US Congressman expresses importance of crypto wallet privacy.
Cynthia Lummis and Warren Davidson speak on Bitcoin's importance and personal privacy during an interview at Bitcoin 2021 in Miami.
At the bustling Bitcoin 2021 conference in Miami, Congressman Warren Davidson, alongside United States Senator Cynthia Lummis, sat down to field interview questions. The interview took a turn toward privacy, with Davidson responding with comments on crypto wallets.
“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets,” Davidson said, responding to a question about the possibility of over-regulation in crypto. “That’s a horrible approach,” he added. “If we don’t protect private wallets, someone is going to try to ban them.”
As Davidson mentioned, December 2020 saw the U.S. Treasury suggest strict overwatch on self-custodied digital asset wallets, with certain specifics, such as calling for more information from users transacting with wallets held away from crypto exchanges.
“I wish the country would take the threat to privacy as seriously as they take the threat to the second amendment,” he said. The second amendment of the U.S. Constitution gives citizens gun ownership rights.
Taking her turn at a response, Lummis noted the importance of teaching U.S. government folks on Bitcoin. “We’re trying to create a financial innovation caucus so we can use it to educate members of the U.S. Senate and their staffs about Bitcoin, its advantages, and why it is just such a fabulous asset to dovetail with the U.S. dollar,” she said. “It can be the underlying network, worldwide, to keep the dollar the global reserve currency, but still allow people to transact in a very freedom-loving way,” she said, adding:
“Whether you’re in Venezuela, where the inflation is outrageous and you’re trying to get your wealth out of the country, you can get it out through Bitcoin. And, the United States, if we get to the point where we’re experiencing the kind of inflation we’ve begun to see this year, we may want that alternative as well.”
In recent years, Venezuela has seen soaring levels of inflation amid a broad economic decline that was partially tied to the oil-price collapse of 2014.
The Bitcoin 2021 conference in Miami thus far has hosted significant action in terms of speakers and discussions. The event will continue for a second day on Saturday.
Cynthia Lummis and Warren Davidson speak on Bitcoin's importance and personal privacy during an interview at Bitcoin 2021 in Miami.
At the bustling Bitcoin 2021 conference in Miami, Congressman Warren Davidson, alongside United States Senator Cynthia Lummis, sat down to field interview questions. The interview took a turn toward privacy, with Davidson responding with comments on crypto wallets.
“At the end of the year, if you think about it, Secretary Mnuchin was talking about banning private wallets,” Davidson said, responding to a question about the possibility of over-regulation in crypto. “That’s a horrible approach,” he added. “If we don’t protect private wallets, someone is going to try to ban them.”
As Davidson mentioned, December 2020 saw the U.S. Treasury suggest strict overwatch on self-custodied digital asset wallets, with certain specifics, such as calling for more information from users transacting with wallets held away from crypto exchanges.
“I wish the country would take the threat to privacy as seriously as they take the threat to the second amendment,” he said. The second amendment of the U.S. Constitution gives citizens gun ownership rights.
Taking her turn at a response, Lummis noted the importance of teaching U.S. government folks on Bitcoin. “We’re trying to create a financial innovation caucus so we can use it to educate members of the U.S. Senate and their staffs about Bitcoin, its advantages, and why it is just such a fabulous asset to dovetail with the U.S. dollar,” she said. “It can be the underlying network, worldwide, to keep the dollar the global reserve currency, but still allow people to transact in a very freedom-loving way,” she said, adding:
“Whether you’re in Venezuela, where the inflation is outrageous and you’re trying to get your wealth out of the country, you can get it out through Bitcoin. And, the United States, if we get to the point where we’re experiencing the kind of inflation we’ve begun to see this year, we may want that alternative as well.”
In recent years, Venezuela has seen soaring levels of inflation amid a broad economic decline that was partially tied to the oil-price collapse of 2014.
The Bitcoin 2021 conference in Miami thus far has hosted significant action in terms of speakers and discussions. The event will continue for a second day on Saturday.
Bitcoin part of highest risk category in Basel's new bank capital plan.
The Basel Committee on Banking Supervision proposed tough requirements for banks that want to hold cryptocurrencies like Bitcoin.
The Basel Committee on Banking Supervision (BCBS), a global committee of banking supervisors and central banks, has proposed new requirements for banks that want to hold cryptocurrencies like Bitcoin (BTC).
In a consultation paper published Thursday, the committee provided preliminary proposals for the prudential treatment of crypto exposure by banks.
The paper built on the contents of the committee’s 2019 discussion paper and responses received from various stakeholders and international industry figures.
Crypto’s perceived volatility and potential for illicit use led the BCBS to recommend a 1,250% risk weight to Bitcoin. This essentially means that banks must hold one dollar in capital for each dollar worth of exposure it has to Bitcoin.
According to the paper, this would ensure that there is sufficient capital to absorb a full write-off of crypto asset exposures “without exposing depositors and other senior creditors of the banks to a loss.”
The BCBS proposed to split crypto assets into two broad categories: those eligible for treatment under the Basel Framework with some modifications; and assets like Bitcoin (BTC), which are subject to the new conservative prudential treatment.
The first category would include tokenized traditional assets as well as “crypto assets with effective stabilization mechanisms,” i.e. stablecoins.
The second group includes Bitcoin and other assets that “fail to meet any of the classification conditions” like applying a stabilization mechanism.
The BCBS noted that a high risk weight of 1,250% will lead to a “conservative outcome” for direct exposures of crypto assets. Regarding crypto derivatives, however, “care should be taken in defining what the ‘value’ is in the formula to ensure the outcome is similarly conservative,” the committee noted.
The Basel Committee on Banking Supervision proposed tough requirements for banks that want to hold cryptocurrencies like Bitcoin.
The Basel Committee on Banking Supervision (BCBS), a global committee of banking supervisors and central banks, has proposed new requirements for banks that want to hold cryptocurrencies like Bitcoin (BTC).
In a consultation paper published Thursday, the committee provided preliminary proposals for the prudential treatment of crypto exposure by banks.
The paper built on the contents of the committee’s 2019 discussion paper and responses received from various stakeholders and international industry figures.
Crypto’s perceived volatility and potential for illicit use led the BCBS to recommend a 1,250% risk weight to Bitcoin. This essentially means that banks must hold one dollar in capital for each dollar worth of exposure it has to Bitcoin.
According to the paper, this would ensure that there is sufficient capital to absorb a full write-off of crypto asset exposures “without exposing depositors and other senior creditors of the banks to a loss.”
