roadrunner

Solana rebounded from a two-month low to start the weekend, as bulls reentered the market to buy the recent dip. Overall, the global crypto market cap is currently trading 1.8% higher, following a nearly 10% drop on Friday. Polygon was another notable mover, as price rose by nearly 7% on Saturday. Solana (SOL) Solana was back in the green to start the weekend, as bulls reappeared following Friday’s red wave. Following a low of $16.19 in yesterday’s session, SOL/USD moved to an intraday peak of $18.85 on Saturday. The move sees solana climb above a recent floor at $17.30, moving away from its weakest point since January 13 in the process. Looking at the chart, this was helped by the relative strength index (RSI), which found a point of support at the 30.00 level. As of writing, the index is now tracking at 32.85, which despite the rebound, remains deep in bearish territory. The momentum of the 10-day (red) moving average continues to trend downwards, which could be a sign that there could be more turbulence ahead. Polygon (MATIC) In addition to solana, polygon (MATIC) also rebounded from a multi-month low during Saturday’s session. MATIC/USD jumped by nearly 7% earlier in the day, hitting a high of $1.09, after dropping to $0.9545 on Friday. This was the lowest point for the token since the last week of January, and led to price strength moving deep into bear territory. The RSI for MATIC is now tracking at 35.00, following a move to 32.00 during yesterday’s session. Overall, polygon is down nearly 12% in the last week, however it appears that it could be on course to finding a floor. Should this be the case, there could be some long-term bulls rushing in to buy the current dip. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect a reversal in prices in the coming days? Let us know your thoughts in the comments. View the full article

Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday. Bitcoin Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs. This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank. Despite this, BTC/USD raced to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25. Overall, today’s marginal rally in price comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level. At the time of writing, the index is tracking at 28.46, with bitcoin at $20,279.45, as earlier gains have eased. Market volatility will likely remain higher in the coming days, leading to bitcoin moving above and below $20,000 throughout the weekend. Ethereum Ethereum (ETH) was also significantly higher to start the weekend, as prices rose back above $1,400. Following a two-month low at $1,378.53 yesterday, ETH/USD moved to a peak at the $1,481.32 level on Saturday. The move comes as ethereum bulls bought yesterday’s dip, as price strength moved deep into oversold territory. Friday saw ethereum’s RSI fall to 28.30, which was its weakest point since last June, however the index has since rallied. As of writing, it is now tracking at 32.26, and appears to be heading towards a long-term floor at 34.00. Should it reach this point, there is a strong possibility that ethereum will be back above $1,500. Register your email here to get weekly price analysis updates sent to your inbox: Will today’s rebound extend into the remainder of the weekend? Leave your thoughts in the comments below. View the full article

PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks goes live on or after March 10th, 2023. This fulfilled a vision of allowing the Proxy community to utilize their Bitcoin for use in DeFi on Polygon, Ethereum and BNB Chains. BTC Proxy’s expansion to the three networks allows the Minting of BTCpx token using BTC Bitcoin, WBTC ERC20 and Polygon as well as BTCB BEP20. This is a major leap forward for the Bitcoin DeFi ecosystem as it opens up the protocol to 19.2M Bitcoins in circulation as well as 52,979 BTCb on Binance as well as 176,097 WBTC in circulation on Ethereum and Polygon. No other project offers the usage of insured custody to hold Bitcoin. BTC Proxy is suitable for full custody investment funds and holders that need the assurance of a qualified custodian. Qualified custodians reduce counterparty risk as the holdings are insured and regulated and required to segregate client funds and are not permitted to trade or leverage their holdings. This is a hot topic since the collapse of major centralized platforms like FTX and Celsius have eroded consumer trust in cryptocurrencies. BTC Proxy is integrated with leading custodians such as Binance Custody, Fireblocks and Gemini Trust. Users using BTCpx can now freely move it seamlessly from one network to another and redeem it for real BTC with the new Bridge function. BTC Proxy’s minting and bridge functions moves us one step closer to our goal of launching Redux, our flagship Bitcoin Market Protocol for lending and borrowing of Bitcoin and other assets. Redux will allow for the decentralised collateralization and the borrowing of Bitcoin to replace the role of the traditional lending desks at centralized institutions. BTC Proxy currently operates The Bitcoin Farm which is designed to be a sustainable protocol that pays out fees that have been earned from other tasks in their DeFi ecosystem including Minting, Bridging and Bonding. With over 30 institutions onboarded to the protocol already, including major players like Blockchain.com, the possibilities for #RealYield keeps growing. Recent events have given pause to the idea that CeFi is in any way superior to DeFi. The transparency of DeFi allows protocol participants to see exactly where the #RealYield is being earned. Today’s announcement expands the protocol onto another major network as it eyes its goal to be the leader in Bitcoin DeFi. BTC Proxy is positioned as the safest, fastest, and most efficient protocol to provide decentralized utility for Bitcoin. The developing protocol focuses on value accrual to the $PRXY token and coming protocol developments look to continue that trend via #RealYield. Donnie Kim, BTC Proxy CEO said: “At BTC PROXY, we are focused on making Bitcoin work for holders, work for DeFi, and work for the wider community. Bitcoin is great at storing value but unlocking and using that value is not easy. Today’s announcement is another major step for expanding reliable and assured methods to put BTC to work. As a protocol, we have always been clear that our solutions should be trusted, safe, and efficient. Centralized services have well-documented risks. These have led to recent well-publicised failures that impact on everyone in the sector. BTC Proxy believes that BTC holders should not have to ‘cross their fingers’ when investing their assets. Our insured custody model guarantees the safety of investments, making our new functions the perfect choice for individuals and institutions alike. About BTC PROXY BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin and now WBTC and BTCB on Ethereum, Polygon and now BNB Chain. Proxy gives Bitcoin holders a utility to transfer value into DeFi with reduced risk of theft or loss. BTC Proxy is also a DeFi ecosystem that allows the Farming of Bitcoin, Compound Staking, Bonding, etc using its native PRXY and BTCpx tokens. Coming soon our flagship Bitcoin Market Protocol called Redux. Media Enquiries: hello@btcproxy.io Web: https://btcproxy.io Twitter: @BTC_proxy Discord: https://discord.gg/JVHUbREbBU This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The Ministry of Science and ICT of South Korea has approved investments of $51 million in various metaverse projects, doubling down on its metaverse bet for the future. The investment includes a fund for supporting the growth of metaverse companies and another special investment to build several services including region-specific projects. South Korea Continues Investing in the Metaverse While the interest in the metaverse by some private companies has started to cool off, South Korea is doubling down on its bet to keep supporting the local metaverse economy. The country announced a pair of initiatives directed to support metaverse projects and companies to build products on top of virtual worlds. The first of these projects, announced on March 8, constitutes a metaverse growth fund that will allow companies that want to develop virtual projects to get funding directly from the Ministry of Science and ICT of South Korea. For this, the institution has allocated $30 million. The second project, announced one day later, has to do with the development of 13 specific initiatives which include the metaverse in different convergence areas, including technology, regional projects, the public sector, and industry. This second project has allocated $21 million for its completion. State Funding Said to Be ‘Needed More Than Ever’ The Korean institution recognized that the weakness of the current world economy makes it difficult for these kinds of companies to raise funds privately. On this subject, Oh Yong-soo, software policy officer at the Ministry of Science and ICT, stated: Due to the deteriorating economic situation at home and abroad, civilian venture investment has dried up. Government support is needed more than ever. It’s time to do it. Since last year, the Korean government has actively invested in the growth of its local metaverse industry, injecting millions in funds directly into companies in the field. In May, Lim Hye-sook, director of the Ministry of Science and ICT of South Korea, announced an investment of $177 million in metaverse companies, being one of the first countries to directly put funds into the sector at that time. Also, in June, the ministry announced a program to recruit companies to be part of its metaverse content creation project. The program has the objective of kickstarting the local movement to create content in the metaverse as part of the country’s strategy to be a pioneer in the industry. What do you think about South Korea’s $51 million investment in metaverse projects? Tell us in the comments section below View the full article

