Crypto “Presents An Interesting Opportunity For Robinhood,” Clear Interest In The Asset Class

Crypto “Presents An Interesting Opportunity For Robinhood,” Clear Interest In The Asset Class

“I think it’s becoming a more and more widely accepted asset class,” said Robinhood co-founder Vlad Tenev pointing to the institutions taking a bigger role in crypto and being “an accelerant potentially for international expansion.”

“We’re going to be a participant,” in the cryptocurrency industry in the long-term, said Robinhood co-founder and CEO Vlad Tenev in an interview with CNBC’s “Squawk on the Street” this week as the company went public.

“It’s clear that our customers are interested in this asset class, and I think it’s becoming a more and more widely accepted asset class,” said Tenev pointing to the “institutions taking a bigger role” in it.

On being asked about the regulatory aspect of the crypto market, with Senator Elizabeth Warren talking about crypto in the context of snake oil and how it might affect the company, the co-founder of the zero-fee trading app is pretty clear that they are going to be a part of it.

“It’s global by nature which I think presents an interesting opportunity for Robinhood because it’s an accelerant potentially for international expansion into certain markets. So, of course, we’re gonna have to continue constructive dialogue and people are trying to figure out what the regulatory framework is going to be and we welcome that.”

Cryptocurrencies have begun to take a significant share in the company’s transaction-based revenue, with one-fifth of its Q1 revenue coming from crypto and one-third of that is from Dogecoin alone.

When asked about Dogecoin becoming a massive part of their business, if that’s sustainable, and what does it mean to have these meme moments, Tenev said, “there’s going to be idiosyncratic moments where something becomes more culturally relevant like a particular cryptocurrency or a particular stock and, of course, we have to be available for our customers.”

As for Robinhood itself becoming a meme stock, the CEO hasn’t given it much thought. But the first day of trading Robinhood shares doesn’t reflect that as plenty of its users didn’t take up the chance to take part in the IPO.

Robinhood priced its share at $38, valuing it at $31.7 billion after raising $1.89 billion from the offering, setting the stage for the company to start trading on Thursday under the symbol HOOD.

But unlike the hype around Coinbase’s direct listing or many other ICOs that saw their prices rocketing, this time, “HOOD” shares opened around $38 level only to decline right from the first few minutes of its opening.

HOOD shares ended its first day as a public company 8.4% below its IPO price, failing to win over the retail investors, or it could be an efficient market in play.

Robinhood set aside around 35% of its IPO shares for the retail business and ended up selling around 20% to 25%, according to the New York Times, citing a person with knowledge of the matter.

The company’s debut also came in a crowded and diminished week in the capital markets, with the record-setting year of US listings losing momentum. Meanwhile, the IPO made its co-founders billionaires with Tenev’s holdings valued at about $2.4 billion and co-founder Baiju Bhatt worth $2.8 billion.

In an interview with Bloomberg, Tenev said he’s striving for a “large portion” of the company’s customers to be long-term investors.

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Author: AnTy

Difficult Time Ahead for Risk Assets; Fed Has Pres. Biden’s Blessing to Do ‘Whatever Necessary’

“The opportunity for bitcoin remains very, very bright,” according to Grayscale CEO, based on who’s investing, their size of allocations, and with the conviction, they are doing that. As for tapering, Guggenheim Chairman says the earliest it would start would be March next year.

This week started on a red note, with Bitcoin’s price going under $30k for the first time in over a month. But before the mid of the week, we made progress and came really close to $33k.

Commenting on this volatility, Michael Sonnenshein, Grayscale Investments CEO said, investors allocating to crypto know that it is going to be a part of it.

“Most of the investors we’re dealing with are not looking at short-term price movements or volatility. Their crypto allocations are really over the medium to longer-term time horizon. So I don’t think people feel terribly fazed when they see sudden movements in the market,” he said in an interview with Bloomberg this week.

But with Bitcoin falling in line with stocks this week, is it a diversification play? “Certainly,” said Sonnenshein, noting that for a lot of investors, it is a “differentiated return stream.”

While the Bloomberg hosts are hearing that there’s no money sitting on the sidelines wanting to get in, according to Sonnenshein, based on who’s investing in the market, their size of allocations, and with the conviction, they are doing that, “the opportunity for bitcoin remains very very bright.”

“Even though there is no Bitcoin ETF today investors aren’t waiting to add crypto to their portfolios. BTC is doing hundreds of millions of dollars a day in notional trading volume.”

