Aurix CEO Majed Mohsen figured out a way to help people understand why crypto is essential. There are plenty of benefits of crypto, but not many use crypto than the number of people fiat currencies mainly because people don’t know the value of crypto.
If we compare the number of businesses that use crypto over the years, this graph gives a clear picture:
Although there is an increase in the numbers, it is relatively small, and the primary reason behind this slow growth rate of crypto is the lack of secure incentives and rewards.
Aurix Chain and its role in cashback transfers?
Consider a situation wherein you go to a shop and try to pay crypto. If the transaction takes a long time for validation or multiple glitches in the payment gateway, you will pay with fiat currency instead.
There is a logical play here. The thing is that whenever a user wants to buy something from a vendor, he wants the product immediately, and this is the reason why crypto hasn’t been able to grow much in recent times.
Aurix CEO Majed Mohsen identified this issue, and therefore, a new platform came into existence.
The Aurix Chain is a part of the Aurix Ecosystem, and it is responsible for the proper working of the following:
- Aurix Exchange: A significant and massive part of the Aurix Ecosystem entirely runs on the Aurix Chain. The blockchain is responsible for transferring payments from one person to another at incredible speeds and unbelievable accuracy. Aurix Exchange is responsible for calculating and storing Aurix Tokens staked by a person and the payment method.
- Aurix Token: The staking of Aurix Token is responsible for colossal cashback received by the traders. The more Token staked, the more is the cashback that they receive. One can get cashback up to 90 percent! The Aurix Chain maintains and validates the Token and ensures that everyone will get their cashback even after a hundred years. It is the Aurix Chain that helps the cashback process in being hassle-free.
- Aurix MasterCard/Visa: A person who uses Aurix MasterCard/Visa to pay a merchant will get as much as 9 percent cashback.
Aurix Chain maintains the above platform: Every person who uses the platform gets his or her cashback with 0 penchant chances of error.
Aurix Cashback Benefits
Aurix cashback provides as much as 90 percent cashback to the people who stake Aurix Token and participate in the validation process. For other users enjoying the services of MasterCard, 9 percent cashback is reserved.
As a result of such benefits, one can expect many people directed towards crypto adoption for customers. Aurix will provide faster and secure payment methods, and therefore when customers start using this, eCommerce businesses will follow.
In the grand scale of events, one will notice people shifting their use of traditional payment gateways and adopting more crypto-friendly gateways like Aurix. With this, one can expect a considerable change and the initiation of the crypto revolution.
Aurix CEO Majed Mohsen saw this entire scenario a long time ago when the crypto world was still new. The difference that the existence of crypto has made in such a short time is tremendous. With the development of Aurix, you can use its plug-ins even to pay a shopkeeper with crypto without any difficulty. Thus the scenario has entirely changed, and when the time comes, a large number of businesses and customers will be using crypto payment gateways.
Despite Bitcoin’s strong fundamentals, its price has been struggling for weeks. A popular crypto analyst argued that this might be because of the ongoing craze around meme coins, which are seeing massive inflows of fresh funds.
However, he believes the trend could be changing soon, and tokens with actual intrinsic value, like BTC, will resume their bull runs.
Where Are the Attention and Money Going in Now?
Although it started as a joke eight years ago, Dogecoin took center stage in 2021 and hasn’t vacated its spot yet. The craze that started with Elon Musk and was supported by names like Mark Cuban and Snoop Dogg attracted the masses, and it became arguably the most widely discussed topic in and outside the crypto community.
Somewhat expectedly, others wanted to take advantage of the ongoing mania, and numerous copycats emerged. Coins that seemingly have no value or product, despite advertising future services, garner people’s attention due to massive fluctuations and promises for multi-digit returns.
Yet, the formula is working as quite of few of them have skyrocketed lately. The most recent example is a token called Shiba Inu (SHIB) which is up tenfold in the past few days alone.
This further enhances the snowball effect, and some of them became the most searched and viewed digital assets.
Apart from the mind-blowing returns, the following chart from CoinMarketCap confirms this.
Smart Money to Go in Bitcoin Soon
In light of the apparent trend showing which are the hottest cryptocurrencies in the market now, CryptoQuant’s CEO argued that this is the primary reason why bitcoin’s price has been struggling.
He believes that the asset’s fundamentals are still “strong,” and on-chain data support this narrative. As reported before, institutional investors continue accumulating, miners refuse to sell, smaller hodlers withdraw their coins from exchanges, etc.
The hash rate also recovered after the mid-April brief declines and is back at record-high levels as well.
However, the asset’s price has struggled in the past month. After registering an ATH at $65,000, bitcoin slid hard and even dipped below $50,000 for a few days. Despite bouncing off, it has failed to overcome $60,000 and currently trades about $10,000 from its ATH.
At the same time, many altcoins see frequent new records, including the aforementioned massive surges by the meme coins. Nevertheless, CryptoQuant’s CEO, Ki Young Ju, believes that this trend is about to change soon.
“The market will become smart money soon, and the funds will go to major coins that have intrinsic value.” – he concluded.
Elon Musk, also referred to in social media as the ‘Dogefather,’ due to its affiliation with the Dogecoin currency, has hinted Tesla could start accepting the currency as a payment for its cars. The company, which is now accepting bitcoin as payment for its cars and holds it as part of its reserves, could also include dogecoin as part of its accepted cryptocurrency roster.
Elon Musk Hints at Tesla Accepting Dogecoin
Elon Musk, CEO of Spacex and Tesla, has hinted today at the possibility of the electric car company accepting dogecoin (DOGE), the now-famous meme coin as payment for its cars. Musk asked today in a poll on Twitter to his fans if they would like this to happen. Unsurprisingly, he got a mostly positive answer, with more than 70% of the polled answering they would like it at the time of writing.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
Musk is has been one of the main proponents of cryptocurrency in the corporate arena. Tesla is already accepting bitcoin (BTC) as payment for its cars directly on its website, but dogecoin is a relatively unstable currency in terms of price compared to the former, and if it indeed received by the company, it’s unclear if it would be sold for fiat money.
