Turkish Female Investors Shows More Crypto Knowledge than Male Counterparts, Study Shows

In Turkey, more women are investing and trading cryptocurrencies as their crypto curiosity tops that of men, according to a survey by crypto exchange KuCoin.

Per the announcement:

“One of the key takeaways is how women in Turkey get involved in crypto. More specifically, they are almost as well-represented as men in the trading and investing segment. Female accounts represent 47% of investors and 63% of the crypto-curious.”

Female crypto investors stand at 47% in Turkey, just slightly lower than their male counterparts at 53%. 

Nevertheless, women’s desire to know about cryptocurrencies is considerably higher at 63% than men at 37% in the nation. 

The study noted that Turkey was a vital region for crypto adoption despite the absence of regulatory frameworks, given that interest for crypto-assets was rising, especially among older generations and women. 

One of the catalysts of crypto interest entails the ongoing financial turmoil witnessed in the nation. For instance, runaway inflation has caused the nation’s currency, the Turkish lira, to lose nearly 50% of its value. 

The report noted:

“To avoid the decreasing purchasing power from savings in lira, consumers flock to alternative investment solutions. The U.S. Dollar and gold remain favorable options, but overall demand for exposure to cryptocurrencies is rising.”

Exploring the cryptocurrency waters in areas like derivatives, stablecoins, and metaverse projects have become the norm in Turkey as mass adoption remains on track. The survey reads:

“Roughly 40% of the internet population aged 18-60 own cryptocurrencies or have traded such assets in the past six months. Moreover, 59% of crypto investors will increase their exposure in the first half of 2022.”

Cryptocurrencies are also coming to the rescue of Argentinians as high inflation rates continue to bite. The annual inflation rate on Argentinian soil does not seem to be slowing down because economists speculate it will hit 55% this year from 50.7% recorded in 2021.

Image source: Shutterstock


Tagged : / / / / / /

Ethereum Foundation Releases Grants worth $750,000 to Fund ETH Research

With knowledge being a flywheel for Ethereum (ETH), the Ethereum Foundation has deemed it fit to explore the network’s potential through academic research by releaseing a new wave of grants worth $750,000.

Per the announcement:

“This grants round aims to support formal research on Ethereum and related domains while bringing more actors into the ecosystem. The more knowledge and research is shared among the global community; the more Ethereum can evolve to make a greater and positive impact.”

This decision was reached because the Ethereum Foundation noted that the academic community should advance the ETH ecosystem. 

Therefore, the foundation has asked all those interested in ETH research, such as PhD students, research centres, and academics, to submit project proposals because this approach is seen as a stepping stone towards solving major problems. 

Furthermore, the funds will be channelled towards systemic, scientific, and formal research, as well as open-source content aimed at Ethereum. 

The Ethereum ecosystem has evolved tremendously, transforming arts and culture and changing the economics and finance context. For instance, it is one of the sought-after blockchains in the booming non-fungible tokens (NFTs) and decentralized finance (DeFi) sectors. 

The Ethereum Foundation has been revamping the ecosystem, given that it recently rebranded Ethereum 2.0 to the consensus layer so that a broader audience could comprehend its content because it previously triggered an inaccurate representation. 

The advancement of the Ethereum network calls for more measures beyond protocol development, like a critical shift in terminologies used, the foundation added.

The consensus layer continues to gain steam because validators recently hit the 300,000 mark. It is seen as a game-changer that will transition the current proof of work (PoW) framework to a proof of stake (PoS) consensus mechanism, deemed more cost-effective and environmentally friendly. 

Image source: Shutterstock


Tagged : / / / / /

MIT Sees Ethereum’s PoS as Game Changing Tech

Ranked sixth among the top 10 technological breakthroughs of 2022, the Massachusetts Institute of Technology (MIT) views Ethereum’s proof of stake (PoS) consensus mechanism as a game-changer that will prompt the adoption of energy-saving technology. 

