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Time Magazine to Start Accepting ApeCoin

by Blockchain NewsMarch 21, 2022

Time Magazine made an announcement via Twitter that it will start accepting ApeCoin in the coming weeks.

ApeCoin, an Ethereum-based token was recently issued by Yuga Labs – the creators of the Bored Ape Yacht Club.

Previously, the magazine had made it possible to pay for digital subscriptions with Bitcoin and other cryptocurrencies, including XRP, Ether and Dogecoin, last April.

Time Magazine has also been involved in non-fungible tokens (NFTs). In 2021, the magazine auctioned some of its covers as NFTs and has also agreed to hold bitcoin on its balance sheet following a partnership with Grayscale.

While last week, the 98-year-old publication published its first issue as an NFT which had Ethereum co-founder Vitalik Buterin on its cover, according to U-Today. In that publication, the programmer shared his concern about the crypto sector, saying that it could turn into a dystopia governed by power-hungry actors.

The BAYC ecosystem native cryptocurrency ApeCoin was airdropped to the owners of Bored Ape Yacht Club on Thursday and it has also started trading on major cryptocurrency exchanges.

During the first few hours of trading, the coin saw a rise to $39.40 before tumbling down to $8.90.

The token has been designed to function as a decentralised protocol layer for a wide range of initiatives that will be led by the Bored Ape community. The Ethereum-based token is currently valued at $2.9 billion, which makes it the 46th biggest cryptocurrency by market cap.

On its website, the token announced that the APE Improvement Proposal Process would allow ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond, Blockchain.News reported.

ApeCoin DAO membership is open to all ApeCoin holders.

Yuga Labs is also planning to sell virtual plots of land to raise millions of dollars. Although Yuga made $127 million in net revenue last year, it is looking to raise fresh funds at a valuation of $5 billion.

Yuga projects that its net revenue will reach $455 million in 2022 — chiefly through proceeds from the virtual land sales.

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Reserve Bank of India Advocates for Crypto Ban

by Blockchain NewsMarch 21, 2022

The Reserve Bank of India (RBI) has advocated for a blanket ban to be imposed on the digital currency ecosystem as the central bank believes this nascent asset class poses a threat to the rise of the country as a global power.

While the underlying concern seems noble, the call from the RBI, which comes as a published critical bulletin, has sent the crypto world into a new frenzy, having nursed the possibilities of these currencies being regulated in the country.

India remains a crucial hub for the future of digital currencies, not just because of its population and market but also because great talents come from the country. In the Bulletin, the RBI acknowledged and commended the technology backing the cryptocurrencies. The understanding that their existence poses a threat to the financial sovereignty of India is enough ground for an outright ban.

“Historically, private currencies have resulted in instability and have evolved into fiat currencies over centuries. The retrograde step back to private currencies cannot be taken simply because technology allows it without considering the dislocation it causes to society’s legal, social and economic fabric.”

Indian authorities were making excellent headway in pushing for the regulation of the crypto ecosystem as consultations with important stakeholders is already underway. With a new tax proposal being introduced in recent times, Indian crypto investors already feel that the country is finally tilting as being a pro-crypto nation. The current insinuations from the RBI may serve as a setback to these advanced strides with respect to crypto engagement in India.

Talking about the situation of current investors, the RBI note says anyone whose money is tied in crypto will be given ample time to liquidate their holdings. However, the bank noted that the fact that these investors understand the risks in the space should make them ready to stomach any turn in events.

“Persons who have invested in these instruments are fully aware of the risks involved. Investors who have acquired these instruments have done so with their eyes wide open, at their own risk, and do not warrant any regulatory dispensation.”

The varying interest in the Indian crypto ecosystem has introduced an additional level of uncertainty to the country.

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Tagged : Ban / Crypto / Rbi / Regulation / Tax

BlockFi Records Data Breach on Hubspot of its Third-Party Vendor

by Blockchain NewsMarch 21, 2022

BlockFi, an American cryptocurrency platform to buy, sell and earn crypto, has confirmed that some of its client’s data stored on Hubspot, a Customer Relationship Management platform, have been compromised.

Taking to Twitter to announce the incident, BlockFi said the compromised data were limited to name, email addresses, and phone numbers.

BlockFi said it proactively informs its affected clients of the incident, which is suspected to be tilted toward a phishing attack before the bad actors will attempt to utilize the stolen data. The investigation regarding the hack is still ongoing. The platform confirmed that it does not store the most sensitive data, including BlockFi’s account and its passwords, information of government-issued ID cards, and social security numbers on Hubspot; hence these are safe.

In a bid to allay all fears, BlockFi confirmed that no user’s funds were stolen as the breach remains only with Hubspot. The platform advised its users to beware of emails sent with a demand in urgency to change passwords and the likes. The company asked its users to implement additional safeguards to improve their accounts’ security.

