Crypto Guides, Knowledge & Insights

Tron Founder Justin Sun Plans to Spend $5 Billion to Save Struggling Cryptocurrency Firms

Justin Sun, the founder of Tron blockchain, is as sympathetic to the present crypto businesses in crisis as he is eager to bail many out.　　While there has been no report of Tron helping out any crypto firm to date, Sun has stated that he is willing to contribute up to $5 billion to help distressed crypto firms.　　Sun confirmed the $5 billion funds it is willing to spend on The Block after tweeting that he is “friends with everyone and are always ready to serve,” in response to a Twitter user who said firms are overlooking Sun as a deep pocket crypto founder on par with the likes of Binances Changpeng Zhao and FTX Exchanges Sam Bankman-Fried.　　According to Sun, a number of problematic crypto businesses have approached his establishment for assistance, and Tron has enlisted the assistance of an Investment Bank to assist in advising the startups on funding. He declined to name the bank with whom it is collaborating due to a Non-Disclosure Agreement between the two sides, but stated that its major interests are in initiatives with a broad user base.　　“Our interest is platforms with a large user base,” Sun said. “Both CeFi [centralized finance] and DeFi [decentralized finance]

2022-07-12Deep Dive

Reddit Debuts a New NFT Avatar Marketplace

Reddit, a prominent global social media network located in San Francisco, announced on Thursday the introduction of a new NFT-based avatar marketplace that allows users to purchase blockchain-based profile photos for a set price.　　Users do not require a crypto wallet to purchase digital images, according to the company. A credit or debit card is required to make a transaction, and customers can keep their digital assets using Reddits own wallet product.　　In a statement, the company said: “Collectible avatars are backed by blockchain technology, giving purchasers rights (a license) to use the art – on and off Reddit.”　　Users can mix and match the appearances of their avatars by using the tools offered in Reddits avatar builder. As a result, the avatar in communities will have a “glow-like effect” next to a users comments.　　Reddit announced a collaboration with Polygon, an Ethereum-compatible blockchain, to create such avatars on-chain. Users can store and manage such NFTs using Reddits blockchain wallet, Vault, which is available in the companys native app. Consumers currently utilize Vault to earn blockchain-based community points and spend them on perks like badges and animated emojis.　　The NFT avatars will initially be available to members of the invite-only subreddit r/CollectibleAvatars. All NFTs, according

2022-07-11Deep Dive

Most Popular Crypto Exchanges in Nigeria today

By: Damian Okonkwo　　There is currently a massive embrace of Cryptocurrency trading in Nigeria. This has given rise to many crypto exchanges creating their online presence in Nigeria. Most crypto exchange such as Binance has provided Peer-to-Peer trading platforms for Nigerian traders as a way of overcoming the restrictions on Crypto trading by the Central Bank of Nigeria. This work has considered the most popular crypto exchanges in Nigeria today.　　What is Cryptocurrency exchange？　　A cryptocurrency exchange is an online trading platform for buying and selling crypto. These crypto exchanges make it possible to swap from one coin to another and without them, it will be difficult for traders to convert their cryptocurrency into fiat currencies. Most cryptocurrency exchanges are centralized and require their users to complete an identity verification process called KYC before using their platforms.　　Types of Crypto exchange　　There are two main types of Crypto exchange. They are Centralized and Decentralized exchanges.　　A. Centralized exchange: The centralized exchange is a well-regulated cryptocurrency exchange that requires users to complete an identity verification process known as KYC, before using their platforms. This means; the users are registered and known to the owners of the platform. This helps to enhance the security of the users on

