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US Has The Highest Number Of Cryptocurrency ATM Installations and Most BTC Hash Rate Globally 

By
Adam Barry
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0

Despite the numerous federal and state regulatory obstacles that crypto companies in the area must overcome, the United States is crucial to maintaining the Bitcoin (BTC) and cryptocurrency ecosystem. The United States continues to lead the globe in terms of hash rate contribution and ATM deployments, with China no longer in the picture after a permanent ban on cryptocurrencies.

The US contributes most BTC hash rate 

Up until February 2021, China traditionally accounted for more than 50% of the global hash rate. This was before measures to restrict BTC mining were taken. By taking up the competition after China withdrew, the US took up the slack to contribute the most BTC hash rate, accounting for 37.84 percent of the overall mining power by January 2022.

In September 2021, Chinese miners recommenced their operations. Although their hash rate output increased month over month, American miners persisted in dominating the market.

Additionally, the U.S. has the most ATM deployments worldwide, accounting for about 88 percent of all cryptocurrency ATM installations. The United States is home to over 90% of all cryptocurrency ATMs deployed in recent months. Data from Coin ATM Radar shows that the trend has continued into July, with 641 of the 710 Bitcoin (BTC) and cryptocurrency ATMs built in the U.S. in the first ten days of the month.

Mining setup components increased due to the GPU crisis 

The cost of the most crucial component of a mining setup, the graphics processing unit (GPU), briefly increased due to the simultaneous occurrence of a worldwide chip crisis and the COVID-19 pandemic. But with prices dropping under MSRPs and a hash rate matching the decline, miners discovered a window of chance to purchase the mining equipment of their dreams.

GPU costs decreased by an average of almost 15% in just May, which additionally compelled secondary market vendors to lower the exorbitant rates they were charging for secondhand mining rigs. Due to the dropping BTC prices, miners generated revenues in mining rewards, and transaction fees were down to one-year lows of $15 million. 

Binance Exchange Users Back Zero Fee Trading Despite Changpeng Zhao’s Concerns About Wash Trading 

By
Adam Barry
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0

When it pertains to investing through exchanges, trading costs are one of the biggest liabilities for both conventional and cryptocurrency investors. Therefore, it should come as no surprise that, regardless of the risk, the founder and CEO of Binance, Changpeng “CZ” Zhao, warned that investors’ enthusiasm for trading on the cryptocurrency exchange without no fees was overwhelmingly positive.

Binance has 10x higher trading volume than FTX

As of right now, Binance is the largest cryptocurrency exchange, with a 10x higher trading volume than its closest rival, FTX. CZ, which is popular for implementing changes in response to user feedback, contacted investors via Twitter to ascertain their opinions on the total elimination of trading costs.

While zero-fee trading may appear to be the best option for investors, CZ highlighted other potential problems that could arise, including wash trading. For example, to advance through the VIP levels on Binance, a user might use wash trading, which involves making a number of buys and sales to influence market activity.

Furthermore, CZ noted that in order to make 0-fee trading widely available, Binance would need to put in place a variety of security measures, including technologies for detecting fraudulent trades. Lower trading costs are one of the benefits associated with each VIP level.

Binance is expanding its global presence with more permits 

Approximately 65.5 percent of the more than 30,600 investors who participated in CZ’s survey at the time of this writing preferred trading without any fees. CZ is willing to make the adjustments despite the new system’s difficulties.

Binance keeps growing its global presence by consistently obtaining registrations and operating permits from authorities.

Moon Tech Spain, a branch of Binance that operates in Spain, received registration as a virtual asset service provider (VASP) by the Spanish central bank on Thursday as part of the company’s ongoing expansion. CZ ascribed the change to Binance’s desire to safeguard users.

To keep the system the safest and most reliable in the sector, the firm has made considerable investments in compliance and established AMLD 5 and 6 compliant technologies and processes.

Subscription Management Firm Revuto Introduces NFTs Collection For Lifelong Netflix and Spotify Subscription

By
Adam Barry
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0

On July 11, the Croatia-based subscription management firm Revuto introduced a lifelong online subscription using NFTs for Netflix and Spotify.

Revuto unveils Revulution NFTs.

