US Regulators Have Imposed $2.5 Billion Penalties on Crypto Firms and Individuals

US Regulators Have Imposed $2.5 Billion Penalties on Crypto Firms and Individuals

A new report shows that U.S. regulators have imposed fines and penalties totaling $2.5 billion on crypto firms and individuals so far. The U.S. Securities and Exchange Commission (SEC) has imposed the most fines, followed by the Commodity Futures Trading Commission (CFTC). Meanwhile, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is the latest government agency to come after crypto firms.

$2.5 Billion in Fines and Penalties

Blockchain analytics firm Elliptic released a report Monday outlining “crypto enforcement actions by U.S. regulators.” The report explains: “Contrary to the widely-held belief that the cryptoasset industry is unregulated, US regulators are increasingly imposing significant financial penalties on crypto businesses – for fraud, breaches of AML regulations, offering unregistered securities and sanctions violations.”

Elliptic analyzed enforcement actions by U.S. regulators since the birth of Bitcoin in 2009 and found that “$2.5 billion in penalties have been imposed against firms and individuals dealing in crypto,” the report details.

The agency which imposed the most crypto-related penalties is the U.S. Securities and Exchange Commission (SEC). Crypto firms and individuals have been asked to pay $1.69 billion by the SEC so far, $1.38 billion of which relate to unregistered security offerings.

US Regulators Have Imposed $2.5 Billion Penalties on Crypto Firms and Individuals

The Commodity Futures Trading Commission (CFTC) came second with enforcement actions totaling $624 million. The third is the Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Treasury Department, with $183 million.

The fourth is the U.S. Treasury’s Office of Foreign Assets Control (OFAC), the latest government agency to take action against crypto businesses. The OFAC has imposed $606K on crypto entities in total. Among companies fined by the OFAC were Bitgo and Bitpay; both allegedly allowed their users to bypass U.S. sanctions.

The largest enforcement action to date was in 2020 against Telegram Group Inc. and its wholly owned subsidiary Ton Issuer Inc., the report notes. The SEC alleged that Telegram’s tokens, called “grams,” were unregistered securities offering. The defendants agreed to return more than $1.2 billion to investors and pay an $18.5 million civil penalty.

The report concludes:

Our analysis of cryptoasset-related enforcement actions in the US, demonstrates that crypto is far from being the ‘wild west’ of finance. Regulators have successfully used existing laws to halt and penalise illicit activity that has exploited cryptoassets.

What do you think about all these enforcement actions by U.S. regulators against crypto firms and individuals? Let us know in the comments section below.

50,000 electric vehicle charging stations in Europe to offer crypto payments

Over the next three years, 50,000 EV charging stations across Europe will start accepting crypto payments.

Two payments firms have partnered to roll out crypto payments across 50,000 electric vehicle (EV) charging stations in Europe.

The partnership is between Irish e-commerce and mobile payment solutions firm HIPS Payment Group Ltd and Vourity, a Swedish firm that specializes in unattended payment facilities such as EV charging stations.

The integration of crypto payments with charging stations will occur over the next three years starting from November 2021.

The firms haven’t revealed which cryptocurrencies will be supported yet, but Vourity has dropped a pretty strong hint that Ethereum is likely to be among the first after it released an image of a payment terminal with an ETH logo on it. Ethereum is moving to the much more energy efficient Proof-of Stake consensus mechanism in the next year, which could mitigate any backlash among environmentally conscious EV drivers.

“We are currently evaluating what cryptos/coins we will support. It will be converted to fiat,” stated Hans Nottehed, the CEO of Vourity.

Vourity payment terminal, with an ETH logo

Crypto payments will be integrated with Vourity’s EV charging stations by connecting to the blockchain via Hips Merchant Protocol’s native protocol token Merchant Token.

Back in May, HIPS Payment Group launched the HIPS Merchant Protocol, the HIPS Merchant Protocol Gateway, and its governing Merchant Token.

The protocol was built on Ethereum and Solana in May 2021 and plans to expand support to Cardano in the future.

“With near real-time transaction speeds, in addition, the Hips Merchant Blockchain is designed for merchant transactions regardless if they are mobile, instore or e-commerce and utilizes the interchange concept from the payment card industry,” HIPS noted in May.

Related: Blockchain-based EV charging trial gets $1M from Canadian government

EV crypto innovation

Tesla famously did a U-turn on accepting Bitcoin (BTC) payments for vehicles, with Elon Musk noting the firm won’t change course until the mining sector is at least 50% powered by clean energy. Other EV-focused firms have sought ways to innovate using  “clean” crypto mining and adoption.

At the beginning of this month, Canadian light EV manufacturer Daymak announced an upcoming EV set for 2023, that is fitted with a crypto mining rig that can mine Bitcoin and other cryptocurrencies while it's charging or parked.

In March, Stellantis, the parent company of European car manufacturer Fiat, partnered with Kiri Technologies, to promote an “eco-driving style,” by rewarding Fiat EV drivers in cryptocurrency via Kiri Technologies’ KiriCoin.

In that same month, Volkswagen Group Innovation, the research department of German car Volkswagen, announced a partnership with Energy Web, a non-profit organization focused on open source energy transition.

The duo teamed up to research methods of using EV’s and charging stations as part of the power grid using blockchain.

Jesse Morris, the chief commercial officer of Energy Web, spoke with Cointelegraph and emphasized the benefits of tracking the integration between EVs, charging stations, and power grids using blockchain.

Morris mentioned that during times of local grid congestion, Volkswagen drivers could be incentivized not to charge by being paid out in crypto or fiat. Additionally, utility providers could pay EV drivers to store energy during times of excess generation on the power grid.

Nothing will ‘stop’ Bitcoin in El Salvador, says President after IMF, World Bank criticism

President Bukele said nothing can stop Bitcoin from seeing widespread adoption in El Salvador, and he sees no scenario in which it can be stopped.

“I don’t see anything stopping it. Everything about the humans can be stopped. But I just don’t see how. It’s law, the government is working 24/7 in going to effect in 80 days,” he said in a recent podcast.

Earlier this month, the Central American nation passed a bill to recognize Bitcoin as legal tender formally. However, as much as crypto advocates celebrated the news, the response from both the IMF and World Bank has been less encouraging.

Their reaction has led to hearsay that international pressure will stop the El Salvadorian Bitcoin bill from happening.

How the IMF and World Bank reacted

El Salvador made history on June 8 by passing the Bitcoin law. This gives Bitcoin the same legal status as the country’s official currency, the U.S dollar.

In an immediate response, the IMF raised concerns that this would interfere with ongoing negotiations for a $1 billion loan.

Top El Salvadorian officials replied by saying the U.S. dollar would continue to be legal tender. In contrast, Bitcoin transactions would be by choice and tied to the dollar exchange rate.

Weeks later, as El Salvador reached out for the technical implementation of its plans, the World Bank gave a resounding denial.

A World Bank spokesperson said they could not help due to the “environmental and transparency shortcomings” of Bitcoin.

“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Can Bitcoin in El Salvador be stopped?

Despite the snubs from the IMF and World Bank, President Bukele is determined to press on regardless.

In an interview with the What Bitcoin Did YouTube channel, President Bukele addressed whether the Bitcoin law can be stopped, and in his mind, it can’t.

Speaking on the democratic process involved with passing the law, President Bukele pointed out that more than a supermajority approved the bill.

“Our Congress has 84 seats, you only need 43 to change monetary policy, which is half plus one. That’s the majority, right? When we have supermajority here, you need two-thirds, which would be 56 out of 84. We got 63 votes.

