Environmental Debate: New York Crypto Mining Plant Permit Delayed

The New York State Department of Environmental Conservation (NYSDEC) has delayed its decision whether it will allow crypto mining firm Greenidge Generation to continue to use its power plant in the town of Dresden for bitcoin mining, according to a recent report from Bloomberg.

The decision by the state’s Department of Environmental Conservation will now come by the end of March.

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New York & The Environmental Debate

The decision is now expected to come by March 31, two months later than originally planned, the report said. The delay will reportedly help NYSDEC complete its review with public comments, citing a spokesperson’s position on the matter. On December 2, U.S. Sen. Elizabeth Warren (D-Mass.) questioned the environmental footprint of Greenidge Generation’s (GREE) bitcoin mining operation in New York in a detailed letter.

The senator later targeted six more crypto miners, questioning their energy usage. On January 16, Greenidge said that due to high electricity demand resulting from recent cold weather, the company temporarily curtailed cryptocurrency mining operations in Dresden the day prior. This was done to supply all its electrical generation capacity to the New York Independent System Operator. The miner applied last year to renew its permits for the plant, the first time it’s come up for renewal since it has been powering bitcoin mining operations.

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 BTC: Bitcoin, after hitting all time high of 69k in November 2021, has fallen almost half since, but could be back on the road to recovery. | BTC:USDtradingview.com

Could Extreme Weather Cause Further Delays?

Crypto mining has had major pushback from many people and environmentalist groups over the years. New York’s power grid could face challenges in the 2021-2030 period, including higher demand spurred by extreme weather and delays in planned projects, the state’s power grid operator said in a public statement earlier this month. Reporters, analysts, and others chimed in on how things are going, and the impact on progress for crypto and the environment it operates in.

“Governor Hochul is taking bold, nation-leading actions to confront climate change head-on, and DEC (the Department of Environmental Conservation) is actively reviewing proposals regarding the role of cryptocurrency mining in New York’s energy landscape, especially in light of the Climate Leadership and Community Protection Act,” stated spokesperson Madia Coleman said in a statement. The act Coleman references is the state’s climate law mandating steep emissions reduction over the next three decades.

Policy advocate Liz Moran put in her thoughts on the bill and how it will effect things moving forward. “A moratorium on fossil fuels is a common sense first step, but we would like to see the state go farther and evaluate the potential environmental harms of the industry as a whole.”

The New York Independent System Operator (NYISO), in its comprehensive reliability plan (CRP), also said during normal weather conditions that its power system is expected to meet all applicable reliability standards during that period. As time moves on, we will learn more about the bill and if it will cause delays or all out stop fossil fuel crypto mining.

Related Reading | Will Crypto Mining Survive Another Government Crackdown?

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Why NFTs Took Over Crypto Trading Volume While Ether Struggled

The NFTs market had one of its best months yet in January with a record trading volume of $6 billion while cryptocurrencies like Bitcoin and Ether plunged dramatically over the investors’ fear of the Federal Reserve (FED) tightening.

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The NFT Space Doesn’t Stop

Ether had its worst month in 2 years falling 55% from its all-time high (ATH) at $4,812. On Wednesday, the only all-time high the coin saw was in a 40-day correlation coefficient of 0.65  –the top is 1– with the S&P 500, Bloomberg reported. This indicates Ether could be facing more obstacles as macroeconomics develop.

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Ether is mirroring moves in U.S. stocks to an unprecedented degree
Source: Bloomberg

However, NFT traders did not respond with the same fear. In fact, the non-fungible token market soared in trading volume during January with a record high of over $6 billion.

The NFT avatar projects are turning out very profitable with huge support from collectors, communities, and celebrities. The popular Bored Ape Yacht Club currently has a floor price of 99.0 ETH, according to OpenSea, and a trading volume of 82,076,32 ETH in the last 30 days.

At the moment, the top collection on OpenSea –ranked by volume, floor price, and other statistics– is Azuki, another avatar project. Its floor price is at 10.9 ETH and flipped the Bored Ape Yacht Club‘s trading volume with 92,241.73 ETH in the last 30 days.

