Litecoin Foundation Set To Allocate Unknown Amount Of Treasury To Celsius Network

Litecoin Foundation is set to invest its capital in another crypto lender to earn interest. According to CoinDesk, Litecoin Foundation is partnering with Celsius Network, a crypto lending firm, to become its ideal crypto wallet.

According to the partnership agreement, the Foundation is set to set aside an unknown amount of its treasury to Celsius Network whereby LTC holders are poised to earn about 10.53% per year back to their crypto holdings as well as dollar loans at about 4.95 percent annually.

According to Celsius Network CEO, Alex Mashinsky, the partnership will go a long way to validate the platform that says that it gives back almost 80 percent of the revenue generated to depositors.

The CEO hailed the deal as a great milestone for Celsius saying that this was the first time that the crypto community is identifying Celsius as major utility provider in the crypto sphere. Mashinsky said that this was a ‘huge event’.

Celsius generated $50 million during its initial coin offering that took place last year and so far the company has already completed about $2 billion in terms of loans. Additionally, the company has held about $350 million per year in terms of customer deposits and provided more than $3.5 million worth of interest.

Speaking to CoinDesk, crypto custodian company, BitGo, said that they held about $1 billion with Celsius crypto deposits in the last one year which represents more than double the amount that has been locked away in decentralized finance platforms.

Litecoin Foundation has been seeking partners in the last one year and has managed to add Miami Dolphins as a major partner and now has bagged Celsius into the partners mix.

In the last one year, Litecoin Foundation has been under intense scrutiny following the news that it was struggling to pay its employees. However, the foundation managing director and Litecoin founder, Charlie Lee has reteriated that he will continue funding the Foundation until its fully financially stable.

Lee has clarified that the partnership with Celsius was for the benefit of the investors as they will earn interest per year. The director also revealed that the Foundation has no intention of seeking out collateral based loans offered by Celsius.

Read Original/a>
Author: Joseph Kibe

Two out of Five Millenials Look At Crypto During A Recession, eToro Survey Discovers

A new survey has discovered that 40% of the Millenials in America would rather invest in crypto assets than any other kind of asset during an upcoming recession. According to the study, which was conducted by eToro with 1,000 online investors in the U. S. recently, Millenials are the most open investors to crypto.

According to the data, two-thirds of the investors are afraid of a recession, but their solutions for how to handle it are different. While 40% of Millenials have chosen crypto, 50% of Generation Z had chosen real estate. Generation X is more inclined to invest in commodities, with 38% of them choosing this kind of asset.

Another trend is that fractional ownership interest has spiked. 92% of the investors affirmed that they would like to own pieces of artwork during a recession while 55% of them were eager to sell a portion of their current portfolios if they could find new investments that could be more profitable than the ones that they have right now.

Finally, the study also concluded that high net worth individuals are more likely to invest in Bitcoin than any other kind of crypto asset, as it is the most famous and powerful one.

The managing director at the company, Guy Hirsch, affirmed that during a recession most portfolios would end up shrinking. The main difference now is that crypto provides a true new path. The investment would not be confined only to people with a high net worth. Retail investors and not only institutional ones could gain money during the recession.

Hirsch also affirmed that current investors want more freedom besides just following the status quo of investments and they see an opportunity in Bitcoin.

Read Original/a>
Author: BEG News Desk

South African Crypto Ponzi Scheme Affirms It Has No Money To Pay Duped Investors

South African Crypto Ponzi Scheme Affirms It Has No Money To Pay Duped Investors

There is one reason not to invest in Ponzi schemes: you will be scammed. Sure, you can believe that you will have a degree of success in case you go in and get out pretty quickly, but the truth is that you will generally only lose money. This is exactly what happened to the investors of Bitcoin Wallet, a lucrative South African Ponzi scheme with a pretty uninspired name.

According to the Ladysmith Gazette, hundreds of South African investors put their money on the company and expected a high return on investment. They obviously were not able to get it. As of July 4, the company basically shut down.

Bitcoin Wallet promised returns of over 100% for investors in only two weeks. Despite how absolutely fishy this sounded, a lot of people were attracted to the investment.

Now, these investors want to know what was done with their money because the company affirmed that there is no money anymore and simply shut down. The founder of the project, a man named Sphelele “Sgumza” Mbatha, affirmed that he simply has no cash to pay the investors, so he had no choice but to shut down the business entirely.

The business was reported to receive over $2 million USD in deposits daily. In fact, there were so many people trying to get the money that they limited investors if they weren’t able to offer at least $350 USD (5,000 rand).

