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The Chinese government is taking its digital yuan test one step further. Now, 10 million users will be able to test and use the currency after applying to join a whitelist in selected state banks. This new phase of the test aims to detect possible problems in a more broad testing environment. China is preparing its user base and its digital yuan technology to be used in the upcoming 2022 Winter Olympics. Digital Yuan Whitelist Open The government of China is expanding the testing of its CDBC. According to reports from an officer of the People’s Bank of China, it opened a whitelist to further experiment with the digital yuan. Citizens interested in being part of this initiative can request their inclusion in this new trial phase at selected state banks. More than ten million citizens are already on this whitelist, said Fan Yifei, deputy governor of the People’s Bank of China. However, the extent of this test and how the digital yuan will be distributed have not been clarified. While the digital yuan has been tested in several cities, its acceptance is still far from being ubiquitous. China is ramping up the volume of users and currency in these tests, intending for the digital yuan to be used in the next Winter Olympics. Fan Yifei stated: We have the confidence to continue increasing the scope of the trials. Testing Ramps Up This whitelist program is just the latest of the stages that the People’s Bank of China has executed. Earlier last month, Beijing and Shanghai started giving away red envelopes of digital yuan to their citizens. These two cities will give out more than 500,000 red envelopes. However, these tests might not be getting all the attention the government wants. According to some reports, people are hesitant to switch from known payment methods to the digital yuan. As a consequence, the government of China is moving to clean house. A ban on cryptocurrency mining and trading is now in effect in several key provinces. Yunan, Sichuan, Qinghai, and Inner Mongolia have ousted miners from their territories. This gave rise to a mining exodus that is affecting the operation of the Bitcoin blockchain. Also, the government has acted against established companies involved in the cryptocurrency business. This is the case of Beijing Qudao Cultural Development, a company that was shut down for its alleged participation in providing software to facilitate cryptocurrency transactions. What do you think about the expansion of the digital yuan tests? Tell us in the comments section below. View the full article

Presenting at the Talent Land Jalisco 2021, Apple cofounder Steve Wozniak called bitcoin an “amazing mathematical miracle.” Wozniak said he’s not a bitcoin investor per se, but “believes in it for the future.” Steve Wozniak Is Not Necessarily Invested but Still Believes Bitcoin Is an ‘Amazing Mathematical’ Creation Apple cofounder Steve Wozniak is a fan of bitcoin and he’s mentioned the subject on numerous occasions over the years. Back in August 2018, Wozniak revealed he was participating with a crypto startup and spoke highly about bitcoin. “It’s so independent,” Wozniak said at the time. “It’s kind of like the internet when it was brand new… I was amazed at the technology behind it,” Wozniak added. Still months before the internet comparison, Wozniak told an audience at the Nordic Business Forum in Sweden that he wasn’t obsessed with bitcoin either. “I had bitcoin to experiment with and when it shot up high, I said, ‘I don’t want to become one of those people that watches it, watches it and cares about the number,’” Wozniak said at the time. Speaking at the Talent Land Jalisco 2021 event this week, Wozniak had a similar outlook and highlighted that he doesn’t invest in bitcoin. The event which was 100% in digital format, saw more than two million attendees dedicated to the development of technology, innovation, and entrepreneurship projects. Despite not investing in bitcoin, Wozniak said that the leading cryptocurrency was still a very profound invention. Wozniak further stated: Bitcoin is the most amazing mathematical miracle. Wozniak’s Efforce Crypto Coin and His Failed Battle With Google Steve Wozniak also has a cryptocurrency that bears his name called WOZX and the crypto asset was developed by the Efforce team and Wozniak. WOZX was developed “as the energy savings token to allow contributors of the Efforce platform to benefit from the energy savings generated by efficiency projects worldwide.” WOZX currently trades for 0.00002146 BTC or roughly $0.719 per unit at the time of writing. The market cap on Friday is hovering above $82 million and has made some gains in recent times. Two-week stats recorded on Friday at 2:00 p.m. (EDT) show WOZX has gained 43.3% in two weeks and 14.0% in a month’s time. Last year in July, Steve Wozniak and 17 other victims sued Google and its subsidiary Youtube for allowing crypto scams using his name. However, less than 12 months later, Wozniak failed to win the lawsuit against Youtube and its parent, Google LLC. What do you think about Apple cofounder Steve Wozniak saying bitcoin is a mathematical miracle? Let us know what you think about this subject in the comments section below. View the full article

The publicly listed and iconic lifestyle company Playboy has announced the entertainment firm has collaborated with the non-fungible token (NFT) digital art marketplace Superrare. The Playboy NFTs expand upon an exhibit showcased to thousands of visitors at the Bitcoin 2021 conference in Miami. Playboy’s New Collection of NFTs Includes Heritage Photograph Print Playboy (Nasdaq: PLBY) has announced the company is collaborating with the NFT digital art marketplace Superrare in order to showcase and sell a collection of NFTs. The collection Playboy published on Friday, includes works by Jon Noorlander and MBSJQ, Ayla El-Moussa, and REK0DE. Furthermore, the works include the original heritage photograph that stems directly from the Playboy Archives. The Miami Beach NFT Collection produced by Playboy and various artists. The original heritage photograph features a water-skiing Playboy Bunny Kathy at the Miami Playboy Club in 1970. Moreover, the Playboy heritage NFT buyer will also get a framed limited-edition print of the water-skiing Playboy Bunny photo. The Playboy collection is being auctioned today and once a minimum reserve is met, it will trigger a 24-hour auction. The Playboy NFT auction coincides with Decentraland’s Art Week. “For the past 67 years, Playboy has provided a platform for artists, writers, and photographers to express themselves with total freedom,” the Miami Beach Collection description says. “From Pablo Picasso and Salvador Dalí to Keith Haring and Andy Warhol to Kinuko Kraft and LeRoy Neiman, Playboy has served as a creative incubator for some of the world’s most legendary artists long before they became household names.” “We’re honored to join the Superrare community, and so excited to present our first collaboration during Decentraland Art Week,” Rachel Webber, the chief brand officer at Playboy said in a statement. “We’ve long admired Superrare’s curatorial vision and are thrilled to continue Playboy’s legacy as a curator of artistic expression on the platform. We also want to say a huge thank you to the always inspiring and innovative Decentraland team for inviting us to participate in their second inaugural art festival, and for their ongoing creative collaboration.” Playboy’s Miami Beach Collection Coincides With Decentraland Art Week Decentraland is no stranger to the Playboy brand as the company “made a huge splash in Decentraland in May,” according to Decentraland Foundation member Sam Hamilton. Playboy’s first-ever NFT collection was called “Liquid Summer.” The collection featured a shared vision stemming from Slimesunday and Playboy. At that time, Playboy commended cryptocurrency solutions and non-fungible token assets. “Crypto and NFTs: these are the new frontiers of creative expression and cultural engagement, where the artistic artifacts of our collective past meet the next generation technology of the blockchain,” Playboy said at the time. “For nearly 70 years, Playboy has worked to challenge the status quo and push society forward.” What do you think about Playboy’s Miami Beach Collection hosted on Superrare? Let us know what you think about this subject in the comments section below. View the full article

