Crypto
Wazupnaija – Naija Entertainment blogs & Forums – Business – Crypto
Bybit adds crypto options trading as part of expansion plans
Singapore-based crypto exchange Bybit has recently announced its service expansion into crypto options trading, allowing users to trade USD Coin (USDC) options and perpetuals. The Bybit media team told Cointelegraph that this decision to add options to the product line was in response to its community’s demands. Bybit noted that investors want to trade options because it can “serve as a hedge against existing risks and provide greater market exposure.” It also gives traders a way to diversify their portfolios. The newly-launched crypto options contracts on the exchange work on the same principles as its traditional finance counterparts. It allows users to speculate on the future price in the United States dollar value of an asset and settle trades using USDC. The Bybit team noted tha...
21Shares launches hybrid Bitcoin and gold ETP to enable inflation hedge
21Shares, a major issuer of cryptocurrency exchange-traded products (ETP), is launching a new ETP tracking a mix of Bitcoin (BTC) and gold. The Switzerland-based firm on Wednesday announced the launch of the 21Shares ByteTree BOLD ETP (BOLD), a new product aiming to provide inflation protection by tracking an index providing risk-adjusted exposure to both BTC and gold. Listed on the SIX Swiss Exchange, the new hybrid ETP is subject to monthly rebalances according to the inverse historic volatility of each asset. At launch, BOLD comprises 18.5% of BTC and 81.5% of gold. The new ETP was developed in collaboration with the United Kingdom-based alternative investment provider, ByteTree Asset Management. The product is positioned as the world’s first combined BTC and gold ETP. “Gold has hi...
Purpose Bitcoin ETF adds 1.1K BTC as data hints investors want to ‘buy the dip’
The world’s first Bitcoin (BTC) spot price exchange-traded fund (ETF) is buying BTC again after a month of selling. Data from on-chain monitoring resource Coinglass confirms that on April 27, Canada’s Purpose Bitcoin ETF added 1,132 BTC to its holdings. Data: Buy the dip interest “skyrocketing” Despite fears that Bitcoin is not yet done with its sell-off, an about turn at Purpose hints at increasing institutional demand. Beginning March 28, when BTC/USD traded above $48,000, Purpose began reducing its exposure, which at the time totaled 36,321 BTC. Wednesday’s increase is thus the first since March 25. At the time of writing, Purpose held 31,162.7 BTC, while BTC/USD traded at $39,000. Purpose Bitcoin ETF BTC holdings chart. Source: Coinglass The move coincides with figures from...
ECB official blasts the ‘lawless frenzy of risk-taking’ associated with crypto
Fabio Panetta has proposed heavier taxes and more stringent anti-money laundering requirements He argued that the continued correlation of crypto assets with the equities could be potentially destructive to the financial system Italian economist and ECB board member in charge of steering the creation of a digital Euro, Fabio Panetta, has called for coordinated efforts by global regulatory authorities to launch additional measures toward regulating the cryptocurrency sector. Regulating crypto-assets According to an extract from a published speech, Panetta argued the idea of cryptocurrencies to create a trustworthy coin remains a dream, observing that currently, crypto tokens take long periods to transfer and are a source of instability and insecurity. Labelling crypto a Ponzi sch...
ECB official blasts the ‘lawless frenzy of risk-taking’ associated with crypto
Fabio Panetta has proposed heavier taxes and more stringent anti-money laundering requirements He argued that the continued correlation of crypto assets with the equities could be potentially destructive to the financial system Italian economist and ECB board member in charge of steering the creation of a digital Euro, Fabio Panetta, has called for coordinated efforts by global regulatory authorities to launch additional measures toward regulating the cryptocurrency sector. Regulating crypto-assets According to an extract from a published speech, Panetta argued the idea of cryptocurrencies to create a trustworthy coin remains a dream, observing that currently, crypto tokens take long periods to transfer and are a source of instability and insecurity. Labelling crypto a Ponzi sch...
Brazil’s Senate approves ‘Bitcoin law’ to regulate cryptocurrencies
Brazil’s Senate has passed the country’s first bill governing cryptocurrencies in a plenary session, which will set the stage for the creation of a regulatory framework for the country’s crypto industry. The bill must be approved by the Chamber of Deputies and then signed off by President Jair Bolsonaro to become law in the country. This is expected to occur by the end of 2022, according to experts who spoke with Cointelegraph Brazil. The session that approved the project was chaired by Senate President Rodrigo Pacheco who said: “I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.” Federal Deputy Aureo Ribeiro first proposed the bill in 2015. The bill was then approved in the Se...
