Day: September 24, 2022

Global Blockchain in Retail Market to Hit $3.27B by 2028

by Blockchain News

Heightened demand for the worldwide blockchain in the retail market is expected to drive its value past the $3.27 billion mark by 2028, according to market research organization Facts and Factors. 

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With a value of $137.17 million recorded in 2021, the market is anticipated to set a compound annual growth rate (CAGR) of approximately 57.32% during the forecast period between 2022 and 2028.

 

Per the announcement:

“Retailers may provide their customers features like record-breaking customer care, traceability, real-time information, and on-time delivery information thanks to blockchain in retail solutions.”

Moreover, blockchain technology plays an instrumental role in showing the precise location of different products, as well as their safety and reliability. 

 

Therefore, the need for enhanced transaction transparency-based solutions is a factor that is anticipated to spur growth in the global blockchain in the retail market.

 

The report noted:

“Low-cost, secure, and speedy payment processing services are made possible by the blockchain in retail because of the usage of encrypted distributed ledger technology.” 

Companies like Loyalty Inc. have already set the ball rolling in this market. For instance, it launched a supply chain traceability system in December 2020 that enabled retailers and owners to document the custody chain from the point of origin to the record importer.

 

The report segmented the global blockchain in the retail market based on region, end-user, application, and product type.

 

Facts and Factors pointed out:

“On the basis of application, the market has been segmented into supply chain management, food safety management, customer data management identity management, compliance management, billing transaction processing, and others.”

Meanwhile, some of the primary competitors dominating the global blockchain in retail market include IBM, Oracle, Microsoft, Bitfury, Abra, Bitpay, and Blockchain Foundry. 

 

On the other hand, the digital asset management (DAM) market is expected to generate revenue worth $9.32 billion by 2028 based on soaring demand, according to a recent report by SkyQuest Technology Consulting.

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Despite Current Turmoil, Crypto will Rise Again Based on its Own Model – Pantera CEO

by Blockchain News

Dan Morehead CEO of Pantera Capital has shared his view on the current state of the blockchain economy in a recent interview with Real Vision’s Co-founder & CEO Raoul Paul. 

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According to Morehead, crypto is experiencing a change similar to risk assets based on flexibility and therefore likely to bounce back based on its own principles. As a result, it will be connected to the macro dynamics over a short period of time.

In a news report, Morehead highlighted that investing in stocks and bonds is getting more difficult because of high-interest rates, unlike blockchain which can trade on its own without the influence of interest rates. Therefore blockchain can continue trading under its existing structures.

Morehead is optimistic that Bitcoin (BTC) will eventually rise despite experiencing lows earlier in the year. A lot of tokens are now up, and Ethereum (ETH) has risen up to 60% since the lows. He predicted that bitcoin will go up 10 times in the long run despite experiencing a turndown from users due to the dominance of other tokens.

‘’Blockchain is one of the of the most interesting trade in today’s world’’ says Morehead. Decentralized Finance (DeFi) is currently worth $20 billion while traditional finance is worth $3 trillion. DeFi might eventually do stuff that is not covered by traditional finance.

Ethereum and the Merge

Morehead thinks that Ethereum’s transition from Proof-of-Work to Proof-of-Stake through the Merge is a big move for the blockchain industry. 

He stated that prices for Ethereum were previously drifting but started rallying after a date was scheduled for the Merge. Institutions will find it easy to grasp the Proof-of-stake model easily because it is similar to how corporate governance works.

There might also be the risk of experiencing lows if the Merge doesn’t go as planned in terms of regulatory laws that are not very clear, particularly in the United States, this might prevent innovation and cause companies to go offshores. ‘’The biggest risks are no more because they have been taken care of over the past 13 years’’ says Morehead.

Blockchain is set to become an asset class where everyone will have a blockchain team and a blockchain allocation.