As part of the recommendations BlockFi gave is the activation of Two-Factor Authenticator (2FA), the permission of the platform’s ‘Allowlisting’ feature places withdrawal on at least a 7-day hold should a new address be listed for withdrawal. The platform said this can significantly protect its clients from being exploited by bad actors.

In whatever format they come, hacking or protocol breaches are not uncommon in the digital currency ecosystem, especially amongst cryptocurrency exchanges and Decentralized Finance (DeFi) platforms. Earlier this year, Singapore-based Crypto.com suffered the first major crypto exchange breach for the year as far back as January. This incident impacted about 400 accounts with more than $34 million lost.

Per the BlockFi-Hubspot breach, the platform said continuous collaborations would be advanced, and affected clients would be updated about discoveries in the near term.

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Tagged : Blockfi / Cybersecurity / Data / HUBSPOT

Universal Music Label Acquires Ape NFT to Build Virtual Music Group

by Blockchain NewsMarch 21, 2022

Universal Music Group has bought one of the popular non-fungible tokens (NFT) to build a virtual music group, according to Reuters.

Universal’s 10:22 pm label purchased Bored Ape #5537 for $360,817 – a female character, now known as Manager Noët All. The NFT will lead a group that was founded in November called Kingship.

Kingship only exists in digital form and it will also have a website and presence on messaging platform Discord. Future plans for Kingship include producing new music and hosting virtual performances in the metaverse.

On Kingship, similar to Manager Noët All, all the band members are NFTs – three Bored Apes and a Mutant Ape, on loan from collector Jim McNelis.

However, Universal’s idea of creating virtual bands is not new. Gorillaz, a virtual band formed in 1998, released seven albums on Warner Music Group’s Parlophone label. While popular Japanese pop star Hatsune Miku is a hologram.

Bored Ape #5537 is part of the Bored Ape Yacht Club NFT collection, one of the best-known collections on the blockchain. It is comprised of 10,000 anthropomorphic apes, each with distinct clothing, fur and expressions.

Bored Apes’ popularity has turned them into a status symbol for celebrities, with investors, including “The Tonight Show” host Jimmy Fallon, pop star Justin Bieber, NBA superstar Steph Curry and billionaire investor Mark Cuban.

Kingship will serve as a platform for people to learn how to create characters and stories that generate excitement in the metaverse.

10:22pm founder Celine Joshua said, “it’s about understanding the ethos of the space.”

BAYC’s ApeCoin

On March 17, Crypto token ApeCoin ($APE) was unveiled in the official Bored Ape Yacht Club (BAYC) Twitter account, which detailed initiatives planned by creator Yuga Labs, Blockchain.News reported.

The initiative also included a planned token tied to gaming and virtual experiences.

The underlying key feature of the token is a dedicated decentralized autonomous organization (DAO) and a supporting foundation.

In its Twitter thread, BAYC said, “ApeCoin DAO is supported by Ape Foundation, and will empower the community to build blockchain games and services, host events (in the metaverse or IRL), and create digital and physical products…along with anything else you can dream up.”

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Tagged : Bayc / Bitcoin / Blockchain / NFT / UNIVERSAL MUSIC

Will Ethereum’s Records Biggest Crypto Exchange Outflow in 2022 Propel More Upward Momentum?

by Blockchain NewsMarch 21, 2022

Ethereum witnessed the largest crypto exchange outflow this year, given that coins exited in droves to the tune of more than 180,000 ETH.

Market insight provider IntoTheBlock explained:

“Largest Outflows in 2022 – over 180k ETH was withdrawn from centralized exchanges within a single day. The last time such a magnitude of ETH left exchanges was in Oct 2021, preceding a 15% price increase within ten days.”

Source: IntoTheBlock

Cryptocurrencies leaving exchanges signals bullish because it illustrates a hodling culture, given that coins are transferred to cold storage and digital wallets, reducing selling pressure.

Therefore, the massive outflows suggest that Ethereum is experiencing scarcity and this coupled with burnt Ether are bullish signs.

Since the London Hardfork or EIP-1559 upgrade went live in August 2021, the supply of Ethereum continues to be depleted based on the burning mechanism incorporated.

The non-fungible token (NFT) market has been making burnt Ether go through the roof. IntoTheBlock stated:

“NFT trading activity has been the largest burner of Ether since the introduction of EIP 1559 OpenSea activity alone has led to 230k ETH out of circulation. As NFT volumes peaked in January, Ether’s net issuance dropped to historic lows of nearly -2%.”

Ethereum is one of the sought-after networks in the NFT sector, which continues to take the world by storm.

ETH has been experiencing an upward momentum since the second-largest cryptocurrency surged past the psychological price of $2,500 observed on March 15.