With that, plans are in place to build the Bitcoin infrastructure in El Salvador, including renewable energy mining and legislation to encourage the country’s development as a hub for crypto developers and companies.

President Bukele added that the plans include things to “protect the decision,” but gave no specifics on what that means.

“Remember Bitcoin works by itself, so it’s not like it depends on what we do. But of course, the things that we are doing, will, you know, it will protect the decision, and guarantee that there will be more benefits for the people.”

Short of an invasion by hostile forces, it looks as though the Bitcoin bill will be happening in El Salvador.

Commenting directly on the IMF and World Bank snubs, President Bukele said it makes no sense and that he has no intention of getting into a fight with them. He added that it’s their choice, but it still doesn’t change El Salvador’s plans with Bitcoin.

The post Nothing will ‘stop’ Bitcoin in El Salvador, says President after IMF, World Bank criticism appeared first on CryptoSlate.

Andreessen Horowitz Says Crypto Is ‘the Future of Finance’ — Launches $2.2 Billion Crypto Venture Fund

Andreessen Horowitz Says Crypto Is 'the Future of Finance' — Launches $2.2 Billion Crypto Venture Fund

Andreessen Horowitz, the Silicon Valley venture capital firm founded by Marc Andreessen and Ben Horowitz, has announced the launch of a $2.2 billion crypto fund. The firm is “radically optimistic about crypto’s potential to restore trust and enable new kinds of governance.”

Andreessen Horowitz Launches $2.2 Billion Crypto Fund

Andreessen Horowitz announced the launch of a new $2.2 billion crypto venture fund Thursday. The Silicon Valley venture capital firm, also known as “a16z,” was founded by Marc Andreessen and Ben Horowitz in 2009.

Chris Dixon, Katie Haun, and Ali Yahya, partners on the crypto team at Andreessen Horowitz, explained the new fund in a blog post titled “Crypto Fund III.” They wrote:

The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives.

“This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto,” the a16z partners explained. “We invest in all stages, from early seed-stage projects to fully developed later-stage networks.”

Haun told CNBC Thursday that the fund is not a hedge fund but a venture fund. She clarified that the fund invests in tokens and protocols as well as businesses.

The company’s first crypto-focused fund was launched three years ago during a crypto winter when the value of bitcoin plunged roughly 80% from its 2017 highs.

The partners further detailed:

We believe that the next wave of computing innovation will be driven by crypto. We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviors are permitted, and how economic benefits are distributed.

“That’s why today we’re pleased to announce a new $2.2 billion fund to continue investing in crypto networks and the founders and teams building in this space,” the partners emphasized.

What do you think about venture capital firm Andreessen Horowitz launching a $2.2 billion crypto fund? Let us know in the comments section below.

El Salvador’s Bitcoin Adoption Can Cause Regulatory Risks for its Banks- Fitch Ratings

The move by the Caribbean Island nation, El Salvador to adopt Bitcoin as its official legal tender after the United States Dollar has been tagged by FitchRatings as bad for its banks. According to the New York-based economic analytics and rating firm, El Salvador’s plans will increase the need for local financial institutions to bolster their Anti Money Laundering (AML), and terrorist financing standards.

El Salvador made the news a couple of days back when its legislative arm affirmed the proposal by the country’s President, Nayib Bukele to make Bitcoin a legal tender. While the move has been celebrated by the crypto community, there are a number of challenges that lie ahead for El Salvador in implementing Bitcoin as a Legal Tender.

Once the Bitcoin standard is adopted and launched as planned in September, businesses will be obligated to receive the cryptocurrency as payment for all goods and services. The premier cryptocurrency can be used for payment of taxes and Capital Gains from holding Bitcoin will not be subjected to any form of taxation. The country is set to set up a Trust with $150 million to facilitate the instant conversion of received Bitcoin to USD, to mitigate against price volatilities.

Fitch Ratings, however, expressed skepticism, saying “it remains unclear as to how this will work in practice.”

The Faults with the El Salvadoran Bitcoin Embrace

The Fitch Ratings identified the lack of the right positioning of El Salvador’s banks to duly implement or integrate the proposed Bitcoin legal tender provision. Citing the IMF’s projection of legal and macroeconomic challenges in relation to the integration of Bitcoin into the nation’s monetary ecosystem, Fitch Ratings believe this declaration could “could weigh on investor confidence.”

The lack of transparency in Bitcoin, according to the rating could also predispose the country towards receiving remittances that may be tied to terrorist activities. In all, the Fitch Ratings believe more challenges than is envisaged lie ahead of El Salvador, and the banks will be one of the most impacted.

“A rushed implementation of the new alternative payment system platform will affect financial institutions’ management framework for operational, cyber/ransomware, currency and liquidity risks, with additional implications for banks’ underwriting standards,” the Fitch Ratings said.

The post El Salvador’s Bitcoin Adoption Can Cause Regulatory Risks for its Banks- Fitch Ratings appeared first on Coingape.

Ethereum 2.0 Contract Reaches 100,000 ETH Milestone

A recent post on CryptoQuant by TemptingBeef has confirmed that the number of staked Ethereum on the ETH 2.0 deposit contract has now exceeded 100,000. This means that the number of staked ETH is now more than 5% of the amount of Ethereum that is currently in circulation.

Chart of staked Ethereum reaching 100k

Chart showing the amount of staked ETH over time | Source: TemptingBeef on CryptoQuant

ETH 2.0 has been in the pipeline for a number of years now. Hopes were that an Ethereum proof of stake would be unveiled in 2020. But developers want to make sure that the network was completely safe before they rolled it out. Users wait in anticipation for the announcement of release dates as it looks like the release will be delayed again due to it not being ready yet.

People Are The Reason For The Delays

According to Ethereum’s founder Vitalik Buterin, the biggest problem causing the delays with ETH 2.0 has not been technical problems of any kind. But have been the people working on it.

The CEO pointed out that the project is ravaged by internal conflicts. Leading to delays in finishing up the project.

Related Reading | Cardano Founder: Ethereum Will Overtake Bitcoin

The ETH 2.0 is a response to the growing criticism of the power consumption of the proof of work systems used by coins like bitcoin, with the blockchain requiring miners’ computers to solve complex mathematical problems to approve transactions. This requires high computing power from computers. Which translates to high energy consumptions by the mining operations.

Ethereum 2.0 is going to reduce network fees and increase transaction speeds. This will be done by providing scalability to the Ethereum network. It is also expected to use 99.95% less energy than proof of work protocols like the bitcoin blockchain.

This is a staggering number when compared to the amount of energy that mining currently uses. It is estimated that bitcoin currently uses more energy annually than entire countries like the Netherlands and Argentina.

It is no surprise then that there is a rush to find more energy-efficient ways to mine cryptocurrencies. Mining activities are a big concern when it comes to the pollution created by fossil fuel-based energy consumption.

Ethereum chart from TradingView.com

Ethereum trading below $2,000 as ETH 2.0 hits milestone | Source: ETHUSD on TradingView.com

The anticipated move from PoW to PoF with ETH 2.0 has been further delayed to 2022. Expectations were that the transition would be done this year. As was announced back in 2020. But it seems that investors will just have to wait another year for the move.

Benefits Of Ethereum 2.0

Ethereum 2.0 is going to eliminate the bottlenecks that are currently present in the network. Things like high gas fees during high traffic hours will be eliminated. Transactions will be faster regardless of how congested the network is. And faster transaction speeds means fewer network congestions.

It will also increase the security in the network. Providing more scalability and throughput.

But the primary advantages lie in the energy efficiency of the network.

The first part of the ETH 2.0 is the Beacon Chain, which is currently live now. This is what allows users to stake their coins for new ETH rewards.

