GoodFi coalition adds 22 industry leaders to help attract 100M to DeFi

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Samsung the Latest to Embrace Crypto By Adding Ledger Wallet Service

Earlier today, Samsung Electronics announced that its users can now access and trade cryptos directly on its Galaxy smartphones.

This latest update from the Korean conglomerate will allow crypto traders and blockchain users to process transactions by transferring cold storage wallets to the Samsung Blockchain.

In addition to the Samsung Blockchain Keystore, Samsung’s Galaxy smartphones will be able to connect to hardware wallets, including the Ledger Nano S and Ledger Nano X. The platform will also include a news feed featuring the latest stories and updates from Coindesk

 Since its initial launch back in 2019, the Samsung Blockchain Wallet has expanded its crypto offerings to Bitcoin, Ethereum, ERC tokens, Tron, and TRC tokens — allowing its users to explore decentralized apps (DApps) that utilize blockchain technology. 

With its in-house software development kit, outside developers can create their own applications, which could provide services such as microfinancing. 

“Developers can build DApps that generate, store, and manage blockchain accounts easily and process transactions with APIs dedicated to each ledger system. It also provides APIs allowing DApps to securely sign for transfers of virtual assets using third-party hardware wallets.”

There are reportedly more than 40 Dapps that are integrated on Samsung’s blockchain platform, ranging from finance, social media, to even video games. 

Why Korea’s Recent Crypto Crackdown Could be Beneficial for Samsung and Its Blockchain Efforts

Despite recent regulatory concerns in South Korea, Samsung has continued to reiterate its stance on crypto.

Earlier this March, South Korea’s financial regulator, the Financial Services Commission, cracked down on crypto exchanges with a list of new regulations. With requirements such as the Virtual Asset Service Provider (VASP) licenses, some exchanges such as Okex and Daybit have already shut down their operations in Korea.

Under current circumstances, Samsung’s economic and political influence in South Korea poses a major opportunity. As competitors flee from unfavorable regulations and rising short-term costs, the multinational conglomerate can establish itself as the leading player in Korea’s crypto movement. 

Featured image from UnSplash 

Microsoft quietly closing down Azure blockchain in September

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Big Time Studios Aims to Bring NFTs to the Masses, Set to Raise $21 Million in Funding

Big Time Studios Aims to Bring NFTs to the Masses, Set to Raise $21 Million in Funding

The Los Angeles-based company Big Time Studios has announced the company is set to raise $21 million in two funding rounds backed by a number of investors. The company’s founder Ari Meilich was the CEO and co-creator of the Ethereum metaverse Decentraland. Big Time Studios aims to bring non-fungible token (NFT) assets to the billion-dollar gaming industry.

Multiplayer NFT Game Maker Big Time Studios to Raise $21M in Funding

A Decentraland founder who started the firm Big Time Studios wants to bring NFT solutions to the popular gaming universe. This week, Ari Meilich’s company revealed it is set to raise $21 million in funding in two parts. Investors that participated in an initial $10.3 million round include FBG Capital, Alameda Research, Sound Ventures, Circle Financial, North Island Ventures, and Digital Currency Group.

The NFT economy has exploded and members of the Big Time Studios team stem from major gaming firms like Blizzard, Epic Games, Riot Games, and Electronic Arts. In order to get things rolling the company is constructing a multiplayer action role-playing game (RPG) with a wide variety of NFT collectibles.

“Big Time is a multiplayer action RPG where you team up with friends to adventure across time and space,” the website says. “Explore ancient mysteries and futuristic civilizations as you battle your way through history. Collect rare and legendary NFT items to decorate your avatar and personal time machine where you can hang out with your friends.”

Big Time Studios Aims to Bring NFTs to the Masses, Set to Raise $21 Million in Funding

Big Time Studios aims to provide game players with world-class NFT-based virtual items and Meilich wants it to be easy for major games companies to adopt.

