YIELD App Named Official Partner of Premier League Football Club West Ham United

PRESS RELEASE. YIELD App, a FinTech company, is thrilled to announce it has become the Official Digital Asset Wealth Management Partner of top Premier League football club, West Ham United.

This exciting partnership comes just seven months after the public launch of YIELD App in February 2021, demonstrating the growing attractiveness of digital assets to a mainstream audience across the world.

YIELD App enables its users to invest in digital assets and earn as much as 20.5% annual interest at the touch of a button. YIELD App is challenging the status quo of the traditional investment system and has seen significant growth since its public launch, with 60,000 users and an impressive $400 million of managed assets to date.

YIELD App users will now benefit from the opportunity to experience hospitality at West Ham United home fixtures, through regular competitions throughout the season.

Commenting on the partnership, Justin Wright, Chief Operations Officer of YIELD App, says: “‘We are delighted to partner with West Ham United. The club’s incredible community-driven strategy and its long-term vision for success are on par with ours. We look forward to developing a lasting relationship with the Club and all its fans around the world.”

Nathan Thompson, Commercial Director at West Ham United, said: ‘Today, we welcome YIELD App to the West Ham United partner family. We believe YIELD App will provide our growing fanbase with education of, and access to, some of the best investment opportunities. Our partnership will enable our fans to take advantage of these opportunities regardless of their financial or technical knowledge.’

Please visit the YIELD App blog for more details of the partnership and @YIELDApp across Twitter, Facebook, LinkedIn and Instagram.

 

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About YIELD App

YIELD App believes that everyone should have access to the best investment opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, the company provides an innovative digital asset wealth management platform that bridges traditional and decentralized finance in the easiest way possible. For more information, visit www.yield.app

 

About West Ham United

West Ham United is a Premier League Football Club based in London, England. The club was founded in 1895, originally as Thames Ironworks and reformed in 1900 as West Ham United. The club has won the FA Cup on three occasions, in 1964, 1975 and 1980 and currently play their home games at London Stadium.

 

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Uzbekistan Warns Citizens to Avoid Unlicensed Cryptocurrency Exchanges

A government agency in Uzbekistan has published a list of unauthorized crypto exchanges that residents of the country have been advised to avoid. The trading platforms collect personal data and bear no responsibility for the cryptocurrency transactions, officials have warned.

Authorities in Uzbekistan Blacklist ‘Unofficial’ Crypto Exchanges

The National Agency of Project Management under the President of Uzbekistan has identified a number of online platforms offering crypto trading services without authorization. During a monitoring campaign on the internet, the body registered an increase in activities of such “unofficial” digital asset exchanges.

The entities behind them offer Uzbekistani citizens the option to buy, sell or trade crypto assets without having an office in the country. They are usually registered in other jurisdictions and their servers are located abroad, but at the same time they collect personal information from residents of the Central Asian republic, the agency said in a notice published on its website.

Half a dozen crypto exchange websites targeting residents of Uzbekistan have been blacklisted: webmoneytashkent.com, wmztashkent.com, wm-torg.com, uzwmz.com, blockchainuz.com, and bitcointashkent.com. Similar services are offered through Telegram bots and groups as well. Their providers, the regulator noted, often remain completely anonymous and can quickly delete a channel.

Officials have stressed that these kinds of platforms do not bear any legal responsibility for crypto transactions between various parties and cannot guarantee their legitimacy. Furthermore, they cannot ensure the proper storage of personal data or preservation of confidentiality. The announcement states:

The Agency urges citizens to be as vigilant as possible, beware and not use services of such platforms, including so as not to become victims of fraud.

Uzbekistan legalized crypto trading in 2018 but then in December 2019 authorities in Tashkent effectively banned residents from purchasing cryptocurrencies though they were allowed to sell. The National Agency of Project Management has now reminded the public that in accordance with the presidential decree “On measures to develop the digital economy in the Republic of Uzbekistan” and the country’s law “On licensing and notification procedures,” the establishment of cryptocurrency exchanges is subject to licensing.

The government has tried to encourage certain crypto activities. In January 2020, Tashkent unveiled a plan to set up a national mining pool and the initiative was presented as a priority. The state also said it’s going to establish a licensed cryptocurrency exchange where miners will be able to sell their coins and promised to create a blockchain valley as well as introduce crypto tax exemptions. Uznex, a regulated trading platform operated by the South Korean entity Kobea Group, was launched later that month.