Related Reading | Ethereum to $20,000? Factors Behind The Bold Call

The Merge will come after this. This is when the main net merges with the Beacon Chain. This is estimated to happen in 2021. But for now, there are no definite dates given for when this will happen.

Finally will come the shard chains. It will enable Ethereum to process more transactions. And it also increases the capacity of the network to store data.

Shard chains will gain more features as time goes on. These features will be rolled out in multiple stages.

As for holders of Ethereum, rest assured that their coins will be safe in the move from ETH 1.0 to ETH 2.0. All of the data history, transaction records, and asset ownership of ETH coins will remain. Just that new transactions will be carried out on the new network.

Featured image from Bitcoin Market Journal, charts from CryptoQuant, TradingView.com

Shanghai Man: China retains mining control? Alipay’s ancient NFTs and Amber’s big raise

A look at miners shifting hardware overseas, Amber raises $100m, and Bitmain temporarily shuts down sales among dropping hashrate sales.

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

So low you've got to reach up to touch the bottom

This week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too sure when it comes to downwards volatility in cryptocurrency. Canaan, one of the largest mining companies in China, announced it was setting up shop in neighboring Kazakhstan. This is an ideal compromise for Canaan as it can remain close to China, while mitigating their regulatory risk. Reading between the lines, it seems like the plan is to mostly continue administration of the company from China while sending the machines overseas.

This would put a wrench in the works of the Bitcoin purists who believe that the crackdowns are a good way to break up China’s dominance in the mining industry. Just this week, a professor at a university in Singapore wrote in Chinese that the shift to a more decentralized network would be a good thing. This raised some eyebrows for the use of a made up word that translates roughly to ‘de-China-ization’, but the article holds even less weight when large mining companies like Canaan are able to shift physical equipment overseas but still remain in control of the governance.

Too big for postage stamps

On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter that a logistics company in Guangzhou was shipping 3,000 kilograms worth of mining hardware to Maryland, US. According to her claim, the price was $9.37 per kilogram. Some quick math reveals that the total cost would be less than the price of one Bitcoin, at least at the time of writing.

Bitmain lends a helping hand

Cointelegraph reported on June 23 that massive mining company Bitmain was suspending sales of mining hardware in a move to support the over-supplied secondhand markets. According to the article, sales of hashing power in China has seen a decrease of around 75% since the Spring. Bitmain is reportedly moving operations abroad as well, which would be a major move for the hardware manufacturing giant.

Mine-ami

Francis Suarez, everyone’s favorite Bitcoin-friendly mayor, was at it again on June 18 when he announced that all Chinese Bitcoin miners were welcome in Miami. The announcement was translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 comments from surprised netizens. Most of these user comments were negative in nature however, both towards Suarez and Bitcoin in general. A large portion of Weibo users hold cryptocurrencies in ill-regard, especially those that have been investing in the stagnant Chinese stock market.

Amber is the color of your energy

Amber, a cryptocurrency service provider based in Hong Kong, completed a Series B funding round worth $100m. Amber is well known among institutions for their financial services that include asset management, OTC services and lending.

Alipay’s foray into NFTs

Top payment processor Alipay continues to push its AntChain technology by partnering with the Dunhuang Research Academy to release 8,000 NFT skins. Dunhuang is famous for being an old silk road outpost and is home to Mogao Caves, a Unesco Heritage site. The NFTs featured artwork inspired by the cultural site and quickly sold out. AntChain is a private blockchain developed by Alibaba’s Ant Group.

JPMorgan says Bitcoin may dump to $25,000, cites Grayscale’s GBTC unlocks

JPMorgan analysts say the upcoming ‘unlock’ of a popular Bitcoin fund could cause further selling of spot BTC, driving the prices of the world’s largest cryptocurrency by market cap to as low as $25,000.

“While weak flows and price dynamics resulting from last month’s selloff fueled Bitcoin’s recent declines, possible sales of shares in the Grayscale Bitcoin Trust upon the expiry of a six-month lockup period could be an additional headwind,” wrote analyst Nikolaos Panigirtzoglou in a client, as per a report on Bloomberg.

Bitcoin has fallen nearly 50% over the past few months from a mid-April high of $64,800. It trades at $34,000 at press time, with technicals suggesting an overall bearish market for now.

How Grayscale affects Bitcoin

Grayscale’s products are a crucial part of the broader crypto market. These are publicly traded financial instruments that hold a small amount of spot crypto, such as Bitcoin or Ethereum, in a custodial account for each share they offer on the open market.

The product is largely aimed at high-networth individuals and institutional investors who may not want to interact with a shady crypto exchange (which may shut down overnight), or deal with custody their own crypto (imagine relying on yourself to safeguard millions of dollars worth of crypto holdings).

Products like Grayscale Bitcoin Trust (GBTC) are hence one of the only ways for regulated investors in the US to gain exposure to the crypto market. But therein lies a peculiarity: GBTC holdings are locked for six months—in case of a subscription, not a purchase on the open market—and trade at a premium.

This creates an arbitrage opportunity and changes market dynamics. And it’s no small amount either: The GBTC, as the below tweet shows, holds over $21 billion of Bitcoin as of today.

The big dump?

When GBTC ‘unlocks’, investors sitting on a mountain of profits compared to six months ago are incentivized to sell (rather than hold). This creates downward pressure, as tens of millions of dollars worth of Bitcoin are being sold.

Such price action is what JPMorgan refers to. “We are reluctant to abandon our negative outlook for Bitcoin and crypto markets more generally,” the bank said, adding its signals remain “overall bearish.”

The bank added:

“It would still take price declines to the $25,000 level before longer-term momentum would signal capitulation.”

Elsewhere, Jeffrey Gundlach of DoubleLine Capital tweeted it would be game over for Bitcoin if prices were to fall below $30,000. “If XBT closes below $30K it’s a big deal,” he said.

Safe to say a lot of the crypto market would like to avoid seeing that.

The post JPMorgan says Bitcoin may dump to $25,000, cites Grayscale’s GBTC unlocks appeared first on CryptoSlate.

Sushi to Launch Full Product Suite on Harmony

Sushi to Launch Full Product Suite on Harmony

Since deploying natively on Harmony’s blockchain in May, Sushi is now deepening its collaboration with Harmony after revealing plans to bring its full decentralized finance (defi) product stack onto the blockchain with accompanying incentives designed to drive greater participation. Meanwhile, decentralized exchange (dex) competition continues to swell.

Partnership Expansion Accompanies $4 Million in Incentive Campaigns

On Thursday, Harmony, a proof-of-stake (PoS) blockchain network focused on cross-chain transactability, unveiled a decision to broaden the partnership agreement with Sushi, a community-driven defi platform offering a full stack of decentralized finance services.

After deploying Sushiswap on Harmony back in May, the freshly strengthened collaboration paves the way for Sushi to deploy the remainder of its product suite onto the effective proof-of-stake (EPoS) blockchain.

Sushiswap is the second runner-up in the space with an 11% share of dex trade volume, according to today’s Dune Analytics seven-day stats. The leading dex is Uniswap with 61% of the seven-day volume. Based on the most recent data, while Sushiswap’s seven-day volume is $2,079,972,559, Uniswap is well ahead with $10,793,064,634.

Additionally, up and coming players like Curve and 0x Native are racing to close the gap, with Curve at $1,427,401,281 seven-day volume and Ox showing $1,091,283,123 in seven-day trade volume.

Corresponding with the second anniversary of Harmony’s mainnet launch, the expanded partnership aims to strengthen the protocol’s cross-chain defi capabilities, while leveraging Harmony’s 2-second transaction speeds and low transaction costs.

