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One of the largest banks in Estonia, LHV, is now offering cryptocurrency trading directly from its app through crypto exchange Bitstamp. The bank says it is the “first bank in the Baltics to start offering crypto trading.” Large Estonian Bank Now Offers Crypto Trading LHV announced this week that it has become “the first bank in Estonia to offer its clients the opportunity to trade in crypto assets.” Starting Monday, LHV customers can trade major crypto assets directly on its mobile app. Transactions are carried out on the cryptocurrency exchange Bitstamp. Clients’ crypto assets are held on the Bitgo platform, which is part of the Toronto Stock Exchange-listed Galaxy Digital Group. The bank started experimenting with blockchain technology in 2015. Since then, “We have been waiting for the regulatory environment to evolve, for the market to become organized, and for professional market players to emerge,” the bank noted. Madis Toomsalu, chairman of the management board of LHV Group, commented: “By today, crypto assets have become a large field in terms of both market value as well as turnovers based on decentralized financial services.” Toomsalu elaborated: We will be the first bank in the Baltics to start offering crypto trading to our clients – as the first step, they will be able to buy and sell crypto assets on the LHV mobile app. Martin Mets, LHV’s head of investment services in retail banking, said: “Considering the increasingly mature level of development of crypto assets and their rapidly growing popularity as a new asset class, we are ready to add this asset class to the range of products offered to LHV bank clients.” LHV added: “This is clearly a very volatile and high-risk asset class, but for a risk-conscious client, crypto assets can play an important role in the portfolio.” Initially, customers can now buy and sell eight selected major cryptocurrencies at market prices: bitcoin (BTC), ether (ETH), litecoin (LTC), uniswap (UNI), chainlink (LINK), stellar lumens (XLM), polygon (MATIC), and aave (AAVE). Mets detailed: In the near future, we plan to add new instruments, order types and other solutions for more convenient trading. What do you think about LHV bank offering cryptocurrency trading? Let us know in the comments section below. View the full article

A recent study suggests that 99% of people from Mexico and Brazil and 96% of Americans fail to grasp the basic concepts of cryptocurrencies. Out of all the survey respondents aware of bitcoin, 17% in the U.S., 15% in Brazil, and 14% in Mexico own the crypto asset. The report published by cryptoliteracy.org further explains that 9 out of 10 survey respondents did not know that Bitcoin’s supply is capped off at 21 million. Despite the Bull Run in 2021, Study Shows Crypto Knowledge Is Lacking in the US, Mexico, Brazil According to a study published by cryptoliteracy.org comprehension of cryptocurrency fundamentals is low in 2021. The researchers leveraged a Yougov survey to sample roughly 1,000 participants who are aware of cryptocurrencies from each country. The study consisted of 17 questions pertaining to cryptocurrency, bitcoin, decentralized finance (defi), non-fungible tokens (NFTs), and general sentiment. One of the key findings in the survey notes that “ownership is the best teacher,” which meant that survey participants that owned a digital currency, were twice as likely to answer the 17-question quiz correctly. The cryptoliteracy.org report explains that only 33% of the respondents thought that purchasing crypto assets was easy today. Furthermore, the survey believes “crypto is failing its mission of financial inclusion.” Ownership tends to point to wealthy and highly educated users at this point in time, according to the survey’s results. Additionally, older generations are “left behind,” in regard to cryptocurrency comprehension, as 67% of U.S. ‘Baby Boomers’ had a “lack of crypto knowledge.” Survey Shows Youth More Likely to Spend Cryptocurrencies, While Older Generations See Them as an Investment Other key findings from the survey say that Mexicans and Brazilians are more likely to buy and sell crypto in the next six months. Meanwhile, use cases can vary by geography and generation, the study details. “25% of Brazilians and one-third of Mexican respondents would use crypto to pay for goods and services. Just 13% of American respondents advised they would do so,” the cryptoliteracy.org study highlights. The survey adds: 50% of Americans advised they would utilize crypto as a way to save for the future. Younger generations are nearly three times more likely to use crypto as a means of payment than older generations who see it more as an investment. Basic bitcoin knowledge about the protocol’s supply cap also lacks a great deal among the survey’s participants. “Bitcoin’s computer code-based issuance schedule is what makes it so unique and different from central banks controlled by politicians,” the study’s authors explain. Yet 9 out of 10 survey respondents lacked understanding of the basic concepts of bitcoin supply and demand (like the capped supply of 21 million). What do you think about the 2021 State of Crypto Literacy report? Let us know what you think about this subject in the comments section below. View the full article

A Nigerian crypto exchange, Busha, recently raised over $4 million in a funding round led by Jump Capital. Busha, a Nigerian cryptocurrency exchange, is reported to have raised a $4.2 million seed funding round recently. These funds, according to the exchange, will be used to expand its operations across Africa. Financial Freedom According to a report by Disrupt Africa, Jump Capital led the funding round that also featured Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors. In his comments following the announcement, Busha co-founder and CEO Michael Adeyeri is quoted explaining the exchange’s key objective and how the latest funding round helps the company. He said: Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in financial freedom that crypto can make in the lives of our over 200,000 users, and we are very motivated to extend this to more people on the continent. The announcement of the capital raise comes after Busha had just launched a revamped version of its app which now enables minimum purchases of as low as 50 cents for a more inclusive offering, one-click limit orders, and automated recurring buys. Most Promising Place for Crypto Meanwhile, the report quotes another Busha co-founder, Moyo Sodipo, who lauds the cryptocurrency exchange’s pioneering innovations such as instant payouts and 24/7 customer support. Concerning the latest capital raise, Sodipo said: “This funding will empower us to do more faster, improve our security, and take a definitive leadership position in our target markets.” Peter Johnson, who is a partner at Jump Capital, said his firm was excited to work with Busha which operates in what he called the “most promising places for crypto to make a significant impact in offering financial freedom to millions of individuals.” What are your thoughts about Busha’s latest capital raise? Tell us what you think in the comments section below. View the full article

A great number of digital currencies have swelled in value this year and as the end of 2021 approaches, the market capitalization of all 11,000+ crypto assets in existence is roughly $2.6 trillion. These days, it’s safe to say that dollar-pegged tokens, otherwise known as stablecoins, have a strong presence in the crypto market. Today the market capitalization of all the stablecoins in the world is more than $152 billion or 5.84% of the crypto economy’s USD value. Stablecoins Have Seen Massive Growth Within the Crypto Economy Stablecoins have been a hot topic in the cryptocurrency world as the growth of these dollar-pegged tokens in 2021 has been quite significant. Basically, a stablecoin is a type of cryptocurrency that leverages the value of an external reference such as the U.S. dollar or another fiat currency. The largest stablecoin today in terms of market capitalization is tether (USDT) as its current market valuation is $73.95 billion. During the last 30 days, USDT’s market valuation has increased by 3.9%. The second-largest stablecoin in terms of market capitalization is usd coin (USDC) with $37.6 billion, increasing by 15.2% in 30 days. 2 Dollar-Pegged Tokens Represent 73% of Stablecoin Economy, Stablecoin Trading Pairs Dominate While the stablecoin market valuation is $152 billion, USDT and USDC combined command $111.55 billion or 73.38% of the stablecoin economy. While USDC’s market cap jumped more than USDT’s, it wasn’t the biggest increase last month within the top ten stablecoin standings. The stablecoin terra usd (UST) saw its market cap jump by 164.1% and frax (FRAX) increased by 119%. The stablecoin magic internet money (MIM) swelled by 56.8% and liquity usd (LUSD) increased by 49%. The presence of stablecoins is strong and during the last 24 hours, stablecoin trade volume was more than 50% of the crypto economy’s global trade volume. Bitcoin (BTC) markets alone show tether (USDT) represents 52.63% of all BTC swaps today and the stablecoin issued by Binance called BUSD commands 7.05% of BTC’s trade volume. USDC is the seventh-largest trading pair with BTC and captures 1.75% of all BTC swaps. Ethereum (ETH) markets are not much different as USDT represents 45.11% of today’s ether trading pairs. BUSD represents 9.60% of all BTC swaps on Friday and USDC commands 1.68%. Whether crypto markets are bearish or bullish, stablecoins like USDT, BUSD, and USDC have been BTC’s and ETH’s top trading pairs in 2021, alongside fiat currencies like USD, JPY, and EUR. The same can be said for a great majority of the top coins in the crypto economy, as stablecoin pairs represent a large portion of trades these days. What do you think about the swelling stablecoin economy? Let us know what you think about this subject in the comments section below. View the full article

