Ukraine Pushes for Membership in European Blockchain Partnership
Activists and lawmakers in Kyiv are urging the EU to accept Ukraine as a member of the European Blockchain Partnership. They believe the recently adopted law “On Virtual Assets” opens the way for the country to become a blockchain leader on the Old Continent.
Members of the “Virtual Assets of Ukraine” public union and Blockchain4Ukraine, an inter-factional association of Ukrainian lawmakers, are lobbying for Ukraine’s full membership in the European Blockchain Partnership (EBP). Representatives of the two organizations have urged EU institutions to allow their country to participate in the initiative.
Letters with the appeal have been sent to President of the European Commission Ursula von der Leyen, the head of her cabinet, Bjoern Seibert, and Anthony Whelan, who works as a digital policy adviser to the executive body in Brussels, the crypto news outlet Forklog reported.
The authors of the correspondence say that blockchain technology can significantly contribute to the reconstruction of Ukraine by facilitating the provision of cross-border services, after the military conflict with Russia ends. “EBP will accelerate this recovery, as well as support the further integration of Ukraine and the EU,” they have been quoted as stating.
Ukraine, a leader in terms of crypto adoption in Eastern Europe, was on the path of comprehensively regulating its crypto space when the Russian Federation launched its military invasion in late February. The Verkhovna Rada, Ukraine’s parliament, passed the bill “On Virtual Assets” earlier that month. President Volodymyr Zelenskyy signed it into law in mid-March.
The Ukrainian government has been relying on cryptocurrency donations to address defense and humanitarian challenges. The officials behind the initiative to join the EBP are also convinced the new legislation will allow Ukraine to become a “European blockchain leader” in the future.
Last summer, Bjoern Seibert announced that the EBP member states were ready to explore granting Ukraine observer status. However, the full membership, which the Ukrainians insist on, would link the country to the European Blockchain Services Infrastructure (EBSI) that provides access to broader cross-border electronic services.
Activists and lawmakers in Kyiv are urging the EU to accept Ukraine as a member of the European Blockchain Partnership. They believe the recently adopted law “On Virtual Assets” opens the way for the country to become a blockchain leader on the Old Continent.
Members of the “Virtual Assets of Ukraine” public union and Blockchain4Ukraine, an inter-factional association of Ukrainian lawmakers, are lobbying for Ukraine’s full membership in the European Blockchain Partnership (EBP). Representatives of the two organizations have urged EU institutions to allow their country to participate in the initiative.
Letters with the appeal have been sent to President of the European Commission Ursula von der Leyen, the head of her cabinet, Bjoern Seibert, and Anthony Whelan, who works as a digital policy adviser to the executive body in Brussels, the crypto news outlet Forklog reported.
The authors of the correspondence say that blockchain technology can significantly contribute to the reconstruction of Ukraine by facilitating the provision of cross-border services, after the military conflict with Russia ends. “EBP will accelerate this recovery, as well as support the further integration of Ukraine and the EU,” they have been quoted as stating.
Ukraine, a leader in terms of crypto adoption in Eastern Europe, was on the path of comprehensively regulating its crypto space when the Russian Federation launched its military invasion in late February. The Verkhovna Rada, Ukraine’s parliament, passed the bill “On Virtual Assets” earlier that month. President Volodymyr Zelenskyy signed it into law in mid-March.
The Ukrainian government has been relying on cryptocurrency donations to address defense and humanitarian challenges. The officials behind the initiative to join the EBP are also convinced the new legislation will allow Ukraine to become a “European blockchain leader” in the future.
Last summer, Bjoern Seibert announced that the EBP member states were ready to explore granting Ukraine observer status. However, the full membership, which the Ukrainians insist on, would link the country to the European Blockchain Services Infrastructure (EBSI) that provides access to broader cross-border electronic services.
China Jails Kidnappers That Demanded ‘Hundreds of Bitcoins’ as Ransom Payment
Chinese authorities have jailed four individuals that were accused of kidnapping one person and demanding “hundreds of bitcoins” as a ransom payment. While the alleged kidnapping is reported to have occurred in the Philippines, the cooperation between the two countries eventually led to the arrest and eventual sentencing of the Chinese kidnappers.
Four Chinese citizens accused of kidnapping and demanding bitcoin as ransom payment have been jailed, China’s Embassy in the Philippines has said. Two of the accused — namely, Liu and Zhang — were handed prison terms of eight and 12 years, respectively. The remaining two, Cong and Jia, were sentenced to life in prison.
According to a statement released by the Embassy, the four are believed to have kidnapped an individual identified as “Su” in the Philippines in August 2019. For Su’s safe return, the kidnappers demanded “hundreds of bitcoins” which are equivalent to over $3.1 million or more than 20 million yuan.
The kidnapping prompted the Embassy and domestic law enforcement to launch a manhunt for Su’s captors. According to the statement, the four accused were eventually caught and brought to justice in 2019.
Meanwhile, in the same statement, the Embassy reiterated the Chinese government’s zero tolerance for all illegal and criminal activities that include online gambling, telecoms fraud and kidnappings. Also, in a warning directed to Chinese citizens living in the Philippines, the Embassy suggested the Chinese government’s cooperation with its counterpart will ensure all Chinese lawbreakers in the Philippines will be brought to justice.
Chinese authorities have jailed four individuals that were accused of kidnapping one person and demanding “hundreds of bitcoins” as a ransom payment. While the alleged kidnapping is reported to have occurred in the Philippines, the cooperation between the two countries eventually led to the arrest and eventual sentencing of the Chinese kidnappers.
Four Chinese citizens accused of kidnapping and demanding bitcoin as ransom payment have been jailed, China’s Embassy in the Philippines has said. Two of the accused — namely, Liu and Zhang — were handed prison terms of eight and 12 years, respectively. The remaining two, Cong and Jia, were sentenced to life in prison.
According to a statement released by the Embassy, the four are believed to have kidnapped an individual identified as “Su” in the Philippines in August 2019. For Su’s safe return, the kidnappers demanded “hundreds of bitcoins” which are equivalent to over $3.1 million or more than 20 million yuan.
The kidnapping prompted the Embassy and domestic law enforcement to launch a manhunt for Su’s captors. According to the statement, the four accused were eventually caught and brought to justice in 2019.
Meanwhile, in the same statement, the Embassy reiterated the Chinese government’s zero tolerance for all illegal and criminal activities that include online gambling, telecoms fraud and kidnappings. Also, in a warning directed to Chinese citizens living in the Philippines, the Embassy suggested the Chinese government’s cooperation with its counterpart will ensure all Chinese lawbreakers in the Philippines will be brought to justice.
Top 10 Ethereum Whales Now Hold 24% Of ETH, Price Jumps Above $3500
Ethereum (ETH) price briefly rose above the $3500 level today, hitting an almost 2-month high price of $3,509. Moreover, the top 10 whale addresses holding has also jumped to reach almost 24% of all Ethereum supply.
That’s not all, Ethereum’s dominance has been rising against Bitcoin as crypto projects continue to build on the Ethereum blockchain, with the ETH/BTC price ratio almost reaching a nearly 8-week high of 0.074878.
On-chain analytics platform Santiment announced in a tweet on April 2 regarding the rising Ethereum dominance against Bitcoin, with the ETH/BTC price ratio rising to 0.074762 on Friday.
Moreover, the on-chain data Ethereum (ETH) profit/loss transaction ratio data recent ly suggested that Ethereum (ETH) has registered its highest transactions in profit in March-end since an all-time high (ATH) price in November.
Ethereum (ETH) price briefly rose above the $3500 level today, hitting an almost 2-month high price of $3,509. Moreover, the top 10 whale addresses holding has also jumped to reach almost 24% of all Ethereum supply.
