Singapore-based Enjin has built a number of apps to support its ecosystem, including a blockchain wallet, a marketplace for collectibles and a game-development platform allowing third-party devs to include blockchain in their projects.

The venture arm of cryptocurrency wallet, data and exchange provider Blockchain has taken a stake in blockchain game technology firm Enjin.

Blockchain Ventures said on Tuesday that the investment makes it the first equity investor in the gaming tech firm, which enables tokenized in-game items to be ported across ethereum-based titles built using its platform.

Blockchain Ventures didn’t disclose the amount of the investment.

The gaming firm’s token, enjincoin, notably soared 70 percent in March when news broke that the Enjin wallet had been included in the offerings on Samsung’s Galaxy S10 blockchain phone.

Among the reasons it’s now an Enjin backer, Blockchain Ventures said:

“The Enjin token economic model, where Enjin Coin (ENJ) is locked within virtual in-game items and non-fungible tokens (NFTs) is something we hadn’t seen before. This facilitates both the price discovery and value recovery that have been challenging for NFTs. “

Blockchain had been for years primarily a top bitcoin wallet and blockchain data provider, but has more recently been expanding its offerings. The firm announced a new crypto exchange platform – oddly dubbed The PIT – back in July, and was said to be raising a $50 million cryptocurrency-focused VC fund last month.

Wallets Hodling 0.1+ BTC Hit All-Time High As Halving Looms

The number of addresses holding at least 0.1 Bitcoin has exceeded the 3-million mark for the first time as hodlers brace for the halving.

Source: glassnode

Analysts who adhere to the efficient markets hypothesis, believe that the halving is already priced in and will not significantly affect the price. However, there are those who believe that markets are irrational and that the market dynamics is better described by behavioral economics instead – the field pioneered by Danny Kahneman, a psychologist, who received a Nobel Prize in economics for his groundbreaking work. At least, for the moment, the latter may have an upper hand.

Hedge against fiat?

Interestingly, even the “halving” of the price on Black Thursday, has not slowed down the growth of addresses holding at least 0.1 BTC. While those holding 0.1 BTC cannot be identified as “whales”, this growth likely reflects the greater adoption and accumulation by retail investors.

It also comes at a time when central banks around the world are flooding the economy with money. This may be an attempt on the part of the public to hedge their savings against the debasement of fiat currencies.

Source: Cointelegraph, Quandl

Though some find it undeniable that recent socio economic events will have a favorable effect on Bitcoin, only time will tell whether it is setting up for a 2017-like bull run.

cointelegraph.com

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