Venture funding for African crypto startups grew 11x in 2022.
While Africa has not yet seen a “blockchain mega-deal,” the report notes that crypto unicorns might emerge from the region in two to three years.
As many in Africa continue to adopt crypto and blockchain, more venture funding flowed into the continent in Q1 2022 than in Q1 2021, according to a new report by blockchain investment firm Crypto Valley Venture Capital (CV VC) and Standard Bank.
The report, noscriptd “The African Blockchain Report 2021,” shows that blockchain startups were able to raise $91 million in the first quarter of 2022. Q1 2022 saw a 1,668% year-on-year increase in cash inflow compared with Q1 2021's growth of 149% — a jump of more than 11x, according to CV VC.
While Africa has not yet seen a “blockchain mega-deal,” the report predicts that unicorns may emerge from the region’s crypto and blockchain scene within two to three years as more venture capitalists show interest in the region.
Gideon Greaves, CV VC’s managing director for Africa, told Cointelegraph that blockchain funding in Africa surpassed other forms of startup funding. Working in a venture capital firm that focuses on investing in blockchain projects, Greaves noted that the region has an opportunity to enter markets faster through blockchain. He said that:
“We see this development as a key enabler for African enterprises, giving them rapid entry to markets by using blockchain as the catalyst to build new businesses.”
Additionally, Greaves said that the lack of legacy infrastructure within the region gives blockchain startups an advantage because they have the opportunity to fill in the void with fast, innovative technologies.
According to the CV VC executive, Africa is equipped with the right tools, the motivation and the population to create large companies that serve millions of people. Greaves expects the continent to become the leading region for “capitalizing on business using blockchain” within the next five years.
Meanwhile, venture capital firms recently invested $23 million to launch crypto exchange platform Mara. The exchange will initially commence its operations within Kenya and Nigeria to provide a simple way to trade crypto.
While Africa has not yet seen a “blockchain mega-deal,” the report notes that crypto unicorns might emerge from the region in two to three years.
As many in Africa continue to adopt crypto and blockchain, more venture funding flowed into the continent in Q1 2022 than in Q1 2021, according to a new report by blockchain investment firm Crypto Valley Venture Capital (CV VC) and Standard Bank.
The report, noscriptd “The African Blockchain Report 2021,” shows that blockchain startups were able to raise $91 million in the first quarter of 2022. Q1 2022 saw a 1,668% year-on-year increase in cash inflow compared with Q1 2021's growth of 149% — a jump of more than 11x, according to CV VC.
While Africa has not yet seen a “blockchain mega-deal,” the report predicts that unicorns may emerge from the region’s crypto and blockchain scene within two to three years as more venture capitalists show interest in the region.
Gideon Greaves, CV VC’s managing director for Africa, told Cointelegraph that blockchain funding in Africa surpassed other forms of startup funding. Working in a venture capital firm that focuses on investing in blockchain projects, Greaves noted that the region has an opportunity to enter markets faster through blockchain. He said that:
“We see this development as a key enabler for African enterprises, giving them rapid entry to markets by using blockchain as the catalyst to build new businesses.”
Additionally, Greaves said that the lack of legacy infrastructure within the region gives blockchain startups an advantage because they have the opportunity to fill in the void with fast, innovative technologies.
According to the CV VC executive, Africa is equipped with the right tools, the motivation and the population to create large companies that serve millions of people. Greaves expects the continent to become the leading region for “capitalizing on business using blockchain” within the next five years.
Meanwhile, venture capital firms recently invested $23 million to launch crypto exchange platform Mara. The exchange will initially commence its operations within Kenya and Nigeria to provide a simple way to trade crypto.
Leading European Tire Retreader Vaculug to Accept Crypto Payments
Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.
U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.
In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.
Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.
Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.
“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.
Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.
Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products and services. Its management says the business must move with the times and offer customers more options than pounds and pence.
U.K.-based tire retreading firm Vaculug has announced it will accept two leading cryptocurrencies, bitcoin (BTC) and ethereum (ETH) as a means of payment for tires and related services. The company claims it’s the first in the industry to do that.
In a press release, Vaculug also revealed it intends to sign fixed price contracts in ‘crypto per kilometer’ and ‘crypto per vehicle’ formats, if customers would like to fix or link them to the prices of the two supported cryptocurrencies.
Blockchain is not the future but the now, says Vaculug’s IT manager Jason Humphries. “We believe that all companies will have to accept cryptocurrencies in the near future and we are proud to be the first retreader to do so,” he commented.
Humphries thinks the company, which he describes as customer-centric, must move with the times and offer clients “more options than just pounds and pence.” He also insists that crypto payments will lower transaction costs for both sides while providing more value to the buyer.
“We are proud to have partnered with Vaculug to develop the modules required for their industry leading VMS management system to be able to receive secure payments through the blockchain,” said Sam Dunross, the CEO of Dunross and Chan Ltd. which will process the crypto transactions. He added that its platform has been developed with cybersecurity firms from Israel to ensure it’s secure.
Despite the latest crypto market downturn, the number of businesses introducing bitcoin payments has continued to grow. For example, Swiss luxury watchmaker TAG Heuer announced earlier this year that it accepts a dozen coins in the U.S. through an integration with Bitpay. And a survey conducted by financial services firm Deloitte and payment processor Paypal showed that 85% of merchants consider enabling this payment method a high priority.
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South African Banking Regulator: ‘De-risking’ Crypto Firms Potentially Creates ‘Opacity in Financial Conduct’
According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to manage successfully.”
South Africa’s main banking industry regulator, the Prudential Authority, has said some banks’ decisions to terminate relationships with crypto entities “may pose a threat to financial integrity in general.” In addition, the regulator suggested that avoiding cryptocurrency entities completely could potentially weaken banks’ risk management processes.
According to a guidance note sent to financial institutions by Fundi Tshazibana, the CEO of Prudential Authority, the removal of crypto entities such as exchanges from the banking system “can potentially create opacity in the affected persons or entities’ financial conduct.” The same also eliminates the possibility of treating risks such as money laundering, terrorist financing, and proliferation financing, the eight-page guidance note added.
The remarks by Tshazibana come more than six months after reports emerged that certain South African financial institutions had sent out account termination notices to clients that offered automated cryptocurrency arbitrage services. As previously reported by Bitcoin.com News in late 2021, one of the banks, Standard Bank, insisted at the time that the termination of services to crypto entities was meant to ensure the financial institution’s compliance with regulations.
However, in the guidance note, which must also be sent to the respective institutions’ independent auditors, the CEO instead urges banks to perform the relevant risk assessment for each crypto asset (CA) or crypto asset service provider (CASP). Tshazibana explains:
It is thus prudent for banks to be able to risk categorise CA/CASP-related clients through conducting a risk assessment which will assist banks in determining the appropriate level of money laundering, terrorist financing, proliferation financing risk management measures necessary, as opposed to total avoidance, in line with the application of a risk-based approach.