“We are creating all the technology to make it very easy for gaming companies to do this,” Meilich explained in an interview. “The way the game is designed, people with zero blockchain experience are going to start collecting NFTs that have real-world value without having to have any previous knowledge about what blockchain technology is about,” the Big Time Studios executive further remarked.

Reaching a Broader Audience With NFT Collectibles

Currently, the game Big Time is not yet available and interested parties can leave their email address for further information. Meilich hopes Big Time Studios can take “blockchain gaming to a mass-market audience.” By previously working as the co-founder and CEO at Decentraland, Meilich says the team has learned a lot of things about NFTs over the years.

One thing Meilich learned was that NFTs had a small “technical audience” and Big Time Studios plans to see the project used by millions of individuals. “We learned there was no way we could do that with the current user experience that required setting up wallets, having people customize their assets, and perhaps lose them forever if they misplaced their private keys.” At press time there is no scheduled launch date for the multiplayer action RPG.

“Over the coming weeks, we’ll be revealing a lot more about our game and the team making it,” Big Time Studios’ introductory blog post explains.

What do you think about Big Time Studios? Let us know what you think about this subject in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Big Time Studios

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Elon Musk loses $20B since SNL, as Michael Saylor comes out firing

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Cuban President Discusses Adopting Cryptocurrencies for the ‘Convenience’ of the National Economy

Cuban President Discusses Adopting Cryptocurrencies for the ‘Convenience’ of the National Economy

Cuba has been actively discussing the possibility of adopting cryptocurrencies over the last few months during high-political summits. This time, the president of the Caribbean island discussed crypto assets once again during a virtual currencies topic on the summit agenda, talking about the possibility to consider it for future economic plans.

Discussions Underway Despite Domestic Crypto-Related Scams

According to Periodico Cubano, Miguel Díaz-Canel told regional governors and politicians during a virtual summit about a possible upcoming crypto adoption phase for “the convenience” of the national economy.

He wants to assess the feasibility of implementing such decentralized technologies and their impact on the country. Interestingly, Díaz-Canel is an electronic engineer.

Although he declined to provide further insights on the matter, the Cuban president promised to inform citizens of the latest developments about his virtual currencies’ assessment.

However, during the meeting, Díaz-Canel further talked about an alleged crypto-related Ponzi scheme, even though he declined to name the shady company. The president also commented on the dangers that digital asset scams bring to the Cubans:

In recent times, there have been monetary operations executed by transnational companies that with the use of cryptocurrencies develop speculative schemes and seek to maximize profits through procedures that could be the cause of fraud.

For example, a Trust Investing representative in Cuba, Ruslan Concepción, was arrested by the Cuban authorities on illicit economic activities charges and remains under custody awaiting a trial, said EFE via Deutsche Welle. There is no major information on the origins of the bogus company, as most of its operations targeted Cubans.

Cuban State Political Party and Cryptos

Overall, the state political party, the Communist Party of Cuba (PCC), has been flirting with the crypto industry, but with no close approach yet.

As Bitcoin.com News reported in April 2020, some members of the PCC suggested that the country should make its inception into the virtual currency sphere as “an alternative to face the current economic crisis” that the island is living.

What are your thoughts on the Cuban president’s words? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

$9 Trillion Asset Manager’s CIO: Bitcoin Will ‘Be Part of the Investment Arena’ for Years to Come

The chief investment officer (CIO) of $9 trillion asset manager BlackRock, Rick Rieder, has revealed he believes bitcoin will be a “part of the investment arena” for years to come, even though he argued BTC has “not reached maturity yet” as an asset.

Speaking during CNBC’s “Squawk Box,” Rieder weighed in on Elon Musk’s recent announcement revealing Tesla would no longer accept bitcoin payments over environmental concerns, but would hold onto the BTC it had bought earlier this year. He noted bitcoin is an “interesting asset” that still doesn’t have a clear role in portfolios.

