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Ethereum competitor Near launches $800M developer fund as DeFi competition heats up
Smart contract ecosystem Near Protocol has earmarked $800 million for new funding initiatives aimed at growing its decentralized finance capabilities, offering the latest evidence that the highly lucrative DeFi market is still in its infancy. The new funding, which includes the $350 million grants program announced by Proximity Labs last week, gives ecosystem developers added incentive to create new product offerings on Near, the company announced Monday. Roughly $250 million will be allocated to existing ecosystem developers; another $100 million is earmarked for startup grants, with Near planning to fund more than 20 startups at a rate of $5 million each. The remaining $100 million will be spent on so-called regional funds across Asia, Europe and the United States. Value locked in ...
Web 3.0-focused altcoins soar as the need for truly decentralized crypto grows
The cryptocurrency market is abuzz on Oct. 25 as the sight of multiple altcoins hitting new all-time highs and Bitcoin’s (BTC) return to $63,000 has traders looking for a resumption of the bullish uptrend. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were PARSIQ (PRQ), Handshake (HNS) and NEAR Protocol (NEAR). PARSIQ advocates for interoperability between networks PARSIQ is a blockchain-based analytics platform that specializes in connecting blockchain activity to real-world applications. According to data from Cointelegraph Markets Pro, market conditions for PRQ have been favorable for some time. The VORTECS™ Score, exclusive to Coi...
Matt Damon partners with Crypto.com around clean water project
Digital currency exchange Crypto.com has donated $1 million to water.org, a clean-water initiative co-founded by Matt Damon and Gary White in 2009. The direct donation will go toward supporting Water.org’s mission of ending the global water crisis by providing safe water and sanitation to people in need, the companies announced Monday. The partnership is also aimed at exposing Water.org to Crypto.com’s more than 10 million users, who are also being encouraged to donate to the project. Damon cited the ongoing financial transformation brought on by cryptocurrency as one of the chief motivations for partnering with Crypto.com. “As our financial solutions and platforms evolve, we can use them for good,” he said. “Crypto.com and Water.org are both working toward positive transformation, and our...
The Sioux Energy Center has mined 20 Bitcoin in secret since April
Electric services provider the Ameren Corporation announced Monday that it has successfully mined upwards of 20 Bitcoin using excess energy generated by one of its coal-based power plants — the Sioux Energy Center in West Alton, Missouri. While the company set up the data center used to mine the coins back in April, it did not publicly announce the addition until today. Its half-megawatt mining facility taps into the Sioux Energy Energy Center’s 972 MW generation capacity to complete the necessary proof-of-work based mining activities. Ameren’s goals in launching the operation appear to have been to stop a decline in the power plant’s energy generation, and to provide the company with a new revenue stream. When mining began in April, the power plant was allegedly running at a mere 17% of i...
Esports Platform FaZe Clan Going Public in $1 Billion SPAC Deal
“We are thrilled to announce this important milestone of FaZe Clan’s plans to enter the public market,” Trink said in a statement announcing the move. “In our short history, we have evolved from a disruptive content generator to one of the world’s most decorated and successful esports franchises, and now into one of the younger generations’ most recognized and followed brands globally. We believe FaZe Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world. This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetization strategy.” The deal, subject to approval by the boards of both FaZ...
Russia’s crypto regulations are “half measures,” says RACIB head
‘On Digital Financial Assets’ provides legal standing to cryptocurrencies but fails to regulate crypto mining, exchanges, insurance and taxation Yuri Pripachkin, the President of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) criticised the inadequate cryptocurrency regulations in Russia, stating that the unstable regulatory environment is leading to increasing uncertainty in the local crypto markets. In an interview with Russian news agency RBC, Pripachkin pointed out that while crypto market capitalisation in the country has increased from around $200 billion in 2017 to around $2.7 trillion now, the mandates regarding crypto regulation adopted by President Vladimir Putin has done nothing to capitalise on the growing value of the markets. ...