According to the findings of the latest study by Disrupt Africa, the number of fintech start-ups based on the African continent grew to 576 in 2021. This figure represents a 17.3% jump from the 491 start-ups that were operating on the continent in 2019. Overall, the number of fintech start-ups in Africa has increased around 90% from the 2017 figure of 301. Nigerian Dominance Leading the charge in this continuing African fintech growth is the West Africa region where “Nigerian figures were up 42.6 percent on 2019.” In Ghana, fintech companies grew by 25% over the same period while Ivory Coast’s count was up 100%. However, as the study’s findings show, three countries — Nigeria, South Africa, and Kenya — totally dominate the continent’s fintech start-up space. For instance, the findings show that out of all the fintech start-ups that were tracked during the period between 2019 and 2021, 391 were located in these three countries. Of these 391 start-ups, 154 are based in South Africa, while Nigeria is not far behind with 144. Kenya is a distant third with 93 fintech start-ups. Covid-19 Induced Resurgence Meanwhile, study findings suggest that this resurgence of fintech growth in the “big three” markets could be linked to the Covid-19 related restrictions. For instance, the data shows that after the marginal drop of 2019, the proportion of payments and remittances fintech start-ups increased in these three countries. South African payment and remittances start-ups grew by 27.3%, a figure seven percentage points higher than its 2019 growth rate. In Kenya, the number of fintech start-ups increased by 21.5%, up from the 15.4% growth recorded in 2019. However, in Nigeria — which has consistently outperformed both South Africa and Kenya since 2017 — the number of payments and remittances-related fintech start-ups grew by 33.3%. This is only marginally higher than the 2019 growth rate of 32.7%. In terms of funds raised, the study findings show that Nigerian fintech start-ups have dominated since 2015. The study report explains: Of the 277 fintech funding rounds tracked by Disrupt Africa between 2015 and mid-2021, 108 of these rounds went to Nigerian startups, totalling $467,901,000 in investment and accounting for 53.4 per cent of funds raised since tracking began. This is a far higher total dollar amount than any other country in Africa. Meanwhile, South Africa, which is Nigeria’s nearest competitor, raised a total of $216,124,800 over the same period. However, this figure is only slightly higher than the total amount of Nigerian funding in 2021 so far, which is $208,225,000. Fintech Failures In addition to tracking new start-ups, the Disrupt Africa report also recorded the number of fintech failures. Explaining these start-up failures, the report reads: As noted previously, 109 of the fintech ventures featured in the 2019 edition of this report have since closed their doors. That represented 22.2 per cent of the 2019 total. Closures in and of themselves are obviously not positive things, but the countries and verticals in which most of these ‘fails’ have taken place suggest a market that is correcting itself. Interestingly, the Disrupt Africa study found that more fintech start-ups now have operations in more than one category. As the findings show, the continent had 143 multi-category fintechs operating in 2021, against the 73 that were seen in 2019. Leading in this category is Nigeria which has 39 followed by South Africa which has 31 while Kenya is not far behind with 30. What your thoughts on the findings of this study? Tell us what you think in the comments section below. View the full article

President Nayib Bukele’s adoption of cryptocurrency as legal tender in his country is not being met with deep understanding by most of his fellow Salvadorans, a new survey suggests. Almost half of the respondents admitted they knew nothing about Bitcoin, while two-thirds aren’t ready to be paid in crypto. Bitcoin Adoption ‘Not at All Correct,’ Half of Salvadorans Say In a blow to President Bukele’s crypto-friendly policy, poll results released Thursday showed that around 54% of people in El Salvador viewed the adoption of bitcoin (BTC) as “not at all correct.” Another 24% said it’s “only a little correct.” Less than 20% fully approved of the government’s crypto move. Salvadoran President Nayib Bukele, Twitter. The survey has been conducted by Disruptiva, which is affiliated with Francisco Gavidia University, Reuters reported. The pollster reached out to 1,233 people across the Central American nation between July 1 and 4, and the study has a margin of error of 2.8%. El Salvador has been using the U.S. dollar as its national currency for years but last month the Congress supported Bukele’s push for cryptocurrency adoption. Lawmakers approved legislation giving bitcoin (BTC) official currency status in the country, which became the first in the world to do that. President Bukele has been promoting bitcoin also as a way to facilitate remittances from Salvadorans living abroad. The poll indicated, however, that a large portion of the country’s population, 46%, knew “nothing” about the cryptocurrency. And another 65% of the respondents stated they were not willing to be paid in crypto. During an event presenting the outcome of the survey, the head of Disruptiva’s Institute of Science, Technology and Innovation, Oscar Picardo, commented: This is a risky bet on digital transformation. Supporters of 39-year-old Nayib Bukele in the Salvadoran Congress approved the bill making bitcoin (BTC) an “unrestricted” legal tender in early June. Since then, the unique decision has been met with concerns over how the crypto-friendly move will affect the country’s economy. The IMF warned of “a number of macroeconomic, financial and legal issues,” while the World Bank refused to assist El Salvador in the technical implementation of the cryptocurrency. Last week, the U.S. State Department urged the president to ensure that bitcoin is “well regulated.” What do you think about the Disruptiva poll results? Share your thoughts on the subject in the comments section below. View the full article

PRESS RELEASE. AscendEX, a global cryptocurrency financial platform with a comprehensive product suite, is excited to launch the Hummingbot Rebate Campaign to reward users for trading on AscendEX using the Hummingbot Liquidity Mining Portal. The campaign will begin July 9, 2021 and run for 60 days. During the campaign, new and existing Hummingbot users on AscendEX will be able to take advantage of a favorable VIP fee structure available to traders with any level of trade volume while using Hummingbot. The campaign is set up to offer a 0 bps Maker and 5 bps Taker fee for all Hummingbot users on AscendEX. As part of the campaign, users who maintain high enough trading volumes will continue to retain access to VIP fee levels after the end of the campaign. For new users rebate rates will go into effect 48 hours after users sign up by using Hummingbot’s affiliate link. For existing users rebate rates will go into effect 48 hours after the start of the campaign. AscendEX’s Global Head of Business Development, Shane Molidor said, “We are excited to collaborate more closely with our professional traders and market makers by offering zero-fee trading to all Hummingbot users! We understand their business models very well and are thrilled to promote their success,” Molidor continued, “We believe this would support inclusivity for all participants — anyone willing to learn about Hummingbot can participate in the program, regardless of their current trading footprint. Previously, this has only been open to a select few institutions.” Hummingbot’s CEO Michael Feng said, “Since Ascendex is one of the top exchanges where our token issuers need liquidity and where our users want to trade, we are thrilled to partner with them. Together, we can give everyone in the world access to professional-grade algo trading and market making on a top-tier venue.” Hummingbot provides open-source market-making infrastructure and a one-of-a-kind open marketplace where individuals get paid to trade. Founded by Carlo Las Marias, Martin Kou, Michael Feng, and Yvonne Zhang in 2019, the team aims to promote an open, fair, and inclusive global financial system by providing tools and education for users. Hummingbot’s one-of-a-kind “Market Making 101” academy enables virtually anyone to learn to trade like a pro. AscendEX will be the third exchange to support Hummingbot liquidity mining on their platform. To achieve maximum ROI, AscendEX users should participate in this rebate campaign while it lasts. About AscendEX AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem, such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com. For more information and updates, please visit: Website: https://ascendex.com Twitter: https://twitter.com/AscendEX_Global Telegram: https://t.me/AscendEXEnglish Medium: https://medium.com/ascendex About Hummingbot Hummingbot is an open source crypto trading bot platform that enables decentralized market making. Founded by Carlo Las Marias, Martin Kou, Michael Feng, and Yvonne Zhang in 2019, and is headquartered in Mountain View, California. Hummingbot is a community-driven open-source project that aims to democratize algorithmic trading by making sophisticated high-frequency trading strategies freely available to everyone in the world. For more information and updates, please visit: Website: https://hummingbot.io/ Twitter: https://twitter.com/hummingbot_io Discord: https://discord.com/channels/530578568154054663/ 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

