Bitpay Implements 1inch Network Support — Wallet Users Can Access Defi, Dex Aggregation

On August 31, the Atlanta-based cryptocurrency payments services provider Bitpay announced that the Bitpay wallet has integrated the decentralized exchange (dex) aggregator 1inch Network. Bitpay wallet users can utilize 1inch protocol to swap ether or the myriad of ERC20 tokens.

The Bitpay Wallet Supports 1inch

Decentralized finance (defi) has grown exponentially according to statistics as defillama.com data shows there’s $157 billion total value locked (TVL) across all defi supporting blockchains.

Metrics from Dune Analytics indicate that, as far as Ethereum network defi user growth is concerned, there are 3.2 million unique addresses. Bitpay is now allowing Bitpay wallet users to take part in some of the defi market action by supporting the dex aggregation protocol 1inch.

The 1inch dex aggregator basically scans the myriad of dex platforms like Uniswap, Sushiswap, and others in order to find the lowest prices for crypto traders. The 1inch defi protocol has its own native governance token and it is also leveraged for staking as well.

On Tuesday, the world’s largest crypto payment provider Bitpay revealed the company has partnered with 1inch and the protocol is now available to Bitpay wallet users. The integration means users accessing the Bitpay wallet can utilize the 1inch dex aggregation functionality without leaving the wallet.

Bitpay CEO: ‘We Wanted to Offer Users a Safe, Secure Way to Interact’ With Defi Apps

Bitpay’s CEO and co-founder Stephen Pair explained on Tuesday that defi protocols and decentralized applications (dapps) are popular among Bitpay’s user base.

“We wanted to offer users a safe, secure way to interact with them,” Pair stressed in a statement. “The Bitpay wallet app lets our power users spend, store and manage crypto and support for the 1inch dex aggregator enables users the ability to get the best crypto swap rates quickly,” Pair added.

The Bitpay wallet support follows 1inch announcing the protocol would be utilizing the Ethereum scaling solution “optimistic rollups” via the Optimism Gateway. Sergej Kunz, the 1inch Network co-founder believes partnering with Bitpay will bring more defi accessibility to global users all around the world.

“As defi services gradually progress towards mass adoption, it is important to offer access to the 1inch dex aggregation to as many users as possible,” Kunz remarked during the announcement.

What do you think about Bitpay adding 1inch Network support to the Bitpay wallet so users can access defi? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Dvision Hosts Metaverse Conference for BSC’s Anniversary

PRESS RELEASE. The Dvision Network team is hosting an augmented reality metaverse conference to commemorate the first anniversary of the Binance Smart Chain (BSC) ecosystem next month. The celebration will start on the 2nd and end on the 7th of September, lasting six days with an action-packed agenda that should last around 4-5 hours per day.

Dubbed the “Binance Smart Chain 1st Anniversary in Dvision Metaversarve”, the event will count with 30 notable projects in the GameFi and NFT space built on the BSC ecosystem, including StepHero, Alpaca Finance, MyDefiPet, Cryptoblades, Bunny Park and and many others, that are disclosed in their event page. The metaverse event will be conducted in the special Binance Hall built inside of the Dvision World.

The BSC anniversary is expected to offer various activities, in-game events and airdrops sponsored by participating projects. Attendees will be able to participate in-game quizzes, get their groove on during the dancing event at the conference hall, and chase randomly spawned characters in order to be rewarded by unique NFT items and partner tokens. Last but not least, the “Digging the Earth” event will allow anyone to shovel certain areas during the event to earn partner rewards. Overall, it is expected to be a highly rewarding anniversary celebration both for partnering projects and attending members.

Conference Features

The Dvision Network has made great strides in its metaverse technology, which will be on full display during the Binance Smart Chain 1st Anniversary in Dvision Metaverse. The Conference Features will range from charring functions to NPC and payment options, showcasing how advanced virtual events can be, especially in post-pandemic times.

The chatting function will allow the users to interact through their avatars, allowing for virtual networking and information to flow from businesses to users seamlessly. An organized Information communication function will also be available along with PDF File Uploads, which will enhance the information flow.

Builders in the conference will upload video materials that can be accessed through the user’s avatar. This feature will give some flair and entertainment to the event, which will support 4k image quality. There will also be Video Conferences available where top global companies will meet.

No Metaverse is complete without an NPC. The Binance birthday event will feature AI-based product services, which will provide efficient customer service for all attendees. Individual booths will also have their exciting quests, which can be undertaken by any attendee that is up to the task.

About the Binance Smart Chain

The Binance Smart Chain launched roughly one year ago to provide an affordable and efficient solution for the Decentralized Finance (DeFi) and Non-Fungible Token (NFT) industry. Since then, the smart contract ecosystem has garnered extreme success and has adopted multiple DeFi and NFT projects.

The Binance Smart Chain is an EVM-based smart contract ecosystem created to respond to Ethereum’s growing congestion and steep gas prices. It provides faster transaction times and cheaper gas costs using the $BNB token.

BSC uses Proof of Staked Authority(PoSA) which combines aspects of Proof of Authority (PoA) and Delegated Proof of Stake (DPoS). There are twenty-one validators who take turns to produce blocks and, in return, receive $BNB transaction fees as a reward.

About Dvision Network

Built on the BSC, The Dvision Network is a blockchain-based metaverse, a place where anyone can create their avatars and participate in a virtual ecosystem where anything is possible, including games, events, and fairs. The “Binance Smart Chain 1st Anniversary in Dvision Metaversarve” is just the latest in a long line of successful virtual events.

Users can also create their own NFTs without prior development knowledge or experience, providing them with a decentralized exchange where they can be sold and bought directly, creating a revenue stream for creators. The DVI utility token is powered by the platform, trading on major centralized and decentralized exchanges.

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com PR

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Chinese Regulator Aims to Digitize Securities Market Using Blockchain and Smart Contracts

China’s Securities Regulatory Commission (CSRC) will promote a national alliance chain to introduce smart contracts and blockchain-based services to digitize the securities and futures market. The announcement was made at the China Securities Industry Alliance Chain and OTC Alliance Chain Special Work Symposium in Beijing. Jiang Dongxing, deputy director of the Science and Technology Regulatory Bureau of the CSRC, stated this digitization is key for the future of the industry.

China Aims to Digitize Financial Markets Using Blockchain

The China Securities Regulatory Commission (CSRC) is interested in digitizing much of the securities and futures markets using alternatives such as blockchain and smart contracts, according to discussions that happened during the China Securities Industry Alliance Chain and OTC Alliance Chain Special Work Symposium recently held in Beijing. Jiang Dongxing, deputy director of the Science and Technology Regulatory Bureau of the CSRC, made some important remarks on the subject.

