Bunny Finance and Qubit Resort to DAO, Aiming to Restructure not Disband

DeFi protocols Bunny Finance and Qubit announced plans of “restructuring.” The joint statement revealed that the two projects, governed by the development team until recently, will now be managed by a decentralized autonomous organization (DAO).

Restructuring, Not Disbanding

According to the official blog post, the community will be granted all the relevant authority once the transition to DAO is completed. Among other tasks, the members will have the power to upgrade contracts, alter fee structure, etc.

Bunny Finance also confirmed that the team will not “disband,” and they will continue compensating the victims for the losses. The DeFi yield farming aggregator also notified that they will keep tracking the exploiter.

Changing the protocol to a DAO will also include revision of the Bunny fee structure and stopping the protocol’s vaults from minting BUNNY tokens. Besides, the leveraged farming vaults and single asset vaults operated by borrowing assets from Qubit have already been ceased.

BSC-based DeFi project, Qubit also issued a brief statement, revealing that the team will reduce the number of its employees but clarified that it is not a dissolution. The original members of the MOUND team, composed of developers and entrepreneurs, will continue to develop the compensation project and trace the exploiter.


The blog post also stated,

“All of the team’s tokens will be locked in the smart contracts owned by our community and the total profit generated by this contract will move to the compensation pool.”

This essentially means that the fees and reserves of the protocol will be allocated to existing holders while all the relevant users will be compensated. Additional profits will not be shared with the team anymore.

The Hack

X-Bridge, the cross-chain bridge of Qubit Finance, was exploited recently, resulting in a loss of $80 million worth of BNB tokens. For the uninitiated, the X-Bridge facilitates swapping tokens from the Ethereum blockchain to Binance Smart Chain, meaning when a user receives a BSC compatible BEP-20 token upon depositing an ERC-20 token to the bridge.

The blockchain security firm CertiK revealed that an error in the X-Bridge’s smart contract code allowed the bad actor(s) to withdraw tokens on BSC despite no tokens being deposited on Ethereum.


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Crypto Price Analysis Feb-11: Ethereum, Ripple, Cardano, Solana and Shiba Inu

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Shiba Inu.


Ethereum (ETH)

ETH failed to push above $3,200 this week and fell back on the $3,000 support level yesterday, where the price is now consolidating. Despite this most recent pullback, the cryptocurrency had a stellar performance this week, with a 16% price increase in the past seven days.

The big question is if ETH can hold above $3,000. If it manages to do so, then bulls might be in a position for another shot at the $3,200 resistance in the coming week. If they fail, however, the cryptocurrency could fall to the next support level at $2,800, which would make it lose a critical psychological level ($3,000).

Looking ahead, the indicators remain bullish, which gives reasons to be optimistic. Buyers need to defend the $3,000 level. Otherwise, sellers may take over the price action in the coming week.

Chart by TradingView

Ripple (XRP)

XRP had a major breakout this week, with the price moving above the key resistance at $0.70 and quickly reaching $0.90 after that. Overall, it was a fantastic week for XRP with a 34% price increase.

However, it failed to push above $0.90 and is now found in a correction with support at $0.80. This is not surprising, considering the massive rally that happened not too long ago. If $0.80 fails, then XRP may fall all the way back on the $0.70 level, which is now acting as support (was resistance before the breakout).

The indicators are still bullish for XRP, and this pullback can also be explained by the daily RSI, which briefly entered overbought conditions during the rally and now fell back below 70 points. Once this correction is over, XRP may attempt a new rally to test the critical psychological level at $1.

Chart by TradingView

Cardano (ADA)

ADA also had a good week, but the resistance at $1.2 did not allow it to move higher, and it has been struggling since then. Nevertheless, the cryptocurrency closes the last seven days in green with a nice 9% price increase.

Considering the ongoing correction, ADA may fall back on the key support at $1.1 before any renewed rally can be expected. Even if this happens, the overall price action remains bullish, and after the pullback, ADA may rally once more and try to cross above $1.2.

The indicators remain bullish and seem likely to stay if ADA does not fall under the key support. This should prepare it for a nice rally next week if the bullish momentum resumes. On the other hand, a drop under $1.1 would likely push ADA into a bearish trend.

Chart by TradingView

Solana (SOL)

After a rally to $120, SOL failed to move higher, and since then, the price has been falling towards the key support at $100. It is unlikely for SOL to turn back right now, and a test of the key support appears probable. Despite the current correction, SOL still managed to close the past seven days in green with a 5% price increase.

