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Crypto-Backed Lending Service Sees Massive Demand

Crypto-backed lending service CEX.IO LOAN, launched in October 2020, has been experiencing major demand, receiving over $100M worth of loan requests to date. Most of the requests came from institutional investors, despite the service’s popularity among retail clientele, as well.

According to CEX.IO LOAN, such an increase in demand can be attributed to the institutionalization of the crypto-industry. Institutional investors in possession of cryptocurrencies regard it as collateral for borrowing funds and use it as such.

They prefer the company’s service due to the convenience it offers to users. On the CEX.IO LOAN platform, customers can borrow cash against their cryptoassets in a quick and simple manner, without having to deal with credit checks or any unnecessary paperwork.

CEX.IO LOAN serves various cryptocurrency market participants, from retail investors and traders to startups and large enterprises. Users can borrow any amount between $500 and $100,000 at competitive interest rates starting at 8.75% per year and the loan duration ranging from seven days to one year.

The service has already experienced high demand from VIP clients, with 41% of all CEX.IO LOAN customers borrowing cash against Bitcoin, 53% – against Ethereum, and 6% – against decentralized finance (DeFi) tokens. 

While retail investors borrow $1,400 on average, VIP clients request larger-sized loans, with the typical amount being $1 million or higher. Institutional clients also need the funds for more extended periods (usually, 6-12 months), which indicates a long-term asset management strategy.

“As institutional investors find the digital asset industry increasingly attractive, it’s a pleasure to serve them with our enterprise-grade instant crypto-backed loan platform. Security, convenience, and compliance are key priorities for corporate clients, which are features that we have been providing to all our clients in the rapidly growing CEX.IO ecosystem,” Anton Chashchin, Commercial Director for the CEX.IO LOAN service, stated.

About CEX.IO LOAN

CEX.IO LOAN is a part of the CEX.IO Group. Founded in 2013, CEX.IO operates one of the largest international exchanges of the cryptocurrency market, which has been featured among Crypto Compare’s ten best exchange services. With offices in the UK, USA, Ukraine, Cyprus, and Gibraltar, CEX.IO serves over 3 million customers worldwide. From entry-level users to professional traders, as well as institutions and businesses, CEX.IO suits the needs of various crypto market participants with a reliable, high-security digital asset service.

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Bitcoin News Blockchain News Cryptocurrency News Ethereum News

LiteLink Intends To Acquire A Stake In Leading Canandian Crypto Exchange

LiteLink Technologies Inc. (OTC: LLNKF), a company focused in emerging technologies across growth sectors including: cryptocurrencies, blockchain, AI and cloud technologies, has announced that it has signed a Letter of Intent to complete an equity investment in CatalX Exchange Inc. (“CatalX”), Canada’s premier cryptocurrency exchange with over 40+ Altcoins available for purchase on CatalX.io.

CatalX is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. CatalX has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real time and cutting-edge cyber security system CyberSmoat®, which is patent pending.

Features of the CatalX platform include:

  1. Fully featured exchange order book
  2. $0 deposit fees and immediate funding (post-KYC)
  3. 0.15% trading fees
  4. Tightest buy and sell spreads in Canada under 0.1%
  5. Lowest rates to buy BTC in Canada

The proposed equity investment will be satisfied through the issuance of 37,500,000 common shares of LiteLink to CatalX and a cash payment to CatalX of C$500,000, and would result in LiteLink having ownership and control over 19% of the outstanding share capital of CatalX. In conjunction with closing of the investment, LiteLink will also pay a finder’s fee to an arm’s length party of 1,875,000 common shares of LiteLink. All securities issued in connection with the investment in CatalX will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

“We are very excited to make this investment into CatalX, Canada’s leading cryptocurrency exchange, and gaining a stake in the expanding cryptocurrency market,” said LiteLink CEO Peter Green. “CatalX has had an outstanding year and continues to grow. In January 2021 alone, the company experienced 80% growth in new registrations quarter-over-quarter and has already clocked in $1.05 million in deposits in the first 21 days of January.

“In the last five days, CatalX has seen $525,000 in deposits, signaling big things to come moving forward as more and more businesses and investors turn their attention towards the crypto market.”

“CatalX has also experienced significant growth in its trading volumes, with average monthly volume hitting $1.37 million in December 2020. In the first 3.5 weeks of January, the trading volume was sitting at $2.85 million and is projected to reach $5 million for January, a 590% increase from its October/November average of $725,000. In the last five days alone, the trading volume was $1.36 million. In short, this company is growing very quickly.

“It isn’t surprising when you look at the growth of the overall market. Bitcoin just closed out one of the biggest years in its history and is expected to continue rallying in 2021 thanks to a surge of new developments coming into the crypto space this year, including the launch of Facebook’s bitcoin-inspired cryptocurrency and the US cryptocurrency regulations.

“Despite recent price volatility, Bitcoin is still up over 290% in the last year and is expected to stay elevated thanks to growing adoption of crypto among payment giants like PayPal and Square and rising interest among institutional investors.

“At the same time, the world’s second-largest cryptocurrency Ethereum has skyrocketed 300% over the last 12 months amid a flurry of interest in decentralized finance (DeFi)—using crypto technology to recreate traditional financial instruments such as loans and insurance with many DeFi projects built on top of the Ethereum network.

“Cryptocurrency is clearly here to stay, so we are very excited about building a strong relationship with Canada’s leading cryptocurrency exchange.”

The Company is at arms-length from CatalX.  Completion of the investment in CatalX is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals. The proposed investment is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.

LiteLink would also like to announce that it has engaged North Equities to provide and manage a comprehensive six-month digital media marketing campaign for the Company for a total cost of $100,000. The Company has also engaged Djordje Kovic for a digital media and marketing campaign for four months for a total cost of $45,000.

LiteLink Technologies Inc. is a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.

CatalX.io is a Canadian-based is a digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. As a fully regulated Cryptocurrency exchange with FINTRAC, CatalX has the highest standards in security and compliance and is partnered with world-trusted names in Blockchain technologies, risk management and financial solutions including Bittrex, Prime Trust, Trulioo and Stably to provide their users with a trusted, secure platform.

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Blockchain News Cryptocurrency News

Global Crypto Conference Available By Livestream January 27 – 29

Co-hosted by Delio, the Global Crypto Assets & Finance Conference 2021, where virtual asset companies from around the world gather to forecast the global virtual asset market in 2021, will be held online for 3 days from the 27th to the 29th.

The ‘Global Crypto Assets & Finance Conference 2021’ is a conference specializing in virtual asset finance in which global virtual asset finance companies such as Korea, the United States, China, Singapore, and the EU participate in the global virtual asset market. It is a place to share key information on the virtual asset financial ecosystem, as well as to discuss the future financial development direction of the virtual asset market to investors.

