Category: Crypto

The new episode of Blockchain and Booze was all about the Layer-two solutions and their use on the Ethereum network or Immediate Edge. The show featured Stani Kulechov, CEO of Aave, Jack O’Holleran, CEO of Skale, and Antonio Juliano, founder of dYdX, the experts of the blockchain industry. The discussion was started with the high fees and was quickly converted to the advantages of decentralized finance. Transferring an Ethereum transaction is becoming more and more expensive and the network gets heavily congested; Layer-two solutions can be very helpful in this situation, it can decrease the load of the network and can also make transactions fast and less expensive. As Aave’s Kulechov stated, the disruptive potential of layer-two solutions is massive. Not only are they incredibly promising, but they are still a nascent technology that has yet to be fully implemented: “Lots of these [layer-two] developments on Ethereum aren’t even being deployed yet. We’re still very early on scaling up, but the huge number of people executing on layer one is an issue.” The three guests are in support of Layer-two as it can be a big step towards making the decentralized system more efficient and powerful. But the question that arises here is how Layer two actually work does.

Working Procedure of Layer-two explained:

When coming to the working procedure of Layer-two O’Holleran gave a brilliant example that stated, the settlement layer of Ethereum is the game of poker and layer-two is the record of gains and losses. In the games of poker, the players don’t cash out their winnings after every game instead, they just maintain a record of their wins in a ledger at the table; after the player decides to not play anymore, and they cash out their winnings. Similarly, in layer-two solutions, the users can trade with tokens in the layer-two network till they want to exchange it with Ethereum.

DeFi:

DeFi is short for Decentralized Finance, or which has no authority to control over. DeFi has many advantages such as transparency, free for all services, etc.; upon asked about the “end goal’ of DeFi is, O’Holleran responds after a short pause, “The power of these systems goes beyond DeFi. Marketplaces, social media, gaming: These can all be disrupted through decentralization. Ultimately, we want to democratize finance.” And Juliano adds to the statement “The goal is really big. The financial system is the most permissioned, trusting system in the world. We can build something parallel in DeFi — small at first, but eventually, it could be more profitable to use DeFi because of better interest rates.” The DeFi space appears huge and stable to many people as it crossed $100 billion but, when it comes to the financial view it is a very meagre amount. O’Holleran predicts that “The smart CeFi business will begin to figure out how to inject them into DeFi, and the DeFi space will improve as a result.” CeFi means Centralized Finance and it means that some companies and institutions store their funds to provide services.

Sygnum Singapore, a subsidiary of a Switzerland based cryptocurrency bank, is finally expanding their services after securing the latest new regulatory approval from the government.

According to their latest announcement, they have received the in-principle approval from the Monetary Authority of Singapore(MAS) and three additional regulated activities under their CMS licence, which was granted in 2019.

The latest in principal regulation approves Sygnum to incorporate new tools for corporate finance advisory services, which deals with digital assets and capital market tokens.

Sygnum also plans on offering its tokenization solution in Singapore. They intend to start a newly launched venture capital fund, the SBI, Sygnum Azimut Digital Asset Opportunity Fund.

Some of their other future projects include providing corporate finance advice to Web3 platforms and digital creators. They are also looking to work with non-fungible tokens(NFTs) and metaverse assets.

Sygnum is already operating its own tokenization platform in Switzerland, which allows asset owners to issue their tokens. It represents fractional ownership of multiple traditional securities, digital assets and NFTs. Some of them even included a digitized Picasso painting and a CryptoPunk NFT. the rise in the investments and multiple assets is readily increasing with their company!

The latest news states that Syngoum is planning its next steps again. They have raised about $90 billion by now, which increases the value of their company to $800 million within early January 2022. This raise was led by the Hong Kong firm Sun Hung Kai & Co. and other investors such as Animoca Brands and Canada’s Meta investments.

The U.K.’s Advertising Standards Authority or ASA is actively on a banning spree on different applications. In recent days, they have imposed an official ban on two mobile application ads from a popular trading platform Crypto.com. The ad was all about the ease of purchasing cryptocurrencies such as BTC and the high rewards on these digital assets.