Volume has been falling as price went higher last week, which was an early signal that SOL did not have the momentum to sustain the rally. The MACD remains bullish on the daily timeframe, but the histogram is showing a loss of momentum with lower highs.

Next week will be crucial for SOL, and buyers have to do their best to defend the $100 level. Any failure there will only embolden sellers to take SOL under $100, which would be a significant defeat.

Chart by TradingView

Shiba Inu (SHIB)

SHIB has been the best performer from our list, with a 50% price increase in the past seven days after a major breakout from the descending channel (in blue on the chart). Now, the price is consolidating above the key support at $0.000029.

If this consolidation continues and the support level holds, then SHIB may chart another leg up, which could take it all the way to $0.000040. The indicators remain bullish for now, and the only concern is the decreasing volume, which may cast some doubts on the strength of this rally.

Looking ahead, SHIB has put an end to the downtrend and started a new surge with a bang. It is unlikely for SHIB to make a lower low considering this latest development. Therefore, the most probable scenario now seems to be a consolidation or continuation of the rally.

Chart by TradingView


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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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Authtrail Announces an Invitation-Only Community Round to Distribute 30 Million AUT Tokens

[PRESS RELEASE – Ljubljana, Slovenia, 10th February 2022]

Authtrail, a blockchain-based data integrity SaaS platform, designed to add integrity and quality to enterprise data, has announced an invitation-only Community round to further boost their Web3-based platform adoption. After raising $3.6M from multiple VCs and angel investors in 2021, the exclusive Community round will be a one-time opportunity for contributors to acquire AUT tokens at a considerably lower price than the rest of the public that will participate later on in the public Crowdsale. The upcoming Community will distribute 30 million $AUT tokens to whitelisted community members, raising an additional $6M.

AUT token and Community Round

Authtrail is a Moonbeam-based, market-ready data integrity platform that helps enterprises improve their data integrity cost-effectively, and thus optimizes performance and boosts their market reputation. The Authtrail platform ensures data integrity through hashing and anchoring data on the blockchain network and is one of the first real-life cases of Web3 adoption at the enterprise level.

Powering the Authtrail ecosystem is the AUT utility token. It supports data hashing and anchoring on the Authtrail platform. Additionally, the token’s value is linked to platform adoption: more users means a higher token usage, driving up the potential value of AUT.

The upcoming Community round allows early exposure to the AUT token. There will be two individual rounds during this event:

Community Firstcomers Round: for the first 1,000 contributors. Contributions start at $1,000 and are capped at $5,000 per user.

Community Round: first-come, first-serve basis. Contributions start at $1,000 and have no upper cap.

During the Authtrail Community round, a total of 30 million AUT – of the maximum supply of 150 million AUT – will be made available. Tokens will be priced at $0.2 per AUT, which is half the price of the token in the Public round.

Tokens will adhere to a vesting schedule of twelve months, with a three-month cliff and equal vesting in months 4-12.

The Community round is only accessible to Authtrail community members and requires whitelisting. To register, visit the sign-up page.

The Community round is not available to residents in the United States, Canada, the People’s Republic of China, the Democratic People’s Republic of Korea, Cuba, Syria, Iran, Sudan, the People’s Republic of Crimea Region of Ukraine, and Singapore.

About Authtrail

Authtrail bridges the gap between valuable enterprise data and blockchain technology. By anchoring data in bundles to the blockchain network, Authtrail enables faster and cheaper blockchain transactions compared to other solutions.

Enterprises can integrate this new solution by foregoing the need to deal with complex code snippets. Instead, Authtrail’s intuitive integration and user interface make the transition a breeze. Users benefit from a complete overview of enterprise or product data history without compromising security or capacity.

With Authtrail, companies can gain a new competitive edge – while continuing their business as usual, they show they can be trusted and collaborated with, can easily access relevant and verified data internally, and help end-users, auditors, and/or regulators to gain trust in their data.

In other words, Authtrail helps digitized organizations boost productivity thanks to more efficient daily operations while minimizing the cost of data management at large. This way, quality and trustworthy data, guaranteed by Authtrail, builds better businesses and opens new growth opportunities.

Authtrail strives to boost the adoption of blockchain technology in the enterprise world which will increase the value of AUT token with time. By bringing Web3 to the doorstep of larger organizations, Authtrail is one of the first real-life adoption cases in the enterprise environment.