That’s not all, Ethereum’s dominance has been rising against Bitcoin as crypto projects continue to build on the Ethereum blockchain, with the ETH/BTC price ratio almost reaching a nearly 8-week high of 0.074878.
On-chain analytics platform Santiment announced in a tweet on April 2 regarding the rising Ethereum dominance against Bitcoin, with the ETH/BTC price ratio rising to 0.074762 on Friday.
Moreover, the on-chain data Ethereum (ETH) profit/loss transaction ratio data recent ly suggested that Ethereum (ETH) has registered its highest transactions in profit in March-end since an all-time high (ATH) price in November.
Citibank estimated the metaverse market at $13 trillion by 2030
Analysts of the largest international bank Citibank in a new report predicted the growth of the metaverse economy to $13 trillion by 2030.
According to experts, the total number of metaverse users will reach five billion by that time.
"We believe that metaverses are the next generation of the Internet, connecting the physical and digital worlds," the report says.
The bank expects that the most popular scenario for using metaverses will be games. According to analysts, NFT will act as digital property.
Bitcoin and Ethereum may become the most popular means of settlement in the metaverse, but Citibank also allows the use of stablecoins and CBDC.
"To achieve such a market level, investments in infrastructure will be needed: ... computing, storage, network infrastructure, consumer equipment and platforms for game development," the analysts explained.
In October 2021, Facebook conducted a large-scale rebranding with the renaming to Meta to demonstrate its commitment to creating a metaverse, which it considers "the next stage in the evolution of social connections."
In March 2022, the Shiba Inu meme token team and Yuga Labs, the company behind the BAYC NFT collection, announced plans to create their own virtual worlds. The latter has already raised $450 million for this purpose.
Recall that in March Decentraland hosted the first fashion week in the metaverse, and in February — the first wedding.
The McDonald's fast food restaurant chain, the Italian fashion house Gucci, the world's largest retail chain Walmart, the financial holding JPMorgan, the UK's largest bank HSBC and other well-known companies have already become interested in the new technology.
Analysts of the largest international bank Citibank in a new report predicted the growth of the metaverse economy to $13 trillion by 2030.
According to experts, the total number of metaverse users will reach five billion by that time.
"We believe that metaverses are the next generation of the Internet, connecting the physical and digital worlds," the report says.
The bank expects that the most popular scenario for using metaverses will be games. According to analysts, NFT will act as digital property.
Bitcoin and Ethereum may become the most popular means of settlement in the metaverse, but Citibank also allows the use of stablecoins and CBDC.
"To achieve such a market level, investments in infrastructure will be needed: ... computing, storage, network infrastructure, consumer equipment and platforms for game development," the analysts explained.
In October 2021, Facebook conducted a large-scale rebranding with the renaming to Meta to demonstrate its commitment to creating a metaverse, which it considers "the next stage in the evolution of social connections."
In March 2022, the Shiba Inu meme token team and Yuga Labs, the company behind the BAYC NFT collection, announced plans to create their own virtual worlds. The latter has already raised $450 million for this purpose.
Recall that in March Decentraland hosted the first fashion week in the metaverse, and in February — the first wedding.
The McDonald's fast food restaurant chain, the Italian fashion house Gucci, the world's largest retail chain Walmart, the financial holding JPMorgan, the UK's largest bank HSBC and other well-known companies have already become interested in the new technology.
Litecoin Maintains High Transaction Volume for Longest Period in Network’s History
Litecoin, the 22nd largest cryptocurrency, has maintained a high transaction volume since December 2021, the most prolonged period in the network’s history.
Data from crypto analytics platform Santiment indicates that the network has maintained a pretty impressive transaction volume over these five months. The network’s minimum transaction has remained above $20 million, the highest level held for a long time.
Litecoin was designed to be a payment option for Bitcoin because of Bitcoin’s slow transactions and high cost. Litecoin processes transactions in just a quarter of the 10 minutes. Bitcoin takes to settle transactions, making it a desirable network for payments.
Transaction volume may indicate rising interest in Litecoin
The crypto market has been down, and altcoins, including Litecoin, are not left out. The asset is down about 40% over the last year. This is the trend with other altcoins such as XEM, IOTA, and EOS, some lower than others.
However, the data showing high transaction volume maintained over five months may indicate that crypto users are developing more interest in using the asset for payments. In addition, Litecoin is currently accepted anywhere Visa cards are accepted, giving it a broader user base despite the low interest around the asset before now.
Why Litecoin may soon explode
A significant predictor of potential price increase is a high transaction volume which indicates utility. As more people use a digital asset, the price is expected to increase, which may be the case with Litecoin.
Though it is not sure when the price may appreciate, this data suggests that the network has a rising number of users which may eventually translate into the price, especially as the crypto market is still down. A consolidation phase is in play ahead of the following upward movement, which hasn’t happened.
Litecoin, the 22nd largest cryptocurrency, has maintained a high transaction volume since December 2021, the most prolonged period in the network’s history.
Data from crypto analytics platform Santiment indicates that the network has maintained a pretty impressive transaction volume over these five months. The network’s minimum transaction has remained above $20 million, the highest level held for a long time.
Litecoin was designed to be a payment option for Bitcoin because of Bitcoin’s slow transactions and high cost. Litecoin processes transactions in just a quarter of the 10 minutes. Bitcoin takes to settle transactions, making it a desirable network for payments.
Transaction volume may indicate rising interest in Litecoin
The crypto market has been down, and altcoins, including Litecoin, are not left out. The asset is down about 40% over the last year. This is the trend with other altcoins such as XEM, IOTA, and EOS, some lower than others.
However, the data showing high transaction volume maintained over five months may indicate that crypto users are developing more interest in using the asset for payments. In addition, Litecoin is currently accepted anywhere Visa cards are accepted, giving it a broader user base despite the low interest around the asset before now.
Why Litecoin may soon explode
A significant predictor of potential price increase is a high transaction volume which indicates utility. As more people use a digital asset, the price is expected to increase, which may be the case with Litecoin.
Though it is not sure when the price may appreciate, this data suggests that the network has a rising number of users which may eventually translate into the price, especially as the crypto market is still down. A consolidation phase is in play ahead of the following upward movement, which hasn’t happened.
Crypto Helps Ukraine Defend Itself Against Russia's Invasion, Here’s How You Can Contribute.
Cryptoassets continue to prove their case in Ukraine, as well over USD 100m in crypto was raised during the first five weeks of the Russian invasion.
Per a report by blockchain research firm TRM which analyzed over 50 crypto donation campaigns, official government entities have received over USD 50m of donations. Other popular non-governmental organization (NGO) campaigns have netted another USD 50m in donations.
Bitcoin (BTC) and ethereum (ETH) were the most popular cryptoassets and together facilitated over 85% of all transactions. Alternative networks like Tron (TRX), BNB, and Litecoin (LTC) have stayed distantly behind.
According to Alex Bornyakov, The Deputy Minister of Digital Transformation of Ukraine, cryptoassets have been “extremely useful” in the facilitation of funds in the country and have already purchased invaluable equipment for the Ukrainian Army.
In the recent episode of the Wolf of All Streets show, Bornyakov elaborated that cryptoassets were especially beneficial during the first days of the war when there was a lot of chaos in the country. “If you want to send a wire, and wire is going to get to your supplier in three days, you honestly don’t have three days, and maybe in three days you’re not going to live in this country anymore,” he said. In these circumstances, crypto is much faster, he added.
Cryptoassets continue to prove their case in Ukraine, as well over USD 100m in crypto was raised during the first five weeks of the Russian invasion.