The Sushi full-stack deployment will be accompanied by two incentive campaigns. This includes a $2 million liquidity mining campaign to encourage yield farming with $1 million of ONE and $1 million 1Sushi token rewards.

Kashi, a lending decentralized app (dapp) built on top of Sushi’s Bento Box, is also natively deploying on Harmony. The lending and margin trading platform will be the destination for another $2 million incentive program that will contain $1 million One and $1 million 1Sushi tokens. Bento Box, a vault for asset deposits, will not be deploying on Harmony. However, the stored assets will be accessible for dapps built on top of it.

Addressing Defi’s Deficiencies

As defi protocols seek to avoid the high costs and low throughput associated with Ethereum, the race is on to deploy on competing networks and solutions.

Sushi operates in an ocean of defi solutions and is far from the only platform making a move to new horizons, echoed by Aave and Curve’s adoption of Polygon. Sushiswap is also on Polygon, highlighting the platform’s rapid adoption.

Polkadot is also attracting defi’s attention as an alternative to the scalability and cost limitations of Ethereum. Acala, which aims to be the Ethereum-compatible defi hub on Polkadot, has seen its own Karura platform win the first parachain auction on Kusama, Polkadot’s canary network, potentially shifting the ultra-competitive defi landscape in yet another direction.

With the costs and difficulties of switching between blockchain networks continuing to fall, it remains to be seen whether Ethereum’s upcoming shift to proof-of-stake will be able to stave off the migration of platforms seeking better conditions elsewhere.

What do you think of the Sushi and Harmony’s Collaboration? Let us know in the comments section below.

NEFTiPEDiA’s Ongoing Biggest ICO For Digital Investors

NEFTiPEDiA’s Ongoing Biggest ICO For Digital Investors

The non-fungible token (NFT) platform is emerging as one of the main ideas that capture the interest of many mainstream media. The capability of creators to develop their NFTs and sell it on different marketplaces attracting many artists, brands, and celebrities.

NEFTiPEDiA, a next-gen decentralized NFT platform, looks to be at the forefront of this movement by offering an extensive NFT ecosystem for everyone while celebrating digital currencies with digital art in unique ways. Notably, NEFTiPEDiA supports the growth of creators, digital artists, investors, and collectors of all marketplaces. 

The main aim of NEFTiPEDiA is to advocate the artists to raise their source of revenue through NFTs. Besides supporting the digital artists alone, the platform also aims to serve the marketplace with different various products including cosmetics, vehicles and property. NEFTiPEDiA’s ideas and efforts will definitely be a game changer for all the users in the marketplace. The main benefit of buying NEFTiPEDiA’s NFT is that it offers a long-term benefit for the investors. 

Even more, NEFTiPEDiA insists that an open and decentralized marketplace platform belongs to the community alone and not the project founders. This makes NEFTiPEDiA Excentrique.

NEFTiPEDiA’s Ongoing ICO

NEFTiPEDiA has launched its ICO to build the platform for the wide-scale NFT marketplace. Through this platform, lots of users are enjoying this ongoing ICO. The platform has allotted a total of 250,000,000 $NFT tokens for the ongoing ICO, in which 393,383 token sales have been done. 

Users sign up into the NEFTiPEDiA’s ICO panel — ico.neftipedia.com and receive their referral code. Users can also share the code with their friends and get an opportunity to win a car and many exciting prizes. 

Minimum of 5 referral needed to enter the prize draw. Those referrals ended in purchase will be added to the count. ICO is expected to end in 30 days, afterwhich winners of the ICO event will be announced. Currently, the NEFTiPEDiA token’s ICO price is $0.0215.

NEFTiPEDiA’s Airdrop Event Ends Successfully

NEFTiPEDiA conducted an airdrop event, delivering $3 worth of NFT tokens to each airdrop participant. Users just need to complete simple social tasks. Notably, NEFTiPEDiA has ended its Airdrop event successfully. 

The number of airdrop participants reached beyond the target of 30,000. Almost 25,000 users have received their airdrop rewards already. All verified users will receive their NFT rewards. 

All transactions made through NEFTiPEDiA are available through the Binance blockchain explorer network. 

Exchange Listing

NEFTiPEDiA now just listed in DsDaq exchange. Moreover, Dsdaq is a cryptocurrency exchange platform that provides an innovative crypto collateral trading system. The token will soon be listed on top crypto exchanges.The token listing on exchanges will solve issues for people who wonder how to buy the NEFTiPEDiA tokens. 

Furthermore, NEFTiPEDiA will become a community-run marketplace and the crypto industry will make the project as a kind and remarkable one in the crypto space.

For more visit:

Top Trader Says He’s Buying Explosive Altcoin That’s Dramatically Outperforming Bitcoin, Ethereum and Crypto Markets

An analyst with a large following in the crypto space says he’s stockpiling an altcoin that’s significantly outperforming both Bitcoin and Ethereum during the major market downturn.

The pseudonymous trader Capo tells his 135,000 Twitter followers that he is steadily increasing his supply of Constellation Network (DAG), an open source platform designed to allow developers to build scalable blockchains.

 

According to CoinGecko, DAG is up over 58% on the week at time of publishing. Meanwhile, BTC is down 9% and ETH is down 15% in the last seven days.

DAG is also outperforming over the last month and is up 132% since May 23rd, while both Bitcoin and Ethereum are in the red.

Capo is mapping out key levels for DAG in its Bitcoin pair (DAG/BTC).

The trader’s analysis shows that DAG is in an accumulation phase versus BTC, as the altcoin ranges between 0.000002 and 0.00000016 satoshis (sats).

“Eyes on DAG – still accumulating this one.”

Source: Crypto Capo

DAG has been on the market since June of 2018, according to CoinGecko.

The trader is also looking at BTC and says the top cryptocurrency is likely in an accumulation phase and will be while it ranges between $30,000 and $40,000.

Source: Crypto Capo

The analyst is also sharing a chart issued by Alpha/DLT’s Mark Cullen, which shows Bitcoin bouncing off a slight dip below the specified accumulation range and rising past $40,000 by the end of July.

At time of writing, Bitcoin is trading around $33,000, up 2% in the past 24 hours, according to CoinGecko.

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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/Olivier Le Moal

The post Top Trader Says He’s Buying Explosive Altcoin That’s Dramatically Outperforming Bitcoin, Ethereum and Crypto Markets appeared first on The Daily Hodl.

Polkadot price analysis: DOT recovery on thin ice as pair faulters at $16.00

TL;DR Breakdown

  • Polkadot price analysis remains sluggish as the price is rangebound
  • The DOT/USD pair has bounced from critical support at $14.00
  • The recovery rally has seen the pair bounce, but doubts remain
Polkadot price analysis: DOT recovery on thin ice as pair faulters at $16.00 1
Cryptocurrency heat map by Coin360

Polkadot price is behaving like most other altcoins when it comes to the current relief rally. After declining to $13.00, the pair moved upwards to post a high of $16.70. The pair is currently trading near the $16.33 level and is looking for rangebound in the near term. The broader crypto market remains in a sluggish mode as the altcoins await a direction.

The pair tested lower support at $13 earlier this week due to market-wide weakness. There are signs of a rebound in the current recovery, but the pair is unlikely to sustain the momentum due to low volumes. As per Polkadot price analysis, the present uptrend is bound within the Bollinger Bands with a range of $14.36 to $17.11. However, the Bollinger Bands themselves are shrinking, which means the range with tightening further.