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CULT DAO Takes Decentralization to New Levels

[PRESS RELEASE – London, UK, 9th February 2022]

Cult DAO is happy to announce its launch and has released The Cult Manifesto, bringing what it bills as, a first completely decentralized token. In theory CULT, like Bitcoin cannot be stopped once it has started. Cult DAO serves to fund “those contributing or building towards a decentralized future”. The exchanging and transacting of CULT will continuously replenish the treasury due to a small 0.4% collected on every transaction. As long as proposals are submitted, there will be a steady source of financing for any protocol wanting and willing to alter the world. However extreme that could be.

Cult DAO’s goal is to accelerate the downfall of the global banking system and the current world order. The project is the first entirely decentralized financing mechanism to sponsor revolutionaries and those eager to break society’s ties.

Pushing for Fair Distribution of Power

Governed nations derive their just powers from the consent of their citizens. CULT aims to end the tyranny of sovereign nations and central banks by accelerating the collapse of the old financial system.

The Cult Manifesto makes for striking, dangerous yet gripping reading. Mr. O’Modulus, the anonymous yet confirmed by KYC as a famous existing crypto protocol founder, stipulates that today’s monetary system keeps people in poverty as debt-based societies need inflation to operate, and inflation serves to rob the poor and keeps them from ever catching up. It aims to have an out-of-control project that will awaken all of the inhabitants on our planet. Fair distribution of power is an achievable goal if people want to take part in it.

Submitting Proposals for Project Funding

For people to participate, they can submit proposals for financing by Cult DAO. Only the 50 Guardians, the top 50 CULT stakers, can submit suggestions for funding from the protocol, and monitor the recommendations made. Note that Guardians cannot vote and hence cannot be utterly corrupted in their judgments.

When making a proposal, all suggestions must satisfy three criteria. First, they must fight against centralization. They should also advance the cause of decentralization, and finally, directly benefit a noble cause. Proposals can come from anyone as long as they follow these rules and a Guardian is the one to put them forward.

Cult DAO and its fundraising method are entirely decentralized. Cult DAO will exist as long as users transact with the CULT token, custodians propose proposals, and validators vote. Revolutionaries, fresh ideas, and decentralization will all be funded through the initiative.

CULT Token

CULT is CULT.DAO’s tradable and liquid token. Making transactions with CULT will help the protocol by gradually filling the DAO treasury, which will support investments in decentralized technology. It is accomplished with a 0.4 percent collection on all CULT transactions that travel directly to the DAO.

What is dCULT?

dCULT is CULT’s “proof of stake token.” When you stake your CULT into the DAO, you are granted dCULT, which may be exchanged for the amount of CULT you staked originally. In addition, any incentives paid to the DAO when you possessed dCULT.

dCULT is non-transferable and can only be earned by staking CULT. By adding the dCULT contract address to your wallet, you can view your balance.

Staking CULT

Staking CULT is the basis of the whole protocol. The top stakers (holders of dCULT) are the Guardians. Meanwhile, the user will receive dCULT tokens as security for their deposit once staked. The user can then redeem at any moment against the amount initially placed by the user.

When a project proposal is accepted, the agreed-upon proportion granted to the DAO is split 50/50. Half of it is burnt, while the other half is transmitted to the DAO and allocated among CULT stakeholders.

To vote or get rewards, the user must have staked tokens. However, to use the CULT network, there is no need to deposit funds for staking. Each transaction advances the project, and each token burn reduces circulation.


Cult Dao is a completely decentralized funding mechanism that allows everybody to contribute novel solutions. The DAO operates independently and with the help of the 50 guardians who have the most CULT tokens. The project also has a treasury system that raises funds on a recurrent basis by utilizing network exchanges.


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Tradesilvania Appoints Mihaela Drăgoiu as the New Risk and Regulatory Affairs Director

[PRESS RELEASE – Cluj-Napoca, Romania, 9th February 2022]

Tradesilvania – the Premium platform for cryptocurrency and digital asset investments has announced the expansion of the Company’s compliance and management team by appointing Mihaela Anamaria Dragoiu as the new Risk & Regulatory Affairs Director.

Mihaela Anamaria Dragoiu is the former Head of the Prevention, Supervision, and Control Directorate of FIU Romania (ONPCSB) with over 20 years of experience in the institution.