Failure to launch: Australia’s first 3 crypto ETFs all miss launch day
The launch of Australia’s first three Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETF) scheduled for today, has been delayed as a result of further “checks” needing to be completed. The exchange listing the Bitcoin Spot ETF from Cosmos Asset Management, Cboe Australia, released a statement late Tuesday stating that “standard checks prior to the commencement of trading are still being completed” and a “further update will be provided in the coming days.” Cboe issued the same notice regarding two spot ETFs issued by 21Shares also scheduled for launch today, a Bitcoin ETF and an Ethereum ETF. It’s unclear why the products are delayed with the Australian Financial Review reporting that a “service provider downstream” — an entity such as a prime broker or major institution with the ...
Uncollateralized DeFi mortgage taken out on Austin condo via Teller
A new homeowner has bought an apartment in Austin, Texas through a program that allows crypto holders to take out traditional uncollateralized mortgages based on their credit scores. The USDC.homes crypto mortgages platform issued its first crypto loan to an Austin resident who bought a $680,000 condo with a $500,000 loan issued in USD Coin (USDC) stablecoin over the Polygon (MATIC) network. This new platform combines practices from traditional lending markets such as leveraging a borrower’s credit score to determine eligibility with new decentralized finance (DeFi) innovations such as cryptocurrency staking to help pay off the balance. Today, we’re excited to debut https://t.co/26BgeWPd0Z and announce the arrival of crypto mortgages to Texas! <1/6> Read morehttps://t.co/I3wcbfZXRY —...
Robinhood axes almost 1 in 10 staff members as stock hits all-time low
Popular retail trading platform Robinhood has fired 9% of its workforce amid a firesale of its stock that has seen HOOD plunge to all-time lows. In the past 30 days alone, HOOD has tanked roughly 38% to sit at $9.99 at the time of writing, marking the lowest price since the initial public offering (IPO) launch in mid-2021. The decline is part of a longer-term bearish trend that has seen the price of HOOD continually decrease since its all-time high of roughly $70.39 on Aug. 4 2021 according to TradingView. Robinhood publicly announced its staff readjustment via an April 26 blog post by CEO and co-founder Vlad Tenev. He noted that after going through a “period of hyper-growth” between 2020 and H1 2021, the firm’s headcount had increased nearly six times, from 700 to nearly 3800 employees. H...
Discover Candy Cult, a Festival-Focused NFT Collection Supporting Women In Music
Candy Cult is a Web3 community with a cause. In music industry professions across the board, women and marginalized groups continue to be underrepresented. With the proliferation of NFT technology, Candy Cult’s cofounders, Brooke and Nick, identified an opportunity to help move the needle. Candy Cult is a collection of 6,666 digital collectibles, randomly generated using a library of over 100 unique characteristics. The animated avatars are fashionably ready for festival season and not totally unlike the fans you’d find in the desert of Coachella, or the urban park grounds of Lollapalooza. Candy Cult is an acknowledgement that few things are sweeter than festival season. Following the public sale, Candy Cult is committed to supporting charitable organizations focused on the emp...
SNACKCLUB raises $9M in seed funding to launch unique gaming DAO
SNACKCLUB, a new sister company to LOUD, the most dynamically growing international brand with a total of 300 million followers, raised $9 million in a seed funding round, CoinText learned from a press release. The company, which is also the first gaming organization to reach a billion views on YouTube, will launch a DAO with the goal of transforming ownership in gaming. A game changer Traditionally, gamers do not own the currency, equipment, or assets their characters have acquired in the many hours spent playing games. With the advent of Web3, they can “mint” in-game items to an external blockchain wallet that grants rare assets value at once. Jean Ortega, cofounder of LOUD and managing partner of SNACKCLUB, commented: LOUD has always been a community-first organization...
Yield Guild Games raises $15M to bolster P2E gaming ecosystem
Yield Guild Games Southeast Asia (YGG SEA), a Philippines-based subDAO of the gaming startup Yield Guild Games, said in a Tuesday press release it raised $15 million in two new rounds of funding. The company plans to use the proceeds to bolster the adoption of play-to-earn gaming across Southeast Asia. What is YGG SEA? YGG SEA is the first subDAO of YGG with direct exposure to players in Malaysia, Indonesia, Vietnam, and Thailand. According to the press release, YGG SEA is “at the core” of its expansion strategy that spans beyond the Asian region. The press release notes: “In YGG Ecosystem, the goal is not just to onboard players as scholars; but also to be the bridge that brings the Web2 community into Web3 space through GameFi. YGG SEA has been aggressively onboarding and creating a safe...