Considering the popularity of this industry and the strict legislation, the ASA flagged these ads for breach of different financial rules such as not effectively stating the potential risks of this investment, abusing consumers’ lack of market knowledge, and more about the limitations of crypto.

Even though the brand removed the ad, they did counteract with a strong debate stating that the ad intended to educate the users how they can earn up to 8.5% P.A. through yielded investments and not just specific crypto assets. Similarly, the ad also intended to portray the quick process of crypto purchases for their users.

These limitations have hindered this brand from reaching the mainstream audience. According to a discussion with a reporter of heraldnet, they stated how they want to accelerate the transition to crypto by offering such seamless services. They ensure that the processes are fully compliant and adhere to the guidelines.

ASA has further advised the brand that such adverts should prominently display the risk factors of such investments. They also said that using credit cards could bring higher interest rates, extra fees, and more, prohibiting buying cryptocurrencies.

According to the latest news, Crypto.com is now willing to work alongside ASA’s guidelines for their further marketing campaigns for the U.K. audience.

More such adverts were previously flagged by the ASA, such as the marketing campaign from Coinbase, Kraken, eToro, etc., for spreading misleading information. The Arsenal F.C. and Chiliz were also accused of taking advantage of the inexperienced crypto buyers with these marketing adverts.

Dogecoin is a cryptocurrency that is currently seeing good gains in the market. It started in 2013 as a joke, and it was meant to pay a satirical homage to bitcoin at that time. However, it has come a long way since then and has garnered support from many tech giants in recent years. Investors have made a fortune with this cryptocurrency as it has increased many folds in value.

It started as a joke

It is surprising to note that this cryptocurrency was named after an internet meme that went viral in 2013. The Shiba Inu dog was the inspiration behind the name. The wrong spelling of dog is intended to be a joke, and the exact way to pronounce this is “dohj coin”. Billy Markus, the co-founder of this cryptocurrency, mentioned this in an interview. However, many people just pronounce it as doggy or dog for the sake of convenience.

Support from tech giants

After getting good support from several tech giants like Elon Musk and other celebrities, the popularity of the cryptocurrency grew by a huge margin. It is not surprising to note that Dogecoin has now become one of the top cryptocurrencies as per market value. Several media publications have confirmed this, and the value of the crypto asset has continued to rise in recent months.

According to sfgate.com, the current market value of Dogecoin is more than $50 billion, which speaks volumes of its popularity. Several celebrities and other brands have promoted the crypto asset through their tweets and other modes. The cryptocurrency can be brought online using a credit card and other payment modes on trading platforms like Robinhood.

Popular trading platforms like Coinbase have allowed investors to trade in Dogecoin. There is a good demand for this cryptocurrency as it has given good profits for the earlier investors.

As per the recently released information, it has been found that Twitter is working on the groundwork that will help in Bitcoin tipping for different content creators.

As per many rumors, the Twitter iOS Beta includes the line of code that will help Bitcoin become a component of Tip Jar. In fact, as per a report released on techtimes, CEO of Twitter Jack Dorsey has also given hints about Bitcoin tipping. Thus, it can be concluded that Bitcoin tipping is in the pipeline for Twitter.

The Tip Jar was introduced by Twitter in May as a way to reward content creators on Twitter. If the rumors and reports about Bitcoin Tipping by twitter are true, BTC will be added along with big businesses like Cash App, PayPal, and Venmo, who are also accepting payment on the Tip Jar.

After the rollout of the features, Twitter may also offer a brief tutorial about Bitcoin as well as the Lightning Network. As per a report by MacRumors, the feature of Bitcoin Tipping will use the Lightning Network payment gateway for invoice generation.

Users don’t need to worry as the tutorial will also help them in understanding concepts like the use of custodial and non-custodial wallets.

With each passing day, lots of features are added by businesses that make use of Bitcoin. This is not the first time that Twitter has been excited about using the Bitcoin feature. In early August, Twitter also announced a plan to build a decentralized exchange, especially for bitcoin.