Per the announcement:

“Proof of stake offers a way to set up such a network without requiring so much energy. And if all goes as planned, Ethereum, which runs all sorts of applications in addition to the world’s second-largest cryptocurrency, will transition to it in the first half of 2022. The shift has been projected to cut energy use by 99.95%.”

The MIT acknowledged that Ethereum’s PoS framework would be instrumental in changing the narrative about cryptocurrencies using vast amounts of electricity. For instance, Bitcoin (BTC) used more energy than Finland last year.

Ethereum 2.0, recently renamed to the consensus layer, was launched in December 2020 to transition a PoS framework from the current proof of work (PoW) consensus algorithm.

Since then, it has gained steam as more investments continue trickling in, given that the number of validators recently hit 300,000 and staked Ether crossed the 9.5 million mark. 

With “The Merge” slated for the second quarter of this year, MIT noted that Ethereum’s transition would become the centre stage of triggering energy-efficient technology even though other networks like Solana, Cardano, and Algorand are already using PoS blockchains. 

The report noted:

“With proof of stake, validators don’t have to vie against one another, spending big on energy and computing hardware. Instead, their cache, or stake, of cryptocurrency allows them to enter a lottery. Those who are chosen to gain the authority to verify a set of transactions (and so earn more cryptocurrency).”

The other top ten breakthrough technologies included Covid variant tracking, a long-lasting grid battery, artificial intelligence (AI) for protein folding, and malaria vaccine, per the MIT Review. 

Image source: Shutterstock


Tagged : / / / / /

Ukrainian Government Accepts Polkadot DOT Donations, Expanding Crypto Donations Over $30M

Ukraine Expands over $30M worth crypto donation program by accepting Polkadot’s DOTs after the Russian Army Invasion.

The Ukrainian government accepts DOT for the 11th-largest cryptocurrency by market capitalization, Polkadot, according to a statement posted on the Ukrainian government’s Twitter account on Tuesday. Previous cryptocurrency donations include Bitcoin, Ethereum, and the stablecoin Tether.

The official Twitter account of the government of Ukraine published an Ethereum (ETH) and a Bitcoin (BTC) address to which the donations are meant to be sent.

According to Blockchain.com, The entire public, particularly the crypto-savvy population, has shown solidarity with Ukraine and raised about $8.2 million in bitcoin and $7.1 million in the ether since the call.

These have almost been diverted for humanitarian relief.

The Ukrainian government has also indicated that more tokens will soon be in the way of accepting donations, for example.

Ukraine tweeted about a possible crypto airdrop — a promotion giving away free tokens, but nothing has been confirmed yet.

Image source: Shutterstock


Tagged : / / / / / /

Blockchain Payment Company Facepay Launches Facepay Crypto Service

Blockchain payments company Facepay Inc. announced Tuesday local time for the release of Facepay Crypto, bringing cryptocurrency payments to auto stores.

Facepay Crypto will allow auto shops to accept Bitcoin, Ethereum and other cryptocurrencies directly from customers, replacing the complex payments associated with traditional payments such as credit cards that can lead to chargebacks, fraud, and more.

Facepay founder Dr. Mark Hale said:

“Consumer cryptocurrency will only increase over time, and repair shops should be investing in the right technology to take advantage of it. If not, Bitcoin will be just another payment method that costs shops money. Every direct payment made with Facepay results in a 15 -20% more profitable transaction.”

Facepay is a relational payment on the blockchain. It offers small business contactless, mobile, and zero-fee pay-through-text and pay-through-scan payment solutions. They eliminate credit card fees by converting their customers to direct debit on the blockchain.

 “When Facepay is an integral part of shop workflow, shops start seeing huge savings. On top of that, 63% of consumers prefer this type of payment relationship with their service providers anyway,” Hale added.

As cryptocurrencies have crept into the mainstream market, there is currently no direct crypto banking offering the security of blockchain technology specifically for auto shops.

