Syria Urges BRICS to Lead in Ditching Dollar, Talks Yuan Adoption With China

BRICS nations can lead efforts to abandon the U.S. dollar in international settlements, according to President Bashar Assad of Syria. At a meeting with China’s top diplomat for the region, the leader of the war-torn Middle Eastern country called for using the Chinese yuan for cross-border trade.

Economic Clash With West Requires Discarding Dollar, BRICS Leadership, Syrian President Says

Confrontation with the United States and the West in general has been taking place mainly in the economic field and that makes it increasingly necessary to ditch the U.S. dollar as a currency for global transactions, President Bashar Assad of Syria was quoted as saying by Sana, the Syrian state-controlled news agency.

Assad emphasized that the BRICS bloc, through the adoption of the Chinese yuan for trade transactions between nations, can play a leading role in that regard. He made the comments during a meeting with the Chinese government’s Special Envoy for the Middle East, Zhai Jun, whom he received on Saturday.

The Syrian leader also praised the Chinese mediation that resulted in the rapprochement between Saudi Arabia and Iran, both of which are applying for membership in BRICS. He believes the improvement of their relations will positively impact the stability of the whole region.

According to Assad, the entire world today needs the Chinese presence, politically and economically, to rebalance the global situation. The BRICS alliance constitutes a strong international space capable of creating an international multipolar order, he added. His comments come after his foreign minister recently accused the United States of imposing sanctions on Syria in order to steal its assets and keep it under its hegemony.

The Chinese official assured Bashar Assad that Beijing will continue to support Damascus in international forums and “it’s battle against hegemony, terrorism and external interference.” Zhai Jun also said that China backs the rapprochement between Syria and the other Arab countries.

Chinese diplomacy has been quite active in the region and beyond in an attempt to expand the influence of the People’s Republic on the global stage. China initiated talks about the potential enlargement of BRICS and has been trying to promote the use of the yuan in international trade while supporting efforts to reduce dependence on the U.S. currency.

Do you think China will facilitate the accession of Middle Eastern countries to BRICS? Tell us in the comments section below.

via Lubomir Tassev

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Robert Kiyosaki Says Regional Banks Are Being Wiped Out — Calls Fed ‘Criminal’

Rich Dad Poor Dad author Robert Kiyosaki says the Fed is wiping out regional banks by supporting only big banks, like JPMorgan Chase. Stating that the Fed “is criminal,” he warned that its actions “will bring down” the United States.

Robert Kiyosaki Says the Fed Is Criminal

The author of Rich Dad Poor Dad, Robert Kiyosaki, warned in a series of tweets this week that the Fed is wiping out regional banks by supporting only the big banks, such as JPMorgan Chase. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Wednesday: “WTF. What The Fed? Why is Fed destroying regional banks across America? Regional banks are [the] heart and soul of [the] economy. Fed via the Repo Market [is] killing regional banks. Is this intentional? Is a depression intentional? WTF is Fed up to? Get $ out of regionals.”

The renowned author followed up with a tweet Thursday, stating that even online retail giant Amazon is affected by the Fed’s actions. “Without credit flowing, Amazon is cutting 18,000 jobs,” he stressed, adding:

The ripple effect from WTFed will bring down USA … WTFed wiping out regional banks.

In a separate tweet, Kiyosaki cautioned that by supporting only the big banks, such as JPMorgan Chase, the Fed is wiping out regional banks. Calling the Fed’s action “Cruel,” Kiyosaki reiterated his previous statement that regional banks are the heart and soul of America. Calling the Fed “criminal,” he then urged his 2.4 million Twitter followers to support small banks and small businesses.

On Friday, Kiyosaki warned in another tweet about President Joe Biden’s central bank digital currency (CBDC) and went on to recommend his customary choices of investing in additional gold, silver, and bitcoin. He wrote:

In his book 1984, George Orwell warned ‘Big Brother is watching.’ Biden’s CBDC is ‘Big Brother.’ Buy more gold, silver, and bitcoin.

In a recent episode of his Rich Dad Show, Kiyosaki discussed economic chaos, war breaking out, and rising starvation. Earlier this month, he said, “America is dying,” warning about hyperinflation and the death of the U.S. dollar.

Do you think the Fed is criminal like Rich Dad Poor Dad author Robert Kiyosaki said? Do you think regional banks are being wiped out? Let us know in the comments section below.

via Kevin Helms

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Russian Official Expects Agreement on BRICS Currency This Year

The chairman of the State Duma Committee on the Financial Market says that an agreement on the BRICS currency can be reached in 2023 as BRICS nations ramp up their de-dollarization efforts to shift away from U.S. dollar reliance. “By linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance,” said the Russian official.

Agreement on BRICS Currency Could Be Reached in 2023, Says Russian Official

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, discussed BRICS currency and the de-dollarization trend on Wednesday at the press center of Parliamentary Newspaper, the publication of the Federal Assembly of the Russian Federation.

Aksakov expects the share of the U.S. dollar in international trade to decline, noting that Americans continuing to destroy the value of the dollar with their own hands shows the whole world that the USD is being used for political purposes. He said:

By linking its economy and currency to politics, the U.S. is practically undermining the foundations of its dominance. I am sure that the share of the dollar in world trade will steadily decline.

The Russian official added that now there is a search for some kind of collective currencies, emphasizing that a discussion on this topic is already on the agenda of the BRICS countries (Brazil, Russia, India, China, and South Africa).

Aksakov further stated that while the negotiations are at an early stage, an agreement can be reached in 2023.

The BRICS nations have been ramping up their de-dollarization efforts and are currently working to create a common currency that will reduce their reliance on the U.S. dollar. State Duma Deputy Chairman Alexander Babakov said last month that BRICS currency is expected to be discussed at the next leaders’ summit in August.

The economic bloc is also pushing to expand its global influence. A Russian official said this week that Russia is actively discussing BRICS expansion with member countries. So far, 19 nations have either applied to join the group or have expressed interest to join. However, multiple people have warned that a BRICS currency will erode the U.S. dollar’s dominance.

Do you think the BRICS currency will undermine the U.S. dollar’s dominance? Let us know in the comments section below.

via Kevin Helms

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Meme Coin PEPE Surges by 152% This Week, Now the Fifth-Largest Meme Token by Market Cap

Pepe (PEPE), the meme coin featuring the popular character Pepe the Frog, has experienced a significant surge in value in the past week, rising by 152.9% against the U.S. dollar. Recent statistics indicate that PEPE’s market capitalization has surged from $141 million on April 22 to a current valuation of $303 million.