On Thursday local reports from Mechanicville, the city located in Saratoga County, New York, say that an old hydroelectric plant constructed back in 1897 was almost dismantled, but today the plant is mining bitcoins. The Mechanicville facility is considered one of the oldest renewable energy plants in the world, and it’s now making “more money with bitcoin than selling the electricity” to the grid. Historical Hydroelectric Machinery From 1897 Mines Bitcoin In the historic district of Mechanicville, New York, there’s an 18.3-acre site that is considered one of the oldest renewable energy facilities in the world. Mechanicville Hydroelectric Plant was built in 1897 by the Hudson River Power Transmission Company and years ago the plant was almost shut down. The plant is now owned and operated by Albany Engineering Corp (AEC) and the company signed a deal with National Grid in order to have continued access to cheap renewable energy. Mechanicville Hydroelectric Plant is the longest-running hydro plant in the U.S. and one of the oldest in the world. Photo credit: Paul Buckowski/Albany Times Union. Jim Besha, AEC’s CEO, told local reporters that AEC is currently making 3X more money than it would be selling electricity to National Grid, the multinational electricity, and gas utility company. “We can actually make more money with bitcoin than selling the electricity to National Grid,” Besha remarked in a recent interview. The firm only makes $0.03 per kilowatt-hour (kWh) selling power to National Grid. Besha further said: It’s the best (type of bitcoin mining) because we’re using renewable energy. We’re just doing it on the side, experimenting with it. We’re buying used servers. Albany Engineering Corp Converts the Bitcoin Into Cash The site leverages the powerhouse built in 1897, an earth embankment, and a concrete non-overflow dam. Furthermore, the power site also utilizes a 700-foot-long concrete gravity overflow dam. AEC has dedicated a lot of capital and resources toward extensive renovations and in 1989 the facility was recorded in the National Register of Historic Places. According to Besha, the AEC CEO is a little skeptical of bitcoin and he told the press the firm immediately converts to cash. Besha said that he would have liked to sell the renewable energy to National Grid, but the multinational electricity and gas utility company reneged on an old agreement. AEC has had a long-running legal battle with National Grid who signed a contract with AEC in 1993. The deal was that the Mechanicville Hydroelectric Plant and AEC would sell power to National Grid priced just under the going market rates. However, when Besha got the Mechanicville operation licensed, National Grid called the company and allegedly said: “We’re not going to honor this contract. And if you don’t like it, take it to the judge.” AEC got the plant 100% operational but Mechanicville’s local news reports note that the original 1800s machinery had a hard time maintaining a profit. That was until bitcoin mining changed the trend. What do you think about the old Mechanicville Hydroelectric Plant mining bitcoins? Let us know what you think about this subject in the comments section below. View the full article

The CEO of Tesla, Elon Musk, is a fan of base layers when it comes to blockchain technology and on Friday, Musk explained there’s “merit” to the Dogecoin chain “minimizing transaction cost.” Dogecoin developers are in the midst of preparing to update the Dogecoin network by gradually deploying the updates to the network “over multiple software releases.” Tesla’s Elon Musk Wholeheartedly Believes in Dogecoin’s Base Layer On Friday morning (EDT), top dogecoin (DOGE) Youtuber Matt Wallace tweeted about the fact that the Dogecoin upgrade was coming in the near future. “Reminder,” Wallace tweeted. “The Dogecoin update is coming soon. It will position Doge perfectly to become one of the most used currencies in the world.” Following the tweet, Elon Musk decided to respond to Wallace’s statement and said: BTC [and] ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow [and] transaction cost is high. There is merit [IMO] to Doge maximizing base layer transaction rate [and] minimizing transaction cost with exchanges acting as the de facto secondary layer. The message from Musk follows his June 27 statement on Twitter, where he said it was “important to support” the Dogecoin upgrade. Dogecoin core developer Patrick Lodder and Dogecoin core maintainer Michi Lumin have been working with a team that has been coding the upgrade. “The proposed changes below bring the decision power towards which transactions to include back to miners instead of the relay network and increase configurability of all fee-related parameters, enhancing the sovereignty of each individual node operator and the community as a whole,” the new fee structure for Dogecoin core says. Back in May, Tesla’s CEO said he was hoping block times would increase 10X and the fees would drop 100X. Lodder’s new fee structure states: Lower the minimal relay fee to 0.001 DOGE Lower the dust limit to 0.01 DOGE Set the default block inclusion fee rate to 0.01 DOGE Bring back a functional free transaction space Lower the default fee rate to 0.01 DOGE Responses Sent to Musk See Recommendations Like Solana, the Lightning Network, Stacks, Drivechain, and Bitcoin Cash Currently, the cost to send dogecoin (DOGE) is 0.0052 DOGE per byte, which can be translated into 2.13 DOGE per transaction ($0.454). During the first week of May, dogecoin transaction fees touched a high of $2.37 per transfer. Dogecoin prices at that time were much higher than they are today. Some people responded to Musk’s base layer transaction rate tweet and explained that there are existing blockchains that are already up to speed. “Solana, you literally are just asking for Solana,” one crypto fan replied to Musk on Friday. Software developer Patrick Dugan responded to the individual’s Solana tweet. “The one thing that would make defi on Doge better than Solana is its PoW mining and the impact of that on amortizing solar and battery installations,” Dugan tweeted. Of course, supporters of the Lightning Network (LN), which has seen significantly less adoption than many other networks used for BTC sidechain purposes, tried to convince Musk to look into the LN protocol. LN was recommended to Musk by people like Udi Wertheimer and others. Bitcoin Cash supporters also chimed in and responded to Musk’s base-layer statement. “Meanwhile BCH is already doing it… sound electronic cash for everyone.. even the poorest people on the planet,” a BCH supporter wrote in response to Musk’s dogecoin statement. Other people responded by recommending things like Paul Sztorc’s Drivechain (BIPs 300+301) and the Stacks protocol. A Stacks representative wrote that Musk’s requests have been innovated on for quite some time now and he believes Stacks offers these benefits. “Everything that Elon Musk is saying is what the space has been innovating for the past 5 years,” Louise Ivan Valencia tweeted to Musk. “TLDR; Stacks adds scalability [and] smart contract functionality to Bitcoin without modifying it.” What do you think about Elon Musk’s statements about the Dogecoin network’s base layer? Lets us know what you think about this subject in the comments section below. View the full article

A Swedish man has been sentenced to 15 years in prison in the U.S. for an investment fraud scheme involving cryptocurrency, including bitcoin. He defrauded thousands of victims of more than $16 million. The U.S. Department of Justice (DOJ) announced Thursday that a “cryptocurrency fraudster” has been sentenced to 15 years in prison “for securities fraud, wire fraud and money laundering charges that defrauded thousands of victims of more than $16 million.” Roger Nils-Jonas Karlsson, a 47-year-old Swedish man, was arrested in Thailand in June 2019. He pleaded guilty on March 4. According to court documents, Karlsson ran an investment fraud scheme from 2011 until his arrest. He sold shares in the scheme called “Eastern Metal Securities” using cryptocurrency such as bitcoin and other online payment platforms. He promised victims “astronomical returns” tied to the price of gold. However, Karlsson transferred the victims’ funds to his personal bank accounts and used the money to buy expensive homes, a racehorse and a resort in Thailand, the DOJ detailed, elaborating: Karlsson’s fraud targeted financially insecure investors, causing severe financial hardship for many of them. In order to prolong his fraudulent investment scheme, Karlsson deployed several strategies, including rebranding and falsely claiming to be working with the U.S. Securities and Exchange Commission (SEC). The Justice Department stated: As part of the sentence, Karlsson was also ordered to forfeit a Thai resort and various other properties and accounts, and issued a money judgment in the amount of $16,263,820. The DOJ added that the U.S. “is seeking restitution on behalf of Karlsson’s victims,” noting that “A restitution order is expected to be entered by the court within 90 days.” What do you think about this case? Let us know in the comments section below. View the full article

