Author: Jana Serfontein

Jana has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system. And is also intrigued with the psychological effect that cryptocurrencies have on society.

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Crypto News Ethereum NFTs

Crypto Portfolio NFT Wrapper Project Emblem Vault Pumps 225%

The non-fungible token (NFT) project Emblem Vault has soared 225 percent over the past month to become the second-largest NFT project by sales volume as reported by NFT data aggregator CryptoSlam.

NFT Ranking by Sales Volume. Source: CryptoSlam

What is Emblem Vault? 

Launched by Emblem Finance on Bitcoin and Ethereum in September 2020, Emblem Vault is a tokenised multi-asset wallet that wraps crypto portfolios into a single NFT token.

Emblem Vault collection on Open Sea

Each Emblem Vault is an Ethereum-based NFT that functions as a multi-asset wallet allowing users to move around and trade entire portfolios of NFTs and traditional cryptos, including those from other chains, as a single token.

Emblem wraps up tokens as modern ERC-721 NFTs. These are the same type of token trading on popular NFT marketplaces like OpenSea, though Emblem allows collectors to trade NFTs that predate the ERC-721 NFT standards.

NFT Boom Continues

Emblem Vault has gained traction as the NFT boom continues. Sales volumes have made immense gains as more people continue to discover the project, and collectors are seeking out OG NFTs.

Pepe the Frog, one of the classic NFTs, has appeared in Emblem Vault. A vintage RarePepe NFT that portrays a cartoon ‘Pepe’ of Satoshi Nakomoto sold for 144 ETH, worth around US$490,000 at the time. And EthPepe, a ‘Pepe’ portraying Ethereum co-founder Vitalik Buterin, sold for a whopping 100 Wrapped Ethereum (WETH), worth about US$300,000.  

Emblem Vault still lags US$9.5 million behind the biggest NFT project, Axie Infinity. Yet the project is still US$4 million ahead of other NFT projects like Bored Ape Yacht Club, which sold a collection of NFTs for almost US$25 million earlier this month.

Categories
Blockchain Crypto Exchange Crypto News DeFi Tokens

SUSHI Gains 23% in 24 Hours, Leading the DEX Tokens Surge

SUSHI has gained a mammoth 23 percent in the past 24 hours and is leading the surge following a day of growth for decentralised exchange tokens (DEX). This comes only weeks after a potential exploit of SushiSwap’s (SUSHI) token fundraising platform was foiled by white hat hackers.

In the same period, other DEX tokens PancakeSwap (CAKE) and THORChain (RUNE) gained 2.5 percent and 13 percent respectively. Market cap leader UniSwap also gained 6.23 percent against the US dollar.

DEX token performance on September 16. Source: Messari

SushiSwap, a DApp, has become one of the most popular distributed ledger technologies that allow for the easy transfer and swapping of crypto assets. The exchange is a user-orientated platform in which users provide liquidity in exchange for rewards.

Its native token, SUSHI, is a governance token that enables the community to vote for platform proposals and can be farmed through the yield farming program. Holders of SUSHI, funded by Chef Nomi, an anonymous group, receive a portion of SushiSwap’s trading fees.

SushiSwap Leads the Pack

SushiSwap as a DEX platform has recently branched out to more blockchains than its peers. This has been generating more fees for users and thereby raising the prospect of holding SUSHI tokens.

SUSHI has gained in popularity since it was announced it will be deploying on Arbitrum, a layer-2 scaling solution for Ethereum-powered decentralised applications (DApps). The company also recently announced that stakers had locked in US$30 million worth of SUSHI tokens into Arbitrum’s smart contracts.

The SUSHI ecosystem is showing healthy growth signs as it attempts to scale its DEX solutions across various layer-1 and layer-2 chains. SushiSwap has also unveiled its upcoming non-fungible token (NFT) marketplace, Shoyu.

SUSHI Price Outlook

Following all its announcements, SUSHI has beaten its DEX rivals in terms of interim returns with profits in the past seven days at over 45 percent compared to UniSwap’s 16.93 percent.

However, the token is behind in its year-to-date gains, sitting at 370 percent compared to UniSwap’s 474 percent gain. PancakeSwap’s CAKE has surpassed all its DEX competitors by showing a 3,330 percent return.

The future for SushiSwap looks positive as it currently sits at the fourth-highest DEX market cap. The protocol that started out as a decentralised exchange is growing into something much more than that.

