Crypto Whale Transfers 150 Million XRP from Bithumb
The XRP network witnessed a major transfer on Thursday after a whale address moved almost $51 million worth of XRP coins from digital exchange Bithumb to an unknown wallet. The data published by Whale Alert, a blockchain tracking and analytics platform, showed that 150 million coins were moved on 16 June at around 00:56 UTC.
In a different transaction on 17 June, a prominent crypto address moved 60 million XRP from an unknown wallet to crypto exchange Bitso. The total value of the transfer stood at around $19 million.
With a market cap of approximately $16 billion, XRP is the 8th most valuable cryptocurrency in the world. The digital asset spiked by almost 5% in the past 24 hours, making it one of the biggest gainers since yesterday.
XRP Markets Report
In the first week of May 2022, Ripple published its quarterly XRP Markets Report. The report highlighted the growing popularity of RippleNet and XRPL among institutions around the world.
“Since the launch of the Creator Fund, Ripple has received over 4,000 applicants for NFT projects across gaming, metaverses, entertainment, art, and more for NFTs on the XRPL. The XRPL has some inherent advantages for tokenized assets such as low-cost efficiency (near 0 fees to mint), no smart contract requirements for basic functionality, and was the first major blockchain to be carbon-neutral,” Ripple noted in its report.
“The XRPL saw key cross-bridge integrations with Multichain and Allbridge, both of which allow XRP holders to move their XRP to 12 different blockchains, including Avalanche, Fantom, and Solana, as well as move the top coins from these chains onto the XRPL,” the company added.
The XRP network witnessed a major transfer on Thursday after a whale address moved almost $51 million worth of XRP coins from digital exchange Bithumb to an unknown wallet. The data published by Whale Alert, a blockchain tracking and analytics platform, showed that 150 million coins were moved on 16 June at around 00:56 UTC.
In a different transaction on 17 June, a prominent crypto address moved 60 million XRP from an unknown wallet to crypto exchange Bitso. The total value of the transfer stood at around $19 million.
With a market cap of approximately $16 billion, XRP is the 8th most valuable cryptocurrency in the world. The digital asset spiked by almost 5% in the past 24 hours, making it one of the biggest gainers since yesterday.
XRP Markets Report
In the first week of May 2022, Ripple published its quarterly XRP Markets Report. The report highlighted the growing popularity of RippleNet and XRPL among institutions around the world.
“Since the launch of the Creator Fund, Ripple has received over 4,000 applicants for NFT projects across gaming, metaverses, entertainment, art, and more for NFTs on the XRPL. The XRPL has some inherent advantages for tokenized assets such as low-cost efficiency (near 0 fees to mint), no smart contract requirements for basic functionality, and was the first major blockchain to be carbon-neutral,” Ripple noted in its report.
“The XRPL saw key cross-bridge integrations with Multichain and Allbridge, both of which allow XRP holders to move their XRP to 12 different blockchains, including Avalanche, Fantom, and Solana, as well as move the top coins from these chains onto the XRPL,” the company added.
Keep Patience, Trust Bitcoin: El Salvador President has A Message for Bitcoin Investors
On Saturday, June 18, Bitcoin underwent another major price correction slipping under $20,000 for the first time since December 2020. As of press time, BTC is trading at $18,548 with a market cap of $354 billion.
Panic has spread all across the crypto market making investors uncomfortable about the recent downside. El Salvador President Nayib Bukele has asked to take a chill pill and maintain patience in such testing times. In a message on Twitter, President Bukele wrote:
I see that some people are worried or anxious about the Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in Bitcoin your investment is safe and its value will immensely grow after the bear market. Patience is the key.
The value of El Salvador’s Bitcoin investments is already down by more than 50%. The Latin American country started purchasing Bitcoin in August 2020 and so far has accumulated more than 2300 Bitcoins as part of its Treasury. Its recent Bitcoin purchase was in early May 2022.
The Crypto Industry is Dead Says, Peter Schiff
Popular Bitcoin critic Peter Schiff has further solidified his attack on Bitcoin and crypto. Soon after the U.S. inflation data on June 11, Schiff had predicted that the total market cap of the crypto space would sink under $800 billion and that’s what exactly happened within the span of the last week.
In one of his latest tweets, Schiff made a bold comment that the crypto market is dead. The Bitcoin critic wrote:
A lot of people in the #crypto industry are saying that this crash is a healthy shake-out. I agree that it’s healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto likely has a future, but Bitcoin will not be a part of it.
He further attacked Bitcoin calling it an “epic fail”. He wrote that Bitcoin maximalists should realize that Bitcoin is no more acting as a safe haven.
On Saturday, June 18, Bitcoin underwent another major price correction slipping under $20,000 for the first time since December 2020. As of press time, BTC is trading at $18,548 with a market cap of $354 billion.
Panic has spread all across the crypto market making investors uncomfortable about the recent downside. El Salvador President Nayib Bukele has asked to take a chill pill and maintain patience in such testing times. In a message on Twitter, President Bukele wrote:
I see that some people are worried or anxious about the Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in Bitcoin your investment is safe and its value will immensely grow after the bear market. Patience is the key.
The value of El Salvador’s Bitcoin investments is already down by more than 50%. The Latin American country started purchasing Bitcoin in August 2020 and so far has accumulated more than 2300 Bitcoins as part of its Treasury. Its recent Bitcoin purchase was in early May 2022.
The Crypto Industry is Dead Says, Peter Schiff
Popular Bitcoin critic Peter Schiff has further solidified his attack on Bitcoin and crypto. Soon after the U.S. inflation data on June 11, Schiff had predicted that the total market cap of the crypto space would sink under $800 billion and that’s what exactly happened within the span of the last week.
In one of his latest tweets, Schiff made a bold comment that the crypto market is dead. The Bitcoin critic wrote:
A lot of people in the #crypto industry are saying that this crash is a healthy shake-out. I agree that it’s healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto likely has a future, but Bitcoin will not be a part of it.
He further attacked Bitcoin calling it an “epic fail”. He wrote that Bitcoin maximalists should realize that Bitcoin is no more acting as a safe haven.
UAE and India will cooperate on emerging technologies like blockchain in new trade deal, says Dubai Chamber official
More details have emerged about the scope of the UAE-India trade agreement that came into force on May 1. The landmark agreement named the UAE-India Comprehensive Economic Partnership Agreement (CEPA) will include collaboration on various emerging technologies and innovations.