With IntoTheBlock acknowledging that a 15% surge in Ethereum price was witnessed the last time massive crypto outflows were observed, it remains to be seen how things turn out this time around.

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Tagged : Crypto / Ethereum / Exchanges / Hodling / Market Analysis / Nfts / Outflows

Ethereum 2.0 Continues to Gain Steam, Staked ETH Tops 10 Million

by Blockchain NewsMarch 21, 2022

The transition to Ethereum 2.0, which was renamed the consensus layer, continues to gain momentum because the amount of staked Ether is nearly 10% of the entire ETH supply.

Crypto research firm Delphi Digital explained:

“Over 10 million of ETH has been staked in the ETH2 deposit contract, 8.56% of the total ETH supply. With the ETH2 merge slated for end-Q2, yields for staking ETH with validators are expected to increase as transaction fees previously earned by miners will now be earned by validators.”

Source: Delphi Digital

The continuous growth of the ETH 2.0 paints an optimistic picture that investors are still confident about the much-anticipated merge.

Established in December 2020, Ethereum 2.0 intends to shift the ecosystem from the current proof of work (PoW) framework to a more cost-effective and environmentally friendly proof of stake (PoS) consensus mechanism.

The number of validators on the Ethereum network has also been increasing, given that it recently hit the 300,000 mark.

With the transition to ETH 2.0 slated for Q2 2022, validators will take up the role of miners when it comes to the confirmation of blocks based on the amount of ETH staked, given that it acts as collateral against dishonest behaviour.

The merge is viewed as a game-changer that will boost Ethereum as a deflationary asset, given that the London Hardfork or EIP 1559 upgrade already set the ball rolling.

Launched in August 2021, the London Hardfork or EIP 1559 introduced a feature where Ether would be burnt every time it is used in transactions. This has been causing a supply deficit, which triggers the deflationary notion, given that its value is expected to continue increasing with time on the foundation of slashed supply.

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Tagged : CONSENSUS LAYER / DIGITAL ASSETS / Ethereum / Ethereum 2.0 / Investment / Market Analysis / Staking

Ethereum Records Biggest Crypto Exchange Outflow in 2022, Will this Propel More Upward Momentum?

by Blockchain NewsMarch 21, 2022

Ethereum witnessed the largest crypto exchange outflow this year, given that coins exited in droves to the tune of more than 180,000 ETH.

Market insight provider IntoTheBlock explained:

“Largest Outflows in 2022 – over 180k ETH was withdrawn from centralized exchanges within a single day. The last time such a magnitude of ETH left exchanges was in Oct 2021, preceding a 15% price increase within ten days.”

Source: IntoTheBlock

Cryptocurrencies leaving exchanges signals bullish because it illustrates a hodling culture, given that coins are transferred to cold storage and digital wallets, reducing selling pressure.

Therefore, the massive outflows suggest that Ethereum is experiencing scarcity and this coupled with burnt Ether are bullish signs.

Since the London Hardfork or EIP-1559 upgrade went live in August 2021, the supply of Ethereum continues to be depleted based on the burning mechanism incorporated.

The non-fungible token (NFT) market has been making burnt Ether go through the roof. IntoTheBlock stated:

“NFT trading activity has been the largest burner of Ether since the introduction of EIP 1559 OpenSea activity alone has led to 230k ETH out of circulation. As NFT volumes peaked in January, Ether’s net issuance dropped to historic lows of nearly -2%.”

Ethereum is one of the sought-after networks in the NFT sector, which continues to take the world by storm.

ETH has been experiencing an upward momentum since the second-largest cryptocurrency surged past the psychological price of $2,500 observed on March 15.

With IntoTheBlock acknowledging that a 15% surge in Ethereum price was witnessed the last time massive crypto outflows were observed, it remains to be seen how things turn out this time around.

Image source: Shutterstock

Source

Tagged : Crypto / Ethereum / Exchanges / Hodling / Market Analysis / Nfts / Outflows

Ethereum 2.0 Continues to Gain Steam, Staked ETH Tops 10 Million

by Blockchain NewsMarch 21, 2022

The transition to Ethereum 2.0, which was renamed the consensus layer, continues to gain momentum because the amount of staked Ether is nearly 10% of the entire ETH supply.

Crypto research firm Delphi Digital explained:

“Over 10 million of ETH has been staked in the ETH2 deposit contract, 8.56% of the total ETH supply. With the ETH2 merge slated for end-Q2, yields for staking ETH with validators are expected to increase as transaction fees previously earned by miners will now be earned by validators.”

Source: Delphi Digital

The continuous growth of the ETH 2.0 paints an optimistic picture that investors are still confident about the much-anticipated merge.

The number of validators on the Ethereum network has also been increasing, given that it recently hit the 300,000 mark.