Facepay is thus a way to prevent crypto payments from being incorporated into the outdated transaction model provided by the oligopoly of credit card processors, which can increase revenue and reduce expenses for merchants by eliminating credit card fees.

Image source: Shutterstock


Tagged : / / / / /

Electric Capital Raises $1B to Invest in Crypto Startups

Palo Alto-based Venture Capital firm Electric Capital announced Tuesday that it has raised $1 billion to invest in the cryptocurrency ecosystem.


According to the official post on the startup’s blog, it confirmed that the capital would be used to fund a variety of crypto networks, Web3 protocols, and blockchain-enabled businesses.

The capital was raised in 2 distinct rounds, including one $400 million pulled back in 2021 with a plan to invest this into crypto token investments. The second involved a $600 million fund earmarked to make only token-focused investments.

“We are long-term investors and partners to our founders. We have spent the last four years building software and data systems that enable us to participate in Web3 ecosystems. We use the infrastructure we have built to provide liquidity, drive key governance proposals, help teams better understand their ecosystems with our data, and more,” the startup said in a statement.

The monetary valuation of funds that will be invested in the startups it chooses to back will range from $1 million to $20 million. Unlike the majority of venture capital firms whose approach to investment is more or less passive, Electric Capital is working on the frontline, conducting research and helping its partners get the best out of their business models.

Riding on Deep Experiences as Tech Founders

The founders, Avichal Garg, 39, and software engineer Curtis Spencer 40, are both experienced investors and entrepreneurs. The duo co-founded Spool, a bookmarking startup that lets consumers save articles and videos on their phones that Meta Platforms Inc later acquired in 2012. Avichal and Spencer stayed on at Facebook until 2018, when Electric Capital was founded.

The Electric Capital team also has plans to onboard as many engineers within its ranks as possible. The belief is that the most successful businesses have the presence of software engineers at their core, particularly some of the startup’s competitors, including Paradigm and Hack VC.

The capital raised by Electric Capital comes off as a testament to how rebooted venture capital firms are in going all out with backing cryptocurrency-focused startups. Avalanche, Binance, and FTX are amongst the big players in the space that have earmarked ecosystem funds to invest in related startups with inherent potential.

Image source: Shutterstock


Tagged : / / / /

Provenance Blockchain Foundation Names Morgan McKenney as CEO

The Provenance Blockchain Foundation, a San Francisco based public blockchain network designed and developed to support financial service industry needs, on Monday announced the appointment of Morgan McKenney as the company’s CEO.

Webp.net-resizeimage - 2022-03-02T120609.245.jpg

In her role, McKenney is tasked with spearheading growth and adoption of the Provenance Blockchain through enabling the firm to partner with various financial institutions, fintechs, developers, and industry players to realize significant business benefits from blockchain.

McKenney brings broad experience to this role. The executive spent almost twenty years at CitiGroup in various senior executive operating roles worldwide. In the past, McKenney led big payments businesses in the institutional industry globally in Africa, the Middle East, Asia, and Europe. She promoted partnerships with governments, corporates, and banks to help them operate their business and enable real-time commerce. She also managed Citi’s innovation lab in Singapore and successfully implemented two blockchain projects with NASDAQ and Alibaba and Ant Financial.

McKenney recently served as the Chief Operating Officer for Global Consumer Banking, Citi’s Personal Banking and Wealth Management business. Also, most recently, McKenney served as Special Advisor at Centre. This consortium promotes trusted use of fiat-backed stablecoins and as a Bain Expert Advisor in the digital assets space.

McKenney has therefore demonstrated a track of work that uniquely positions her to lead the Provenance Blockchain Foundation, a rapidly growing blockchain that is increasingly relied upon by financial institutions.

McKenney talked about her appointment and said: “The Provenance Blockchain has successfully demonstrated the ability to deliver material business benefits to participating financial institutions and their customers at scale. I am excited to advance the work underway and to deepen the innovation ecosystem of financial institutions, fintechs, developers, and other industry leaders building on and leveraging Provenance Blockchain to make financial services significantly more efficient, with more real-time capabilities and reduced counterparty risk.”