Speaking during a webinar organized by the Dubai Chamber of Commerce, Omar Khan, the body’s Director of International Offices, disclosed that one of these focus areas will be blockchain technology. It will also focus on innovation-focused sectors such as AI and Fintech.
CEPA is the first bilateral trade agreement signed between the UAE and India. The trade deal is expected to deepen ties between the two countries significantly.
According to one of the 270 participants of the webinar Deepak Sood, the secretary-general of the Associated Chambers of Commerce and Industry of India, the pact will aid two-way trade between the countries to reach $100 billion in the next five years.
“The UAE is the third-largest trading partner for India and synergizes the scope of business opportunities for stakeholders. The trade pact will aid in taking forward the two-way trade to $100 billion in five years from the existing $60 billion. This is a joint effort to combine the vision of both nations,” said Deepak Sood.
The UAE is rapidly becoming a blockchain innovation hotbed
The deal is not the first the UAE has signed with a trade partner to explore use cases for blockchain technology. Back in 2019, the Dubai Chamber of Commerce signed a similar pact with the International Chamber of Commerce, becoming the first chamber of commerce to do so.
The agreement catapulted the Dubai Chamber of Commerce to become the exclusive provider of blockchain trade solutions in the entire Middle East.
The latest trade agreement with India is in keeping with the UAE’s aim to become a global blockchain hub. The Emirates has been running with this vision since 2016 when the government launched the Dubai Blockchain Strategy.
Since then, it has been expanding its adoption of blockchain technology and currently has more than 50% of its government services powered by the innovation. The government has also been making policies to attract digital currency firms and investors.
This year, it introduced a licensing scheme for digital currency firms. Several digital currency firms have already received their licenses under the scheme.
More details have emerged about the scope of the UAE-India trade agreement that came into force on May 1. The landmark agreement named the UAE-India Comprehensive Economic Partnership Agreement (CEPA) will include collaboration on various emerging technologies and innovations.
Speaking during a webinar organized by the Dubai Chamber of Commerce, Omar Khan, the body’s Director of International Offices, disclosed that one of these focus areas will be blockchain technology. It will also focus on innovation-focused sectors such as AI and Fintech.
CEPA is the first bilateral trade agreement signed between the UAE and India. The trade deal is expected to deepen ties between the two countries significantly.
According to one of the 270 participants of the webinar Deepak Sood, the secretary-general of the Associated Chambers of Commerce and Industry of India, the pact will aid two-way trade between the countries to reach $100 billion in the next five years.
“The UAE is the third-largest trading partner for India and synergizes the scope of business opportunities for stakeholders. The trade pact will aid in taking forward the two-way trade to $100 billion in five years from the existing $60 billion. This is a joint effort to combine the vision of both nations,” said Deepak Sood.
The UAE is rapidly becoming a blockchain innovation hotbed
The deal is not the first the UAE has signed with a trade partner to explore use cases for blockchain technology. Back in 2019, the Dubai Chamber of Commerce signed a similar pact with the International Chamber of Commerce, becoming the first chamber of commerce to do so.
The agreement catapulted the Dubai Chamber of Commerce to become the exclusive provider of blockchain trade solutions in the entire Middle East.
The latest trade agreement with India is in keeping with the UAE’s aim to become a global blockchain hub. The Emirates has been running with this vision since 2016 when the government launched the Dubai Blockchain Strategy.
Since then, it has been expanding its adoption of blockchain technology and currently has more than 50% of its government services powered by the innovation. The government has also been making policies to attract digital currency firms and investors.
This year, it introduced a licensing scheme for digital currency firms. Several digital currency firms have already received their licenses under the scheme.
South Korea's SK Square Delays Crypto Token Launch, Here's Why
South Korea-based SK Square, an investment arm of conglomerate SK Group, on Wednesday said it will delay the launch of its crypto token due to volatility and FUD in the crypto market.
In fact, SK Square initially planned to release its white paper in the second quarter and launch the SK Coin, a tentative name, in the third quarter.
SK Square Postpones Crypto Token’s White Paper and Launch
SK Square has decided to delay the issuance of SK Coin amid weak market conditions as a result of the Terra-LUNA crash and liquidity crisis, reported South Korea’s Aju Business Daily on June 22.
A spokesperson for SK Square said:
“Preparations are complete, but the market isn’t very good at the moment. The timing has not been confirmed for the issuance of tokens. We will introduce it after addition supplmentation.”
Earlier in March, SK Square’s Vice Chairman Park Jung-ho announced plans to issue a crypto token, the first among the nation’s top conglomerates. Besides, SK Square and SK Telecom have invested billions into blockchain and metaverse projects.
SK Square established a blockchain working group responsible for the cryptocurrency business and planned to issue the cryptocurrency SK Coin.
However, the recent collapse of Terra, subsequent decline in Bitcoin and Ethereum prices, and lack of positive sentiment made the company think otherwise. The company will plan to speed up the issuance process again as market conditions improve.
South Korea’s Crypto Oversight Stiffens After Terra Crash
South Korean government has increased crypto oversight and regulations in the country after the Terra crash. Moreover, a crypto oversight committee has been formed to set coin-listing criteria, monitor unfair trade practices, and oversee investor protection measures.
South Korea has started several probes on Terraform Labs, its founder Do Kwon, crypto exchanges, and other accused people. Several crypto-related bills are pending in the National Assembly seeking to further tighten crypto regulation in South Korea.
South Korea-based SK Square, an investment arm of conglomerate SK Group, on Wednesday said it will delay the launch of its crypto token due to volatility and FUD in the crypto market.
In fact, SK Square initially planned to release its white paper in the second quarter and launch the SK Coin, a tentative name, in the third quarter.
SK Square Postpones Crypto Token’s White Paper and Launch
SK Square has decided to delay the issuance of SK Coin amid weak market conditions as a result of the Terra-LUNA crash and liquidity crisis, reported South Korea’s Aju Business Daily on June 22.
A spokesperson for SK Square said:
“Preparations are complete, but the market isn’t very good at the moment. The timing has not been confirmed for the issuance of tokens. We will introduce it after addition supplmentation.”
Earlier in March, SK Square’s Vice Chairman Park Jung-ho announced plans to issue a crypto token, the first among the nation’s top conglomerates. Besides, SK Square and SK Telecom have invested billions into blockchain and metaverse projects.
SK Square established a blockchain working group responsible for the cryptocurrency business and planned to issue the cryptocurrency SK Coin.
