Crypto Guides, Knowledge & Insights

Ethereum Will Be Next Big Focus of Large Institutions and Corporations: Weiss Crypto

The second biggest cryptocurrency has been doing exceptionally well this year, rising well higher than Bitcoin in percentage.　　Cryptocurrency department of the global analytics agency Weiss Ratings expects that large institutional investors and corporations will soon switch onto Ethereum from Bitcoin and begin to adopt it.　　Weiss Crypto believes in ETHs bright future　　On February 8, CME Group launched Ethereum futures for financial institutions, which was another trigger for ETH price growth after the rollout of ETH 2.0 zero phase in December.　　Weiss Crypto has made a reminder that after the launch of ETH futures on CME, open interest and daily volume have been seeing a stable surge.　　The agency expects that financial institutions and corporations will increase their interest in ETH in the near future and that they have likely started that new phase of Ethereum adoption.　　Image via Twitter　　Besides, Weiss Crypto has cited JP Morgan analysts who expect Ethereum to keep outperforming Bitcoin, agreeing with the banking giant on this, using it as an another argument to support their bet on institutions going deeper into ETH.　　JPMorgan has stated that #Ethereum is outperforming #Bitcoin and it expects that trend to continue. We definitely agree with JPM on this one- it further goes to show our

2021-04-30Deep Dive

Coinbase offers customers a way to purchase crypto using PayPal

Users of the exchange will be able to purchase up to $25,000 in crypto daily using PayPal.　　Coinbase users with PayPal accounts will now have another way to purchase crypto through the exchange.　　In an announcement from Coinbase today, the crypto exchange said it would be allowing its customers based in the U.S. to buy crypto using debit cards and bank accounts linked to their PayPal accounts. Coinbase said the move would let many users bypass automated clearing house and wire transfers — methods the exchange still offers — to fund crypto purchases.　　The integration will reportedly allow Coinbase users with PayPal accounts to “buy crypto instantly” without adding bank account information or credit card numbers directly to the exchange. Users will be able to purchase up to $25,000 in crypto daily using payment methods from PayPal.　　According to Coinbase, the new funding feature is currently only available to U.S. users. However, the exchange said it would be expanding to more countries “in the coming months.” As of the first quarter of 2021, Coinbase reported it had 6.1 million monthly active users, while PayPal recorded 377 million total users in 2020.　　Both Coinbase and PayPal have made significant inroads into the crypto space in the

2021-04-30Deep Dive

Why The Integration Of ADA By Simplex Is Of Paramount Importance To The Cardano Community

IOHK (Input Output Hong Kong) has teamed up with Israel-headquartered payment processing gateway Simplex to integrate Cardano (ADA). ADA joins the list of other digital currencies supported by Simplex in a bid to meet the rising interest and popularity of ADA.　　Cardano Becomes Latest Crypto To Use Simplexs Fiat On/Off Ramps　　Simplex, which is a Visa principal member, has incorporated Cardano. This means that convenient on-ramps and off-ramps are available for cardano users around the world. According to the announcement on Wednesday, ADA will be available for purchase across all Simplex partners, including cryptocurrency exchanges, wallets, custodial platforms, and brokers.　　Suffice to say, fiat-to-crypto on-ramps are very important for the success of any cryptocurrency. At this particular time when digital currencies are gaining traction across the globe, its vital for users, especially newbies, to be able to purchase their favorite cryptocurrency seamlessly and reliably.　　Thanks to this new tie-up, millions of crypto users can purchase ADA tokens with debit or credit cards, SWIFT transfers, SEPA, or Apple Pay. The financial institution cites Cardanos growing prominence and developer activity as some key motives behind the addition:　　“The renewed interest in Cardano is the product of a loyal social media following, a thriving community, and landmark achievements.

