Chinese Crypto Miners Panic Sold, But Most Are Still Awaiting for Clarity from the Govt.

This changes nothing, with fundamentals remaining stronger than ever. It is rather a massive opportunity to make Bitcoin green & even more decentralized by having a new wave of mining operators outside of China using renewable energy

In the last two months, the Bitcoin hash rate has seen some sharp drops. The first one came in mid-April after miners were trapped in Xinjiang, China, during a coal mining accident.

The second one came right after making a new all-time high on May 13 at 171.4 Th/s. Over this past weekend, the hash rate recorded an uptick and is currently at 151.716 Th/s, as per Bitinfocharts.

With downward difficulty adjustment coming at the end of this week, it will further normalize things by reducing fees and easing blockchain capacity.

The latest drop in the hash rate came before the reports of China banning crypto mining started doing the rounds that sent the price of Bitcoin crashing 54% to $30,000 on Coinbase and even lower on other exchanges. ETH price ended up falling 60.6% to $1,725. ETH 23.20% Ethereum / USD ETHUSD $ 2,622.74
$608.4823.20%
Volume 53.39 b Change $608.48 Open $2,622.74 Circulating 116.01 m Market Cap 304.27 b
5 h Polkadot Not Producing Blocks, Network Validators Asked to Downgrade Nodes 5 h PwC Report: Boom Time For DeFi Sector As Crypto Hedge Funds Show Growing Interest 9 h Chinese Crypto Miners Panic Sold, But Most Are Still Awaiting for Clarity from the Govt.

Bitcoin price took a beating after some miners reportedly panic sold their stash, needing fiat to cover operational costs. But not everyone has done so; most of the miners are awaiting clarity from the government, which would take some time. And this could end up putting further pressure on the market.

“Once it comes, if it translates into an aggressive crackdown (e.g., raids), this could lead to further widespread selling,” noted trader and economist Alex Kruger. “So keep an eye out for China.”

What really pushed the Chinese’ over the edge and made them panic sell their crypto assets was that it was the first time such a high-ranking member of the PRC declared a “crack down on Bitcoin mining & trading,” stated Mustafa Yilham, VP of global business development at Bixin.

Usually, that means there will be some enforcement actions in the coming weeks, he said, but right now, no one knows the level of enforcement action that will be taken, and this uncertainty is creating bearish sentiments among Chinese miners, added Yilham.

Jiang Zhuoer CEO of crypto mining pool BTC.TOP, also took to Twitter to clarify the situation in the country, where the focus of the authority is to “prevent and control financial risks” and to restrain social capital from flowing into the crypto mining sector as “it might lead to risks transferring from individuals to the whole society.”

“In conclusion, Bitcoin mining will exist as normal, except the mining in China will be shifted from industrial-size datacenters to home miners, small or medium-sized miners.”

Big Chinese miners have already accelerated their migration process to other countries, making large quantities of Bitcoin mining machines available for sales.

“Everything we believe about crypto & Bitcoin remains unchanged. All the fundamentals remain stronger than ever,” said Yilham adding:

“Under this current crisis, there will be a massive opportunity – redistribution of the entire Bitcoin mining network around the globe. We need to make sure: the majority of the mining machines are not going to a single country. This is the best time to work on further decentralization.”

This is an opportunity for the bitcoin and crypto market as China banning crypto mining will not only put an end to the narrative that China controls Bitcoin but also that its mining is powered by renewable sources. Everyone is of a similar opinion with Zhuoer BTC.TOP saying,

“In the end, Chinese hashpower will flow abroad just like the Exchanges did in 2017; China will play a less significant role in the global hashpower distribution.”

The narrative around Bitcoin mining being bad for the environment, incited by Elon Musk, can be fought by using this opportunity to have a new wave of mining operators outside of China using renewable energy.

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Author: AnTy

NYDIG CEO: We’ll See an ‘Explosion’ in Bitcoin-Driven Financial Innovation in Banking & Insurance

Ross Stevens also revealed that he had a meeting with the heads of three of the world’s largest central banks about Bitcoin and inflation. He believes that we could see a central bank adopting the bitcoin standard or purchasing BTC as a reserve asset in the next 12 months.