According to local reports, Nigerian financial institutions have begun abiding by a Supreme Court ruling that invalidated the Central Bank of Nigeria (CBN)’s demonetization of the 1,000, 500 and 100-naira banknotes. According to the court, Nigerian residents will continue to use the demonetized banknotes until the end of the year. Court Criticizes Outgoing Nigerian President Nigerian financial institutions have reportedly started dispensing the recently demonetized 1,000, 500 and 100-naira banknotes just days after the nation’s highest court ruled against the CBN’s so-called naira redesign policy. According to a Bloomberg report, some of the country’s leading financial institutions such as Guaranty Trust Holding Co. Plc and Sterling Bank Plc were already dispensing the old notes on March 6. In its ruling delivered on March 3, 2023, the Nigerian Supreme Court slated the central bank’s hasty demonetization process. The court also accused the outgoing president Muhammadu Buhari of undermining the country’s democratic credentials after his government failed to abide by a provisional order that barred it from proceeding with the demonetization process. While the CBN has not issued a formal statement following the Supreme Court’s ruling, the CEO of Sterling Bank, Abubakar Suleiman, is quoted in the Bloomberg report explaining why banks have chosen to comply with the ruling. “The central bank is abiding by the supreme court’s ruling, as are the banks. I don’t think we need a directive to obey the court,” the executive reportedly said. Demonetized Banknotes to Remain Legal Tender Until End of Year By redistributing the old banknotes, Nigerian banks not only comply with the court ruling but will also placate dissatisfied bank customers that failed to withdraw cash in the days leading to the Feb. 10 demonetization deadline. As previously reported by Bitcoin.com News, the CBN’s refusal to extend the deadline, as well as banks’ inability to dispense the newly designed banknotes, helped to spark violent street protests. Despite the pleas by members of his own political party, All Progressives Congress (APC) president Buhari insisted in a televised address that his government still supported CBN’s naira redesign policy and that the demonetization deadline would not be extended. However, in its ruling, the Nigerian supreme court declared that all the old naira banknotes would remain legal tender until the end of the year. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several factors which led the population to believe there might be a devaluation move coming. Central Bank of Bolivia Sells Dollars to Appease Local Market The Central Bank of Bolivia is executing extraordinary measures to supply its internal market with foreign currency. On March 6, the monetary institution announced that it would start selling dollars to the citizens directly, adding its action to the established traditional currency exchange market. The measure would counter what the central bank is calling a “speculative attack” on the national monetary system, prompting Bolivians to purchase more dollars in order to protect from a rumored increase in the exchange rate. Edwin Rojas, president of the Central Bank of Bolivia, stated: The Central Bank of Bolivia opens its doors, we reiterate, through Banco Unión, since it is the body that is going to collaborate with us in this process so that the population that demands dollars and cannot get them (outside) can come to us to satisfy their demand. Fears of Devaluation The increased demand for dollars that the central bank is facing has to do with fears about the current state of the national reserves, and how this can trigger a change in the exchange rate of the U.S. dollar. In Bolivia, there is a fixed exchange rate, set back in 2011, that establishes each dollar is valued at 6.86 bolivians, the fiat currency of the country. Countries like Venezuela and Argentina, which had established exchange controls on foreign currency, have experienced elevated levels of devaluation and inflation due to these restrictions. On March 9, Rojas gave a summary of how the market was reacting to this measure, noting that more than $91 million was allocated during the last two weeks to satisfy the unprecedented demand. He explained that the country had no plans for changing its monetary policy. However, analysts are uncertain about the sustainability of these movements. The last report on the status of the foreign currency reserves dates from February 8, when the central bank reported having $372 million. This is less than the $400 million that Antonio Saravia, a local economist, estimates that the national market needs monthly. He doubts the government can sustain this level of intervention for too long. What do you think about the Situation that the Central Bank of Bolivia is facing with unprecedented demand for U.S. dollars? Tell us in the comments section below View the full article

According to reports and a filing that shows its name struck off the U.K. companies’ register list, Blockchain.com is sunsetting its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for halting the institutional business. The Impact of Crypto Winter on the Cryptocurrency Industry Over the last two days, it appears that the downward pressure from the crypto winter will continue, as the global crypto market capitalization has slid 6.82% over the last day to $931 billion. Additionally, there has been a contagion of failing crypto firms and bankruptcies across the industry, as well as significant layoffs, with no firm seeming to be spared. On Friday, reports detailed that Blockchain.com is halting its London-based subsidiary, Blockchain.com Asset Management (BCAM), and market observers noted that the firm has been struck from the U.K. companies’ register list. A spokesperson for the company spoke with Emily Nicolle, a Bloomberg News correspondent who was the first to report on the news. “Scoop: [Blockchain.com] has suspended its asset management arm, moving to shut down the unit exactly 11 months after it launched. In that time, the firm cut hundreds of jobs and saw its valuation potentially slashed to a fraction of its former $14 [billion in] size,” Nicolle tweeted. Nicolle reached out to Blockchain.com, and a spokesperson provided a comment about the BCAM situation. “Blockchain.com Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly,” a spokesperson told Nicolle by email. “With the ‘crypto winter’ now approaching the one-year mark, we made the business decision to pause operating this institutional product.” BCAM was formed through a partnership between Blockchain.com and Altis Partners. When BCAM was announced, it was meant to attract high-net-worth individuals, institutional investors, and family offices. What do you think the future holds for cryptocurrency companies amidst the ongoing challenges faced by the industry, such as the crypto winter and increased regulation? Share your thoughts in the comments section below. View the full article