The company bought $1.5 billion in bitcoin last February and it has declared it is holding the bitcoin has received as payments vehicle sales in the long term, after acknowledging they sold 10% of its bitcoin holdings to prove the liquidity of bitcoin as an alternative to cash.
Is Musk Serious?
The question is whether or not this is a serious inquiry to the people? Musk is known in internet social media circles as a big troll, going to the limits of making statements that had affected Tesla’s finances on Twitter. Musk declared last year Telsa’s stock price was ‘too high,’ triggering a selloff that took stock prices 12% low, and earning the ire of its shareholders at that time.
But that has not been the only time Musk has messed up big in social media: In August 2018, Musk tweeted he was planning to take Tesla private, and that he had secured funding to do it. Again, this statement earned him a lawsuit from the SEC, which argued these tweets could be seen as a way of manipulating stock prices up, give that the actual stock price was actually less than the $420 price announced.
However, if this idea really gets executed, it would not be the first time a company associated with Musk accepts dogecoin as payment. Last week, Spacex also announced they had approved the launch of the dogecoin-paid DOGE-1 mission, which would carry a commercial payload to the moon.
What do you think about Tesla receiving Dogecoin payments for its vehicles? let us know in the comment section below.
Over $1.74 billion worth of cryptocurrencies were ‘liquidated’ yesterday as the market saw a deep pullback, data from multiple sources shows.
As per markets tool Bybt, over 246,000 traders were liquidated in the past day with the single largest single liquidation order occurring on crypto exchange Huobi—a Polkadot (DOT) value to the tune of $8.51 million.
‘Liquidations’ occur when traders borrow excess capital from brokerages/exchanges (i.e., ‘margin’ or trading futures) to place bigger bets on the assets they trade. They pay a fixed fee for doing so, while exchanges close out these positions at a predetermined price—when the trader’s collateral is equal to the loss on that position. Such a trade is then said to be liquidated.
Last weekend, traders likely borrowed in excess of what their books would have allowed and contributed to what became an overleveraged market. Yesterday, when prices dropped, the liquidation levels of other traders had likely triggered, leading to a cascading effect.
Inside the frenzy
Of the $1.74 billion, $1.3 billion came from ‘long’ positions (those betting on higher prices), while the remaining came from ‘shorts’ (those betting on lower prices; they were likely liquidated due to higher leverage even as price moved downward).
Over $439.87 million worth of Bitcoin (BTC) trades were liquidated, a similar amount in Ethereum (ETH) was liquidated, $137.36 million in XRP was liquidated, $95.49 million of Dogecoin (DOGE) was liquidated, and $71.23 million in EOS was liquidated.
Of all exchanges, Huobi saw the largest chunk of liquidations with $453 million, followed by Bybit and Binance at $298 million and $263 million respectively.
Meanwhile, the market even saw $40.19 million worth of SHIB trades—whose futures launched just yesterday on FTX and Binance—get liquidated.
Other petcoins like HOKK, AKITA, HUSKY, and BDOG fell by several percent in the hours after they pumped, likely by traders taking profits on the meme tokens.
The post $1.7 billion liquidated as crypto markets dumps after ‘petcoin’ frenzy appeared first on CryptoSlate.
There's a new dog in town, and it's wasting no time in marking its territory.
Shiba Inu (SHIB) was listed on three different cryptocurrency exchanges in the past 48 hours, after an explosive 966% surge in the same time frame sent the token to 18th in the market cap rankings.
Self-described as the “Dogecoin Killer”, Shiba’s instant addition to Binance on May 10 surprised onlookers, many of whom expected a more in-depth listing process by the world’s largest crypto exchange.
What’s more, the fact that 50% of the SHIB token supply is in the hands of one individual made Binance’s decision to list the token immediately all the more surprising.
The Shiba team purposely sent 50% of the 1 quadrillion token supply to Ethereum co-creator Vitalik Buterin as a means to put the tokens out of circulation. The other 50% was apparently sent to the Uniswap app to provide liquidity. In doing so, the creators claim to have created a decentralized token, the fate of which will be decided solely by the market.
Binance founder and CEO Changpeng Zhao spoke out on the issue of Shiba Inu on Monday, telling his Twitter audience that the exchange was simply following user demand. Zhao said demand to trade SHIB was so high that Binance ran out of deposit addresses for the Ethereum based token:
“Some have voiced concerns about $SHIB listing. We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.”
“Not endorsing it. Super high risk. NFA,” he added.
Shiba Inu’s recent emergence came fresh on the back of the rise of Dogecoin (DOGE). Like Dogecoin, Shiba Inu is emblazoned with a variation of the Shiba Inu dog meme. Also like Dogecoin, Shiba awakened from months of inactivity to surge to what was an all-time high on April 20 (i.e. 4/20 day), the same day Dogecoin reached a then all-time high of $0.420.
But what is there to Shiba Inu except for funny dogs and crazy percentage gains? Well, the project’s “woofpaper” alludes to the creation of ShibaSwap, a decentralized exchange where SHIB holders will be able to swap tokens and take part in yield farming. The exchange is currently undergoing “security tests, audits and final updates,” according to the project’s website.
In addition to SHIB, the project also encompasses a multi-token system consisting of BONE and LEASH. All three are expected to be used as part of Shiba Inu’s yield farming feature.
In addition to Binance and FTX, the OKEx exchange also fell in line and listed Shiba Inu according to Tuesday’s press release.
OKEx CEO Jay Hao used the term “experimental” to describe the motivations behind the token listing, and declared a willingness to list “memetic” tokens.
“We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs. As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens," said Hao.