CEO Dorsey has also described bitcoin as the key to Twitter’s future. As per his vision, Bitcoin will also be used in services like commerce and subscription for Twitter. This move by Twitter will also bring Crypto Tipping to the mainstream. As per a report, Dorsey also revealed that they were also developing an “assisted custody” wallet for bitcoin use.

In the summer of 2021, the Chinese authorities announced that they would restrict users from mining and trading cryptocurrencies because of its extremely volatile market. This news has subjugated the news cycle of cryptocurrencies, and it has led to a drop in the value of all crypto coins. Chinese authorities first urged all the financial service providers to strangle the crypto transactions and trading and then ordered crypto trading providers to shut down everything. All the initiatives coming from Beijing had great consequences on people who invested in cryptocurrencies, which has led to a downturn in the market.

Are all these actions of Chinese officials affecting the crypto market? Will it affect the demand and supply of digital assets? Moreover, it has been seen that whatever happened in China is also affecting other countries but not in a negative way.

Supporting Digital Yuan

It can be easily seen how intensifying tightening up on mining and trading of digital currencies comes along with China’s Central Bank Digital Currency project. Chinese officials implemented a lottery system in which stacks of fiat currencies in electronic money have been added to the wallets of around 200,000 Chinese citizens. This is done to test the digital currency electronic payment systems. It can be expected that China is working on large-scale trials and is soon to implement something big in the coming months.

If we talk about the distribution of economic or political power, leaders of China are in the habit of encouraging rivalry and pluralism. The sprawling crypto sector of China could avoid analysis as it was not in straight conflict with strategic plans made by the government of China. The professor of business analytics of China named Yu Xiong said in an interview that China would not allow Bitcoin revolution or other cryptocurrencies to grow or explode. He added that Bitcoin would be a financial disaster if China started using it as a currency. He explained that China has CBDC, which is centralized and controlled by financial institutions, and there is simply no need to promote any decentralized digital currency.

The Global Situation

The entire world is witnessing that the crypto industry is breaking into pieces. Chinese traders will cease crypto trading, and mining will vanish or open up shop in another jurisdiction. Chinese citizens who loved using digital assets will now have to use the government centralized alternative instead of digital assets.

Pharmco Rx is a Florida-based company for progressive care that has recently announced in its press conference that it will soon start accepting bitcoin as a form of payment for covid-19 testing. This pharmacy chain in the United States welcomes customers who want to pay with bitcoin for rapid testing services. The CEO of Progressive Care Inc. said that bitcoin is a great alternative for tourists that are coming from abroad to get the covid-19 testing services and treatment that they require.

The Company even said to kryptographe.com that there are around 50,000 visitors that come from abroad, and they are expecting a whole lot of customers that require testing services. They have even generated a scannable QR code that customers can scan easily to make bitcoin payments and fulfill the requirements of the cryptocurrency community. This will be easy for customers as well as companies to get payments hassle-free.

US-based Progressive Care Inc. has claimed that it has become the first pharmacy that has provided its customers the option of crypto payment three years ago. Recently the company is expanding its commitment to accepting a popular cryptocurrency, Bitcoin. Along with it, Pharmcorx is also enlarging their admittance to PCR tests that are required most by domestic and international airlines with the continuation of a covid-19 pandemic. It is a great solution for tourists post-pandemic to come to pharmacies from abroad and get their rapid testing done.

Florida-based Pharmcorx invites Bitcoin Owners

Not only is this, but Pharmcorx is also inviting bitcoin billionaire holders across the world to its locations. It is increasing its accessibility of providing rapid covid-19 testing services for global entertainment companies, international airlines, corporate employees, and chain restaurants. Only after announcing that Pharmco Rx has started accepting cryptocurrency have they been flooded with people. The company has already tested around 10,000 people and has earned around $1 million dollars as its revenue. This is what makes bitcoin currency different from fiat currencies. It opens a whole world of opportunities for companies and businesses to grow.