India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India Applies PMLA to Crypto Transactions India’s Ministry of Finance published a gazette on Tuesday notifying that certain crypto activities “when carried out for or on behalf of another natural or legal person in the course of business” will be subject to the Prevention of Money Laundering Act, 2002 (PMLA). According to the notice, the exchange between virtual digital assets and fiat currencies, the exchange between one or more forms of virtual digital assets, and the transfer of virtual digital assets will be covered under the money laundering law. Moreover, the safekeeping or administration of virtual digital assets and the participation in financial services related to the offer and sale of virtual digital assets will also fall under the purview of the PMLA. Sharat Chandra, co-founder of India Blockchain Forum, told local media that this notification is a great step towards compliance for the crypto industry. He was quoted as saying: It mandates entities dealing in crypto to follow KYC [know your customer], anti-money laundering regulations, and due diligence as followed by banking and other financial entities which fall under the classification of reporting entities under PMLA. Sumit Gupta, co-founder and CEO of Indian crypto exchange Coindcx, commented: “Slowly but surely, we are moving towards a regulated crypto ecosystem.” Ashish Singhal, co-founder of crypto investing app Coinswitch, opined: Finance Ministry’s notification to bring VDA [virtual digital asset] transactions under PMLA is a positive step in recognizing the sector. This will strengthen our collective efforts to prevent VDAs from being misused by bad actors. The government of India recently led discussions on cryptocurrency regulation among G20 finance ministers and central bank governors. At the conclusion of the G20 meeting for finance chiefs, India asked the International Monetary Fund (IMF) and the Financial Stability Board (FSB) to collaborate on a joint paper to help countries formulate comprehensive crypto policies. India’s Finance Minister Nirmala Sitharaman has repeatedly called for international cooperation on crypto regulation. What do you think about the government of India applying the Prevention of Money Laundering Act to cryptocurrency transactions? Let us know in the comments section below. View the full article

The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges “if we did not feel strongly that it was a commodity asset.” Ether Is a Commodity, Claims CFTC Chairman The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, addressed the claim made by the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, that all crypto tokens other than bitcoin are securities at a hearing before the Senate Committee on Agriculture, Nutrition, and Forestry on Wednesday. During the hearing, Senator Kirsten Gillibrand (D-NY) asked Behnam: “In light of Chairman Gensler’s recent suggestion that all digital assets except for bitcoin are securities, what does that mean for a number of designated contract markets [DCMs] currently offering futures or swaps on ether?” DCMs are exchanges that operate under the regulatory oversight of the CFTC. “It would obviously raise questions about the legality of those DCMs, designated contract markets, listing these digital assets that are purported to be securities,” the CFTC chairman replied, reiterating: I’ve made the argument that ether is a commodity. Noting that ether-based products have been “listed on CFTC exchanges for quite some time,” Behnam said: “For that reason, it creates a very direct jurisdictional hook for us to police obviously the derivatives market but also the underlying market as well.” He further detailed: “The process for which an exchange or DCM will list a contract is very clear under our law. They could seek approval from the Commission [CFTC] or they could self-certify a product. That self-certification process is one that shifts the responsibility to both the CFTC and the market participant.” The CFTC chief proceeded to explain why he strongly believes that ether is a commodity. “I would say serious and deep legal analysis goes into the thought process before a product is self-certified, so there’s no doubt in my mind and having known this and been at the Commission when ether futures were listed that both the exchange and the Commission thought very deeply and thoughtfully about ‘what is the product?’ and ‘does it fall within the commodity regime or the security regime?'” He stressed: We would not have allowed the product, in this case, the ether futures product, to be listed on a CFTC exchange if we did not feel strongly that it was a commodity asset. “Because we have litigation risk, we have agency credibility risk if we do something like that without serious legal defense or defenses to sort of support our argument that the asset is a commodity,” Behnam concluded. Do you think ethereum will be classified as a security or a commodity in the U.S.? Let us know in the comments section below. View the full article

On March 7, onchain observers noticed that Vitalik Buterin, the co-founder of Ethereum, had allegedly sold billions and trillions of airdropped ERC20 tokens, resulting in a gain of an estimated $700,000 in value. The market liquidity of the airdropped tokens was shallow, and the relatively unknown ERC20 tokens plummeted in value after Buterin reportedly sold the funds. Crypto Speculators Question Motives Behind Vitalik Buterin’s Airdropped Token Sell-Off According to a record of token transfers associated with an address labeled “VB,” Vitalik Buterin, the co-founder of Ethereum, appears to have sold a significant amount of ERC20 tokens that were airdropped to his address. Blockchain explorer statistics show that the address associated with Buterin sold billions of cult dao (CULT) tokens, billions of MOP, billions of kiboshib (KIBSHI), trillions of dingo (DINGO), and trillions of shikoku (SHIK) tokens. An onchain visual from Arkham Intelligence also shows that other unknown, low-liquidity coins from chains like the Binance Smart Chain (BSC) were also sold. Onchain observers noted that the address associated with Buterin was selling tokens with low liquidity and small market capitalizations during the course of the day. The blockchain security and data analytics company Peckshield also reported on the sold tokens originating from the wallet associated with Buterin. Peckshield noted that the price of shikoku (SHIK) dropped 95.8% against the U.S. dollar. Some token supporters complained that Buterin willingly caused the price of these coins to drop, while others argued that it was Buterin’s funds, and he could do whatever he wanted with them. “Not sure what you guys expected, his wallet, his money, LOL,” one individual said. Some speculated that Buterin may have sold the airdropped tokens for tax compliance purposes. “Seems like a strange move, he is more than aware this would tank prices and drain liquidity,” one Twitter user said. “My assumption is that his accountant warned him these tokens would count as income on his tax sheet. Selling to cover the expense.” Others criticized Buterin’s decision, suggesting that the coins could have been sent to a burn address to destroy them instead. In May 2021, Buterin donated $1 billion worth of shiba inu (SHIB) tokens to India’s Crypto Covid Relief Fund charity after being gifted the tokens during the token’s launch. Coincidentally, following Buterin’s sale of low-liquidity ERC20 tokens, the Balvi Filantropic Fund, co-founded by Ethereum’s creator, donated $15 million in USD Coin (USDC) to the University of California San Diego. The donated funds will be used to research and study airborne pathogens. Kimberly Prather, a UC San Diego atmospheric chemist and professor, expressed gratitude to Buterin and the Balvi Fund for their donation in stablecoins. What do you think about Vitalik Buterin’s sale of the airdropped tokens? Share your thoughts in the comments section below. View the full article

