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Coinbase Says This Crypto Asset Will Be the Foundation of New Era of Financial Services
The leading US-based cryptocurrency exchange says that one dollar-pegged stablecoin will play an important role within the transforming financial landscape.
In a new blog post, Coinbase says US Dollar Coin (USDC) will be a key component of the broader revolutionary changes as adoption of digital currencies expands.
USDC was co-created by Coinbase and Circle as part of the CENTRE Consortium back in 2018, and now Coinbase explains why the stablecoin will stand out from its competitors.
“Stablecoins provide a bridge between the traditional financial system and the cryptoeconomy, allowing fiat currencies to exist in a form that can move more freely and more efficiently on blockchains.
The value of many cryptocurrencies can fluctuate by the minute, so holding an asset like USDC gives buyers and sellers the stability and confidence they need in times of volatility.
The stability of USDC comes from the fact that it is backed by one US dollar or asset with equivalent fair value held in accounts with US regulated financial institutions – the defining feature of a fiat-backed stablecoin (as opposed to a crypto-backed or algorithmic stablecoin).” Read More
Solana wallet fires up the grill to burn spam NFTs out of existence
The Phantom wallet app has launched a new Burn Token feature, allowing users to remove spam NFTs sent by scammers.
Solana-based wallet provider Phantom has launched a new burn feature allowing users to remove spam nonfungible tokens (NFTs) sent by scammers.
According to a Thursday blog post from the Phantom team, the new feature is accessible via the Burn Token tab in the Phantom wallet app, allowing users to receive a minuscule deposit of Solana (SOL) each time they use it:
“We’re still in the Wild West days of Web3. As the crypto ecosystem grows, so have the number of bad actors looking for ways to steal user’s funds. The rapid growth in popularity of NFTs has led to an increasingly prevalent method of attack for scammers – Spam NFTs.”
Phantom noted that the issue has been particularly prevalent on Solana due to its low transaction fees, with bad actors often airdropping supposedly free NFTs en masse, which contain malicious links.
Spam NFT generally prompts the receiver to click a link to mint a free NFT. If they complete the process, however, their funds end up being drained from their wallet. Alternatively, the link will ask the receiver to input their seed phrase, resulting in the same outcome.
“These scams are becoming increasingly more sophisticated. For instance, after a contract address and domain are identified as malicious, scammers can change the metadata of an NFT to try to avoid being blocklisted. It can feel like an endless game of whack-a-mole,” the blog post read. Read More
Valour Provides Crypto ETPs To Clients Of Major German Banks
German banks Comdirect and Onvista will use crypto products provided by Valour for their retail clients. Both banks will have access to the Valour zero management fee Bitcoin and Ethereum ETPs.
Valour, a tech company that bridges the gap between traditional markets, Web3, and DeFi, has announced an agreement with major German banks, Comdirect and Onvista, to allow their clients to integrate Valour ETPs into their investment portfolios. Both banks will have access to the full range of Valour crypto ETPs.
Marco Infuso, Chief Sales Officer of Valour said of the agreement:
"By integrating Valour's low to zero-fee ETPs, Comdirect and Onvista will be able to provide their customers access to safe and regulated exposure to the crypto ecosystem. Especially during 'crypto winter' times, costs are a foremost priority for investors. Offering zero-cost investment options in Bitcoin and Ethereum is a substantial advantage for our investors and is another milestone in the democratisation of this young and growing asset class."
Valour’s recent partnership with justTRADE helps to cement its place as a premier and fully regulated provider of crypto products for the big brokers and banks wishing to acquire fully compliant exposure to crypto. Read More
'There's a lot less land to go around' — Why White Rock established off-the-grid mining in Texas
“The U.S. is where the action is in terms of markets, so we plan to be in at least another couple of states as well as Texas with some diversified offering," said CEO Andy Long.
Amid many cryptocurrency mining firms in Texas scaling down operations to reduce the load on the power grid, at least one company set up miners not quite as affected by the state’s energy requirements during extreme heat.
In June, White Rock Management expanded its crypto mining operations to Texas — its first in the United States — but reported its facility in the Brazos Valley region would mine Bitcoin (BTC) using “environmentally responsible” methods. While the firm’s mining operations in Sweden used hydroelectric power, White Rock CEO Andy Long told Cointelegraph that its Texas facility was “off grid,” powered only by natural gas that would otherwise be burned.
“The U.S. is where the action is in terms of markets, so we plan to be in at least another couple of states as well as Texas with some diversified offering — it won’t all be off grid,” said Long.
The White Rock CEO said major storm systems capable of knocking out power supplies — of which Texas has had no shortage in the crypto era — played a role in the company’s decision to rely on flared gas for mining, but said it would explore “a mixture of different power sources” as it expanded to different U.S. states, including hydroelectric and nuclear. According to Long, the Texas facility would have a 10-megawatt capacity “in the next month or two” and across all its sites, the firm already passed a total hash rate of 1 exahash per second. Read More
Also, Updates On New Integrations And The Markethive Wallet
As the bear market continues with its crypto-cleanse and traders bemoan the adverse price action, some industry leaders opine these conditions will eradicate bad actors and create more significant opportunities for upcoming projects and future participants. Several leading crypto analysts and engineers embrace the idea that this is the time to engage in moves leading to the loftiest gains when the bull cycle returns.