Sonnenshein also commented on GBTC unlocks about which a lot of investors are concerned about and wondering about its effect on the fund growing so large.

“It’s a little too early to tell,” he said. “But what we have seen is with BTC trading at a discount to net asset value a lot of investors, particularly institutional money, have been stepping into that trade realizing that that capital can actually help them own or control more bitcoin than it would be if they were buying bitcoin in the spot market,” which will ultimately lead it back towards NAV and “in the longest case scenario it will be an ETF that would arbitrage away any discount to the net asset value,” Sonnenshein added.

Taper Tantrums

Interestingly, the government continues to pump money into the market that works in Bitcoin’s favor. While the Federal Reserve Chair has assured that quantitative tightening isn’t happening as of now, US President Joe Biden also said this week that inflation is temporary.

“The Fed is independent. It should take whatever steps it deems necessary to support a strong, durable economic recovery.”

The President said his plans to invest more in infrastructure and better care for older people and children would enhance productivity and raise wages without raising prices. This, he said, will “take the pressure off of inflation (and) give a boost to our workforce.”

With the Fed meeting next week and Jackson Hole, there are expectations that the Fed will provide some clarity on tapering. In an interview with Bloomberg, Guggenheim Investments Chairman Scott Minerd said,

“It’s been very interesting to watch how hawkish a number of the Fed FOMC members have become in such a short period of time… I think that by September the Fed will probably feel some obligation to lay out how tapering will work but may not be so anxious to actually announce a date when it would start. I think the earliest we would expect tapering to start would be March of next year.”

But any sign of acceleration would be interpreted as bad for the stock market and probably good for bonds, he added. Even before that, Minerd warned of rough months ahead.

“Usually the stock market has its weakest performance in the months of September and October,” with the old rule – sell in May go away, come again at Labor Day.

While warning about “a seasonally difficult time for risk assets,” Minerd talked about Bitcoin. Calling it a “risk-on asset,” he feels that the latest drop could have lower to go.

“I think that there is still more air to come out of this,” he said. This means, ultimately, something in the neighborhood of $15k will be the standard bull market for a bear market, according to him.

As such, he ain’t buying the cryptocurrency anytime soon but would make that decision based upon price action in the future.

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Author: AnTy

It’s Possible the US Gets Crypto, the “Next Internet Sized Opportunity,” Wrong says Coinbase Co-Founder

It’s Possible the US Gets Crypto, the “Next Internet Sized Opportunity,” Wrong says Coinbase Co-Founder

Fred Ehrsam, the co-founder of Paradigm, says China is already taking a stand on crypto, and it could beat the US in crypto that too “on multiple fronts.”

“The US is at a very important crossroads with crypto today,” says Coinbase Co-founder Fred Ehrsam, who is also the co-founder of crypto investment firm Paradigm.

In an interview with Bloomberg, Ehrsam talked about the regulation of cryptocurrency as more and more regulators are getting vocal about regulating the crypto space.

“The US is blessed with the best currency and the world’s reserve currency today,” and it also tends to be the de facto financial regulator for a whole bunch of the world, he said, noting that most of the highly valuable companies in the world are American Internet technology companies.

“I do think that crypto is a nuanced issue and that it’s possible the US gets crypto wrong.”

While regulators’ job is to mitigate risk and keep investors safe, at the same time, “crypto is the next Internet sized opportunity for the United States.”

According to him, crypto has the “potential to create as many if not more jobs than the Internet,” the same as economic growth.

China Could Beat the US in Crypto

Cryptocurrencies can actually help with the privacy internet issues as seen with big tech companies in the past decade, according to Ehrsam.

These technologies can be used to “continue to own our own data while still getting all the benefits of the Internet platforms we know and love,” he added.

Ehrsam further noted that China is already taking a stand on crypto, “for better or for worse.” On being asked if he has concerns that China is going to beat the US in crypto and if that’s kind of a big deal, Ehrsam said: “Candidly yes.. and it’s on multiple fronts…”

One front is government programs explicitly built using crypto, which is true both with their CBDC initiative, which is basically making a digital renminbi, and also true of local governments who are trying to use blockchain technology, he said.

Furthermore, most of the crypto mining is happening in China. But the recent crackdown on mining in the country is “actually a huge moment of opportunity today for miners in the United States or globally to step in and on the crypto side to make it more decentralized,” Ehrsam added.

