Crypto Guides, Knowledge & Insights

India’s top bank calls for complete crypto ban

With authorities in India still unsure on how to deal with the crypto industry, the apex bank of the Asian country has reportedly made it clear that it would prefer the country to tow the China path by completely banning crypto.　　RBI insists on banning crypto　　According to the Economic Times, the bank made this stand clear during its 592nd board of directors meeting where it shockingly indicated a preference for an outright ban on crypto, citing major concerns for the countrys economy.　　An anonymous source privy to the meeting said the Reserve Bank of India (RBI) highlighted the threats of crypto on the macroeconomic policy of the country and the instability these digital assets could cause. Also, they mentioned how concerned they were with the management of exchanges operating under their jurisdiction.　　With all of the foregoing concerns tabled, the RBI maintained its oft-repeated stance that the best way to put to bed its concerns about crypto would be a total blanket ban on the space.　　Notably, this is not the first time that the apex bank has maintained a high level of hostility towards the industry. In October, the banks governor, Shaktikanta Das, said that cryptocurrencies due to their unregulated nature would pose

2021-12-20Deep Dive

Are Dancers next to take the leap into the Metaverse?

The creative economy is arguably the most crucial component of the metaverse. Without artists, designers, musicians, poets, DJs, dancers and gamers, virtual worlds would be bleak and bland as they stand. Up until now, artists, musicians and the creatives of the world may have seemed low in the economic scale of top earners.　　That was until along came Beeple and other prominent NFT creatives to charge through any notion of artists not being able to make an income from their work. NFTs and the metaverse, in particular, offers massive potential for the creative world to become the dominant creator of commercial value in society.A dancers sense of space and a sense of place　　The metaverse provides a space to escape from the reality of a world overtaken by the global pandemic. A world where arts of all kinds, including dancing, have taken a direct hit. The places where dancers often gathered have been closed off lately: Nightclubs, festivals, pubs, and clubs have seen their spaces tarnished by the virus.　　They are no longer considered areas of relaxation, communal spaces to be enjoyed with strangers. Rather they have been cut off, suspended, and given a bad reputation as places where the virus can spread

2021-12-19Deep Dive

Polygon and Alexis Ohanian’s VC firm launch a $200 million fund for Web3 social media

Polygon has partnered with Seven Seven Six to create a $200 million initiative that will back Web3 projects building social media.　　Seven Seven Six is a venture capital firm founded by Alexis Ohanian, the co-founder of Reddit, boasting a portfolio ranging from blockchain gaming startups to reusable rocket manufacturers.Polygon is putting in the big bucks into Web3　　In a Friday announcement, Polygon said that the fund was created to support projects exploring better ways for humans to communicate online. Partnering with a venture firm with a diverse and hugely successful portfolio will enable it to find and invest in projects looking to break through to the forefront of Web3.　　“These past few years have brought a dawning realization that social media business models have a profound impact on our world. With Web3, users create the value, control the network and reap the rewards,” said Sandeep Naiwal, Polygons co-founder.　　Seven Seven Six boasts a portfolio that ranges from Sky Mavis, the makers of Axie Infinity, and DroneSeed, a company tackling reforestation with drones, to reusable rocket company Stoke Space and innovative nutrition startup Better Brand.　　The venture firm was founded by Alexis Ohanian, who co-founded Reddit back in 2005. With an eye for groundbreaking social media

2021-12-19Deep Dive

Three metrics showing how 2021 has finally been the year of institutional adoption