Bitcoin offers endless perks to its users and is helping every industry to grow in this competitive world. By the way, have you ever used any cryptocurrency to pay at the pharmacy for covid-19 fast testing? It’s the right time to make your work easier and get the testing services at your convenience.

The usage of cryptocurrency is increasing rapidly in India though there are many regulatory challenges. However, these challenges are considered as tiny by people. There is a lot of speculation going on in this country regarding the usage of cryptocurrency and legalizing this currency in the country along with the other cryptocurrencies. The speculations have gained momentum in February when one of the Ministers in India stated to Yahoo that there would be a nationwide ban on the usage of cryptocurrencies. People who hold this currency must exchange this in a matter of a few months. It shook the traders and there is a lot of fear that has been experienced amongst users of cryptocurrency.

However, the Finance Minister, Nirmala Sitharaman told CNBC that blanket ban on the cryptocurrency is something that is overstated. If there is anything related to the ban, there would be a much more calibrated approach would be followed.  The calibration has boosted the confidence levels of people and this has resulted in the spike of buying and selling cryptocurrencies in the cryptocurrency exchanges. There are a lot of sign ups happening in the exchanges. It was noticed in WazirX, which is one of the exchanges in the country. The head of the communication of WazirX, Priyanka Sharma stated that there the exchange has received a lot of signups in the month of April compared to the last six months. There is another cryptocurrency exchange that is based out of India; CoinDCX stated that the signups have been doubled in the first quarter compared to the first few months of 2020. It was stated by the CEO of the company, Sumit Gupta.

There are a lot of speculations happening in the country about the ban of cryptocurrency, which has been neutralized with the developments happening in the cryptocurrency world. There are many major firms who are embracing this cryptocurrencies along with bitcoins such as PayPal, MicroStrategy and Tesla which were not noticed by people since the start of COVID-19 lockdown. There is a steep rise in the crypto interest. In the last 12 months, India has observed a spike in the investment on cryptocurrencies with the bank removing the ban. In the lockdown, there are a lot of people who have shown interest in learning about the cryptocurrencies.

The data that is acquired from the publicly available plugins have disclosed that WazirX site has seen a rise by 630% in the last six months and the number of visitors to the exchange has climbed from 5,00,000 to 4 million. There are a lot of signups happening on the website from the people aging 20 to 30. People are pretty confident about the approach being taken freely when the laws related to cryptocurrency would be passed. CoinDCX also observed a rise in the visitors. The majority of signups that this exchange got is from the people aging 18 to 34 years. The FUD created in February would be dismissed and there is no bill that was passed yet. There is no ban that would happen on this currency. With the decision of the Supreme Court with not banning this currency, the demand for this is on the rise. There are around 750, 000 investors in this country who have invested in 340 plus crypto startups.

For the first time since the beginning of January, after a huge raid of 15 per cent in 24 hours, Bitcoin has sunk below $30,000. This Friday morning Bitcoin and crypto markets blew as the selloff, which started on Thursday the 21st of January, went on in the Asian exchange session with fervour.

Since yesterday, when Bitcoin dumped to $29,000, it has shed a massive 6,500 dollars. According to Tradingview, the BTC intraday peak was $35,500 and currently, the $30k level was restored.

Bitcoin price has corrected by 30 percent to the amount at which it is currently based (as is the typical one when looking at past market cycles) since it is all-time high at $42,000 on January 8 this year. Corrections are healthy and must be made, though, at which pace things go uninitiated on crypto markets. On the last bull run in 2017, several 30% corrections to the all-time high level were made on the route to December 2017.

As predicted, their big brother’s Altcoin lemmings follow in the abyss. The gross capitalisation of the market in the last 24 hours has fallen by nearly $150 billion, which according to Coingecko is now about $870 billion.

Ethereum has lost equal value to Bitcoin, which has been falling 15 percent to $1,150 as of today and has hit $1,050 as the daily low and is nevertheless advancing strongly. In the 11 percent slide, Polkadot fell below $16.