She has been involved in developing the legal framework (primary and secondary legislation) in the field, including the Act 129/2019, which after the amendments of Governmental Emergency Ordinance 111/2020 sets out the legal requirements for the authorization/registration of digital wallet providers and the providers of crypto exchange services as reporting entities. During the same period, Mihaela Anamaria Dragoiu was a Member and an FIU Romania Representative in the Commission for the Authorization of Currency Exchange Operations within the Romanian Ministry of Finance.

Mrs. Dragoiu attended (together with different state institutions, AML/CFT supervision, and regulatory authorities) many national and international AML/CTF projects and activities, such as the evaluation process regarding the implementation of the 4th Directive on combating money laundering (EU) 2015/849 in Romania conducted by the European Commission in collaboration with experts of the Council of Europe, implementation of the project financed by the European Commission regarding the Risk Assessment of Money Laundering and Terrorist Financing at the national level, the negotiations related to the Package of legislative proposals on AML/ CFT (AML Package) launched by the European Commission in July 2021.

Mihaela Anamaria Dragoiu will help Tradesilvania’s team to further develop and adjust the Company’s legal compliance framework to the newest legal requirements in Romania and the European Union. With more than 21 years of regulatory experience acquired within the Romanian Financial Intelligence Unit (FIU), Mrs. Dragoiu will contribute to the constant effort of our Company to develop its risk management framework and the KYV/KYT elements for digital assets.

Her participation in the development of laws on the prevention of money laundering in Romania and its synchronization with the European legal framework facilitates the dialog between the Company and relevant authorities.

“Attracting the best compliance experts in our Company is a natural step for us. Tradesilvania’s mission is to develop together with the local financial institutions and experienced external partners a modern digital financial infrastructure, in a safe environment where good practices of both emerging industries and classical financial systems are applied. Democratization of the Romanians’ access to the cryptocurrency market requires close collaboration between the two domains.

Mrs. Dragoiu’s outstanding experience will help us to continuously improve the compliance standards in the Romanian cryptocurrency industry. We are continuously evolving our platform to offer digital services that meet both our clients’ needs and the authorities and regulators’ requirements, to become a main partner in the blockchain infrastructure in Romania” said Mr. Ciprian Dobrescu, CEO – Tradesilvania

Mihaela Anamaria Dragoiu – Risk & Regulatory Affairs Director: “I am thrilled to join the Tradesilvania team and to continue together with the development of the compliance framework in the context of innovative accelerated growth of blockchain services in Romania. The cryptocurrency market poses specific compliance challenges that require constant communication with the financial environment along with the continuous development of the internal and external regulatory framework. Our goal is to support the long-term dialogue with the state institutions and to be a provider of free education to all the participants in the digital asset market in Romania and the European Union”.

About Tradesilvania.com

Tradesilvania.com is a digital platform specialized in cryptocurrency investment and trading, with headquarters in Cluj-Napoca, Romania. Tradesilvania.com platform provides 24/7 access to 47 cryptocurrencies and 107 pairings available for automatic transactions through a web and mobile app, as well as OTC (over-the-counter) services, virtual asset management, custody, and blockchain financial infrastructure for its clients, individuals, companies, and institutions.


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Bitcoin Rejected at $46K, Market Cap Loses $100B in a Day (Market Watch)

After tapping a new five-week high at nearly $46,000, bitcoin was rejected and driven south vigorously. Most altcoins are deeper in red, with substantial price losses from Ripple, Solana, Polkadot, Shiba Inu, and others. THETA is among the few exceptions with a double-digit surge.

Bitcoin Stopped Ahead of $46,000

Earlier this week, bitcoin spiked to above $45,000 for the first time since early January after previously reclaiming $40,000. However, the bears didn’t allow any further increases, and they pushed it south to below $43,000.

After a few days of relatively stagnant movements, BTC tapped $45,000 once more yesterday before reminding of its volatile nature in the following hours. After the US released its highest inflation rate numbers in 40 years (again) of 7.5%, BTC dumped by nearly $2,000.

Yet, it started to gain value just as fast and spiked by almost $3,000 to just shy of $46,000. This became its new highest price tag since January 5th while also causing pain for leveraged traders.

