Daily Archives: September 1, 2021

Are NFT Sales Susceptible to Shill Bidding? NFT Skeptics Think It’s Possible

In 2021, there’s no doubt that non-fungible token (NFT) collectibles have been extremely popular and NFTs have made billions in sales during the last year. For instance, in the last month Opensea saw $3.44 billion in NFT sales, Axie Infinity saw $838 million, and the pixelated NFTs Cryptopunks saw $653 million in sales. However, there are plenty of NFT skeptics who wonder why JPEGs are selling for millions in ether, and some have suspected auctions and sales could be bolstered by shill bidding or rigging.

While NFT Market Values Swell, Skeptics Wonder Why JPEGs Sell for Millions

You’ve probably seen all the NFTs in the news as rock JPEGs and pixelated images have been selling for more than most medium-sized homes. Non-fungible token (NFT) assets have made billions of dollars during the last 12 months and believers don’t expect the trend to end. For example, Autoglyph #463 sold for 460 ether or $1.582 million on August 31, and the Art Blocks NFT Fidenza #6 sold for 460 ether or $1.582 million. Cryptopunks are selling for millions, Bored Ape Yacht Club (BAYC) NFTs sell for hundreds of thousands, and the trend continues throughout a myriad of projects.

Are NFT Sales Susceptible to Shill Bidding? NFT Skeptics Think It's Possible
Every day NFTs are being sold for millions and hundreds of thousands of dollars in ethereum and other crypto assets.

Of course, many crypto enthusiasts are skeptical of NFTs and the millions of dollars these picture files are selling for. For instance, the software engineer Jameson Lopp showed his distaste for NFTs this week and said he believes the high prices won’t last. “Much like ICOs and overhyped sh**coins,” Lopp stressed on Twitter, “I expect that 90%+ of NFTs will be unable to retain their current level of value. You’re not too late to lose a ton of money.”

Are NFT Sales Susceptible to Shill Bidding? NFT Skeptics Think It's Possible
Shill bidding and NFT market manipulation have been discussed for years and the subject has recently been a more topical conversation as NFTs have soared into the limelight.

However, Ethereum proponents and supporters of other blockchains that issue NFTs believe that bitcoin maximalists have it all wrong. One person emphasized this week:

I love Bitcoin maxis saying NFTs are a scam to steal your BTC considering they spent years arguing against the notion BTC was a scam to steal your fiat lmfaooooo.

Shill Bidding Plagues Internet Auction Markets

But how do we know that the non-fungible token (NFT) markets are not being manipulated? There are plenty of skeptics who have talked about how NFT markets could be manipulated by things like shill bidding. Some NFTs have sold for millions but what if some of them were made to look as though they are very valuable by leveraging a shill to manipulate the bids. Essentially a shill is a plant or stooge (typically a friend or accomplice) that has a close relationship with the collectible’s owner. Shills, however, are not known to be associated with the project and act as if they are organic bidders.

Are NFT Sales Susceptible to Shill Bidding? NFT Skeptics Think It's Possible
How do NFT market participants know that NFT buyers are not shill bidding?

A shill could easily make it look like a specific NFT was more valuable than it really is in order to dupe a real buyer. All one needs to do is craft an NFT and have a friend purchase the NFT for the said price and meanwhile, the shill pays the owner back with the funds under the table. No one can guarantee this is not happening in the NFT auction space as shill bidding is prominent in the collectible, fine art, and general auction scene. Internet auctions are even worse, as Kenneth Walton’s book “Fake: Forgery, Lies, & Ebay” describes how Walton and his friends were prosecuted for Ebay shill bidding practices.

Are NFT Sales Susceptible to Shill Bidding? NFT Skeptics Think It's Possible
This week, retro video game market participants have been dealing with shill bidding controversy and accusations of market manipulation.

The problem still exists today as the retro video game collectible industry is up in arms over a shill bidding controversy. On August 23, accusations about fraud and deception in the retro video game market were sparked by a video by Karl Jobst. Allegedly the retro video game market is plagued by shills and allegations have been cast at Heritage Auctions and Wata Games. Both firms deny the allegations made by Karl Jobst, but the video and manipulation conversation concerning the retro video game industry has gone viral.