PEPE Jumps 99% in 24 Hours, Now Fifth-Largest Meme Token by Market Cap

On April 30, 2023, the top meme coin crypto assets by market capitalization are worth $19.11 billion. Over the past 24 hours, the valuation of all meme tokens has risen 1.6%. However, only two out of the top five meme coins by market capitalization have seen gains. The newly launched cryptocurrency, pepe (PEPE), is leading the pack with triple-digit gains. Data collected from coingecko.com shows that over the last seven days, PEPE has risen 152.9%, with most of the gains coming from the last 24 hours as the token jumped 99% higher on Sunday.

PEPEUSDT chart by TradingView

Bitcoin.com News reported on PEPE and several other meme coin assets eight days ago. At that time, PEPE was the sixth-largest meme token asset by overall valuation. Today, PEPE is the fifth-largest, and the market capitalization recorded on April 22 of $141 million has risen to more than $303 million. On April 30, PEPE had $149.63 million in global trade volume, hovering just below cardano’s (ADA) daily volume on Sunday. The meme token is down 10% lower than its all-time high recorded on Sunday at $0.000000813847 per unit.

PEPE is also 1,217% higher than the all-time low of $0.000000055142 per unit recorded on April 18, 2023, or roughly two weeks ago. There are 420.69 trillion PEPE coins in circulation today. According to coincarp.com statistics, there are 55,024 PEPE holders today. The top ten wallets hold 20.64% of the entire supply, and the top 100 PEPE holders control 43.82% of the current supply. While PEPE is hosted on centralized exchanges, the coin’s trading activity is mostly on the decentralized exchange (dex) Uniswap (v2).

The market value of the meme coin economy has undergone significant fluctuations in recent months, with dogecoin (DOGE) and shiba inu (SHIB) experiencing ups and downs. Meme coin assets have garnered increasing demand from investors and speculation in the cryptocurrency market since their significant rise in value since 2020. The meme coin economy is well-known for its volatility, but DOGE and SHIB have remained at the forefront of the meme coin market for the last two years. While the market value of these meme coins may fluctuate, their impact on the broader crypto economy has not been ignored.

What do you think about the recent surge of PEPE the meme coin and its impact on the overall meme coin market this week? Share your thoughts and predictions in the comments section below.

via Jamie Redman

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NFT Sales Drop for Second Consecutive Month After Record-Breaking Start to 2023

Sales of non-fungible tokens (NFTs) have declined by 5.76% over the past 30 days, according to the latest NFT sales statistics. The data reveals that the sales figure stood at $732.13 million in April, which is $44.75 million lower than the $776.88 million recorded in March.

NFT Sales Decline by 5.76% in April, Ethereum Dominates, Bored Ape Yacht Club Leads in Collections

NFT sales surpassed $1 billion in both January and February 2023; however, sales figures declined in March and April. According to cryptoslam.io’s latest NFT sales data for April, the sales stood at $732.13 million, which is 5.76% lower than the previous month.

Out of this amount, Ethereum-based NFT sales dominated the market, accounting for $485 million in trades. However, Ethereum NFT sales declined by 19% in April compared to March figures.

Meanwhile, Solana-based NFT sales recorded $88.16 million, down 6.78% from last month. The top five blockchains with the most NFT sales in April, following Ethereum and Solana, were Polygon, Immutable X, and BNB Chain, as per the latest data.

During the month of April, Polygon witnessed a surge in sales by 22.75%. Meanwhile, Arbitrum, the sixth-largest blockchain in terms of NFT sales, saw sales spike by 78.35%, amounting to $10.29 million. In terms of NFT collections, Bored Ape Yacht Club (BAYC) emerged as the leader with $45.10 million in sales.

Azuki NFTs secured the second spot with $21.91 million in sales over the past month. Nakamigos, Mutant Ape Yacht Club, and Mad Lads followed BAYC and Azuki in terms of NFT sales. Sandbox’s Land #21,221 emerged as the top-selling NFT in the past month, with a sale price of $1.256 million, approximately 20 days ago.

The second most expensive NFT sale in April was Maverick Position #386, which fetched $1.05 million, 16 days ago. Azuki #3,628 secured the third spot on the list, selling for $626K, 18 days ago, followed by Azuki #5172, which was acquired for $458K. The fifth most expensive NFT sale in April was CryptoPunk #3,990, which sold for $444K, 24 days ago.

As of Sunday, April 30, 2023, nftpricefloor.com reports that the collection with the highest floor value is Cryptopunks, currently standing at around 49.99 ether. Just below Cryptopunks is Bored Ape Yacht Club (BAYC), with a floor of around 48.69 ether. The floor values of the top collections following Cryptopunks and BAYC include Mutant Ape Yacht Club, Azuki, and Otherdeed.

What do you think the future holds for the NFT market, and how do you think the decline in sales figures in March and April will impact the industry going forward? Share your thoughts about this subject in the comments section below.

via Jamie Redman

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US Central Bank Expected to Raise Lending Rate by 25bps: Experts Predict Final Hike of 2023

After the most recent increase in the federal funds rate, the U.S. Federal Reserve is set to raise the lending rate by 25 basis points (bps) to 5.25% in three days, according to expectations. A recent poll of 105 economists revealed that 94 of them predict a 25bps rate hike will occur during the May 2-3 Federal Open Market Committee (FOMC) meeting. While economists are anticipating a rate hike in May, they anticipate that it will be the final one in 2023. The majority of polled economists believe that the Fed will maintain the rate at 5.25% for the remainder of the year.

Report Says Next Phase of the Tightening Cycle Is Holding Benchmark Rate at Current Levels

Several reports and surveys indicate that market observers believe the U.S. central bank will increase the benchmark interest rate by 25bps at the FOMC meeting this week. The FOMC meeting is scheduled to take place on May 2-3 and according to the CME Group Fedwatch tool, 83.9% suspect a 25bps rate hike will come to fruition. On the other hand, the Fedwatch tool shows 16.1% predicts no rate hike for the upcoming May meeting.

The most recent predictions ahead of the next FOMC meeting are similar to the forecasts economists gave at the beginning of April 2023. Additionally, Bloomberg reported on April 29, that economists the publication talked to also believe a 25bps rise is in the cards.