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Kraken Has No Plan to Delist Tokens Labeled as Securities by the SEC – Incoming CEO

by Blockchain News

The incoming CEO of Kraken cryptocurrency exchange, Dave Ripley, announced on Thursday the exchange has no plans to delist tokens the U.S. Securities and Exchange Commission (SEC) has labeled as securities or to register with the agency as a market intermediary.

In July, the SEC started scrutinizing Coinbase for listing several tokens on its platform the regulator identified as securities. As a result, crypto exchanges like Binance delisted some of the tokens that the watchdog recognized as a security in the recent Coinbase insider trading case.

But Ripley has said Kraken has no plans to remove those tokens from its exchange. The executive said Kraken sees no reason to register with the SEC as an exchange because his firm does not offer securities, despite calls from SEC chairman Gary Gensler for crypto platforms to register.

“There are not any tokens out there that are securities that we’re interested in listing. There could be some new token out there that becomes interesting and also happens to simultaneously be a security [and] in that case, we would potentially be interested in that path,” Ripley said.

Despite giant players in the crypto market like Celsius Network and Voyager Digital filing for bankruptcy, and others like Coinbase announcing layoffs, Ripley said Kraken is looking for opportunities for M&A in the current market environment. He said the exchange is open to even considering companies that are going through a bankruptcy process.

He, however, said Kraken would consider acquisitions that boost its product and tech portfolio, particularly as the exchange looks to widen its offerings with an upcoming platform for non-fungible tokens (NFTs) and banking services for institutional clients.

Why Kraken Rebrands as Libertarian?

Kraken has been a champion of libertarian values associated with cryptocurrency. And it seems the new CEO is keen to stay in that course as part of the company’s culture.

In March, Kraken refused to shut down Russian accounts unless regulators order it to do so. During that time, Kraken’s outgoing CEO Jesse Powell said the exchange was within legal sanctions requirements and was working with law enforcement to ensure banned accounts do not unfairly affect innocent Russians. Amid rising financial sanctions against Russia, Kraken refused to freeze of accounts for Russian users.

This week on Wednesday, Kraken announced that its often-controversial CEO Jesse Powell would step down and that Ripley, Kraken’s Chief Operating Officer, will assume the CEO role after the company hires a new COO.

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Coinsquare Acquires CoinSmart to Float a Dominant Crypto Exchange in Canada

by Blockchain News

Top Canadian cryptocurrency asset trading platform, Coinsquare has entered into a decisive agreement with CoinSmart Financial Inc to purchases the crypto trading platform. 

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According to the development, Coinsquare acquired all issued and remaining equity of wholly-owned operating subsidiary Simply Digital Technologies Inc. This is the unit that owns and operates the CoinSmart trading platform. Consequently, the acquisition and integration of the platform will make Coinsquare become one of the biggest and leading trading platforms in Canada. 

Following the acquisition, CoinSmart will own about 12% of Coinsquare on a Pro-formal level, and the firm would benefit from considerable revenue and cost synergies through cross-selling opportunities and expense optimization. Meanwhile, Coinsquare is coming close to its application to become Canada’s first licensed crypto asset trading platform as an Investment Industry Regulatory Organization of Canada (“IIROC”) dealer and marketplace operator.

Coinsquare CEO Martin Piszel expressed that the acquisition represents a monumental and exciting milestone for both companies and brings together two industry-leading management teams.

What are the Benefits of the Transaction? 

The firm will become one of Canada’s Largest Crypto Asset Trading Platforms, with a total user base of over 1 million and over $10 billion in crypto transactions since January 2018. Similarly, via CoinSmart’s Get Smart Hub, the community will have a reliable source for information and learning resources about cryptocurrencies, making learning simple and available to everyone.

Coinsquare will leverage the purchase to enhance speed-to-market, thereby combining technologies to optimize the tech stack and bring new features, functionality, and products to market faster. The platform will also have a peculiar payment system such as SmartPay. This will be an easy way to receive crypto payments by converting crypto to fiat with same-day payouts.

