roadrunner

Established in 2013, the firm Grayscale Investments has managed to become the world’s largest asset manager for digital currency. While initially starting with bitcoin, the company has since added a myriad of different crypto assets as Grayscale commands $36.34 billion in assets under management (AUM) between 13 different digital currencies. While the asset manager has a large sum of bitcoin, ethereum, and ethereum classic, lately Grayscale has been stacking a great number of other coins. Grayscale’s Attention Is Seemingly Focused on Alternative Crypto Assets Since the asset manager started seven years ago, Grayscale Investments has accumulated a lot of cryptocurrencies. As it stands today, the company is the largest asset manager globally when it comes to cryptocurrency management. The company first introduced the Grayscale Bitcoin Investment Trust (OTCQX: GBTC) and ever since then, it has added 12 unique cryptocurrencies to the firm’s investment products. Data provided by 1000x.group’s institutional dashboard shows that Grayscale hasn’t really been stacking bitcoin (BTC) this year. 1000x.group’s approximated amount of bitcoin (BTC) held by Grayscale on July 31, 2021. The chart that shows the approximated amount of bitcoin (BTC) held by Grayscale has remained flat in 2021. In fact, 1000x.group’s institutional investment quarterly inflows (non-cumulative) statistics that separate bitcoin inflows from alternative digital assets indicate Grayscale has been accumulating a great number of other crypto assets. The value of the AUM and total holdings for each Grayscale fund according to Bybit.com’s data was recorded on July 31, 2021. Statistics from bybt.com further show the same thing, as BTC, ETH, and ETC purchases have not been seen in the last 30 days. Seven-day stats show an increase in litecoin (LTC), bitcoin cash (BCH), and zcash (ZEC). Weekly stats also show an increase stemming from coins like stellar (XLM), chainlink (LINK), and filecoin (FIL). Monthly data shows an increase in every crypto asset Grayscale offers except for BTC, ETH, ETC, and XLM. GBTC Is Still Grayscale’s Largest Fund, Grayscale Has 2 Digital Currency Basket Funds Grayscale’s largest holding in terms of fiat value is bitcoin (BTC) as they hold 650.27K BTC worth $27.15 billion at the time of writing. In terms of the most tokens held, it would be 72 million stellar (XLM) but the XLM stash is only valued at $20.73 million. Grayscale holds 3.15 million ethereum (ETH) worth $8 billion and ether is the second-largest holding in terms of fiat value. Grayscale also holds 12.3 million ethereum classic (ETC) worth $636.76 million and 1.58 million litecoin (LTC) worth $229.64 million. At the time of writing, Grayscale holds 319.4K bitcoin cash (BCH) worth around $175.52 million on Sunday. The company also has two diversified funds which is a basket of different digital currencies. Grayscale recently introduced its decentralized finance (defi) fund and today it has $6.3 million AUM. The firm’s large capitalization fund has $403.2 million AUM between BTC, ADA, BCH, LTC, LINK, and ETH. What do you think about Grayscale stacking a lot of alternative digital currencies instead of bitcoin? Let us know what you think about this subject in the comments section below. View the full article

Buda, a Chile-based cryptocurrency exchange, has started requesting selfie verification every time a user needs to withdraw funds to a new bitcoin address. This new measure now introduces a new layer of security for users to avoid getting their accounts hacked, but it will only be mandatory for those that don’t have 2FA activated. Buda Exchange to Request Selfie to Make Withdrawals to New Addresses Buda, a Chile-based exchange formerly known as Surbtc, will now implement new security measures to protect its users from hacking attempts. The platform will now require the user to send a selfie verification every time a withdrawal to a new bitcoin address is requested. However, this will only affect users that have not activated their two-factor authentication (2FA) measures. The measure was announced in a mail delivered to the customers of the exchange on June 22, when it asked users to enable their 2FA option in order to be excluded from having to comply with this new measure every time a withdrawal is directed to a new crypto address. According to the email, the decision to do this was motivated by a series of phishing email scam campaigns targeting the company. The email explained: These last weeks we have detected several pages that are posing as Buda.com. It is similar to that fake SMS that comes to you to obtain credit from the bank. This is called phishing. Until now, there have been no reports of losses linked to these phishing attacks. Banks Are Now Allies While the exchange has had run-ins with banks in the past in Colombia and Chile, where these institutions denied servicing it and even ran a banking embargo against it in June 2018, today the story is different. The exchange is now part of the Colombian sandbox that enables and pairs cryptocurrency exchanges and banks to test their joint operations. As part of this new framework, Buda has now partnered with Bogota’s Bank, offering its customers the possibility of making direct deposits and withdrawals to and from the exchange respectively. While these operations were already supported by Colombian banks, this new alliance recognizes these ones as official transactions to exchanges, liberating the users from any block or other measures that the banking operator could take. This has happened with Binance and several banks in the U.K. What do you think about Buda’s new selfie verification for deposits to new Bitcoin addresses? Tell us in the comment section below. View the full article

A Kenyan insurance executive, Julius Kipng’etich has compared cryptocurrencies like bitcoin to Ponzi schemes and has urged his countrymen not “touch this.” In addition, Kipng’etich warned those already involved in crypto trading to be prepared for the consequences as this always “ends in tears.” Bitcoin as a Medium of Exchange Interestingly, when addressing attendees of a business seminar, Kipng’etich does acknowledge that bitcoin already meets one of the conditions for it to be treated as currency. He said: Currency represents two primary things; it is a medium of exchange and a store of value. So any currency is medium, I give you so that you give something. Julius Kipng’etich. Kipng’etich’s view of cryptocurrencies appears to be consistent with that of some central banks. For instance, in its 2019 consultation paper on crypto assets, the South African Reserve Bank (SARB) similarly acknowledges that “crypto-assets have the ability to be used for payments (exchange of such value) and for investment purposes by crypto-asset users.” Cryptocurrency Not a Store of Value However, in terms of bitcoin being a store of value, Kipng’etich argues that since this is not backed by governments it, therefore, cannot be seen as a true store of value. According to the executive, only governments are mandated to issue currency by virtue of their positions. The executive explained: Government is the custodian to regulate how much value has been given. That’s why they issue currency because it represents an output…Then the central bank represents that output in currency. Therefore, when measured against this standard, cryptocurrencies like bitcoin are valueless or “hot air” as Kipng’etich puts it. Do you agree with Kipng’etich’s characterization of cryptocurrencies as Ponzi schemes? Tell us what you think in the comments section below. View the full article

PRESS RELEASE. Binstarter Protocol; the first and only Insurance Policy Protected IDO Launchpad Protocol is proud to announce to the crypto world that their highly anticipated public sales date has been scheduled on Aug 4th. According to former data collected on the seed sales, the upcoming public sales will have the biggest number of participants. During the seed sales, upwards of 14,500 individuals participated in whitelisting and only 1000 successfully whitelisted to buy BSR tokens. With 13,500 people that did not have a chance to purchase BSR tokens, the public sales are projected to draw an even bigger base of buyers. In addition Binstarter’s initial market cap is only 350K with team tokens locked for 3 years. Binstarter already conducted 2 massive token burns, reducing the total supply by 15.2. Binstarter already conducted 2 massive token burns, reducing the total supply by 15.2%. Binstarter Protocol’s vision is to protect all small investor’s from potential financial risk from newly launched IDO projects and create a fair, transparent, and rewarding IDO investment opportunity. To accomplish this Binstarter Protocol collaborated with Polygon( Formerly Matic l to create a broad bases of network to scale across. All smart contracts were audited to full protect the Binstarter community. Chainlink VRF Randomness Technology integrated to aid the IDO allocation selection and lottery feature, to create a fair, transparent, and random selection process. In the upcoming public sales, there will be whitelisting task needed to be completed in order to gain entry points. 100 people with the highest entry points will receive a guaranteed allocation to purchase BSR tokens. 900 people will be randomly selected. Total of 1000 people will have a guaranteed allocation to purchase BSR token in round 1. If however there are any unsold tokens, buyers that whitelisted and do not have an allocation are able to purchase the remaining hard cap; subject to individual min and max caps. Whitelisting Link: https://bit.ly/3ll4h2a Website: binstarter.io Twitter: https://twitter.com/BinStarterio Telegram: https://t.me/BinstarterOfficial Medium: https://binstarter.medium.com/ 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

