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An executive with Blockfi says that “this year has been a huge year for mainstream consumer demand into crypto.” Noting that fear of missing out (FOMO) will be a huge driver for investors, the executive expects some regulatory clarity next year. Crypto FOMO Will Drive Investments in 2022 Flori Marquez, Blockfi’s co-founder and senior vice president of operations, discussed the future outlook for cryptocurrency going into 2022 in an interview with Yahoo Finance Live Friday. Founded in 2017, Blockfi was created to provide credit services to markets with limited access to simple financial products. The crypto-focused financial services firm has institutional backing from investors, including Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, Sofi, and Coinbase Ventures. “It’s been a huge year for crypto,” she began. While acknowledging that the price of bitcoin has dipped slightly, she put it in perspective: “If you look at year over year returns for bitcoin, bitcoin has returned, as of today, 112%. And when you compare that to gold and S&P respectively, that’s a negative 4% and 24%. So, year over year, it has been volatile in the last 30 days. But it’s still a great investment for people who were participating a year ago.” The executive described: I can say that this year has been a huge year for mainstream consumer demand into crypto. “We’ve seen huge moves in terms of American consumers being interested in this type of asset class,” she added. Discussing the outlook for the cryptocurrency market going into 2022, she pointed out that “if we look at Blockfi numbers alone, over the last three years, we had 10,000 clients at the end of the [first] year, 100,000 clients at the end of the [following] year, and this year, we’re going to have over 500,000 clients by the end of this year.” The executive detailed, “Looking into 2022, I really think that we’re going to see three things,” elaborating: The first is we’re going to see more consumers across the U.S. enter the space for the first time. And I think a huge driver is going to be FOMO [fear of missing out]. “So we’re going into the holiday season. People are going to be talking about the new things that they’ve been investing in this year. And I do think that crypto has become a bit more digestible for the average consumer than it was five years ago,” she opined. Secondly, she thinks that we are going to see “recycling of talent,” noting that a lot of people are switching jobs because of the Covid-19 pandemic. She added that the crypto and fintech fields have been a huge attractor to people. Lastly, she believes we are going to see some regulatory clarity in the crypto space next year, stating: I think we’ll see in 2022 … some regulatory clarity. There’s been a lot of work being done in terms of working with regulators to understand what needs to happen to allow this sector to continue to grow. And I’m hopeful that we’ll see that next year. “My understanding is that the regulators right now have two main things that they’re focused on,” she continued. “They’re looking at consumer protection, and they’re also focused on keeping innovation in the U.S.” The executive concluded: “I also believe that regulatory clarity will allow many companies that are building in crypto to build with more clarity, which will help us be hopefully safer for consumers in the long run. And it’ll also help with that mainstream adoption because consumers will feel safer knowing that the regulators are also in this space.” What do you think about the comments by Blockfi’s executive? Let us know in the comments section below. View the full article

Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has shared his investment strategy with cryptocurrency as part of his portfolio. He warned that cash is the worst investment because it is eaten away by inflation. Ray Dalio’s Investment Advice: Cash Is Depreciating, Diversify Portfolio Well Bridgewater Associates founder Ray Dalio shared his investment strategy last week. He currently serves as Bridgewater Associates’ chairman and co-chief investment officer. His firm’s clients include endowments, governments, foundations, pensions, and sovereign wealth funds. In an interview with Yahoo Finance, published Friday, he explained that he views cryptocurrency “as an alternative money in an environment where the value of cash money is depreciating in real terms.” Referring to bitcoin, he opined: I think it’s very impressive that, for the last 10, 11 years, that programming has still held up. It hasn’t been hacked and so on. And it has an adoption rate. When asked how concerned he is about inflation, Dalio replied: “I’m significantly concerned about it. Because the amount of money and credit that has to be produced and is budgeted, it is a large increase.” The billionaire noted that “cash is trash,” adding: “Cash, which most investors think is the safest investment, is, I think, the worst investment, and that is important because it loses buying power.” He pointed out that “cash, like this year, you’ll lose 4% or 5% to inflation. And so pay attention to those, because I believe that that’ll be the worst investment.” The Bridgewater Associates boss continued: The one thing I would say to investors is don’t judge anything in your returns or your assets in nominal terms, in terms of how many dollars you have. View it in terms of inflation-adjusted dollars. Dalio proceeded to talk about diversification. “I’m very big on diversification,” he said, adding that “The important thing is to diversify one’s portfolio well, because we know from the surprises in the balance.” He detailed: “We also know that those asset classes, on average, significantly outperform and will significantly outperform cash and that they move between each other in a way that has to do with correlations because when things go down — when the economy goes down — then bonds will do better than stocks, and so on and so forth.” The billionaire believes that cryptocurrency, like bitcoin, can help diversify portfolios. “I view crypto as a small piece of that. And the message is cash is going to be a problematic asset, and hold that other diversified portfolio of assets,” he added, stressing: Keep looking at it in real terms, not nominal terms. And that diversification should be also international diversification from countries, not just asset classes, in order to have a truly well-diversified portfolio. Regarding cryptocurrency, he previously admitted that he owns bitcoin (BTC). This week, he reportedly said that he also owns ether (ETH). “I don’t own a lot of it,” he said without revealing which cryptos or how much he owns. In an interview with Marketwatch last week, the Bridgewater Associates founder said: I’m not an expert on bitcoin, but I think it has some merit as a small portion of a portfolio. “Bitcoin is like gold, though gold is the well-established blue-chip alternative to fiat money,” he further opined. Nonetheless, Dalio warned: “Bitcoin has a number of other issues. If it is a threat to governments, it will probably be outlawed in some places when it becomes relatively attractive. It may not be outlawed in all places. I don’t believe that central banks or major institutions will have a significant amount in it.” What do you think about Ray Dalio’s investing advice and comments about bitcoin? Let us know in the comments section below. View the full article

