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BIGG Digital Assets Inc.Releases Q1 Result, Revenue Hits up to $2.5m

by Blockchain NewsMay 31, 2022

Canada-based cryptocurrency company BIGG Digital Assets Inc. announced its financial results for the first quarter of 2022, with total quarterly revenue of $2.5 million.

In the quarter income, its subsidiary Blockchain Intelligence Group contributed $530,000, whereas digital trading app Netcoins of $1.97 million.

The Vancouver-based cryptocurrency compliance and real-time intelligence subsidiary of BIGG Digital Assets Inc, named Blockchain Intelligence Group (“BIG”), reported a 76% sequential increase in revenue in the first quarter.

The company said that as of April 30, it had about 575 bitcoins worth about $22 million in total. Blockchain Intelligence Group currently supports 11 blockchains and over 372,000 ERC-20 tokens and plans to expand the blockchain further.

BIGG Digital Assets Inc invests in products and companies within the cryptocurrency industry.

The company operates two business segments: Blockchain Technology Development and Digital Currency Sales via the Netcoins App.

Netcoins outperformed the broader market with revenue of $1.97 million in the first quarter, down 29% sequentially compared to the industry average of 37.7%.

BIGG CEO Mark Binns explained the whereabouts:

“Netcoins, despite a pullback in trading volumes and revenue, exceeded industry norms for the quarter, and we believe we gained market share in Canada. Coinbase, for comparative purposes, saw a 58% decline in retail trading volume in Q1 vs Q4. Our customer base grew by 24% in Q1, and as volume and volatility returns to the market, we are very well positioned to take advantage.”

BIGG has also invested in TerraZero and acquired about 30% of the ownership. In the future, BIGG will continue to develop its main business and invest in emerging businesses.

Blockchain Intelligence Group “BIG” added the Dash and Dogecoin cryptocurrencies to its ecosystem of data tools that can be tracked and risk assessed by exchanges, banks, and law enforcement.

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Bitcoin Hits a 2-Month High as BTC Lightning Network Scales the Heights

by Blockchain NewsMay 31, 2022

After surging past $31,000, a scenario was last seen in March, renewed momentum seems to be ticking in the Bitcoin (BTC) market.

The leading cryptocurrency was up by 3.24% in the last 24 hours to hit $31,629 during intraday trading, according to CoinMarketCap.

After printing nine consecutive weekly red candles, momentum is building up in the Bitcoin market thanks to a surge in the BTC Lightning network and China’s slackened Covid-19 restrictions.

On-chain analyst Will Clemente pointed out:

“Bitcoin lightning network capacity continues pushing to new all-time highs despite the recent price decline. Although still in its infancy, Bitcoin’s L2 continues to show consistent growth, allowing BTC to scale as a medium of exchange.”

Source: Glassnode

On the other hand, China eased Covid curbs as the present outbreak fades away, causing stocks to rise in Europe and Asia. This is proving to be a friendly gesture to the BTC market.

The Bitcoin Lightning Network is a second layer incorporated into the BTC blockchain to undertake off-chain transactions. As a result, micropayment channels are utilized to scale the blockchain’s capacity to carry out transactions more efficiently.

Therefore, transactions on lightning networks are believed to be more readily confirmed, cheaper, and faster than that processed on-chain or Bitcoin mainnet.

Earlier this year, leading investment bank Morgan Stanley believed that the Bitcoin Lightning Network would be more practical for small payments than debit cards based on the near-zero fees attracted.

Meanwhile, for Bitcoin’s upward momentum to be sustained, the leading cryptocurrency ought to breach the $32,000 level.

Crypto analyst Rekt Capital pointed out:

“BTC needs to break orange ~$32K resistance to enable a rally to ~$35K.”

Source: TradingView

Accumulation is also ticking in the Bitcoin market, and this is bullish.

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Tagged : #BTC / Analysis / Bitcoin / Crypto / Cryptocurrencies / Investment / Lightning Network / Market

Gold Guaranteed Coin Mining Introduces Tokenised Gold Investment

by Blockchain NewsMay 31, 2022

Gold Guaranteed Coin Mining (GGCM) has launched the Gold Guaranteed Coin (GGC), which uses blockchain technology to store physical gold digitally.

