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.
Latam Is a Hotbed of Opportunities for Crypto Companies, According to Ripple
Ripple, the cryptocurrency and payments company, has issued an article examining the opportunities that Latam brings for crypto companies as its regulated payments rails come to crypto. While the region faces some obstacles due to its economic traits and the dominance of centralized banks, the organization believes there is a lucrative opening for companies partnering with these banks to bring crypto to the masses.
Ripple Spots Opportunities in Latam
Ripple, the banking payments, remittances, and cryptocurrency company, believes that Latam could be a hotspot of opportunities for crypto companies in the future. In a recent article, Ripple examines the current payments and the possible integration that crypto services may find in the region. According to the company, crypto companies might find these openings when banks start integrating cryptocurrency services into their platforms.
About this idea, the company stated:
There is a lucrative opening for traditional banks, fintechs and governments to increase adoption of crypto-forward technology to address this underbanked and fragmented market.
This points to the idea of crypto companies collaborating with banks and fintech companies to take an active role amongst the main rails to transact and make payments in these countries.
Barriers to the Process
However, this integration process would likely not be without its hiccups. Traditional payment rails are managed by banks in the region, and banking inclusion is very high in some of the largest countries, with Brazil and Chile having 88% and 82% of their population banked, respectively. The opportunities come in the form of offering services with lower fees than traditional institutions, which could make people move from cash and other payment methods to digital transactions.
The inclusion of crypto companies in the different debates that are happening regarding regulation will also be very important for the future of crypto in the region, according to the article. Ripple believes that this process will be positive, stating that:
Smart and progressive regulation will beget further successful regulation — leading to increased innovation and progress around crypto across Latin America.
In this sense, there is a regulatory awakening in the continent, with countries like Brazil and El Salvador leading the pack when it comes to crypto regulation. Brazilian legislators have vowed to present a unified regulation for cryptocurrency assets before the Congress to be approved in the coming months, and El Salvador declared bitcoin legal tender last year with the approval of its Bitcoin Law.
This presented scenario also includes a progressive detachment from the dollar and U.S. markets, which currently have significant influence in the region. On this, Ripple concluded:
The possibility of insulation from other regions’ financial swings underscores a major reason why achieving interoperability across Latin America and avoiding the de-risking trend in the US is so critical for LATAM economies.
Ripple, the cryptocurrency and payments company, has issued an article examining the opportunities that Latam brings for crypto companies as its regulated payments rails come to crypto. While the region faces some obstacles due to its economic traits and the dominance of centralized banks, the organization believes there is a lucrative opening for companies partnering with these banks to bring crypto to the masses.
Ripple Spots Opportunities in Latam
Ripple, the banking payments, remittances, and cryptocurrency company, believes that Latam could be a hotspot of opportunities for crypto companies in the future. In a recent article, Ripple examines the current payments and the possible integration that crypto services may find in the region. According to the company, crypto companies might find these openings when banks start integrating cryptocurrency services into their platforms.
About this idea, the company stated:
There is a lucrative opening for traditional banks, fintechs and governments to increase adoption of crypto-forward technology to address this underbanked and fragmented market.
This points to the idea of crypto companies collaborating with banks and fintech companies to take an active role amongst the main rails to transact and make payments in these countries.
Barriers to the Process
However, this integration process would likely not be without its hiccups. Traditional payment rails are managed by banks in the region, and banking inclusion is very high in some of the largest countries, with Brazil and Chile having 88% and 82% of their population banked, respectively. The opportunities come in the form of offering services with lower fees than traditional institutions, which could make people move from cash and other payment methods to digital transactions.
The inclusion of crypto companies in the different debates that are happening regarding regulation will also be very important for the future of crypto in the region, according to the article. Ripple believes that this process will be positive, stating that:
Smart and progressive regulation will beget further successful regulation — leading to increased innovation and progress around crypto across Latin America.