The market for crypto mining equipment in Russia has seen strong interest from buyers of both new and used devices, retail data indicates. This year, demand for application-specific integrated circuit (ASIC) machines has multiplied exponentially while video cards have been in short supply leading to rising prices. Crypto Miners in Russia Looking to Increase Computing Power Online retailers have registered a surging demand for mining machines, brand new and second hand, the Russian business daily Kommersant reported. Searches for devices designed to mine bitcoin (BTC), or ASICs, on the Russian classifieds site Avito.ru have increased 14 times year-on-year, when supply rose 13 fold. The price of a mining unit averaged 117,900 rubles (almost $1,600). The most sought-after products were Whatsminer ming rigs manufactured by the Chinese manufacturer Microbt, demand for which spiked 23 times. At the same time, searches for Antminers built by the Beijing-based company Bitmain were 11 times larger than last year’s figure. Results from the first three quarters of the current year show that sales of crypto mining products on the e-commerce platform Ozon.ru also increased, by 13 times the number of units and 14 times in terms of value on an annual basis. The newspaper points out, that after the capital Moscow and Russia’s second-largest city Saint Petersburg, Krasnodar Krai, the Republic of Tatarstan, and Sverdlovsk Oblast have been the main destinations for the majority of the orders. That’s despite these regions not even offering the lowest electricity rates in the country. Graphics processing units (GPUs), used for the minting of ethereum (ETH) and other altcoins, have been in short supply due to the global deficit of microchips, which also pushed prices up. For the first 10 months of 2021, GPU sales fell by 15.8% year-on-year, although the market grew by 129.6% in value, according to Anton Fomin, a business analyst at Marvel-Distribution. The report notes: Suppliers and retailers have been forced to raise the price of devices, but people are willing to buy at almost any price. Fomin believes that the difficult situation in the video card market will persist as long as crypto farms bring good income. By the end of 2023, the deficit is unlikely to disappear, but the delay in the deliveries will definitely be shortened, from 48-50 weeks to 10-14 weeks, Kommersant quotes the expert as saying. With the government in China cracking down on cryptocurrency mining since this spring, energy-rich Russia has become one of several major destinations for bitcoin miners seeking friendlier jurisdictions. Data published by the Financial Times in November revealed that the Russian Federation has received the bulk of the mining machines moved out of the People’s Republic amid the miners’ exodus. Do you think demand for mining equipment in Russia will continue to grow? Let us know in the comments section below. View the full article

Invictus Capital has unveiled its first non-fungible token collection, called “Out of Africa,” through the Invictus NFT Lab. Through this collection, Invictus Capital will showcase fine art via blockchain technology as well as connect artists from Africa with the rest of the world. Invictus Capital to Release NFT Collection Blockchain investment platform Invictus Capital recently unveiled its first non-fungible token (NFT) collection. The unveiling, which was done by way of the Invictus NFT Lab, attempts to combine fine art with blockchain technology, and to bring many contemporary digital artists from Africa to a global market. As explained in the It Online report, this project is expected to begin in January with the distribution of NFT posters. In February, an auction for NFT representations of the original, physical artworks will be conducted. Invictus Capital’s decision to unveil the NFTs has won praise from stakeholders in the art space. For instance, Marelize van Zyl, the curator for the Out of Africa NFT collection, commended Invictus Capital’s endeavor, saying: The Out of Africa Collection is made up of 100 unique NFTs on the Ethereum blockchain and is the first time many of the artists have worked in the NFT space. This collection is a triumph for these artists and represents some of the finest new, upcoming and established talent. Another stakeholder, Charl Bezuidenhout of Worldart, said NFTs give artists direct access to “a truly global audience and a royalty-driven revenue model made possible by blockchain.” Bringing NFTs to Mainstream Investment Portfolios For his part, Daniel Schwartzkopff, CEO at Invictus Capital, suggested that an NFT collection like the one unveiled by his company “will go a long way to bringing NFTs into mainstream investment portfolios.” The collection will appeal to traditional art collectors, modern NFT collectors, and anyone in between, Schwartzkopff said. According to the report, prospective investors that want to be a part of this project can get updates on participating artists and artworks via a subscription newsletter. What are your thoughts about this story? Tell us what you think in the comments section below. View the full article

Businessman and owner of a Kenyan football club, Ricardo Badoer, has been accused of fleecing more than $140 million from investors via his Aidos Kuneen cryptocurrency. Threats Against Investors According to a local report, Kenyan businessman Ricardo Badoer is being accused of defrauding investors via his Aidos Kuneen cryptocurrency of more than $140 million. The allegations against Badoer — the owner of Wazito FC, a football club that plays in Kenya’s top division — followed claims the Dubai-based businessman was refusing to release assets belonging to investors. Badoer is also accused of using former General Service Unit police officer Paul Kaikai to threaten investors. In addition to the alleged threats, Badoer is reported to have blocked investors inquiring about their money via social media. “Most of the investors are Japanese. He has withheld their assets and blocks anyone on Twitter or Aidos Market Telegram who asks about their money,” an anonymous source is quoted explaining. As a result of Badoer’s failure to pay back investors on time, some in Kenya now speculate that the businessman could be doing this in order to stop the collapse of his cryptocurrency project. Investors Want Central Bank of Kenya to Intervene Meanwhile, Kahawa Tungu — an online media outlet that claims to be in possession of confidential information concerning Badoer — said some frustrated investors now want the central bank to intervene. The outlet’s report, which relies on the testimony of an anonymous source, explains: The frustrated investors are [now] in the processing of trying to contact the Central Bank of Kenya and Sumac Microfinance Bank where he [Badoer] holds shareholding to raise alarm and possibly get him sanctioned. Besides failing the Aidos Kuneen investors, Badoer is reportedly also unable to meet other obligations such as paying the salaries of Wazito FC players and the club’s operational expenses. What are your thoughts about this story? Tell us what you think in the comments section below. View the full article

While the cryptocurrency economy has seen significant losses across the board — losing billions during the last two weeks — a recent CNBC millionaire survey indicates that millennial millionaires have a lot of crypto. Furthermore, millennial millionaires plan to add more digital assets to their portfolios in 2022. 83% of Millennial Millionaires Own Cryptocurrency, According to Recent CNBC Millionaire Survey CNBC recently conducted a survey that shows 83% of millennial millionaires own cryptocurrency. The survey polled investors that have assets worth $1 million or more and cannot include their primary residences. 53% of the surveyed millionaires have at least 50% of their wealth in crypto assets like bitcoin and ethereum. Nearly a third of the participants polled have at least three-quarters of their investable assets in digital currencies. The CNBC survey highlights that there is a generational divide between older millionaires and younger millionaires. Only 4% of the baby boomer generation holds crypto while three-quarters of the generation X survey participants do not own any cryptocurrencies. Millennial millionaires seem to be the forerunners when it comes to leveraging crypto assets for investable wealth. “This is a big difference between different generations of wealth,” George Walper, the president of Spectrem Group (who conducted the survey with CNBC) said when he discussed the results. Walper and CNBC’s survey suggests crypto assets will “remain central to their investing in the coming years,” when it comes to generation Z and millennial investors. Spectrem Group President Says Millennials ‘Seem to Be Comfortable With the Volatility’ Despite the crypto economy decline in USD value, “millennial millionaires plan to add more crypto in 2022.” Walper insists there are two types of millennial crypto investors — investors who made millions from crypto and those who add crypto to their current investible wealth. 45% of the millennials said they inherited funds, and millennials with $5 million in investable wealth or more, said “inheritance” was a large factor. Additionally, there are millennials who made their millions from crypto and have become “self-made millionaires,” the CNBC survey notes. CNBC also asked Walper whether or not millennials would stay in the crypto market if the crypto economy continues to decline. “They seem to be comfortable with the volatility,” Walper concluded. What do you think about the survey that says millennial millionaires plan to add more crypto in 2022? Let us know what you think about this subject in the comments section below. View the full article

Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.” Binance Building Cryptocurrency Exchange in Indonesia Blockchain and cryptocurrency infrastructure provider Binance announced Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm, MDI Ventures (MDI). Telkom Indonesia is the country’s largest telecoms company. The aim of the joint venture is “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange,” the announcement details, elaborating: Binance will provide world-class asset management infrastructure and technology to support the development of the new exchange platform. “Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction,” Binance CEO Changpeng Zhao (CZ) commented. Zhao revealed last week, “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.” He detailed specifically that his company is “in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.” This week, Binance announced that it is shutting down its crypto exchange in Singapore. “Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore,” explained Zhao. The Indonesian government has previously indicated that it will not impose an outright ban on cryptocurrency as China did. Crypto assets are allowed to trade alongside commodity futures in Indonesia but cannot be used as a currency. The government is also pushing to set up a crypto exchange and Bank Indonesia has been exploring a central bank digital currency (CBDC). What do you think about Binance helping to build a cryptocurrency exchange in Indonesia? Let us know in the comments section below. View the full article

The chief economist at the International Monetary Fund (IMF) says that regulation is “absolutely important” for the crypto sector. She added that banning cryptocurrencies, like what India could be considering doing, would pose practical challenges given their decentralized nature. IMF’s Chief Economist on Cryptocurrency and Its Regulation International Monetary Fund (IMF) chief economist Gita Gopinath reportedly discussed cryptocurrency Wednesday at an event organized by the National Council of Applied Economic Research (NCAER). Gopinath is also the IMF’s economic counselor and director of its research department. She is on leave of public service from Harvard University’s economics department where she is the John Zwaanstra professor of international studies and of economics. Gopinath is slated to be the first deputy managing director of the IMF early next year. She said: It would seem that cryptocurrencies are more attractive for emerging markets compared to developed economies. Noting that “cryptocurrencies are a particular challenge for emerging markets,” she further opined, “emerging markets have exchange rate controls, capital flow controls, and cryptocurrencies can impact that.” Gopinath added: Regulation is absolutely important for this sector. If people are using this as an investment asset, then the rules which are there for other investment classes should apply here as well. She added that banning cryptocurrencies would pose practical challenges, given their decentralized nature, emphasizing the need for a global policy on cryptocurrency. Last week, the IMF outlined some recommendations of how cryptocurrency should be regulated, noting that there is an urgent need for cross-border collaboration and cooperation on cryptocurrency regulation. The authors said, “Crypto assets are potentially changing the international monetary and financial system in profound ways.” The IMF also warned El Salvador in November against using bitcoin as a national currency. The country made bitcoin legal tender alongside the U.S. dollar in September and has purchased 1,370 bitcoins for its treasury. What do you think about the IMF chief economist’s comments? Let us know in the comments section below. View the full article

Mexico’s Grupo Elektra, a leading retailer in Latin America, is accepting bitcoin for payments. The chain belongs to conglomerate Grupo Salinas, which is owned by Mexico’s third-richest billionaire, the pro-bitcoin Ricardo Salinas Pliego. Ricardo Salinas Pliego’s Retail Chain, Grupo Elektra, Now Accepts Bitcoin Elektra is a supermarket and banking chain belonging to conglomerate Grupo Salinas, which is owned by Mexico’s third-richest billionaire, Ricardo Salinas Pliego. Salinas tweeted Thursday: The rumors are true. Elektra is the first (retail) store in Mexico that allows you to buy with bitcoin. I’m very sorry to beat the competition again. In addition, the retail chain is offering a 20% discount on some purchases made with bitcoin, the billionaire confirmed on Twitter. The discount offer is only available until Dec. 31. Customers can use bitcoin to purchase in Elektra physical stores as well as online, its website details, adding that BTC purchases will be processed by U.S.-based crypto payment service provider Bitpay. Salinas is a longtime bitcoin proponent. He said in June, “I recommend the use of bitcoin,” adding that he and his bank “are working to be the first bank in Mexico to accept bitcoin.” His bank, Banco Azteca, operates in Mexico, Panama, Guatemala, Honduras, and Peru. It also has a presence in El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar in September. The billionaire reiterated in November, “Buy bitcoin right now.” Meanwhile, Bank of Mexico Governor Alejandro Diaz de Leon has warned against bitcoin, emphasizing that the cryptocurrency is a high-risk investment and poor store of value due to its volatility. What do you think about Grupo Elektra accepting bitcoin? Let us know in the comments section below. View the full article

On December 15, FINMA-licensed Swiss bank, Seba, announced the launch of a gold token that can be delivered in physical form, on-demand, at any time from the firm’s partner refineries. Seba believes the token can be leveraged as a compliant stablecoin “backed by responsibly sourced gold.” Swiss Bank Introduces ‘Seba Bank Gold Token’ Backed by Physical Gold Stored at Partner Refineries Switzerland-based crypto bank Seba has introduced a number of new crypto products this year, like adding decentralized finance (defi) tokens to the company’s product lineup. In October, the Swiss bank revealed that customers can earn a yield on crypto holdings in an “institutional-grade” fashion. On Wednesday, Seba revealed its gold token offering that can be traded for physical gold at any time. “The Seba Bank Gold Token is a landmark development in investment products, enabling investors for the first time to own a digital form of physical gold via a fully regulated, cost-effective, and future-proof solution,” the Swiss bank’s announcement details. Seba CEO Says Gold Plays a Major Role in the Capital Markets, Seba’s Gold Token Has Many Competitors According to Seba, the bank worked with a service provider in the precious metal (PM) industry called Argor-Heraeus. The blockchain-based PM platform was developed by Axedras, the Swiss bank’s announcement reveals. “Seba Bank’s Gold Token can boost the adoption of precious metals by providing a cost-effective, secure and straightforward solution for investing in gold,” the company noted on Wednesday. “Gold plays a major role in the capital markets. With a market cap of over USD 11 trillion, it offers investors a reliable hedge against inflation and a store of value irrespective of economic turbulence. The gold standard was once the economic unit of account across the globe, forming the basis of our international monetary system,” Guido Buehler, CEO at SEBA Bank said in a statement. The Seba CEO added: With the launch of our innovative Gold Token, we are building on this history to allow investors to own a fully regulated digital form of physical gold for the first time. Physically redeemable direct from refineries on-demand at any time, our gold token removes the frictions of owning gold for investors and provides a cost-effective solution for owning the asset fit for purpose in the new economy. Seba bank is not the only gold token built on top of blockchain technology, as there are gold tokens issued by Paxos (PAXG) and Tether Limited (XAUT) backed by an ounce of .999 fine gold. During the first week of August, the PM industry giant Kitco launched a gold-backed token on top of Ethereum. Gold-backed tokens have fetched a premium in the past on a few occasions in comparison to gold’s spot market prices. What do you think about Seba bank launching a gold-backed token that can be redeemed for physical gold? Let us know what you think about this subject in the comments section below. View the full article