However, the recent collapse of Terra, subsequent decline in Bitcoin and Ethereum prices, and lack of positive sentiment made the company think otherwise. The company will plan to speed up the issuance process again as market conditions improve.
South Korea’s Crypto Oversight Stiffens After Terra Crash
South Korean government has increased crypto oversight and regulations in the country after the Terra crash. Moreover, a crypto oversight committee has been formed to set coin-listing criteria, monitor unfair trade practices, and oversee investor protection measures.
South Korea has started several probes on Terraform Labs, its founder Do Kwon, crypto exchanges, and other accused people. Several crypto-related bills are pending in the National Assembly seeking to further tighten crypto regulation in South Korea.
Moody’s Downgrades Coinbase’s Debt
Ratings agency Moody’s has downgraded Coinbase’s (COIN) corporate debt and also placed its debt ratings for the crypto exchange under review for further downgrade.
Moody’s said the move reflects “Coinbase's substantially weaker revenue and cash flow generation due to the steep declines in crypto asset prices that have occurred in recent months and reduced customer trading activity.”
Moody’s said it expects Coinbase’s profitability to remain challenged despite announcing the layoffs of around 1,100 employees on June 14.
Coinbase shares were down 0.3% to $58.88 after hours on Thursday after rising 13% during the day.
Ratings agency Moody’s has downgraded Coinbase’s (COIN) corporate debt and also placed its debt ratings for the crypto exchange under review for further downgrade.
Moody’s said the move reflects “Coinbase's substantially weaker revenue and cash flow generation due to the steep declines in crypto asset prices that have occurred in recent months and reduced customer trading activity.”
Moody’s said it expects Coinbase’s profitability to remain challenged despite announcing the layoffs of around 1,100 employees on June 14.
Coinbase shares were down 0.3% to $58.88 after hours on Thursday after rising 13% during the day.
BlackRock Remains Bullish on Blockchain
Salim Ramji, global head of ETFs and index investments at investment titan BlackRock, offered some high praise for blockchain in a recent interview with London-based Financial News, claiming that the technology, which underlies Bitcoin and other cryptocurrencies, is "incredibly" disruptive and innovative.
The senior executive underscored blockchain's potential to boost the efficiency of financial markets.
Ramji's upbeat comments about blockchain come after Blackrock launched an ETF that tracks a basket of 41 blockchain-related companies. Coinbase, the largest cryptocurrency exchange in the U.S., makes up the biggest share of the product's holdings.
Yet, BlackRock is not sold on crypto itself just yet. Ramji told the outlet that it still had no intention of rolling out its own Bitcoin product despite the fact that major financial companies, such as Fidelity, have come up with their ETF applications. He explains that BlackRock has to live up to expectations in terms of quality and regulatory compliance.
Having said that, BlackRock is seemingly leaving the door open for launching a Bitcoin product in the future, according to Ramji. The New York-based financial behemoth is not willing to chase market trends. In the long term, the company could boost the accessibility of cryptocurrencies on a par with traditional financial assets such as gold.
In April, BlackRock entered into a partnership with USD Coin issuer Circle, which includes capital-market applications for the second-largest stablecoin. Ramji claims that the deal has been a success.
The world's largest asset manager, which boasts roughly $10 trillion worth of assets, dabbled in Bitcoin futures last year, but it is yet to embrace the top cryptocurrency in the way many other Wall Street giants did.
Salim Ramji, global head of ETFs and index investments at investment titan BlackRock, offered some high praise for blockchain in a recent interview with London-based Financial News, claiming that the technology, which underlies Bitcoin and other cryptocurrencies, is "incredibly" disruptive and innovative.
The senior executive underscored blockchain's potential to boost the efficiency of financial markets.
Ramji's upbeat comments about blockchain come after Blackrock launched an ETF that tracks a basket of 41 blockchain-related companies. Coinbase, the largest cryptocurrency exchange in the U.S., makes up the biggest share of the product's holdings.
Yet, BlackRock is not sold on crypto itself just yet. Ramji told the outlet that it still had no intention of rolling out its own Bitcoin product despite the fact that major financial companies, such as Fidelity, have come up with their ETF applications. He explains that BlackRock has to live up to expectations in terms of quality and regulatory compliance.
Having said that, BlackRock is seemingly leaving the door open for launching a Bitcoin product in the future, according to Ramji. The New York-based financial behemoth is not willing to chase market trends. In the long term, the company could boost the accessibility of cryptocurrencies on a par with traditional financial assets such as gold.
In April, BlackRock entered into a partnership with USD Coin issuer Circle, which includes capital-market applications for the second-largest stablecoin. Ramji claims that the deal has been a success.
The world's largest asset manager, which boasts roughly $10 trillion worth of assets, dabbled in Bitcoin futures last year, but it is yet to embrace the top cryptocurrency in the way many other Wall Street giants did.
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Kaiko closes $53 million Series B funding round
Crypto data firm Kaiko has bagged $53 million in fresh funding even as venture capital investors tighten their purse strings.
Eight Roads led the Series B fundraise, which was announced in a statement today, with Revaia participating alongside existing investors Alven, Point9, Anthemis, and Underscore.
Kaiko will use the funding to expand globally. It currently has offices in Paris, London, New York and Singapore.
CEO Ambre Soubiran said in the statement: “The blockchain industry has experienced tremendous institutional interest and with it, the need for high quality data has never been greater.”
Kaiko was founded in 2014 and offers institutional investors market data, portfolio solutions, rates and indices, pricing services, DeFi data and research, according to its announcement.
The company raised a $24 million Series A round roughly one year ago. Recently, it acquired quantitative decisions tools provider Kesitys, and bought Napoleon Index from CoinShares, the crypto asset manager.
Crypto data firm Kaiko has bagged $53 million in fresh funding even as venture capital investors tighten their purse strings.
Eight Roads led the Series B fundraise, which was announced in a statement today, with Revaia participating alongside existing investors Alven, Point9, Anthemis, and Underscore.
Kaiko will use the funding to expand globally. It currently has offices in Paris, London, New York and Singapore.
CEO Ambre Soubiran said in the statement: “The blockchain industry has experienced tremendous institutional interest and with it, the need for high quality data has never been greater.”
Kaiko was founded in 2014 and offers institutional investors market data, portfolio solutions, rates and indices, pricing services, DeFi data and research, according to its announcement.
The company raised a $24 million Series A round roughly one year ago. Recently, it acquired quantitative decisions tools provider Kesitys, and bought Napoleon Index from CoinShares, the crypto asset manager.