CoinGecko, a cryptocurrency data aggregator with close to 100 million views per month, still hasn’t given Shiba Inu a proper listing. By all accounts, this is because it has thus far failed to determine accurate circulation numbers for the token.
We asked Binance how the presence of 500 trillion SHIB (worth over $15 billion) in Vitalik Buterin’s personal wallet affected their calculations of the token’s circulating supply. They refused to comment on matters relating to Shiba Inu.
Traders have flocked into the Yearn Finance's YFI markets as their upside opportunities in other top tokens subside.
A lackluster cryptocurrency market did little in offsetting Yearn Finance's bullish bias as the price of its governance token YFI reached new record highs in USD terms on May 11 — just shy of $70,000.
YFI price hits new highs in USD
The YFI/USD exchange rate added $6,258, or 10.02%, to reach $68,748 ahead of the London opening bell. The pair quickly retraced lower as traders decided to realize their profits, hitting roughly $67,067 as of 0736 UTC. Nevertheless, the drop appeared marginal compared to the prevailing uptrend, hinting that YFI could continue its upward momentum following a short-term consolidation period.
The token performed equally well against Bitcoin (BTC), the flagship cryptocurrency whose own uptrend slowed down after hitting a milestone high of roughly $65,000 last month. Tuesday morning, the YFI/BTC exchange rate was near its five-month high of 1.192 BTC. Meanwhile, at its intraday peak, the pair's bid was 1.247 BTC, up 58%.
The massive upside moves in the Yearn Finance token market appeared as its top rivals underperformed severely. At first, Bitcoin continued to show weakness after failing to log a breakout above a psychological resistance level of $60,000. Its strong positive correlation with other top digital assets also pushed their prices lower.
Meanwhile, the biggest losers on a 24-hour adjusted timeframe were Dogecoin (DOGE), XRP, Polkadot (DOT), and Litecoin (LTC). Each fell within the range of 9%-12%, again due to traders' inclination to withdraw profits after the tokens' supersonic price rallies in the previous sessions.
Yearn Finance's YFI was comparatively weaker so far in 2021. The token would surge by almost 160% compared to its altcoin peers' thousands of percentages worth of upside gains. For instance, Dogecoin remained a scene-stealer for most of the first and second quarters, rising by more than 19,000% to eventually outshine other large-cap altcoins.
Technically, YFI served as a hedge as the rest of the cryptocurrency market returned from their overbought levels. But looking closely, what worked in the favor for the Yearn Finance token — at least in the current quarter — is its ability to cast aside a flurry of its major issues.
Banking infrastructure for DeFi
In retrospect, Yearn had a rocky beginning in 2021. Its main problem heading into the year was funding deficits. The Yearn Finance group had no reserves set aside for its core contributors that limited it from gaining any upside exposure. Andre Cronje, the creator of the Yearn Finance protocol, even shared his frustration by writing a blog titled, “Building in DeFi Sucks”.
However, the following weeks witnessed huge community involvement to solve the reserves issue. The YFI holders introduced two proposals and passed them through a democratic vote. The first “Buyback and Build” upgrade assisted in introducing a buyback program that added YFI to their treasury for redistribution.
Meanwhile, the second “Funding Yearn's Future” proposal minted 6,666 new YFI tokens to create the protocol treasury, with a primary focus on funding core contributors.
The next major upgrade came in the form of Yearn V2. Its mid-January launch earlier met with negative reviews due to user interface issues. But the team responded promptly to address those concerns to a successful conclusion. In the months following the fix, the total value locked inside the Yearn Finance pool has climbed to $4.243 billion.
The most notable changes Yearn V2 brought to the Yearn Finance protocol included a new fee structure, multi-strategy vaults, and highly differentiated strategies with the help of a new ecosystem partnership with Cream. YFI prices responded bullishly to the events.
Frax Finance, a fractional-algorithmic stablecoin protocol, has added its fixed yield asset FXB to Yearn vaults. Meanwhile, Alchemix is also building a credit system atop their protocol, confirming that Yearn is becoming a banking alternative to the decentralized finance ecosystem.
The YFI rally takes its long-term bullish cues from the said growth prospects.
- Binance Coin price is expected to observe sideways movement
- The closest support level lies at the $600 mark
- BNB faces resistance at the $680 level.
After climbing to the $678.00 mark, Binance Coin price failed to continue its bullish rally, and the price has seen a steady decline ever. While at press time, the buyers defend the price at just above the $652 mark, the bearish pressure is still strong and prevents the price action from rising above the $653.00 mark.
The broader cryptocurrency market observes a bearish sentiment across the 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Major players that had a loss include Ripple’s XRP and Dogecoin that record a 9.6 and a 12.86 percent decrease, respectively. Meanwhile, Bitcoin and Ethereum record a 4.66 and a 4.77 percent decrease.
Technical indicators for BNB/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the Binance Coin price finally climbed back above the 3.00 mark. Across the EMAs, the 12-EMA still trades below the 26-EMA while both EMAs converge, the difference between the two is negligible, and they may show a reversal at any time.
The RSI broke out of the neutral region on May 3rd but has since dropped back into the neutral zone. The indicator currently trades just above the 52.00mark and moves downwards, suggesting a bearish presence at the current price level. However, the RSI trades with a low slope suggesting low bearish momentum as the buyers appear to be fighting back.
The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the BNB price in the short term. Moreover, as the price is consolidating closer to the bands’ mean line rather than the upper limit, the bands will be leaning downward for the next few candlesticks.
Overall, the 4-hour technical analysis issues a buy signal with 15 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only three indicators issue sell signals suggesting a bearish retracement. Meanwhile, eight indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a buy signal with 16 of the 26 indicators suggesting a bullish movement against only one indicator suggests a bearish retracement. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Binance Coin price?