The CEO argued that the decision to de-risk or terminate service should only be made after the “risk posed by a particular business or customer is too great to manage successfully.”
Reacting to the Prudential Authority’s latest guidance note, Farzam Ehsani, CEO of a South African crypto exchange platform called Valr, said in a tweet that the arguments put forward by the regulator indicate it now understands the benefits of monitoring crypto transactions. Ehsani also gave his thoughts on what the guidance note means for the crypto industry. He said:
“In my view, this is a great step forward for crypto, for South Africa and for the banks themselves. It’s particularly helpful for companies in the crypto space that are responsibly trying to build products to serve people. Risks and bad actors obviously remain in crypto (as they do elsewhere) and banks won’t immediately start banking all crypto companies.”
The Valr boss also argued that the latest guidance note will likely steer South Africa “in the right direction of allowing new technologies and innovation to flourish in the country.”
According to the latest guidance note issued by the South African banking sector regulator, Prudential Authority, risk assessment does not mean financial institutions should avoid or eliminate risks via the wholesale termination of client relationships with entities such as crypto asset service providers. Instead, the regulator wants financial institutions to only consider “de-risking” when the “risk posed is too great to manage successfully.”
South Africa’s main banking industry regulator, the Prudential Authority, has said some banks’ decisions to terminate relationships with crypto entities “may pose a threat to financial integrity in general.” In addition, the regulator suggested that avoiding cryptocurrency entities completely could potentially weaken banks’ risk management processes.
According to a guidance note sent to financial institutions by Fundi Tshazibana, the CEO of Prudential Authority, the removal of crypto entities such as exchanges from the banking system “can potentially create opacity in the affected persons or entities’ financial conduct.” The same also eliminates the possibility of treating risks such as money laundering, terrorist financing, and proliferation financing, the eight-page guidance note added.
The remarks by Tshazibana come more than six months after reports emerged that certain South African financial institutions had sent out account termination notices to clients that offered automated cryptocurrency arbitrage services. As previously reported by Bitcoin.com News in late 2021, one of the banks, Standard Bank, insisted at the time that the termination of services to crypto entities was meant to ensure the financial institution’s compliance with regulations.
However, in the guidance note, which must also be sent to the respective institutions’ independent auditors, the CEO instead urges banks to perform the relevant risk assessment for each crypto asset (CA) or crypto asset service provider (CASP). Tshazibana explains:
It is thus prudent for banks to be able to risk categorise CA/CASP-related clients through conducting a risk assessment which will assist banks in determining the appropriate level of money laundering, terrorist financing, proliferation financing risk management measures necessary, as opposed to total avoidance, in line with the application of a risk-based approach.
The CEO argued that the decision to de-risk or terminate service should only be made after the “risk posed by a particular business or customer is too great to manage successfully.”
Reacting to the Prudential Authority’s latest guidance note, Farzam Ehsani, CEO of a South African crypto exchange platform called Valr, said in a tweet that the arguments put forward by the regulator indicate it now understands the benefits of monitoring crypto transactions. Ehsani also gave his thoughts on what the guidance note means for the crypto industry. He said:
“In my view, this is a great step forward for crypto, for South Africa and for the banks themselves. It’s particularly helpful for companies in the crypto space that are responsibly trying to build products to serve people. Risks and bad actors obviously remain in crypto (as they do elsewhere) and banks won’t immediately start banking all crypto companies.”
The Valr boss also argued that the latest guidance note will likely steer South Africa “in the right direction of allowing new technologies and innovation to flourish in the country.”
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Ethereum Classic Hashrate Taps an All-Time High, ETC Hashpower Jumped 39% Higher in 4 Days
On August 20, 2022, Ethereum Classic’s hashrate reached an all-time high at block height 15,776,674 as it tapped 38.37 terahash per second (TH/s). The crypto asset has seen its hashrate surge since Wednesday, August 17, jumping 39.22% higher from 27.56 TH/s to the all-time high (ATH).
Roughly six years after ethereum classic (ETC) miners mined the first ETC block at block height 1,920,000, ETC’s hashrate tapped an ATH on August 20, 2022. ETC’s hashrate reached 38.37 TH/s at block height 15,776,674.
The hashrate has been added to the ETC chain as Ethereum (ETH) approaches The Merge upgrade on or around September 15, 2022. Four days ago, on August 17, ETC hashrate was 27.56 TH/s and its jumped 39.22% higher since that day.
ETC’s largest mining pool is Ethermine as it commands 8.05 TH/s, which is followed by Poolin’s 8.02 TH/s. Ethermine’s and Poolin’s combined hashrate of around 16 TH/s is more than 40% of ETC’s global hashrate.
ETC was initiated after the DAO hack in 2016 and the first ETC block was mined on July 20, 2016. Proponents of ETC believe it is the original unchanged Ethereum blockchain as the DAO hard fork erased the event from the blockchain.
In a commitment to sticking to proof-of-work, Ethereum Classic developers removed the difficulty bomb from the ETC chain. ETC’s difficulty bomb removal took place at block height 5,900,000.
While Ethereum Classic (ETC) has seen a significant hashrate spike, other Ethash-based token networks like Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) have not see any substantial increases in hashpower.
Ethereum Classic’s all-time hashrate high follows the many predictions that forecasted ETH’s hashrate would migrate to ETC. Last week, JPMorgan market strategists predicted that ETC would likely be one of the main beneficiaries of The Merge.
Meanwhile, as ETC has seen a significant hashrate increase, roughly 1 petahash per second (PH/s) or 1,000 terahash (TH/s) is still dedicated to the Ethereum (ETH) blockchain.
On August 20, 2022, Ethereum Classic’s hashrate reached an all-time high at block height 15,776,674 as it tapped 38.37 terahash per second (TH/s). The crypto asset has seen its hashrate surge since Wednesday, August 17, jumping 39.22% higher from 27.56 TH/s to the all-time high (ATH).
Roughly six years after ethereum classic (ETC) miners mined the first ETC block at block height 1,920,000, ETC’s hashrate tapped an ATH on August 20, 2022. ETC’s hashrate reached 38.37 TH/s at block height 15,776,674.
The hashrate has been added to the ETC chain as Ethereum (ETH) approaches The Merge upgrade on or around September 15, 2022. Four days ago, on August 17, ETC hashrate was 27.56 TH/s and its jumped 39.22% higher since that day.
ETC’s largest mining pool is Ethermine as it commands 8.05 TH/s, which is followed by Poolin’s 8.02 TH/s. Ethermine’s and Poolin’s combined hashrate of around 16 TH/s is more than 40% of ETC’s global hashrate.