Thousands of users were scammed into buying fake Android cryptocurrency mining apps, according to a California-based security firm. These apps are advertised as a way of earning money via mining cryptocurrencies, but in actuality they don’t perform any function. Instead, they charge the user for supposed improvements and enhancements to improve their currency throughput. 93K Users Scammed Scammers tricked more than 93K users by selling them fake cryptocurrency apps through the Google Play Store. These numbers come from the latest report from Lookout, a California-based security firm. According to the report, the apps mimic a frontend for cloud mining platforms. The business model of these apps is to cheat users into thinking they are really mining cryptocurrencies. In fact, the apps do nothing at all. Compared to similar apps which siphon private data from their buyers, these are more subtle. This is what allowed some of them to remain undetected in Google’s Play Store. Of the 175 apps detected by Lookout, 25 of them were available in the Play Store, and the other could be sideloaded from third-party markets. All of these paid apps include costly upgrades and subscription models ostensibly to improve the performance of mining. This is how scammers are monetizing these apps. Users are tricked into thinking the apps are really mining currency by showing fake numbers. But they then get an error message when attempting to make withdrawals. Two Classes: Cloudscam and Bitscam Lookout divided these apps into two main groups: Clouscam and Bitscam. The main difference between these two is that Bitscam apps also accept payment in cryptocurrencies like bitcoin and ethereum. Cloudscam apps only accept Google payments. Lookout estimates that customers have lost at least $350K investing in these apps. Google removed the reported apps from the Play Store. However, these are still available from third-party marketplaces. The new boom the cryptocurrency industry is experiencing is making inexperienced people easy targets for scammers. While Google already knows about this, dozens or even hundreds of apps may still be lurking in the Google Play Store. Lookout advises new investors to do due diligence before jumping into buying a cryptocurrency mining app. Scammers know inexperienced users are now entering the cryptocurrency market in droves, and they will try to take advantage of this boom. The security firm recommends knowing the developers behind these apps before buying them, installing them only from the official app, and reading user reviews of the app to look for any anomalies. What do you think about these mining scams? Tell us in the comments section below. View the full article

The highly anticipated Ethereum hard fork is expected to launch on August 4 at block height 12,965,000 according to Ethereum core developers. The London hard fork will add five Ethereum Improvement Proposals (EIPs) that aim to enhance the blockchain. However, the Berlin hard fork was postponed after a vulnerability was identified by the audit company Chainsecurity and the London hard fork could be delayed as well. London Hard Fork Scheduled for August 4, 2021 Ethereum’s London hard fork is one of the most long-awaited changes in quite some time and will follow the recently implemented Berlin hard fork. The London upgrade is meant to complement the Ethereum 2.0 transition which will change the ETH chain from proof-of-work (PoW) to proof-of-stake (PoS). Ethereum core devs have proposed block 12,965,000 for London upgrade on Mainnet. It is expected around August 4th.https://t.co/EgHKhrabBzhttps://t.co/5ec2o7OKiD — banteg (@bantg) July 6, 2021 Just recently, Bitcoin.com News reported on three Ethereum testnets preparing to leverage the London hard fork. Now that the implementations have been successful following adaptations to the testnets Goerli and Ropsten, pull request #223 was officially merged. “This pull request proposes block 12965000 for the mainnet activation of the London network upgrade,” explained Ethereum core developer Tim Beiko. “The ETA for this block should be between 13:00 UTC and 17:00 UTC on August 4, 2021. We had agreed on ACD116 to decide the block async and try and get client releases done for ACD117 (July 9).” Beiko added: If we can roughly hit that timeline, then August 4th should provide enough time to advertise the client releases that are mainnet compatible, and allow infrastructure providers [and] node operators to upgrade. The biggest changes being added to the blockchain include EIP-1559 and EIP-3554. EIP-1559 will change Ethereum’s fee rate to a new scheme that makes the crypto asset ETH deflationary. EIP-3554 messes with the miner’s difficulty bomb to ease the transition from PoW to PoS. Additionally, the upcoming fork will also feature EIP-3198: BASEFEE opcode, EIP-3529: reduction in refunds, and EIP-3541: reject new contracts starting with the 0xEF byte. What do you think about the Ethereum London upgrade date? Let us know what you think about this subject in the comments section below. View the full article

With over 1.3 billion inhabitants, Africa accounts for over 16% of the world’s population. However, the continent still falls short when it comes to providing its residents with legitimate or government-issued identification documents. As some studies have revealed, as many as 400 million Africans do not have the appropriate identification documents. Lack of Required Documents Creates Problems Unfortunately, the lack of a national identification document precludes many from accessing financial services, participating in national plebiscites, or even travelling across national borders. To help reduce the number of people that are in this situation, one African tech start-up, Flexfintx, has created a virtual solution to the challenge — digital IDs. To understand how digital IDs can potentially overcome the challenge of lacking identification, Bitcoin.com News interviewed Victor Mapunga, the CEO and co-founder of Flexfintx via email. Bitcoin.com News (BCN): Can you start by briefly telling us what motivated you to start this business? Victor Mapunga (VM): In 2018 upon my return to Zimbabwe, I was trying to open a bank account with a local bank and I was surprised that I couldn’t easily provide them with proof of residence, a piece of documentation necessary to open an account that most people don’t have and which is hard to prove. I went from bank to bank collecting registration forms and they all required hard to prove documentation. I spent the next few months researching and asking people in banking halls how long it took them to open a bank account. For some, it was months as they lived in rural areas and had to commute back and forth if they had missing documents. I also learnt later that over 400 million people in Africa face this challenge and are locked out of the broader financial ecosystem. Thus, Flexfintx was born. BCN: Why do you think digital identities are the panacea to this global challenge of using or lacking identification documents? VM: Manual verifications are expensive and time-consuming, whilst performing KYC for users in emerging markets like Africa is seen as too complex and risky. This results in financial institutions, crypto & fintech companies abandoning this market segment. Digital IDs like the one we developed — Flex ID — unlike traditional ones are completely decentralized, with only the user in full control of their data. This decentralized approach makes it easier for multiple institutions to verify information without having to develop multiple integrations with different service providers. The use of this ID drastically reduces the cost of verification to negligible sums. BCN: What are the other benefits of digital identities? VM: A digital identity wallet like Flex ID is capable of storing multiple credentials from e-KYC credentials, healthcare records, prescriptions and academic transcripts all with one application that is interoperable and completely self-sovereign. This means a user is able to perform multiple verifications with different organisations without having to submit voluminous paperwork. Blockchain-based IDs vs Traditional Systems BCN: Can you explain how blockchain technology is involved with the digital identity solution you are offering? VM: We have a Layer 2 network built on top of the Algorand blockchain called the Flex Network (FN). Every issuing authority and verifier organization will be required to either run or use a SaaS API, to interact with a FN node. The node acts as a trustless way to create, update, and fetch information about digital identifiers (DIDs) from the blockchain. This enables verifiable credentials to be independently issued and verified against the public keys associated with the issuer and holder DIDs. The core technology allowing us to build self-sovereign identity is the DIDs and these are essentially a data format mapping unique identifiers to a set of public keys. A decentralized key management system (DKMS) on the blockchain allows us to maintain a global, shared, immutable ledger of DIDs, and associated public keys to enable independent cryptographic verification of digital signatures. BCN: The concept of digital identities is not a very new one and there are players in this field already. How is your start-up doing things differently from the competition? VM: The naive solution is digital identity, but history has proven that central data stores are high-value hacking targets and can affect millions of users in case of a leak. Flex ID is a self-sovereign digital identity, which means the digital identity is fully owned and controlled by the user/thing being referred to. Flex ID allows users to securely exchange their credentials and gain access to services without intervening third parties. Analogous to a real wallet, it contains credentials like driver’s licenses, national IDs, land certificates, etc. Issuance of digital credentials is more secure, cheaper, and instantaneous than physical ones which are prone to forgery. Physical credentials are expensive to issue and manage and take weeks if not months. Verification of digital credentials is more trustworthy, cheaper, and instantaneous than physical credentials because they allow verifiers to onboard more customers and expand their service offerings with less risk as digital credentials cannot be faked. Ownership of digital credentials allows holders to access services digitally and remotely without needing to visit in-person offices which are only present in major urban centres. They are also self-sovereign and recoverable so users cannot lose or harm their credentials accidentally. WEF Recognition BCN: Your company Flexfintx was recently recognised by the World Economic Forum as one of seven African tech start-ups that are “shaking up the global tech ecosystem.” What does this mean for what you are trying to achieve? VM: We are extremely honoured to be selected into this year’s cohort by the World Economic Forum as a Tech Pioneer. We are especially proud to be the first company from Zimbabwe to ever grace the list and the only one representing Southern Africa. We see it as a vote of confidence in the region’s ability and efforts to develop global problem-solving solutions and a thriving startup ecosystem. As part of Tech Pioneers, we are aiming to contribute towards the Forum’s goals, engage other global stakeholders working within the blockchain space, and use the platform to share our experience building solutions within the emerging world. BCN: In your view, who is the ideal candidate for this solution you are offering? VM: Financial organisations, crypto exchanges, insurance and healthcare companies. Virtually any startup which intends on accessing the broader African market will have access to Africa’s identity API through Flex ID. Do you agree that technological solutions like digital IDs can help reduce the number of people that have no IDs? Tell us what you think in the comments section below. View the full article