During the last 24 hours, the crypto economy has lost 8% in value as a great number of crypto asset prices dropped significantly during the overnight trading sessions. Crypto markets lost more than $22 billion in value as the leading digital currencies in the top 20 standings lost anywhere between 6% to 20%. Global Markets Lurch in Fear Over B.1.1.529 Variant Global markets are shaken today as headlines declare that a new Covid-19 variant called B.1.1.529 is spreading beyond South Africa where it was discovered. The B.1.1.529 variant is said to be more contagious than the Delta variant and it is said to have around 30 mutations. As soon as the headlines broke, markets in nearly every nation worldwide started to tank, and investments tied to the oil and gas sector dive-bombed. For instance, the international benchmark for a barrel of Brent crude slipped in value by 5.3%. On Friday, the economist and bitcoin advocate Alex Krüger tweeted about how the new variant has roiled global markets. “Global markets spooked today on this new Covid variant,” Krüger said. “Big moves across global markets. Growth stocks trashed, crude oil lower, rates down, rotation back to tech. Traders’ pricing in higher odds of renewed lockdowns on low liquidity conditions. It’s OK, no Covid in the metaverse,” the economist added. $22 Billion in Value Exits Crypto Economy Leading to an Accumulation of ‘Downtrend Momentum’ The crypto economy lost 8% in value during the overnight sessions on Thursday and into Friday’s mornings trading sessions. At 11:00 p.m. (EST) on Thursday, bitcoin (BTC) was swapping for over $58K per unit but by Friday morning, BTC changed hands for just over $54K per unit. Bitcoin is down 7.9% during the last 24 hours and its market cap is just above the $1 trillion mark. Ethereum (ETH) lost 9.4% during the last day and each ether is changing hands for just above $4K per unit on Friday. The 11,000+ crypto coins in existence lost more than $22 billion in value and there’s around $200 billion in global trade volume today. Stablecoin trades command more than half of the recorded volume with $115.1 billion in 24-hour stablecoin trade volume. On Friday, Du Jun from Huobi Global shared some market insights tied to bitcoin’s (BTC) current state. “According to data from Huobi Global, BTC has continued to fall since the morning, and its momentum has increased sharply in the afternoon, and it quickly fell to 54,500,” the Huobi Global analyst said. “The daily decline has exceeded 4,000, and it is still falling. The current position has broken through the minimum point of 55500 in the last round of decline. From a long-term perspective, the downward trend of BTC prices has not changed, and a new round of downward adjustment has arrived,” the analyst added. Du Jun’s market outlook further noted: Judging from the 4h k-line, the transaction volume increased sharply, which intensified the changes in bitcoin’s price. The price crossed to the lower rail of the Bollinger Band, EMA lines turned down, and DIF crossed DEA downward significantly, which formed a sell signal. It can be expected that the downtrend will weaken and even adjust horizontally in the short term, but the long-term downtrend remains unchanged. From the daily perspective, today’s bitcoin price jumped out of the horizontal adjustment in the past week, and formed a clear linear response to the downtrend one week ago, which means that the adjustment of bitcoin’s price last week is only accumulating the downtrend momentum. In the short term, pay attention to the magnitude of the price correction. Insititutional and Coronavirus Fears Alex Kuptsikevich, the Fxpro senior market analyst, also explained how the lurch in global markets put pressure on crypto markets. “Because of the institutional love affair, bitcoin is substantially vulnerable to moments of exit from risky assets when it sells off everything, regardless of the outlook,” Kuptsikevich explained to Bitcoin.com News in a markets update note sent on Friday. “[Bitcoin’s] severe sell-off risks dragging the entire cryptocurrency down with it. From a different perspective, retail investors have developed a reflex to buy crypto on coronavirus fears, with WHO discussing new virus variants and restrictions on air travel,” Kuptsikevich added. The Fxpro analyst concluded: This means that real crypto-enthusiasts and long-term investors in cryptos may consider buying it out of the severe downturn on the exit of traditional financial institutions. What do you think about the current state of bitcoin prices and the crypto economy? Let us know what you think about this subject in the comments section below. View the full article

Bybit recently launched Flexible Staking on its ByFi Center. This new service allows traders to stake BTC, ETH, USDT, and USDC to earn stable and guaranteed yields. Participants will receive yield every day for their staked tokens. Traders can get started by staking at least 0.01 ETH, 0.001 BTC, 50 USDC, or 50 USDT. For newer traders with a lower risk appetite, they can get started with either USDC or USDT, as these flexible staking products have lower entry points. The staked tokens can be unstaked by participants at any point in time. All traders, whether seasoned or new, are eligible to participate in Flexible Staking as no KYC verification is required right now. ByFi Center is Bybit’s asset management platform. It helps both new and veteran traders grow their crypto assets easily. Other than Flexible Staking, ByFi Center also offers DeFi Mining, Dual Asset Mining, and Launchpool. Established in 2018, Bybit is one of the world’s fastest growing cryptocurrency trading platforms. Trusted by millions of users, it also offers Spot and Derivatives trading across three contracts with best-in-class liquidity so traders are always placed in optimal positions to make the best trades. Bybit’s recent Launchpad and Launchpool platforms have also opened the gateways to supporting brand new and credible projects early — truly an exclusive for traders! More information about Flexible Staking can be found here. Terms and conditions apply. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

A working group on cryptocurrencies and related activities will soon begin to meet at the State Duma, the lower house of Russian parliament. Its members are expected to take on the task of clarifying various regulatory aspects related to digital financial assets such as the legalization of mining and the introduction of taxation. Working Group in Russian Parliament to Address Regulatory Gaps in Crypto Space The Russian State Duma is now forming a working group of deputies who will try to deal with outstanding questions regarding the regulation of decentralized digital currencies. The group will hold its first meetings in the near future, the head of the parliamentary Financial Market Committee, Anatoly Aksakov, revealed to RIA Novosti. Duma Speaker Vyacheslav Volodin proposed the establishment of the working group on Nov. 11, the Russian business news agency Prime reported. Aksakov expressed his positive attitude towards the move and added that the house is now gathering the group’s members. The high-ranking lawmaker remarked that there are “grey areas” pertaining to issuance, circulation, taxation, and operations with cryptocurrencies. “All this needs to be discussed, analyzed, legislatively and normatively regulated. Therefore, in my opinion, the decision [to create the working group] is right,” he commented and also stated: Firstly, I myself will participate in the work of the group, and secondly, I hope that we will be able to find solutions. So far, Russia has only partially regulated cryptocurrencies and related activities with the law “On Digital Financial Assets,” which went into force in January of this year. Different questions, for example whether cryptos can be used in payments, remain unanswered. Bank of Russia, which has consistently opposed the acceptance of bitcoin as a legal tender, recently proposed the introduction of legal liability for certain operations with digital assets which it considers illegal, most notably the use of money surrogates. Cryptocurrency mining is another area that needs attention. With its abundant and cheap energy, Russia has become a major destination for crypto miners but the government is yet to regulate the sector. A growing number of officials in Moscow believe mining should be recognized as an entrepreneurial activity and taxed accordingly. In September, Anatoly Aksakov shared the same opinion. What proposals to expand Russia’s regulatory framework for cryptocurrencies do you expect from the working group at the Russian parliament? Tell us in the comments section below. View the full article