“Bitcoin is life insurance” is how Ross Stevens, founder, and CEO of NYDIG, a Bitcoin management company, which is the subsidiary of $10 billion asset manager Stone Ridge, defined the cryptocurrency in his latest interview.

Bitcoin, according to him, is a payout in the form of freedom and dignity. And when one is poor, and all they have is fiat, then “that’s a melting ice cube of value” as the Federal Reserve continues to print money.

And this has been through the thoughts of “exacerbation of wealth inequality, profound unfairness of central bank activities,” that Stevens “saw the awesome power of bitcoin.”

NYDIG bought a bunch of bitcoin way back when no one knew about it and held it all the way through. But in 2020, they bought more bitcoin than the previous five years combined and are “on a pace to buy even more this year.”

This is because the company sees Bitcoin as a “peaceful weapon of choice against central bank driven time theft.”

The firm basically went all-in in 2017, and “it had profound effects on our company,” said Stevens adding,

“if you think about that denominator of fiat money just never-ending and expanding, that means necessarily that bitcoin gets more and more valuable.”

Bitcoin is the “first store of value in human history whose supply is completely impervious to any amount of increased demand,” he said.

Cash No Longer An Asset But A Liability

As we have been since last year, ever since the Fed implemented ultra-loose monetary policy, the value of the currency took a hit, propelling companies to see Bitcoin as a treasury asset, a replacement to the cash.

“Cash is no longer an asset; it is a liability,” said Stevens, and as such, companies have to decide what to do with their reserves.

“For companies like Stone Ridge and others that have adopted the bitcoin standard versus companies in their industries that have not, the results are profound, and part of the key is a shift in mindset,” which is that “bitcoin is not vulnerable,” like fiat and not subject to the whims of human frailties like decision making, he added.

This means, if you are not long bitcoin, you are short bitcoin, which is “not going away.”

Others also realize it, and that’s why NYDIG is “seeing uptake from kind of all spectrums of financial services, all spectrum of investors.”

“We’re At A Time Of Great Transition”

Amidst the growing interest for bitcoin, the strangest pairing in the most active folks is millennials and life insurers. What they have in common is that “they have the longest fiat denominated liabilities basically in the world,” said Stevens.

“What you will see over the next 12 to 24 months is nothing short of an explosion in bitcoin-driven financial innovation in the banking sector and the insurance sector.”

The problem is that people don’t feel safe with trusting their financial solution, and NYDIG is partnering with them to solve this. And the beginning of the baby steps of a rollout would be seen in Q4 with 2022 as “the year of bank after bank after bank enabling their customers to buy bitcoin,” get BTC rewards on credit cards and receive interest in it as well.

As for fear and opposition from central banks on bitcoin, Stevens revealed that he is meeting with the top officials who want to understand this asset class. “We’re at a time of great transition,” he said.

Steven didn’t share the name of the officials but said that they had a four-hour-long discussion:

“This past Saturday, the heads of three of the largest central banks in the world wanted to talk about inflation and bitcoin with me.”

But one topic he thinks about is when a country will change their legal tender laws to adopt the bitcoin standard, or a central bank would purchase bitcoin as a reserve asset. According to him, there is a 50-50 chance this would happen, and his contemplation is that it will happen in the next 12 months, he said.

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Author: AnTy

Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards

Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards

Non-custodial exchange ShapeShift has announced new functionality to help decentralized finance (DeFi) users on its platform cut costs.

FOX Holders To Be Rewarded

According to a blog post on its website, ShapeShift says that users will now reduce their gas fee trades by holding their native token FOX.

This new functionality called “superpowers” of its FOX tokens will see users reimbursed for amounts spent trading on the ShapeShift platform.

ShapeShift will cover the gas fees, and users will get their rewards relative to the number of FOX tokens held within a 30-day window.

Users would be paid 10% in the relative market value of FOX, according to ShapeShift.