2022-07-11Deep Dive

Etihad Airways Enters Crypto Space with First NFT Offering

On July 21, Etihad Airways aims to release its first non-fungible token (NFT) collection, which will include ten detailed 3D aircraft models.　　The NFT collection, dubbed EY-ZERO1, will include 2,003 limited-edition collectibles, including Etihads Manchester City FC and Greenliner-themed aircraft, with the goal of increasing traveler pleasure.　　Etihad Aviation Group CEO Tong Douglas stated:　　“NFTs and other metaverse technologies are revolutionizing the digital economy, and we are proud to be one of the first airlines in the world to explore their potential to provide additional utility for our customers.” 　　The collection, which is part of the airlines Web3 strategy, will pave the way for future metaverse items. Douglas continued:　　“Were excited to launch our first NFT collection, EY-ZERO1, which not only offers collectors, aviation enthusiasts and travelers a unique work of art, but provides real-world travel and lifestyle benefits with Etihad Airways.”　　Etihad Airways, the UAEs second flag carrier airline, seeks to promote ecologically responsible initiatives with the collection.　　The NFT collection, for example, will be minted on the Polygon network, an energy-efficient blockchain. Furthermore, the earnings of the initiative will be used to purchase sustainable aviation fuel as part of plans to offset the whole carbon impact.　　“As well as recognising the artistic value of our

2022-07-11Deep Dive

Monetizing online identities with SimpDAOs

Managing editor of Bloomberg Crypto, Stacy Marie Ishmael, and her guests, Bloomberg reporter Emily Nicolle and Ph.D. student Florence Smith Nicholls talked about online identities and the emergence of SimpDAOs as a way to monetize them in a recent episode of the Bloomberg Crypto podcast.　　Ishmael stressed the importance of the subject by saying:　　Experimenting with who you are online, especially if those identities are really different from how you present to the analog world is not a totally new concept. […] Its no surprise that folks are using crypto and blockchain to play with their self-expression　　But some folks are using blockchain-enabled structures to monetize these experiments with identity, including their gender presentation.　　These DAOs have been increasing in numbers since January 2022. They can be established by the influencer themselves to monetize their online identity, sexually or platonically, or they could be set by a third party who doesnt seek permission from the influencer.　　The term comes from Simping- a slang term used to describe someone who has intense sympathy towards someone else. In the case of SimpDAOs, the members, or “simps,” are usually men willing to express their admiration toward a female influencer.SimpDAOs by influencers　　One of the first and most popular SimpDAO,

2022-07-10Deep Dive

Crypto Payments Are Acceptable in Foreign Trade, Russia’s Financial Watchdog Says

Top Financial Regulator in Russia Welcomes International Crypto Payments　　The Federal Financial Monitoring Service of the Russian Federation, also known as Rosfinmonitoring, fully accepts that cryptocurrencies can be employed for settlements with foreign partners, Yury Chikhanchin, director of the regulatory body has stated.　　Speaking in the Federation Council, the upper house of Russian parliament, Chikhanchin emphasized that payments with digital assets inside Russia are prohibited by law. The countrys current legislation bans “money surrogates.”　　However, under certain conditions, such payments may well be used in international trade, Chikhanchin said. The high-ranking official believes this can help businesses oriented towards exporting Russian products. Quoted by the Bits.media crypto news outlet, he also noted:　　If the supply chain is controlled, then this is quite acceptable.　　Yury Chikhanchin further emphasized that in order to take advantage of cryptocurrency payments, Russian companies need to know to whom exactly they are exchanging the digital currencies.　　The regulator revealed that his department has developed and already launched a special information system for tracking crypto transactions. It allows financial authorities to identify both the sender and the recipient of funds and has been used already in some investigations.　　The debate over the future of cryptocurrencies in Russia is still ongoing. A new bill “On

2022-07-10Deep Dive

Will release of $3B Bitcoin from Mt Gox cause market bottom in August?

137,000 BTC worth roughly $2.8 billion will soon be released into the market as funds lost to the Mt. Gox hack of 2011 and subsequent loss of 850,000 BTC worth around $17.8 billion at todays price. In 2014 Mt. Gox reported that it had found 200,000 BTC, but those coins have been locked in litigation until now.　　In November 2021, Mt. Gox released a formal “Rehabilitation Plan” to return lost funds to investors who lost access to their crypto some 7 years ago. Then, on July 6, 2022, Mt. Gox and “Rehabilitation Trustee” Nobauaki Kobayashi sent an email to creditors giving them the option to receive USD, BTC, or BCH. The news brings us closer than ever to funds finally being released to creditors.Will the Mt. Gox coins affect Bitcoins price？　　As a crypto analyst and Crypto Banter host, Miles Deutscher, pointed out, many investors are worried that the release of 137,000 BTC could cause a devastating decline in the price of Bitcoin due to increased sell pressure.　　Some have even theorized that a drawdown in Bitcoins price could align with the Ethereum merge, leading to “The Flippening” being realized. The Flippening is a hypothetical event where Ethereum overtakes Bitcoin in market cap,

