Crypto Guides, Knowledge & Insights

South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of the countrys Financial Services Commission (FSC).　　Over 141,000 Signatures Collected in One Petition　　The presidential website is now being filed with thousands of petitions from furious people aged 20-39, seeking that Eun Sun-soo, the FSCs chief, resign. The drop that broke the glass were the statements from Eun over the weekend, who stated that crypto has no “intrinsic” value whatsoever.　　But that‘s not something new within the South Korean government’s bodies nor banking institutions. In fact, that‘s the same rhetoric replicated by Seoul’s government and the Bank of Korea regarding cryptos.　　However, Eun has been quite active in his warnings on the new regulations that came into force.　　If domestic crypto exchanges didnt comply by September with the new set of rules enacted by the authorities, they should close, and he even warned that most of the exchanges are at risk of facing such closures.　　As of press time, one of the most popular petitions filed on the government‘s website has 141,659 signatures asking

2021-04-28Deep Dive

JPMorgan and DBS to launch blockchain cross-border payment platform

Major American investment bank JPMorgan is working with Singapores largest bank, DBS, and state investment firm Temasek to launch a new blockchain company focused on global payments and interbank transactions.　　Dubbed Partior, the new firm will use blockchain technology and digitize commercial bank money to reduce the existing friction in cross-border payments, trade transactions and foreign exchange settlements.　　Such functionality would enable instant settlement of payments for various types of transactions, helping banks overcome global payment-related challenges in the current financial system, JPMorgan said in a Wednesday announcement.　　The new platform builds on JPMorgan and Temasek‘s past work as part of Project Ubin, a blockchain-based multi-currency payment initiative initiated by the Monetary Authority of Singapore in 2017. Partior’s platform will launch with a focus on facilitating flows mainly between Singapore-based banks in both the United States dollar and the Singapore dollar, aiming to extend service offerings to other markets in various currencies.　　The platform aims to complement ongoing central bank digital currency projects and use cases, the announcement notes. MAS chief fintech officer Sopnendu Mohanty said that Partior provides a foundational global infrastructure for transacting with digital currencies. “The launch of Partior is a global watershed moment for digital currencies, marking a move from

2021-04-28Deep Dive

Altseason: Bitcoin Dominance Drops To Lowest Level In Years

It happens every cycle. During a bull run, Bitcoin reaches some kind of temporal stability and traders get bored. And if a sharp drop in prices mixes with that, traders run out of the building through the window. It‘s human nature. It’s Altseason. The grass is always greener on the other side.　　And by “greener” we mean, there seems to be a lot more money in the Altcoins. And that can only mean one thing: it‘s Altcoin season. As Arcane Research’s chart shows, Bitcoin‘s percentage of the total market capitalization of cryptocurrencies is at 51.8%. That’s the lowest level in two years.　　Percentage of total Market Capitalization | Source: Arcane Research　　In April, the middle-sized cryptocurrencies by market capitalization took the biggest portion of the cake. Every altcoin outperformed Bitcoin, even the large-sized ones, who also took a beating. And if the indicators are pointing in the right direction, the season is just starting.　　This time is different: Altcoins are performing tremendously　　What a difference seven months make. The previous time an Altseason seemed to appear on the horizon, Bitcoinist told you:　　Sentiment surrounding altcoins has been poor for years, so no money has been coming in. But DeFi, Bitcoin breaking $10,000, and other perfect storm

2021-04-28Deep Dive

Crypto Investors Sacrificing Personal Relationships To Remain In The Game

For some people, digital currencies are an alternative asset that they were either introduced to by a family member or close friend. For others, supporting and investing in the asset comes with a big price to pay. A survey recently poked into the lives of many, who had lost personal relationships, courtesy of their personal convictions and involvement with digital currencies like Bitcoin.　　Much like the conflicts that could sprout in relationships where there are religious differences, a good 60% of cryptocurrency investors have revealed that their personal relationships have suffered due to their financial investment with the asset. A recent survey carried out by the survey platform found that in relationships where one person was investing in Cryptocurrencies, while the other stuck to fiat, financial disagreements were likely to sprout.　　A senior market analyst Jeffrey Halley gave a realistic analogy, saying “The stress on relationships could come from a number of fronts. One person in a relationship investing in cryptos when their partner is a vehement non-believer would create natural stresses — especially when cryptos have such large intraday swings in value and thus, the value of the portfolio.”　　The volatile state of Bitcoin‘s price even adds more salt to injury, as

2021-04-28Deep Dive

“World’s Biggest Blockchain Deployment”: Ethiopian Government To Use Cardano’s Technology To Revamp

Cardano developer IOHK has announced a strategic partnership with the Ethiopian government to use Cardano-based technology to revolutionize the nations education system.　　Cardanos Identity System To Be Rolled Out To 5 Million Ethiopian Students　　Based on the Atala PRISM framework, the identity solution will be deployed throughout Ethiopia in what will be the “worlds biggest blockchain deployment”. In particular, it will be used to create forgery-resistant records of academic performance across 3,500 schools and verify the grades of more than five million local students. The system will also create records of 750,000 teachers, allowing monitoring and lesson planning.　　This means that the Cardano-based identity system will make it easier to authenticate university applications and check the validity of the students‘ grades without depending on third-party agencies. Increasing transparency in the schools’ grading system may create more employment opportunities for rural Ethiopians and increase social advancement.　　IOHK added in the announcement:　　“This partnership is at the heart of Ethiopias Digital Transformation Strategy. IOHK has long recognized how developing world countries could uniquely benefit from blockchain, and this deployment is key in our vision for Africa.”　　IOHKs Grand Vision For Africa　　IOHK touts Cardano‘s Atala PRISM as a game-changer for the world’s second-most populous continent, Africa. Besides education, IOHK