Bloomberg’s economics report states:

Signs point to the FOMC raising rates by 25 basis points to 5.25% in the May 3 decision — despite ongoing turmoil in the banking system — and signaling that this will be the last hike for a while. The next phase of the tightening cycle will be to hold rates at that elevated level, while watching to see if inflation trends down.

Survey Shows 90% of Economists Suspect a 25bps Rise in May, BOFA Analyst Says Additional Hikes Beyond May Uncertain

According to a survey from Reuters, a vast majority (90%) of 105 economists polled suspect a 25bps hike. Additionally, 59 of those economists believe that the federal funds rate will remain unchanged for the rest of the year following the predicted May hike, while 26 participants are forecasting a rate cut. Furthermore, most of the economists surveyed by Reuters do not anticipate the inflation rate in the U.S. to reach the Fed’s 2% target until 2025. The economists also noted that there’s still a risk of inflation rates spiking again this year.

Michael Gapen, the chief U.S. economist at Bank of America (BOFA) Securities, commented that a whole lot remains to be accomplished before the 2% goal can come to a realization. Gapen also added that it is uncertain whether or not the Fed will hike the benchmark rate after May.

“On the data front, despite the slowdown in inflation in March, there is still a lot more work to be done to get back to the 2% target,” Gapen said. “We maintain the first rate cut in March 2024. Should the stresses in the financial system be reduced in short order, we cannot rule out that stronger macro data will lead the Fed to put in additional hikes beyond May,” the BOFA executive added.

What do you think the impact of the expected rate hike by the U.S. Federal Reserve will have on the economy? Share your thoughts in the comments section below.

via Jamie Redman

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Ethereum’s Liquid Staking Protocols Attract 400,000 Ether After Shapella Upgrade

Just over two weeks have passed since Ethereum’s Shapella upgrade on April 12, 2023, which occurred at block height 6,209,536, enabling stakers to withdraw for the first time. At the time of the upgrade, slightly over 8 million ethereum was locked into liquid staking protocols. Since then, over 400,000 ether, valued at $763 million, has been added to 17 liquid staking platforms.

Ethereum Liquid Staking Platforms Continue to Swell

As of today, April 30, 2023, the total value locked into liquid staking protocols such as Lido Finance, Coinbase’s Wrapped Staked Ether, Rocket Pool, Frax, Stakewise, Stakehound, Ankr, Ether.fi, and Bitfrost is just over $16 billion.

According to 30-day statistics, six out of the top ten protocols, ranked by value locked, have experienced gains over the past month, with four of them showing double-digit growth. At present, Lido dominates the $16 billion market, holding 73.6% or 6,206,101 of the 8,431,605 ethereum locked in liquid staking protocols.

Data shows that just after the Shapella upgrade, 400,735 ethereum worth $763,600,542 using today’s ether exchange rates has been added to the liquid staking cache. Lido’s 30-day metrics show an increase of 5.50% while Coinbase’s liquid staking platform saw a loss of 0.64% over the last month.

Rocket Pool’s total value locked (TVL) jumped 29.24% in 30 days while Frax’s TVL rose by 31.65%. Like Lido, Stakewise, the fifth-largest liquid staking protocol saw a modest 30-day increase rising 1.23% higher.

Recent data reveals that following the Shapella upgrade, a notable 400,735 ethereum, totaling $763.6 million in value, has been added to the liquid staking cache. While Lido’s 30-day metrics depict an increase of 5.50%, Coinbase’s liquid staking platform suffered a loss of 0.64% over the past month.

In the same period, Rocket Pool experienced a substantial 29.24% jump in total value locked (TVL), while Frax’s TVL rose by 31.65%. Similar to Lido’s small rise, Stakewise, the fifth-largest liquid staking protocol, witnessed a modest 1.23% increase over the past 30 days.

Binance has thrown its hat in the ring, entering the fray with a newly launched liquid staking product, now standing as the tenth largest platform under Bitfrost. As of now, the protocol’s total value locked (TVL) is approximately $38.69 million, with 20,305 ether staked into the application.

Liquid staking protocols have gained significant traction in recent months providing users with the convenience of earning passive staking rewards while still retaining control of their assets. The addition of 400,000 ether to the liquid staking TVL within just two weeks of the Shapella upgrade underscores the growing interest and attention this sector is receiving.

How do you think liquid staking protocols will impact the overall cryptocurrency market and the future of staking? Share your thoughts about this subject in the comments section below.

via Jamie Redman

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US Senator Rand Paul Warns of US Dollar Losing Reserve Currency Status — Says ‘It’s Not an Unfounded Prediction’

U.S. Senator Rand Paul has warned that the U.S. dollar could lose its status as a global reserve currency. “For a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position,” said the lawmaker.

Senator Rand Paul on U.S. Dollar Losing Reserve Currency Status

U.S. Senator Rand Paul (R-KY) shared his concerns about the growing de-dollarization trend and the USD losing its global reserve currency status in an interview with Fox Business Thursday.

He was asked: “Is king dollar going to be tossed off of its throne because of bad fiscal and monetary policies? Is it going to lose its world reserve status in your judgment?” The senator from Kentucky replied:

I am concerned about it.

“I think our foreign policy has something to do with that … We’ve pushed all of our adversaries farther and farther away from us and closer and closer together. It’s not just Russia and China being pushed together by foreign policy and obviously, some of it is their own doing, and it’s a response to things they’ve done that we don’t like,” the lawmaker opined.

He added: “North Korea is in that basket as well. Iran is in that basket. But now we have some countries, such as Saudi Arabia, also sort of being pushed together into this non-aligned or unaligned coalition that wants to denominate their trades in things other than the dollar. So I think it is coming. And also if you treat your dollar like scrap paper and you continue to buy up enormous amounts of U.S. debt, your dollar becomes worthless too.”

Senator Paul continued:

So, for a variety of reasons, both foreign policy as well as fiscal irresponsibility, yes, the dollar is in a precarious position, and I think it’s not an unfounded prediction to say, yeah, we could possibly lose our status as a reserve currency.

Paul additionally warned: “We need to be careful of having some sort of zero trade policy because I think that will make the world a worse place.” The senator concluded:

You are essentially at war with a country when you quit trading with that country.