The BCBS proposed to split crypto assets into two broad categories: those eligible for treatment under the Basel Framework with some modifications; and assets like Bitcoin (BTC), which are subject to the new conservative prudential treatment.
The first category would include tokenized traditional assets as well as “crypto assets with effective stabilization mechanisms,” i.e. stablecoins.
The second group includes Bitcoin and other assets that “fail to meet any of the classification conditions” like applying a stabilization mechanism.
The BCBS noted that a high risk weight of 1,250% will lead to a “conservative outcome” for direct exposures of crypto assets. Regarding crypto derivatives, however, “care should be taken in defining what the ‘value’ is in the formula to ensure the outcome is similarly conservative,” the committee noted.
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Thai SEC bans exchanges from handling certain token types including NFTs.
Local exchanges now have until July 11 to update their rules for listing tokens in order to be in compliance with SEC guidelines.
Thailand’s Securities and Exchange Commission has approved guidelines prohibiting crypto exchanges in the country from supporting four different types of tokens in certain cases.
In a Friday announcement from the Thai SEC, the regulatory body said that Secretary-General Ruenvadee Suwanmongkol had approved crypto exchange guidelines, Notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday to go into effect. The new rules ban Thai exchanges from handling meme-based tokens, fan-based tokens, nonfungible tokens (NFTs) and exchange-issued tokens.
Source: Thai Securities and Exchange Commission
For tokens issued by exchanges, the SEC said that any cryptocurrencies had to precisely conform to the descriptions in their respective white papers as well as any existing guidelines for digital assets. If exchanges cannot meet these conditions, the regulatory body said they would have to delist the token. According to the SEC, Thai exchanges have 30 days to update their rules for listing tokens to be in compliance with the new guidelines.
This change in policy would purportedly affect tokens including Dogecoin (DOGE), a meme-based cryptocurrency whose price has risen significantly since last year, as well as Bitkub Coin (KUB), the native token of the local crypto exchange of the same name.
Thailand’s Securities and Exchange Commission has issued a number of guidelines and statements for individual traders and crypto firms this year, sometimes with harsh backlash from the public. The regulatory body proposed a 1 million baht — roughly $32,000 — minimum annual income requirement for crypto investment in Thailand, and officials have hinted that investors should be required to attend a cryptocurrency trading training course or pass a test to prove their knowledge.
The Southeast Asian country has had a complicated relationship with crypto for years. In February, Thailand’s tourism board focused on targeting Japanese crypto holders, seemingly in an effort to revive the industry during the pandemic (many nationalities are unable to enter the country without quarantining.) However, the government has also proposed stricter Know Your Customer requirements in the country, requiring exchanges to physically scan chips embedded in Thai citizen ID cards.
Local exchanges now have until July 11 to update their rules for listing tokens in order to be in compliance with SEC guidelines.
Thailand’s Securities and Exchange Commission has approved guidelines prohibiting crypto exchanges in the country from supporting four different types of tokens in certain cases.
In a Friday announcement from the Thai SEC, the regulatory body said that Secretary-General Ruenvadee Suwanmongkol had approved crypto exchange guidelines, Notification 18/2564 on “Rules, Conditions and Procedures for Undertaking Digital Asset Business,” on Wednesday to go into effect. The new rules ban Thai exchanges from handling meme-based tokens, fan-based tokens, nonfungible tokens (NFTs) and exchange-issued tokens.
Source: Thai Securities and Exchange Commission
For tokens issued by exchanges, the SEC said that any cryptocurrencies had to precisely conform to the descriptions in their respective white papers as well as any existing guidelines for digital assets. If exchanges cannot meet these conditions, the regulatory body said they would have to delist the token. According to the SEC, Thai exchanges have 30 days to update their rules for listing tokens to be in compliance with the new guidelines.
This change in policy would purportedly affect tokens including Dogecoin (DOGE), a meme-based cryptocurrency whose price has risen significantly since last year, as well as Bitkub Coin (KUB), the native token of the local crypto exchange of the same name.
Thailand’s Securities and Exchange Commission has issued a number of guidelines and statements for individual traders and crypto firms this year, sometimes with harsh backlash from the public. The regulatory body proposed a 1 million baht — roughly $32,000 — minimum annual income requirement for crypto investment in Thailand, and officials have hinted that investors should be required to attend a cryptocurrency trading training course or pass a test to prove their knowledge.
The Southeast Asian country has had a complicated relationship with crypto for years. In February, Thailand’s tourism board focused on targeting Japanese crypto holders, seemingly in an effort to revive the industry during the pandemic (many nationalities are unable to enter the country without quarantining.) However, the government has also proposed stricter Know Your Customer requirements in the country, requiring exchanges to physically scan chips embedded in Thai citizen ID cards.
Shiba Inu and Chiliz jump 33% and 26% on Coinbase Pro listings.
Memes and fan tokens were the order of the day after a Coinbase Pro listing sent SHIB and CHZ to significant gains.
The token prices of Shiba Inu (SHIB) and Chiliz (CHZ) jumped 33% and 26% respectively on Wednesday, following the announcement of the pair’s listing on Coinbase Pro.
Inbound transfers for Shiba Inu and Chiliz were announced alongside Keep Network (KEEP) by Coinbase Pro on Tuesday, June 15. Trading is set to begin on Thursday, June 17, assuming liquidity conditions are met. The trading pairs will launch in three phases: post-only, limit-only and full trading.
Shiba Inu burst onto the scene in late April, seemingly as a bi-product of the attention brought on meme cryptocurrency Dogecoin (DOGE) by Tesla CEO Elon Musk. The token’s imagery features a meme version of the Shiba Inu dog breed, similar to Dogecoin. The token’s dollar valuation, while still well in the sub-cent range, increased by over 2,000,000% in the runup to its recent peak in early May, when it was listed for trading on Binance and other exchanges.
The SHIB valuation climbed from $0.000007002 to $0.000009331 in the hour or so following the Coinbase announcement, and had retained most of its gains one day on, standing as the top gainer among the market capitalization top 100 on Wednesday.
Chiliz followed close behind after its coin price increased from $0.2773 to $0.3495 leading into Wednesday morning, following a sustained 26% surge. Chiliz is the token behind the Socios.com fan token platform which enables the purchase of branded tokens associated with major sports clubs and organizations. Chiliz has recently facilitated the launch of fan tokens in partnership with FC Barcelona, Manchester City and a host of major European football clubs.
The other token lined up for trading on Coinbase, Keep Network, experienced a brief 26% surge as its valuation climbed from $0.49 to $0.62 in the wake of the exchange’s announcement. By the time of publication, it had given up some of its gains on the way back to the $0.56 range.