However, in September this year, a high-ranking central bank official was quoted as saying that cryptocurrencies such as bitcoin will never be recognized as legal tender. Speaking to local media, deputy chairman of the Central Bank of the Republic of Uzbekistan (CBU) Behzod Hamraev pointed out that unlike cryptocurrencies, the national fiat, the sum, is backed by the bank’s assets. He also expressed his opinion that bitcoin will never be equal to “world currencies” such as the dollar, euro, yen, and ruble.

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

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Defi Platform Compound Bug Allows Users to Claim $88 Million in Tokens

Compound, one of the trademark defi protocols on the Ethereum blockchain, is experiencing a bug that allows users to reclaim unusually high amounts of its native token. The issue was caused by the implementation of a proposal that modified the contract that awards tokens to users. Compound Labs founder Robert Leshner declared that user funds were safe and that the bug would have to wait seven days to be patched due to platform policies.

Compound Hit With Distribution Bug

Compound, one of the leading decentralized finance platforms built on top of Ethereum, is experiencing a bug that allows users to claim more comp, the native token of the protocol, than what they normally are able to. The bug was a product of the application of governance proposal 062, which modified the relation in which comp tokens are awarded.

According to Robert Leshner, founder of Compound Labs, this was the result of the code for the proposal being written by a community member, aided by other community members in the process. About this, Leshner stated:

This is the greatest opportunity, and greatest risk for a decentralized protocol–that an open development process allows a bug to enter production.

The impact of the bug is limited to the comp available in the comptroller’s smart contract, which is approximately 280,000 comp, worth $88 million at the time of writing.

Lack of Quick Fix Leads to Frustration

Due to the governance processes and the policies of applying governance changes to the platform, there is no quick and easy fix to this problem. Each governance proposal requires at least seven days to be passed, approved, and applied. However, proposal 063, presented by some community members, disables the ability to claim comp until the bug is resolved.

Leshner tried to warn community members that, if the majority of the claimed comp was not returned, he would report it to the IRS as income, revealing their identities in the process. This caused almost universal uproar from Compound users, who questioned how decentralized the protocol really was.

Lesher ultimately backpedaled on this affirmation, declaring:

I’m trying to do anything I can to help the community get some of its COMP back, and this was a bone-headed tweet / approach. That’s on me.

Compound is tailoring its offer to entice institutions to use its services. The company announced the launch of a service called Treasury in June, designed to offer stable yield opportunities to institutions in the space.

What do you think about Compound’s bug and its governance policies? Tell us in the comments section below.

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Italian Luxury Fashion House Dolce & Gabbana Sells NFT Collection for $5.7 Million

On September 30, the Italian luxury fashion house Dolce & Gabbana sold an NFT collection for $5.7 million or 1,885 ether. The designers’ Collezione Genesi collection was sold via the platform UNXD, a Polygon network-powered marketplace.

Dolce and Gabbana’s Collezione Genesi Rakes in 1,885 Ether

Dolce and Gabbana’s first-ever non-fungible-token (NFT) drop, Collezione Genesi raked in a whopping 1,885 ether or $5.7 million, using ethereum (ETH) exchange rates at the time of sale on Thursday. Two notable NFTs brought in the most funds, “The Doge Crown” and “The Glass Suit.”

“The Glass Suit” NFT was personally designed by Domenico Dolce and Stefano Gabbana and the suit is both an NFT and a physical version tailored specifically for the winner. There were also two versions of an NFT called “Dress from a Dream” in the 9-piece “one-of-a-kind collection.”

“In a historic moment for the NFT ecosystem, Collezione Genesi is the first luxury NFT collection that involves both digital and physical works, truly bridging the physical and the metaphysical,” Dolce and Gabbana’s NFT web portal says.

The UNXD Culture Fund, Other Fashion Maisons Delving Into NFTs

In addition to the NFT collection sale on Thursday, a new $10 million “Culture Fund” has been launched by UNXD. The aim of the “Culture Fund” is to accelerate the fashion industry’s expansion into the metaverse and NFTs. The announcement detailed that the fund will bring different avenues of revenue to fashion brands and designers.

Dolce and Gabbana is not the only fashion act in the industry getting into NFTs. A great number of other fashion maisons like Gucci, Burberry, and Louis Vuitton have all revealed NFT promotions.

Burberry leveraged the Mythical Games multiplayer online game Blankos Block Party to drop its NFTs and Louis Vuitton also used a game promotion. France’s Louis Vuitton launched a mobile game and players could collect a total of 30 non-fungible tokens. The fashion label Gucci used the auction house Christie’s for its first NFT drop.

What do you think about Dolce and Gabbana’s NFT sale? Let us know what you think about this subject in the comments section below.

