crypto blog
FDIC acting chair says no crypto firms or tokens are backed by agency
Federal Deposit Insurance Corporation acting chair Martin Gruenberg said the agency does not back any crypto firms in the United States, nor does its insurance cover losses from tokens. In a Nov. 15 hearing of the Senate Banking Committee on the oversight of financial regulators, New Jersey Senator Bob Menendez said lawmakers needed to “take a serious look at crypto exchanges and lending platforms” over risky behavior. Gruenberg responded to Menendez’s questions confirming there were “no cryptocurrency firms backed by the FDIC” and “FDIC insurance does not cover cryptocurrency of any kind.” FDIC acting chair Martin Gruenberg addressing the Senate Banking Committee on Nov. 15 FDIC insurance normally protects deposits at financial institutions in the United States in the event of bank failur...
Yuga Labs acquires Beeple’s 10KTF game, hints at metaverse integration
Yuga Labs, creators of Bored Ape Yacht Club (BAYC), have acquired 10KTF; the NFT game founded by digital artist Michael Winkelmann, also known as Beeple. 10KTF is a browser-based NFT game that allows players to outfit heroes with crafted items and loadouts in order to complete missions. Missions reward players with APE coins, badges, materials, and free airdrops. The game also intends to include many items that could be worn by an avatar in the future; pairs of socks and backpacks are popular items from the game’s collection. Until now, fans have been left to wonder what Metaverse platform will feature these items. Now that the acquisition has been announced, some fans have begun to speculate that 10KTF items may become wearable within Yuga Labs’ as-yet-unreleased Otherside metaverse ...
Crypto casino Winz.io unveils Sportsbook for global sports
Winz.io Sports will offer bonuses to both new and existing customers to celebrate the launch of the sportsbook. The risk-free bet and 100% bonus will not have any wagering requirements, a popular feature at Winz.io Casino Winz.io, a crypto-friendly casino supporting all the major digital assets, has announced its new sportsbook offering that will cover the world’s most popular sports. The Winz.io casino, founded in 2020, seeks to expand its presence within the gambling industry, and sports betting offers one of the fastest growing avenues. According to the Winz.io team, this new wagering solution is timely for customers given the sector’s growth projection that puts it at over $83 billion in 2022. Deposit and bet using crypto The new Winz.io sportsbook will offer wagers access to more than...
Crypto casino Winz.io unveils Sportsbook for global sports
Winz.io Sports will offer bonuses to both new and existing customers to celebrate the launch of the sportsbook. The risk-free bet and 100% bonus will not have any wagering requirements, a popular feature at Winz.io Casino Winz.io, a crypto-friendly casino supporting all the major digital assets, has announced its new sportsbook offering that will cover the world’s most popular sports. The Winz.io casino, founded in 2020, seeks to expand its presence within the gambling industry, and sports betting offers one of the fastest growing avenues. According to the Winz.io team, this new wagering solution is timely for customers given the sector’s growth projection that puts it at over $83 billion in 2022. Deposit and bet using crypto The new Winz.io sportsbook will offer wagers access to more than...
Founders should consider VC firms their allies as they build in the bear market
This year’s bear market trajectory should be looked upon as a favorable opportunity for Web3 founders to raise capital and build cutting-edge products. Some of the most robust businesses today were built during market downturns, and founders now have a real opportunity to ensure they’re building products and services that meet genuine, real-world needs and look beyond oversized checks to find the most suitable business partnership. Determining the best methods to fund your product and company is of paramount importance and not a decision to be rushed into. It is an action that requires due diligence and an acute understanding of how the partnership will function and, more importantly, flourish in the face of adverse markets. Before a founder embarks on the journey of attracting inves...
Binance to liquidate its entire FTX Token holdings after ‘recent revelations’
The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, said his company will liquidate the entirety of its position in FTX Token (FTT), the native token of competing exchange FTX. In a Nov. 6 tweet, Zhao said the decision was made after “recent revelations that have came to light.” In a later tweet, CZ explained the FTT liquidation was “just post-exit risk management” referring to lessons learned from the fall of Terra Luna Classic (LUNC) and how it impacted market players. He also added “we won’t support people who lobby against other industry players behind their backs.” Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won’t pretend to make love after divorce. We are not against anyone. But we won’t supp...
Meta reportedly plans ‘large-scale layoffs,’ but what of its metaverse division?
