Russian President Vladimir Putin criticized the United States for its abandonment of the gold standard, remarking in a Sputnik-released video that the U.S. dollar is now a trust-based currency without tangible backing, a decision underscored by the absence of gold equivalence. This critique arrives during efforts by BRICS countries to diminish reliance on the U.S. […]
Bitcoin News
Meme Coin Prices Crash But Traders are Backing PlayDoge as Presale Raises $4.2M
The meme coin market is in a tailspin, with prices crashing across the board. However, one project is bucking the trend. PlayDoge (PLAY), the nostalgic gaming token, has now raised over .2 million in its ongoing presale as retail investors pile in. Meme Coin Mania Cools as Market Turns Red It’s been a gloomy week […]
Bitcoin News
Farcaster Secures $150M in Funding, Reaches $1B Valuation With Backing From Paradigm
Farcaster, a decentralized social media platform leveraging the Ethereum blockchain and Optimism’s Layer two ecosystem, has successfully raised 0 million in a funding round led by Paradigm, bringing its valuation to billion. The funds will be used to sustain the project’s development, focusing on growing its user base and enhancing developer tools, after the […]
Bitcoin News
GoMining Secures Bitscale Capital Backing to Accelerate Its NFT-Based Bitcoin Mining Operation
PRESS RELEASE. British Virgin Islands / Wednesday / GoMining, the infrastructure company easing access to Bitcoin mining with its Liquid Bitcoin Hashrate protocol, has raised million through a direct investment from Bitscale Capital, a top international VC fund. The agreement will see Bitscale Capital acquire equity worth million, in the shape of GOMINING, […]
Bitcoin News
Chainlink Gets Whale Backing: LINK Price Up 14% Amid Market Dip
In the midst of the recent turbulence within the cryptocurrency market, Chainlink (LINK) has emerged as a notable outlier, demonstrating resilience against the sweeping downturn that has left major altcoins crumbling.
Surprisingly, LINK has steadfastly clung to the mark, showcasing a 14% rally in the last seven days and defying the prevailing market trends. However, investors are left to ponder whether this is a promising sign for Chainlink’s future or merely a momentary blip in the radar.
Massive Chainlink Whale Purchase
This positive signal coincides with a notable .9 million whale purchase, injecting a substantial dose of confidence into the market. Yet, beneath the surface, murmurs of a whale exodus are causing concern.
After the price of $LINK dropped today, a whale spent 8.9M$ to buy 601,949 $LINK at .81 with 3 new wallets.https://t.co/W7BjWM2XsP pic.twitter.com/xlFPqWv4ko
— Lookonchain (@lookonchain) January 19, 2024
This purchase also dampens some worries especially following a recent selling spree by Chainlink investors, who offloaded a significant 2.3 million tokens since January 12th.
The positive signal also comes after recent concerns in the absence of a noteworthy uptick in fundamental growth metrics such as network usage. Without substantial real-world adoption, the coveted price point for Chainlink might remain an elusive mirage.
Chainlink’s Strengths Persist Amid Market Uncertainty
Meanwhile, IntoTheBlock’s global in/out of the money (GIOM) chart uses the historical entry prices of the current LINK holders to highlight critical levels of support and resistance.
In the near term, investors may opt for short-covering maneuvers to prevent falling into a net-loss position, a strategy that could lead to the consolidation of Chainlink’s (LINK) price just below the threshold in the upcoming days.
Conversely, bullish market participants could potentially counter this bearish scenario by successfully pushing the price beyond the territory. However, a potential hurdle arises from the fact that over 94,000 holders have accumulated 51 million LINK at a minimum price of .8.
This sizable accumulation suggests the possibility of bears establishing a formidable sell-wall in that price range, potentially triggering a retreat in LINK’s value.
The interplay of these dynamics underscores the delicate balance between short-term tactical moves and broader market sentiment that currently characterizes the trajectory of Chainlink’s price.
Despite the prevailing turbulence, the core strengths of Chainlink should not be overlooked. Its established role as a leading oracle provider within the blockchain ecosystem remains undiminished.