Federal Reserve Chairman Jerome Powell has warned that “the ultimate level of interest rates is likely to be higher than previously anticipated.” In addition, if faster tightening is warranted, the Fed “would be prepared to increase the pace of rate hikes,” Powell said. The Fed Anticipates Higher Rates, Faster Hikes Federal Reserve Chairman Jerome Powell presented the Fed’s semiannual Monetary Policy Report to the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday and the House Committee on Financial Services on Wednesday. “My colleagues and I are acutely aware that high inflation is causing significant hardship, and we are strongly committed to returning inflation to our 2% goal,” Powell said in his identical remarks to both the Senate and House committees. He detailed: Over the past year, we have taken forceful actions to tighten the stance of monetary policy. We have covered a lot of ground, and the full effects of our tightening so far are yet to be felt. Even so, we have more work to do. “The data from January on employment, consumer spending, manufacturing production, and inflation have partly reversed the softening trends that we had seen in the data just a month ago,” Powell continued. Citing inflation well above the Fed’s 2% goal and an “extremely tight” labor market, he noted the Federal Open Market Committee (FOMC) meeting raised interest rates by 4-1/2 percentage points over the past year. “From a broader perspective, inflation has moderated somewhat since the middle of last year but remains well above the FOMC’s longer-run objective of 2%,” Powell described, emphasizing: We continue to anticipate that ongoing increases in the target range for the federal funds rate will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time. While acknowledging that “inflation has been moderating in recent months,” the Federal Reserve chairman stressed that “the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.” Cautioning that restoring price stability will likely require the Fed to “maintain a restrictive stance of monetary policy for some time,” Powell concluded: The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes. What do you think about Fed Chair Powell’s statements? Let us know in the comments section below. View the full article

On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India have started to erode the dollar’s decades-old dominance of international oil trade. The oil deals between India and Russia have been settled in other currencies, putting the U.S. dollar’s dominance in the oil trade under pressure. Sources Say Non-U.S. Currencies Used in India-Russia Oil Deals Total ‘Several Hundred Million Dollars’ During the last few months, Bitcoin.com News has reported on several instances in which analysts and economists suggest that Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations, are attempting to undermine the U.S. dollar. On March 8, Reuters columnists Nidhi Verma and Noah Browning reported on how India’s oil deals with Russia have put a “dent” in the U.S. dollar’s dominance in the international oil trade. Oil traders and banking sources told the reporters that Indian customers are paying for Russian oil entirely in non-U.S.-denominated fiat currencies, including the United Arab Emirates (UAE) dirham. The sources said that over the last three months, the deals have accounted for “several hundred million dollars” in transactions between the two countries. Three sources with direct knowledge of the matter chose to disclose the information anonymously due to the “sensitivity of the issue.” The report is not the first time accounts and sources have noted that India is reportedly getting oil from Russia at a significant discount. The estimated $60-per-barrel price cap was reported on various occasions last year. It has also been alleged that a great deal of oil is simply finding its way back to European petrol stations after India allegedly sells the crude for a premium. A former chief economist at the U.S. State Department, Daniel Ahn, told Reuters on Wednesday that the dollar’s “strength is unmatched.” Ahn called the moves by the Russian Federation “transitory gains” that won’t have much effect. “Russia’s short-term efforts to try and sell things in return for currencies other than the dollar are not the real threat to Western sanctions,” Ahn said in a statement. What impact do you think India and Russia’s oil deals settling in non-US currencies will have on the global oil trade and the U.S. dollar’s dominance in it? Share your thoughts about this subject in the comments section below. View the full article

Xrp rose higher for a third straight session on Wednesday, as prices moved to a two-week high. The rise comes despite market sentiment remaining largely bearish, with the global market cap trading 1.29% lower as of writing. Shiba inu also climbed higher in today’s session. XRP XRP, formerly ripple, was once again a notable mover, as prices rose for a third straight session on Wednesday. XRP/USD raced to an intraday high at $0.3952 earlier today, which comes less than 24 hours after trading at a low of $0.3729. Following the rally, the token has now risen to its highest point since February 21, as it closes in on a ceiling at $0.40. Looking at the chart, this comes as the relative strength index (RSI) of 14 days marginally broke out of a ceiling at 57.00. As of writing, the index is tracking at 57.98, which is its strongest reading since the start of February. Shiba Inu (SHIB) Shiba inu (SHIB) jumped back into the green on Wednesday, as prices reentered a key support point. Following a low of $0.00001065 on Tuesday, SHIB/USD surged to a peak at $0.00001132 earlier in the day. The move saw the meme coin move back above a price floor at $0.00001100, following a breakout to start the week. Overall, it appears that this rise in price comes as the RSI moved away from a recent floor at 36.00. As of writing, the index is tracking at 39.63, with a ceiling at 42.00 a possible target for bulls. In order for this rally to turn from something brief into something more sustained, this ceiling will need to be broken. Register your email here to get weekly price analysis updates sent to your inbox: Could shiba inu extend gains through the remainder of the week? Let us know your thoughts in the comments. View the full article