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Australia Crypto News Illegal Scams

Aussie Wunderkind Sentenced to 7 Years for Crypto Ponzi Scheme

Stefan He Qin, the Australian man who pleaded guilty to securities fraud totalling more than US$50 million, has been sentenced in a New York District Court to seven and a half years in prison.

On September 15, the 24-year-old from Canberra who cheated investors in his cryptocurrency fund told the sentencing judge he was “absolutely heartbroken” about the pain and suffering he had caused his victims.

I feel ashamed to even look them in the eye and tell them I am sorry, but I must … I know now that the world is not a video game. I deserve the punishment that [I have received] today. I will spend the rest of my life trying to make up for the pain I’ve caused. I am so, so, so sorry.

Stefan He Qin

No Sympathy From Sentencing Judge

From 2017 to 2020, Qin operated a brazen and wide-ranging Ponzi scheme that took US$54 million out of the pockets of investors. Qin, a University of NSW dropout, admitted he carried out his scheme while he owned and controlled two Manhattan-based cryptocurrency investment funds.

As the owner of Virgil Capital LLC, Qin attempted to funnel money from his second company, VQR Multistrategy, to pay investors of the Virgil Sigma Fund. After years of reckless spending – including the purchase of a Manhattan penthouse apartment – and risky investment, much of the money was gone.

Sentencing judge Valerie Caproni had no sympathy for Qin.

If he’s charming me the way he charmed his victims, he’s a real danger because he thinks his needs are more important than everyone else’s.

Judge Valerie Caproni

Quin pleaded guilty in February and was ordered to forfeit US$54.7 million.

Crypto Scams on the Rise During Pandemic

Fraudsters all over the world are taking advantage of the ongoing uncertainty that the pandemic has brought and financial scams are on the rise.

One cannot help but see the similarity of this case to the Mirror Trading International (MTI) scam perpetrated by South African Johann Steynberg.

Categories
Blockchain Crypto News Ethereum Google Industries NFTs

FLOW Surges 20% on News of Google Signing Deal with NFT Giant

Dapper Labs, a leading platform for digital collectibles and games on the Ethereum (ETH) blockchain, has partnered with Google Cloud services to help the Canadian start-up scale. As a direct result, the FLOW token has seen an increase of nearly 20 percent.

Dapper Labs has its own blockchain, Flow, which helps users scale apps and games. Google will improve on the product by acting as a network operator, providing developers on the Flow network with digital infrastructure that can process high transaction volumes at greater speed.

With Google’s help, Dapper Labs hopes to scale NBA Top Shot and other NFT lines running on Flow to billions of users.

NFT Platforms Still Performing Well

Dapper Labs products are some of the most used platforms on the Ethereum blockchain, with between 500,000 and one million transactions per week. NBA Top Shot, its flagship invention, has recorded over US$700 million in total sales and has been the leading collectible Dapp by users and volume (US$3.05 million) for the past 30 days, according to industry data site DappRadar.

Flow USD price chart. Source: Coinmarketcap

Following news of the partnership, FLOW‘s price spiked 15.5 percent in 24 hours to highs of US$24.13, while daily transaction volume stands at US$150 million, bouncing back after this month’s major dip.

Also earlier this month, another Dapper Labs product, CryptoKitties, sold more than US$7 million worth of NFTs in 24 hours as growing interest in non-fungible artworks boosted sales.

Warner Music partnered with the company via a strategic investment deal announced the same day, while Dapper Labs further revealed that Ubisoft, known for developing games such as Far Cry and Assassin’s Creed, would function as an adviser on Flow.

Blockchain technology is becoming more and more mainstream. So companies like Dapper need scalable, secure infrastructure to grow their business and, even more importantly, support their networks.

Janet Kennedy, vice-president, Google Cloud North America

Google Dabbling in Blockchain

After it recently lifted an advertising ban on cryptocurrencies, Google’s latest partnership suggests it could venture into infrastructure building for Web 3.0.

Google’s cloud services do not currently offer mining cryptocurrency, but Janet Kennedy, vice-president of Google Cloud North America, has said developers will be able to choose regions that power their platforms based on their energy consumption.

Dapper Labs CEO and co-founder Roham Gharegozlou tweeted that he was “amped to welcome Google to Flow Blockchain”.