The wealth manager Vaneck has announced it has expanded its exchange-traded note (ETN) offerings to support the tokens polygon and avalanche. The two ETNs follow five previously launched funds in Europe that allow investors to gain exposure to leading digital assets. Vaneck Adds Polygon and Avalanche to Its List of Cryptocurrency ETNs Vaneck has announced the launch of two ETNs that leverage the crypto assets polygon (MATIC) and avalanche (AVAX). The ETNs represent shares of either AVAX or MATIC and the funds are fully collateralized. “Vaneck expands its crypto investment offering with two new ETNs on crypto platforms Avalanche and Polygon,” the wealth manager tweeted on December 16. Avalanche and polygon have seen significant demand this year and have gathered massive gains year-to-date. The token avalanche (AVAX) has seen its market capitalization join the top ten digital assets in the world, in terms of overall valuation. Today, AVAX holds the 9th position after climbing 3,509% since this time last year. Polygon (MATIC) has also risen in value a great deal in 2021 with year-to-date gains of around 11,393%. MATIC is the 14th largest crypto asset in terms of market capitalization today which is around $15 billion. Both MATIC and AVAX are compatible with Ethereum but are also considered Ethereum competitors. Vaneck to Leverage Crypto Compare’s MVIS Data, Bank Frick to Custody Crypto Assets The ETNs offered by Vaneck are like exchange-traded funds (ETFs) but ETNs are considered unsecured debt securities. Vaneck had tried to get its spot market bitcoin (BTC) ETF approved by the U.S. Securities and Exchange Commission this year but the ETF was denied in mid-November. The Polygon and Avalanche ETNs use Crypto Compare’s MVIS data to replicate the value and yield performance of each asset. The underlying crypto assets in Vaneck’s ETNs are held in custody by Bank Frick & Co. AG. The AVAX ETN ticker will be “VAVA,” and the MATIC ETN ticker will be “VPOL.” What do you think about Vaneck introducing Polygon and Avalanche ETNs? Let us know what you think about this subject in the comments section below. View the full article

India’s central bank, the Reserve Bank of India (RBI), has reportedly told the central board of directors that it favors a complete ban on cryptocurrencies, stating that a partial ban will not work. The central bank reiterates that it has serious concerns regarding crypto. Meanwhile, the Indian government is reportedly making additional changes to the crypto bill. RBI Wants a Blanket Ban on Crypto, Says a Partial Ban Won’t Work The Reserve Bank of India (RBI) held the 592nd meeting of the central board of directors Friday under the chairmanship of Governor Shaktikanta Das. The central board is the highest decision-making body of the apex bank. The board reviewed the current domestic and global economic situation, evolving challenges, and remedial measures. The directors also discussed various aspects relating to cryptocurrency and central bank digital currency (CBDC). The RBI reportedly said at the meeting that it favors a complete ban on cryptocurrencies, noting that a partial ban will not work, the Economic Times reported, citing unnamed sources familiar with the deliberations. Senior RBI officials highlighted several areas of crypto-related concern, including trackability of transactions, valuation, extreme price volatility, legal issues, and identifying participants in transactions. Governor Shaktikanta Das reiterated his anti-crypto stance, stressing that cryptocurrencies are serious threats to any financial system since they are unregulated by central banks. Das has repeatedly said that the central bank has serious concerns regarding cryptocurrencies, stating that they pose serious threats to India’s macroeconomic and financial stability. “There is a need for much deeper discussions (on crypto). When the central bank says it has much deeper concerns from the point of macroeconomic and financial stability, there are far deeper issues involved which form part of this,” the central bank governor said in October. The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 has been listed for consideration in the winter session of Lok Sabha, the lower house of India’s parliament. The government is reportedly planning to regulate crypto assets with the Securities and Exchange Board of India (SEBI) as the main regulator but ban crypto’s use for payments. However, there are reports that the government is still reworking the bill and will likely introduce it in the budget session instead. Meanwhile, the RBI is also working on a digital rupee, which it plans to implement in phases. The central bank said last week that there will be two types of CBDC: wholesale and retail. “A lot of work has been done on wholesale-based CBDC while retail is somewhat complicated and will take more time. We will release a pilot, whichever is ready first,” RBI Deputy Governor T. Rabi Sankar explained. Do you think the RBI will convince the Indian government to completely ban cryptocurrencies? Let us know in the comments section below. View the full article

An industry organization controlled by the Chinese government has updated a list of topics users of video-sharing apps should avoid. Crypto-related content is now among the entries along with traditional taboos in China like mocking its leadership, provoking sectarianism, and showing sex. Clips on Crypto Trading, Mining Banned in China The China Netcasting Services Association (CNSA) has recently published a blacklist of 100 topics that online videos posted on platforms similar to Tiktok should not feature. Among them are the usual suspects like questioning China’s official history, imitating its political leaders, challenging the country’s guiding ideology of “socialism with Chinese characteristics,” and discussing fascism. The “Online Short Video Content Review Standard Rules (2021)” document marks a number of other banned themes. A report by the Register points to a few of them like drug use, gambling machines, crime and gangs, violence, and mental abuse. Sexually explicit content, including that which promotes “non-mainstream views of marriage and love,” is also prohibited. While most of these subjects were part of its previous version, the list has been updated with some new topics, most notably cryptocurrency. Videos promoting decentralized digital money like bitcoin by “inducing and instigating the public to participate in virtual currency ‘mining’, trading, and speculation,” are now considered off-limits by the Chinese censors. Authorities in the People’s Republic banned crypto-related activities such as digital currency trading and capital raising through coin offerings back in 2017. However, the government did not initially interfere with bitcoin mining until earlier this year. In May, the State Council, the cabinet of ministers in Beijing, decided to clamp down on the industry following President Xi Jinping’s pledge for China to achieve carbon neutrality in the next four decades. The nationwide government offensive forced miners to relocate to friendlier jurisdictions. The CNSA ban applies to vids uploaded on platforms such as Douyin, Bytedance’s Chinese version of Tiktok, Kuaishou and other social media networks, messaging apps, and microblogging sites allowing short video-sharing like Wechat and Weibo. As a new addition to the blacklist, cryptocurrency takes the 98th spot. Entry number 100, reading in English: “Other violation of laws, regulations, social public order, and good customs,” could ostensibly be construed as effectively untying the hands of Chinese regulators to censor almost any clip published online. Do you expect Chinese authorities to adopt other restrictions regarding crypto-related content online? Share your thoughts on the subject in the comments section below. View the full article