If the broader crypto market stages a recovery and fundamental growth aligns, a resurgence for Chainlink is not out of the realm of possibility.
Featured image from Freepik
Transparency Report Reveals Backing for Paypal’s PYUSD Stablecoin
Paypal’s stablecoin, PYUSD, has been operational for 38 days. The token’s issuer, Paxos, has issued a transparency report related to the coin’s reserves. Much like many of today’s stablecoin industry leaders, PYUSD is supported by cash reserves and U.S. Treasury reverse repurchase agreements.
Paxos Issues Transparency Report on Paypal’s Stablecoin
Paxos, the issuer of this stablecoin and a partner of payments giant Paypal, has made public a transparency report concerning PYUSD’s reserves. According to the update, PYUSD is fully collateralized by U.S. Treasury notes and cash reserves.
As of August 31, 2023, .36 million supports PYUSD, which has a notional value of approximately .50 million. Paxos’ repurchase agreements are characterized by “overnight maturity with reputable financial institutions and overcollateralization with U.S. Treasuries,” as highlighted in the update.
The report states that out of the total, .86 million is collateralized by Treasury notes, and .5 million is collateralized with cash reserves. “As all trades are overcollateralized, the risk of loss is not deemed to be material,” Paxos assures in the transparency report.
Paxos also mentions that it collaborates with BMO Harris Bank, Customers Bank, and State Street Bank. “In order to support overnight and weekend liquidity, Paxos maintains balances in excess of FDIC insurance limits,” the company discloses.
At the time of writing on September 14, 2023, at 9:00 a.m. (ET), approximately 44,376,440.45 PYUSD is in circulation. Roughly 611 addresses hold PYUSD, and it has recorded a total of 2,758 transfers since its launch in August. As of September 14, 2023, the top 100 holders collectively possess 99.97% of all the PYUSD in circulation.
PYUSD is currently ranked 411th out of more than 10,000 crypto assets in terms of market capitalization. The newly launched token has experienced approximately .27 million in 24-hour global trade volume.
What do you think about the recent PYUSD transparency report Paxos released? Share your thoughts and opinions about this subject in the comments section below.
Dogecoin Ready For 4th Straight Week Of Gains – Even Without Elon Musk’s Backing
Dogecoin (DOGE) price had to go through the rabbit hole as it recovered from the blows of the crypto winter.
- Dogecoin price refrains to subject to Elon Musk’s bidding
- Price underrated yet pins a surprise twist at the end
- DOGE nearing a breach before August ends; September hints at a pompous rally at 50%.
It seems that Elon Musk has been mum about Dogecoin for several months now hinting that the tie-up has ended, and it’s time to call it a day and move on.
DOGE Price Moving Up – With Or Without Elon Musk
With or without Elon Musk, DOGE is moving on and going no other way but up. DOGE traders have stepped on the gas and gave a strong bullish stride to the crypto; signaling the price to go way up.
The huge inflation wave has doomed the crypto market for several months in connection to the war in Ukraine. On a positive note, the price seems to know how to dance with the wave as it dashes through its fourth straight week of gains.
Chart from TradingView.com
Dogecoin is observed to be propped up the 55-day SMA that is used as its anchor for two consecutive weeks. With throttles and pivots spotted in August, this clearly hints that a breach is nearby. The underpinned price action is present at .068, hinting that the price can go way up peaking at .10; with returns of 50%. RSI for DOGE shows that it’s far from reaching the overbought zone.
Some risks of a downtrend are looming as seen on the 55-day SMA as bears can try to pull the price down to the .04 level which shows a plunge of 38%. If the bears can break through that level, then the coin price can dangerously hit rock bottom at .007.
According to CoinMarketCap, DOGE is up 6.6% and trading at .07525 as of this writing.
Dogecoin Set To Breach .08 Level
Dogecoin is one of the many cryptocurrencies that crashed with the perils of the crypto winter. However, in June 2022, these cryptocurrencies managed to hit reverse after hitting rock bottom and have traded upwards ever since and DOGE is even trying to double its figures before the year ends.
