Tag: polygon

Categories
Market News Top Crypto News

Ribbon Finance Launches Options Exchange – Top Crypto Updates

Ribbon Finance launches options exchange on Ethereum

DeFi derivatives protocol Ribbon Finance has launched a “high-performance” options exchange called Aevo. Built on Ethereum, the first iteration will only offer ETH options. It will offer other cryptos (including Bitcoin) in the coming months.

[Options are financial contracts that give traders the ability to buy or sell an asset at a given date at a specific price. They are often used as a hedge against volatility, as they can guarantee a price for a specific asset.] 

Crypto prices today: Bitcoin, ETH falls 7%

Bitcoin is currently trading at $18,695.51, a decline of 7.41% over the previous day. Ethereum is down 7.9% over the last 24 hours to $1,274.32. Solana fell 7.5% to $32.04, while Cardano is trading lower by 7.13% at $0.428. Avalanche (AVAX) fell 7% to $16.88. The global crypto market cap stands at $913.61 billion, a 6.03% decline over the previous day.

Robinhood taps Polygon for Web3 wallet beta launch

Robinhood announced the launch of its beta Web3 wallet and allowed 10,000 waitlisted customers to participate in the testing phase. The application will let users trade crypto with reportedly “no network fees” and earn yield by connecting with other decentralized applications (dApps). Robinhood has selected Polygon as its exclusive blockchain partner for the platform.

FTX President Brett Harrison resigns

Brett Harrison, president of FTX US, is stepping down from his role but will stay on in an advisory capacity at the crypto exchange. The announcement comes a month after the Federal Deposit Insurance Corporation (FDIC) said one of Harrison’s tweets contained misleading claims that stocks purchased through FTX were FDIC insured.

McLaren Racing unveils crypto-inspired car

Formula One (F1) team McLaren Racing unveiled a crypto-inspired look for its racing cars at an event in Singapore, ahead of next week’s Grand Prix. The move is part of a planned partnership with the crypto exchange OKX. McLaren said the design represented the emergence of new technologies in Asia such as crypto and the broader Web3 sector.

Categories
Market News Top Crypto News

Polygon Founder Launches $50M Web3 Fund – Top Crypto Updates

Polygon founder launches $50 million early-stage Web3 fund

Symbolic Capital, a new crypto-focused venture capital firm headed by Polygon blockchain founder Sandeep Nailwal, has raised $50 million for a fund to invest in early-stage Web3 companies. Investors in the Symbolic fund included a number of crypto industry participants, protocols, exchanges, auditing firms, and venture capitalists.

[Web3 is an idea for a new iteration of the World Wide Web that incorporates concepts such as decentralization and blockchain technologies to give power back to the users in the form of ownership.]

Crypto prices today: Bitcoin falls 1.5%, ETH down 3.1%

Bitcoin is currently trading at $21,399.11, a decline of 1.49% over the previous day. Ethereum is down 3.18% over the last 24 hours to $1,649.8. Solana fell 4.2% to $34.67, while Cardano is trading higher by 3% at $0.479. Avalanche (AVAX) has fallen sharply by 5% to $22.49. The global crypto market cap stands at $1.03 trillion, a 1.89% decline over the previous day.

ED raids 5 premises linked to CoinSwitch Kuber

The Enforcement Directorate (ED) searched five locations linked to crypto platform CoinSwitch Kuber on Thursday. It is the third exchange to be investigated by ED for the alleged diversion of proceeds of crime raised by 365 instant loan apps by offering loans at exorbitant rates of interest.

This comes weeks after the central agency raided the offices of Zanmai Labs, the operating agency of India’s largest crypto exchange WazirX. 

Samsung plans to launch crypto exchange in South Korea by 2023: Report

As per reports, Samsung’s investment arm is eyeing the launch of its own cryptocurrency platform in South Korea. Samsung Securities is one of seven domestic brokerages looking to start operating a crypto exchange in the first half of next year. Talks with local authorities over securing licensing are said to be in advanced stages.

CoinDCX launches DeFi mobile app

Crypto exchange CoinDCX launched Okto, a decentralised finance (DeFi) mobile app aimed at easing the transition of crypto consumers to DeFi. Okto will help users securely navigate DeFi and access thousands of tokens from multiple decentralised exchanges (DEXs) across blockchains with its in-built wallet. It will be available in India within CoinDCX Pro and as a standalone Okto App globally.