Do you agree with Senator Rand Paul about the dollar losing its status as the world’s reserve currency? Let us know in the comments section below.

via Kevin Helms

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Billionaire Ray Dalio Warns US and China on Brink of War, Beyond Ability to Talk — US-China Trade Could Collapse

Bridgewater Associates founder Ray Dalio has warned that the U.S. and China are “on the brink of war” and “are beyond the ability to talk.” The billionaire added that their relations “are getting so bad” that U.S.-China trade could collapse. He cautioned that the next 18 months “will be a very risky period.”

U.S. and China on the Brink of War, Says Dalio

Ray Dalio, the founder of the world’s largest asset manager, Bridgewater Associates, warned in a Linkedin post, published Wednesday, that the U.S. and China are on the brink of war. The billionaire, who has visited China for almost 40 years and has built close friendships there, shared his perspectives from his recent 13-day trips to China, as well as from meetings with Chinese citizens, experts on China residing outside the country, and policymakers in other countries, including the U.S.

Regarding U.S.-China relations, Dalio stressed:

The United States and China are on the brink of war and are beyond the ability to talk.

He noted that the two nations appear to be “close to having a sanctions war and/or military war that neither side wants.”

Dalio clarified: “I want to emphasize that by saying that they are on the brink, I don’t mean to say that they will necessarily go over the brink. I mean to say that they are very close to crossing red lines that, if crossed, will irrevocably push them over the brink into some type of war that damages these two countries and causes damage to the world order in severe and irrevocable ways — like Russia’s invasion of Ukraine did for Russia and the world, just much bigger.”

Next 18 Months ‘Very Risky’ for China and U.S.

The Bridgewater Associates founder cautioned that the next 18 months will be very risky for China and the U.S. Noting that “The hawkish political influences in the United States will exert more pressure on the relationship over the next 18 months because of the emergence of the 2024 election season,” Dalio opined:

That will be a very risky period because China and the U.S. are now already on the brink of war.

“The political timetable of the election cycle between now and the 2024 elections in the United States and Taiwan will likely lead to more push-the-limit anti-Chinese brinksmanship from the U.S.,” he continued.

The billionaire founder of Bridgewater Associates added:

U.S.-China relations are getting so bad that there is reason to worry that anti-China sentiment could make doing business with China like doing business with Russia, which would lead U.S.-China trade to collapse.

“This would have similarly damaging economic consequences, though many times larger, severely hurting supply chains and trade. That would at a minimum cause severe economic consequences for the U.S., China, and the world and at a maximum could lead to military war,” he cautioned. “These conflicts are affecting most countries’ and multinational companies’ relations and how the world is operating in innumerable ways that are intensifying.”

Meanwhile, the U.S. Department of Defense revealed this week that it is focused on potential conflict with China. “We have a clear strategy that’s focused on China,” the deputy secretary of defense told Bloomberg. “Our focus is making sure that the PRC [People’s Republic of China] leadership wakes up every day and says, ‘Today is not the day to undertake aggression that threatens U.S. interests’ … That’s our focus today, in 2027, and in 2035 and 2045.”

What do you think about billionaire Ray Dalio’s warning? Do you think the U.S. and China will go to war? Let us know in the comments section below.

via Kevin Helms

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Economist Predicts Shift to Tripolar Reserve Currency World — Yuan, Euro to Disrupt US Dollar’s Dominance

Economist Stephen Jen, a former Morgan Stanley managing director, expects a shift “from a unipolar reserve currency world to a multipolar world,” with the Chinese yuan, the euro, and the U.S. dollar forming a “tripolar” reserve currency configuration.

‘A Multipolar World’

Economist Stephen Jen, the CEO of asset management firm Eurizon SLJ, expects multiple currencies will chip away at the U.S. dollar’s dominance. Jen was formerly a managing director at Morgan Stanley in London and a senior economist at the International Monetary Fund (IMF).

After stating that the U.S. dollar is losing its world’s reserve currency status at “an alarming pace,” the former Morgan Stanley director told the Insider publication that the de-dollarization trend is likely to continue. However, he noted that it will “probably not to a point where a non-dollar currency commands a bigger market share than the dollar.” Jen described:

More likely, we will evolve from a unipolar reserve currency world to a multipolar world.

The economist pointed out that all other currencies have flaws as international currencies and potential challengers to the dominance of the U.S. dollar. Nonetheless, he shared with the news outlet:

But if I have to guess, it should be the [euro] and the [yuan] having roughly equal presence. Such a ‘tripolar’ reserve currency configuration would also make sense and be more aligned with the economic heft of the three blocs.

The Eurizon SLJ chief emphasized that for the Chinese yuan to gain ground as a reserve currency, China’s financial sector would need to improve in quality, noting that foreign investors are still cautious about investing in Chinese equities and bonds. “Without foreign demand for Chinese assets, Chinese savers and households cannot be allowed to invest overseas, and thus the capital controls would need to remain in place,” he stressed, adding:

With capital controls, it would be difficult for the [yuan] to become a viable international currency.

A growing number of people have voiced concerns regarding the U.S. dollar losing its global reserve currency status. Economist Nouriel Roubini (aka Dr. Doom) expects the world to shift to a bipolar global reserve currency system with the Chinese yuan as an alternative to the USD. The president of the European Central Bank (ECB), Christine Lagarde, said earlier this week that the USD’s reserve currency status should no longer be taken for granted.

Do you agree with economist Stephen Jen? Let us know in the comments section below.

via Kevin Helms

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Japan’s Inflation Surges to 3.5% as New BOJ Governor Takes the Helm

This week, the Statistics Bureau of Japan unveiled the latest core consumer price index (CPI) report for the country, revealing a surge to 3.5%. This figure comes as a surprise to analysts who had predicted a more modest 2.9% for the end of the quarter. It’s worth noting that Japan’s inflation has been steadily rising since June 2021. The timing of this uptick is also notable, as Kazuo Ueda has recently assumed the role of the 32nd governor of the Bank of Japan.

New BOJ Governor Faces Rising Inflation, Central Bank to Conduct Review of Monetary Policy Measures

In April, Japan experienced a surge in its year-over-year inflation rate — excluding fresh food and energy prices — which increased to 3.5%. This worsening inflation rate is a concern for the Bank of Japan (BOJ), which aims to bring the rate back down to the 2% range, like several central banks worldwide. However, the country’s economy is facing significant challenges, including the aftermath of the Covid-19 pandemic, which resulted in substantial stimulus measures and lockdown policies.