After DOGE reached rock bottom at .05, DOGE was able to jump back to the game. DOGE is showing off with a consistent uptrend which is also intensified by the upcoming merge with Ethereum.
Early this month, DOGE slipped from the top 10 list of biggest cryptocurrencies but has now seen an impressive recovery today as the prices soared by as much as 8% as seen overnight with Polkadot as its closest competitor.
Judging by the current market dynamics, DOGE is seen to potentially peak at .10, especially with the coin’s consistent uptrend. DOGE is expected to breach the .08 price zone which validates its continuous uptrend. There might be a looming correction to .07 but is short-lived and DOGE will be back at it again aiming to breach .08.
DOGE total market cap at .95 billion on the daily chart | Source: TradingView.com
Featured image from Republic World, Chart from TradingView.com
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Which Banks Manage the USD Reserve Backing Your TrueUSD?
Stablecoins have maintained a strong growth momentum against the occasionally frustrating crypto market. Recently, the TUSD-TRX pool on the decentralized trading platform SunSwap has yielded up to 12%, and the vault of TUSD achieved an APY of as high as 11.2% on the decentralized yield optimizer Beefy Finance (BNB). These APYs are eye-catching indeed!
Apart from the yield, security is also a major consideration for those who seek to entrust their assets to a stablecoin service provider. In the case of TUSD, asset security is ensured by two safeguards, one being its transparent reserves. TrueUSD is attested live by Armanino, one of the largest U.S.-based accounting firms, to ensure the 1:1 ratio of its USD reserve to its circulating token supply and thus a 100% collateral rate. The other safeguard is its partner banks. The banks (or custodians) matter as they are responsible for holding the USD assets that back the value of TUSD for safekeeping. So, which banks are holding TUSD’s USD reserve, and what strengths do they have? Truly is here to help you find out the answer today.
At present, TrueUSD collaborates with five trusted partner banks—Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust, and BitGo. Now we will walk you through the advantages of these banks.
Signature Bank
Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform. Introduced in January 2019, Signet the platform is committed to providing fast and stable real-time crypto payment services. It is a payment ecosystem built on the blockchain and also the first platform approved by the New York State Department of Financial Services. It is based on Ethereum and allows clients to make real-time payments in U.S. dollars 24/7 all year long.
On June 18, 2021, TrueUSD announced a partnership with Signature Bank, a New York-based full-service commercial bank. TUSD was then integrated into Signature Bank’s payment network Signet, which allows its users to enjoy 24/7 minting services that can be completed within 2 minutes on average, greatly improving its financial efficiency and user experience. Also, with Signet, TUSD is able to provide free-of-charge transaction services to cater to users’ needs. Signature Bank is dedicated to serving institutional customers. It will designate account managers to customers with a large transaction volume to help them online and on-site in a timely manner.
Silvergate Bank
In January 2014, Silvergate became one of the first banks to set up accounts for cryptocurrency transactions. It is one of the few “crypto-friendly” banks and a leading provider of innovative financial services in the crypto space. As of today, Silvergate has provided services for 750 crypto exchanges. In 2017, it launched a dedicated trading network that allows investors to transfer funds between crypto exchanges globally on a 24/7 basis. Now, Silvergate is accelerating the growth of the crypto market and reshaping global commerce for digital currencies.
By leveraging the Silvergate Exchange Network (SEN), TUSD provides users with efficient token minting services. Unlike traditional banks, TUSD puts a premium on users’ needs and offers 24/7 minting, redemption, and settlement services to boost the efficiency of using TUSD.
Prime Trust
Prime Trust is an industry-leading trust company. As a chartered, regulated financial institution, it’s overseen by the banking commissioner’s office at the Nevada Financial Institutions Division. Prime Trust is also a member of the American Bankers Association and Nevada Trust Company Association, as well as a crypto-friendly bank seasoned in the digital economy, trust business, securities regulations, and government affairs.
