Bitcoin News 24/7

Posts

Showing posts from November 23, 2021

MetaGods, The 8-Bit Action Role-Playing Blockchain Game

PRESS RELEASE. The gaming business is undergoing a revolution thanks to the advent of blockchain technology. Because of this, it’s giving developers a new way to engage the audience with capabilities that were previously unavailable. The Play-To-Earn (P2E) concept, in which gamers’ are rewarded for their time with tokens that can be exchanged for real money, is already commonplace in the gaming world. In this industry, the GameFi model represents a huge shift from the past, when in-game assets were restricted to centralized protocols and players were prohibited from trading their digital assets outside of the platform. But in recent years, the P2E business model has gained enormous popularity, particularly in developing countries where local employment and opportunities are limited, but also where the vast majority of people have access to basic electronic gadgets and the internet. MetaGods is one of the projects that is enhancing the Play-To-Earn model. It is the world’s first 8-b...

Palau partners with Ripple on climate friendly national digital currency

The partnership will help Palau be climate-friendly while enhancing its cross-border payments and digital currency technologies. Ripple, the digital payment network, has partnered with the Republic of Palau to help the Pacific island nation develop its own digital currency. The initial focus of the partnership will see the development of a USD-backed digital currency to help facilitate cross-border payments for the nation. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple's announcement. Ripple suggested the national digital currency may not necessarily be just another CBDC. “Ripple would provide Palau with technical, business, design and policy support. Meanwhile, exploring a USD-backed stablecoin and associated use cases —such as a corporate registry— on the XRP Ledger could provide a viable alternative to central bank digital currencies (CBDCs) for countries like Palau”...

Socialite Paris Hilton Backs $20 Million Strategic Investment in NFT Protocol Origyn

The non-fungible token (NFT) project the Origyn Foundation announced on Tuesday the team received a strategic investment of $20 million from a myriad of investors. Hilton hotel heiress Paris Hilton participated in the funding round alongside firms like Polychain Capital and Table Management. Origyn Foundation Secures $20 Million NFT marketplaces and web platforms have seen a lot of investments over the last year as venture capitalists and venture financing companies have poured millions into these projects. On November 23, the Switzerland-based non-profit NFT project Origyn Foundation revealed it has secured $20 million from strategic investors. According to the announcement, after the financing Origyn Foundation has a valuation of around $300 million. The private funding round was financed by Bill Ackman’s Table Management, Polychain Capital, Coinko, Vectr Ventures, Carter Reum, Div Turakhia, and GD10 Ventures. Additionally, the popular socialite and entrepreneur, Paris Hilton, a...

Nifty News: $2.5M virtual land sale, MetaSoccer raises $2.2M, CryptoDragons get Egg-cited

Metaverse Group has snapped up a lot of land and has said it has no plans to stop buying plots of metaverse land across various metaverse platforms. Metaverse Group, which is headquartered in Decentraland, announced on Nov. 23 that it had completed what it calls “the largest Metaverse land acquisition in history.” The subsidiary of Tokens.com snapped up 116 parcels of land “in the heart of the Fashion Street district” in Decentraland. The total size of the land purchased is equivalent to 6,090 square feet of land at the cost of 618,000 MANA tokens worth about $2.5 million. Metaverse Group plans to develop the estate for fashion shows and commerce. It will also form partnerships with fashion brands looking to expand their presence in the Metaverse, especially in Decentraland. “Fashion is the next massive area for growth in the Metaverse,” said Sam Hamilton, Head of Content at the Decentraland Foundation. The deal is the first of many by Metaverse Group since Tokens.com became its ...

Australia's Rest Super retirement fund to invest in crypto for its 1.8M members

“It’s still a very volatile investment, so any allocation exposure we make to cryptocurrencies is likely to be part of our diversified portfolio,” said Rest Super’s CIO Andrew Lill on Tuesday. Australian superannuation fund Rest Super is set to become the first retirement fund in the country to invest in cryptocurrencies. The fund has more than $46.8 billion worth of assets under management (AUM) and around 1.8 million members. Superannuation is the equivalent of a 401k or Individual Retirement Account in the U.S. and is compulsory for all employees. Until now the $2.4 trillion sector has been extremely cautious about cryptocurrency. During Rest Super’s annual genera l meeting on Nov. 23, the firm’s chief investment officer Andrew Lill told members that the company sees digital assets as an “important part” of its portfolio moving forward but will proceed “carefully and cautiously,” noting that: “It’s still a very volatile investment, so any allocation exposure we make to cryptocu...