Alchemy acquires Ethereum coding platform ChainShot

Blockchain development company Alchemy has acquired ChainShot, an educational platform that helps aspiring Web3 developers enter the crypto space. ChainShot offers courses and an Ethereum developer boot camp that covers blockchain fundamentals. Graduates from ChainShots secure positions at leading blockchain companies and projects, including NFT marketplace OpenSea and security firm OpenZeppelin.

Categories
Market News Top Crypto News

Crypto Lending Platform Celsius Files For Bankruptcy – Top Crypto Updates

Troubled crypto lending platform Celsius files for bankruptcy

Lawyers representing crypto lending platform Celsius have officially notified regulators that the company is filing for Chapter 11 bankruptcy protection. Celsius says the filing will provide the opportunity to stabilise its business and initiate a comprehensive restructuring process that maximizes value for all stakeholders. The company’s troubles began after it paused all customer withdrawals and swaps in June, citing liquidity issues.

Crypto prices today: Bitcoin, ETH falls 0.5%

Bitcoin is currently trading at $19,992.4, a decline of 0.56% over the previous day. Ethereum fell 0.54% over the last 24 hours to $1,098.99. Solana fell 0.3% to $34.35, while Cardano is trading lower by 0.428% at $0.426. XRP fell 0.4% to $0.321. The global crypto market cap stands at $891.57 billion, a 2.03% increase over the previous day.

Developing nations should ban Bitcoin ads, regulate crypto wallets: UN

The United Nations (UN) has recommended developing nations take action against crypto. In a document titled “All that glitters is not gold,” the UN stated that the disadvantages posed to these nations by crypto far outweigh the benefits they may bring to individuals and financial institutions. It also suggests that developing nations should regulate all crypto wallets and ban advertisements related to crypto.

Disney selects Polygon to join the 2022 Disney Accelerator

Walt Disney Co has selected Polygon to participate in Disney’s 2022 Accelerator, a business development program that supports the growth of innovative companies globally. The program is looking to develop new technologies within augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI). Polygon (MATIC) saw a breakout session on Wednesday, with support from the broader market and Disney’s announcement.

Categories
Market News Top Crypto News

Polygon Increases KYC Scrutiny of Potential Investments in India – Top Crypto Updates

Polygon increases KYC scrutiny of potential investments in India

Polygon is requiring extensive Know Your Customer (KYC) details to provide funding, investments, grants, or financial support to potential partners in India. The move is not a complete pause on funding to Indian projects but is related to increased government scrutiny. Developers in India have recently been talking about the difficulty of acquiring funding or investment from Polygon.

Crypto prices today: Bitcoin up 0.05%, ETH down 1.8%

Bitcoin is currently trading at $31,535.9, an increase of 0.05% over the previous day. Ethereum fell 1.87% over the last 24 hours to $1,933.02. Solana fell 2.8% to $44.88, while Cardano slumped 7.84% at $0.605. Avalanche (AVAX) fell 3.3% to $25.75. The global crypto market cap stands at $1.30 trillion, a 0.36% decline over the previous day.

Zcash’s NU5 upgrade goes live, boosting privacy and removing ‘trusted setups’

Zcash’s NU5 upgrade with the Halo Arc product suite was activated on the mainnet (a live version of the network) on Tuesday. The upgrade not only improves the platform’s future scalability but also the foundational way that it protects users’ privacy. The crypto token is shifting to the Halo proving system, facilitating trustless digital cash payments on mobile phones.

Zcash is a cryptocurrency that uses cryptography to provide enhanced privacy for its users compared to other cryptos like Bitcoin. 

UK Govt seeks to regulate stablecoins

Following the collapse of Terra (LUNA), the UK government has released a consultation paper on stablecoins. They aim to mitigate financial stability issues that may occur when a firm has reached systemic scale failure. In January 2021, the UK Treasury called for evidence inviting views from stakeholders on the UK regulatory approach to crypto-assets and stablecoins.

Twitter saw 1,374% increase in crypto-spam volume over 2 years: LunarCrash

According to crypto intel provider LunarCrash, there has been an estimated 1,374% increase in Twitter spam volume over the past two years. Crypto scammers often find creative ways to gain access to crypto-wallets and steal digital assets. These cybercriminals tag users in replies across hundreds of tweets. Hackers hijack verified and unverified accounts on Twitter to impersonate popular NFT projects.

Categories
Market News Top Crypto News

Binance Recovers $5.8M Linked to Axie Infinity Hack – Top Crypto News

Binance recovers $5.8M linked to Axie Infinity hack

Crypto exchange Binance has recovered $5.8 million worth of stolen funds originating from an unprecedented Axie Infinity exploit in March. The hackers distributed the funds over 86 accounts. The massive $625 million exploit was tied by US security officials to North Korea’s “Lazarus” hacker group.