Keep Network focuses on providing storage for private data on public blockchains. The Keep Network platform comprises off-chain containers for private data which are only accessible via the Ethereum-based KEEP token. The project recently added compatibility for Bitcoin (BTC) users with tBTC — a fully backed ERC-20 version of Bitcoin.
Memes and fan tokens were the order of the day after a Coinbase Pro listing sent SHIB and CHZ to significant gains.
The token prices of Shiba Inu (SHIB) and Chiliz (CHZ) jumped 33% and 26% respectively on Wednesday, following the announcement of the pair’s listing on Coinbase Pro.
Inbound transfers for Shiba Inu and Chiliz were announced alongside Keep Network (KEEP) by Coinbase Pro on Tuesday, June 15. Trading is set to begin on Thursday, June 17, assuming liquidity conditions are met. The trading pairs will launch in three phases: post-only, limit-only and full trading.
Shiba Inu burst onto the scene in late April, seemingly as a bi-product of the attention brought on meme cryptocurrency Dogecoin (DOGE) by Tesla CEO Elon Musk. The token’s imagery features a meme version of the Shiba Inu dog breed, similar to Dogecoin. The token’s dollar valuation, while still well in the sub-cent range, increased by over 2,000,000% in the runup to its recent peak in early May, when it was listed for trading on Binance and other exchanges.
The SHIB valuation climbed from $0.000007002 to $0.000009331 in the hour or so following the Coinbase announcement, and had retained most of its gains one day on, standing as the top gainer among the market capitalization top 100 on Wednesday.
Chiliz followed close behind after its coin price increased from $0.2773 to $0.3495 leading into Wednesday morning, following a sustained 26% surge. Chiliz is the token behind the Socios.com fan token platform which enables the purchase of branded tokens associated with major sports clubs and organizations. Chiliz has recently facilitated the launch of fan tokens in partnership with FC Barcelona, Manchester City and a host of major European football clubs.
The other token lined up for trading on Coinbase, Keep Network, experienced a brief 26% surge as its valuation climbed from $0.49 to $0.62 in the wake of the exchange’s announcement. By the time of publication, it had given up some of its gains on the way back to the $0.56 range.
Keep Network focuses on providing storage for private data on public blockchains. The Keep Network platform comprises off-chain containers for private data which are only accessible via the Ethereum-based KEEP token. The project recently added compatibility for Bitcoin (BTC) users with tBTC — a fully backed ERC-20 version of Bitcoin.
Banque de France tests digital currency-based securities settlement.
The Bank of France has completed a central bank digital currency pilot for securities transactions in collaboration with Swiss crypto bank SEBA.
The central bank of France — Banque de France — is continuing its work on the development of a European central bank digital currency (CBDC).
On Monday the bank officially announced the successful completion of a CBDC experiment with major Switzerland-based cryptocurrency bank SEBA.
Conducted in collaboration with SEBA, Banque Internationale à Luxembourg, and Luxembourg central securities depository LuxCSD, the experiment used a CBDC to simulate the settlement and delivery of listed securities on TARGET2-Securities (T25), a European securities settlement engine.
SEBA purchased securities from Banque Internationale à Luxembourg, with post-trade settlement managed by LuxCSD.
Nathalie Aufauvre, general director of financial stability and operations at Banque de France, said that the latest CBDC test demonstrated the possibilities for conventional finance systems and distributed systems to interact. “It also paves the way for other alliances in order to benefit from the opportunities offered by financial assets in a blockchain environment,” Aufauvre said.
The bank noted that the new CBDC test is part of an experimental CBDC program launched in March 2020, that aims to test CBDC integration for settlements. The program’s other experiments will continue until mid-2021 as Banque de France, in addition to other central banks in Europe, tests the viability of CBDCs.
The Bank of France has completed a central bank digital currency pilot for securities transactions in collaboration with Swiss crypto bank SEBA.
The central bank of France — Banque de France — is continuing its work on the development of a European central bank digital currency (CBDC).
On Monday the bank officially announced the successful completion of a CBDC experiment with major Switzerland-based cryptocurrency bank SEBA.
Conducted in collaboration with SEBA, Banque Internationale à Luxembourg, and Luxembourg central securities depository LuxCSD, the experiment used a CBDC to simulate the settlement and delivery of listed securities on TARGET2-Securities (T25), a European securities settlement engine.
SEBA purchased securities from Banque Internationale à Luxembourg, with post-trade settlement managed by LuxCSD.
Nathalie Aufauvre, general director of financial stability and operations at Banque de France, said that the latest CBDC test demonstrated the possibilities for conventional finance systems and distributed systems to interact. “It also paves the way for other alliances in order to benefit from the opportunities offered by financial assets in a blockchain environment,” Aufauvre said.
The bank noted that the new CBDC test is part of an experimental CBDC program launched in March 2020, that aims to test CBDC integration for settlements. The program’s other experiments will continue until mid-2021 as Banque de France, in addition to other central banks in Europe, tests the viability of CBDCs.
Elon Musk agrees to speak with Twitter CEO Jack Dorsey at Bitcoin event.
Dorsey offered to let Musk share all his curiosities about crypto and otherwise at the July 21 event.
Tesla CEO and Dogecoin enthusiast Elon Musk may be speaking at an event aimed at educating institutional investors on Bitcoin.
In a Twitter discussion with Jack Dorsey overnight, Musk agreed to speak at The ₿ Word, a July 21 virtual event hosted by the Crypto Council for Innovation and featuring major players in the crypto space.
“As more companies and institutions get into the mix, we all want to help protect and spread what makes bitcoin open development so perfect,” said Dorsey. “This day is focused on education and actions to do just that.”
Musk responded to Dorsey with a sexual innuendo — he has seemingly never been shy about sharing such material — before agreeing to virtually sit down with him and discuss Bitcoin at the event.
Featured speakers at the event include Dorsey; Wood; Blockstream founder Adam Back; Michael Morell, former acting and deputy director of the United States Central Intelligence Agency; and John Newbery, director of Brink — a nonprofit focused on supporting Bitcoin (BTC) development. The organizers have said the event is intended to “destigmatize mainstream narratives about Bitcoin.”
In March, Musk made waves in the crypto space — and may have largely contributed to a BTC price surge — when he announced Tesla had added $1.5 billion worth of Bitcoin to its balance sheet and would start to accept the crypto asset as a form of payment for the electric vehicles. However, in May the Tesla CEO posted a tweet highlighting his concerns about Bitcoin’s energy usage and saying the company would no longer consider Bitcoin payments.