ETC was initiated after the DAO hack in 2016 and the first ETC block was mined on July 20, 2016. Proponents of ETC believe it is the original unchanged Ethereum blockchain as the DAO hard fork erased the event from the blockchain.
In a commitment to sticking to proof-of-work, Ethereum Classic developers removed the difficulty bomb from the ETC chain. ETC’s difficulty bomb removal took place at block height 5,900,000.
While Ethereum Classic (ETC) has seen a significant hashrate spike, other Ethash-based token networks like Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) have not see any substantial increases in hashpower.
Ethereum Classic’s all-time hashrate high follows the many predictions that forecasted ETH’s hashrate would migrate to ETC. Last week, JPMorgan market strategists predicted that ETC would likely be one of the main beneficiaries of The Merge.
Meanwhile, as ETC has seen a significant hashrate increase, roughly 1 petahash per second (PH/s) or 1,000 terahash (TH/s) is still dedicated to the Ethereum (ETH) blockchain.
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Report: East African Single Currency Unlikely to Be Introduced by 2024
There are growing doubts about the regional economic bloc known as the East African Community’s ability to successfully launch a single currency by 2024, a report has said. One of the reasons for this is member states’ delays in meeting targets as set out in the roadmap.
Central banks from an African economic union, the East African Community (EAC) are reportedly unsure if plans to introduce a single currency for the region by the year 2024 will be realized. The central banks cite some member states’ failure to meet targets as set out in the roadmap as one of the reasons why the single currency is unlikely to take off as planned.
As per a report in the East African, members of the six-nation East African Community hope that the envisaged common currency will help reduce the costs associated with converting currencies. There are also hopes the single currency, whose attainment is one of the EAC’s priorities for the period between 2022 and 2026, will eliminate the exchange rate volatility that comes with cross-border trading.
Meanwhile, in a communique reportedly released on August 22, the EAC confirmed that delays and other challenges meant the regional bloc cannot have a single currency by 2024 as planned.
“The Committee noted that there have been delays in realising targets set out in the EAMU East African Monetary Union roadmap and that there are several challenges that could further impede the timely implementation of EAMU protocol. Therefore, the Committee pledged to work with the EAC Secretariat and other stakeholders in the EAC integration process to fast-track pending activities of the EAMU roadmap,” the EAC communique explained.
Still, despite its acknowledgement that the process to establish a single regional currency has been beset by challenges, the EAC nonetheless claimed that partner states’ central banks had achieved some progress.
According to the East African report, some of the central banks’ achievements include the creation of the East African Monetary Union (EAMU) as well as the harmonization of forex and monetary policies.
Other achievements are said to be the harmonization of regulatory regimes, the improvement of cybersecurity frameworks, and the application of measures which strengthen payment systems.
There are growing doubts about the regional economic bloc known as the East African Community’s ability to successfully launch a single currency by 2024, a report has said. One of the reasons for this is member states’ delays in meeting targets as set out in the roadmap.
Central banks from an African economic union, the East African Community (EAC) are reportedly unsure if plans to introduce a single currency for the region by the year 2024 will be realized. The central banks cite some member states’ failure to meet targets as set out in the roadmap as one of the reasons why the single currency is unlikely to take off as planned.
As per a report in the East African, members of the six-nation East African Community hope that the envisaged common currency will help reduce the costs associated with converting currencies. There are also hopes the single currency, whose attainment is one of the EAC’s priorities for the period between 2022 and 2026, will eliminate the exchange rate volatility that comes with cross-border trading.
Meanwhile, in a communique reportedly released on August 22, the EAC confirmed that delays and other challenges meant the regional bloc cannot have a single currency by 2024 as planned.
“The Committee noted that there have been delays in realising targets set out in the EAMU East African Monetary Union roadmap and that there are several challenges that could further impede the timely implementation of EAMU protocol. Therefore, the Committee pledged to work with the EAC Secretariat and other stakeholders in the EAC integration process to fast-track pending activities of the EAMU roadmap,” the EAC communique explained.
Still, despite its acknowledgement that the process to establish a single regional currency has been beset by challenges, the EAC nonetheless claimed that partner states’ central banks had achieved some progress.
According to the East African report, some of the central banks’ achievements include the creation of the East African Monetary Union (EAMU) as well as the harmonization of forex and monetary policies.
Other achievements are said to be the harmonization of regulatory regimes, the improvement of cybersecurity frameworks, and the application of measures which strengthen payment systems.
US Judge Allows Voyager Digital to Pay $1.9M in Employees ‘Retention’ Bonuses
Under Voyager’s “key employee retention plan” or KERP, the company will be allowed to make payments to its non-insider employees whom the company sees as key assets for their revival plans.
Troubled cryptocurrency lender Voyager Digital filed for Chapter 11 bankruptcy last month following the Q2 2022 market crash and severe liquidations. Federal court judge Michael Wiles recently signed orders allowing crypto lenders to pay up to $1.9 million as Voyager Digital’s employee retention bonuses.
Reportedly, there are 30 employees of Voyager eligible to receive the “retention” award. Judge Michael Wiles agreed to seal their names and noscripts. Voyager’s “key employee retention plan” or KERP will allow the troubled crypto lender to make payments to its non-insider employees whom the company sees as key assets for their revival plans.
Voyager said that the compensation for those employees has changed in recent months as their equity depreciated. In its request for the funds Voyager noted:
“The departure of the Debtors’ key employees during these chapter 11 cases would destroy value, harm the Debtors’ restructuring process, and adversely affect the Debtors’ ability to operate in the ordinary course upon emergence”.
The troubled crypto lender Voyagel digital had filed for authorization earlier this month which was opposed by the company’s creditors last Friday. Bankruptcy watchdog US Trustee’s Office, operating under the Department of Justice, also objected to the potential recipient’s names and noscripts, adding that they might not be eligible to receive the bonuses. But during the hearing, Michael Slade, an attorney with Kirkland & Ellis representing Voyager, said:
“This program does not involve the senior management team, and data about these individuals would typically not exist in the public domain. We note that no creditor or shareholder or economic stakeholder has objected to the motion to seal. We provided this information to the UCC Official Committee of Unsecured Creditors, which was the only party to ask us for it and the United States Trustee’s office. The information has not been withheld from anyone who asked for it”.
Richard Morrissey, an attorney with the US Trustee’s office has called Voyager’s concerns “speculative”. Morrissey noted that hundreds of his customers have asked his office questions about the process.
During the hearing, Voyager Digital confirmed that no senior management positions would qualify among those employees receiving the retention money. Furthermore, Slade that Voyager is implementing some cost-cutting measures over the next month. This could further results in annual savings of $4.6 million.
