Daily Archives: October 11, 2021

FTX US Launches NFT Market — Users Can Trade and Mint Solana NFTs, ETH Support on the Way

FTX US Launches NFT Market — Users Can Trade and Mint Solana NFTs, ETH Support on the Way

On Monday, FTX US announced the launch of its marketplace for non-fungible token (NFT) assets. FTX explained that the marketplace will feature Solana-based NFTs but support for Ethereum-based NFTs is coming in the near future.

FTX US Reveals New Solana NFT Market, Plans to Support Ethereum in the Near Future

West Realm Shires Services Inc., the parent company of FTX US, revealed on Monday that the U.S.-based regulated cryptocurrency exchange has launched the FTX NFTs Marketplace. The market will give FTX US users the ability to mint NFTs, as well as transfer the digital collectibles. The announcement published on October 11, indicates that the market will initially host Solana (SOL) minted non-fungible token (NFT) assets. “In the near future,” FTX NFTs plans to implement Ethereum support as well.

Brett Harrison, the president of FTX US explained during the announcement that the company has already become “immersed in the NFT ecosystem.” “In learning about so many of these projects, we’ve come to a comprehensive understanding of the needs of creators and collectors in the space,” Harrison said in a statement. “With the launch of this platform, we hope to provide both US and global users with a regulated marketplace that is intuitive and responsive to their needs.”

FTX Joins a Slew of Competitor NFT Marketplaces Raking in Billions, Exchange to Support all Solana NFTs That Conform to the Metaplex Standard

FTX NFTs Marketplace will indeed have a large quantity of NFT markets to compete with like Opensea, Rarible, Makersplace, Nifty Gateway, the Wax Atomicmarket, Aavegotchi, Foundation, Superrare.co, Hic et nunc, and more. Opensea by itself is nearing the $10 billion mark in terms of sales as the NFT market which supports both Ethereum and Polygon has captured $8.58 billion in all-time sales. While most of these markets do support Ethereum, some of them leverage Polygon, Tezos, Wax, BSC, and Flow.

FTX US planning to tap into the Solana ecosystem may give the market some initial advantages by separating itself. The company detailed that it plans to work “directly with Solana project creators to ensure authenticity verification” and highlighted that bids or listings can be done with a variety of assets including USD, SOL or ETH. “All Solana NFTs that conform to the Metaplex standard will be supported on the FTX US platform,” the firm’s announcement further explains.

Harrison and FTX US believe that the non-fungible token (NFT) collectible industry has gained access into our everyday lives. “The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience,” Harrison’s statement concluded.

What do you think about FTX US launching an NFT marketplace that supports Solana-based NFTs? Let us know what you think about this subject in the comments section below.

rhoToken Successfully Launched on Flurry Finance DApp

rhoToken Successfully Launched on Flurry Finance DApp

Flurry Finance is announcing an exciting development in the world of DeFi, as the successful launch of the rhoToken marks a next level evolution in yield aggregation! Users are now able to freely earn, trade, and spend deposit tokens while farming without restrictions or lockup periods. The future of yield farming has arrived!

The Debut of the rhoToken

rhoTokens are pegged to stablecoins on a 1:1 basis and support 3 kinds of stablecoin deposits. Users can now use the Flurry Finance DApp to convert USDT, USDC, and BUSD stablecoins into the corresponding rhoTokens of rhoUSDT, rhoUSDC, and rhoBUSD in order to earn passive income through the Flurry Protocol’s yield aggregator without the usual hassle, complications, and high gas fees associated with lending tokens to different DeFi lending protocols and exchanges directly.

To fully explain this momentous occasion, it’s important to know how the rhoToken differs from other yield farming deposit tokens. At its most basic form, the rhoToken is a deposit token that operates on the basis of a pegged value and elastic supply. This means that while earning yield, the number of rhoTokens in a user’s wallet changes, with freshly earned rhoTokens rebased into users’ wallets at 8:00am UTC everyday. This differs from most traditional yield farming deposit tokens, whose values change while earning yield, and are therefore subject to lockup periods where they cannot be exchanged, spent or redeemed. Since the rhoToken’s base value is pegged and has no lock up period, it can do all of these things at any time!

Beyond the great usability it offers users, the rhoToken is also flexible in that it supports cross-chain functionality. The debut launch of rhoTokens will be deployed on Binance Smart Chain. Going forward, the rhoToken will soon be available on Ethereum blockchain, MATIC (Polygon) and newer generation of blockchain networks for more yield options available in DeFi space! The Flurry Protocol automatically monitors cross-chain conditions to assess and identify the best yields possible across all networks.