A promoter of the cryptocurrency scheme previously touted by famous martial artist and actor Steven Seagal has pleaded guilty for his participation. The scheme falsely claimed that it “could generate an 8,000% return for investors within one year.” Crypto Scheme Promoter Pleads Guilty The U.S. Department of Justice (DOJ) announced Friday that John DeMarr, 55, has pleaded guilty “for his participation in a coordinated cryptocurrency and securities fraud scheme through purported digital currency platforms and foreign-based financial accounts.” DeMarr admitted to conspiring with others “to defraud investor victims by inducing them to invest in their companies, ‘Start Options’ and ‘B2G,’ based on materially false and misleading representations.” He was charged in February. The DOJ stated that both schemes were fraudulent. Start Options purported to be a cryptocurrency mining and trading platform while B2G, also known as Bitcoiin2gen, was purportedly an “ecosystem” for its native B2G token where users could trade digital and fiat currencies. DeMarr and others began offering securities through the Start Options website in approximately December 2017. Investors had to deposit their funds in bitcoin, U.S. dollars, or euros. The funds were locked in for a specified period of time and investors were promised they would earn “massive profit.” However, instead of using the money to invest in cryptocurrency as advertised, DeMarr and others diverted the funds to accounts controlled by them “and used for various personal expenditures, including the purchase of a Porsche, jewelry, and to remodel DeMarr’s home in California.” Start Options also falsely claimed to feature celebrity endorsements to promote its securities offerings. The DOJ noted: Based on this and other fraudulent promotional materials, investors sent millions of dollars’ worth of bitcoin, ethereum, and fiat currency to financial accounts, including cryptowallets, controlled by DeMarr and others in the U.S. and abroad. In late January 2018, instead of letting investors withdraw their funds after the locked-in period ended, DeMarr and others required them to roll over their accounts into an unregistered initial coin offering (ICO) of B2G, the token which they falsely promoted. “In truth, investors never actually received any digital tokens, and funds from the offering were not used to develop the B2G platform,” the Department of Justice described, adding: As part of the conspiracy, DeMarr and others also paid various promoters, including an actor famous for martial arts films made in the 1980s and 1990s, to serve as a promoter and celebrity spokesperson, falsely claiming that B2G could generate an ‘8000%’ return for investors within one year, and that he was a participant in the ICO. The celebrity the DOJ referred to was Steven Seagal who was charged by the U.S. Securities and Exchange Commission (SEC) in February last year for unlawfully promoting the cryptocurrency investment scheme that claimed to be “the next generation of bitcoin.” Seagal failed to disclose that he was being compensated in cash and cryptocurrencies by B2G for marketing its token offering, such as on Twitter and Facebook. DeMarr and others also created false press releases and whitepapers about B2G, fabricated its account statements, and refused to let investors to withdraw their money. He “pleaded guilty to one count of conspiracy to commit securities fraud,” the DOJ said, noting that “DeMarr faces a maximum sentence of five years in prison.” What do you think about this case? Let us know in the comments section below. View the full article

As expected, Bitcoin’s mining difficulty increased this week jumping 6.03% higher on July 31. The change marks the first increase out of five difficulty adjustment changes. This was after four downward difficulty drops made it 54% easier to mine bitcoin than it was prior to mid-May. Bitcoin’s Mining Difficulty Increases 6%, Difficulty Is Expected to Increase Again in 11 Days On July 31, at block height 693,504, the Bitcoin blockchain’s difficulty adjusts itself depending on how much hashpower is dedicated to the network. The more hashrate dedicated to the BTC chain, the higher the difficulty will rise every two weeks. On the other hand, if a great number of miners go offline and dedicated hashrate drops, the difficulty will drop making it easier for mining participants to find BTC blocks. Bitcoin’s difficulty saw a change at block height 693,504 and increased 6.03% after the difficulty tumbled over 54% for eight consecutive weeks. Bitcoin’s system and how it works is mathematically predictable, which is a stark difference from the shadow finance system the U.S. government and the Federal Reserve have participated in for decades. Because Bitcoin is transparent, we know that every 2016 blocks, the difficulty will change to keep the block generation time around 10 minutes. This means we know that as of 1:00 p.m. (EDT), there’s 1,782 blocks left or 11 days until the next difficulty change. On June 28, 2021, the Bitcoin network’s hashrate plunged to 69 EH/s but has since increased 59.42% since then. While the last four difficulty changes made it 54% easier to mine than before May 13, the difficulty increased for the first time in eight weeks by a touch over 6%. This is because miners who went offline during the crackdown in China, have seemingly returned to some extent. At the time of writing the hashrate is over 100 exahash per second (EH/s) at around 114 EH/s on Sunday. That’s a lot better than it was 33 days ago when 90-day recorded stats showed the hashrate down to 69 EH/s on June 28. That drop in hashrate led to the massive 27.94% decline in difficulty at block height 689,472. Antpool Commands the Top Spot, Unknown Hash Captures 10% of the Network, Slight 1% Increase Expected At the time of writing, the mining operation Antpool is the largest bitcoin mining entity, in terms of overall dedicated hashrate. 15.48% of BTC’s SHA256 hashrate stems from Antpool which is around 17.13 EH/s of hashpower. Antpool is followed by Viabtc (14.87 %), Binance Pool (11.00 %), Poolin (10.18 %), and the pool operated by Btc.com (9.98 %). These five pools combined capture 61.51% of BTC’s global hashrate today. The next difficulty change on the Bitcoin network is due to happen in roughly 11 days and is expected (as of now) to increase more than 1%. Furthermore, stealth miners or 9.98 % of the global hashrate is owned by “unknown miners” with around 11.04 EH/s of hashpower. As of the mid-afternoon hours on Sunday, the current hashrate leads calculations to assume that the next difficulty change will be an increase again. The mining pool Antpool has managed to capture the largest percentage of hashrate during the last three days. The top five BTC mining pools command 61.51% of the global hashrate dedicated to the Bitcoin blockchain. Despite the increase on Saturday, BTC blocks are still 48% easier to find today than they were before May 13, 2021. Estimates show on Sunday that the difficulty is expected to rise again in 11 days and increase around 1%. However, depending on hashrate speed, the estimate could change higher or lower as the countdown gets closer. Today, the difficulty is around 14.5 trillion and is expected to increase to 14.65 at the next difficulty change. What do you think about the recent increase in mining difficulty? Let us know what you think about this subject in the comments section below. View the full article