The NFT collection, known as Revulution NFT, went live on Revuto’s webpage on July 11, 2022, at noon (CET). Each individual digital asset is priced at $349 (USD) and could be bought with a credit/debit card, cryptocurrency, or both.

As per the information given to CQ, once a subscriber makes a purchase, Revuto will give them a virtual debit card they will use to pay for their Spotify or Netflix subscriptions in conjunction with banking partner Railsr.

Additionally, in association with Crypto.com, Revulution NFT makes it possible to trade on cryptocurrency exchanges. This capability makes it possible to have a secondary online subscription market. When an owner sells their Revulution NFT, Revuto shall disable their virtual debit card and issue a fresh virtual card to the new NFT holder so they can use it to pay for Netflix and Spotify subscriptions.

The Revulution NFT, according to co-founder and CEO of Revuto Vedran Vukman, was developed to give its 350,000 customers a “steady membership price” that they can simply share with their colleagues.

Users may easily get their cash back if they decide not to utilize the service, and some may even make money by selling their NFTs, according to Vukman. Revuto wants to make it possible for everyone to successfully handle their subscriptions and, in the end, to create a more fair and equal online subscription market.

Revuto is working on digital debit cards for the EU and UK

The Revuto team confirmed in a status report later in the week that they have been concentrating on numerous projects, chief among them the testing of digital debit cards for the EU and UK markets and electronic debit cards provided by Railsr on the backend and front end.

Revolution’s debut is just the start, according to Josipa Maji, a co-founder of Revuto. The co-founder continued that Revuto is bringing something entirely fresh to the realm of subscriptions. This will enable the development of a brand-new market for unused prepaid memberships.

Cryptocurrency-Friendly Browser Opera Enter Partnership With DeFi Blockchain Coin98

By
Adam Barry
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0

To increase Web3 accessibility, the Opera (NASDAQ: OPRA) Crypto Browser has partnered with Coin98, a Southeast Asian decentralized finance (DeFi) network. Opera is a Web3-focused initiative for easing navigation among games, decentralized apps (DApps), and metaverse platforms.

Following Coin98 integrations, users to access more NFTs, DEXs, and assets 

According to a Thursday announcement, after Coin98 is integrated, users of Opera’s Crypto Browser will have access to the platform’s assortment of multi-chain non-fungible tokens (NFTs), cross-chain bridges, decentralized exchanges (DEXs), and cryptoassets swaps as well as the ability to stake and lend their cryptocurrency portfolios.

The partnership is expected to advance Opera’s Crypto Browser’s goal of encouraging widespread crypto and Web3 acceptance because Southeast Asia is known as a digital tech hotspot, home to the highest amount of internet users in the world, and a region with a growing young population.

Opera’s crypto ecosystem lead Susie Batt said, “With over 340 million users worldwide, it is critical that we encourage mainstream adoption by supplying products and services that everyone can use.”

For the first time among the major browsers in 2019, Opera, a well-known name in the crypto sector, began accepting Bitcoin (BTC) transactions. Opera introduced the Cryptocurrency Browser program in January 2022 as a Web3-focused endeavor to make finding games, metaverse, and DApps platforms simpler.

A total of nine main public blockchains, namely Bitcoin (BTC), Polygon (MATIC), Solana (SOL), Celo, Ronin, Nervos Network, StarkEx, and BNB chain, now have more extensive functionality in the browser as part of the initiative. In addition, Opera and Yat, a platform that permits the development of emojified domain names or URLs, teamed earlier this year.

Opera integrates BNB Chain to support DApps on Android and iOS

The cryptocurrency-friendly browser recently integrated the BNB chain, a decentralized network formerly called Binance Smart chain, to support  BNB Chain-based decentralized apps (DApps) on Android, iOS, and desktop versions of its Crypto Browser.

Due to the integration, Opera’s 350 million users would be able to utilize their fiat money to buy BNB (Build N Build) tokens, send or receive them using the built-in cryptocurrency wallet, and use DApps on the BNB Chain network.

Gaming Venture Investment Company Konvoy Ventures To Invest $30 Million To Support Blockchain and Crypto Projects

By
Adam Barry
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0

Konvoy Ventures, a gaming venture capital firm, plans to invest a minimum of $30 million to support numerous games using cryptocurrencies and blockchain technology.