CoinSmart CEO Justin Hartzman has expressed his opinion regarding the deal. The CEO lends his excitement;

“We are thrilled to be working alongside the Coinsquare team to build one of the largest regulated crypto asset trading platforms in Canada and I could not be more proud of what we have accomplished so far.”

CoinSmart is a leading Canadian-headquartered crypto asset trading platform dedicated to providing customers with an intuitive way of buying and selling digital assets.

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Toronto-Based Valour Inc to Launch Bitcoin ETP Börse Frankfurt

by Blockchain News

Toronto-based technology company Valour Inc. has announced its intention to launch Carbon Neutral Bitcoin Exchange Traded Product (ETP), on Börse Frankfurt, the largest stock exchange in Germany. 

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According to a press release, German investors can now buy the Bitcoin Carbon Neutral ETP on Börse Frankfurt, the country’s largest exchange, for just 1.49% in management fee starting from September. Consequently, Bitcoin Carbon Neutral ETP from Valour becomes the eleventh ETP to be introduced by the firm. 

Recall that leading German banks Comdirect and Onvista announced back in August that they would start providing their retail customers in Germany access to Valour’s ETPs and other cryptocurrency services. Similarly, bank clients will be able to include Valour’s ETPs, such as Bitcoin Zero and Ethereum Zero, in their investment accounts.

Furthermore, to compensate for the carbon footprint linked with Bitcoin, the ETP offers a stable and reliable investment strategy that supports the environment and is in line with ESG objectives by funding approved carbon removal and offset projects.

Valour Forms Partnership with Patch To Structure ETP 

As part of the ETP’s structure, Valour has formed a partnership with Patch, a top provider of infrastructure for climate action. 

Interestingly, using Patch’s API-based solution, which estimates the number of carbon emissions the Valour portfolio has based on various inputs such as the efficiency of mining equipment, the distribution of hash power, and nation-level carbon emission data.

All carbon emissions associated with investments made in the Valour BTC Carbon Neutral ETP will instantly be tailored to accomplish carbon-neutral output. likewise, to offset these emissions, Patch only selects high-integrity projects that prevent, remove and sequester carbon dioxide from the atmosphere.

Russell Starr, CEO of Valour stated, “As a proud signatory on the Crypto Climate Accord, Valour takes its ESG obligations seriously. We want to give retail and institutional investors, alike, the tools to partake in the exciting digital asset ecosystem and we are very proud to offer our first carbon neutral product.”

Valour provides fully levered virtual assets ETPs with minimal to no management fees and has products listed on four European exchanges. The technology company was established back in 2019 and is supported by a renowned and innovative team with years of experience in the financial markets and digital assets.

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AC Milan Collaborates with MonkeyLeague to Debut e-Soccer Game

by Blockchain News

Italian soccer champion AC Milan becomes the first soccer club to partner with Web3-based NFT soccer gaming platform MonkeyLeague.

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The game features teams of at least 6 NFT MonkeyLeague players competing against real players. Rewards are based on league performance and players are rewarded with the digital currency MonkeyBucks ($MBS).

According to the news report, the collaboration will allow MonkeyLeague to achieve its aim of bridging the gap between Web2 and Web3 world while also allowing fans and supporters of AC Milan around the globe to have new digital experiences, bringing them closer to the club they love.

The game will benefit from the biggest stars of the Italian champion, who will make suggestions to improve the game to make it as accurate and attractive as possible for the players. In the future, AC Milan will also organize sports tournaments that will bring together the best players in the game from around the world, and big prizes await the winners.

“We are particularly proud to be the first football club to partner with MonkeyLeague, bringing the game to our fans around the world and offering them an innovative new way to interact with their favourite team,” said AC Milan’s Chief Revenue Officer.