Under Voyager’s “key employee retention plan” or KERP, the company will be allowed to make payments to its non-insider employees whom the company sees as key assets for their revival plans.
Troubled cryptocurrency lender Voyager Digital filed for Chapter 11 bankruptcy last month following the Q2 2022 market crash and severe liquidations. Federal court judge Michael Wiles recently signed orders allowing crypto lenders to pay up to $1.9 million as Voyager Digital’s employee retention bonuses.
Reportedly, there are 30 employees of Voyager eligible to receive the “retention” award. Judge Michael Wiles agreed to seal their names and noscripts. Voyager’s “key employee retention plan” or KERP will allow the troubled crypto lender to make payments to its non-insider employees whom the company sees as key assets for their revival plans.
Voyager said that the compensation for those employees has changed in recent months as their equity depreciated. In its request for the funds Voyager noted:
“The departure of the Debtors’ key employees during these chapter 11 cases would destroy value, harm the Debtors’ restructuring process, and adversely affect the Debtors’ ability to operate in the ordinary course upon emergence”.
The troubled crypto lender Voyagel digital had filed for authorization earlier this month which was opposed by the company’s creditors last Friday. Bankruptcy watchdog US Trustee’s Office, operating under the Department of Justice, also objected to the potential recipient’s names and noscripts, adding that they might not be eligible to receive the bonuses. But during the hearing, Michael Slade, an attorney with Kirkland & Ellis representing Voyager, said:
“This program does not involve the senior management team, and data about these individuals would typically not exist in the public domain. We note that no creditor or shareholder or economic stakeholder has objected to the motion to seal. We provided this information to the UCC Official Committee of Unsecured Creditors, which was the only party to ask us for it and the United States Trustee’s office. The information has not been withheld from anyone who asked for it”.
Richard Morrissey, an attorney with the US Trustee’s office has called Voyager’s concerns “speculative”. Morrissey noted that hundreds of his customers have asked his office questions about the process.
During the hearing, Voyager Digital confirmed that no senior management positions would qualify among those employees receiving the retention money. Furthermore, Slade that Voyager is implementing some cost-cutting measures over the next month. This could further results in annual savings of $4.6 million.
Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Markets Rebound
Bitcoin was back above $20,000 on Tuesday, as bulls seemingly moved in to buy following the recent dip in price. The token dropped to a multi-week low over the weekend, however prices have now risen in back-to-back sessions. Ethereum was also in the green, as prices briefly recaptured $1,600.
Bitcoin (BTC) was trading higher for a second consecutive session, as the token rallied back above $20,000 following recent declines.
BTC/USD dropped to a low of $19,600.79 on Sunday, however after two days of gains, prices reached a peak of $20,542.64 earlier today.
This move sees bitcoin attempt to move back towards a key support/resistance point at $20,800, five days after falling below the mark.
Looking at the chart, Tuesday’s rally has come as the relative strength index (RSI) rebounded from its own floor to start the week.
The RSI climbed from a support point at 29.00, and is now tracking at a reading of 38.20, which is marginally above its 38.00 ceiling.
Should this week’s uptrend continue, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800.
Like bitcoin, ethereum (ETH) also had a turbulent weekend, which saw prices fall to a one-month low.
During the weekend, ETH/USD hit a low of $1,427.73, which is its weakest point since July 26, taking prices close to a key floor at $1,420.
However, gains yesterday — and so far in today’s session — have sent the token to an intraday high of $1,600.46.
This sees the world’s second largest cryptocurrency climb by almost 10% from its low of $1,448.13 on Monday.
As of writing, ETH continues to trade above a key support point at $1,550, and this comes as its RSI edges closer to a potential hurdle.
A ceiling of 50.00 awaits the index, which is currently tracking at 47.00, which could potentially see bears back into the market, putting a stop to the recent rebounds.
Bitcoin was back above $20,000 on Tuesday, as bulls seemingly moved in to buy following the recent dip in price. The token dropped to a multi-week low over the weekend, however prices have now risen in back-to-back sessions. Ethereum was also in the green, as prices briefly recaptured $1,600.
Bitcoin (BTC) was trading higher for a second consecutive session, as the token rallied back above $20,000 following recent declines.
BTC/USD dropped to a low of $19,600.79 on Sunday, however after two days of gains, prices reached a peak of $20,542.64 earlier today.
This move sees bitcoin attempt to move back towards a key support/resistance point at $20,800, five days after falling below the mark.
Looking at the chart, Tuesday’s rally has come as the relative strength index (RSI) rebounded from its own floor to start the week.
The RSI climbed from a support point at 29.00, and is now tracking at a reading of 38.20, which is marginally above its 38.00 ceiling.
Should this week’s uptrend continue, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800.
Like bitcoin, ethereum (ETH) also had a turbulent weekend, which saw prices fall to a one-month low.
During the weekend, ETH/USD hit a low of $1,427.73, which is its weakest point since July 26, taking prices close to a key floor at $1,420.
However, gains yesterday — and so far in today’s session — have sent the token to an intraday high of $1,600.46.
This sees the world’s second largest cryptocurrency climb by almost 10% from its low of $1,448.13 on Monday.
As of writing, ETH continues to trade above a key support point at $1,550, and this comes as its RSI edges closer to a potential hurdle.
A ceiling of 50.00 awaits the index, which is currently tracking at 47.00, which could potentially see bears back into the market, putting a stop to the recent rebounds.
‼️THIS IS A MUST READ‼️
NFT Apparel has just launched its Minting as a Service (MAAS)!
MaaS is a zero code Minting dApp factory that enables any artist with a collection of artworks to deploy a mint even for their collection in a matter of minutes. The ecosystem handles the entire process of the NFT minting dApp deployment from Smart contract creation and deployment through to the individuals' web page and URL.
🚀PUBLIC SEED ROUND TAKING PLACE SOON!🚀
NFT Apparel is set to hold its first stage Public Seed Sale set to go live on the 15th of September and interest around the company in the VC space growing.
✅SOUND INVESTMENT BECAUSE
👉Doxxed Dev team
👉The team has a locked vesting schedule
👉Team have been building for months!
Find out about seed sale: https://news.1rj.ru/str/NFTApparelOfficial
Mint your NFT collection: https://mint.nftapparel.com.au/
NFT Apparel has just launched its Minting as a Service (MAAS)!
MaaS is a zero code Minting dApp factory that enables any artist with a collection of artworks to deploy a mint even for their collection in a matter of minutes. The ecosystem handles the entire process of the NFT minting dApp deployment from Smart contract creation and deployment through to the individuals' web page and URL.
🚀PUBLIC SEED ROUND TAKING PLACE SOON!🚀
NFT Apparel is set to hold its first stage Public Seed Sale set to go live on the 15th of September and interest around the company in the VC space growing.