Crypto Platforms Kick Off New Wave of Recruitment
Several major crypto companies have commenced a new wave of recruitment amid sour market conditions.
Major crypto exchange Kraken is leading the crypto recruitment charge with 650 new positions added over the past week in the US and the UK. The positions are all full-time and remote, according to a recent study by blockchain jobs site Crypto Jobs List.
The report detailed that Kraken is hiring for roles in various departments, which include IT, engineering, administrative, human resources, marketing, advertising and public relations, legal, finance, and sales.
Circle, the company behind the popular stablecoin USD coin (USDC), has the second-highest number with 159 new full-time, remote job ads posted over the past week. Almost two-fifths of the jobs are related to marketing, with other positions including Sales, IT, Finance, Management, Product Management, and Project Management.
According to the report, Jack Dorsey’s Square is third with 119 new job ads, more than 85% of which are advertised as remote positions. The company is mainly on the lookout for engineers and developers but is also looking to make new hires in the marketing, creative, and design departments.
Moreover, 562 crypto job ads overall have been posted in the UK over the past week, around 44% of which are remote positions. Almost 30% of the job ads are seeking software engineers, while other in-demand roles include product managers, blockchain developers, marketing managers, and recruiters.
Meanwhile, a separate report by Bloomberg claims that Coinbase aims to expand its presence in Europe with new recruitments, which comes shortly after the exchange cut down its workforce by around 18%, or 1,100 employees.
According to Nana Murugesan, Coinbase’s vice president of business development and international, the crypto exchange aims to register in new markets including Italy, Spain, France, and the Netherlands.
“In all these markets our intention is to have retail and institutional products,” Murugesan reportedly said. “It’s almost like an existential priority for us to make sure that we are able to realize our mission by accelerating our expansion efforts.”\
Several major crypto companies have commenced a new wave of recruitment amid sour market conditions.
Major crypto exchange Kraken is leading the crypto recruitment charge with 650 new positions added over the past week in the US and the UK. The positions are all full-time and remote, according to a recent study by blockchain jobs site Crypto Jobs List.
The report detailed that Kraken is hiring for roles in various departments, which include IT, engineering, administrative, human resources, marketing, advertising and public relations, legal, finance, and sales.
Circle, the company behind the popular stablecoin USD coin (USDC), has the second-highest number with 159 new full-time, remote job ads posted over the past week. Almost two-fifths of the jobs are related to marketing, with other positions including Sales, IT, Finance, Management, Product Management, and Project Management.
According to the report, Jack Dorsey’s Square is third with 119 new job ads, more than 85% of which are advertised as remote positions. The company is mainly on the lookout for engineers and developers but is also looking to make new hires in the marketing, creative, and design departments.
Moreover, 562 crypto job ads overall have been posted in the UK over the past week, around 44% of which are remote positions. Almost 30% of the job ads are seeking software engineers, while other in-demand roles include product managers, blockchain developers, marketing managers, and recruiters.
Meanwhile, a separate report by Bloomberg claims that Coinbase aims to expand its presence in Europe with new recruitments, which comes shortly after the exchange cut down its workforce by around 18%, or 1,100 employees.
According to Nana Murugesan, Coinbase’s vice president of business development and international, the crypto exchange aims to register in new markets including Italy, Spain, France, and the Netherlands.
“In all these markets our intention is to have retail and institutional products,” Murugesan reportedly said. “It’s almost like an existential priority for us to make sure that we are able to realize our mission by accelerating our expansion efforts.”\
Australian Man Explains How Crypto Helped Him to Buy Brisbane House Mortgage Free
Australian crypto miner Joe Bridge recently explained how he was able to buy his first house, boats, and motorcycles using the small fortune he amassed from crypto mining.
According to a report by Australia’s ABC published on June 30, the 38-year-old first became involved in crypto mining in 2013 while living with his parents in Brisbane. At the time, Bridge was studying law and had little education in IT. However, he was able to run the mining software on three computers — using 10 graphics cards — to earn Litecoin and Dogecoin.
Bridge says the mining caused the temperature of his house to spike to 50 degrees Celsius at times, while his power bill topped $600 a month, even with the use of a “fairly advanced solar system” on the roof. Bridge was able to trade the mined LTC and DOGE for over a dozen bitcoins.
Bridge held onto his BTC for four years, hardly paying attention to the price until it began to skyrocket in mid 2017. He decided to sell a portion of his BTC holdings for the purchase of several motorcycles and boats, while betting that the price would continue to rise.
Bridge said he was looking to buy a home around the time Bitcoin’s price peaked in November 2021. He ended up selling 85% of his holdings — around 11 bitcoins — at AUD 80,000 each, for a total of AUD 880,000, to buy the home mortgage-free. He also sold off several BTC in order to pay for the capital gains taxes on his investment, which he estimated to be aroundAUD 290,000.
Bridge now works in IT for a finance software company, and attributes his foray into Bitcoin for allowing him to afford a mortgage-free home. Looking back, he said there was a “lot of luck” involved in his journey, and did not necessarily recommend others following in his footsteps.
Australian crypto miner Joe Bridge recently explained how he was able to buy his first house, boats, and motorcycles using the small fortune he amassed from crypto mining.
According to a report by Australia’s ABC published on June 30, the 38-year-old first became involved in crypto mining in 2013 while living with his parents in Brisbane. At the time, Bridge was studying law and had little education in IT. However, he was able to run the mining software on three computers — using 10 graphics cards — to earn Litecoin and Dogecoin.
Bridge says the mining caused the temperature of his house to spike to 50 degrees Celsius at times, while his power bill topped $600 a month, even with the use of a “fairly advanced solar system” on the roof. Bridge was able to trade the mined LTC and DOGE for over a dozen bitcoins.
Bridge held onto his BTC for four years, hardly paying attention to the price until it began to skyrocket in mid 2017. He decided to sell a portion of his BTC holdings for the purchase of several motorcycles and boats, while betting that the price would continue to rise.
Bridge said he was looking to buy a home around the time Bitcoin’s price peaked in November 2021. He ended up selling 85% of his holdings — around 11 bitcoins — at AUD 80,000 each, for a total of AUD 880,000, to buy the home mortgage-free. He also sold off several BTC in order to pay for the capital gains taxes on his investment, which he estimated to be aroundAUD 290,000.
