Crypto Guides, Knowledge & Insights

Daymak Set to Put Bitcoin, Ethereum Mining Electric Cars on the Roads

Canadian light electric vehicle (LEV) manufacturer Daymak announced Spiritus - its upcoming electric car that will come with its own comprehensive crypto infrastructure.　　The model should support some crypto operations, including mining bitcoin (BTC), ethereum (ETH), cardano (ADA), and dogecoin (DOGE) during charging. and is set to debut in 2023, the company stated.　　Daymak Spiritus will come with Daymak Nebula, Daymaks crypto suite that includes Nebula Miner and Nebula Wallet, which will turn its vehicles into “environmentally-friendly crypto miner nodes - an unprecedented milestone in the rapid evolution of blockchain technologies,” as the company said. The price of the car starts from USD 18,495.　　Nebula Miner will be equipped with industry-leading graphics processing unit (GPU), which will let the car owners make money while they are parked, while Nebula Wallet aims to be an all-in solution for daily crypto needs.　　“We envision a future where your highway tolls, your parking, and your drive-thru order will be paid directly on the fly with crypto. Your online bills and your banking can be handled through the same software platform paid in crypto. And whereas most vehicles are depreciating while they sit in your garage, the Nebula Miner will make you money while your Spiritus is parked.

2021-06-03Deep Dive

IOTA Reaches Another Milestone With Launch of Decentralized and Feeless Protocol

The IOTA Foundation has announced the launch of their IOTA 2.0 Development Network (DevNet) named “Nectar.” The research prototype is the first full decentralized and feeless Tangle protocol.　　Todays announcement of the Nectar DevNet is just the next in a long line of steps by the IOTA Foundation in their effort to prepare for IOTA 2.0. The foundation has been working toward creating “efficient, sustainable, and secure crypto solutions that scale and require no transaction fees.”　　The “ultimate and decentralized iteration of IOTA”　　Nectar will play an important part in getting ready for IOTA 2.0, the so-called “ultimate and decentralized iteration of IOTA.” The announcement post goes on to talk about the lack of a centralized coordinator as being one of the key differences of the Nectar DevNet.　　The IOTA Foundations blog post also shed light on Nectar relying on network consensus validation with honest nodes earning rewards in the form of “mana.” The way mana works, in this case, is that each time a transaction moves funds, that transaction “pledges” a quantity, or mana, to a node ID.　　The mana then becomes a sort of Proof of Delegated Token Ownership. Mana is earned in one of two ways. By either controlling tokens or having

2021-06-03Deep Dive

Popularity and Move Towards PoS Coins Intensify, Report

Coinshares has released a brief synopsis of the investment inflows and outflows in popular ETPs, mutual fund and OTC trusts, referencing all major digital assets.　　While the crypto market experienced some volatility last week, ethereums (ETH) market share rose to an all-time high of 27%. This new record comes off the back of Ethereum announcing it will be moving ahead with two hard forks – London and Altair.　　Proof-of-stake coins remain popular, with large inflows seen into cardano (ADA), polkadot (DOT), and XRP of $5.2 million, $3.8 million, and $4.5 million, respectively. These inflows echo the sentiments of cardano founder Charles Hoskinson, who believes the crypto industry has decoupled from bitcoin (BTC).　　The growing popularity and move towards proof-of-stake coins has intensified, after Elon Musk raised concerns over bitcoin mining environmental impact, last month. Specifically, he is concerned about the increasing use of fossil fuel, especially coal. While the note does state the benefits of cryptocurrencies, Musk stated that it should not come at the cost of the environment.　　There was good news for the industry, as investors added positions, with net inflows into digital assets of $74 million, last week. The previous weeks volatility had resulted in two weeks of $151 million in