As the non-fungible token (NFT) space continues to grow, the blockchain analytics Nansen has published a leaderboards list of the top wallets (NFT collectors) that interact with NFTs on a regular basis. The analytics firm combed through 90 million ethereum wallets and found a number of big market players making moves in the NFT space. The NFT Ecosystem’s Most Prolific Market Collectors Non-fungible token (NFT) technology and the supporting ecosystem have grown quite mature in 2021 and it doesn’t seem like it’s slowing down anytime soon. There’s lots of NFT market data coming out too and recorded in real-time. Well known brands, celebrities, and popular organizations are jumping into the NFT fray and all of this is recorded in headlines as well. Nansen’s NFT overall profit leaderboard. Data stemming from nonfungible.com’s 30-day market history shows there were $380 million in NFT sales last month. Now the blockchain analytics provider Nansen has provided statistics on some of the most prominent non-fungible token market players, namely the NFT collectors. Nansen’s NFT “Bored Ape Yacht Club” leaderboard. Out of the millions of wallets and transactions scanned, Nansen says that in order to be included on the NFT leaderboard “an account must have bought and sold at least 10 NFTs from over 3 collections.” The leaderboard has different sections which rank by total profit, and leaders of a specific NFT collection. There’s also a tab called the “hodlers tab” in the NFT God Mode section of the leaderboard. The stats Nansen’s leaderboard data shows can be quite interesting and can give some perspective on the top NFT collectors in the space. Pranksy, Atblank, Natealex, and Snotrocket For instance, there is the NFT collector dubbed “Pranksy,” who is considered a collector with the best overall profits. “Pranksy is prolific,” Nansen’s report details. “With a total spend of 1860 ETH (currently 3.4 Million USD), Pranksy has spent over 3x the amount of anyone else on the leaderboard,” the researchers add. Pranksy also has covered a lot of collections and spans a total of 86 collections and “in total has purchased 9390 NFTs, of which 2350 have been sold.” Data stemming from the NFT collector dubbed Pranksy. Another player called ‍”Atblank.eth” has made the best percentage of profit collecting NFTs and is making “5000%+ profit on investment,” according to stats. Another NFT collector called “Danny” is the “biggest spender as the collector has spent 2570 ETH over 7088 NFT purchases. Out of the 7,088 NFTs in Danny’s collection, the collector has only sold 149 according to the Nansen study. Another character dubbed “Snotrocket.eth” is known for having the most NFT collections purchased. Snotrocket.eth has purchased from 118 different NFT collections and Nansen says the buyer is the “most eclectic.” “Despite this breadth of investment,” Nansen’s report details. Snotrocket.eth has managed to make 145 ETH total profit and only sold 184 out of their 613 NFTs. That degree of total profit is unusual for an NFT collection with such high diversification.” First place goes to Pranksy for “reinvestment” strategies and second place is held by Atblank.eth. Another individual by the name of “Natealex.eth” gets the third-place position for the most consistent returns. “The NFT leaderboards and wallet profiler represent new ways of gaining insight into the fast-moving and newly emerging NFT ecosystem,” Nansen’s report concludes. “Unlike traditional art-markets, blockchain is able to preserve individual privacy whilst acting as a public treasure-trove of data revealing market trends and buyer strategies. These feature updates enable new and seasoned collectors to curate their own list of notable wallets to develop unique and personal insights into the latest NFT activity.” What do you think about Nansen’s report on the top NFT market collectors in the space today? Let us know what you think about this subject in the comments section below. View the full article

Digital currency markets have been gathering gains again moving past the lows seen a few weeks ago. This week crypto traders have been discussing over-the-counter (OTC) desks bubbling with demand for bitcoin as the co-founder of 21st Paradigm explained, “high net worth individuals [and] institutions want your bitcoin.” Analyst Says Big Market Players ‘Want Your Bitcoin’ Most traders either use decentralized exchange (dex) platforms or centralized exchange (cex) operations to acquire bitcoin (BTC) and a myriad of other digital currencies. However, high-net-worth individuals and institutions usually don’t leverage dex or cex applications, as they choose to trade via over-the-counter (OTC) trading desks. OTC trading or off-exchange trading is trading between two parties directly and usually with help from the OTC desk’s representative. In contrast to trades that take place on cex or dex platforms, these trades are not recorded on order books. Although, transfers from crypto OTC desks can be recorded. Glassnode chart shared by the co-founder of the advisory firm 21st Paradigm, Dylan LeClair on July 29, 2021. Two days ago, the co-founder of the advisory firm 21st Paradigm, Dylan LeClair, tweeted about some large OTC transfers last week by sharing a chart from Glassnode analytics. “Big transfer volumes from OTC Desks over the last week,” LeClair said at the time. “High net worth individuals [and] institutions want your bitcoin,” he added. Another individual agreed with LeClair and said “Yessssirr,” because the individual, Will Clemente, shared a tweet on July 22 that had shown a similar trend. Tradingview chart shared by the crypto analyst Will Clemente on July 22, 2021. “OTC Outflow RSI showing the strongest BTC buy signal since July of last year,” the analyst Will Clemente said to his 158,000 Twitter followers. “This indicates buying from institutions/high-net-worth individuals,” he added. A number of other traders discussing the subject on Twitter agreed with the OTC demand assessment and the social media platform is littered with threads discussing the subject. One individual tweeted: Don’t give the smart money your BTC (or ETH)… Noticeable Market Changes During China’s Morning Trading Sessions A number of other ‘whale-like’ and large purchasing patterns were noticed by bitcoiners observing different metrics. While bitcoin has been rising, traders also suspect that China might be buying bitcoin. There have been a few noticeable market changes during the early morning hours in China, according to Trustnode’s research. Meanwhile, during the last 24 hours bitcoin (BTC) has consolidated just above the $41K handle and has only moved +0.10% on Sunday, August 1. However, BTC is still up 17% against the U.S. dollar during the last week and 30-day stats show BTC has gained over 22%. Bitcoin had managed to jump above the $42K handle at $42,615 per unit, but has not been able to hold above the $42K zone for long periods of time. What do you think about the bitcoin OTC demand assessment from traders and analysts on social media? Let us know what you think about this subject in the comments section below. View the full article