Moreover, Japan is grappling with a shrinking workforce, which could significantly affect its ability to sustain economic growth. These challenges are compounded by the fact that the BOJ has a new governor, Kazuo Ueda, who addressed his first monetary policy meetings on April 27 and 28. Ueda, a Japanese economist, has opted to keep interest rates unchanged, maintaining the negative rate that Japan has held since 2016.

‘The Last and Final Source of Excess Liquidity’

The recent news is likely to add pressure on the BOJ to address the country’s accelerating inflation rate. The central bank, however, stated that it has “decided to conduct a broad-perspective review” of its monetary policy measures, indicating that it may explore new approaches to stabilize the economy. As the BOJ grapples with these challenges, it remains to be seen how it will navigate Japan’s economic future.

“With extremely high uncertainties surrounding economies and financial markets at home and abroad, the bank will patiently continue with monetary easing while nimbly responding to developments in economic activity and prices as well as financial conditions,” the BOJ announcement notes. “By doing so, it will aim to achieve the price stability target of 2 percent in a sustainable and stable manner, accompanied by wage increases.”

Overall, the country’s recent CPI report highlights the challenges that Japan’s economy is facing. On Friday, Hiromi Yamaoka, a former BOJ official, told CNBC’s “Squawk Box Asia” that “there remains some uncertainty in the Japanese real economy, but at the same time, inflationary pressures is becoming more imminent.”

Graham Summers, an MBA at Phoenix Capital Research, believes that Japan may be the final straw in terms of liquidity. On Friday, Summers wrote, “With inflation surging in Japan, the Bank of Japan will soon be forced to end its money printing, which means the financial system would lose its last and final source of excess liquidity.”

What do you think the BOJ’s broad-perspective review of its monetary policy measures will entail, and how do you believe it will impact Japan’s economic future? Share your thoughts in the comments section below.

via Jamie Redman

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Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures

On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and its overreliance on uninsured deposits.

Fed Is Confident Supervisory Recommendations ‘Will Lead to a Stronger and More Resilient Banking System’

The Federal Reserve and the FDIC published reports on Friday concerning the fall of the second and third-largest U.S. bank failures in history. The first report, published by the Fed’s vice chair for supervision Michael Barr, claims the central bank’s supervisors failed to recognize the extent of vulnerabilities at Silicon Valley Bank (SVB) as it grew in size and complexity. Barr wrote that SVB had 31 open supervisory findings while other banks had much fewer in comparison.

The report offers a comprehensive perspective, noting that the Federal Reserve’s supervisory approach failed to fully contemplate the ramifications of rising interest rates. Then a slowing activity in the technology sector, ultimately paved the way for the demise of SVB. “The supervision of SVB did not work with sufficient force and urgency, and contagion from the firm’s failure posed systemic consequences not contemplated by the Federal Reserve’s tailoring framework,” Barr said. Barr’s report mentions crypto three times and one instance is located on a bar chart describing risks.

“As I have previously announced, the Federal Reserve has begun to build a dedicated novel activity supervisory group to focus on the risks of novel activities (such as fintech or crypto activities) as a complement to existing supervisory teams,” Barr stated.

FDIC Report Discusses Crypto Risks and SBNY’s ‘Flurry of Negative Press’

The FDIC published its report on Signature Bank’s (SBNY) collapse and the report authored by Marshall Gentry talks a lot more about crypto assets and the FTX failure. Throughout the report, Gentry discusses how liquidity risk management witnessed withdrawals of uninsured deposits rise to critical levels. On page 13, the FDIC report goes into great detail about the crypto industry turmoil that bolstered SBNY’s failure. ”The strategy exposed SBNY to greater susceptibility to liquidity, reputation, and regulatory risk due to the uncertainty and volatility of the digital asset space,” Gentry explained.

The report describes how two cryptocurrencies collapsed in May 2022 (terrausd and luna), leading to additional turbulence in the industry and further discusses the collapse of FTX. It noted that SBNY’s shares were correlated with the crypto industry. “Due to its reputation as a banker to many in the crypto industry, SBNY’s stock price closely tracked these tumultuous events in the crypto industry space and dropped significantly during 2022,” the report notes. Both reports were approved by the Fed’s chair Jerome Powell and the FDIC’s chair Martin Gruenberg.

What’s your take on the reports published by the Federal Reserve and the FDIC on the fall of Silicon Valley Bank and Signature Bank? Let us know your thoughts in the comments section below.

via Jamie Redman

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No Rate Hikes in Russia, Central Bank Keeps Interest Rate Level Again

Bank of Russia decided to maintain the interest rate at 7.5% amid moderate inflation, estimated at 2.5% on an annual basis in April, although this may change later this year. The monetary authority improved its forecast for the Russian economy and now expects growth entirely in positive figures, up to 2.0% for 2023.

Bank of Russia Leaves Interest Rate Unchanged for Fifth Consecutive Time

At a meeting of its Board of Directors on Friday, the Central Bank of Russia (CBR) kept its key interest rate at the current level of 7.5%. The figure has remained unchanged since September 2022. The regulator explained its decision with moderate inflation.

Due to the high base effect, annual inflation in the Russian Federation dropped significantly — to 3.5% in March, from 11% in February, and has been estimated at 2.5% as of April 24, leading Russian business daily Kommersant noted in a report.

Bank of Russia believes that the indicator was held back by the ongoing adaptation of the Russian economy to Western sanctions as well as the increased stocks in a number of commodity groups accompanied by moderate consumer demand.

The monetary authority expects inflation to remain below 4% in the coming months and to begin to gradually grow in the second half of 2023, reaching 4.5 – 6.5% at the end of the period. Previous forecasts were in the 5 – 7% range. However, expectations in the medium term are still skewed towards higher inflation risks.

These are linked to significant labor shortages in some industries, the impact of geopolitical tensions on foreign trade, including tougher sanctions that would further weaken demand for Russian goods abroad and complicate production chains, logistics and financial calculations. The CBR signaled that future rate hikes are possible, elaborating:

In the context of a gradual increase in the current inflationary pressure, the Bank of Russia, at the next meetings, will evaluate the feasibility of raising the key rate to stabilize inflation near 4% in 2024.