Dongxing stated that the most important task at hand was to study how to advance the digital transformation of the securities and futures industry and find a way to achieve that digital transformation.

Dongxing also stressed that the appeal of blockchain consisted in establishing a trust mechanism in the network environment, and that it will be the key information infrastructure for the securities and futures industry in the digital space after the proposed digitization.

The 14th Five Year Plan

China has established blockchain as part of the 14th “Five-Year Plan” for the country. These are roadmaps developed by the Communist Party to shape the key focus of the economy in the next five years. Blockchain, along with artificial intelligence and big data, is mentioned in the latest plan. In spite of these proclamations, the country has taken a hard stance on cryptocurrencies, which are an application of blockchain technology in the monetary field. This has come to be known as the “blockchain, not bitcoin” policy.

In fact, the Chinese government has moved to forbid cryptocurrency mining from several provinces of the country, including Sichuan and Yunnan. This caused a global drop in the amount of work securing the Bitcoin blockchain and a subsequent decrease in the difficulty of mining. In the same vein, The People’s Bank of China conducted a series of crackdowns on illegal cryptocurrency trading activities in August and shut down 11 companies that were allegedly conducting illegal virtual currency transactions.

What do you think about using blockchain to digitize the securities market? Tell us in the comments section below.

via Sergio Goschenko

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Tron Founder Justin Sun Purchases Joker Tpunk NFT for $10.5 Million

Justin Sun, founder of Tron, a smart contract-enabled cryptocurrency, announced he purchased an NFT avatar for $10.5 million. The NFT, dubbed ‘Joker’ due to its appearance, is part of a Tron-native NFT series called Tpunks, that seeks to emulate the style and success of the known Cryptopunks series, but on the Tron blockchain.

Justin Sun Purchases NFT for $10.5 Million

Justin Sun, the founder of the smart contracts-enabled Tron blockchain, announced today the purchase of an NFT avatar for $10.5 million dollars worth of tron. The NFT purchased, identified as #3442 but called “Joker,” ostensibly due to its resemblance to the popular Batman villain, is part of the Tpunks series. Tpunks is a collection of NFTs that seeks to recreate the art style of another very successful line of NFTs, on Ethereum, the Cryptopunks.

The series features 10,000 avatars, of which there are some with rare traits, which make them especially desired by collectors. The project is picking up steam and has climbed to fourth place rank in collectible dapps at time of writing, according to DappRadar. Prices of rare NFTs on the platform have also spiked, with some offers reaching more than $800K.

This isn’t Justin Sun’s first foray into the NFT market. Sun was an active bidder on Christie’s sale of Beeple’s “Everydays: the First 5,000 Days” NFT. Sun made a bid of $60 million to acquire the asset, but according to his statements, he was outbid by $250K by an unknown buyer at the last minute.

NFT Craze

Non Fungible Tokens, or NFTs, have caused quite the excited commotion in the cryptocurrency space. Justin Sun is not the first to dive in. Several famous influencers, actors, and even rappers have gotten into the space to take advantage of this new kind of media. Even Jay-Z, the famous musician, partnered with Sotheby’s in June to auction an NFT inspired by his “Reasonable Doubt” album, called “Heir to the Throne.” The musician also changed his Twitter profile picture to display a Cryptopunk, something that made some of his followers believe he had purchased one.

Several other projects have sold millions of dollars in NFTs. The main project, Cryptopunks, surpassed $1 billion in sales last week, being the third NFT-based project to reach that number after Axie Infinity and Opensea. NFT fever even reaches into institutional markets. Visa, the multinational payments giant, purchased a CryptoPunk (#7610) to add to its collection on August 23, calling NFTs a “new era” of collecting.

What do you think about Justin Sun’s Tpunk purchase? Tell us in the comment section below.

via Sergio Goschenko

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Biden Administration Pushes Global Crypto Data Sharing Rules in $3.5 Trillion Budget Bill: Report

The Biden administration is reportedly pushing to include global crypto data sharing rules in the $3.5 trillion budget package. The Treasury wants crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners.”

Treasury Wants to Impose More Crypto Rules

The U.S. Treasury is reportedly pushing to include more rules for tax compliance on cryptocurrency transactions in the upcoming $3.5 trillion budget plan.

The Biden administration is hoping to add the requirements for crypto businesses to report information on foreign account holders “so that the U.S. can share information with global trading partners,” Roll Call reported Monday, citing an administration official who wasn’t authorized to speak for the record.

According to the Treasury’s Greenbook, “The global nature of the crypto market offers opportunities for U.S. taxpayers to conceal assets and taxable income by using offshore crypto exchanges and wallet providers. U.S. taxpayers also attempt to avoid U.S. tax reporting by creating entities through which they can act. To combat the potential for crypto assets to be used for tax evasion, third party information reporting is critical to help identify taxpayers and bolster voluntary tax compliance.”

However, in order to get access to that information, U.S. officials need the ability to provide the same data to other countries on their own citizens with U.S. accounts. This is part of the “tax information exchange agreements,” the publication conveyed.

This effort to impose more rules on crypto transactions followed the extensive lobbying to limit the definition of a broker in the $1.2 trillion infrastructure bill which the Senate recently passed. Following backlash from lawmakers and the crypto community, an official with the Treasury Department assured that even without an amendment, non-brokers, such as miners and software developers, will not be targeted.

What do you think about the Treasury’s global crypto data-sharing proposal? Let us know in the comments section below.

via Kevin Helms

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Former US President Donald Trump: Cryptocurrencies Are ‘a Disaster Waiting to Happen’

Former U.S. President Donald Trump says cryptocurrencies are “potentially a disaster waiting to happen.” In addition, he said that they “may be fake.” His comments followed another when he said bitcoin “seemed like a scam.”

Trump Is Still No Fan of Bitcoin or Crypto

Donald Trump talked about cryptocurrency in an interview with Fox Business Tuesday. Responding to a question about whether he has dabbled in bitcoin or cryptos, Trump promptly said: “I don’t. I like the currency of the United States.” He elaborated:

I think the others are potentially a disaster waiting to happen.

“I feel that it [cryptocurrency] hurts the United States currency,” he continued. “I think we should strengthen, we should be invested in our currency, not in [cryptocurrencies].” He further exclaimed, “They [cryptocurrencies] may be fake, who knows what they are.”

Referring to crypto, the former president admitted, “They are certainly something that people don’t know much about.” He reiterated:

No. I have not been a big fan.

