, Multicoin's Venture Fund III will invest between $500,000 and $25 million in early-stage companies in various crypto- and blockchain-focused industries.

It is also prepared to invest up to $100 million or more in later-stage projects with a strong brand and market presence.

Multicoin take on this was: “While the vast majority of crypto-innovation has been focused on coordinating digital communities and economies, tokens also create opportunities for innovation in capital formation and human coordination that extend beyond the digital world and into the physical,”. The company also emphasized on the data decentralized autonomous organizations, or data DAOs, as strong motivators for user participation.

Delphia, a data DAO project, closed a $60 million Series A funding round in June, with Multicoin Capital as a key investor.

Euro Reaches Parity Against the US Dollar

The Euro was officially launched back in 1999, with the first coins and banknotes coming in to offiacial circulation by 2002. Close to 24 years later, the euro is underperforming versus the US dollar, as the EU's sovereign currency hit parity with the US dollar on Tuesday, July 12. The EU has experienced high inflation as a result of monetary easing during the Covid-19 outbreak and the Ukraine-Russia war. Before the war, the EU received almost 40% of its gas from Russian suppliers. The US dollar has been in great demand recently, with the fiat currency reaching a 20-year high against a basket of fiat currencies on Wednesday. The euro has already achieved parity with the US dollar, with the fiat currency matching the dollar's exchange rate in 2002, the same year euro-based notes and coins were launched. Analysts are skeptical that the eurozone's situation will improve in the foreseeable future. "Given the nature of Germany's exports, which are commodity-price sensitive, it is difficult to imagine that the trade balance might improve considerably from here in the next months, given the predicted slowdown in the eurozone economy," says the report.

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