Binance Coin price is still struggling to cross above the $650 mark as the bulls fail to gain momentum. BNB currently observes low trade volume making it difficult for the price action to make a breakthrough in either direction. Binance Coin price can be expected to continue trading around the $650 mark until trade volume rises.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The “Dogefather” may greenlight Dogecoin as an acceptable payment method for Tesla vehicles.
Tesla CEO Elon Musk has stirred the proverbial “doges' nest” once again with another tweet about the quintessential meme coin, Dogecoin (DOGE).
Tweeting on Tuesday, Musk ran a Twitter poll asking respondents whether they want Tesla to accept Dogecoin as a payment method.
Do you want Tesla to accept Doge?— Elon Musk (@elonmusk) May 11, 2021
The poll, posted at 8:00 a.m. UTC, garnered over 400,000 responses in the first 10 minutes and is almost at the one million mark as of the time of writing. Musk's Twitter poll will run for 24 hours and could be a precursor to the company adding the popular meme coin as a payment method.
Dogecoin proponents have been urging the Tesla CEO to add the Shiba Inu-themed cryptocurrency to its list of accepted payment methods given Musk's apparent fondness for the token.
Indeed, responses to the poll has been overwhelmingly favorable with about 78% of respondents in support of Tesla accepting Dogecoin payments.
As expected, Musk's tweet has caused a significant reaction in the Dogecoin price with the 15-minute chart showing a sudden price action surge for DOGE coinciding with the time when the poll was published.
Dogecoin is up more than 10,600% year-to-date and seemed on course for the $1 mark earlier in May on the back of feverish market enthusiasm.
Such has been the Dogecoin enthusiasm that internet search interest for DOGE outstripped Bitcoin for the first time according to Google Trends.
Tuesday's tweet is the latest linking Dogecoin to one of Musk's companies. As previously reported by Cointelegraph, Geometric Energy Corporation — a Canadian manufacturing and logistics firm — has announced plans for a DOGE-fueled payload on one of SpaceX's first rockets to the moon.
Tesla already accepts Bitcoin (BTC) as a payment method for its electric vehicles. The company made the announcement back in March while also stating its intentions to run a Bitcoin node. Tesla has also stated that it will "HODL" the BTC payments received for its cars.
PS5 shortages have been going on for months, but paying with crypto could enable you to access an untapped supply that other shoppers may not know about.
It was one of the most-anticipated releases of a games console for years — the PlayStation 5.
Sony’s latest hi-spec model also couldn’t have come at a better time. Making its long-awaited debut in November 2020, gamers had high hopes of keeping entertained during a harsh winter… and averting boredom during coronavirus lockdowns that kept us confined indoors, unable to go to restaurants, and away from our loved ones.
Alas, many of us were left disappointed because of stock shortages. Around the world, PS5s would sell out instantly as soon as shops got a batch — and Sony admitted that a shortage of semiconductors was having a detrimental impact on its production processes. (The lack of chips has also been affecting the distribution of Bitcoin mining hardware.)
Even now, frustrated gamers are having trouble getting their hands on this console, with the likes of Amazon sold out. Twitter trackers have been set up so people can find out when the PS5 is back in stock, and opportunistic scammers have been preying on those who are desperate to make a purchase. On some second-hand marketplaces such as eBay, buyers face hugely inflated prices, too.
It doesn’t have to be this way, though. One of the best-kept secrets when it comes to PS5 stock lies in how a number of crypto-focused marketplaces have brand-new, shiny consoles that are ready to be shipped to your door. How do we know this? Because we got one.
Buying a PS5 using crypto
One website that has PS5s in stock is Exeno, a website that specializes in allowing people to purchase top gadgets such as iPhones, iPads, laptops and electric scooters using digital assets. Prices are presented in Bitcoin, Bitcoin Vault and Ether — alongside a dollar amount for comparison.
Beyond that, the process is incredibly similar to any other fiat-focused eCommerce site that you may have encountered. In-depth information is provided about each product’s specifications, and users have the freedom to leave reviews.
When an account is registered using Exeno, individual wallets for each of the three cryptocurrencies supported are automatically set up — meaning that you can top up your account through your wallet or chosen exchange.
A common worry that some shoppers may have when using cryptocurrencies is that the rates may suddenly change or could be out of date. Exeno says it gets around this through a partnership with Kanga.Exchange. A seamless experience has been built that ensures the process of making a payment is completed in under a minute — and during this time, an item’s price is frozen to deliver certainty to the consumer.
Of course, there’s also an argument that making a purchase using Bitcoin might not be a good idea anyway. Some horror stories have emerged over the years, such as the sorry tale of Laszlo Hanyecz, the man who paid 10,000 BTC for two pizzas in 2010. (At the time of writing, this stash would be worth an eye-watering $580 million.)
This isn’t a concern for Exeno’s CEO Tom Babiak, who told Cointelegraph: “Every currency fluctuates. In a situation when Bitcoin has been bought at a knockdown price, paying for goods with it when its value is rising, is an excellent solution.”
Another argument might be that making a purchase using crypto directly can be more efficient — especially if you were only going to convert your Bitcoin into dollars to snap up an item anyway. Given how these transactions are taxable events, shoppers then need to go through the process of declaring any profits they made from holding on to their crypto, adding on another cost to paying in fiat.
The delivery arrives
Registering an account and making a purchase feels very familiar through this website’s interface — and if anything, using cryptocurrencies is rather novel. A fixed fee of 1.8% is added on top of the purchase.
We speedily received a notification telling us that our package was on its way, alongside an estimated delivery time and a link where we could track the shipment. Six days later, I was the envy of many gamers in London as I unboxed a brand-new PS5. One thing that immediately surprised me was the size of the package (which was lovingly secured with Exeno-branded tape.) This console was going to look intimidating next to my dainty Nintendo Switch.