Trump has always been a critic of bitcoin and crypto. In June, he said bitcoin “seemed like a scam.” He added, “I don’t like it because it’s another currency competing against the dollar … I want the dollar to be the currency of the world.”

In 2019, while still president of the U.S., Trump tweeted: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

What do you think about Trump’s comments on bitcoin and cryptocurrencies? Let us know in the comments section below.

via Kevin Helms

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Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project

The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch the central bank digital currency (CBDC).

E-Naira Draft Guidelines

The CBN’s unveiling of the Barbados-based firm as its partner comes shortly after reports suggested that the central bank had released draft guidelines for the e-naira. In justifying the selection of Bitt, Osita Nwanisobi, the CBN’s director of communications, touted the fintech’s “tested and proven digital currency experience.”

These claims by Nwanisobi appear to be supported by a statement on Bitt’s website that suggests the fintech firm had signed a contract to conduct a CBDC pilot for the Eastern Caribbean Central Bank (ECCB). The contract was signed in 2019 and in April of 2021, ECCB finally launched its digital currency.

E-Naira and the Financial Inclusion Cause

As previously reported by Bitcoin.com News, the CBN has set October 1, 2021, as the launch date for its CBDC. The central bank insists this digital currency will deepen financial inclusion, and enable cheaper, faster remittance inflows. The apex bank says it expects the e-naira to enhance cross-border trade as well as the effectiveness of its monetary policies.

The launch of the e-naira by the CBN — if successful — will mark the final culmination of a plan that was set in motion nearly four years ago. The launch will also be seen as an important victory for both the CBN and its anti-bitcoin governor, Godwin Emefiele.

Still, with just a few weeks left before the launch, CBN must cross its fingers that it has done adequate preparation to ensure the e-naira is a success.

What are your thoughts on the CBN’s choice of a technical partner? Tell us what you think in the comments section below.

via Terence Zimwara

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TradeStars Launches Mainnet of Fantasy Sports Stock Trading Game based on Fractional NFTs

PRESS RELEASE. TradeStars has launched “Olympic Torch”, the Mainnet of their Fantasy Sports Stock Trading Game, on 31st August, 2021.

TradeStars’ new Fantasy Sports Game allows users to trade Fantasy Stocks of world-class athletes, whose value is directly influenced by the real life performance statistics of the respective player. The Fantasy Stocks can be purchased using USDT for now; fiat payment gateways (for INR and USD) are on their way.

Fantasy Sports Gaming Today

Fantasy Sports Gaming has seen a steady rise in both popularity and valuation over the last decade. The global Fantasy Sports market was valued at $20.7 billion in 2020. It is expected to reach $48.1 billion by 2027, growing at a CAGR of 12.8% from 2021 to 2027.

Existing Fantasy Sports games all work on a similar model, which involves users creating their own ‘dream teams’ of their favorite players and earning points based on how their selected athletes perform in real life. The top users with the maximum points usually win monetary rewards at the end of each tournament or season.

In such games, users are severely restricted in their choice of sportspersons while creating their fantasy teams, which often forces them to change their teams with every match to optimize the available players. Moreover, such apps are only operational during match days.

TradeStars has introduced a completely new sports gaming model which does away with all these limitations.

TradeStars – the NASDAQ for Fantasy Sports

TradeStars has been conceptualized as a NASDAQ for Fantasy Sports Stocks, built on the Ethereum blockchain and powered by Polygon (erstwhile Matic). The trading market on TradeStars is open 24×7, all 365 days of the year.

Fantasy Stocks purchased by users are directly transferred to their wallets. Every transaction is recorded on the Ethereum blockchain, ensuring complete transparency and enhanced security. Integration with Polygon’s Layer 2 scaling solution provides almost instantaneous and gasless transactions, leading to a much superior user experience as compared to most of the existing DApps.

Users who take keen interest in sports can use their sporting knowledge to identify early and purchase the Stocks of promising newcomers which have the potential for more upside. This is similar to purchasing stocks of a growing enterprise while they are still priced low.

NFT Markets for Fantasy Stocks

TradeStars uses NFTs (Non-Fungible Tokens) to represent the real life performance stats of athletes. Moreover, instead of issuing a single NFT to represent each unique athlete (or each Fantasy Stock), TradeStars utilizes the concept of Fractional NFTs and issues what is referred to as “NFT Markets”.

The NFT Markets make it possible for buyers and sellers to purchase or sell any amount of Fantasy Stocks as they want, including fractions. This significantly enhances the liquidity offered for the Fantasy Stocks, and simultaneously provides buyers the flexibility to invest exactly as much money as they want.

As of now, TradeStars has listed Fantasy Stocks of Cricketers from all around the world. Some of the Fantasy Stocks are locked for trading, and will get unlocked only after 10,000 units of that particular Stock are purchased cumulatively.

In the coming months, Fantasy Stocks of sportspersons from various other popular sports will be featured as well on the TradeStars roster, starting with Football.

TradeStars Mainnet Launch

The Mainnet launch event was attended by over 500 viewers. It included various events, including an interactive session with Founder Christian Hentschel, with a $250 reward pool for the best questions. A host of Fantasy Stocks of popular Cricketers will be unlocked by TradeStars. These Cricketers had been selected earlier through decentralized community voting rounds.

The event also saw Anshul Pareek, Head of Marketing, announce various upcoming referral programs and reward campaigns, where participants can win special edition TradeStars Olympic Torch NFTs among other prizes. Apart from that, the Winners of the Warm Up Rewards Campaign, which sought to reward the most active participants of the Testnet phase, were announced.

Speaking about the future of TradeStars, Christian said, “TradeStars is here to change the Fantasy Sports Gaming sector. Now you have a Sports Fantasy game where you can not only apply your sports strategies to earn money, but also enjoy the thrill of Fantasy Stock trading whenever you want. We have just got started, and will constantly bring you new features and contests to keep your adrenaline pumping.”.

Go to tradestars.app to check out the new revolution in Fantasy Sports Gaming.

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Bitcoin.com PR

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Metamask Surpasses 10 Million Monthly Active Users, Climbing 1,800% in 12 Months

On Tuesday, the noncustodial digital currency wallet Metamask announced that the platform has surpassed 10 million monthly active users (MAUs). Year-to-date, Metamask has seen 19x growth since July 2020 as MAUs climbed 1,800% in 12 months.

Metamask Hits Over 10 Million Monthly Active Users

There’s no doubt that Metamask has been a popular Ethereum blockchain wallet that is also compatible with technologies like Polygon, Optimism, and Arbitrum. The wallet was created by the blockchain software company Consensys in 2016 and a great number of decentralized finance (defi) applications support Metamask.

