Crypto Guides, Knowledge & Insights

Powell’s Renomination As Fed Chair Is A Win For The Crypto Ecosystem, Says Cumberland’s Global Head

Fed Chair Jerome Powell has been nominated by President Joe Biden for another term in office.　　Cumberlands global head believes that the move is in the long-term interest of cryptocurrency enthusiasts given his track record.　　If confirmed by the Senate, Powell will lead the Federal Reserve for another 4 years.　　The Fed has been eyed with a great deal of skepticism by cryptocurrency traders as one huge stumbling block against the cause. Chris Zuehlke reveals that the nomination of the incumbent head is a “net positive” for the industry.　　The Return Of Powell　　On Monday, President Joe Biden announced the nomination of Fed Chair, Jerome Powell for a second term in office at the helm of affairs of the Federal Reserve. Since the declaration by Biden, the markets reacted negatively with Bitcoin falling well below $57,000.　　Allaying the fears of investors, Chris Zuehlke of Cumberland stated that Jerome Powell‘s incoming reappointment is a win for cryptocurrencies in the long term. He made this known in an interview with CNBC, drawing his inferences from Powell’s decisions in recent months.　　“I think the renomination of Powell is net positive long term for the crypto industry,” Zuehlke said. He‘s gone on record to say he doesn’t intend to ban crypto

2021-11-25Deep Dive

Goods for Staked Crypto: What Is Commodity Staking?

In March 2021, MinePlex — a new-generation mobile crypto bank — launched a product called the MinePlex Marketplace. This marketplace gives users the ability to buy products they cant afford straight away through the simple act of Commodity Staking.　　Say you want to buy the latest iPhone or MacBook Pro, but its too expensive right now. Making a purchase through commodity staking solves that problem. In this article, we take a closer look at commodity staking, and how it solves the problem of making high-end consumer products more affordable.　　What is staking？　　In the cryptocurrency sector, staking is a way of investing in new blockchain technologies, coins, tokens and currencies. Investors agree to commit a fixed amount for a fixed period, usually when investing in a new coin or token. Crypto and blockchain startups launch these tokens through private and public token sales (e.g. an ICO), often raising millions to fund future growth roadmaps.　　However, unlike with crowdfunding, equity or debt-based angel and VC financing for startups, crypto investors almost always get returns for staking a percentage of the required investment. Crypto investors dont need to wait in the hope for a startup to achieve an exit event or at least start generating a

2021-11-25Deep Dive

eToro cites regulatory concerns as it plans to delist Cardano and Tron for U.S users

Social trading exchange eToro said it would delist Cardano (ADA) and Tron (TRX) for U.S users. Affected users will not be able to open new positions or receive staking rewards in respect of those tokens.　　The company said the move was due to “considerations” related to “the evolving regulatory environment.” It made no further comments regarding what this meant exactly.　　“These changes are due to business-related considerations in the evolving regulatory environment.”Details of the eToro Cardano and Tron delisting　　According to a post from eToro, from December 26, U.S users will not be able to open new Cardano or Tron positions. While December 31 is when staking for those digital assets will end.　　Whats more, staking reward payouts are set to finish on January 15, 2022, with the final reward being paid in USD rather than in the respective tokens.　　The firm made clear that they are limiting U.S users from opening new positions. And they are not forcing users to close existing open positions. Nonetheless, the net result will still see a tailing off of Cardano and Tron trading volume over time.　　“You will still be able to close existing positions as you see fit.”　　eToro remarked that they were disappointed in having to take this

2021-11-25Deep Dive

Japan’s largest banks to start testing digital currency payments in coming months