In this sense, there is a regulatory awakening in the continent, with countries like Brazil and El Salvador leading the pack when it comes to crypto regulation. Brazilian legislators have vowed to present a unified regulation for cryptocurrency assets before the Congress to be approved in the coming months, and El Salvador declared bitcoin legal tender last year with the approval of its Bitcoin Law.
This presented scenario also includes a progressive detachment from the dollar and U.S. markets, which currently have significant influence in the region. On this, Ripple concluded:
The possibility of insulation from other regions’ financial swings underscores a major reason why achieving interoperability across Latin America and avoiding the de-risking trend in the US is so critical for LATAM economies.
STEPN’s Popularity Pulls GST Into the Top 10 Trending List
Green Satoshi Token (GST) is 4th on CoinMarketCap’s list of trending crypto projects. The project has gained in popularity due to its involvement in STEPN.
The price of GST stands at $5.23, and is slightly down by approximately 0.09% in the last 24 hours. However, the weekly and monthly price movement tells a completely different story. When looking at the weekly chart, GST is up 25.28%. This price movement is sustained in the 30-day chart, as the price of GST is up over 52% in the last month.
GST’s market cap is only $18,807,525, and has a 24-hour trading volume of $68,846,350. Both of these numbers are relatively low when compared with the other projects in the market, as well as the average statistics seen in the overall crypto space.
One of the major reasons for GST’s trending status is its involvement with STEPN – the highest trending project in the space at the moment. STEP is a Web 3.0 lifestyle app with SocialFi and GameFi elements, and players can earn rewards for jogging, running, or even just walking outdoors.
Both GST and GMT are part of the STEPN ecosystem. GST tokens are needed to take part in certain in-game activities, while GMT is the governance token for the ecosystem.
As STEPN climbs up the crypto trending list, it seems to be taking GST with it as both GMT and GST find themselves on CoinMarketCap’s list. Will both of these tokens maintain their dominance on the trending list? Only time will tell.
Green Satoshi Token (GST) is 4th on CoinMarketCap’s list of trending crypto projects. The project has gained in popularity due to its involvement in STEPN.
The price of GST stands at $5.23, and is slightly down by approximately 0.09% in the last 24 hours. However, the weekly and monthly price movement tells a completely different story. When looking at the weekly chart, GST is up 25.28%. This price movement is sustained in the 30-day chart, as the price of GST is up over 52% in the last month.
GST’s market cap is only $18,807,525, and has a 24-hour trading volume of $68,846,350. Both of these numbers are relatively low when compared with the other projects in the market, as well as the average statistics seen in the overall crypto space.
One of the major reasons for GST’s trending status is its involvement with STEPN – the highest trending project in the space at the moment. STEP is a Web 3.0 lifestyle app with SocialFi and GameFi elements, and players can earn rewards for jogging, running, or even just walking outdoors.
Both GST and GMT are part of the STEPN ecosystem. GST tokens are needed to take part in certain in-game activities, while GMT is the governance token for the ecosystem.
As STEPN climbs up the crypto trending list, it seems to be taking GST with it as both GMT and GST find themselves on CoinMarketCap’s list. Will both of these tokens maintain their dominance on the trending list? Only time will tell.
Tranglo Explains How Digital Currencies Like Ripple (XRP) Are Transforming Global Payments
Businesses can now complete international transactions seamlessly and in real-time. As any business leader can confirm, the best way to grow any business is to explore opportunities within and outside the business’s jurisdiction. It is a proven fact that any business that wants to hit its revenue goals faster than the competition needs to explore emerging markets and hire the best talents, even if they are overseas.
However, many businesses often face the issue of payments when conducting business transactions overseas. Common issues include delayed transactions, huge transaction fees, and disruption by third parties. For instance, there are often several intermediaries (particularly banks and payment processing platforms) when a business needs to pay their overseas talent or partners in a currency different from their local currencies.
Such transactions are often complicated involving a lot of time and fees, forcing businesses to wait for days in settling international transactions. However, the emergence of blockchain and digital currencies is bound to eradicate such problems. Through blockchain technology, businesses can conduct their transactions smoothly without payment bottlenecks.