This conference is expected to hold a general discussion on virtual asset finance such as derivatives trading, Defi, custody, OTC, wallet, mining, traditional finance, investment, law and institution, and is divided into three sessions with in-depth.

The conference begins with congratulatory remarks from the Chairman Kwan-seok Yoon and Rep. Byung-Wook Kim, who initiated and passed the special money law, from the National Policy Committee.

At the session 1 presentation on the first day, Glenn Woo, CEO of APAC at Ledger, Ben Zhou, CEO of Bybit, Daehoon Han, Analyst at SK Securities, Kevin Huang, founder of Cabin VC, and Justin Kang, head of Delio Strategic Marketing, diagnose the trends and implications of the virtual asset industry under the theme of ‘The Current Status and Prospect of the Crypto Asset Financial Market in 2021’.

In the session 2, the topic is ‘Successful Crypto Asset Investment Plan’, starting with Annabelle Huang Vice President of Amber Group, Vice President of Chain-up Jade Chen, Hexlant CEO Jinwoo Ro, Huobi University Dr. Yu Jianing, former head of Huawei’s chief blockchain scientist Ken Huang, Hyun-woo Lee CEO of Xangle, and Seung-hwan Lee of Coinness, will present on the second day.

In the last session, the topic is “Institutions and Regulations Related to Virtual Real Estate”, Deputy Director Lee Hae-Boong of the Financial Supervisory Service will give a presentation on “Recent Regulations Related to Virtual assets.

Next, Samuel Yim from Kim&Chang talks ‘License requirements for virtual asset service providers in 2021’ and Eric Chan, attorney of ShookLin&Bok law firm talks ‘Regulation of cryptocurrency currency in Singapore’, In-Wook Kwon of IW Tax Office said ‘Tax of Investors and Virtual Asset Businesses’, Louise Shen, CEO of Wenergy,’Characteristics and Differences in the Markets of China, Korea and Indonesia’, Liyan Consulting Founder Gu Yan Xi announces ‘merging of the bank and the securities industry’.

This conference is hosted by Delio and the Korea Crypto Finance Association (KCFA) and will be conducted online in consideration of the Corona 19 prevention. Anyone who is interested in the cryptocurrency market, such as virtual asset investors, the general public, institutions, companies, financial investors can watch it through the official Delio YouTube channel without prior registration.

Justin Kang, Head of Strategic Marketing at Delio, said, “In 2021, the domestic virtual asset market is entering into full-scale institutionalization through the implementation of the Special Money Act. “This conference will share the current status of the virtual asset market and key financial issues with domestic and oversea virtual asset finance companies. It will be a meaningful place to present the message.”

In 2020, the Korea Virtual Real Estate Finance Association (KCFA) held a parliamentary seminar for the ‘enactment of a law specializing in virtual assets’ in cooperation with Democratic Party Rep. Kim Byeong-wook in to discuss the necessity of enacting a law specializing in virtual assets for the development of the blockchain industry. He has represented the voice of the industry.

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Bitcoin News Blockchain News Cryptocurrency News

Standard Hashrate Welcomes 5 New Miners To BTCST

Standard Hashrate Group (“SHG”) is an open platform where prominent miners standardize and tokenize their BTC hashrate. Today, SHG announced Atlas Mining, BTC.TOP, Easy2Mine, Genesis Mining and Hengjia as tokenization miners. SHG welcomes these industry-leading companies to tokenize a total of 25 PH/s of Bitcoin hashrate into Bitcoin Standard Hashrate Tokens (“BTCSTs”).

With its successful debut on Binance Launchpool, BTCST has become the benchmark hashrate token with deep market liquidity and price premium. Further contribution of Bitcoin hashrate by Atlas Mining, BTC.TOP, Easy2Mine, Genesis Mining and Hengjia Group will bring to BTCST best-in-class skills in hashrate provisioning and continuity assurance.

“Atlas Mining, BTC.TOP, Easy2Mine, Genesis Mining and Hengjia form a diverse and powerful group to join as BTCST’s new batch of tokenization miners. They share SHG’s vision of bringing exchange-level liquidity to mining power and bridging real-world mining to the DeFi world. Their rich experience and collaborative approaches in industrial scale mining will be greatly complementary to SHG,” said Alex Zhao, CEO of SHG.

“We believe BTCST has connected Bitcoin mining to the DeFi world,” said Tony Ma, CEO of Atlas Mining. “With BTCST, we can earn real BTC via crypto-native staking.”

“Mining is an asset intensive industry. BTCST has turned mining machines into high liquidity assets as Grayscale does to Bitcoin, injecting incremental value into the mining market,” said Zhuoer Jiang, CEO of BTC.TOP.

“We believe a project like BTCST should focus on decentralization of hashrate sourcing,” said Cathy Yu, CMO of Easy2Mine. “We are glad to support this project as a tokenization miner.”

“BTCST is really exciting,” said Rene Hennen, COO of Genesis Mining, “It is one of the rare inventions which expands the Bitcoin ecosystem with the potential to add a lot of value.”

“As the operator of some of the largest hydropower cryptocurrency mining facilities, we applaud the innovation of the BTCST project,” said Jiwei Zhu, Chairman of Hengjia Group. “We hope to work with the BTCST project to improve its ecosystem.”

BTCST is a token collateralized by real Bitcoin mining power. By staking BTCSTs, holders of the tokens will receive daily Bitcoin distributions that correspond to the mining power staked. With BTCST, you mine Bitcoin the DeFi way.

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Blockchain News Cryptocurrency News

Chainlink Price Prediction

This is 4th in our series of 2021 price predictions for some of the major coins by market cap. We’ve already outlined our Bitcoin, Ethereum, and Stellar Lumens price projections for 2021. Today will will provide our Chainlink price prediction.

Further down in this article we will go over the details of what exactly Chainlink is and the potential that it offers, but you’re here for a price prediction, and we’re going to get right to it.

As always, we like to review price forecasts made by others in the crypto industry before we provide our own.

CaptainAltcoin shares the following LINK predictions:

Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the ChainLink (LINK) price, which will give us another point of view to consider:

Trading BeastsLINK – $20.78

Trading Beasts have given LINK prediction on monthly basis and they have forecasted that by the end of 2021, Chainlink might reach $20.78 to the maximum and $10.53 to the minimum.

Coin FanLINK – $23.18

Coin Fan is good at giving optimistic numbers and has predicted that by the end of 2021, LINK might reach $23.18, which is way more bullish and optimistic a prediction. They have even forecasted that by 2023, LINK might reach as much as $300, which is an unbelievable prediction.

