Revolut Adds 11 New ‘Hot’ Cryptos Including DeFi Tokens for UK and EU Users

Revolut Adds 11 New ‘Hot’ Cryptos Including DeFi Tokens for UK and EU Users

London-based Fintech company, Revolut has announced support for eleven new cryptocurrencies, including popular DeFi tokens.

The cryptos selected are the result of the digital banking service provider “tracking hot tokens and top movers.”

Now Revolut’s UK and EU users can trade Cardano (ADA), Uniswap (UNI), Synthetix (SNX), Yearn Finance (YFI), Uma (UMA), Bancor (BNT), Filecoin (FIL), Numeraire (NMR), Loopring (LRC), Orchid (OXT), and The Graph (GRT).

“Revolut is moving much faster than PayPal and Square. Let the race begin!” noted Spartan Black, a partner at crypto fund The Spartan Group.

Revolut already supports a few cryptos, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), EOS, OMG, 0x (ZRX), and Tezos (XTZ).

According to its website, the majority of crypto funds are held in cold storage with custodians.

The app has constantly been expanding to new markets, with its Revolut Business going live in the US last month, and the same month they launched Revolut Bank in 10 new European markets.

Read Original/a>
Author: AnTy

SEC Chair Nominee Gary Gensler says Bitcoin & Crypto’s are ‘Catalysts for Change’

SEC Chair Nominee Gary Gensler says Bitcoin & Crypto’s are ‘Catalysts for Change’

But at the same time, they also raise new issues of investor protection, said Gary Gensler during his confirmation hearing.

During the Senate confirmation hearing for Gary Gensler on Tuesday, President Joe Biden’s nominee for chairman of the US Securities and Exchange Commission (SEC) said ensuring that cryptocurrency markets are free of fraud and manipulation is a challenge.

Gensler has previously served as a Commodity Futures Trading Commission (CFTC) chairman during the Obama administration. He has been viewed as a strong advocate for crypto assets as Gensler has served as a senior advisor to the MIT Media Lab Digital Currency Initiative and even taught about blockchain technology.

During his confirmation hearing, Gensler suggested that more regulatory oversight could be coming crypto’s way while hinting that it will depend on which form of crypto is under discussion.

While the SEC should promote innovation in the cryptocurrency space, if securities are being traded on exchanges, “we want to ensure that there’s appropriate investor protection,” he said.

“It’s important for the SEC to provide guidance and clarity.”

“Sometimes that’s a clarity that will be a thumbs up, but even if it’s thumbs down, it’s important to provide that.”

Back in 2018, at a conference, Gensler said there is a “strong case” that digital assets created and issued by companies are likely to violate securities law.

The agency has said that Bitcoin and Ether are not securities and is suing Ripple, alleging that it broke laws with its unregistered digital asset securities offering.

As the head of the SEC, Gensler would be in charge of cryptocurrencies deemed securities.

“Bitcoin and other cryptocurrencies brought new thinking to payments but raised new issues of investor protection we still need to attend to,” Gensler told lawmakers, describing them as “catalysts for change.”

Read Original/a>
Author: AnTy

Senator Warren Says, Cryptos Are ‘Speculative In Nature And Going To End Badly’

Senator Warren Says, Cryptos Are ‘Speculative In Nature And Going To End Badly’

Crypto critic senator Elizabeth Warren doesn’t see cryptocurrency investment ending up good for anyone.

“Speculative in nature and going to end badly,” is what she had to say about the digital currencies in an interview with CNBC. Back in 2018, she said, “The challenge is how to nurture productive aspects of crypto with protecting consumers.”

On Tuesday, Warren was asked if she agrees with US Treasury Secretary Janet Yellen’s sentiments about cryptocurrencies. Warren said Yellen is a “very smart woman,” and she didn’t leave much room for ambiguity regarding her views on cryptos.

Yellen called Bitcoin “highly speculative” last month because of cryptocurrencies usage in terrorist financing and illegal business. She also called the leading digital currency “extremely” energy inefficient.