ShapeShift, founded in 2014 and headquartered in Switzerland, has reoriented its business model in the last few years. In Sept. 2018, the blockchain platform added a know-your-customer (KYC) protocol citing growing pressures from regulators. Speaking on the measure years later, CEO Erik Voorhees said that this step saw over 95% of its customer base leaving.

In 2020, the centralized crypto exchange integrated with multiple DEX platforms like Uniswap, Balancer, Curve, Bancor, and several others. Following the transition, the exchange dropped its trading desks along with the KYC rules. BAL -14.90% Balancer / USD BALUSD $ 32.74
-$4.88-14.90%
Volume 94.94 m Change -$4.88 Open $32.74 Circulating 6.94 m Market Cap 227.33 m
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 1 w Another $25 Million Gone, This Time xToken Was Exploited 1 w Balancer Labs Launches V2 With Promises Lower Fees, Higher Yields, and Easy Interface
CRV -16.26% Curve DAO Token / USD CRVUSD $ 1.84
-$0.30-16.26%
Volume 318.44 m Change -$0.30 Open $1.84 Circulating 372.11 m Market Cap 685.67 m
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 1 d DEX’s Record A New ATH in Volume; Decentralized Exchanges Hit First $100 Billion in May 6 d Sushiswap’s SUSHI is the “Most Undervalued Token,” says Arca CIO Jeff Dorman
BNT -13.95% Bancor / USD BNTUSD $ 4.55
-$0.63-13.95%
Volume 195.43 m Change -$0.63 Open $4.55 Circulating 197.97 m Market Cap 900.59 m
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 1 d DEX’s Record A New ATH in Volume; Decentralized Exchanges Hit First $100 Billion in May 2 d Polygon Surpasses $10 Billion in TVL as MATIC Emerges the Winner in Bloody Red Market

From KYC Fiasco to DeFi Trendsetter

Moving on to the booming DeFi space, ShapeShift enabled cross-chain swaps via THORChain and Ethereum-based DEX trading on their web trading platform. This made it possible for users to store Ether and ERC-20 tokens on a range of hardware wallets like Trezor, KeepKey, and Ledger.

This upgrade made ShapeShift the first crypto exchange to enable BTC and ETH trades on a hardware wallet. BTC -8.09% Bitcoin / USD BTCUSD $ 37,395.44
-$3,025.29-8.09%
Volume 81.72 b Change -$3,025.29 Open $37,395.44 Circulating 18.71 m Market Cap 699.81 b
3 h Vermont-Based Teucrium Files Bitcoin Futures Proposal With The SEC 4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 6 h The Debate on Bitcoin’s Energy Consumption Continues
ETH -12.16% Ethereum / USD ETHUSD $ 2,438.13
-$296.48-12.16%
Volume 53.76 b Change -$296.48 Open $2,438.13 Circulating 115.97 m Market Cap 282.75 b
3 h Vermont-Based Teucrium Files Bitcoin Futures Proposal With The SEC 4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 6 h Optimism Integrates Ethereum Block Explorer Etherscan On the Layer Two Platform

In addition, the company added USDT and SUSHI tokens to the THORChain-enabled trades, which allow users to hold, send, and receive native RUNE tokens on their ShapeShift wallets. USDT 0.01% Tether / USD USDTUSD $ 1.00
$0.000.01%
Volume 175.66 b Change $0.00 Open $1.00 Circulating 58.51 b Market Cap 58.63 b
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 7 h Argentina’s Central Bank Warns of ‘Significant Financial Losses’ from Crypto Investing 9 h US Crypto Exchange Coinbase Pro to Launch Support For Solana’s SOL Token; Trading Opens Monday
SUSHI -15.77% SushiSwap / USD SUSHIUSD $ 12.75
-$2.01-15.77%
Volume 1.22 b Change -$2.01 Open $12.75 Circulating 127.24 m Market Cap 1.62 b
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 1 d DEX’s Record A New ATH in Volume; Decentralized Exchanges Hit First $100 Billion in May 2 d Polygon Surpasses $10 Billion in TVL as MATIC Emerges the Winner in Bloody Red Market
RUNE -23.99% THORChain / USD RUNEUSD $ 10.37
-$2.49-23.99%
Volume 278.47 m Change -$2.49 Open $10.37 Circulating 240.9 m Market Cap 2.5 b
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 2 w Cryptocurrency Related Stocks Tumbling in a Massive Divergence from Crypto Assets 1 mon Crypto Market Is Recovering Beautifully, Double-Digit Gains Recorded

Gas Fees Hurting DeFi

Rising gas fees, which are transaction costs for trading on the Ethereum network, have become a major issue for DeFi users in the past couple of months. The DeFi space has boomed, recording a 15% stake in the entire crypto market this year alone.

