Month: November 2021

David Marcus to Leave Meta and Its Novi Cryptocurrency Wallet Initiative – Adweek

David Marcus to Leave Meta and Its Novi Cryptocurrency Wallet Initiative  Adweek
Read more at www.adweek.com

Hedge Fund Chief’s Inflation Prediction And What it Could Mean for Crypto (Opinion)

In a CNBC interview over the week, a major hedge fund manager predicted that “massive inflation” will lead the Fed to hike interest rates six times by 2024. Crypto traders are keeping a close watch on the macro-financial environment as they wrap up another volatile month.

Federated Hermes has over $600 billion in assets under management. Phil Orlando, the investment firm’s chief equity strategist, has been a long-time stock market bull but expects the big changes at the Federal Reserve to dampen this year’s surging stock market rally.

Orlando: Big Inflation and Fed’s Actions

Speaking to Stephanie Landsman on CNBC’s “Trading Nation” Wednesday, Orlando projected a slew of rate hikes ahead, but probably not until Q3 of next year:

“Our best guess is that we will see two quarter point rate hikes out of the Fed in the second half of next year, and perhaps another four quarter point rate hikes over the course of calendar ’23.”

While the White House administration and Federal Reserve have progressed from saying deflation is the real danger to insisting inflation is only temporary, Orlando doubts they believe what they’re saying:

“The Fed has been, I think to some degree, talking a good game along with the Biden administration in terms of the temporary or transitory of inflation.”

He cited as evidence the minutes from the November Federal Open Market Committee meeting, in which members said they believe current conditions already warrant tapering back the Fed’s massive liquidity operations.

That includes the Fed’s ongoing shopping spree with a blank check to buy U.S. Treasury bonds, mortgage-backed bonds, and overnight money market loans.

Fed’s Impact on Crypto

The crypto industry’s products are in some ways a market substitute and competitor with government fiat currencies and the conventional investments like stocks that are denominated in those currencies and are priced in markets that operate far upstream in…

Read more at cryptopotato.com

Making the world crypto market your oyster

XSpring has obtained all four Digital Asset Licenses from the Ministry of Finance, under the supervision of the SEC, readying to offer an integrated, one-stop digital finance service that connects seamlessly with global exchange platforms.

XSpring Capital Public Co., Ltd. (XPG) announced on 30 November that XSpring Digital, its subsidiary company, has officially been granted four licenses comprising of: 1. Cryptocurrency Brokerage License 2. Digital Token Brokerage License 3. Cryptocurrency Dealer License and 4. Digital Token Dealer License. 

Furthermore, the company has been approved by the Office of the Securities and Exchange Commission (SEC) to operate as an initial coin offering (ICO) portal.  

The company is stepping ahead to become one of the first “one-stop” providers of digital finance and investment services in Thailand, operating with a strong capital base of over THB10,000 million, readying to capture the growth of digital finance markets worldwide which is expected to exceed 40 trillion baht in 2022.

“In August 2021, we announced our business plan to step into the finance and securities business as an integrated financial service provider and leverage our financial expertise toward digital finance services,” explained Ms. Warangkana Akharathaphon, President of XSpring Capital Public Co., Ltd. “We aimed to do that through three key strengths – partnership, a strong recapitalised base, and a full set of licenses that enable us to provide an integrated range of services to investors.”

“XSpring previously had a shareholder capital of 3,094 million and recently raised funds by another THB7,111 million, establishing a strong financial position and ample liquidity with capital on hand exceeding THB10 billion.”

“The company is shifting up a gear to pursue its business development plans, especially in the digital asset business,…

Read more at www.bangkokpost.com

The Wolf of Wall Street says the dogs of crypto coins are a scam and their creators should be jailed

Cryptocurrency meme coins are wolves in dogs’ clothing and their creators should be thrown in jail, according to a Wall Street expert.

The real-life Wolf of Wall Street, Jordan Belfort, says “s***coins” like Shiba Inu and Dogecoin are outright scams with no value and no use.

Both coins, which share the name and mascot of a breed of dog from the Chūbu region in Japan, have been described as pump-and-dump schemes, are reminiscent of the unregulated penny stocks that landed Mr Belfort in prison and a Hollywood movie played by Leonardo DiCaprio.

“I’m a fan of blockchain but there’s a lot of nonsense out there, a lot of s*** coins which serve no purpose and are only there to separate people from their money,” Mr Belfort told The Sun Online.