Several leading Japanese banks, including MUFG, SMBC, Mizuho, and Japan Post are joining other domestic organizations to venture into the cryptocurrency space with plans to enable blockchain payments through a digital currency.　　According to a White Paper published on November 24 by the organizations under the Digital Currency Forum, a consortium of 74 entities, the payment system will be a two-tier platform deploying a permissioned blockchain.　　The currencys provisional name is Digital Currency JPY (DCJPY). The DCJPY will use the blockchain distributed ledger technology and be backed by bank deposits. Users will make transactions in digital currency once they open an account.　　The project which has passed the Proof-of-Concept (POC) phase was initiated by the DeCurret startup. The firm attracted a $62 million investment led by SMBC, MUFG, and SBI banks, which are also part of the consortium.　　The project has also attracted government agencies, including the Financial Services Agency, the Ministry of Finance, and the central bank that will act as observers.　　Commercial phase set for 2023　　Among the lined up use cases will be to deploy the digital currency in supply chain systems with a planned rollout in 2023 targeting retail companies and their partners, according to Novembers progress report. In this line, the

2021-11-25Deep Dive

Adidas Teasing Partnership with Coinbase

German sports apparel behemoth Adidas has announced a partnership with Coinbase, Americas leading cryptocurrency exchange, on Twitter.　　The crypto platform replied with the handshake emoji, seemingly confirming the deal.　　In another tweet, Coinbase welcomed Adidas “to the party.”　　While there are no details about the high-profile tie-up as of now, cryptocurrency enthusiasts were quick to speculate about it.　　On Nov. 22, Adidas tweeted about developing “adiVerse,” a play on the term “metaverse,” together with The Sandbox, a blockchain-powered gaming platform. The tweet has bolstered the rally of the native SAND token that went ballistic after Facebook changed its name to Meta in late October.　　Earlier this month, Nike filed to trademark various digital items in the U.S. In 2019, the company received a patent for “Cryptokicks,” a platform for selling non-fungible tokens that represent tokenized versions of physical shoes.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-11-25Deep Dive

Stripe $94 Billion Payment Processor Might Be Ready to Accept Bitcoin Payments

Stripe is once again considering accepting cryptocurrency as a payment tool in the future, according to the companys co-founder John Collison on CNBC. Previously, the company ended support for Bitcoin payments, back in 2018, due to high volatility and lack of efficiency for day-to-day transactions.　　Stripe is considering crypto payments　　According to Collison, the company is not yet ready to unequivocally say that it is ready to resume crypto acceptance, but it is still a possibility that might find realization in the future.　　Previously, the online payment processor with a $94 billion valuation removed Bitcoin payment support after the market crash in 2018. The official reason was the assets volatility and high fees under a major network load.　　Collison also stated that, today, crypto is “a lot of different things to a lot of different people,” meaning that some individuals use it for speculative trading or investing and others utilize it for remittance or daily payments.　　The co-founder also noted that digital assets have stepped up of their game in comparison to the state of the industry back in 2018. More coins like Solana appear on a market that is already scalable, traditional currencies like Ethereum are now using Layer 2 solutions, etc.　　Discovering Web3　　Previously, the

2021-11-25Deep Dive

Dogecoin Killer Shiba Inu Launching in South Korea

Korbit has announced that it will list Shiba Inu, becoming the first crypto exchange to add support for the meme coin in South Korea, a country that is known for harsh crypto regulations.　　The Seoul-based cryptocurrency trading platform will allow its customer to trade the meme coin against the Korean won starting from Thursday.　　Apart from SHIB, it will also add Injective Protocol (INJ), the native token of the eponymous Layer 2 decentralized finance (DeFi) protocol.　　 One of the few remaining South Korean exchanges　　Korbit is one of the very few crypto exchanges that managed to weather the brutal regulatory crackdown that forced smaller players to close up shop en masse earlier this year.　　Forty exchanges that failed to register with the Financial Intelligence Unit were forced to shut down in September. Those trading companies that did not manage to secure banking partnerships and provide their customers with real-name accounts had to disable won trading, which means that they are only able to facilitate crypto-to-crypto trading.　　Bithumb, Coinone, Upbit and Korbit are the only exchanges that are allowed to offer won trading after complying with the necessary regulatory requirements.　　In June, multiple exchanges moved to delist high-risk altcoins.　　Apart from being the first exchange to bring Shiba

2021-11-25Deep Dive

Avalanche (AVAX) spikes to enter the top ten, what’s behind the move?