Russian Economy Projected to Grow 0.5 – 2.0% This Year

Among the short-term risks, the Bank of Russia highlighted “a deterioration in the growth prospects of the global economy against the backdrop of instability in the financial markets of developed countries.” At the same time, amid faster than expected increase in domestic economic activity and demand, the bank improved its forecast for Russia’s economy.

The monetary policy regulator sees the sanctioned nation’s gross domestic product (GDP) growing between 0.5% and 2.0% by the end of 2023. Its previous estimate was partially in negative territory, between a decline of 1% and an increase of 1%. Expectations for the next couple of years remained unchanged — GDP growth in the range 0.5 – 2.5% in 2024 and 1.5 – 2.5% in 2025.

The CBR’s decision to keep the Russian interest rate at its current levels comes amid statements by officials and analysts in Europe and America indicating that further rate increases, before pausing, are to be expected from the European Central Bank and the U.S. Federal Reserve in May.

Do you think the Bank of Russia will raise interest rates later this year? Share your predictions in the comments section below.

via Lubomir Tassev

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Netflix Star Driving Bitcoin Adoption With Porsche Flying El Salvador Flag

Scottish-Salvadoran driver Sebastian Melrose has made his debut in the Porsche Carrera Cup racing championship. The 25-year-old, who took part in a popular Netflix TV series last year, drives a Bitcoin-branded 911 that features the flag of crypto-friendly El Salvador on its rooftop.

Bitcoin Racing Team Joins Porsche Carrera Cup With Netflix Celebrity in the Car

British racing team Bitcoin Racing has joined the Porsche Carrera Cup together with Richardson Racing, not only to win prizes in one of the U.K.’s biggest racing championships but also to promote crypto. The tandem hired a newcomer to the series, Scottish-Salvadoran driver Sebastian Melrose, who debuted last weekend at the Donington Park circuit.

Melrose, who owes a great deal of his fame to his participation in the “Too Hot to Handle” dating game show on Netflix, sat behind the wheel of a “Bitcoin Porsche,” a 500-horsepower 911 GT3 that is sporting the bitcoin logo on its door panels, and on its roof, the flag of El Salvador, the Latin American nation spearheading crypto adoption as legal tender in the world.

Good morning #bitcoin! As we race in the UK’s most popular motorsport package, we’re excited to use this platform to spread positivity and education about the power of bitcoin. Let’s come together to share the beauty of bitcoin and the amazing things happening in El Salvador pic.twitter.com/yHKxw7ANVv

— BitcoinRacing (@bitcoin_racing) April 25, 2023

The racing team has embarked on acquainting a wider audience with cryptocurrency through automotive sport and has been endorsed by El Salvador for that initiative. It expressed its intentions on social media earlier this month.

“Bitcoin Racing is proud to announce that we’ll be driving bitcoin adoption in the Porsche Carrera Cup GB, and we’re doing it with the help of our Salvadoran driver and Netflix star, Seb Melrose … As a team, we believe in the power of bitcoin, and we’re using the Porsche championship to promote its adoption,” the team said in a series of tweets.

The championship consists of eight race weekends across the United Kingdom and is aired live on ITV. “With a TV audience of 2.2 million and over 400,000 live spectators per season, we’re taking the message of bitcoin to millions outside of the sector,” Bitcoin Racing stated.

“This mission, to accelerate bitcoin adoption, will be amplified by our pilot Sebastian, who has almost 1 million followers,” the team elaborated, adding that it’s also proud to be promoting El Salvador with the hope of improving the perception of the country.

“I’m super excited and really motivated to be entering the Porsche Carrera Cup GB this season with Bitcoin Racing powered by Richardson Racing,” Melrose was quoted as saying. Richardson Racing will take care of the technical and mechanical maintenance of his car, which is last season’s winner.

Do you think auto racing sports have the potential to support wider cryptocurrency adoption? Tell us in the comments section below.

via Lubomir Tassev

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Report: Kenya to Start Levying Tax on Revenue Earned by Crypto Exchanges

According to regulations published by the country’s treasury secretary, global crypto exchanges used by Kenya’s estimated 4 million users will start paying a 1.5% tax on revenues earned.

Tax-Avoiding Digital Asset Platforms

The Kenyan Treasury has said it will start levying taxes on revenues earned by cryptocurrency exchanges used by an estimated 4 million local residents. According to a report by Business Daily Africa, Kenyan authorities will rely on the 1.5% digital tax service that became effective on Jan.1, 2021.

Initially proposed in 2020, the digital tax is the Kenyan government’s attempt to extract revenue from leading crypto exchanges and tax-avoiding digital asset platforms. As reported by Bitcoin.com News in early January 2021, the Kenya Revenue Authority (KRA) said it expected to get $45.5 million (5 billion Kenyan shillings) from the tax.

Meanwhile, as shown in the 2023 regulations’ value added tax (electronic, internet and digital marketplace supply) published by Treasury Cabinet Secretary Njuguna Ndung’u, Kenya can now target global crypto exchanges.

“For the purposes of these Regulations, a taxable electronic, Internet or digital marketplace supply include…facilitation of online payment for, exchange or transfer of digital assets excluding services exempted under the Act,” the published regulations state.

Alongside Nigeria and South Africa, Kenya has one of Africa’s highest proportions of the population owning crypto. However, like its peers on the continent, Kenya has not recognized cryptocurrencies. The Central Bank of Kenya (CBK) and its governor have warned residents against dealing with crypto assets like bitcoin.

Despite the warnings, Kenyan residents continue to acquire and trade cryptocurrencies and this has prompted the government to seek ways to levy taxes on crypto transactions.

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

via Terence Zimwara

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The Mirror Protocol Unveils Groundbreaking Pre-sale on its Cutting-Edge Dashboard

PRESS RELEASE. Pleasant Grove, Utah – The Mirror Protocol, a trailblazing decentralized finance (DeFi) project, proudly announces the launch of its highly anticipated pre-sale. This state-of-the-art platform empowers users to seamlessly diversify their portfolios with the most sought-after blue-chip cryptocurrencies available today.

The pre-sale event showcases an extensive array of The Mirror Protocol tokens, including XRP-MP, ETH-MP, ADA-MP, LINK-MP, and MATIC-MP. These tokens yield rewards in premier crypto coins such as #BTC, #BNB, #ETH, #XRP, #ADA, #LINK, and #MATIC, making it an ideal opportunity for participants eager to capitalize on the impressive DeFi blue-chips dominating the market.