According to its statement, The GGCM will run on Binance Smart Chain (BSC). All GGC tokens are initially locked within the smart contract. Investors can participate in mining projects, tokenize gold and place it on the blockchain with decentralized access.

The company highlights serval advantages of GGCM. For example, No fees or charges will apply to the trades and transfers. The company has acquired all the required licenses and permissions fitting Mongolian law for mining ventures. It will carry out NFT shareholding of its GGCM, denominate 70% of the mining revenue of GGCM in US dollars, which divides it into corresponding shares for leasing, and charge users the corresponding leasing service fee according to the corresponding leasing time to obtain leasing income.

The total supply of tokens will be 500.000.000.000, and it will be divided into blocks.

• A block: 2022–2024–25.000.000.000 (5%)

• Other blocks: 2025–2049–475.000.000.000 (95%)

GGCM is backed by powerful mining resources such as gold and other precious metals. It enables every investor to become the world’s mining natural resources owner, digitally storing gold. This safe value-saving tool is recognized by the public and can be circulated around the world.

As the cryptocurrency suffered from both a rise in the token price and a double increase in the value of gold itself recently, the company claims that GGC minimizes risk by ensuring real assets against fluctuations in fiat currencies.

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Tagged : Bitcoin / Blockchain / Enterprise / Gold / GOLD GUARANTEED COIN / GOLD GUARANTEED COIN MINING

Blockchain Association Singapore and Statutory Board JTC Signs MOU Deal

by Blockchain NewsMay 31, 2022

Blockchain Association Singapore (BAS) and statutory board JTC have signed a Memorandum of Understanding (MOU) to collaborate in co-developing and nurturing a virtual blockchain ecosystem.

The virtual blockchain ecosystem will be at the Punggol Digital District (PDD) and it will consist of professionals, students, individuals and firms.

According to the MOU, the collaboration will ensure that both sides will leverage each other’s networks to enhance the understanding and know-how of the blockchain industry. Furthermore, the partnership is working on building a community-centric model to develop the PDD into a regional hub for blockchain excellence to connect people, ideas, and businesses, and promote industry excellence.

In regards to the partnership, Chia Hock Lai, Co-Chairman of BAS said: “Through leveraging each other’s networks, we believe that we can further elevate and foster a robust local blockchain ecosystem. Although blockchain technology still is relatively nascent, we are confident that we will be able to drive the development and eventual adoption of blockchain technology within the region.”

The purpose behind the establishment of BAS was to engage collaboration between market participants and stakeholders within the regional and international blockchain ecosystem.

PDD, on the other hand, is the foundation of Singapore’s Smart Nation ambitions where new technologies and an ecosystem of key growth sectors of the digital economy are sited.

While in Singapore’s crypto sector, Ravi Menon, Director of the Monetary Authority of Singapore Managing, defended the need for strict crypto rules to mitigate potential risks facing retail investors and the use of digital assets for money laundering and terrorism financing purposes, Blockchain.News reported.

Menon admitted that: “Our licensing process is stringent. And it needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities.”

While Menon said that currently, crypto does not pose a threat to the financial system, he pointed out that money laundering and terrorism financing are the major risks. Such views differ from those of regulators in nations like India, where the central bank has repeatedly regarded cryptocurrency as a threat to financial stability.

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Tagged : BAS / Blockchain / Industry / JTC / MOU / Singapore

Crypto Exchange KuCoin Forms a Strategic Partnership with Pyth Network

by Blockchain NewsMay 31, 2022

Seychelles-based cryptocurrency exchange KuCoin has announced a strategic partnership with the Pyth Network, according to the Financial Post, citing the statement from KuCoin.

In the latest partnership, KuCoin is committed to providing real-time prices of trading pairs listed on KuCoin to Pyth network. This cooperation will also aggregate the real-time prices of all traded currencies on KuCoin to the Pyth network, completing the complete chain of crypto market prices.

The Pyth Network is a specialized oracle solution for processing latency-sensitive financial data that is typically kept behind a “walled garden” in a central authority.

The whole point of the Pyth network is to find a new cheap way to put this unique data on-chain and aggregate it securely.