AC Milan’s Involvement In Crypto

AC Milan’s collaboration with MonkeyLeague isn’t the soccer club’s first foray into cryptocurrency. The club debuted its NFT campaign in 2021 with Chiliz, which ensures fans are rewarded with the AC Milan Token ($ACM) through the Socios.com rewards program. 

Crypto giant Binance also made an announcement to list the $ACM one month after the token was launched. Binance offered a 25% discount to customers prior to the token’s trading at the time.

In July, AC Milan partnered with Sorare’s NFT-based football game, modeling similar moves from other sports clubs like SL Benfica. According to the club, the new partnership is an important development to improve its Web3 development.

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Bankrupt Crypto Lender Voyager’s CFO To Step Down Months After Appointment

by Blockchain News

Ashwin Prithipaul, the Chief Financial Officer of bankrupt crypto lender Voyager Digital Ltd, is expected to leave the company. The crypto firm said on Friday that the Finance Head would resign after a “transition period” to pursue other opportunities and that Chief Executive Officer Stephen Ehrlich will assume the role in the interim.

Prithipaul has served as CFO of the firm since May, according to his LinkedIn profile. In the past, he was the CFO at crypto exchange DriveDigital for nine months, and before that he was the CFO at crypto investment firm Galaxy Digital.

Voyager Digital collapsed due to its outstanding liquidity issues during the harsh winter period that started in May this year. As a result, the company filed for Chapter 11 bankruptcy in July to help contain the situation after suspending withdrawals on its platform.

The crypto winter triggered by the collapse of the algorithmic Terra and its ecosystem led to the crash of almost all the cryptocurrencies and threw the whole industry into crisis.

Many crypto-related firms struggled to keep their balance. Voyager became one of the highest-profile crypto companies to go out of business amid this year’s market crash. The firm filed for Chapter 11 bankruptcy in July with outstanding liabilities of as much as $10 billion.

The company’s downfall came shortly after one of its largest debtors, the Singapore-based crypto hedge fund Three Arrows Capital (3AC), filed for bankruptcy in July, leaving its user funds at risk. 3AC owed Voyager more than $650 million in the stablecoin USDC and Bitcoin.

Voyager initiated the process of selling off its assets through auction exercise at the beginning of this month. The auction for the New York-based firm’s assets started on September 13.

Crypto exchanges Binance and FTX have reportedly made the top bids of approximately $50 million each for Voyager’s assets. But Binance’s current bid is considered slightly higher than that offered by FTX. Other bidders reportedly include digital asset investment manager Wave Financial and digital currency trading platform CrossTower.

The announcement for the winning bid is expected on September 29, although it could come earlier before that date.

Image source: https://www.reuters.com/business/finance/bankrupt-crypto-lender-voyagers-cfo-exit-months-after-appointment-2022-09-23/

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New England Revolution Teams Up with Chain as Official Blockchain and Web3 Sponsor

by Blockchain News

The National Football League (NFL) New England Patriots, the New England Revolution have chosen blockchain infrastructure company Chain as their official blockchain and Web3 sponsor and said the partnership will go into effect.

As part of a strategic partnership, the team and Gillette Stadium’s parent company, Kraft Sports + Entertainment, have entered into a multi-year agreement with Chain to jointly explore ways to develop state-of-the-art Web3 experiences,

Chain will use its various services such as Ledger, Cloud, and NFTs to simplify the process of developing and maintaining its blockchain infrastructure, bringing digital and physical blockchain-related experiences to fans at Gillette Stadium.

Murray Cole, vice president of sales at Kraft Sports + Entertainment, said the partnership is a revolutionary possibility in combining physical and digital features to redefine the best-in-class fan experience.

He said that:

“Together with Chain, we’ll look to innovate that same way with their cutting-edge blockchain technology. Our fans will be able to connect with the Patriots and Revolution in ways never before possible.”

In April, Chain became the Patriots’ second blockchain-related sponsor after the Patriots also struck a deal with crypto fan token firm Socios.