Crypto Is Driven by Extraordinary Consumer and Investor Demand, Says Australian Regulator

The chairman of Australia’s Securities and Investments Commission (ASIC) says crypto is “being driven by extraordinary consumer and investor demand,” noting that “The implications for consumers are potentially huge.” The securities regulator is currently working with lawmakers to develop rules for cryptocurrencies. Regulator Sees ‘Extraordinary Consumer and Investor Demand’ for Crypto Australian Securities and Investments Commission (ASIC) Chair Joe Longo talked about cryptocurrency at the Australian Financial Review’s Super & Wealth Summit Monday. “Consumers should approach investing in crypto with great caution,” he said, emphasizing its lack of investor protection. However, Longo opined: Crypto is on our doorstep, here and now, and being driven by extraordinary consumer and investor demand. The implications for consumers are potentially huge. While noting that the securities regulator is working with lawmakers to develop rules for cryptocurrencies, he stressed that many ...

Floki's logo to appear on league-topping SSC Napoli’s match jersey and stadium

As part of the sponsorship deal with SCC Napoli, the Floki Inu logo will be featured on the back of the football team’s jersey and across LED signs at the team’s home stadium. The team behind the Floki Inu (FLOKI) token — inspired by Elon Musk’s pet dog of the same name — has signed a sponsorship deal with Italian football giant S.S.C. Napoli. S.S.C Napoli was founded in 1926 and is one of the most popular professional teams in Italy. The historic club won its first Serie A title in 1987 led by the late global football icon Diego Maradona, and is currently sitting at first place in the league for the 2021-2022 season. Here is SSC Napoli's official tweet about the partnership with #FLOKI . Go and show them love, Vikings! https://t.co/cSfZxvkUCc — Floki Inu (@RealFlokiInu) November 23, 2021 According to a Nov. 23 announcement from S.S.C. Napoli, the Floki Inu logo depicting a Shiba Inu dog wearing a Viking helmet will be displayed on the back of Napoli’s jerseys and across...

Mixed messages on crypto tax rules create confusion in South Korea

Government officials waffling about the crypto tax that's set to come into effect in 2022 has created a maelstrom of conflicting reports that even officials can’t seem to keep track of. South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022. Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. If unchanged, the tax will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million Korean won, or about $2,100. NFT regulations are the latest example of confusion over crypto assets in the country. On Nov. 5, FSC officials stated definitively that NFTs would not be subject to the crypto tax based on FATF guidelines classifying NFTs differently from cryptocurrency. But that decision was effectively reversed yesterday whe...

Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’

Ripple CEO Brad Garlinghouse says that he expects the lawsuit over XRP by the U.S. Securities and Exchange Commission (SEC) to come to a conclusion next year. The executive explained: “We’re seeing pretty good progress despite a slow-moving judicial process.” Ripple’s CEO Is Hopeful the SEC’s Lawsuit Over XRP Will Conclude Next Year Ripple CEO Brad Garlinghouse discussed the lawsuit over XRP by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC Monday. Garlinghouse said he expects the lawsuit to reach a conclusion next year, elaborating: We’re seeing pretty good progress despite a slow-moving judicial process. “Clearly we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple. This will have broader implications,” the Ripple executive added. The SEC sued Ripple, Garlinghouse, and co-founder Christian Larsen in December last year, alleging that they sold $1.3 billion worth of the XRP tokens in an un...

NFL Football Star Odell Beckham Jr Giving Away $1 Million in Bitcoin and Will Take His New Salary in BTC

U.S. football Star Odell Beckham Jr. is taking his new salary in bitcoin and is giving away $1 million in the cryptocurrency in partnership with Square’s Cash App. “To all my fans out there … I’m giving back a total of $1M in BTC right now,” he wrote. Football Star Odell Beckham Jr. Will Take His New Salary in Bitcoin and Is Giving Away $1 Million in the Crypto Odell Beckham Jr., also known as OBJ, announced via Twitter Monday that he is taking his new salary in bitcoin via Square’s Cash App. He also told his 4.1 million Twitter followers that he is giving away $1 million in bitcoin. OBJ is an American football wide receiver for the American National Football League (NFL)’s Los Angeles Rams. He signed a one-year deal with the Rams two weeks ago after the Cleveland Browns released him. According to reports, his contract comes with a base salary of $750,000 and a $500,000 signing bonus, with another $3 million available to earn in the form of team-based incentives. At the time of...