Avalanche (AVAX) defies the broader crypto market sell-off, hitting a solid run of form in which it briefly touched $150 on Binance, a new all-time high.　　Source: AVAXUSDT on TradingView.com　　However, profit-taking saw AVAX give up most of those gains, closing Mondays daily candle at $135. Nonetheless, the Ethereum-rival still entered the top ten by market cap; as a result, displacing Dogecoin in the process.　　But what‘s behind AVAX’s soaring price？　　Deloitte disaster relief deal　　According to Bloomberg, in conjunction with professional services network Deloitte, Avalanche has secured a deal to do with U.S disaster relief funding.　　Deloittes Government Crisis Management Services is built to help governments handle disasters. They chose the Avalanche blockchain to build its Close as You Go service, and this service simplifies disaster reimbursement applications for victims of natural disasters by aggregating and validating documentation.　　The Avalanche blockchain will enable a transparent and cost-effective solution to reduce waste. The process intends to accelerate recovery in areas hit by natural disasters by bringing greater organization of documents and managing operations remotely.　　Commenting on the deal, Jonathan Cheesman, the Head of Institutional and OTC sales at FTX, said it highlights the demand for cheaper, more efficient Ethereum competitors. He added that:　　“Theres a huge wealth effect and

2021-11-24Deep Dive

El Salvador set to create a Bitcoin City with initial funding of $1Billion Bitcoin bonds.

El Salvador - the worlds first country to legalize Bitcoin has further proceeded to create a Bitcoin city with an initial invested fund of $1 Billion Bitcoin. According to the countrys president Bukele, the vision for creating this city is to have a center city within the country to provide both digital and technological education. This move will further expedite the proactive involvement of prominent crypto companies including cryptocurrency exchange like Binance, Kucoin, Bitfinex and Adam Backs Blockstream within the country. A great boon to the Bitcoin present bull run.　　Just last week the popular Crypto friendly nation noted as the first to legalize Bitcoin this year has further proceeded to create a Bitcoin city funded with $1billion Bitcoin bond.　　The decision to create a Bitcoin city was first announced on Saturday night last week by the countrys President Bukele at El Salvador‘s Bitcoin Week conference, which was designed to celebrate Bitcoin’s mainstream adoption in the country and promote all citizens participation in Crypto trading especially those above 18 years as specified by the law.　　As stated by Bukele, the “Bitcoin City” will be located along the Gulf of Fonseca near a volcano. The government plans on locating a power plant by the

2021-11-24Deep Dive

How Blockchain Technology Is Transforming Online Gaming Landscape

The advent of blockchain technology has revolutionized and disrupted many industries from finance to transportation, supply chain to healthcare, and many more. Currently, the gaming industry is feeling the disruptive impact of blockchain technology, and it is so beautiful to see. The gaming industry has come a long way from its humble beginning. If you ever played Super Mario on a 16-bit gaming console, you will understand how the once simple gaming industry has evolved to what we are seeing today.　　With the introduction of blockchain technology in the online gaming landscape, we are beginning to see a complete revitalization of the gaming industry. According to a report by Dappradar, over 800,000 unique active players connected to blockchain-based games in the early third quarter of 2021. The report also highlighted that the number is expected to grow exponentially in the last quarter of the year. Today, there are a number of blockchain-based gaming projects setting the pace in the transformation of online gaming. A good example of these blockchain gaming projects is IQeon.　　What Blockchain Offers To Online Gaming　　Blockchain technology has impacted the online gaming industry in many ways. Here are four of the major ways the online gaming industry has been

2021-11-24Deep Dive

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