It’s unclear what effect a discussion with Dorsey or other major crypto players may have on Bitcoin policy at Tesla or for Musk personally. The Tesla CEO said earlier this month he would reconsider adding Bitcoin transactions at the firm “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.”
At the time of publication, the price of Bitcoin $32,805, having fallen 3.5% in the last 24 hours.
Dorsey offered to let Musk share all his curiosities about crypto and otherwise at the July 21 event.
Tesla CEO and Dogecoin enthusiast Elon Musk may be speaking at an event aimed at educating institutional investors on Bitcoin.
In a Twitter discussion with Jack Dorsey overnight, Musk agreed to speak at The ₿ Word, a July 21 virtual event hosted by the Crypto Council for Innovation and featuring major players in the crypto space.
“As more companies and institutions get into the mix, we all want to help protect and spread what makes bitcoin open development so perfect,” said Dorsey. “This day is focused on education and actions to do just that.”
Musk responded to Dorsey with a sexual innuendo — he has seemingly never been shy about sharing such material — before agreeing to virtually sit down with him and discuss Bitcoin at the event.
Featured speakers at the event include Dorsey; Wood; Blockstream founder Adam Back; Michael Morell, former acting and deputy director of the United States Central Intelligence Agency; and John Newbery, director of Brink — a nonprofit focused on supporting Bitcoin (BTC) development. The organizers have said the event is intended to “destigmatize mainstream narratives about Bitcoin.”
In March, Musk made waves in the crypto space — and may have largely contributed to a BTC price surge — when he announced Tesla had added $1.5 billion worth of Bitcoin to its balance sheet and would start to accept the crypto asset as a form of payment for the electric vehicles. However, in May the Tesla CEO posted a tweet highlighting his concerns about Bitcoin’s energy usage and saying the company would no longer consider Bitcoin payments.
It’s unclear what effect a discussion with Dorsey or other major crypto players may have on Bitcoin policy at Tesla or for Musk personally. The Tesla CEO said earlier this month he would reconsider adding Bitcoin transactions at the firm “when there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.”
At the time of publication, the price of Bitcoin $32,805, having fallen 3.5% in the last 24 hours.
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Binance suspends popular fiat ramp for U.K. customers amid regulatory crackdown.
Faster Payments is no longer an option for Binance customers in Britain amid increasing regulatory pressure.
Binance’s U.K. customers are currently unable t use the popular local payments provider, Faster Payments, to withdraw British pounds (GBP) from the exchange.
On Monday, June 28, a notice on the Binance website declared that GBP withdrawals via Faster Payments had been “suspended for maintenance,” according to the Financial Times.
Faster Payments is a payment provider used by major banks to process near-instant payments. It has become one of the preferred channels for moving fiat currencies to and from the Binance exchange.
According to the report, U.K. users can still use traditional methods such as bank cards to move money from the exchange. However, the exchange acknowledged that the suspension of Faster Payments presents a significant hurdle.
The move follows a June 27 order from the U.K.'s Financial Conduct Authority (FCA) demanding Binance cease all regulated activities in the country following a review of its operations.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” said the FCA’s letter, noting that no other entity in the Binance Group holds any of the necessary permits to operate in the United Kingdom.
On June 28, the exchange countered that Binance Markets Limited is “a separate legal entity and does not offer any products or services via the Binance website,” adding: “The FCA UK notice has no direct impact on the services provided on Binance.”
Binance launched its U.K. trading platform for institutional and retail investors under the supervision of the FCA in June 2020.
Faster Payments is no longer an option for Binance customers in Britain amid increasing regulatory pressure.
Binance’s U.K. customers are currently unable t use the popular local payments provider, Faster Payments, to withdraw British pounds (GBP) from the exchange.
On Monday, June 28, a notice on the Binance website declared that GBP withdrawals via Faster Payments had been “suspended for maintenance,” according to the Financial Times.
Faster Payments is a payment provider used by major banks to process near-instant payments. It has become one of the preferred channels for moving fiat currencies to and from the Binance exchange.
According to the report, U.K. users can still use traditional methods such as bank cards to move money from the exchange. However, the exchange acknowledged that the suspension of Faster Payments presents a significant hurdle.
The move follows a June 27 order from the U.K.'s Financial Conduct Authority (FCA) demanding Binance cease all regulated activities in the country following a review of its operations.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” said the FCA’s letter, noting that no other entity in the Binance Group holds any of the necessary permits to operate in the United Kingdom.
On June 28, the exchange countered that Binance Markets Limited is “a separate legal entity and does not offer any products or services via the Binance website,” adding: “The FCA UK notice has no direct impact on the services provided on Binance.”
Binance launched its U.K. trading platform for institutional and retail investors under the supervision of the FCA in June 2020.
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Crypto LVL will host an AMA Session with Pruf in Crypto LVL + Pruf chat.
⏱START 3PM UTC 02.07.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @pruftalk.
🌐Website - https://pruf.io
$200M hedge fund pauses crypto arbitrage trading amid market downturn.
The hedge fund co-founder says it is keeping its investment powder dry for when the crypto market resumes its parabolic advance.
Crypto hedge fund Nickel Digital Asset Management cycled into a cash position following the crypto market collapse of May.
According to Bloomberg, the $200 million crypto hedge fund led by JPMorgan and Goldman Sachs alumni redeployed its capital in anticipation of another explosive price run for cryptocurrencies.
Indeed, crypto arbitrage trading reportedly offered double-digit annualized gains for institutional investors with sufficient capital to make sizable returns on these momentary price gaps. These trades are market neutral rather than directional since the focus on price discrepancies and not price action.
Commenting on the fund’s investment thesis, Nickel Digital CEO Anatoly Crachilov told Bloomberg: “We don’t take directional bets, so whether Bitcoin goes up 300% or down 70%, we will seek to capture arbitrage opportunities from market dislocations,” adding:
“Our market-neutral, low volatility strategy is designed to provide positive returns irrespective of market directionality. It’s meant to make a transition into the crypto market easier for investors with lower risk tolerance.”
Bitcoin’s 50% crash from its $64,000 all-time high triggered a cascade of liquidations in the futures market especially for over-leveraged longs to the tune of about $9 billion. Altcoins also crashed more than 70% and price action has remained in a sideways accumulation state with frequent 10 to 15% dips.
For Crachilov, it is all about playing the waiting game, for now: “June will be remembered as a cash-rich, wait-and-see month.” The Nickel Digital CEO also stated that the current market downturn is not out of the ordinary for investors long in the crypto business.
The crypto hedge fund chief stated that institutional investors are starting to move away from seeing crypto investments as a reputational risk. Indeed, banks in the United States and Europe are beginning to offer direct exposure to Bitcoin for both retail and big-money players.