DeFi Yield Protocol Enables Buyback, Farming and Staking V2 on Binance Smart Chain

Nowadays, there are so many different viable ways of earning money through the usage of cryptocurrencies. In the past, many traders would have preferred to simply hold on to their coins or ‘hold’ for as long as possible in order to get substantial returns on their investments. However, as time went on, new methods such as mining, staking, farming, and more emerged through which many are now earning much more comparative to their previous amounts. What is the DeFi Yield Protocol? The DeFi Yield Protocol (DYP) is a one-of-a-kind platform which provides solutions pertaining to staking, yield farming, and also non-fungible tokens (NFTs). It allows users to successfully leverage DYP’s sophisticated trading capabilities and tools in a seamless fashion. Simply put, DYP enables its users to provide liquidity as well as be rewarded for their efforts. The rewards can come via ETH , for instance. Concurrently, the platform is also working towards maintaining its token price stability in addit...

ASIC chair Longo calls the growing demand for crypto ‘impossible to ignore’

He told an audience that the rise of blockchain currencies has been “nothing short of phenomenal.” Joe Longo, chair of the Australian Securities and Investments Commission, or ASIC, spoke at the Australian Financial Review Super and Wealth Summit on Monday at the Fullerton Hotel in Sydney. The rise of crypto, he said, has been “nothing short of phenomenal, and impossible to ignore.” As a corporate and markets regulator, Longo admitted to a certain fascination with decentralized autonomous organizations, or DAOs. He said that they present certain challenges for national regulators like ASIC: “To paraphrase a concept familiar to corporate lawyers, to whom does ASIC turn to ascertain the directing mind and will of a DAO? It is not clear who is accountable if things go wrong, or don’t go as intended or anticipated. Nor is it clear how a DAO, itself, can be held accountable in a court of law.” Longo recognized the high consumer demand for crypto products and services in Australi...

eToro to delist Cardano by 2022 for US users due to regulatory concerns

The moved surprised some users as ADA has not been typically on regulators' radars as of late. In a statement released to customers on Tuesday, Israeli cryptocurrency exchange eToro announced it would delist Cardano ( ADA ) and Tron (TRX) for United States customers by the end of the year. After Dec. 31, U.S. users will no longer be able to open new positions in the tokens nor stake ADA and TRX. In addition, wallets will be effectively in withdraw-only mode until the first quarter of 2022, when selling will also become limited. In making the decision, eToro cited regulatory concerns surrounding both assets. The move came as a surprise to some as ADA has not been traditionally associated with regulatory troubles. In context, tokens like Ripple ( XRP ), whose creators are currently engaged in an ongoing lawsuit with the Securities and Exchange Commission , or SEC, as well as Monero, which is a privacy coin that some fear is easily abused for illicit purposes, are facing the bru...

South Korea financial authority rules that NFTs are taxable

Korean lawmakers plan to impose taxes on NFTs after classifying them as virtual assets. South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102) as of Jan. 1, 2022. The FSC’s vice chairman Doh Kyu-sang specified that only some NFTs would be categorized as virtual assets and therefore subject to “other income” taxes, referring to those used for investment or payment on a large scale. Tax authorities are in charge of defining the full scope of taxable NFTs. This announcement, however, differs from last month’s stance when the FSC had issued a public statement reaffirming that NFTs are not virtual assets and would not be regulated. Korean lawmakers now appear to view NFTs in the same taxable light as cryptocurrencies. A planned tax on cryptocurrency gains ...

Founder of Africa-Focused Media Firm Urges Continent’s Governments to Embrace Crypto

The founder of Africa-focused media and investment company Footprint to Africa, Osita Oparaugo, has urged governments on the continent to embrace cryptocurrency. Africa Must Not Be Left Behind Osita Oparaugo, founder of Footprint to Africa, has argued that a timely embrace of cryptocurrencies by African governments would be beneficial to the continent’s growth prospects. In his remarks published by the Vanguard, Oparaugo, who was co-host of a Decentralized Finance (defi) event in Nigeria, suggested that African countries cannot afford to lag behind when it comes to crypto. After noting the impact of cryptocurrencies and blockchain on global finance, Oparaugo explained why African governments must get on board quickly. He said: Cryptocurrency and digital money will eventually unite the world and the earlier African governments embrace it, the better for the continent’s growth. Africa can’t afford to play catch-up on blockchain technology; it’s the future. To back up his predict...

