Tether is planning to launch its US dollar-backed stablecoin on Kusama, which will be followed by Polkadot, a blockchain network that “facilitates an internet where independent blockchains can exchange information and transactions in a trustless way”.
The launch of $USDt on Kusama and Polkadot is pending the launch of parachains. Find out more about parachains, and stay tuned for the date⬇️https://t.co/GbPGppHd3K
Besides providing more scalability, part of the objective is to make USDT the first stablecoin that will exist on the Polkadot network, according to the CTO at Tether, Paolo Ardoino.
USDT to Launch on The First Polkadot Parachain
Before Polkadot, the stablecoin will initially go live on Kusama, which is considered a cousin network for Polkadot, basically serving as a preparation network for projects looking to run on Polkadot. USDT’s launch date on Polkadot is subject to the formation of the parachains. Tether wants the stablecoin to launch on the first common goods parachain, according to the CTO.
Tether will likely launch on the first parachain available, StateMint. We expect StateMint to be the first common goods parachain. […] Our integration with Polkadot serves to support the decentralized finance ecosystems that are growing across blockchains.”
Paolo Ardoino, CTO at Tether
USDT Allocation on Ethereum and Tron
Tether’s USDT is the largest and most liquid stablecoin in the crypto market. It’s already a multi-chain asset, and going live on Kusama and Polkadot would mark its ninth and tenth base blockchains, respectively. USDT is currently available on eight different blockchains, which include Ethereum, Tron, Bitcoin Cash’s Standard Ledger Protocol, Solana, EOS, Algorand, Liquid Network, and Omni.
However, the majority of USDT in circulation is currently available on Ethereum and Tron blockchain. According to the Etherscan, about 22.4 billion USDT have been issued on the Ethereum blockchain, and they are held in nearly three million addresses. On Tron however, there are 20.9 million USDT on the network.
The Monetary Authority of Singapore has warned crypto investors to be wary of new tokens and to do their research before investing. The warnings come after the Prime Minister of Singapore had his account created without permission on BitClout – a platform for social tokens.
Pre-Loaded Identity
Lee Hsien Loong – the Prime Minister of Singapore – issued a statement on social media informing people that he was not involved in any of this and does not endorse the platform. The creator coin using his likeness had used his profile picture and Twitter bio in order to create the token – rising at a market cap of over $9800.
I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency.
The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. It is misleading and done without my permission.
Lee Hsien Loong, Prime Minister of Singapore
Although the Prime Minister’s account has since been taken off of BitClout, it appears that his account may have been pre-loaded by the platform, going by the number of Twitter followers that users have – over 792,000, in Loong’s case.
The PM encouraged crypto investors to only deal with businesses regulated by the relevant Singaporean authorities in order to benefit from the protection of the applicable law.
Although Singapore is, overall, a country that is very welcoming to Blockchain – even collaborating with Australia on certain issues – the need for caution in an industry rife with investment opportunities will never diminish.
Senegalese singer, Akon, has received the green light from local government to construct a futuristic city in Uganda, with its own Akoin currency powered by Stellar.
As per a report by NBS Television, Akon is planning to build a futuristic, crypto-based city in Senegal that is going to operate on Akoin. Akoin is a Stellar-based cryptocurrency. In the interview Akon did not state the cost of the project.
International artist, Akon has revealed plans to build a futuristic city dubbed Akon city in Uganda.
I know if I put it there, they’re going to find a way to afford it because it’s going to motivate them
Akon
Akon plans to build malls, schools, police departments, waste management services, hospitals, and other buildings for recreation and culture. This will be done to uplift communities and “bring opportunities” to the people that live within them.
But ultimately when you create an opportunity, people grow with that opportunity, people learn with that opportunity, people are motivated with that opportunity.
Akon
Stellar Blockchain For Economic Inclusion
According to a press release by AkoinOfficial they are aiming to improve Africa’s financial infrastructure and lower costs by removing intermediaries and increasing transparency through the use of blockchain technology. The partnership with Stellar Organization and their Stellar Consensus Protocol can enable Akoin to reach this goal.