Digital Coin Price LINK – $15.74

Digital Coin price also has given a monthly prediction for Chainlink and they have projected that by the end of 2021, LINK might reach $15.743, which is almost double the current price.

Wallet InvestorLINK – $18.32

Wallet Investor is known for giving not so optimistic prediction for almost every digital currencies. Even for Chainlink, it is not quite different. They have predicted that by 2021 end, LINK might go down to $18.325.

Looking at the above forecasts for the price Chainlink might climb to this year, we’d venture to say they need to update their forecasting methods!

LINK has already surpassed 3 out of the four, and has almost surpassed the fourth. Needless to say, there’ still a LOT of time left in 2021 for LINK to keep Climbing.

Let’s review a few other LINK forecasts.

Coinpedia.org offers this prediction:

Chainlink has drawn a lot of attention and attracted new fans to their project. Their activities and appreciation among other industry players have increased trust in the company. By the end of 2021, the coin may reach about $28.

CryptoEinfach reported these Chainlink price predictions for 2021:

Crypto-rating.com determined the year-by-year price change of Chainlink with their own AI-enabled algorithm, they are predicting In 2021, Chainlink will be priced around $19.82.

Digitalcoinprice.com thinks Chainlink will peak in 2024 with around $34.3 their prediction is a bit more pessimistic with a price in 2021 of $20.49.

Once again, LINK has already exceeded the two price forecasts above.

This is the LINK prediction as declared by gov.capital:

Our site uses a custom algorithm based on Deep Learning that helps our users to decide if LINK could be a good portfolio addition for the future. These predictions take several variables into account such as volume changes, price changes, market cycles, similar coins.

Future price of the asset is predicted at $33.033427 (57.429% ) after a year according to our prediction system.

Custom deep learning algorithm? Sounds so sophisticated. However, If our LINK prediction is anywhere near close to what actually occurs, it won’t be very long before it becomes crystal clear that their deep learning algo needs to go back to shcool.

Lastly, here is the LINK forecast provided by the bybit blog:

The Chainlink price is predicted to experience a bullish trend, sustaining over $23 in 2021 and paving the way for an eventual run up to $60 in 5 years

LINK over $23.00 during 2021? With the price of LINK quoted at press time of $22.22, that’s about as risk-free of a forecast as one can make.

It should be very evident from the forecasts above that all the “experts” are unanimously calling for the price of Chainlink to pretty much remain in the range of its current price.

We strongly disagree.

Our 2021 Chainlink Price Prediction

We’ve said it before, but it needs to be said again: there is a 4-year cycle in cryptocurrency prices. This cycle is most likely – or at least partially – caused by the Bitcoin halving cycle, which itself is a four year cycle.

This cycle has existed since the creation of Bitcoin. While it certainly could, we see no reason for this cycle to suddenly disappear this year.

This 4 year cycle, which has existed in the cryptocurrency market since day one, suggests that 2021 is going to be another roaring year for crypto prices.

Previous 4 Year Cycle Tops

The previous 2 tops of the 4 year cycle were 2013 and 2017. The next cycle peak is due around Christmas time in 2021.

Bitcoin has been through two complete 4 year cycles. Chainlink was released in June of 2017, and thus we don’t have a full cycle year to use as reference. Price history only goes back to mid September of that year. as such, we don’t have the data from a previous cycle to use as a basis for making a prediction for this cycle.

Instead, we are going to look at our projected multipliers for Bitcoin, Ethereum, and Stellar Lumens, and reason that the multiplier for LINK will probably be similar.

What Multiple For LINK?

We are predicting bitcoin to go up in price by a factor of 15.4 times to reach its high at the end of this year.

We are predicting Stellar Lumens to go up in price by a factor of 20 to 74 times to reach its high at the end of this year.

We are predicting Ethereum to go up in price by a factor of 18 to 34 times to reach its high at the end of this year.

LINK started 2021 at a price of $11.87 on January 1.

Chainlink 30x This Year

We believe that LINK’s price performance this year will mirror that of XLM and ETH. As such, we are going to use a multiplier of 30x.

Using this multiplier, we predict a price high for LINK at the end of this year to be $356.10.

Our LINK 2021 Price Prediction: $356.10

That’s our LINK prediction. While it may seem unreasonably high, let us remind you that at that price the total Market Cap of Chainlink would only be about $150 billion. As of press time, Ethereum has a total market cap of $140 billion. We believe it is reasonable to forecast LINK could reach a similar market cap.

What’s Chainlink (LINK)?

Chainlink is actually a blockchain platform developed to protect clients against unauthorized access when exchanging data while working for complicated smart contracts. The Chainlink solution offers advanced data protection both outside and inside of the blockchain.

The Chainlink blockchain consists of special nodes known as oracles. For the network to operate right, the smart contracts have to do the job properly, as well as the data sent to them should be dependable. A decentralized oracle network verifies the input data from different sources and then sends them to an intelligent contract. This achieves greater accuracy of input info, and that is at times difficult to confirm in a centralized fashion. Additionally, that eliminates data manipulation. The Chainlink oracle serves as a dependable bridge between data providers and the customers of theirs.

Chainlink is an answer necessary for blockchain to evolve.

Smart contracts enable you to move cryptocurrency from one address to the next when certain conditions are actually met. Readily available for public viewing in the blockchain, smart contracts are actually invariable, which implies that the parameters of the agreement or maybe contract features cannot be changed once they are deployed.

Smart contracts requiring off chain data need to have a dependable source to properly transfer details to the chain before this information is transferred forth and back to any off chain party. The communication issue had formerly held back the improvement of smart contracts. Nevertheless, with the growth of oracles, that issue is a factor of the past. Smart contracts may today be used for an assortment of scenarios.

Oracles

Oracles are actually used to transfer actual data to the blockchain via smart contracts. Any data could be transferred, weather forecast, the football or price details match score. Decentralized financing (DeFi) is actually probably the most typical use of an oracle because these platforms need probably the most correct and trustworthy sources of information readily available to avoid errors.

An oracle is actually a middleman or maybe middleware that functions like a bridge between a number of parties during the data transfer to and out of a blockchain. Oracle checks and transmits serious data to various blockchain ecosystems in which the information is then utilised. When oracles utilized in conjunction with smart contracts, they confirm that the conditions of the intelligent contract are actually fulfilled and that the data provided is actually dependable.

Chainlink’s Applications

Centralized oracles include a problem: if the system fails, it is able to result in a failure on some other platforms, possibly putting users’ funds at risk. If one single oracle shuts down for a short time, it is able to cause chaos for a lot of people. Which generates significant trust issues for a centralized oracle network.