2022-07-10Deep Dive

Bitcoin 'cheap' at $20K as BTC price to wallet ratio mimics 2013

Fidelity Investments Jurrien Timmer stays upbeat on Bitcoin network strength, while another commentator flags a “compelling” risk/reward ratio at $20,000.　　Bitcoin (BTC) has not been this good value since it cost $1,130, one analyst argues as BTC offers a “compelling” risk/reward ratio.　　In a Twitter thread on July 7, Jurrien Timmer, director of global macro at asset manager Fidelity Investments, simply described $20,000 Bitcoin as “cheap.”　　Timmer: “In other words, Bitcoin is cheap”　　While fears that crypto markets could suffer further drawdowns this year remain, some believe that current Bitcoin price levels offer the kind of value for money not seen in years.　　Analyzing the BTC price versus the number of non-zero addresses — wallets with a positive balance — Timmer concluded that BTC/USD is now back at where it was at the peak of the 2013 bull market.　　At the time, BTC/USD managed to hit around $1,130 before spending several years consolidating thanks to the demise of exchange Mt. Gox.　　“I use the price per millions of non-zero addresses as an estimate for Bitcoins valuation, and the chart below shows that valuation is all the way back to 2013 levels, even though price is only back to 2020 levels,” Timmer explained.　　“In other words, Bitcoin is cheap.”　　The

2022-07-10Deep Dive

Stop Your Crypto Operations in Russia, Washington Tells Japanese Exchanges & Miners

Washington wants Japanese regulators to convince domestic crypto exchanges and miners to cut all ties with Russia, per a new report.　　The Financial Times claimed that American “diplomats” believe “several” Japanese crypto exchanges are “still running in Russia,” according to unnamed “people close to the situation.”　　The diplomats reportedly want Japanese miners to pull the plug on the crypto mining operations they are operating in the Irkutsk Oblast in Southern Siberia, according to “two people familiar with the matter.”　　Irkutsk has become a hotspot for miners both domestic and international in recent times, with activity stepping up after Chinas mining crackdown last year.　　A number of major Japanese players from a variety of sectors have invested heavily in overseas crypto mining operations – due mainly to the prohibitively high costs of mining in Japan.　　Although most Japanese operators have kept the exact location of their overseas mining operations a secret, a number of East Asian investors are known to have established mining centers in Central Asia, with some thought to be working in Siberia.　　As previously reported, back in March, both Japan‘s top financial regulator, the Financial Services Agency (FSA), and the Ministry of Finance told the country’s exchanges to suspend all transactions with sanctioned Russians

2022-07-09Deep Dive

Elon Musk Cancels Twitter Purchase Agreement

Tesla and SpaceX CEO Elon Musk has withdrawn his $44 billion offer to buy Twitter, according to a filing with the Securities and Exchange Commission.　　Musk offered to buy the social media platform in April, however his comments since have triggered ample “will he or won‘t he” speculation about his looming purchase. And today, we finally know for sure: he won’t.　　Musks lawyers alerted the firm that he will terminate the merger agreement that would have seen Musk buy out all remaining shares and fully own the platform.　　“Mr. Musk is terminating the merger agreement because Twitter is in material breach of multiple provisions of that agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the merger agreement, and is likely to suffer a company material adverse effect,” reads an SEC filing from Musks attorneys.　　Musk had previously acquired a 9.2% stake in the social media platform, where he has 100 million followers. He offered $54.20 per share to acquire the rest of the firm, and Twitters board unanimously recommended accepting the deal in June.　　However, it increasingly appeared that Musk was looking to back out of the deal. He had previously cited concerns over spam and

2022-07-09Deep Dive

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