Day: August 7, 2022

Hector Network Partners with German Side Borussia Dortmund

by Blockchain News

Hector Network, a Web3 technology company, and the sponsor has partnered with the revered German football club,  Borussia Dortmund.

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According to the report, this is a great feat for the web3 technology company, which will enable it to gain more visibility and also expand beyond the crypto community.

Borussia Dortmund was founded in 1909, the highly celebrated German football club now boasts of a fan base of more than 10 million. A fan base that Hector Network plans to fully utilize.

The club is also recognized as one of the richest football teams globally, recording a turnover that is more than €400 million. Added to this, Borussia Dortmund, apart from winning the German championship eight times already, became the first German football club to win the European Cup in 1966.

The German football club has recorded huge successes which have now given it international recognition beyond the European borders.

Hector Network’s partnership with the German football team is billed to open up the crypto firm to various connections, business growth, and a world of possibilities beyond the web3 ecosystem.

The team of the crypto firm, in sealing the partnership deal, was privileged to walk through the iconic stadium of the football club. This privilege has now greatly inspired Hector Network to make the best of this partnership.

To celebrate the new development, Hector Network will be giving free tickets to members of its community. In fact, members that cannot travel to Europe to watch the matches will not be left out in the various gift packages.

In a statement, Hector Network notes that “we are thrilled to announce our official champion partnership with Borussia Dortmund, one of Germany’s most beloved football teams worldwide. This is a colossal achievement for our company, and this partnership is a tremendous step forward for the Hector Network community.”

The Web3.0 team also added that “working with this team promises to open up a world of business growth opportunities, broadening our networking sphere and giving us access to high-profile industry events to grow our connections.” 

The crypto firm is currently strategizing on realizing the full potential of its association with Borussia Dortmund. Besides Dortmund, most European football clubs have inked partnerships with crypto startups, one of the most publicized being Manchester City and OKX.

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Binance and WazirX Founders Trade Words Over the Latter’s Ownership

by Blockchain News

The confiscation of the bank account of WazirX, one of the most renowned cryptocurrency trading platforms in India, by the Enforcement Directorate (ED) as reported earlier by Blockchain.News has opened up a more concerning question about the trading platform’s ownership.

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The duo of Binance’s Chief Executive Officer, Changpeng Zhao, and WazirX’s founder, Nischal Shetty have been distancing themselves from the embattled trading platform as it seems the authorities are onto the exchange. 

The war of words started when Nischal shared a Twitter post about Binance Exchange being the owner of the trading platform and Zanmai Labs, the startup which he and his team controls the outfit that operates the Indian Rupees/crypto trading pairs on the platform based on a license from Binance. From Nischal’s exposition, the Binance exchange is the one that handles the crypto-crypto trading pairs on the WazirX platform.

 

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Changpeng Zhao disagreed in part with Nischal, noting that though Binance Exchange acquired WazirX, the bigger exchange only controls the exchange’s Amazon Web Services (AWS) login details and provides it with wallet services. According to CZ as he is popularly known, the “WazirX founding team maintained control of the operations of the platform. We (Binance) were never give data or control of users, KYC, etc.”

 

The spat between both crypto leaders went on throughout the weekend as industry observers shared concerns as to the legitimacy of the claims from both veterans. In reality, the party involved in the day-to-day operations of the exchange will be most answerable to the ED in the ongoing investigations. 

 

While Nischal said WazirX is cooperating with the authorities to resolve the allegations bordering on the exchange’s money laundering engagement for Chinese loan apps, CZ has also reaffirmed his readiness to help the trading platform get past its woes with the authorities and put the entire situation behind.

 

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Bybit-Backed Gaming Platform Enters the Web3 World for Enhanced Experience

by Blockchain News

Yeeha Games, a $50 million-funded GameFi platform backed by crypto exchange Bybit, has entered the Web3 world to act as the bridge between gaming and finance (GameFi) and traditional gaming.

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Yeeha Games renders an ecosystem where users can exchange in-game assets. Therefore, the platform intends to present various blockchain games over the next eighteen months for an enhanced Web3 experience. 

 

Choy Wai Cheong (Choy), the co-founder and COO of Yeeha Games, pointed out:

“The GameFi industry saw incredible growth in 2021. But when compared to the traditional gaming market, we still see a massive untapped potential. To attract traditional gamers to web3, we must have games that appeal to them.” 

“Integrating blockchain elements into game genres with proven success in the traditional gaming market is a good starting point — and that’s where Yeeha Games is positioned,” Cheong added. 