In the NFT world, buyers are hidden behind alpha-numeric addresses and users can’t tell if shill bidding is happening unless the system is checking for such transgressions. The fact is that the sales NFTs are seeing could be manipulated to a degree and it could happen to any non-fungible token (NFT) collectible project if unethical practices are leveraged in order to up confidence in NFT values.

What do you think about the possibility that the NFT market could be bolstered by unethical shill bidding? Let us know what you think about this subject in the comments section below.

Fractionalizing the Doge NFT, Cryptopunk 543 Gets Chopped and Sold for $1 per Share

Fractionalizing the Doge NFT, Cryptopunk 543 Gets Chopped and Sold for $1 per Share

This week a project called Pleasrdao announced that a notable Doge non-fungible token (NFT) that sold in June 2021 for 1,696.9 ether or over $3.6 million at the time of sale, will be fractionalized. At the time of sale, the Doge NFT was a historic sale and the NFT’s owner wants others to enjoy the ownership. Furthermore, Cryptopunk #543 is being fractionalized as well and sold at $1 per share.

Fractionalizing the Doge NFT Into $DOG

A project called Pleasrdao wants to sell shards of the Doge NFT that sold in June for close to 1,700 ether which is now worth more than $6.3 million using today’s exchange rates. The organization’s web portal says that “Pleasrdao is a collective of defi leaders, early NFT collectors and digital artists who have built a formidable yet benevolent reputation for acquiring culturally significant pieces with a charitable twist.”

This week the project told the public that it would fractionalize the Doge NFT that sold in June and leverage Fractional Art. The announcement says that the shards of the NFT will be called “$DOG” and “anyone can own a percentage of the Doge NFT, and a piece of this cornerstone of internet history.”

“We are thrilled to offer consumers the opportunity to purchase fractions of Doge, one of Pleasrdao’s most monumental NFTs,” Jamis Johnson, the chief pleasing officer of Pleasrdao said in a statement sent to Bitcoin.com News. “Expanding the ownership of $DOG beyond the DAO and to the greater general public provides more inclusivity. An investment in the community wouldn’t be possible without the community itself, so we’re especially excited to give back by granting shared possession of Doge.”

Otis to Fractionalize Cryptopunk #543

But Pleasrdao’s idea has a lot of competition as there are a number of projects aiming to offer the crypto community shares of popular NFTs. In addition to Pleasrdao’s announcement, the blockchain firm Otis revealed it is selling Cryptopunk #543 in a fractionalized manner.

Fractionalizing the Doge NFT, Cryptopunk 543 Gets Chopped and Sold for $1 per Share

Cryptopunk #543 is one of the oldest NFTs ever minted on the Ethereum blockchain and Otis says the NFT is valued at $51,500. Investors can begin trading the Cryptopunk “for just $1/share,” an Otis representative told Bitcoin.com News.

These two projects are not the only organizations aiming to fractionalize today’s hottest NFTs. A recent Bitcoin.com News report called “Breaking NFTs to Pieces,” shows two other distinct protocols breaking NFTs down so people can buy, trade, and sell shards of NFTs.

What do you think about Pleasrdao fractionalizing the iconic Doge NFT and Otis fractionalizing Cryptopunk #543? Let us know what you think about this subject in the comments section below.

AOC, Pressley, Tlaib ‘Urge’ Biden to Replace Fed Chair With Someone Willing to Address ‘Climate Change’

AOC, Pressley, Tlaib 'Urge' Biden to Replace Fed Chair With Someone Willing to Address 'Climate Change'

All the recent money creation from the Federal Reserve wasn’t enough, according to a few American bureaucrats, as three politicians from the House Financial Services Committee are urging U.S. president Biden to replace Fed chairman Jerome Powell with someone who will address “climate risk.”

AOC, Tlaib, Pressley: ‘Climate Change Is a Warning of the Potential Catastrophic and Irreversible Damage’

According to three U.S. representatives Alexandria Ocasio-Cortez (AOC), Rashida Tlaib, and Ayanna Pressley the Federal Reserve leadership is lacking. Despite the massive amounts of quantitative easing (QE) tactics and a benchmark rate suppressed at zero, the three politicians who are members of the House Financial Services Committee want more.