Two years ago, top blockchain and crypto tech firm, Ripple, released a report titled “Blockchain in payments.” A summary of the report showed that businesses wouldn’t mind completing their transaction using digital currencies because it eliminates cross-border payment issues. Also, 40% of the surveyed businesses consider speed as one factor that would enable them to incorporate a blockchain-related payment system into their businesses.
Tranglo’s partnership with Ripple for efficient transaction settlement
Making cross-border payments seamless and fast is what Tranglo (a cross-border payment platform) aims to help businesses achieve. Tranglo enables the interoperability of two fiat currencies through Ripple’s native token (XRP) without the involvement of any third party.
Tranglo uses XRP because the digital asset eases and hastens exchange and settlement, decreases operational expenses, and makes pre-funding unnecessary. Hence, businesses can remit and receive funds from their overseas partners from part of the globe.
According to Tranglo “The use of XRP eliminates pre-funding, reduces operational costs, and unlocks capital to make exchange and settlement much easier and faster.”
Before the availability of Tranglo, many businesses in Southeast Asia and beyond had to spend huge amounts in developer fees to enable their payments system for cross-border transactions. However, Tranglo eliminates that issue.
Through its partnership with Ripple, transactions can be settled in real-time regardless of the local currency or where the businesses involved in the transaction are located.
“Tranglo is one of the few in the market offering true real-time transaction settlement by harnessing the power of an established local payment processing network that is undergoing digital transformation through partnerships like the ones with Ripple.”
Businesses can now complete international transactions seamlessly and in real-time. As any business leader can confirm, the best way to grow any business is to explore opportunities within and outside the business’s jurisdiction. It is a proven fact that any business that wants to hit its revenue goals faster than the competition needs to explore emerging markets and hire the best talents, even if they are overseas.
However, many businesses often face the issue of payments when conducting business transactions overseas. Common issues include delayed transactions, huge transaction fees, and disruption by third parties. For instance, there are often several intermediaries (particularly banks and payment processing platforms) when a business needs to pay their overseas talent or partners in a currency different from their local currencies.
Such transactions are often complicated involving a lot of time and fees, forcing businesses to wait for days in settling international transactions. However, the emergence of blockchain and digital currencies is bound to eradicate such problems. Through blockchain technology, businesses can conduct their transactions smoothly without payment bottlenecks.
Two years ago, top blockchain and crypto tech firm, Ripple, released a report titled “Blockchain in payments.” A summary of the report showed that businesses wouldn’t mind completing their transaction using digital currencies because it eliminates cross-border payment issues. Also, 40% of the surveyed businesses consider speed as one factor that would enable them to incorporate a blockchain-related payment system into their businesses.
Tranglo’s partnership with Ripple for efficient transaction settlement
Making cross-border payments seamless and fast is what Tranglo (a cross-border payment platform) aims to help businesses achieve. Tranglo enables the interoperability of two fiat currencies through Ripple’s native token (XRP) without the involvement of any third party.
Tranglo uses XRP because the digital asset eases and hastens exchange and settlement, decreases operational expenses, and makes pre-funding unnecessary. Hence, businesses can remit and receive funds from their overseas partners from part of the globe.
According to Tranglo “The use of XRP eliminates pre-funding, reduces operational costs, and unlocks capital to make exchange and settlement much easier and faster.”
Before the availability of Tranglo, many businesses in Southeast Asia and beyond had to spend huge amounts in developer fees to enable their payments system for cross-border transactions. However, Tranglo eliminates that issue.
Through its partnership with Ripple, transactions can be settled in real-time regardless of the local currency or where the businesses involved in the transaction are located.
“Tranglo is one of the few in the market offering true real-time transaction settlement by harnessing the power of an established local payment processing network that is undergoing digital transformation through partnerships like the ones with Ripple.”
