cryptocurrency
Netflix’s Crypto King: a riveting watch, but should it be better?
If you haven’t seen the new Netflix documentary, Crypto King, you should stop right here and go watch it. Even if you’re not into crypto, it’s worth watching. Although, considering you’re reading this on CoinText, I’m going to assume you are a crypto fan (still, I’ve read that there are actually some crypto people who are in relationships – who would have thought? So, your significant others will enjoy it too). With that said, I’m about to jump into some spoilers, so if you aren’t familiar with the crazy story, this is your last chance to avoid finding out. The Story Gerald Cotten was the founder of QuadrigaCX, a Canadian crypto exchange. He was a nerd; perpetually clad in clunky running shoes and ill-fitting jeans. He had glasses, and he even spoke like a nerd! Genuinely, he did. He sport...
Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger
On Friday, Bitcoin (BTC) mining company PrimeBlock announced that it is merging with special purpose acquisition vehicle (SPAC) company 10X Capital Venture Acquisition Corp II. The deal places PrimeBlock at an enterprise value of $1.323 billion and is expected to close in the second half of the year. The company has installed 1.8 exahash per second of BTC self-mining equipment, accounting for approximately 0.89% of the Bitcoin network’s overall hash rate. According to PrimeBlock, its break-even price for mining is $9,000 per coin. Back in 2020, up to 59% of its energy sources were carbon-free. The firm seeks to become carbon-neutral on a net-zero basis by the year 2050. Last year, PrimeBlock brought in $21.8 million in revenue through mining 356.8 BTC. But in 2022, the firm expects t...
Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi
On Tuesday, centralized cryptocurrency exchange Binance announced the rollout of Binance Bridge 2.0. The feature enables users to bridge assets from any blockchain, including tokens not listed on the Binance app, to the BNB Chain. Bridged tokens listed on Binance will be stored in the Funding or Spot Wallet, while unlisted bridged tokens will be transferred to the Funding Wallet only. Users can bridge-in or bridge-out tokens between their native blockchains and BNB Chain via regular deposit and withdrawal functions. In the future, Binance also plans to create a better version of its mobile app to allow users to facilitate such conversion via a single click. Regarding the development, Mayur Kamat, head of product at Binance, said: “With Binance Bridge 2.0, we can make decentralized fi...
Understanding the Risks to Cryptocurrency Trading
Sourced from Hacker Noon. Alongside self-fertilizing crops and low-carbon shipping, cryptocurrencies have made the World Economic Forum (WEF) list of top tech trends in 2022 bolstered by research by the Thomson Reuters Foundation that describes it as moving from the ‘fringes of finance to the mainstream’. Perceptions around cryptocurrencies have shifted, with several countries adopting it as legal tender, banks looking to create their own forms of digital currency, and consumers putting their savings into crypto wallets instead of traditional financial institutions. Anna Collard, SVP Content Strategy & Evangelist at KnowBe4 Africa. Countries are either considering or are already partially using Central Bank Digital Currency (CBDC), which essentially allows for companies and individuals...
Portsmouth residents can now settle bills using crypto
The mayor of Portsmouth doesn’t want his city to miss out on the utility of crypto and blockchain tech He envisions a future where crypto transforms financial services, but he says it could serve the underbanked for now Portsmouth, a small city in New Hampshire, is working to enable its residents to pay their bills in crypto. The city’s mayor Deaglan McEachern vouched for the decision, saying City Hall is now more informed on how to leverage crypto and blockchain tech. Crypto will redefine finance and the port city wants to be part of this future According to a March 23 report from local news outlet Seacoastonline, the mayor acknowledged that into the future, this type of technology is likely to have an even bigger impact, and Portsmouth should not be left behind. “There&...
Why Bored Ape Yacht Club scares me
Last week, I wrote an article on ApeCoin, the new cryptocurrency launched to be “the primary token for all new products and services” from the Bored Ape Yacht Club (BAYC). I won’t go over previously covered ground, but to summarise it quickly, ApeCoin is an ERC-20 governance token; the thesis is that holders can vote on potential changes to Bored Ape Yacht Club, in addition to gaining access to exclusive events and merchandise, as well as use it for in-game currency. After a bit of a volatile start (who would have guessed?) the coin has gone vertical, with a market cap of $3.7 billion at time of writing. BAYC have yet again proved that everything they touch turns to gold (although Bitcoin diehards may not like the choice of words in that expression). $450 million raise Yuga Labs, the creat...