KuCoin CEO Johnny Lyu said: “As the People’s Exchange, KuCoin is committed to providing users with a better crypto experience while also joining forces with more organizations to bring crypto to the masses. Bringing real-world data on-chain is one of the infrastructures of the DeFi world. We look forward to building a more transparent on-chain data marketplace in the blockchain industry through Pyth network as a key partner, which will help to create a new DeFi world that is more collaborative and open and accelerates crypto to mass adoption.”

KuCoin Exchange, the world’s fifth-largest brokerage platform by trading volume, has announced a pre-Series B funding round in which it pulled $150 million.

The global crypto exchange has now joined the list of other trading platforms like FTX Derivatives Exchanges and Coinbase which is currently valued at above $10 billion.

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Tagged : Bitcoin / Blockchain / Crypto / Industry / KuCoin / PYTH NETWORK

Octopus Ventures Leads $9.5m in Seed Round for Web3 Fintech Firm Merge

by Blockchain NewsMay 31, 2022

Merge, a next-generation fintech startup that provides crypto and web3 companies with a range of banking and payments solutions has raised $9.5 million from venture capital firms led by Octopus Ventures.

While the valuation of the company remains unknown, Merge noted that the funding round also enjoined participation from Hashed, Coinbase Ventures, Alameda Research and Ethereal Ventures, alongside angel investors, which included some of the biggest names in both crypto and traditional finance; the founder of Aave, co-founder of Polygon, CEO of Ledger, and former CEO of Barclays Consumer Banking, amongst other prominent investors.

The Web3.0 ecosystem is projected to be worth a $1 trillion market, but limitations still exist in bridging the gap between traditional companies with their blockchain counterparts. Merge provides a solution through its API infrastructure that enables firms to create bank accounts, complete transactions, and adhere to compliance effectively.

“As the crypto economy moves further into the mainstream, it’s increasingly clear that the current financial infrastructure isn’t fit to serve the rapid expansion of crypto-native businesses and many providers aren’t specialised enough to gauge risk,” said Zihao Xu, an investor at Octopus Ventures, adding that:

“Merge’s vision is to build the infrastructure necessary to allow crypto businesses to operate without fear of shutdown by regulators or third-party risk teams. We’re excited to back them as they build that and, ultimately, unleash even more innovation in crypto and defi.”

Investors and companies are particularly interested in startups that offer a very robust infrastructure that can help sustain the mass adoption of Web3.0 startups. While Merge is one of the many in this space, the deep expertise of its founders, led by former Paypal and Barclay’s engineer, Kebbie Sebastian, comes off as one of the many advantages Merge stands to benefit from in meeting the promises to both customers as investors alike.

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Tagged : Finance / Merge / OCTOPUS VENTURES / WEB3.0

Taiwan is Most Interested in NFTs, Says NFT Club Research

by Blockchain NewsMay 31, 2022

Taiwan is named where people are the most interested in non-fungible tokens (NFTs), according to research conducted by NFT Club.

The research was conducted by using Google search data, through which NFT Club could identify countries with the most NFT-related searches.

In total, Taiwan had 9,629 NFT searches per 1000,000 people, Australia was second with 8,198 per 1000,000 people and Canada was third with 8,127 searches per 1000,000.

However, the reason behind the popularity of NFTs in these countries and regions has not been discovered.

NFTs have been gaining increasing popularity and marketplaces such as OpenSea have already featured record numbers of NFT listings and sales.

While the United States topped the chart for countries with the most number of NFT headquarters, the research stated.

The United States has a total of 91 NFT companies, Singapore is second with 24 and India is third with 11.

Meanwhile, Hong Kong is eighth with 6 NFT companies.

NFT Club’s research also found that the highest-funded NFT company was located in the United States.

Forte Labs, which specialises in integrating blocking technology into games to enable a variety of features that allow for the inclusion of tokens and NFT trading, had raised $910 million in funding.

French company Sorare, which deals with a new way to play fantasy football using blockchain technology, was second with $747 million in funding raised. In third was Canadian company Dapper Labs – a company that develops NFT games and collections including NBA Top Shot and CryptoKitties – with $627 million funding raised.

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Tagged : Blockchain / Crypto / NFT / NFTCLUB / Taiwan

Terraform Labs Staff Discloses LUNA’s Potential Risk of Crash but Neglected: South Korean Authority

by Blockchain NewsMay 31, 2022

Carried out by the Seoul Southern District Prosecutor’s Office’s joint financial and securities crime investigation team, The staff of Embattled blockchain startup Terraform Labs have been called for questioning as part of an investigation.