Chainlink’s network of decentralized node operators is financially urged to attain a consensus on data reliability. Abusers are actually penalized for playing unfairly, and the data of theirs gets rejected without reaching consensus with the majority of the network. That is the decentralization element which makes the Chainlink network very safe.

Just how does Chainlink (LINK) work?

Chainlink (LINK) is actually a decentralized network of oracles whose main objective is actually connecting smart contracts with info coming out of the planet. Since a blockchain doesn’t have access that is totally free entry to info outside of the system of its, the oracle acts as an info channel in an intelligent contract.

The Chainlink network uses as its underlying asset LINK tokens, that are required to extract off network data flows. All tokens are actually created into a readable blockchain and off chain network computing system which offers a reliable, secure workflow.

Chainlink is based on clients and information providers. Clients choose specific desired data, as well as providers share just this data. Being a guarantee, data providers block a particular percent of LINK tokens if they publish an offer for data. These tokens may be confiscated in the event of vendor misconduct. At exactly the same time, Chainlink uses the oracle reputation system to gather and assess the data provided. When everything goes smoothly, suppliers just receive the payment of theirs, and everybody is satisfied.

Bottom line: Chainlink connects data providers with the buyers and has a very bright future.

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Bitcoin News Cryptocurrency News

Huobi Global Reports Trading Volume Of $2.3 Trillion In 2020

Huobi futures has noted that in 2020 there has been an impressive $2.3 trillion traded with an average of 6.3 billion per day. Within two years since its launch, Huobi Futures is now the largest cryptocurrency derivatives exchange by trading volume.

The futures market on Huobi has proven to be a popular and robust trading platform at a time where this style of trading and investing in cryptocurrencies has become increasingly popular. Marching alongside a steadily increasing price in Bitcoin, and other altcoins, Huobi Futures has kept pace with the needs of the market.

According to the statistics of TokenInsight, BTC rose by 90% from September to October last year. The open interest of BTC/USD swaps has risen from $1.2 billion to $2.4 billion in the same period with a growth rate of 100%. 

Making the process better

Huobi Futures has looked to keep in touch with the wants and needs of traders in order to offer a service that is robust, flexible, and easy to use. This has seen a number of different products and trading innovations launched.

From Coin-margined swaps to USDT-quoted options and coin-margined bi-quarterly futures, Huobi Futures offered improved services that lead to a new all-time high in 24-hour volume of over $28 billion on Nov. 26th.

Coin-margined Futures was the first product of Huobi Futures. Launched in December 2018, its trading volume has sustainably ranked first in the derivative market in only eight months. At present, Huobi’s coin-margined futures trading has included 13 major crypto assets with a unilateral trading volume of $1.32 trillion in 2020.

Following the introduction of their first flagship product coin-margined futures, coin-margined swaps launched on Mar. 27, 2020 and exceeded BitMEX, the largest coin-margined swaps exchange at that time, in 45 days. Its annual trading volume reached $785.5 billion in 2020 and it has covered 57 mainstream currencies, including a wealth of DeFi currencies for users to choose from.

In September last year, Huobi launched USDT-quoted options whereby users could trade without worrying about the risk of liquidation. 

The fourth product USDT-margined swaps. Launched in Oct. 26, 2020 its trading volume has grown rapidly with its cumulative trading amount exceeding $177.8 billion in just two months. 

What Has Huobi Futures Done In 2020?

Robust risk-control system and zero clawback

Huobi Futures is the first digital asset derivatives exchange in the industry that supports a three-phase liquidation protection mechanism and no transaction fees will be charged in partial liquidation. Moreover, the platform uses Exponential Moving Average (EMA) as a second reference for forced liquidation.

Due to its strong risk control system, the platform holds a record of zero clawback for 752 days since its launch in December of 2018. In version V6.3.0., the system has a throughput of 10W+, the response speed of placing and canceling orders is within 6ms, and the link delay is within 25ms.

Innovative functions

Huobi Futures supports multiple order types including Limit Order, Trigger Order, IOC and FOK. To improve the asset utilization and to reduce trading cost, Huobi introduced lots of innovative features like locked margin mechanism, take-profit and stop-loss, real-time settlement, Follow a Maker & Taker, etc. 

Huobi Futures also designed the “Switchable Leverage When Holding Positions” function for its coin-margined positions. With no need to close positions first, users can switch leverage with positions holding as long as there is no open order. All these exciting functions empower both institutional and retail traders to fetch out maximum benefits in derivatives trading. 

VIP level evaluations based on USD amount

Due to the fact that most crypto exchanges require at least hundreds of BTC to be traded per month to reach their VIP standard, many traders have been rejected by these platforms to get a VIP when the annual increase in Bitcoin price has risen by 400%. 

On Huobi Futures, as long as you have assets worth of 30,000 USDT in Huobi Futures account, you will be qualified for VIP. In addition to that, Huobi introduced an upgraded VIP Sharing Program, that is, VIPs of any other exchanges are considered as Huobi Futures VIP+1. Users could provide certificates of VIP level on other platforms to apply for a VIP+1 level on Huobi Futures for coin-margined swaps and coin-margined futures trading.

Conclusion

As we head into 2021, it appears there has been a further shift towards the digitalization of most things, including money. 

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Cryptocurrency News Ethereum News

Ethereum Price Prediction

Earlier today we reported on the “unprecedented demand” for Bitcoin and cryptocurrencies. As we reported, this very strong demand is the driving force behind pushing the price of cryptocurrencies to all time highs and beyond.

Bitcoin has already more than doubled its previous all time high price of just under $20,000 back in 2017. On the other hand, Ethereum has only recently approached its all time high price from early 2018.

Our prediction for the price of Bitcoin this year is well into the 6 digit range. However, what is our prediction for the price of Ethereum this year?

Here are three Ethereum price predictions made by financial professionals, followed by our own prognostication.

Raoul Pal Ethereum Prediction For 2021 and Beyond

Raoul Pal is well known in financial circles. He is CEO & Co-Founder, Real Vision Group & Global Macro Investor. Raoul Pal leads Real Vision to provide unparalleled access to the very best insights and analysis from the brightest financial minds. He prides himself on being a Business Cycle Economist, Investment Strategist, and Economic Historian.

In a very recent video he states:

But it suggests that Ethereum could go to $20,000 on this cycle. Over time, I believe, and if you look at it, the adoption actually of market cap versus number of wallet addresses of Ethereum is ahead of, significantly ahead of where Bitcoin was.

And you see the distribution of returns – Again, I put some of that on twitter. I’ve written this whole piece. I will do a piece of Real Vision crypto in the next couple of weeks. It shows potentially that Ethereum is getting adopted faster and will potentially have a larger market cap than Bitcoin over time.

