Blockchain firm Oasis on Tuesday announced a change in its upper management. According to a statement released by the company, Alana Ackerson will join the company as its new president. The management change comes at a time when the company is looking forward to expanding its finances via funding rounds.
Oasis names Alana Ackerson as its new president
Oasis Pro on Tuesday said that its new president Alana Ackerson will offer the firm a wealth of expertise. This would include developing and growing cutting-edge financial technology businesses. Previously, she was a co-founder of Figure Technologies and Provenance Blockchain.
The new appointment for Oasis comes at a time when the company is looking to expand its capital and customer base. According to the same company statement, Ackerson’s incoming into the company will be focused on its outlook of expanding its capital in the future.
Oasis to go for another round of funding
Apart from hiring a new president for the company, Oasis is also looking forward to a series of funding rounds. According to Bloomberg reports, Oasis is raising a series B funding round at an undisclosed amount.
However, the timing of the funding raise seems a bit contrary to the market trends. Funding in the blockchain market has continuously declined since 2022 with factors like FTX collapse, Fed rate hikes, and uncertain market conditions contributing to it. With the new management change, Oasis will now try to gauge more investors who will invest in the firm.
Blockchain market has seen funding decline for two continuous years
According to Crunchbase data, funding for Web3 businesses—those in the cryptocurrency and blockchain industries—fell 74% year over year in 2023. The year saw less than $7 billion coming to startups in 1,564 deals. These figures were $26.6 billion in 2,891 transactions in 2022.
However, a growing market cap and an expectation of a rebound in the future is what is keeping sentiments in the market afloat. In 2021, the market for blockchain technology was estimated to be worth $5.85 billion worldwide. By 2030, this is expected to have grown to $1,235.71 billion, or 82.8% annually compounded.
The development of Blockchain technology has been propelled in various sectors. One of the most important of them is the increasing need for e-identity. With more and more governments using blockchain technology for identification and other process, it provides legitimacy and validation to the sector. This in return could boost investor sentiments and could lead to a firmness in the market. That being said other sectors like healthcare, EV, education, etc. will also heavily rely upon blockchain technology in the future.
Though the digital ledger market has seen a slump in investment in the last two years, the anticipation of the startup ecosystem growing in the sphere is still high.