Crypto Guides, Knowledge & Insights

Google and Coinbase collaborated to provide cryptocurrency payments for cloud services

The strategic alliance also aims to meet the demands of the expanding Web3 ecosystem. For instance, programmers would be able to manage Web3 networks instantaneously and consistently, doing away with the requirement for intricate and pricey hardware. 　　In order to support improved exchange and internet services, Google Cloud will also act as Coinbases strategic cloud provider. The report states:　　“Coinbase will use Google Clouds powerful compute platform to process blockchain data at scale, and enhance the global reach of its crypto services by leveraging Googles premium fiber-optic network.”　　Additionally, for machines having to learn cryptocurrency insights, customers of Coinbase will use the data and analysis capabilities of Google Cloud. 　　“We are excited Google Cloud has selected Coinbase to help deliver Web3 to a new set of customers and give powerful solutions to developers,” said Brian Armstrong, the CEO and co-founder of Coinbase, in a statement expressing his companys support for the strategic partnership.　　“With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”　　Additionally, Coinbase users

2022-10-13Deep Dive

Understanding the Bear Season: A guide for all Crypto traders in Nigeria

By: Damian Okonkwo　　What is the bear season？　　The crypto bear season is the time when the prices of various Cryptocurrencies including Bitcoin and altcoins drop massively due to tight monetary policies such as interest rate hikes which causes investors to withdraw from risky assets and invest in government bonds and other less risky assets with fixed returns, especially the strong currencies.　　Major causes of the crypto bear season　　A. Tight monetary policies: This refers to the central banks policies of reducing the amount of money in circulation through aggressive interest rate hikes. Hiking the interest rate often pushed investors to withdraw from risky assets and to divert into bonds and other strong currencies with the highest interest rate for instance the US dollar. This affects the crypto market negatively. For instance, the strong bear season witnessed since the beginning of 2022 has been largely caused by the aggressive interest rate hike by the Fed and other countries central banks in the quest to curb the rising inflations.　　B. Tapering: This is the strategy used by the Central Banks to reduce the amount of money in circulation by reducing its balance sheets and slowing down its purchase of treasuries and other mortgage-backed securities. Often

2022-10-13Deep Dive

XRP, QNT, and CSPR are the top 3 cryptocurrency gainers as the market sees a flat recovery.

The leading virtual currencies have experienced a lot of ups and downs during the past fortnight, as usual. However, all of them had been able to mitigate some of the significant losses they had incurred over the previous seven days.　　The cryptocurrency business has been rocked by bankruptcy, and well-known companies have lost their top leaders, adding to the unrest. However, out of all of cryptocurrencies over the past week, XRP, Quant (QNT), and Casper Network (CSPR) have distinguished themselves.　　XRP (XRP) 　　One of the more robust currencies since the beginning of the crypto winter, made even more so by the notion that Ripple Labs Inc., a blockchain payments business affiliated with the Securities and Exchange Commission of the United States (SEC), is at the center of a court case over it.　　XRP has increased 16.98% in the past week to its current price of $0.5403, highlighting the extent of its bullish run throughout that period.　　Quant (QNT) 　　The previous Blockchain.News altcoins watchlist is reported to have included Quant, which means of conducting at the top. The token, which is currently trading at $157.63 and has increased by 6.57% over the last day and 17.20% over the past week, is clearly one of the

2022-10-12Deep Dive

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

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