Per a report by blockchain research firm TRM which analyzed over 50 crypto donation campaigns, official government entities have received over USD 50m of donations. Other popular non-governmental organization (NGO) campaigns have netted another USD 50m in donations.
Bitcoin (BTC) and ethereum (ETH) were the most popular cryptoassets and together facilitated over 85% of all transactions. Alternative networks like Tron (TRX), BNB, and Litecoin (LTC) have stayed distantly behind.
According to Alex Bornyakov, The Deputy Minister of Digital Transformation of Ukraine, cryptoassets have been “extremely useful” in the facilitation of funds in the country and have already purchased invaluable equipment for the Ukrainian Army.
In the recent episode of the Wolf of All Streets show, Bornyakov elaborated that cryptoassets were especially beneficial during the first days of the war when there was a lot of chaos in the country. “If you want to send a wire, and wire is going to get to your supplier in three days, you honestly don’t have three days, and maybe in three days you’re not going to live in this country anymore,” he said. In these circumstances, crypto is much faster, he added.
Sologenic DEX to Add Token Swap Between Ripple’s XRPL and Other Blockchains
More functions to be introduced to both XRPL and Sologenic DEX.
Sologenic Development Foundation, the team behind the Sologenic decentralized exchange based on Ripple’s XRP Ledger (XRPL), has announced that it will be upgrading its current DEX to enable the platform to have new and improved components.
Sologenic noted in a press release today that the move will contribute immensely to the growth of the XRPL and its decentralized exchange, by unlocking its full potential to conduct new activities in the near future.
Bridges Between XRPL & Other Networks’ Tokens
According to the announcement, Sologenic plans to add more crypto assets from other networks to the decentralized trading platform.
Per the announcement, Sologenic has connected with Allbridge, a cross-chain bridge allowing users to swap tokens between the XRP Ledger and other blockchains, in order to integrate tokens hosted on other networks to its DEX.
The integration, when complete, will enable Sologenic clients to conveniently swap between tokens on XRPL and other blockchains like Binance Smart Chain (BSC), Ethereum, Terra, and Polkadot, etc.
Solving DEX Fiats On and Off Ramps
Aside from adding assets based on other networks, Sologenic noted that it plants to tackle the issue of Fiats on and off-ramps.
The team noted that it will make provision for the ramps by embarking on multiple partnerships, which will make its ecosystem fully decentralized.
At the moment, Sologenic said it has already partnered with BANXA and the financial institution will be in-charge of Know-Your-Customer (KYC) and customer support, thus allowing the process of purchasing crypto assets directly on the DEX using credit card.
The upcoming update to Sologenix DEX will also introduce an IDO launchpad for new tokens to make their debut on the platform, giving developers the opportunity to raise funds for their innovative projects.
Real-Time Price Index for Tokens on XRPL
Furthermore, Sologenic is planning to introduce an accurate market index featuring real-time metrics and pricing of tokens on the XRP Ledger.
This will be made possible by connecting the market index directly to the SOLO decentralized exchange.
More functions to be introduced to both XRPL and Sologenic DEX.
Sologenic Development Foundation, the team behind the Sologenic decentralized exchange based on Ripple’s XRP Ledger (XRPL), has announced that it will be upgrading its current DEX to enable the platform to have new and improved components.
Sologenic noted in a press release today that the move will contribute immensely to the growth of the XRPL and its decentralized exchange, by unlocking its full potential to conduct new activities in the near future.
Bridges Between XRPL & Other Networks’ Tokens
According to the announcement, Sologenic plans to add more crypto assets from other networks to the decentralized trading platform.
Per the announcement, Sologenic has connected with Allbridge, a cross-chain bridge allowing users to swap tokens between the XRP Ledger and other blockchains, in order to integrate tokens hosted on other networks to its DEX.
The integration, when complete, will enable Sologenic clients to conveniently swap between tokens on XRPL and other blockchains like Binance Smart Chain (BSC), Ethereum, Terra, and Polkadot, etc.
Solving DEX Fiats On and Off Ramps
Aside from adding assets based on other networks, Sologenic noted that it plants to tackle the issue of Fiats on and off-ramps.
The team noted that it will make provision for the ramps by embarking on multiple partnerships, which will make its ecosystem fully decentralized.
At the moment, Sologenic said it has already partnered with BANXA and the financial institution will be in-charge of Know-Your-Customer (KYC) and customer support, thus allowing the process of purchasing crypto assets directly on the DEX using credit card.
The upcoming update to Sologenix DEX will also introduce an IDO launchpad for new tokens to make their debut on the platform, giving developers the opportunity to raise funds for their innovative projects.
Real-Time Price Index for Tokens on XRPL
Furthermore, Sologenic is planning to introduce an accurate market index featuring real-time metrics and pricing of tokens on the XRP Ledger.
This will be made possible by connecting the market index directly to the SOLO decentralized exchange.
Coinbase disables UPI payments just days after India launch
Crypto exchange Coinbase disabled its support for the Unified Payments Interface (UPI) in India on Sunday, just days after marking its entry into the Indian market with an event on April 7, the Economic Times reported.
"Purchases with this payment method are temporarily unavailable. Please try another payment method. Sorry for any inconvenience," read Coinbase's mobile application.
Coinbase, the largest cryptocurrency exchange in the US by trading volume, appears to have come to the attention of the National Payments Corporation of India (NPCI) after saying it would allow users to purchase cryptocurrencies using UPI.
"We are not aware of any crypto exchange using UPI," said an April 7 statement by NPCI.
UPI is a real-time payment system developed by NPCI to facilitate inter-bank transactions using a mobile phone. NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) for creating a robust payment and settlement infrastructure in India.
Meanwhile, MobiKwik, one of the most used e-wallets for cryptocurrency transactions in India, had also stopped the service amid regulatory uncertainty, the Economic Times said, citing sources.
Coinbase said in a statement reported by Outlook on Sunday: “We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms.”
Crypto exchange Coinbase disabled its support for the Unified Payments Interface (UPI) in India on Sunday, just days after marking its entry into the Indian market with an event on April 7, the Economic Times reported.
"Purchases with this payment method are temporarily unavailable. Please try another payment method. Sorry for any inconvenience," read Coinbase's mobile application.
Coinbase, the largest cryptocurrency exchange in the US by trading volume, appears to have come to the attention of the National Payments Corporation of India (NPCI) after saying it would allow users to purchase cryptocurrencies using UPI.
"We are not aware of any crypto exchange using UPI," said an April 7 statement by NPCI.
UPI is a real-time payment system developed by NPCI to facilitate inter-bank transactions using a mobile phone. NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) for creating a robust payment and settlement infrastructure in India.
Meanwhile, MobiKwik, one of the most used e-wallets for cryptocurrency transactions in India, had also stopped the service amid regulatory uncertainty, the Economic Times said, citing sources.
Coinbase said in a statement reported by Outlook on Sunday: “We are aware of the recent statement published by NPCI regarding the use of UPI by cryptocurrency exchanges. We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms.”
Crypto Market Forecast: Week of April 11th 2022
It has been a mixed week of trading and consolidation in the digital asset markets. Bitcoin (BTC), the largest asset on the Brave New Coin market cap table, is down ~7% in the last week. Ethereum (ETH), and Binance-coin (BNB), are down ~6% and ~4% respectively.
The price of BTC slid despite a number of major announcements from the recently concluded Bitcoin 2022 conference. The conference was held between April 6th-9th and featured some of the world’s biggest names in Bitcoin and popular culture including Michael Saylor, Cathie Wood, Jordan Peterson, and Serena Williams.
On Thursday, Trading App Robinhood announced that it has activated its crypto wallet for 2 million “eligible” customers, making digital wallet transfers available for the first time within the firewalled app.