The NFL has allowed teams to sign partnerships with cryptocurrency companies starting in March, But its rules still prohibit teams from using “crypto” or “cryptocurrency” to describe sponsorship.

The Dallas Cowboys billed as the National Football League’s (NFL) first crypto deal, became the first team to sign a crypto sponsorship deal.

More and more crypto exchanges continue to infiltrate the sports space. Crypto.com has signed a five-year partnership deal worth $25 million with the Australian Football League (AFL).

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Moscow Exchange Drafts Bill to Offer Digital Financial Assets and Securities Trading

by Blockchain News

According to local media reports, Russia’s Moscow Stock Exchange (MOEX) is drafting a bill aimed at making digital assets available for trading on the stock exchange as securities and directly as digital financial assets.

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The bill states that digital assets will enter the financial market in two forms, one is digital financial assets (DFA) and the other is DFA-based securities transactions.

The Moscow Stock Exchange is drafting the bill on behalf of the Russian Central Bank, which is currently under review by the Russian Central Bank.

Sergei Shvetsov, Chairman of the Supervisory Board of MOEX, said at the 21st Century Financial Forum that：

“We want the market to make its own choice, blockchain accounting or depositary accounting, and if the law is passed, then Russian depositories will be able to accumulate digital financial assets on their accounts in the blockchain – as soon as the client needs the underlying asset, he will redeem the receipt to his account in blockchain and will receive the asset.”

The current economic landscape in Russia is forcing both the Central Bank and the Ministry of Finance to rethink their approaches to cryptocurrencies.

The Central Bank of Russia and the Ministry of Finance have reached an agreement to no longer disrupt the use of cryptocurrencies for cross-border payments.

In September, Russia worked with several countries to establish clearing platforms for cross-border settlements of stablecoins, Deputy Finance Minister Alexei Moiseev said on Tuesday, according to the state-backed TASS news agency.

The milestone agreement also aims to enable the use of cryptocurrencies for import and export payments

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Bitcoin Miner Iris Energy Signs Share Purchase Agreement with B. Riley

by Blockchain News

Iris Energy, a Bitcoin mining firm based in Australia, has struck a deal to sell $100 million in equity over the next two years to investment bank B. Riley Principal Capital.

According to the U.S. Securities and Exchanges Commission (SEC) filing shown on Friday, Iris elaborated on how it plans to use the capital raised: “We intend to use any proceeds from the Facility to fund our growth initiatives (including hardware purchases and acquisition and development of data center sites and facilities), and for working capital and general corporate purposes,” the miner stated.

The deal has a 24-month time frame, during which time B. Riley may buy up to 25 million shares in the Bitcoin mining firm. B. Riley may buy up to 25 million of IREN ordinary shares in the next 24 months starting Friday. If the bank chooses to buy all of those shares for about $100 million, it would have a 31% stake in the miner, the filing said.

To satisfy the agreement, the miner issued B. Riley 198,174 ordinary shares of common stock for its commitment to the equity financing facility. Iris Energy stocks were down almost 12% in early trading on Friday.

The move by the Australian-based Bitcoin miner comes at a time when wide market turbulence has adversely impacted miners’ balance sheets. During the recent bear market, many miners took huge loans to fund their operations, which include deals to acquire efficient ASIC mining machines. 

In July, Bitcoin mining firm Core Scientific signed a similar equity-focused deal with B. Riley to enhance its liquidity and expand its strategic optionality amid the ongoing adverse market conditions.

Many miners have been forced to sell a big portion of their mined Bitcoins as the crash in prices, increased competition, and rising energy costs cut their profitability. With the decline of mining profitability, most Bitcoin mining stocks have tumbled 60% or more during the current market rout.

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Bitcoin (BTC) $ 43,765.73 4.73%
Ethereum (ETH) $ 2,281.18 2.42%
Litecoin (LTC) $ 73.49 1.39%
Bitcoin Cash (BCH) $ 248.10 0.84%