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Bitcoin As Legal Tender? These Countries Are Next After El Salvador and CAR, Says deVere Group CEO
Financial advisory firm deVere Group CEO Nigel Green expects that at least two more nations will adopt Bitcoin (BTC) as legal tender before the end of the year.
In a new company blog post, Green follows up on his January prediction after news broke that the Central African Republic this week became the world’s second country to formally recognize Bitcoin as currency.
“In January, I predicted that at least another three nations… would declare the world’s largest cryptocurrency legal tender in 2022. One now already has done so.
I expect Bitcoin will be adopted as legal tender in at least one more African and one Central or Latin American country before the end of the year.”
Green says that Tanzania is a likely candidate in Africa because in 2021 its central bank disclosed that it was drafting a presidential directive that would address cryptocurrencies.
Regarding nations in the Western hemisphere, the CEO says,
“In Latin and Central America, it could potentially be Paraguay or Mexico next.
A Paraguayan bill moving to regulate the trading and mining of Bitcoin and cryptocurrencies in the country passed the Senate in December, which is widely being regarded as the first step to making Bitcoin legal tender.
Meanwhile, I’m confident that a Bitcoin bill will be introduced to Mexico’s Congress this year because several politicians are going on record as saying they want their country to follow El Salvador’s example.”
El Salvador became the first nation to adopt a crypto asset as legal tender last year.
As to why he expects Bitcoin adoption in specific geographic regions, Green says,
“Adopting cryptocurrency currently is more attractive to those countries with a track record of financial instability.
In nations where the current national currencies don’t work as well as they should as a means of exchange, store of value and as a unit of account… Bitcoin is increasingly seen as the answer.”
Financial advisory firm deVere Group CEO Nigel Green expects that at least two more nations will adopt Bitcoin (BTC) as legal tender before the end of the year.
In a new company blog post, Green follows up on his January prediction after news broke that the Central African Republic this week became the world’s second country to formally recognize Bitcoin as currency.
“In January, I predicted that at least another three nations… would declare the world’s largest cryptocurrency legal tender in 2022. One now already has done so.
I expect Bitcoin will be adopted as legal tender in at least one more African and one Central or Latin American country before the end of the year.”
Green says that Tanzania is a likely candidate in Africa because in 2021 its central bank disclosed that it was drafting a presidential directive that would address cryptocurrencies.
Regarding nations in the Western hemisphere, the CEO says,
“In Latin and Central America, it could potentially be Paraguay or Mexico next.
A Paraguayan bill moving to regulate the trading and mining of Bitcoin and cryptocurrencies in the country passed the Senate in December, which is widely being regarded as the first step to making Bitcoin legal tender.
Meanwhile, I’m confident that a Bitcoin bill will be introduced to Mexico’s Congress this year because several politicians are going on record as saying they want their country to follow El Salvador’s example.”
El Salvador became the first nation to adopt a crypto asset as legal tender last year.
As to why he expects Bitcoin adoption in specific geographic regions, Green says,
“Adopting cryptocurrency currently is more attractive to those countries with a track record of financial instability.
In nations where the current national currencies don’t work as well as they should as a means of exchange, store of value and as a unit of account… Bitcoin is increasingly seen as the answer.”
OpenSea and Circle Back $6M Raise for DAO Platform Syndicate
Syndicate, a platform to bring decentralized autonomous organizations (DAOs) mainstream, has gathered another $6 million from customers and strategic partners, including the likes of Circle Ventures, OpenSea, Uniswap Labs Ventures and Carta.
Syndicate, which went live with its legally compliant investment DAO toolset just three months ago, has raised close to $28 million thus far, including a $20 million Series A round last summer and prior to that an $800,000 community round from over 100 well-known names in the crypto space.
Syndicate co-founder Ian Lee said the additional $6 million was “an informal customers and strategic partners raise closed in a matter of weeks,” as opposed to a structured Series B. Think of it more like last year's community round, but “on steroids,” he said.