2021-06-03Deep Dive

SuperFarm’s Multi-Purpose NFT Farming Feature Goes Live

In an exciting update for the NFT and digital asset enthusiasts at large, Superfarm, a cross-chain DeFi protocol offering easy, accessible, and innovative ways to create, farm, and sell NFTs, has announced the go-live of its NFT farming feature.　　With the launch of this feature, $SUPER holders and partner projects of the protocol can leverage their holdings in a non-inflationary way. $SUPER is Superfarm‘s utility token that participants use for governance, fees, staking, and NFT drops. Since the protocol’s launch on March 31, 2021, the addition of this core functionality is seen as the most vital inclusion in the journey of Superfarm.　　 Introducing a New Era of Value and Utility　　The launch of SuperFarm‘s claim portal and native launchpad SuperStarter preceded the launch of its NFT mining feature, showing SuperFarm’s commitment and diligence in delivering a robust and extensive product suite in regular phases.　　The addition of the NFT mining feature is not vital solely because it incentivizes the token holders. It is also a crucial step for the entire protocol ecosystem because it allows SuperFarms partner projects to use the protocol in a mutually beneficial way.　　The Growing Importance of NFTs in the DeFi Ecosystem　　DeFi protocols and NFT as a component of the

2021-06-03Deep Dive

Philips to Accept BTC and ETH in a Banksy Auction

Philips will be auctioning a world-famous artwork called “Laugh Now Panel A” created by the anonymous street artist Banksy. Jonathan Crockett – Asia Chairman at the company – announced that BTC or ETH would also be accepted as a means of payment on the auction.　　Philips Enters the Crypto Community　　In a recent Bloomberg interview, Jonathan Crockett highlighted that Philips would accept the largest cryptocurrencies – bitcoin and ether – to purchase Banksys “Laugh Now Panel A”. The executive revealed that the seller insisted on the move as it would grant him more potential buyers and a higher price as an outcome:　　“Were really doing this because the seller was open to the idea of opening bidding to a new pool of potential buyers and therefore achieving a higher sale price as a result.”　　Additionally, Crockett outlined cryptocurrencies‘ recent success as many investors gained profits from their growth in terms of USD prices throughout the years. He went further, stating that Philips’ move was “inevitable.”　　The Asia Chairman clarified that the buyers would not be able to use various digital assets to conduct the purchase of the piece of art, but only the top two by market capitalization – bitcoin and ether. In any way,

2021-06-03Deep Dive

World’s 43rd Largest Bank Wants a Piece of the $1.7 Trillion Cryptocurrency Market

British banking giant Standard Chartered is leaping into the crypto industry. The banks innovation and ventures unit, SC Ventures, is collaborating with an Asian partner to launch a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe.　　It will initially target the European market, connecting institutional traders to counterparties in order to deliver deep pools of liquidity in Bitcoin, Ethereum and other digital assets.　　According to the announcement, Standard Chartered is partnering with the leading public fintech and digital asset company in Asia, BC Technology, which operates the Hong Kong-licensed cryptocurrency exchange OSL.　　The banks expansion into crypto trading marks another leap forward for the industry. Headquartered in the UK, Standard Chartered PLC ranks 43rd among banks around the world and currently manages just over $720 billion.　　Head of SC Ventures Alex Manson wants to ensure that the company is prepared to ride the crypto wave as adoption from institutional investors continues to see an uptick.　　“We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class. We are constructing the building blocks for a safe and reliable investment infrastructure: on the back

2021-06-03Deep Dive

ECB says digital euro may be needed to combat 'artificial currencies'

The European Central Bank has warned that a CBDC or digital euro may be required to head off the spectre of “artificial currencies” dominating cross-border payments.　　In ECB‘s annual review of the euro dubbed “The international role of the euro”, economists Massimo Ferrari and Arnaud Mehl conveyed concerns over the rise of artificial currencies led by unnamed “foreign tech giants” — likely a veiled reference to Facebook’s Diem project:　　“One concern could be a situation in which domestic and cross-border payments are dominated by non-domestic providers, including foreign tech giants potentially offering artificial currencies in the future.”　　“Not only could this threaten the stability of the financial system, but individuals and merchants alike would be vulnerable to a small number of dominant providers with strong market power,” the pair added.　　The ECB has long-held concerns over the rise of artificial currencies or stablecoins in Europe and previously asked EU lawmakers for veto powers regarding private stable projects such as Facebooks Diem coin.　　The ECB has taken a careful approach to launching a digital euro, with ECB‘s president Christine Lagarde noting in January that “it’s going to take a good chunk of time to make sure its safe,” and adding, “I would hope that its no

