Crypto Guides, Knowledge & Insights

Robinhood Crypto COO, CTO Hint That DeFi Features Are Coming

For a brokerage like Robinhood, its a huge risk to let your customers withdraw cryptocurrencies out of your perfectly pruned garden and into the vibrant and lucrative Wild West of decentralized finance. If they like what they see, they might not come back.　　But stagnancy in this fast-paced market is an even greater risk, especially when splashy headlines about DeFi and NFTs show Robinhood Crypto customers what they might be missing.　　So on Wednesday, Robinhood announced it will launch a waitlist next month to start allowing withdrawals of coins like Bitcoin, Ethereum and Dogecoin, and that all users will be able to move coins onto or off the app by early 2022.　　“We are enabling our users to take the crypto that they own, move it off the app if they want to, opening up a broader crypto ecosystem,” said Robinhood Crypto COO Christine Brown. “It also enables users who want to consolidate on a single platform to come to Robinhood, get commission-free trading, and all the benefits that we have on our app.”　　Brown has dangled hints of future “benefits” ever since she spoke to Decrypt in May. This week, in interviews with Decrypt at the Messari Mainnet conference in New York, she

2021-09-27Deep Dive

Cardano Will Soon Have Its First Stablecoin

Cardano is going to have its first Stablecoin —Djed— soon, giving space to cheaper transactions and making it easier to run DeFi projects.　　Software development company COTI announced a few hours ago the issuance of the first stablecoin designed to run on Cardano.　　The news was first revealed by Charles Hoskinson, leader of Cardano, and Shahaf Bar-Geffen, CEO of COTI Group, at the Cardano Summit stage in Laramie, Wyoming.　　The Djed stablecoin will be issued on Cardano and will promote the growth of its nascent ecosystem, especially now that the blockchain is beginning to support smart contracts and markets have strong expectations about the possible development of DeFi platforms on a blockchain that has been touted as the future Ethereum Killer.　　 What is Djed and Why Does Cardano Needs a Stablecoin？　　A stablecoin is a cryptocurrency designed to maintain a stable value with respect to a reference. The best-known stablecoins are cryptocurrencies like USDT or Stasis, which are pegged to fiat currencies such as the dollar or the Euro. However, there are cryptocurrencies whose value is pegged 1:1 to other commodities such as gold (like Digix) or even to other cryptocurrencies or baskets of cryptocurrencies.　　There are several methods to achieve this relationship, ones more

2021-09-27Deep Dive

Billion-dollar crypto trading powerhouse Amber Group is targeting a US IPO listing

Amber Group co-founder and CEO Michael Wu revealed in an interview with the South China Morning Post that the Hong Kong-based crypto service provider is interested in going public in the US within the next two years.　　Since Ambers asset management business enables customers to earn interest on deposited crypto assets, current regulatory scrutiny makes it uncertain whether the company will be able to offer its prime product in certain markets.　　 Going public　　According to Wu, a direct listing in the US is “definitely on the table, probably next year or the year after.”　　He explained that despite regulatory uncertainty regarding interest-bearing products the company is looking to enlarge its footprint in the US.　　In order to bite into the US market pie, Amber Group will play by US rules to serve the countrys customers, added Wu, as he resolved that the company will not offer crypto lending products if it is not allowed to.　　The largest crypto trading platform in the US, Coinbase, clashed with the US Securities and Exchange Commission (SEC) recently and decided to shelve plans for its own interest-bearing product called Lend.　　Rules surrounding lending products raised a lot of dust following the US regulators threat to take legal action over what