Cathie Wood, founder, and CEO of hedge fund ARK Invest addressed Yellen’s remarks, saying the Treasury Secretary doesn’t understand cryptocurrencies. She said,

“I’m not quite sure why she’s saying this. All I know is that she doesn’t understand the crypto space, and I say this with all due respect; I just don’t think it is what she does. She’s responding to a movement in price, that I understand, which has been very rapid.”

Wood further argued that the energy usage of Bitcoin, which is mostly renewable, is a fraction of that used to mine gold, and it “hardly measures up” to the energy consumption of the traditional financial world.

Warren, meanwhile, as one of her first moves as a new member of the Senate Finance Committee, unveiled legislation this week that would introduce the Ultra-Millionaire Tax Act. As per this proposal, a 2% annual tax on households and trust over $50 million will be introduced. An additional 1% annual surtax could be added to those whose wealth exceeds $1 billion. She said in the interview,

“I think most people would rather be rich and pay 2 cents. This is not very fancy. It really is a tax on fortunes above $50 million.”

According to her, wealth tax was needed for a long time in order to produce more opportunity in America. In a statement, she pointed out how the wealth of the billionaire class increased by more than a trillion dollars over the last year, during the pandemic. Warren said,

“We do understand the direction we’ve been going. This pandemic has created more billionaires. The people at the top are not barely hanging on by their fingernails.”

Read Original/a>
Author: AnTy

Central Bank of Nigeria Prohibits Banks to Deal with Crypto’s which Became Popular in EndSARS Protests

Central Bank of Nigeria Prohibits Banks to Deal with Crypto’s which Became Popular in EndSARS Protests

Binance has already disabled deposits while citizens of Africa’s largest economy object to CBN’s decision.

The Central Bank of Nigeria (CBN) has ordered banks and other financial institutions to immediately close accounts interacting with cryptocurrencies.

According to the circular sent by the central bank of Africa’s largest economy, such deals are “prohibited,” and failure to comply with the directive will result in “severe regulatory sanctions.”

The bank regulator has ordered deposit money banks, non-bank financial institutions, and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

In 2017, CBN said it would not license cryptocurrencies, and any crypto transactions would be outside the protection of the law.

Back in September, the country’s Securities and Exchange Commission also said it would regulate trade in digital assets to provide investor protection.

Interestingly, the anti-crypto stance from CBN comes after protests in October against SARS, excesses of the police’s Special Anti-Robbery Squad, saw the organizer accepting Bitcoin for funding following the government blocking local payments platforms from accepting donations.

“There’s a direct line that can be drawn from the EndSARS protests — which carried on partly with funding from cryptocurrency even though CBN restricted several accounts — to these latest regulations,” said Joachim MacEbong, a senior analyst at SBM Intelligence in Lagos.

“This latest instruction will end up making the case for cryptocurrency adoption better than any other argument. One promises freedom, while the status quo only reinforces restrictions,” MacEbong added.

According to Paxful, Nigeria recorded the world’s second-largest Bitcoin by peer-to-peer trading volume in 2020.

Leading spot exchange Binance has disabled deposits “to prevent more NGN coming in,” after receiving notice from their channel partners, shared exchange CEO Changpeng Zhao “CZ” on Twitter.

Read Original/a>
Author: AnTy

India Proposes Bill to Ban “Private” Crypto’s and Introduce a CBDC, But No Need to Panic

India Proposes Bill to Ban “Private” Crypto’s and Introduce a CBDC, But No Need to Panic

The proposed bill is yet to be presented, and WazirX CEO says they have “been preparing for this” and “pushing for regulations.”

The Indian government is now planning to introduce a bill to ban all private cryptocurrencies and launch its own central bank digital currencies (CBDC).

“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency (sic) and its uses,” reads the screenshot shared by Crypto Kanoon on Twitter.

However, this isn’t the first time that there are talks of such a bill to be proposed in India or in the crypto space.

Not to mention, the market has been seeing a lot of FUD in the ongoing bull market — China and Tether FUD has already been renewed.

“Let’s not be afraid. We’ve been preparing for this. We’ve been pushing for regulations. I believe this bill will be referred to a standing committee for further deliberations,” tweeted Nischal Shetty, founder, and CEO of Indian exchange WazirX, which is acquired by leading spot exchange Binance.