To exchange for your rhoTokens and to earn passive hassle free yield, check out the Flurry Finance DApp.

The Road to rhoToken

Flurry Finance set out to create the future of yield farming by breaking down user barriers in the DeFi space, with the ultimate goal of helping spur on mass adoption. To this end, in July 2021, Flurry Finance raised $3 million in seed round including AU21 Capital, Genblock Capital, CoinUnited.io, One Block, Soul Capital, and Dutch Crypto Investors, in order to scale the Flurry Protocol Yield Aggregator.

One month later in August 2021, Flurry Finance formed a partnership with Polygon to scale up cross-chain yield farming functionalities. Ultimately the partnership helps the Flurry Protocol solve the issue of yield farming fragmentation across siloed networks, and greatly reduces fees involved at the same time. In the same month, Flurry Finance began working with Kyber Network in order to further optimize cross-chain yield farming by making use of Kyber’s Market Maker – KyberDMM, which offers ample liquidity at low slippage rates and transaction costs.

Then on September 6, 2021, Flurry Finance launched an IDO for the $FLURRY Governance Token. The public sale was greatly received, and $FLURRY is now trading on Uniswap, Pancakeswap, & Gate Exchange.

Now, as of October 11, 2021, rhoTokens are available for exchange on the Flurry Finance DApp.

About Flurry Finance

Flurry Finance was launched to make the DeFi user experience as convenient as possible and improve the usability of DeFi products. Flurry issues rhoTokens that are pegged 1:1 to their underlying stablecoin. rhoTokens are cross-chain interoperable, stable, flexible, and generate profits for users. The Flurry protocol is designed to work across chains and present the optimal fee-adjusted returns for users, automating the tedious task of switching in and out of DeFi products on different chains.

Website: https://flurry.finance

Telegram: https://t.me/FLURRYFinance_Official

Telegram News Channel: https://t.me/FLURRYFinance_News

Twitter: https://twitter.com/FLURRYFi

Medium:https://medium.com/flurry-finance

Alison Cheng

[email protected]


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Mining Hardware Manufacturer Bitfury Plans to Go Public

bitfury

Bitfury, the non-Chinese bitcoin mining hardware manufacturer, is reportedly planning to go public in the next 12 months. This would constitute one of the largest listings of a European-based cryptocurrency mining hardware company to date. The company had a valuation of $1 billion dollars after its latest funding round, and is backed by companies like Mike Novogratz’s Galaxy Digital.

Bitfury Going Public in European Markets

Bitfury, a cryptocurrency mining hardware manufacturer in Europe, is reportedly planning to go public in European markets. The company, which specializes in providing hardware for mining bitcoin and services associated with this hardware, supposedly contacted Deloitte, one of the big four accounting firms, to assess its readiness for the process of issuing stock in a regulated market, according to an article published by the Telegraph.

The company wants to capitalize on the cryptocurrency bull market to see better performance with public markets. Bitfury’s last funding round occurred back in 2018, when the company raised $80 million from investors like Galaxy Digital’s Mike Novogratz, scoring a valuation of $1 billion. Bitfury is reportedly looking into Amsterdam or London as the possible market for its public offering.

Other Crypto Companies Going Public

If Bitfury does make the leap to being a publicly-traded company, it would not be the first in crypto. Earlier this year, Coinbase, one of the leading US-based cryptocurrency exchanges, went public, giving traders the opportunity of investing in the future of the crypto world without investing directly in cryptocurrencies. The firm achieved a valuation of $50 billion after the listing. Other cryptocurrency mining-related companies are already trading in public markets, too.

Canaan Mining, an Asian crypto mining hardware manufacturer went public in U.S. markets in November 2019, raising $90 million dollars in the process. Bitfury is also the parent company of Cipher Mining, which already is trading on Nasdaq through a $2 billion SPAC deal with Good Works Acquisition Corp. Bitfury still owns a minority stake in the company.

According to estimations, the valuation of the company might rise to billions of dollars after the listing, having acquired revenue of more than $140 million during 2019. This points to the rising importance that bitcoin is having in the economic and geopolitical world after El Salvador’s Bitcoin Law officially made it legal tender last month, and more and more companies are considering investing in Bitcoin as an inflation hedge.