Social media and tech giant Meta is reportedly gearing up for “large-scale layoffs” this week amid rising costs and a recent collapse of its share price. According to Wall Street Journal (WSJ) report on Nov. 6 citing people familiar with the matter, the planned layoffs could impact thousands of employees in a broad range of divisions across Meta’s 87,000-strong workforce. It is not currently understood whether the firm’s Reality Labs division, which registered a $3.7 billion loss in the third quarter, would see staff cuts. Last week, Meta CEO Mark Zuckerberg said that the company would be focusing its investment on “a small number of high-priority growth areas,” including its Artificial Intelligence (AI) Discovery Engine and its advertisement and business messaging p...
Solana unveils Google partnership, smartphones, Web3 store at Breakpoint
During the ecosystem’s annual gathering at Breakpoint 2022 in Libson, Solana made a series of launch announcements as it prepares to go mainstream. Cointelegraph’s ground team — present during the conference — shared insights into Solana’s roadmap, which includes the launching of smartphones, decentralized application (DApp) stores and a partnership with Google Cloud, among others. Good morning from @SolanaConf Come say hi if you see us with our Cointelegraph merch Follow this thread to get more updates you on this lovely event! pic.twitter.com/4m2jNaTSNS — Cointelegraph (@Cointelegraph) November 5, 2022 Solana Breakpoint, a four-day conference scheduled from Nov. 4 to Nov. 7, attracted 13,000 people in just one of the four venues it’s being held simultaneously. QR Code giveaways and GeoNF...
DeFi at the crossroads of the trucking industry to ensure efficient payments
The trucking industry is one of the most important sectors in the world. According to recent statistics, the global freight trucking market was worth over $2.7 trillion in 2021. In addition, it’s been found that millions of commercial driver’s license holders are employed by trucking companies within the United States, a market that is responsible for delivering 70% of all freight. Given these statistics, it shouldn’t come as a surprise that technology has become a critical component for ensuring the advancement of the trucking industry. Yet while GPS tracking, autonomous driving and other mainstream technologies may be apparent, a couple of organizations are aiming to bring decentralized finance (DeFI) to the trucking sector to advance its payment systems. Faster, fairer payments for truc...
Why banking uses at least 56 times more energy than Bitcoin
The next time Bitcoin (BTC) comes under fire for energy consumption, remember this statistic: the banking industry uses at least 56 times more energy. That’s according to cryptographer and founder of Valuechain, Michel Khazzaka: “I’m not saying it uses less or the same, just know it uses 56 times more than Bitcoin.” The statistic, first shared by Michel Khazzaka in the summer, caused a stir in the Bitcoin and wider crypto community. He published his estimates in a Valuechain report, a company he founded to investigate the world of crypto payments. In an exclusive Cointelegraph Crypto Story interview, Khazzaka talks viewers through the extensive research that led to striking conclusions. In short, Bitcoin might not be as bad for the environment as the mainstream media lead peopl...
What are crypto whale trackers and how do they work?
There are dedicated solutions to track the actions of crypto whales. These solutions can provide analytics on whale actions and, in some instances, can also make investment/trading decisions for the user. Crypto traders and investors constantly track the amount of cryptocurrencies going in and out of exchanges. When a cryptocurrency like Bitcoin or Ether (ETH) is moved in large quantities into an exchange, it is expected to see some sell action resulting in a fall in price. Conversely, if cryptocurrencies flow out of exchanges into wallets, it is considered a precursor to a rise in price. This is because when exchanges have a high net outflow of cryptocurrencies, they have reduced supply resulting in an increase in price. Oftentimes, a whale could buy cryptocurrencies on an exchange and mo...
Future of Web3 security with Immunefi and Brave CEOs: The Bug House 2022
Celebrating the myriads of accomplishments earned by the crypto ecosystem, Immunefi, Electric Capital, Bitscale Capital and MA Family together hosted The Bug House — a party for bringing together the global Web3 community. In a panel hosted by Cointelegraph, editor-in-chief Kristina Lucrezia Cornèr sat with Mitchell Amador, founder and CEO at Immunefi, and Brendan Eich, founder and CEO of Brave browser, to discuss the evolution of Web3 and its future trajectory. (From left to right) Kristina Cornèr, Mitchell Amador and Brendan Eich during The Bug House. Source: Cointelegraph “There’s a lot of Web2 in Web3. That’s a problem right now,” began Eich when asked about the ongoing Web2 to Web3 transition. From using trusted servers to sub-custody wallets, Amador believed that such Web2 site...