Born four years ago as a result of the disagreement between two groups over scaling issues, Bitcoin Cash has grown to be so much more. Offering a full suite of solutions for cryptocurrency users, having support from thousands of merchants at a worldwide level, and recently introducing Smartbch, a project that aims to tether smart contracts functions to the protocol, Bitcoin Cash is now more mature than ever. However, mishaps have also happened along the way. Welcome to the World, Shuya Yang! On August 1, 2017, in the midst of a big scaling debate that shook the cryptocurrency world to its core, Bitcoin Cash (BCH) was the result of a series of disagreements among developers and Bitcoin influencers about how to achieve blockchain scaling in the best way possible. Some supporters opted to scale onchain by increasing the block size, and that idea transformed into what Bitcoin Cash is today. Welcome to the world, Shuya Yang! And Bitcoin cash! https://t.co/ymh4Ciwypb — ViaBTC (@ViaBTC) August 1, 2017 However, since that time, and thanks to the contributions of several people and organizations, but not without difficulties and forks along the way, Bitcoin Cash has become now a robust blockchain with an established upgrade path that seeks to minimize the drama that’s associated with upgrades and forks in the past. This has been especially important because most of the upgrades that have affected the chain have derived from the planning, standards, and the inclusion of improvements into the protocol every six months. Even with a few bumps along the way, and being a minority chain, Bitcoin Cash has managed to move forward with its principal goal, which is providing more economic freedom to those who need it in the world. From technical achievements like Schnorr Signatures, the implementation of a token standard called SLP, and a new difficulty algorithm, to focus on the social part of the cryptocurrency spectrum by supporting communities in countries like Venezuela, South Sudan, and Argentina, Bitcoin Cash covers the whole spectrum of action of what a cryptocurrency represents. Bitcoin Cash is considered the most successful Bitcoin fork in the whole cryptocurrency market: it is present in most of the leading exchanges at a worldwide level, Including, Binance, Huobi, Upbit, Coinbase, Okex, and even Paypal. And is accepted by millions of cryptocurrency users at a worldwide level. Bitcoin Cash Year Four: Highlights This has been another interesting year for the Bitcoin Cash community, which sadly, experienced yet another blockchain split last November 15 that gave birth to another chain, denominated Bitcoin Cash ABC. The event had its origin in the discussion around the infrastructure development fund that Bitcoin ABC, the leading node implementation at the time, wanted to adopt, and a new DAA (Difficulty Adjustment Algorithm). However, most of the community rejected the plan that proposed miners concede a part of their block rewards to a central authority of developers to help subsidize development expenses and chose to stay with the original chain’s ruleset. This split resulted in the separation of Bitcoin ABC, led by Amaury Sechet, who was one of the original collaborators of the currency, from the Bitcoin Cash project. The debate over funding projects also gave birth to one of the fundamental projects for Bitcoin Cash this year: Flipstarter. Flipstarter, which is a noncustodial crowdfunding tool that uses BCH, showed that the BCH community could thrive using its own means to fund valuable projects for the environment. More than 12 projects have collected over $1 million for last August, and that amount has only grown exponentially since that time. The noncustodial fundraising platform has been able to raise over $1 million for projects dedicated to the Bitcoin Cash (BCH) chain. On the institutional side of things, BCH also had some interesting victories. Grayscale was greenlighted to offer shares of its Bitcoin Cash Trust to institutions last August, meaning that now institutional investors could get exposure to the asset without having to worry about custody, a big concern for many investors interested. Privacy also experienced a big jump, with Cashfusion, a fungibility protocol directed at obscuring cryptocurrency transactions in the Bitcoin Cash chain, reaching a milestone of $3.2 billion anonymized. $3.2 billion worth of BCH or 5,954,901 BCH has been fused since Cashfusion’s inception. Bitcoin Cash is also making a big leap to decentralized finance. Last year, General Protocols, a company dedicated to building decentralized finance (defi) protocols on top of BCH, raised $3 million from strategic investors after launching Anyhedge and Detoken, the first two defi instances of tools designed to operate on top of the BCH protocol. And just recently, a new sidechain called Smartbch that uses Bitcoin Cash as its main token was launched, with the ability to run EVM compatible content. This would give Bitcoin Cash, in theory, an equivalent functionality to Ethereum and compatibility. As all of this happened, the development of the currency didn’t stop. A number of node implementations joined a new node called Bitcoin Cash Node and the devs collectively took over the development tasks of the protocol. On May 15, 2021, a new update was applied to the BCH chain with success. This update brought a number of important improvements, including the inclusion of an unlimited number of unconfirmed chained transactions. Also, new measures to add transparency and standards to control what gets upgraded and when, like CHIPs (Cash Improvement Proposals), are designed to avoid new confrontations like the ones that happened in the past. Adoption, Adoption, Adoption Bitcoin Cash has one of the few chains that has presented adoption as one of its first priorities since its beginning. The whole objective of scaling was to allow more people to transact using Bitcoin Cash with low fees. And this last trait has made it especially interesting for third-world countries where users can’t pay high fees to use crypto as currency. Many people are asking me why I’m supporting Bitcoin Cash and why I think it has the biggest upside potential. Good question. I made this little website for you:https://t.co/DIOiBCf1HB — Kim Dotcom (@KimDotcom) February 12, 2021 Throughout this last year, there have been important efforts to bring bitcoin cash to the hands of the underserved. Bitcoin Cash Argentina, a new Bitcoin Cash nonprofit, has onboarded more than 100 merchants in the area and has hosted meetups to promote the knowledge and use of cryptocurrencies in the region. The organization operated with its own funds until last May when it successfully crowdfunded a Flipstarter campaign that allowed it to expand its objectives. Other groups are also doing the same in Venezuela and Colombia: Led by George Donnelly, former Dash supporter, Bitcoin Cash Latam has been onboarding merchants and users, showing the benefits of using cryptocurrencies in inflationary and devaluation-based economies. The organization has been targeting the Venezuelan capital heavily, and now hundreds of merchants already know how to use cryptocurrency for their benefit. There’s also a new website that gives people a number of reasons why the Bitcoin Cash (BCH) network has a lot of benefits. Satoshi’s Angels is another group that has been consistently running merchant adoption campaigns since December 2020, arming a strong ambassador team that has successfully onboarded 300+ merchants so far. According to one of its founders, Akane Yokoo, the team has been organizing three monthly virtual meetups for two regions in English and one in Spanish, which are both open for everyone to join globally. The Community Celebrates While this year’s celebration will be affected by the Covid-19 related measures that are still affecting mobility and operations in some countries, Satoshi’s Angels will host a live stream to commemorate this milestone. Users could get free BCH airdrop every day before the event if they follow the hosts and retweet the airdrop posts with CCTip. There will also be an airdrop during the event for the present users in the chat. There will be also other regional live streams and discussions throughout the day. What do you think about the fourth year of Bitcoin Cash’s existence? Tell us in the comments section below. View the full article

Polish police have uncovered a secret crypto mining operation at their headquarters in Warsaw, local media reported. An IT specialist accused of minting digital coins on police computers has been dismissed and the case has been handed over to the Prosecutor’s Office. Polish Police Force Fires IT Specialist for Crypto Mining at Work Officers from the Polish National Police have found what local media described as a crypto mining farm at the Policja headquarters in Warsaw. The mining operation was allegedly organized by an IT technician, a civilian employee of the law enforcement agency, tvn24.pl news portal reported quoting two independent sources. The crypto miner used police computers that he upgraded with video cards and specialized software. Although the mining equipment has probably consumed a serious amount of electricity due to the energy-intensive coin minting process, the biggest worry is that records from the police database might have been leaked, one of the sources noted. The computer network stores a lot of confidential information such as reports from collaborators and digital files. Police officials insist their database has not been compromised and no breaches of the internal Police Data Transmission Network have been detected so far. The IT specialist has been fired and the contract of another employee, whose role has not been revealed yet, will also be terminated. Inspector Mariusz Ciarka, a National Police Command (KGP) spokesman, confirmed to Gazeta Wyborcza that the crypto miner has been dismissed immediately. He also commented: The device he used was not connected to any database, and the case largely concerns the theft of electricity consumed by the so-called ‘cryptocurrency mining.’ The Polish police representative added that the case has already been transferred to the District Prosecutor’s Office in Warsaw as the investigation continues in order to establish if a crime has been committed. Experts are now working to assess the losses for the police service in terms of the amount of electricity used to mine digital currencies. What to do you think about the crypto mining operation uncovered at the Polish police headquarters in Warsaw? Let us know in the comments section below. View the full article

The hedge fund Goldentree, a firm with $41 billion in assets under management (AUM) has reportedly added the leading crypto asset bitcoin to its balance sheet. Unnamed sources detail that the American asset management firm leveraged bitcoin to diversify from traditional debt investment strategies. The wealth management firm allegedly has been looking for staff that understands blockchain technology and it’s possible Goldentree is circling distressed businesses within the crypto industry. Goldentree Asset Management Invests in Bitcoin: Report A recent report stemming from the financial publication The Street, says the mega-hedge fund Goldentree has purchased bitcoin (BTC). The author of the report, Michael Bodly did not reveal the unknown source who explained that Goldentree invested in bitcoin. A source disclosed that executives at Goldentree are looking into employing staff that understands crypto solutions and blockchain tech. Despite looking for help, the undisclosed source told the reporter that the fund was fluent with things like “trading crypto and making VC-style investments in blockchain companies.” It’s also been said that three Goldentree executives have invested in the venture capital group Borderless Capital. The report does not disclose how much Goldentree purchased, but it was said the hedge fund was looking for investment vehicles that are different from debt-based instruments. “The New York-based firm has been adding bitcoin to its balance sheet as a diversifier for the broad mix of debt-focused strategies it has run for years, according to two sources with knowledge of the matter,” The Street journalist Bodly writes. “The sources were granted anonymity to discuss sensitive business dealings,” the author’s report adds. Goldentree Could Be Circling for Distressed Tech Companies The unidentified source means, as far as the alleged BTC on the company’s balance sheet is concerned, Goldentree won’t be included on the Bitcoin Treasuries list. As of July 31, 2021, 59 public and private firms hold bitcoin (BTC) on their balance sheets. Goldentree was founded 21 years ago by Steven Tananbaum, a well known American hedge fund manager. Bloomberg referred to Tananbaum as “one of Wall Street’s biggest investors in distressed debt” in 2018. Bitcoin (BTC) as an investment vehicle is quite the opposite of traditional debt-based strategies Goldentree typically leverages. Goldentree’s investment strategy has allowed it to capture $41 billion AUM from things like distressed and leveraged loans, and emerging debt markets. There’s also a possibility that Tananbaum and Goldentree are circling the crypto and blockchain industry for distressed startups. In 2015, CNBC nicknamed Tananbaum a “vulture investor” that was circling indebted tech companies. Since The Street reported on Goldentree’s alleged bitcoin purchase, the hedge fund has neither confirmed nor denied the allegations. What do you think about the report that says Goldentree is stacking bitcoin in its treasury? Let us know what you think about this subject in the comments section below. View the full article