 

The free-to-play games offered by Yeeha Games act as a stepping stone toward Web3 gaming because users are not required to purchase cryptocurrencies.

Ben Zhou, the co-founder, and CEO of Bybit, stated:

“We are excited about the future of GameFi, and how it could realize the promise of the metaverse and internet through gaming. Through this partnership, we want to demonstrate our commitment to driving technology innovations to the wider society.”

By generating a level playing field, Zhou believes GameFi has the capability of connecting people worldwide when building virtual and digital worlds. He added:

“It promotes the ideology of putting power back in the hands of the people with a player-owned economy.”

Meanwhile, InfiniteWorld, a metaverse, and Web3 infrastructure company, recently acquired Super Bit Machine to enhance the crossover between gaming and blockchain platforms. 

 

The acquisition was also aimed at offering best-in-class experiences in the metaverse world by incorporating multiplayer and real-time game development abilities, Blockchain.News reported. 

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Russian National Extradited to the U.S. to Face Crypto Money Laundering Charges

by Blockchain News

Alexander Vinnik, a Russian national accused of running an illegal crypto exchange BTC-e was extradited to the United States to face fraud charges. 

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In a statement, Kenneth A. Polite Jr., an assistant attorney, pointed out:

“After more than five years of litigation, Russian national Alexander Vinnik was extradited to the United States yesterday to be held accountable for operating BTC-e, a criminal cryptocurrency exchange, which laundered more than $4 billion of criminal proceeds.”

He added:

 “This extradition demonstrates the Department’s commitment to investigating and dismantling illicit cyber activity and would not have been possible without the relentless work of the Justice Department’s Office of International Affairs.”

Following a 21-count superseding indictment charge in January 2017, Vinnik was put into custody in Greece in July 2017 based on a request made by the U.S.

 

The indictment noted that Vinnik, with his co-conspirators, administered, operated, and owned BTC-e, a significant online money laundering and cybercrime entity that permitted Bitcoin trading among users. 

 

The report noted:

“The indictment alleges BTC-e facilitated transactions for cybercriminals worldwide and received criminal proceeds from numerous computer intrusions and hacking incidents, ransomware scams, identity theft schemes, corrupt public officials, and narcotics distribution rings.”

During the course of operation,  BTC-e received Bitcoin worth more than $4 billion. Furthermore, it enhanced crimes ranging from drug trafficking to public corruption, tax refund fraud schemes, identity theft, and computer hacking. 

 

In December 2020, Vinnik was imprisoned for five years by a Parisian court, Blockchain.News reported.

 

At the time, he was sentenced for money laundering as part of an organized criminal group and for providing false information about the origin of the proceeds. He was also accused of extortion and numerous cybercrimes.

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Citi Believes The Merge Will Make Ethereum a “Yield-Bearing Asset”

by Blockchain News

Citigroup Inc. or Citi, an American multinational investment bank, disclosed that the merge would make Ethereum (ETH) a deflationary asset.

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As a result, the second-largest cryptocurrency will become a “yield-bearing asset.”

The transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism called the merge is speculated to be the biggest software upgrade in the Ethereum ecosystem. 

 

Citi’s research report pointed out that the merge would slash the overall Ether issuance by 4.2% annually, making it deflationary. Therefore, shifting to a PoS consensus mechanism would enhance Ethereum’s quest to become a store of value. 

 

Crypto service provider LuckyHash had previously shared similar sentiments by noting that the merge would prompt a 1% annual deflation rate, Blockchain.News reported. 

 

Market analyst Lark Davis was of a similar opinion that a PoS framework would trigger a supply growth rate of -2.8% in the Ethereum network.

 

By becoming a “yield-bearing asset,” Citi stated that Ethereum would experience more cash flows. As a result, prompt more valuation methods that were not available before. 

 

The report noted:

“Because Ethereum will be both yield-bearing and deflationary, it is less likely to be the blockchain with the highest throughput. Given its “enhanced store-of-value properties,” it is more likely to be where a growing amount of total value locked is secured and transacted.”

In the post-merge era, Citi expects ETH to be more environmentally friendly and energy-efficient. Moreover, Ethereum might experience a scalable future through sharding.

 

During a recent developers’ call, September 19 emerged as the most probable date for the merge.

 

Meanwhile, a DeFi educator under the pseudonym Korpi opined that the merge would be a game-changer because it would shift the selling pressure experienced in the Ethereum network

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Bitcoin (BTC) $ 26,272.04 0.80%
Ethereum (ETH) $ 1,586.88 0.04%
Litecoin (LTC) $ 64.26 0.08%
Bitcoin Cash (BCH) $ 210.43 1.44%