Filecoin (FIL) is a cryptocurrency that powers the Filecoin network, a decentralized cloud storage solution that enables anyone to buy or sell computer storage and allows Web3 applications to store data on its platform. It is a peer-to-peer network that involves Filecoin peers participating and engaging in various ways. It consists of storage providers and clients who make deals and contribute to the Filecoin blockchain, acquiring storage services and getting rewarded through the process. Since storage prices are determined by supply and demand, the prices are competitive against centralized storage providers.
Filecoin has partnered with companies such as Wikipedia and OpenStreetMap, to store their data archives on the Filecoin network. The network is also supported by renowned organizations that help build the ecosystem, including Protocol Labs, Filecoin Foundation, and Outercore.
As of Q2 2022, growth has been apparent for Filecoin, as it exceeded 16 exabytes (EiB) in network storage capacity. The Filecoin network storage capacity is supplied by over 4,000 storage providers globally and has over 450 projects built in the ecosystem. The projects and use cases include NFTs, Web3, metaverse, gaming, and more. The network also had a 128% increase in active deals compared to the last quarter. If the demand continues to increase, Filecoin has the potential to be one of the leading providers of decentralized storage and cloud services for traditional and Web3 applications.
Filecoin’s all-time-high (ATH) price peaked at $236.84 in April 2021 and is currently trading at $4.96 (as of October 13th, 2022).
Filecoin (FIL) is available for investing on the Matrixport app, alongside other blue-chip cryptocurrencies like Bitcoin (BTC), Ether (ETH), Solana (SOL), Stablecoins (USDT & USDC), and many more. You can stake, invest, swap, auto-invest, and trade with FIL.
Matrixport is one of the world’s largest and most trusted digital assets ecosystem providing one-stop crypto financial services to meet the emerging needs of generating long term wealth in digital assets. It forges strategic collaborations with early stage Web3 innovators, helping them build, grow and scale and the company’s services include Cactus Custody™, spot OTC, fixed income, structured products (including Dual Currency), lending as well as asset management.
With USD4B in actively managed digital assets, Matrixport achieved pre-money unicorn valuation in 2021 and was named by CB Insights as the 50 most promising blockchain companies in the world in 2022. Its digital prime brokerage business, Matrixport Institutional, serves 500+ institutions across the US, Europe and Asia, offering best-in-class access, leverage, capital Introduction and custody services.
Headquartered in Singapore, the company holds a Hong Kong Trust Company License and a Swiss FINMA SRO-VQF Membership. For more information, visit www.matrixport.com.
Filecoin is a decentralized storage network system that is designed to transform unused storage data into an efficient storage system to help reduce storage fees for users globally. It is an open protocol and is backed by a blockchain that involves the network participants’ commitments and Filecoin transactions.