Bank of Japan’s YCC Amendment Talks & Sequoia’s Crypto Fund Downsizing: Key Updates

• The Bank of Japan (BOJ) is set to discuss modifications to its Yield Curve Control (YCC) policy.
• Sequoia, a leading American venture capital firm, has reduced the size of its cryptocurrency fund.
• Animoca Brands, a prominent Web3 company, plans to invest $30 million in the cryptocurrency app ‘hi’.

This article provides a summary of key cryptocurrency news, including the Bank of Japan’s upcoming discussions on its YCC policy, Sequoia’s decision to downsize its cryptocurrency fund, and Animoca Brands’ planned investment in the ‘hi’ app.

Bank of Japan’s Yield Curve Control Policy

The BOJ is scheduled to discuss potential modifications to its YCC policy in a financial policy meeting on the 28th. According to reports, the bank is considering allowing long-term interest rates to exceed the current 0.5% cap in response to market trends. This news has caused a surge in the value of the yen against the dollar.

Image Source: Yahoo! Finance

Sequoia’s Cryptocurrency Fund Downsizing

Sequoia, a major venture capital firm in the U.S., has decided to reduce the size of its cryptocurrency fund from $585 million to $200 million. This decision also affects the firm’s ecosystem fund, which invests in venture funds, and has been halved from $900 million to $450 million. The downsizing reflects the prolonged bear market, and Sequoia plans to focus on supporting emerging companies in the future.

Animoca Brands’ Investment in ‘hi’

Animoca Brands, a leading company in the Web3 space, has announced plans to invest $30 million in the cryptocurrency app ‘hi’. The investment is aimed at providing developers with access to ‘hi’s unique human authentication technology. The ‘hi’ app offers digital banking services such as cryptocurrency exchange and cryptocurrency debit cards, and reportedly has 3.5 million registered users.

We are thrilled to announce that @AnimocaBrands has entered into a strategic partnership with hi, accompanied by a USD 30 million investment

Read the full announcement at the Blog: pic.twitter.com/E8Vj6FLkn2

— hi | Web 3 Neo-Banking (@hi_com_official) July 27, 2023

Conclusion

In conclusion, the cryptocurrency world is constantly evolving, with major institutions like the BOJ and Sequoia making significant decisions that could impact the market. Meanwhile, companies like Animoca Brands are investing heavily in promising projects like ‘hi’, indicating a bright future for the industry.