The PS5 was well packaged, something that’s crucial given the perils that can be associated with international shipments. Another nice touch from Exeno came in the form of a colorful card that says “thank you” in multiple languages.
Seeing prices for everyday products quoted in crypto is certainly a surreal experience — a Samsung smartphone for 0.01899551 BTC here, a printer for 0.535773 ETH there. And it seems like this could become much more normal in the future — especially considering how major platforms such as PayPal, Visa and Mastercard are all beginning to embrace digital assets.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
[Press Release – San Francisco, California, 10th May, 2021]
Public Mint and KIRA have announced a strategic partnership that would see Public Mint’s native tokens integrated in KIRA’s cross-chain liquid staking platform, enabling holders of Public Mint’s USD+ and MINT tokens to benefit from cross-chain DeFi opportunities while continuing to receive yield through Public Mint.
KIRA is an interoperable blockchain hub that offers cross-chain liquid staking for a number of tokens. Liquid staking is an innovative DeFi primitive that tokenizes a user’s staked assets to enable seamless use in other environments. KIRA will allow users to deposit their Public Mint native assets, including the USD+ synthetic stablecoin and the MINT governance token, which will be seamlessly staked to continue to receive yield. In return, users will receive an IOU token that represents the funds locked in the platform and can be redeemed at any time for the underlying funds. Using a tokenized representation means that the underlying funds can be used seamlessly as if they were the original token, and can be put to work through other DeFi yield opportunities, effectively multiplying capital efficiency and yield.
Through the integration with KIRA, Public Mint assets can be connected to a number of other blockchains supported by the network thanks to its Interchain Exchange Protocol (IXP). This further enhances Public Mint’s vision of interoperability, adding to the existing native bridge with the Ethereum blockchain.
“We’re excited to be partnering with KIRA to further connect the Public Mint blockchain with the wider crypto ecosystem,” said Paulo Rodrigues, CEO of Public Mint. “KIRA’s liquid staking ability will vastly increase capital efficiency and attract more liquidity to Public Mint’s Earn program. We expect to see even more use cases for USD+ and MINT deriving from this integration in the future.”
“Building a truly inclusive and capable DeFi ecosystem is what KIRA stands for, which is why we designed our cross-chain liquid staking system,” said Milana Valmont, CEO of KIRA. “Partnering with Public Mint furthers that vision to bring KIRA to the widest audience possible, especially given their focus on users who are not too crypto-savvy.”
Public Mint is a complete platform for synthetic fiat that is fully collateralized, regulated and FDIC-insured, running on a fiat-native blockchain. The platform is designed to be fiat-friendly, allowing non-crypto users to earn significant yield on their assets without exposing themselves to the complexity and volatility of cryptocurrencies. The EARN program is Public Mint’s yield aggregation platform, containing strategies that combine yield opportunities from both DeFi and more traditional cryptocurrency lending, commonly referred to as “CeFi.” EARN will be available from Q3 through the Public Mint mobile wallet app, complete with a native fiat-to-crypto rail, as well as with USDC bridged from the Ethereum blockchain.
About Public Mint
Public Mint bridges the worlds of traditional fiat with the innovative world of crypto. It offers a complete platform for synthetic fiat, regulated and fully collateralized with funds held on deposit with FDIC-insured financial institutions.
Public Mint offers a fiat-native blockchain, APIs and web components, open and ready for anyone to build fiat-native applications and accept credit cards, ACH, wire transfers, and more — no bank accounts needed.
KIRA is the first decentralized network that enables market access to any digital asset in the crypto ecosystem. Users can earn block and fee rewards from staking any digital asset on multiple chains at the same time, while maintaining full liquidity and custody over their funds, whether trading on KIRA or using other DeFi apps simultaneously.
Dissolving support at $50,000 opens up a path to levels not seen in months, warns Delta Exchange CEO Pankaj Balani.
Bitcoin (BTC) could see a price drop to as low as $40,000 if higher support levels fail to hold, an industry CEO says.
Speaking to Bloomberg on May 11, Pankaj Balani, the CEO of digital asset derivatives exchange Delta Exchange, warned that there is a danger of fresh significant losses for BTC/USD.
Balani doubts altcoins' resilience to BTC dip
Bitcoin shed around 5% overnight on Monday, the latest in a familiar cycle of dips and rebounds below crucial resistance which begins at around $59,500.
At the time of writing, the largest cryptocurrency traded at just above $55,000.
For Balani, $50,000 now forms a significant line in the sand for bulls, and a failure to hold it would open up a new lower trading corridor with a floor at $40,000.
Cryptocurrencies in general, he added, "should move lower" under such a scenario.
The perspective jars with the more optimistic projections from data-based analytics this week. As Cointelgraph reported, whale buying was previously tipped to keep BTC/USD at a minimum of $52,000.
A major cluster of support from whales — 120,000 BTC at $58,000 — nonetheless failed to stop short-term losses, leaving a question mark over the ability of smaller clusters lower down to do likewise.
Cointelegraph additionally noted that exchange order book support only begins at $50,000, with few bids between that boundary and all-time highs of $64,500.
Altcoins come down from highs
Reacting to the latest price action, however, popular commentators were as cool as ever, noting the overall volatility of the market was very much acting within defined contours.
#Crypto prices plummet to levels not seen since last week!!!— Lark Davis (@TheCryptoLark) May 11, 2021
Do you want Tesla to accept Doge?— Elon Musk (@elonmusk) May 11, 2021
A leading crypto analyst is predicting US-based digital asset exchange Coinbase may be getting ready to list five altcoins on its platform.
In a new video, Coin Bureau host Guy tells his 881,000 YouTube subscribers he believes projects that the crypto exchange have invested in, through its investment arm Coinbase Ventures, have a strong chance of getting listed.