Chief Product Officer Aparna Chennapragada explained that all Robinhood users will now be able to move Bitcoin, ether, and doge freely in and out of the app. Additionally, Bitcoin transfers will be supported by the lightning network, the blockchain's largest layer-2 solution. This will make Robin Hood Bitcoin transfers considerably faster and cheaper
On the same day, Strike CEO, Jack Mallers announced a mega partnership with E-commerce giant Shopify. Mallers told Bitcoiners, “you’re gonna be able to walk into millions” of storefronts on Shopify and access high-speed Bitcoin payments.
The integration will be enabled through a partnership with NCR, the world’s largest point-of-sale (POS) supplier, and payments firm Blackhawk.
Mallers is a true, blue old-school bitcoiner and says the deal will be an opportunity for the protocol to return to its payments roots. He says the deal will be his King’s gambit.
In the lead up to Bitcoin 2022, the President of El Salvador, Nayib Bukele, hinted that he would be making an important announcement at the conference. At Bitcoin 2021, Bukele historically announced that his country would be the first ever to accept BTC as legal tender.
However, Bukele called off his appearance at this year's conference citing “unforeseen circumstances” that required his full attention at home. El Salvador is in the middle of a violent gang war. On March 27th the country’s parliament declared a State of Emergency after 62 gang-related murders were recorded in a day, the most violent 24-hour period since the end of the civil war in 1992.
Bitcoin has held above the US$42,000 price level despite threatening to drop below it on a number of occasions. Bulls are being offered daily support by the Luna Foundation Guard that continues to market buy large sums everyday as part of a larger plan to create an eternal safety net for the UST stablecoin and tie the stablecoin to the wider crypto ecosystem. The fund now holds ~US$1.7 billion in BTC and added another US$176 million worth of BTC on Sunday.
It has been a mixed week of trading and consolidation in the digital asset markets. Bitcoin (BTC), the largest asset on the Brave New Coin market cap table, is down ~7% in the last week. Ethereum (ETH), and Binance-coin (BNB), are down ~6% and ~4% respectively.
The price of BTC slid despite a number of major announcements from the recently concluded Bitcoin 2022 conference. The conference was held between April 6th-9th and featured some of the world’s biggest names in Bitcoin and popular culture including Michael Saylor, Cathie Wood, Jordan Peterson, and Serena Williams.
On Thursday, Trading App Robinhood announced that it has activated its crypto wallet for 2 million “eligible” customers, making digital wallet transfers available for the first time within the firewalled app.
Chief Product Officer Aparna Chennapragada explained that all Robinhood users will now be able to move Bitcoin, ether, and doge freely in and out of the app. Additionally, Bitcoin transfers will be supported by the lightning network, the blockchain's largest layer-2 solution. This will make Robin Hood Bitcoin transfers considerably faster and cheaper
On the same day, Strike CEO, Jack Mallers announced a mega partnership with E-commerce giant Shopify. Mallers told Bitcoiners, “you’re gonna be able to walk into millions” of storefronts on Shopify and access high-speed Bitcoin payments.
The integration will be enabled through a partnership with NCR, the world’s largest point-of-sale (POS) supplier, and payments firm Blackhawk.
Mallers is a true, blue old-school bitcoiner and says the deal will be an opportunity for the protocol to return to its payments roots. He says the deal will be his King’s gambit.
In the lead up to Bitcoin 2022, the President of El Salvador, Nayib Bukele, hinted that he would be making an important announcement at the conference. At Bitcoin 2021, Bukele historically announced that his country would be the first ever to accept BTC as legal tender.
However, Bukele called off his appearance at this year's conference citing “unforeseen circumstances” that required his full attention at home. El Salvador is in the middle of a violent gang war. On March 27th the country’s parliament declared a State of Emergency after 62 gang-related murders were recorded in a day, the most violent 24-hour period since the end of the civil war in 1992.
Bitcoin has held above the US$42,000 price level despite threatening to drop below it on a number of occasions. Bulls are being offered daily support by the Luna Foundation Guard that continues to market buy large sums everyday as part of a larger plan to create an eternal safety net for the UST stablecoin and tie the stablecoin to the wider crypto ecosystem. The fund now holds ~US$1.7 billion in BTC and added another US$176 million worth of BTC on Sunday.
Terra's New Stablecoin Pool Makes Waves in DeFi
Terra introduced something called the “4pool” in what appears to be a clear move to make UST and another fast-growing algorithmic stablecoin called FRAX the leading players in this niche.
First, a quick primer on the Curve Wars, though.
No shots were fired, but Curve Finance has become a battleground for whichever project can provide the deepest liquidity to its respective pool. The prize for the deepest liquidity is, of course, token rewards.
These lucrative rewards are dolled out in the form of Curve’s native governance token, CRV. When you collect enough tokens, you then can vote to have even more token rewards distributed to your specific pool.
How Terra's Do Kwon Is Boosting Bitcoin
This has created a huge incentive to add liquidity, gather tokens, rinse and repeat. Whole projects have even emerged to game this simple mechanism.
For stablecoins, Curve is especially important because it also provides the deep liquidity necessary for maintaining a token’s dollar peg. Low liquidity stablecoins can easily be disrupted if a whale decides to buy or sell a huge amount of the token.
Thus, stablecoin providers have another unique incentive to participate in the Curve Wars.
Currently, the largest stablecoin pool is called “3pool.” It provides super deep liquidity for USDC, USDT, and DAI. Deep liquidity, in this case, means $3.2 billion.
Terra’s soon-to-launch 4pool is very similar and includes UST, FRAX, USDT, and USDC. And to attract folks to join, they’ll also be trying to max out those token rewards on Curve.
Also, did you notice anything missing from that list of stablecoins?
By eliminating DAI and attempting to maximize the total rewards given to those providing liquidity to the new pool, funds that could have added to 3pool’s depth won’t arrive, potentially disrupting DAI.
As previously mentioned, though, it’s hard to imagine Maker taking these attacks lying down.
Terra introduced something called the “4pool” in what appears to be a clear move to make UST and another fast-growing algorithmic stablecoin called FRAX the leading players in this niche.
First, a quick primer on the Curve Wars, though.
No shots were fired, but Curve Finance has become a battleground for whichever project can provide the deepest liquidity to its respective pool. The prize for the deepest liquidity is, of course, token rewards.
These lucrative rewards are dolled out in the form of Curve’s native governance token, CRV. When you collect enough tokens, you then can vote to have even more token rewards distributed to your specific pool.
How Terra's Do Kwon Is Boosting Bitcoin
This has created a huge incentive to add liquidity, gather tokens, rinse and repeat. Whole projects have even emerged to game this simple mechanism.
For stablecoins, Curve is especially important because it also provides the deep liquidity necessary for maintaining a token’s dollar peg. Low liquidity stablecoins can easily be disrupted if a whale decides to buy or sell a huge amount of the token.
Thus, stablecoin providers have another unique incentive to participate in the Curve Wars.
Currently, the largest stablecoin pool is called “3pool.” It provides super deep liquidity for USDC, USDT, and DAI. Deep liquidity, in this case, means $3.2 billion.
Terra’s soon-to-launch 4pool is very similar and includes UST, FRAX, USDT, and USDC. And to attract folks to join, they’ll also be trying to max out those token rewards on Curve.
Also, did you notice anything missing from that list of stablecoins?
By eliminating DAI and attempting to maximize the total rewards given to those providing liquidity to the new pool, funds that could have added to 3pool’s depth won’t arrive, potentially disrupting DAI.
As previously mentioned, though, it’s hard to imagine Maker taking these attacks lying down.