It’s Still Very Early

During the same interview, Ehrsam advised new crypto adopters not to allocate more than what they are comfortable losing. “Perhaps it makes sense to allocate more but error on the conservative side when you’re allocating it first,” he said.

“It’s still very early and as the fundamentals improve over time conviction improves over time.”

He further advised focusing on technology in terms of where this is going and why it is important in the world. Also, “think about it on a fundamental basis,” because “if you have that belief, then it probably makes sense to own something in space. And if that belief grows, then you can always increase it.”

Lastly, Ehrsam said things are never as good as they seem, and things are never as bad as they seem, so think of a 10 to 20-year time horizon.

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Author: AnTy

Shopify CEO Is “Spiritually Aligned With Decentralizing Opportunity;” ‘Dabbles’ In Ethereum & DeFi

Shopify Is “Spiritually Aligned With Decentralizing Opportunity,” Says CEO As He “Dabbles” Into Ethereum & DeFi

The latest person to get an interest in decentralized finance (DeFi) is the chief executive officer of the e-commerce company Shopify, which has more than 1 million users.

“Hey DeFi Twitter. What are the commerce-related opportunities that you are most excited about? What role do you want Shopify to play?” tweeted Tobi Lutke on Saturday.

Nadav Hollander, Co-Founder & CEO of Ethereum wallet Dharma recommended Shopify to facilitate the tokenization of a seller’s revenue stream, which he said would be “a massive new primitive for DeFi services.”

While some may feel off about a centralized organization getting into the DeFi scene, which has over $47.5 billion in total value locked (TVL), according to Lutke, “Shopify is a product of pre-crypto times and spiritually aligned with decentralizing opportunity.”

With its mission to have retail participate, “in spirit (not by your definition) we are helping push against centralization,” he added.

Before he asked about DeFi, Lutke shared that he has been exploring the second-largest network, Ethereum, which has been primarily used for building DeFi protocols.

“Speaking of crypto though- I spent the morning dabbling with ETH Smart Contracts. Mainly to understand how ERC20 works better. Fascinating world,” Lutke said just the day before sharing his interest in DeFi.

Interestingly, the e-commerce site already supports cryptocurrency, and that too for a long time now; as shared by the Vice President of the company, Kaz Nejatian, “Shopify stores have been accepting crypto since at 2014 I think.”

Not only Shopify accepts the stablecoins USDC and PAX, and others, but they are also members of Facebook’s upcoming fiat-backed digital currency Diem.

“All of our merchants can accept a bunch of different cryptos through our payment integrations.”

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Author: AnTy

Bill Miller’s Opportunity Trust Files for GBTC Investment; Up to 15% of its $2.25B Assets

Bill Miller’s Opportunity Trust Files for GBTC Investment; Up to 15% of its $2.25 Billion Assets

Miller Value Funds, the fund run by veteran investor Bill Miller has filed with the US Securities and Exchange Commission (SEC) on Friday disclosed that the firm’s Opportunity Trust fund may invest in Grayscale Bitcoin Trust (BTC).

The document, dated Feb. 5, 2021, which is subject to completion and extensively talks about Bitcoin, states that the Fund will not make any additional investments in the GBTC if, as a result of the investment,

“its aggregate investment in bitcoin exposure would be more than 15% of its assets at the time of investment.”

The Opportunity Trust fund had $2.25 billion in AUM as of Dec. 31st, 2020.

Bitcoin is described as a digital commodity that is not issued by a government, bank, or central organization with no physical existence beyond the record of transactions on the Blockchain, in the document.

According to the Fund’s SEC filing, currently, there is relatively little use of bitcoin in the retail and commercial marketplace compared to its relatively large use by speculators, resulting in volatility.

Besides this volatility, the risk to Funds investment is the immutability of the Bitcoin blockchain. Additionally, the lock-up period of GBTC increases the illiquid investment risk of the Fund.

As for the tax-related risks, the filing notes that many significant aspects of the US federal income in regards to Bitcoin are “uncertain.” GBTC, particularly, is treated as a grantor trust for US federal income tax purposes.

Covering the regulating part, the filing says Bitcoin is not subject to the same degree of regulation as US securities only to add, “countries, including the U.S., may in the future curtail or outlaw the acquisition, use or sale of bitcoin.”