Chinese social media platform Wechat has introduced support for the state-backed digital yuan in its popular payment app. Over a billion users will now ostensibly be able to take advantage of fast payments with the digital currency issued by the People’s Bank of China. Wechat Pay Follows Alipay in Integrating Payments With Digital Yuan The largest Chinese social network and instant messenger, Wechat, has added China’s central bank digital currency (CBDC) to its payment application, Wechat Pay, with its latest update, the local news outlet The Paper reported. More than 1.2 billion users will have access to the new feature and be able to spend digital yuan (e-CNY) to pay for goods, services, and utility bills in some widgets with more use cases planned for the future, including the launch of direct transactions between Wechat users. About 750 million people use Wechat Pay daily. According to a report by Global Times, e-CNY payments are currently restricted to 2,000 yuan per transaction (close to $290) and there’s a daily limit of 5,000 yuan (a little over $700). Owned by the Chinese tech giant Tencent Holdings, Wechat Pay becomes the second major payment system in China to introduce support for the digital yuan after Alibaba Group’s Alipay platform integrated the e-CNY wallet in December, 2022. The Chinese government has been actively promoting its digital currency with trials underway in over two dozen cities and provinces and more than 5.5 million participating merchants and other businesses. Data released at the end of last year showed the volume of e-CNY payments exceeding 13.5 billion yuan. Use cases have been growing, too, but in September, the People’s bank of China called for deeper integration of its new currency with e-payment providers. And in December, a former head of research at the central bank was quoted as stating that the digital yuan trials had produced disappointing results in terms of usage and activity. Do you expect other payment platforms to integrate the digital yuan in the near future? Let us know in the comments section below. View the full article

Bitcoin moved below the $22,000 level on March 8, as markets continued to react to U.S. Fed Chair Jerome Powell’s testimony. Speaking in front of the Senate Banking Committee, Powell said he expected rates to be higher than initially anticipated. Ethereum has also slipped on the news. Bitcoin Bitcoin (BTC) dropped below $22,000 on Wednesday, following yesterday’s comments from U.S. Federal Reserve Chair Jerome Powell. Speaking yesterday, Powell stated that “the ultimate level of interest rates is likely to be higher than previously anticipated.” BTC/USD fell to a low of $21,964.99 earlier in today’s session, a day after residing at a peak of $22,421.42. Bitcoin chart by TradingView The move transpired following a breakout of a key support point at $22,300, which coincided with the relative strength index (RSI) falling from a floor of its own at 42.00. As of writing, the index is now tracking at 40.36, with a lower floor at 38.00 a possible target for bears. Should this point of support be reached, there is a strong chance that BTC will be trading close to the $21,600 mark. Ethereum Although also in the red, ethereum’s (ETH) decline was significantly more muted than that of its counterpart. Following a high of $1,568.23 on Tuesday, ETH/USD marginally moved to a low of $1,543.13 during today’s session. As a result of the move, ethereum briefly broke out of a historic area of support at $1,550 earlier in the day. Ethereum chart by TradingView Currently, ETH is back above this point, and is trading at $1,557.87, which comes as the RSI hovers above a recent deck of its own. At the time of writing, price strength is at 43.54, which is above a floor at 43.00, having been in place since February 13. Should this level hold firm, ETH bulls will likely attempt to buy more of this week’s dip in price. Register your email here to get weekly price analysis updates sent to your inbox: Will market sentiment remain bearish for the remainder of the week? Leave your thoughts in the comments below. View the full article

Some retailers in Argentina are already pricing imported items in U.S. dollars, according to reports from local news outlets. The idea behind this would be to keep prices stable and avoid repricing articles each day, a practice that has already been adopted in other Latam countries like Venezuela, which present high levels of inflation. U.S Dollars Now Used to Price Merchandise in Argentina The U.S. dollar is starting to make inroads in Argentina as a unit of account. According to reports from local outlets, some Argentine stores and retailers are pricing their goods in dollars, seeking to avoid constant repricing due to the devaluation of the national fiat currency, the Argentine peso. According to reports from La Nacion, these prices are mostly associated with clothing, including sneakers, and branded t-shirts and caps, that are mostly imported from other countries. However, to purchase these articles, customers can also pay with Argentine pesos, using the informal exchange rate, called “blue,” as a reference to calculate the final price in local currency. Alfredo González, President of the Argentine Confederation of SMEs, explains providers are also setting their prices in dollars when dealing with imported articles. On this, he stated: It is very difficult to survive with these levels of inflation. We have a hard time getting merchandise, the price lists are updated at least every two weeks. It is difficult to obtain the reference values for some particular products. We are very concerned, and busy, with the issue. Other Incidences and New Measures Other countries have also adopted this kind of practice in Latam, due to the same economic disadvantages that Argentina is facing now. While Venezuela is not an officially dollarized country, given that it has its own fiat currency, the Venezuelan bolivar, most merchants use the dollar as a unit of account for setting prices. However, in Venezuela, retailers are already pricing even the most basic of products in dollars. In contrast, this trend is only starting to appear in selected outlets in Argentina. The Venezuelan government has redenominated its currency several times, slashing zeroes in order to maintain its efficient use for making payments in the face of a crippling devaluation. Argentina is looking for ways to control its inflation levels, which reached almost 100% in 2022, and devaluation of its fiat currency, which has prompted the central bank to issue new bills with higher values. Alberto Fernandez, the Argentine president, recently informed about a joint initiative of several Latam countries in order to fight inflation that would be defined in a summit on March 17. What do you think about the appearance of dollar-priced items in Argentina? Tell us in the comment section below. View the full article