Russia does ‘absolutely nothing’ to regulate crypto, RACIB head says
Despite Russia adopting its first cryptocurrency law in January 2021, the country’s cryptocurrency market is still largely unregulated and is associated with a lot of uncertainty, according to a local industry advocate. Yury Pripachkin, head of the Russian Association of Cryptoindustry and Blockchain (RACIB), argued that the existing Russian crypto regulations are nothing more than “half-measures” that have nothing to do with systematic solutions. In an interview with local news agency RBC, Pripachkin referred to Russian President Vladimir Putin issuing multiple consecutive mandates to adopt crypto regulation over the past four years. The executive highlighted that the total market capitalization of cryptocurrencies surged from around $200 billion in 2017 to the current $2.7 trillion, but ...
Crypto investments a financial backup for Facebook whistleblower
Frances Haugen, a former Facebook employee turned whistleblower, revealed that her refuge in Puerto Rico is currently being supported by an auspiciously timed cryptocurrency investment. Haugen worked as a Facebook product manager before accusing the company of spreading controversial and insensitive misinformation. She allegedly possesses numerous confidential research documents, which, according to her, shows that “Facebook prioritizes profit over the well-being of children and all users.” Previously, Facebook has been accused of influencing the 2016 United States presidential election with the help of Russian agencies. In a follow-up interview with The New York Times, Haugen was asked about her financial situation: “For the foreseeable future, I’m fine, because I did buy crypto at t...
Nigerian president to unveil eNaira central bank digital currency
Nigerian President Muhammadu Buhari is set to officially introduce the country’s central bank digital currency (CBDC), the eNaira. The Central Bank of Nigeria (CBN) has published a document in which it reaffirmed its intention to introduce the eNaira after previously attempting but failing to do so on Oct. 1. According to the design paper for the eNaira, the CBN now considers itself prepared to implement Nigeria’s CBDC. The CBN is working on a global cryptocurrency that will be used as a means of payment and a store of value in addition to replacing cash. The CBN, in its own statement, downplayed the risks of missing a deadline. Rather, the bank emphasized the value of getting things right the first time and how doing so contributes to long-term success for digital currencies. The CB...
Ethereum eyes rally against Bitcoin, with ETH price showing hidden bullish divergence
Ethereum’s native token, Ether (ETH), has been declining against its top crypto rival, Bitcoin (BTC), since Sept. 3. Ether dropped in value against Bitcoin by almost 25% after topping out in September at 0.07955 BTC. As the top altcoin declined, it left behind a trail of lower highs and lower lows, thus forming an ascending channel. Later, ETH/BTC broke the channel to the upside on Saturday, raising anticipations about a strong extended recovery trend. But a selloff on Sunday and the ongoing session had traders test the channel’s resistance trendline as support. ETH price charts suggest bullish divergence The sentiment raised Ether’s possibility to reenter the falling range as shown in the chart below. ETH/BTC daily price chart featuring bullish divergence. Source: TradingView At the same ...
Adele’s ‘Easy On Me’ Set For Second Week Atop U.K. Singles Chart
Adele’s first release in six years leads the First Look chart, which ranks tracks based on activity from the first 48 hours in the chart cycle. Further down the list, reunited EDM legends Swedish House Mafia and Canadian R&B star The Weeknd are on track for the week’s highest new entry, with “Moth To A Flame.” It’s new at No. 12 on the chart blast. Another new-ish release is ABBA’s “Just A Notion.” The track was originally cut during the Swedish pop group’s heyday in the late ‘70s, and officially released in full last Friday. It’s on course to give the foursome their 29th U.K. Top 40 single, the OCC reports. The latest single from their forthcoming album Voyage, due out Nov. 5, “Just A Notion” is eyeing a No. 14 bow. Finally, London rapper Digga D is locked-on for a ninth U...
Pandemic Strips Over $1B From Australia’s Live Entertainment Sector: Report
This “significant decline can be primarily attributed to COVID-19 restrictions,” explains the report, noting major tours from the likes of Pink, Ed Sheeran, Bruno Mars, Taylor Swift and Katy Perry in 2018, and visits by U2 and Eminem in 2019, were absent from the touring calendar last year, as all three levels of government ordered the shutdown of gathering places to limit the spread of the novel coronavirus. In a crippled market, “Contemporary Music,” a category that includes rock, pop and hip-hop concerts, was the largest genre, accounting for 51% of revenue, and, combined with festivals comprised 60% of total industry revenue and 43% of attendances. Don’t expect the data for 2021 to bring any cheer to the live business. The impacts of COVID-19 this year may be even greater, ...
