Crypto
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Cake DeFi launches groundbreaking tech firm growth accelerator CDV
Cake DeFi, a fully transparent, highly innovative and regulated global fintech platform, has launched Cake DeFi Ventures. The venture arm, worth $100 million, will be vested in accelerating growth of tech firms with a focus on gaming, web3, and fintech, CoinText learned from a press release. $1B+ managed in customer assets With over $1 billion managed in customer assets, Cake DeFi helps its user base of more than half a million registered members to profit from their digital asset investments. Focus on investments in tech startups Cake DeFi Ventures (CDV) will turn attention to tech startups across the metaverse, the NFT space, Web3, gaming, fintech, and esports. The venture arm will look for investment opportunities in startups across the globe. CDV portfolio companies will get str...
Crypto mining’s cost: How has hardware availability changed the industry?
Cryptocurrency mining has been and remains an attractive endeavor not only for fans of alternative financial instruments but also for those serious about investing. When deciding whether to start mining, potential miners keep several well-known factors in mind: equipment and electricity costs, suitable climate and favorable legislation in the country of operation. At least, that was the case until recently. In 2022, the situation changed and became more complicated. A few years ago, it was possible to mine cryptocurrencies by purchasing a graphics processing unit (GPU), reading a guide on how to construct a rig and simply mining coins. Such income was attractive for many online entrepreneurs, and soon new miners flooded the global market. Yet over time, the complexity of mining has i...
Biden to sign executive order on crypto, authorize all-government effort to consolidate regulation
Later today, U.S. President Joe Biden will sign a long-anticipated executive order on digital assets. Despite fears that the order may resound a regulatory clampdown on the industry, the language of the document is fairly favorable, the key focus being the coordination and consolidation of various agencies’ efforts within a unified national policy. The order designates six key areas of the federal government’s involvement with the digital asset ecosystem — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership and combating illicit financial activity — and directs specific agencies to lead in designated policy and enforcement domains. The Department of the Treasury will take the lead in developing p...
Web3 platform integrates social commerce app into Circle’s payment infrastructure
Web3 infrastructure platform Our Happy Company has announced their inaugural product, OurSong — a social commerce mobile application designed to enable digital creators to monetize their content and cultivate their communities via nonfungible tokens (NFTs) — will utilize Circle’s established payment infrastructure to drive demand in the creator economy. Our Happy Company was incorporated in July 2018 by globally renowned musical artist John Legend — the company’s chief impact officer — alongside several pioneering tech entrepreneurs, including co-founder and CEO of KKCompany, Chris Lin, co-founder of Twitch and Kevin Lin, among others. The platform launched OurSong, its first product offering, in February to moderate fanfare. In the official press release, Chris Lin, CEO ...
Dubai establishes virtual asset regulator and announces new crypto law
Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai in the United Arab Emirates who holds several positions including prime minister, has announced a new law on virtual assets as well as the establishment of a crypto regulator. In a Wednesday announcement, Sheikh Al Maktoum said he had issued a law creating a legal framework for crypto in the Emirate of Dubai aimed at protecting investors and “designing much-warranted international standards” for industry governance. In addition, the ruler said a newly formed Dubai Virtual Asset Regulatory Authority, or VARA, would have enforcement powers in the Emirate’s special development zones and free zones with the exception of the Dubai International Financial Centre. “Approving the virtual asset law and establishing the Dubai Virtual As...
The best privacy coins you can buy on March 9, 2022: XMR, ZEC and SCRT
XMR’s value increased by 20% in the last 24 hours. ZEC’s value increased by 17% in the last 24 hours. SCRT’s value increased by 15% in the last 24 hours. Monero (XMR), Zcash (ZEC) and Secret (SCRT) are the top 3 privacy-based tokens that you can buy on March 9, 2022. Throughout the span of the last 24 hours, each token saw a huge increase in its value, as well as an increase in its overall trading volume and market cap. With US President Joe Biden’s “sweeping review” on crypto, the increase in crypto regulation could prompt an increased usage in privacy tokens. We will be going over each of these tokens to see how far they have the potential to grow. Should you buy Monero (XMR)? On March 9, 2022, Monero (XMR) had a value of $195.49. The all-time high value of Monero (XMR) was on January 9,...