Bridge now works in IT for a finance software company, and attributes his foray into Bitcoin for allowing him to afford a mortgage-free home. Looking back, he said there was a “lot of luck” involved in his journey, and did not necessarily recommend others following in his footsteps.
Tesla Expected to Report $440 Million Writedown on Its Bitcoin Holdings
E-car maker Tesla is likely to report an impairment loss of roughly $440 million in its upcoming quarterly report, according to a Sunday report published by The Telegraph.
The world’s largest cryptocurrency is trading slightly above the $19,000 level at the time of writing this article.
Tesla caused a huge stir in the investment community by buying $1.5 billion worth of Bitcoin last February, pushing the price of the world’s largest cryptocurrency to record highs.
The e-car maker sold some of its holdings back in March 2021 in order to test the cryptocurrency’s liquidity.
Its Bitcoin stash has remained unchanged since then despite the fact that the company stopped accepting the leading coin for payments last May, causing a major price correction.
In February, Tesla reported that its Bitcoin stash was worth $2 billion.
The Elon Musk-helmed company reported a Bitcoin-related impairment of $51 million.
E-car maker Tesla is likely to report an impairment loss of roughly $440 million in its upcoming quarterly report, according to a Sunday report published by The Telegraph.
The world’s largest cryptocurrency is trading slightly above the $19,000 level at the time of writing this article.
Tesla caused a huge stir in the investment community by buying $1.5 billion worth of Bitcoin last February, pushing the price of the world’s largest cryptocurrency to record highs.
The e-car maker sold some of its holdings back in March 2021 in order to test the cryptocurrency’s liquidity.
Its Bitcoin stash has remained unchanged since then despite the fact that the company stopped accepting the leading coin for payments last May, causing a major price correction.
In February, Tesla reported that its Bitcoin stash was worth $2 billion.
The Elon Musk-helmed company reported a Bitcoin-related impairment of $51 million.
🌴The President-Elect Of Colombia Is Pro-Bitcoin
This story was originally published in Portuguese by Boletim Bitcoin.
Who Is Gustavo Petro?
Gustavo Petro is a Colombian economist, who served as a guerrilla and most recently a senator from Colombia, and was elected as president of the Latin American country with 50.49% of the votes against 47.25% in favor of Rodolfo Hernández, a businessman who became known as the “Colombian Donald Trump.”
Petro served as a guerrilla in the Movimento 19 de Abril (M-19) group, which later became the M-19 Democratic Alliance party, in which he was elected a member of the Chamber of Deputies, starting his political career.
After the election, Gustavo Petro stated that he intends to “develop capitalism in Colombia.” According to the president, it is necessary “to overcome feudalism in Colombia, to overcome the hereditary mentality linked to this world of serfs.”
Rival candidate Rodolfo Hernández acknowledged the election result.
Petro became known for helping to sign Colombian government deals with the FARC (Revolutionary Armed Forces of Colombia) and similar groups in 2016, as well as denouncing corruption scandals.
Gustavo Petro And Bitcoin
On more than one occasion, Gustavo Petro has stated that bitcoin is a superior cash technology and that Colombia should direct its energy surplus to mine the cryptocurrency in strategic regions, as a way to curb the trade in illicit substances.
In 2017, Petro stated:
“Bitcoin removes the issuing power of states and seigniorage of currency from banks. It is a community currency that is based on the trust of those who transact with it, as it is based on a blockchain, trust is measured and grows, hence its strength.”
Regarding bitcoin mining, Petro said:
“Cryptocurrencies need clean energy and we can do what El Salvador did, which is export clean energy. We can do it with the wind from La Guajira, with the waterfalls, without making reservoirs, from the western mountain range to the Pacific or the ocean.
“And we can transform the Wayú communities, the coal workers of the Cesar region, the black communities of the Colombian Pacific coast into owners of these new forms of energy, linked to cryptocurrency computing, and then we will have another world.”
This story was originally published in Portuguese by Boletim Bitcoin.
Who Is Gustavo Petro?
Gustavo Petro is a Colombian economist, who served as a guerrilla and most recently a senator from Colombia, and was elected as president of the Latin American country with 50.49% of the votes against 47.25% in favor of Rodolfo Hernández, a businessman who became known as the “Colombian Donald Trump.”
Petro served as a guerrilla in the Movimento 19 de Abril (M-19) group, which later became the M-19 Democratic Alliance party, in which he was elected a member of the Chamber of Deputies, starting his political career.
After the election, Gustavo Petro stated that he intends to “develop capitalism in Colombia.” According to the president, it is necessary “to overcome feudalism in Colombia, to overcome the hereditary mentality linked to this world of serfs.”
Rival candidate Rodolfo Hernández acknowledged the election result.
Petro became known for helping to sign Colombian government deals with the FARC (Revolutionary Armed Forces of Colombia) and similar groups in 2016, as well as denouncing corruption scandals.
Gustavo Petro And Bitcoin
On more than one occasion, Gustavo Petro has stated that bitcoin is a superior cash technology and that Colombia should direct its energy surplus to mine the cryptocurrency in strategic regions, as a way to curb the trade in illicit substances.
In 2017, Petro stated:
“Bitcoin removes the issuing power of states and seigniorage of currency from banks. It is a community currency that is based on the trust of those who transact with it, as it is based on a blockchain, trust is measured and grows, hence its strength.”
Regarding bitcoin mining, Petro said:
“Cryptocurrencies need clean energy and we can do what El Salvador did, which is export clean energy. We can do it with the wind from La Guajira, with the waterfalls, without making reservoirs, from the western mountain range to the Pacific or the ocean.
“And we can transform the Wayú communities, the coal workers of the Cesar region, the black communities of the Colombian Pacific coast into owners of these new forms of energy, linked to cryptocurrency computing, and then we will have another world.”
Crypto market is crashing! 😱
Don't invest in cryptocurrencies.
Trade and make profit on the fall!
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Don't invest in cryptocurrencies.
Trade and make profit on the fall!
START TRADING
BinanceUS hires former PayPal exec as CFO ahead of IPO 'in the coming years'
BinanceUS, the American affiliate of global crypto exchange Binance, has appointed a new chief financial officer (CFO) to help prepare the company for a potential future listing on the public markets.
Jasmine Lee, the former CFO and chief operating officer (COO) of fintech company Acorns, has joined BinanceUS as CFO, the company announced on Thursday. Before Acorns, Lee was CFO and COO for the consumer product group at PayPal.