The hedge fund co-founder says it is keeping its investment powder dry for when the crypto market resumes its parabolic advance.
Crypto hedge fund Nickel Digital Asset Management cycled into a cash position following the crypto market collapse of May.
According to Bloomberg, the $200 million crypto hedge fund led by JPMorgan and Goldman Sachs alumni redeployed its capital in anticipation of another explosive price run for cryptocurrencies.
Indeed, crypto arbitrage trading reportedly offered double-digit annualized gains for institutional investors with sufficient capital to make sizable returns on these momentary price gaps. These trades are market neutral rather than directional since the focus on price discrepancies and not price action.
Commenting on the fund’s investment thesis, Nickel Digital CEO Anatoly Crachilov told Bloomberg: “We don’t take directional bets, so whether Bitcoin goes up 300% or down 70%, we will seek to capture arbitrage opportunities from market dislocations,” adding:
“Our market-neutral, low volatility strategy is designed to provide positive returns irrespective of market directionality. It’s meant to make a transition into the crypto market easier for investors with lower risk tolerance.”
Bitcoin’s 50% crash from its $64,000 all-time high triggered a cascade of liquidations in the futures market especially for over-leveraged longs to the tune of about $9 billion. Altcoins also crashed more than 70% and price action has remained in a sideways accumulation state with frequent 10 to 15% dips.
For Crachilov, it is all about playing the waiting game, for now: “June will be remembered as a cash-rich, wait-and-see month.” The Nickel Digital CEO also stated that the current market downturn is not out of the ordinary for investors long in the crypto business.
The crypto hedge fund chief stated that institutional investors are starting to move away from seeing crypto investments as a reputational risk. Indeed, banks in the United States and Europe are beginning to offer direct exposure to Bitcoin for both retail and big-money players.
Bitcoin, Ethereum and Altcoins Correct Gains.
Bitcoin price corrected lower after it failed to surpass USD 36,000 and corrected below the USD 34,000 support. It is currently (12:25 PM UTC) showing negative signs, postponing its plans to increase towards USD 36,000.
Similarly, most major altcoins corrected lower, dropping by 2%-4% in an hour. ETH failed to stay above the USD 2,250 support while XRP corrected towards USD 0.65.
Bitcoin price
After a downside correction, bitcoin price found support near USD 33,500. BTC is now seemingly moving higher, but if it fails and breaches the first key support of USD 33,500, the next support is near USD 33,200, below which the price might test USD 32,200.
Ethereum price
Ethereum price remained well bid above the USD 2,200 level but it is also showing signs of weakness. The next resistance is at USD 2,250, above which the price might test the USD 2,300 level.
If there is a downside correction, the next major support is near the USD 2,200 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is stuck near the USD 300 level. If BNB climbs above the USD 300 and USD 310 levels, it could gain momentum. In this case, the price might rise towards the USD 350 level. If not, there is a risk of a drop towards the USD 265 level.
Litecoin (LTC) is moving lower below the USD 138 level and there is a risk of a drop towards the USD 125 support zone. If LTC gains pace, it could revisit the USD 150 resistance.
Dogecoin (DOGE) is facing an uphill task below the USD 0.250 level. If it fails to settle above this price level, it could move down towards USD 0.200.
XRP price is trading above the USD 0.650 support after dropping by more than 5% in a day. The key breakout zone is near the USD 0.700 level. A daily close above USD 0.700 could set the tone for a larger increase in the near term.
Bitcoin price corrected lower after it failed to surpass USD 36,000 and corrected below the USD 34,000 support. It is currently (12:25 PM UTC) showing negative signs, postponing its plans to increase towards USD 36,000.
Similarly, most major altcoins corrected lower, dropping by 2%-4% in an hour. ETH failed to stay above the USD 2,250 support while XRP corrected towards USD 0.65.
Bitcoin price
After a downside correction, bitcoin price found support near USD 33,500. BTC is now seemingly moving higher, but if it fails and breaches the first key support of USD 33,500, the next support is near USD 33,200, below which the price might test USD 32,200.
Ethereum price
Ethereum price remained well bid above the USD 2,200 level but it is also showing signs of weakness. The next resistance is at USD 2,250, above which the price might test the USD 2,300 level.
If there is a downside correction, the next major support is near the USD 2,200 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is stuck near the USD 300 level. If BNB climbs above the USD 300 and USD 310 levels, it could gain momentum. In this case, the price might rise towards the USD 350 level. If not, there is a risk of a drop towards the USD 265 level.
Litecoin (LTC) is moving lower below the USD 138 level and there is a risk of a drop towards the USD 125 support zone. If LTC gains pace, it could revisit the USD 150 resistance.
Dogecoin (DOGE) is facing an uphill task below the USD 0.250 level. If it fails to settle above this price level, it could move down towards USD 0.200.
XRP price is trading above the USD 0.650 support after dropping by more than 5% in a day. The key breakout zone is near the USD 0.700 level. A daily close above USD 0.700 could set the tone for a larger increase in the near term.
Hydro plant from 1897 earns 3X as much mining BTC as selling power to the grid.
An historic renewable energy facility in New York has tripled its profits by mining Bitcoin.
New York’s Mechanicville hydroelectric plant — one of the oldest hydropower generation facilities in the United States — is now host to Bitcoin mining.
The plant is owned by Albany Engineering Corp (AEC), which was asked to restore it by the National Grid in 1986. Jim Besha Sr., AEC’s chief executive, notes that cryptocurrency mining offers triple the profit margins available from selling electricity back to the grid:
“We think this is the oldest renewable energy facility in the world that’s still running. We can actually make more money with Bitcoin than selling the electricity to National Grid.”
Besha noted he is content to liquidate the BTC as it comes in, expressing skepticism regarding the crypto asset’s longer-term potential.
Despite the robust profit margins, Besha laments not selling his electricity to be used as power, but a decade of fighting with the National Grid has left him looking to alternative revenue streams.
When AEC was asked to restore the plant, a contract was signed with the National Grid guaranteeing it would purchase power from Besha for 40 years at a discounted rate. However, after AEC received licensing to operate independently in 1993, Besha claims the National Grid reneged on their deal, leading to a protracted legal battle.
After the facility incurred substantial damages from a flood, and later a generator catching fire, the National Grid agreed to give up the plant, pay for repairs, and purchase electricity from AEC at market value in 2003. Despite National Grid giving up its price discount, the profits from Bitcoin mining still dwarf what AEC can make by selling electricity.
An historic renewable energy facility in New York has tripled its profits by mining Bitcoin.