The number of cryptocurrency holders in Serbia has climbed to around 200,000 with interest in cryptocurrencies increasing alongside growing crypto markets. The country’s decision to legally recognize digital assets this year has also contributed to their increasing popularity. Law on Digital Assets Puts Serbia on Crypto Map Recently adopted regulations and genuine investor interest have placed Serbia, a nation of 7 million located in Southeast Europe, among countries that view cryptocurrency as a thing of the present. About 200,000 Serbs now own one coin or another, local media reported, quoting the latest estimates provided by the crypto industry. Serbia’s Law on Digital Assets entered into force at the end of June, this year. The legislation recognizes cryptocurrencies like bitcoin as virtual assets. Its provisions define them as digital records of value that can be purchased, sold, transferred, and exchanged. Serbs holding cryptos have increased in number since its adoption, the business news portal Ekapija noted in a report. “Every month this year we have had a serious growth in the purchase and sale of cryptocurrencies,” Marko Zivkovic, director of marketing at the crypto exchange ECD told the Tanjug news agency. “The market in Serbia is definitely growing and we are not lagging behind some developed world markets,” the executive stressed. The crypto trading platform operates with a temporary permit, which allows it to offer users the option to buy and sell coins. It’s expecting to obtain permanent authorization from the National Bank of Serbia (NBS) in the first months of next year. Zivkovic notes that once the exchange is fully licensed, it will be able to also process crypto payments for goods and services. Pointing to the significant increase in the capitalization of the global crypto market in the past two to three years, economist Malisa Djukic commented that interest in cryptocurrencies among investors, small and large, is undoubtedly on the rise. The same is true for the number and value of crypto transactions, he added. As for interest in crypto trading in Serbia, a similar observation can be made, Djukic noted, emphasizing that the adoption of legislation treating cryptocurrencies as assets has helped the trend. He explained that the law has created a legal basis allowing companies to record crypto funds on their balance sheets and report gains or losses resulting from related operations. It has also made it possible for the government to tax crypto investments. In terms of cryptocurrency adoption, Serbia has a lot of ground to cover to catch up with the regional leaders, two other former Yugoslav republics. A report from last year revealed that Bitcoin-friendly Slovenia has over 1,000 locations accepting various digital currencies. Crypto payments are spreading in neighboring Croatia as well, where a leading supermarket chain is now accepting nine coins in its online store. Do you expect Serbia to become the next crypto hotspot in Southeast Europe? Tell us in the comments section below. View the full article

The Argentinian Chamber of Fintech, a membership-based organization whose goal is to lead the digitization and modernization of the financial services industry, issued a series of recommendations for the upcoming regulation of virtual assets in the country. The proposed framework asks the government to follow FATF recommendations, and it calls for a clear definition of virtual assets and Virtual Asset Service Providers (VASPs). Argentinian Chamber of Fintech Weighs In on Regulation The Argentinian Chamber of Fintech, a group that works for the modernization of the structure of financial service providers, issued its take on how the Argentinian government should regulate cryptocurrency assets in the future. The proposal, which takes into account the rise in usage of these assets in the country, establishes a series of key issues that, according to the group, should be followed to better regulate cryptocurrency. The first one of them mentions the need to follow the recommendations of the FATF (Financial Action Task Force), because Argentina is part of this group, and it will oversee the status of the country regarding these and other recommendations. The proposal also addresses a need to define the concepts of Virtual Assets and Virtual Asset Service Providers (VASPs). The document states: [These definitions] should be based on concepts broad enough to cover the new technologies that are constantly emerging, as well as the activities and services related to them. Another recommendation has to do with the legality of activities involving virtual assets. According to the text, crypto rules should also be explicitly defined in the law, as it would allow parties that use these virtual assets to open bank accounts without being segregated from the traditional banking sector. This would help VASPs to avoid being excluded as has happened in some countries before. Argentina Still Lacks Clear Crypto Regulation The Argentinian Chamber of Fintech remarks that, while cryptocurrency adoption has flourished in the country without any specific regulation, it appreciates “the start of an imminent regulatory process at both the regional and global levels,” which prompted it to make these recommendations. The subject of cryptocurrency has reached the highest levels in the country. In August, Alberto Fernandez, the current president of Argentina, stated that he was open to adopting cryptocurrencies as legal tender in the country. However, he also stated that the subject was “unknown” to him. At a regional level, there are already some laws approved in selected regions where cryptocurrency users must pay taxes for their crypto holdings, as they are considered international currencies. What do you think about the recommendations of the Argentinian Chamber of Fintech for a cryptocurrency regulatory framework? Tell us in the comments section below. View the full article

Consensys, an Ethereum software company, announced yesterday the launch of a new scaling solution for Ethereum, called “Consensys Rollups.” The company enlisted Mastercard programmers to design the solution, which aims to allow the network to reach a throughput of 10,000 TPS (transactions per second), according to a PR statement. The solution can be implemented on top of private, permissioned protocols like Quorum, or on public chains like Ethereum. Consensys to Address Scaling With Mastercard’s Assistance Consensys, an Ethereum software company, launched Consensys Rollups yesterday, a ZK-proof-based scaling solution for Ethereum-based networks. The company revealed that this initiative had been undertaken with the help of Mastercard’s engineering team, which helped to design the solution. According to Consensys, the Consensys Rollups solution will be deployable on enterprise-focused protocol platforms such as Quorum, or directly on Ethereum. Quorum is a Consensys-acquired, JPMorgan-developed protocol layer that allows companies to deploy their apps in a secure environment resembling Ethereum. According to Consensys: [The goal is] to provide enterprise-grade scalability to leading financial organizations and others, addressing the key challenge of scalable applications on the Quorum tech-stack. The implementation of such a scaling solution would ostensibly allow these networks to process up to 10,000 TPS, much more than the number of transactions that happen on Ethereum Layer 1 (L1) now. This development follows the announcement of a partnership between Mastercard and Consensys made in April, with the goal of combining their expertise to develop Quorum-based solutions. The State of Ethereum L2 Scaling The Ethereum L2 (Layer 2) scaling panorama has experienced substantial growth this year. According to L2 beat, an L2 Ethereum layer value aggregator, there are now more than $5 billion dollars locked in some of these initiatives, up from the $50 million that these same solutions registered at the start of the year. This newly developed solution launched yesterday could come to compete with other solutions like Arbitrum, which already has more than $2.2 billion dollars in its platform, with more than 50% of this value in Ether. The scaling solution uses the same underlying technology as Consensys Rollups, called ZK-proofs. But this is not the only technology used to scale Ethereum. Optimism, another scaling network, uses a different technology called Optimistic Rollups, which technically differ from the aforementioned solutions. Vitalik Buterin, the co-founder of Ethereum, has stated that while ETH2 has a solution for scalability, the Ethereum ecosystem is likely to be all-in on rollups before ETH2 arrives. What do you think about the Consensys Rollups Technology? Tell us in the comments section below. View the full article