But the nascent crypto sub-sector has not overcome its challenges, or the Ethereum network has not been able to. Ethereum has become the official home of most decentralized applications (Dapps) built with blockchain technology.

The platform, which has since boomed following the rise of non-fungible tokens (NFTs), has suffered from continued rising gas fees and network congestion.

This has seen many developers and builders search elsewhere for alternatives.

Some rival protocols like Cardano (ADA) and Solana (SOL) are currently working on addressing this issue. Cardano, joined by other “Ethereum killers,” uses a proof-of-stake (PoS) mining protocol that is energy-efficient and cost-effective. ADA -13.93% Cardano / USD ADAUSD $ 1.55
-$0.22-13.93%
Volume 9.03 b Change -$0.22 Open $1.55 Circulating 31.95 b Market Cap 49.55 b
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 3 d Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 3 d IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano
SOL -12.75% Solana / USD SOLUSD $ 38.93
-$4.96-12.75%
Volume 1.77 b Change -$4.96 Open $38.93 Circulating 272.64 m Market Cap 10.61 b
4 h Cryptocurrency Exchange ShapeShift Reveals Gas Fee Mitigation Functionality With FOX Token Rewards 9 h US Crypto Exchange Coinbase Pro to Launch Support For Solana’s SOL Token; Trading Opens Monday 3 d Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch

This has seen the protocol grow as Etherum plans to migrate to a PoS in the coming months.

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Author: Jimmy Aki

The Debate on Bitcoin’s Energy Consumption Continues

Twitter CEO Jack Dorsey, along with Cathie Wood’s Ark Invest, are working towards using Bitcoin mining to “accelerate the global energy transition to renewables.” According to CoinShares, an estimated 74% of the energy used in bitcoin mining actually comes from renewable sources.

While people argue that given the majority of Bitcoin’s hashing power comes from China, that it energy consumption is based on coal, but that’s not true because most of the Chinese miners depend on hydroelectric power; which is the cheapest power source.

Inner Mongolia, the second-largest coal producer, has shut down crypto mining, which could further push miners towards using renewable sources.

As a step towards making the world greener, the CEO of crypto exchange FTX announced the donation of $1 million to offset the blockchain resources it uses. Another exchange, BitMEX, has joined FTX in its green efforts.

Amidst the energy consumption discussion, Sam Korus, an analyst at Ark Invest, posted an update to ARK’s open-source solar, battery, and Bitcoin mining model, which now allows one to test how the system would have performed in historic Bitcoin bull and bear markets.

“The takeaway is that regardless of a Bitcoin bull or bear market, Bitcoin mining can incentivize additional solar and battery installations,” he said. “The next step is to dimension solar+battery+Bitcoin mining at the household level.”

Elon Musk also chimed in here.

As Brett Winton, Director of Research at Ark Invest, talked about Bitcoin mining being able to allow solar and battery systems to economically scale to provide a larger share of grid energy, Musk took part in this conversation by agreeing that “this can be done over time.”

However, “recent extreme energy usage growth could not possibly have been done so fast with renewables,” he added.

Musk then goes on to say how Bitcoin’s energy usage has started to exceed that of medium-sized countries, making it “almost impossible for small hashers to succeed without those massive economies of scale.”

As Bitcoiners have been pointing out, Bitcoins’ energy usage is what makes the network so secure and decentralized.

“Achieving truly decentralized finance – power to the people – is a noble & important goal. Layer count depends on projected bandwidth & compute, both rising rapidly, which means single layer network can carry all human transactions in future IMO,” said Musk. “For now, Lightning is needed.”