Konvoy Ventures to Open Konvoy Fund III

With $150 million in funding, the American company confirmed the opening of Konvoy Fund III, in which it intends to invest in a range of technologies and platforms in the international gaming industry. As per Bloomberg, up to $45 million (30%) of the fund will be devoted to the cryptocurrency and blockchain gaming industry.

The realm of crypto and blockchain-based gaming is nothing new to Konvoy. The company has an amazing list of gaming firms and initiatives it has backed, including Genopets, the open-world non-fungible token (NFT) game, and Axie Infinity creators Sky Mavis.

Through the first two funds, the company has so far made investments in 35 businesses throughout Europe, North America, the Middle East, Africa, and South-East Asia.

Over the last year, attention to blockchain-based gaming has grown, with play-to-earn and NFT-featured games becoming major industry focal areas. However, there hasn’t been a lack of funding, with Konvoy’s most recent round coming after Animoca Brands, Samsung Next, and WeMade invested $32 million in Planetarium Labs.

Interest in GameFi projects is still high DappRadar study shows 

The demand for GameFi projects has remained, according to a recent DappRadar study. A16z and Dapper Labs, for example, have promised to invest about $1.3B in initiatives and technology related to GameFi and the metaverse.

Metaverse and GameFi projects are now using crypto tokens and NFTs in advanced ways beyond speculation. For example, the STEPN move-to-earn (M2E) project’s NFT shoes can be purchased and sold on the STEPN metaverse, which offers more invention besides the game’s exercise aspects. According to the research, the gameplay has at least partly shown its usefulness in the framework of the Metaverse in Q2 2022.

Early in June, as Bitcoin prices dropped, the blockchain game Illuvium auctioned 20,000 plots for 4,018 ETH, which was valued at $72 million, for the game’s developers at the time the sale took place.

Reddit Unveils New Collection of Blockchain-backed Collectible Avatars 

By
Adam Barry
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0

Reddit unveiled a brand-new avatar concept on Thursday, a platform for content collection, conversation, and ranking. The firm stated that the images would be accessible to the public in the coming weeks, though no specific release date was provided. For the time being, Reddit is giving a select group of users who enter the r/CollectibleAvatars forum first-look immediate access.

Artists on Reddit can use the limited edition Collectible Avatars

Individual artists, also Reddit website users, produced limited-edition works of art known as Collectible Avatars. Local currencies could be used to buy the new avatars, but according to the statement, the artwork is kept on the Polygon (MATIC) network. Additionally, control over the Collectible Avatars is exercised through Vault, Reddit’s blockchain-based wallet that runs on networks compatible with Ethereum.

Reddit’s latest move seeks to empower artists to utilize the website. A statement from the company indicated, “From the start, our goal has been to empower artists to create and sell their work. Artists will get paid for every Collectible Avatar that sells on Reddit, less any fees, and are also entitled to receive royalties from secondary sales of their Collectible Avatars on open marketplaces.”

Users to use Collectible Avatars after purchasing them 

The latest collection will be accessible on the site where Reddit users typically create their avatars. A Collectible Avatar could be used on the platform as an avatar once it has been bought. The makers of the Collectible Avatars will get a portion of any subsequent secondary sales, and holders of the Collectible Avatars would be eligible for special advantages.

According to the statement made on Thursday, Collectible Avatars are now kept on Polygon, a public blockchain that is compatible with Ethereum. Reddit chose Polygon because of its dedication to sustainability and minimal transaction costs.

Reddit stated, “Blockchain-backed Collectible Avatars are one of the early steps we’re taking to test out the potential benefits of this concept on Reddit.” However, the firm added that Blockchain-backed Collectible Avatars are not proper NFTs, and cryptos are not part of their buying or selling process of them for now.

Staking software Company KeyFi Lodges Complaint Against Celsius For Operating Like A “Ponzi Scheme.”

By
Adam Barry
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0

KeyFi Inc., a staking system and investment company has lodged a complaint against struggling cryptocurrency lender Celsius, claiming that the business has been conducting business in a “Ponzi”-style and that it has broken a profit-sharing arrangement “worth millions of dollars.”