SIDUS HEROES is the first ever WEBGL, AAA-level, Play-to-Earn, NFT and MMORPG game. The game is set in a space metaverse at a time when technological advancements have reached the level of merging with all living beings. All characters belong to one of several blockchain races and embody that chain’s strongest attributes. Dan Khomenko is the co-founder and CEO of SIDUS HEROES. He recently joined the Bitcoin.com News Podcast to talk about the game: Before getting into blockchain gaming, Dan Khomenko worked in FinTech, banking, property development, blockchain and crypto. Dan has co-founded one of the biggest blockchain software development companies and consulted over 500 projects, many of which have now reached the Top 200 on CoinMarketCap. He is also the founder and CEO of NFT marketplace NFT STARS (launched in July 2021) and the CEO of DeFi aggregator SpaceSwap. SIDUS HEROES provides users with multiple gaming scenarios. Users can choose to fight in the Battle Arena, build fighting legions, run for power and represent their race on the political stage, craft and sell products, mine resources, travel the metaverse and discover new planets or develop economic and social structures. The game relies on a closed economic system based on a limited emission of resources. It incorporates a ‘play-to-earn’ model into all in-game items (represented as NFTs) and its two native tokens – SENATE and SIDUS. To learn more about the project visit the website, and follow the team on Twitter. The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Stitcher. This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below. View the full article

Etoro, an Israel-based trading platform, has taken action on its platform regarding the trading of cardano and tron. Now, U.S.-based customers will have limited functionality with these cryptocurrencies on the Etoro platform starting in December. Etoro explained in a post that these new measures were a consequence of “business-related considerations in the evolving regulatory environment.” Etoro Limits Cardano and Tron Trading for US-Based Customers Etoro, one of the most important Israel-based trading companies, has limited tron and cardano trading for users based in the U.S. The announcement was made on November 23, in a blog post that informed customers about the limitations that these assets will see applied to the platform. Users will not be able to open positions for these cryptocurrencies starting December 26, and will not be able to stake these assets anymore starting next December 21. However, this only applies to new positions. Existing positions will have to be maintained by the users, but when closed the payout of the operation (if any) will be processed in dollars. Also, positions in smart portfolios will be converted to personal positions for the user to maintain them. Etoro stated it is taking these measures due to “business-related considerations in the evolving regulatory environment.” The company is likely trying to protect itself from the regulatory uncertainty that the cryptocurrency sector is facing in the U.S. Hoskinson Answers The unexpected measures taken by Etoro prompted a response from Charles Hoskinson, the founder of Cardano. Hoskinson talked about the general regulatory uncertainty problems that cryptocurrency faces in the world, and especially in the U.S. On the subject, Hoskinson stated: It appears to be an adjustment in risk control and policy for a particular European entity and liquidity was reduced there for US participants. At the same time, Bitstamp, another European cryptocurrency exchange, has announced it will be including cardano on its platform. This would support the aforementioned assessment by Hoskinson, which suggests Etoro’s constriction is just a specific action by a single platform, and not symbolic of an overall trend of exclusion. Hoskinson also clarified the action by Etoro wouldn’t affect the liquidity of the currency in the market, as it was a relatively small platform for the token. Hoskinson also called for regulatory clarity, stating that it was going to be the only way in which all of these problems could be solved. on the other hand, Justin Sun, the founder of Tron, made no statements about the issue. What do you think about Etoro limiting Cardano and Tron functionality on its platform? Tell us in the comments section below. View the full article

Changes to the rules governing activities of crypto exchanges in Uzbekistan now allow residents to trade coins on licensed platforms. Uzbekistanis could previously only sell their digital assets. The new provisions also regulate the issuance of tokens and their listing. Uzbekistan Loosens Restrictions on Domestic Crypto Trading Uzbekistanis will be able to trade digital currencies on the country’s licensed crypto exchanges. This has become possible after the National Agency for Project Management (NAPM) under President Shavkat Mirziyoyev recently amended the rules pertaining to local cryptocurrency trade. According to the new regulations, residents of Uzbekistan can buy, sell, and exchange crypto assets domestically for their national currency, Forklog reported, quoting a decree issued by the agency’s director. Non-residents are allowed to exchange cryptocurrencies for foreign fiat as well. Uzbekistan legalized crypto trading in 2018 but in late 2019 the government banned local residents from purchasing cryptocurrencies. They could only sell. The regulatory body explained that the lifting of the restrictions has to do with citizens changing their approach to crypto investing which has become “more rational and balanced.” In September this year, the NAPM warned against trading on unregistered platforms, reminding residents that in accordance with the presidential decree “On measures to develop the digital economy in the Republic of Uzbekistan” and the law “On licensing and notification procedures,” crypto exchange operations are subject to licensing. The amendments further concern the issuance and trading of digital tokens. The National Agency for Project Management prohibits the listing of unsecured tokens on local exchanges. The regulations define tokens as a unit of account secured by tangible or other property and used to attract investment, NAPM detailed. Authorities in Tashkent have maintained a generally positive attitude toward the crypto space. In January 2020, they announced plans to establish а national mining pool, create a blockchain valley, introduce crypto tax exemptions, and establish a cryptocurrency exchange. Uznex, a digital asset trading platform operated by the South Korean entity Kobea Group, was launched later the same month. However, the use of cryptocurrencies as a means of payment for goods and services is still prohibited in the Central Asian country. In September, the Central Bank of Uzbekistan ruled out the idea that bitcoin and the rest could be recognized as legal tender in the country. That’s unlikely to ever change, a high-ranking official was quoted as stating. Do you expect Uzbekistan to further loosen its crypto regulations? Let us know in the comments section below. View the full article

Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether. Crypto Regulation Is Coming but There Are Conflicting Accounts About What Is In It Indian crypto legislation is drawing near. The Indian government has listed a cryptocurrency bill to be taken up in Lok Sabha, the lower house of India’s parliament, for the winter session which starts on Monday, Nov. 29. The bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” seeks to “prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Much debate has transpired about whether the Indian government will ban cryptocurrencies such as bitcoin (BTC) and ether (ETH). The crypto bill itself has not been made public and the government has not made any official statements regarding the bill. However, many publications and industry insiders have been speculating and quoting various sources familiar with the matter. Kumar Gaurav, the CEO of crypto banking platform Cashaa, tweeted Wednesday: I just got off with a call with a few high-level officials from MOF [Ministry of Finance]. There is no complete ban, but the direction is to regulate crypto in line with FATF [Financial Action Task Force] guidelines. Gaurav added that crypto will be an asset class regulated by the Securities and Exchange Board of India (SEBI) and crypto exchanges will need to obtain licenses from the regulator. “All positive notes,” he wrote. Avinash Shekhar, co-CEO of Indian cryptocurrency exchange Zebpay, told CNBC’s “Squawk Box Asia” on Thursday: My belief is that we will have some kind of coherent regulation, but on the tougher side. Shekhar explained: “There have been lots of positive vibes from the government. We met the finance committee of Parliament around two weeks back … The message or the feelers which we are getting from the government is that they’re looking for some kind of regulation — strict regulation, but not a complete ban.” Tanvi Ratna, CEO of Policy 4.0, commented: “Yes, it’s expected that the government will pass legislation in this session itself. However, it may not be a complete legislation … It is expected that some basic coins such as BTC, ETH etc could be allowed in some form.” However, some media outlets have reported that the government is planning to ban all cryptocurrencies and regulate only central bank digital currencies to be issued by the central bank, the Reserve Bank of India (RBI). Priyanka Chaturvedi, a member of Rajya Sabha, the upper house of parliament, commented on the news of the Indian government planning to ban cryptocurrencies via Twitter: If true, this is a recipe for disaster India doesn’t need. Banning all private crypto currencies is basically killing the space — robbing India of creating an ecosystem for new age Fintech. The Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI), issued a statement Thursday asserting that “a blanket ban on cryptocurrencies will encourage non-state players thereby leading to more unlawful usage of such currencies.” Last week, Indian Prime Minister Narendra Modi urged all democratic countries to work together on cryptocurrency to “ensure it does not end up in wrong hands, which can spoil our youth.” He also chaired a comprehensive meeting on crypto. Furthermore, India’s Parliamentary Standing Committee on Finance held a meeting with representatives from the crypto industry. Do you think India will ban cryptocurrencies like bitcoin? Let us know in the comments section below. View the full article