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Mars4: Highly Liquid MARS4 Dollars and Revenue Generating Mars Terrain NFTs

The red planet is a mystery to man and his obsession with it has created many legends and myths over the centuries.

As the US’s Perseverance rover lands on Mars and drills its first Martian rock core for NASA, interest in Mars is at an all-time high, and pioneers are dying to stake their claim on the Red Planet’s soils.

A meaningful approach for the visionary is to speculate on Mars’s value. You can do this by participating in the Mars4 non-fungible token (NFT) and land plot sale running on Ethereum.

What is Mars4?

Mars4 is a Metaverse ecosystem where you can explore a geographically exact virtual Mars, own and customize your land with MARS4 dollars and even reap the rewards of the world’s first revenue-generating NFT. The Attractive tokenomics of Mars4 leverages NFT Mars Land, Gamification and Token Redistribution.

Mars4 is a unique metaverse. The Mars4 project’s development team has modeled their detailed 3D map of Mars’ terrain based on the latest data from Mars and other space agencies. Think of it as Mars’ equivalent of the 2001 Google Earth 3D map.

How does Mars4 work?

Mars4 leverages token yield farming and gamification elements to create an attractive decentralized finance investment option. Additionally, Mars4 helps space exploration enthusiasts explore the red planet via its virtual platform.

Inside its metaverse are diverse adventures and fun activities that will keep its community-engaged as they generate passive income from its NFTs. The Mars 4 project has three fundamental elements.

• Its interactive Mars terrain 3D world is subdivided into plots. Each Mars4 NFT is a digital representation of these plots.
• A utility and governance token system that supports user incentives, transactions, trading, gaming and NFT minting processes.
• The Mars4 liquidity mining feature for NFT holders.

Mars4 virtual world

Its 3D virtual world is Mars4’s gamification aspect. Through it, you can explore Mars and buy land as NFTs. These NFTs will earn yield via the project’s liquidity mining feature. Mars4 has 99,888 unique and rare Real Estate NFTs that symbolize Mars’ rovers landing sites and its most popular geographical features.

Each land parcel measures 559 square miles. On purchase, terraform your land to increase its value. You can purchase additional value-enhancing avatars, certificates, and logos from its in-game assets feature.

Mars4 utility and governance system

You can buy Mars4 land parcels with MARS4 tokens at its public sale. There are 4 billion MARS4 tokens that are used to mint the platform’s 99,888 NFTs. Already more than 50% NFTs are sold.

MARS4 tokens will play a key role in the metaverse’s transaction processes. Each time users perform a transaction, the Mars4 NFT holders will earn a yield. The project’s protocols will reward NFT owners for holding their units.

Before the launch of Metaverse, epochs were introduced to redistribute passive income for Mars landlords. The scarcity model was designed to provide a yield for NFT owners as soon as possible, as there are no transactions until the game is launched. After TGE event, MARS4 dollars will be integrated and extremely high transaction volume is expected.

Each Epoch starts after a new batch of 10,000 NFTs are sold. 51% of income from the Land NFTs are redistributed to the previous NFT owners, starting in Epoch 1. As more than 50,000 NFTs were sold already, Mars4 entered the first epoch on September 24th 2021.

Moreover, the scarcity model means the price of the Mars Land NFTs increases as supply decreases, making it a win-win situation for existing land holders to attract new participants to the economy to increase the capital appreciation of their NFT land holdings and reach the next Epoch sooner.

NFT holder incentives will grow after each epoch and even more later as the metaverse’s transactions increase. Mars4 NFTs are therefore an excellent long-term investment prospect and are available on the Mars4 Ecommerce site.

Mars4 explodes on MISO Launchpad

MARS4 tokens were listed on Sushiswap’s MISO launchpad from September 15th to 24th. In the private and public auctions for MARS4 tokens the minimum raise was collected in the first 45 minutes!

In the format of batch auction, participants contribute to the pool. A set number of tokens are then divided amongst all the contributors to the Market event, weighted according to their contribution to the pool.

Two auctions were organised with a total of 40 million MARS4 tokens. Mars4 exploded on the MISO launchpad with a 13 times larger amount raised than the minimum raise.

MARS4 tokens are now listed on Sushiswap and staking is available via their ONSEN system. More information is available live on Mars4 Telegram and Twitter accounts.

Conclusion

The demand for Mars-related NFTs will rise as more exploration reveals Mars’ mastery. Mars4 NFTs are a rare combination of the NFT benefits of proof of ownership of something both scarce and beautiful, and passive income generation.

Unlike other NFT projects, Mars4 has revenue assurance from its NFT yield generating protocols. It is therefore not just an artistic and exploration medium for content creators, individuals, and businesses, but an excellent source of passive income.

