Midas Investments, the hybrid centralized/decentralized (CeDeFi) cryptocurrency platform, announced on Tuesday, December 27, that they will be ceasing operations following significant losses faced this year. The team will now focus on a new on-chain CeDeFi project.
The Midas founder highlighted that the company's total liabilities amount to $115 million while the assets are at $51.7 million. The collapse of Celsius Network and FTX led to more than 60% of Midas' assets under management being withdrawn. This, in turn, caused significant losses that made it impossible for the company to continue operations.
Midas.Investments, a leading crypto custodial investment platform, is dropping the Fantom blockchain for Ethereum. The migration, set for early November, will enable the integration of new features and make the platform more accessible to users.
The next-gen custodial crypto-investment platform Midas.Investments has announced the finish of the migration of its native token $MIDAS, from the Fantom network to Ethereum. This move will bring the platform closer to its goal of offering a seamless and convenient user experience.
Crypto hedge fund Galois Capital is supposedly the latest entity to terminate operations due to FTX's fallout. This is a blow to the industry, especially as the market is still recovering from the impact of the Covid-19 pandemic.
The war in Ukraine, Europe's energy crisis, a frozen IPO market, and a sell-off in public tech stocks herald a hard winter for Europe's tech industry. The fallout from FTX and Celsius Network's collapse is a significant blow to the crypto industry, adding to the uncertainty and volatility in the market.
Midas Investments' imminent closure is a significant loss for the crypto investment space. However, the team's pivot to a CeDeFi model is an exciting development that could change the industry's landscape. CeDeFi combines the best of centralized and decentralized finance, offering users a seamless and secure investment experience.
CeDeFi platforms enable users to access traditional financial instruments such as loans, insurance, and investments through decentralized networks. This allows users to retain ownership and control of their assets while benefiting from the security and transparency of blockchain technology.
Midas Investments' pivot to CeDeFi could help to bridge the gap between traditional finance and the crypto industry. By offering users a seamless and secure investment experience, the platform could attract a wider range of users and help to boost adoption in the crypto space.
In conclusion, Midas Investments' closure is a significant blow to the crypto investment industry. However, the team's pivot to a CeDeFi model is an exciting development that could change the industry's landscape. By offering users a seamless and secure investment experience, the platform could help to bridge the gap between traditional finance and the crypto industry, boosting adoption and driving innovation in the space.