Matrix Protocol Adoption of New Vector
To drive adoption for Matrix, New Vector, a London-based decentralized communication startup, raised $8.5 million.
In addition to that, the Matrix protocol enables secure communication through end-to-end encrypted messaging applications – like Riot.IM, the alternative for WhatsApp, Telegram, or Slack. And on October 10, New Vector announced that it would further scale and develop its network with the use of the newly raised funds.
Furthermore, investors of the New Vector’s Series A funding round include European seed fund Firstminute Capital, enterprise software venture firm Dawn Capital, and Software as a service (SaaS)-focused Notion Capital.
A part of the plan to fire up the adoption of Matrix, the firm will dedicate funding to the Matrix hosting platform Modular.im.
The Matrix protocol is an open standard that has a secure and decentralized global communications network. The firm stated that the protocol gives secure communication via interoperable instant messaging and Voice over Internet Protocol (VoIP) apps. At the same time, it holds ownership and control of the data.
Altcoins Showed Positive Signs
Finally, after some months of difficulty, several altcoins like Ether (ETH), Chainlink (LINK), and Binance Coin (BNB) displayed signs of life on the charts. And this gave hope for another bull-run.
Moreover, Bitcoin price (BTC) looks back on an overall progressive year. Crypto’s most tremendous asset increased to $13,880 from $3,330 during the first half of 2019. After that, it retraces down to $7,715 a few months later.
Similarly, altcoins shared with the abundance of Bitcoin’s parabolic price rise. And the majority of top market cap cryptocurrencies showed remarkable gains. After Bitcoin paints its 2019 high of $13,880, it had a drop in price, posting lower gains. Then, all the momentum altcoin had gained vanished during Bitcoin’s price run, spiraling into some strong downtrends.
However, as Bitcoin’s market dominance declines, and a lot of digital assets began to show positive market data, the situation of the altcoin seems to change somehow. And few altcoin projects also arise with announcements, putting another positive sentiment to the scene.