2021-04-30Deep Dive

Whales On a Buying Spree: Large Bitcoin, Ethereum, Ripple Addresses Keep Accumulating in April

Despite the highly volatile month of April so far, cryptocurrency whales have kept accumulating sizeable portions. On-chain data reveals that large BTC addresses have expanded their holdings by nearly 100,000 coins in several weeks. Similar developments are seen for Ethereum (ETH) and Ripple (XRP) as well.　　BTC Whales Keep on Buying　　Although April has been historically a highly favorable month for bitcoin, this year, the situation is somewhat different. Consequently, it appears that some of the severe price dumps will prevent BTC from closing its seventh consecutive month in green.　　However, these volatile movements havent deterred bitcoin whales – meaning wallets containing at least 10,000 coins – from accumulating more portions of the underlying asset. Just the opposite reveals data from the analytics company – Santiment.　　The firm categorized these addresses as “uber large” and indicated that they “continue to get richer and accumulate as price range.” Ultimately, Santiment asserted that BTC whales had purchased roughly 90,000 bitcoins since April 5th.　　From a USD perspective, this considerable amount is close to $5 billion. As the graph below demonstrates, 60,000 coins went to those addresses after the all-time high marked on April 13th at $65,000. In other words, whales were significantly more active when the asset

2021-04-29Deep Dive

Polygon’s New $100M Fund Aims to Attract Next Million Defi Participants

As part of its ongoing efforts to make the decentralized finance ecosystem more accessible through infrastructure development, this layer2 scaling solution has introduced a $100 million fund designed to lower the barriers to entry for yield farming and lending.　　#Defiforall to Support Development Over Next 2-3 Years　　Decentralized finance (defi) has emerged as one of the most explosive blockchain developments over the past year as new products and services offer a new means for token holders to monetize their crypto holdings.　　The push has been so extreme that the total value locked (TVL) in defi protocols has crossed back above $60 billion, trending just shy of the record amount reached mere weeks ago. Yet, defi remains one of the most complex areas of the blockchain universe for newcomers as the steep learning curve and high capital requirements push more minor participants to the fringes.　　Enter Polygon, an Ethereum scaling and infrastructure development solution. Formerly known as Matic, Polygon intends to transform Ethereum into a multi-chain ecosystem, or internet of blockchains, through its novel ability to construct and connect Layer 2 chains and sidechains. Polygon already plays an instrumental role in defi thanks to its role as a sidechain launchpad for Aave and Curve.　　Now, Polygon

2021-04-29Deep Dive

Ripple Will Go Public After SEC Lawsuit: SBI CEO

During an earnings presentation call, Yoshitaka Kitao, the CEO of Japanese financial giant SBI Group, said that Ripple would go public, adding that co-founder Chris Larsen wants the company to move in such a direction:　　After the current lawsuit, Ripple will go public...Chris wants to do that.　　Ripple CEO Brad Garlinghouse claimed that his company would be “on the leading” side of the IPO boom back in Davos in January 2020:　　In the next 12 months, you‘ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we‘re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.　　These plans, however, have likely been shelved. While the shares of crypto exchange Coinbase are already trading on Nasdaq, Ripple is currently embroiled in a nasty legal fight with the SEC.　　SBI Group, Ripples largest outside shareholder, has long been a strong supporter of XRP, which is treated as a crypto asset in Japan. As reported by U.Today, its shareholders can receive the token as a benefit for the second consecutive year.　　Back in December, Kitao also opined that Ripple‘s legal predicament in the U.S. wouldn’t have any major impact on

2021-04-29Deep Dive

DOJ Ransomware Panel to Propose 'Aggressive' Bitcoin Regulations

A panel of experts established by the US Department of Justice last week to combat ransomware is expected to recommend “aggressive tracking of Bitcoin and other cryptocurrencies,” according to a report from Reuters today that cited anonymous sources.　　The potential recommendations would expand the regulatory requirements on cryptocurrency exchanges and hold them to similar standards as traditional financial institutions.　　Ransomware involves hacking computers and computer networks and locking users out until they pay a ransom. An estimated 99% of ransomware payments were made in Bitcoin as of the first quarter of 2020, thanks to its status as electronic cash. Afterward, the BTC can be exchanged into a privacy coin such as Monero, which is difficult to trace, and ultimately exchanged for cash. Research firm Cybersecurity Ventures estimated in 2019 that annual ransomware costs would reach $20 billion globally this year.　　The Ransomware and Digital Extortion Task Force is composed of staff from several Department of Justice wings, including the Federal Bureau of Investigation, the Civil Division, the Criminal Division, the National Security Division, and the Executive Office for US Attorneys. The Departments of the Treasury and Homeland Security are also participating, as are private tech firms.　　The groups recommendations, due tomorrow, will reportedly target