Polkadot price movement in the last 24 hours: DOT barely clings to gains

Even though the current rally seems to reach the upper Bollinger Band, the price is unlikely to remain at elevated levels. The inherent weakness is visible in Polkadot price analysis, which is gradually turning bearish. The downtrend that began earlier this week has also posted new lows on the daily charts making the long-term outlook bearish according to Polkadot price analysis.

The support at $13 and then at $14 has proven to be an excellent bounce-back point. The technical indicators are not in a hurry to jump alongside the price displaying the weak volumes data. The slightly bullish crossover that was visible in the first quarter of the day is now nullified. The candlestick patterns are getting mellow and show sluggish price action.

Additionally, the converging Bollinger Bands show that the price will be tightly controlled in a range with limited volatility. Polkadot price analysis suggests that the bearish pressure will become dominant as the price moves closer to the $18.00 resistance level. Even the slightest price gains can trigger another round of selling as the buyers would book profit at higher levels.

DOT/USD 4-hour chart: DOT enters another consolidation phase

Polkadot price analysis: DOT recovery on thin ice as pair faulters at $16.00 2
Polkadot price chart by TradingView

The progression in DOT/USD is slowing down as the pair is ready to enter another round of stagnation. There is no negative news that may accelerate the fall. Thus, the decline will be gradual, where the price may reach $13 once again.

The technical indicators show no signs of an immediate uptrend resuming after the pair fell from the $21.50 support point. The cascading effect from the $21.50 support region will only accelerate further and may see DOT/USD reach the $11.00 support area. The bulls have defended the $13.00 support zone, but the volume data is weak, meaning the recovery is built upon thin liquidity.

A horizontal support line is emerging in parallel to the descending price channel. Thus, the recent $13.00 support region will be seen as the new support area. Furthermore, there is additional support at $10.00, where long-term investors may raise concerns. The RSI is at 42, signifying a neutral zone with a bearish bias.

Polkadot price analysis conclusion: Recovery to $16 may vanish soon

Traders should remain cautious about the current price action. There are subtle hints of another downturn in the present context. Polkadot price analysis shows that the DOT/USD pair follows the common altcoins in terms of price action. Thus, there is a recovery phase after a sharp decline to the lower support.

Polkadot remains vulnerable to more decline as the pair reaches out to test lower support areas. Like other altcoins, the pair reacts to negative crypto news, especially the Chinese crypto mining crackdown.

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.

Ripple catches another break as court allows access to SEC’s internal trading policies on XRP

Ripple Labs’ request to access the US Securities and Exchange Commission’s (SEC) non-public policies regarding agency employees buying and selling XRP and other cryptocurrencies was granted by the appointed judge, according to XRP holders’ legal representative.

Meanwhile, Ripple’s lawyer claims the SEC intends to file a motion and quash the company’s deposition subpoena served on a former SEC official.

SEC’s internal employee policies

Back in March, John E. Deaton, a lawyer for 11,000 XRP holders, who filed a motion to intervene in Ripple’s legal battle with the SEC as third-party defendants, revealed a portion of the latest court document in a tweet.

Ripple sought access to the SEC’s “policies governing SEC employees’ trading in, or purchase or sale of, Digital Assets and/or Virtual Currencies, including all changes and updates to those policies,” which the Commission refused to reveal, arguing the sought out information is irrelevant. 

Magistrate Judge Sarah Netburn, who is presiding over discovery in the legal case granted the request, stating it “meets the low bar for relevance, including potentially with respect to the claims against the Individual Defendants.”

Her ruling also states that the SEC already began to produce documents related to Ripple’s earlier requests for internal agency communications about Bitcoin (BTC), Ethereum (ETH), and XRP from the Commission’s FinHub electronic mailbox as well as its Office of Investor Education Advocacy external communications and internal documents.

Mysterious former SEC member

According to the company’s legal representative, James K. Filan, the SEC announced the intention to file a letter motion to quash a deposition subpoena served on a former Commission official.

As the identity of the subpoenaed official is still unrevealed, one can only speculate how damaging to the SEC could this testimony under oath be?

The post Ripple catches another break as court allows access to SEC’s internal trading policies on XRP appeared first on CryptoSlate.

Famed Dogecoin Investors to Keep HODLing $DOGE After Losing Millionaire Status

Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life savings in the meme-inspired cryptocurrency in early February to become a millionaire, says he will keep HODLing onto his DOGE even after losing the millionaire status he acquired. Contessoto’s DOGE portfolio reportedly rose to surpass $2 billion when the cryptocurrency was trading at a […]

Former NYSE President Says for Bitcoin to Exceed Gold It Needs to Be Accepted More as Currency

On June 24, the CEO of Far Peak Acquisition Corp. and former New York Stock Exchange (NYSE) president, Thomas Farley discussed the future of bitcoin and gold on the CNBC broadcast Squawk Box. Farley is optimistic about the leading crypto asset but he doesn’t believe it will surpass gold’s $10 trillion market capitalization unless it’s “an accepted form of currency.”

Far Peak CEO Says Bitcoin Will Go Up, But May Not Beat Gold

Thomas Farley spoke about bitcoin (BTC) on Wednesday following the digital asset’s rebound from the $28,600 low on June 22. Farley is the chief executive officer at Far Peak Acquisition, a special purpose acquisition company but he also once led the NYSE as its president.

Farley has spoken about bitcoin on a few occasions in the past and was known for revealing the launch of the NYSE bitcoin price index in 2015. “We are now going to use our name, reputation, and global index provider stature to provide bitcoin values that the rest of the market can look to,” Farley said at the time.

While speaking on Squawk Box, Farley stressed that BTC was a volatile asset and this is because it is so new. “With respect to the recent price moves, I’m kind of sanguine about them,” Farley remarked. “Bitcoin’s a very volatile asset class, in part because it’s a new asset class,” he emphasized.

Farley doesn’t think that BTC won’t go up or even down over the long term, but he still believes “it’s a lower left to upper right trend and I think we’re going to see that play out over five years.”

The Far Peak executive, however, believes gold has the upper hand in comparison to bitcoin. “I think the upper bound for now is gold, which is about a $10 trillion market cap,” Farley said.

Despite the fact that BTC needs to be more than half of a million dollars per unit, many bitcoin bulls believe the leading crypto asset can surpass gold’s global valuation. It seems that Farley thinks that BTC could get an edge on gold if it was a more accepted medium of exchange. But the former NYSE president is not so sure BTC will ever pull it off.

“In order for bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency,” Farley explained. “I’m not sure, frankly, if it ever gets there.”

What do you think about Thomas Farley’s opinions about bitcoin and gold? Do you think bitcoin could someday surpass gold’s market valuation? Let us know what you think about this subject in the comments section below.

Bitmain Suspends Antminer Sales as Chinese Customers Put Miners for Sale

BitmainBitmain

Major Bitcoin mining machine manufacturer, Bitmain Technologies has announced the suspension of the global sales of its Antminers. The move was unveiled via the company’s official WeChat account platform and comes following the Chinese government’s plan to clamp down on local mining operations. 

The past days have seen an exodus of Chinese mining machines as miners look to other safe-haven regions to escape the wrath of the government. While this is not the first time the Chinese government has threatened to suspend or ban mining operations on energy and environmental concerns, the move this time represents the first time real enforcement of the ban is being effected.

The suspension of the sales of its Antminers was to help its local customers and partners offload their second-hand machines and decongest the country in due time. 

“In order to help the industry transition smoothly, Ant Mining decided to temporarily suspend the global spot sales,” Bitmain revealed in the announcement according to a Google translation of the post. The development of Bitmain is inseparable from the support of our customers. We adhere to the values ​​of “long-term, loyal, and win-win”, and strive to cope with every change and fluctuation in the industry together with our partners.”