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Author: AnTy

Dollar Hungover, BTC & ETH Give BTD Opportunity; Total Crypto Market Cap Poised to Hit $1T

Dollar Hungover, Bitcoin & Ethereum Give BTD Opportunity; Total Crypto Market Cap Poised to Hit $1 Trillion

While dollar is expected to see more weakness, after the retail buying over the holidays, institutional investors returning to their desks this week are expected to boost BTC prices further.

Over the weekend, Bitcoin hit a new all-time high at $34,865.

The breath BTC BTC -6.72% Bitcoin / USD BTCUSD $ 31,227.25
-$2,098.47 -6.72%
Volume 80.48 b Change -$2,098.47 Open $31,227.25 Circulating 18.59 m Market Cap 580.54 b
4 h Why Does Bitcoin (BTC) Continue to Tear Up Without Ever Stopping? 4 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 5 h Anthony Scaramucci’s SkyBridge Capital Launches Institutional-Grade Fund to Directly Invest in Bitcoin; Offers GBTC Swap Too
took here after hitting a new record had ETH flying, as well as major altcoins that have been waiting for their turn.

Bitcoin is now consolidating, going just under $28,000 today, as traders and investors take off profits here and rotate them into ETH ETH 5.65% Ethereum / USD ETHUSD $ 1,012.58
$57.21 5.65%
Volume 57.8 b Change $57.21 Open $1,012.58 Circulating 114.12 m Market Cap 115.55 b
4 h Ethereum Blockchain Becomes Absolutely Unusable Yet Again as Average Fees Hits ATH at $20 6 h Too Afraid to Buy the Dips; Too Much FOMO to Resist Buying The All Time Highs 7 h ETH Rips to Jan 2018 High As The Market Rotates Bitcoin Profits into Ethereum
and altcoins.

The momentum over the weekend pushed the market cap of the entire cryptocurrency to over $900 billion. Another small push to the upside and we will hit the $1 trillion mark. Today’s correction meanwhile has it at around $840 billion.

After hitting these highs, the market saw red today, providing the ‘buy the dip’ opportunity the market has been looking for after such highs.

This resulted in $1 billion liquidated in just an hour with $190,000,000 in long positions on Binance within 10 minutes.

Not to mention, the funding has been going berserk, as per Viewbase.

image1

As the digital asset expands beyond speculators and makes its way into investment portfolios, crypto enthusiasts are looking for the next round number.

According to Antoni Trenchev, managing partner and co-founder of Nexo in London, BTC “will be on the road to $50,000 probably in the first quarter of 2021.”

After the retail buying over the holidays, Trenchev sees institutional investors returning to their desks this week and boost prices further.

The world’s largest cryptocurrency rallied strongly in December, eclipsing the 2017 high of $20k as people especially institutions continue to see BTC as a hedge against US dollar weakness and inflation risk.

“The drivers of the crypto rally, if anything, are strengthening amid still low interest rates, political uncertainty” and the prospect of more government stimulus, Julian Emanuel, chief equity and derivatives strategist at BTIG LLC told Bloomberg. But volatility can work both to the upside “as well as to the downside,” he added.

The expiry of $36k Bitcoin call options in over 2 weeks could bring some volatility as well.

After the 870% uptrend since March low, Bitcoin can take some rest. It is anyone’s guess if the Monday correction, which was about 18%, is all we will get or something more.

Unlike the crypto market’s strong 2021 opening, the dollar started the new year by slipping further broadly.

The greenback fell to another low of 89.4, a low not seen since April 2018 — a few inches more and the USD index will go to Dec. 2014 levels.

“The global economy is closer to a more sustainable growth recovery amid unprecedented fiscal and monetary support,” Maybank currency analysts said in a note adding, “On net…the dollar can see its weakness stay further entrenched.”

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Author: AnTy

Bitcoin Era Scam: Colombian Police Issue Warning After President Appears to Endorse Bitcoin

Police in Colombia has issued a warning about a fraudulent bitcoin investment opportunity. The scam targets social media users, convincing them that Colombian President Ivan Duque endorsed a bitcoin-related money making system.

The Spanish-language scam website “announces” the news, claiming that Duque approves the investment system and officially endorses bitcoin. It’s designed to look like a genuine news announcement.

According to the page, Duque not only endorses the scam: he claims the investment deal will relieve the economic crisis triggered by the coronavirus pandemic.

In a photo at the top of the scam page, Duque is handing a package to a guard. The image seems to suggest Duque is handing a package of coronavirus relief money to the guard.