Nigeria’s proposed digital currency, the e-naira, is likely to be a welcome boost to ongoing efforts to reduce the number of Nigerians that are financially excluded, a leader of a stakeholders’ body has said. However, according to Senator Ihenyen, the president of Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), the success of such a digital currency will depend on its design. A Hybrid CBDC As per reports, the Central Bank of Nigeria (CBN)’s proposed digital currency, whose piloting phase is set to commence on October 1, will be a hybrid central bank digital currency (CBDC). This means the e-naira will be combining both the retail and wholesale capabilities. This according to the SIBAN boss means the issuing of the e-naira will not disruptive to the operations of intermediaries such as banks and other financial institutions. Meanwhile, Ihenyen told Bitcoin.com News that he does not think the e-naira, which will be a digital version of the fiat currency, “comes with a magic wand.” He explained: On its effect on the current state of the naira, as long as the e-naira is a digital version of the naira, it comes with no magic wand. At best, it will make cross-border transactions and remittances cheaper and easier—two critical areas Nigeria needs to improve. So Nigeria must fix the economy. We must get the fundamentals right. Bitcoin vs E-naira Since directing banks to stop serving crypto entities back in February, the CBN has regularly signaled its desire to bring a CBDC into the Nigerian economy. Some analysts have suggested that the central bank has resorted to a strategy where it stifles crypto trading while it promotes the e-naira. The objective is of this strategy is to see the e-naira overtake bitcoin in popularity terms. However, when asked if this was the case, Ihenyen expressed doubts if a CBN or any other central bank-issued digital currency can ever replace bitcoin. He cites the very different intentions or objectives of those that created decentralized cryptocurrencies like bitcoin and those pushing for the issuing of CBDCs. Ihenyen explained: CBDCs and decentralized cryptocurrencies are a world apart. By their nature and by design, they do not serve the same purpose. The CBN has pointed out that the proposed e-naira would run on a private and permissioned blockchain which would be governed by the CBN. This is in sharp contrast to the public and permissionless design of bitcoin and many other cryptocurrencies with no central authority. So it is not really a matter of one replacing the other. Therefore, instead of viewing them as rival innovations, the SIBAN president says he sees cryptocurrencies and CBDCs complementing each other. Consequently, Ihenyen suggests that while CBDCs are being rolled out, the “much-needed risk-based approach to cryptocurrency regulation remains vital.” He adds that cryptocurrencies in the banking and financial system should be seen as fintech innovations and not as a threat to the financial system. Do you agree with the SIBAN president’s sentiments? Tell us what you think in the comments section below. View the full article

It has been more than six months since the Central Bank of Nigeria (CBN) directed banks to stop serving customers from the cryptocurrency industry. While the measure appears to have succeeded in removing crypto entities from the banking ecosystem, the policy has however led to the growth of peer-to-peer trading. ‘Central Bank of Nigeria’s Actions Led to an Increase in Activity on the Black Market’ As some reports have shown, Nigeria’s position as the biggest cryptocurrency market in Africa remains unchallenged. For its part, the CBN has complemented its regular arguments against cryptocurrencies with the now routine assurances that Nigeria will have its own digital currency. To understand these dynamics and the impact they have had on the Nigerian crypto space, Bitcoin.com News reached out to Chiagozie Iwu, the CEO and Co-founder of Naijacrypto, a Nigeria crypto exchange. Below are Iwu’s responses to written questions. Bitcoin.com News (BCN): Can you briefly explain how the CBN directive affected your company? Chiagozie Iwu (CI): The CBN directive stopping banks from partnering with crypto companies affected us in the following ways: At the initial stage, our bank accounts were closed and we had to move funds to alternative accounts. We suspended fiat deposits but left withdrawals open. This move was to allow customers to withdraw freely without panicking. This actually caused reserves to diminish but confidence was maintained. Some of the foreign exchanges closed both deposits and withdrawals and hiked the price of crypto against the naira. About two weeks after the ban, Naijacrypto switched to a closely controlled peer-to-peer method for deposits that reinitiated fiat entry to the exchange. While growth was slowed by the directive, growth still occurred but not as fast as the exchange was growing before the CBN directive. The exchange became multi-jurisdictional in terms of business operations to reduce the effect of unforeseen operational crackdowns and is currently working towards being multi-jurisdictional in its business registrations. BCN: Your company recently partnered with Dash to start a crypto exchange in Haiti. Why Haiti and does this in any way signal that Naijacrypto is about to leave the Nigerian market? CI: As for the Dash partnership to expand to Haiti, this had been in the works months before the CBN directive and was an initiative of the dash team alongside Naijacrypto. We used Haiti as a springboard to enter the Caribbean as the Caribbean and Latin American market is our next target beyond Africa. BCN: Do you also plan to set up operations in other markets? CI: Yes, we plan to have operations in 12 other African countries and 3 Caribbean countries by Q2 2022. BCN: In your opinion, has this CBN directive cooled down the Nigerian youth’s interest in digital currencies? CI: The Nigerian youths’ interest in digital currencies was actually not waivered. P2P exchanges like Paxful and Binance p2p saw a lot of growth this period. What the government just succeeded in doing was moving the trade of crypto from centralized exchanges like Naijacrypto and Luno to more black market-like exchanges. BCN: It has been reported that the CBN will start piloting its CBDC or e-naira in October of this year. Is this a positive development for the Nigerian digital currency industry? CI: As for the CBDC, my personal opinion is that there is no difference between it and what the banks already do in terms of online banking and other utilities. In fact, electronic forms of transacting are no different from the CBDC so there is no added growth to financial inclusion. The CBDC is not on a true blockchain which means it is not decentralized and therefore totally unattractive to members of the crypto community who are known to favour decentralization and hate government control. The net effect is zero on the digital currency industry. BCN: Nigeria has had its fair share of crypto scams and this perhaps is what invites the unwanted attention of the CBN and other regulators. What do you think needs to be done in order for the Nigerian crypto industry to shake off this scam image? CI: Crypto scams can be prevented if the government had a proper regulatory framework for cryptocurrency exchanges rather than outrightly ban their access to banking. In fact, their actions led to an increase in activity on the black market. Centralized exchanges have tools to detect blacklisted wallets and dangerous transactions. Centralized exchanges have KYC protocols therefore funds from scam sources can easily be de-anonymized. Working with these centralized exchanges is one wise way of preventing scams and restricting black market exchanges. Also, the government does not seem to properly engage with the industry when it comes to preventing or stopping these scams. In fact, in many cases, major stakeholders detect these scams before they get steam but the government usually ignores our pleas to investigate these scams. I personally think that scammers would use other tools even if they do not use crypto. The biggest Ponzi schemes in Nigeria have been non-crypto and the government agencies have never protected people from these. What is your reaction to this interview? Tell us what you think in the comments section below. View the full article

President Volodymyr Zelensky has signed a law that will allow the National Bank of Ukraine to issue its own digital currency. The new legislation, which aligns Ukrainian regulations with EU rules, will also stiffen authentication requirements for clients of payment service providers. New Legislation Allows Ukrainian Central Bank to Issue Digital Currency The President of Ukraine Volodymyr Zelensky has signed the law “On Payment Services” which was adopted by the Ukrainian parliament on June 30, the president’s administration announced this week. The legislation aims to “modernize and further develop” the payment services market and promote the introduction of innovations in the financial sector, a press release explains. One of the provisions in the bill grants the National Bank of Ukraine (NBU) powers to issue its own central bank digital currency (CBDC). Authorities in Kyiv have been mulling over a project to create a digital hryvnia for quite a while. A recently conducted survey has indicated that the country’s financial sector would like the e-hryvnia to facilitate transactions in the crypto space. NBU will also be able to set up a regulatory sandbox to test new services, technologies and tools in the payments sector that will be based on innovative technologies, the president’s office explained. The platform will allow the financial regulator to closely interact with startups from the industry and better understand their needs. Ukraine to Introduce Stricter User Authentication Rules for Payment Service Providers The law “On Payment Services” aligns Ukraine’s legislation with the EU’s regal framework in the field, facilitating a future integration of the country’s payment system with that of the European Union. Ukrainian lawmakers have adopted the norms of important European regulatory acts such as the Second Payment Directive (PSD2) and the Electronic Money Directive (EMD). The legislation is tailored to ensure transparency in the provision of payment services and strengthen consumer protection. Payment companies will have to meet stricter requirements regarding risk management. In certain cases, the platforms will be required to implement enhanced user authentication procedures, necessary to prevent cyber fraud. The law defines nine different categories of payment service providers, introducing new ones like electronic money institutions and branches of foreign payment institutions. Non-bank payment service providers, such as payment institutions, e-money institutions, and postal operators will be able to open payment accounts, issue payment cards, and electronic money. Non-bank financial institutions will not be required to participate in payment systems in order to make transfers. The presidential administration also pointed out that the law “On Payment Services” creates conditions for the introduction of the ‘open banking’ concept in Ukraine. Its main purpose is to integrate various service providers and technology companies into a single payment ecosystem. Authorities in Kyiv hope to implement the open banking system by 2023. Do you think the new legislation will benefit the Ukrainian crypto industry? Tell us in the comments section below. View the full article