Managing Director Roland Aravelo expressed his enthusiasm, stating, “We are thrilled to launch our pre-sale on this groundbreaking dashboard. The Mirror Protocol consistently strives to offer the optimal experience for our participants, and this innovative dashboard enables us to deliver on that promise. We are confident that this pre-sale will provide a secure and efficient experience, and eagerly anticipate the results.”

Director of Marketing Joshua Fox further elaborated, “We are convinced that this pre-sale event presents a unique opportunity for participants to engage with one of the most promising DeFi projects currently on the market. With the introduction of our pre-sale dashboard, we have made it simpler and more secure than ever before to participate in these groundbreaking ventures.”

In addition to the pre-sale event, The Mirror Protocol is thrilled to reveal the recent introduction of its staking platform. Users staking a single Mirror Protocol token can now obtain any or all active Mirror Protocol tokens as volume-based staking rewards, enabling effortless diversification and involvement in blue-chip coins. This pioneering platform offers users an excellent way to earn rewards while immersing themselves in the exhilarating world of DeFi.

The Mirror Protocol’s pre-sale event is NOW LIVE.

To participate, please visit PRE-SALE

 

Twitter: @MProtocolFuture

Instagram: mprotocolofficial

LinkedIn: TheMirrorProtocol

Website: TheMirrorProtocol.com

Contact us at: outreach@themirrorprotocol.com

 

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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 Media

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World’s Largest Regional Organization to Switch to Settlements in National Currencies

A China-led regional organization that covers more than half of Eurasia intends to transition to settlements in the currencies of its members. While the plan is to abandon the U.S. dollar in mutual payments, participating nations are yet to consider a common currency.

Shanghai Cooperation Organization to Abandon Dollar in Favor of National Currencies

The Shanghai Cooperation Organization (SCO) is preparing to move away from the U.S. dollar and switch to settlements in the national currencies of its member states. In an interview with the Belarus 1 state TV channel, the bloc’s Deputy Secretary General Grigory Logvinov stated:

A roadmap for the transition to settlements in national currencies is being developed.

Also quoted by the Interfax news agency, the Russian diplomat emphasized that efforts in that direction are “serious and substantive.”

“The process is far from simple because, unfortunately, the dollar as a world reserve currency is too deeply embedded, including in national currency systems,” Logvinov remarked. To completely abandon the dollar, “there is still a lot to be done and quite a long way to go,” he elaborated.

The SCO, which was established in Shanghai in 2001 as a political, economic, and defense alliance, is the world’s largest regional organization, covering approximately 60% of the territory of Eurasia as well as 40% of the planet’s population.

China, Russia, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan hold full membership at the moment while over a dozen other countries, including Iran, Saudi Arabia and Turkey, are among its observers and partners.

Despite the planned departure from dollar settlements, the introduction of a single currency is not yet being considered by SCO members, Grigory Logvinov noted. “As for the introduction of some kind of single SCO currency, this is not yet the case, and such a goal has not yet been set,” he explained.

Meanwhile, reports have unveiled that the BRICS group of leading emerging economies, of which China, Russia and India are also members, is working to create a new currency for cross-border payments, with intentions to discuss its development at the BRICS leaders’ summit in August. The prospect of a BRICS currency has fueled concerns in the U.S. about eroding the dollar’s dominance.

Do you think the Shanghai Cooperation Organization will eventually launch a single currency for international settlements? Share your expectations in the comments section below.

via Lubomir Tassev

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Terra Classic Advocates Propose Plan to Re-Establish USTC’s Peg With US Dollar, Token’s Value Surges by Over 9%

Almost 12 months back, terrausd (UST), an algorithmic stablecoin, suffered a detachment from the U.S. dollar, causing the Terra ecosystem to crumble shortly thereafter. At present, supporters of the Terra Classic blockchain community are deliberating on a plan to revive the ecosystem by re-establishing the once-stable token’s peg with the U.S. dollar. In response to the proposed development, the value of UST, renamed USTC, has escalated by more than 9% in the past 24 hours.

Terra Classic Community Plans to Take Action to Restore USTC’s Peg With USD

Terra Classic blockchain supporters aim to revive the algorithmic stablecoin’s ecosystem by restoring the token USTC’s value parity with the U.S. dollar. A Terra Classic community member using the pseudonym “Redlinedrifter” submitted the proposal, affirming that Do Kwon’s decentralized money creation was a positive initiative but that “serious issues need to be addressed” for the community to re-establish the token’s value peg with the U.S. dollar.

USTCUSDT chart by TradingView

Redlinedrifter presented the “Divergence Protocol” idea, which “operates by applying an algorithmic/dynamic fee equivalent to the difference between the peg and the market price.” The innovative mechanism would implement a dynamic fee structure to impose a fee proportional to the deviation between the $1 peg and the token’s market value. The divergence fee structure represents a fresh strategy to tackle previous challenges that hindered the USTC’s ability to maintain its U.S. dollar peg.

This is not the first time members of the Terra community have proposed revamping Do Kwon’s stablecoin idea. In October 2022, a new “soft-pegged stablecoin” concept built on the Terra Phoenix network was introduced in a white paper. Following the news of USTC’s revitalization plan, the once-stablecoin asset has increased in value by 9% against the U.S. dollar. After reaching a low of $0.0195 per unit on Friday, USTC has risen to a high of $0.0218 per coin by 1:15 p.m. Eastern Time.

What do you think of Terra Classic’s proposed Divergence Protocol to re-establish USTC’s value parity with the U.S. dollar? Do you believe this innovative approach will solve the challenges faced by algorithmic stablecoins? Share your thoughts in the comments section below.

via Jamie Redman

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US Government in Talks to Rescue Struggling First Republic Bank, Sources Say

Sources have revealed that U.S. government officials are in talks to rescue First Republic Bank, a struggling financial institution. The discussions involve the U.S. Treasury, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, according to reports on Friday.

Private-Sector Deal Preferred as U.S. Government Officials Discuss First Republic Bank Rescue Efforts

Market observers have been keeping a close eye on First Republic Bank since the collapse of three major banks in March. The bank disclosed earlier this month that it experienced $100 billion in withdrawals by customers in March, following the collapse of Silvergate Bank, Silicon Valley Bank, and Signature Bank. Additionally, 11 banks injected $30 billion into First Republic Bank to strengthen its reserves.