The bears came out to play once more at this stage, and BTC dumped by another $3,000 to below $43,000 hours later. As of now, the asset has recovered some ground and stands around $43,500, and its market capitalization is well above $800 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Retrace: Market Cap Down $100B

As it typically happens when enhanced volatility reaches BTC, the altcoins experience even more substantial losses.

Ethereum exceeded $3,200 at one point yesterday before a 3% daily decline drove it south. As of now, ETH stands beneath $3,100. Similar decreases are evident from Binance Coin, Cardano, Terra, and Dogecoin.

Ripple (-6.5%), Solana (-6.3%), Polkadot (-5.5%), and Shiba Inu (-5%) are even deeper in red. THETA is among the very few exceptions, as a 15% surge has driven it to $4.2.

Ultimately, though, the cumulative market capitalization of all digital assets dropped by approximately $100 billion in a day and is down beneath $2 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto


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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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YouTube Pledges to Make NFTs Safer for Creators and Fans Upon Launch

A few weeks after reports emerged suggesting that the world’s largest online video sharing platform will enter the blockchain, metaverse, and NFT world, the company has provided more details.

  • With 2021 becoming the year of non-fungible tokens, all eyes were on such assets and the metaverse as of the start of 2022.
  • Countless companies both from inside and outside the cryptocurrency realm continue to hop on board, and Alphabet’s YouTube was the latest to outline such plans, as CryptoPotato reported in late January.
  • The video-sharing giant wanted to focus on expanding its ecosystem to “help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”
  • In a more recent blog post, the company’s CPO – Neal Mohan – dug deeper, indicating that some forms of NFTs could be actually harmful to creators and fans due to scams or copyright theft.
  • However, YouTube aims to make them safer:

  • “Giving a verifiable way for fans to own unique videos, photos, art, and even experiences from their favorite creators could be a compelling prospect for creators and their audience.” – reads the post.

  • YouTube also wants to allow its users to join the metaverse, with one possible idea circulating that they will be able to watch videos together.
  • The company will most likely start with videos related to “gaming, where we will work to bring more interactions to games and make them feel more alive.”


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Bitstamp Becomes Official Crypto Exchange of Esports Organization Immortals

Bitstamp has struck a three-year partnership deal with U.S. professional esports organization Immortals to be the official cryptocurrency exchange of the gaming company.

Bitstamp Collaborates With Immortals

Immortals announced the news of the collaboration via a press release on Wednesday (February 9, 2022). According to the statement, the deal will also make Bitstamp a founding member of the esports organization.

The partnership aims to educate the Immortals community about the crypto industry while also creating incentives for fans. This is Bitstamp’s second collaboration with an esports brand, the first being with the London-based Guild Esports, in a sponsorship deal worth £4.5 million ($6 million).

Meanwhile, Bitstamp and Immortals will be jointly involved in various initiatives. One of them, called Team Bitstamp, involves content creators who would act as the exchange’s brand ambassadors. The team will provide fans with content, exclusive crypto giveaways, and interactive livestreams.

Immortals Invasion is an initiative formed in celebration of the upcoming League of Legends World Championships in North America later in 2022. There will be vlogs, in-person gaming activations, and more engagements launched by Immortals and the Immortals Progressive League of Championship Series (LCS) team to celebrate the League of Legends community.


The final initiative, Immortals LCS Trigger Program, will see Bitstamp offer cryptocurrency giveaways. Each time Immortals draw the “first blood” in any LSC game, fans get a chance to be rewarded with digital assets.

Growing Link Between Crypto and Esports

Commenting on the collaboration was the CEO of Bitstamp USA, Bobby Zagotta, who said:

“Our partnership with Immortals is an extension of our mission to empower our customers by creating a more authentic experience between crypto and gaming. The esports community is diverse, passionate, and highly-attuned to the digital evolution. It is among the first to explore the integration of digital assets within their industry.”

Furthermore, the partnership between Immortals and Bitstamp will explore future non-fungible token (NFT) activations and cryptocurrency integrations.

According to a statement from the Immortals’ CEO Jordan Sherman:

“This partnership will further enhance the Immortals fan experience with real, tangible benefits that connect the crypto and gaming worlds.”

More cryptocurrency companies continue to capitalize on the esports industry to foster mass crypto adoption, leading to several partnerships between both industries. In September 2021, Crypto.com signed a five-year partnership deal with U.K.-based esports organization Fnatic, worth over $15 million, to become the brand’s global cryptocurrency partner.