Mexico’s third-richest billionaire, Ricardo Salinas Pliego, has advised investors to “buy bitcoin right now.” He explained that the U.S. is “looking more and more like any other irresponsible third world country.” Ricardo Salinas Pliego on US Economy and Bitcoin Mexican billionaire Ricardo Salinas Pliego commented on the U.S. economy and bitcoin Wednesday. He is the founder and chairman of Grupo Salinas, a group of companies with interests in telecommunications, media, financial services, and retail stores. According to Forbes’ list of billionaires, his net worth is currently $14.2 billion. Salinas tweeted a weekly chart of the total value of the Federal Reserve’s assets (less eliminations from consolidation), which was updated on Nov. 18. It shows total assets of more than 8.67 trillion dollars. The billionaire tweeted: Good old USA is looking more and more like any other irresponsible third world country…wow…look at the scale of fake money creation. Buy bitcoin right now. The Mexican billionaire has been pro-bitcoin for quite some time. In November last year, he revealed that 10% of his liquid portfolio was in bitcoin. In June, he announced plans for his bank to accept bitcoin. “I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept bitcoin,” he tweeted. On the subject of bitcoin vs. gold, he recommended putting money in bitcoin. “Bitcoin is the new gold,” he said in June, adding that it is “much more portable.” He noted that transporting bitcoin “is so much easier” than having gold bars in your pockets. In August, the third-richest man in Mexico tweeted: I think bitcoin has a great future and it will change the world…. we will see. What do you think about the comments by Mexican billionaire Ricardo Salinas Pliego? Let us know in the comments section below. View the full article

The CEO of global investment bank JPMorgan has warned investors about investing in cryptocurrency. “Cryptocurrency has no intrinsic value. You are basically buying a token,” he said. “I would be very careful.” JPMorgan Boss Jamie Dimon Warns About Investing in Crypto JPMorgan Chase and Co’s (JPM.N) chief executive officer, Jamie Dimon, shared his thoughts on the U.S. economy, inflation, China, and cryptocurrency in an interview with CBS Boston, published Wednesday. He was asked whether young people should invest in crypto in reference to several commercials encouraging investors to put money in cryptocurrencies, such as a commercial featuring Tom Brady and his wife Gisele Bundchen. “I’m a skeptic,” Dimon replied. “I mean blockchain is real if we use it for certain things. Parts of defi (decentralized finance) are real.” However, the JPMorgan boss emphasized: Cryptocurrency has no intrinsic value. You are basically buying a token. Why it has a lot of that I don’t know, and I think there’s so much speculation taking place in stocks and securities and crypto and stuff like that. I would be very careful. Nonetheless, Dimon said: “I defend people’s right to do it in a free country. I’m not going to do it.” On Tuesday, Reuters also reported Dimon commenting on cryptocurrency. “It is not really a currency … It is hysteria,” the JPMorgan CEO was quoted as saying. Dimon has always been a bitcoin skeptic. In October, he said that bitcoin is “worthless,” questioning the cryptocurrency’s limited supply. He also said regulators will “regulate the hell out of it.” In May, he advised people to stay away from cryptocurrency. However, the CEO of JPMorgan acknowledged that his clients are interested in this asset class and the bank is now offering some crypto investments to clients. The firm’s analysts even doubled down on their prediction that the price of bitcoin will hit $146K in the long term. They see a “bullish outlook” for bitcoin as inflation concerns push the price of BTC higher. What do you think about the warning by JPMorgan CEO Jamie Dimon? Let us know in the comments section below. View the full article

U.S. Senator Sherrod Brown has sent letters to cryptocurrency exchanges and stablecoin issuers, including Coinbase, Gemini, Binance, and Tether, asking how they are protecting consumers and investors. “I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins,” the senator said. US Senator Raises Concerns Regarding Stablecoins U.S. Senator Sherrod Brown (D-Ohio), chair of the U.S. Senate Committee on Banking, Housing, and Urban, announced Tuesday that he has sent letters to a number of crypto exchanges and stablecoin issuers. Among the recipients of his letters are Coinbase, Gemini, Paxos, Trusttoken, Binance.us, Centre, and Tether. The senator asked these crypto companies how they “are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.” The announcement adds: “Senator Brown emphasized the difficulties consumers and investors may face in understanding how stablecoins work and their potential risks, citing the complicated terms and conditions that many companies hide in the fine print.” The senator wrote in one of his letters: I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those terms differ from traditional assets, and how those terms may not be consistent across digital asset trading platforms. The senator asserted that “the purchase of stablecoins through a trading platform may not provide customers with the same rights and entitlements as a direct purchase from an issuer.” Furthermore, he noted: “Customers may have different rights based on the amount of stablecoins owned or transacted.” Senator Brown also asked six more questions in his letters which can be found here. What do you think about Senator Sherrod Brown asking crypto exchanges and stablecoin issuers about how they are protecting consumers and investors? Let us know in the comments section below. View the full article

PRESS RELEASE. Manchester, UK, 25 November 2021: GAIMIN releases platform to create a global data processing network with “supercomputer” performance UK and Swiss based gaming and blockchain company, GAIMIN․IO Ltd releases a PC-based platform to create a global, decentralised data processing network with “supercomputer” level performance and also announces Nicky Butt, ex-Manchester United, Newcastle and England Team Player as Company Ambassador. A new UK-based technology platform designed to boost the world’s processing power using high-end gaming PCs has opened its platform to users. GAIMIN utilises the unused processing power available from the GPUs of high-end gaming PCs to boost global processing power virtually, effectively creating a huge global supercomputer. GAIMIN’s platform harnesses the “spare” processing capacity from gaming PCs creating a virtual source of interconnected, networked, data processing power that businesses and institutions can tap into. GAIMIN currently uses this network of processing capacity to ‘power blockchain computations’, commonly known as mining. Blockchains form part of the underlying technology behind new advances such as cryptocurrencies, non-fungible tokens (NFTs) and the Metaverse. Using AI, the GAIMIN platform selects the most profitable blockchain to power and returns 90% of the rewards back to users. In the future, the GAIMIN data processing network will be utilised for more complex tasks such as video rendering and future vaccine sequencing, enabling businesses to run high-demand data processing tasks without major infrastructure changes. GAIMIN compensates the gamer in its own cryptocurrency token – GMRX. GMRX tokens can be withdrawn or more commonly spent in the GAIMIN Marketplace, on NFTs, gaming assets, accessories and merchandise. GAIMIN’s ‘virtual’ processing power supply platform is a more efficient and effective alternative to the traditional approach to supplementing processing power, which relies on a business increasing its own hardware or using centralised data processing centres. Backed by a board of industry experts and advisors including ex-professional Esports player and strategic coach Joseph Turner, and former Credit Suisse Vice President turned regulatory and compliance consultant to Blockchain and crypto companies, Simon Quirke, the business has a wealth of experience to lean on as it launches. Martin Speight, CEO at GAIMIN, says: “The solution has been created to help address the fact that the world is running out of computing capacity, a belief echoed by Microsoft CEO Satya Nadella at the World Economic Forum.” Martin explains, “The demand for data processing power continues to rise. Centralised data processing centres are one solution but not without their own significant limitations. Our solution decentralises the requirement, taking available power within a platform of interconnected devices and creating ‘supercomputer’ processing power without the associated risks.” GAIMIN is also pleased to welcome Nicky Butt, ex-Manchester United, Newcastle and national England Team Player as Ambassador and Investor in the company. Martin Speight, further commented, “I am delighted to welcome Nicky on board as part of the GAIMIN team. He brings a wealth of experience not only from his football and coaching career, but also from his entrepreneur and investor experience. Nicky will be a valuable member of the GAIMIN team, working as an Ambassador to represent GAIMIN, our technology and services and brand values to his wide-reaching community of business, football and gaming influencers.” On his appointment as GAIMIN Ambassador, Nicky Butt commented “I am delighted to join the GAIMIN team. I have been looking for an exciting new business opportunity to get involved in; one that is outside of my typical area of expertise, but one that utilises the skills, experience and interests I have built up over the last few years. GAIMIN presents the ideal opportunity for me – not only as an investment opportunity but also providing me with an active role as an Ambassador for the company, helping grow the business through my contacts and experience”. About Nicky Butt Nicky Butt is an ex Manchester United, Newcastle United and national England team player who more recently moved into the coaching arena. Nicky spent 12 years in the Manchester United First Team, winning 7 Premier League titles. As one of the “Class of 92”, the hyper-successful Manchester United side of the 90’s, Nicky is a co-investor in Co92 initiatives, including Hotel Football, Salford City and the Co92 University – UA92. Following an introduction to GAIMIN, and after a review of the technology and business potential of GAIMIN, Nicky has personally invested in GAIMIN and has taken the role of Ambassador for the company. As GAIMIN Ambassador, Nicky will personally represent GAIMIN at a number of strategic business events and help promote the key marketing messages of the company to his influential network. Nicky will also contribute to the growth of the business utilising his extensive knowledge and experience in coaching, teamwork and management skills. About GAIMIN GAIMIN․IO Ltd (GAIMIN) is a UK and Swiss based gaming company focussed on helping the gaming community monetise the computational power of their gaming PC. GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance. With a free to download PC-based application GAIMIN moentises the under utilised performance through innovative approaches to delivering “supercomputer” level data processing performance from a world-wide network of independent processing devices. Focusing initially on the powering of blockchain computations, the GAIMIN data processing network also supports a number of different large scale data processing applications, including video rendering. GAIMIN pays users in its own crypto currency, GMRX which can then be used for purchases on the GAIMIN Marketplace for NFTs, in-game assets, accessories and merchandise, or it can be converted to fiat or a different crypto currency. For further information, please contact: The Americas, Middle East and Australian Pacific – Andrew Faridani, Chief Marketing Officer for GAIMIN (based in Toronto, Canada): andrew@gaimin.io UK and Europe – Marc Bray, Director of Communications for GAIMIN (based in Manchester, UK): marc_bray@gaimin.io 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