✅SOUND INVESTMENT BECAUSE
👉Doxxed Dev team
👉The team has a locked vesting schedule
👉Team have been building for months!
Find out about seed sale: https://news.1rj.ru/str/NFTApparelOfficial
Mint your NFT collection: https://mint.nftapparel.com.au/
Bitcoin’s Mining Difficulty Change Prints 2022’s Second Largest Increase — Metric Nears All-Time High
On Wednesday, Bitcoin’s mining difficulty jumped 9.26% higher, recording the second highest difficulty rise in 2022. The latest rise is Bitcoin’s third difficulty increase since August 4, 2022, and it’s now 11.63% harder to find bitcoin block reward.
Bitcoin (BTC) has experienced the third difficulty increase this month as the difficulty increased by 9.26% on August 31. The difficulty change took place at block height 751,968, and the 9.26% jump is the second biggest this year. The largest rise in 2022 took place 223 days ago on January 20, 2022, at block height 719,712.
Currently, the difficulty is 30.98 trillion, which is only 0.27 below the network difficulty’s all-time high (ATH) at 31.25 trillion on May 10, 2022. With bitcoin’s lower USD value and a 9.26% difficulty increase, miners have been dealt a blow. In fact, the last three difficulty increases have made it 11.63% harder to find a bitcoin block reward prior to August 4.
On August 4, at block height 747,936, Bitcoin’s mining difficulty rose by 1.74% and two weeks later, it increased again by 0.63%. Five days ago, Bitcoin News reported on the community discussing the possibility of the difficulty seeing a notable rise. On August 25, Blocksbridge Consulting tweeted that it was expecting “a notable difficulty jump.”
Furthermore, during that same week, Bitcoin’s hashrate spiked to 282.21 exahash per second (EH/s). The hashrate was roughly 3.35% lower than the all-time high (ATH) recorded on June 8, 2022, at block height 739,928. At the time of writing, Bitcoin’s hashrate is coasting along at 236.33 EH/s.
The difficulty rise and the lower BTC value has not affected miners yet as the hashrate continues to run at elevated speeds. The difficulty increases when 2,016 bitcoin block rewards are discovered ‘too fast,’ and the metric decreases when the block discovery time or interval is ‘too slow.’
Satoshi Nakamoto’s design makes it so roughly every ten minutes, a new BTC block is found as the DAA system is modeled by a Poisson distribution scheme. The average block interval at the time of writing is 7:59 minutes, which means if the next 2,016 bitcoin block rewards are discovered ‘too fast,’ the next difficulty is estimated to increase again.
There are roughly 1,964 BTC block rewards left until the next difficulty shift and it is estimated to take place on September 12, 2022. If the rise is higher on that day, there’s a great possibility that the network’s difficulty could very well surpass the ATH recorded 113 days ago on May 10, 2022.
On Wednesday, Bitcoin’s mining difficulty jumped 9.26% higher, recording the second highest difficulty rise in 2022. The latest rise is Bitcoin’s third difficulty increase since August 4, 2022, and it’s now 11.63% harder to find bitcoin block reward.
Bitcoin (BTC) has experienced the third difficulty increase this month as the difficulty increased by 9.26% on August 31. The difficulty change took place at block height 751,968, and the 9.26% jump is the second biggest this year. The largest rise in 2022 took place 223 days ago on January 20, 2022, at block height 719,712.
Currently, the difficulty is 30.98 trillion, which is only 0.27 below the network difficulty’s all-time high (ATH) at 31.25 trillion on May 10, 2022. With bitcoin’s lower USD value and a 9.26% difficulty increase, miners have been dealt a blow. In fact, the last three difficulty increases have made it 11.63% harder to find a bitcoin block reward prior to August 4.
On August 4, at block height 747,936, Bitcoin’s mining difficulty rose by 1.74% and two weeks later, it increased again by 0.63%. Five days ago, Bitcoin News reported on the community discussing the possibility of the difficulty seeing a notable rise. On August 25, Blocksbridge Consulting tweeted that it was expecting “a notable difficulty jump.”
Furthermore, during that same week, Bitcoin’s hashrate spiked to 282.21 exahash per second (EH/s). The hashrate was roughly 3.35% lower than the all-time high (ATH) recorded on June 8, 2022, at block height 739,928. At the time of writing, Bitcoin’s hashrate is coasting along at 236.33 EH/s.
The difficulty rise and the lower BTC value has not affected miners yet as the hashrate continues to run at elevated speeds. The difficulty increases when 2,016 bitcoin block rewards are discovered ‘too fast,’ and the metric decreases when the block discovery time or interval is ‘too slow.’
Satoshi Nakamoto’s design makes it so roughly every ten minutes, a new BTC block is found as the DAA system is modeled by a Poisson distribution scheme. The average block interval at the time of writing is 7:59 minutes, which means if the next 2,016 bitcoin block rewards are discovered ‘too fast,’ the next difficulty is estimated to increase again.
There are roughly 1,964 BTC block rewards left until the next difficulty shift and it is estimated to take place on September 12, 2022. If the rise is higher on that day, there’s a great possibility that the network’s difficulty could very well surpass the ATH recorded 113 days ago on May 10, 2022.
Deloitte: Nearly 50% of CFOs Surveyed Expect Recession to Hit US Economy This Year
Financial services firm Deloitte has conducted a survey of chief financial officers (CFOs) and found that nearly 50% of respondents expect the U.S. economy to be in recession this year. Furthermore, 39% expect the North American economy to be in a period of stagflation by year-end.
Deloitte, one of the Big Four accounting firms, published the results of its CFO Signals Survey for the third quarter earlier this week. The survey, conducted between Aug. 1 and 15, had the participation of 112 chief financial officers (CFOs) across the U.S., Canada, and Mexico. Deloitte explained that they represent diversified large companies, noting that 84% of respondents reported revenue in excess of $1 billion and more than one-quarter are from companies with greater than $10 billion in annual revenue.
According to Deloitte:
Forty-six percent of surveyed CFOs expect the North American economy to be in a recession by the new year.
The financial services firm detailed that CFOs are taking various actions to prepare for a recession, including reducing or closely managing operating expenses, controlling headcount, limiting hiring, and increasing productivity.
Furthermore, a number of CFOs said they are evaluating their customers, services, and products to identify opportunities to help recession-proof their organizations. Deloitte additionally found:
Slightly more than one-third of CFOs (39%) noted they expect the North American economy to be in a period of stagflation by 2023.
“Another 15% expressed a more optimistic outlook, indicating they expect the region’s economy to be growing with low-to-moderate inflation by 2023,” the firm described.
Regarding capital market assessment, 30% of CFOs believe U.S. equities were overvalued in this quarter’s survey. “47% indicated U.S. equities were neither overvalued nor undervalued, while 24% viewed them as being undervalued,” Deloitte noted.