The sales page adds that the investment opportunity signed by Duque is “the largest deal of the century for Colombia”:

“Colombian business magnate, philanthropist, investor, and president of Colombia, has signed the largest deal of the century for Colombia. Taking a big step towards technology, the government of Colombia approved this agreement, and that is what it has been working to change the economy and the monetary system of Colombia while the alert state for the virus lasts.”

The Bitcoin Era platform purportedly allows citizens of Colombia to start generating income via cryptocurrency. Using an “algorithm,” the website will “take money” from the world’s billionaires and distribute it among the rest:

“Based on these trade exchanges, the system operates automatically on its own to produce an 80% profit rate…Bitcoin Era is an algorithm designed to take money from the richest people in the world and redistribute it among the common people of Colombia. This algorithm literally outperforms the stock market with an accuracy of 80%, which means that you will win 8 out of 10 transactions.”

Because the scam has spread across Colombian social media, police were forced to issue a warning on September 2.

The Bitcoin Era Scam Investment Opportunity

Colombia Check quotes a statement from the Cybernetic Police Center describing how the scam works. The post explains a bitcoin investment opportunity related to a platform called Bitcoin Era. The company is preparing to launch the platform, and investors who send money to the company today can “generate incomes via cryptocurrencies” as the platform launches.

The Bitcoin Era sales page contains other apparent signs of a scam, including an interview with Bitcoin Era’s CEO “Diego Garcia,” who explains how the bitcoin investment system works. The interview was copied and pasted from a similar scam from 2019 called Crypto Genius.

Others have noticed that another photo on the page is a shot of YouTuber and voice actor Pete Acceturo. Another image labeled as “Jose Ruiz,” who is a Mexican student named Adan Cortes, who rose to fame after breaking into Malala Yousafzai’s Nobel Peace Prize ceremony.

To be clear, the president of Colombia has not endorsed Bitcoin Era or any other bitcoin investment opportunity.

We’ve seen scams like this across the crypto space. Scams take a famous person, claim that person has endorsed the scam, and promote the page across social media. We saw it earlier this year with British TV presenter and former X-Factor star Rylan Clark-Neal. They appeared to claim he made “millions from bitcoin” with a unique investment opportunity. The star was later forced to tweet a warning about the scam.

Other notable names used in bitcoin scams include Hugh Jackman, Gordon Ramsay, and Martin Lewis, all of which sued Facebook after scammers used their likenesses in a bitcoin hoax and spread the campaign across Facebook.

Bitcoin has become increasingly popular in Colombia over the past few years. Although it’s not as popular as in neighboring Venezuela, Colombia has dozens of crypto ATMs and several popular online crypto exchanges. Colombia has also built a legal framework for crypto businesses, including crypto exchanges seeking to operate legally in the country.

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Author: Andrew Tuts

South Korean Government Believes Blockchain is a Golden Opportunity

The South Korean government believes Blockchain technology presents a golden opportunity for the country and has appealed to the private sector to exploit the opportunity and become a leader of the technology. The call by the government for the private sector to actively incorporate and harness the decentralized technology sounds quite similar to the one made by the Chinese President Xi Jinping last year.

The call for accelerated adoption was made by Koo Yun-Cheol, the Vice Minister of Strategy and Finance who recently chaired a meeting on using blockchain technology attended many private sector experts, reported a local daily.

During the meeting, the Vice Minister made note of the impact and adoption of the decentralized technology in the west and the positive forecasts for the growth of blockchain technology in American and European markets. Mr Koo Yun-Cheol added,

“The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future.”

The Vice Minister also noted that the technological gap in terms of blockchain amid the United States, China, and Europe will be significantly narrowed down in the coming two or three years. The minister argued that South Korea should not lag behind in this technological race and must take all necessary measures to ensure that they are at the forefront of this technological advancement along with the current leaders. He added further,

“The public pilot project, in which the market demand has been confirmed through the pilot project, has been adopted as the main project. The system also needs to be reorganized.”

South Korea Trying To Make its Place in the Decentralized World

South Korea is counted among one of the most technologically advanced nations along with China and other western countries. Many technological giants like Samsung has emerged from the country and they want to continue there superiority in the technology field. In terms of blockchain and crypto, South Korea is counted among the early adopters where the country allowed crypto trading and incorporated blockchain in different fields including education, healthcare and supply chain management.

