Author: Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Categories
Crypto News Investing

Tech Investor Puts $100 Million into Blockchain.com Startup

Tech Investor Puts $100 Million into Blockchain.com Startup

Baillie Gifford, one of the world’s renowned asset management companies, has invested in Blockchain.com, which is a Bitcoin wallet and blockchain explorer. In the announcement on Tuesday, the crypto company said that Gifford’s investment is the largest single funding they have ever received.

Baillie Gifford Invested $100 Million in Blockchain.com

The Edinburgh-headquartered asset manager reportedly invested about $100 million USD in the cryptocurrency company. The investment comes as part of the recently-concluded Series C funding, wherein Blockchain.com secured about $300 million USD. DST Global partners led the investment round, and it included Lightspeed Ventures and VY Capital, per the announcement. 

Baillie Gifford is a 110-year-old asset management company with an early record of investment in today’s biggest tech companies, including Amazon, Google, Tesla, Airbnb, and so on. The investment in Blockchain.com marks its first move in the cryptocurrency space as a startup investor. 

As one of their first investments in a crypto company, we’re honored to include them on our journey to bring the next 1B people into crypto. It’s also a validation that a balanced and diversified retail/institutional business has incredible growth potential in the coming years.

Peter Smith, the CEO, and co-founder of Blockchain.com, wrote.

Blockchain.com is currently valued at $5.2 billion following the latest funding round.

Blockchain.com is Interested in Going Public

Besides being a household name in the crypto space, Blockchain.com is also one of the digital currency companies interested in going public, following Coinbase’s stock debut on NASDAQ last week. While speaking with The Telegraph, Smith said they are planning to debut on the public market “when the moment’s right for us, and we’re figuring out when that is.”

Kraken and eToro are two other crypto-related companies expecting to go public in the coming years. 

Categories
Crypto News Ethereum

Bullish: Ethereum 2.0 Deposit Contract Exceeds $12.9 Billion as ETH Soar

The value of Ether (ETH) staked on the Ethereum 2.0 deposit contract has surpassed $12.9 billion AUD (i.e., $10 billion USD), according to the information on Eth2 LaunchPad. 

This coincides with the recent increase in the price of the cryptocurrency. 

Over 4 Million ETH Has Been Staked

During press time, a total of 4,010,886 ETH was staked on the deposit contract, meaning about 3.46 percent of the total circulating supply of ETH has been locked for Ethereum 2.0. These staked coins are worth over $10.2 billion USD, following the price of Ether at $2,560 USD on Coinmarketcap. 

Additionally, the number of validators totaled 122,254, and the current annual percentage rate (APR) for staking on the network is 7.8 percent. The APR decreases as more ETH is staked on the deposit contract. 

What’s Behind the Increase in Eth2 Deposit Contract

The increase in the value of assets locked in the deposit contract can be attributed to the massive growth of the value of ETH. On Wednesday, ETH reached another record high of $2,641 USD on Coinmarketcap.

The number of coins staked on Eth2 deposit contracts is also another factor. It increased significantly since the beginning of the year. This shows that many crypto enthusiasts are supportive of Ethereum 2.0 development, which will transition the second-largest blockchain to a Proof-of-Stake (PoS) era, although some might be staking for profit’s sake.

Why More Staking is Bullish For ETH

The coins staked on the deposit contract cannot be withdrawn until the development phase with such functionality is deployed – which might take two years. Hence, more staking on the network reduces the number of ETH supply in the market, thereby creating scarcity for ETH. This is bullish for the ETH holders as scarce assets are more likely to see increases in price, provided there’s high market demand for it.

Categories
Crypto News Ethereum

Ethereum Settled $1.9 Trillion Transactions in Q1 of 2021

Ethereum Settled $1.9 Trillion Transactions in Q1

Ethereum, the second-largest blockchain network, settled about $1.9 trillion AUD ($1.5 trillion USD) in transactions within the first quarter of 2021.

Despite the congestion on Ethereum, the record today is the largest quarterly transaction volume ever settled on the blockchain, according to data from Messari, a cryptocurrency on-chain analytics platform.

