Day: February 7, 2022

Softbank backed startup to offer retail crypto trading

Brian Newar

Stock brokerage firm DriveWealth has entered the cryptocurrency industry by launching two subsidiaries designed to allow its partners to offer crypto trading to retail investors.  DriveWealth is a New Jersey-based company backed by Japanese tech giant Softbank and is valued at $2.85 billion. The push into the crypto space was motivated by traders who are forced to trade across what DriveWealth CEO Bob Cortright told CNBC is an “unsustainable” transaction spread on Coinbase. He continued: “As regulatory environments tighten around crypto and customers get more focused on spreads and efficiency,…

Binance and YG partnership will prioritize sustainability

Keira Wright

A new partnership between global crypto exchange Binance and South Korean entertainment company YG will see the two companies strive for a more sustainable framework for future NFTs collaborations. YG manages a number of notable Kpop stars including BLACKPINK, BIG BANG, and WINNER. The Feb. 8 announcement stated the Memorandum of Understanding (MoU) will reportedly give Binance access to develop digital assets based on the IP (intellectual property) associated with these artists. Although the two companies didn’t provide any specific details for any upcoming NFT collections, they did confirm that…

Ethereum Looks Ready For Another Leg Higher Over $3,200

Aayush Jindal

Ethereum gained bullish momentum and cleared the $3,100 resistance against the US Dollar. ETH price could accelerate further if it clears the $3,200 resistance. Ethereum started a major increase and even settled above the $3,000 level. The price is now trading above $3,100 and the 100 hourly simple moving average. There was a break above a couple of short-term bearish trend lines at $3,000 and $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now facing hurdle near $3,200, above which it could accelerate further…

Kazakhstan proposes power price hikes and taxes targeting crypto miners

Brian Newar

The Kazakh government is considering a three-pronged proposal designed to make crypto miners pay much more for operating in the country, which could make Kazakhstan less attractive to the industry. On Feb. 4, Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed a price increase from $0.0023 per Kwh to $0.01 (around a 335% increase) specifically for crypto miners. He also proposed a tax on each individual graphics card (GPU) and each piece of equipment needed for crypto mining. He likened the tax-per-video card to the way casinos are taxed…

Crypto exchange FTX.US to give away Bitcoin as part of Super Bowl ad

Keira Wright

Cryptocurrency exchange FTX.US will be giving away free Bitcoin as part of its upcoming advertising campaign at the Feb. 13 Super Bowl LVI. However, the amount of Bitcoin given away has yet to be determined because it will depend on what time the ad runs on the East Coast. For example, if the ad runs at 8:50 PM, the Bahamian-based exchange will give away 8.50 BTC ($374,000 at current prices). But if the ad is aired later in the game — at 11 PM for example — the giveaway will…

Bitcoin is Surging, Why Bulls Could Aim More Upsides

Aayush Jindal

Bitcoin gained pace above the $42,000 resistance zone against the US Dollar. BTC is now surging and might even surpass the $45,000 resistance zone in the near term. Bitcoin started a strong increase above the $42,000 resistance zone. The price is trading well above $42,000 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $44,500 resistance zone in…

Latest DeFi bridge exploit results in $4.4M losses for Meter

Brian Newar

The Meter Passport token bridge platform has incurred $4.4 million in losses due to a smart contract hack which also caused Hundred Finance to lose $3.3 million through under-collateralized loans. Meter.io’s Meter Passport (MTRG) is a token bridge that is compatible with Ethereum and its sidechains. This attack affected the Moonriver side of the bridge. Moonriver is a smart contract platform based on Polkadot’s Kusama network. Hundred Finance is a crypto lending platform based on the code for Compound Finance. Starting at 2pm UTC on Feb. 5 and over the…

A quarter of people will spend time in the Metaverse by 2026: Research

Keira Wright

By 2026, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social, and entertainment purposes, according to new research. The Feb. 7 report by technology research and consulting company Gartner found that in anticipation of this migration to the Metaverse, brands are already building the infrastructure to allow their users to replicate their lives digitally. According to Gartner Vice President Marty Resnick, brands will need to collaborate in order to unify the Metaverse as their users continue to demand virtual, interactive,…

‘Doxxing’ of Bored Ape founders exposes Web3’s transparency issues

Anthony B

The Web3 community is in uproar over a curious case of “doxxing.” The victims of this exposure are two founders of Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC). The NFT collection has generated over $1bn in sales, but the creators of Yuga Labs had been pseudoanonymized — until now. The duo, Greg Solano and Wylie Aronow, showed their faces publicly on Friday after BuzzFeed News revealed their identities. The revelations sparked a fiery mix of condemnation and admiration. Got doxed so why not. Web2 me vs…