Crypto Guides, Knowledge & Insights

Russian Companies, Government Losing Interest in Blockchain

Per a report from Kommersant, the survey was conducted by Dell Technologies and involved speaking to 200 companies from Russia last year, including firms working in the technology, oil & gas, telecommunications, life sciences, healthcare, insurance, and financial services sectors.　　And the study showed that Russian companies appetite for investing in blockchain technology has fallen to levels three times lower than in 2018.　　In a similar study conducted in 2018, 30% of the Russian companies surveyed had already announced plans to invest in blockchain technology in the next one to three years. But the new study showed that this figure has now shrunk to just 9%.　　By contrast, Russian firms are growing keener on the idea of investing in other digital-age innovations, including artificial intelligence algorithms, as well as commercial and industrial robotics, the media outlet continued.　　However, the report quoted experts as stating that while blockchain might not be for all, some sectors are still very serious about the technology, claiming that “large, but siloed projects for blockchain adoption” are still active, for example “in the energy sector.”　　Experts claimed that the wheat is now being sorted from the chaff. Russian internet ombudsman Dmitry Marinichev was quoted as stating that “random” would-be investors in

2021-03-26Deep Dive

Could LEGO be hopping on the NFT train?

The LEGO Group, a toy manufacturer best known for its popular interlocking plastic bricks, hinted it may be getting into the latest craze in the crypto space.　　On Wednesday, the official LEGO Twitter account posted (and then quickly deleted) a message referencing non-fungible tokens, or NFTs, along with a short video clip. The tweet, which read “zeros and ones but still a brick” along with the NFT hashtag could imply that the famous toy manufacturer is considering entering the crypto space once again.　　The 14-second video, though not directly connected to NFTs, shows a 3D LEGO brick rotating in space with glitches popping up around the block. YouTuber Ashnflash, who posts LEGO-themed content, speculated that the tweet could be a teaser for a “digital LEGO currency.”　　Though the tweet has since been deleted, it seems many LEGO enthusiasts are less likely to get into the NFT space based on their initial reactions to the company‘s announcement. Some cited environmental concerns, claiming the company getting into NFTs was “bad for the planet” given the toy manufacturer’s mission statement it is “balanced by renewable energy.”　　Amid the boom in NFTs, the technology has come under fire for its environmental impact due to the computational power required.

2021-03-26Deep Dive

Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors banks that already offer it.　　BNK Busan Is Visting Its Competitors to Conduct the Research　　According to the Busan.com news outlet, the bank researches how these financial institutions deal with the crypto exchanges amid the forthcoming regulation.　　As the banks provide fiat services to the crypto businesses, the legislation set to promulgate on Friday will force them to use the Information Security Management System (ISMS) certification.　　Thats the reason why the Digital Strategy Department and the Money Laundering Prevention Department of BNK Busan Bank are making an in-depth investigation on how such a system works and then offering it in the future.　　Domestic crypto exchanges will be required to gather real names and social security numbers from their clients through the ISMS system already provided by the major South Korean banks.　　Exchanges like Bithumb already have arrangements with the NH Nonghyup Bank for implementing such a system. Also, other domestic companies such as Coinone, Upbit, and Kobit already closed deals with South Korean banks to comply with the

2021-03-26Deep Dive

Is Tesla Preparing to Accept Tokens Other Than Bitcoin?

Key Takeaways　　Tesla has reworded its Bitcoin payments policy, and some have interpreted this to mean it is considering other cryptocurrencies.　　An recent exchange between MEGAs Kit Dotcom and Teslas Elon Musk discussed the merits of Bitcoin Cash.　　Tesla has made no definitive statement on the matter, meaning it is unlikely that it will accept altcoins any time soon.　　Rumors are circulating that Tesla is considering accepting cryptocurrencies other than Bitcoin, due to statements by CEO Elon Musk and changes to wording on the firms website.　　Tesla Changes Poilcy Wording　　Tesla announced yesterday that customers can purchase the companys electric vehicles with Bitcoin, a feature that has been underway since the firm made a crypto investment last month.　　The company attracted further attention when it changed the wording on its Bitcoin policy earlier today. Initially, Teslas policy stated: “Bitcoin is the only digital asset that we accept… at this time. You may not make purchases with us using any other digital asset, including Bitcoin fork products, such as Bitcoin Cash and Bitcoin SV.”　　That section now simply reads: “Bitcoin is the only cryptocurrency Tesla accepts” and “We will not receive the transaction and it will likely result in a loss of funds for you.”　　While some see this change