Transforming the Financial Services Industry

Blockchain technology is considered most attractive to financial businesses because it solves several problems plaguing the industry today, namely efficiency and security.

Launched in 2018, The Provenance Blockchain Foundation continues bringing greater transparency and liquidity to digital transactions worldwide. The blockchain firm helps to revolutionize how financial institutions access, trade, and issue assets globally.

In May last year, The Provenance Blockchain Foundation launched a public, open-source, permissionless, decentralized, proof-of-stake blockchain that provides financial service companies with a ledger, registry, and exchange across multiple financial assets and markets.

The open-source blockchain reduces the need for third-party intermediation. Therefore it is significantly lowering costs and freeing up capital in financial transactions. Furthermore, the Provenance blockchain promotes greater transparency and liquidity and allows for new financial engineering and business opportunities. This decentralized ecosystem also enables a robust validator/staking framework and real-time settlement and market-driven pricing.

Many financial firms such as asset managers and banks are onboarding the Provenance blockchain in verticals like loan origination, banking and payments, financing and trading, and securities exchanges.

The Provenance Blockchain Foundation also provides grants to developers to accelerate growth in the DeFi ecosystem.


Image source: Provenance Blockchain Foundation


Tagged : / / /

AMC Theatres to Accept Shiba Inu and Dogecoin by March 19

American entertainment and cinema brand AMC Theatres integrates Dogecoin (DOGE) and Shiba Inu (SHIB) as payment options for its services.


As unveiled on Twitter by the company’s Chief Executive Officer, Adam Aron, the integration on the company’s website can happen as fast as the 19th of this March, while the update on mobile applications will not be expected until after April 16.

“This might rev up the Cryptocurrency fans amongst you. AMC IT says that BitPay will be live for AMC online payments on our website by March 19 and live on our mobile apps by April 16. Possibly a few days earlier. BitPay, and therefore soon AMC, accepts DogeCoin and Shiba Inu,” the Twitter announcement reads. 

The move to add the world’s two biggest memecoins trails a dogged pushed by AMC Theatres to become the go-to place for both millennials and Gen-Z, most of which have taken so much liking into digital currencies in recent years. Coupled with AMC stock trades on the New York Stock Exchange (NYSE), it is considered a meme stock alongside GameStop and amongst those heavily shorted by Wall Street veterans.

The designation of AMC as a meme stock accounts for one of the reasons why the fast-growing digital currency ecosystem decided to rally around the company. This history lent credence to the initial considerations of the company to begin accepting digital currencies as payments for its services and merchandise.

AMC’s dive into the cryptocurrency ecosystem has gained traction thus far, with the company revealing back in October that it has started accepting crypto as payment to purchase electronic gift cards. In addition, AMC Entertainment began accepting Bitcoin payments at the end of last year, setting the pace for the inclusion of Shiba Inu and Dogecoin at this time.

The company has presented itself as one that listens to its community members as the crypto drive is arguably a function of a poll conducted by Aron. The majority of respondents supported the crypto integration plan.

Image source: Shutterstock


Tagged : / / /

Mastercard Pulls Russian Banks from its Payment Network

American payment services giant Mastercard has cut off Russian financial institutions from its payment network, a move it said is in compliance with the sanctions being meted by the United States government for the country’s role in the invasion of Ukraine.


According to Mastercard’s announcement, its first priority remains to provide a safe environment for its workers that may be stranded in the region for as long as the crisis lingers.

“Our first priority has been the well-being of our employees and their families. Our teams are working around the clock to help secure their safety, using all the resources at our disposal. We will keep our employees in mind throughout the region as we navigate through this crisis,” Mastercard said in the issued statement. Adding that “as a result of sanction orders, we have blocked multiple financial institutions from the Mastercard payment network. We will continue to work with regulators in the days ahead to abide fully by our compliance obligations as they evolve.”