Ethereum on Pace to Settled $6 Trillion Transactions in 2021

Messari’s analysis shows the quarterly transaction volume on Ethereum having dramatically increased recently. The transaction volume in Q1 of 2021 ($1.9 trillion AUD) surpasses that of the previous seven quarters combined. Based on this record, Messari predicts that about $6 trillion USD transactions will be settled on the Ethereum blockchain, including ERC-standard stablecoin transactions.

Two factors could be causing high transaction volume on Ethereum: the increase in Ether (ETH) price prompting trades, and other network usage. The former might be the primary reason for such record as ETH increased by over 150 percent within the first quarter of 2021 and 230 percent year-to-date (YTD).

Ethereum Network Usage

TRON and Binance Smart Chain (BSC) might be the leading blockchain networks in terms of daily transactions; however, Ethereum is still a big player. On Tuesday, Ethereum recorded about 1.55 million transactions, which is the highest since the network’s history. On a YTD chart, the daily transaction volume on Ethereum is up by over 32 percent.

Ethereum daily transactions chart [etherscan.io]

Ethereum has been battling network congestion for quite a while. Coupling that with relatively slow transactions and high fees, some projects and users have left Ethereum in favour of alternative blockchains. This scalability issue might be resolved with the complete deployment of Ethereum 2.0 – a major upgrade that apparently will not be completed until the next two to three years.

Categories
Binance Crypto Exchange Crypto News

Former Trump Administrator Brian Brooks Becomes The New CEO of Binance USA

Former Trump Administrator Brian Brooks Becomes The New CEO of Binance USA

Former Coinbase executive and US banking regulator, Brian Brooks, has been appointed to head Binance.US operations as the new Chief Executive Officer (CEO). Brooks will assume the new office from next month, replacing Catherine Coley, the current CEO of the US-based cryptocurrency exchange.

Brooks to Join Binance.US From May

Following the new appointment, Brooks will work together with Binance.US’s team to expand the exchange’s operation while also promoting its culture of compliance with US regulators. In a welcome statement, Changpeng Zhao, the CEO of Binance Global, attested that Brian’s expertise would be invaluable to expand Binanace.US. 

Brian is an esteemed leader with an unparalleled blend of experience across traditional financial services, government, and the digital assets industry. Binance.US’s ability to attract an executive of Brian’s caliber is a testament to the strength of its platform.

Changpeng Zhao

Brooks Introduced Crypto-friendly Guides for US Banks

The new Binance.US CEO previously worked with Coinbase as Chief Legal Officer, before servicing as the Acting Comptroller of the Currency under President Donald Trump’s administration. Brian stepped down from public service in January as Joe Biden took over the US presidential office.

Brooks is well-known in the cryptocurrency space following his active and regulatory-friendly stance on emerging digital assets. OCC awarded the first national bank charter to Anchorage, a digital asset bank, under Brooks. During Brook’s administration, the OCC published regulatory guidelines on how banks in the country can interact with cryptocurrencies and stablecoins.

Categories
Crypto News NFTs

Singer Boy George Says NFTs are “a New Way of Connecting With Fans”

Singer Boy George Says NFTs is "A New Way Of Connecting With Fans"
LONDON, ENGLAND - SEPTEMBER 05: Boy George of Culture Club performs in concert at Eventim Apollo on September 5, 2015 in London, England. (Photo by Brian Rasic/WireImage)

UK singer and songwriter George Alan O’Dowd – professionally known as “Boy George” – has signed a deal with a cryptocurrency payment company to issue exclusive digital contents on its new Crypto.com NFT Marketplace.

Prior to the partnership with Crypto.com, Boy George said he had previously sold some artworks for a huge amount of money, although the proceeds were donated to charity.

NFTs Making Arts Available to People

Speaking with Maria Bartiromo on Morning with Maria, Boy George said he was excited about the deal to create exclusive NFT content for the Crypto.com NFT marketplace. He added that the booming NFT market provides people with the opportunity to fully own their content and have relationships with it.

Boy George recently auctioned an artwork for the UK National Health Service (NHS).

[…] so far this year I’ve sold stuff and it’s been for charity, which has been amazing. That’s a nice kind of acknowledgment for being a creative person. I don’t think this is a replacement for large shows because this is a new emerging sort of world that’s happening and people are collecting art in a different way. Also, art is now available to more people.