Celsius disregarded the agreement with KeyFi 

According to the claim submitted on July 7, 2022, Celsius disregarded a “handshake agreement” under which KeyFi would’ve been paid various proportions of the earnings it generated for Celsius using a variety of staking and DeFi tactics.

Additionally, Celsius is charged with “negligent misrepresentation” regarding its risk management procedures and “fraud in the inducement” due to false statements about its corporate practices to persuade KeyFi to partner with Celsius.

CEO of KeyFi, Jason Stone, is the claim’s plaintiff. He was an investor and financial adviser before founding the business in January 2020.

As per the court records, KeyFi worked as an investment advisor for Celsius from August 2020 to March 2021. During this time, the two parties signed a Memorandum of Understanding (MOU) that required KeyFi to operate under the name Celsius KeyFi.

Although the complaint doesn’t specify a precise amount owing to KeyFi, it claims that the amount is worth “millions of dollars” and that the parties consented to profit-sharing ranging from 7.5% to 20%.

Celsius was accused of operating as a Ponzi Scheme 

The suit also has a substantial portion claiming Celsius was operating in a Ponzi-style scheme by attracting new depositors at high interest to “repay earlier depositors and creditors.”

The case demands a jury trial, “an amount to be determined at trial” in terms of damages, punitive fines in a sum to be established at trial, pre-and post-judgment fees, and an audit of all assets and monies obtained through KeyFi trading operations.

On Thursday, a person purporting to be Stone identified himself as the head of the team of fictitious DeFi traders operating out of the Oxb1 domain and Twitter account. The account gave a detailed summary of Celsius’ alleged business activities with KeyFi starting in 2020.

POODL Token Launches Non-Fungible Token (NFT) Minting Phase

By
Adam Barry
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0

POODL Token has announced the launch of the Non-Fungible Token (NFT) minting stage. The phase improves POODL’s current ecology by giving community members competitive rewards and more useful assets that may be used in the metaverse. The NFT minting offers holders an additional option in addition to POODL’s current 3D augmented reality (AR) NFT collection.

An NFT is created by someone who converts digital data into cryptographic collections of cryptoassets that are listed on the network. The crypto market has seen a surge in popularity for this latest trend, and POODL has established itself as a market leader.

NFTs to be minted at .25 BNB

The POODL Players 2D NFTs are a set of 2000 unique, hand-drawn digitized art pieces that are being minted for just.25 BNB each. Each NFT receives a piece of the 250 BNB rewards fund, which is distributed to the holders in 1X, 3X, or 5X quantities. A black POODL Lamborghini for usage only in the LakeView Meta metaverse is also included with 5X NFT mints. In addition, during the first year, all NFTs are eligible to participate in a monthly raffle for 5B POODL tokens.

Users only need to go to the specific POODL Players website, link their MetaMask digital wallet, and choose how many NFTs they can mint. Each and every new minting is an entirely original one-of-a-kind with distinctive clothing, backgrounds, spectacles, and other accessories. Holders can trade their newly minted NFTs on the trusted Tofu NFT POODL Players market.

POODL Token is expanding its utility and use cases 

Through strategic alliances, the POODL Token team keeps expanding the use and utility cases available to NFT holders. Since the start of the year, POODL has gained knowledge about the NFT industry after the project’s $POODL AR Pets 3D NFT series became available on OpenSea.

Owners will soon be able to utilize and even earn passive income from their NFTs via various metaverse agreements. In a subsequent iteration of the platform, NFT holders will have the ability to pin their virtual assets. In addition, new features like animation and NFT interaction will be included in updates.

The New Mechanism of Burning Shiba Inu (SHIB) Meme Coins

By
Adam Barry
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0

Shiba Inu, a cryptocurrency that was created utilizing online memes and trends, is sometimes referred to as a meme coin. Shiba Inu, which was for a while known as the currency “intended to destroy Dogecoin,” quickly rose to fame in October 2021 as its price jumped tenfold. As a result, Shiba Inu’s value soared to a stunning USD 35 billion, placing it ninth overall among all cryptocurrencies.

There are two main reasons why Shiba Inu coins are popular:

• Elon Musk, the founder of Tesla, once tweeted that he wanted to have a Shiba puppy. This stoked the cryptocurrency market and caused its value to increase by 300%.