Following the non-fungible token (NFT) platform supporting Flow-based NFT collectibles, NFT marketplace Rarible has launched a direct messaging feature that gives creators the ability to connect with fans via the user’s wallet address. Rarible Reveals Messenger Tool via Internal NFT Marketplace, Standalone Rarible Messenger to Follow The NFT marketplace Rarible is the seventh-largest NFT platform in terms of all-time sales with $273.06 million in sales to date. Statistics from dappradar.com indicate that Rarible has roughly 86,489 traders using the marketplace. Rarible is an Ethereum (ETH)-based NFT market but during the second week of November 2021, the platform revealed that users can now create, list, and trade Flow blockchain-based NFT collectibles on the Rarible platform. The NFT marketplace announced the launch of the Rarible Messenger feature on November 23 and the firm explains that it aims to connect NFT creators with the community. At the time of writing, Rarible Messenger is live as an internal marketplace tool but in the future, the company says this will change. Rarible messenger is out in the wild 😱 How to get it? Someone has to send you a message, so you might want to ask around 😉 pic.twitter.com/iyLrWtq06z — Rarible (@rarible) November 23, 2021 Rarible details that the messenger protocol will be released as a standalone tool in order for people to communicate via Web3. Currently, the Rarible Messenger testing period allows a limited number of people to participate. “Rarible Messenger is also the most user-friendly way to connect with anyone via blockchain, allowing users to communicate by entering each other’s wallet addresses,” a statement sent to Bitcoin.com News from the Rarible team explains. “The tool also features privacy settings, which can be enabled to block messages from unknown users.” The NFT marketplace’s messenger tool also follows the firm’s Series A funding round that took place at the end of June. Rarible raised $14.2 million from investors such as Venrock, Coinfund, and 01 Advisors. Rarible has a great number of competitors in the space that provide NFT marketplaces as well. The competition includes NFT market operations like Opensea, Hic et Nunc, Makers Place, Nifty Gateway, Ethernity, Hoard, Enjin, Fansforever, Foundation, Atomicmarket, Solanart, NBA Top Shot, Superrare, Aavegotchi, and more. What do you think about Rarible launching a messenger application? Let us know what you think about this subject in the comments section below. View the full article

China’s crackdown on its crypto mining sector, launched earlier this year, caused a massive migration of mining enterprises to friendlier jurisdictions. Miners have been moving enormous amount of coin minting hardware to new bases around the world, with Russia reportedly taking the largest share among several attractive destinations, including the U.S. Russia, Kazakhstan, US Accept Most Chinese Mining Rigs The influx of Chinese miners in several countries which either provide certain regulatory clarity or offer cheap energy has been accompanied by a large transfer of mining equipment. Data compiled by the Financial Times shows that 14 of the world’s biggest crypto mining businesses have evacuated more than 2 million mining machines out of the People’s Republic after the government in Beijing launched a nation-wide crackdown on the industry in May. North America and Central Asia have turned into mining hotspots, but it’s Russia that has taken the top spot. The report reveals that at least 205,000 mining devices have been transported to the Russian Federation out of a total of over 430,000. Following China’s decision to go after bitcoin miners, the Russian firm Bitriver received 200,000 machines from Chinese miners, while the Moscow-based Bit Cluster accommodated another 5,000. Neighboring Kazakhstan has become a major mining destination as well. The country, which maintains a capped electricity rate, now hosts numerous data centers run by Chinese mining companies. According to the FT numbers, most of the relocated 87,849 Chinese mining rigs came from Bitfufu, which shipped 80,000 machines to crypto farms in Kazakhstan, and BIT Mining, which deployed 7,849 devices by August. Both former-Soviet countries are facing challenges related to their growing crypto industries. Russia is yet to regulate the sector with mounting opinions among officials that mining should be recognized as an entrepreneurial activity and taxed accordingly. Kazakhstan is experiencing power shortages largely blamed on crypto miners while authorities are mulling over the introduction of registration for miners and a higher electricity tariff. The published figures also show that eight out of the 10 largest crypto farms in North America have expanded the number of mining devices they are hosting since the Chinese ban was enforced. The U.S. is right behind the Central Asian country, having accepted 87,200 mining machines from China. Canada ranks fourth with 35,400, followed by two South American nations — Paraguay with 15,500 and Venezuela with 7,000. The liquidations in China have depressed the price of mining equipment such as the popular Antminer S19, the Financial Times notes. The model’s value fell by almost 42% from May to July, the newspaper detailed quoting market data provided by mining company Luxor. Chinese mining hardware manufacturer Bitmain, which builds and offers the S19 device, announced in June it was suspending sales to “help the industry transition smoothly” and reduce market pressure. “The focus of the market has shifted from a lack of equipment to a lack of space for its placement,” a representative of Russia’s Bitriver commented. What do you think about the findings in the report on the migration of miners and mining equipment from China? Share your thoughts on the subject in the comments section below. View the full article