PRESS RELEASE. It is incredible to see the utilisation of AI in every industry in some shape or form, but above all else, companies such as ChatGPT or DALL-E that are able to respond to millions of requests within a matter of seconds provide a clear illustration of the amount of processing and power being utilized in the backend. In order to produce accurate results, these large companies will need sufficient processing power to train their AI models for deep learning. So, they will have to rely on HPC data centres. Solidus is building an HPC data centre in Europe and has already raised over $6,000,000 in investment from interested companies and high net-worth individuals. The idea is to reduce computing costs and transform the way computing and technology activities are organised when combined with scalable tools in order to support and nudge developers to deliver and monetize their applications easily, quickly, and securely. In addition, large institutions will also be able to benefit from this, as they will have a discount on computing power delivered through the Infrastructure-as-a-Service (IaaS) platform when using the AITECH tokens to purchase services. Investing in Solidus Ai Tech is not just a smart move; it’s a forward-thinking decision that will help you stay ahead of the curve in the rapidly evolving world of technology. Why Investing in Solidus Ai Tech’s Token is a Smart Move Solidus Ai Tech, a high performance data centre located in Europe, is launching its own token, and you may be wondering whether it is worth investing in. In this blog post, we will explore why investing in Solidus Ai Tech’s token is a smart move. 1. A Proven Track Record Solidus Ai Tech has a proven track record in the data centre industry where their parent company Solidus Technologies set up an Ethereum mining farm in 2018. The company has established itself as a reliable and innovative player in the market. Solidus Ai Tech has a state-of-the-art data centre that will offer high performance computing, cloud services, and colocation. 2. A Growing Industry The data centre industry is growing at a rapid pace, and it shows no signs of slowing down. The demand for high performance computing and cloud services is increasing, and Solidus Ai Tech is well-positioned to take advantage of this growth. Investing in Solidus Ai Tech’s token means investing in a growing industry with a promising future. 3. Innovative Technology Solidus Ai Tech is at the forefront of innovative technology in the data centre industry. The company has invested heavily in research and development, and it has developed cutting-edge technology that sets it apart from its competitors. The company’s technology allows for high performance computing, faster data processing, and greater energy efficiency. 4. Tokenomics Solidus Ai Tech’s token (AITECH) is designed to provide investors with a range of benefits. The token will be used to access Solidus Ai Tech’s services. There is strong demand for Ai services which is proven by ChatGPT which broke a new record by accelerating to over 1,000,000 users in just 5 days (now over 100,000,000 users). Additionally, the AITECH token is deflationary where supply will be reduced by 50% over time which should help long term growth. This means that investing in AITECH is not just a speculative investment, but a way to participate in the company’s long term success. 5. Strong Team Solidus Ai Tech has a strong team of professionals with a wealth of experience in the data centre industry. The team is led by experienced and knowledgeable executives who have a proven track record of success. This gives investors confidence that the company is well-positioned to succeed. Roadmap to Success – 2023 The video gives a quick rundown of what the company has planned for the year ahead. It’s like a roadmap, but in video format – short, snappy, and easy to understand. Conclusion Investing in Solidus Ai Tech’s token is a smart move for several reasons. Solidus have a proven track record, is part of a growing industry, has innovative technology, offer attractive tokenomics, and has a strong team. By investing in Solidus Ai Tech’s token, investors can participate in the company’s success and benefit from the growth of the industry. Interested in Investing early? Visit the official website and create an account to invest: https://www.ai-tech.io Also check out the CertiK’s Gold Verification & Trust score: https://www.certik.com/projects/solidus-ai-tech Social media links Facebook: www.facebook.com/aitechio Instagram: www.instagram.com/aitechio Linkedin: www.linkedin.com/aitechio Telegram: www.telegram.com/aitechio This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Hexa, a 3D modeling company, has raised $20.5 million in its latest funding round to facilitate the task of bringing products into the metaverse. This new injection will ostensibly allow the company to expand its current workforce involved in engineering and business tasks, to improve the workflow of the company. Hexa Raises $20.5 Million in Series A Funding Round Hexa, a 3D modeling company, has announced the results of its Series A funding round, raising raised $20.5 million. The round, which saw the participation of Point72 Ventures, Samurai Incubate, Sarona Partners, and HTC, will allow the company to extend its current workforce to tend to the growing number of customers seeking its services, which tripled this year. Hexa, which is already working with stores like Macy’s, Logitech, and Unity, the gaming engine, consists in taking real products to metaverse worlds. This modeling process is semi-automatic, using AI algorithms and engineers to transform a catalog of 2D images, like the ones used by conventional catalog stores all over the internet, into 3D assets, easing the entry of these parties into the metaverse. The tech has different uses, from creating complete metaverse stores to helping gaming engines like Unity to populate their assets for third parties to use them in their own experiences. Jonathan Clark, CTO of Hexa, gave a little insight into this process. He explained: Taking a product library, converting it to 3D, inspecting it, and deploying it is a tremendous undertaking. But we’ve eliminated the pain points with a fast, scalable solution to a very specific problem everyone selling anything in the metaverse is going to encounter. The Differentiating Factor Hexa is just another player in the vast 3D modeling market for virtual spaces — a market that includes Vntana, which has worked in partnership with Meta, Sketchfab, and Epic’s Realityscan. However, the company wants to differentiate itself from the rest in three key aspects: ease of use, quality of the 3D conversions, and support. The first point has to do with how these 3D models can be produced directly from already existing catalogs, supposedly providing an edge over other companies that have to build products from scratch. Regarding the second point, Clark vouched for the fidelity of the models produced, stating: Hexa is able to align the 3D asset with the source imagery and thus ensure the asset complies at a pixel and voxel level. Regarding the last aspect, Hexa allows customers to verify the models and offer feedback to engineers, helping to prepare these items for use. What do you think about Hexa and its latest funding round? Tell us in the comments section below. View the full article

The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed to test “the technical feasibility of conducting cross-border – cross-currency transactions between different [distrubuted ledger technology]-based CBDC proof of concepts.” Technical Feasibility of Cross-Border Retail CBDC Payments Reportedly Proven in Project Icebreaker Trial Central bank digital currencies (CBDCs) have been a key focus for the Bank for International Settlements (BIS) in recent times. BIS recently published a report asserting that most crypto asset investors lost money over the past seven years. The report highlighted BIS insisting there’s an urgent need for regulating the crypto industry and developing a CBDC. Following the report, BIS general manager Agustin Carstens stated that crypto assets have already lost the battle to central bank-issued fiat currencies. Carstens also emphasized the necessity for central banks to take charge of innovation and create a functional CBDC. “If central banks do not innovate, others will step in,” Carstens cautioned. On March 6, 2023, BIS published a report titled “Project Icebreaker: Breaking New Paths in Cross-Border Retail CBDC Payments.” The BIS study highlights the participation of the BIS Innovation Hub Nordic Centre and central banks in Norway, Israel, and Sweden in the project. Project Icebreaker aims to connect domestic CBDC systems using a “hub-and-spoke” model. Additionally, the BIS report emphasizes the need to address “legal considerations” for the Icebreaker hub-type approach. Cecilia Skingsley, the head of BIS Innovation Hub, explained that Project Icebreaker is “unique in its proposition.” “It first allows central banks to have almost full autonomy in designing a domestic retail CBDC,” Skingsley said. “Then it provides a model for that same CBDC to be used for international payments. According to the BIS report, implementing Icebreaker in the real world would “require a range of technology” and would need to enhance both privacy and “AML/CFT compliance and monitoring.” The project employed three technologies in each nation state, including Ethereum Quorum in Israel, Hyperledger Besu in Norway, and the Corda network in Sweden. A CBDC can be created in a custom fashion, and central banks can still “participate in a formalized interlinking arrangement to enable cross-border payments.” According to the BIS report, the author suggests that central banks should consider integrating conditional settlement and possibly adopting the current messaging and addressing standards used today. “If Israel is to issue a digital shekel, it would be very important that we do it according to the evolving global standards, so that Israelis could use it also for efficient and accessible cross border payments,” said Andrew Abir, the deputy governor at the Bank of Israel, in a statement. “While there is still much work ahead of us for the Icebreaker model to become a global standard, the learnings from this successful project have been very important for us and for the central banking community,” Abir added. What are your thoughts on Project Icebreaker, CBDCs, and cross-border retail CBDC payments? Share your views on this topic in the comments section below. View the full article