In a separate tweet, he continued to share his love for Dogecoin as he demonstrated a Doge dollar sticker that a Tesla supporter gave him in Berlin.

Musk further revealed that he actually owns DOGE, the sixth-largest cryptocurrency by the market of $50.3 billion, trading at $0.3574, and that he has no plans to sell any. DOGE -10.22% Dogecoin / USD DOGEUSD $ 0.36
-$0.04-10.22%
Volume 7.42 b Change -$0.04 Open $0.36 Circulating 129.69 b Market Cap 46.44 b
6 h The Debate on Bitcoin’s Energy Consumption Continues 3 d FTC Data Reveals Big Jump In Crypto Investment Scams, Losses Totaling $80M 3 d Coinbase Enables its Over A Million Wallet Users to Use DeFi — DEXs, NFTs, & More

“I haven’t & won’t sell any Doge,” said Musk.

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Author: AnTy

Software Provider Temenos Enables Crypto Trading for Banks

Banking software provider Temenos has announced a partnership with online digital asset firm Taurus to enable access to cryptocurrency for financial institutions.

Per its press release, the integration would make it easier for banks to offer cryptocurrency trading to their clients via Taurus’ platform.

Temenos Leveraging Taurus Blockchain Expertise

This will see Temenos’ banking clients exposed to a plethora of blockchain solutions like Taurus-CAPITAL (tokenization and lifecycle management), Taurus-PROTECT (hot, warm, cold digital asset custody), and Taurus-EXPLORER (API-based blockchain connectivity to ten blockchain protocols).

All this will now be accessible through the Temenos MarketPlace.

Temenos notes that Taurus was selected after a thorough review and evaluation process to help banks seamlessly integrate all forms of digital assets across cryptocurrencies, tokenized assets, and digital currencies.

Taurus will be integrated with Temenos’ next-generation core banking software called Temenos Transact.

Speaking on the occasion, Managing Partner at Taurus Sebastien Dessimoz noted that there had been an increase in demand for digital assets since 2020.

According to Dessimoz, Taurus’ blockchain expertise would aid Temenos clients in managing any digital asset and creating digital products easily.

Geneva-based Taurus received a securities license from the Swiss Financial Market Supervisory Authority (FINMA) to launch the regulated crypto marketplace dubbed the Taurus Digital Exchange (TDX).

Taurus said that TDX would enable investors and banks to trade tokenized securities, private assets, real estate, art, non-fungible tokens (NFTs), and cryptocurrencies.

Taurus is a seasoned blockchain company as it offers services for cryptocurrencies, including staking and decentralized finance (DeFi), tokenized assets, and digital assets, all within its platform.

Taurus Integrates Aave

Taurus has continued to grow its product suite. In March 2021, the Swiss digital asset provider added DeFi protocol Aave to its asset infrastructure. The integration would enable banks and exchanges to deposit and borrow cryptocurrencies like Ether.

Aave, a DeFi protocol catering to both institutional and retail users, facilitates borrowing and lending of digital assets has experienced exponential growth alongside the broader crypto market.

Banks are gradually warming up to decentralized finance (DeFi) protocols like Aave, as the amount of funds locked up in DeFi protocols rises above the $80 billion mark, per DeFi Pulse.

In a research paper published earlier this month by Netherlands-based ING Bank, it was agreed that both centralized and decentralized financial systems need to co-exist to achieve success. The paper states:

“Although DeFi currently appears to be a domain on its own, we envision that centralized and decentralized financial services will converge at some stage as both have unique capabilities that are beneficial to the other. There is, however, the challenge for centralized institutions of making sure that their assets stay within countries that are white-listed.”

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Author: Jimmy Aki

Investment Bank Cowen to Custody Crypto for Institutions, Signs Partnership With PolySign

Investment Bank Cowen to Custody Crypto for Institutions, Signs Partnership With PolySign

Renowned investment bank Cowen Inc is set to make its foray into the cryptocurrency market.