For those that have been around crypto for several years, there is a high chance that they have heard the phrase: “institutions are coming.”　　At some point, it even became an overused meme by investors making fun of the high hopes of part of the market over the appreciation of the price of Bitcoin. Prior to COVID-19, institutions publicly investing in cryptocurrencies was rare, but in 2021 cryptocurrency interest has accelerated massively.　　Among the most popular news of institutions entering the crypto space, Teslas $1.5bn BTC investment caught everyone by surprise. It is true that another US publicly traded companies were accumulating Bitcoin before them, Microstrategy. They continue buying BTC each dip, and nowadays they hold up to $3.66bn.　　Not only companies have entered the game, notoriously the first country to have declared Bitcoin as a valid legal currency has been El Salvador. Meanwhile, even US states are considering engaging with Bitcoin, such is the case of Miami, which is considering distributing BTC yield to its residents. The open nature of the blockchain allows access to the trails that these institutions leave and compare over time its impact.　　These are some of the multitude of on-chain metrics at IntoTheBlock that highlight how institutional money

2021-12-19Deep Dive

SEC postpones decisions on Bitcoin ETFs from Bitwise and Grayscale until February

The United States Securities and Exchange Commission (SEC) recently issued two deadline extension notices–postponing decisions on Bitcoin exchange-traded fund (ETF) proposals by Bitwise and Grayscale.　　On October 14, after almost two years since its first attempt, Bitwise Asset Management filed for approval of a physically-backed Bitcoin ETF with NYSE Arca.　　The following week, on October 19, Grayscale Investments, filed for approval to convert the companys flagship product, Grayscale Bitcoin Trust (GBTC), into a Bitcoin Spot ETF.Deadline extension notices　　“The Commission considers it appropriate to designate a longer period for taking action regarding the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received,” read both notices.　　The Commission postponed its decision to “either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved for the 45-day period,” which in the case of Bitwise Bitcoin ETP Trust means until February 1, and in the case of Grayscale Bitcoin Trusts Bitcoin ETF until February 6.　　Bitwise first applied for a Bitcoin ETF in January 2019, but was rejected by the SEC. The regulator kept the rejection review on standby, until, finally, Bitweis pulled the proposal

2021-12-19Deep Dive

Internet vs. crypto adoption chart predicts 1 billion users by 2027

Crypto influencer Lark Davies tweeted a chart showing internet and crypto adoption rates. By superimposing the respective lines, taking account of when both started gaining traction, a close correlation is demonstrated between the two.　　If this trend holds, it‘s predicted that there will be 1 billion crypto users by 2026/27. That’s a 5x increase from current estimates of around 200 million crypto users.　　As crypto relies on the internet, its reasonable to assume a substantial degree of positive correlation. But, as Web3.0 begins to take off, how might the rate of crypto adoption change？Crypto adoption mirrors that of the internet　　Back in early 2020, on-chain analyst Willy Woo commented that crypto adoption is comparable to that of the internet. In that, things start off slowly, but over time, crypto adoption will explode.　　Woo said mass crypto adoption isnt here yet, nor do the masses see it happening because human perception tends to process information linearly.　　“Human nature is one that looks at things in a linear stance. So were not very good at looking at exponential growth, which is obviously what bitcoin is doing.”　　Current estimates on the number of crypto users vary. While Davies puts the figure at 200 million, or about 2.5% of the

2021-12-19Deep Dive

Tron Foundation to dissolve as Justin Sun takes up government job in Grenada

The Tron Foundation, the organization behind the TRON (TRX) cryptocurrency, today announced that it will dissolve itself next summer, leaving the blockchains ecosystem completely in the hands of its community.　　Simultaneously, Tron founder Justin Sun has revealed that he is stepping down from his position of CEO and will take up a job with the government of Grenada as its ambassador to the World Trade Organization (WTO).　　“Suns expertise in the blockchain industry will likely breeze some much-needed fresh air into the regional economy, as Grenada and [intergovernmental organization] CARICOM are among the hardest hit by a Covid-led tourism industry shutdown,” said the Tron Foundation in a press release shared.“New era of decentralization”　　In his open letter to the community, Sun noted that “the TRON blockchain protocol is now essentially decentralized” and “sufficiently self-sustainable as a decentralized autonomous organization” (DAO).　　“For the greater benefit of society, theres nothing better than having a founder of a thriving community abdicate all power over users, assets, and data,” Sun added.　　For this reason, the Tron Foundation‘s three original nodes—“justinsuntron,” “BitTorrent,” and “µTorrent”—have withdrawn from the list of blockchain’s “super representatives” (essentially key players in the Trons governance system), leaving the network in the hands of 27 super representatives