What do you think of Bitfury’s plans to go public? Tell us in the comments section below.

FBI Arrests Federal Employee Selling Restricted Data on Nuclear Submarines for Cryptocurrency

Federal Employee Arrested by FBI for Selling Restricted Data on Nuclear Submarines for Cryptocurrency

A U.S. government employee has been arrested on espionage-related charges after he attempted to sell restricted data on the design of nuclear-powered warships to a foreign government. The federal employee asked to be paid in monero cryptocurrency. “I am very aware of the risks of blockchain analysis of bitcoin and other cryptocurrencies, and believe monero gives both of us excellent deniability,” he told an undercover FBI agent.

Nuclear Engineer Sells Restricted Data for Monero


The U.S. Department of Justice (DOJ) announced Sunday that an employee of the Department of the Navy, who sold restrictive data for cryptocurrency, has been arrested on espionage-related charges.

Jonathan Toebbe, who served as a nuclear engineer, was assigned to the Naval Nuclear Propulsion Program, also known as Naval Reactors. He held an active national security clearance through the U.S. Department of Defense, giving him access to restricted information.

He and his spouse, Diana Toebbe, “sold information known as Restricted Data concerning the design of nuclear-powered warships to a person they believed was a representative of a foreign power,” the DOJ explained, adding:

In actuality, that person was an undercover FBI agent. The Toebbes have been charged in a criminal complaint alleging violations of the Atomic Energy Act.


“The complaint charges a plot to transmit information relating to the design of our nuclear submarines to a foreign nation,” said Attorney General Merrick B. Garland.

Toebbe directed the undercover FBI agent to pay him in monero (XMR) cryptocurrency. According to the complaint, he told the FBI agent:

I will give you a monero address … I am very aware of the risks of blockchain analysis of bitcoin and other cryptocurrencies, and believe monero gives both of us excellent deniability.

The first sale took place in West Virginia in June. The undercover agent sent the nuclear engineer $10K in monero as “good faith” payment and $20K more in the privacy coin after receiving an SD card containing Restricted Data related to submarine nuclear reactors.

The couple sold another SD card containing Restricted Data to the undercover agent in August for $70,000 in monero, bringing the total amount paid to date to $100,000.

According to the DOJ, “The FBI arrested Jonathan and Diana Toebbe on Oct. 9, after he placed yet another SD card at a pre-arranged ‘dead drop’ at a second location in West Virginia.”

What do you think about this case? Let us know in the comments section below.

Bitcoin Skyrockets Above $57K, Recaptures Trillion Dollar Market Cap, Double-Digit Weekly Gains

Bitcoin Skyrockets Above $57K, Re-Captures Trillion Dollar Market Cap, Double-Digit Weekly Gains

The price of bitcoin continues to climb higher as the crypto asset has captured over 19% in gains during the last seven days. Bitcoin tapped a daily high on Monday reaching $57,678 per unit, jumping 4.4% in the last 24 hours.

Bitcoin Outperforms the Pack as Speculators Assume ETF Approval Is Coming


It seems crypto investors are more attracted to bitcoin (BTC) in recent times as the crypto asset has been outperforming most of the top digital currencies in the last few days. On Monday, BTC has jumped 4.4% in value and BTC is the 14th-biggest seven-day gainer out of 10,000+ crypto-assets in existence.

Much of the price increase has been attributed to the possibility that the U.S. Securities and Exchange Commission (SEC) will approve a bitcoin exchange-traded fund by the month’s end. While many investors see a bitcoin ETF approval as being positive, others have shared contrasting opinions about the subject in recent times.

Bitcoin (BTC) has gained 19.3% during the last week and year-to-date, BTC is up 410.3%. The price push has increased BTC dominance as the metric has tapped 44.4% on Monday, while ethereum’s (ETH) market cap is 17.3%. With current prices above the $57K range, BTC’s market valuation is approximately $1,085,971,255,172, or just over $1 trillion.

Tim Frost, CEO of digital wealth management platform Yield App told Bitcoin.com News in an investor’s note that bitcoin is “set to test all-time highs and break into six-figures.” Frost spoke about the possibility of a bitcoin futures ETF getting approval and the recent approval of Volt Equity’s long, indirect exposure ETF.