Markethive stands firm with these sentiments and continues to build its next-generation entrepreneurial platform and be ready for the market-cleansed bull run. Those on the Markethive journey may be aware that new features are being integrated into the newsfeed in preparation for the five-channel dashboard housing various feeds.
The innovative five-channel dashboard integration will consist of five newsfeeds—the general newsfeed, the blog, the video channel, curation, and surveys.
It will significantly streamline your activities and business facilitation and will include a search engine so you can build your personal algorithms. This will save time and effort by eliminating what you don’t want to see in your newsfeeds, be more intuitive, and enhance the user experience.
CEO of Markethive, Thomas Prendergast, and the team of engineers have made substantial headway with the wallet. It is all but done, and the release is imminent. It’s not a simple wallet that just transfers coins. It is a complete portfolio and accounts of all your transactions, payments, and affairs, including your ILPs. The wallet comprises fourteen major foundational processes and is your internal wallet on the Markethive database. Read More
Ethereum Foundation clarifies that the upcoming Merge upgrade will not reduce gas fees
The Merge will still reduce the network's energy consumption by an estimated 99.5%.
According to a new clarification by the Ethereum Foundation on Wednesday, the network's upcoming proof-of-stake transitory upgrade — dubbed the "Merge," — will not reduce gas fees. Regarding this, the Ethereum Foundation wrote:
"Gas fees are a product of network demand relative to the network's capacity. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput."
The Merge, which seeks to join the existing execution layer of the Ethereum mainnet with its new proof-of-stake consensus layer, the Beacon Chain, will eliminate the need for energy-intensive mining. It is expected to land within the third or final quarter of 2022. While many investors and traders alike have bought Ether in anticipation of the Merge upgrade, some appear to have done so under misconceptions that the network's capacity will surge once the upgrade is live. Read More
Fractional Rebrands, Raises $20M to Expand Collective NFT Ownership
The NFT fractionalization platform is now known as Tessera, which aims to make it easier for anyone to buy into valuable assets.
NFT fractionalization platform Fractional has rebranded to Tessera and raised a $20 million Series A funding round.
Fractionalizing an NFT means that large numbers of people can own a small share of a potentially valuable asset and build a community around it.
Many of us will never own a CryptoPunk or a Bored Ape Yacht Club avatar, or one of many other uber-expensive “blue chip” NFTs—but it might still be possible to own a small piece of such assets, through "fractionalization." And the top platform for fractionalized NFTs hopes to make that prospect a little more approachable and appealing.
NFT platform Fractional today announced that it has changed its name to Tessera, alongside raising a $20 million Series A round. The round was led by Paradigm, much like the startup’s seed round last year, with participation from Uniswap Labs Ventures, Focus Labs, eGirl Capital, Yunt Capital, and more than 50 individual angel investors.
Andy Chorlian, co-founder and CEO of Tessera, admitted to Decrypt that the platform’s original name was “obviously very on the nose.” That had benefits at first, he said, as the name conveys the concept of fractionalizing an NFT—that is, effectively selling partial ownership of an NFT so that hundreds or even thousands of people can own a piece of something together. Read More
MatchboxDAO Raises $7.5M to Build Out On-Chain Gaming on StarkNet
Crypto gaming DAO Matchbox has raised $7.5 million to build core products and promote development on StarkNet.
MatchboxDAO, a Starkware-based on-chain gaming ecosystem, has raised $7.5 million in its first funding round to continue improving crypto games built on the Ethereum scaler StarkNet.
The funding round was backed by prominent blockchain investors, including Starkware, Geometry Research, ReadyPlayerDAO, Neon DAO, Road Capital, Formless Gamma, and Bonfire Union.
“Matchbox is helping new gaming apps to set foot in expanding the gaming realm of the StarkNet ecosystem,” said Uri Kolodny, StarkWare’s co-founder and CEO. “Their support and mentorship for game builders are an important contribution for StarkNet.”
StarkNet is a scaling solution for Ethereum built by Starware and uses rollups. Instead of processing transactions on the blockchain’s mainnet, rollups move activity off-chain to ease congestion.
“Matchbox is on the route to building the next wave of infrastructure for the next-gen of games,” said Yonatan Ben-Shimon, Matchbox Foundation’s CEO. “Composable games and Dapps that empower devs and creators as well as hundreds of millions of users.” Read More
Blockchain Developer Input Output Global Announces Collaboration To Drive NFT Adoption on Cardano
Input Output Global (IOG), the blockchain company behind Cardano (ADA), is collaborating with a non-fungible token (NFT) ecosystem to drive NFT adoption.
NMKR, which claims to be “the number one NFT minting and payment infrastructure on Cardano,” has built a Minting API for a new NFT ecosystem, according to a new press release from the company.
NMKR also plans to integrate a new fiat payment option that will allow users to pay with traditional currencies in addition to crypto.
Cardano co-founder Charles Hoskinson, the chief executive of IOG, says the collaboration with NMKR is an important step for his company.
“We are excited to be working with NMKR as they develop an entire minting and payment infrastructure ecosystem, making NFTs accessible for everyone.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
