Blockchain company Oasis announced a change in upper management on Tuesday. According to a statement from the company, Alana Ackerson will join the company as its new president. The management change comes at a time when the company is looking to grow its finances through funding rounds.
Oasis appoints Alana Ackerson as its new president
Oasis Pro said Tuesday that new president Alana Ackerson will bring a wealth of expertise to the company. This includes developing and growing cutting-edge financial technology companies. Previously, she was 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 entry into the company will focus on the prospects of expanding capital in the future.
Oasis is going for a new round of financing
In addition to 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 round of funding for an undisclosed amount.
However, the timing of the funding increase seems somewhat at odds with market trends. Funding in the blockchain market has continuously declined since 2022, with factors such as the collapse of the FTX, Fed rate hikes, and uncertain market conditions contributing to this. With the new management change, Oasis will now look to gauge more investors who want to invest in the company.
The blockchain market has seen funding decline for two years in a row
According to data from Crunchbase, funding for Web3 companies – which operate in the cryptocurrency and blockchain industries – fell 74% year-over-year in 2023. That year, less than $7 billion came to startups in 1,564 deals. These figures amounted to $26.6 billion in 2,891 transactions in 2022.
However, a growing market capitalization and the expectation of a recovery in the future ensure that market sentiment remains intact. In 2021, the global blockchain technology market was estimated at $5.85 billion. By 2030, this is expected to grow to $1,235.71 billion, or 82.8% annualized.
The development of Blockchain technology has gained momentum in various sectors. One of the most important of these is the increasing need for e-identity. As more and more governments adopt blockchain technology for identification and other processes, it provides legitimacy and validation to the sector. This, in turn, could boost investor sentiment and lead to firmness in the market. That said, other industries such as healthcare, EV, education, etc. will also rely heavily on blockchain technology in the future.
Although the digital ledger market has seen a decline in investment over the past two years, expectations that the startup ecosystem in this sector will grow are still high.