The independent investment fund led by Kraken alumni that’s focused on early-stage companies and protocols, Kraken Ventures, announced the successful closing of its first fund at $65 million. Presently, the fund holds positions in platforms like Hashflow, Pstake, Acala, Blockdaemon, Anchorage, and Messari. Kraken Ventures Reveals $65 Million Fund I LP There’s been an enormous amount of money directed toward funds that provide liquidity to early-stage crypto companies and blockchain protocols. Software startups have a plethora of funds to choose from if they develop concepts involving game finance (gamefi), play-to-earn (P2E) protocols, decentralized finance (defi), non-fungible tokens (NFTs), and other types of crypto and blockchain solutions. For instance, Binance Smart Chain and Animoca Brands recently launched a $200 million crypto gaming incubation fund, and a recent Web3 fund was initiated by Solana Ventures, Forte, and Griffin Gaming. In mid-November, Kucoin Labs launched a $100 million metaverse fund and during the same week, Paradigm revealed a $2.5 billion venture fund. On Friday, Kraken Ventures managing partner Brandon Gath announced the launch of the $65 million “Kraken Ventures Fund I LP.” The fund will seek initial investments in early-stage companies and protocols starting at $500K and up to $2 million. The organization said that Fund I LP will power the “next wave of crypto and fintech innovation.” Specifically, Kraken Ventures mentioned consumer crypto protocols, artificial intelligence (AI), machine learning, financial infrastructure, Web3, and decentralized finance (defi). “We’re extremely pleased to have successfully closed our first fund,” Gath said in a statement. “Our long-term view on investing, and the possibility to leverage Kraken’s experience in building a truly global, scalable platform, definitely contributed to the overwhelming interest we received from investors.” The Kraken Ventures executive added: Our focus now is to put that money to work and help some of the most innovative projects and their exceptionally talented founders accelerate the development of their companies and protocols. Kraken Ventures also revealed that it appointed Laurens De Poorter as the fund’s head of Europe. The new Europe lead is part of Kraken Ventures’ global expansion and De Poorter says the “European crypto scene is booming.” “With the influx of institutional money and impending regulation wave, one of the most promising areas will be the intersection of crypto and fintech,” Kraken Ventures European lead added. What do you think about Kraken Ventures raising $65 million for its Fund I LP dedicated to early-stage crypto companies and blockchain protocols? Let us know what you think about this subject in the comments section below. View the full article

Africa Blockchain Lab recently said it has raised $6 million from a pre-Series A investment round and will use the capital to fund the launch of a crypto wallet. Driving Adoption of Cryptocurrencies An African crypto startup, Africa Blockchain Lab, recently confirmed it has received $6 million from a pre-Series A investment round. The round was led by a consortium of global as well as African venture capital firms like Lateral Frontiers VC, CRE Venture Capital, and Musha Ventures. Global investors that took part in this round include Dragonfly Capital, Hashkey Capital, SNZ Capital, Fenbushi, Cadenza Capital, Head & Shoulder X, LeadBlock, Hash Global, Bonfire, Krypital, and Despace. According to a Tech Space Africa report, the startup is planning to use the capital raised to fund the launch of its crypto wallet known as Vibra. The report also quotes Africa Blockchain Lab’s co-founder, Vincent Li, who explains the startup’s mission and how it will use the financial backing it has received to drive the adoption of cryptocurrencies across the African continent. He said: With the backing from our strategic investors, we intend to bring world-class tech stacks, projects and innovation to the African continent, starting with our first product VIBRA. Inclusive Financial Ecosystem Meanwhile, the same report quotes Steven Grin of Lateral Frontiers explaining why the venture capital firm participated in the pre-Series A round. He also highlighted his firm’s belief that “crypto can realize its potential as a technology and asset on the continent.” Pardon Makumbe, Managing Partner at CRE Venture Capital said: “We believe Africa has a generational opportunity to build a more collaborative and inclusive financial ecosystem using decentralized technologies, in which all players are winners.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

A Cornell University economics professor says that the promise of decentralized finance (defi) using blockchain technology is real but bitcoin may not last that much longer. Nonetheless, he admitted bitcoin “has really set off a revolution that ultimately might benefit all of us either directly or indirectly.” Economics Professor Doubts Future of Bitcoin, Praises Defi Eswar Prasad, professor of economics at Cornell University, talked about bitcoin, cryptocurrencies, blockchain technology, decentralized finance (defi), and central bank digital currencies in a recent interview with CNBC, published Friday. Prasad, the author of “The Future of Money: How the Digital Revolution is Transforming Currencies and Finance,” is the Nandlal P. Tolani senior professor of trade policy and professor of economics at the Charles H. Dyson School of Applied Economics and Management at Cornell University. He previously served as chief of the financial studies division in the International Monetary Fund (IMF)’s research department and head of the IMF’s China division. Noting that blockchain technology will be “fundamentally transformative” in finance and in the way we conduct our day-to-day transactions, he opined: The promise of decentralized finance using blockchain technology is a real one but bitcoin itself may not last that much longer. The professor of economics explained: “Bitcoin’s use of the blockchain technology is not very efficient. It uses a validation mechanism for transactions that is environmentally destructive that doesn’t scale up very well.” He asserted that there are newer cryptocurrencies that use blockchain technology far more efficiently than bitcoin does. “With any assets, the question is where is the fundamental value proposition,” he continued, adding: Given that bitcoin is not serving well as a medium of exchange, I don’t think it’s going to have any fundamental value other than whatever investor’s faith leads it to have. He proceeded to discuss currency competition and stablecoins. “There is an interesting element of currency competition that it has set off. There are stablecoins now that could, in principle, create more effective ways of transacting in basic ways,” he described. The professor added that cryptocurrencies have “lit a fire under central banks to start thinking about issuing digital versions of their own currencies.” Professor Prasad explained that central bank digital currencies (CBDCs) “could be good in many ways in terms of providing an additional payment option, a low cost payment option that everybody has access to, increasing financial inclusion, and potentially also increasing financial stability.” He concluded: Much as you might not like bitcoin, it has really set off a revolution that ultimately might benefit all of us either directly or indirectly. Do you agree with Professor Eswar Prasad? Let us know in the comments section below. View the full article

Tymebank, a South Africa-based digital bank, recently completed its Series B funding round with $70 million invested in the firm by Tencent and U.K. development financier, CDC Group. Funds to Support Tyme’s Expansion Into New Markets Tymebank, a digital bank from South Africa, recently raised an additional $70 million from its latest funding round, led by Tencent and the U.K.-based development finance group, the CDC Group. This latest capital raise brings the value of funds Tymebank has acquired via the Series B to $180 million. Prior to this latest investment, Tymebank had received $110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings. Meanwhile, following the capital raise, a report by News24 states that the digital bank will use the new money to fund its domestic expansion and to facilitate the bank’s entry into other markets. “The two investor’s capital and expertise will also be used to improve Tyme’s ability to manage risk and support Tyme’s expansion into markets where CDC has a presence,” a statement from the bank explained. The report adds that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, where it has secured a digital bank license in partnership with the Gokongwei Group. In commending the bank’s ability to attract investors, Coen Jonker, co-founder of Tyme said: “This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore, and the Philippines.” What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