PRESS RELEASE. Antier Solutions, a blockchain development company recognized for its end-to-end solutions, is offering crypto exchange script to expedite the development and deployment of crypto exchange platforms by 50%. Given the cut-throat competition to tap into the billion-dollar crypto market, Antier’s cryptocurrency exchange script solutions help start-ups and enterprises to quickly launch their exchange platforms and take the lead. “The crypto market is highly volatile; businesses need solutions that can help them quickly enter the market, especially when the market is favorable. This has catapulted the demand for cryptocurrency exchange clone or script solutions.”, said Parvinder Singh, Chief Technical Officer at Antier Solutions. The company receives several requests from start-ups and established organizations to create a clone of popular exchange platforms. “Out of all the queries we get, the majority ask for a Binance clone script. This is because they strive to replicate the meteoric growth and success of one of the biggest crypto exchanges globally.”, said Parvinder Singh. Antier is equipped with a team of over 200 blockchain experts to cater to diverse business requirements. The cross-functional teams work in conjunction to deliver one-of-a-kind products that align with their client requirements and resonate with an impact. In addition to providing cryptocurrency trading script solutions with different modules like spot trading, margin trading, or derivatives trading, Antier is known for its white label crypto exchange solution. Available as a ready-to-deploy solution, it is fortified with market-leading features – such as high TPS (Transactions Per Second), which stands at 100,000; powerful matching engine; liquidity module; multi-currency, mnemonics-based wallet, institutional-grade security, and more. Various start-ups and organizations leveraging Antier’s services is a testament to clients’ trust in Antier’s experience and expertise to deliver world-class products. About Antier Solutions Headquartered in Mohali, India, Antier Solutions is a full-service Blockchain development firm with depth and breadth of experience in consulting, development, and promotion of enterprise-grade dApps. With a presence in 3 continents, Antier Solutions has been providing services for cryptocurrency exchange development, cryptocurrency wallet development, crypto friendly banking solutions, asset tokenization, innovative DeFi protocol, and custom blockchain development services. In recognition of Antier’s blockchain expertise, Antier is positioned among the top blockchain development companies in the world by GoodFirms, Clutch, and The Manifest. Media contacts: Antier Solutions: +91 98550 78699 (India) , +1 (315) 825 4466 (US) Email:info@antiersolutions.com Website: https://www.antiersolutions.com/ Telegram: https://t.me/antiersupport Facebook: https://www.facebook.com/antiersolutions Linkedin: https://www.linkedin.com/company/antiersolutions/ 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

Indian authorities are reportedly investigating cryptocurrency exchange Binance in connection with an ongoing Chinese money laundering case that raked in more than 10 billion rupees ($134 million). Binance’s Regulatory Troubles Continue India is reportedly investigating whether the global cryptocurrency exchange Binance had any role in a Chinese money laundering scheme involving betting apps, local media reported Friday, citing people with knowledge on the matter. The country’s Enforcement Directorate (ED), a law enforcement agency under the Ministry of Finance, has summoned Binance’s executives for questioning, according to the people who asked not to be identified as the matter is still under investigation. The case centers around betting apps run by Chinese operators. They allegedly raked in more than 10 billion rupees over the past 10 months. They were suspected of laundering part of the money through local Indian crypto exchange Wazirx, which was acquired by Binance in 2019. Responding to the news, Binance said in a statement: We did not receive any summons in June or July of this year. As per available info in the public domain, the summons was directed to only Wazirx. The exchange continued: “We work closely with regulators, law enforcement and industry leaders around the world to further the security and sustainability of the industry while providing the best services and protection to our users.” A growing number of regulators worldwide have warned Binance about operating in their jurisdictions without being authorized. They include regulators in Malaysia, Japan, the U.K., Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania. Commenting on mounting regulatory scrutiny, Binance’s CEO, Changpeng Zhao, said that the company is looking for a CEO with a strong compliance background and Binance wants to be licensed everywhere and become a financial institution. What do you think about India investigating Binance and other regulators warning about the exchange? Let us know in the comments section below. View the full article

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he does not consider dogecoin an investment. “I don’t participate in that kind of thing. I don’t understand why anybody would,” he said. Kevin O’Leary Won’t Invest in Dogecoin Shark Tank star Kevin O’Leary talked about the meme cryptocurrency dogecoin in an interview with CNBC last week. The chairman of O’Shares ETFs said: I don’t participate in that kind of thing. I don’t understand why anybody would, but that’s their own choice. He explained that investing in dogecoin is like gambling in Las Vegas, noting that he might not even call it “investing” at all. The Shark Tank star explained that when someone invests in a stock, they are betting on the company’s ability to execute its business plan and achieve its goals. In contrast, he said that there is no informed decision making with dogecoin as buyers are simply hoping that the price of the cryptocurrency will increase. In addition, dogecoin has an unlimited supply, unlike bitcoin. O’Leary suggested: “Maybe you should consider it entertainment because there’s no inherent value in it other than what other people want to do as they speculate.” He elaborated: When you speculate on something like dogecoin, that’s no different than going to Las Vegas and putting your money on red or black. It’s pure speculation. Do you agree with Kevin O’Leary about dogecoin? Let us know in the comments section below. View the full article

Venture capital firms and large investors are driving up the prices of crypto startups. Boutique investment firms and family offices are being elbowed out by big venture capital firms, private equity funds, and even some pension funds. VC Firms Driving Up Prices of Crypto Startups Cryptocurrency firms are seeing high valuations due to large investors entering the space, according to Henri Arslanian, Crypto Leader at professional accounting and financial services firm PWC, also known as Pricewaterhousecooper. In an interview with Bloomberg Thursday, the executive explained that boutique investment firms and family offices are being elbowed out by big venture capitalists, private equity funds, and even some pension funds. He noted that smaller venture capital firms are unhappy about this trend. Arslanian described: Let’s say they’re looking at a deal and they believe it’s worth $10 million, and you’re seeing large VCs come in and put a bid in for a higher valuation. This is happening a lot with very early-stage companies, say, $5 million to $20 million — the prices are being inflated. According to the State of Crypto M&A 2021 report, even though deal activity in 2020 increased only 10% from the previous year, total deal value doubled to $1.7 billion. This was primarily due to a handful of large acquisitions in the crypto exchange space, including the $400 million acquisition of Coinmarketcap by Binance and FTX-Blockfolio transaction for $125 million. This trend has continued this year, with Galaxy Digital acquiring Bitgo for $1.2 billion. In July, derivatives exchange FTX’s valuation rose to $18 billion after the company raised $900 million from investors. In addition, the Digital asset platform Fireblocks raised $310 million to achieve a value of $2 billion. Arslanian explained that there are some challenges in pricing cryptocurrency startups. They include how to discount for regulatory risk in such a nascent industry and how to assess the valuation of businesses. There is also an issue of the lack of companies to invest in since most firms in the crypto space are still small and not well developed yet. He further opined: If your minimum ticket size is around $50 million, there aren’t that many companies that have that status yet. If you’re a large pension fund and you decided to make a crypto allocation, there are no more than two dozen companies around the world that are investable, looking for capital and could absorb $100 million. What do you think about the comments by Arslanian? Let us know in the comments section below. View the full article

