Matrix Adoption of New Vector Raised $8.5M
New Vector, London-based decentralized communication startup, has raised as much as $8.5 million to fuel the adoption for Matrix, a major alternative messaging protocol.
Furthermore, the Matrix protocol will continue to scale and grow its network with the newly raised funds. And as part of the adoption plans, the firm will dedicate funding to Modular.im, the hosting platform of Matrix.
The Matrix is an open standard, which supports a secure and decentralized global communications network. According to the company, the protocol gives secure communication through interoperable instant messaging and Voice over Internet Protocol (VoIP) apps. Also, it retains ownership and control of data.
In the announcement, the Matrix network has expanded to over 11 million users and 40,000 deployments. And it also has high-profile clients like the United States government, the French government, non-profit firm educational project Wikimedia, and software firms KDE as well as RedHat.
Meanwhile, major crypto bull Tim Draper joined in mid-September the board of directors of EOS-based decentralized application company MakeSense Labs.
Altcoin Shares Bitcoin’s Price Rise
Elsewhere, many altcoins such as Ether, Chainlink, and Binance Coin displayed signs of revival on the charts following some months of hardships. And this flicker hopes for a new bull-run.
As the end of 2019 comes, the Bitcoin price looks back on a whole positive year. It boosted as high as $13,880 from $3,330 in the first six months of the year. After that, it went down to $7,715 several months later.
Moreover, altcoins joint with the richness of Bitcoin’s parabolic price increase. Most of the top market cap cryptocurrencies posted notable gains. The state of the altcoin market looks like it is changing, though. And some altcoin projects have also come forward with announcements. As a result, it adds to the positive sentiment on the scene.
Bitcoin, on the other hand, paves its way for altcoins in one form or another. Crypto’s largest asset’s market dominance is known as a metric used by analysts for altcoin health.