Binance CEO Changpeng Zhao stated his take on the recent regulatory crackdown Binance is facing. In a blog post, Zhao explains Binance aims to comply with local regulations. However, he also stated cryptocurrency was a nascent industry, and there are a lot of uncertainties in the field. Binance has been getting a slew of warning from governments all over the world for failing to comply with specific regulations. Changpeng Zhao States Compliance Is a ‘Journey’ Changpeng Zhao, CEO of Binance, finally issued a statement on its take about the recent regulatory crackdown the exchange faces. In a letter published yesterday, Zhao describes how Binance is gradually adapting to regulations all over the world. But he recognizes that Binance “haven’t always got everything exactly right.” Zhao further stressed: Compliance is a journey – especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity. Binance is facing opposition from local governments due to its failure in complying with local regulations. This is known as localization, and it is one of the most complex matters international companies face due to the costs associated with it. Zhao declared: We are committed to being compliant with appropriate local rules wherever we operate. We have seen regulators take a more active interest in the industry as-a-whole as the industry goes main-stream. At the same time, Zhao called for clearer regulations. In his view, more regulations are a positive development for the industry, but these need to be easier to follow. This makes more people confident in the industry and will more capital to the market. Binance’s Compliance Plan Zhao stated Binance is taking tangible steps to ramp up compliance. Among these is the adoption of Traveler, a system to comply with the travel rule proposed by the Financial Action Task Force. The system created by Ciphertrace, a blockchain analytics company, automatizes this task. The letter also states Binance Global Compliance team has grown 500% in just one year, achieving partnerships with institutions like United Nations Office on Drugs and Crime (UNODC) and Interpol. This is the first clear response that Binance issues regarding the recent warnings emitted against the exchange. Regulators from Japan, U.K., Cayman Islands, and Thailand have called out the exchange for offering trading services without registration. And more recently, banks like Barclays have started blocking payments and wires to Binance to protect customers. What do you think about Changpeng Zhao’s answer to the recent actions against Binance? Tell us in the comments section below. View the full article

Israel’s parliament, the Knesset, has become the first national legislature to release a non-fungible token. The special NFT has been created for the country’s new president, Isaac Herzog, who took office this week after his election in early June. Knesset Becomes First Parliament to Issue NFT Isaac Herzog received the token right before his inauguration on Wednesday, the Jerusalem Post reported. The unique NFT represents a copy of the original oath signed by his late father, Israel’s sixth president, Chaim Herzog. President Isaac Herzog With the symbolic gesture, the Knesset becomes arguably the first parliament to create an NFT. “I am excited to present President Herzog with a special memento of his father that includes the oath he signed 38 years ago,” Knesset Speaker Mickey Levy was quoted as saying. Levy also stressed: It is a great honor for the Knesset to implement one of the world’s most innovative technologies in order to preserve such a significant historical document for future generations. In the original file that has been published for the first time, president Herzog senior pledged “allegiance to the State of Israel and its laws and to faithfully carry out my duties as president of the state.” His son, Isaac, did the same on July 7 from the speaker’s podium in the Knesset plenum. The image file for the NFT has been produced by the staff of the Knesset’s Technology and Computing Division using a secure and encrypted mobile device, the newspaper detailed. It will be handed over to staff members of the IT department at the President’s Residence. The idea came up about a week ago, when Chaim Herzog’s oath of office was found in the Knesset archives. Parliament employees were moved by the historic document and suggested giving the new president a copy of it as a gift before his own inauguration. In the past months, non-fungible tokens (NFTs) have become a sensation in the art world. The Israeli parliament spent only several hundred shekels to create the file, but the worldwide success of NFTs could boost its value to millions of dollars, the publication ponders. For example, artist Mike Winkelmann recently sold an NFT for $69.3 million, the third-highest price for a work by a living artist. In Israel, the president has a largely ceremonial role and limited powers. The president’s main responsibility is to discuss nominations for prime minister with the leaders of the parties represented in the parliament and give a mandate to form a government. Isaac Herzog was elected by the members of the Knesset on June 2 for a single seven-year term. What do you think about the Knesset’s idea to issue a special NFT for the inauguration of Israel’s new president, Isaac Herzog? Let us know in the comments section below. View the full article

A UBS survey finds that central bankers see benefits in investing in cryptocurrencies like bitcoin. 28% see benefits from cryptocurrency being an uncorrelated asset and “11% would consider it as an alternative to gold.” Central Bankers See Benefits in Investing in Cryptocurrencies Like Bitcoin The 27th Annual Reserve Management Seminar Survey by UBS explores the prospects of cryptocurrencies as investments for central banks. This survey, conducted between April and June, questioned central bankers from close to 30 central banks in all regions globally, UBS explained. According to Switzerland’s largest bank, this survey “is among the most authoritative depictions of official reserve management activities available.” Central bankers were asked what the motivation for central banks to invest in cryptocurrencies like bitcoin would be. The most popular answer was “Learning/ building up knowledge about crypto investing process and investment management.” UBS described, “83% of participants believe that the learning process itself of investing and managing this new asset class would be valuable for their institution.” The second most popular answer was “Uncorrelated asset.” The third was “Signaling technical progress of the institution.” Another common answer was “Gold alternative (independence from Western financial system).” UBS wrote: 28% of participants see benefits coming from cryptocurrencies as an uncorrelated asset, and a further 11% would consider it as an alternative to gold. UBS’ 27th Annual Reserve Management Seminar Survey. Source: UBS Central bankers were also asked specifically whether they see cryptocurrencies displacing gold as a safe haven asset in the future. Among respondents, 84% said no, 0% said yes, and 16% said they did not know. “A majority of 84% of participants do not believe that cryptocurrencies will displace gold as a safe haven,” UBS noted. The survey also asked central bankers about central bank digital currencies (CBDCs). 46% of respondents indicated that CBDCs and cryptocurrencies will co-exist, noting that bitcoin and other cryptocurrencies will not be displaced by central bank digital currencies. Meanwhile, 33% believe that CBDCs will displace cryptocurrencies. What do you think about this survey? Let us know in the comments section below. View the full article