2021-03-26Deep Dive

Could Bitcoin Benefit From Wall Street’s Quarter-End Rebalancing?

A migration of billions of dollars is set to happen from stocks to bonds by the end of March as US-based asset management firms rebalance their portfolios. And it could have a direct or an indirect impact on the Bitcoin market.　　Nikolaos Panigirtzoglou, a cross-asset research analyst at JPMorgan & Chase, noted that pension funds, insurers, and similarly large investment groups will sell their stock positions to seek exposure in the bond market. The move, according to Mr. Panigirtzoglou, would appear as investors seek to go back to the classic 60/40 mix, a portfolio strategy that prompts asset managers to keep 60 percent of their capital in stocks and 40 percent in government bonds.　　“It should be happening as we speak,” Mr. Panigirtzoglou told the Financial Times. “The rebalancing could already help to explain the stronger bond market performance so far this week, as the transfers are typically concentrated in the last two weeks of the quarter.”　　US bond prices declined of late, led by the fall in the US 10-year Treasury note, which sent its yields up from 0.917 percent at the start of 2021 to around 1.617 percent on March 25. Meanwhile, the MSCI index of developed market equities surged 2.63

2021-03-26Deep Dive

Will Cardano Overtake Ethereum? Crypto Trader Lark Davis Details His Final Verdict

Popular crypto analyst Lark Davis is weighing in on the Cardano vs. Ethereum debate.　　In a new overview of the high-profile crypto assets, Davis dives into the pros and cons of each smart contract platform.　　Ethereum (ETH), the trader explains, is obviously the current frontrunner.　　Ethereum is maintained by the largest decentralized development community in the blockchain space. Way ahead in terms of developer – like miles ahead of the nearest chain, which is Bitcoin, and so far ahead of the other smart contract platforms as to be barely even a relevant metric due to Ethereums supremacy in this regard.　　Upgrades on the Ethereum network have been reactive over time, though, instead of proactive. Basically Ethereums approach has been to fix things as they go wrong or need improving. There have not been any real significant upgrades made to the network in a few years. That being said, Ethereum is right now in the process of the biggest upgrade in its history, called ETH 2.0.　　Davis notes the upgrade will ditch Ethereums proof-of-work system and implement staking, as well as improve scalability and make it easier to build and use applications on the platform.　　On the flip side, the analyst explains that Cardano (ADA) uses a

2021-03-26Deep Dive

US Government Sees ‘Cryptocurrency Spring Fever’ as Great Time to Auction Bitcoin

The press release writers at the U.S. governments General Service Administration (GSA) are gushing about “cryptocurrency spring fever.” It might not be a coincidence that the agency plans to sell more than $300,000 worth of bitcoin at an auction next week.　　According to an announcement posted Wednesday on the agencys website, the GSA is offering commission-free bidding on 6.79 BTC, divided into 10 lots. On Thursday, bitcoin was changing hands around $50,800, so the total amount set for auction works out to roughly $345,000. The auction will take place on the GSA Auctions website, starting on March 29 at 5 p.m. ET.　　“Get ready for cryptocurrency spring fever on GSA Auctions,” according to the press release. “It‘s time to let your bitcoin portfolio bloom by placing a winning bid during GSA Auctions’ upcoming cryptocurrency sale.”　　The auction comes just weeks after the GSA conducted its first auction of bitcoin – a chunk of 0.7501 BTC that went for $53,104.　　While the federal government has been auctioning bitcoin since 2014, this will be the second time cryptocurrency is being sold using GSA Auctions.　　The previous auction took place on March 17 with 31 bidders. The winning bid was at $53,104 at 0.7501 BTC. That works out