The team behind Polygon, the protocol dedicated to interconnected blockchain networks like Ethereum, and Alexis Ohanian’s Seven Seven Six venture capital company have revealed a $200 million investment fund in blockchain-based social media projects. According to the announcement, the partner’s mission is to attempt to bridge blockchain, Web3 technology, and social media together. Polygon and Alexis Ohanian’s Seven Seven Six Launch $200 Million Fund Dedicated to Web3, Blockchain, and Social Media Polygon and Alexis Ohanian’s firm Seven Seven Six plan to bolster Web3 technology with social media via blockchain compatibility with an investment of $200 million, according to the Polygon team’s most recent blog post. Polygon is best known for its scaling enhancements with the open-source blockchain network Ethereum and its native token called MATIC. Alexis Ohanian is well known for co-founding the social media and news aggregation web portal Reddit with Steve Huffman and Aaron Swartz. Ohanian’s venture capital company Seven Seven Six is a software-enabling venture firm founded in 2020. “Polygon and Alexis Ohanian’s Seven Seven Six have created a $200 million initiative that will back projects at the intersection of social media and Web3, exploring better ways for humans to connect online,” the Polygon team detailed on Friday. “The motivating force behind Web3 is that a better version of the Internet is possible, one which empowers users over platforms. It is a response to a pervading sense that the current instantiation as represented by the social media giants has strayed too far from the early Web’s open-source ideals.” The Polygon team added: The result is, as one Facebook engineer famously quipped, the best minds of our generation are thinking about how to make people click ads. Polygon’s mission is to offer a wide range of secure, fast, affordable, and energy-efficient Ethereum scaling and infrastructure solutions for developers, empowering them to build Web3 applications for the world. Alexis Ohanian: ‘Web3’s Most Obvious Opportunities Right Now Are Gaming and Social’ The announcement to invest $200 million into social media and blockchain platforms follows Polygon’s recent acquistion of the Mir protocol. After previously acquiring the Hermez Network (now Polygon Hermez) for $250 million in August, Polygon paid $400 million for the Ethereum scaling startup Mir. Ohanian’s venture firm, Seven Seven Six, has a number of investments in blockchain and Web3 including Sky Mavis, Droneseed, Better Brand, and Stoke Space. Ohanian recently backed the NFT project Heir co-founded by NBA legend ​​Michael Jordan and his son Jeffrey Jordan. “We are still in the early days of Web3 and the most obvious opportunities right now are in gaming and social,” Ohanian said in a statement. “This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure. We’ve already seen some of the best product founders in our portfolio start building on Polygon and I’m excited for Seven Seven Six and Polygon to play a big role in shaping what the new internet looks like,” the co-founder of Reddit concluded. What do you think about Polygon and Alexis Ohanian’s Seven Seven Six investing $200 million into blockchain and Web3 technology tethered to social media platforms? Let us know what you think about this subject in the comments section below. View the full article

Authorities in Russia are discussing two very different approaches to the regulation of cryptocurrencies and related activities. While the Bank of Russia is reportedly seeking to introduce a ban on buying crypto assets, lawmakers are moving forward with efforts to adopt rules for mining, exchange, and taxation that would effectively legalize cryptocurrencies. Russian Officials Debate Over Alternative Crypto Regulations Russian institutions, including the central bank and the lower house of parliament, the State Duma, are mulling over how to put the country’s growing crypto space in order. The head of the Duma’s Financial Market Committee, Anatoly Aksakov, revealed that officials are now discussing “two diametrically opposite approaches” to the regulation of cryptocurrencies — a complete ban or alternatively, legalization of crypto trading. Quoted by the Interfax news agency, the high-ranking lawmaker elaborated that talks are focused on how to legally define the new financial instruments and how to tax them. They should be finalized during the spring session of the Russian parliament so that Russia has clear regulations in place for the 2023 tax year. Aksakov pointed out that the State Duma has already adopted on first reading a draft law on the taxation of cryptocurrencies. The new bill, which recognizes digital currencies such as bitcoin as property for tax purposes, was submitted to the house a full year ago. Deputies gave their initial approval for the draft in January 2021, when the law “On Digital Financial Assets” went into force. Commenting on the matter, the chairman of the Duma Committee on Legislation, Pavel Krasheninnikov, emphasized that before taxing cryptocurrency, Russia needs to legalize it. Anatoly Aksakov further explained that some regulatory proposals are very tough and envisage the full prohibition of the acquisition and ownership of cryptocurrencies. Another approach is to authorize the establishment of cryptocurrency exchanges and ensure their operations are transparent for regulatory bodies which will also make it easier for the Federal Tax Service to tax their transactions. Another area that deserves attention is cryptocurrency mining, which has been expanding as an industry in the energy-rich Russian Federation. Aksakov has been a supporter of the idea of registering mining as a business activity and taxing it accordingly. Such a move would also allow Russia to introduce higher electricity rates for mining enterprises which now often use subsidized energy at household prices. Bank of Russia Wants to Prohibit Cryptocurrency Investments Meanwhile, a media report has revealed that the Central Bank of Russia (CBR) will be seeking to impose a ban on cryptocurrency investments, citing risks they may pose to the country’s financial stability. It says these risks are increasing with the spread of crypto transactions. The regulator has been a strong opponent of the legalization of cryptocurrency circulation in the Russian economy, often referring to assets like bitcoin as “money surrogates,” as well as to their adoption as a means of payment. According to two sources from the Russian financial sector quoted by Reuters, the monetary authority is now discussing a possible ban on new purchases of crypto assets with market participants and experts. If adopted, the restrictive measure would not affect previous acquisitions, noted one of them, speaking on condition of anonymity. The other source, close to the CBR, unveiled that the central bank’s current position is one of “complete rejection” of all cryptocurrencies. Asked for a comment, Bank of Russia stated that it’s now preparing an advisory report to present its position on the matter but declined to elaborate in detail. According to Russian media, a working group on cryptocurrency regulation formed at the State Duma will begin to meet in December, starting with a review of a report prepared by the CBR. In the recently published Financial Stability Overview for the second and third quarter of 2021, Bank of Russia quoted estimates by financial institutions, according to which the annual volume of digital currency transactions made by Russian residents amounts to around $5 billion. The authority warned that cryptocurrency operations “carry significant risks for financial stability and investors.” Which regulatory approach do you expect Russia to adopt regarding cryptocurrencies? Share your thoughts on the subject in the comments section below. View the full article