Index Africa announces blockchain philanthropy initiative
Index Africa says it is using part of the proceeds of the fees and indexing rewards earned from being a blockchain node operator on The Graph network to finance philanthropic initiatives in rural areas across the continent.
According to an announcement issued on Tuesday, Index Africa’s charity work is based on the decentralized philanthropy (DePhi) concept promoted by Silicon Kruger, a South Africa-based innovation hub that aims to foster web3 innovation in the region. Index Africa donates a percentage of its earnings from The Graph to the Good Work Foundation (GWF).
GWF, a nonprofit organization, has been advancing digital literacy and STEM (science, technology, engineering and mathematics) learning in rural Africa for over 15 years. Index Africa pans to cover the tuition fees of 350 students in these digital literacy and STEM courses.
For Index Africa and Silicon Kruger, the DePhi initiative is part of their shared efforts to accelerate foundational web3 learning in Africa via The Graph network, a blockchain indexing protocol.
Index Africa is the first African node operator on The Graph and is one of the portfolio organizations under the Silicon Kruger umbrella.
Index Africa says it is using part of the proceeds of the fees and indexing rewards earned from being a blockchain node operator on The Graph network to finance philanthropic initiatives in rural areas across the continent.
According to an announcement issued on Tuesday, Index Africa’s charity work is based on the decentralized philanthropy (DePhi) concept promoted by Silicon Kruger, a South Africa-based innovation hub that aims to foster web3 innovation in the region. Index Africa donates a percentage of its earnings from The Graph to the Good Work Foundation (GWF).
GWF, a nonprofit organization, has been advancing digital literacy and STEM (science, technology, engineering and mathematics) learning in rural Africa for over 15 years. Index Africa pans to cover the tuition fees of 350 students in these digital literacy and STEM courses.
For Index Africa and Silicon Kruger, the DePhi initiative is part of their shared efforts to accelerate foundational web3 learning in Africa via The Graph network, a blockchain indexing protocol.
Index Africa is the first African node operator on The Graph and is one of the portfolio organizations under the Silicon Kruger umbrella.
Dogecoin Spikes as Elon Musk Plots Twitter Takeover
After acquiring a 9.2% stake in Twitter earlier this month, Elon Musk has offered to buy a 100% stake in the social media giant for $54.20 per share in cash. Dogecoin, the meme coin that Musk has championed for some time, has spiked by 5% on the news.
Dogecoin Pumps as Musk Mulls Twitter Buyout
Elon Musk wants to unlock Twitter’s “extraordinary potential.”
In a letter filed to the chairman of the board at Twitter, Bret Taylor, Elon Musk has offered to buy the social media company at a hefty premium and take it private. “I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” the letter said.
“My offer is my best and final offer,” Musk said, adding that Twitter had “extraordinary potential” that he plans to unlock by taking the company private. According to Musk, taking the company private is the only way to ensure Twitter can serve as a beacon of free speech.
On Apr. 4, the wealthiest person in the world with a net worth of around $276 billion made headlines after acquiring a 9.2% stake in Twitter for an estimated $2.89 billion, in turn becoming the company’s largest individual shareholder. The same day, Dogecoin, the meme cryptocurrency that Musk has endorsed on numerous occasions, spiked from around 14 to 17 cents on rumors that it could be integrated with the social media platform. In a now-deleted Twitter post, Musk had proposed that the company should incorporate Dogecoin for Twitter Blue payments, which likely caused the temporary rally.
Dogecoin surged as the news of Musk’s 100% buyout offer emerged, rising from around 13.8 to 14.6. Despite Musk’s heavy endorsement, the meme coin is currently trading 80% down from its May 2021 all-time high price of 73 cents.
Twitter confirmed Musk’s offer in a press release today, saying that its board of directors would “carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Justin Sun, the founder of the Tron blockchain, seems intent on one-upping Musk’s offer, countering it with a proposal to buy Twitter for $60 a share. “I believe Twitter is far from unleashing its full potential, thus I am offering $60 per share to take the platform private,” he said earlier today on Twitter, adding he’s fully supporting Musk’s reform initiatives.
After acquiring a 9.2% stake in Twitter earlier this month, Elon Musk has offered to buy a 100% stake in the social media giant for $54.20 per share in cash. Dogecoin, the meme coin that Musk has championed for some time, has spiked by 5% on the news.
Dogecoin Pumps as Musk Mulls Twitter Buyout
Elon Musk wants to unlock Twitter’s “extraordinary potential.”
In a letter filed to the chairman of the board at Twitter, Bret Taylor, Elon Musk has offered to buy the social media company at a hefty premium and take it private. “I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced,” the letter said.
“My offer is my best and final offer,” Musk said, adding that Twitter had “extraordinary potential” that he plans to unlock by taking the company private. According to Musk, taking the company private is the only way to ensure Twitter can serve as a beacon of free speech.
On Apr. 4, the wealthiest person in the world with a net worth of around $276 billion made headlines after acquiring a 9.2% stake in Twitter for an estimated $2.89 billion, in turn becoming the company’s largest individual shareholder. The same day, Dogecoin, the meme cryptocurrency that Musk has endorsed on numerous occasions, spiked from around 14 to 17 cents on rumors that it could be integrated with the social media platform. In a now-deleted Twitter post, Musk had proposed that the company should incorporate Dogecoin for Twitter Blue payments, which likely caused the temporary rally.
Dogecoin surged as the news of Musk’s 100% buyout offer emerged, rising from around 13.8 to 14.6. Despite Musk’s heavy endorsement, the meme coin is currently trading 80% down from its May 2021 all-time high price of 73 cents.
Twitter confirmed Musk’s offer in a press release today, saying that its board of directors would “carefully review the proposal to determine the course of action that it believes is in the best interest of the Company and all Twitter stockholders.”
Justin Sun, the founder of the Tron blockchain, seems intent on one-upping Musk’s offer, countering it with a proposal to buy Twitter for $60 a share. “I believe Twitter is far from unleashing its full potential, thus I am offering $60 per share to take the platform private,” he said earlier today on Twitter, adding he’s fully supporting Musk’s reform initiatives.
Uniswap seeks growth with code that embeds its trading capabilities in websites
Uniswap Labs, primary developer of the biggest decentralized exchange for spot-market cryptocurrency trading, is seeking to grow by introducing computer code that can embed its capabilities into any website, Bloomberg reported this week, citing an interview with the company’s COO.
“To grow, we have to grow the whole market,” said Mary-Catherine Lader, chief operating officer at Uniswap.
A widget that can be added by pasting in a line of code will let OpenSea users swap various tokens without leaving the website that runs it and will also be available initially on Oasis.app and Friends With Benefits, the report said.
The widget is part of Uniswap’s growth strategy that led to the company’s launch of a venture arm to invest in web3 startups, which The Block reported earlier this week.
Uniswap Labs Ventures will invest in web3 projects across categories, focusing on startups building blockchain infrastructure, developer tools and consumer-facing applications.
Uniswap Labs, primary developer of the biggest decentralized exchange for spot-market cryptocurrency trading, is seeking to grow by introducing computer code that can embed its capabilities into any website, Bloomberg reported this week, citing an interview with the company’s COO.
“To grow, we have to grow the whole market,” said Mary-Catherine Lader, chief operating officer at Uniswap.
A widget that can be added by pasting in a line of code will let OpenSea users swap various tokens without leaving the website that runs it and will also be available initially on Oasis.app and Friends With Benefits, the report said.
The widget is part of Uniswap’s growth strategy that led to the company’s launch of a venture arm to invest in web3 startups, which The Block reported earlier this week.