Related sanctions have been announced to force Russia’s leadership under President Vladimir Putin to seek other measures to address the imploded diplomatic ties with Ukraine.

Apart from sanctions, Mastercard said it will be donating the sum of $2 million to charities like Red Cross, Save the Children, and the firm’s employee assistance fund for humanitarian relief. The gesture from Mastercard echoes related funding and donation that has been sent by key organizations and individuals in the digital currency ecosystem including the Binance exchange per an earlier, reported by Blockchain.News.

The sanctions on Russia have weighed in on the Ruble which has continued to lose its value against other sovereign fiat notes. However, the Ruble has grown in trading with cryptocurrencies, a development that shows the majority of Russians are using these digital assets to bypass the sanctions from Mastercard and other bodies. 

Image source: Shutterstock


Tagged : / / /

South Korean Billionaire Businessman Kim Jung-ju Passes away, Aged 54

News has emerged that Kim Jung-ju, a prominent South Korean businessman, investor, philanthropist, and founder of Korea’s largest gaming company, Nexon, died on Monday at the age of 54, according to the Korean Herald.

Webp.net-resizeimage - 2022-03-02T114538.261.jpg

Reports, citing Nexon’s holding company NXC, disclosed on Tuesday evening that Jung-ju died in Hawaii, U.S., on February 28. He had been receiving treatments for depression, and it appeared that the symptoms had become worse recently. The firm stated the news without giving a cause for his death.

Owen Mahoney, the President and CEO of Nexon Co Ltd, paid condolences to Kim.

“It is difficult to express the tragedy of losing our friend and mentor Jay Kim, a man who had an immeasurably positive impact on the world. As a founder and visionary leader, Jay encouraged those around him to ignore the sceptics and trust their creative instincts. He will be deeply missed by his Nexon family and many friends,” Mahoney stated, using Kim’s English name.

Kim established Nexon in 1994 and launched ‘The Kingdom of the Winds,’ the world’s first multiplayer online role-playing game. Later, the firm published popular online games such as MapleStory, KartRider, Mabinogi, and Dungeon & Fighter.

The South Korean video game publishing firm became a public company on the Tokyo Stock Exchange in 2011. Following the listing, Nexon became the first Korean gaming firm to surpass 1 trillion won ($830 million) in annual sales the year it went public. Currently, Nexon provides more than 50 live games on multiple platforms, including mobile and is available in more than 190 countries.

Rising Interest in Crypto

Besides being known as a popular line of online games, Nexon is also making steps into the crypto industry. As reported by Blockchain.News in early last year, Nexon had plans to acquire Bithumb, a major crypto exchange in South Korea, for an estimate of half a billion dollars. But the negotiations between the two firms fell apart.

In April last year, Nexon made a purchase of Bitcoin worth $100 million. The development added the South Korean-Japanese video game publisher to the ranks of companies such as MicroStrategy and Tesla that used corporate cash to load up on the flagship cryptocurrency. Nexon bought 1,717 Bitcoins at an average price of around $58,226, including fees and expenses.

The firm’s move followed other publicly listed companies, including Tesla and MicroStrategy, that are purchasing Bitcoin as a way for their investors to hedge against inflation.

During that time, Nexon CEO Mr. Owen Mahoney stated that the Bitcoin purchase “reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets.”

The CEO further said that given the current economic environment, Nexon believes Bitcoin provides long-term liquidity and stability while also maintaining its cash value for future investments.

In December last year, Nexon started accepting cryptocurrency as payment from players who want to equip their characters with cash items alongside U.S. dollars. The company allows players to use Ethereum, Dogecoin, Bitcoin and other crypto-assets to purchase in-game items.


Image source: Yonhap


Tagged : / / /
Bitcoin (BTC) $ 27,554.38 0.68%
Ethereum (ETH) $ 1,640.29 0.77%
Litecoin (LTC) $ 63.91 2.61%
Bitcoin Cash (BCH) $ 227.41 1.82%