The firm would offer hedge funds and other asset managers crypto custody service through a partnership with fintech company PolySign Inc, per an official announcement.

Cowen Leads PolySign’s Funding Round

Cowen said that its digital asset investment division would provide crypto custody services to institutional clients, helping them seamlessly secure, access, and leverage Bitcoin and other cryptocurrencies in their portfolios.

As part of the partnership, the bank invested $25 million into PolySign, which is a part of the $53 million funding raised for the firm recently. Other investors include Blockchain.com, Race Capital, Sandia Holdings, and PilotRock Investments.

The custody solutions for the digital assets will be provided by Standard Custody & Trust Company, a subsidiary of PolySign. Standard recently received a trust company charter from the New York State Department of Financial Services.

The CEO of Cowen, Jeffrey Solomon, noted that the heightened demand for crypto assets had intensified the importance of custody service, especially since there is a lack of clear regulations for asset managers. Solomon added,

“The demand is clearly here. We’re going to be able to help a lot of our institutional clients get over the hump and start trading digital assets in the not-too-distant future.”

Founded in 1918 and headquartered in New York, Cowen holds almost $12 billion in assets under management. It is a diversified financial services firm that offers investment banking services, equity, and credit research services.

Cowen also offers sales and trading, prime brokerage, global clearing, commission management services, and actively managed alternative investment products.

Surging Crypto Prices Luring Investment Firms To Take A Closer Look At Crypto

The recent surging crypto prices seem to be luring hedge funds and investment managers into entering the market. Due to the high demand for crypto, wall street banks want to help their clients gain access to digital assets.

Prime examples of investment banks with unveiled plans to help their clients get exposure to the crypto markets are Goldman Sachs and Morgan Stanley.

However, Goldman and Morgan’s offerings differ from Cowen’s because they only offer indirect access to crypto through futures trading and mutual funds respectively. On the other hand, Cowen plans to actually provide custody for the underlying assets, which no major Wall Street firm has tried before.

Cryptocurrency exchange Gemini has also been winning in the crypto custody business. As of May 11, the exchange had reported about $30 billion worth of assets under management. Gemini works with the likes of BlockFi, CoinList, and WealthSimple.

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Author: Jimmy Aki

Samsung Updates Galaxy Smartphones With New Support for Crypto Hardware Wallets

Samsung Updates Galaxy Smartphones With New Support for Crypto Hardware Wallets

Tech giant Samsung Electronics has made it easier for Galaxy smartphone owners to secure their cryptocurrencies on the phone.

In a new announcement, the company disclosed that it had updated the Samsung Galaxy Phones to enable users to connect their Samsung crypto wallet to third-party hardware wallets.

Samsung Galaxy Users Get Crypto Upgrade

According to Samsung, the update will make it easy for blockchain users to import their digital assets from their hardware wallets to their Samsung wallet.

This means users can easily access and process crypto transactions easily on their Galaxy smartphones.

The hardware wallets that can be connected to the Galaxy smartphones include the popular Ledger Nano S and the Nano X options.

Also, Samsung Blockchain Wallet users will get a dedicated newsfeed on the latest trends in cryptocurrency.

Samsung Galaxy users will be able to explore decentralized apps (DApps) on the platform as well. There are about 40 Dapps presently on the platform. The Asian giant has called on more developers to build more DApps that generate, store, and manage blockchain accounts easily.

Samsung Ramps Up Crypto Involvement

Samsung’s first entrance into the blockchain sector was after it launched its Galaxy S10 smartphone in 2019.

The tech firm introduced the Samsung Blockchain Keystore and Wallet to enable cryptocurrency private keys to be secured through encrypted storage.

Samsung uses its defense-grade Samsung Knox security platform to secure the wallet, which can only be accessed using the asset owner’s PIN or fingerprint.

With this new move, Samsung has reinforced its stance of putting the power of cryptocurrency and blockchain in people’s hands.

Since its foray into crypto, Samsung has expanded its support for many cryptocurrencies, including Bitcoin, Ethereum, Tron, Klaytn, and Stellar. It also offers a buy feature where users can buy and sell cryptocurrency via integration with Gemini.