The application-specific integrated circuit (ASIC) bitcoin mining rig manufacturer Canaan has announced the company has secured a follow-on contract from Genesis Digital Assets for 30,000 mining machines. The sale is part of an agreement between Canaan and Genesis that gives the mining operation the option to purchase up to 180,000 ASIC bitcoin mining rigs. Canaan Secures Follow-on Contract for 30K Bitcoin Miners From Genesis Digital Assets At the end of August, Genesis Digital Assets purchased 20,000 of Canaan’s top ASIC bitcoin mining rigs and explained that it had the option to buy 180K more. Following the announcement, Genesis raised $431 million from strategic investors at the end of September, and the following week it revealed a new data center in Texas. Now Genesis is following up on its deal with Canaan and has inked a follow-on contract with the mining rig manufacturer for 30,000 more ASIC miners. Abdumalik Mirakhmedov, the co-founder and executive chairman of Genesis, explained the 30,000 mining rigs will bolster the company’s operations. “This most recent order of machines will support our efforts to rapidly scale our operations as we work towards our goal of increasing our capacity to 1.9 gigawatts by the end of 2023,” Mirakhmedov said. The option agreement for 180K ASIC miners is considered one of the “mining industry’s largest mining machine deal to date,” according to the two firms. “The option agreement entails three phases, with mining machines amounting to 30,000, 60,000, and 90,000 units to be purchased respectively. The acquired machines from the first phase of the contract are expected to be delivered in the first quarter of 2022,” Canaan said. The mining rig manufacturer’s top device is the Avalonminer 1246 that was released last January. The Avalonminer 1246 model produces around 90 terahash per second (TH/s) and pulls 3,420 watts off the wall. Canaan’s machine, at $0.12 per kilowatt-hour (kWh) and today’s bitcoin exchange rate, would produce roughly $15 a day in profit, according to asicminervalue.com metrics. The secondary sale prices for the Avalonminer 1246 are around $7,000 to $9,000 per device, while Canaan’s website doesn’t show a price for the unit. Canaan’s shares listed on Nasdaq were trading for $5.93 on December 30, 2020, and today shares exchange hands for $5.42, or 8.6% lower. On March 11, 2021, the firm’s stock tapped a high of $36.40, and at $5.42 shares are 85.10% lower than the 2021 price high. What do you think about Genesis ordering 30,000 Canaan miners and the option to purchase more? Let us know what you think about this subject in the comments section below. View the full article

The total value locked (TVL) in decentralized finance has slid 15.63% since the metric’s all-time high of $275 billion sixteen days ago on December 1. Since the end of the first week of December, the TVL is down 7.19% lower with a number of protocols seeing seven-day losses in terms of TVL. Defi Tokens YFI and CVX See 7-Day Double-Digit Gains, Aggregate Locked in Defi Slips Close to 3% to $243 Billion According to statistics, decentralized finance (defi) tokens represent $132.6 billion or roughly 5.79% of the entire $2.28 trillion crypto economy. The largest defi token in terms of market capitalization is terra (LUNA), which commands 18% dominance and a market valuation of around $23.9 billion. The top two performing defi assets during the last week were yearn finance (YFI) and convex finance (CVX). Yearn finance jumped 33% in value this past week and convex finance increased in value by 26.3%. Meanwhile, the defi tokens tokemak (TOKE) and bonfida (FIDA) saw the deepest weekly losses last week. Tokemak lost 31.6% in value last week and bonfida shed 28.7% in USD value. The top decentralized exchange (dex) on Friday is Uniswap version 3 with $2 billion in 24-hour volume. Uniswap (v3) is followed by Pancakeswap, Trader Joe, Biswap, Sushiswap, Uniswap (v2), Raydium2, and Curve Finance, respectively. There’s been $6.2 billion in 24-hour dex trade volume and 158,035,713 monthly visits to dex protocols. According to defillama.com, the aggregate total value locked (TVL) across a myriad of blockchains is $232 billion with Curve dominance at 9.17%. Curve’s TVL is $21.28 billion and it supports seven different blockchains. Ethereum Still Dominates the Defi Landscape, Solana Transactions at 45 Billion, Cross-Chain Bridge TVL Slides 3.4% Last Month Out of all the recorded defi blockchains, Ethereum commands $159.64 billion TVL in defi today which equates to 65.44% of the aggregated defi TVL. Binance smart chain (BSC) is the second-largest blockchain in terms of TVL in defi today. BSC has a $16.53 billion TVL on Friday which is roughly 6.77% of the $243.94 billion locked in defi. The chains that follow BSC include Terra, Solana, Avalanche, Tron, Polygon, and Fantom, respectively. Out of all the chains this past week, the only top-ten defi chains that gained a higher TVL percentage were Fantom (3.52%) and BSC (1.75%). Statistics from Coin98 Analytics indicate that in terms of the total transactions for blockchain networks Solana holds the reins with 45 billion. Solana’s transaction dominance is followed by Tron (2.68B), BSC (2.09B), Ethereum (1.39B), Polygon (1.19B), HECO (534M), and Algorand (464M). As far as the number of validators on popular blockchains, Coin98 Analytics metrics show Ethereum has 270,322 validators, while Elrond has 3,222. Lastly, as far as the TVL in cross-chain bridges is concerned, there’s $22.73 billion in cross-chain bridge TVL today. There’s been a 3.4% loss in TVL during the last 30 days and Ronin Bridge commands the top position with $6.4 billion. Ronin is followed by Avalanche ($5.88B), Polygon ($5.83B), Arbitrum ($2.3B), Fantom ($1.3B), and Optimism ($433M). What do you think about the state of decentralized finance (defi), decentralized exchange (dex) applications, and the total value locked in these blockchains? Let us know what you think about this subject in the comments section below. View the full article

A major cryptocurrency exchange in India, Wazirx, has reported “a massive surge in user signups” this year, with 82% of its users making profits on their crypto investments. Its trading volume also rose 1,735% from the previous year. Meanwhile, the Indian government is actively working on the country’s crypto regulation. $43 Billion in Trading Volume, 82% of Users Earned Profit Indian cryptocurrency exchange Wazirx released its “2021 Year of Crypto” report Thursday. “Wazirx witnessed a massive surge in user signups leading to us crossing 10 million users,” the report details, adding that the exchange clocked a trading volume of over $43 billion, a 1,735% increase over the previous year. The report notes: As of 30th November 2021, 82% of Wazirx users have made profits on their crypto investments, i.e., seen a growth in their crypto portfolio. The exchange explained that bitcoin (BTC) remained the most traded cryptocurrency on its platform. Other heavily traded cryptocurrencies were tether (USDT), shiba inu (SHIB), dogecoin (DOGE), wazirx token (WRX), and matic (MATIC). “In our efforts to make crypto accessible to everyone in India, Wazirx has added 200+ market pairs in 2021,” the exchange wrote. The report includes a survey the exchange conducted of its users. Overall, 44% of respondents said that cryptocurrencies accounted for up to 10% of their investment portfolios. Wazirx detailed: We witnessed over 700% growth in signups from smaller cities like Guwahati, Karnal, Bareilly among others. It shows growing crypto adoption in the semi-urban and rural India. In addition, 61% of respondents said that crypto has helped them while 78% specifically said that it has helped them financially. The exchange also saw a 1,009% increase in the number of female signups and an 829% increase in the number of male signups. Meanwhile, the Indian government is actively working on cryptocurrency legislation. A cryptocurrency bill has been listed for consideration in the current session of Lok Sabha, the lower house of India’s parliament. However, the government is reportedly reworking the bill and will likely introduce it in the budget session instead. Prime Minister Narendra Modi has also been involved in India’s cryptocurrency legislation. He is reportedly taking a final call on how India will regulate cryptocurrencies. While the government has not made its plan public, there are reports that India is planning to regulate crypto assets. What do you think about the findings reported by crypto exchange Wazirx? Let us know in the comments section below. View the full article