Elrond announces strategic support for Web3 data brokerage system Itheum
Elrond has announced its strategic support for Web3 data brokerage platform Itheum, which will debut on Elrond’s strategic launch platform, the Maiar Launchpad, CoinText learned from a press release. Itheum will allow everyone to manage their personal data By taking advantage of Elrond Network’s scalable blockchain technology, Itheum will give everyone everywhere a chance to manage their personal data as assets. Itheum is also working on NFT technology to create NFMe IDs, data avatars for the Metaverse. Beniamin Mincu, CEO of Elrond Network commented: The elements are in place for building a compelling environment where adventure, exploration, and curiosity are elevated to unprecedented levels of immersion and unique relevance. Data will be the building blocks of the Metaverse,...
Disruption in the payments space is threatening major market players, Block co-founder argues
In a recent appearance on CNBC’s TechCheck, Block co-founder Jim McKelvey has suggested that the rate of disruption by crypto-focused firms in the payments sector is increasing. The burst of firms that had come out to capture the mantle of payments, including Block, have seen a reduced pace of growth in recent days due to several matters, including regulation. McKelvey, however, disagrees with the idea that disruption will take longer than expected. The American billionaire investor explained that with increasing innovation in payments, the space is building “an increasingly fast rate of disruption throughout the entire market.“ Bitcoin because of its unique properties In the same interview, the inclination of Block’s other co-founder (Jack Dorsey) towards Bitcoin c...
Treasury Secretary Yellen ‘mistakenly’ publishes response to Biden’s executive order
The Biden administration will support responsible innovation around digital assets The executive order will also look to establish consumer and investor protection measures International partners will be involved in defining standards for digital assets The office of the United States Secretary of the Treasury Janet Yellen yesterday released a statement, dated March 9 (today), that indicated that President Biden’s executive order would support responsible innovation via a coordinated approach to establishing digital asset policy. Strange, and maybe accidental Meant to be a response to the yet-unreleased directive by the White House, the statement by the Treasury secretary has since been deleted but was captured by a web archive. Yellen explained that this approach benefits the nation...
Janet Yellen let slip details of Biden‘s executive order on crypto
A statement from United States Treasury Secretary Janet Yellen on President Joe Biden’s executive order regarding digital assets calls for efforts to support innovation while addressing risk in the industry. Yellen’s statement was released a day early, apparently by error, and quickly deleted but was captured on a web archive. It shares early insights into the details of President Biden’s soon-to-be-released executive order. The order will call for “a coordinated and comprehensive approach to digital asset policy.” Yellen’s statement said that the executive order could “result in substantial benefits for the nation, consumers, and businesses.” “It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broad...
Treasury to launch financial education initiative around crypto investments
The United States Treasury Department is launching a new initiative to raise awareness of the risks involved in investing in digital assets. The move comes as the asset class transitions from a niche market into mainstream investment, according to a top Treasury official, potentially drawing in less sophisticated investors. The Department’s Financial Literacy Education Commission is developing educational materials designed to inform the public how crypto assets operate and differ from traditional assets. Treasury undersecretary for domestic finance, Nellie Liang, told Reuters that the target demographic is people that have limited access to mainstream financial services. She stated: “We’re hearing more and more about investors and households who are purchasing crypto assets, and we recogn...
Charles Hoskinson under fire for… not dropping out of a Ph.D. program?
A debate has surfaced online following claims that Cardano founder and Ethereum co-founder Charles Hoskinson may have fudged the specifics of his educational background. While the issue is hardly a major scandal, it concerns conflicting reports around whether Hoskinson dropped out of a Number Theory-focused Ph.D. program — as he suggested — or if he embellished the story. Crypto journalist and Unchained Podcast host Laura Shin suggested in her new book and on social media that he never finished an undergraduate degree or enrolled for a Ph.D. The dispute started on Sunday after a Twitter user stated they were reading Shin’s book “The Cryptopians” to get a rundown of the early days of Hoskinson and Cardano as reported in the book. Hoskinson responded to the post by stating: “Great work of fi...