When asked how this happened, the founder of the Ponzi scheme only affirmed that he “didn’t know what was going on”. Far from an acceptable answer, obviously.

Also, there are suspicions that the license of the company was forged and that the creators knew right from the start that they would eventually scam the investors, which is basically the least surprising rumor ever.

In order to run its scam, Mbatha took a 10% “administrative fee” over the money deposited, which was possibly how he got so rich by fooling others and eventually ran out of money as, like in any Ponzi scheme, he was probably using the money that entering in order to pay the investors that were cashing out.

Mbatha, which has stated that he was only a “manager” of the project, affirmed that he has stopped working and that he was using an “online system” to get the money and was also awaiting for payments just like the other investors.

People are obviously pissed with him now, especially as Mbatha basically turned into a local celebrity after the success of the scam, but they will probably never get their funds now.

This is why it is important to never invest in Ponzi schemes. If something has a return of 100% in only two weeks, wouldn’t everybody invest in it?

Read Original/a>
Author: Gabriel Machado

Ripple’s xCurrent-Based Money Tap Gains Seven New Banks as Equity Holders

Ripples-xCurrent-Based-Money-Tap-Has-Attracted-Investment-From-Seven-New-Banks

Ripple has recently made the news for announcing that it would invest $50 million USD on MoneyGram and SBI Holdings, a Japanese financial services company. Now, the company is on the spotlight again and, fortunately, it is because of good news once more.

The company has recently announced that seven new banks are onboard of its Money Tap initiative, which is powered by the company’s xCurrent technology, based on the XRP Ledger.

Money Tap, in case you are not familiar with this technology, is a payment app launched by Ripple in order to make payments more seamless and faster. With the app, users can transfer money almost instantaneously whenever they want to.

The app also allows for transactions with bank accounts, using QR codes to pay and cross-border transfers. At the moment, only two banks were fully compatible with the system: Suruga Bank and the Suminobu SBI Net Bank.

Now, the Fukushima Bank, Towa Bank, Toho Bank, Chubuko Bank, Shimane Bank and Ashiga Bank, as well as a yet unnamed bank, are all using the Money Tap system, too. The number of banks which have invested in the technology, counting the ones that do not use it, is at 20 now. These banks include Shimizu Bank, Shiga Bank, Hiroshima Bank, Fukui Bank, Shinsei Bank and others.

As you may have perceived, basically all these banks are based in Japan. The Money Tap is becoming pretty strong locally, so there is no doubt that Japan is the main target that Ripple has for this project.

The current goal at the moment is to allow other organizations to participate in this consortium as well, which may bring benefits to them and to their customers. No names were announced, but some financial institutions are already interested in being a part of the new project.

All of Today’s Ripple (XRP) Price Analysis, Chart Forecasts and Industry News

Read Original/a>
Author: Gabriel Machado

Allianz Global Strategist: I Wouldn’t Buy Bitcoin, It’s a Figment of Everyone’s Imagination

Allianz-Global-Strategist-Says-He-Wouldnt-Buy-Bitcoin
  • Allianz global strategist believes Bitcoin is an imagination
  • He said that he would not invest in Bitcoin
    Neil Dwane, portfolio manager and global strategist at Allianz, said that he would not purchase Bitcoin (BTC). He explained that his decision is related to Bitcoin being a “figment of everyone’s imagination.” Nonetheless, there are other analysts at the company that are in favour of Bitcoin.

Analyst and Portfolio Manager At Allianz Would Not Buy Bitcoin

According to the Wall Street Journal reporter Steven Russolillo, Neil Dwane does not believe in Bitcoin. On Twitter, he quoted him by saying that he would not purchase the digital currency and that there is no evidence that investors can get their money out of the system.

This is just another individual that, as he does not understand how Bitcoin works, decides to attack the crypto network and space. There are other critics such as Warren Buffett or Jamie Dimon that have also criticized Bitcoin and digital currencies.

During this year, Bitcoin was able to surge and reach the highest level in more than 8 months, becoming one of the best-performing assets this year. There is an increased interest in digital currencies from larger investors and other companies that helped the virtual currency reach $9,000 a few weeks ago.

According to Allianz, positions within the company can change, especially when looking from an insurance or asset management point of view. At the same time, they said that investors should decide for themselves whether they think Bitcoin and other virtual currencies are a predictable store of value.

There are other companies such as Fidelity Investments and the Intercontinental Exchange (ICE), that have been paying close attention to the crypto market and are now developing their own services and products for crypto enthusiasts and investors.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

Read Original/a>
Author: Carl T