Many people are worried that the Federal Reserve’s hawkish stance will push the U.S. economy into recession following Fed Chairman Jerome Powell’s speech in Jackson Hole, Wyoming. Among them is U.S. Senator Elizabeth Warren (D-MA) who said: “I’m very worried that the Fed is going to tip this economy into recession.”
An independent survey published last week showed that 72% of economists polled by the National Association of Business Economics expect the U.S. economy to be in recession by the middle of next year. Nearly one in five (19%) economists surveyed said the U.S. economy is already in a recession. Another survey conducted by Stifel Financial last month showed that 97% of U.S. executives are already bracing for a recession.
Financial services firm Deloitte has conducted a survey of chief financial officers (CFOs) and found that nearly 50% of respondents expect the U.S. economy to be in recession this year. Furthermore, 39% expect the North American economy to be in a period of stagflation by year-end.
Deloitte, one of the Big Four accounting firms, published the results of its CFO Signals Survey for the third quarter earlier this week. The survey, conducted between Aug. 1 and 15, had the participation of 112 chief financial officers (CFOs) across the U.S., Canada, and Mexico. Deloitte explained that they represent diversified large companies, noting that 84% of respondents reported revenue in excess of $1 billion and more than one-quarter are from companies with greater than $10 billion in annual revenue.
According to Deloitte:
Forty-six percent of surveyed CFOs expect the North American economy to be in a recession by the new year.
The financial services firm detailed that CFOs are taking various actions to prepare for a recession, including reducing or closely managing operating expenses, controlling headcount, limiting hiring, and increasing productivity.
Furthermore, a number of CFOs said they are evaluating their customers, services, and products to identify opportunities to help recession-proof their organizations. Deloitte additionally found:
Slightly more than one-third of CFOs (39%) noted they expect the North American economy to be in a period of stagflation by 2023.
“Another 15% expressed a more optimistic outlook, indicating they expect the region’s economy to be growing with low-to-moderate inflation by 2023,” the firm described.
Regarding capital market assessment, 30% of CFOs believe U.S. equities were overvalued in this quarter’s survey. “47% indicated U.S. equities were neither overvalued nor undervalued, while 24% viewed them as being undervalued,” Deloitte noted.
Many people are worried that the Federal Reserve’s hawkish stance will push the U.S. economy into recession following Fed Chairman Jerome Powell’s speech in Jackson Hole, Wyoming. Among them is U.S. Senator Elizabeth Warren (D-MA) who said: “I’m very worried that the Fed is going to tip this economy into recession.”
An independent survey published last week showed that 72% of economists polled by the National Association of Business Economics expect the U.S. economy to be in recession by the middle of next year. Nearly one in five (19%) economists surveyed said the U.S. economy is already in a recession. Another survey conducted by Stifel Financial last month showed that 97% of U.S. executives are already bracing for a recession.
Publicly-Listed Miner Hive Plans to Transfer ETH Hashrate to Other GPU Mineable Coins Ahead of Merge
While the cryptocurrency community prepares for The Merge, the Nasdaq-listed, Hive Blockchain Technologies, revealed in the company’s August 2022 production update that it plans to re-distribute its hashpower dedicated to Ethereum toward “other GPU mineable coins.”
On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) published the company’s August production report which talks about a “record monthly BTC production” and the appointment of a new general counsel member. Hive also discussed the upcoming Ethereum network transition from proof-of-work (PoW) to proof-of-stake (PoS).
Hive dedicated 6.49 terahash per second (TH/s) of Ethash hashrate toward the Ethereum chain in August and saw an average of 6.19 TH/s during the last 30 days. The publicly listed mining operation also talked about the Bellatrix upgrade and the estimated Merge date. The company has been preparing for the transition and will dedicate its GPU hashrate elsewhere.
“Hive has already commenced analysis of mining other GPU mineable coins with its fleet of GPUs, and is implementing beta-testing this week, prior to [The Merge],” Hive said on Tuesday. “The company’s technical team is implementing a strategy to optimize the hashrate economics of the 6.5 Terahash of Ethereum mining capacity in the event of Ethereum’s transition to proof-of-stake, across various other GPU mineable coins.”
Most of Hive’s mining capacity is dedicated to mining bitcoin (BTC) but it also noted that mining ethereum has been profitable. Hive notes that the company’s ethereum mining operations have “historically generated 3 to 4 times more revenue per megawatt than bitcoin mining.”
In August Hive managed to acquire 518.8 BTC and accrued 16.7 BTC per day. Hive claims to have close to 4 exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. Hive said it saw “a peak BTC Equivalent Hashrate of 3.92 Exahash in August, with [an] average hashrate of 3.70 Exahash of BTC Equivalent Hashrate throughout August.”
While the cryptocurrency community prepares for The Merge, the Nasdaq-listed, Hive Blockchain Technologies, revealed in the company’s August 2022 production update that it plans to re-distribute its hashpower dedicated to Ethereum toward “other GPU mineable coins.”
On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) published the company’s August production report which talks about a “record monthly BTC production” and the appointment of a new general counsel member. Hive also discussed the upcoming Ethereum network transition from proof-of-work (PoW) to proof-of-stake (PoS).
Hive dedicated 6.49 terahash per second (TH/s) of Ethash hashrate toward the Ethereum chain in August and saw an average of 6.19 TH/s during the last 30 days. The publicly listed mining operation also talked about the Bellatrix upgrade and the estimated Merge date. The company has been preparing for the transition and will dedicate its GPU hashrate elsewhere.
“Hive has already commenced analysis of mining other GPU mineable coins with its fleet of GPUs, and is implementing beta-testing this week, prior to [The Merge],” Hive said on Tuesday. “The company’s technical team is implementing a strategy to optimize the hashrate economics of the 6.5 Terahash of Ethereum mining capacity in the event of Ethereum’s transition to proof-of-stake, across various other GPU mineable coins.”
Most of Hive’s mining capacity is dedicated to mining bitcoin (BTC) but it also noted that mining ethereum has been profitable. Hive notes that the company’s ethereum mining operations have “historically generated 3 to 4 times more revenue per megawatt than bitcoin mining.”
In August Hive managed to acquire 518.8 BTC and accrued 16.7 BTC per day. Hive claims to have close to 4 exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. Hive said it saw “a peak BTC Equivalent Hashrate of 3.92 Exahash in August, with [an] average hashrate of 3.70 Exahash of BTC Equivalent Hashrate throughout August.”
ETC Group Says It Will List an Exchange-Traded Product Based on Anticipated ETH Hard Fork
Digital asset-backed securities provider the Etc Group has said it will list an exchange-traded product (ETP) based on an anticipated hard fork of the Ethereum blockchain on September 15. Current holders of Etc Group’s ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.”