“You hear crazy stories of people making millions and billions but for every person like that there are 10,000 or a 100,000 people getting their a** handed to them in Shiba Inu… It’s not a proper investment,” he added.

The original meme cryptocurrency Dogecoin launched on the blockchain in 2013 and Shiba Inu followed seven years later as either a direct rival or part of the joke.

The Dogecoin creator, Jackson Palmer, has since distanced himself from the cryptocurrency while the Shiba Inu creator has maintained anonymity.

Mr Palmer last spoke about crypto in July to say it no longer aligns with his politics or belief systems.

Despite the claims of decentralisation, Mr Palmer said in a tweet thread that cryptocurrency is controlled by a powerful cartel of wealthy figures who became the embodiment of the very centralised financial systems they set out to replace.

“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naïve,” Mr Palmer said.

“Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost…

Read more at www.independent.co.uk

RugSeekers Group Aims to out Crypto Scams

A group that calls itself the RugSeekers has been working diligently to ferret out cryptocurrency scams, Bloomberg reported.

The group is led by Robert Browning, 52. Its goal is to go into depth on the details of various scams, according to the report. The group operates by going into chats regarding coins that could be suspect and inquiring about the details.

The group investigates who the moderators overseeing the coin chats are, and what the utility of the coin could be as coins that have distinct purposes might be less suspect, the report stated.

A moderator behind a recent scam, the We Save Moon coin, eventually told Browning in private messages that the idea was “to get rewards” — although no other specifics were offered, according to the report.

Crypto scams have ballooned in the $100 billion decentralized finance (DeFi) market, the report stated. Scams can proliferate easily in DeFi because anyone can mint digital tokens, even some which flop within hours.

In the We Save Moon incident, Browning, after asking several questions and saying he planned to alert others to a potential scam, was blocked from messaging the moderators anymore, according to the report. Days later, the investors in We Save Moon began to pull money out of the coin.

The first half of 2021 saw around $681 million in crypto thefts, hacks and frauds, with DeFi hacks making up 54% of the fraud, the report stated.

Last month, J.P. Morgan CEO Jamie Dimon said he thinks the U.S. will regulate crypto.

Read more: US Will Regulate Crypto, JPMorgan’s Dimon Says

“I personally think that Bitcoin is worthless,” Dimon said at the time. “Our clients are adults, they disagree, that’s what makes markets, so if they want to have access to buy yourself bitcoin, we can’t custody it, but we can give them legitimate, as-clean-as-possible access.”

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NEW PYMNTS DATA: THE 2021 HOLIDAY SHOPPING OUTLOOK

About: It’s almost go time for the holiday shopping…

Read more at www.pymnts.com

Grayscale Launches Solana Trust — Company Now Manages $54 Billion Across 16 Crypto Investment Funds – Finance Bitcoin News

Grayscale Investments has launched a solana trust. The company now has nearly $54 billion in total assets under management. The new trust, which is the company’s 16th crypto investment product, will solely invest in solana (SOL). The CEO of Grayscale said that investors are increasingly “diversifying their exposure beyond digital assets like bitcoin and ethereum.”

Grayscale Adds Solana to Its List of Investment Products

Grayscale Investments, the world’s largest digital currency asset manager, announced Tuesday the launch of Grayscale Solana Trust. The new trust, which will “solely and passively” invest in solana (SOL), the native token of the Solana network, is Grayscale’s 16th crypto investment product.

The announcement notes:

The trust is now open for daily subscription by eligible individual and institutional accredited investors. The trust functions the same as Grayscale’s other single-asset investment trusts.

Grayscale’s other single-asset investment products provide exposure to bitcoin (BTC), basic attention token (BAT), bitcoin cash (BCH), chainlink (LINK), decentraland (MANA), ethereum (ETH), ethereum classic (ETC), filecoin (FIL), litecoin (LTC), livepeer (LPT), stellar lumens (XLM), zcash (ZEC), and horizen (ZEN).

In addition, Grayscale offers diversified products: Grayscale Digital Large Cap Fund and Grayscale Defi Fund. The former provides coverage of the upper 70% of the crypto market by market capitalization. The latter provides exposure to a selection of industry-leading defi (decentralized finance) protocols.

Grayscale CEO Michael Sonnenshein commented that for the past eight years:

We have had a front row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like bitcoin and ethereum.

The company reported $53.5 billion in total assets under management (AUM) on Tuesday. Its most popular product is the bitcoin trust (GBTC) which has more than $37.2 billion in assets under management, followed by the ethereum trust (ETHE) with an AUM of almost $14.2 billion.