Uniswap Labs Ventures will invest in web3 projects across categories, focusing on startups building blockchain infrastructure, developer tools and consumer-facing applications.
Cardano Founder Aims to Create Network Cross Chain for BTC, DOGE and ADA
Cardano founder Charles Hoskinson recently proposed creating a new decentralized social media platform from scratch together with Tesla Elon Musk in case the billionaire's audacious attempt to take over Twitter fails.
In response to a user who asked if the decentralized media platform would be used across chains, the Cardano creator said it would be a cross-chain network with Bitcoin, Dogecoin and Cardano.
The Twitter user had asked, ''Great idea, but will it be able to be used across chains and not limited to Cardano-only? If it is only limited to Cardano or any single chain, then I don’t think it qualifies as true decentralization.''
As reported by U.Today, Tesla CEO Elon Musk made an offer to pay $41 billion to make Twitter private, claiming that the unsolicited bid was meant to protect freedom of speech. Before that, he acquired a 9.2% stake in the company.
In response to Musk's bid, the Twitter board seems to have adopted the ''poison pill,'' as covered by several media outlets. The company is intent on fending off the billionaire's bid to buy it in a deal that could be worth more than $40 billion.
Cardano Vasil hard fork targets June 29 release
Cardano's big update, the Vasil hard fork, is expected to land in June. The upgrade in question appears to be named after Vasil Dabov, the late Bulgarian mathematician who was a prominent member of the Cardano community.
Speaking on the expected update, Cardano founder Charles Hoskinson said, ''This is one of the most important updates we've done in a long time.''
In a recent mid-month update, IOHK shared the latest on network performance and status on preparations for the major June Cardano release, including the target date for the Vasil hard fork, which is June 29. Plutus script referencing and reference inputs are among the major improvements planned to be included in the June Vasil hard fork.
Cardano founder Charles Hoskinson recently proposed creating a new decentralized social media platform from scratch together with Tesla Elon Musk in case the billionaire's audacious attempt to take over Twitter fails.
In response to a user who asked if the decentralized media platform would be used across chains, the Cardano creator said it would be a cross-chain network with Bitcoin, Dogecoin and Cardano.
The Twitter user had asked, ''Great idea, but will it be able to be used across chains and not limited to Cardano-only? If it is only limited to Cardano or any single chain, then I don’t think it qualifies as true decentralization.''
As reported by U.Today, Tesla CEO Elon Musk made an offer to pay $41 billion to make Twitter private, claiming that the unsolicited bid was meant to protect freedom of speech. Before that, he acquired a 9.2% stake in the company.
In response to Musk's bid, the Twitter board seems to have adopted the ''poison pill,'' as covered by several media outlets. The company is intent on fending off the billionaire's bid to buy it in a deal that could be worth more than $40 billion.
Cardano Vasil hard fork targets June 29 release
Cardano's big update, the Vasil hard fork, is expected to land in June. The upgrade in question appears to be named after Vasil Dabov, the late Bulgarian mathematician who was a prominent member of the Cardano community.
Speaking on the expected update, Cardano founder Charles Hoskinson said, ''This is one of the most important updates we've done in a long time.''
In a recent mid-month update, IOHK shared the latest on network performance and status on preparations for the major June Cardano release, including the target date for the Vasil hard fork, which is June 29. Plutus script referencing and reference inputs are among the major improvements planned to be included in the June Vasil hard fork.
Telcoin app links all bank accounts to DeFi trading
Telcoin, a decentralized financial technology platform bringing blockchain-powered mobile financial services to consumers worldwide, now allows users of its app in the United States to cash in to USDC with a connected bank account, Invezz learned from a press release.
The new on-ramp to USD Coin, which is pegged 1:1 to the USD, lets users cash in and exchange the stablecoin for TEL and a dozen other supported digital assets across DeFi protocols seamlessly.
Instant cash-in up to $1K
US-based users can now cash in up to $1,000 instantly and deposit any amount up to their individual bank’s limits after passing the preliminary “quick deposit” threshold. This is based on standard settlement schedules.
After the initial beta release, the platform plans to allow instant, safe DeFi trading by gradually increasing quick deposit limits. Paul Neuner, Telcoin CEO commented:
A simple and secure on-ramp to DeFi is something our users have been asking for, and we’re excited to make that a reality today. We now plan to roll out similar stablecoin rails elsewhere, with the goal of providing equal access to digital assets globally and enabling instant, affordable digital remittance using DeFi instead of traditional money transfer services or banks.
Telcoin migrated asset wallets to Polygon
Previously, the platform moved its self-custodial digital asset wallets to the Polygon (MATIC/USD) Network, a popular scaling solution for Ethereum Mainnet (ETH/USD).
Polygon has very low fees, enabling Telcoin trades for negligible amounts. In the Telcoin App, trades are made via TELx, Telcoin’s decentralized liquidity engine. Users who add liquidity through tradeable asset pairs can earn TEL, other reward tokens, and a share of transaction fees.
Telcoin offers 13 digital assets for trading
The Telcoin app currently has 13 digital assets for trading and is planning to add more in the near future. Those available are TEL, WBTC, BAL, QUICK, DFX, WETH, USDC, AAVE, CADC, EURS, MANA, XSGD, and LINK. Telcoin will add more at regular intervals, aiming to provide an intuitive, low-cost alternative to existing centralized exchanges.
The app offers excellent digital fiat remittances from the US and Canada to 24 mobile money platforms in 16 countries apart from storing and trading digital assets securely.
Telcoin, a decentralized financial technology platform bringing blockchain-powered mobile financial services to consumers worldwide, now allows users of its app in the United States to cash in to USDC with a connected bank account, Invezz learned from a press release.
The new on-ramp to USD Coin, which is pegged 1:1 to the USD, lets users cash in and exchange the stablecoin for TEL and a dozen other supported digital assets across DeFi protocols seamlessly.
Instant cash-in up to $1K
US-based users can now cash in up to $1,000 instantly and deposit any amount up to their individual bank’s limits after passing the preliminary “quick deposit” threshold. This is based on standard settlement schedules.
After the initial beta release, the platform plans to allow instant, safe DeFi trading by gradually increasing quick deposit limits. Paul Neuner, Telcoin CEO commented:
A simple and secure on-ramp to DeFi is something our users have been asking for, and we’re excited to make that a reality today. We now plan to roll out similar stablecoin rails elsewhere, with the goal of providing equal access to digital assets globally and enabling instant, affordable digital remittance using DeFi instead of traditional money transfer services or banks.
Telcoin migrated asset wallets to Polygon
Previously, the platform moved its self-custodial digital asset wallets to the Polygon (MATIC/USD) Network, a popular scaling solution for Ethereum Mainnet (ETH/USD).
Polygon has very low fees, enabling Telcoin trades for negligible amounts. In the Telcoin App, trades are made via TELx, Telcoin’s decentralized liquidity engine. Users who add liquidity through tradeable asset pairs can earn TEL, other reward tokens, and a share of transaction fees.
Telcoin offers 13 digital assets for trading
The Telcoin app currently has 13 digital assets for trading and is planning to add more in the near future. Those available are TEL, WBTC, BAL, QUICK, DFX, WETH, USDC, AAVE, CADC, EURS, MANA, XSGD, and LINK. Telcoin will add more at regular intervals, aiming to provide an intuitive, low-cost alternative to existing centralized exchanges.
The app offers excellent digital fiat remittances from the US and Canada to 24 mobile money platforms in 16 countries apart from storing and trading digital assets securely.
Nestle Launches NFTs
The food and beverages giant has introduced an exclusive limited series of only two NFTs available for bidding, with 100% of the proceeds going to charity.