As reported by local news channel JTBC, the inquiry sought to know whether Do Kwon and the purveyors of the blockchain network were aware of the flaws in the system and its model before deploying and promoting it to global investors.

The suspicion of the Prosecutors seems to be answered as an unnamed staff who joined Terraform Labs as an early developer back in 2019 disclosed that there were concerns raised back then with respect to the unsustainability of the Terra model but all warning signs were neglected by Do Kwon.

The alleged high-handedness of Do Kwon has been seen as a fraudulent attempt, coupled with the fact that he allegedly tried to liquidate his assets in a bid to move Terraform Labs’ operations out of South Korea. While Do Kwon has denied all these allegations, South Korean regulators have decided to leave no stone unturned and have extended their scrutiny to crypto exchanges.

The regulators seek to know whether the top crypto trading platforms operating in the country have appropriate safeguards to prevent future attacks and devaluation as LUNA and UST. While the investors of LUNA and UST are awaiting a recovery, Do Kwon and his team have launched Terra 2.0 which will operate without the associated UST stablecoin.

The new blockchain and its token has been airdropped to holders of the LUNA and UST token before and after the protocol was attacked. The airdropped token got off to a rocky start as its price plunged from a high of $19.54 to a low of $3.63 over the weekend, according to data from CoinMarketCap. While regulators are seeking answers and safeguards against future occurrences, Do Kwon’s attempt to revive the ecosystem seems to be working for now.

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Tagged : Do Kwon / Legal / South Korea / TERRAFORM LABS

Terraform Labs Staff Discloses LUNA’s Potential Risk of Crash: South Korean Authority

by Blockchain NewsMay 31, 2022

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Tagged : Do Kwon / Legal / South Korea / TERRAFORM LABS

Cross-Asset Exchange Platform DIFX Acquires Additional License from EU Regulator

by Blockchain NewsMay 31, 2022

Digital Financial Exchange (DIFX), an emerging cross-asset exchange platform, has further stamped its name in the record books in the EU for securing an international license to operate as a digital asset exchange.

DIFX announced on Monday that it secured an additional license from the European Union (EU). The license would enable it to expand its digital asset exchange and custody services globally.

What this means is that the license gives DIFX access to operate across 28 EU Member States, providing all European users with its digital assets trading platform.

Jeetu Kataria, CEO, and Co-Founder of DIFX, talked about the development and said: “This is a major milestone that allows DIFX to grow globally and give accessibility to various communities all over the world. It also complements our goal, which focuses on boosting the global adoption of blockchain and cryptocurrencies. It’s worth mentioning that we’ve applied for an additional 6 global licenses which are under process.”

The executive said that as part of its broader plan to expand its operations into new jurisdictions, DIFX plans to secure at least 10 new licenses by the end of this year. “Considering the pace of its growth, the exchange believes it can increase its user base to more than 5 million by the end of 2023,” Jeetu added.

Launched in 2020, DIFX was created as a blockchain-based crypto exchange to bring significant and lasting change to financial markets. The platform provides an all-in-one solution for digital currency; designed for trading, investing, and staking. The platform brings cryptocurrency and traditional assets together in one consistent setting – enabling users to manage and trade over 700 assets, including international stocks, commodities, currencies, and over 100 crypto perpetual futures with leverage.

In late 2020, DIFX tapped Fireblocks, a crypto infrastructure company, to help the platform provide its customers with fully insured wallets to effectively secure their funds against bugs, hacks, and even internal fraud. In other words, DIFX’s offerings come with a unique insurance policy that protects assets in both transfer and storage.

Since rolling out Fireblocks, DIFX has witnessed a significant growth rate. The company grew from 5 million USD assets under management to 550 million USD assets in custody within 6 months of operation. DIFX also saves around 100,000 USD annually in operational expenses using Fireblock’s policy engine and authorization workflows and 40,000 USD annually in ERC-20 gas fees. According to DIFX, many customers prefer transacting on the platform because it is secured by Fireblocks MPC Wallet.

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Tagged : CROSS-ASSET EXCHANGE PLATFORM / DIFX / EU REGULATOR / Exchanges / License