Litecoin surged to a nine-day high to start the month, breaking out of a recent resistance point in the process. The token climbed past the $95.00 level, as bulls made a run for the $100.00 mark. Polygon also snapped a recent losing streak, by bouncing from a key support point. Litecoin (LTC) Litecoin (LTC) climbed to its highest point in over a week on Wednesday, following a breakout of a recent resistance level. Following a low of $93.52 on Tuesday, LTC/USD started the month of March by climbing to a high of $97.93. This surge sent litecoin to its strongest point since February and came as prices moved past a ceiling at $95.00. Looking at the chart, one of the catalysts for the move was a breakout on the relative strength index (RSI). Price strength moved above a ceiling at 53.00, and as of writing is tracking at the 55.61 level. The next visible point of support seems to be near the 58.00 mark, and should this be hit, there is a strong chance that LTC will move beyond $100.00. Polygon (MATIC) Additionally, polygon (MATIC) also snapped a recent losing streak, as bulls rejected a breakout of a key price floor. MATIC/USD moved to a peak of $1.26 on Wednesday, after falling to a bottom of $1.19 the day prior. The jump in price comes after an attempt to move below support at $1.18, following recent downward pressure. Currently, the 10-day (red) moving average is a stone’s throw away from a potential cross with its 25-day (blue) counterpart, which has been delayed by today’s rally. In order to further delay this action, there will likely need to be another jump in price, with bulls likely to target the $1.30 ceiling. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect polygon to hit $1.30 in the coming days? Let us know your thoughts in the comments. View the full article

Nine years and nine months ago, on May 9, 2013, coinmarketcap.com recorded 14 cryptocurrency assets, and bitcoin’s overall valuation was $1.24 billion, with 11.13 million bitcoins in circulation at the time. Today, the same website indicates that there are 22,709 crypto assets. Additionally, the market capitalization of the crypto economy has grown significantly, increasing by 80,466% since 2013. The Evolution of the Crypto Economy: From 14 Coins to 22,709 Coins Although over $1.5 trillion has been lost from the crypto economy since its peak in November 2021, its market capitalization has still increased by more than 80,466% since 2013. A snapshot of coinmarketcap.com (CMC) hosted on archive.org shows that, in 2013, there were 14 coins listed on the website. These included bitcoin, litecoin, peercoin, namecoin, feathercoin, terracoin, devcoin, freicoin, novacoin, chncoin, bbqcoin, mincoin, bitbar, and ixcoin. Together, the value of these crypto assets on May 9, 2013, was just over $1.32 billion. Of course, many of these coins have been forgotten and a great number of today’s top crypto assets did not exist back then like ethereum, bnb coin, solana, cardano, tether, usd coin, and avalanche. Stablecoins did not exist at that time and today, they represent $137 billion in value out of the current $1.06 trillion crypto economy. On May 9, 2013, BTC was trading for a whole lot less than it is today as it was exchanging hands for $111.87 per coin. There were only 11.13 million BTC in circulation in comparison to today’s 19.30 million BTC. In 2013, BTC’s overall valuation was $1.24 billion, and litecoin’s (LTC) market capitalization was the second-largest. At the time, LTC’s market valuation was around $59.05 million, according to the CMC snapshot. Today, LTC’s market cap is much larger, at $6.79 billion. Peercoin’s (PPC) market capitalization was $5.23 million, and despite being an old-forgotten coin, PPC’s market valuation is around $13.15 million today. Other coins, like terracoin (TRC), were not as fortunate. TRC’s market cap in May 2013 was $1.14 million, and today it has fallen to $340,296. Additionally, some coins are so forgotten that they are no longer listed on coin market cap aggregation sites like CMC. In 2013, there were only a small handful of crypto exchanges, and some of them were sketchy, to say the least. Digital currency wallets were also few and far between, and overall, the crypto economy’s infrastructure nine years ago was a shell of what it is today. 2022 was a difficult year in the crypto sector, and a great number of businesses collapsed from the downturn. Despite the collapses and the hundreds of billions that evaporated from the market, it is a significantly larger forest compared to the small patch of trees it once was in 2013. Besides the internet itself, not many sectors have seen 80,466% growth in less than a decade. What do you think the future holds for the crypto economy, and how do you see it evolving in the coming years? Share your thoughts in the comments below. View the full article

Bitcoin rebounded on March 1, as markets reacted to the latest consumer confidence report from the United States. Confidence slipped last month, which appears to be a sign that higher rates are starting to take effect. Ethereum also moved higher on Wednesday, as prices moved above $1.650. Bitcoin Bitcoin (BTC) rebounded on Wednesday, which comes in the aftermath of the latest U.S. consumer confidence report. Confidence fell to a reading of 102.9 in February, less than the 108.5 sum that markets had anticipated. Following a low of $23,077.65 on Tuesday, BTC/USD surged to an intraday peak of $23,880.63 earlier in the day. Bitcoin chart by TradingView The move pushed bitcoin marginally past a long-term resistance level at $23,800, hitting a five-day high in the process. Another slight breakout occurred on the 14-day relative strength index (RSI), which climbed beyond a ceiling at 54.00. At the time of writing, the index is tracking at 55.02, with the next visible resistance zone at the 60.00 level. Ethereum Like bitcoin, ethereum (ETH) also raced higher on hump-day, as prices once again moved above $1,650. ETH/USD raced to a high of $1,658.69 earlier today, less than 24 hours after nearly falling below $1,600. As a result of this surge, the world’s second-largest cryptocurrency climbed to its strongest point since last Thursday. Ethereum chart by TradingView Additionally, price strength has also risen past a ceiling at the 53.00 mark, with the index tracking at 54.68 as of writing. Despite this, the 10-day (red) moving average still seems set to crossover its 25-day (blue) counterpart, which could prompt an upcoming sell-off. Should this cross occur, there is a possibility that ETH could fall toward a floor at the $1,550 mark. Register your email here to get weekly price analysis updates sent to your inbox: Could we see ethereum drop below $1,600 this week? Leave your thoughts in the comments below. View the full article