“In the three months since we’ve been live it’s been really crazy,” said Lee in an interview. “We’ve seen nearly 1,200 investment clubs as DAOs launched on Syndicate. Also, a bunch of our customers and users asked if they can be a part of Syndicate and invest in us. So it was very organic, and also very strategic.”
Read more: Decentralized Investing Platform Syndicate Raises $800K From 100 Investors
Cryptocurrency and Web 3 companies appear to have had no problem raising large sums of money of late, but often the quality of participants backing a project are as important as the runway itself – as is clearly the case with Syndicate.
As far as the latest round of backers is concerned, Lee mentioned Carta, which has a large number of companies and investors on its platform and capabilities in cap-table management and fund administration in the off-chain fintech world. Meanwhile, firms like Circle, Uniswap and OpenSea are helping shape Syndicate’s DAO infrastructure, Lee said.
“A lot of DAOs want something like banking accounts, and USDC is really exciting in terms of creating almost banking-like solutions,” Lee said. “Uniswap has extremely powerful infrastructure for exchange and liquidity, obviously, and a lot of our investment clubs are trading tokens or buying NFTs on OpenSea, for example, so partnering up with industry leaders in those areas makes a lot of sense for us.”
Syndicate, a platform to bring decentralized autonomous organizations (DAOs) mainstream, has gathered another $6 million from customers and strategic partners, including the likes of Circle Ventures, OpenSea, Uniswap Labs Ventures and Carta.
Syndicate, which went live with its legally compliant investment DAO toolset just three months ago, has raised close to $28 million thus far, including a $20 million Series A round last summer and prior to that an $800,000 community round from over 100 well-known names in the crypto space.
Syndicate co-founder Ian Lee said the additional $6 million was “an informal customers and strategic partners raise closed in a matter of weeks,” as opposed to a structured Series B. Think of it more like last year's community round, but “on steroids,” he said.
“In the three months since we’ve been live it’s been really crazy,” said Lee in an interview. “We’ve seen nearly 1,200 investment clubs as DAOs launched on Syndicate. Also, a bunch of our customers and users asked if they can be a part of Syndicate and invest in us. So it was very organic, and also very strategic.”
Read more: Decentralized Investing Platform Syndicate Raises $800K From 100 Investors
Cryptocurrency and Web 3 companies appear to have had no problem raising large sums of money of late, but often the quality of participants backing a project are as important as the runway itself – as is clearly the case with Syndicate.
As far as the latest round of backers is concerned, Lee mentioned Carta, which has a large number of companies and investors on its platform and capabilities in cap-table management and fund administration in the off-chain fintech world. Meanwhile, firms like Circle, Uniswap and OpenSea are helping shape Syndicate’s DAO infrastructure, Lee said.
“A lot of DAOs want something like banking accounts, and USDC is really exciting in terms of creating almost banking-like solutions,” Lee said. “Uniswap has extremely powerful infrastructure for exchange and liquidity, obviously, and a lot of our investment clubs are trading tokens or buying NFTs on OpenSea, for example, so partnering up with industry leaders in those areas makes a lot of sense for us.”
Is Dubai the New Crypto Hub? Binance Success Leads to Further Crypto Expansion
Dubai is seeking to further establish itself as a crypto hub, following the success of Binance and its drive to bring over big tech executives into the country.
“We see a lot of interest from employees in traditional financial institutions who want to work for us,” said Richard Teng, Binance’s regional head in the Middle East and North Africa. “We’re actually recruiting a number of them.”
One recent hire includes former Bank of New York Mellon Corp. banker Vishal Sacheendran, now Binance’s MENA director based in the UAE. After almost a decade as a M&A lawyer, Robbie Nakarmi, joined the firm’s senior counsel in Dubai late last year.
The rise of crypto investment funds
Looking outside of Binance, finance professionals have also been striking out on their own in their efforts to get into crypto.
In 2017, Bank of America alumni Ahmed Ismail and Chris Flinos launched Abu Dhabi-based digital currency investment bank HAYVN. Ismail related how several banker friends had recently left their positions to start crypto investment funds.