When it comes to a CBDC, central banks of several countries have taken steps towards this, and Shetty believes it a good thing, but the scary part is banning private cryptocurrencies, which he believes are expected to be in the context of crypto being used as a “currency.”

“Crypto as an asset/utility would be ok in India. It would also be ok to trade these assets. There are millions of Indians who own crypto assets. Billions of dollars of people’s money and wealth are at stake here. I’m sure the Government understands that” he said.

He further goes on to explain that there is no such thing as a “private cryptocurrency” because, by their nature, they are decentralized and public.

“Attacking digital assets by confusing them to be INR competitors wud be amateurish,” he said.

Being a large country, India has the second-largest population in the world after China; the WazirX CEO expects the government to understand the underlying terminologies before presenting any related bills and not be in a rush and destroy the general public’s value by doing it wrong.

Shetty is rather “looking forward to a healthy debate if this is presented” and expects this to be a precursor to positive crypto regulations.

“Wrong or hasty regulations will set us back by a decade. Right regulations will catapult India to the forefront of this technology,” Shetty said.

Read Original/a>
Author: AnTy

Dave Portnoy’s Barstool Fund Accepts BTC, ETH & More in Donation for Small Businesses

Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses

The crypto community has donated more than $1 million to Dave Portnoy’s The Barstool Fund.

The Fund has raised a total of about $6.343 million from 59,830 supporters and has already helped 18 small businesses.

From the crypto community, trader Mason Riley donated the highest amount $250k and crypto exchange Gemini founders Tyler and Cameron Winkless donated $200k.

Crypto investment firm CMS Holdings made $102k in crypto donations and Jason A. Williams, author of “Bitcoin: Hard Money You Can’t F*ck With” contributed $100k. Anthony Pompliano, co-founder of Morgan Creek Digital donated 2 BTC which was worth $50k on Christmas day.

Anonymous traders @Cryptowhale and @Milkman2228 donated $50k and $25k respectively while David Gokhshtein, member of Forbes Finance Council, did $10k. An anonymous donor donated $55,000 in Zcash to the fund. Besides these whale donors, $216k also came from the crypto community.

The Fund currently supports 12 crypto assets in total: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Zcash (ZEC), Basic Attention Token (BAT), 0x (ZRX), STORJ, DAI, Gemini Dollar (GUSD), and AMP.

Just before last weekend, Dave Portnoy introduced The Barstool Fund to help small businesses in need of help due to the coronavirus pandemic.

This week, Portnoy took to Twitter to share that Winklevoss twins donated $200k to the fund unsolicited and called out Pomp and Williams to step up and make some donations as well.

In turn, Bitcoin proponent Pomp asked Portnoy to set up a Bitcoin wallet on the Funds page for the crypto community.

“@stoolpresidente is finally ready to atone for his sins and weak hands. We’re setting up a Bitcoin wallet through @TheGivingBlock to help raise money for small businesses via the Barstool Fund,” tweeted Pomp on Christmas Eve.

As per the Funds page, donating crypto directly to a 501-c3 non-profit offers better tax efficiency than cash as the IRS classifies cryptocurrency as property for tax purposes.

Read Original/a>
Author: AnTy

Gold Investor Forecasts Continued Bullish Rally for Bitcoin and Ether in 2021

While 2020 has already proven to be a stellar year for several large-cap cryptos, some analysts are already predicting what 2021 might look like.

Major gold bug Frank Holmes has given his prediction on Bitcoin and Ether. He believes both digital assets could do much better in the new year as they capitalize on 2020’s performance.

Increased Investor Interest and a DeFi Boom

Holmes is the chief executive of U.S. Global Advisors, a Texas-based asset management firm. Speaking with Kitco News, Holmes explained that he expects digital assets to notch improved performances in 2021 along with gold. He argued that the leading cryptocurrencies had seen growth in their underlying value drivers, leading to higher adoption and price gains.

Speaking on Bitcoin, Holmes explained that the asset is seeing greater adoption. He noted the increase in the number of new wallets, maintaining what seems to be a three-year trend. However, while many have pointed to an influx of institutional investment as to why Bitcoin is surging, the gold bug attributes the rally to the halving event.