2021-03-26Deep Dive

Ethereum ERC-721 Contracts Surge Amid NFT Boom

The total number of Ethereum ERC-721 smart contracts, which form the backbone of most non-fungible tokens (NFTs) on the blockchain, has reached a new all-time high on the heels of the current NFT boom, according to CoinMetrics report published on Tuesday.　　Per the report, the number of ERC-721 smart contracts has recently reached a new all-time high of around 19,000 as a result of the latest “NFT mania.”　　ERC-721 is the Ethereum standard for creating NFTs, non-interchangeable tokens that are cryptographically unique. Theyve been used to create digital items with scarcity, including artwork, video game assets, and music. In recent months, the NFT space has expanded considerably, with trading volume across the top three NFT marketplaces reaching $342 million in February alone, up from $12 million in December 2020, according to DappRadar.　　“The NFT market has gone from virtually non-existent to a flourishing multi-million dollar decentralized marketplace just in the last few months,” analyst Mati Greenspan, founder of crypto analytics outfit Quantum Economics, told Decrypt.　　The number of Ethereum ERC-721 smart contracts has skyrocketed. Image: Coin Metrics　　However, despite the uptick in sales volume, NFTs remain a relatively small slice of the Ethereum pie. Although the number of ERC-721 contracts has surged to around 19,000,

2021-03-26Deep Dive

Unmarshal Announces Polkastarter IDO And Frontier Partnership

Unmarshal, multichain DeFi Data Network, has made the news for two important reasons. Firstly, the whitelist for Polkastarter IDO is now open, and second, their strategic partnership with Frontier, a chain agnostic DeFi aggregation layer.　　Unmarshal recently closed its funding round and raised $2.6 Million backed by industry big-wigs such as Woodstock, Black Edge, GBV, NGC, and Spark. The next phase is to make their native token, $MARSH, available to their community through the Polkastarter IDO.　　What Is Unmarshal？　　The Unmarshal network facilitates seamless access to data on the blockchain by providing smart data solutions for DeFi applications. Currently, it provides added support for Ethereum, Binance Smart Chain, Elrond, PolkaDot, and Substrate-based projects such as StaFi. The protocol combines its functionality with these platforms and addresses the large data limitations of DeFi applications.　　Their token $MARSH has three prominent use cases:　　Data consumers using Unmarshal can stake these tokens for infrastructure service.　　Indexers can stake $MARSH token to become node operators to provide indexing and query processing.　　Reward tokens for network contributors and their services to the network.　　Frontiers Partnership With Unmarshal　　Two days after the IDO announcement, Unmarshal is in the news again for their strategic partnership with Frontier. The partnership will provide users with a powerful aggregation

2021-03-26Deep Dive

Crypto Must Apply Safety Lessons of the Existing Financial System

There is a revealing, albeit slightly morbid, maxim that “safety standards are written in blood.” Humans and human-created systems generally tend to be reactive rather than proactive when it comes to developing protective rules. Nevertheless, today‘s construction workers and consumers are more shielded from danger than those of the past because we’ve learned from prior mistakes.　　Rick McDonell was the executive secretary of the Financial Action Task Force from 2007 until 2016. Prior to that, he was chief of the United Nations Global Program against Money Laundering at the UNODC. He is now executive director of ACAMS, the Association of Certified Anti-Money Laundering Specialists.　　The same dynamic exists in financial regulation, where it could be said that “financial standards are written in fraud.” For example, the U.S. Securities and Exchange Commission didnt exist in the first iterations of the stock market. It was only after “Black Tuesday,” the 1929 stock market crash so severe that it was a major contributing factor to the Great Depression, that new laws and regulations were introduced that continue to define modern finance. But the world has morphed into two: the real world and the virtual world. The old rules do not suit either of them.　　Parts of

2021-03-26Deep Dive

...

667669

...

736