Again, I’m not putting a “flippening” happening immediately, blah, blah, bl;ah, I’m talking about platform versus asset. And the platform is often more valuable than an asset.

When Raoul states that Ethereum “could go to $20,000 on this cycle”, he is talking about this year, as in 2021. “This cycle” refers to the next 4 year cycle top, due around Christmas of 2021, or a few weeks later.

Longer term, meaning possibly a decade or so, Rauol believes that the price of Ethereum could be higher than the price of Bitcoin. You can see his full Ethereum prediction in this video:

Tyler Winklevoss 2021 Ethereum Prediction

Tyler Winklevoss recently gave an interview in which he predicted that Bitcoin would eventually be worth at least $500,000. In the same interview he also made some forecasts for Ethereum. he stated:

“So, you know, Ether’s got to upgrade. It’s moving to ETH 2.0. There’s some scalability things it’s got to work through. But, like, I’m an optimist and the smartest folks in the room are working on it. So if Ether’a the global computer in the future, what’s that worth? It’s gotta be a ton, and it’s gotta be worth as much as digital gold I would think, maybe more.”

Previously in the interview he stated that digital gold would be equivalent to a $9 trillion market cap. At the time of the interview a couple of weeks ago, the market cap of Ethereum was $84.56 billion. If the total market cap of Ethereum grows to $9 trillion, that would mean that each Ethereum token would be worth about $78,000 a piece, assuming that the growth of the number of new Ethereum tokens created each day continues at the same pace.

Tyler’s full interview can be viewed in this video:

Blocktown Capital’s James Todaro ETH Prediction For 2021

James Todaro, managing partner at Blocktown Capital, thinks that ETH has the potential to reach a $1 trillion market cap on the basis of the growing DeFi industry. According to his estimate, the value of Ethereum could surge to $9,000.

Our Own Ethereum Prediction For 2021

When looking at the fundamentals, we can clearly see that blockchain is a disruptive technology that will invade all of finance and the economy just as software has done in the past 50 years. Fundamentally speaking, crypto is the future.

That’s the basis for our forecast of the continued growth of the industry.

Fundamentals vs. Technicals

When it comes to price forecasting, we always want our technical price analysis to dovetail with our fundamental analysis. Our technical analysis looks at past price behavior, and our fundamental analysis sheds light on whether or not we feel it likely that previous price trends will continue or not.

In the case of Ethereum, like the 3 analysts above, we do feel confident that the positive price trends will continue.

The 4 Year Cycle In Crypto Prices

There is clearly a 4 year cycle in the cryptocurrency market. The next 4 year cycle peak is due around December of 2021.

Bitcoin has gone through 2 complete cycles, but Ethereum has not. With less of a track record, it makes it more difficult to predict where the price of Ethereum will be at the end of 2021.

Looking back at the previous year which was a 4 year cycle top, 2017, Bitcoin started the year on January 1, at $998.33. It ended the year on December 31, 2018 at $14,156.40, after climbing over $19,400 in mid December of that year. Depending on whether you’re looking at the highest price reached in mid December or whether you’re looking at the end of the year price, Bitcoin went up by a factor of between 14x and 19x during the last 4 year cycle top.

While this performance is still exceptional, it is quite a bit less than the gains from the previous 4 year cycle top that happened 4 years prior, in 2013.

Bitcoin started that year on January 1, at $13.30. It ended the year on December 31, at $805.90, after climbing over $1,237 in early December of that year. Again, depending on whether you’re looking at the highest price reached in early December or whether you’re looking at the end of the year price, Bitcoin went up by a factor of between 60x and 93x during the last 4 year cycle top.

The point of looking at Bitcoin’s first two cycles is to see that the first cycle saw larger percentage gain than the second.

Ethereum’s One Cycle Iteration

Ethereum wasn’t created/released until July 30, 2015, so there is no price data from 2013 – it didn’t exist back then.

So Ethereum’s price performance in 2017 was only it’s first 4 year cycle top.

We therefore anticipate that – just like had occurred with Bitcoin – the gains of the second 4 year cycle peak would be less than those of the first 4 year cycle top.

So, how did Ethereum fare in 2017, and what can we extrapolate for 2021?

Ethereum’s Past Price Performance

Ethereum started 2017 on January 1, at $8.20. It ended the year on December 31, 2017 at $736.77, after climbing to $800 in mid December of that year. The Altcoins had a cycle peak that was a couple weeks after Bitcoin reached its ultimate peak. After closing out 2017 at $736.77, Ethereum reached its 4 year cycle peak 2 weeks later on January 13 at $1,423.20. Depending on whether you’re looking at the highest price reached in mid January or whether you’re looking at the end of the year price, Ethereum went up by a factor of between 89x and 173x during 2017 for the last 4 year cycle top.

To recap, Bitcoin went up by 60x and 93x during its first iteration of the 4 year cycle peak, and 14x and 19x during its second iteration.

Ethereum has only seen one 4 year cycle peak during its existence, going up between 89x and 173x.

Price History As A Guide

If Ethereum follows Bitcoin’s lead and the rate of increase slows by the same amount that Bitcoin’s did from the first iteration to the second, that would mean that this year Ethereum will “only” go up between 18x and 34x.

With Ethereum starting the year at $729.12, that equates to a predicted price high between $13,124 and $24,790.

That’s our Ethereum prediction.

As the saying goes, “past performance does not guarantee future results.”

Like all future predictions, at this point in time we don’t know if the forecast is accurate or not, but as of press time, we have a high degree of confidence in our forecast price range being reached.

Time will tell.

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Blockchain News Cryptocurrency News

DeFi Crypto Assets Start 2021 By Thundering Higher

Although we’re just beyond 2 weeks in, 2021 has started off with a burst for the cryptocurrency world.

Amid political chaos in the United States, the value of cryptocurrencies have risen significantly and so far this year. Bitcoin started 2021 around $29,000; and in two weeks time is has already soared above $40,000. More than a few analysts are predicting a 6-digit Bitcoin price this year.