The Stellar Development Foundation can support Akoin initiatives through a wide network of charities that accept Stellar Lumens as a form of donation. Also, coupled with its work with Saldo on providing solutions for migrant workers to send funds back to their families, and developments made with IBM Worldwire, to send any currency anywhere in the world using Stellar. These made Stellar a winning choice for Akoin.
Additionally, launching on Stellar means that Akoin can be traded on the Stellar Decentralized Exchange (DEX). By immediately giving users access to several pairs beyond Akoin and XLM, participants are given the ability to explore the cryptocurrency world in ways that the current financial infrastructure limits them.
Akoin wants to remove barriers keeping Africans from participating in the world economy by empowering them with blockchain technology and services.
For today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Avalanche (AVAX)
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading, and other services. Avalanche provides decentralized asset trading which anyone can launch and use, and does so with a network that is unique in the digital realm in providing subsecond transaction confirmations.
The AVAX token forms the in-house payment method for Avalanche and is used for fee collection during transactions, as well as for incentives and related purposes. Users can also earn passive income by staking their coins on the network.
Avalanche Price Analysis
At the time of writing, AVAX is ranked 33rd cryptocurrency globally and the current price is $44.72 AUD. Let’s take a look at the chart below for price analysis.
AVAX followed February’s +380% move with a slower March, consolidating in a +68% range.
Aggressive bulls could look for entries near support and the April monthly open around $39.14 AUD. A significant downturn in the market would likely hunt stops near the weekly level around $34.32 AUD, with a more substantial drop to sweep stops and find support near $30.08 AUD.
Traders could look for first profits between the last swing high near $41.55 AUD and probable resistance beginning near $44.20 AUD. Bulls could propel the price to the swing high near $50.30 AUD, possibly reaching resistance near $57.96 AUD.
A solid bullish move could sweep the highs cluster around $52.98 AUD into probable resistance near $60.75 AUD. The final resistance before price discovery seems to wait near $68.37 AUD.
2. Elrond (EGLD)
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. Its smart contracts execution platform is reportedly capable of 15,000 transactions per second, six-second latency, and a $0.001 transaction cost.
Elrond Price Analysis
At the time of writing, EGLD is ranked 42nd cryptocurrency globally and the current price is $217.33 AUD. Let’s take a look at the chart below for price analysis.
Similar to AVAX, EGLD’s explosive February rally retraced into consolidation through most of March.
Bulls look strong as they break through highs and create new support. The daily gap beginning near $215.26 AUD might offer an aggressive entry just above possible support near $202.30 AUD.
A more decisive move to the downside might sweep stops into support near $190.58 AUD, while a sharp downturn in the market could reach stops near the monthly gap around $175.32 AUD.
Price seems to be consolidating under resistance near $220.73 AUD, making the swing high at $235.62 AUD a first target for the bulls. Breaking this high might test resistance at $250.33 AUD, possibly followed by a move to the swing high near $290.95 AUD and into price discovery.
3. Morpheus.Network (MRPH)
Morpheus.Network optimizes supply chains. This is accomplished with their SaaS middleware platform seamlessly integrating legacy and emerging technologies while providing supply chain managers with a Digital Footprint, providing shipment and item visibility for automating safe and secure supply chains, saving time and money.
The platform creates a digital representation of a supply chain by turning information into actionable data and notarizing the actions and events and completion of supply chain processes using distributed ledger technology.
MRPH Price Analysis
At the time of writing, MRPH is ranked 357th cryptocurrency globally and the current price is $3.80 AUD. Let’s take a look at the chart below for price analysis.
Following the pattern of AVAX and EGLD, MRPH seens retracing from a test of resistance near $3.82 AUD.
Monday’s sweep of the last swing low into support near $3.35 AUD could set the stage for the next leg higher. A safer entry might be found near $3.10 AUD, although this move could reach down as far as $2.90 AUD. The cluster of multiple lows near $2.40 AUD looks like an appealing target for a stop run into support around $2.35 AUD.
