Placeholder Makes Huge Profits from MKR and UMA

In this regard, venture capital firm Placeholder invested $32 million in Maker (MKR) and UMA to Coinbase.

According to blockchain data analysis platform Spot On Chain, Placeholder invested $20.9 million worth of 7,250 MKR and $11.9 million worth of 5 million UMA in Coinbase during the day.

Placeholder was an early investor in both MKR and UMA, buying MKR at an average price of $765 and UMA at $0.382.

Comparing the buying prices with the selling prices, Placeholder made a 4x profit on MKR and a 12x profit on UMA.

Galaxy Digital Sells Avalanche (AVAX)

Apart from Placeholder, Galaxy Digital also sold altcoins. According to blockchain analyst The Data Nerd, Galaxy Digital deposited $2.93 million worth of Avalanche (AVAX) to Binance.

Accordingly, Galaxy Digital deposited approximately 105,000 AVAX (2.93 million ) from its over-the-counter (OTC) wallet to Binance.

As a result of the sales, the prices of MKR, UMA, and AVAX fell.

The post Institutional Whales Dumped Millions in Three Altcoins Including AVAX! appeared first on Coin Engineer.

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Polymer Labs said on Tuesday that the round was led by Blockchain Capital, Maven 11, and Distributed Global, with participation from Coinbase Ventures, Placeholder, Digital Currency Group, North Island Ventures, and Figment Capital.

It is unclear when Polymer started raising for the round or when the project closed. Co-founder Peter Kim declined to comment on the timeline. He also declined to comment on the structure of the round, whether it was equity, token, or equity plus token-warrant round, and valuation.

Polymer’s Series A seed round occurred two years ago, raising $3.6 million. Kim said the project is in the development phase of its Ethereum composability infrastructure and plans to launch the Testnet in about 2 months.

Ethereum Interoperability Hub

Polymer Labs is building an “Ethereum interoperability hub” to connect all blockchains, starting with Ethereum, with the goal of creating the next generation of the internet.

Polymer noted that existing Layer 2 networks and interoperability token bridges are widely used but not robust against attacks, adding that the Layer 2 aggregation will enable protocols on different chains to “communicate efficiently and securely, improving their functionality without introducing new trust assumptions.”

The company is using the centrally managed Cross-Chain Communication protocol, the Cosmos standard for blockchain interoperability, and the Optimism Stack.

Polymer said that eventually, any developer building any Web3 application on any chain will be able to use the interoperability tool.

The post Polymer Labs Raises $23 Million in Series A Funding! appeared first on Coin Engineer.