Chinese Mining Exodus is Good for the Industry

Mining firms that once made China their homes are now moving to other countries like Kazakhstan, and the United States. Amongst the major ones include New York Stock Exchange-listed BIT Mining and Canaan Inc. There are a number of advantages that have been identified with the exodus of miners from China.

The first and most important is the decentralization of Bitcoin and general crypto mining operations. Prior to this time, a large percentage of the total Bitcoin hashrate was domiciled in Chinese mining provinces. This usually predisposes the entire network and industry to risks of regulatory clampdown as we are currently seeing today.

Additionally, the move away from China on energy and environmental concerns can accelerate the embrace of alternative or renewable mining systems. The gap in embracing new power sources for mining can attract new investors into the space, and help usher in green mining. In all, the dominance of China in controlling Bitcoin mining operations will be tapered down, and help stabilize the ecosystem as a whole.

The post Bitmain Suspends Antminer Sales as Chinese Customers Put Miners for Sale appeared first on Coingape.

New York City to Become the ‘Center of Bitcoins,’ Promised Mayoral Front Runner

The number of US city mayors, whether current or running, supporting bitcoin continues to grow. After Miami’s Francis Suarez, the favorite to win the race in New York City, Eric Adams, promised to make NYC different in a year, including becoming the “center of bitcoins.”

BTC Going to NYC?

Running as a Democrat, Eric Adams is a polarizing figure that managed to get ahead in the race through an old-school strategy by receiving support from Black and Latino voters with unions.

Although roughly 70% of voters didn’t make him their first choice, the new and controversial voting system in the city has made him the favorite. The latest polls showed a lead of over 75,000 votes over Maya Wiley.

Apart from making the usual political promises of lowering crime rates and creating new jobs, he also outlined a somewhat unexpected strategy, which he believes will bring back economic prosperity to one of the world’s most important cities.

During a recent speech, he spoke about his intentions to turn New York City into a technology hub, and he even briefly mentioned the largest cryptocurrency – bitcoin.

“I’m going to promise you in one year, you are going to see a different city. We are going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of bitcoins.”

New York City. Source: LovelyPlanet
New York City. Source: LovelyPlanet

Somewhat expectedly, the CEO of MicroStrategy, Michael Saylor, was quick to weigh in on the matter, saying that “bitcoin is hope for New York.”

Miami’s Mayor Leads the Way

Months before Adams spoke about bitcoin, another mayor of a large US city was the first to express his support about the asset. Francis Suarez, the mayor of Miami, said he was opened to explore investing 1% of the treasury reserves in BTC.

Since then, he has reaffirmed his stance, indicating that he is a holder of bitcoin and ether. He also attracted the world’s largest Bitcoin conference to take place in Miami, where he praised the primary cryptocurrency once more.

Most recently, Suarez tried to lure BTC miners into relocating to his city and promised them incentives like cheap nuclear energy.

Featured Image Courtesy of TownandCountryMag

Bitcoin hits $35K after Biden reveals infrastructure deal, Paraguay proposes BTC bill

Bitcoin price briefly traded above $35,000 as the stock market hit new highs and Paraguay aims to become the second country to adopt BTC as legal tender.

Bitcoin (BTC)  price received a boost as news that lawmakers in Paraguay plan to present a bill to make BTC legal tender spread across Twitter. Shortly after the unconfirmed news surfaced on Twitter, Bitcoin price rallied to $35,289 before slightly pulling back below the key short-term resistance level. 

While the cryptocurrency Fear and Greed Index still indicates a sentiment of Extreme Fear, it’s worth noting that the measure has risen from 14 on June 23 to 22 on June 24 as traders begin to view the drop below $29,000 and Bitcoin's rising open interest as signs that the current corrective phase may have ended. 

Cryptocurrency fear and greed index. Source: Alternative

While traders' sentiment may have improved slightly, Cointelegraph analyst Marcel Pechman suggested that investors could be waiting for the $6 billion in Bitcoin and Ether (ETH) quarterly futures and options to expire on June 25 before making a more decisive move.

Stocks reach new record highs, altcoins rally

The crypto market wasn't the only market to rally today. Traditional markets also rose to new highs after U.S. President Joe Biden revealed that he had reached an agreement on a $953 billion bipartisan infrastructure spending plan with the Senate.

Following the announcement, the S&P 500 and Nasdaq each rallied to new record intraday highs and closed the day up 24.65 points and 97.98 points respectively, while the Dow gained more than 322 points on the day. 

Daily cryptocurrency market performance. Source: Coin360

As one would expect, altcoins also surged higher as Bitcoin price and traditional markets moved higher. Ether (ETH) rallied back above the psychologically important $2,000 level, while Tron (TRX) and Celo gained 26% and 28% respectively. CELO's move appears to be driven by the listing of its Celo Euro (cEUR) stablecoin on KuCoin exchange. 

Prior to the recent price rise, VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELO on June 22.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CELO climbed into the green and reached a high of 73 on June 22, one hour before its price began to spike 56% over the next day. The VORTECS™ Score turned green again on June 24, reaching a high of 74 as CELO began to rally another 25%.

The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin’s dominance rate is 46.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Wisebitcoin Launches Leveraged ETF Trading for Decentraland (MANA)

Wisebitcoin Launches Leveraged ETF Trading for Decentraland (MANA)

Wisebitcoin is pleased to announce the launch of two new leveraged ETF trading pairs for Decentraland.

The two new ETFs were launched on June 15, 2021, and include the following:

MANA3L/USDT (3x leverage long)

MANA3S/USDT (3x leverage short)

About Wisebitcoin ETFs

Wisebitcoin’s leveraged ETFs – Exchange Traded Funds –are open to all traders. Leveraged products are designed to help investors amplify their earnings by changing the leveraged token’s price in proportion with the leverage amount.

For example, for every 1% increase in MANA price, the price of “MANA3L” will rise by 3%, while the price of “MANA3s” will fall by 3% for every 1% fall in the price of MANA.

You can learn more about Wisebitcoin’s leveraged ETF products here.

Chainlink and OVR Collaborate on a $65k Prize Distribution

After OVR announced its integration with Chainlink on June 10th, now the team is proud to explain all the rules of OVR prize distribution powered by Chainlink Verifiable Random Function.

In fact, OVR decided to collaborate with Chainlink VRF to determine the winner of its $15k OVR token prize extraction reserved to treasure hunters and to participate in its wider $50k OVR token prize extraction for OVRLand buyers. The extraction process will be done through a public and deterministic algorithm.

So, OVR will run 2 main competitions, one for treasure hunters and one for OVRLand buyers.

OVRLand buyers and treasure hunters to win $65k

All the OVRLands where treasures have been discovered after the competition start date will be listed on a specific interface available to the user. The treasure hunt competition will have 3 rounds on different dates starting from June 22nd.

At the end of each treasure hunt competition period the list of all OVRLands where treasures have been discovered by participants will be created and made publicly available.

The list will be ordered by ascending OVRLand Hex, OVR will generate a publicly verifiable random number with Chainlink’s VRF and will iterate on the ordered list with such a number to select the winner. The Python script used to iterate on the list will be made publicly available before the extraction

Regarding the OVRLand buyers, instead, all OVRLands acquired after the competition start date will participate in the extraction of an OVR prize, and will run 5 different rounds of such an extraction.

Users buying OVRLands since the start date of the competition will be able to see the list of the OVRLands that they bought during the extraction round on a specific interface.