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Besides avatars, in January the non-fungible tokens also saw some creators turn into millionaires overnight when their NFTs got viral, like a young student from Indonesia (Ghozali Everyday) who minted his selfies and became an OpenSea and social media sensation; and a Chinese entrepreneur (IreneDAO) who won the hearts and bucks of the crypto community, reporting a total volume of 2,367.1283 ETH traded in less than a month.

Every time these events hit the headlines, the enthusiasm and curiosity of many people cannot help but grow. They used to dream of Hollywood, now they dream of NFTs.

But going even bigger, celebrities, musicians, athletes, major brands and companies keep jumping into the NFT industry as they foresee large profits in the future.

Furthermore, OpenSea’s rival LooksRare reported trading volumes of $2.25 billion at the end of the month, 50% of OpenSea’s. However, the LooksRare model of sharing profits with traders has been called unsustainable. Some believe their soaring trading volumes are due to ‘wash trading’, which is a form of price manipulation where traders buy and sell assets to increase prices.

Related Reading | Indonesia Based Boy Named Ghozali Becomes Millionaire By Selling Selfies On OpenSea As NFTs

But Why Do NFTs Keep Soaring?

As the price of Ether decreased dramatically last month, NFT traders saw this as an investment opportunity, indicating an inverse correlation between the non-fungible tokens and crypto-assets. Similarly, NFT holders usually prefer not to sell at a loss.

NFTs
Ethereum trading down to $2,346 in the daily chart | Source: ETHUSD on TradingView.com

The NFT ecosystem tends to involve a lot of emotions, bragging, and fees that can encourage investors not to sell. The non-fungible tokens trade a lot more like art pieces than stocks, so decisions are not taken the same way.

Recently, FTX founder Sam Bankman-Fried hinted in an interview with The Block that he was surprised about the NFT market’s outcome during January. He pointed out that “The fact that they’re non-fungible makes them less liquid,” and added that “The whole psychology is also very interesting.”

And “psychology” might be a very fitting word for it. These holders usually want to be able to gloat over the NFTs they own, and with the new avatar features from Twitter and Reddit, the bragging is more than encouraged.

“But I have also been a bit surprised about how much they’ve been out performing recently. The fact that you’re public about owning one makes it harder to sell because it is a public giving up on something versus a private rebalancing of your portfolio.”

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Will Crypto Mining Survive Another Government Crackdown?

Crypto mining has been an environmental  issue that cant be over looked; World governments have tried to put a lid on it but still have an uphill battle as the popularity of crypto grows.

Will crypto be mining be able to last if the technology still impacts the earth on high levels ? Or will it mold with the time and adapt with the land before governments continue to attack Crypto currency.

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Crypto War With  Mining …

China has been in the for front of crypto bans and the war between the two parties only grows and gets more harsh. China slapped a ban on Bitcoin (BTC) mining, trading and crypto services,The Chinese government’s given reason for the Bitcoin crackdown is to reduce its well-documented climate impact. A-lot speculation on other to follow such as turkey and India but one thing we know is china is a huge influencer impact on the way some countries operate to have them ban this is only going to inspire more to follow.

The problem with crypto mining is the carbon footprint it leaves on this planet and how it impacting the natural resources we have left.Currently, less than one-third of global electric power is sourced from renewables. If this share went fully toward cryptocurrency mining, perhaps it could lend it a semblance of sustainability, but it would be little more than a fig leaf.

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              BTC: BTC is currently the largest crypto  BTC-USD on TradingView.com

Grabbing At The Gold…

After chinas ban it didn’t take long for the US to become one of the leaders in crypto mining with Russia and many to follow, This could stem from each countries hunger to become the world leader and first on the crypto train. The United States sprung at the opportunity created by the Chinese ban to become the world’s new mining hub. In Asia, Kazakhstan and Malaysia are ramping up mining operations, as are Germany and Ireland in Europe and Iran in the Middle East, according to recent stats.

The effort to keep crypto mining chugging along is making for some very strange geopolitical bedfellows. Bitcoin was revolutionary when it came out in 2008. It paved the way to a new digital economy. Proof-of-work was a revelation in terms of decentralization and security, but its lack of efficiency presented us with a ticking time bomb. This bomb is going off now.