Bulls could target the $4.28 AUD swing high, with a break likely reaching into the next resistance near $4.47 AUD. The swing high around $5.23 AUD provides the last target before the next stage of price discovery.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
Australian crypto exchange Coinstash is running red hot amongst investors. Less than a week after opening its equity crowdfunding campaign, the Brisbane-based startup has raised over $2 million, smashing its minimum target of $700,000 and fast closing in on its $2.8 million maximum offer.
Its investors are piling in to be part of one of the first Australian crypto platforms to potentially offer users the ability to earn interest on, borrow and spend (via a “crypto” credit card) their cryptocurrencies. The founders of Coinstash describe its future innovative products as ‘putting people’s crypto to work”.
The company’s funding milestone has come whilst the crypto bull run extends yet another month; both Bitcoin and Etherum have broken all-time highs, astounding both their skeptics and advocates. But is speculating on price the only way you can make money or use your digital assets?
Coinstash co-founders Ting Wang and Mena Theodorou clearly think there is more opportunity than just price speculation.
According to the company’s offer document available for investors, the company has a clear vision on how it plans to broaden the possibilities for its customers.
“We are bringing three revolutionary products to the market – Earn, Borrow and Spend”, says Mena, Chief Technology Officer and co-founder. “They’re all subject to regulatory approval, but in a nutshell, Earn would let users earn a rate of return on their Bitcoin or other cryptocurrencies. Borrow will allow users to post their cryptocurrency holdings as collateral and borrow Australian Dollars or another cryptocurrency of their choice. And Spend will be a Coinstash credit card that allows users to spend their money anywhere in the world, using their cryptocurrency as a line of credit.”
The beauty of it all is, of course, that similar services already exist in the traditional banking world, for example when you go to a bank and apply for a savings account or a lender for a personal loan or a credit card. The actual practice of opening a deposit account, or in the case of borrowing funds putting up your “capital” as security, won’t be anything new to the average user. It’s just that with the Coinstash products, you’re dealing with your crypto assets, rather than the money stored in your bank or putting your real-world asset such as your house, car or credit history at risk.
Mena Theodorou, CTO and Co-Founder of Coinstash
When asked if the company’s decision to raise capital during the current crypto bull market had helped to make the raise successful, Ting, the CEO and co-founder, says that there is a lot of planning and execution that are necessary for a successful campaign, regardless of the current market conditions. In fact, the idea to raise funds via equity crowdfunding started in early 2020, and planning began in the second half of that year.
“After the first crypto bull run of 2017, Mena and I realised straight away that there are problems that we can solve for Aussie crypto holders. Yes, there are companies who offer similar products like the ones we propose. Still, the difference between what we want to do and what already exists out there is that our products will be regulated according to local Australian laws, meaning that all our users will be afforded the protection provided under Australian regulatory regime,” explains Ting.
In good times such as now, no one really thinks about what happens if something goes wrong. However, if something does, in fact, go wrong, I think most people would agree that you’d rather your crypto platform be based in Australia and subject to our laws in case you need to turn to them for help, which would be more difficult if the platform is not based in Australia.
Ting Wang, CEO and co-founder of Coinstash
Always consider the general CSF risk warning and offer document before investing.
The domain name of Bitcoin.com, a popular digital currency-related web platform, was listed on GoDaddy for sale on Monday. However, the company has removed the listing after the CEO of Bitcoin.com, Roger Ver, raised a complaint.
Roger Is Not Selling Bitcoin.com
Screenshot of the Bitcoin.com listing before it was removed [GoDaddy]
On Monday, Bitcoin.com was placed on sale for a minimum offer of £72,301,352 (i.e., US$100,462,728) on the web hosting and domain registrar company GoDaddy. A lot of Twitter users in the crypto community commented on that.