The Economic and Commerce Development Department of Puerto Rico (DDEC) has issued a document in which it defines the rules that blockchain projects must follow to receive tax benefits that the state offers companies. The action seeks to create an “atmosphere of certainty and stability” for blockchain companies, according to DDEC Secretary Luis Cidre. Puerto Rico Establishes Rules to Attract Blockchain Business Puerto Rico is making moves to attract blockchain companies interested in establishing operations in the U.S. island territory. On Feb 23, the Economic and Commerce Development Department of Puerto Rico (DDEC) issued information regarding a letter announcing a regulatory framework to spearhead the attraction of more blockchain companies to the region. The letter clarifies the conditions these companies must meet to benefit from tax exemptions via the Puerto Rican exemptions code, also known as Act 60. Manuel Cidre, secretary of the DDEC, explained that with this move Puerto Rico expects to position itself as part of the most sought out destinations for blockchain companies. Cidre stated: Through this effort, we seek to be proactive in addressing an emerging technology, on which a lot of economic activity is being created around the world, and the island is not and should not be the exception. More Definitions The document also establishes other significant definitions for national companies trying to export their blockchain-related services, as it establishes which activities inside the industry are eligible for receiving the exemptions for tech exporters. Carlos Fontan, director of the DDEC Business Incentives Office, also stated that with this development Puerto Rico is at the forefront of the industry at a worldwide level, providing a precise and accurate legal framework in the sector. The national community commended this effort, recognizing the work that the government is putting in to put Puerto Rico on the map for companies searching for a safe haven. Keiko Yoshino, executive director of the Puerto Rico Blockchain Commerce Association, stated that this shows the interest of the territory in competing in the global blockchain economy that is currently emerging. Puerto Rico has also been active including cryptocurrency elements as part of its regulations. On Feb. 2022, a proposed reform of the “Sales and Usage Tax” aimed to include NFTs (non-fungible tokens) as taxable assets, declaring that sales of these assets would have to be reported, including the addresses and the origin of the funds involved in the transaction. What do you think about Puerto Rico and its actions to attract blockchain companies? Tell us in the comments section below. View the full article

PRESS RELEASE. LBank; a leading token-to-token crypto exchange, has partnered with Encryptus Europe UAB; a licensed crypto and fiat infrastructure company, to streamline their crypto to payouts in 100+ countries. After this integration, LBank will be able to offer to their users off ramps in the form of bank wires, gift cards, mobile top-ups and data plans without having to invest significant time and resources into product development, market research and regulatory compliance. Instead, they can focus on other areas of their business, such as user acquisition and retention, while still offering a use case for stable coins to their users in the form of off-ramps. LBank’s 9 million users across Africa, Asia and Europe will be able to access Encryptus’ sophisticated payout network, enabling them to make payouts in a compliant and secure manner. In Phase 1 of the launch, users from Vietnam, India, Indonesia, Philippines, Kenya, Tanzania, Mexico, Brazil and 30 other countries will be able to receive bank wires. In 100+ countries, users will be able to get gift cards, airtime top-up and internet data plans against USD Coin (USDC) and Tether (USDT). Sanctioned countries, Japan and the US will be excluded for bank wires. Remittance is a vital source of income for many developing countries and has been steadily increasing in recent years, with low and middle income countries (LMICs) growing an estimated 5% to $626 billion, according to the World Bank. Remittance is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030. “We are excited to partner with LBank to provide a more dependable payout infrastructure for stablecoins,” said Shantnoo Saxsena, Founder and CEO of Encryptus. “We consider this agreement to be an important step in the B2B2C space in bringing a use case for crypto assets. Encryptus will continue to build a solid and scalable infrastructure to support crypto companies in the background.” Kaia Wong, CMO of LBank, sounded excited about the partnership and commented, “LBank is thrilled to be working with Encryptus to offer payout to our users. Bank wires, gift cards, mobile data plans and mobile minutes is just the start. Through this partnership, LBank will be able to offer additional services to our users. We are an ecosystem company and this partnership proves that.” Kristina Vanacova, Product and Operations Manager for Encryptus, commented, “We are committed to deliver innovative yet compliant solutions to assist the crypto community with use cases. We will be rolling out additional payout options for our partners to scale up.” A significant element of the partnership is the One-API-Connects-All feature, which integrates compliance, onboarding, dashboards and payouts in one place. This means that LBank’s users can complete their transactions more efficiently without worrying about navigating different systems or dealing with multiple providers. The simplicity and convenience of this system will undoubtedly make it more attractive to clients, especially those new to cryptocurrency. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Two Zimbabwean startups, Flexid and Uhuru Wallet, recently launched a platform that offers digital identity and remittance services to migrants living and working in South Africa. The two startups hailed what they’ve described as the “first cross-chain collaboration between the two companies.” Harnessing the Benefits of the Blockchain The Zimbabwean blockchain startup Flex ID and the South Africa-based Whatsapp remittance platform, Uhuru Wallet, recently said they have launched a platform that offers “combined digital identity and remittance services to millions of Zimbabwean immigrants in South Africa.” In a statement shared with Bitcoin.com News, the two startups hailed what they described as the “first cross-chain collaboration between the two companies.” As revealed in the statement, Flex ID, which was co-founded by Victor Mapunga, harnesses the Algorand blockchain, while the Uhuru Wallet is built on the Stellar blockchain. Remarking on the two startups’ joint solution, Trust Jakarasi, the CEO and founder of Uhuru Wallet, said: We are excited to partner with FlexID to offer our customers a more streamlined and secure remittance experience. By combining our strengths in digital identity and remittance services, we can better serve the needs of Zimbabwean immigrants in South Africa. Some of the challenges which the two startups are hoping to overcome via the new partnership include “providing a seamless and secure remittance experience” for Zimbabwean immigrants. Through this working arrangement, the startups also hope to handle or overcome the problem of high sending fees, limited access to formal financial services, as well as identity verification issues. Limited Access to Financial Services Mapunga, in the meantime, spoke of the virtues of blockchain as well as the importance of deploying the technology. “By leveraging blockchain technology, we can provide a secure and efficient way for users to verify their identity and access financial services, no matter where they are,” the CEO of Flex ID insisted. Although South Africa is ranked among the biggest senders of remittances in sub-Saharan Africa, it costs anywhere between 5% and 20% to send money to Zimbabwe when using registered money transfer agencies. This, in turn, forces many Zimbabwean migrants to use alternatives such as couriers or unregistered remittance platforms. The emergence of a blockchain-based solution widens options for Zimbabwe migrants and will likely help drive down the average cost of remitting funds. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article