Finding a way to switch out the source and technology used to mine will help it stay alive we are watching and prolonging a demise that has been heaping for a while due to how aware and bug climate change is and the popularity and growth of crypto. Yes the United States is going hard but how long and when will they stop using coins like Bitcoin and look into more energy friendly  projects; we cant assure anything but only look at what’s happening around us as crypto gets big so will the demand and need that will keep mining going but also at war until a new solution is brought up.

Related Reading |Cardano Whales Double Holdings In 10 Days. Will This Stop The Onslaught?

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Cardano Price Up And Down Amidst SundaeSwap Launch

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The price of Cardano (ADA) surged and plunged on the same day, starting with the excitement around the launch of its first decentralized exchange, the DEX SundaeSwap, then following the downtrend of Bitcoin.

SundaeSwap’s Wins And Failures

ADA’s price had been up around 10% in the last week tied to the launch of Cardano’s beta version of its first decentralized app (DApp) SundaeSwap, a decentralized exchange (DEX) that allows token staking and aims to “decentralize not just the access to financial services, but also the core business model itself.”

“We are launching with a Beta label because, while the DEX’s smart contracts have been fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain.”

SundaeSwap’s launch entails the inclusion of its utility token SUNDAE, which offers holders the availability to vote on the governance protocol, plus trade, strake and lend coins. The token’s price will be determined by the community as prove of its goals towards decentralization.

“The Sundae Token is a utility token central to the healthy operation of the SundaeSwap DEX. We are focused on building the most useful decentralized exchange protocol we can, in line with the decentralized ethos that we all believe in. As part of that, we strongly believe that this protocol doesn’t belong to us, the company who wrote the software, but to us, the whole SundaeSwap community.”

They explained that at the protocol’s launch, 7% of the community supply of the token would be “locked by the DAO into a smart contract called The Taste Test,” and added that at the end ten days, “all of these tokens will be used to create the ADA/Sundae liquidity pool, establishing the initial price for the token.”

Not long after trading on the DEX started, users were dissatisfied about congestion on the net, orders pending over hours, and failing transactions. SundaeSwap’s team had already warned about this possibility ahead of the launch.

CEO Mateen Motavaf addressed the complaints in a bolds and cap message that said IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT”.

The team had written on January 8 “We want to inform you all that while orders may take days to process, everybody’s orders will be processed fairly and in the order they were received.”

They remain confident that “the protocol can meet the normal day-to-day load once things settle down.”

Cardano’s Scalability

The Cardano roadmap is currently focusing on several updates to optimize and scale the network, hoping to achieve faster transaction and adopt the layer 2 Hydra solution.

Its partner company Input Output just announced a promising scaling update that is supposed to increase Plutus script memory units per transaction to 12,5 million. The first change is supposed to take effect on January 25.

“Improvements in Memory/CPU parameters for Plutus remain one of 11 ways that Cardano intends to scale in 2022. Other paths include block size increase, Pipelining, Input Endorsers, Node enhancements, on-disk storage, sidechains, Layer 2 Hydra scaling solution, Offloading computation and the Mithril solution.”

– Input Output

Issues aside, Cardano has already grown stronger in its competition with Ethereum, recording a higher trading volume at times and lower fees.

Related Reading | Cardano Enters The Basho Stage: How It Improves Performance

Bitcoin Behind Cardano Crash?

Today, Bitcoin fell around 10% to under $38,000. At the same time, the total market cap fell bellow $2 trillion.

Analysts have alleged before that Bitcoin rules over the health of the crypto market, thus its downtrend could affect other coins like ADA.

Many enthusiasts were expecting a bullish trend for the Cardano coin hoping for its price to reach $2 amidst future optimizations and SundaeSwap’s launch, but this setup has been spoiled.

The SundaeSwap launch pushed Cardano toward a surge of 7.5% from its day-low price of $1.32 to $1.42, then stabilizing at $1,40. Then, following the crypto market’s downtrend, ADA decreased to around $1,20.

The general downtrend of the market followed the general worry over a more hawkish Federal Reserve, expecting higher interest rates. It also happened in parallel to Russia’s announce of a crypto ban.