Nevertheless, it’s not only about Bitcoin; beyond BTC, there has been an explosion in coin prices across the board, as cryptocurrency funds see record inflows. This is especially true with DeFi coins and tokens. At press time, we took a look at five major DeFi assets listed on coinmarketcap. In no particular order:

  1. Chainlink (LINK) Chainlink started the year around $12 and has gained as much as 83%, reaching a high above $22.00. LINK is a decentralized oracle network which aims to connect smart contracts with data from the real world. Chainlink was developed by Sergey Nazarov, with Steve Ellis as the other co-founder. It held an ICO in September 2017, raising $32 million, with a total supply of 1 billion LINK tokens. LINK, the cryptocurrency native to the Chainlink decentralized oracle network, is used to pay node operators.
  2. Ren (REN) Ren started the year around 34 cents and has gained as much as 85%, reaching a high above 63 cents. Ren (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms. Formerly known as Republic Protocol, Ren launched RenVM, its virtual machine mainnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darknodes. Ren aims to expand the interoperability, and hence accessibility, of decentralized finance (DeFi) by removing hurdles involved in liquidity between blockchains.
  3. Sushiswap (SUSHI) Sushiswap started the year around $3 and has gained as much as 153%, reaching a high above $7.60. SushiSwap (SUSHI) is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges which use smart contracts to create markets for any given pair of tokens. SushiSwap launched in September 2020 as a fork of Uniswap, the AMM which has become synonymous with the decentralized finance (DeFi) movement and associated trading boom in DeFi tokens. SushiSwap aims to diversify the AMM market and also add additional features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
  4. Aave (AAVE) Aave started the year around $90 and has gained as much as 114%, reaching a high above $203.00. Aave is a decentralized finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. Aave (which means “ghost” in Finnish) was originally known as ETHLend when it launched in November 2017, but the rebranding to Aave happened in September 2018. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token — giving owners a say in the future development of the protocol.
  5. Uniswap (UNI) Uniswap started the year at just about $5 and has gained as much as 80%, reaching a high of $9.00. Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges. In September 2020, Uniswap went a step further by creating and awarding its own governance token, UNI, to past users of the protocol. This added both profitability potential and the ability for users to shape its future — an attractive aspect of decentralized entities.
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Blockchain News Cryptocurrency News Ethereum News

Creator Of First ICO Developing Blockchain DeFi Platform For UBI

Universal Basic Income (UBI) Planned In 30 U.S. Cities

UBI is increasingly being recommended as a possible strategy to help mitigate the economic consequences of an extended coronavirus pandemic.

Almost all the UBI programs currently being piloted propose direct, unconditional cash payments to citizens, a lot like how many welfare payments are actually distributed today.

Based on data from Welfare and Health Studies at the Cato Institute only 30% of funds allocated to government welfare programs end up in the hands of the people who benefit from it. For private charities, an average of 82% of funds reach those that want it, while fund-raising and administrative expenses account for the remaining 18%. If numbers that are very much the same are actually assumed for UBI programs, 70% of funds will go towards a UBI program’s administrative expenses rather compared to its intended recipients.

The use of cryptocurrency and blockchain technology is able to transform how UBI is actually implemented, making it cost effective, most importantly, and, secure, transparent. The primary benefit to using blockchain technology will be the elimination of bureaucracy, resulting in 100% of funds reaching UBI recipients.

Karma Finance, founded by Antoine Sorel Neron, the designer of the first Initial Coin Offering (ICO) in cryptocurrency, is actually developing a new Decentralized Finance (DeFi) platform that is going to allow users to choose either to get a weekly UBI payment or perhaps to participate in the community reward pool. Owners participating in the reward pool is going to be strongly incentivized to provide the funding required for the UBI program itself.

Decentralized finance and UBI are actually a natural fit, particularly as we are working to build economic resilience in cities across the country,” said Neron, who grew up on Chicago’s South Side. “Decentralized finance is actually meant to produce a far more inclusive and open financial system for everyone. We might not have the ability to make it happen for the world’s billion plus poor just yet, but at least we are able to build a practical solution to help regular folks who’ve been affected by COVID, even as government budgets start to be more strained. This’s exactly where the public is able to step in to help.”

Karma Finance is going to be the first DeFi application built for UBI.

About Karma Finance

Karma Finance launched on August thirty one, 2020, with the goal of providing a privately funded Universal Basic Income solution via blockchain and smart contracts. A community based project aimed at empowering users impacted by COVID and other economically devastating events, it uses a unique decentralized finance (DeFi) protocol which allows Karma’ angels’ to stake Ethereum cryptocurrency for the benefit of other users that receive direct UBI payments from the product.

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Blockchain News Cryptocurrency News Ethereum News

Voyager Digital Lists Elrond Gold Token

Voyager Digital  Ltd. (OTCQB: VYGVF), a publicly-traded, licensed crypto-asset broker that provides investors with a turnkey solution to trade crypto assets, today announced the listing of the Elrond Gold Token (EGLD) on the Voyager platform, expanding Voyager’s industry-leading offering of 55+ cryptocurrencies.

“The listing of our 56th token now offers U.S. customers an easy way to invest in the Elrond Network. Investors will now have the ability to download the Voyager App, fund their account, and begin trading eGold within minutes,” said Steve Ehrlich, Co-founder and CEO of Voyager. “As Voyager’s growth accelerates, we will continue to expand our platform of the most exciting digital assets to invest in, with over 20 interest-bearing assets on the Voyager platform.”

Elrond is a highly-scalable, fast, and secure blockchain platform for distributed apps, enterprise-use cases, and the new internet economy. Elrond’s native token, eGold, also known as EGLD, is used for paying network fees, staking and rewarding validators. Use cases include fintech, DeFi, and the Internet of Things

“The successful transition from traditional to decentralized finance will help our regulatory framework evolve in many positive ways. A publicly-traded company like Voyager, built to simplify onboarding to the crypto space, is a powerful catalyst toward unlocking blockchain’s multi-trillion-dollar potential,” added Elrond CEO and Co-founder Beniamin Mincu. “We look forward to working with the Voyager team towards compliant adoption at an internet-scale.”

For more information on Voyager Digital, please visit https://www.investvoyager.com. The Voyager app is available for Android and iPhone.

About Voyager Digital Ltd.
Voyager Digital Ltd. is a crypto-asset broker that provides retail and institutional investors with a turnkey solution to trade crypto assets. Voyager offers customers best execution and safe custody on a wide choice of popular crypto-assets. Voyager was founded by established Wall Street and Silicon Valley entrepreneurs who teamed to bring a better, more transparent, and cost-efficient alternative for trading crypto-assets to the marketplace.

About Elrond
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

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Blockchain News Cryptocurrency News Ethereum News

Fireblocks Adds New Staking Service For DOT, XTZ and ETH 2.0

Fireblocks announced today it has integrated with Blockdaemon and Staked to add new staking services for over 165 enterprise and institutional customers. The new Fireblocks PoS capabilities will debut with initial support for Polkadot (DOT), Tezos (XTZ) and Eth 2.0.

“Fireblocks already simplifies securing and trading cryptocurrencies, like Bitcoin and Polkadot. With the roll-out of DOT staking, Fireblocks is quickly becoming an all-in-one solution for crypto power users,” said Jack Platts, Co-Founder of Hypersphere Ventures.