This Gemini integration on the Samsung wallet was incorporated in 2020 as part of the company’s efforts to help bring crypto to the fingertips of Samsung Blockchain Wallet users in the United States and Canada.

Meanwhile, Samsung is not the only phone provider to have dived into crypto. Taiwan-based tech manufacturer HTC was one of the first to market with the announcement in 2018 that its Exodus 1 smartphone would be able to store BTC and Ether natively.

In 2020, HTC partnered with Mida Labs to use its DeMiner app on the Exodus 1S model to allow users of its Exodus blockchain phone to mine cryptocurrency.

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Author: Jimmy Aki

MoneyGram Teams Up With Coinme to Make It Easier to Buy Bitcoin and Cash Out In The US

MoneyGram Teams Up With Coinme to Make It Easier to Buy Bitcoin and Cash Out In The US

  • According to an official press release, American remittance company MoneyGram International has sealed a new partnership with Bitcoin Kiosk Operator Coinme.
  • The partnership would allow customers to conveniently buy and sell Bitcoin for cash at Coinme locations across the US.

MoneyGram Partners with Coinme

Through this collaboration, customers would be able to make cash purchases and sales of Bitcoin at 12,000 different locations owned by Coinme in the US.

The deal would utilize MoneyGram’s modern, mobile, and API-driven payments platform and Coinme’s vast network of cryptocurrency kiosks in the American nation.

This initiative is specially designed for customers interested in utilizing Bitcoin for the first time.

This new partnership with MoneyGram would fulfill two needs. It would further expand Coinme’s network of making BTC accessible to all and further increase Bitcoin adoption in the U.S.

The money transfer company plans to expand further access to Bitcoin in the US and select international markets in the second half of 2021. MoneyGram Chairman and CEO, Alex Holmes said,

“This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.”

Founded in 2014, Coinme is the first state-licensed Bitcoin ATM company in the US. It handles millions of dollars in transactions each month through its cash-for-bitcoin swaps at around 6,000 supermarket kiosks across the country.

Coinme further grew its network when it collaborated with coin-cashing machine operator Coinstar. The collaboration saw Coinme bring its Bitcoin trading services to about 20,000 Coinstar physical locations.

MoneyGram’s Growing Interest In Crypto Transactions

MoneyGram’s last crypto partnership didn’t end well.

The money transfer company previously partnered with Ripple Labs in 2019 to use the blockchain startup’s XRP digital currency for cross-border payment and foreign exchange settlement.

During the time MoneyGram used Ripple’s on-demand liquidity service, the firm made $9.3 million in Q3 2020 from the blockchain company from market development fees.

Problems ensued, which led to the termination of the partnership when MoneyGram stopped transacting under its commercial agreement with Ripple in early December 2020.

MoneyGram suspended trading on Ripple’s platform over concerns about the latter’s legal tussle with the Securities and Exchange Commission (SEC). The SEC had sued Ripple, alleging that the company sold over $1.3 billion XRP in unregistered security offerings to investors.

Ripple finally announced the formal end of the MoneyGram partnership in March this year.

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Author: Jimmy Aki

Israel Releases Working Paper on Possible Digital Shekel Program

Israel Releases Working Paper on Possible Digital Shekel Program

Israel is continuing with its exploration of the likely issuance of its central bank digital currency (CBDC), the digital shekel, per an official statement,

Bank of Israel Accelerates CBDC Research Efforts

This follows the release of a working paper that requires feedback. Despite its reluctance to commit to a CBDC plan, the Bank of Israel said it was only preparing an action plan, which will ensure its preparedness to launch a CBDC if the situation arrives.

The action plan would prepare it to launch the digital fiat should the benefits outweigh the costs and potential risk. Its impact could be enormous on the existing monetary system.

The working paper details a draft model for a potential CBDC and how it would operate. It details the role of the apex bank and how it would handle issuance. Local payment service providers will be tasked with distributing the CBDC. Payment providers will also be tasked with offering enhanced functionality for the CBDC, including building the technology.