“[Coinbase Ventures] have invested in a number of different startups and projects. About half of these have their own native coins and tokens. Some of these projects have already listed their tokens on Coinbase. These include the likes of Compound (COMP), UMA, Synthetix (SNX), Celo, Polygon (MATIC), and The Graph protocol (GRT).”
According to Guy, Coinbase Ventures have also invested in other projects that have their own coins including governance token Reserve Rights Token (RSR), developer-friendly protocol Near, decentralized audio streaming service Audius (AUDIO), and on-chain liquidity provider DODO exchange (DODO).
The crypto influencer also tells his subscribers to be on the lookout for crypto assets that are being supported by the crypto exchange’s custodial arm, Coinbase Custody.
“Why is this important for project listings? If Coinbase has already got the infrastructure required to securely store, deposit, and withdraw the coins and tokens in question, then that is half the battle. It’s a lot easier for Coinbase to list these tokens because all that’s really needed on top of this is to integrate the wallet architecture with the exchange engine or UI (user interface).
There were also a number of other projects that were first listed on Coinbase Custody before they made their way onto the exchange. These include the likes of Synthetix, Filecoin (FIL), and more recently, SushiSwap (SUSHI) to name but a few.”
Guy highlights that while Coinbase Custody supports dozens of coins, not all of them are listed on the exchange. He notes that these include Reserve Rights, decentralized derivatives exchange Injective Protocol (INJ), and risk tokenizing protocol Barnbridge (BOND).
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/DMegias
The post Coinbase Could Be Gearing Up To List Five Crypto Assets, According to High-Profile Analyst appeared first on The Daily Hodl.
Elon Musk, the CEO of electric carmaker Tesla, put out yet another Dogecoin (DOGE) tweet. It’s not all nonsense this time, however, as he is asking if customers want to pay for Tesla cars with DOGE.
“Do you want Tesla to accept Doge?,” he asked in the tweet, with it racking up nearly 815,555 votes within 30 minutes. 77% of all poll-takers—nearly 627550 Twitter accounts—voted “yes.”
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
Dogecoin moved up 10% minutes after Musk’s tweet, with buyers and traders likely reacting to the possibility of Tesla actually accepting DOGE for its cars. The memecoin is now up by 20% in the past week and a staggering 21699.7% in the past year.
The tweet comes close on the heels of SpaceX, the space exploration company owned by Musk, taking Dogecoin payments for a space-bound payload mission earlier this week.
The mission was contracted out by one Geometric Energy Corporation, which said DOGE would be the “unit of account for all lunar business between SpaceX and Geometric Energy Corporation and sets precedent for future missions to the Moon and Mars.”
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
As such, Tesla became the first car company in the world to accept Bitcoin for its electric cars earlier this year. The company is using only internal and open source software and that it would operate its own Bitcoin nodes directly.
As such, all the BTC paid by users to Tesla would be retained as Bitcoin, not converted to fiat currency as in other fiat-to-Bitcoin product purchases.
This means unlike most other purchases of real-world assets like real estate, watches, or yachts, Tesla will continue to hold the Bitcoin they receive on their books, instead of accepting BTC and cashing out to dollars (or other fiat currencies instantly). And now, the company might just become a Dogecoin holder.
The post Elon Musk asks “Do you want Tesla to accept Doge?”—77% say ‘yes’ appeared first on CryptoSlate.
Elon Musk continues with his support for the most popular meme coin – Dogecoin. Tesla’s CEO asked if his electric vehicle giant should start accepting DOGE as a payment instrument for its products. Somewhat expectedly, the price of the token spiked immediately.
- The billionaire took it to Twitter and asked his nearly 55 million followers whether Tesla should implement DOGE as a payment instrument.
- As of writing these lines, just a little under one million people have answered, with the majority saying “yes.”
- As it typically happens when Musk suddenly posts about Dogecoin, the asset price spiked rather sharply. The Shiba Inu-inspired token struggled at $0.46, but the instantaneous push drove it up by 20% to an intraday high of $0.55.
- Musk’s Twitter poll came in a rather compelling moment for the token. Just a few days ago, the billionaire hosted Saturday Night Live and was expected to talk about Dogecoin.
- Although he indeed breached the meme coin, there was a “sell the news” moment, and its price plummeted from $0.75 to below $0.42 in days.
- Nevertheless, DOGE has been among the best performers since the start of the year with a massive ROI, which came after numerous engagements from celebrities. Aside from Musk, others that followed suit were Snoop Dogg, Mark Cuban, and more.
- Additionally, multiple notable companies enabled Dogecoin payments for their services. However, if Tesla indeed proceeds with adding DOGE, it would be the largest firm by far to do so.
- Earlier this year, the electric vehicle giant enabled bitcoin payments and even said it will keep all funds in BTC instead of converting them into cash. It came after the company bought $1.5 billion worth of the primary cryptocurrency in January 2021.
Elon Musk, the CEO of Tesla Inc. today conducted a Twitter poll asking his 5o million-plus followers to vote on whether Tesla should accept Dogecoin as a form of payment. The Twitter poll could very well lead to Tesla adding Dogecoin payment for their very popular electric cars just a month after adding Bitcoin as a form of payment on their website for US customers.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
Going by Musk’s reputation, the Twitter poll could lead to the addition of meme currency as a form of payment for the most valuable car company. While Musk has been a Doge promoter for quite some time now and even shilled it during his recent SNL appearance, many had called him out for shilling Doge to his millions of followers while Tesla bought Bitcoin.
Doge price also retraced by 40% post Musk’s SNL appearance leading to many new amateur investors losing a significant amount of money in hopes of Doge rising to $1, however, the price of the meme currency fell from ATH of $0.7346 to a new monthly low of $0.4214.
Will Doge Price Rise in Anticipation of Tesla Payment Option?