Traditionally, setting up staking was complicated and required 2-3 full time employees to integrate and manage nodes, or turning to a cold storage custodian, which fragments infrastructure, distributes assets across different providers, and limits operational flexibility.

Now, in addition to leveraging Fireblocks’ secure MPC-based wallet technology and Network for crypto custody, settlement, and DeFi, the world’s largest institutional digital asset investors and managers can add staking to earn more revenue from DOT, Tezos or Ethereum 2.0 assets.

“To set up staking, you need the highest degree of security in storing the asset and delegating it to the staking nodes,” said Michael Shaulov, CEO of Fireblocks. “There has been an increase in demand from our customers requesting simple and secure access to these strategies by utilizing their Fireblocks MPC wallet. We are extremely excited to roll out these new staking services on the largest PoS networks, giving our customers an opportunity to enhance their yield by 5% to 15%.”

Starting today, Fireblocks’ customers will be able to stake DOT, XTZ and ETH 2.0 tokens all from the Fireblocks platform. The assets will be protected from cyber attacks, internal collusion and human error while accruing rewards. Users will maintain custody of the funds in their Fireblocks MPC-based wallets with an interface to monitor staking performance on Staked and Blockdaemon.

“Fireblocks is a leading pioneer in providing secure digital infrastructure for institutional trading, lending, and borrowing and we are thrilled to partner with them by supporting customers with our validator staking and node management,” says Konstantin Richter, CEO and Founder of Blockdaemon. “Having close collaboration with a leader in the space is essential in driving earning potential forward at an accelerated rate.”

With significant demand from Fireblocks’ customer base, the company will continue to prioritize supporting additional staking protocols in 2021.

“We are thrilled to extend our staking services to a growing number of institutional customers through our partnership with Fireblocks,” said Tim Ogilvie, CEO of Staked, which provides non-custodial infrastructure services for the major PoS blockchains and is the leading independent validator for Ethereum 2.0. “Fireblocks has a well-established reputation for delivering infrastructure and we are delighted to support this new offering for its many enterprise and institutional customers.”

About Fireblocks

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks has secured the transfer of over $200 billion in digital assets and has a unique insurance policy that covers assets in storage & transit.

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Bitcoin News Cryptocurrency News Ethereum News

The Rapid Growth Of Decentralized Finance

Decentralized Finance is a concept that has emerged in the last two years. The idea behind decentralized finance is to make use of distributed ledger technology (DLT), and its off-chain components such as Internet-based ledgers to function as an online payment system. With such a system, the collection of participants is enabled to transact without being restricted by the speed of the network connection or the storage space of electronic data. In fact, such a system can be configured to operate efficiently even with minimal technological setups. Also, it enables users to control their own funds by allowing them to control their privacy, security, as well as the transfer of funds.

An emerging wave of DeFi protocols took previously glitchy and hard-to-navigate decentralized apps and exchanges, such as EtherDelta, and transformed them into high-volume, high-yield unicorns that provided crypto investors with consistently high returns on a regular basis. In terms of total value locked (the value of the assets committed to the protocol), transaction volume and market capitalization, many DeFi platforms and their associated tokens now rival the top centralized exchanges.

Figuring out the point at which decentralized finance began almost always ends up in a rhetorical debate. Some argue that Bitcoin’s (BTC) invention a decade ago marked the start of it, as the major cryptocurrency was the first peer-to-peer digital money and represents the conceptual core underpinning DeFi. Others say — and would be technically correct in doing so — that DeFi started back in December 2017, when Ethereum-based protocol MakerDAO was launched, followed by Compound Finance and Uniswap, released in September and November 2018, respectively. On the other hand, it wouldn’t be a stretch to say that DeFi’s true ascent started in 2020.

In decentralized finance, tokens serve as a form of currency. There are several ways in which tokens may be implemented in such systems. First, users may issue tokens which represent ownership of a certain amount of the digital currency i.e. tokens may be issued as e-assets.

Another way of implementing decentralized finance is through Proof of Stake (POS) protocol. Through this protocol, one can build a decentralized financial system by risking one’s own money in the exchange market in return for rewards in the form of dividends. One of the advantages of using this form of lending is that it gives access to a wider range of lenders; however, the downside of this is that there is a high risk associated with such a system since it makes it more difficult for smaller businesses to obtain traditional funding sources. Also, it requires that the borrower has a long history of paying dividends to ensure sustainability of the financial system. In order to build a sustainable financial system that will work for a long time, it is important to find a system that uses Proof of Stake as a base.

Because the distribution chain is unidirectional and allows all parties to participate in the execution of the programs contained within the platform, it is not possible for one individual, such as a broker, to tamper or interfere with this process. Therefore, DEFI and Cryptocurrency are two sides of the same coin: a robust, highly regulated, and completely trustless system that offers all participants tremendous protection. DeFi is a very important aspect of any smart contract based ICO, and all companies are rushing to capture their slice of this rapidly growing industry.

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Bitcoin News Cryptocurrency News Ethereum News Litecoin News Ripple News

World’s Oldest Operating Crypto Exchange Forecasts Trends For 2021

At the beginning of 2021, the world’s oldest cryptocurrency, Bitcoin, has seen an all-time high of over $40,000 on 8 January 2021, which is not surprising, since institutional investors as well as high-net-worth individuals consider BTC as a hedge against extraordinary fiscal stimulus programs. Here is an AMA summary from Chief Research Officer, Dan at BTCC.

ETH Price Prediction in 2021

The world’s largest financial derivatives exchange, CME Group, announces its ETH derivative product will go live on February 2021, following the launch of Bitcoin derivative product. It means Ethereum will be considered as a financial product, and will be regulated by the Commodity Futures Trading Commission (CFTC). We expect that the launch of ETH derivative product next year will bring more institutional funds into the market, thus the price of ETH is very likely to see a massive rise.

Growing Number of Institutional Players Entering the Crypto Market

The year of 2020 also has seen numerous examples of institutional investors turning their attention to the world’s most popular cryptocurrency. For example, one of the largest insurance firms, MassMutual, has purchased $100 million of Bitcoin on December 2020.

We expected to see the crypto market to rise from the end of 2020 to 2021. The difference between the bull run this year to the one in 2017 is that previous bull was driven by individual investors and some whales. However, the bull run this year is mainly driven by institutional investors pushing the price up.

Top 10 Cryptocurrencies to Look Out for in 2021

The major theme of crypto market next year will be around DeFi, Polkadot, and ETH 2.0, therefore we will expect ETH remain unchanged at the top 2. While XRP, BCH, LTC and EOS are not what the market needs for next year, we expect to see these coins fall out of their current ranking.

Here is a prediction of crypto ranking in 2021 by Dan: BTC, ETH, USDT, LTC, XRP, BNB, LINK, UNI, DOT, BCH.