What do you think about Grayscale launching a solana investment product? 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,…

Read more at news.bitcoin.com

First Mover Asia: Bitcoin Rally Stalls After US Central Bank Chair’s Comments; Ether Rises – Coindesk

First Mover Asia: Bitcoin Rally Stalls After US Central Bank Chair’s Comments; Ether Rises  Coindesk
Read more at www.coindesk.com

Blockchain.com Acquires Argentina’s SeSocio | PYMNTS.com

Blockchain.com says it has become the largest cryptocurrency platform in Latin America following its acquisition of the Argentinian company SeSocio.

“With its largest acquisition to date, Blockchain.com accelerates its rapidly growing footprint across Latin America, armed with a team committed to crypto adoption across the continent,” the company said in a news release Tuesday (Nov. 30).

Meanwhile, Blockchain.com says it plans to open offices in Argentina, Brazil, Colombia, Mexico and Chile, and will conduct local hiring. The company will add SeSocio’s 100 team members to its employee roles, bringing its total worldwide staff to 400.

Blockchain.com says this expansion will focus on providing better access to the region’s unbanked and underbanked customers.

“Latin America presents one of the largest growth opportunities in crypto over the coming decade,” Peter Smith,…

Read more at www.pymnts.com

Mall Group, Bitkub form digital community

Mall Group, Bitkub form digital community

Each firm has 50% stake in joint venture

Mr Jirayut (left) and Ms Supaluck at ‘The Pinnacle of Prosperity’ press conference. Ms Supaluck said the partnership scheme starts with the cooperation between The Mall Group and Bitkub before expanding to cover other companies and organisations.

The Mall Group Co, operator of The Mall, The Emporium, Paragon and EmQuartier, has teamed up with Bitkub Capital Group Holdings and other business partners to create a joint venture aiming to elevate Thailand to Asia’s leading hub for digital asset investment and tourism.

The Mall Group is set to allow customers to use seven cryptocurrencies including Bitcoin, Ethereum and Bitkub’s KUB Coin in exchange for products, services and vouchers at its department stores with no transaction fees from Wednesday until Feb 29, 2022.

According to Supaluck Umpujh, chairwoman of The Mall Group, her company and Bitkub Capital Group Holdings recently set up the joint venture called Bitkub M Co with registered capital of 50 million baht to build a digital asset ecosystem for a sustainable digital economy.

The Mall and Bitkub hold equal stake of 50:50 in the new joint venture.

The Mall Group is a retail industry leader with world-class destinations for tourists from around the world.

Bitkub Capital Group Holdings is the most prominent group of companies involved in blockchain, cryptocurrency and digital assets, holding the largest share of Thailand’s cryptocurrency market.

They are launching Bitkub M Social as Thailand’s first digital community to provide a hub for knowledge exchange, meetings and conferences on the digital economy and digital transformation.

The community will provide support and resources to startups and entrepreneurs. It will connect…

Read more at www.bangkokpost.com

Ethereum Whales Accumulate Billions in Shiba Inu as $SHIB Adoption Grows

Cryptocurrency whales have accumulated billions of Shiba Inu ($SHIB) tokens after the meme-inspired cryptocurrency’s adoption grew thanks to a listing on cryptocurrency exchange Kraken, its planned entrance in the world of gaming, and Nasdaq-listed retailer Newegg adding SHIB as a payment method.

As first reported by DailyHodl, data from tracking platform WhaleStats shows that the top 100 Ethereum wallets holding the meme-inspired cryptocurrency saw their balance in it rise by over 40% in 24 hours to over 2.5 billion tokens.

Whales started accumulating more SHIB after Kraken finally announced it was listing the cryptocurrency after teasing its community earlier this month, effectively boosting its liquidity. Similarly, Newegg adding SHIB as a payment method gives holders more options of what to do with the token.

A more significant catalyst, however, may have been Shiba Inu’s team bringing in gaming industry veteran William Volk to help guide the organization’s move into the gaming industry. The project’s pseudonymous lead, Shytoshi Kusama, wrote in a Medium post the team has a new games division – Shiba Inu Games – that hired Volk to lead the design and implementation of a new game being developed by a “AAA Game Studio.”

Volk — former VP of Technology at Activision — who indicates on his LinkedIn page that he has been working on a freelance basis for Shiba Inu Games since the start of the month, said  he is “honored to be working with an amazing team on what will become one of the most significant games of all time.”




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