Categories
Banking Bitcoin Cryptocurrency Tax Investing

El Salvador to Exempt Foreign Investors from Tax on Bitcoin Profits

The government of El Salvador announced on September 13 that the country will exempt foreign investors from taxes on their bitcoin (BTC) profits to stimulate and hopefully increase foreign investment.

According to Javier Argueta, legal adviser to President Nayib Bukele, “there will be no taxes to pay on either the capital increase or the income” of bitcoin. After El Salvador became the world’s first country to make Bitcoin (BTC) legal tender earlier this month, policymakers made their move. For the bitcoin enthusiast, however, not paying taxes on capital gains might sound too good to be true.

In cooperation with global companies such as Bitso crypto exchange and Silvergate Bank, El Salvador has launched the official BTC wallet known as Chivo, which allows users to convert bitcoin transactions into USD or withdraw without incurring transaction fees by using a specific ATM. The wallet also aims to facilitate remittances for Salvadoreans working overseas.

Using Bitcoin Safely

Experts and regulators have highlighted concerns about the cryptocurrency’s volatility and its potential to impact inflation in a country with already high poverty and unemployment. That transactions are not reversible and lack protection for users is a potential weak point.

However, according to Argueta, transactions would be halted temporarily if bitcoin’s value were to collapse, in order to minimise the impact of extreme currency fluctuations. And even as the BTC price saw heavy fluctuation last week, El Salvador bought the dip.

The government says its experiment will give many Salvadoreans access to bank services for the first time, and hopes it will shave millions of dollars off commissions on remittances sent home from abroad, mainly from the US.

Remittances account for more than a fifth of the country’s GDP.  The introduction of bitcoin as legal tender will cut the fees of those remittances significantly and remove commissions entirely. The technology used for bitcoin is another step toward banking El Salvador’s unbanked.

What About Fraud and Money Laundering?

There are concerns about the anonymous nature of bitcoin and its role in money laundering and other financial crimes. But since Salvadoreans use a specific app, and not unregistered exchanges and the like, some of those problems are eliminated.

Argueta said that the Chivo wallet has traceability measures to alleviate popular misunderstandings and outright false narratives that bitcoin is used primarily for money laundering or anonymous criminal activity.

“We are implementing a series of recommendations from international institutions against money laundering,” Argueta specified.

Categories
Basic Attention Token Crypto News Gemini

Brave Launches In-Browser Crypto Swaps with 20% BAT Rebates

Privacy browser Brave is to launch a new Brave Wallet and is including a Brave Swap Rewards program that will allow users to recoup 20 percent of their swap fees.

The release of the new unified Brave Wallet for desktop and mobile will allow millions of users access to web3, new Brave Rewards, and emerging financial protocols.

The browser, which claims to be three times faster than Chrome and now has over 36.2 million monthly active users, features security and privacy measures such as in-built ad blocking, password manager, and private windows. Users can earn Basic Attention Tokens (BAT) rewards by watching privacy-respecting advertisements and online content creators can earn BAT with Brave Rewards by publishing content online.

With Brave Rewards integrated into the Brave Wallet, users will be able to modify their Rewards experience, gain access to previous months’ statements, and view their earned and contributed BAT for the current month.

A demonstration video published by Brave provides a swap overview:

Understanding the Brave Swap Rewards Program

Brave receives a small percentage of each Brave Swap as a fee for providing the service, like MetaMask and other decentralised exchange aggregators (DEX) swap providers. As part of the program, Brave will allocate up to 20 percent of total Brave Swap fees every month to the Swap Rewards program.

Taking part in the Brave Rewards Program enables Brave Ads by default, which then gives users the opportunity to earn additional BAT while using the browser.

Distributing the Rewards

Members of Swap Rewards who have not yet verified their Rewards wallet with a partner wallet service such as Gemini will be able to claim virtual BAT for their monthly Swap Rewards that they will be able to use within the Brave Rewards ecosystem.

Users who have verified their Reward wallets will receive their rebates as direct deposits into their verified Rewards wallets. Those who participate in the program earn BAT via the Rewards private ads system and the Swap Rewards rebate, which essentially reduces swap fees.

Powered by 0x DEX Liquidity

0x API has announced it will be officially powering Brave Swap, the Brave browser-based DEX. Brave is planning to build a decentralised exchange aggregator (DEX) that will allow users to swap tokens at the best market prices from within their Brave crypto wallet.

Categories
Australia Blockchain Crypto News

Australian Dairy Farmers to Add Milk to the Blockchain

The Australian dairy industry has become the latest to start using blockchain technology to enable traceability and provide access regarding provenance.