2021-09-26Deep Dive

Switzerland to Impose Anti-Money Laundering Rules on Crypto Providers: Report

The Swiss Financial Market Supervisory Authority – FINMA – would reportedly require local digital asset providers to take additional steps in preventing criminals from employing cryptocurrencies. The watchdog would also turn its sight towards bitcoin ATMs as it believes that drug dealers often use these machines.　　FINMA Targets Criminals Operating with Crypto　　According to a Finews report, Switzerlands financial regulator – the Swiss Financial Market Supervisory Authority or simply FINMA – would closely supervise local crypto providers as an attempt to clamp down on money-laundering transactions.　　Swiss platforms and brokers dealing with digital assets would have to enhance their monitoring efforts and observe if bad actors employ cryptocurrencies. The Bern-based watchdog believes the initiative is “urgently necessary,” stressing that criminals use the asset class even to fund terrorism acts.　　FINMA also turned its attention towards bitcoin automated teller machines. According to the regulator, drug dealers frequently use such ATMs as payment systems. It is worth noting that Switzerland is a relatively small nation, but its 130 Bitcoin automated teller machines place it in the sixth position among the countries with the most stations.　　FINMA also passed an anti-money laundering provision according to which it lowered the threshold for unidentified crypto purchases from 5,000 Swiss Francs

2021-09-26Deep Dive

NFT Project To Donate 100% Of Income To Help Afghan Women Access Education

Bookblocks.io, an NFT company has partnered with a New York-based company, Women for Afghan Women to help women in Afghanistan have access to education.　　Under the new Taliban-run government, women in Afghanistan have had their rights to education restricted by the fundamentalist militants. Since this development, Afghan women have taken to the streets to protest. Over a dozen women protested outside the premises of what used to be the Afghan Womens Affairs Ministry – until the Taliban turned it into the department for the “propagation of virtue and the prevention of vice.”　　Bookblocks.io NFT　　Bookblocks.io announced that it would be releasing a non-fungible token on October 5, and the proceeds of its sales would be given to Women for Afghan Women (WAW). Women for Afghan Women is a grassroots civil society organization dedicated to protecting and promoting the rights of disenfranchised Afghan women and girls in Afghanistan and New York.　　According to the company, the inspiration for the NFT was Louisa May Alcott, who was a pioneer for women‘s rights. “Not only did her many famous writings seek to lift women in society, but she was an ardent feminist, abolitionist, and supporter of women’s suffrage. As such, she seemed a perfect inspiration for our

2021-09-26Deep Dive

Former US Treasury Secretary Larry Summers: Cryptocurrency Will 'Do Better Regulated'

Former U.S. treasury secretary and chief economist at the World Bank, Larry Summers, says cryptocurrency will do better regulated in a sound way instead of being treated as a libertarian paradise.　　Larry Summers Sees Crypto Benefiting From Strong Regulation　　Larry Summers, who served as the Secretary of the Treasury in the Clinton administration and director of the White House National Economic Council in the Obama administration, talked about cryptocurrency regulation during an interview with Bloomberg Friday. A former chief economist at the World Bank, Summers is currently Harvard Universitys President Emeritus.　　He was asked why regulators worldwide are “deeply skeptical” about cryptocurrencies. China, for example, has been cracking down on crypto activities. Summers began by stating that the word “crypto” suggests a “desire for secrecy with respect to large financial sums,” elaborating:　　When you have large financial sums happening in secret, you have risks of money laundering, risks of supporting various kinds of criminal activities, risks of innocent people being ripped off.　　“The truth is that we wouldn‘t have a viable airplane industry if we weren’t regulating airline safety,” he continued. “We wouldn‘t have the transportation system we do if we didn’t regulate automobile safety.”　　He added that the blockchain-based payments industry “is going to do

2021-09-26Deep Dive

Weekly Bitcoin Briefing: The Bulls Threatening To Surface The Crypto Market

The faith of BTC investors has been brought to test as the price of Bitcoin approaches the $50k territory during the previous session. A lot of factors contributed to the success of Bitcoin in relation to the breakout experience in taking price beyond the so-called resistance of $48k. Best of all Bitcoin continues the struggle towards regaining the $50k price point again. However, for This week there are not so many fundamental reports around Bitcoin as regards the previous week where the Salvadoran government adoption of Bitcoin as the legal tender currency encapsulates the entire cryptocurrency market. which caused the price of Bitcoin to have a chunk feel of the 50k market value.　　Review of Bitcoin Activities 　　On Friday Bitcoins last updated market value had a closing price at $47,783.36, down from $48,176.35 the previous day. Where The market volatility of BTC maintains a value of 45.96%. Furthermore, a golden cross was spotted in the Bitcoin chart which was psychologically assumed as bullish price action momentum. However, The golden cross happens when the short term 50 moving average crosses above the long term 200 moving average. And it is an indicator of bullish appearance taking charge of the Bitcoin market in