Rashida Tlaib (pictured left) Alexandria Ocasio-Cortez (AOC) (pictured middle) and Ayanna Pressley (pictured far right).

Speaking with Politico, the representatives otherwise known as the “Squad” explained new leadership is needed in regard to the Federal Reserve. There is no doubt that the Fed’s monetary increase in 2020 eclipsed two centuries of USD creation and this monetary easing has continued into 2021.

AOC, Tlaib, and Pressley believe that it’s just not enough. “At a time when the Intergovernmental Panel on Climate Change is warning of the potential catastrophic and irreversible damage inflicted by a changing climate, we need a leader at the helm that will take bold and decisive action to eliminate climate risk,” the group of politicians told Politico. The progressive Democrat AOC further said of Jerome Powell:

Under his leadership, the Federal Reserve has taken very little action to mitigate the risk climate change poses to our financial system.

AOC, Tlaib, Pressley: ‘We Need a Fed Chair Who Is Committed to These Objectives’

The three members of the House Financial Services Committee are well known for pushing concepts like Modern Monetary Theory (MMT) and Universal Basic Income (UBI). The three bureaucrats insist that a new Fed chair is needed to “eliminate” climate risk.

Meanwhile, trillions of dollars later and a massive push toward getting people to vaccinate, Covid-19 is far from being eliminated and it’s highly probable it never will be removed from society. Using stimulus, however, to address climate change is also very important the three politicians stressed in their statements.

“Weakening financial regulations that were specifically created to prevent such a disaster from happening again risks the livelihoods of Americans across the country,” AOC, Tlaib, and Pressley state. “To move forward with a whole of government approach that eliminates climate risk while making our financial system safer, we need a [Fed chair] who is committed to these objectives.”

AOC, Tlaib, and Pressley did not however discuss how Americans are not pleased with rising inflation and how the monetary easing may have caused another massive bubble. In fact, the three bureaucrats are a minority as most politicians are pleased with Jerome Powell’s decision-making in regards to the U.S. economy. Many analysts and economists are quite certain the monetary stimulus that has taken place over the last 18 months has made Wall Street and the stock market very pleased.

What do you think about the politicians AOC, Tlaib, and Pressley urging Biden to get new leadership for the Federal Reserve? Let us know what you think about this subject in the comments section below.

Twitter Rolling Out Bitcoin Tipping Feature, Latest Code Update Suggests

Twitter Rolling Out Bitcoin Tipping Feature, Latest Code Update Suggests

Twitter is reportedly testing the option of tipping with bitcoin as part of its “Tip Jar” feature. This followed the company’s CEO, Jack Dorsey, stating that bitcoin is a major part of Twitter’s future, hinting that the cryptocurrency will be part of several upcoming products.

Twitter Reportedly Testing Bitcoin Tipping Option

Twitter Inc. (NYSE: TWTR) is reportedly testing a bitcoin tipping feature. This development followed CEO Jack Dorsey hinting in July that bitcoin may be integrated into several products, including Tip Jar. Macrumors reported Tuesday:

Twitter’s latest beta update introduces support for providing content creators with bitcoin tips using the ‘Tip Jar’ feature that Twitter introduced earlier this year.

“Bitcoin isn’t yet available to select as a tip option for beta users, but code in the beta suggests that Twitter is in the process of rolling it out,” the publication described. “Details in the latest Twitter beta indicate that users will be directed through a Bitcoin tutorial that includes details on the Bitcoin Lightning Network and custodial and non-custodial Bitcoin wallets.”

Twitter user Alessandro Paluzzi (@alex193a) tweeted a screenshot of how to receive tips in bitcoin on Twitter. The instruction indicates that a Strike account is required, stating: “We use Strike to generate Bitcoin Lightning invoices so you’ll need to connect your account to accept bitcoin tips.”

Twitter introduced Tip Jar in May. The company explained at the time that “The services you can add today include Bandcamp, Cash App, Patreon, Paypal, and Venmo,” adding that it “takes no cut.”