Boy George

Crypto.com Targets Celebrities

When Crypto.com launched its NFT marketplace in March, it collaborated with celebrities including Axel Mansoor, Bag Raiders and Snoop Dogg to feature exclusive NFTs from them.

The NFT market has gained massive attention since the beginning of the year. The industry isn’t limited to digital visual artists. For example, some musicians, journalists, and even wrestlers have got involved.

Categories
Bitcoin Crypto News Sports

English Football Team Southampton FC Can Now Pay Players in Bitcoin

English Football Team Southampton FC Can Now Pay Players in Bitcoin

Southampton FC, an English professional football club, has secured a new sponsorship deal with Coingaming Group, the leading operator of Sportsbet.io, which will enable the club to distribute performance bonus to players in Bitcoin (BTC).

The Saints Players to Receive Bonus in Bitcoin

According to the announcement, the football club, which is nicknamed “The Saints”, signed a three-year sponsorship deal with Coingaming Group last week. The new offer comes as an extension of a one-year sponsorship agreement between Coingaming Group and Southampton FC at the start of the season for the 2020/21 campaign.

This means Coingaming Group’s Sportsnet.io will continue to be the shirt sponsor for The Saints until 2024.

This is the biggest sponsorship deal ever secured by the English football club, according to the announcement. The interesting part of the renewed sponsorship deal is that Southampton players can choose to receive bonuses in Bitcoin. So, for the stated period of the sponsorship, Southampton FC will distribute performance bonuses to players in Bitcoin at the end of every season.

Our first season as Southampton FC’s main club partner has already exceeded all expectations. We’ve been inspired by the passion of the club and its fans, and it was an easy decision for us to extend our partnership with the Saints for another three years. [..] We can’t wait to continue this journey with the Saints, and we’ll be doing everything we can to support the team and its community into the future.

Maarja Pärt, CEO of the Coingaming Group

Soccer Teams Are Embracing Crypto

The development today is one of the things that drive more attention and adoption of Bitcoin and other cryptocurrencies among football players and clubs. Moreover, some professional football teams, including Manchester City, have launched fan tokens as a medium to strengthen engagement with their supporters.

Categories
Banking Crypto News Institutions United Kingdom

UK is Launching a Taskforce to Study a Potential Digital Pound

UK is Launching a Taskforce to Study a Potential Digital Pound

The government of the United Kingdom (UK) is launching a taskforce to explore the concept of central bank digital currency (CBDC). Following a report on Monday, the UK now adds to the list of major countries studying a potential digital currency.

We’re launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC).

Rishi Sunak, British Finance Minister

UK Becomes Another Country Researching CBDC

The Bank of England (BoE) and the country’s Treasury will spearhead the new initiative, according to Sunak. They will drive the taskforce towards researching the benefits of launching a national digital currency. However, the UK has no immediate need to launch a digital currency, which the finance minister touted as “Britcoin”.

The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.

Bank of England

The CBDC Taskforce also said consumers and businesses in the UK would use the digital currency alongside physical cash. This means the digital currency won’t replace the Pound Sterling and bank deposits outright.

Interest in CBDC is Rising Globally

Many central banks in the world are beginning to research the possibility of launching the digital version of their national currency in the form of CBDC. This follows the growing interest in digital currencies for payment, seemingly propelled by the outbreak of the coronavirus pandemic.

Crypto News Australia recently reported that the Reserve Bank of Australia (RBA) intended to launch a wholesale CBDC. The RBA said it didn’t see any strong case for issuing a retail CBDC.

Categories
Crypto News Litecoin

Litecoin Hits a Yearly High of $315 Amid Spike in New Addresses

Litecoin Hits a Yearly High of $316 Amid Spike in New Addresses

The 10th largest cryptocurrency, Litecoin (LTC), is back on the uptrend after reaching another yearly above $430 AUD ($330 USD) this weekend.

Although the cryptocurrency has not crossed its all-time high (ATH) yet, which was $360 USD back in Dec 2017, this new trend upwards is more than welcomed for the LTC community, who have been patiently waiting.

Interest in Litecoin in Soaring

The chart below shows the price action of LTC which you can see is showing a strong uptrend.