Mercadolibre, one of the biggest online retailers in Latin America, has started rolling cryptocurrency trading services to a selection of their customers and plans to expand this test in the coming weeks. Mercadopago, the payments service native to the platform, will allow these customers to purchase, hold and sell cryptocurrencies directly from the platform. The pilot run will start in Brasil and it might extend to other countries later. Mercadolibre Forays Into Crypto Services Mercadolibre, the biggest Latam-based company, has started including cryptocurrency services in its platform. Now, users of Mercadopago will be able to purchase, sell and hold cryptocurrencies using Mercadolibre’s platform. This is a logical step for the company, that acts as an intermediate between companies offering products and services in the platform and customers consuming these. The test run of the service was rolled out quietly earlier this month to some customers in Brazil, and it is expected to keep expanding to more customers in the coming weeks. Mercadolibre is thinking about growing this test into other markets in the future, but nothing has been announced about the subject. On including crypto as part of its business model, Tulio Oliveira, a Mercadopago vice president, stated: We took the time to study and learn before deciding to step into crypto. This has a transformational potential ahead and opens up a new avenue for us. Flirting With Crypto and Limitations The company has been interested in crypto for quite some time, having invested in cryptocurrencies before. Mercadolibre bought $7.8 million worth of bitcoin (BTC) during Q1 of this year, disclosing it last May when it reported its first-quarter financial results. Marcos Galperin, co-founder, and CEO of the company has been very vocal about how cryptocurrencies can provide alternatives to traditional investments, having invested in crypto companies like Ripio personally. About cryptocurrencies, Galperin stated: Cryptocurrencies are here to stay. They have a very important role, not so much as a means of payment but as a store of value. Perhaps following Galperin’s train of thought, users of Mercadolibre won’t be able to purchase goods and pay for services with cryptocurrencies immediately. But if the company wants to emulate Paypal, its next step would be to include cryptocurrencies as a payment method for purchases in the platform. Mercadolibre’s actions might make other big companies in the area to also consider adding cryptocurrencies in their business model if everything goes right during this trial run. What do you think about Mercadolibre including cryptocurrency services in its platform? Tell us in the comments section below. View the full article

EY, one of the big four consulting and auditing firms in the world, found that one in four hedge funds are expecting to increase their crypto exposure for the next year. The 2021 EY Global Alternative Fund Survey describes that alternative fund managers are slowly taking a stable place in the portfolios of investors, with digital assets being present, albeit in a small way. EY Survey Finds Hedge Funds Hungry for Crypto Exposure The 2021 Global Alternative Fund Survey, a survey compiled by EY, one of the big four companies, shows the performance and popularity of alternative fund managers among investors during the year. The survey has found that hedge funds are one of the most open platforms to include crypto assets in their structures. According to the survey, one in four hedge funds is studying to increase their exposure to cryptocurrencies in the next year. Due to the coronavirus pandemic, investors had to go through an interesting year with many challenges, and navigating through this gave a big opportunity to alternative fund managers. However, cryptocurrency is not popular with a lion’s share of these fund managers currently, with just one in ten reporting having exposure to these assets, showing there is room for growth. In any case, these funds had an impressive performance. 51 percent of the investors surveyed reported having increased value delivered by these alternative investments, having met or exceeded their expectations. Digital Assets as Alternative Investments The rise of digital assets (cryptocurrencies) as an important asset class, has made companies and fund managers turn their gaze to these as relatively profitable products in today’s convoluted markets. While the real involvement of these with cryptocurrencies has not been as big as with other nonregulated assets, they are starting to carve a niche in the area. This growth has been achieved in the face of an unstable current situation when it comes to traditional investments, with investors seeking to occupy new markets with new strategies. The survey made these findings based on conversations involving 210 managers and 54 investors and offers a glimpse on the future of alternative investments, and how cryptocurrency might be a big part of it. About the importance of the decisions made in this crossroads year, Natalie Deak Jaros, EY Global Hedge Fund Co-leader stated: This research highlights the resilience of our industry and the key transformations that managers and investors are partnering to affect. 2021 was a year in which the industry invested to build significant momentum around various initiatives that will pay dividends for years to come. What do you think about the one in four hedge funds studying to increase their exposure to cryptocurrencies next year? Tell us in the comments section below. View the full article

PRESS RELEASE. MetaWars is the first project to unite the world of metaverses – with the first of its kind MetaWars Launchpad portal. For the first time, players will be able to build portals that transfer characters, currencies, and assets between game worlds. This builds on Meta (previously known as Facebook) and enhances their vision. With the MetaWars Launchpad, players can mine for different cryptocurrencies from different multiverses, injecting additional play-to-earn features. It’s positioned to become the main way new people enter into the blockchain economy, and the best way to break into the mainstream. This is an enormous opportunity in this space. MetaWars will become the first metaverse launchpad, filling a highly important role. By aligning with new projects in the future, MetaWars will lead the way for the GameFi movement and provide more value to the blockchain gaming community and entire industry. Introducing MetaWars MetaWars completed a successful IDO and the tokens have been listed on PancakeSwap since October 27th. It has managed to attract major attention from prominent partners like Mr Beast, Raptor Capital, Magnus Capital, Boxmining, Double Peak, Cinchblock, Everse Capital, X21, Coin United.io, Infinity Gains, and Icetea Labs. To further develop the metaverse ecosystem, MetaWars will provide a platform for early-stage projects and provide exclusive benefits to investors. MetaWars is Evolving into a Launchpad — The First of its Kind MetaWars is evolving into the first cross-game GameFi launchpad in the blockchain industry. The platform will assist its first top-rated project with various support including community assistance, marketing promotion, and strategies. The pioneer of this new business model is MetaGods, a revolutionary play-to-earn 8-bit action RPG that is introducing permadeath supported by AI technology. “MetaGods is excited to launch on Metawars. We believe the community is extremely strong, and by combining forces… we can conquer the metaverse. The in-game economies will be massive! What’s better than becoming a god of a planet?” — Jack, the Co-founder of MetaGods. Soon early whitelisting for MetaGods will begin on the MetaWars platform. Last but not least, MetaWars is in the process of bringing potential projects to the launchpad including: WuKong Arcadeland Dragon Evolution How to enter MetaWars Launchpad The entry will be innovatively different from the normal launchpads. Only planet NFT owners will have a chance to gain MetaGods’ token as reward. The amount of tokens that are eligible to receive depends on the rarity of the planet. There is more exciting news and further developments that will soon be announced. The possibilities for MetaWars, the first metaverse launchpad, are only beginning. About MetaWars MetaWars is a play-to-earn, next-generation, blockchain-backed GameFi ecosystem. Explore and battle throughout the metaverse to gain a vast fortune. $WARS, NFTs and $GAM can be mined by staking, which can all be used to earn across the metaverse and in the upcoming strategy RPG. We aim to expand this voyage into uncharted territory. Website | Twitter | Telegram | Reddit | Discord | Instagram 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