PrimeX allows TUSD holders to mint and redeem their tokens 24/7 and provides optimal instant settlement.
First Digital Trust
First Digital Trust was built in 2017, under the umbrella of First Digital Trust Limited. It’s brought together skills from the traditional financial world and knowledge of the digital assets economy to offer open finance solutions. After spinning off and becoming our own company in 2019, First Digital Trust became a fully independent public trust company headquartered in Hong Kong.
Users can mint and redeem their tokens through First Digital Trust, TrueUSD’s trust partner. Please note that First Digital Trust applies minimum and maximum thresholds for mints and redemptions, the upper limit amount of a single minting or redemption is 0K. So, for those minting and redeeming relatively small amounts of TUSD, First Digital Trust is your go-to choice.
BitGo
Headquartered in Palo Alto, BitGo is one of the world’s largest and oldest custodians of digital assets. BitGo was granted the trust license by the New York State Department of Financial Services and has been active in both centralized and decentralized finance spheres. BitGo offers best-in-class trading and lending services through its prime brokerage services and facilitates the operation and security of over 500 institutional clients spanning 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms.
BitGo offers custody services for TUSD, and its multi-signature wallets have supported TUSD, enabling users to purchase TUSD within the wallet, and better secure their assets.
Currently, BitGo does not charge any purchase or exchange fees, but the minimum amount required for minting and redemption is 00 worth of TUSD, and there is no upper limit when individual or institutional users mint or redeem TUSD via PrimeTrust, Silvergate Bank or Signature Bank.
After you read the introductions above, we believes that you have gained insight into the banking partners of TUSD. The perfect integration of TUSD, a compliant and transparent stablecoin, and the banks’ innovative technology and platform facilitates users to address trading-related issues, improving financial services and user experience. Meanwhile, this is also a critical time for TrueUSD to build its credit so that more users will choose to hold TUSD.
Down the road, TrueUSD will further expand its collaborations with banks for better solutions, offering safe, efficient, and convenient financial services for TUSD users.
OneRare’s Solid Investor Backing Results in $2M Fundraise to Foodify the Blockchain Industry
OneRare is reportedly garnering support from top investors as it concluded its heavily oversubscribed fundraising round of M to scale up its unique gaming project centred around merging Food, GameFi, and NFTs in one metaverse. It intends to appeal to foodies & gamers from different parts of the world to immerse in their massive foodverse. The fundraising will see to the effect that the emerging project will bring exceptional innovation in the imminent future.
With investors such as Arkstream Capital, Momentum 6, StableNode, Exnetwork Capital, Enjinstarter, Everse Capital, Kangaroo Capital, Tag Ventures, Maven Capital, 1010 Capital, CSP DAO, Skyman Ventures, FF Ventures, ZBS Capital, and Lucid Blue Ventures, acting as key facilitators of the fundraise for OneRare, there is certainly a ground-breaking foodverse in view.
Asides from its aim to foodify blockchain and usher a novel and highly innovative wave of the blockchain metaverse, the OneRare project is designed to bridge the gap between food diversity, the love of gaming, and the creativity of digital art collectibles in the NFT space. The visionary idea has caught the attention of top investors and adept advisors in the space who intend to be a major part of the project in the long term.
Angel Investors including Sebastien Borget from The Sandbox, Sandeep Nailwal from Polygon, Ravindra Kumar from Frontier, Nischal Shetty from WazirX, Edmond Truong from Formation Fi, Tarun Jaswani from Unbound Finance, Shashwat Gupta from Altcoin Buzz, Prakash Somosundram from Enjinstarter, Tamar Menteshashvili from Solana, & Abhinav Sarangi from LEGO Games, amongst others, are also onboard to guide the success of the first-ever metaverse for food on the Blockchain ecosystem.