Crypto prices today: Bitcoin falls 3.2%, ETH down 2.9%

Bitcoin is currently trading at $40,537.1, a 3.23% decline over the previous day. Ethereum is down 2.9% over the last 24 hours to $2,994.9. Solana fell 4.3% to $101.69, while Cardano is trading lower by 3.43% at $0.911. Polkadot (DOT) fell 4.87% to $18.22. The global crypto market cap stands at $1.88 trillion, a 2.59% decline over the previous day.

Bitcoin firm Crusoe Energy raises $505M to grow flare-gas mining biz

Crusoe Energy Systems has raised $350 million in a Series C round led by G2 Venture Partners. It has also secured up to $155 million in credit from SVB Capital, Sparkfund, and Generate Capital. The US-based firm converts natural gas that would otherwise go to waste into power for Bitcoin mining.

India needs a single crypto regulator, says Polygon Co-Founder

India needs a single regulator to oversee all crypto-related matters, said Sandeep Nailwal, co-founder of Ethereum-scaling tool Polygon. He said the creation of a collective authority composed of representatives from the Reserve Bank of India, Securities & Exchange Board of India (SEBI), the Goods & Services Tax Council (GS), and the Finance Ministry would encourage projects like his own to set up shop in the country.

Solana-based climate change project employs ‘NFTrees’ to save rainforests

GainForest has partnered with the Environmental Ministry of Paraguay (MADES) to protect thousands of hectares of forest in Gran Chaco Americano. It is one of the most vulnerable areas to climate change, and one of the planet’s main carbon sinks. Those who provide donations to the project receive data drops and wildlife camera pictures connected to indigenous tribes, all in the form of non-fungible tokens, dubbed “NFTrees.”

Switzerland currently has the most profitable Bitcoin traders worldwide: Report

A study by online investing news and education platform Invezz revealed that Switzerland currently has the most profitable Bitcoin traders in the world. The country has the highest gains per investor at $1,268. However, only 1.8% of the country is invested in crypto. India was ranked 4th for the percentage of the population investing in crypto.

Categories
Market News Top Crypto News

eBay Teases ‘Digital Wallet’ in Investor Presentation – Top Crypto News

eBay teases ‘digital wallet’ in investor presentation

Online marketplace eBay flashed a “digital wallet” slide early in its Investor Day presentation. This added to chatter about what the company’s plans might be with respect to crypto. Last month, CEO Jamie Iannone said the company is studying the potential for accepting crypto as it aims to be the go-to marketplace for Gen Z and millennials. eBay already allows the sale of non-fungible tokens (NFTs) on its platform.

Crypto prices today: Bitcoin falls marginally, ETH up 0.5%

Bitcoin is currently trading at $39,177.65, a 0.3% decline over the previous day. Ethereum is up 0.4% over the last 24 hours to $2,606.5. Solana decreased by 0.3% to $82.3, while Cardano is down 0.5% to $0.806. Meanwhile, Polkadot (DOT) jumped 5% to $17.8. The global crypto market cap stands at $1.75 trillion, a 0.04% decline over the previous day.

Crypto brain drain is “absolutely crazy” in India: Polygon co-founder

Dubai-based blockchain platform Polygon’s co-founder Sandeep Nailwal, while discussing India’s crypto sector and its regulations, said “the brain drain is absolutely crazy.” He discussed how developers, investors, and entrepreneurs are leaving for places with more friendly regulations. Nailwal said he wishes to stay in India and promote the Web3 ecosystem but regulatory uncertainty is a hurdle.

Payments giant Stripe launches support for crypto, NFTs

Financial services company Stripe has launched its crypto services, offering businesses the ability to use Stripe as a payment method for crypto and NFT transactions. Stripe is offering payout services for Web3 companies as well as know-your-customer (KYC) and fraud prevention. Currently, Stripe’s crypto services are only available to businesses in the US, UK, and European Union. 

Dubai adopts crypto law; looking to become a hub for Web3.0

Dubai has adopted its first law meant to regulate the operations of cryptocurrencies and digital assets like NFTs. Under the new law, the UAE wants to establish a Dubai Virtual Assets Regulatory Authority (VARA), which would regulate digital assets. The transfer of virtual assets, exchange services, and operating virtual assets platforms is also under the VARA’s domain.