Cardano
ADA trading down at $1,2 in the daily chart – Source: ADAUSDT on TradingView.com

Related Reading | Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA

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Terra Announces Non-Profit ‘Luna Foundation Guard’

Terra Luna’s ‘lunatics’ have had their sights set on a multi-part announcement that is set to unveil, and this week the first piece of the puzzle has come to life.

This week, Terra announced the formation of a new non-profit organization, the Luna Foundation Guard (LFG), that is “dedicated to supporting the advancement of open-source technology, facilitating the growth of the Terra ecosystem, and improving the sustainability and stability of Terra’s algorithmic stablecoins.”

Terra Says “LFG”

Terra has launched a dedicated landing page, lfg.org, outlining the team, mission, and funding & grants around LFG. The new non-profit will emphasize a number of major pillars that they see as core in advancing the ecosystem.

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Founder and CEO of Terraform Labs, Do Kwon, also released a recent tweet thread highlighting the major pillars behind LFG:

In all, the Foundation will serve as a mechanism to continue driving engagement and adoption of Terraform Lab’s growing stablecoin, UST. Adoption of UST has continued to grow as the token, seen broadly as one of the most decentralized yet mainstream stablecoin options currently available, approaches an $11B market cap.

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The aforementioned Do Kwon will lead the charge for the Luna Foundation Guard, alongside founding member Nicholas Platias and several governing council members. The team will deploy foundation grants, starting at the end of the month, to blockchain projects in the ecosystem that address open-source development, research and education, and community growth within the Terra network.

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Luna, the tradable token that arguably serves as the 'backbone' of the Terra ecosystem, has performed exceptionally well over the past year. | Source: LUNA-USD on TradingView.com

One Of Three… What’s To Come?

As mentioned previously, this announcement is slated to be the first of three, from what started as a teaser image of the cover photo used here. That photo led many ‘lunatics’ to speculate on what could be coming – the two intersecting circles led many to believe that an incoming MasterCard partnership could be coming, and many Terra fanatics believed that some sort of Bitcoin-related support could be brought to life as well.

Speculation aside, the Terraform Labs-created blockchain continues to shine, recently becoming the first decentralized stablecoin to achieve a $10B market cap as well as launching a new automated market maker (AMM), Astroport.

For now, the LFG webpage still has a “{redacted}” section, so don’t be surprised if the coming two announcements, which could likely be unveiled over the weeks to come, are extensions or supplementary pieces of the non-profit.

Related Reading | TA: Ethereum Nosedives, Indicators Show Signs Of Larger Downtrend

Featured image from medium.com/terra-money, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Bitcoin’s Plan To Fix The Crowdfunding Problem?

Crowdfunding has been around for some time now, and although it has been a hard time for some projects to gain funds, bitcoin could be the answer.

Let’s look at the root of the troubles and how crypto could potentially address them.

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The In’s and Outs…

Crowdfunding is a practice where you can donate money – including cryptocurrencies such as Bitcoin, Litecoin, and more cryptocurrencies – to projects, associations or people to develop ideas. It is a very powerful mechanism and tool for innovation and supporting social enterprises. Different platforms, such as Kickstarter and Indiegogo have not taken their foot off the brakes; the web 2.0 crowdfunding movement, which has led to the creation of several billion-dollar tech startups, like Oculus, and raised millions of dollars for thousands of causes, is ripe for development.

Crypto crowdfunding has the potential to be a network that connects people and their ideas. Today, crowdfunding is dramatically narrowed by its reliance on legacy finance, which limits the vast majority of the world from accessing it. Although this is good in theory, and has worked thus far, the major issue is the reliance on the legacy financial infrastructure, that is not only costly but globally fragmented.

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BTC: Bitcoin bouncing back after hitting all time high in November 2021. | BTC:USD tradingview.com

Most crowdfunding platforms are only found in 30 countries. To date, the costs of operating crowdfunding in this network are very high, due to the many mediating third parties involved. The average crowdfunding platform charges a 7% fee per successful project. Could crypto’s aggressive transaction fees beat out traditional competitors?