Ver immediately reached out to GoDaddy asking: “Why are you listing my domain name for sale? It isn’t for sale. […] Please remove this fake news that is damaging my real brand,” as he wrote in a message reported by The Block, adding that it was 100 percent fake news.
About Bitcoin.com
Bitcoin.com is a popular cryptocurrency web platform that offers several services related to Bitcoin (BTC) and Bitcoin Cash (BCH), including buying and selling the cryptocurrencies, wallet service, etc. The domain is currently owned and managed by Roger Ver, an early promoter of Bitcoin.
It remains unknown why the domain was listed on sale on GoDaddy.
Other crypto-related domains went up for sale on GoDaddy, including:
The Australian Securities and Investments Commission (ASIC) has reportedly begun assessing several complaints from users of MyCryptoWallet, an Australian digital currency exchange, according to a Monday report by the Syndey Morning Herald.
Many users had complained that they are unable to access their cryptocurrencies on the platform. A spokeswoman for MyCryptoWallet claimed they are completely unaware of the issues reported by the users.
The Issue With MyCryptoWallet
Launched by tech entrepreneur Jaryd Koenigsmann, MyCryptoWallet is considered a notable crypto exchange in Australia, as it amassed more than 20,000 users about three months after launch. It began facing some business-related challenges after a dispute with its banking partner, the National Australia Bank (NAB), which resulted in the freezing of the exchange’s bank account.
As reported, MyCryptoWallet also had an issue with its technology partners, which led to the suspension of deposits and withdrawal on the platform. Later on, the exchange said all the issues had been resolved. However, most of the users were still not able to access their funds on the platform. The customer support page was reportedly inactive, and complaints raised by the users weren’t addressed. While speaking to SMH, a user said he hasn’t heard back from the company about $40,000 he put into the platform.
I would welcome the chance to get my funds back, but I don’t have a good feeling about it. I would also welcome an investigation from ASIC or AUSTRAC.
Another user of MyCryptoWallet
Same here.. can't withdraw funds…sold coins …got AUD… try to withdraw with no confirmation. Balance shows as zero with transfer pending approval. Anyone know what's going on with them?
While commenting on the development, the spokeswoman for the exchange said they weren’t aware of these issues and that they lost access to their social media accounts back in 2019. She added it was “absolutely impossible” for the exchange to cease cryptocurrency trading without notifying the authorities. They opened a new support email address and began responding to the complaints shortly after speaking with SMH.
Grayscale’s CEO, Barry Silbert, has confirmed the investment firm is “100% committed” to turn GBTC (Grayscale Bitcoin Trust) into a Bitcoin Exchanged-traded Fund.
As per their post, the investment giant outlined the possibility of a BTC ETF in the United States. Other investment firms like Goldman Sachs have filed with the Securities and Exchange Commission (SEC) to launch the long-awaited crypto-fund, but Grayscale remains wary about submitting a file to the SEC.
The firm does not consider that the current regulation weather in the US is suitable for such a fund.
Today, we remain committed to converting GBTC into an ETF although the timing will be driven by the regulatory environment. When GBTC converts to an ETF, shareholders of publicly-traded GBTC shares will not need to take action and the management fee will be reduced accordingly.
Grayscale
GBTC is a SEC-reporting Bitcoin fund launched in 2013. Each Grayscale product has four stages, in which the last one aims to convert the product into an ETF.
Grayscale’s announcement came at the same time the global crypto market hit $2 trillion, according to CoinGecko. The institutional adoption of cryptocurrencies has increased the demand dramatically, and the crypto community seems to be now waiting for SEC to finally approve a Bitcoin ETF. If approved, a Bitcoin ETF coupled with the public listing of Coinbase could give the crypto market a tremendous boost.
On Monday the Bank of Japan (BOJ) started a year long study with its central bank digital currency (CBDC), following the advances made by China, U.S., and European countries.
This follows the BOJ’s announcement in early October 2020 where a project overview was given. The first of three phases is to be carried out now until March 2022. This phase is a proof-of-concept phase where participants will “build a systematic experimental environment and verify the basic functions of issuance, distribution, and refund, which form the core of CBDC as a payment method.”