Dorsey said in July that bitcoin is a big part of Twitter’s future, noting that bitcoin is the best candidate for the native currency of the internet. He opined at the time: “If the Internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscription, Tip Jar, and we can reach every single person on the planet because of that instead of going down on market-by-market approach.”

What do you think about Twitter adding the option of tipping with bitcoin? Let us know in the comments section below.

Talent Giant UTA Signs Prominent NFT Projects Cryptopunks, Autoglyphs, and Meebits

Talent Giant UTA Signs Prominent NFT Projects Cryptopunks, Autoglyphs, and Meebits

On Tuesday, the global talent, sports, and entertainment agency, United Talent Agency (UTA), announced the company has signed three non-fungible token (NFT) projects created by the firm Larva Labs. UTA will work with the NFT collectibles and intellectual property (IP) for Cryptopunks, Meebits, and Autoglyphs across television, film, licensing, publishing, and video games.

UTA to Work With 3 Larva Labs Projects Including Cryptopunks

The American talent firm based in Beverly Hills, California, United Talent Agency (UTA), has been a growing force since it was established in 1991. With close to 1,000 employees and various divisions, UTA works with merchandise branding and licensing, film, television, digital, books, music, video games, marketing, fine arts, news, and broadcasting. Now UTA is stepping into the world of Larva Labs as it will represent three popular non-fungible token (NFT) projects minted by the NFT startup.

This means that the company’s intellectual property (IP) associated with the NFT collectibles can be marketed and sold in different ways. Bitcoin.com News has covered the project Cryptopunks on various occasions as the NFT project with 10,000 unique punks has seen millions of dollars in sales.

Talent Giant UTA Signs Prominent NFT Projects Cryptopunks, Autoglyphs, and Meebits
Cryptopunks by Larva Labs.

In the last seven days, Cryptopunk #9052 sold for 500 ether or $1,410,320 at the time of exchange. The first time Cryptopunk #9052 sold, it was for 18 ether or $22,215 at the time of sale. On Tuesday, Cryptopunk #4526 sold for 225 ether or $766,325, and Cryptopunk #1254 sold for 166.66 ether or $568,757 at the time of exchange.

“Crytpopunks were a pioneering collectible when they debuted four years ago and they continue to set the standard in the NFT space,” Lesley Silverman, head of UTA Digital Assets said in a statement sent to Bitcoin.com News. “We are excited to break new ground through our first-of-its-kind representation of Larva Labs’ beloved projects and look forward to expanding the places fans can experience them.”

Meebits and Autoglyphs — UTA’s Other Brokered NFT Deals

Meebits and Autoglyphs have also been popular NFTs and UTA will be working with these Larva Labs brands as well. Autoglyphs was created in 2019 and there are only 512 onchain generative NFTs — or “glyphs” — in the collection. Autoglyphs are not cheap and on August 31, two sold for over a million dollars per onchain glyph. On Tuesday, Autoglyph #463 sold for 460 ether or $1.582 million and eight hours before that, Autoglyph #403 sold for 449 ether or $1.512 million at the time of sale.

Talent Giant UTA Signs Prominent NFT Projects Cryptopunks, Autoglyphs, and Meebits
Autoglyphs by Larva Labs.

Meebits was launched by Larva Labs in the spring of 2021 and is the team’s latest collection. There are approximately 20,000 different 3D Meebit characters in the bunch and each one was created with a generative algorithm. 5,156 unique Ethereum addresses hold at least one Meebit NFT and one owner holds 346 Meebits, according to Dune Analytics.

Talent Giant UTA Signs Prominent NFT Projects Cryptopunks, Autoglyphs, and Meebits
Meebits by Larva Labs.

Dappradar.com shows that all-time statistics for Meebits sales is approximately $53.249 million on August 31. On Monday, Meebit #2850 sold for 72 ether or $232,609, and the day after, Meebit #13682 was purchased for 40 ether or $136,486.

Matt Hall, an executive at Larva Labs, said the startup looks forward to working with UTA and he thinks the projects will benefit from the firm’s talent expertise.

“We are excited to work with UTA for the benefit of the entire community connected to our projects,” Hall said. “Not only for the exciting opportunities to bring them wider exposure, but to help protect their growth and value for the long term,” he added.