At the end of each round an ordered list of all OVRLands acquired in the period will be made publicly available, OVR will generate a publicly verifiable random number with Chainlink’s VRF and will iterate on the ordered list with such a number to select the winner.

Only OVRLands that started the auction prior to the closing date of the current round and closed before the starting date of the next round will be admitted for the extraction.

Of course, prizes will be immediately available to participants to withdraw or spend on the platform.


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Jim Cramer Has Gotten Rid of Nearly All His Bitcoins

Jim Cramer of CNBC and “Mad Money” fame said in a recent interview that he has sold most of his BTC.

Jim Cramer Has Parted Ways with Most of His BTC

In a statement, Cramer mentioned the following:

Sold almost all of my bitcoin. I do not need it.

Cramer cited China’s position on bitcoin as the main reason as to why he sold his crypto stash. He says that the country is working hard to kill the entire bitcoin system, not just the mining space. He says that bitcoin is a decentralized monetary network that China cannot control. As a result, regulators within the country fear it. Thus, they simply want it out of the picture. By engaging in action against the miners, they can shut it out steadily and prevent bitcoin’s reign from becoming any bigger.

It is believed that as much as 90 percent of China’s bitcoin and crypto mining operations will be forced from the nation within the coming weeks. Cramer further mentioned:

When the PRC [People’s Republic of China] goes after something, they tend to have their way. It is not a democracy. It is a dictatorship. I think that they believe it is a direct threat to the regime because of what it is. It is a system that is outside their control.

Cramer recently announced that he had used part of his bitcoin stash to pay off his mortgage. However, during his interview, he said that China was not the only entity he feared. He also claimed that regulators in the United States bore threats to the bitcoin network, and he is unsure of how the country will approach or handle the cryptocurrency in the coming years.

The U.S. Is No Help Either

He pointed to the recent hacking of the Colonial Pipeline to boost his argument. He says that so long as bitcoin is used in ransomware attacks, the United States will likely never possess a positive view of BTC. He stated:

In our country, I think it is outside of our control when it comes to ransomware, and I doubt that Colonial is the first company to pay ransomware. Think they are the first that almost shut down the east coast. I think the Justice Department and the FBI, and the Federal Reserve and Treasury could coalesce and say, ‘OK guys, if you pay ransomware, we are going to go after you… I am saying that this is not going up because of structural reasons.

He is also confident that bitcoin ransomware attacks are likely to become more prominent, pointing to the fact that soon after Colonial was hit, the world’s largest supplier of beef – Brazil’s JBS – was also infiltrated by hackers looking for bitcoin they did not earn. Sadly, the company wound up having to pay the ransomware the hackers had set of approximately $11 million in crypto.

The post Jim Cramer Has Gotten Rid of Nearly All His Bitcoins appeared first on Live Bitcoin News.

Portuguese national football team launches fan token with Socios

The platform reported the sales of all its fan tokens have generated more $150 million this year.

Blockchain-based sports platform Chiliz has partnered with the Portuguese Football Federation to release fan tokens on Socios.

In a Thursday announcement from Socios, the platform said it will be dropping tokens for the Portugal national football team, also known as A Seleção or “The Selection,” within the next few days for local fans. As with previously tokenized sports franchises, the digital collectibles are minted on the Chiliz blockchain and allow token holders to vote in polls and earn VIP rewards.

“The launch of the $POR Fan Token will allow us to create new ways of reaching our supporters and interact with them in new and innovative ways.” said Portuguese Football Federation’s chief marketing officer Nuno Moura. “This will create new opportunities to engage fans with the Portuguese Team like never before, providing them with exclusive benefits, experiences and rewards.”

While Chiliz through Socios has formed partnerships with major names in sports to release fan tokens, crypto and blockchain firms are apparently vying to sign licensing agreements with sports franchises across Europe and the world. Earlier this month, the French Football Federation announced it would be launching official player nonfungible tokens, or NFTs, with blockchain-based fantasy soccer game Sorare.

Related: NBA 76ers joins fan token platform Socios

In the US, both the Philadelphia 76ers basketball team and National Hockey League’s New Jersey Devils have entered similar partnerships with Socios. The platform reported the sales of all fan tokens have generated more $150 million this year.

Unfazed By Price Fluctuations, Andreessen Horowitz Announces New $2.2 Billion Crypto-Focused Fund

Unfazed By Price Fluctuations, Andreessen Horowitz Announces New $2.2 Billion Crypto-Focused Fund

Despite crypto markets showing all the bad signs of possible crypto winter, Andreessen Horowitz – the well-known Silicon Valley venture capital firm, has Thursday launched a new $2.2 billion cryptocurrency fund.

The new fund will invest in blockchain and cryptocurrency assets and companies at all stages of development. Representatives of the company said on launching the fund that they have never been more excited about the future of crypto than they are now.

“This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto.

“The history of crypto shows that asset prices may fluctuate but innovation continues to increase through each cycle. We’ve never been more excited about where crypto is headed and we’re going all-in on the talented, visionary founders who are determined to be part of crypto’s next chapter. If you’re one of them, we’d love to hear from you.”

In launching the new crypto fund, the company sees crypto as being not just the future of finance but also capable of transforming “all aspects of our lives” according to Katie Haun and Chris Dixon, partners who run Andreessen’s cryptocurrency group. They affirmed crypto will drive the next wave of computing innovation.

Andreessen’s stated the size of the new fund spoke to the size of the opportunity they see in cryptocurrencies. The company considers crypto as being in its early stages of development, and so the opportunity couldn’t be huger for them.

This new fund takes the company’s crypto funds tally to three. It launched yet another crypto fund valued at $515 million in March this year. Andreessen launched the first crypto fund in 2018, also at a time when crypto prices were dwindling after the meteoric 2017 price pumps that saw Bitcoin attain a $20,000 price mark for the first time.

The new investment also adds to other of the company’s crypto-related investments since entering the space by investing in Coinbase in 2013. It is also invested in OpeanSea and Dapper Labs Decentralized finance projects, and it intends to hold these investments for at least a decade.  

Sushiswap to deploy full suite of Sushi products on Harmony’s blockchain

“We believe this partnership with Sushi is just the beginning of bringing millions of people into decentralized finance,” said Harmony founder Stephen Tse.

As the Harmony blockchain approaches the two-year anniversary of its mainnet launch, decentralized exchange SushiSwap will be deploying Sushi products related to rewards and yield farming. 

In a Thursday announcement from Sushi, the project said it would be partnering with Harmony to introduce liquidity mining rewards for Sushi, rewards for Kashi borrowing and lending, Sushi-specific hackathon challenges, and other products. In Harmony’s aim to reach 10 billion people, it will be sponsoring a $1 million hackathon with Sushi featuring four challenges, with additional details to come in July.

“We believe this partnership with Sushi is just the beginning of bringing millions of people into decentralized finance,” said Harmony founder Stephen Tse. “As our mainnet matures, we are onboarding more key DeFi primitives that will enable access to many new communities.”

As part of the partnership, products include Sushi deploying a liquidity mining campaign on Harmony, with $1 million in Onsen (ONE) rewards and $1 million in 1SUSHI rewards available over 12 months. In addition, liquidity providers of Sushi’s ONE/ETH pool can earn SUSHI rewards according to the blockchain’s Onsen campaign.

Sushi’s Kashi lending platform will also offer users $2 million yield rewards on their assets through BentoBox on Harmony. Though the vault is native to Sushi and will not be moving to the new blockchain, Sushi said decentralized apps built using BentoBox — in this case, Kashi — can utilize all its assets.