New York’s Mechanicville hydroelectric plant — one of the oldest hydropower generation facilities in the United States — is now host to Bitcoin mining.
The plant is owned by Albany Engineering Corp (AEC), which was asked to restore it by the National Grid in 1986. Jim Besha Sr., AEC’s chief executive, notes that cryptocurrency mining offers triple the profit margins available from selling electricity back to the grid:
“We think this is the oldest renewable energy facility in the world that’s still running. We can actually make more money with Bitcoin than selling the electricity to National Grid.”
Besha noted he is content to liquidate the BTC as it comes in, expressing skepticism regarding the crypto asset’s longer-term potential.
Despite the robust profit margins, Besha laments not selling his electricity to be used as power, but a decade of fighting with the National Grid has left him looking to alternative revenue streams.
When AEC was asked to restore the plant, a contract was signed with the National Grid guaranteeing it would purchase power from Besha for 40 years at a discounted rate. However, after AEC received licensing to operate independently in 1993, Besha claims the National Grid reneged on their deal, leading to a protracted legal battle.
After the facility incurred substantial damages from a flood, and later a generator catching fire, the National Grid agreed to give up the plant, pay for repairs, and purchase electricity from AEC at market value in 2003. Despite National Grid giving up its price discount, the profits from Bitcoin mining still dwarf what AEC can make by selling electricity.
Green energy-focused Bitcoin miner Hive joins North American mining pool.
Hive aims to take advantage of the East-to-West shift in Bitcoin mining power after regulators in China have renewed efforts to crack down on the industry.
Following its approval for a Nasdaq listing, Canadian Hive Blockchain Technologies has bought more than 3,000 Bitcoin (BTC) mining rigs to get involved in the Bitcoin mining shift from East to West.
Purchased from Digital Currency Group subsidiary Foundry Digital LLC, the 3,019 MicroBT M30S miners acquired as part of the deal are already located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. Foundry will be issued cash and 1.5 million warrants of Hive, according to an official announcement.
Hive’s new hash power will join the Foundry USA Pool, which includes Blockcap, Hut 8, Bitfarms and Foundry as participants.
Noting the massive migration of mining power from China to the United States and Canada, Hive executive chairman Frank Holmes said that the firm’s entry into a North American mining pool furthers the company’s goal of increased transparency and accountability with its partners.
“We are excited to have Hive as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network,” Foundry CEO Mike Colyer added.
The announcement says that the addition of the new miners would add an aggregate hash power of 264 petahash per second (PH/s), increasing Hive’s overall Bitcoin operating hash rate by 46% to approximately 830 PH/s. Based on the current difficulty and Bitcoin’s price, the newly enhanced mining setup would generate an additional $80,000 in daily income for Hive.
Hive is known for its green energy-based mining efforts. The company has green energy-powered data center facilities in Canada, Sweden and Iceland. It recently sold its Norwegian operations due to legislative challenges.
Hive aims to take advantage of the East-to-West shift in Bitcoin mining power after regulators in China have renewed efforts to crack down on the industry.
Following its approval for a Nasdaq listing, Canadian Hive Blockchain Technologies has bought more than 3,000 Bitcoin (BTC) mining rigs to get involved in the Bitcoin mining shift from East to West.
Purchased from Digital Currency Group subsidiary Foundry Digital LLC, the 3,019 MicroBT M30S miners acquired as part of the deal are already located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. Foundry will be issued cash and 1.5 million warrants of Hive, according to an official announcement.
Hive’s new hash power will join the Foundry USA Pool, which includes Blockcap, Hut 8, Bitfarms and Foundry as participants.
Noting the massive migration of mining power from China to the United States and Canada, Hive executive chairman Frank Holmes said that the firm’s entry into a North American mining pool furthers the company’s goal of increased transparency and accountability with its partners.
“We are excited to have Hive as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network,” Foundry CEO Mike Colyer added.
The announcement says that the addition of the new miners would add an aggregate hash power of 264 petahash per second (PH/s), increasing Hive’s overall Bitcoin operating hash rate by 46% to approximately 830 PH/s. Based on the current difficulty and Bitcoin’s price, the newly enhanced mining setup would generate an additional $80,000 in daily income for Hive.
Hive is known for its green energy-based mining efforts. The company has green energy-powered data center facilities in Canada, Sweden and Iceland. It recently sold its Norwegian operations due to legislative challenges.
UK FCA will spend £11M to warn people about investing in crypto.
U.K. financial regulators have announced an 11 million pound digital marketing war chest to warn people about the dangers of crypto investments.
The United Kingdom’s Financial Conduct Authority (FCA) created an 11 million pound ($15.2 million) digital marketing campaign to warn citizens about the risks associated with crypto investments.
Nikhil Rathi, chief executive of the FCA, made this known in a draft speech for the agency’s webinar titled “Our Role and Business Plan” delivered on Thursday.
Detailing the FCA’s decision to create the campaign fund, Rathi stated that the U.K. regulator is concerned about the increasing adoption of crypto investment among the younger demographic.
According to Rathi, “more people are seeing investment as entertainment” and that such irrational behavior may lead to significant losses on their part:
“This is a category of consumer that we are not used to engaging with: 18 to 30-year-olds more likely to be drawn in by social media. That’s why we are creating an £11m digital marketing campaign to warn them of the risks.”
According to Rathi, the risks involved in crypto investments are “stark,” with the FCA boss restating the agency’s popular refrain that people should be “prepared to lose all their money” if they invest in cryptocurrencies.
The FCA’s digital marketing campaign is coming on the heels of actions taken by the U.K.’s Advertising Standards Authority against crypto ads that are deemed “misleading and socially irresponsible.”
As previously reported by Cointelegraph, the U.K. ad watchdog agency ordered crypto exchange platform Luno to halt its “time to buy” Bitcoin (BTC) advert. Earlier in July, the advertising regulator announced a crackdown on cryptocurrency-related ads, which the body described as a “red alert” priority.
Apart from the crypto warning campaign, the FCA boss also stated that the agency will continue to focus on robust examinations of “financials and business models” for operators in complex markets like cryptocurrencies, especially in the area of Anti-Money Laundering (AML) compliance.
U.K. financial regulators have announced an 11 million pound digital marketing war chest to warn people about the dangers of crypto investments.
The United Kingdom’s Financial Conduct Authority (FCA) created an 11 million pound ($15.2 million) digital marketing campaign to warn citizens about the risks associated with crypto investments.
Nikhil Rathi, chief executive of the FCA, made this known in a draft speech for the agency’s webinar titled “Our Role and Business Plan” delivered on Thursday.