In a Tuesday announcement, Metamask says that in July 2020 the platform saw 545,080 MAUs and by April 2021, Metamask had 3 million MAUs. Today, Metamask has 10,354,279 MAUs and has grown 1,800% since July 2020.

In the announcement, Metamask described some of the drivers that pushed the software’s MAU growth exponentially. For one, Metamask is considered the “primary way” global defi users interact with 17,000 unique Web3 domains. Metamask is also used to access the growing phenomenon of non-fungible token (NFT) assets that have taken the world by storm.

Two other things accelerated Metamask growth and one of them was the token swap feature. Alongside this, the Metamask mobile software gave the blockchain wallet an extra push in September 2020. Metamask’s growth announcement details:

The launch of the mobile version in September 2020 has played a crucial role in rapidly bringing new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.

Top 15 Geographical Metamask Regions, Celebration With Decentraland

Metamask says that as of August 2021, the software’s top 15 countries include: the Philippines, the United States, Vietnam, the United Kingdom, China, India, Russia, Brazil, Indonesia, Thailand, Turkey, Germany, France, Canada, and Spain. Metamask is thrilled about the growth and is partnering with Decentraland on September 2, 2021, to celebrate the milestone.

“Metamask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications, and we are constantly making these new kinds of applications more safe and accessible to a broader audience,” Dan Finlay, Metamask’s co-founder concluded. “We’re letting users explore new ways of establishing trust on the internet,” he added.

What do you think about Metamask’s MAU growth? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Naomi Osaka Reveals New NFT, Dogecoin Sparks Tennis Star’s Interest in Cryptocurrencies

The popular professional tennis player Naomi Osaka has been discussing non-fungible token (NFT) assets and the meme crypto asset dogecoin in recent times. In a recent interview, Osaka said that she’s been talking to her agent about dogecoin and that she sees the crypto ecosystem “is getting bigger.”

Naomi Osaka Drops ‘Finding What Was Lost’ NFT

Naomi Osaka is a very popular tennis player and was ranked No. 1 by the Women’s Tennis Association (WTA). The tennis legend has approximately 1.1 million Twitter followers, 2.8 million Instagram followers, and she’s reported on regularly by the press. On August 30, Osaka crafted a non-fungible token (NFT), according to Cool Media PR and the NFT is called “Finding What Was Lost.”

Osaka and her sister, Mari Osaka, also introduced a collection of six NFTs back in April. According to Mari, “Finding What Was Lost” is “Naomi’s favorite of the six” NFTs. Osaka’s NFT collection in April sold for close to $600K. A caption by the NFT artist Mari Osaka says: “While she may occasionally lose her way, Naomi always manages to find herself back on the path she has been searching for.”

Osaka’s NFTs leverage the Flow blockchain, the same technology that is leveraged by top NFT products like NBA Top Shot. The NFTs are all signed by Naomi Osaka and Mari Osaka. Naomi also discussed her new fascination with cryptocurrency and blockchain solutions with Bloomberg columnist Sridhar Natarajan on Monday.

Tennis Star Reads About Dogecoin and How It’s ‘Going to Pop Up’

Interestingly, like a great number of celebrities and popular brand names, Naomi Osaka seems to be a fan of the meme-digital asset dogecoin (DOGE). Dogecoin has seen a significant increase in value reaching an all-time high (ATH) at $0.737 per unit four months ago. However, DOGE is down 60.27% from its ATH but it is still up 8,746.53% year-to-date against the U.S. dollar.

Speaking with Natarajan, Osaka said she’s been looking at coins and some of her newfound attention was sparked by DOGE. “I was actually just talking with my agent about cryptocurrencies,” Osaka explained to Natarajan. “I know that online, everything is getting bigger. I remember reading about Dogecoin… there’s going to be something new and interesting that’s going to pop up.”

What do you think about Naomi Osaka getting into NFTs and dogecoin? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Player Bedazzled as Jewel-Themed Slot Gem Splitter Unlocks a $95,000 Jackpot With a $95 Bet

Sparklingly hot casino slot game Gem Splitter unlocks a treasure worth 2 BTC for this lucky player!

A ludicrously big multiplier was applied to one of the bets that a lucky player placed on the dazzlingly beautiful slot game ‘Gem Splitter’ at Bitcoin.com Games. This big win marks a second for the month of August as another player bagged a jackpot of $75,000 previously on the game ‘Book of Aztec’.

The fortunate player had the casino gods on their side as a 1000x multiplier was triggered on a bet of $95, bringing the effective win amount to $95,000 or 2 BTC, as per current evaluation. Slot games are known for churning out huge money multipliers on even the smallest amounts of bets, turning the fortunes in favor of anyone’s life, empowering them towards desirable objects and lavish lifestyles.

Gem Splitter is a stylish 5-reel slot with up to 9000x multiplier!

‘Gem Splitter’ is a relatively new jewel-filled slot game from the gaming provider Wazdan. As a 5-reel slot, the game features an innovative Multiways mechanic that offers up to 59,049 ways to win, and is capable of throttling your bets with up to a 9000x multiplier.

Bitcoin.com Games is host to a wide variety of slot games that players can choose from. Each with its own set of unique visual themes and multipliers of up to 100,000x – some even higher. Featuring many of the top iGaming providers, the crypto casino has quickly become a fun and reputable gaming portal to play on. The premium casino by Bitcoin.com is also one of the most trustworthy crypto casinos there is.

Play Gem Splitter now or check out other games with big jackpots and bonuses that you can play on Bitcoin.com Games.

via Bitcoin.com

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Genesis Digital Assets Acquires 20,000 Bitcoin Mining Rigs From Canaan, Company Has Option to Buy 180K More

The China-based bitcoin ASIC mining machine manufacturer Canaan has announced the company has forged a partnership with Genesis Digital Assets, and the two firms have now signed a deal for a large purchase order. Genesis will buy 20,000 bitcoin miners from Canaan and the mining operation also has the option to purchase an additional 180,000 mining rigs from the Chinese ASIC manufacturer.

Canaan Sells Genesis 20K Miners, Genesis Can Buy 180K More

Bitcoin mining rig manufacturers have made very large sales during the second half of 2020 and into 2021. For instance, in December 2020, Bitcoin.com News reported on Marathon’s record-breaking acquisition of 70,000 high-performance bitcoin miners from Bitmain for $170 million. That same month, Riot Blockchain bought 15,000 Antminers from Bitmain.