The Etc Group, a provider of institutional-grade digital asset-backed securities, has said it will list a new exchange-traded product (ETP) based on a hard fork of the Ethereum blockchain that is likely to occur after the so-called “Merge.” According to a statement issued by the securities provider, the ETP will be listed on the German exchange Xetra on September 16, a day after the forking event.
As outlined in the securities provider’s statement, holders of Etc Group’s current ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.” The statement explained that the new units will be “in addition to their existing ZETH holdings which will persist and be backed by ETH as before.”
As the Ethereum blockchain’s anticipated switch from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism approaches, a number of crypto experts believe The Merge will see some “miners forking ETH to keep a PoW version so they can continue mining.” As a consequence, current ETH holders will likely receive airdrops of a new altcoin called ETHW.
Explaining the reasons behind the Etc Group’s plan to list the ETP, the organization’s founder and co-CEO, Bradley Duke, said:
“When we launched Etc Group, we committed to holders of our digital asset-backed securities that they would benefit from hard forks to the underlying digital assets and cryptocurrencies. In line with this and our demonstrated leadership of the digital asset industry, any holders of our Ethereum-based ETP (ZETH) will receive, at no cost, matching units of the new Ethereum PoW ETP soon after the Ethereum Hard Fork occurs, which we’re expecting around September 15.”
Before announcing plans to list the new ETP, the Etc Group had released a research report explaining The Merge and what will likely happen after September 15. The fate of ETH miners as well as the forked chain’s chances of succeeding are also examined.
Digital asset-backed securities provider the Etc Group has said it will list an exchange-traded product (ETP) based on an anticipated hard fork of the Ethereum blockchain on September 15. Current holders of Etc Group’s ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.”
The Etc Group, a provider of institutional-grade digital asset-backed securities, has said it will list a new exchange-traded product (ETP) based on a hard fork of the Ethereum blockchain that is likely to occur after the so-called “Merge.” According to a statement issued by the securities provider, the ETP will be listed on the German exchange Xetra on September 16, a day after the forking event.
As outlined in the securities provider’s statement, holders of Etc Group’s current ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.” The statement explained that the new units will be “in addition to their existing ZETH holdings which will persist and be backed by ETH as before.”
As the Ethereum blockchain’s anticipated switch from a proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism approaches, a number of crypto experts believe The Merge will see some “miners forking ETH to keep a PoW version so they can continue mining.” As a consequence, current ETH holders will likely receive airdrops of a new altcoin called ETHW.
Explaining the reasons behind the Etc Group’s plan to list the ETP, the organization’s founder and co-CEO, Bradley Duke, said:
“When we launched Etc Group, we committed to holders of our digital asset-backed securities that they would benefit from hard forks to the underlying digital assets and cryptocurrencies. In line with this and our demonstrated leadership of the digital asset industry, any holders of our Ethereum-based ETP (ZETH) will receive, at no cost, matching units of the new Ethereum PoW ETP soon after the Ethereum Hard Fork occurs, which we’re expecting around September 15.”
Before announcing plans to list the new ETP, the Etc Group had released a research report explaining The Merge and what will likely happen after September 15. The fate of ETH miners as well as the forked chain’s chances of succeeding are also examined.
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💎BAT has a total token supply of 10 billion
💵$IBAT is also liquidity locked (1-year Lockup)
🚀 IBAT rocked to over 5x the listing price after launch and is currently sitting at over 3x
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🔥 $IBAT’s listing on CoinMarketCap will likely lead to a further increase in the price! So Don’t Miss Out!
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🖇 Trading Pair: IBAT/BNB
🤖Battle Infinity is a new metaverse platform with play-to-earn (P2E) mechanics.
🔥Built-in fantasy sports league with NFT integration
💎BAT has a total token supply of 10 billion
💵$IBAT is also liquidity locked (1-year Lockup)
🚀 IBAT rocked to over 5x the listing price after launch and is currently sitting at over 3x
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Head Trader of $100M Global Crypto Ponzi Scheme Pleads Guilty in US
The head trader of a $100 million global cryptocurrency Ponzi scheme has pleaded guilty and is facing up to five years in prison, according to the U.S. Department of Justice (DOJ). “The defendants allegedly misappropriated large sums of investors’ money to lease a Lamborghini, shop at Tiffany & Co., make a payment on a second home, and more.”
The U.S. Department of Justice (DOJ) announced Thursday that Joshua David Nicholas has pleaded guilty for his role as the “head trader” in a “global cryptocurrency investment fraud scheme that amassed approximately $100 million from investors.”
The 28-year-old Florida man admitted that he and others made numerous misrepresentations about Empiresx, a purported cryptocurrency platform, to investors, including promising “guaranteed” returns and claiming that Empiresx operated a trading bot that used artificial and human intelligence to maximize profitability for investors.
The DOJ detailed:
Instead, Empiresx operated a Ponzi scheme by paying earlier investors with money obtained from later Empiresx investors.
The U.S. Securities and Exchange Commission (SEC) also charged Nicholas along with Empiresx founders Emerson Pires and Flavio Goncalves, both of Brazil, in June with violating the registration and anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Noting that Empiresx never registered its investment program with the SEC, the securities regulator said:
The bot was fake, Nicholas’ trading resulted in significant losses, and the defendants only transferred a small portion of investors’ funds to Empiresx’s brokerage account.
“Instead, the defendants allegedly misappropriated large sums of investors’ money to lease a Lamborghini, shop at Tiffany & Co., make a payment on a second home, and more,” the SEC described.
The Justice Department indicted all three men in June with “one count of conspiracy to commit wire fraud and one count of conspiracy to commit securities fraud.” Pires and Goncalves were also charged with “conspiracy to commit international money laundering.” According to the indictment, the pair laundered investors’ funds through a foreign-based cryptocurrency exchange.
The Justice Department noted:
Nicholas pleaded guilty to one count of conspiracy to commit securities fraud and faces a maximum penalty of five years in prison.
The head trader of a $100 million global cryptocurrency Ponzi scheme has pleaded guilty and is facing up to five years in prison, according to the U.S. Department of Justice (DOJ). “The defendants allegedly misappropriated large sums of investors’ money to lease a Lamborghini, shop at Tiffany & Co., make a payment on a second home, and more.”
The U.S. Department of Justice (DOJ) announced Thursday that Joshua David Nicholas has pleaded guilty for his role as the “head trader” in a “global cryptocurrency investment fraud scheme that amassed approximately $100 million from investors.”
The 28-year-old Florida man admitted that he and others made numerous misrepresentations about Empiresx, a purported cryptocurrency platform, to investors, including promising “guaranteed” returns and claiming that Empiresx operated a trading bot that used artificial and human intelligence to maximize profitability for investors.