The merge is viewed as a game-changer that will boost Ethereum as a deflationary asset, given that the London Hardfork or EIP 1559 upgrade already set the ball rolling.

Image source: Shutterstock

Source

Tagged : CONSENSUS LAYER / DIGITAL ASSETS / Ethereum / Ethereum 2.0 / Investment / Market Analysis / Staking

Yuga Labs Teases ‘Otherside’ as its Potential Next Project

by Blockchain NewsMarch 21, 2022

For anyone that has been following the events in the digital currency ecosystem very well, Yuga Labs will be a prominent name that can be reckoned with.

This is partly for being the brains behind the most prestigious Non-fungible Token (NFT) collections in the ecosystem, including Bored Ape Yacht Club (BAYC) and CryptoPunks.

While the Yuga Labs names might not have been resounding enough, the Bored Ape brand must have been. Last week, the team also floated the ApeCoin (APE) token, which rose to become the best performer as detailed by Blockchain.News. While many might have applauded Yuga Labs for championing innovations and ecosystem utilities in the digital currency ecosystem, the team has teased another project slated for April.

The project is called ‘Otherside’, and the teaser featured an animated Bored Ape NFT smoking Tobacco in what appears to be a metaverse-themed world. The Bored Ape made connections with other Yuga Labs-backed NFT collections housed in what looks like a spaceship. Besides the intriguing teaser, no additional detail was shared that can hint at what the Otherside is likely to look like.

With the reputation that Yuga Labs has earmarked for itself in the NFT world, everyone, as gleaned on Twitter following the announcement, is fastening their seatbelt to become an early participant in the project. It is known that the NFTs from Yuga Labs have enriched a lot of people, and the team has continued to expand its influence in the emerging Web3.0 and metaverse worlds by acquiring the IP rights to the CryptoPunks and Meebits collections.

Whatever plan Yuga Labs may seek to show forth with the Otherside, it has no detailed plans to be exclusive to holders of its collections, the way the ApeCoin token was airdropped to holders of BAYC. This flexibility will make the Otherside even a more competitive project to participate in when the product is fully unravelled.

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Tagged : Bored Ape / Enterprise / OTHERSIDE / Yuga Labs

Ukraine’s Largest Bank Privatbank Suspends Money Transfers to Crypto Exchanges amid Martial Law

by Blockchain NewsMarch 21, 2022

Privatbank, the largest commercial bank in Ukraine regarding assets, has suspended money transfers to crypto exchanges.

Privatbank announced last Friday that it has temporarily restricted its customers from purchasing Bitcoin using the national fiat currency, the Ukrainian hryvnia (UAH). The temporary ban was extended since March 15.

PrivatBank restrictions come as it complies with an order from the National Bank of Ukraine. On February 24, the Central Bank of Ukraine published measures and restrictions under martial law. Typically, martial law refers to temporary military control over normal civil functions and civil law.

On February 24, Ukrainian President Volodymyr Zelensky addressed the country of Ukraine and announced martial law for 30 days in response to the Russian invasion. On March 15, President Zelensky extended martial law in Ukraine from March 26 for 30 days.

Under the order by the Central Bank, Ukrainian banks are expected to limit cash withdrawals from customers’ accounts to UAH 100,000 per day (approximately $3,400 daily). The hryvnia’s exchange rate is also fixed. Furthermore, banks are prohibited from carrying out cross-border transfers of currency from Ukraine, and this is on behalf of customers. Transferring money for use on crypto exchanges is no exception. The banks have restricted their customers from transferring funds in the national fiat currency to cryptocurrency exchanges.

As a result, PrivatBank has taken several steps to keep financial stability under martial law, increasing withdrawal limits and providing credit holidays.

Some of the largest local banks have reportedly banned their customers from buying Bitcoin using the national currency. While major banks have restricted clients from buying cryptocurrency, some major Ukrainian crypto exchanges still support Bitcoin purchases with UAH.

Crypto plays a vital role

Cryptocurrencies have become legal in Ukraine after President Volodymyr Zelenskyy signed a new bill into law on Thursday. The move lets national and foreign crypto exchanges operate legally and also gives local banks the authority to open cryptocurrency accounts.

The law’s passage comes as Ukraine has obtained hundreds of millions in crypto donations since Russia’s war with the country started.

After the president signed the law, Mykhailo Fedorov, Ukraine’s minister of digital transformation, stated, “the signing of this law by the President is another important step towards bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine.”

Crypto users who would like to donate digital assets to the nation can now do so through an official donation program run by the Ukrainian government. The government’s goal is to raise $200 million in crypto donations. The government has obtained just over $55 million worth, as of the time of this writing.

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Tagged : Cryptocurrency / Exchanges / MARTIAL LAW / Money / PRIVATBANK / TRANSFERS / Ukraine