The day before the fourth Bitcoin Cash anniversary, the Smart Bitcoin Cash team (Smartbch), announced the project has launched three nodes as genesis validators. Smartbch disclosed that Btc.com, Viabtc, and Matrixport are participating and the project has officially started its voting period. Smartbch Fires up Smart Chain’s Genesis Validators For quite some time now, the Bitcoin Cash (BCH) community has been patiently waiting on the development of the Smartbch project. The reason for this is because Smartbch could unlock massive potential between Ethereum (ETH) and Bitcoin Cash. The protocol could bolster decentralized finance (defi) on Bitcoin Cash and be compatible with the second largest crypto asset in terms of market capitalization. Bitcoin.com News first reported on Smartbch during the first week of April and interviewed the project’s lead developer 15 days later. By the end of the month, Smartbch launched the testnet publicly and which gives developers and decentralized app makers the ability to experiment and develop with the high-performance, EVM-compatible Bitcoin Cash sidechain. Now Smartbch has now fired up its engines with three nodes acting as the genesis validators. The three Smartbch nodes are operated by Viabtc, Matrixport, and Btc.com. “Smartbch is now in its first voting period,” the project’s announcement explains. “More validators will be elected by SHA256 miners and will take on the duty in the future.” “We have spent two more months in development than the original estimation to finalize the data structure of MoeingADS and to implement SEP101, SEP206, and Transaction Reorder onto Smartbch,” the Smartbch development team adds. “MoeingADS is the underlying storage engine for the world state, which is very hard to change in hard forks,” the Smartbch devs say. “Ethereum’s underlying storage engine MPT has never modified its data structure since the beginning. MoeingADS is now strong enough to support 51K TPS and can support Smartbch’s growth for many years without changing its primary data structure.” Focusing on a Secure Cross-Chain Bridge The Smartbch team says the project will take a lot of time to make the protocol robust. During the last few weeks, the developers noticed a number of defi projects that suffered from exploits and it was due to cross-chain bridge vulnerabilities. The Smartbch team aims to strengthen the Bitcoin Cash sidechain’s cross-chain gateway so it is very secure and powerful. “It will take security as the priority and be audited by the community,” the Smartbch team says. “The launch is a solid step in Smartbch’s long journey,” the project’s creators conclude. “We invite everybody from the BCH community to use it and help its growth. We’ll soon provide some guides for BCH holders to try it and transfer a limited amount of coins cross-chain through the current simple gateway.” What do you think about Smartbch launching three nodes for genesis validators and the focus on the cross-chain bridge? Let us know what you think about this subject in the comments section below. View the full article

The crypto lender Blockfi is now dealing with regulators from five states as Kentucky has joined the fray against the firm’s Blockfi Interest Accounts (BIAs). On July 30, Blockfi shared a statement on Twitter that explained the Kentucky Department of Financial Institutions (DFI) has sent the company an order that aims to ban new BIA accounts. Blockfi Now Has Problems With Regulators From 5 States The New York City-based cryptocurrency finance company Blockfi was founded in 2017 by co-founders Zac Prince and Lori Marquez. The firm is a cryptocurrency lending firm that offers interest-bearing accounts called “BIAs” and also provides customers with a cryptocurrency-denominated credit card. Since January 2018, the company has allowed lending services that leverage crypto collateral. Bitcoin.com News reported on Blockfi’s initial issues with New Jersey regulators which was followed by problems with Texas, Alabama, and Vermont. The regulators from all of the states take issue with the BIA products and statements indicate officials believe they might be unregistered securities. Following the four states that sent notices to Blockfi, the Kentucky Department of Financial Institutions (DFI) sent the company an order, according to Blockfi’s official Twitter account. “Friday afternoon we received an order from the Division of Securities of the Kentucky Department of Financial Institutions regarding the Blockfi Interest Account (BIA) operations in the state of Kentucky,” Blockfi’s message notes. The crypto lender’s message adds: The order prohibits Blockfi from soliciting or offering ant securities in Kentucky. Blockfi firmly believes that the BIA is lawful and appropriate for crypto market participants. But in light of the order, Blockfi will stop accepting new BIA clients residing in KY immediately. Much like the other four states, Blockfi cannot allow individuals to create new BIAs until the issues with regulators are solved. So far, no other crypto companies have been targeted for offering interest via crypto accounts. Blockfi’s statement on Friday further adds that current BIA customers in Kentucky were not affected and like the statements it made prior, Blockfi says it is in discussions with U.S. regulators. “We remain steadfast in our commitment to protect consumers’ rights to earn interest on their crypto assets,” Blockfi’s message concludes. What do you think about the issues Blockfi has with Kentucky and the four other states? Let us know what you think about this subject in the comments section below. View the full article

On Tuesday, the New York Knickerbockers, in partnership with Sweet, launched the NBA team’s first-ever non-fungible token (NFT) collection. The NFTs feature limited edition digitally designed 3D game tickets made specifically for the Atlantic Division basketball team. With less than 24 hours left on the auction, the Knicks’ NFT sale has sold out a number of tickets. 3D NFT Tickets from 5 Classic New York Knicks’ Games A number of NBA teams are getting in on blockchain technology and many American professional basketball teams have engaged in all types of crypto concepts like NFTs and partnerships aimed at elevating cryptocurrency adoption. The NBA has its own Blockchain Advisory Committee and teams like the Portland Trail Blazers, Boston Celtics, and Cleveland Cavaliers have recently stepped into the blockchain fray. This week the New York Knicks launched its first-ever NFT collection as the professional team recently partnered with the NFT marketplace Sweet to auction the collectibles. The Knick’s NFT collection saw five game tickets issued and so far three of the lots have sold out. Then there’s the Knick’s 2020-2021 commemorative plaque auction item. “Commemorate the Knicks’ 2020-2021 season with this one-of-a-kind 3D NFT that displays all 5 tickets,” the nyknft.com website explains. “The highest bidder receives the 1-of-1 ticket plaque and mint #1 of all 5 individual ticket NFTs delivered to a preferred wallet.” The New York Knicks’ commemorative plaque NFT auction item. According to the commemorative plaque auction item’s description, the five games being highlighted via digital tickets in the commemorative plaque include: April 9: OT victory over the Memphis Grizzlies to tip off 9-game win streak April 24: 9th victory in a row after defeating the Toronto Raptors May 16: Celtics win to close out regular season & clinch #4 seed for the Eastern Conference Playoffs May 23: First playoff game at MSG in 8 years & largest indoor event in NYC since March 2020 May 26: Knicks erased a 13-point halftime deficit to even the series at 1-1 The commemorative plaque auction ends at 12:00 p.m. (EDT) on Saturday, July 31, and the current highest bid by the Sweet marketplace user ‘Esteban M.’ stands at $5,565.55. The NFT tickets for the Knicks’ April 9 OT victory and the April 24 ninth consecutive victory are the only two single 3D game tickets that remain. The batch of New York Knicks’ NFTs are Ethereum-based ERC721 token-type collectibles, according to the auction website. Non-fungible tokens have seen a lot of attention in recent times, and the hype has gotten so pricey that some projects are fractionalizing NFTs. The popular television stars and entrepreneurs Mila Kunis and Ashton Kutcher launched an animated series called “Stoner Cats” and only NFT holders can watch. However, as far as sports fans are concerned, a recent survey shows nearly three out of four people are “moderately skeptical” about the longevity of NFT investments. What do you think about the New York Knicks NFTs? Let us know what you think about this subject in the comments section below. View the full article