The DOJ detailed:
Instead, Empiresx operated a Ponzi scheme by paying earlier investors with money obtained from later Empiresx investors.
The U.S. Securities and Exchange Commission (SEC) also charged Nicholas along with Empiresx founders Emerson Pires and Flavio Goncalves, both of Brazil, in June with violating the registration and anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Noting that Empiresx never registered its investment program with the SEC, the securities regulator said:
The bot was fake, Nicholas’ trading resulted in significant losses, and the defendants only transferred a small portion of investors’ funds to Empiresx’s brokerage account.
“Instead, the defendants allegedly misappropriated large sums of investors’ money to lease a Lamborghini, shop at Tiffany & Co., make a payment on a second home, and more,” the SEC described.
The Justice Department indicted all three men in June with “one count of conspiracy to commit wire fraud and one count of conspiracy to commit securities fraud.” Pires and Goncalves were also charged with “conspiracy to commit international money laundering.” According to the indictment, the pair laundered investors’ funds through a foreign-based cryptocurrency exchange.
The Justice Department noted:
Nicholas pleaded guilty to one count of conspiracy to commit securities fraud and faces a maximum penalty of five years in prison.
PLUTO, the new reserve currency protocol on Waves, is getting more diverse!
Now you can issue PLUTO tokens by providing WAVES for the protocol’s treasury. The treasury is what makes Pluto resistant to bear markets (FYI, it is happening right now).
In a nutshell, PLUTO’s price can’t go too low for too long but always goes up long-term. From the introduction of minting for WAVES, the price has already went up 40%!
Once you get PLUTO, consider staking without any lock-up or taking part in onboarding with APY up to 678%!
So here’s how you can get your hands on PLUTO in exchange for some WAVES:
1. Connect your wallet at http://pluto.gold
2. Go to "Issue PLUTO"
3. Select $WAVES as an LP token for issuing PLUTO
4. Set the amount, press "Issue" and sign
5. Note that there is an 11-day lock-up period for the issued tokens
Now you can issue PLUTO tokens by providing WAVES for the protocol’s treasury. The treasury is what makes Pluto resistant to bear markets (FYI, it is happening right now).
In a nutshell, PLUTO’s price can’t go too low for too long but always goes up long-term. From the introduction of minting for WAVES, the price has already went up 40%!
Once you get PLUTO, consider staking without any lock-up or taking part in onboarding with APY up to 678%!
So here’s how you can get your hands on PLUTO in exchange for some WAVES:
1. Connect your wallet at http://pluto.gold
2. Go to "Issue PLUTO"
3. Select $WAVES as an LP token for issuing PLUTO
4. Set the amount, press "Issue" and sign
5. Note that there is an 11-day lock-up period for the issued tokens
Square Enix Exploring Blockchain Game Development as Part of Oasys Project Partnership
Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oasys, a Web3-oriented blockchain project. As part of this partnership, Square Enix will be part of the first 21 validators of the Oasys network, and will explore new possibilities regarding developing blockchain games using this decentralized tech, including user-generated contributions.
Square Enix has been one of the few AAA gaming companies in Japan seeking to embrace blockchain elements as part of its business model. The company recently announced that it will go all the way, becoming part of the initial validator set of Oasys, a gaming-oriented blockchain advertised as a “high-speed, zero gas fee experience” for users.
The Japanese gaming giant will be using the Oasys blockchain as a tool for the development of new blockchain games and the inclusion of user-generated content in virtual worlds. About this new partnership, Yosuke Saito, director of the Square Enix Blockchain Entertainment Division, stated:
Our shared enthusiasm for web3 gaming makes this an exciting partnership for us and we look forward to gaining insights that can advance the creation of all-new gameplay experiences for gamers across the globe.
The organization is not alone in this endeavor, as other gaming companies have also established partnerships with Oasys in order to become validators of the network. Both traditional and blockchain gaming companies such as Bandai Namco, Sega, Ubisoft, Netmarble, Wemade, Com2us, and Yield Guild Games are also among these 21 first block validators.
Square Enix’s blockchain focus is not a new thing. In fact, the company has included blockchain tech as part of its business model since last year, saying it would “focus on blockchain games premised on token economies as a form of decentralized content.”
The president of the company has also put significant emphasis on using the tech to reward users that contribute to the creation of virtual worlds with their own elements, as the press release of the Oasys partnership describes. In January, in a new year’s letter, Square Enix President Yosuke Matsuda stated:
From having fun to earning to contributing, a wide variety of motivations will inspire people to engage with games and connect with one another. It is blockchain-based tokens that will enable this.
In July, the company announced plans to issue Final Fantasy-themed non-fungible tokens (NFTs) using the Enjin blockchain in 2023, as part of the celebration of the 25th Anniversary of the creation of the franchise.
Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oasys, a Web3-oriented blockchain project. As part of this partnership, Square Enix will be part of the first 21 validators of the Oasys network, and will explore new possibilities regarding developing blockchain games using this decentralized tech, including user-generated contributions.
Square Enix has been one of the few AAA gaming companies in Japan seeking to embrace blockchain elements as part of its business model. The company recently announced that it will go all the way, becoming part of the initial validator set of Oasys, a gaming-oriented blockchain advertised as a “high-speed, zero gas fee experience” for users.
The Japanese gaming giant will be using the Oasys blockchain as a tool for the development of new blockchain games and the inclusion of user-generated content in virtual worlds. About this new partnership, Yosuke Saito, director of the Square Enix Blockchain Entertainment Division, stated:
Our shared enthusiasm for web3 gaming makes this an exciting partnership for us and we look forward to gaining insights that can advance the creation of all-new gameplay experiences for gamers across the globe.
The organization is not alone in this endeavor, as other gaming companies have also established partnerships with Oasys in order to become validators of the network. Both traditional and blockchain gaming companies such as Bandai Namco, Sega, Ubisoft, Netmarble, Wemade, Com2us, and Yield Guild Games are also among these 21 first block validators.
Square Enix’s blockchain focus is not a new thing. In fact, the company has included blockchain tech as part of its business model since last year, saying it would “focus on blockchain games premised on token economies as a form of decentralized content.”
The president of the company has also put significant emphasis on using the tech to reward users that contribute to the creation of virtual worlds with their own elements, as the press release of the Oasys partnership describes. In January, in a new year’s letter, Square Enix President Yosuke Matsuda stated:
From having fun to earning to contributing, a wide variety of motivations will inspire people to engage with games and connect with one another. It is blockchain-based tokens that will enable this.
In July, the company announced plans to issue Final Fantasy-themed non-fungible tokens (NFTs) using the Enjin blockchain in 2023, as part of the celebration of the 25th Anniversary of the creation of the franchise.