Related: Cointelegraph Consulting: A review of SushiSwap roll-outs

Launched last year as a Uniswap fork, SushiSwap ranks 6th on CoinMarketCap’s list of decentralized exchanges, behind Uniswap’s v3 and v2 and others. However, data from Messari at the time of publication shows SushiSwap has more than $3 billion in total value locked, with more $86 billion in transactions. Sushi is responsible for roughly 15% of all decentralized exchange volume.

$3.6 Billion: These South African Brothers May Have Just Pulled Off One Of The Biggest-Ever Bitcoin Heists

$3.6 Billion: These South African Brothers Have Just Pulled Off One Of The Biggest-Ever Bitcoin Heists

Ameer and Raees Cajee, co-founders of South African crypto investment platform Africrypt have reportedly disappeared with about 69,000 BTC valued at $3.6 billion amid the April rally.

Notably, the siblings first raised suspicion earlier this year when they claimed that their firm had been the victim of a hack in April. The suspicions deepened when they asked their investors not to inform authorities in order not to slow down the recovery process of the stolen funds for the firm. 

However, the investors hired Hanekom Attorneys, a law firm to investigate the claims; the police were also alerted and have taken up the investigation. The police have notified exchanges of the missing funds to ensure they are not liquidated, though the funds have been proven difficult to track, as they were sent through “mechanisms that make it difficult to track”.

Though the investigations are still being carried out, the occurrence can raise more commitment from South African regulators to impose stricter regulations on cryptocurrencies and crypto trading in the country. South African regulators have long been calling for laws to be imposed on cryptocurrencies, so as to protect consumers, as well as bank’s exposure levels. 

The regulators have also suggested taxation, custodianship, and Anti-Money Laundering laws for cryptocurrencies. 

Recall that South Africa has had a history of cryptocurrency scams. South Africa was in the news for a major crypto scam that saw the investors of Mirror Trading International Ltd (MTI) lose $750 million in what was tagged as one of the last year’s biggest cryptocurrency scams.

Generally speaking, cryptocurrency adoption in South Africa has been growing. Local news outlet Techfinancials had previously reported that payments with cryptocurrencies have become a common feature in South Africa, helping a large number of unbanked individuals improve their productivity.

So far, in the race for cryptocurrency adoption, in terms of crypto peer-to-peer adoption, two countries from the continent have emerged in the first place. While Nigeria still leads in growth, South Africa and Kenya both grapple for second place.

VICE docu: bekijk zelf hoe bitcoin werkt in El Zonte, El Salvador

VICE, het Canadees-Amerikaanse mediabedrijf, maakte een uitstekende korte documentaire over Bitcoin Beach in El Zonte, El Salvador. De lokale economie draait er al enige tijd op bitcoin en het succes vormde de inspiratie voor de nationale bitcoinadoptie. Bekijk de documentaire zelf; in slechts 12 minuten zie je hoe bitcoin in El Salvador werkt.

De korte documentaire van VICE is te bekijken via het Youtube-kanaal van Motherboard of via de videospeler hieronder.


Lees ook eens ons artikel over de adoptie van bitcoin in El Salvador of het eerdere artikel over Bitcoin Beach.

Spanish authorities begin probe into John McAfee’s death

TL;DR Breakdown

  • Authorities begin probe into McAfee’s death
  • McAfee reportedly committed suicide (unconfirmed)
  • Things you did not know about McAfee

Authorities in Spain have begun probing circumstances and the eventual cause of death of crypto enthusiasts and software mogul John McAfee.

His death occurred shortly after a court approved his extradition to the US, where he was wanted for tax evasion.

Following the approval, the 75-year-old body was discovered in the evening in his cell at the Brians 2 penitentiary near Barcelona. A spokesperson for the prison John McAfee died said the death was apparently from suicide.

His body has been taken into custody by judicial officials who opened an investigation to determine the cause of death.

A spokesperson for Catalonia’s justice ministry said, “There was a death which suggested suicide, but confirmation must come through the autopsy,” she told AFP, saying it could be a matter of days before a post-mortem would be carried out.

Last minutes of John McAfee

McAfee’s last days were filled with many battles and tragic circumstances. From having to elope from the US to being imprisoned in Spain and getting prepared to be extradited to the US, where he would face charges and bag up to 30 years in prison.

He also recently revealed how he lost his fortune to profligate spending by his McAfee team and some of his fortune seized by authorities. The last the crypto and software mogul heard about himself as he would be extradited to the US before his body was found dead in his prison cell.

The last minutes of his life were depressing, although he (John McAfee) says he regrets nothing while he was in prison. He had an exciting and adventurous life, however.

Things you may not have known about McAfee

  • McAfee was born to a British father and an American mother on September 18, 1945.
  • At age 15, his father committed suicide by gunshot.
  • In 1963, he got a bachelor’s degree in mathematics from Roanoke College, which also gave him an honorary Sc.D. degree in 2008.
  • In 2013, McAfee married Janice Dyson, who was 30 years younger than him
  • McAfee was the founder of McAfee Associates. He established the antivirus software company in 1987 but resigned from the company in 1994.
  • McAfee made his big break as the pioneer of the first commercial antivirus software.
  • In 1997, McAfee Associates and Network General came together to form Network Associates.
  • John McAfee had other business interests aside software programming such as cryptocurrency, herbal antibiotics, and yoga.
  • McAfee, in his lifetime, also delved into politics. In 2016 and 2020, he sought to be nominated as the United States Presidential candidate under the Libertarian Party.
  • His political career was unsuccessful

Echoing Cuban, Novogratz says DeFi should ‘play by the rules’, or ‘pay the piper’ later

Mike Novogratz suggests DeFi projects add KYC and AML features now instead of waiting on regulators to crack down on the entire sector.

Decentralized finance (DeFi) has emerged in 2021 as one of the fastest-growing trends in the crypto sector and as the unique features of DeFi begin to work their way into traditional finance, executives from crypto and conventional business circles warn that regulation could be on the way if the protocols don't take steps to self-regulate. 

On June 23, Mike Novogratz, CEO of Galaxy Digital, warned that DeFi protocols will soon need to decide if they want to incorporate know-your-customer and anti-money-laundering procedures to gain acceptance from regulators or “pay the piper later.”

 On June 17, billionaire investor and DeFi advocate Mark Cuban called for stablecoin regulation after losing money during the Iron Finance 'bank run’, highlighting the growing calls for regulation in the Wild West world that is DeFi. 

In several follow-up tweets, Novogratz expounded upon his position and warned that governments have developed tools to help deal with this growing threat and that it would be wise to work with regulators for the long-term success of the ecosystem.

Novogratz said:

“It’s not wise to think governments have no tools in their kit to go after the bad guys… they do. If we want this ecosystem to grow we need to recognize we need to operate within the rules society sets.”

While the idea of adding KYC and AML features to DeFi goes against the ethos of anonymity and decentralization that many in the crypto community hold dear, it might be something worth considering as the number of DeFi users grows and scam projects proliferate on many protocols.

Related: Beware of ‘soft rugs’ — A growing menace in decentralized finance

Data from Glassnode shows that while the DeFi userbase continues to grow, the month-over-month gains have been declining lately, down from 25% gains in May and 18% gains in April. Currently, June is “on pace to do 12%.”

2021 DeFi user growth. Source: Glassnode

As new users enter the ecosystem, it is important for them to have a positive first experience in order for them to want to continue to engage with DeFi protocols and it's possible that regulation and accountability could help.

Regarding user concerns related to privacy, Novogratz said that the latest protocol upgrades under development could make privacy and compliance a real-world possibility.

Novogratz said:

“Zero-knowledge compliance and other systems need to be developed for DeFi to scale. I am confident they will be.”

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