As he pointed out, a comparable halving event in the gold market could see the asset rise to $10,000 an ounce. He added that the halving had affected the supply of the asset. Joined by the quick adoption by institutions (which have a penchant for absorbing Bitcoin in large numbers), Bitcoin’s demand has grown significantly, leading to a jump in value.

Moving to Ether, Holmes highlighted that the asset had enjoyed most of its 2020 rally from the decentralized finance (DeFi) boom. DeFi Pulse shows that the total value locked in DeFi projects is at an all-time high of $14 billion. Since much of DeFi activity is done on the Ethereum blockchain, the network is seeing new usage. That will undoubtedly increase Ether’s value in the future.

Holmes further predicted that continued growth in the DeFi market would help Ether going into 2021. The investor predicted a “two-standard deviation” to occur to the asset in the next few months on gold. Estimating the occurrence’s effects, he claimed that gold could hit $2,600 an ounce before 2021 draws to a close.

Not Drawing Comparisons

Holmes refrained from speaking on Bitcoin’s potential to displace gold as the global reserve currency that many believe could happen in the next decade.

A recent Bloomberg piece explained that several Wall Street stalwarts had begun debating Bitcoin’s potential to usurp gold as the global reserve currency. Bitcoin had gotten support from names like Paul Tudor Jones and Stanley Druckenmiller. Several large investment firms are even considering moving large chunks of their portfolios into BTC.

Bitcoin’s market cap is still a paltry $346 billion compared to gold’s $2.6 trillion. However, continued growth in the asset’s investor base should force a considerable change.

Read Original/a>
Author: Jimmy Aki

European Countries Support EU Stablecoin Regulation

European countries are in favor of regulating fiat-backed cryptos, stablecoins.

Spain, Italy, France, Germany, and the Netherlands backed the European Commission’s goal to regulate stablecoins.

Until the regulatory, legal, and oversight challenges have been addressed, the five countries said on Friday that stablecoins should not be allowed to operate in the EU.

According to European countries, the regulatory framework of the EU for these coins should address risks to monetary policy and protect customers while maintaining their monetary sovereignty.

All stablecoins should be pegged 1:1 with fiat currency and the reserved assets denominated in the euro or any other currency of EU member states deposited in an EU-approved institution, they said.

Much like the Bank of England Governor said last week, the draft joint statement from these countries seen by Reuters, also wants the entities operating these stablecoins to be registered in the EU.

Facebook’s Libra has pushed stablecoins on policymakers’ agenda. Given that its governance body Libra Association is based in Geneva, it can impact their plans to issue its stablecoin.

Read Original/a>
Author: AnTy

Cardano is A Significantly Better Crypto; Makes No Sense for BTC to Rule the Roost: ADA Founder

  • Hoping ADA to jump into top three cryptos with the launch of Shelley is setting yourself up for failure – said Charles Hoskinson
  • Bitcoin will maintain the store of value status & be a multi-billion dollar ecosystem, just like gold
  • Central banks’ stimulus for too long can force a banking crisis which will be the time for crypto to shine and “we’re building for that”

Proof-of-stake (PoS) blockchain Cardano (ADA) Founder Charles Hoskinson conducted his latest AMA last week where he shared the delay of its Shelley era has been due to several factors. As Hoskinson explained,

“Byron reboot and the Shelley Haskell testnet – once those two events happen then we are a hundred percent confident.”

Recently, there have been reports that the Shelley update has been postponed because of the coronavirus (Covid-19) which Hoskinson was quick to deny, calling it “fake news.”

The most significant release, Byron Reboot has been said to be “100% re-written code, security audited, built with formal methods and it’s 100% built in-house.” This critical milestone will enable the migration from the Rust programming to Haskell.

Hoskinson isn’t concerned about the delays or the time taken to release Shelley on the mainnet. But he did share that even such a big release won’t affect the price of ADA.

“We are in a market condition right now where if you launch Shelley it’s actually not going to significantly impact the price of ADA. So if you are hoping for Cardano to somehow become top three cryptocurrencies the minute Shelley comes out, I think you are setting yourself up for unrealistic expectations and failure.”

And if you wanna know why the cryptocurrency price is currently so low — $0.024, down 63% in the past month and 98% from its ATH — that’s because

“everything else is low and when everything else goes back up it goes back up. Real decoupling takes years.”