Support for the Solana Ecosystem Introduced on Coinbase
Coinbase, the largest crypto trading platform in the United States, has rolled out support for the Solana ecosystem. A slew of new tokens and features are now becoming available to Coinbase users. “Over the past year, there has been an explosion of interest in web3 and decentralized applications including NFTs and decentralized finance (DeFi),” reads a Coinbase blog post. “One of the blockchain networks that has seen a major increase in use is Solana, which has since built a vibrant community of developers and users alike. The update makes it easier to keep track of cryptos from different networks without the need to manage multiple wallet apps.” Rising interest in Solana According to the crypto exchange, one of the main reasons for the rising interest in Solana over the past year is that ...
On-chain: Ethereum surges, outperforms Bitcoin and stocks
The never-ending battle of Ethereum against the psychologically-important $3K barrier continues. The DeFi king broke through the resistance earlier, meaning it is now up 16% on the week. Ethereum 7-day returns, data via CoinMarketCap Order Volume The $3K area has been a tug-of-war over the last while, and today reads no different. Data below via IntoTheBlock shows the boisterous volume on both sides of $3K, as order-books burst with bids and asks. It’s difficult to ascertain where ETH will go from here; like most financial assets, it may depend on external geopolitical developments, which have been plentiful in recent times. Order volume around the $3K barrier, data via IntoTheBlock Volume Volume provides no clue in either direction, with withdrawals from exchanges continuing to fol...
Evidence doesn’t back claims of Russia using crypto to evade sanctions, says Chainalysis CEO
Chainalysis chief Jonathan Levin has said there’s no evidence of ‘systemic’ use of crypto to skirt sanctions The CEO also explained how Chainalysis’ recently-released sanctions compliance tools enable businesses to screen for interaction with sanctioned addresses Amid the ongoing invasion of Ukraine by the Kremlin, the question of whether cryptocurrencies could be used to evade economic sanctions has been up for debate. Blockchain tracking and analytics firm Chainalysis CEO and co-founder Jonathan Levin has given his opinion on the matter in a recent interview with Bloomberg Technology. Levin spoke to Emily Chang and Sonali Basak about the new free sanctions screening tools recently announced by Chainalysis. He explained that the tools are meant to help organisations and businesses ensure ...
Deloitte 2021 Global Blockchain Survey: 76% of respondents believe digital assets are a strong alternative to, or outright replacement for, fiat currencies
Pre-COVID, cryptocurrency was still a relatively unknown commodity in mainstream circles and to average consumers. Two years into the pandemic (or post-pandemic, can we say???), that has changed entirely. Deloitte’s 2021 global blockchain survey highlights the extent of crypto’s emergence – and this survey was conducted only one year into the pandemic, in March/April 2021. Note: “FSI Pioneers” are respondents whose organisations have already deployed blockchain activities into production and/or integrated digital assets into their core business activities Remarkably, 76% of respondents believe that “digital assets will serve as a strong alternative to, or outright replacement for, fiat currencies in the next 5-10 years”. That’s quite a staggering number and one that really surprised u...
RBI seemingly wants to ban cryptocurrencies, but not for the reasons you might think
On Thursday, the Reserve Bank of India, or RBI, the country’s central bank, published a critical bulletin regarding the cryptocurrency industry. While the report praised the innovative distributed ledger technology associated with digital currencies, the RBI dismissed arguments calling for the regulation of such assets and called for an outright ban. RBI’s core concerns were related to cryptocurrencies threatening the country’s financial sovereignty. The RBI wrote: “Historically, private currencies have resulted in instability and therefore, have evolved into fiat currencies over centuries. The retrograde step back to private currencies cannot be taken simply because technology allows it without considering the dislocation it causes to society’s leg...
Central Bank of Russia issues digital asset license to Sberbank in apparent policy reversal
Less than two weeks after the Central Bank of Russia, or CBR, reiterated its position proposing to ban the issuance, mining and circulation of cryptocurrencies in Russia, it appears to have reevaluated its policy. In a press release published on Thursday, the CBR added the country’s biggest lender, Sberbank, to its register of information system operators for digital financial assets. As reported by local news outlet Tass, the CBR stated: “Inclusion in the registry allows companies to issue digital financial assets and exchange them between users within their platforms.” Sberbank’s blockchain platform is based on a distributed ledger technology, which can, theoretically, protect against information tampering. Legal entities on Sberbank will soon be able to issue digital financia...