First Cereal NFTs
It is not uncommon to find a physical collectible in a cereal box. However, this will be the first time a digital collectible will be associated with a breakfast cereal brand, also marking Nestle’s first venture into NFTs. The exclusive limited series has been inspired by the launch of Nestle’s TRIX Breakfast Cereal brand in the Middle East & North Africa (MENA) region and dropped on the Opensea NFT marketplace. The news was first announced by Bahaa Boulmona, Brand Brand Manager Cereal Partners Worldwide, MENA, who pointed out that this was the first and only breakfast cereal brand in the world to have dropped its own NFTs.
TRIX Globe NFTs
The collection, also being dubbed the TRIX Globe, features only two NFTs up for bidding between March 18 and May 13. To place the bets
Emilien Mesquida, Business Executive Officer, Cereal Partners Worldwide, MENA, also commented,
“In line with our promise for ‘Better Lives,’ we are proud to launch the first blockchain based initiative in the region aimed towards a humanitarian cause with full proceeds of the TRIX NFTs auction going to the Emirates Red Crescent.”
NFTs are digital assets that can be linked to real-world objects. They function on the same principle as cryptocurrencies, which are also normally used to purchase these assets on various NFT platforms, like Opensea. Normally, an NFT is linked to objects or experiences from the sports and entertainment world, like digital art, audio clips, video files, documents, and so on. However, several retail brands from other industries are also breaking into the world of NFTs.
The food and beverages giant has introduced an exclusive limited series of only two NFTs available for bidding, with 100% of the proceeds going to charity.
First Cereal NFTs
It is not uncommon to find a physical collectible in a cereal box. However, this will be the first time a digital collectible will be associated with a breakfast cereal brand, also marking Nestle’s first venture into NFTs. The exclusive limited series has been inspired by the launch of Nestle’s TRIX Breakfast Cereal brand in the Middle East & North Africa (MENA) region and dropped on the Opensea NFT marketplace. The news was first announced by Bahaa Boulmona, Brand Brand Manager Cereal Partners Worldwide, MENA, who pointed out that this was the first and only breakfast cereal brand in the world to have dropped its own NFTs.
TRIX Globe NFTs
The collection, also being dubbed the TRIX Globe, features only two NFTs up for bidding between March 18 and May 13. To place the bets
Emilien Mesquida, Business Executive Officer, Cereal Partners Worldwide, MENA, also commented,
“In line with our promise for ‘Better Lives,’ we are proud to launch the first blockchain based initiative in the region aimed towards a humanitarian cause with full proceeds of the TRIX NFTs auction going to the Emirates Red Crescent.”
NFTs are digital assets that can be linked to real-world objects. They function on the same principle as cryptocurrencies, which are also normally used to purchase these assets on various NFT platforms, like Opensea. Normally, an NFT is linked to objects or experiences from the sports and entertainment world, like digital art, audio clips, video files, documents, and so on. However, several retail brands from other industries are also breaking into the world of NFTs.
Russian tax authority proposes using crypto as a foreign trade payment tool
Russia's Federal Tax Service (FTS) has joined the debate around crypto regulation in Russia with an unexpectedly blunt proposition — to let Russian companies use digital currencies as a payment method when transacting internationally.
On April 20, local newspaper Izvestia reported that the FTS left its official feedback on the draft of the crypto bill prepared by the Ministry of Finance. In its remarks, the fiscal agency proposed to let Russian companies use crypto for certain operations:
“To let corporate entities pay for goods and services according to foreign trade contracts and to receive revenue from foreign entities in digital currency.”
The initiative could fundamentally alter the spirit of the proposed framework, which previously excluded any other role for digital currencies than that of investment assets. As Izvestia noted, the current draft contains a clause according to which the ban on using crypto as a payment method is in effect “in all cases where this law does not specify otherwise.”
The FTS proposed to act on this reservation to diversify payment options available to Russian companies engaged in international trade amid severe financial sanctions imposed on the country.
The FTS also reportedly specified that companies would be required to buy and sell digital currencies via regulated crypto wallets and exchange platforms.
Related: Russia’s central bank goes to war: Is cryptocurrency a friend or foe?
In response to the FTS’ feedback note, the Ministry of Finance left the “partially support” mark, elaborating that the issue requires further consideration and discussion.
On April 8, the Russian Ministry of Finance finalized the draft bill titled “On Digital Currency” (also known as the “crypto bill”) and sent it to the government for approval. A week later, the president of Russia’s Chamber of commerce and industry called for collaborating with African countries to enable cross-border settlements in crypto and central bank digital currencies (CBDCs).
Russia's Federal Tax Service (FTS) has joined the debate around crypto regulation in Russia with an unexpectedly blunt proposition — to let Russian companies use digital currencies as a payment method when transacting internationally.
On April 20, local newspaper Izvestia reported that the FTS left its official feedback on the draft of the crypto bill prepared by the Ministry of Finance. In its remarks, the fiscal agency proposed to let Russian companies use crypto for certain operations:
“To let corporate entities pay for goods and services according to foreign trade contracts and to receive revenue from foreign entities in digital currency.”
The initiative could fundamentally alter the spirit of the proposed framework, which previously excluded any other role for digital currencies than that of investment assets. As Izvestia noted, the current draft contains a clause according to which the ban on using crypto as a payment method is in effect “in all cases where this law does not specify otherwise.”
The FTS proposed to act on this reservation to diversify payment options available to Russian companies engaged in international trade amid severe financial sanctions imposed on the country.
The FTS also reportedly specified that companies would be required to buy and sell digital currencies via regulated crypto wallets and exchange platforms.
Related: Russia’s central bank goes to war: Is cryptocurrency a friend or foe?
In response to the FTS’ feedback note, the Ministry of Finance left the “partially support” mark, elaborating that the issue requires further consideration and discussion.
On April 8, the Russian Ministry of Finance finalized the draft bill titled “On Digital Currency” (also known as the “crypto bill”) and sent it to the government for approval. A week later, the president of Russia’s Chamber of commerce and industry called for collaborating with African countries to enable cross-border settlements in crypto and central bank digital currencies (CBDCs).
Axe Brings Back Its Dogecoin-Themed Deodorant
Axe, one of the most popular personal care brands owned by British company Unilever, has just announced a limited edition of a Dogecoin-themed deodorant in a tweet.
Dogecoin
The first batch of 100 items will be available soon, according to the company. Axe has clarified that they will be available for purchase with Dogecoin.
The announcement was made on the occasion of “Dogeday,” which is celebrated on Apr. 20. The choice of the date is an obvious nod to the pot 4/20 joke that has been overused by centibillionaire Elon Musk, who happens to be the most vocal supporter of the original meme cryptocurrency.
A year ago, the supporters of the meme cryptocurrency attempted to push the price of the biggest meme cryptocurrency to $1. The attempt failed, but the Bitcoin parody did end up surging to $0.73 in early May before witnessing a rapid crash. Dogecoin is currently down 80.84% from its all-time high, currently trading at $0.14 on major spot exchanges.
This is not the first time Axe promised to make crypto-scented body spray last year. Despite Dogecoin not hitting $1, the company started giving away cans of Axe Dogecan to some superfans of the top meme cryptocurrency who had to register in advance to get it.
As reported by U.Today, Unilever has also decided to join the metaverse. It filed several trademark applications in late March to offer virtual goods, such as deodorants and antiperspirants, under the AXE brand.
Axe, one of the most popular personal care brands owned by British company Unilever, has just announced a limited edition of a Dogecoin-themed deodorant in a tweet.
Dogecoin
The first batch of 100 items will be available soon, according to the company. Axe has clarified that they will be available for purchase with Dogecoin.
