Crypto Guides, Knowledge & Insights

Due to poor customer demand, Valkyrie will liquidate the Bitcoin Balance Sheet ETF.

The manager of digital content said that the Valkyrie Balance Sheet Opportunities FUND (Nasdaq: VBB), which now has traded on Nasdaq since December 2021, would stop operating at the end of the month and thereafter be delisted. According to a statement with the Securities and Exchange Commission on Tuesday, each shareholder who is part of the economy of the fund at dissolution will receive a cash withdrawal corresponding to the net asset value (NAV) of their holdings.　　　　The funds liquidation, according to Valkyrie, was the most prudent decision and was part of a regular evaluation of products to ensure that the business was best meeting consumer needs. The firm says that the decision was made after rigorous Board of Directors consultation. They came to the conclusion that ending the fund would be beneficial for everyone concerned. In Valkyries second ETF, which holds the highest stakes in the companies recognized for storing Bitcoin on their balance sheets, MicroStrategy (MSTR) and Tesla (TSLA), clients have never shown much enthusiasm. The study states that the funds financial worth is currently barely around $570,000.　　Stock may be traded up to the close of business on October 28. Valkyrie stated that it will cover all costs associated

2022-10-12Deep Dive

Co-Founders: "Insolvency, Bankruptcy is Nowhere in Nexo's reality."

The co-founders of Nexo, Antoni Trenchev and Kalin Metodiev, responded to a number of questions in a “Ask-Me-Anything” YouTube video on Tuesday. One viewer questioned whether their loaning system might be the next Celsius Network Ltd. or Voyager Digital Ltd., both of which went bankrupt previously this year.　　“Insolvency, bankruptcy is nowhere in Nexos reality,” Metodiev retorted.　　He stated, “We work very hard to deliver a very strong and sustainable future for our users for many years to come, enriched with a number of additional services and products through integration of technology and disruption of existing services.”　　According to the two co-founders, the Switzerland-based crypto lending platform is nonetheless planning to expand into sectors like trading and create income and asset management tools for use in conventional capital markets.　　　　Nexo has also marketed itself as a prospective buyer of struggling crypto businesses in previous months. Nexo authorized a $50 million token buyback campaign in August. In May, Nexo executed a repurchase for $100 million.　　However, Nexo was criticized last month for providing interest-bearing funds without licensing the investment products as securities by officials from eight US states. Following this, officials from California, Kentucky, Maryland, New York, Oklahoma, South Carolina, Vermont, and Washington issued a cease-and-

2022-10-12Deep Dive

Following license acquisition, Coinbase entered Singapore.

The largest crypto exchange in the country has obtained what is known as a “in-principle approval,” which the central bank granted for cryptocurrency businesses last year. 　　With the authorization, digital currencies like Coinbase will be capable of providing services to both people and businesses. However, they will be governed by the central banks Payment Services Act.　　This has been a “major milestone,” according to Coinbase. It further revealed that the business currently employs approximately 100 people and has been aggressively increasing its footprint in the Southeast Asian nation. Product engineers represent the majority of the Singaporean hires, according to Coinbase.　　　　After a thorough due diligence procedure that is still underway, Coinbase has become one of only 17 cryptocurrency companies to have received in-principle permissions and licenses from the Monetary Authority of Singapore (MAS). In 2020, under a new framework, there were roughly 180 crypto firms that applied to the MAS for a crypto payments license　　Along with Coinbase, rivals Crypto.com and DBS Vickers, the brokerage operated by Singapores biggest banks, DBS, have also launched operations there.Although Singapore has opened its doors to foreign businesses providing services connected to digital assets, its domestic cryptocurrency fund manager Three Arrows Capital (3AC) started liquidating in June

2022-10-11Deep Dive

Users are alarmed by Nexo's withdrawal of 7,758.8 WBTC from MakerDAO.