UTA has also been working with other NFT projects and artists like Thankyoux and Hans Zimmer. The talent agency is also working with NFTs for Halsey’s artwork collection “People Disappear Here,” Klutch Sports, and a digital collection for NBA rookies.

“UTA Digital Assets was one of the first among major agencies to delve into the crypto and NFT space,” UTA’s announcement concludes.

What do you think about UTA representing the three NFT projects crafted by Larva Labs? Let us know what you think about this subject in the comments section below.

Ethereum’s Crypto Economy Dominance Nears 20% as Ether Prices Rocket to Fresh Highs

Ethereum's Crypto Economy Dominance Nears 20% as Ether Prices Rocket to New Heights

The world’s second-leading crypto asset in terms of market valuation, ethereum, has seen significant gains during the last few days. Over the last 24 hours, ether values have jumped over 5% and during the course of the last week, ether has gained 11.8%. The crypto asset’s $417 billion market cap represents 18.9% of the $2.21 trillion crypto economy.

Ethereum Prices Jump Close to 40% in 30 Days

All eyes have been on ethereum (ETH) during the last few days as prices continue to climb higher. On September 1, 2021, ETH prices tapped a high of $3,563 per unit gaining more than 5% in value over the last day.

Two-week statistics show ether has jumped 18.1% and 39% during the last month. At the time of writing, the crypto asset ETH’s market cap is $417.5 billion which has increased ETH’s market dominance to 18.9% while bitcoin (BTC) dominance has slid to 40%.

Ethereum's Crypto Economy Dominance Nears 20% as Ether Prices Rocket to New Heights
ETH/USD chart recorded on September 1, 2021.

Out of the $158.5 billion in global trade volume across all the coins in existence, ether trade volume during the last 24 hours is around $34.4 billion on Wednesday. Ether’s top trading pair on Wednesday is tether (USDT) as the stablecoin commands 52.6% of all ETH trades.

This is followed by USD (14.84%), BTC (12.48%), BUSD (6.59%), EUR (2.90%), and KRW (2.32%) ether trading pairs. Currently, ETH has a circulating supply of 117,343,977 ether and 97% of current ETH holders are profitable. Intotheblock statistics show the concentration of large ETH holders today is 42%.

Over $500 Million Ether Burned To-Date

Today’s price correlation with Bitcoin is lower than usual and Intotheblock statistics show it is around 0.93. While 62% of ether holders have held ETH for a year or more, 31% hold for less than a year. As far as transactions greater than $100K over the past seven days, there’s been an aggregate total of $100K transactions adding up to $95.66 billion.

Dune Analytics data indicates that as of September 1, 2021, more than $500 million in ether has been burned via EIP-1559. That’s approximately 156,960 ETH burned at the time of writing. ETH has accelerated through the $3,500 zone and there’s heavier resistance at $3,600-$3,700 per unit. The Moving Average Convergence-Divergence indicator (MACD) hourly shows ETH/USD is looking more bullish and the hourly Relative Strength Index (RSI) has jumped above 50.

At the time of writing, ETH is changing hands just above the $3,500 per unit zone and is down 18.5% from the coin’s all-time high (ATH). On May 12, 2021 (four months ago) ether reached a value of $4,356.99 per unit. However, ethereum (ETH) is up a whopping 819,810.2% since the crypto asset’s low on October 20, 2015, at $0.432979 per ether (six years ago).

What do you think about the current ethereum prices on Wednesday? Let us know what you think about this subject in the comments section below.

Chinese Banks Seek New Applications for Digital Yuan in Investment and Insurance

Chinese Banks Seek New Applications for Digital Yuan in Investment and Insurance

Two Chinese banks are expanding their pilot programs for the digital national fiat. The state-owned financial institutions have revealed they are aiming to allow digital yuan holders to acquire investment funds and insurance products using the new currency.

Chinese Banks Partner With Fund Managers and Insurers in Search of Digital Yuan Use Cases

China Construction Bank (CCB) and Bank of Communications (Bocom), two leading state-run banks, are increasing efforts to find new applications for the central bank digital currency (CBDC) issued by the People’s Bank of China. The lenders are now working with investment fund managers and insurance companies as part of their digital yuan (e-CNY) pilot projects.