2021-09-26Deep Dive

Turkey’s President Declares Full-Scale War On Cryptocurrencies

The fear of an increased crypto regulation mounts as the Turkish President declares war on cryptocurrencies.　　This announcement will have a negative effect on the market that is battling with falling asset prices.　　The Turkish President also reiterated plans to launch the countrys unique digital currency with its own identity.　　This year, cryptocurrencies have faced all sorts of scrutiny on one hand and have equally received a mass adoption from the unlikeliest areas. The clampdown of cryptocurrencies by government officials whether its based on fraud or environmental preservation has its effect on the psychology of traders. Turkish President has joined the growing list of leaders to express concerns about the dangers and uncertainty of cryptocurrencies.　　Turkey Declares War　　Speaking at an event in Mervin, the Turkish President, Tayyib Erdogan while responding to a question about the inclusion of cryptocurrencies as the country plans to roll out its central bank digital currency, CBDC, stated that the government has no plans to embrace cryptocurrencies. Turkey which hopes to be the blockchain capital of Europe and Asia has incorporated the Digital Turkish Lira Collaboration. Adding to the statement, the President pointed at that:　　“On the contrary, we have a fight against them, we would never lend support to cryptocurrencies.”　　The

2021-09-26Deep Dive

“Not So Unique” Ether Should Be Valued At $1,500 — Says JPMorgan Strategist

“Not So Unique” Ether Should Be Valued At $1,500 — Says JPMorgan Strategist, Citing Threats From Cardano, Solana　　The uniqueness of Ethereum has come into question by the investment banking giant, JPMorgan, with smart contracts being activated on other blockchains.　　ETH killers are not leaving any stone unturned in their quest to take a large percentage of Ethereum dApps.　　The rollout of Eth 2.0 can save the king of altcoins in the fight to retain the top spot.　　Ethereum‘s position as the home of DeFi and DApps is under threat following the development of third-generation blockchains raising questions concerning the valuation of the cryptocurrency. JPMorgan’s Managing Director, Nikolaos Panigirtzoglou has expressed his opinion concerning the value of the altcoin amid the rise of Ether killers.　　Ether Is Over-Valued, JPMorgans Director　　The Managing Director of investment banking giant, JPMorgan, Nikolaos Panigirtzoglou has expressed his view that ether is over-valued as it is no longer the unique blockchain it used to be. Gone are the days when Ethereum bossed the scene as the only blockchain offering smart contracts. Now, other blockchains like Cardano and Solana have added smart contracts and are widely tipped to be the Eth killer.　　ETHUSD Chart By TradingView：https://www.tradingview.com/symbols/ETHUSD/　　According to a unique set of metrics used

2021-09-26Deep Dive

Ripple CEO Open to Settling with SEC, but Under One Condition

During his Sept. 24 interview with Fox Business, Ripple CEO Brad Garlinghouse said that Ripple will be willing to settle with the U.S. Securities and Exchange Commission if there is “absolute certainty” about XRP: “To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we gonna to settle unless there is absolute certainty about what is XRP on the go-forward basis. ”　　Ripple is determined to educate the market and the judge about XRPs utility: “We have a clear vision of how XRP can be an extremely powerful tool...Theres a lot of other people in the crypto community and the XRP community doing amazing things with XRP. ”　　Garlinghouse stressed that the XRP Ledger is a decentralized open-source technology that pre-existed the creation of the company, comparing its native cryptocurrency to oil and gold.　　The SECs ambiguous statements about Ether show the lack of regulatory clarity, according to Garlinghouse. He claims that the agency has backtracked on the cryptocurrencys securities status: “I think there has been and continues to be a lack of clarity. ”　　Speaking of potential conflicts of interest, Garlinghouse said that the timing of the

2021-09-26Deep Dive

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