Detailing the FCA’s decision to create the campaign fund, Rathi stated that the U.K. regulator is concerned about the increasing adoption of crypto investment among the younger demographic.
According to Rathi, “more people are seeing investment as entertainment” and that such irrational behavior may lead to significant losses on their part:
“This is a category of consumer that we are not used to engaging with: 18 to 30-year-olds more likely to be drawn in by social media. That’s why we are creating an £11m digital marketing campaign to warn them of the risks.”
According to Rathi, the risks involved in crypto investments are “stark,” with the FCA boss restating the agency’s popular refrain that people should be “prepared to lose all their money” if they invest in cryptocurrencies.
The FCA’s digital marketing campaign is coming on the heels of actions taken by the U.K.’s Advertising Standards Authority against crypto ads that are deemed “misleading and socially irresponsible.”
As previously reported by Cointelegraph, the U.K. ad watchdog agency ordered crypto exchange platform Luno to halt its “time to buy” Bitcoin (BTC) advert. Earlier in July, the advertising regulator announced a crackdown on cryptocurrency-related ads, which the body described as a “red alert” priority.
Apart from the crypto warning campaign, the FCA boss also stated that the agency will continue to focus on robust examinations of “financials and business models” for operators in complex markets like cryptocurrencies, especially in the area of Anti-Money Laundering (AML) compliance.
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Dapp for Diem blockchain partners with Polkadot infrastructure provider.
Pontem founder Boris Povod said the partnership was aimed at improving Polkadot’s current node infrastructure, with Pinknode providing “reliable and secure API endpoints.”
The decentralized application aiming to connect Facebook’s Diem blockchain with public networks is partnering with node infrastructure provider Pinknode.
In a Friday announcement, the Pontem Network said it would be working with Pinknode to provide node infrastructure through the Polkadot ecosystem. The network is aimed at allowing developers to use a Polkadot parachain as a testing ground for their ideas before submitting them to the Diem blockchain.
According to Pontem founder Boris Povod, the partnership will help improve Polkadot’s current infrastructure as Pinknode provides “reliable and secure API endpoints.” The network added that Pinknode’s code would allow Polkadot developers to connect their dApps through Kusama, while Pontem and Pinknodes teams could provide "critical infrastructure for Web 3.0 purposes."
Last month, Pontem raised $4.5 million in seed investments for the project to allow interoperable features developed in its ecosystem to be accessible through the Diem blockchain. The project also recently hired new staff, including former BlockFi employee Alejo Pinto for the role of chief growth officer.
Many reports have stated that the Facebook-backed project is planning to launch its Diem stablecoin pilot program sometime in 2021. The project was first introduced by Facebook in 2019 as Libra, but quickly faced backlash from international regulators. It was rebranded to Diem the following year.
Pontem founder Boris Povod said the partnership was aimed at improving Polkadot’s current node infrastructure, with Pinknode providing “reliable and secure API endpoints.”
The decentralized application aiming to connect Facebook’s Diem blockchain with public networks is partnering with node infrastructure provider Pinknode.
In a Friday announcement, the Pontem Network said it would be working with Pinknode to provide node infrastructure through the Polkadot ecosystem. The network is aimed at allowing developers to use a Polkadot parachain as a testing ground for their ideas before submitting them to the Diem blockchain.
According to Pontem founder Boris Povod, the partnership will help improve Polkadot’s current infrastructure as Pinknode provides “reliable and secure API endpoints.” The network added that Pinknode’s code would allow Polkadot developers to connect their dApps through Kusama, while Pontem and Pinknodes teams could provide "critical infrastructure for Web 3.0 purposes."
Last month, Pontem raised $4.5 million in seed investments for the project to allow interoperable features developed in its ecosystem to be accessible through the Diem blockchain. The project also recently hired new staff, including former BlockFi employee Alejo Pinto for the role of chief growth officer.
Many reports have stated that the Facebook-backed project is planning to launch its Diem stablecoin pilot program sometime in 2021. The project was first introduced by Facebook in 2019 as Libra, but quickly faced backlash from international regulators. It was rebranded to Diem the following year.
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Bitcoin security still a concern for some institutional investors.
Security of cryptocurrency custodial services is still among significant hurdles preventing institutional investors from buying crypto for the first time, new data suggests.
United Kingdom-based crypto fund Nickel Digital Asset Management released a survey of 100 wealth managers and global institutional investors to find out the biggest investor concerns associated with crypto.
The survey features respondents from the United States, France, Germany, the United Arab Emirates and the United Kingdom, who collectively own $275 billion in assets under management.
Conducted online from May to June 2021, the survey found low confidence among institutional investors in crypto security, with 76% of respondents citing concerns about the security of custodial services as one factor stopping them from investing in crypto.
Respondents also identified the regulatory environment as a significant hurdle. Other important concerns included a lack of transparency and volatility, and a perceived lack of reputable fund managers offering crypto investment.
Nickel Digital co-founder and CEO Anatoly Crachilov said that institutional concerns over crypto custody and security come despite the industry seeing “very strong progress on that front.” Crachilov stated that crypto service providers have been increasingly deploying sophisticated cryptographic solutions, such as distributed keys and multi-party computation vaults, while traditional financial institutions have been also moving into such services.
“We are now seeing Fidelity, BNY Mellon, and State Street entering the market, thus further reinforcing market infrastructure. All of this increases the confidence levels in the sector and lead to ever-growing allocations to this fast developing asset class,” Crachilov said.
The new survey comes shortly after the Australia Securities Exchange issued a warning related to custodial services on centralized cryptocurrency exchanges, cautioning investors against cybersecurity risks in the form of theft by hackers.
Security of cryptocurrency custodial services is still among significant hurdles preventing institutional investors from buying crypto for the first time, new data suggests.
United Kingdom-based crypto fund Nickel Digital Asset Management released a survey of 100 wealth managers and global institutional investors to find out the biggest investor concerns associated with crypto.
The survey features respondents from the United States, France, Germany, the United Arab Emirates and the United Kingdom, who collectively own $275 billion in assets under management.
Conducted online from May to June 2021, the survey found low confidence among institutional investors in crypto security, with 76% of respondents citing concerns about the security of custodial services as one factor stopping them from investing in crypto.
Respondents also identified the regulatory environment as a significant hurdle. Other important concerns included a lack of transparency and volatility, and a perceived lack of reputable fund managers offering crypto investment.
Nickel Digital co-founder and CEO Anatoly Crachilov said that institutional concerns over crypto custody and security come despite the industry seeing “very strong progress on that front.” Crachilov stated that crypto service providers have been increasingly deploying sophisticated cryptographic solutions, such as distributed keys and multi-party computation vaults, while traditional financial institutions have been also moving into such services.