The Australian Dairy Traceability Guideline, released on September 8, sets out common terms and codes for products in various parts of the supply chain. It will enable participants in the industry to track milk and dairy products and allow for real-time payment, having introduced a standard form contract to which both farmer and processor can be parties.

The technology will enable all involved in the sector to utilise the same approach to track products.

About the Industry

In order to remain successful, the dairy industry needed to address structural issues and the market power imbalance between farmers and processors. Australia’s share of the global trade in dairy has declined from 16 percent in the 1990s to only 6 percent today, and the number of dairy farms across the country has decreased from 15,000 to just over 5,000 over the same period.

This shrinkage of the industry has meant that profitability and productivity have become more reliant on how technology, information and data are shared, captured and used for mutual benefit.

Meting increased demand of customers in Australia and abroad will require new ways of operating, which is why the industry is looking to blockchain and smart contracts.

Blockchain and Smart Contract Assistance

In an increasingly globalised society, more information is sought about milk production, quality and consumption, and provenance. This is becoming a powerful tool for the industry and is helping to shape how it operates.

As the dairy industry modernises, more technology is becoming available to capture and share data about important production, product management and processing activity.  Sensors are increasingly being used to monitor production, reduce manual tasks, provide quality assurance, and automate business processes – including events that may trigger smart contract conditions.

The Australian Dairy Traceability Guideline

Blockchain and distributed ledger technology will combine to capture and share information about supply chain events. Blockchain will harness data on milk production, quality, and transport information, and when farmers and processors enter into standard agreements, ledger technology will automate payments using smart contracts.

Dairy Joins Other Australian Industries

Dairy is the latest Australian industry to get into blockchain. Last month, Crypto News Australia reported on how the merino wool industry has enlisted blockchain to ensure transparency of the entire supply chain. Also in August, Australia’s prized Kakadu plum industry embraced blockchain in the same manner.

Categories
Australia Blockchain Crypto News Education Jobs

Report: Crypto and Blockchain Jobs Up 118% in 10 Months

Cryptocurrencies and blockchain technology have boomed in recent years and organisations need to expand their abilities. Given the relative newness of the industry, jobs and qualifications have not really been geared toward developing blockchain, but this is now changing. Organisations need to appoint individuals with the necessary know-how if they are to keep pace with changes in the market.

In a report released by The Korea IT Times, crypto and blockchain companies have been doing just that, and the number of jobs in those fields is rapidly rising. Organisations have an increasing need for employees with specific crypto and blockchain knowledge. Because of sheer demand, crypto recruitment shortages have been experienced as exchanges have had to compete with banks for the best in the business.

According to data from crypto trading simulator Crypto Parrot, as of mid-July this year crypto and blockchain job postings had grown an impressive 118 percent over the previous 10 months.

Jobs Wanted, Though Not So Much in Software Development

The growth has come with a shift in the most sought-after roles. For example, the share of management posts in crypto and blockchain increased 29.87 percent year-on-year as of July 16, while human resources posts rose a massive 200 percent over the same period.

By contrast, software development jobs have slipped to 29.7 percent of all crypto and blockchain job posts, compared to 34.8 percent in 2020.

Twitter accounts such as Cryptocurrency Jobs post available jobs daily:

In its report, The Korea IT Times observed that blockchain-related roles appear to attract a higher salary range than other technology posts, due to the required strong knowledge of cryptography and expertise in ledger economics and object-orientated programming.

The industry is also finding favour in remote workers due to the pandemic, citing that it proves a good fit for an industry built on decentralisation. Remote working also encourages core developers and researchers to engage with many organisations and employers on different projects.

As crypto, blockchain and DeFi have gained traction in educational institutions, the report indicates that many developers in these sectors remain self-taught. Data suggests that universities and institutions still lag in this area.

Australia Embraces Crypto and Blockchain 

Australia is fast becoming a major player in the world of crypto and blockchain. TAFE Queensland, in partnership with Blockchain Collective, for example, has become the first Australian tertiary institution to offer a registered Diploma of Applied Blockchain.

Australia is also at the forefront of becoming a crypto-friendly country as politicians advocate for better regulations to attract new investors and create more job opportunities for Australians.