FRC stock chart by TradingView

On Friday, Reuters reported that the U.S. government is coordinating with the bank’s advisers to possibly save First Republic Bank, as talks led by the advisers have yet to reach a deal in the private-sector. This development comes after rumors emerged three days earlier that the bank would enter federal receivership. According to Reuters reporters Nupur Anand, Andrea Shalal, and Greg Roumeliotis, three sources familiar with the situation say:

U.S. officials are coordinating urgent talks to rescue First Republic Bank.

The Reuters report notes that two sources have revealed that executives from First Republic Bank are actively searching for a rescue deal, and U.S. officials are of the opinion that a private-sector agreement would be “preferable.” The collapse of First Republic Bank, the 14th largest bank in the U.S., could lead to further contagion in the banking sector. Moreover, the U.S. central bank is set to release a post-mortem on Silicon Valley Bank this afternoon.

“We are engaged in discussions with multiple parties about our strategic options while continuing to serve our clients,” First Republic said in a statement to Reuters.

What do you think the potential impact of a First Republic Bank collapse would be on the broader banking sector? Share your thoughts about this subject in the comments section below.

via Jamie Redman

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Bitcoin Blockchain Surpasses 2 Million Ordinal Inscriptions Milestone in Just Over 4 Months

As of April 28, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain has exceeded 2 million, according to current statistics. This milestone has been reached within just over four months since the first Ordinal inscription was minted on December 16, 2022, at block height 767,753. In total, inscription minting fees have amounted to 196.22 bitcoin, equivalent to $5.78 million.

More Than 2 Million Ordinal Inscriptions Are Now Engraved Into the Bitcoin Blockchain

The trend of Ordinal inscriptions on the Bitcoin blockchain continues to grow, with over 2,116,396 inscriptions discovered at the time of writing. These inscriptions are composed of various formats such as text, video, images, applications, and audio.

Dune Analytics statistics reveal that 67.6% of all inscriptions are in text form, while 22.6% are images in the form of JPG or PNG files. Moreover, more than 13,000 Ordinal inscriptions include an application, and over 6,000 image inscriptions are animated. There are several collections of Ordinal inscriptions that have gained popularity and have established floor values and weekly trade volumes.

According to data from ordinalswallet.com, the highest trade volume this week was observed for Clay Pepes, with 4.57 BTC or $134,082 in seven-day trade volume. The collections following Clay Pepes in terms of trade volume are Sub-100K, Bitcoin Punks, Pixel Pepes, Sub-10K, and BTC Machines, respectively. While the Ordinal inscription trend surpassed 2 million inscriptions, it coincided with the discovery of a bug that resulted in the orphaning of 1,200 inscriptions from the index.

Leonidas.og, a historian of non-fungible tokens (NFTs), explained that the orphaned inscriptions occurred just before inscription number 420,285. “The bug was caused by the ordinals protocol only counting inscriptions that were in the first input of a transaction,” the NFT historian added. Furthermore, even with the introduction of new blockchain features such as Bitcoin Stamps and Litecoin-based Ordinal inscriptions, the trend of BTC-based Ordinal inscriptions has not been affected.

Currently, there are just over 18,500 stamps on the Bitcoin blockchain since the project’s inception. On the other hand, Litecoin Ordinal inscriptions have seen more activity with 224,060 inscriptions, but the trend of LTC-based inscriptions has slowed down in recent times. Despite the introduction of these new features, the popularity of Ordinal inscriptions continues to grow, indicating a strong and resilient market for this type of digital collectible scheme.

What do you think the future holds for the Ordinal inscription trend on the Bitcoin blockchain? Will we see continued growth in popularity, or will it eventually plateau? Share your thoughts in the comments section below.

via Jamie Redman

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AIGameToEarn Begins Pre-Launch Whitelisting for AI NFTs and a $100k Guaranteed Leaderboard

PRESS RELEASE. Zagreb, Croatia, 28th April 2023, Chainwire

AIGameToEarn, an innovative platform combining artificial intelligence and gaming, started the whitelisting signups for its upcoming launch. The list is open to 2,000 lucky individuals, of which 200 spots are reserved for contributors, giveaways, and contest winners. Those who hurry and get whitelisted can purchase two AI NFTs on the mint day and participate in the platform’s $100,000 leaderboard.

Making the whitelist is not a prerequisite for enjoying AIGameToEarn. On the contrary, those who miss this chance can still earn rewards by completing quests and participating in the community. The whitelisting process will end on May 15.

Here’s how to join the whitelist:

1. Those interested can submit their wallet here.
2. Complete as many quests as possible on the Zealy quest board. This will boost their leaderboard position and their chances of winning a whitelist spot.
3. Stay active in the community.

All interested gamers and crypto enthusiasts can join AIGameToEarn to participate in giveaways and contests. Also, they can complete quests designed for effortless progression. Lastly, they can contribute to the project and become part of the community.

About AIGameToEarn

AIGameToEarn is an emerging platform for Web3 gaming that is open to everyone, regardless of age or gaming experience. The project plans to have a revolutionary impact on the rapidly-growing industry of blockchain-based games. Its Web3 GameToEarn concept enables players to create their own gaming experience and own unique game assets safely stored on the blockchain.

Users can enjoy various games on AIGameToEarn in an inclusive environment for crypto enthusiasts and gamers. They can own game outcomes, increase game capital, play, learn, and earn while having fun.

Behind AIGameToEarn is a 20+ team of professionals from the video game sector working together for the past 9 years. During this period, they collaborated on numerous gaming projects with renowned publishers, such as Voodoo (Tencent), Rollic (Take-Two), SuperSonic (IronSource), Lion Studios (AppLovin), and Modus Games (Zordix).

AIGameToEarn aims to make web3 gaming more accessible to casual gamers and provide them with earning opportunities. The platform employs a free-to-play model, where everyone can play, have fun, and potentially earn without prior experience.

AIGameToEarn offers 5 games and a $100,000 monthly leaderboard to distribute among the best-performing players. Whitelisting is now open, and the platform is rapidly running out of free spots.

Those interested to join can do so here. For more information about AIGameToEarn, visit:

Website |Twitter | Telegram | Discord | YouTube

Contact

Martin Lisak

Martin@exordiumgames.com

 

 

 

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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 Media

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