During the first week of August 2021, Marathon purchased 30,000 miners from Bitmain. Canaan sold 11,760 next-generation A1246 ASIC Avalonminers to a company called Mawson Infrastructure Group in April. At the end of that same month, Genesis Digital Assets purchased $93 million worth of ASICs from Canaan. In mid-June, Genesis revealed it bought 10,000 ASIC bitcoin miners from Canaan.

Now Genesis and Canaan have announced the companies have settled on another agreement. According to the announcement on August 31, the mining operation Genesis has purchased 20,000 bitcoin mining machines from the China-based mining rig maker.

But the two companies are also looking to settle on the “largest mining machine deal to-date,” as Genesis now has the option to purchase 180,000 ASIC miners from Canaan. The co-founder and executive chairman of Genesis Digital Assets, Abdumalik Mirakhmedov, says the firm hopes to increase the capacity a great deal by 2023.

“The Bitcoin mining machines from this latest purchase order are part of our on-going efforts to rapidly scale our bitcoin mining operations in North America and the Nordics where we are focused on energy that comes from renewable sources,” Mirakhmedov said in a statement. “These new machines will dramatically increase our capacity as we work towards our goal to increase our capacity to 1.4 gigawatts by the end of 2023.”

Canaan Shares Dip 74% Since Mid-March

Canaan is a publicly-listed firm, which has shares that trade on Nasdaq, and each share on Tuesday is swapping for $9.24 per unit. However, Canaan (Nasdaq: CAN) shares have lost 74.61% in value since March 11, 2021, when a single CAN share exchanged hands for $36.40. Nangeng Zhang, the chairman and CEO of Canaan, says the company remains “diligent in helping miner clients” expand.

“Since we entered the long-term partnership with Genesis Digital Assets earlier this year, we have reached several great deals,” Zhang said. “This order with an option of future large purchases further solidifies our collaborations and reflects both parties’ confidence in the prospect of the cryptocurrency mining industry,” the Canaan CEO added.

What do you think about Canaan’s recent deal with Genesis Digital Assets? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Topps Unveils New MLB Inception NFTs — Firm’s NFT Series Now Minted on the Avalanche Blockchain

The American firm that manufactures chewing gum, candy, and collectibles, The Topps Company Inc., has announced the launch of the 2021 Topps MLB Inception NFT collection. Furthermore, Topps is now leveraging the Avalanche blockchain for NFTs after the company was using the Wax blockchain for projects like the Garbage Pail Kids and Godzilla series.

Topps Launches MLB Inception NFT Series via the Avalanche Network

On Tuesday, Topps revealed the firm’s 2021 Topps MLB Inception NFT Collection, a non-fungible token collection of cards released in conjunction with Major League Baseball and MLB Players, Inc.

Topps web portal, called Toppsnfts.com, will host the new series of NFT baseball cards this September and the NFTs will be minted on the Avalanche (AVAX) blockchain. The avalanche token has seen massive gains in recent times, capturing 126.6% in two weeks and 223% during the last month.

The latest Topps’ MLB Inception NFT series is based on the physical card series the company has released in the past. Topps says the cards will feature “iconic Topps card designs, motion animations, facsimile signatures and digital relic content that showcases MLB rookies, emerging stars, veteran mainstays and more.”

Topps to End Relationship With MLB in 2025, Bazooka and Bundesliga NFTs

This isn’t Topps’ first time releasing MLB NFTs, as the company launched MLB cards on the Wax Blockchain, alongside numerous other brands like Godzilla, and Garbage Pail Kids (GPK) cards. Furthermore, the first MLB series Topps released with Wax was published in April and called the “2021 Series 1 Baseball Card Collection.”

The press release announcing the new Inception series indicates that the choice to use Avalanche is due to the blockchain’s claimed benefits like being “fast, low cost, and eco-friendly.”

“The site removes the need for special wallets or token apps and provides a single location to buy, sell and explore officially licensed Topps NFT collections,” Topps detailed. Evan Kaplan, managing director of MLB Players, Inc., said the Inception NFT release is a historical milestone. “This Topps NFT product comes at a time when so many talented young players are emerging in baseball and provides collectors with a new way to connect with them as their careers take shape,” Kaplan remarked. The MLB Players, Inc. director added:

This is an opportunity for fans to own a piece of collectible baseball history.

While Wax.io won’t be producing Topps MLB cards, the company still has well-known partners like Robotech, Atari, Funko, Capcom, Street Fighter, and Bratz. Moreover, MLB is ending its relationship with Topps after 74 years of working with the firm. MLB has disclosed that it will partner with sports apparel maker Fanatics in 2026 and the company will produce MLB trading cards going forward. Topps is also releasing Bazooka bubble gum-brand NFTs and non-fungible token collectibles for Bundesliga.

What do you think about the latest MLB NFT card series from Topps? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin Legal Tender in 7 Days: El Salvador Publishes Video Explaining What to Expect

Bitcoin will become legal tender in El Salvador alongside the U.S. dollar in seven days. The Salvadoran government has released a video explaining what to expect when the Bitcoin Law enters into force. The video features the government’s fee-free crypto wallet, Chivo.

Government’s Video Explaining What to Expect When Bitcoin Becomes Legal Tender

The Bitcoin Law in El Salvador will come into effect on Sept. 7 when BTC will become legal tender alongside the U.S. dollar. Salvadoran President Nayib Bukele tweeted a video explaining what to expect, including the benefits of using the government’s official crypto wallet, Chivo.

A partir del 7 de septiembre 🇸🇻#Bitcoin @chivowallet pic.twitter.com/HNiHWdY3x1

— Nayib Bukele 🇸🇻 (@nayibbukele) August 30, 2021

According to a translation of the video content posted on Twitter, “Starting September, bitcoin will be legal tender in our country alongside the U.S. dollar,” the video begins. It further details:

Using bitcoin is not mandatory. You will have the option of paying and collecting in bitcoin or dollars. All cash transactions, prices, salaries and pensions will continue to be in dollars.

“You will have the option to use the government’s wallet for free to make transactions in bitcoin or in dollars at any time of day and without fees. You can also use any other wallet to make your transactions,” the video continues.

“With our wallet, you will receive a bitcoin bonus worth $30 USD for you to spend. You will have the option to pay in dollars or bitcoin from your mobile without the need to handle money or sign vouchers. Also, those who collect from you will not need to handle money, a card, or be charged any fees. You will have the option of sending and receiving remittances at any time of day without fees.”

The video ends with a message from the government of El Salvador stating that “Using bitcoin is easy and optional.”