Later in November, the digital asset exchange also became the official global cryptocurrency partner of esports tournament series Twitch Rivals, operated by live-streaming platform, Twitch. Blockchain project Tezos entered a three-year partnership deal with French esports brand Team Vitality to revolutionize fan engagement.


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21Shares Lists Decentraland and FTX Token ETPs on BX Swiss

The world’s largest issuer of crypto ETP’s 21Shares announced two new ETPs – tracking the performance of Decentraland and FTT. Both products will go live on the Swiss exchange – BX Swiss.

  • The exchange-traded products (ETPs) will allow traders and institutions to get exposure to the two assets without owning them outright. 21Shares Decentraland ETP (Mana) and 21Shares FTX Token ETP (AFTT) will be listed on BX Swiss, a Swiss stock exchange.
  • Decentraland (MANA) is a native token of the metaverse game by the same name. FTT, on the other hand, is the native cryptocurrency of the FTX exchange.
  • CEO and co-founder Hany Rashwan called the move a key milestone for the company as it aims to continue expanding its services.
  • Most recently, the firm launched ETPs tracking Aave, Chainlink, and Uniswap on the same Swiss exchange.

  • “Adding the worlds’ first NFT and single Metaverse ETP and one of the world’s leading crypto exchanges to our product suite is a key milestone for us in making crypto accessible for everyone.” – Rashwan explained.

  • Decentraland is one of the largest metaverse gaming projects so far. Its token (MANA) allows users to access in-game features, including buying land. So far, some $180 million worth of digital land was sold in-game.
  • FTX is one of the largest crypto exchanges that signed numerous impressive partnerships in the past year or so. Its FTT token enables clients to stake it and get trading fee discounts as well as participate in governance.
  • 21Shares is a pioneer in the crypto ETP space. In 2018, it released the first crypto index listing on the SIX Swiss Exchange. Currently, it manages around $2 billion in digital asset ETPs.
  • The firm offers a Crypto Basket Index ETP with the ticker HODL, which tracks the top 5 digital assets by the projected 2050 market cap.


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Fitch Downgraded El Salvador’s Rating Citing Bitcoin Adoption Risks

Fitch cited policy unpredictability stemming out of the increased concentration of power in the presidency, weakening institutions, and the legalization and adoption of Bitcoin as the reason for lowering the rank.

Reasons Behind The Move

As per the official post, “heightened” financing risks arising from growing dependency on short-term debt reflects Fitch’s move of downgrading El Salvador.

It also pointed out the limited scope of the country’s domestic market financing as well as uncertain access to additional multilateral funding and external market financing considering high borrowing costs. Increased concerns with respect to debt sustainability due to the expected increase in GDP next year after modest improvement in 2021 is yet another factor.

It stated,

“In Fitch’s view, weakening of institutions and concentration of power in the presidency has increased policy unpredictability, and the adoption of bitcoin as legal tender has added uncertainty about the potential for an IMF program that would unlock financing for 2022-2023.”

Fitch stated that El Salvador continues to face growing risks caused by high and increasing financing needs in 2022-2023. It further estimated that the Central American country’s total financing needs would total to a whopping $4.85 billion in 2022, meaning a 16% increase in GDP.


Another 18% rise in GDP to $5.4 billion is also expected. In terms of financing options in the local market, the rating firm noted that the domestic private pension funds and banks have a restricted appetite for growing their exposure to such instruments.

It also observed “uncertainty” around external financing options, including multilateral funding, as well as doubts over an IMF program, in addition to El Salvador’s capacity to issue “bitcoin-backed bonds.”

El Salvador’s Ambitious Bitcoin Bond Issuance Plans

Earlier this week, El Salvador’s finance minister Alejandro Zelaya announced plans to issue Bitcoin Bonds between March 15 and 20. During the interview with the local news outlet, Zelaya also confirmed that the government will issue $1 billion for the first bond.

Besides, cryptocurrency peer-to-peer platform, Paxful earlier launched a Bitcoin education center in the country. The main objective behind the creation of the new center, dubbed ‘La Casa Del Bitcoin,’ is to foster awareness around the benefits of buying and selling BTC as a means of exchange for the El Salvadoreans.


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Bitcoin (BTC) $ 28,272.58 4.23%
Ethereum (ETH) $ 1,729.50 2.99%
Litecoin (LTC) $ 67.72 2.25%
Bitcoin Cash (BCH) $ 244.01 2.01%