Despite largely lagging behind the rest of the world on many other metrics, Africa however appears to have kicked things into high gear where cryptocurrency and blockchain are concerned. Africa-Based Kucoin Users Skyrocket in 2021 In African countries that are plagued by currency woes or hyperinflation, cryptocurrencies have emerged as a genuine alternative store of value. The same digital currencies are also increasingly becoming the preferred means of sending remittances or for making cross-border payments. In other words, cryptocurrencies have real uses in Africa besides trading. However, as Johny Lyu, the CEO of Kucoin — one of the biggest crypto exchanges in the world — observes, many African cryptocurrency users or holders are starting to become more interested in the trading side of things. In fact, in his written responses to questions that were sent to him via Linkedin, Lyu reveals that more African users are venturing into futures or margin trading. The CEO also explains how his organization is preparing itself for what some see as a future trillion-dollar industry. Below are some of Lyu responses to the questions that were posed to him by Bitcoin.com News. Bitcoin.com News (BCN): What did African users buy most this year? Johnny Lyu (JL): BTC, ETH, SOL, KDA, and LUNA are projects that most African users keep their eyes on. With the rise of NFT, Gamefi and Metaverse, native tokens of these sector-related projects have also been listed on the portfolio of African users, such as BLOK, DREAMS, etc. In addition, under the influence of market sentiment, meme coins such as DOGE, SHIB and ELON have also attracted the attention of African investors. BCN: What does this traffic mean? JL: In addition to the increase in traffic, the number of Kucoin’s new African users has also shown explosive growth, showing a new wave of traditional capital pouring into the crypto world. The level of acceptance of blockchain and cryptocurrency in Africa is increasing, which also indicates the accelerating development of the crypto industry. Blockchain might be the next big thing after the Internet, and all the countries are at the same starting line, therefore we believe that blockchain can be a chance for developing countries to catch up with their developed counterparts. BCN: How has the number of users and trading volumes changed? JL: Both the number of African users and the trading volume on the Kucoin platform have increased each month since the start of 2021. The trading volume calculated for October 2021 increased by 74% compared with the previous month, and the number of newly registered users increased by over 200%. So far, the exchange has maintained the same growth rate. BCN: Which products are used the most in Africa? JL: The majority of African users are using spot trading now. In November 2021, the volume of spot trading is taking the leading with 60% amongst all trading products. But we have seen a growing interest in margin trading, which reported a 143% increase in October 2021 when compared to the previous month. BCN: On a different note, Kucoin Labs, an investment arm of Kucoin, recently launched a $100 million fund to support metaverse projects. Can you tell us why your organization has made such a big step this early? JL: As the “home of altcoins and crypto gems,” Kucoin has always been highly sensitive to the latest trends in the market. Metaverse is the next chapter of the Internet, and we believe it will change many aspects of our society. Our mission is to help projects that are starting to enter the metaverse segment and introduce them to our users. We will identify projects that are actually developing and reject the ones that are just riding on the wave of hype. It is important to start doing this now at the stage of market formation. Sometimes, projects that are worthy from a technological standpoint are overshadowed by weaker ones due to a lack of marketing budgets, insufficient media coverage, and community support in the face of obscurity. Some other startups with similar ideas may have the upper hand in either technologies or marketing. Oftentimes, a startup with strong marketing efforts and no technological footing will drive a technologically superior competitor off the market. This leads to a dangerous situation much like the one witnessed back in 2017-18 when many ICO projects turned out to be scams. Kucoin Labs will certainly contribute to the formation of a healthy market by supporting technological competence and innovation. BCN: According to a report, part of the money for this metaverse fund is earmarked for education programs. Are you in a position to tell us the amount that will go towards this? JL: Grants to technologically strong projects are not the only article of our expenses. Training young professionals are very important for a rapidly growing and high-tech industry like blockchain. We did not include any specific numbers in the release, because it would be wrong to do so since we are ready to spend as much as necessary on the educational component. You can’t just say, “okay, let’s spend ten million dollars on a hackathon!” Learning is an ongoing process, while a development grant has a limit. We are ready to invest a lot in the training of young talent, but we do not know how many of them there are out there, and that determines the cost of the training. There is enough room in Kucoin Labs’ educational programs for everyone, and we will not behave like universities, which sometimes have a limited number of vacancies for applicants. BCN: Besides the educational programs, what else should be done in order to get as many people on board with metaverse as possible? JL: The industry needs people with passion, the brains and the willingness to work hard. I know many people like that in the crypto industry among my friends, colleagues and partners. They will create products that will attract users on their own without any additional incentives. What are your thoughts about this interview? Tell us what you think in the comments section below. View the full article

Tesla and Spacex CEO Elon Musk has raised concerns with cryptocurrency exchange Binance about its dogecoin issue. Musk calls the situation “shady,” adding that “DOGE holders using Binance should be protected from errors that are not their fault.” Both Binance CEO Changpeng Zhao and the official Twitter account for the crypto exchange responded. Elon Musk Raises Issue on Behalf of Other Dogecoin Holders Tesla CEO Elon Musk has raised concerns on behalf of dogecoin holders regarding the recent DOGE problem at cryptocurrency exchange Binance. The issue resulted in numerous erroneous dogecoin transactions with some users reporting that their accounts were frozen. Musk, who is sometimes known as the Dogefather, asked Binance CEO Changpeng Zhao (CZ), “What’s going on with your Doge customers?” He added, “Sounds shady.” His tweet gained much attention. At the time of writing, it has received 4.5K comments and liked 24.1K times. Both Zhao and the official Twitter account for Binance replied to the Tesla boss. The Binance account disagreed with Musk about the situation being shady. “No, not shady — just frustrating and we’re working on it,” the exchange’s official account wrote, pointing the Spacex CEO to another thread with a detailed explanation of the situation it previously posted. “The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users,” Binance explained, clarifying that the issue occurred on Binance and not on other crypto trading platforms “because we have a different technical wallet setup for DOGE.” The exchange added: We have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so. While acknowledging that “users who received old transactions” and “users who cannot withdraw DOGE are upset,” Binance requested: “We’ve kindly asked those that receive the old transactions to return them, but we’re aware that select users are having trouble accessing some of the wallets.” However, Musk argued that dogecoin holders using Binance “should be protected from errors that are not their fault.” He proceeded to point to a thread by Dogecoin Developers explaining the situation. The CEO of Binance soon joined the discussion. He told Musk that his team is “pretty certain” the problem is “an issue with the latest DOGE wallet,” adding that Binance is in communication with the Dogecoin devs. Zhao then apologized to Musk for any inconvenience the problem may have caused him. He ended his tweet asking Musk about the time when Tesla had a software glitch that prompted a recall of 12,000 vehicles. “What happened here?” he wrote. Musk replied: I don’t use Binance (tried at one point, but signup was too many hoops to jump through), so no inconvenience to me personally. Just raising this issue on behalf of other DOGE holders. “Appreciate it,” Zhao responded. “I overreacted a bit due to the word ‘shady,’” he admitted. “The KYC part is tedious, and we can’t service U.S. users. You could try Binance.us though,” CZ tried to convince Musk. “Still a tedious signup process, but have DOGE. We are working with their team to fix the issue ASAP.” Musk simply responded with “Sounds good.” Musk also commented on a thread about centralized crypto exchanges, like Binance and Robinhood, taking custody of people’s cryptocurrencies. Replying to a tweet stating, “Not your keys, not your crypto,” Musk wrote: “Exactly.” The Tesla CEO previously said that he owns three kinds of cryptocurrencies: bitcoin (BTC), ether (ETH), and dogecoin (DOGE). He also confirmed that he does not own any doge rival meme cryptocurrency shiba inu (SHIB). In October, he said the real reason he supports dogecoin is because “it felt like the people’s crypto.” What do you think about Elon Musk raising concerns on behalf of dogecoin holders with Binance? And, what do you think about Binance’s responses? Let us know in the comments section below. View the full article

Former presidential candidate Hillary Clinton has called on the Biden administration to regulate the cryptocurrency markets. She warned that countries like Russia or China, as well as nonstate actors, could manipulate all kinds of technology to their advantage and destabilize countries as well as the dollar as the world’s reserve currency. Hillary Clinton Stresses the Importance of Crypto Regulation Hillary Clinton, former Democratic presidential candidate, talked about cryptocurrency Tuesday in an interview with MSNBC. She elaborated on her crypto statement last week and warned that the technology may be manipulated by countries like China and Russia to undermine the United States. She stressed “the need to regulate the cryptocurrency markets,” noting that “it’s on the horizon that people are only beginning to pay attention to.” “Imagine the combination of social media, the algorithms that drive social media, the amassing of even larger sums of money through the control of certain cryptocurrency chains,” the former presidential candidate said, emphasizing: We are looking at not only states, such as China or Russia or others, manipulating technology of all kinds to their advantage, we are looking at nonstate actors, either in concert with states or on their own, destabilizing countries, destabilizing the dollar as the reserve currency. Clinton opined: There are so many big questions that the Biden administration must address. “I just don’t think we have much time, and, therefore, I hope from everything I’m hearing from them that that’s exactly what they’re going to try to do,” she continued. The former secretary of state further noted: “We certainly need new rules for the information age, because our current laws, our framework, it is just not adequate for what we are facing.” Last week, Clinton said: “What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger.” What do you think about Hillary Clinton calling on the Biden administration to regulate the crypto markets? Let us know in the comments section below. View the full article