The announcement was made on the occasion of “Dogeday,” which is celebrated on Apr. 20. The choice of the date is an obvious nod to the pot 4/20 joke that has been overused by centibillionaire Elon Musk, who happens to be the most vocal supporter of the original meme cryptocurrency.
A year ago, the supporters of the meme cryptocurrency attempted to push the price of the biggest meme cryptocurrency to $1. The attempt failed, but the Bitcoin parody did end up surging to $0.73 in early May before witnessing a rapid crash. Dogecoin is currently down 80.84% from its all-time high, currently trading at $0.14 on major spot exchanges.
This is not the first time Axe promised to make crypto-scented body spray last year. Despite Dogecoin not hitting $1, the company started giving away cans of Axe Dogecan to some superfans of the top meme cryptocurrency who had to register in advance to get it.
As reported by U.Today, Unilever has also decided to join the metaverse. It filed several trademark applications in late March to offer virtual goods, such as deodorants and antiperspirants, under the AXE brand.
Cardano’s Charles Hoskinson Teases a Net Worth Goal of $1 Trillion
Hoskinson dreams big of hitting a trillion-dollar net worth.
Charles Hoskinson, the CEO, and co-founder of Input-Output Global (IOG), the firm responsible for Cardano-related research and development, has disclosed his dream net worth.
Responding to a question about people’s “net worth goal” asked by a random Twitter user, who goes by the username CryptoFinally, Hoskinson noted that he plans to hit “$1 trillion” someday.
The Cardano boss did not add any further comment in that regard.
Hoskinson Still a Millionaire
It is worth noting that at the moment, Hoskinson is not even featured in the list of cryptocurrency billionaires published by Forbes earlier this year.
While the likes of Binance Changpeng Zhao (CZ), Coinbase CEO Brian Armstrong, and FTX’s Sam Bankman-Fried (SBF) were featured in the list of cryptocurrency billionaires, Hoskinson was not included.
The last time Forbes published the Cardano boss’ valuation, his net worth was estimated to be around $500 to $600 million.
There is a possibility that Hoskinson must have crossed the $600 million valuations, given that it has been long since the media outlet released details of the Cardano CEO’s net worth.
Furthermore, it is difficult to track the valuation of crypto-related players because of the pseudonymous nature of the asset class.
Cardano’s Growth May Help Hoskinson Achieve His Dream
Hoskinson could one day be added to the list of cryptocurrency billionaires and possibly trillions since the Cardano blockchain is experiencing tremendous growth.
Since its inception in 2017, Cardano has become a major force to reckon with among developers, who have adopted the network to build decentralized applications (dApps).
Unlike its rival Ethereum, Cardano has not been widely adopted by institutional investors; however, Hoskinson is certain that with the right upgrades and developments, high net worth investors will flock to the network.
At the moment, Cardano developers are taking their time to position the blockchain in its rightful place by adding significant upgrades that will optimize the overall performance of the network.
The team has tipped that the Vasil hard fork will occur on June 29, 2022, and the event will enhance Cardano’s smart contract functionality and lure more developers to build on the blockchain.
Hoskinson dreams big of hitting a trillion-dollar net worth.
Charles Hoskinson, the CEO, and co-founder of Input-Output Global (IOG), the firm responsible for Cardano-related research and development, has disclosed his dream net worth.
Responding to a question about people’s “net worth goal” asked by a random Twitter user, who goes by the username CryptoFinally, Hoskinson noted that he plans to hit “$1 trillion” someday.
The Cardano boss did not add any further comment in that regard.
Hoskinson Still a Millionaire
It is worth noting that at the moment, Hoskinson is not even featured in the list of cryptocurrency billionaires published by Forbes earlier this year.
While the likes of Binance Changpeng Zhao (CZ), Coinbase CEO Brian Armstrong, and FTX’s Sam Bankman-Fried (SBF) were featured in the list of cryptocurrency billionaires, Hoskinson was not included.
The last time Forbes published the Cardano boss’ valuation, his net worth was estimated to be around $500 to $600 million.
There is a possibility that Hoskinson must have crossed the $600 million valuations, given that it has been long since the media outlet released details of the Cardano CEO’s net worth.
Furthermore, it is difficult to track the valuation of crypto-related players because of the pseudonymous nature of the asset class.
Cardano’s Growth May Help Hoskinson Achieve His Dream
Hoskinson could one day be added to the list of cryptocurrency billionaires and possibly trillions since the Cardano blockchain is experiencing tremendous growth.
Since its inception in 2017, Cardano has become a major force to reckon with among developers, who have adopted the network to build decentralized applications (dApps).
Unlike its rival Ethereum, Cardano has not been widely adopted by institutional investors; however, Hoskinson is certain that with the right upgrades and developments, high net worth investors will flock to the network.
At the moment, Cardano developers are taking their time to position the blockchain in its rightful place by adding significant upgrades that will optimize the overall performance of the network.
The team has tipped that the Vasil hard fork will occur on June 29, 2022, and the event will enhance Cardano’s smart contract functionality and lure more developers to build on the blockchain.
Tezos Meltdown, will XTZ Rest Q1 2022 Lows of $3?
Tezos is down four percent in the last trading day, finding a ceiling at $3.3. With strong selling momentum, XTZ may drop to retest Q1 2022 lows of $3.
Past Performance of Tezos
The Tezos coin is trading at new 2022 lows and under significant selling pressure. Currently, XTZ is down five percent in the previous trading day, losing four percent in the past trading week and trailing the rampant USDT. Considering the general state of the crypto market, sellers may force the coin lower if buyers fail to rewind recent losses and drive the coin back above last week's highs of around $3.3.
Tezos Technical Analysis
Overall, sellers are in control as per the XTZ candlestick arrangement in the daily chart. The immediate resistance line is $3.3, while support stands at $3. XTZ price action is within a bear formation with $3.3 coinciding with the 61.8 percent Fibonacci retracement level of the April 4 to 10 trade range. The reversal from this level points to strong downward momentum. As a result, traders may find selling opportunities on every pullback. A close below $3 may see XTZ crater to July 2021 lows of $2. On the reverse side, a high volume close above $3.3 will prop optimistic buyers, opening the door for a possible retest of April 2022 highs of $4.6.
What to Expect from XTZ?
The coin remains under pressure at spot rates with an immediate ceiling of $3.3. As per the candlestick arrangement in the daily chart, XTZ may retest Q1 2022 lows.
Tezos is down four percent in the last trading day, finding a ceiling at $3.3. With strong selling momentum, XTZ may drop to retest Q1 2022 lows of $3.
Past Performance of Tezos
The Tezos coin is trading at new 2022 lows and under significant selling pressure. Currently, XTZ is down five percent in the previous trading day, losing four percent in the past trading week and trailing the rampant USDT. Considering the general state of the crypto market, sellers may force the coin lower if buyers fail to rewind recent losses and drive the coin back above last week's highs of around $3.3.
Tezos Technical Analysis
Overall, sellers are in control as per the XTZ candlestick arrangement in the daily chart. The immediate resistance line is $3.3, while support stands at $3. XTZ price action is within a bear formation with $3.3 coinciding with the 61.8 percent Fibonacci retracement level of the April 4 to 10 trade range. The reversal from this level points to strong downward momentum. As a result, traders may find selling opportunities on every pullback. A close below $3 may see XTZ crater to July 2021 lows of $2. On the reverse side, a high volume close above $3.3 will prop optimistic buyers, opening the door for a possible retest of April 2022 highs of $4.6.
What to Expect from XTZ?
The coin remains under pressure at spot rates with an immediate ceiling of $3.3. As per the candlestick arrangement in the daily chart, XTZ may retest Q1 2022 lows.