South Korea was also among the early countries to have banned Initial Coin Offerings after a 2-month long investigation showed that ICOs were one of the biggest cause of scams in the crypto universe. However, the recent call for blockchain adoption suggests their seriousness towards the technology and how critical they believe it is going to be in the coming years. Recently two South Korean ministries announced their support for the emerging blockchain industry and allocated $3.2 million in funding for the startups associated with the industry.

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Author: James W

BTC Price Still on Stock-to-Flow Track Despite ‘Extreme Fear’ & ‘Bearish Sentiment’

  • Market in “extreme fear” is an opportunity rather than “panic”
  • Bitcoin still spot on S2F track but network signals indicate “bearish sentiment”

2020 started on a positive note. We kicked off this year at around $7,200 and climbed to above $10,500, recording about 45% gains on a year-to-date basis.

However, the spread of coronavirus all over the world soon took over the global markets, which had bitcoin acting as a risk on market as well. As the deadly virus continues to spread notwithstanding the central banks announcing stimulus, the global markets recorded substantial losses.

For the past three weeks, bitcoin has been tumbling only to see positive momentum last week. But not for long.

The oil price war on the weekend hit the already weak markets. Bitcoin also dropped over 16%, all over again, going as low as $7,685.

An opportunity rather than “panic”

According to Crypto Fear & Greed Index, the market is in “extreme fear” with a reading of 17. However, commentators say this is an opportunity rather than “panic.”

Interestingly, despite the bloodbath in the crypto street, bitcoin is spot on the S2F track.

Bitcoin price is exactly in line with the value put by the stock-to-flow model. The daily RSI is also below 40, meaning it could be a good buy the dip opportunity.

The S2F model puts bitcoin’s price at $8,636 while the actual price is currently just above $7,900.

Meanwhile, Fundamentals Turns Bearish

When it comes to the fundamentals, with the continued increment in the hash rate and difficulty adjustment in the network while price drops, many miners will be in loss that would propel them to sell their BTC to stay afloat.

The global scenario is not presenting a good picture, with oil price war started on the weekend further adding to the pressure on the market.

As we saw in 2020, the external factors have been affecting the price of bitcoin. Besides price, the network is growing slower, and there are fewer addresses in the money, shared crypto data provider IntoTheBlock. Moreover, the number of large transactions dropped with smart price and bid-ask volume showing negative numbers as well.

For bitcoin price, the bearish scenario could see the digital asset crashing to $5ks.

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Author: AnTy

Budweiser Brewer, Anheuser-Busch InBev, Uses Blockchain Technology To Help African Farmers Get Paid

The AB InBev Budweiser owner is offering African farmers the opportunity to prove their revenue by using a blockchain-based system that was developed in a partnership with BanQu.

The system tracks and replaces the AB InBev local suppliers and removes all the burden of paper trails. The giant company behind Budweiser, Corona, Stella Artois and others, AB InBev represents the most famous of beer brands. They help local suppliers receive tax breaks because they play a large part in the country’s economy. With the banking infrastructure in Africa being underdeveloped and based on paper, it has been challenging for AB InBev to help farmers in local rural areas.

BanQu Provides Blockchain Supply Chain Solutions

A company distinctive for offering solutions in blockchain supply chains, is BanQu. AB InBev has partnered with BanQu in order to use BanQu’s distributed ledger system that tracks the supply of barley and malt products from area farmers. This will also help farmers to provide their income information to banks, which will allow the farmer open lines of credits or bank accounts. Carlos Brito, the AB InBev CEO explained more about the situation:

“And now this farmer, who was never bankable — because she couldn’t prove income of any source, had no reports, or material or paperwork — now in a flip phone, she has in the blockchain proof that she is a supplier to AB InBev, a global company.”

Farmers Will Have Access to More Performant Farming Tools

Farmers will be able to make more money because they’ll be given loans. The system is also efficient against the corruption conducted by middlemen who don’t pay farmers what they are owed for shipments. With the tamper-proof blockchain-based technology, farmers will be able to prove how much money they need to receive.

The BanQu Product Has Been Implemented in Uganda and India

As noted by reports, the BanQu product has already been implemented in Uganda and India, even after in 2018 Binance opened its branch here, leading the central bank of the country to be very skeptical about decentralized cryptocurrencies. More than this, it has witnessed the famous Dunamis Coins pyramid crypto Ponzi scheme that has defrauded more than 10,000 people for about $2.5 million.

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Author: Oana Ularu