Dogecoin price has often surged based on Musk’s shill tweets and the anticipation of it being added as a payment option for the world’s most valuable car manufacturer could push its price to new ATHs based on previous trends. The rise of Doge from being a meme currency to become the 4th largest digital asset by market cap is evidence of Doge’s progress this bull season. However, many analysts have warned against the high volatility and infinite supply of Doge could put other cryptocurrencies under scrutiny.
The Dogecoin price is currently trading above the $0.5258 mark having already made for most of the losses since yesterday and as US markets are up the price could fuel further. If Tesla goes on to add a Doge payment option based on Musk’s Twitter poll Dogecoin could very well shed its meme currency tag and take over BNB to become the third-largest digital asset by market cap.
The post Will Tesla Add Dogecoin as Next payment option? Elon Asks in Twitter Poll appeared first on Coingape.
- ADA price started a fresh rally above the $1.500 resistance zone against the US Dollar.
- The price is now trading well above $1.500 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1.500 on the 4-hours chart (data feed via Bitfinex).
- The price could correct further lower, but the bulls are likely to remain active near $1.550 and $1.500.
Cardano price is correcting gains from well above $1.800 against the US Dollar, similar to bitcoin. ADA price could revisit $1.500 before starting a fresh increase.
Cardano Price Analysis
After forming a base above the $1.200 level, cardano price started a fresh rally against the US Dollar. The ADA/USD pair broke the $1.350 and $1.420 resistance levels to move into a positive zone.
It even cleared the $1.500 level and settled above the 55 simple moving average (4-hours). The bulls gained strength and pushed the price above the $1.800 level. ADA traded to a new yearly high near $1.836 before it started a downside correction.
There was a sharp decline below the $1.700 and $1.650 support levels. The price even spiked below the $1.550 support, but the bulls were active above $1.500. It is now trading well above $1.500 support and the 55 simple moving average (4-hours).
A low is formed near $1.528 and the price is recovering losses. It broke the $1.600 resistance level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $1.836 high to $1.528 low.
There is also a major bullish trend line forming with support near $1.500 on the 4-hours chart. On the upside, an initial resistance on the upside is near the $1.680 level. It is near the 50% Fib retracement level of the recent decline from the $1.836 high to $1.528 low.
A clear break above the $1.680 level could start a fresh rally. The main resistance sits near $1.800, above which the price is likely to accelerate higher towards the $2.00 barrier in the near term.
On the downside, an intermediate support could be $1.550. The main support sits at $1.500, below which the price could dive towards the $1.400 level.
The chart indicates that ADA price is clearly trading well above $1.500 support and the 55 simple moving average (4-hours). Overall, the price could correct further lower, but the bulls are likely to remain active near $1.550 and $1.500.
4 hours MACD – The MACD for ADA/USD is now losing pace in the bearish zone.
4 hours RSI – The RSI for ADA/USD is just below the 50 level.
Key Support Levels – $1.550 and $1.500.
Key Resistance Levels – $1.680 and $1.800.
The post Cardano (ADA) Price Analysis: Uptrend Intact Above $1.5 appeared first on Live Bitcoin News.
Nebraska senators have favored a measure that would allow state banks to facilitate crypto transactions like those in Wyoming.
Nebraska lawmakers are moving forward with an initiative that would allow state banks to offer cryptocurrency services.
Introduced by Republican Mike Flood in January, Legislature bill 649 aims to adopt the Nebraska Financial Innovation Act and create digital asset depository institutions as well as provide for charter, operation, supervision and regulation of such institutions.
The initiative would reportedly make Nebraska the second state in the United States to set up a formal charter for cryptocurrency-powered banks, allowing them to facilitate crypto transactions. Wyoming was the first state to do so, chartering its first cryptobank in September 2020.
Senator Flood said that he introduced the bill after talking with an entrepreneur friend who decided to move into the cryptocurrency industry in Wyoming. Flood said that Nebraska has an opportunity to become an early adopter of cryptocurrencies with the measure, which could help it benefit from technology and finance jobs. “This is a once in a lifetime opportunity not only for my district, but the state of Nebraska,” he said.
Some lawmakers questioned whether it was right for the state to move into crypto, expressing skepticism about consequences of the measure. “This bill is not anywhere close to being in a form where it could pass,” Senator Steve Erdman reportedly said.
As previously reported by Cointelegraph, Flood originally initiated two crypto-related bills, one of which outlines requirements for banks providing custodial services, providing classifications of digital assets and related technology like smart contracts and private keys. The regulatory initiative has not moved forward since a related hearing in February.
Ubisoft, the video game company has selected the 12 blockchain startups that will comprise the 6th season of its Entrepreneurs Lab program, which will follow the “blockchain and positive entertainment products and services” theme.
The Entrepreneur Lab program aims to cooperate with startups working on developing the entertainment and technology of the future based on a common theme chosen by Ubisoft for each of its seasons.
The 12 blockchain startups selected for this iteration will receive support from Ubisoft experts on topics of common interest for the participants in the form of online means despite the program being anchored to Ubisoft’s incubator in Paris.
Virginie Haas, Chief Studios Operating Officer, referred to the new season of the program by stating:
“The Entrepreneurs Lab is a great program for innovative startups to collaborate closely with Ubisoft and for us to mutually benefit from each other’s expertise and ideas. In addition to our continued focus on Blockchain, this season’s track on creating positive impacts through entertainment is perfectly aligned with Ubisoft’s mission to enrich players’ lives through original and memorable game experiences. We are excited to welcome these startups to the program and start shaping the future of entertainment together.”
The 12 companies selected for the latest iteration of the program are located all around the world, with only one of them having participated in a previous season.
The companies that will be partaking in this season are Aleph (France), Anybrain (Portugal), Atlantide (France), BrainLeap (United States), Crucible (United Kingdom), Game Academy (United Kingdom), Guild of Guardians (Australia), Horizon (Canada), Lexiko (France), NonFungible (Canada), and Virtuleap (Portugal).