This began immediately after market analysts projected a 50% decline in Nexos price. According to information obtained from sources, WBTC worth over $151 million was taken out of MakerDAO on Friday using the Nexo wallet.　　A Nexo spokesman has noted that the removed monies are still in the public area (Nexo wallet), adding that; despite the fact that many users think the rapid withdrawal is a dishonest action by the corporation.　　“The withdrawal was a routine transaction and represents a loan repayment according to the latest market dynamics and the companys normal asset management.” 　　Since 2018, Nexo has kept providing the digital economy expert financial services. One of the most renowned financial institutions in the world, Nexo offers lending services to the online finance sector. The firm says that it has more than 5 million clients worldwide who transact in more than 200 jurisdictions using around 40 fiat currencies.　　Crisis in the Economy of Digital Assets　　The recent uproar mirrors many recent cryptocurrency failures that have blocked investors from accessing their money this year. Clients of Nexo are incredibly disappointed given that Celsius Network, which provides a similar service to Nexo, filed for bankruptcy in June after freezing its customers accounts.　　A total of eight

2022-10-11Deep Dive

OCEEF and Polygon Collaborate on Ocean Conservation Efforts

As one of the worlds most cutting-edge ocean research vessels, the RV Odyssey, our partnership seeks to provide users with participatory experiences through a governance system where they may impact major decisions.　　Tweeted by Polygon:　　“A new wave in ocean conservation @oceef_, a world-class ocean conservation NGO, is working with #Polygon towards a next-gen ocean conservation initiative...Participants will be able to explore all of the ships facilities and real-time data via immersive, interactive experiences in the Metaverse.” 　　Additionally, Polygon claimed that this product wouldve been funded by the sale of NFTs and that OCEEF would gain from increased engagement thanks to Polygons distributed governance platform.　　It is argued that Polygon assists in democratizing entry to RV Odyssey by utilizing Metaverse and other Web3 features. With this, participants can plan the future course of the ship, conduct research, and even take part in mission-related activities.　　“Using our Polygon partnership and its carbon-neutral tech as a launchpad, we will be using technology to democratize access to the vessel through multiple Web3 platforms as well as provide participants with the ability to help decide the vessels future itinerary and research,” during the Polygon-hosted Green Blockchain Summit 2.0, OCEEFs Alex Moukas, the founder, remarked.　　Participants will also be able

2022-10-11Deep Dive

Coinbase Secures Crypto Payments License in Singapore

Bitcoin exchange In order to be fully regulated in Singapore, Coinbase has received preliminary permission for a digital asset license from the central bank of the city-state.　　Although Coinbase has been operating in Singapore since 2015, it has recently received conditional authorisation under the Payment Services Act from the Monetary Authority of Singapore (MAS) (PSA).　　The PSA, which reinforced regulatory standards for various payment services offered in the city-state, including electronic payments and crypto-related exchange services, went into effect in January 2020.　　Hassan Ahmed, Coinbases regional director for Southeast Asia, said the exchange is looking to grow further across Singapore, which it regards as a “strategic market and global hub” for Web3 innovation, according to Reuters. The business views this as a significant milestone.　　A list of 54 other organizations had received exemption from licensing for the provision of digital payment token services, including Coinbase Singapore, which has about 100 employees. This allowed the company to continue operations until gaining its temporary approval.　　The in-principle permission resembles having a full license in that it permits the exchange to lawfully provide its services to clients, including institutional types, subject to continuous discussion and ratification by MAS.　　The exchanges subsidiary in Singapore has now joined a list of

2022-10-11Deep Dive

The SEC fined Kim Kardashian $1.2 million for her promotion of EthereumMax.