The monetary authority in Moscow, the Bank of Russia, wants those who use cryptocurrencies against the law to be held accountable. The financial regulator has proposed the introduction of legal liability for some operations with digital assets which it considers illegal. Central Bank of Russia Aims to Prevent Circulation of Decentralized Currencies Cryptocurrencies in the Russian Federation, as well as related activities, remain only partially regulated, mainly through the law “On Digital Financial Assets,” which went into force at the beginning of this year. One of the aspects that is still unclear is whether digital coins can be used to pay for goods and services. The Central Bank of Russia (CBR) has remained consistently opposed to allowing payments with bitcoin and the like. The authority claims these are all “money surrogates” that are banned under current Russian legislation which recognizes the ruble as the only legal tender in the country that spans 11 time zones. The CBR now wants to introduce legal liability for what it views as “illegal circulation of digital financial assets.” Remarkably, the push is part of its plans for the “creation of an enabling environment for the introduction of new technologies and support for innovation in the financial market” – two of the bank’s key “strategic directions” under the banner of “promoting digitalization.” The proposal has found its place in the Bank of Russia’s program document titled “Main Directions for Financial Market Development of the Russian Federation” for the period until 2024. The project has been recently approved by its Board of Directors for submission with the State Duma, the lower house of the Federal Assembly. In order to develop innovative financial instruments, the CBR says, a number of federal laws aimed at comprehensive legal regulation for digital financial assets and utilitarian digital rights must be adopted. Another aspect that needs to be addressed, according to the central bank, is the taxation of transactions involving these rights and assets, a procedure for which should be established. Bank of Russia further notes that efforts to launch a digital version of the national currency are ongoing. The introduction of the ruble’s third form, after cash and bank money, requires a string of legislative changes, the monetary authority points out. Earlier in November, the head of the parliamentary Financial Market Committee, Anatoly Aksakov, indicated that deputies at the Duma prepare to amend 13 Russian laws and codes to accommodate the CBDC. Meanwhile, members of the house have voiced concerns that the digital ruble may pose risks to the banking sector and information security. At the same time, Bank of Russia’s Chair Elvira Nabiullina has recently stated that the new currency is what the Russians need as it will provide them with an alternative to cryptocurrencies and stablecoins while enabling cheap and reliable payments. The CBR started contemplating a CBDC in 2018 and decided to explore the possibility of issuing one last year. A consultation paper was published in October 2020 and in April 2021, the authority released a digital ruble concept. In June, this year, the authority formed a pilot group with over a dozen banks. It plans to complete the platform’s prototype in December and begin trials in January 2022. Do you think the Bank of Russia will convince lawmakers to introduce legal liability for the illegal use of cryptocurrencies? Let us know in the comments section below. View the full article

PRESS RELEASE. Recently, on the 23rd of November, SpaceSeven launched its state-of-the-art NFT marketplace. The SpaceSeven marketplace is the first of its kind — one of the few — if not the only scaled e-commerce, fully regulatory compliant platform. By combining powerful NFT marketplace technology from Tacans, a Swiss-based Software development house, and Venture Builder, with an R&D center in Ukraine and the vanguard Concordium blockchain platform, SpaceSeven achieved a world-class NFT Marketplace that is expected to fundamentally transform artists’ exposure and recognition. With the Concordium blockchain platform, SpaceSeven is able to offer significantly lower gas fees — literally a fraction of the cost of Ethereum or other proof-of-work protocols — and at the same time facilitate transaction speeds that are ten times faster. Packed with several game-changing features like ‘Universes’ that deliver unique experiences through exclusive customized galleries, SpaceSeven is undoubtedly redefining NFT marketplaces as we knew them. The marketplace allows users to easily add NFTs from multiple networks and supports payment using crypto and credit cards. Who is Behind SpaceSeven? SpaceSeven is a multi-blockchain NFT marketplace built by Tacans with Concordium as its primary blockchain. Unlike other blockchains, Concordium is a Reg-DeFi-centric Layer 1 blockchain with an ID layer at the protocol level and fast and real finalization. That means Concordium can deploy a privacy-centric KYT design that protects legit users but at the same time, it can revoke the anonymity of certain transactions if needed for safety reasons. Concordium’s unique ecosystem has empowered Tacans, the venture builder, to launch SpaceSeven, an NFT marketplace that is truly sustainable, secure, and regulatory-compliant. Lars Seier Christensen – Co-Founder & Group Chairman of Concordium and SpaceSeven “I have been an investor, collector, and lover of art for many years. I have never seen a greater opportunity for innovation, reaching new buyers, new creative formats, and additional income streams for galleries and artists than the current development in the NFT industry. SpaceSeven is our contribution to this historic opportunity.” What Problems Does SpaceSeven Solve? With Concordium as its primary chain, SpaceSeven hit the ground running with solutions to overcome the main challenges in the industry. Regulatory Compliance Designed with a built-in user identity layer at the protocol level, Concordium ensures that a user’s identity is confirmed and every transaction is trackable. However, its Zero-Knowledge Proof design ensures two parties can interact and transact without revealing unclaimed information of the counterparty. Low and Fixed Fees Concordium’s transaction fees are well-defined and do not link to the value of an asset. Instead, they are fixed and backed into the protocol. The proof-of-stake model combined with incentive mechanisms ensures that transaction costs stay low and fixed. Carbon-Net Neutrality With Concordium’s proof-of-stake model that consumes minuscule amounts of energy compared to other blockchains like Ethereum and Bitcoin, SpaceSeven is proving to be one of the most eco-friendly NFT marketplaces. Security For better protection against fraud, Concordium transactions are assigned an encrypted ID. Furthermore, with Concordium’s two-layer consensus design, SpaceSeven remains secure if cybercriminals hijack less than 50% of its stake. Decentralization SpaceSeven aims to reduce entry barriers to the NFT market for digital artists, creators, and celebrities. The game-changing features listed above have enabled SpaceSeven to develop a secure, cost-effective, user-friendly NFT platform where all creators can mint and sell their NFTs at a fixed price or in an auction. Wallet Integration SpaceSeven will provide support for CryptoX Wallet in our NFT marketplace platform. This wallet will facilitate the CCD token, Concordium’s native token. How to Access SpaceSeven? Our platform is available for users internationally. To mint, buy, or sell NFTs on the SpaceSeven NFT marketplace, visit our website. Innovative Partnerships ENTER Art Fair 2021 ENTER Art Fair 2021 recently signed a partnership with SpaceSeven. The world-renowned art fair based in Copenhagen has over 61 galleries, each minting one NFT. ENTER Art Fair aims to push beyond the confines of artistic conventions and experiment with innovative platforms. This ambition fits perfectly with what SpaceSeven stands for. Over 61 galleries participated in this event. Each gallery chooses only one of their top-rated artists to mint and sell a premium NFT on the SpaceSeven NFT marketplace. The event was held between August 26 – August 29, 2021. DOROFEEVA NFT GAME NFTs are now a global phenomenon and the launch of an NFT game with the participation of celebrities in Ukraine is raising great interest in the country. DOROFEEVA, one of the top Ukrainian pop singers, whose tracks are in the top charts of digital platforms, fashion influencer, blogger is the first one to join the platform. On the 27th of November, she will present the game being developed on the marketplace at The Conference.NFT together with SpaceSeven in Kyiv. About SpaceSeven SpaceSeven is the world’s first NFT marketplace built on the eco-friendly and highly effective Concordium blockchain as its primary chain. SpaceSeven allows artists to mint NFTs at low fees, showcase their work in exclusive universes, and sell them effortlessly. Media Contact Company: SpaceSeven AG Contact: Philip Mostert E-mail: media@spaceseven.com Website: https://spaceseven.com 🌐 Website 💬 Official Telegram Channel 📢 Announcement Channel 📝 Medium 🐤 Twitter 📸 Instagram 🏷 Facebook 💻 Discord 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