The rest of the Altcoin with Cardano, Bitcoin Cash, Chainlink, and Stellar whacking a little heavier are double-digit dumps around the board. ‘Plan B’ was an uneasy point of view from the stock-to-flow platform that the pricing model already has a 30% correction in place.

$31.5k Bitcoin is not as good as $40kbut investors expected the BTC price to the S2F model? Model S2F, like clockwork, is right on the road. The only way to deal with this is to have patience and give the investment a try if you want to ensure better growth.

The Technical Analyst ‘Altcoin Sherpa’ reported that a significant correction and creation of the commodity stabilisation system would be bullshit for long-term gains. The $30k area must however be maintained; recent bounces have led to lower heights which mean that the correction has not finished. Under this point, a failure could lead to 40 percent removal, down to 25 miles.

You are definitely searching for a bank that will help you handle your digital currencies in case you are a bitcoin user. Although, when you do not even look in the right places, this can be a challenging mission. Most banks actually refuse to conduct trades of cryptocurrencies. A big financial institution is mostly never crypto-friendly. It all leaves it a little hard for crypto dealers to locate the correct bank. This is the only reason this article will provide you with 6 important and useful tips to choose the ideal bank that is crypto friendly.

1.  Communicate with bank representatives

You could be up for just a rough ride when you’re using your standard bank account to purchase cryptocurrencies. As such purchases may appear odd to your bank, your bank account is at an elevated danger of becoming indefinitely terminated. This is why, before you make your first deposit, you have to communicate with the bank staff members. You must guarantee that their practises are in accordance with the transfers that are about to go into the account.

2.  Read online reviews

Grab the benefits of the available web posts made by people in the field. Any blogs excel in analysing anything relevant to cryptocurrency. On such kinds of online platforms, you can find a large variety of valuable material, and they can definitely be of great assistance in your quest for an ideal bank. Be certain that only credible intelligence sources are taken into consideration, so you can stop uniting with marketers.

If only a single banking firm appears to be consciously supporting an analysis, their analysis is generally too skewed to be beneficial. Search for resources that list each bank and its services with both advantages and disadvantages. Accurate feedback is neither solely constructive or derogatory, but all the positives and drawbacks of the issue are taken into account. When you browse via ratings, please ensure you note it, and you’ll probably find whatever you’re aiming for.

3.  Check their fees

You would have to weigh all the costs that the bank demands, much as when selecting a normal bank. Whenever you’re shopping for a loan, the far more significant thing to keep in mind is the rates. Whatever you choose, please ensure that before opening bank accounts, you verify all of the possible service charges. Throughout the coming years, that would save you from a major headache and it is not hard to do.

4.  Ensure to analyze if the bank accepts your preferred cryptocurrency

This move is frequently ignored, and it’s the source of a lot of anger. So, when you set up an account, don’t fall into the trap of not testing the banking services rules. At first sight, it may not be easy to discover what you’ve wished for, but there was enough out there for anyone. So, don’t get lost and continue searching for yourself.

5.  Do they have a phone app?

Although this may not be your prime issue when selecting a bank, too many items can be made simpler with a banking app. If you’re an individual who’s constantly on the move, so you’re definitely going to want to handle your finances as rapidly as feasible. Please ensure you still read the ratings on the application and still place protection as your primary concern. To be successful, the software platform has to be simple and intuitive to use. So, right before you begin to work with the bank.

Please ensure to also check the ratings on the application and always place your primary focus on safety. To be successful, the smartphone app must be simple and convenient to use. So, well before you begin working with the bank, verify it. Fortunately, for the applications installed on their websites, official app stores like Google Play and Apple Store do comprehensive tests. Although that in a way guarantees app reliability, it also does not indicate that the software is of top standard.

6.  Join an online community

The various e-money groups online are another wonderful place where you can scan for crypto-friendly banks. Many of your questions should be asked from those who were once that you stood. In order to find the right bank, their insights will tell you whatever you need. Try to inquire of as many more individuals as you can, of course. You’ll be capable of forming an impartial and informed view in that way. The more information you receive, the stronger your judgement would be.