How to enhance DeFi security

Decentralized finance is exploding. Its security is not. Here’s how to prevent millions more lost in DeFi. Creating a cryptocurrency from scratch isn’t easy. It requires extensive knowledge of various programming languages and knowledge of blockchain use cases, among other things. Instead of going through that effort, those newer to the crypto space wanting to build their own project tend toward tokens. Tokens are a crypto asset that exists within an ecosystem, like a project built on Ethereum. A token may be compatible with all Ethereum-based assets sharing the same token standard but wouldn’t be compatible with cross-chain cryptocurrencies. Essentially, tokens enable one to build their blockchain-based business or idea without the massive effort required to build a cryptocurrency from scratch. However, creating it comes with its own set of problems such as legality, fees, and smart contract security. A crypto security standard With decentralized finance (DeFi) appl...

US Senator Pat Toomey supports digital dollar, nomination of Powell as Fed chair

“The idea of having a tokenized dollar that is capable of being exchanged on a peer-to-peer basis on a platform where developers can innovate and develop new products and services... I think there’s a strong case for that,” said Pat Toomey. Pennsylvania Senator Pat Toomey, one of the lawmakers who supported amending the language around crypto in the recently passed infrastructure law, said the United States should lead the world in the adoption of a central bank digital currency. In a Nov. 23 interview with Bloomberg's David Westin, Toomey said the U.S. dollar should have “the most sophisticated capabilities of any currency in the world” as the country could benefit from a digital dollar. However, the senator said the rollout of any U.S. central bank digital currency should not rely on the Federal Reserve as a traditional bank for retail accounts, citing issues with privacy. “The idea of having a tokenized dollar that is capable of being exchanged on a peer-to-peer basis on a ...

Bank of England sees CBDCs as a revolution for the future of money

The Bank of England estimates that 20% of retail and consumer deposits could potentially move toward CBDCs. In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment: "It's quite difficult to predict how innovators will take money and actually use money going forward. But we are starting to see programmable money being used in the crypto world. And I would expect we would see a similar revolution in the functionality of money driven by technology." Sir Jon Cunliffe discussing CBDCs | Source: Parliamentlive.tv The Bank of England is currently exploring options to implement a digital pound CBDC for retail payments. A task force behind the CBDC is also investigating the use of a digital p...

Monthly NFT Metrics Dive Bomb, NFT Sales Measured in USD Slip 16%

Non-fungible token (NFT) sales have dropped considerably during the last month as cryptocurrency values have seen significant losses in recent times. NFT sales saw a quick spike when a number of crypto assets neared all-time price highs in mid-November, but sales quickly plummeted back down following the crypto market downturn. A Number of NFT Sales Slide Following Crypto Market Downturn Throughout the year, NFTs have seen massive demand and markets have processed billions of dollars in sales. In the midst of the all-time highs bitcoin , ethereum , and numerous other crypto assets saw in mid-November, NFT sales regained momentum after a downward slump in sales since October 24. The spike in NFT sales took place on November 15 and lasted only 24 hours. Since the end of October, the number of NFT sales dropped 28.79% according to market metrics from nonfungible.com. Despite the number of NFT sales sliding, the U.S. dollar value of sales stemming from October 24 until today is not s...

Fed conducted 'policy sprints' around crypto assets to address regulatory clarity

Government agencies are planning to adjust compliance standards on existing laws and regulations related to custody services, buying and selling crypto, crypto-collateralized loans, HODLing and the issuance of stablecoins. The United States Federal Reserve is planning to address ambiguities that they feel are plaguing digital asset regulation in the country following rapid analyses by government agencies. In a Tuesd announcement, the Board of Governors of the Federal Reserve System said it recently worked with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency on a series of “policy sprints” aimed at addressing regulatory clarity in the crypto space. The interagency effort included building a greater understanding of the terminology surrounding crypto assets, identifying potential risks, and analyzing existing regulatory frameworks to determine if any changes were necessary. According to the Fed, the three agencies plan to address whether “cert...

El Salvador's dollar debt dives on Bitcoin bond plans

Investors have grown weary of El Salvador’s dollar debts as the country further adopts Bitcoin, meanwhile the IMF has recommended that BTC not be used as legal tender. El Salvador’s dollar-denominated bonds have fallen to an all-time low as the Central American nation’s debt started trading in "distressed territory" this week. El Salvador’s USD bonds fell to 64.4 cents to the dollar on Monday, Nov. 22, following the weekend news that the Central American country would use Bitcoin ( BTC ) bonds to fund its Bitcoin City initiative. Dollar bonds have fallen steadily since April 2021 when they topped $1.10 according to Bloomberg data. A dollar-denominated bond is a bond issued outside of the United States by a foreign company or government, that is denominated in USD instead of their local currency. Monday’s drop resulted in the country’s debt becoming among the worst performers in global trading, Bloomberg reported. Investors are concerned that President Nayib Bukele has ...