Litecoin is often ignored as a “store of value” and more seen as a “payment coin” which is backed up by the increase of transactions, rising significantly since the beginning of the year. Transactions in Bitcoin and Ether are quite expensive compared to Litecoin being 15% lower fees than BTC.

New LTC Addresses Reach Three-year High

New Litecoin addresses have also been increasing over the past months, which is indicative of the growing demand and interest in the LTC ecosystem.

On the seven-day moving average (7D MA), the number of new LTC addresses spiked to a three-year high of 4,990.982, according to data from Glassnode, an on-chain crypto analytics platform. 

LTC Number of transactions – Source Glassnode
Categories
Binance Binance Coin Crypto News

Binance Completes 15th BNB Quarterly Burn Worth Over $500 Million

Binance Completes 15th Quarterly BNB Burn Worth $595 Million

On Friday, cryptocurrency exchange Binance completed another quarterly burn of its native cryptocurrency, Binance Coin (BNB). More than $500 million USD worth of BNB was destroyed in this latest quarterly burn, which is the highest so far in terms of dollar value.

Over 1 Million BNB Destroyed Forever

For the 15th quarterly burn, Binance burned exactly 1,099,888 BNB, which was worth $595,314,380 AUD, during the time of the event. Burning a cryptocurrency is a strategic approach to reduce a coin’s circulating supply. Hence, the crypto exchange just reduced BNB supply from 170,532,825 BNB to 169,432,937 BNB. These coins are destroyed forever and cannot be restored to circulation.

The Binance Coin had a maximum supply of 200 million when it was launched in 2017. However, the exchange committed to reducing the supply by 100 million BNB (i.e. 50 percent of the max supply) through the process of quarterly “burning.” to help preserve the value of the coin.

So far, Binance has destroyed almost 30 million BNB, which represents about 15 percent of the maximum supply of the cryptocurrency. The remaining 35 percent will be completed in the coming years. 

What’s The Essence of Burning BNB

Burning BNB is part of the exchange effort to keep the cryptocurrency more relevant in terms of market value. Since this process reduces BNB supply, it creates scarcity for the cryptocurrency. Notably, scarce assets usually gain in value, amidst high demand. Thus, BNB holders and the exchange tend to benefit from this process.

Shortly after the announcement today, BNB briefly increased to $540 USD. At the time of writing, however, BNB was trading at $514 USD on Coinmarketcap, i.e. a 6.68 percent price decrease over the past 24 hours.

Categories
Australia Bitcoin Crypto News

Australian Companies Are Starting to Accept Bitcoin as Payment

Australian Companies Are Starting to Accept Bitcoin as Payment

The adoption of Bitcoin payment options in Australia is growing, as more companies now accepting BTC as a payment option for their services.

Cryptocurrencies have seen significant price increases over the past year or so, and while lots of Aussies are seeing their holdings soar in value, companies might see this as opportunity to get more business if they accept cryptos as payment for their services.

Aussie Companies Now Accepting Crypto Payments

Australian companies from lots of different industries are getting in on the crypto payments, you can now order a custom PC built, buy your dog food, design a custom home, pay for your NBN, get a solar powered system, and pay for everything using Bitcoin!

Here are some of the recent companies now accepting crypto payments:

It’s not just BTC you can pay with, other popular digital currencies are being accepted – Bitcoin, Ethereum, Binance Coin, and Ripple being the most used.

We see bitcoin and other cryptocurrencies as being here to stay. by providing the ability for people to use cryptocurrency as a form of payment, it shows we are prepared for the future and at the forefront of technology change

Louis Gonzalez, the director at Broadwater Builds. 

Cryptos Are Going Mainstream in Australia

Crypto adoption in Australia has been surging in recent months, as seen with the local crypto exchanges, including Binance Australia, who saw record growth in Q1 2021. And Swyftx, a local Australian based exchange also seeing massive growth as Australians flock to buy cryptocurrencies.

Digital currencies have seen massive attention since the coronavirus outbreak, which led more companies to accept cryptocurrencies for payment. If you’re a business looking to accept cryptocurrencies you can take a look at our guide How to Accept Bitcoin Payments for a Business in Australia for more information.