The cooperation aims to facilitate the use of the digitalized fiat currency for the purchase of investment funds and insurance products, the South China Morning Post (SCMP) reported. The participants hope this could become another use case for the e-CNY “beyond the low value, daily retail payments,” as the publication notes.

According to a recent interim results announcement, the CCB has teamed up with Shanghai Tiantian Fund Distribution to enable digital yuan users to make fund investments online. The platform is owned by financial data services provider East Money, the report details. Chinese e-commerce giant JD.com is also supporting the initiative. The bank’s Executive Vice-President Zhang Min remarked:

We have since 2017 been participating in the research and development of the central bank digital currency, which we view as significant for our payment system due to its ability to enhance payment efficiency.

China Construction Bank has so far opened over 8.4 million digital wallets for individuals and businesses. CCB has processed a total of 28.5 million digital yuan transactions, as of June this year, for 18.9 billion yuan ($2.9 billion).

“China’s central bank digital currency is a form of legal tender, and from the perspective of a commercial bank, it is our obligation to facilitate the development and liquidity of the currency,” stated Bocom Executive Vice-President Qian Bin at the bank’s interim results briefing last week. He revealed that Bank of Communications is exploring options to use the e-CNY to fund management and insurance companies.

With the CBDC project, the world’s second-largest economy is moving closer to building a cashless society. The government in Beijing has been conducting digital yuan trials across 11 pilot areas and cities in China, the Hong Kong-based newspaper points out. As of the end of June, 34.5 billion yuan had been spent via 70.75 million transactions. According to a report in July, Chinese authorities have dispersed over $41 million of e-CNY in red envelope campaigns.

What other applications for the digital yuan do you expect China to explore? Share your thoughts on the subject in the comments section below.

Seychelles Law Enforcement Receives Request to Probe Transfer of 230K Onecoin Bitcoins

The Seychelles Police Financial Crime Investigation Unit (FCIU) recently confirmed receiving a request for an investigation into several transactions linked to the transfer of 230,000 bitcoins. The cryptocurrency is said to be associated with pyramid scam Onecoin.

Onecoin Loot in Dubai

Besides investigating the transfer of the crypto assets, the probe is expected to examine transactions involving cash and property worth $10 billion. According to the Seychelles News Agency, the FCIU’s receipt of the request for an investigation follows the recent discovery of “up to $500 million of Onecoin loot in Dubai bank accounts.”

This discovery prompted victims of the pyramid scheme to file claims against Onecoin in London, Dublin, and Brussels. Meanwhile, the same Seychelles News Agency report quotes Tania Potter, the FCIU’s head of legal affairs, explaining the steps the agency plans to take before making a decision. Potter explained:

The unit has received quite a number of documents, as part of the complaint, some of which need to undergo a verification process to identify any links to Seychelles and upon completion, a decision on the next step will be taken.

According to Potter, once this process is complete, the FCU will proceed to inform the Onecoin victims.

Problems Encountered When Investigating Crypto Crimes

In the same report, Potter is quoted outlining the difficulties law enforcement agencies often encounter when attempting to investigate crimes that are committed outside Seychelles by business organizations headquartered in the tiny island nation.

“We see that the people who have been defrauded have invested on a platform or with an International Business Company. IBC has a registered agent in Seychelles, transactions however do not happen here so it is difficult for us to go after the person who has facilitated or committed the crime,” she said.

What are your thoughts on this story? Tell us what you think in the comments section below.

Centre Consortium Working to Create ‘Global Network’ of Stablecoins

Centre Consortium Working to Create 'Global Network' of Stablecoins

Centre, the consortium created by Circle and Coinbase around USD coin (USDC), has assembled a team of new executives to power its expansion overseas. The new team, comprising six new executives assembled by David Puth, CEO of Centre, will look to support new partners and add new alliances to keep the company growing in the future. One of the objectives of the new ensemble will be to create an interoperable global network of stablecoins.