At BinanceUS, Lee will oversee the company's financial operations, accounting, investor relations, treasury and tax. She will report to Brian Shroder, president and CEO of BinanceUS, who said in today's statement that Lee will help the company prepare for an eventual initial public offering (IPO).
"Her experience at Paypal, a public Fortune 500 company, in particular, will be invaluable as we chart our path to an IPO in the coming years," Shroder said.
Lee said she looks forward to building a finance department at BinanceUS "that lays a strong foundation for continued growth and our path to a future IPO."
When asked for more detail on when BinanceUS plans to go public, a spokesperson said: "in the next 2-3 years." The company — which first revealed IPO plans last year — has yet to decide which exchange it will list its shares on, according to the spokesperson. BinanceUS's rival Coinbase has been listed on Nasdaq since April 2021.
Lee is not the first CFO of BinanceUS. That role was held by Joshua Sroge, who joined the company in January 2020 and left in October 2021, according to his LinkedIn profile. Eric Segal, who was acting as interim CFO, will leave the firm, the spokesperson said.
While BinanceUS has plans for an IPO, it's still looking to raise more funds after its first-ever $200 million round at a $4.5 billion pre-money valuation in April of this year.
The company spokesperson said, "BinanceUS is well-capitalized and in a strong position for continued growth. That said, the company expects to raise additional capital in the coming months and years from strategic partners and value-add investors both opportunistically and as needed by the business."
BinanceUS, the American affiliate of global crypto exchange Binance, has appointed a new chief financial officer (CFO) to help prepare the company for a potential future listing on the public markets.
Jasmine Lee, the former CFO and chief operating officer (COO) of fintech company Acorns, has joined BinanceUS as CFO, the company announced on Thursday. Before Acorns, Lee was CFO and COO for the consumer product group at PayPal.
At BinanceUS, Lee will oversee the company's financial operations, accounting, investor relations, treasury and tax. She will report to Brian Shroder, president and CEO of BinanceUS, who said in today's statement that Lee will help the company prepare for an eventual initial public offering (IPO).
"Her experience at Paypal, a public Fortune 500 company, in particular, will be invaluable as we chart our path to an IPO in the coming years," Shroder said.
Lee said she looks forward to building a finance department at BinanceUS "that lays a strong foundation for continued growth and our path to a future IPO."
When asked for more detail on when BinanceUS plans to go public, a spokesperson said: "in the next 2-3 years." The company — which first revealed IPO plans last year — has yet to decide which exchange it will list its shares on, according to the spokesperson. BinanceUS's rival Coinbase has been listed on Nasdaq since April 2021.
Lee is not the first CFO of BinanceUS. That role was held by Joshua Sroge, who joined the company in January 2020 and left in October 2021, according to his LinkedIn profile. Eric Segal, who was acting as interim CFO, will leave the firm, the spokesperson said.
While BinanceUS has plans for an IPO, it's still looking to raise more funds after its first-ever $200 million round at a $4.5 billion pre-money valuation in April of this year.
The company spokesperson said, "BinanceUS is well-capitalized and in a strong position for continued growth. That said, the company expects to raise additional capital in the coming months and years from strategic partners and value-add investors both opportunistically and as needed by the business."
Your crypto wallet is the key to your Web3 identity
Digital identity has been a fraught subject since the earliest days of the internet. Web2 bridged the gap between people’s offline lives, online identities, and creative and consumer habits, which has given way to a thoroughly integrated internet experience designed to be as personalized and targeted as possible.
As a new phase of virtual interaction and digital identity appears on the horizon — one even more interconnected than Web2 — we need to rethink personalization and ownership with an eye to what did and didn’t work in the world of Web2.
While there is no blueprint for the Web3 identity procedure, we can predict the trajectory that digital identity in the metaverse will follow. This trajectory is already taking shape.
Digital identity has been a fraught subject since the earliest days of the internet. Web2 bridged the gap between people’s offline lives, online identities, and creative and consumer habits, which has given way to a thoroughly integrated internet experience designed to be as personalized and targeted as possible.
As a new phase of virtual interaction and digital identity appears on the horizon — one even more interconnected than Web2 — we need to rethink personalization and ownership with an eye to what did and didn’t work in the world of Web2.
While there is no blueprint for the Web3 identity procedure, we can predict the trajectory that digital identity in the metaverse will follow. This trajectory is already taking shape.
🤑Premier League Champions Manchester City signs with OKX as Training Kit Partner
Premier League champions Manchester City have signed a deal with global cryptocurrency platform OKX as their Official Training Kit Partner for the 2022/2023 season, according to a press release shared today, 11 July 2022.
The deal extends Manchester City and OKX’s partnership, which began in March with the Premier League giant’s announcement of the crypto platform as its Official Cryptocurrency Exchange in March. The latest collaboration will see the OKX logo featured on Man City’s training kits for both the men’s and women’s first teams.
Invezz has learnt that the public can have a glimpse of the training kit at the men’s first pre-season training session later today (Monday, 11 July). The women’s first team will wear the kit during their first training session in August.
Apart from partnering on the training kit, OKX will also be Manchester City’s presenting partner during its global Trophy Tour. According to the two companies, the trophy tour will take the champions to France, Spain, Norway, Korea, the UAE, Korea, Mexico, and South Africa.
A partnership build on shared values
OKX has operated since 2017 and has more than 20 million users across 180 international markets. Customers can access crypto trading, NFTs, DeFi and the metaverse..
Manchester City Football Club is one of English Football’s oldest clubs, officially established in 1894. The club has won the Premier League in four out of the last five seasons, with back-to-back triumphs in 2018, 2019 and 2021, 2022.
OKX and Man City said their partnership builds around shared values, with both firms eyeing what’s best for their respective customers and fans, including via Web3 experiences.
Haider Rafique, Global Chief Marketing Officer at OKX said that the partnership provides the exchange with an opportunity to use Man City’s training ground “mindset” to help its trading app community.
We want our community to learn from that mindset and use our demo trading feature to train for the real exchange just like Man City players train before the beginning of the season. Our partnership with Man City has provided a great platform through which we have the opportunity to educate those curious about crypto and offer those already involved the training they need to participate responsibly.”
Roel de Vries, Group Chief Operating Officer at City Football Group said that the partnership will help ‘supercharge the fan experience.”
Premier League champions Manchester City have signed a deal with global cryptocurrency platform OKX as their Official Training Kit Partner for the 2022/2023 season, according to a press release shared today, 11 July 2022.