On Thursday, the Palo Alto-based automated investment service firm, Wealthfront Inc., announced that customers can now get exposure to crypto assets via the company’s platform. The firm revealed that clients can choose from two Grayscale investment trusts, as the company now offers investments in the Grayscale Ethereum Trust (ETHE) and the Grayscale Bitcoin Trust (GBTC). Wealthfront Connects Customers to Two Grayscale Trusts This week Wealthfront has added two Grayscale crypto trusts to the firm’s menu of investments. Wealthfront is an automated investment operation sometimes referred to as a robo-advisor that offers wealth management services. The company was co-founded in 2008 by Andy Rachleff and Dan Carroll and as of 2020, Wealthfront had $15.85 billion assets under management (AUM). The announcement on Wednesday notes that Wealthfront customers can now gain exposure to crypto assets via the platform’s Grayscale bitcoin and ethereum trusts. The news follows the firm’s decision to add customizable Wealthfront portfolios and among the two crypto trusts, there’s hundreds of options to choose from. “Buying cryptocurrency can feel intimidating,” the announcement states. “It takes time and effort to research all of the options, set up a wallet, and monitor an additional account. That’s why we’ve made it easy to get exposure to bitcoin and ethereum right in your Wealthfront portfolio, no wallets required. Instead of buying coins yourself, you can invest in GBTC and ETHE.” Crypto Trusts via Wealthfront Have a 10% Allocation Limit Wealthfront says that the GBTC and/or ETHE can be added to anyone’s portfolio by selecting a combined combination or single trust of up to 10% of the portfolio. The automated investment service firm claims the 10% limit is in the best interest of customers as far as risk is concerned. “We limit your allocation to GBTC and ETHE because, as a fiduciary, we act in your best interests at all times, and these investments can be riskier and more volatile than most ETFs,” Wealthfront’s announcement details. The GBTC and ETHE support is not Wealthfront’s first foray into cryptocurrencies as the company added connection support to Coinbase accounts in 2018. “We make it possible for you to add information about your cryptocurrency holdings in your Coinbase account to Wealthfront to get a more holistic view of your financial picture,” the company said at the time. “GBTC and ETHE round out our significantly expanded menu of investment options,” Wealthfront’s announcement concludes. Grayscale’s bitcoin trust currently has $25.6 billion AUM and the firm’s ethereum trust has $7.5 billion AUM. What do you think about Wealthfront allowing customers exposure to bitcoin and ethereum investment vehicles? Let us know what you think about this subject in the comments section below. View the full article

Paxos, a blockchain services and tokenization firm has added Coinbase Ventures, FTX, Bank of America, and Founders Fund as backers in its Series D funding round that started last April. These institutions were listed as “strategic investors,” but the amounts of their contributions were not disclosed. Paxos has now raised more than $540 million in funding. Bank of America, FTX, and Coinbase Invest in Paxos Two leading cryptocurrency exchanges and the second-biggest U.S. bank invested in Paxos, a New York-based blockchain infrastructure firm that focuses on offering clearing and tokenization services to other traditional firms. Bank of America, FTX, and Coinbase participated as “strategic investors” in the latest Series D funding round that the company started last April. The interest of Bank of America in the firm is not strange. The company included the bank in its Paxos Settlement services, a blockchain platform that allows third parties to settle equity transactions. But for it to invest in Paxos means that they see a future when blockchain technology is more present and used in conjunction with traditional financial institutions. About this, Paxos CEO Charles Cascarilla stated: Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible, and digital economy. We’re defining this space and are excited to grow our enterprise solutions besides these market leaders. This Series D funding round also featured the participation of important investments from companies like Paypal Ventures and Mithril Capital, raising more than $300 million. Stablecoin Controversy The firm states it has an edge over other competing firms: the advantage of being a fully regulated platform, having obtained the New York State Department of Financial Services (NYDFS) issued Bitlicense in October 2020. Some of its customers are PayPal, Bank of America, Credit Suisse, Societe Generale, and Revolut. Paxos is also the custodian and issuer of two stablecoins in the market: Binance USD and Paxos Standard. The company revealed the assets backing its stablecoins last week and had harsh criticism for other companies that don’t back their stablecoins 100% with cash or cash equivalents. Its CCO Dan Burstein called out these organizations stating no regulator would allow these behaviors. Paxos is also interested in linking blockchain and traditional finance markets by itself. Last year, it received a Preliminary Conditional Approval for a US Bank Charter, from the Office of the Comptroller of the Currency (OCC), for running its own banking business. What do you think about Paxos’ latest funding round? Tell us in the comment section below. View the full article

A new report issued by Crypto.com, a cryptocurrency exchange and fintech services firm, discovered that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million last June. The report states that the rise of the defi movement, institutions like Tesla, Visa, Mastercard, and Microstrategy adopting cryptocurrency, and El Salvador establishing bitcoin as legal tender, were important events that helped to popularize crypto even more. Cryptocurrency Userbase Jumps to 221 Million Worldwide, According to Crypto.com Report Crypto.com’s “Measuring Global Crypto Users” report found that the number of cryptocurrency users more than doubled during the first half of the year. Cryptocurrency adoption went from 106 million in January to 221 million in June, principally powered by the bull market that took bitcoin (BTC) to all-time highs during Q1. The report included information from the leading crypto exchanges in the market, including Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit among others. The number of Ethereum users increased during the second quarter, as positive news and investor interest grew around the token. However, it was the meme coin boom and the altcoin push that happened during the two last months of the second quarter that catapulted adoption to new highs. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were immensely popular and drove interest from users outside the market, powered by figures like Elon Musk putting them in the spotlight. Accelerated Growth The growth of cryptocurrency users has also been accelerating this last year, meaning that more users are learning about these alternatives to fiat money. The first cryptocurrency adoption report, which dates from May 2020, noticed it took nine months to reach 100 million from 65 million users. However, now it only took six months for the userbase to grow from 106 to 221 million. Altcoins are a big part of this trend. These have started eating the market share of already established cryptocurrencies like bitcoin and ethereum, likely due to the entrance of new users into the market. At the start of the year, altcoins holders accounted for just 20% of the total cryptocurrency users. but at the end of the second quarter, this percentage grew to 38%. Seeing the big picture, this has been a very good year for cryptocurrency adoption until now, as both institutions and retail holders have turned to crypto. About this, Kris Marszalek, CEO of Crypto.com, stated: The growth we have seen in the first half of 2021 on our platform and industry-wide is very encouraging, and we will continue investing heavily as we pursue our goal of putting cryptocurrency in every wallet. What do you think about Crypto.com’s latest cryptocurrency adoption report? Tell us in the comments section below. View the full article

Gabriel Makhlouf, the governor of the Central Bank of Ireland (CBI), has published a blog post in which he shares his views on the digitalization of finance. While echoing concerns expressed by his counterparts regarding cryptocurrencies, the official has also highlighted some of their positives. Don’t Ignore the Positive Elements of Crypto Technology, Central Bank Governor Says The article titled “Digital Money” was published on the bank’s website on Thursday. In the post, Gabriel Makhlouf discusses the project to issue a digital version of the common European currency. The European Central Bank (ECB) recently launched its “Investigation Phase” and although a final decision is yet to be taken, the governor believes that it is not a question of “if” but rather “how and when” a digital euro will be introduced. Central Bank of Ireland Governor Gabriel Makhlouf. Source: CBI Besides central bank digital currencies (CBDCs), Makhlouf devotes attention to the rise of decentralized money as a factor in the increasing digitalization of finance. Avoiding the “misleading descriptor” “crypto-currencies” and the “less inaccurate” “crypto-assets,” the banker refers to coins, stablecoins, and tokens simply as “crypto.” “Risks are increasing as individuals consider putting some of their money into crypto,” Gabriel Makhlouf says, listing the lack of transparency, price volatility, high energy consumption, and exposure to fraud among the threats investors and governments are facing. “As things stand today, the negatives surrounding crypto far outweigh any benefits,” the Irish official concludes. However, he also insists that authorities should not ignore the positive elements of cryptocurrency’s underlying technology. The CBI governor notes: Distributed Ledger Technology (DLT) is essentially a secure, decentralised record of information stored across a network and is a key piece of architecture for some types of crypto. Makhlouf emphasizes that DLT can reduce the costs of financial transactions and eliminate intermediaries in certain cases while also praising the opportunity to issue smart contracts. “The use of DLT has increased in recent years – it certainly has potential – although it remains to be seen how widespread that will be,” the governor adds. The importance of DLT is likely to increase as governments around the world examine options to employ blockchain technology in the design of their digital currencies. A recently conducted experiment with the participation of several central banks from the Eurozone and the ECB has indicated that a blockchain-based digital euro would be highly scalable. The tested CBDC system was able to simultaneously process over 300,000 transactions a second, the central bank of Estonia revealed earlier this week. Do you expect most central bank digital currencies to be based on digital ledger technologies? Let us know in the comments section below. View the full article