Crowdfunding & Crypto: A Pair Of Aces…

Many platforms have had a hard time with the tight reliance of legacy financial infrastructure; this has made some crowdfunding platforms move over to the “web 3.0” model.

One big example is Kickstarter, who has decided to move from its reliance on Stripe to creating its own crowdfunding protocol on other blockchains. This may make sense for equity-based crowdfunding, which can enable the platform and it’s users to invest in new companies and their ideas.

A prime example of these worlds coming together was just last year with Bitcoin Smiles, which raised roughly 1.8 BTC. Bitcoin Smiles was an initiative aiming to raise funds and provide free dental care to impoverished people living in rural areas of El Salvador. Another project that can be used as an example is Kivéclair, a development project that educates people about bitcoin in the Democratic Republic of the Congo.

Although these are only few examples of early crowdfunding in crypto, these do provide a valid source and hope that bitcoin can still rally through its community of caring bulls and bears.

Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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RMDS Lab: A New NFT Marketplace For Science And Tech IP…

West-coast based spatial data and analytics firm RMDS Lab plans to create the first-ever dedicated science NFT Marketplace before the end of the first quarter of the year.

Related Reading Bitcoin Revisits $44k As Exchange Outflows See Uptick

RMDS Lab is known as a data and artificial intelligence (AI) platform based in California, and founded by IBM’s former chief data scientist Alex Liu in 2009 to create a global community of data scientists and researchers, and to promote scientific innovation through data and AI.

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As NFTs increased in popularity, RMDS says ‘a huge demand for NFT minting and listing’ played a part in RMDS’ decision to create a way to sell NFTs for research and technology-associated IP.

    ETH: Ethereum is leading coin on the blockchain for NFTS. ETH-USD on TradingView.com

The NFT market rocketed almost 43,000% between 2020 and 2021, according to the cryptocurrency exchange Binance. RMDS’ goals in moving into NFT sales are to connect scientists with investors, as well as to link science and technology IP with related collectors, investors and science enthusiasts. The intent is to provide new fundraising channels for science and technology projects, and accelerate technology development. NFTs have mostly been art and music based, with gaming and literature joining in at times as well.

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Liu explained  “for scientists, it is often difficult to get funding, and to get funding through the traditional channels takes a long time.” He added that “NFTs can simplify this and help people to focus more on their real work,” in a statement released by Chemistry World.  “Also, scientists do not have many channels to reach investors, and an NFT marketplace can expand their reach.”

NFTs and science have already made a couple of moves that might of sparked the idea that science can in fact sell NFTs. In June 2021, The University of California, Berkeley announced that they will be auctioning off the patent disclosures behind two Nobel prize-winning discoveries made there by selling them as NFTs. They set aside part of a fundraising effort to support basic research at UC Berkeley; the plan worked out for the better, and the University earned $55,000 from an NFT that was based on James Allisons breakthrough research behind cancer immunotherapy back in the 1990s.

Liu acknowledges that the technology behind NFTs is still evolving and developing to address these environmental issues, as well as security and copyright issues. “We are connected to a lot of experts in blockchain AI, and we want to develop this marketplace,” he stated. “With our talent pool we want to help solve some of these problems and make NFT exchange better.”

The platform is still in developmental stages and is set to be completed by the end of March.

Related Reading Bitcoin Is Massively Overvalued, Billionaire ’Bond King’ Jeff Gundlach

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From McDonald’s Burger-flipper To Crypto Billionaire, Binance CEO Ranks 11th Among World’s Richest

Changpeng Zhao, a former McDonald’s employee and the CEO of Binance, the world’s largest cryptocurrency exchange, is the world’s richest crypto billionaire. His net worth comparable to that of top tech tycoons such as Elon Musk, Jeff Bezos, Bill Gates, Mark Zuckerberg, Larry Ellison, and others.

Binance CEO Is Worth $96 Billion

According to a recent report by Bloomberg, Binance CEO, Changpeng Zhao’s net worth is $96 billion. Zhao’s riches might be even bigger, given the wealth estimate excludes his personal crypto assets, which include Bitcoin and his company’s own token. Last year, the value of Binance Coin, commonly known as BNB, soared by almost 1,300 %.