PRESS RELEASE. ESTONIA — JULY 8, 2021 — YIELD App, the decentralized finance (DeFi) wealth management platform bridging traditional and digital finance, is pleased to announce the launch of its Bitcoin Fund, allowing users to earn high-interest returns on the world’s biggest cryptocurrency, Bitcoin (BTC). This will consist of a base annual percentage yield (APY) of 6% on BTC with a further 6% available in YLD rewards.* The fund will initially be available to YIELD App Tier 5 users only. These are users of the YIELD App platform that hold 20,000 YLD tokens or more in their on-platform wallets and who are entitled to the maximum APYs available. Tier 5 users will be able to deposit unwrapped Bitcoin into the YIELD App Bitcoin Fund from today, 07:00 UTC Thursday, July 8, until 07:00 UTC Sunday, July 11, or until an initial fund cap of 500 BTC is reached. Unwrapped Bitcoin is BTC on the Bitcoin blockchain, rather than synthetic BTC tokens used to trade the asset’s value on other blockchains like Ethereum. If, after this period, there is any allocation remaining, the fund will be opened to all users for a further 24 hours from 07:00 UTC Sunday, July 11, until 07:00 Monday, July 12, or until the cap is reached. The minimum deposit accepted into the fund is 0.25 BTC. In addition to the 500 BTC cap, which ensures that the YIELD App portfolio team is able to deploy funds into the most stable, high-yielding Bitcoin opportunities for its users, the fund will be closed until October 10, 2021. Investors that remain in the YIELD App Bitcoin Fund for the full initial period will receive their principal investment and the interest they have earned in both BTC and YLD at the end of the term. During this period, the YIELD App team may open the fund for further investment beyond the 500 BTC cap, subject both to demand and favorable market conditions. This considered and controlled approach to the launch of its highly anticipated Bitcoin Fund reflects YIELD App’s long-standing commitment to safety and stability. These safeguards will ensure the stability and market-leading APY of the YIELD App Bitcoin Fund, which will join the wealth management platform’s USDC, USDT, and ETH offerings. This well-rounded suite of funds offers investors the opportunity to earn up to 20% on crypto’s biggest currencies. Commenting on the launch of the YIELD App Bitcoin Fund, Tim Frost, CEO of YIELD App, says: “This represents the realization of one of our biggest goals and a singular opportunity for users to invest into DeFi using their Bitcoin. There remain few platforms in this space that offer this, with many requiring users to wrap their Bitcoin first. Instead, YIELD App is taking the complication out of investing Bitcoin into DeFi by allowing users to deposit BTC directly with us. “With the YIELD App Bitcoin fund, users need only deposit their Bitcoin onto our platform and invest. Our portfolio team will then place funds into the highest-yielding, most secure Bitcoin opportunities in the DeFi ecosystem. “The fund launch comes at a time that many long-term HODLers of BTC are looking for a safe harbor for their assets as they weather current volatility. We hope these long-term investors use YIELD App to earn up to 12% APY on this flagship digital asset and we look forward to welcoming them into the fund.” Since its public launch in February 2021, YIELD App has gained more than 44,500 users and grown its on-platform managed assets to more than $135 million. The huge success and leading APYs of its existing USDC, USDT, and Ether (ETH) funds have seen the wealth management platform attract the attention of both individual and corporate customers, with the firm now managing the treasuries of over 30 companies. YIELD App is part of the DeFi ecosystem, which refers to a breadth of financial instruments and tools built on top of blockchains like Ethereum. DeFi removes traditional financial intermediaries and provides equal access and opportunities to everyone by using technology that is open, transparent, and immutable. Many of DeFi’s most popular protocols have taken familiar aspects of conventional finance (such as borrowing, lending, and insurance) and rebuilt them from the ground up, all powered and made possible through blockchain. DeFi has continued to set new records this year. Between January 1 and June 30, 2021, DeFi’s total value locked (TVL) has climbed from USD $21.1 billion to $107.5 billion: a 409% increase. However, while DeFi’s growth has been spectacular, accessibility has hampered mainstream adoption. YIELD App bridges the divide through an intuitive, secure platform backed by DeFi’s most innovative protocols. In the near future, YIELD App will launch additional funds, fiat ramps, in-app token swaps for each token pair, and card services. *Please visit the YIELD App blog for full terms and conditions of the YIELD App Bitcoin Fund About YIELD App YIELD App believes that everyone should have access to the best investment opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, the company provides an innovative wealth management platform that bridges traditional and decentralized finance in the easiest way possible. For more information, visit www.yield.app 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

Visa Inc. announced Wednesday that the transactions via crypto-linked Visa cards exceeded $1 billion in the first quarter. The company further said that it is partnering with 50 major cryptocurrency platforms “to launch card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.” Visa Announces $1 Billion in Crypto Card Transactions and Partnerships With 50 Crypto Platforms Visa announced Wednesday that more than $1 billion worth of cryptocurrency was spent by consumers globally through crypto-linked Visa cards in the first six months of the year. The payments giant also said that it is partnering with 50 leading crypto platforms “to launch card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.” Visa CFO Vasant Prabhu told CNBC: “We see a lot of volume on our [network] of people buying cryptocurrencies at these various regulated exchanges and as far as we can see that trend continues.” He added: We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency. People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for. Among crypto platforms that Visa is working with in its Fintech Fast Track Program are Coinbase, Blockfi, Circle, and FTX. The program is focused in part on making cryptocurrency more practical for consumer and business spending. The partnerships will make it easy for clients to convert and spend cryptocurrencies at 70 million merchants worldwide, including those that do not accept digital assets. Among the features being worked on is letting users spend fiat and earn cryptocurrencies as a reward. Cuy Sheffield, Visa’s head of cryptocurrency, told the Insider that with more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, he is optimistic there is more to unlock. He explained: The merchants don’t have to change anything. It will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat. What do you think about Visa’s efforts to grow the crypto economy? Let us know in the comments section below. View the full article

Bank of America has become the latest major bank to make a foray into the cryptocurrency sector. According to an internal memo, the bank has created a team dedicated to researching cryptocurrencies. Bank of America believes that it is “uniquely positioned to provide thought leadership” on cryptocurrencies and the technology behind them. Bank of America (BOFA) has created a new team dedicated to researching cryptocurrencies, according to an internal memo seen by Bloomberg. A spokeswoman for the bank confirmed the contents of the memo. The new crypto team will be led by Alkesh Shah, a founding member of the Data & Innovation Strategy Group at Bank of America. It will report to Michael Maras, who leads the bank’s global fixed income, currencies, and commodities research. Besides cryptocurrencies, the team will also cover technologies tied to digital currencies. Candace Browning, head of Bank of America’s global research, said in the memo: Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform and our blockchain expertise. A growing number of investment banks have begun offering or are in the process of offering cryptocurrency services to their clients. They include Goldman Sachs, Morgan Stanley, Citigroup, Standard Chartered, Wells Fargo, and DBS. What do you think about Bank of America launching a dedicated crypto research team? Let us know in the comments section below. View the full article