The deal extends Manchester City and OKX’s partnership, which began in March with the Premier League giant’s announcement of the crypto platform as its Official Cryptocurrency Exchange in March. The latest collaboration will see the OKX logo featured on Man City’s training kits for both the men’s and women’s first teams.
Invezz has learnt that the public can have a glimpse of the training kit at the men’s first pre-season training session later today (Monday, 11 July). The women’s first team will wear the kit during their first training session in August.
Apart from partnering on the training kit, OKX will also be Manchester City’s presenting partner during its global Trophy Tour. According to the two companies, the trophy tour will take the champions to France, Spain, Norway, Korea, the UAE, Korea, Mexico, and South Africa.
A partnership build on shared values
OKX has operated since 2017 and has more than 20 million users across 180 international markets. Customers can access crypto trading, NFTs, DeFi and the metaverse..
Manchester City Football Club is one of English Football’s oldest clubs, officially established in 1894. The club has won the Premier League in four out of the last five seasons, with back-to-back triumphs in 2018, 2019 and 2021, 2022.
OKX and Man City said their partnership builds around shared values, with both firms eyeing what’s best for their respective customers and fans, including via Web3 experiences.
Haider Rafique, Global Chief Marketing Officer at OKX said that the partnership provides the exchange with an opportunity to use Man City’s training ground “mindset” to help its trading app community.
We want our community to learn from that mindset and use our demo trading feature to train for the real exchange just like Man City players train before the beginning of the season. Our partnership with Man City has provided a great platform through which we have the opportunity to educate those curious about crypto and offer those already involved the training they need to participate responsibly.”
Roel de Vries, Group Chief Operating Officer at City Football Group said that the partnership will help ‘supercharge the fan experience.”
DeFi protocol TrueFi launches first non-stablecoin portfolio, with loans managed by WOOX
TrustToken, the stablecoin platform and creator of unsecured lending protocol TrueFi, today announced a new collaboration with WOO X, a zero-fee digital asset trading platform incubated by Kronos Research, a crypto asset quant company, and market maker.
WOO X will use TrueFi to support its institutional services by issuing loans to its clients through the protocol.
TrueFi will be WOO X’s lending protocol of choice for uncollateralized loans to its institutional clients in its native WOO token. Moreover, this creates TrueFi’s first non-stablecoin portfolio.
WOO DAO, a decentralized autonomous organization working to foster the growth of the WOO Network, will provide the tokens for the loans, with all yields returning to the WOO DAO.
Financial institutions trading on the WOO X platform have been verified through KYC measures, and the loan principal will only be released into their WOO X wallets. Due to TrueFi’s protocol technology, this type of transparency will show WOO token holders where DAO funds are moving.
“Uncollateralized on-chain lending is the most capital-efficient credit a financial institution can get. Our first non-stablecoin portfolios are further testimony for how versatile TrueFi lending can be, supporting any digital assets at all–Bitcoin, Ether, and other top coins are also very much a possibility.”
– Rafael Cosman, CEO of TrustToken
This uncollateralized lending program follows an update of WOO X’s staking program, which now allows clients to stake 600,000 WOO tokens to trade without fees via the platform’s API.
The update has prompted demand for WOO loans among financial institutions looking to gain access to the service fast and with reduced risk exposure.
“We are thrilled to be partnering with TrueFi to grant institutions fast and efficient credit through DeFi’s first uncollateralized lending protocol. By giving traders more flexibility, we enable more usage of the network, which ultimately benefits the entire ecosystem.”
– Ran Yi, Chief of Ecosystem at WOO Network
TrustToken, the stablecoin platform and creator of unsecured lending protocol TrueFi, today announced a new collaboration with WOO X, a zero-fee digital asset trading platform incubated by Kronos Research, a crypto asset quant company, and market maker.
WOO X will use TrueFi to support its institutional services by issuing loans to its clients through the protocol.
TrueFi will be WOO X’s lending protocol of choice for uncollateralized loans to its institutional clients in its native WOO token. Moreover, this creates TrueFi’s first non-stablecoin portfolio.
WOO DAO, a decentralized autonomous organization working to foster the growth of the WOO Network, will provide the tokens for the loans, with all yields returning to the WOO DAO.
Financial institutions trading on the WOO X platform have been verified through KYC measures, and the loan principal will only be released into their WOO X wallets. Due to TrueFi’s protocol technology, this type of transparency will show WOO token holders where DAO funds are moving.
“Uncollateralized on-chain lending is the most capital-efficient credit a financial institution can get. Our first non-stablecoin portfolios are further testimony for how versatile TrueFi lending can be, supporting any digital assets at all–Bitcoin, Ether, and other top coins are also very much a possibility.”
– Rafael Cosman, CEO of TrustToken
This uncollateralized lending program follows an update of WOO X’s staking program, which now allows clients to stake 600,000 WOO tokens to trade without fees via the platform’s API.
The update has prompted demand for WOO loans among financial institutions looking to gain access to the service fast and with reduced risk exposure.
“We are thrilled to be partnering with TrueFi to grant institutions fast and efficient credit through DeFi’s first uncollateralized lending protocol. By giving traders more flexibility, we enable more usage of the network, which ultimately benefits the entire ecosystem.”
– Ran Yi, Chief of Ecosystem at WOO Network
CFTC flags 34 crypto and forex trading desks as unregistered foreign entities
The Commodity Futures Trading Commission (CFTC) has expanded its RED List with a new roster of crypto and forex firms the agency has identified as unregistered foreign entities.
The CFTC announced the 34 new additions on July 14, warning US users and financial service providers against accessing their services.
Several of the entities announced share domain names or have domains that redirect to the same website. Others have websites that are themselves not live.
In a statement, Commissioner Kristin Johnson said:
"In today’s global markets a foreign entity operating outside the United States may—with a few taps on a smartphone—reach potential US customers through email, text message, IM, chat app, or social media, and solicit them to invest, transfer, or deposit funds, or otherwise transact via platforms created and maintained outside of the United States."
The firms make a total of 202 on the commission's Registration Deficient List, an initiative launched in 2015 to flag foreign entities the CFTC suspects of acting as intermediaries within the US. Today's announcement explains: "The Commodity Exchange Act generally requires intermediaries in the derivatives industry to register with the CFTC. An 'intermediary' is a person or firm that acts on behalf of another person in connection with trading futures, swaps, or options."
The CFTC has been working to persuade Congress to give it more authority to regulate spot crypto markets. Although the commission has a registration regime for derivatives trading, it only has authorization to intervene in cash markets in the event of fraud or market manipulation.