After 16 years, Amir Tabch, the former head of global markets at Emirates Investment Bank, left the traditional banking sector to become the now CEO of DeFi brokerage Securrency Capital in Abu Dhabi. Tabch is currently seeking more bankers to help “bridge the gap” between traditional and digital finance.
Ismail also emphasized that the environment in the UAE had made it especially conducive to make the leap.
“It all starts from the top,” Ismail said. “We have witnessed the UAE making a huge push in developing world-class infrastructure and a regulatory environment for crypto firms to thrive and call home.”
Dubai a new crypto hub?
Binance recently established its de facto headquarters in the UAE. The company’s CEO Changpeng Zhao said Dubai had become the firm’s HQ by any common interpretation.
In March, the world’s largest crypto exchange by volume, had been granted a license to conduct operations in Dubai, after receiving a similar approval in Bahrain. It has since expanded its operations in the UAE, following further approval in Abu Dhabi.
The UAE’s crypto-friendly policies have also lured many similar cryptocurrency funds and exchanges.
Prior to Binance’s approval, rival exchange FTX became the first crypto exchange to win over Dubai.
Dubai-based BitOasis also received approval, with CEO Ola Doudin commenting on the government’s commitment to establishing a secure environment in which to operate.
While prioritizing security, the UAE government has also been trying to create a pro-business atmosphere for crypto firms. These efforts have so far shown to be convincing enough for crypto hedge fund Three Arrows Capital to move its headquarters from Singapore to Dubai.
Dubai is seeking to further establish itself as a crypto hub, following the success of Binance and its drive to bring over big tech executives into the country.
“We see a lot of interest from employees in traditional financial institutions who want to work for us,” said Richard Teng, Binance’s regional head in the Middle East and North Africa. “We’re actually recruiting a number of them.”
One recent hire includes former Bank of New York Mellon Corp. banker Vishal Sacheendran, now Binance’s MENA director based in the UAE. After almost a decade as a M&A lawyer, Robbie Nakarmi, joined the firm’s senior counsel in Dubai late last year.
The rise of crypto investment funds
Looking outside of Binance, finance professionals have also been striking out on their own in their efforts to get into crypto.
In 2017, Bank of America alumni Ahmed Ismail and Chris Flinos launched Abu Dhabi-based digital currency investment bank HAYVN. Ismail related how several banker friends had recently left their positions to start crypto investment funds.
After 16 years, Amir Tabch, the former head of global markets at Emirates Investment Bank, left the traditional banking sector to become the now CEO of DeFi brokerage Securrency Capital in Abu Dhabi. Tabch is currently seeking more bankers to help “bridge the gap” between traditional and digital finance.
Ismail also emphasized that the environment in the UAE had made it especially conducive to make the leap.
“It all starts from the top,” Ismail said. “We have witnessed the UAE making a huge push in developing world-class infrastructure and a regulatory environment for crypto firms to thrive and call home.”
Dubai a new crypto hub?
Binance recently established its de facto headquarters in the UAE. The company’s CEO Changpeng Zhao said Dubai had become the firm’s HQ by any common interpretation.
In March, the world’s largest crypto exchange by volume, had been granted a license to conduct operations in Dubai, after receiving a similar approval in Bahrain. It has since expanded its operations in the UAE, following further approval in Abu Dhabi.
The UAE’s crypto-friendly policies have also lured many similar cryptocurrency funds and exchanges.
Prior to Binance’s approval, rival exchange FTX became the first crypto exchange to win over Dubai.
Dubai-based BitOasis also received approval, with CEO Ola Doudin commenting on the government’s commitment to establishing a secure environment in which to operate.
While prioritizing security, the UAE government has also been trying to create a pro-business atmosphere for crypto firms. These efforts have so far shown to be convincing enough for crypto hedge fund Three Arrows Capital to move its headquarters from Singapore to Dubai.