2021-04-28Deep Dive

Goldman Sachs Showcases Crypto Stocks for Wary Investors

So far in 2021, stocks that are related to the cryptocurrency industry have experienced a huge boost as the prices of digital currencies soar. Goldman Sachs has compiled a list of these stocks for interested investors.　　Goldman Sachs has released a study headed up by analyst Ben Snider on stocks connected to crypto and blockchain. Specifically, stocks that could see a sharp spike if bitcoin prices take off again.　　Goldman Sachs studies stocks tied to crypto　　As the prices of cryptocurrencies across the board continue to rise, many companies have risen along with it. In some cases, these companies, viewed as proxies for the asset class, have jumped even more than the cryptocurrencies themselves. The recent Bitcoin rally for example saw a few related stocks propelled to returns up to four times greater than the broader market.　　Snider and strategist David Kostin wrote in a note that:　　“On average, these stocks have dramatically outperformed the S&P 500 during the last several months alongside the surge in the price of Bitcoin. An equal-weighted portfolio of the stocks has demonstrated roughly 60% correlations with Bitcoin and the Bloomberg Galaxy Crypto Index during the last several months, compared with 20% correlations for the S&P 500.”　　The reason behind this

2021-04-28Deep Dive

Golden State Warriors Become First US Sports Team to Release Own NFT

Golden State are diving headfirst with an extensive collection of digital memorabilia which they have named the “Golden State Warriors Legacy NFT Collection.”　　The Golden State Warriors announced on Tuesday a new non-fungible token (NFT) collection to be auctioned off. The collection was created to commemorate the teams six NBA championships.　　Golden State looking for a big win in the NFT market　　The collection will highlight the Warriors six NBA Championship wins, specifically the rings. Each ring will be digitally reproduced in limited quantities with the coveted first editions to include a physical version of the ring as well. Custom designs and even a fitting will be done by jewelry artist Jason of Beverly Hills.　　The auction will also contain a collection of special ticket stubs, each hand-illustrated by artist Black Madre. The same artist who created the Joe Dimaggio NFT, earlier this month.　　Each stub is designed to commemorate events ranging from the first game in 1946, when they were the Philadelphia Warriors, to the first game in their new arena. Another piece will honor the famous 2007 “We Believe” playoff run where GS beat the top-seeded Mavericks in the first round of the NBA postseason.　　The pièce de résistance of the collection is a

2021-04-28Deep Dive

New WWF Project To Use NFTs to Save Animals

While some skeptics criticize non-fungible tokens (NFTs) for their alleged carbon footprint, an unusual partnership has emerged.　　This time, Carbonbase, a Hong Kong-based greentech start-up that leverages emerging technologies to reduce emissions for individuals and enterprises, has partnered with the World Wildlife Fund (WWF) Panda Labs division, to launch a marketplace for rare digital collectibles, Project Ark. Launched this month, it aims to “save animals and protect biodiversity through collectibles worth saving.” Artists and buyers can be connected here, with the goal to support international NGOs and local communities.　　The NFTs sales are used to form crowdfunding campaigns for projects, with the majority of the proceeds going towards the conservation efforts and the rest to the artists and the platform. Buyers will know exactly where their money goes and the impact it creates, as a report will be made for each completed campaign, said the team. Meanwhile, the partnering organizations hope to be able to access new funding.　　The first project is set up with WWF Romania, a part of Panda Labs, with the idea to “have both a local and international perspective, bringing to life a Proof of Concept and then provide a model that can be used for other locations and

2021-04-28Deep Dive

Oxen Review | The Future Of Decentralized Privacy Tools

When Bitcoin was created, it gave birth to a whole world of varied and diverse cryptocurrencies. A key attribute of this new cryptocurrency technology was anonymity. Satoshi Nakamoto, the creator of Bitcoin, was a champion of privacy, and to this day no one knows their true identity. Over time, however, privacy became a polarizing topic in the crypto industry.　　Fast forward to this past year, and privacy is an issue that has become incredibly dominant again. Hackers are more advanced, governments agencies are getting better with blockchain tools, and even some of those who took the extra step to use cold storage (hardware wallets) recently had their personal details leaked on the internet.　　Simply put, privacy is more important than ever. As crypto and digital economies take hold, preserving privacy will become one of the most crucial factors for the success of the technology. As such, were digging into Oxen – a private cryptocurrency at the center of a more private digital universe.　　What Is Oxen？　　Oxen is an anonymity protocol with advanced tools to build a more private internet. Those tools include a secure and encrypted messaging platform called Session, a network anonymity layer called Lokinet, a private and instant payment mechanism called

2021-04-28Deep Dive

South Korean Gaming Giant Nexon Snaps Up $100 Million Worth of Bitcoin

South Korean video game behemoth Nexon said Wednesday that it had purchased $100 million worth of Bitcoin, paying on average $58,226 per coin.　　CEO Owen Mahoney claims that the move is meant to protect shareholder value:　　“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets. n the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”　　In December, Nexons market cap eclipsed $30 billion due to mushrooming demand for gaming. It is known for such hit games as Dungeon s cash pile.　　Earlier this month, Hong Kong-based beauty app Meitu also made yet another $10 million investment in crypto, bringing its total Bitcoin and Ethereum holdings to $100 million.

2021-04-28Deep Dive

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