 

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Third-Largest Bank in France Societe Generale Proposes Use of Defi Protocol Makerdao

French multinational investment bank and financial services company, Societe Generale, has proposed to leverage the decentralized finance (defi) protocol Makerdao. The proposal dubbed “Security Tokens Refinancing” was published on October 1 to Makerdao’s forums and the submission aims to utilize the DAI stablecoin to refinance a covered bond concept.

Societe Generale Proposes Leveraging Makerdao and DAI Stablecoins to Refinance Bond Token

The international bank Societe Generale’s digital currency division has submitted a proposal on Makerdao’s governance forums (MIP6 application) and the bank wants to refinance a bond token. The “covered bond token,” as it’s called, was issued on the Ethereum blockchain last year. The proposal is on “behalf of European investment firm Societe Generale-Forge (SG-Forge),” the MIP6 application notes.

“This refinancing transaction experimentation is in line with the innovative process and solutions developed by SG-Forge,” the bank’s digital currency division explains. “This experimentation combines traditional capital market activities with the decentralized finance emerging and growing ecosystem.” Societe Generale’s summary of the proposal adds:

The “OFH Tokens”: the OFH Tokens are characterized as covered bonds under French Law backed by home loans and benefiting from a statutory privilege, issued by Societe Generale SFH (SG SFH) a specialized credit institution with the status of Société de Financement de l’Habitat delivered by the Authorité de Contrôle Prudentiel (as further described below) in the form of security tokens in the Ethereum public blockchain.

Makerdao’s Rune Christensen: Post-Foundation Model of Organization Is Proving to Be More Scalable

On Friday, the founder of Makerdao, Rune Christensen, explained how the international bank from France proposed to use the protocol. “Societe Generale, the third-largest bank in France, just made a collateral onboarding application to Maker for 20 million USD,” Christensen said. “Backed by EUR bonds, proposed by their blockchain subsidiary.”

“Turns out it was the future of France all along,” Christensen added. “Amazed that I had no clue about this at all the whole time. This is one of [the] multiple recent examples in Maker Governance of how the post-foundation model of organization is proving to be more scalable.”

What do you think about Societe Generale’s digital currency division leveraging Makerdao and DAI tokens to refinance a bond token? Let us know what you think about this subject in the comments section below.

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SEC Delays 4 Bitcoin ETF Deadlines — Regulator ‘Finds It Appropriate to Designate a Longer Period of Time’

On Friday, the U.S. Securities and Exchange Commission (SEC) has delayed four bitcoin exchange-traded funds (ETF) deadlines for another 45 days. The regulator notes that the entity needs more time to decide on the ETF applications.

Global X, Kryptoin, Valkyrie, Wisdomtree Bitcoin ETF Deadlines Extended

The Kryptoin Bitcoin ETF, Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, and Wisdomtree Bitcoin Trust have all been delayed according to the latest SEC filing. ​​”The 45th day after publication of the notice for this proposed rule change is October 24, 2021,” the U.S. regulator’s filing details. While there’s been a large quantity of bitcoin ETFs filed in the U.S., the SEC has yet to approve any of them.

The SEC filing was published by the regulator’s assistant secretary J. Matthew DeLesDernier. “The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments,” DeLesDernier details. The regulator adds:

Accordingly, pursuant to Section 19(b)(2) of the Act, Commission designates December 8, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1 (File No. SR-Nasdaq-2021-066).

Speculators Expected a Bitcoin ETF Approval by the End of October

Many speculators thought that a bitcoin ETF would be approved this year. Bloomberg Analyst Eric Balchunas told the public on Twitter that he believed an ETF would be approved by the end of October. Balchunas emphasized that the Proshares Bitcoin ETF may be the likely candidate.

“New note out today from James Seyffart [on] how the Ether ETF withdrawals add to the likelihood that a bitcoin futures ETF will be launched by end of October with Proshares as favorite, [although] it could (and arguably should) be a group to avoid first-mover advantage,” Balchunas said. The Bloomberg analyst added:

We think ether withdrawal shows SEC has a nose in this [right now] and is in [regular] contact with issuers which should mean any kinks ironed out so that they can launch 75 days after filing. Further, ProFunds’ bitcoin MF was launched 77 days after filing. These are virtually [the] same thing.

As far as the four bitcoin ETFs that were delayed on Friday, they will have to wait a few more weeks patiently. “The Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved,” the SEC filing concludes.

What do you think about the SEC delaying four bitcoin ETFs on Friday? Let us know what you think about this subject in the comments section below.

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