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BNB/USD Surged over 1,300% last year. Source: TradingView

Last year, the price of BNB surged at a faster rate than the price of Bitcoin, which increased by around 63%, and Ethereum, which rose by over 420%. BNB reached a high of $675 in May of last year before falling to $261 by the end of the month.

Larry Ellison of Oracle was the 10th richest person on the list, with a net worth of $107 billion, followed by Gautam Adani of the Adani Group, who had a net worth of $78.6 billion. Binance was founded only four and a half years ago. When compared to other legacy enterprises created decades ago, it’s a young company.

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The Crypto Richest. Source: Bloomberg

Forbes estimated Zhao’s net worth was projected to be $1.9 billion in August 2021. However, Hurun Global Rich List 2021 estimates Zhao’s fortune was $8 billion, up 208% over the previous year. FTX founder Sam Bankman-Fried was ranked 128th on the Bloomberg Billionaires Index with a net worth of $15.4 billion, and Coinbase CEO Brian Armstrong was ranked 279th with a $8.9 billion fortune.

Related article | Binance’s CZ Wants Entrepreneurs To Create Coins. Does His Argument Make Sense?

Binance: One Man, World Crypto Giant

Though the company has been kicked out of its bithplace China, it is now being investigated by regulators around the world. The US Department of Justice and the Internal Revenue Service are looking into whether Binance Holdings Ltd., which Zhao owns, is being used as a conduit for money laundering and tax evasion.

Binance is the largest cryptocurrency exchange in the world, with daily cryptocurrency trade volumes exceeding $100 billion on the majority of days in 2021. Binance is by far the largest crypto exchange in terms of both spot and futures markets.

CZ’s continued attempts to get operational licenses in various jurisdictions across the world is indicative of the firm’s success. Despite regulatory challenges, Binance continues to collaborate and acquire new companies in order to remain a leader in the crypto trading sector.

Binance generated $20 billion in revenue in 2021, which is more than three times the $5 billion generated by Coinbase. Binance has multiple whale accounts that buy Bitcoin on a regular basis, in addition to CZ’s personal crypto holdings.

According to Bloomberg, Binance appears to be looking for a new home in the UAE and Singapore. The Binance CEO has been visiting royalty and hosting meals near the Burj Khalifa in Abu Dhabi. According to Bloomberg, the UAE royal family is eager to attract Binance to Abu Dhabi as it develops its own crypto zone.

The crypto exchange just completed the acquisition of Swipe, a popular crypto Visa card provider with over 70 million locations worldwide.

Related article | Binance ’s Road To Compliance Continues With A List Of Rights For Crypto Users

Featured Image: Shutter shock | Charts by Bloomberg, and TradingView

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Fast-growing gTrade Platform Gets $250K Grant As It Closes In On First Major Milestones

Rapid organic growth has put Gains Network’s decentralized gTrade platform well on the way towards achieving the first major milestones on its roadmap. Now, armed with $250,000 in funding from the Polygon DeFi, its founders are confident it will soon hit its second set of milestones.

Gains Network is intending to build a blazing-fast and liquidity-efficient leveraged trading platform with a decentralized architecture on the Polygon blockchain, giving investors the benefit of lower fees and faster trades. gTrade currently offers 43 cryptocurrencies and 10 major Forex pairs. Its asset-agnostic synthetic trading architecture, which is powered by the minting and burning of its native GNS token, ensures investors benefit from median spot price leverage, no fees and zero price impact. The exchange also claims to offer the fairest prices, with each asset trade executed at the median spot price across multiple exchanges.

gTrade also has the huge advantage of not needing liquidity for each trading pair, with 100 percent liquidity settlements on all pairs backed by the GNS/DAI pool and the DAI vault.

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Those benefits are clearly not lost on crypto investors, who have been flocking to gTrade in their droves. As a result, Gains Network said it is already close to hitting its primary goal of sustaining $30 million in daily trading volume for 10 days, with a current average of $20 million traded through its platform each day. It’s also on the verge of hitting its target of a maximum $20,000 per-trade collateral enabled by its DAI Vault, with its current max sitting at $18,000 per-trade collateral.