“We are now seeing Fidelity, BNY Mellon, and State Street entering the market, thus further reinforcing market infrastructure. All of this increases the confidence levels in the sector and lead to ever-growing allocations to this fast developing asset class,” Crachilov said.
The new survey comes shortly after the Australia Securities Exchange issued a warning related to custodial services on centralized cryptocurrency exchanges, cautioning investors against cybersecurity risks in the form of theft by hackers.
Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit if the solution is migrated to the Ethereum mainnet.
Social media platform Reddit announced it would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system.
In a Thursday announcement, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points. Reddit said it had deployed the layer-2 solution on top of the Rinkeby testnet before it plans to migrate to the Ethereum mainnet.
The platform cited Arbitrum’s features of being decentralized, being developer-friendly, and having broad ecosystem support in its decision. Arbitrum essentially “rolls up” transactions on a gasless sidechain with a separate set of security and consensus protocols, then reports the batched transactions to Ethereum. The development team at Offchain Labs has touted the project for scaling solutions.
Users on the social media platform earn Community Points by posting certain content to earn rewards. In the r/Cryptocurrency subreddit, these come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially result in faster and cheaper transactions for the platform’s tokens.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit. “They’ll just show up in your Vault like magic!”
Though the tokens from Community Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites how many are currently in circulation. Data from Etherscan shows roughly 67 septillion — that’s 24 zeros at the end — MOONs have been distributed to more than 78,000 holders. However, CoinMarketCap claims there is a total supply of only 6,962,504 tokens.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit if the solution is migrated to the Ethereum mainnet.
Social media platform Reddit announced it would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system.
In a Thursday announcement, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points. Reddit said it had deployed the layer-2 solution on top of the Rinkeby testnet before it plans to migrate to the Ethereum mainnet.
The platform cited Arbitrum’s features of being decentralized, being developer-friendly, and having broad ecosystem support in its decision. Arbitrum essentially “rolls up” transactions on a gasless sidechain with a separate set of security and consensus protocols, then reports the batched transactions to Ethereum. The development team at Offchain Labs has touted the project for scaling solutions.
Users on the social media platform earn Community Points by posting certain content to earn rewards. In the r/Cryptocurrency subreddit, these come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially result in faster and cheaper transactions for the platform’s tokens.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit. “They’ll just show up in your Vault like magic!”
Though the tokens from Community Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites how many are currently in circulation. Data from Etherscan shows roughly 67 septillion — that’s 24 zeros at the end — MOONs have been distributed to more than 78,000 holders. However, CoinMarketCap claims there is a total supply of only 6,962,504 tokens.
Chicago Bulls team up with Shopify to launch NFT series.
The Chicago Bulls have launched an NFT drop via Shopify, with the e-commerce platform having recently integrated Sweet's NFT marketplace.
The NBA’s Chicago Bulls have launched NFTs depicting six championship wins from the 1990s via leading e-commerce platform Shopify.
Shopify is a multinational firm that provides website-based storefronts and payments infrastructure. Shopify president, Harley Finklestein, announced the NFT drop on Twitter earlier today.
According to Finklestein, the Chicago Bulls franchise is one Shopify's first partners to launch an NFT storefront on the platform, with Shopify's president noting the service will only be available to a “select few” in its formative stages.
Shopify integrated Sweet’s NFT marketplace in May, allowing its customers to issue and sell nonfungible tokens directly through the popular e-commerce interface. Sweet supports NFTs issued via Ethereum’s ERC-721 standard, Simple Ledger Protocol’s SLP token standard, and Dapper Labs’ Flow blockchain.
The Chicago Bulls’ NFTs were minted on Flow, which also hosts the officially licensed NBA Topshot tokenized highlight collectibles.
The “Bulls Legacy Collection” will be released over six drops, with each token celebrating the team’s six iconic championship wins between 1991 and 1998. The first NFT was launched on July 26 and has already sold out, with the second token slated for launch later today. The remaining four NFTs scheduled for launch over the next four days.
Despite the NFT sector recently cooling off, NFT sales surpassed $2.5 billion for the first half of 2021.
On July 21, Cointelegraph reported that popular NFT marketplace, OpenSea, had closed a $100 million Series B funding round led by venture capital firm Andreessen Horowitz at a valuation of $1.5 billion — indicating VC investors remain bullish on the nonfungible sector.
Retail investors still appear eager to get their hands on prized NFTs too, with Tyson Fury’s first NFT launch seeing a single token fetch almost $1 million in a July 16 auction, while more than 32,000 people signed up to participate in contemporary artist Damien Hirst’s latest NFT drop last week.
The Chicago Bulls have launched an NFT drop via Shopify, with the e-commerce platform having recently integrated Sweet's NFT marketplace.
The NBA’s Chicago Bulls have launched NFTs depicting six championship wins from the 1990s via leading e-commerce platform Shopify.
Shopify is a multinational firm that provides website-based storefronts and payments infrastructure. Shopify president, Harley Finklestein, announced the NFT drop on Twitter earlier today.
According to Finklestein, the Chicago Bulls franchise is one Shopify's first partners to launch an NFT storefront on the platform, with Shopify's president noting the service will only be available to a “select few” in its formative stages.
Shopify integrated Sweet’s NFT marketplace in May, allowing its customers to issue and sell nonfungible tokens directly through the popular e-commerce interface. Sweet supports NFTs issued via Ethereum’s ERC-721 standard, Simple Ledger Protocol’s SLP token standard, and Dapper Labs’ Flow blockchain.
The Chicago Bulls’ NFTs were minted on Flow, which also hosts the officially licensed NBA Topshot tokenized highlight collectibles.
The “Bulls Legacy Collection” will be released over six drops, with each token celebrating the team’s six iconic championship wins between 1991 and 1998. The first NFT was launched on July 26 and has already sold out, with the second token slated for launch later today. The remaining four NFTs scheduled for launch over the next four days.
Despite the NFT sector recently cooling off, NFT sales surpassed $2.5 billion for the first half of 2021.
On July 21, Cointelegraph reported that popular NFT marketplace, OpenSea, had closed a $100 million Series B funding round led by venture capital firm Andreessen Horowitz at a valuation of $1.5 billion — indicating VC investors remain bullish on the nonfungible sector.
Retail investors still appear eager to get their hands on prized NFTs too, with Tyson Fury’s first NFT launch seeing a single token fetch almost $1 million in a July 16 auction, while more than 32,000 people signed up to participate in contemporary artist Damien Hirst’s latest NFT drop last week.