Binance.us has hired Manuel Alvarez, a former financial regulator from California, to work as its chief administrative officer. The San Francisco-based crypto exchange, which sources technology from Binance, is aiming to deal with “the big question” — compliance. Binance.us Filling Roles in Compliance, Risk Management, and Legal Binance.us, powered by matching engine and wallet technologies licensed from the world’s leading coin trading platform, announced the appointment of Alvarez in a statement released this week. The exchange’s new chief administrative officer has previously served as the commissioner of the California Department of Financial Protection and Innovation, Bloomberg reported. Manuel Alvarez will join the company on July 22 and report to its CEO Brian Brooks, himself a former bank regulator. Brooks, who was acting head of the Office of the Comptroller of the Currency (OCC), took his post at Binance.us in May this year. Since then, Brian Brooks has been building his team, almost doubling the staff. He plans to employ more professionals for the exchange’s compliance, risk management, and legal departments in the next few months. Commenting on the latest hire, the chief executive stated: Bringing on someone like Manny, who was the regulator responsible for the protection of over 40 million consumers, shows not only do we take this seriously, but we’re not going to be defensive about compliance and consumer protection. Brooks added that Binance.us will continue to go after “the very best talent” and “the very most-senior people” for the respective “super important” functions. The company is expanding its workforce in a period of increased scrutiny over the crypto space, with exchanges under pressure from regulators around the world. Binance Holdings, the company with which Binance.us shares a common founder and name, is now facing regulatory actions in Thailand, the U.K., and Japan. Binance.us is a separate entity from Binance, Brian Brooks noted. In his view, the calls for regulation aren’t bad signs and the market now needs basic frameworks. He emphasized: Exchanges such as Binance.us have to navigate the big question of compliance. “How do you allow decentralization to occur, how do you bring these assets to the market, while ensuring good risk management, compliance with law, the disclosure of what you’re selling to your customers and those kind of things?” Brooks said in an interview with Bloomberg Television. Binance.us, which is operated by the San Francisco-based BAM Trading Services, allows its users in the United States to buy and sell more than 50 cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), and the BNB token. CEO Brian Brooks revealed the exchange could eventually go public in the next four years. What do you think about Binance.us hiring a former financial regulator as its chief administrative officer? Tell us in the comments section below. View the full article

It was announced today that OVR, a mobile app linked to the world of blockchain and NFTs, is heading towards a new front, that of augmented reality chats. In fact, the new update of the app, available for both iOS and Android, promises AR face-to-face chats, i.e. the ability to talk to friends within the app using avatars and interacting with them. It is the first app to allow such a feature, especially if we think about the crypto sector and the implications of OVR in the blockchain world. OVR is therefore moving towards a new direction of inclusivity and greater customization of avatars thanks to 10 new characters and ethnicities that can be used in the app. With this new update of the app, you will also be able to receive notifications of chats with your friends and avatars that you meet in the OVR metaverse and also the ability to share links to your LANDs. Prior to this update, it was not possible to share a simple LAND URL to invite people into your metaverse. Now each of the 1.6 trillion hexagons in which the virtual world of OVR is divided has its own link that can be shared. On each LAND it is possible to organize all kinds of experiences, from concerts to virtual NFT exhibitions and more. Great news for this app, which recently formed a partnership with Chainlink and sold over 300,000 LANDs at auction, including the Eiffel Tower, which sold for $100,000 a few months ago. OVR also has its own token of the same name, which can be purchased directly by credit card from the company’s website. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Boston-based crypto financial company Circle has announced the firm plans to go public this year in a merger with Concord Acquisition Corp. Circle revealed the news on Thursday and noted that the company expects to close the deal in Q4 with a valuation of $4.5 billion. Circle Announces SPAC Deal With Plans to Go Public The payments technology company Circle founded by Sean Neville and Jeremy Allaire in 2013 plans to go public soon. The company headquartered in Boston, Massachusetts has operated numerous services during the last eight years and more recently it launched the usd coin (USDC) with Coinbase and the Centre consortium. For a small period of time Circle also owned Poloniex and then sold the exchange, and Circle sold the digital asset trading platform to Voyager Digital in February 2020 as well. Circle was the first company in New York to receive the Bitlicense back in September 2015 and now the company plans to leverage a special purpose acquisition company (SPAC) merger to get listed. The deal should be settled by the fourth quarter of 2021, and Circle expects the company will net a valuation of $4.5 billion. On Thursday, Circle CEO Jeremy Allaire discussed the subject with CNBC’s Squawk Box broadcast. “We just see an incredible opportunity to grow rapidly and grow around the world, and we think that this set of transactions and becoming a public company really sets us up to be a trusted platform in this digital currency industry,” Allaire remarked on the show. USDC Adoption and Usage Grows Exponential Another report notes that the deal is expected to see $691 million in proceeds funneled into the combined entity. Circle also said PIPE (private investment in public equity) financing will also bolster the firm and stem from companies like Daniel Loebb’s Third Point, Ark Investment Management, Marshall Wace, and Fidelity Management & Research Co. A transcript filed by Circle with the U.S. Securities and Exchange Commission (SEC) discusses the SPAC venture and also mentions the growth of USDC. Jeremy Fox-Geen, Circle’s chief financial officer said in a transcribed SEC investor conference call that the company has “seen growing adoption and usage of the USDC across an ever-widening range of use cases. While we believe that the use case for USDC is the same as the use case for a dollar, for many of those use cases, USDC is the better product,” Fox-Geen added. Circle’s cofounder Allaire will remain the CEO and Bob Diamond, chairman of Concord Acquisition will become a board member. Diamond is also the chief executive officer of Atlas Merchant Capital and the former CEO of Barclays plc. “We operate this market infrastructure of USDC which doesn’t have a clear comparable,” Allaire emphasized on CNBC’s Squawk Box. “It’s a fundamental innovation in payment systems, so you might think about large payment technology companies,” Circle’s CEO added. What do you think about Circle planning to go public via a SPAC merger with Bob Diamond’s Concord Acquisition? Let us know what you think about this subject in the comments section below. View the full article

The crypto asset shiba inu (SHIB) now has a decentralized exchange (dex) platform called Shibaswap and since the trading protocol’s launch, the dex has $1.55 billion total value locked (TVL). The SHIB-fueled dex has a lot more liquidity than most platforms today as Shibaswap has been catching up to popular dex platforms like Pancakeswap and Sushiswap. Shibaswap Dex Gathers Significant Liquidity in 48 Hours Shiba inu has a leg up over dogecoin and baby doge this week as the meme-based crypto asset has launched a dex platform called Shibaswap. The dex Shibaswap is similar to dex applications like Uniswap, Sushiswap, and Pancakeswap the dex that leverages the Binance Smart Chain. During the first 24 hours, Shibaswap gathered more than $1 billion TVL and on Thursday, the TVL jumped to $1.55 billion. SHIB stats show that on Thursday, SHIB is down 5.9% according to Coingecko and SHIB lost 7.9% during the last seven days. However, two-week stats show SHIB has increased by 18.8% and 30-day data shows SHIB is up 6.2%. Currently, shiba inu (SHIB) is swapping for $0.00000813 per token which means a dollar’s worth of SHIB is roughly 123,065 tokens using today’s exchange rates. The developers behind the crypto asset shiba inu (SHIB) have also created other SHIB-related assets like leash ($2,049) and bone ($8.04). The leash and bone tokens are leveraged for different reasons. Bone for instance is given to Shibaswap liquidity providers. Shiba inu’s leash token was meant to be a rebase token pegged to the price of dogecoin (DOGE), however, the token has been “unleashed” and does not rebase. The circulating supply of leash (LEASH) is only 100,000 tokens which is a stark contrast to SHIB’s 497 trillion supply currently in circulation. The Shibaswap contract, the SHIB token and Shiba migrator all pressed ether fees higher on Tuesday. ETH fees have remained higher since the Shibaswap launch. As far as TVL is concerned, Shibaswap is just below Sushiswap’s $2.72 billion TVL but above Bancor’s $1.22 billion and Balancer’s $697 million TVL. Shibaswap’s launch was also attributed to Ethereum network fees jumping from a low average of around $3 per transaction a few days before launch to $6.72 per transaction on July 7, 2021. The director of research at the Block Crypto, Larry Cermak tweeted about Shibaswap and fees on July 6. “Gas is near 100 again as Shibaswap starts taking off and spamming Ethereum’s blocks. We live in a clown world,” Cermak wrote. What do you think about Shibaswap’s launch increasing ether fees and the $1.5 billion TVL the dex currently holds? Let us know what you think about this subject in the comments section below. View the full article