2021-04-29Deep Dive

'From dial-up to broadband': Banco Santander exec talks up DLT utilization in finance

Regulated decentralized finance that combines permissioned layer-two protocols and a public blockchain network could be the future of fintech.　　John Whelan, the head of Banco Santanders blockchain lab in Madrid, recently touted the potential for increased decentralized ledger technology adoption in mainstream finance.　　Speaking during a webinar organized by Fintech Surge and the Future Blockchain Summit on Wednesday, Whelan remarked:　　“I could imagine a future where there is a global settlement network for an asset class of securities that operates in a fully controlled, private, permissioned layer-two on top of a public blockchain network.”　　While acknowledging that current public blockchain networks might not be optimized for high-frequency transactions, Whelan highlighted their suitability for settlements in the financial services arena.　　“Settlement is not something that has to happen instantaneously,” Whelan stated, adding: “Usually in the financial market, settlement is T+5 — we agree on a trade and we wait five days for settlement.”　　For Whelan, stakeholders in the financial services industry see significant potential in reducing the settlement throughput via blockchain networks.　　The Banco Santander digital asset chief also stated that DLT utilization in mainstream finance needs to reach a point where ERC-20, or any other blockchain-based token standard, becomes suitable for use in what Whelan termed “regulated

2021-04-29Deep Dive

University of Wyoming to Generate Revenue From Crypto Staking

In brief　　Wyoming appropriated $4 million for cryptocurrency staking.　　The profits will go toward funding capital expenditures.　　Wyoming has already welcomed crypto banks and blockchain investment. Now, its putting some skin in the game itself.　　In an appropriations bill signed by the governor this month, Wyoming earmarked $4 million for a cryptocurrency staking program to be run by the University of Wyoming, the states lone public four-year university.　　“Staking,” which amounts to locking up cryptocurrency so it can be used to validate blockchain transactions and mint new tokens, is a popular way for cryptocurrency holders to put their assets to work and earn some profit. The University of Wyoming Cryptocurrency Staking Program provides a glimpse at possible alternative revenue streams for public universities, which—even before the coronavirus pandemic—were facing budget crunches.　　After the state approves the universitys spending plan, UW will have $4 million to spend on operating nodes (computers that are connected to and sustaining the blockchain network) and accumulating cryptocurrency to develop “staking pools”—which let crypto users chip in tokens and begin staking without themselves needing any technical knowhow—in at least three cryptocurrencies.　　The revenue generated from the scheme will first go toward paying operating expenses, with up to $4 million in profit going

2021-04-29Deep Dive

“Fractional ownership”; the next frontier of NFT disruption

The $69 million sale of Beeple‘s digital artwork Everdays at Christie’s in March propelled non-fungible tokens, or “NFTs”, into the mainstream of the financial and cultural spheres, despite their almost total obscurity prior to this event. The bang of the auction house gavel signalled a fundamental shift in peoples preconceptions of both cryptocurrencies and of art.　　At their most basic level, NFTs are a one-of-a-kind entry on a blockchain ledger which cannot be duplicated, and which have a wholly unique value and virtual entity. This is to be compared to fungible tokens, like bitcoin, for which two coins are indistinguishable from one another and have the same value (omitting considerations of transaction history, for now) .　　There are several notable benefits and use cases for NFTs which are particularly pertinent to the art world. Beyond the fact that, due to their decentralisation, they make the need for agents and intermediaries redundant, arguably the most significant benefit of NFTs is that they provide an immutable and completely trackable record of ownership; as they are one-of-a-kind and non-interchangeable, whoever is in possession of an NFT can be safe in the knowledge that they are the sole owner, and provenance can be directly traced through

2021-04-29Deep Dive

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