Some of the hurdles the flagship cryptocurrency has to overcome, he says, include its volatility and carbon footprint. BlackRock itself has been focusing on environmental, social, and governance (ESG) investing and believes bitcoin is a “durable” asset that needs to overcome these challenges.

It’s worth noting that back in February, BlackRock “started to dabble” in bitcoin, when the price of the flagship cryptocurrency was close to $51,000. Reider at the time revealed he believes the cryptocurrency “gotten “the imagination of a lot of people” even as its volatility is currently “extraordinary.”

The CEO of BlackRock, Larry Fink, said during an interview that crypto could “become a great asset class.” At the time Fink noted he was “still fascinated” about cryptocurrencies and had been encouraged by the amount of people focusing on the market.

BlackRock is the world’s largest asset manager, with over $9 trillion in assets under management (AUM). It has created a “very small position” in crypto, Rieder revealed.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image via Pixabay.com

Sun Has Arrived: Tron’s Tether Has Issued 30 Billion USDT

Tether, the largest stablecoin by market cap, has reached a milestone by issuing 30 billion USDT on top of the Tron blockchain.

30 Billion USDT Issued on Tron

Tether, the largest stablecoin on the market, has released 30 billion USDT as TRC20 tokens on the Tron blockchain, which is the highest amount the stablecoin has ever issued on any chain. Tron’s creator Justin Sun made the announcement on Twitter, congratulating the company on hitting this milestone.

Justin Sun tweeted about the milestone earlier today:

“Congrats on TRC20USDT reaching the milestone of 30 Billion, as the best-performing stablecoin with immediate transactions and free handling fees on TRON. The circulation amount of TRC20USDT issued by @Tether_to on the TRON network exceeded 30.9 Billion.”

According to official data obtained from Tether’s website, nearly 60 billion USDT have been sold, with Tron dominating the market. With approximately 27 billion USDT distributed as ERC20 tokens, Ethereum is now in second place. More than a billion USDT has been issued on top of Omni, the bitcoin-based protocol. Though Tether has been multichain for a long time, other chains have struggled to gain traction, with Solana being the fourth, with nearly 200 million USDT released.

Tether issuance has increased since the bull market began, rising from 10 billion USDT in August 2020 to nearly 60 billion USDT today, according to Glassnode results. This means that the amount of Tether on the market has increased fivefold in less than a year, a phenomenal increase for such a short time.

Tether debuted on Tron in April 2019, but it didn’t gain traction until this year, when it gradually surpassed its Ethereum equivalent in market capitalization. Users were drawn to the Tron edition of tether (USDT) because of its near-instantaneous transactions. This year, Ethereum began to experience congestion, and users have had to wait hours for expensive transactions. Despite these issues, tether remains one of the most widely used currencies in decentralized finance (defi) networks, with hundreds of millions invested in protocols such as COMP and AAVE.

Even with all of its legal issues and uncertainty, tether’s supremacy in the cryptocurrency stablecoin sector is remarkable. Also after being fined $18.5 million by the NY Attorney General Office in a settlement in February, the currency was recently listed on Coinbase, a significant achievement.

Related article | A 50% Increase in Tether Supply Points to Another Bitcoin Rally: Analyst

Tether Reveals A Breakdown Of Its Reserves

The breakdown is dated March 31, 2021. Tether kept approximately 76 percent of its reserves in cash and cash equivalents, as well as other short-term deposits and commercial paper, according to the study.

With a 65 percent share, commercial paper made up the bulk of its cash and cash equivalents segment. Fiduciary deposits accounted for 24% of the total, with reverse repo notes accounting for 3.60 percent, treasury bills accounting for 3%, and real cash accounting for just 3.87 percent.

Source: Tether

The rest of the reserves were divided across three categories: Secured loans, of which none is to affiliated entities, forming 12.55% of the total reserves; corporate bonds, funds, and precious metals forming nearly 10% and other investments, including digital tokens, comprising 1.64%.