The bank believes a CBDC would allow a payment system that could adapt to a digital economy and create an efficient and inexpensive infrastructure for cross-border payments. It also thinks the digital shekel can usher in a cashless society.

Israel Remains Wishy-washy on CBDC

The Bank of Israel first started examining the possibilities of a digital currency in 2017. At the time, the governor set up a group to explore the issue. Still, a year later, the central bank announced that it was not issuing one because no advanced economy had issued a digital currency.

While countries like Israel continue to slowly research and tread carefully to issue a CBDC, numerous central banks worldwide actively explore the project with increased zeal.

China has long started piloting its digital yuan project in major cities across the country. Banks in cities like Shanghai have been active in promoting the digital yuan, persuading merchants and retail clients to download digital wallets and use the digital currency.

Norway is also another country exploring CBDCs. It recently disclosed that it would start testing technical CDBC solutions. Other countries like South Korea, Japan, and the United Kingdom are positioning themselves for a potential CBDC.

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Author: Jimmy Aki

Positive Momentum for Ethereum Continues with Another $60M in Inflows: CoinShares

Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report

Cardano (ADA) and Litecoin (LTC) are also seeing a great start with inflows of $6.6 million and $3.6 million, respectively. Bitcoin still accounts for the lion’s share of the inflows at $290 million last week.

Crypto asset investment products saw a resurgence of demand last week with inflows of $373 million, as per the data provided by CoinShares.

While continuous outflows were seen in some of both the Bitcoin and Ethereum’s individual products, reflecting profit-taking behavior was only a negligible 0.27% and 0.1% of total assets under management. BTC 1.59% Bitcoin / USD BTCUSD $ 56,714.09
$901.751.59%
Volume 61.32 b Change $901.75 Open $56,714.09 Circulating 18.71 m Market Cap 1.06 t
7 h Palantir says Bitcoin Is ‘Definitely on the Table’ to be Put on the Balance Sheet 7 h Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll 7 h Legendary Investor Stanley Druckenmiller Is Extremely Bullish on BTC; Unsure of ETH & Bearish on USD

The positive momentum for Ethereum kept on last week as well, with $60 million in inflows bringing the total assets under management to a new record of $16.5 billion.

“Institutional demand for ETH exposure is certainly growing. The open interest is growing rapidly for CME’s ETH futures and is now above $500 million,” noted Arcane Research.

Amidst this, ETH balance on exchanges continues to drop, with a total of 4.54 million ETH withdrawn from centralized exchanges in 2021 so far. While 4.71% of the circulating supply is getting out of exchanges, another 8.74% of the circulating supply of Ethereum is currently locked in DeFi Protocols, and more than 4% is locked in ETH 2.0 deposit contract.

Bitcoin, which achieved Ether’s current AUM level in December 2020, still accounts for the lion’s share of the inflows at $290 million last week.

New investment product entrants Cardano (ADA) and Litecoin (LTC) got off to a good start with inflows of $6.6 million and $3.6 million, respectively. This brings total assets under management to $10.8 million for Cardano and $12.5 million for Litecoin. ADA 7.50% Cardano / USD ADAUSD $ 1.77
$0.137.50%
Volume 5.43 b Change $0.13 Open $1.77 Circulating 31.95 b Market Cap 56.43 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 5 d Georgia’s Apex Bank Considers CBDC, Calls For Partnerships 6 d Bitcoin and Ether Record The Largest Inflows Since February: CoinShares Report
LTC 4.84% Litecoin / USD LTCUSD $ 377.44
$18.274.84%
Volume 8.8 b Change $18.27 Open $377.44 Circulating 66.75 m Market Cap 25.2 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 11 h Tech Stocks Dragging Bitcoin, Ether, & Crypto’s Down, But ‘Fundamentals Still Strong’ 5 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance

Exchange trading volumes for Bitcoin (BTC) averaged $10.5 million last week, with Bitcoin investment products higher than recent weeks with total trading volumes of $6.1 billion.

Grayscale remains the world’s largest digital asset manager with $50.83 billion in AUM, followed by CoinShares, with just over $6 billion in assets.

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Author: AnTy