• Shiba Inu Coins’ values fell by as much as 40% after Vitalik Buterin, the inventor of the Ethereum Blockchain Network, donated 50 trillion of them to the India Covid Relief Fund, which was started by an Indian cryptocurrency entrepreneur named Sandeep Naiwal.

Shiba Inu Coin also garnered a lot of attention for its burning initiatives in the latter part of 2021. For long-term survival, several cryptocurrencies employ coin burning, sending money to “dead” wallets. Burning contributes to dwindling supply, which can cause prices to rise over time. 

How does the SHIB burn operate then?

Game Developer Travis Johnson offered information on a chance to burn Shiba Inu (SHIB) tokens. Amazon will reward everyone who signs up for a free Audible trial with $5. Each registration will burn around 500k Shiba Inu tokens. The sole endeavor will burn the most popular dog-themed cryptocurrency with the money obtained from these sign-ups. Travis Johnson used Amazon, his mobile app Bricks Buster, and other revenue-generating avenues to burn more than 70 million Shiba Inus as of June 19. According to Etherscan, a total of 70,276,169 SHIB were delivered to an unusable wallet. Travis Johnson has previously proposed a novel method to burn SHIB via the Amazon Affiliate Program on May 26, 2022. The concept received a tonne of community support; the individual SHIB Burn Project was able to burn 172 million SHIB using the Amazon Affiliate Program.

According to the tweet from shibburn.com, 229,165,044 Shiba Inu have been locked in dead wallets and withdrawn from the available supply, making the second-largest meme cryptocurrency a little bit rare. These conclusions were reached after 11 trades. Travis Johnson performed the most significant burns, sending 56,024,490 (56.02M), or $592 worth of canine tokens, to a dead wallet all at once.

Conclusion

The canine-themed cryptocurrency’s total supply has been slashed to 589,632,057,429,659 units (589.63T). From this total, 556.32 trillion Shiba Inu tokens are presently in use, with Shiba Inu holders staking 33.30 trillion of them on ShibaSwap. Supporters of the Shiba Inu will argue that more time and token destruction are necessary for it to succeed.

Binance Signs Memorandum of Understanding  With Securities and Regulator Exchange Commission of Cambodia (SERC) On Cryptocurrency Framework 

By
Adam Barry
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0

According to a statement on its official site, Binance and the Securities and Regulator Exchange Commission of Cambodia (SERC) have signed a memorandum of understanding (MoU). The Securities and Exchange Regulator of Cambodia (SERC) and Binance have decided to work together to create a regulatory framework for governing and expanding the local digital asset market.

SERC to access Binance’s expertise in digital currencies 

Now, the SERC regulator will have exposure to Binance’s expertise in structuring, running, and listing virtual currencies. This collaboration is considered a tool for both groups to increase the digital economy of Cambodia’s potential growth.

Leon Foong, CEO of Binance for Asia-Pacific, believes that the present decline in crypto prices is a chance for the sector to grow stronger.

The Director-general of SERC Sou Socheat stated that through working with Binance, they want to implement the cryptocurrency innovation in Cambodia in a proper manner.

The collaboration between SERC and Binance aims to promote the development of the country of Cambodia’s digital world. The current valuation of all cryptocurrencies fell under $1 trillion for once since the bull run started in early 2021 after declining by $1.26 trillion, or 58 percent, over the past three months.

Zhao collaborated with Singapore officials to boost Binance’s stature 

As CEO Changpeng Zhao apparently collaborated closely with Singapore officials, Binance has been growing its activities in that country. In two years, Binance’s wallets increased by 240 percent as the company expanded into new regions. Additionally, it is said that multiple deal proposals were sent to the exchange during the market collapse.

In light of the recent market volatility, Zhao stated that the firm is examining 50 to 100 bids from crypto enterprises. The CEO also disclosed that the exchange was focusing on a number of strategies, such as loans, minority investments, and majority purchases, to help struggling cryptocurrencies. Zhao stated that the exchange has already reached agreements on several transactions with major corporations but added that Binance would only publicize relationships with major corporations due to the privacy of smaller corporations. 

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