2021-12-18Deep Dive

Cryptocurrency 101: A Guide to Digital Dollars

Simply put, cryptocurrencies, or “crypto,” are secure digital assets used for financial transactions. Throughout history, humans have developed increasingly sophisticated forms of currency, evolving from stones and metal coins to paper money and then credit and debit cards. Cryptocurrencies are simply the latest step in this evolution. 　　What differentiates crypto from other forms of payment is the fact that it‘s both virtual — it’s created via blockchain, an innovative technology utilizing math and cryptography — and unregulated. Transactions are made on a peer-to-peer basis, eliminating the need for intermediaries like banks, credit card companies, and other third-party payment processors, who typically charge transaction fees and have the authority to delay or decline payments. 　　Faster and easier payments with no service fees — its easy to see why some are embracing cryptocurrency. Tell me more about blockchain. What makes this technology so special？　　To me, blockchain is truly revolutionary — as revolutionary, in fact, as the internet itself. Our understanding and use of blockchain today is much like the internet was in 1995, when Netscape, the world‘s first web browser, debuted. Back then, no one could anticipate that we’d one day have Google search engines, social media and streaming platforms like

2021-12-18Deep Dive

Here is why Binance is leaving Singapore

Last week, the world-leading centralized crypto exchange, Binance, announced it had withdrawn its license application and would be winding down operations in Singapore. 　　At the time, the exchange claimed its decision was connected to its recent acquisition of HGX. However, a new Bloomberg report has stated that the CZ-led exchange withdrew its application due to an entirely different reason from what it claimed.Why Binance is leaving Singapore　　As revealed by Bloomberg, Binance withdrew its licensing application due to its failure to comply with Singapore‘s anti-money laundering rules. The rules are set by the country’s regulator Monetary Authority of Singapore (MAS).　　“The Monetary Authority of Singapore (MAS) allows applicants to withdraw rather than face an outright regulatory rejection,” the report reads in part.　　Binance, however, has insisted that it was leaving the Asian country due to its recent “sizable investment” in HGX. According to a spokesperson of the firm, the crypto exchange has collaborated with Singapores Police Force to combat ransomware, hacks, and scams and it has also made efforts in combating money-laundering and terrorism financing.　　Youll recall that Binance warned their users in the region to withdraw their funds to alternative platforms before February 13, 2022, as failure to comply could lead to the

2021-12-18Deep Dive

Harvard, MIT, Oxford, others tap $2.5 billion BitDAO to aid blockchain education

Eight world-famous universities, including UC Berkeley, Harvard, MIT, and Oxford, have founded a new decentralized autonomous organization (DAO) that will focus on addressing the “funding crisis and skills gap” in blockchain research and education.　　Dubbed Education DAO (EduDAO), the new organization will have access to a pool of $2.5 billion worth of assets provided by BitDAO—which touts itself as “the worlds largest DAO-directed treasury”—to fund research in the fields of blockchain and the Web3 sector, according to an announcement shared with CryptoSlate today.　　“Placing the power of targeted funding and information distribution in the hands of a decentralized collective of students, faculty members, and alumni is a revolutionary step forward for institutions such as Harvard,”　　said the Harvard Blockchain Club co-presidents Roman Ugarte and Virat Talwar in the press release.　　“More generally, were thrilled to be able to pioneer this innovative model and encourage the overall maturation of Web 3 as well as promote blockchain education for the general public.”　　The full list of EduDAOs university partners includes Blockchain at Berkeley, Penn Blockchain, Harvard Blockchain Club, MIT Sloan Blockchain Club, Blockchain at Michigan, Blockchain@USC, Oxford Blockchain Society, and Tsinghua University Students Blockchain Association.“Innovators of tomorrow”　　EduDAO will act as an independent committee and will be allocating

2021-12-18Deep Dive

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