While all of the companies have a connection to blockchain technology, their backgrounds differ as some of them offer cloud infrastructure, security/anti-fraud solutions, SDK, WEB3, and NFT solutions, while others focus on the development of games for different platforms
Ubisoft is Not New to Blockchain
The game publisher and developer has been involved with the blockchain industry in the past, having established partnerships with platforms such as Enjin, as well as becoming one of the most important members of the Blockchain Game Alliance.
As the owner of some of the most famous game franchises of all time, including Assasin’s Creed, Just Dance, Tom Clancy’s, Far Cry, and Watch Dogs, Ubisoft represents a major driver of blockchain technology adoption in the gaming industry.
With the launch of Ubisoft’s Entrepreneurs Lab program, the gaming giant doubled down on its commitment to exploring and boosting the blockchain and crypto industries by facilitating the work of blockchain startups looking to disrupt the gaming industry.
Derek Lau, Game Lead for Guild of Guardians, referred to his company’s participation in the latest season of the accelerator program by stating:
“We share many values with Ubisoft around the power of positive entertainment, and the potential of open world economies. Blockchain and NFTs in gaming is an area that every top gaming studio in the world is currently looking at. We’re excited to share our learnings with Ubisoft and to get their unique perspective on how we can grow Guild of Guardians into a title with significant mainstream success.”
Gaming: The Gate to Mass Adoption
The gaming industry has quickly become the most important nice of the entertainment industry, surpassing both the Movies and Music industry combined as new generations become participants in the gaming community and nascent subcategories such as Esports.
Due to the potential that Non-Fungible tokens represent for the gaming industry, in addition to other benefits offered by blockchain, game developers have grown increasingly interested in exploring their applications on their current models.
Gaming has been considered by many experts as the perfect opportunity for crypto and blockchain to gain mass adoption, as it would provide gamers with the full benefits of the technology in a seamless manner.
Ubisoft is not the only company actively working on promoting blockchain within the game industry, with other companies like Atari, Matic, AMD, Tezos, Animoca Brands, and Algorand, becoming a part of the Blockchain Game Alliance, an organization dedicated to boosting blockchain adoption.
The post Entrepreneur Lab Season: Ubisoft Partners with 12 Blockchain Startups appeared first on Blockonomi.
Amid the latest cooldown in the Dogecoin (DOGE) rally after last week’s all-time high, investors are now moving their money to its competitor coins like Shiba Inu (SHIB). Just in the last three day of Dogecoin correction, Shiba Inu (SHIB) has gained 2100% with its market cap shooting from $35 million on May 7 to a massive $13 billion as of date.
SHIB has entered into the top-20 crypto-list with its massive price surge. Just like Dogecoin, SHIB is also a “meme coin” and an Ethereum-based ERC-20 token which was started as an experiment to create a decentralized economy. This is the first token listed and incentivized for using the decentralized exchange ShibSwap.
Well, this has caught the attention of crypto exchanges who have been rushing to list the native cryptocurrency of the Shiba Inu network. On Monday, May 10, crypto exchange Binance announced that it will be listing the SHIB coin in the Innovation Zone with trading pairs SHIB/BUSD and SHIB/USDT. In a warning to investors, Binance noted:
SHIB is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing. Please ensure that you exercise sufficient risk management, have done your own research in regards to SHIB’s fundamentals, and fully understand the project before opting to trade the token.
OKex Joins Binance In Shiba Inu (SHIB) Listing
World’s leading crypto and spot derivatives exchange OKEx announced listing the SHIB coin on its platform. Deposits for SHIB were started over the weekend on OKEx. Besides, the native token of the SHIBA Inu network can now be traded on the OKEx spot and perpetual swaps market. OKEx CEO Jay Hao said:
“We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs. As an exchange, we are delighted to be able to offer a diverse portfolio of cryptocurrencies, including memetic tokens, to allow a comprehensive investment experience for our valued customers. The Shiba Inu community has been gaining strong momentum from the weekend deposits, and we look forward to witnessing its robust development. We are happy to be the first major exchange to offer SHIB to open the crypto gateway to these enthusiasts”.
The post Crypto Exchanges OKEx and Binance List Dogecoin-Killer Shiba Inu (SHIB) After 2100% Gains In Three Days appeared first on Coingape.
El Corte Inglés, the biggest department store group in Spain, seems to be entering into the cryptocurrency sphere. After filing for a related trademark with the Intellectual Property Office of the European Union, they have registered “Bitcor”.
Trademark Is a ‘Preventive Registration’
According to filing request #018434202, the Spanish group store seeks to offer “Finance services, financial transactions relating to currency swaps, buying and selling currency.”
Although it didn’t mention digital assets specifically, sources from El Corte Inglés told MSN that the company intends to conduct crypto-related business in the future.
Officially, however, representatives from El Corte Inglés have declined to comment on possible virtual currencies-related activity. They have only stated that the trademark filing is a “preventive registration” to avoid other companies using “Bitcor” name.
Along with “Bitcor”, El Corte Inglés also made a registration for the branding “Bitcor El Corte Inglés”, with both requests are pending approval June 28, 2021. The move could be interpreted as a response to the coronavirus pandemic, as an effort to strengthen the groups e-commerce functionality.
Spain’s Tough Stance on Cryptos
If El Corte Inglés makes continued foray into the cryptocurrency industry, Spain’s regulation of digital assets may present challenge. A recently enacted royal decree, for example, seeks to align current domestic regulation with European Union anti-money laundering (AML) directives, commonly known as AMLD5. Domestic exchanges are now required share customers’ data with the EU bloc.
As Bitcoin.com News reported in April, Rodrigo Buenaventura, the National Securities Market Commission (CNMV) president, was vocal on his stance against cryptocurrency related advertisements, calling them “risky.”
What do you think about El Corte Ingles’ crypto-related trademark filing? Let us know in the comments section below.