2021-06-03Deep Dive

Guggenheim Partners’ New Fund May Seek Exposure to Bitcoin, an SEC Filing Showed

Guggenheim Partners may invest in Bitcoin and other cryptocurrency assets through its latest fund called Guggenheim Active Allocation Fund. A recent filing with the Securities and Exchange Commission revealed the giants plans to receive the exposure through cash-settled derivatives instruments.　　CryptoPotato reported last year Guggenheims filing in which the behemoth sought SEC approval to allocate up to $500 million in bitcoin through its Macro Opportunities Fund.　　The large organization has further dabbled with the primary cryptocurrency since then, and the latest development on this front came on Tuesday, according to a new filing with the SEC.　　The document reads that the Wall Street behemoth had filed for a new establishment called Guggenheim Active Allocation Fund. It will operate as a diversified, closed-end management investment fund that “may seek investment exposure to cryptocurrency (notably, Bitcoin).”　　Guggenheim aims for cash-settled derivatives instruments, including exchange-traded futures. Such products are already available in the US through regulated exchanges on the Chicago Mercantile Exchange (CME) and CBOE Global Markets.　　Nevertheless, Guggenheims filing outlined the potential risks of allocating funds in crypto assets. Those include the lack of clear regulations, the somewhat controversial public perception, cyber threats, and the “possible cessation or reversal in the adoption and use of cryptocurrency and

2021-06-03Deep Dive

Google Is Rethinking Its Stance Against Crypto Ads

Google has updated its advertising policy, clearly delineating which cryptocurrency companies are able to advertise on its services.　　Crypto Companies Must Be Registered　　In a new statement, Google has stated that crypto exchanges and wallets will be able to advertise when they are registered with FinCEN as a Money Services Business or registered with a chartered bank.　　Those businesses must also comply with state and federal requirements and comply with all Google Ads policies.　　The new policy will take effect this August, and Google will revoke previous certifications when its application form is published in July.　　Googles updated policy will still ban ads for ICOs, DeFi platforms, and specific cryptocurrencies. It will also disallow ads for cryptocurrency aggregators, trading signals, and trading advice.　　Will More Companies Be Allowed to Advertise？　　Google, along with several other tech companies such as Facebook and Twitter, banned cryptocurrency advertising in March 2018.　　In September 2018, Google loosened those restrictions, allowing exchanges and mining services to advertise once again.　　Todays news does not strictly broaden the category of companies that are able to advertise with Google. Rather, it sets out a stricter process for companies that wish to advertise.　　However, the new policy makes room for hosted wallets (ie. online or custodial wallets), a category

2021-06-03Deep Dive

Kraken Launches Cryptocurrency Mobile App in the US Citing High Demand

Krakens mobile application will be available to US-based users as well, while Coinbase integrated its Coinbase Card with Apple Pay and Google Pay.　　The skyrocketing demand towards cryptocurrency assets has pushed the veteran US exchange Kraken to release a mobile application in the country.　　In another development coming from American exchanges, Coinbase integrated its debit card with Apple Pay and Google Pay.　　Kraken Mobile App Arrives in the US　　Founded almost a decade ago, Kraken is among the latest and most popular digital asset trading platforms. The firms latest expansion initiative comes through a mobile application that will enable US-based retail investors to interact with bitcoin and more than 50 other digital assets.　　“This consumer app is our first major foray into supporting wider consumer adoption in a much more simplified, easy-to-use interface,” commented Krakens Chief Product Officer – Jeremy Welch.　　The executive further touched upon the recent growth in USD prices in the market, which consequently led to growing demand and users on the exchange.　　“The last five months have been pretty unreal at Kraken. We have seen a surge in new clients and in all-time highs.” – he added.　　The app, which was first launched in Europe, will offer “the lowest fees in the industry,” Kraken

2021-06-03Deep Dive

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