On Monday, President Bukele tweeted that “There will also be 200 Chivo ATMs” where people can withdraw money without having to pay any commission. “You can buy bitcoin for your Chivo wallet or reload dollars and keep them as dollars in your electronic wallet. You can also withdraw remittances in cash without commissions.”

Many countries worldwide are watching to see what will happen when bitcoin becomes legal tender in El Salvador. Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), said last week that “Everyone is watching if it goes well for El Salvador and if, for example, the cost of remittances drops substantially.” If so, he expects more countries to follow suit.

CABEI is helping El Salvador with the technical implementation of making bitcoin legal tender. Meanwhile, the International Monetary Fund (IMF) has warned that making bitcoin equivalent to a national currency is inadvisable.

What do you think about bitcoin becoming legal tender in El Salvador? Let us know in the comments section below.

via Kevin Helms

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Slovenia Prepares to Impose 10% Tax on Spending and Selling Cryptocurrency

The tax authority of Slovenia has put forward a proposal to change the crypto taxation rules in the country, local media reported. The amendments aim to introduce a 10% tax rate for transactions involving the spending or converting of cryptocurrencies into fiat money.

Tax Office Wants to Simplify Crypto Taxation in Slovenia

The Financial Administration of the Republic of Slovenia (FURS) has proposed changes to the taxation regime applicable to cryptocurrencies. The authority wants to impose a 10% tax for the crypto amounts spent on goods and services or converted into cash. Quoted in a report by the STA news agency, FURS clarified:

We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.

The Slovenian tax office intends to implement the new taxation scheme through the adoption of legislative changes. FURS claims it would significantly simplify the way cryptocurrency-related income is taxed in the EU member state.

If the amendments are introduced, the financial administration elaborated that it would no longer have to examine numerous transactions made by a taxpayer between the purchase and sale of the digital currency as well as the various cryptos they have bought and sold or converted.

Under current regulations in Slovenia, the taxable income from operations with virtual currencies depends on the circumstances in each case, the report notes. Individuals, for instance, are obliged to pay capital gains tax on profits from the sale of cryptocurrency if these have been made as part of a business activity.

The FURS currently has to check thousands of transactions in some cases. The authority insists the increasingly digitalized world needs simpler taxation solutions. However, even under the new rules, a crypto investor would still have to prove any losses incurred which would again require verification of multiple transactions.

Slovenia is known as a leader in crypto adoption in Europe. According to a report from last year, over 1,000 locations in the country, such as cafés, restaurants, hotels, hair salons, and sports facilities, accept various cryptocurrencies for payment.

Do you think Slovenia will adopt the new tax regime? Share your opinion on the proposed changes in the comments section below.

via Lubomir Tassev

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Annual US Dollar Remittances to Nigeria Surge to $34 Billion but Forex Woes Persist

According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion. Still, a large portion of the funds doesn’t seem to be entering domestic forex markets.

Target Attained Two Years Ahead of Schedule

The increase, which has been attributed to the Central Bank of Nigeria (CBN)’s “naira for dollar” incentive scheme, once again highlights the growing importance of diaspora remittances to Africa’s most populated country.

As Biodun Adedipe, an economist with Adedipe Associates Limited is quoted explaining, the CBN’s incentive scheme may well be the reason why the target of $34 billion in annual diaspora remittances was reached two years ahead of schedule.

However, despite this surge in remittance inflows, Nigeria continues to grapple with shortages of foreign exchange. Such forex shortages, in turn, contribute to the naira’s continued depreciation as well as the resultant rise in inflation.

Dollars Sent Remain Outside Nigerian Forex Market

In attempting to explain why Nigeria is not fully benefiting from the rising remittances, Adedipe points to the fact that a lot of the dollars sent do not find their way to the foreign exchange market in Nigeria. Adedipe explained:

For example, someone wants to send money to his or her family here in Nigeria, this person, let’s say has $10,000 in the US, and wants to give the naira equivalent to his family member here in Nigeria, ordinarily the way it works in other country is that $10,000 will come into the forex market within Nigeria, and becomes a boost to supply here.

However, this is not happening because “the reality is that in Nigeria’s situation, the dollar doesn’t leave where it is,” Adedipe explains. “The person that provides the naira equivalent here would rather keep the dollar equivalent outside there, so it doesn’t come into the FX market in Nigeria.” According to Adedipe, Nigerian authorities now need to find ways that “make it more attractive for those foreign currencies generated by migrant Nigerian workers to be remitted home.”

What are your thoughts on this story? Tell us what you think in the comments section below.

via Terence Zimwara

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Defi Platform Cream Finance Hacked, $29 Million Lost

Cream finance, a defi borrowing and lending protocol, has been the victim of a hack that erased more than $29 million from its vaults. The attacker took advantage of a loophole in the implementation for adding the amp token to the protocol. This is the second time the platform has been involved in a hack. The first breach happened in February, when Cream lost $37.5 million.

Cream Protocol Suffers Hack

Cream protocol, a defi lending-borrowing platform present on four different chains (Ethereum, BSC, Polygon, and Fantom), suffered a hack Monday that resulted in the loss of $29 million in several cryptocurrencies. The attacker took advantage of a bug caused by the introduction of the amp token into the protocol. According to Peckshield, a blockchain security and data analytics company, the hack was perpetrated in just one transaction, taking advantage of a reentrancy bug present in the code of the amp currency.

This allowed the hacker to re-borrow assets during the transfer before updating the first borrow. The exploit was repeated 17 times and allowed the hacker to get ahold of 418,311,571 amp (worth $25.1 million) and 1,308.09 ethereum (worth $4.15 million). The platform had been audited by Trails Of Bits, a cybersecurity research and consulting firm, prior to the inclusion of the amp token.

Cream declared it stopped the exploit by pausing supply and borrow on amp. The protocol also informed users that no other markets were affected, and that it was expecting to offer a post mortem report at a later date.

Not the First Time

This is not the first time Cream has suffered a hacking incident. Less than six months ago, the platform was also affected by a hack that allowed the attacker to withdraw $37.5 million. The hack, using an unreleased version of a contract of Alpha Finance, another defi protocol, exploited a rounding miscalculation in the code and a whitelisting function. After taking control of the funds, the attacker took them to Tornado.cash, a protocol that allows private transactions in Ethereum.

Luckily, no user funds were affected during this first hack. However, it shows that the defi environment is very complex and that even a small change in protocol (like adding a currency or whitelisting another platform) can have a big impact on security in the future.