BTCC currently offer 9 major cryptocurrency trading pairs including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Ripple (XRP), Stellar (XLM), Dash (DASH), and Cardano (ADA). Users can trade Bitcoin with leverage.

About BTCC

Founded in 2011, BTCC is the world’s longest-running crypto exchange and currently headquartered in the UK. With nearly 10 years of operating history, BTCC is known for its safe and stable, top-end market depth, and as well as faster transaction speed. 

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Bitcoin News Cryptocurrency News

Binance Launchpool Debuts BTCST

The Bitcoin Standard Hashrate Token (BTCST) is now live on Binance Launchpool, and Binance plans on listing BTCST in the innovation zone at 6:00 am (UTC) on Jan. 13, 2021.

BTCST
BTCST

BTCST sets off to solve the problem of a limited number of exit options by bringing exchange-grade liquidity to the Bitcoin mining industry, and in secondary trading, BTCST will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin.

Four Key Points About BTCST

1. Bitcoin’s leveraged token

BTCST secures dual profits for its holders when the market is on a bull run, due to BTCST’s attributes as Bitcoin’s leveraged token.

BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market. On top of that, BTCST stakers claim Bitcoin mining rewards on a daily basis. If a user started to mine Bitcoin with a WhatsMiner M32s (a classic hardware model of Bitcoin mining) in October 2020, by the time of publication, the value of Bitcoin mined would have risen by 200%; however, the price of the mining machine itself increased 400% during the same time frame.

Therefore, it is safe to call BTCST a leveraged token of Bitcoin.

2. Grayscale-like operations in the mining industry

2020 is the year of Grayscale, and BTCST may prolong the saga in the Bitcoin mining industry. Institutional liquidity injected by Grayscale sparked the bullish market, and BTCST will help release liquidity to the mining industry and enable the execution of liquidity premium in the secondary market.

By trading BTCST, market participants can freely enter and exit Bitcoin mining exposure in any size, at any time, and with low costs. Even miners without mining power tokenized by BTCST can make use of the token to capture the profits or hedge against the risks of mining machine price fluctuation.

3. Enhanced cloud mining

Cloud mining is an imperfect solution to the lack of liquidity, and its reputation is clouded by frequent scams. The legitimate providers also fall short of full transparency.

BTCST is a cloud mining platform deployed on the Binance Smart Chain, with daily payouts executed by the dApp and all data traceable. Binance Pool, the world’s second-largest Bitcoin mining pool, functions as the auditor for BTCST and guarantees legitimacy and transparency.

4. DeFi of 2021

BTCST is a DeFi project without risks of impermanent loss. When a user un-stakes BTCST, the user is safeguarded by code to retrieve the same amount of BTCST along with the accrued Bitcoin mining rewards.

BTCST has passed the scrutiny of CertiK, one of the world’s leading blockchain security firms, scoring a 98 out of 100 in a security audit.

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Blockchain News

RAI Finance Gets Investment From Global Crypto Fund

RAI Finance, a blockchain-based cross-chain swap protocol, announced on the 30th that it has succeeded in attracting a strategic investment from global crypto fund NGC Ventures.

RAI Finance is a protocol that provides cross-chain swap functionality based on the Polkadot blockchain. RAI Finance utilizes Parachains on Polkadot to increase liquidity and provide access to assets across major blockchains.

RAI Finance
RAI Finance

The investment was led by NGC Ventures, a world-renowned crypto fund. NGC Ventures is a Singapore-based blockchain investment company that has invested in major blockchain projects such as Algorand, Polkadot, Terra, and Avalanche. RAI Finance has been able to raise about 1.7 billion won from GBIC and Alphabit through previous investment rounds.

“We are very happy to succeed in attracting a series of strategic investments following the last round,” said Keonho Lee, CEO of  RAI Finance. “We are currently running the RAI swap test version and will soon be ready for the launch.”

Roger Lim, founding partner of NGC ventures also added, “Rai is making DeFi with interchain operability possible, we believe this is one of the most critical things happening in 2021. RAI team are passionate and experienced, we are looking forward to being part of their journey.”

About RAI Finance

RAI Finance is a protocol designed to provide DeFi with a wider range of assets, a higher amount of liquidity, and a diverse set of financial use cases. When this feature set is combined with the cross-chain compatibility of the Polkadot ecosystem, it eliminates fragmentation across the existing DeFi ecosystem by bringing a complement of new assets and a higher amount of liquidity to decentralized finance.

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Cryptocurrency News

DeFi Platform OIN Finance Partners With Frontier

OIN Finance, a decentralized finance gateway, has partnered with Frontier to bring the FRONT token to OINDAO, being the second token to do so. The integration will allow FRONT to be staked into the OINDAO and used to mint stablecoins alongside OIN and STPT for DeFi applications.

Bringing Frontier’s native token to OIN Finance means it can be used as collateral on the OINDAO platform. Users who stake FRONT tokens can use their collateralized assets to issue USDF stablecoins, unlocking and leveraging the value in their original tokens while retaining ownership of them. With the minted USDF1, users will eventually be able to redeem for a variety of other liquid assets like DAI, USDC, USDT, and even NFTs, with the OINDAO dashboard enabling positions to be monitored and adjusted in real-time.

OIN Finance Co-Founder Richie Li said: “Frontier is on a mission to make DeFi easier to interact with, by aggregating popular protocols. We at OIN are on a mission to bring DeFi functionality to the crypto community as a whole. As the number of projects on OINDAO expands, so too will the list of connected defi features. We are excited to see the synergies here develop, and look forward to the growth of both our platforms.”

Frontier also mentioned in their announcement that “OINDAO is the first decentralized stablecoin issuance platform that also caters to the small cap assets. Different from Maker DAO, OINDAO empowers projects like Frontier to issue their own stable assets. Instead of just copying and forking the current model, the OIN Finance team is aiming to bring value and what’s missing in the current DeFi space to make DeFi more mature.”

Future development of the OIN Finance ecosystem will see support for leveraged trading and cross-chain staking. OIN Finance aims to become a universal portal for token swapping, leveraged trading, and minting stablecoins through its product lines such as OINSWAP, and the OIN Bond.

Decentralized finance refers to a technology that attempts to create a more fluid and flexible model of global exchange through the use of cryptocurrencies. It is a type of peer-to-peer lending that renders traditional financial functions such as settlements, equity certificates, debentures, stock market trading, and commercial loans more accessible, convenient, and fast through the implementation of smart contract technology. Unlike conventional finance, decentralized finance makes the exchange of currencies transparent, profitable, and manageable by removing the need for traditional intermediaries. This results in a more democratic control over the supply and demand of money, which can benefit both borrower and lender.