Centre Consortium Expands Team to Create Stablecoin Network

Centre, the standards and governance organization for USD coin (USDC), reported it successfully hired six new members to expand its reach and create partnerships overseas to create a global, interoperable stablecoin network. David Puth, CEO of Centre, assembled this team in just nine months and expects to achieve connection with new partners and organize a new level of standards. Puth stated:

We assembled this team to ensure we have the right balance of talent to allow us to drive significant growth while maintaining the highest standards of integrity, compliance and trust.

The newly hired executives are John Shipman, chief commercial officer; Mark duBose, chief risk and compliance officer; Beth Zolkind, chief financial officer; Chad Richman, senior counsel; Jessica Gardner, business operations manager; and Kevin Mills, graduate project manager. All of them have extensive experience and have worked in firms like PwC, Circle, Fenwick & West, and SOM.

Launchpad to Expansion

The new team is considered a launchpad for the expansion of the company. Puth revealed that with the new hires, Centre aims to advance the idea of a global network of stablecoins, and that they are already doing it. He declared:

We have been working on building up partners overseas with whom we can ultimately connect interoperable stablecoins built to Centre standards in other countries similar to USDC.

He further revealed that Centre was already in talks with a couple of partners that were interested in launching two different stablecoins in the European region. USDC, the stablecoin issued by Circle, has experienced big growth this year, sitting at a market capitalization of $27.4 billion at time of writing. Circle also announced in July it will go public during the last quarter of this year.

However, USDC is still dwarfed by USDT, the leading stablecoin in the market issued by Tether, which currently boasts a market capitalization of $66 billion, and is present on several chains, including Ethereum and Tron. There are other important contenders in the stablecoin arena, too. Binance usd, dai, and terra usd complete the top 5 stablecoins ranked by market capitalization today.

What do you think of Centre’s hiring and expansion plans? Tell us in the comment section below.

Digital Currency Firm FTX Acquires Crypto Derivatives Platform Ledgerx

Digital Currency Firm FTX Acquires Crypto Derivatives Platform Ledgerx

On Tuesday, West Realm Shire Services Inc., the parent company of the crypto exchange FTX, announced that the firm has acquired the Commodity Futures Trading Commission (CFTC) regulated digital currency futures and options exchange and clearinghouse Ledgerx.

FTX Acquires Virtual Currency Futures and Options Exchange Ledgerx

Ledgerx has been acquired by the cryptocurrency giant FTX, according to an announcement published on August 31. Ledgerx is a popular crypto derivatives platform that has seen “over 10 million crypto options and swap contracts” since 2017. Furthermore, Ledgerx claims the derivatives platform “pioneered the bitcoin mini contracts that enable granular trading.”

The announcement from FTX on Tuesday details that the “financial terms of the deal have not been disclosed.” The acquisition is pending at the moment and is expected to settle after customary closing conditions are satisfied.

“This acquisition marks a significant milestone for our rapidly growing U.S. business and is a key part of our strategy to bring regulated crypto derivatives to our U.S. user base,” Brett Harrison, the president of FTX.US said during the announcement. Harrison added:

We believe the integration of our technological capabilities, product portfolio and large balance sheet with Ledgerx will enhance our ability to provide innovative products to all U.S. cryptocurrency traders. We’re excited to take this step and work with U.S. regulators to ensure compliance with the existing derivatives licensing regime.

The announcement says that now that the two entities are combined, the crypto exchange can meet the needs of “retail and institutional traders alike.” Moreover, FTX aims to build a strong relationship with U.S. regulators and emphasized that it would work “specifically with the CFTC.”

Zach Dexter, the CEO and co-founder of Ledgerx believes that FTX will help forge a strong relationship with U.S. regulators.

“U.S. crypto derivatives is an incredibly underserved market,” Dexter said. “It took time and resources for us to become a regulated entity under the existing frameworks. FTX.US has taken the view, which we share, that U.S. regulators are ready and willing to partner on innovative products, and it’s the responsibility of the industry as a whole to step up and work with agencies like the CFTC,” the Ledgerx CEO added.

On Tuesday, the CEO of FTX Sam Bankman-Fried said on Twitter that “This is probably one of the most exciting announcements we’ve ever had.”

What do you think about FTX acquiring the crypto derivatives platform Ledgerx? Let us know what you think about this subject in the comments section below.