What do you think about defi-related hacks? Tell us in the comments section below.

via Sergio Goschenko

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British Auction House Christie’s to Present Full Set of NFT Curio Cards on October 1

The British auction house Christie’s has been immersed in the non-fungible token (NFT) art and collectibles industry for quite some time. Christie’s has auctioned blockchain-backed items like Block 21 of “Portraits of a Mind,” Cryptopunks, and Beeple’s NFT that sold for more than $69 million. On October 1, Christie’s plans to sell a set of old 2017-issued Curio Cards and the set will also include a secret rare card.

Leading Auction House Christie’s Is Auctioning a Set of NFT Curio Cards

The non-fungible token (NFT) space has swelled quite a bit and the auction house Christie’s has been involved for a while now. The popular British auction house first dipped its toes into the NFT world in September 2020 when the firm showcased Block 21 of “Portraits of a Mind.”

Ever since then, the company has continued to auction NFTs of all colors, shapes, and sizes. Now the company will auction a unique set of NFT collectibles called Curio Cards, which is one of the oldest Ethereum NFT collectibles produced back in 2017.

Curio Cards is unique series of 30 NFT cards. The set includes 17b, a secret rare card.

Bitcoin.com News reported on Curio Cards on June 4, 2017, when our newsdesk interviewed the project’s creator Thomas Hunt, otherwise known as the personality called ‘Mad Bitcoins.’ Hunt predicted that NFTs would be a big deal back then and at the time, Hunt told our newsdesk the collectibles would feature certain crypto artists.

He kept the artists a secret when Bitcoin.com News interviewed him but later it was revealed Curio Cards featured seven artists, including Luis Buenaventura, Phneep, Cryptograffiti, and Marisol Vengas. Bitcoin.com News recently reported on Curio Cards again in 2021, when the collectibles, alongside Rare Pepe (Counterparty-issued) NFTs, saw fresh demand this year.

Now Christie’s will be selling a full set of Curio Cards as the firm’s auction calendar indicates the sale will happen in New York City on October 1, 2021. On August 30, the leading auction house tweeted about the upcoming Curio Cards sale. Christie’s wrote:

As part of our Post-War to Present sale on 1 October in NYC, we’re proud to present a full set of Curio Cards, which are 30 Non-Fungible Tokens considered to be some of the oldest artworks on the Ethereum blockchain.

Curio Cards Wrapper Market Data on Opensea Shows $75.2 Million in Volume Traded

At present, the opensea.io Curio Cards wrapper market shows there are 3,700 Curio owners and the collection has seen 22,900 ether ($75.2 million) in volume traded.

Curio Cards sales on Opensea.

Similar to those selling Rare Pepe Counterparty-issued NFTs with the help of container software and a step-by-step guide to adding XCP NFTs, Curio Cards need to be wrapped to be compatible with Opensea. The cards also have a Curio Wrapper Tool and the Curio Docs explain the process in detail.

“A 1% artist royalty fee on Opensea sales was voted in by the community on 3/31/21. 100% of this royalty is split equally between the original artists,” the Opensea Curio Cards market description notes.

Christie’s auction of Beeple’s “Everydays: The First 5000 Days” NFT holds the record for the most expensive NFT ever sold in history. The auction house also sold a set of nine original Cryptopunks for $16.9 million as well. On September 17, Christie’s will host the first NFT art sale in Asia when it auctions Cryptopunks, Meebits, and Bored Ape NFTs.

People please save some ETH for the @MyCurioCards at C’s damn!!

— Noah Davis (@NonFungibleNoah) August 25, 2021

In addition to Christie’s, the auction house Sotheby’s has also stepped into the world of non-fungible token collectible auctions. Sotheby’s first revealed its NFT entry in mid-March 2021, when the auction house partnered with a popular digital artist dubbed “Pak.” Sotheby’s auctioned a Cryptopunk for close to $12 million and sold world wide web inventor Timothy John Berners-Lee’s NFT source code with an error for $5.4 million

What do you think about Christie’s selling a full set of Curio Cards? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Marvel to Drop Captain America NFT Statues, Fully-Readable Amazing Spider-Man #1 NFTs

81 years ago on August 31, 1939, the company Marvel Comics was introduced to the world for the first time and people were presented with a whole universe of superheroes. In celebration of Marvel’s birthday and the firm’s collaboration with Veve Digital Collectibles, “Marvel Month” will conclude with special edition Captain America non-fungible token (NFT) collectibles.

A Lineup of Captain America Statue NFTs

At the end of June, the wholly-owned subsidiary of The Walt Disney Company, Marvel Entertainment, announced the company was dipping its toes into the world of non-fungible tokens (NFTs). During the first week of August, Marvel revealed “Marvel Month” and launched Spider-Man NFTs.

The collectible sets included the “Common – Spider-Man,” “Uncommon – Spider-Man,” “Rare – Spider-Man,” “Ultra-Rare – Spider-Man,” and the “Secret-Rare – Spider-Man.” Marvel’s comic book competitor DC Comics has also dropped a lineup of NFTs via the Veve Digital Collectibles application.

The conclusion of “Marvel Month” ends on Tuesday, August 31, and the culmination of the month of Marvel NFTs will end with Captain America. The NFT drop will honor Captain America’s 80th anniversary when he appeared in his debut comic back in 1941. On Tuesday, the Veve app will start the Captain America NFT launch at 8 a.m. (PT). Marvel’s legendary first Avenger NFTs will include:

• Captain America — The First Avenger – Always a soldier at heart, Captain America stands proud and tall as the first Avenger in premium digital format ($40.00).
• Captain America — Charging Into Battle – Ready for action, Captain America runs into battle, armed with his original tri-shield ($50.00).
• Captain America — The Punch – Experience one of the most iconic moments in comic book history in this homage to Steve Rogers’ legendary punch from the cover of Captain America Comics #1 ($100.00).
• Captain America — Animated- Witness – Captain America in animated action as he prepares for battle ($250.00).
• Captain America — Ultimate Animated – This ultra-premium animated collectible contains VFX and SFX of Captain America using his tri-shield as both an offensive and defensive weapon ($400.00).

The Amazing Spider-Man #1 NFT

Marvel is also launching a “fully-readable digital comic” NFT “The Amazing Spider-Man #1,” which will be dropped on Tuesday as well but at 11 a.m. (PT). The comic is well known and one of the most valuable comic books on the planet. Quality Comix says a Mint condition version of Spider-Man’s first comic has 3x in value during the last decade and a “perfect condition CGC NM+ 9.6 copy to sell for over $300,000.”

The Marvel NFTs are powered by Orbis Blockchain Technologies Limited and the Veve Digital Collectibles platform. The Veve app is available via iOS or Android smartphones and the application allows users to hunt and trade NFT collectibles. The Veve application has competitors like the firm like the purpose-built NFT platform Wax.io, which has partnered with firms like Atari, Topps, Funko, Capcom, Street Fighter, Bratz, Robotech, and more.