Funding a New Facet of the Blockchain Metaverse
Major capital firms tend to pique rapid interest in projects like OneRare. The project is taking advantage of the rapid development of the metaverse to mark the beginning of an era that will combine the love of food and gaming, alongside the burgeoning NFT sphere, into a leading-edge digital realm that is termed the ‘Foodverse’. This is going to be a novel and interesting facet of the metaverse that will bring thousands of foodies, game enthusiasts, and art creators in the NFT industry to a new and engaging aspect of the blockchain metaverse.
With help from the fund, the OneRare foodverse project aims to bring the global passion for food to Web3 for the first time. Exploring a new aspect of the blockchain metaverse, the project curates the first platform for foodies to interact with the blockchain, engage with their favorite foods, play immersive games, and build a strong global community.
Bolstering Widespread Awareness Of GameFi And NFTs with A Foodified Blockchain
By virtue of being the first Food Metaverse, coupled with the company fundraise as a pillar, OneRare and its foodverse will offer many unique and creative opportunities for collaboration that will bolster widespread awareness of GameFi and NFTs as it aims to foodify the blockchain.
By creating the first food experience in the digital sphere, OneRare has onboarded partners from the Food industry & other Web3 projects to bring about a community experience around the global passion for food. Players can explore the four areas of the Foodverse to engage in different activities to play, earn, trade & battle.The project will be soon launching on EnjinStarter and TrustPad along with a pre-IDO on Genesis Shards.
Virtual Real Estate Takes Off With Backing From Billionaire Mike Novogratz
The virtual real estate market is taking off. Crypto billionaire and investor Mike Novogratz’s venture capitalist firm Galaxy Interactive is making a substantial investment in virtual real estate developer Republic Realm. The deal was announced in a Reuter exclusive, but terms were not disclosed at this time.
Digital real estate receiving this vote of confidence in the form of a sizeable investment from Novogratz’s VC firm bodes well for the growing industry. Despite owning many digital companies itself, Galaxy Interactive is in the portfolio of companies owned by Galaxy Digital which Novogratz is the CEO of. Galaxy Digital is a leader in the world of digital asset investing.
Recently, Republic Realm had a 10 million dollar funding but the investment from Galaxy Interactive is separate from that one. Two weeks ago, Republic Realm also made headlines when it bought a plot of virtual land for nearly 1 million dollars. With investment and innovation like this on the blockchain, they are sure to continue pushing the boundaries of what digital assets are and how they can be used.
Related Reading | MANTRA DAO Grants Viewers Inside Access with Reality-TV Style YouTube Series
How Blockchain And Virtual Real Estate Merge
As a virtual real estate developer, Republic Realm buys real estate in digital worlds and develops that digital land with a team of game designers and 3D imagers. Digital stores can be rented out to tenants who sell NFT’s and other digital assets. Plus, people can hold virtual events or meetings in these spaces as well.
Their main mall right now is Metajuku, located in a virtual world called Decentraland. Decentraland is run on the DAO network. Janine Yorio Managing Director at Republic Realm makes a good point in stating,
Real world shopping malls are sitting half empty as stores move more business online. Meanwhile, elaborate virtual malls are being built in the metaverse, a nascent industry called ‘de-commerce.
In a different ad on Republic Realm’s website for a virtual villa and private island digital world coming soon:
Your private island can serve as a backdrop to your digital identity, opening digital doors for you and creating the online life you dream about living.
Of course, in these digital worlds cryptocurrencies will be the main mode for transactions. Additionally, stores, digital land, and digital goods purchased in these virtual worlds will be held on the blockchain and in users crypto wallet’s.
Related Reading | How Decentraland offers multiple ways for profit with digital real estate
Will Virtual Real Estate Move Crypto Prices?
Right now, big news from the virtual real estate world will probably not move cryptocurrency prices in a significant way. However, that could change in short order. As more virtual worlds are created and more people participate in those virtual worlds, the prices of digital assets, digital land, and any crypto associated with those assets will go up.
Despite BTC and the crypto market in general holding steady after its recent downtrend, this is a major vote of confidence for blockchain technology from a VC with big money to spend. They see the future of virtual cities and worlds all run on by blockchain technology.
Featured Photo by Joshua Sortino on Unsplash