The European Union is preparing to set up an anti-money laundering agency to coordinate national supervisory authorities. According to a media report based on EU documents, the bloc also plans to impose new rules to increase transparency for cryptocurrency transfers. Europe Steps Up Anti-Money Laundering Efforts on Union Level In response to calls for enforcement of anti-money laundering (AML) rules throughout Europe, the European Commission is likely to propose the establishment of a new Anti-Money Laundering Authority (AMLA). According to documents seen by Reuters, the agency should become the “centrepiece” of an integrated supervisory system consisting also of national authorities. In the absence of a pan-European anti-money laundering body, the executive power in Brussels has so far relied mainly on national regulatory agencies to enforce its AML rules. Cooperation hasn’t always been satisfactory when it comes to stopping dirty money, the report notes. That’s why the authors of the documents insist: Money laundering, terrorist financing and organised crime remain significant problems which should be addressed at Union level. The new authority will be expected to help prevent money laundering and terrorist financing cases in the European Union “by directly supervising and taking decisions towards some of the riskiest cross-border financial sector obliged entities.” The agency will coordinate national supervisory authorities to more effectively enforce common European regulations. Brussels also wants to make EU’s AML rules directly binding on member states to stop criminals from exploiting differences between national regulatory regimes. EU to Adopt Stricter Reporting Requirements for Crypto Service Providers Another proposal from the quoted documents is to adopt new European requirements for service providers working with crypto assets. These platforms will be obliged to collect and make accessible data concerning the originators and beneficiaries of cryptocurrency transfers. The scope of EU rules for financial services does not currently cover such transactions and EU officials warn: The lack of such rules leaves holders of crypto-assets exposed to money laundering and financing of terrorism risks, as flows of illicit money can be done through transfers of crypto-assets. According to Sven Giegold, member of the European Parliament from the German Green Party, the European Commission has prepared a strong package against money laundering. “With uniform standards and more centralised supervision, the EU Commission is introducing important improvements to enable consistent action against financial crime,” Giegold emphasized. The MEP added that the EU should in the meantime pursue legal action against those EU members that are not enforcing its AML rules properly. A final approval from the EP and the EU states will be needed for the new regulations to come into force. What’s your opinion about the proposals in the EU documents quoted in the report? Let us know in the comments section below. View the full article

U.S. Senator Elizabeth Warren has warned of the growing risks of cryptocurrency trading. She recently called on the U.S. Securities and Exchange Commission (SEC) to “use its full authority to address these risks,” adding that “Congress must also step up to close these regulatory gaps.” US Senator Warren Presses SEC to Step Up Crypto Oversight U.S. Senator Elizabeth Warren, who chairs the Senate Banking Committee’s Subcommittee on Economic Policy, warned Thursday of the growing risks posed by the cryptocurrency market. She also blasted the SEC for the lack of crypto regulatory oversight. “While demand for cryptocurrencies and the use of cryptocurrency exchanges have sky-rocketed, the lack of common-sense regulations has left ordinary investors at the mercy of manipulators and fraudsters,” the senator was quoted by Reuters as saying. She elaborated: These regulatory gaps endanger consumers and investors and undermine the safety of our financial markets. The SEC must use its full authority to address these risks, and Congress must also step up to close these regulatory gaps. Senator Warren also sent a letter to SEC Chairman Gary Gensler on Wednesday, raising concerns about the risks in the crypto market. She emphasized that cryptocurrency trading platforms lacked the same basic protections as traditional exchanges. The senator cited Federal Trade Commission (FTC) data showing that nearly 7,000 people reported a combined $80 million in losses from cryptocurrency scams in the six months to March. Gensler, the MIT professor who taught classes on crypto and blockchain, was confirmed as the new SEC chairman in May. Has previously said that cryptocurrency exchanges needed more regulation but has yet to propose new rules. “This is a quite volatile, one might say highly volatile, asset class, and the investing public would benefit from more investor protection on the crypto exchanges,” he said in May. Warren asked Gensler to outline how cryptocurrency exchanges may be undermining the SEC’s mission, whether additional investor protections were needed, and whether international regulatory coordination was required. She stressed: The lack of regulation to provide basic investor protections is unsustainable. Senator Warren told Gensler that she needed answers from him by July 28 on the SEC’s authority to protect consumers investing and trading in cryptocurrencies, and determine what future congressional action was needed. What do you think about Senator Elizabeth Warren’s action regarding crypto regulation? Let us know in the comments section below. View the full article

Bitcoin and a number of popular digital assets have been dropping in value over the past 24 hours, as bitcoin has slipped below the $33K handle. The entire market capitalization of all 10,000+ crypto assets in existence has shed billions during the overnight trading sessions, and the crypto economy currently rests at $1.38 trillion, down more than 6% since yesterday. Crypto Market Cap Sheds 6%, Ether Dominance Climbs Higher Traders are focused on what will happen next in the land of crypto markets, as prices have started to dip after a long period of consolidation. At 7:00 a.m. (EDT), the price of bitcoin (BTC) slid to a low of $32,100 per unit but has regained some of the losses. 24-hour statistics show BTC has lost 6.4% during the last 24 hours and 2.87% during the last seven days. BTC is 49.64% down from the all-time high it captured three months ago. Meanwhile, bitcoin dominance has dropped to 44.3% and ethereum (ETH) dominance has climbed higher in recent times (18.3%). BTC is currently trading for $32,518 per unit at the time of writing. Ethereum holds the second largest position on Thursday, in terms of market capitalization with $251 billion. ETH has slid over 9% today but across the last week, ETH is up a touch over 2%. At press time, ether is swapping for $2,155 per unit and has close to $8 billion in 24-hour global trade volume. Out of the entire top ten list of crypto coins, cardano (ADA) has managed to hold back losses. ADA has shed 5% today but the crypto asset is up over 3% over the course of the trailing seven days. The biggest gainer on Thursday is hyperion (HYN) which is up over 73% and the biggest loser is the tokenstars token TEAM which is down 53% in the last 24 hours. Alex Kuptsikevich: ‘Bitcoin Is at Dangerously Low Levels, While Ether Rests Comfortably’ In a markets update note sent to Bitcoin.com News, Alex Kuptsikevich, the Fxpro senior financial analyst explained that “bitcoin is at dangerously low levels.” Kuptsikevich said that there’s been a summer lull in crypto markets lately, but it may just be “the calm before the storm.” “Over the past 24 hours, Bitcoin has lost 7% and is trading around $32.3K,” Kuptsikevich said. “The price dynamic of the first cryptocurrency with seriously reduced trading volumes is considered a worrying sign. After all, if the market is affected by a small number of open positions, then any small storm could turn into a large-scale sell-off, disrupting an avalanche of stop orders. The current levels near the local lows of the last two months make us watch with bated breath for further movements.” Kuptsikevich continued: The decline of the first cryptocurrency under $30k is likely to trigger a new wave of liquidation. But the most alarming thing for crypto-enthusiasts is that such an outcome will underscore the prolonged nature of the correction, increasing speculation around a new ‘crypto winter’ like in 2018. Kuptsikevich said that whether or not a ‘crypto winter’ comes to fruition, we will find out soon enough. Even though BTC is resting at dangerous levels, ether is at “a quite comfortable level.” “The project is consistently moving along the roadmap of the transition to PoS. The developers have the confidence of market participants, and Goldman Sachs recently called ethereum more promising than bitcoin,” the market analyst added. What do you think about today’s crypto market movements? Let us know what you think about this subject in the comments section below. View the full article