In proof-of-concept phase 2 the study will look at “adding peripheral functions of CBDC to the experimental environment constructed in Phase 1 and verify its feasibility.” And if it is deemed necessary after proof of concept, they will consider conducting a pilot experiment in which private businesses and consumers can participate.
Shinichi Uchida, executive director of the bank, said in a statement last month that some people questioned whether people could use cash and bank accounts instead, and others wondered if potential cases for a CBDC “could be addressed by alternative solutions that did not require such extensive and large-scale efforts.”
CBDCs are similar to stablecoins, except that they are state-run. This means that transaction data are not on a public blockchain and that the central bank maintains authority over the ledgers that hold this data. The implementation of a system like this will allow participants to transact, store, and track the currency as an official unit of account since it’s registered with the central bank, thereby also increasing security against fraud and other related crimes.
Japan Doesn’t Want To Be Left Behind
The BOJ is mainly looking at digital currencies in a case it were to become mainstream or yield major benefits for them. BOJ Governor Haruhiko Kuroda has said it is important to “prepare thoroughly to respond to changes in circumstances,” and that it is not an appropriate policy response for central banks to start considering digital currencies only when the need to issue one arises.
Smaller banks like those in the Bahamas and Cambodia have already launched their CBDC, like the “Sand Dollar“. Japan’s economic rival has also made some major strides in the digital currency arena. According to a Chinese media source six state-owned banks have begun to promote digital yuan and accepting applications to open digital wallets. As well as U.S. Federal Reserve Chairman Jeremy Powell stating that a potential digital dollar is a high-priority project but has remained cautious about issuing one.
While there is no change in the BOJ’s stance it currently has no plan to issue CBDC, we believe initiating experiments at this stage is a necessary step
Shinichi Uchida, BOJ Executive Director
If, after a year, the bank finds that the proof-of-concept phase was fruitful, it will progress to the next phase: a pilot program. As countries start to adopt their own version of digital assets it opens more doors for individuals to interact with this technology and become familiar with how it works.
Force DAO, a DeFi hedge fund, suffered an attack by a hacker that found a bug in the xFORCE contract, draining 14.8 millions worth of FORCE token (around 34 million on this Sunday morning).
The attack happened after the protocol organised an airdrop yesterday, distributing FORCE tokens to its users. The token plunged at least 95% after the protocol confirmed the attack, going from $2.30 to $0.26.
The protocol confirmed the attack via Twitter and published a post-mortem analysis a few hours later. Accordingly, Force DAO is currently working with two different security firms to review and analyse the contracts.
1/We take responsibility for this engineering oversight and have begun processes to ensure any such incidents are mitigated in the future.
All funds on our platform are safe, only xFORCE was affected.
A total of 183 ETH (~$367K) worth of FORCE were drained and liquidated.
The first hacker found a bug in the xFORCE contract’s code that returned a false value when the amount transferred exceeded the account’s balance instead of reverting it.
According to technical advisor Mudit Gupta, this allowed anyone to call the “Deposit” function without holding FORCE tokens. The attacker minted xFORCE tokens from the contract without locking them in the vault.
This means anyone can call the `deposit` function of the xFORCE contract even if they do not have any FORCE tokens. The xFORCE contract will mint them fresh xFORCE tokens even though it will fail to lock their non existent FORCE tokens.
According to Force DAO, the hacker returned the funds to the pools after founding the contract’s code’s vulnerability. Other attackers took advantage of it and drained millions of dollars, exchanging the funds on Uniswap and Sushiswap.
Other attackers soon followed, draining the pool’s liquidity and taking over $20 million FORCE tokens in just a few hours.
Force DAO is the latest DeFi protocol subject to millions of funds lost. A few days ago, TurtleDex, a Binance Smart Chain-based protocol rug pulled its investors, draining $2.5 million out of the liquidity pools.