USDT market cap has continued to surge. Source: TradingView

Related article | PayPal Didn’t Shoot Bitcoin Above $13,000, Analyst Explains Why

Featured image from Pixabay, Charts from TradingView.com and Tether.

Michael Saylor Breaks It Down: The PoW Architecture Is A Masterpiece Of Engineering

What a week! The cryptosphere is buzzing. Did a single tweet from Elon Musk tanked Bitcoin’s price? Or did weak hands surrender their coins to strong hands at a discount? Even though Elon’s motives are in question, and probably have nothing to do with the environment, MicroStrategy’s CEO came to the rescue. In a recent tweetstorm, Michael Saylor explained to the world the wonders of Proof-Of-Work as a consensus mechanism. 

Before we even start, let’s check Saylor’s credentials. According to Wikipedia, “He graduated from MIT in 1987, with a double major in aeronautics and astronautics; and science, technology, and society.” And this extremely qualified person states, “The Proof of Work architecture is a masterpiece of engineering that anchors the system to the real world, providing Seven Layers of Security.

Related Reading | By The Numbers: Here’s How Much MicroStrategy Has Made On Bitcoin

Those layers are in these areas: Energy, Technology, Political, Financial, Mining, Spatial, and Temporal. And Taylor proceeds to break them down one by one. But before getting into it, let’s think about the phrase “Anchors the system to the real world.” How do Proof-Of-Stake coins relate to material reality? And if the thing that gives them value is not energy, what is? How are those coins valuable?

BTCUSDT chart for 05/13/2021 - TradingView

BTC price chart on FTX | Source: BTC/USDT on TradingView.com

Wasted Energy according to Saylor

What people like Elon and his bosses forget is that well-placed economic incentives are the gas that makes Bitcoin work. And there’s a huge incentive to move mining operations to places where energy is cheap. And energy costs less in places where it’s abundant, even wasted.  Who better than Michael Saylor to explain this?

The “Seven Layers of Security”

  • Energy: “Miners can monetize any form of energy, anywhere on earth, in any quantity, at any time, at the highest price.” According to Saylor, energy providers around the globe will compete for those miner’s business. This is already happening. The system is slowly falling into place. 
  • Technology: If the market is demanding energy-efficient and clean energy mining hardware, there’s a huge incentive for manufacturers to provide them. And miners,  “need to continually upgrade equipment to stay competitive, and this creates massive barriers to entry & exit, stabilizing the network while bringing Darwinian discipline & vitality.
  • Political: We already discussed geopolitical arbitrage when it comes to taxes, but, what about the mining business? Aren’t countries and states incentivized to bring a booming business to their shores? After all, “Miners represent the ultimate clean, high-tech exporter generating hard currency.
  • Financial: It’s no secret that Bitcoin is the best performing asset in the history of the planet. To say it’s an “attractive investment” is an understatement. That means “investors & their bankers are thus recruited as powerful political & financial allies” of miners because they’re the main clientele for their product. 
  • Mining: The miners themselves “become powerful advocates for the network,” with a “strong vested interests to defend” it. As this story unfolds, miners will become a dominant force in the world. 
  • Spatial: All of the factors above “drive geographic decentralization of the mining network.” That’s Bitcoin’s best defense against any attack, it’s everywhere and nowhere at the same time. Plus, the mining network is one step removed from the asset itself.
  • Temporal: Breaking all of those layers of security will take an enormous effort, but, maybe more importantly, it’ll take time. According to Saylor, between two and four years. That makes, “any attack very difficult, expensive, slow, hard to conceal, unlikely to succeed, & allows time to react.

Related Reading | MicroStrategy Acquires An Additional $15 Million in Bitcoin

Conclusion and summary

We’re going to leave this section to Michael Saylor himself:

Enough said.

Photo by Bill Oxford on Unsplash - Charts by TradingView