During his livestream, Hoskinson also talked about working on implementing commercial infrastructure, which can be expected in the coming months. According to Hoskinson, it is what Cardano needs “to be competitive against other cryptocurrencies.”

ADA “significantly better crypto” than Bitcoin

The CEO of IOHK, the company behind the cryptocurrency, also believes ADA will surpass Bitcoin, the world’s leading cryptocurrency.

This is because “we have more utility and we’re just a significantly better cryptocurrency.” According to him, Cardano is the first to offer the same security principles as of Bitcoin but with none of the downsides which “makes no sense for Bitcoin to rule the roost.”

Cardano, he said, is the first one to “come at it with the same overall technological goals of Bitcoin but do so in a way that vastly surpasses it,” in terms of extended UTXO, matched all of its security properties, and has smart contracts.

He further talked about how Bitcoin mining spends more power than the country of Switzerland while Cardano only spends 10 kilowatts. Hoskinson said,

“We have so much utility and we can complete the entire enhanced transactions so the asset the identity component; the metadata component, the contractual component as well as the regulatory component, given that we can do all those things and Bitcoin cannot, there’s just no reason to use Bitcoin as a medium of exchange or as a Dapp platform.”

The only good thing bitcoin can be, according to him, is a good store value and,

“I believe firmly it will maintain that status and it will still be a multi-billion dollar ecosystem. But it’s just like gold and it’s just one of many options. It has its place in purpose but it doesn’t do everything.”

Central bank stimulus to force a banking crisis

During his AMA, the co-founder of Ethereum also touched upon the central banks’ stimulus and how too much of it will lead to a crisis.

“We can’t have trillion-dollar quantitative easing and stimulus packages and zero percent or negative percent interest rates. You just can’t do that. If you do it too long, the system will start crunching and then those of if they’re too heavy will force a banking crisis.”

But that would mean, cryptos will be at the center stage and that’s what Cardano is preparing and building for, said Hoskinson.

“That’s going to be the time for crypto to shine, can’t tell you when it’s gonna happen but I tell you it will happen and when it does that’s our time and we’re building for that.”

The ongoing environment he said is a very risky time, where a bank run can take Bitcoin to $100k or collapse it to a thousand dollars.

Read Original/a>
Author: AnTy

Ripple’s Development Wing, Xpring, Is Financing A Project To Link XRP To Ethereum

  • As per the market caps, ETH and XRP can be said to be two of the biggest cryptos in the world and now plans are underway to link the two and make them interoperable.
  • Last weekend, a project to create a bridge linking Ethereum and Ripple was rolled out at ETH Denver and it will be bankrolled by Ripple’s development wing, Xpring.

In a blog post Ripple’s senior product chief, Warren Paul Anderson explained why the initiative was hatched. According to the post, it is clear that Ripple is aiming at capitalizing on the opportunities in the Decentralized Finance (DeFi) market on the Ethereum platform. Anderson explained:

“We think the XRP to ETH and ERC-20 tokens bridge is important since XRP is one of the most liquid cryptocurrencies in the world, but doesn’t have a compute layer to support complex smart contracts for the growing Decentralized Finance (DeFi) market on Ethereum.”

During last weekend’s meeting, developers present at ETH Denver were challenged to link the two cryptocurrencies, a task that will be carried on Interledger (ILP), Ripple’s platform used for linking blockchains. This project will go on to the development site Gitcoin up to the end of the coming week.

The development of bridges within the permissioned blockchain is not likely to suit all within the Ethereum community as the majority prioritize decentralization. Consequently, Ripple’s lightning-like transaction speeds can be imperative in providing scalability solution which Ethereum is currently yearning for.

Anderson also explained that the effort by Ethereum to attract more than 1 million developers can be boosted through the pooling of resources as well as effort and also working together as a team where necessary. Working together will make it easier for developers to build on blockchain technology while at the same time reaching the 1 million developers mark will be beneficial to all the players in the blockchain space.

Xpring has so far invested more than $500 million worth of XRP into the blockchain and fintech industry with the aim of enhancing adoption with interoperability.

Read Original/a>
Author: Joseph Kibe