According to a news release released by the commission, Kim omitted saying that she received $250,000 in payment for the advertisement she shared on Instagram. According to the SEC, the posted offer included a link that took visitors to a home page where they could find information on how to purchase the token.　　Kim has not recognized or denied that she breached the federal securities laws anti-touting clause. She has, nonetheless, committed to pay a total of $1.26 million, which consisted of a $260,000 disgorgement (which will replace the compensation she received for the advertisements), pre-judgment fees, and a $1 million fine.　　“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesnt mean that those investment products are right for all investors,” SEC Chair Gary Gensler stated.　　The regulator declared that superstars must report any compensation they get and that the general public has a right to know. As part of the celebritys punishment, she also consented to refrain from endorsing any cryptocurrency products for the following three years. She also consented to work with the detectives because the case is still quite active.　　Celebrities who advocate fake crypto tokens are notorious to face severe

2022-10-10Deep Dive

Following the US Jobs Report, the price of bitcoin drops below $20,000

According to a report on employment numbers provided by the Labor Department on Friday, the US added 263,000 jobs in December. The Federal Reserve is striving to regulate the economy enough to moderate the worst inflation in four decades without provoking a recession, and it appears to be working. This month saw the weakest hiring pace in 18 months.　　According to the jobs report, hiring has greatly reduced since August, when the U.S. gained 315,000 positions. As employers continued to fill vacancies from a pool of workers that was getting smaller, the unemployment rate decreased to a 50-year low of 3.5% in September. The small drop in the workforce participation rate implies that fewer individuals are working or actively looking for work.　　According to the figures, the labor market still seems to be tight, and the jobless rate has reached a five-decade low. The labor market has been declining in recent months, with average monthly job additions falling from approximately 530,000 a month at the start of the year to 370,000 in June. Following the release of the fresh job statistics by the Bureau of Labor Statistics, cryptocurrency markets plunged. Following the news, Bitcoin dropped below $20,000, dropping roughly 2% in the

2022-10-10Deep Dive

The deadline for creditors to register for reimbursement is January 10 according to Mt.Gox.

A deadline has been scheduled for creditors to register and adopt a repayment plan in order to recoup their lost funds, which emerges to be good news for Mt.Gox consumers.　　Users must register payee information on the MTGOX Online Rehabilitation Claim Filing System, as per news from a Rehabilitation Trustee, Nobuaki Kobayashi. Hence, January 10, 2023 has been set as the date for creditors who wish to be paid to finalize their selection and registration.　　Additionally, instructions on how to register were supplied to creditors; in order to ensure prompt and secure payment, rehabilitation creditors must sign in to the system themselves.　　In order to receive Repayment, it is also expected that the Rehabilitation Trustee will utilize the address given by rehabilitation creditors to authenticate the identification or give it to other parties partaking in the repayment process.　　The address modification procedures should indeed be completed straight quickly by any rehabilitative creditors who need to amend or otherwise update the address details that has already been notified.　　The no longer active Mt. Gox　　Mt.Gox, a bitcoin exchange, is located in Shibuya, Tokyo, Japan. Jed McCaleb initially built Mt.Gox in July 2010, then in March 2011, he transferred it to Mark Karpeles Tibanne Co. After it was

2022-10-10Deep Dive

eNaira application download hits a record high

By: Damian Okonkwo　　　　The adoption of the eNaira in Nigeria has recorded more progress since its creation. According to the data released by the Central Bank of Nigeria (CBN), more citizens appear to have adopted the eNaira. This is evidenced from the total download of the eNaira application which rose to a new high record slightly below a million count at 905,588 downloads.　　However, out of these total downloads of the eNaira application made so far, only 282,600 were recorded as active users.　　Others probably seem to be familiarising themselves with the usage of the app and will most likely proceed with its usage in no distant time.　　Speaking on the progress made so far in the adoption of the eNaira in Nigeria, the CBN governor Mr. Godwin Emefiele further revealed that over 13,136 wallets have been created using the Unstructured Supplementary Service Data (USSD) which was introduced in August 2022. This he believes marks a remarkable progress so far in the adoption of the eNaira across the country today.　　Further, the CBN governor revealed that the total transactions carried out with the eNaira have exceeded 1.49 million worth over N3.484 billion. Thus, we have over 78,115 consumers to bank transactions worth over N1 billion

2022-10-10Deep Dive

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