Other targets on gTrade’s roadmap include reaching $4 million in GNS/DAI liquidity and $2 million total value locked in the DAI Vault. The first of those objectives has already been reached, with gTrade boasting $7 million in GNS/DAI liquidity, while the DAI Vault is getting close with $1.8 million in total value locked.

Gains Network has now unlocked $250,000 worth of MATIC tokens with its first Polygon grant, and once its initial goals have been reached it will receive a second, $500,000 grant to help it hit its next set of milestones. Those call for $100 million in daily trading volume, $50,000 maximum per trade collateral, $10 million in GNS/DAI liquidity and $5 million staked in the DAI vault.

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“It is a great pleasure for us to work with Polygon for this trading incentives program,” said Gains Network founder Sébastien. “Gains Network’s mission with gTrade has always been to provide an innovative, decentralized, and fair solution for leveraged trading.”

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How Crypto Empowered Porn Creators In 2021: Less Cant More Freedom

The crypto industry saw the opportunity of a lifetime this year when OnlyFans, a platform known mostly for its adult content, announced it would ban sexually explicit content. The crypto and porn industry together represents a very profitable merge that has just started to happen.

The world of payment methods has a history of hypocrisy, control, and morals, and it tends to not support anything related to sex work.

Reportedly, earlier in the year OnlyFans had decided to shut down all sexually explicit content because of pressure from banks and payment processors. There was a huge backlash and the ban stopped days after its announcement, alleging that the platform had “secured assurances necessary” from the banks.

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The platform’s founder and chief executive told Time that banks were refusing to process adult content-related payments.

“OnlyFans stands for inclusion”, they said, but they had been trying to distance themselves from the porn industry, interested in launching a streaming service –which doesn’t allow adult content.

Payment methods have been a burden for porn creators worldwide for years. Their gains are often subject to frozen funds, huge losses, and since there’s not much protection and support offered for sex workers, they need to be extra careful to not become subject to scams and other dangers.

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So anonymity and safe digital wallets go really well with this industry. Naturally, many creators and producers have started to see an answer in crypto.

Crypto’s Not The Only One With A Bad Reputation

Cristobal Medoza producer and co-creator of a top Argentinian porn channel called ‘My Bad Reputation’ was one of many to adopt crypto in order to find financial stability and more opportunities. He gave us inside comments on his personal experience, allowing us to take a peek at the industry people love to consume from but try not to support.

New platforms are surging that connect the porn and crypto industry. A great niche for all parties if successful –it needs to be simple, safe, and well-executed–.

It’s a demystification that goes both ways: the amount of porn consumers is very high. If adult content platforms are related to crypto, this might become a blasting cap of mainstream adoption.

Medonza explained that the major porn platforms have already adopted crypto (paying in Bitcoin and USDT), which contrasts with other payment services offered that are very restrictive and using them comes with too many complications and downsides.

However, many smaller adult content platforms don’t use crypto yet, and that becomes a major problem that comes with huge fees to convert the creators’ money to digital assets.

Mendoza added that porn creators are often affected by the banks, which he claims have closed the accounts of many and frozen their funds when finding out their income is related to adult content.

He commented on the OnlyFans sketchy days of adult content baning, alleging that a large of new pornography platforms started to appear, trying to take that big chunk of a very profitable market.

There’s always going to be someone that will take a stake at that market because it generates huge gains. At the end, OnlyFans took a step back because they knew they would loose too much money and others would quickly fill into their role.

Mendoza stated that his adult content channel takes its payments through Binance, and it has become a great option since “it doesn’t question where the incomes come from, there are no types or morality issues with how we make the money,” plus they can easily exchange it.

Further than using crypto as a better payment method, it has also allowed him and his co-creator to make a few investments through trading and hodling.

There’s many people from the industry that still don’t know how to use crypto as a tool for payments and administration.

I think [they] would greatly benefit from crypto … comissions are low, there’s full control over one’s own income.

He mentioned there are many new projects that claim to link the adult content industry with crypto but some are scams, and creators need to be wary and start to educate themselves about cyber security.

Crypto
Crypto total market cap at $2,1 trillion in the daily chart | Source: TradingView.com

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