Categories
Bitcoin Coinbase Crypto News Social media

Mr Beast Finally Promotes Bitcoin by Teaming Up With Coinbase

American YouTuber “Mr Beast” has finally announced a promotion of Bitcoin. The YouTube sensation has partnered up with Coinbase Global Inc to give one person US$100,000 in bitcoin, he announced this week via Twitter.

Mr Beast, also known as Jimmy Donaldson, has 67.8 million followers on his main YouTube channel, also called “Mr Beast”. He is famous for pioneering YouTube videos featuring expensive stunts. Over time, his content has begun to diversify to include donation and challenge videos that reward participants with thousands of dollars.

The channel also features videos of arduous tasks or survival missions and includes simple vlogging videos. Alongside his main channel, Donaldson runs the Mr Beast Gaming and Mr Beast Shorts YouTube channels. There’s also Mr Beast Burger, a delivery-only fast-food restaurant founded in 2020 in partnership with Virtual Dining Concepts LLC. The chain now boasts 900 locations across North America and Europe.

‘Last to Leave Circle Wins $500k’

Coinbase has published the terms of the giveaway, which appears to be relatively simple. This event will not mark the first partnership between the cryptocurrency exchange platform and the YouTuber.

Earlier this week, Coinbase sponsored a Mr Beast video and launched a promotion. The video, called “Last to Leave Circle wins $500k”, explains how to sign up for a Coinbase account and even mentions some cryptocurrencies available for purchase on the trading platform, including Bitcoin, Ethereum and Dogecoin.

As part of the promotion, Coinbase is offering US$10 in free bitcoin for anybody signing up using the Mr Beast promotion. The video currently has over 24 million views.

A Caution to New and Young Investors

As the reach of social media grows ever more, people are urged to be aware of the risk associated with taking advice from social media and so-called “finfluencers”. While social media is a means of getting background information, it is not necessarily a source of sound financial or investment advice.

Crypto News Australia recently reported on the latest pump and dump scandal after Dink Donk, a meme coin promoted by popular YouTuber Logan Paul, crashed 95 percent in two weeks. Though it was claimed not to be a scam and only a funny meme coin, the self-appointed CEO of Dink Donk is still the target of criticism.

The Mr Beast promotion does not appear to be a scam, only a promotion for Coinbase.

Categories
Blockchain Crypto News Real Estate VeChain

Real Estate Giant Inks Deal With VeChain in Blockchain Sustainability Push

Jones Lang LaSalle Incorporated (JLL), a global commercial real estate services company with offices in 80 countries, has recently partnered with blockchain platform VeChain as part of the company’s greater push towards sustainability.

VeChain Steers JLL Towards Sustainability

As JLL is a real estate services provider and rational commercial actor, this push is no doubt driven by increased levels of client demand for sustainability practices within the sector.

In JLL’s recent China-focused sustainability report , it found that 66 percent of Chinese corporations have incorporated carbon emissions reductions into their real estate strategy. In addition, it also found that the vast majority of occupiers proactively planned to prioritise locations that would help them reduce carbon emissions in the future.

The big challenge, however, was the “lack of consistent and validated carbon data” which posed a “huge reporting challenge”. What’s the point of going green if you can’t prove it to your shareholders?

VeChain was sought as a solution to help deliver consistent and transparent data and help the company move towards its net-zero carbon goal.

Reimagining Building Management

In reimaging how blockchain could manage an entire building, VeChain considered three main scenarios:

1. For Owners/Developers – Easy Traceability of Full Lifecycle Carbon Footprint

Blockchain could help with the authenticity, consistency and integrity of carbon emissions data generated during the construction, operation, maintenance and renovation/demolition phases of a building.

2. For Enterprise Tenants – Better Choice of Green Office Space With a ‘Carbon Label’

For corporate tenants with sustainability goals, choosing green office space with a transparent carbon label will help companies demonstrate responsibility to reduce associated carbon emissions.

3. For Enterprise Employees – Incentives For Low-Carbon Behaviour

Blockchain technology, combined with computing models provided by third-party services, can effectively and authentically record individual behaviours and transform data into value which can be rewarded and used to incentivise action by tenants or employees of the tenants.

Other VeChain Use Cases

Vechain describes itself as a public blockchain providing the “best resources to anyone who wants to solve real world economic problems”.

Earlier this year, micro-nation San Marino leveraged VeChain for the issuance of its NFT-based digital vaccine passports, while a Danish company used it to verify the removal of over three tonnes of plastic waste from the ocean.