What do you think about Marvel’s NFT drop on the Veve app? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Venture Capitalist Bill Gurley Prefers Ethereum to Bitcoin, Takes Personal Position in ETH

Venture capitalist Bill Gurley has taken a personal position in ether because he “was swayed by the arguments of the ethereum crowd.” He explained that it is “the smarter way to play if you’re going to have crypto exposure.”

Bill Gurley Prefers Ethereum to Bitcoin

Bill Gurley, a general partner at Benchmark, a Silicon Valley venture capital firm in San Francisco, California, shared his view on cryptocurrency in an interview with Bloomberg last week.

He began by admitting that he is late getting into crypto because he was focusing on direct listings and did not spend much time on the subject until April this year when he dedicated quite a bit of time to reading about cryptocurrencies. Gurley shared:

I have to say I was swayed by the arguments of the ethereum crowd. And so, I’ve taken a personal position.

Without specifying how much he invested in ETH, the venture capitalist emphasized that the investment was personal and not for his firm.

“I’m swayed by the ethereum crowd,” he reiterated. “The party that’s involved seems to be way more pragmatic. They seem to be open to changes and are basically making several changes which I think will bring down fees and will be very beneficial. The developer community is clearly in the ethereum camp.”

The venture capitalist opined:

I think there’s a ESG [Environmental, Social, and Governance] benefit once they move to proof-of-stake versus bitcoin. It seems to me to be the smarter way to play if you’re going to have crypto exposure.

Gurley clarified that he’s not a maximalist and he’s not arguing that everyone must have crypto exposure.

He also commented on the trading platform Robinhood which recently said that more than half of its revenue came from cryptocurrency and 62% of its crypto revenue came from dogecoin (DOGE). The venture capitalist said this is not a sound business model, adding that he sees Robinhood as more of a casino than an investment platform.

What do you think about Bill Gurley’s comments on bitcoin and ethereum? Let us know in the comments section below.

via Kevin Helms

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Billionaire John Paulson Warns Cryptocurrencies Will Be Worthless, Bitcoin Too Volatile to Short

Billionaire hedge fund manager John Paulson, famed for making a fortune betting against the U.S. housing market, says that cryptocurrencies are a bubble that will prove to be “worthless.” While he sees unlimited downside to crypto, he will not short bitcoin, however. “Even though I could be right over the long term, in the short term, I’d be wiped out,” he explained.

Famous Investor John Paulson Predicts Crypto Will Be Worthless

John Paulson, the president and portfolio manager of U.S. investment firm Paulson & Co., is an American billionaire hedge fund manager who became world-famous in 2007 by shorting the U.S. housing market. He foresaw the subprime mortgage crisis and bet against mortgage-backed securities by investing in credit default swaps.

Paulson shared his views on cryptocurrency and bitcoin on Bloomberg TV Monday in an interview with Carlyle Group founder David Rubenstein.

Responding to the question of whether he is a believer in cryptocurrency, Paulson affirmed: “No, I’m not.”

He elaborated: “I would say that cryptocurrencies are a bubble. I would describe them as a limited supply of nothing. So to the extent there’s more demand than the limited supply, the price would go up. But to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.” The billionaire hedge fund manager added:

Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies.

Paulson was further asked “why not put a big short of some type on cryptocurrencies” since he believes that they will become worthless.

He explained: “The reason we shorted subprime in size was because it was asymmetrical — shorting a bond at par that has a limited duration that trades at a 1% spread of Treasuries. So you can’t lose more than the spread in the duration.” He continued:

In crypto, there’s unlimited downside. So even though I could be right over the long term, in the short term, I’d be wiped out. In the case of bitcoin, it went from $5,000 to $45,000. It’s just too volatile to short.

What do you think about John Paulson’s comments on bitcoin and cryptocurrencies? Let us know in the comments section below.

via Kevin Helms

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Blockchain.com CFO Says Company Could IPO in ’18-Months,’ Firm’s Balance Sheet Holds BTC, ETH

This week Blockchain.com CFO Macrina Kgil discussed how the company has surpassed $1 trillion in cryptocurrency transactions and the company may go public with an initial public offering (IPO) in 2023. The cryptocurrency firm is one of the oldest in the industry and Kgil explained that 76 million Blockchain.com wallets have been created since the company’s inception.

$1 Trillion in Crypto Transactions Processed, 76 Million Wallets Created

In March 2021, Bitcoin.com News reported on Blockchain.com raising $300 million and receiving a post-money valuation of around $5.2 billion. The company has been around for quite some time and when it was called “Blockchain.info” it was established by Ben Reeves way back in 2011. In 2013 it was led by Nicolas Cary and was considered the most popular bitcoin wallet at the time.

In 2014, Blockchain.com was led by Peter Smith and he’s remained the company’s CEO ever since. Macrina Kgil, Blockchain.com’s chief financial officer, detailed this week that the company has jumped over $1 trillion in crypto transactions since the firm started.

“We recently hit a major milestone at Blockchain.com, surpassing more than $1 trillion in crypto transacted on our platform. To put that number into context, we’ve handled nearly a third of all bitcoin network transactions since 2012,” Kgil said. The company’s CFO added:

Our institutional market business is continuing to see exponential growth as more asset managers look to meet their clients’ demand to work with this new asset class.

Blockchain.com Is Contemplating an Initial Public Offering, Firm Holds Bitcoin and Ethereum on Its Balance Sheet

The Blockchain.com CFO also spoke with Fortune.com in an interview published on August 30 that explains the firm has also seen 76 million wallets created. Kgil believes that the cryptocurrency ecosystem will see continued growth and noted that crypto is not going anywhere.

“At this point in time, a lot of people actually think crypto is here to stay,” Kgil stressed in her interview with Fortune.com. “It’s just [a matter of] how big and how fast it will grow within the overall economy,” she added.

Furthermore, just like publicly-listed companies like Coinbase and Canaan, the Blockchain.com CFO mentioned that the company may see an initial public offering as soon as 2023. The interview says “possibly 18-months or more away” and the interview also highlights that Blockchain.com keeps crypto assets on its balance sheet.

“The main pieces of crypto we hold are [bitcoin (BTC) and ethereum (ETH)… but we do also hold [altcoins], as a company, when we think it makes sense,” Kgil says.

What do you think about Blockchain.com possibly going public by 2023 and the $1 trillion in crypto transactions recorded on the platform? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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