The Commodity Futures Trading Commission (CFTC) has expanded its RED List with a new roster of crypto and forex firms the agency has identified as unregistered foreign entities.
The CFTC announced the 34 new additions on July 14, warning US users and financial service providers against accessing their services.
Several of the entities announced share domain names or have domains that redirect to the same website. Others have websites that are themselves not live.
In a statement, Commissioner Kristin Johnson said:
"In today’s global markets a foreign entity operating outside the United States may—with a few taps on a smartphone—reach potential US customers through email, text message, IM, chat app, or social media, and solicit them to invest, transfer, or deposit funds, or otherwise transact via platforms created and maintained outside of the United States."
The firms make a total of 202 on the commission's Registration Deficient List, an initiative launched in 2015 to flag foreign entities the CFTC suspects of acting as intermediaries within the US. Today's announcement explains: "The Commodity Exchange Act generally requires intermediaries in the derivatives industry to register with the CFTC. An 'intermediary' is a person or firm that acts on behalf of another person in connection with trading futures, swaps, or options."
The CFTC has been working to persuade Congress to give it more authority to regulate spot crypto markets. Although the commission has a registration regime for derivatives trading, it only has authorization to intervene in cash markets in the event of fraud or market manipulation.
Celsius Outlines Next Steps as Bankruptcy Proceedings Begin
A Celsius Network presentation ahead of Monday afternoon's bankruptcy court hearing offers a snapshot of the company's current situation and broad picture of what a restructuring might look like.
As reported last week, Celsius has $4.3 billion in reported assets which includes $600 million in the now depleted CEL token, as well as $5.5 billion in liabilities.
Among next steps, the company is hoping its sizable mining subsidiary can use minted bitcoin (BTC) to both grow its balance sheet and fund mining operations.
Celsius is also considering "asset sales and third-party investment opportunities" as a way to raise capital.
The company added that it will confirm a Chapter 11 plan that will provide customers an option of receiving a discounted cash settlement, or the option to remain "long crypto," which could involve distributing CEL tokens.
The CEL token is currently trading at $0.80 with a market cap of $191 million, despite Celsius claiming that it owns $600 million worth of that native token.
The presentation comes ahead of the company's scheduled appearance in front of a bankruptcy judge on Monday at 2 pm ET.
A Celsius Network presentation ahead of Monday afternoon's bankruptcy court hearing offers a snapshot of the company's current situation and broad picture of what a restructuring might look like.
As reported last week, Celsius has $4.3 billion in reported assets which includes $600 million in the now depleted CEL token, as well as $5.5 billion in liabilities.
Among next steps, the company is hoping its sizable mining subsidiary can use minted bitcoin (BTC) to both grow its balance sheet and fund mining operations.
Celsius is also considering "asset sales and third-party investment opportunities" as a way to raise capital.
The company added that it will confirm a Chapter 11 plan that will provide customers an option of receiving a discounted cash settlement, or the option to remain "long crypto," which could involve distributing CEL tokens.
The CEL token is currently trading at $0.80 with a market cap of $191 million, despite Celsius claiming that it owns $600 million worth of that native token.
The presentation comes ahead of the company's scheduled appearance in front of a bankruptcy judge on Monday at 2 pm ET.
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To accomplish this, Inescoin has four parts: a simple site manager, an explorer, end-to-end encrypted messaging, and a wallet.
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Italian Soccer League Serie A is Launching NFTs from Live Moments
Italy's top football league Serie A is bringing more than 1,300 moments of live action in the form of digital collectible NFTs in partnership with German-based football media platform OneFootball.
Serie A Forays Into NFTs With OneFootball
This series of digital collectibles will feature clips from matches in Serie A, Coppa Italia (the Italy Cup), and the Supercoppa Italiana (the Italian Supercup, featuring the previous winners of the Coppa Italia and Serie A). OneFootball also acquired the rights to create NFTs out of iconic historical moments from Serie A's archive.
The NFTs will be built on Flow blockchain using Dapper Lab's secure wallet and launched on OneFootball's marketplace, Aera. The first product will be revealed on August 1, with the first drop scheduled for August 29. Commenting on the development, the CEO and founder of OneFootball, Lucas von Cranach, said:
"We're creating an accessible experience for fans of Serie A. Our core business is Web2.
We, as OneFootball, focus on centralized experiences. But I'm a true believer in Web3, because it opens up possibilities to decentralize these experiences and to be in the position to own content,"
The biggest competitor of OneFootball is Sorare, one of the largest NFT platforms for soccer.
It has exclusive deals with France's Ligue 1, LaLiga, Bundesliga, MLS, and Dutch Eredivisie, and with over 150 teams around the world with a reported monthly sales volume of over $80 million.
In a Deloitte-conducted survey, it was found that sports-themed digital collectibles will generate more than $2 billion in transactions in 2022, almost double the figure from last year. By 2023, that figure will turn into $92 billion.
Italy's top football league Serie A is bringing more than 1,300 moments of live action in the form of digital collectible NFTs in partnership with German-based football media platform OneFootball.
Serie A Forays Into NFTs With OneFootball
This series of digital collectibles will feature clips from matches in Serie A, Coppa Italia (the Italy Cup), and the Supercoppa Italiana (the Italian Supercup, featuring the previous winners of the Coppa Italia and Serie A). OneFootball also acquired the rights to create NFTs out of iconic historical moments from Serie A's archive.
The NFTs will be built on Flow blockchain using Dapper Lab's secure wallet and launched on OneFootball's marketplace, Aera. The first product will be revealed on August 1, with the first drop scheduled for August 29. Commenting on the development, the CEO and founder of OneFootball, Lucas von Cranach, said:
"We're creating an accessible experience for fans of Serie A. Our core business is Web2.
We, as OneFootball, focus on centralized experiences. But I'm a true believer in Web3, because it opens up possibilities to decentralize these experiences and to be in the position to own content,"
The biggest competitor of OneFootball is Sorare, one of the largest NFT platforms for soccer.
It has exclusive deals with France's Ligue 1, LaLiga, Bundesliga, MLS, and Dutch Eredivisie, and with over 150 teams around the world with a reported monthly sales volume of over $80 million.
In a Deloitte-conducted survey, it was found that sports-themed digital collectibles will generate more than $2 billion in transactions in 2022, almost double the figure from last year. By 2023, that figure will turn into $92 billion.