“Analysts are predicting a potential cool off, with bitcoin potentially falling to the $40,000 support level before continuing on the upwards trajectory to test the previous all-time high of $65,000,” Frost explained on Monday. He continued:

A break of this level, in line with the stock to flow model, would likely see Bitcoin soar into the six-figure region and beyond toward the end of 2021 – a tantalizing prospect for investors hungry for that promised $100k level. Then, the approval of a Bitcoin futures ETF in the US would no doubt add rocket fuel to this already astronomical price target.

US Dollar, Yen, Euro, Australian Dollar Bitcoin Pairs Swell


Meanwhile, the dominant pair with BTC today is still tether (USDT) as the stablecoin captures 60.35% of all BTC trades on October 11. Tether is followed by USD (13.01%), BUSD (5.00%), JPY (4.07%), EUR (3.27%), and AUD (2.12%). Typically, when these three fiat currencies (JPY, EUR, AUD) have entered the top spots, markets are definitely more bullish.

It is clear that other digital assets besides BTC are not seeing the lifts they usually would see when bitcoin spikes to higher levels. Most alternative crypto assets are seeing mediocre advances while BTC continues to outperform, holding on to its double-digit gains.

What do you think about bitcoin’s recent gains outperforming the pack of competitors? Let us know what you think about this subject in the comments section below.

Pantera CEO Wants a Reminder the Day Before a US Bitcoin ETF Launches — ‘I Might Want to Take Some Chips off the Table’

Pantera CEO Wants a Reminder the Day Before a US Bitcoin ETF Launches — 'I Might Want to Take Some Chips off the Table'

On October 6, Pantera Capital published an investor’s note written by Dan Morehead, the company’s CEO. Unlike the myriad of crypto investors who believe that a bitcoin exchange-traded fund (ETF) will send the crypto asset’s value to the moon, Morehead explains it could be a negative event and when it officially launches he said he “might want to take some chips off the table.”

Bitcoin Price Bolstered by ETF Speculation, Dan Morehead Discusses a Bitcoin ETF Approval and Possible Negative Effects


The price of bitcoin (BTC) is riding much higher than last month as the crypto asset tapped a high on Monday morning (EST) reaching $57,093 per unit. Four days ago, Bitcoin.com News reported on the possibility of a bitcoin exchange-traded fund (ETF) getting approved by the end of the month. It has been said that the probability of an ETF being approved by the U.S. Securities and Exchange Commission (SEC) will be high by the end of October and the beginning of November. Because of this higher probability, speculators think BTC’s price has been bolstered by the news.

Last Wednesday, Dan Morehead and his firm Pantera Capital published a blog post called “The Next Price Era.” The blockchain investor letter discusses a number of subjects such as a “post-halving update,” “price cycles,” and includes one particular section that discusses a bitcoin ETF getting approved called “buy the rumor, sell the fact.” Morehead stresses that the line of thinking (buy the rumor, sell the fact) is “definitely working in our space.”

“When he was the chairman of the CFTC, Chris Giancarlo pointed out a wild one I hadn’t put two and two together on,” Morehead wrote. “All during 2017, the markets were rallying with the mantra ‘When the CME lists bitcoin futures, we’re going to the moon!!!’ The markets did rally – 2,440% until **the very day** futures listed. That was the top. One of those -83% bear markets started that day,” the Pantera executive said. Morehead added:

We recently repeated that cycle. The whole industry reveled in Coinbase’s upcoming direct listing. The bitcoin market was up 822% coming into the day of the listing. Bitcoin peaked at $64,863 that day and a -53% bear market started. Will someone please remind [me] the day before the bitcoin ETF officially launches? I might want to take some chips off the table.

North American Bitcoin ETFs Already Exist in Canada, SEC Approves Volt Crypto ETF


Over the years, there have been many discussions on whether or not an exchange-traded fund tethered to bitcoin (BTC) would be beneficial to the market price. In 2017, Tariq Dennison, in an opinion piece published with Seeking Alpha, says a “cryptocurrency ETF would divert attention to price speculation and higher volatility rather than to productive applications of blockchain technology.” Bitcoin evangelist Andreas Antonopoulos has even published a Youtube video called: “Bitcoin Q&A: Why I’m against ETFs” on August 14, 2018.

Speculators believe a U.S.-based bitcoin ETF would allow investors from the country to invest and “real” bitcoin would be obtained by these funds making the currency even more scarce. On the other hand, some believe the market price of bitcoin (BTC) could get manipulated if an ETF is approved. Many investors believe that gold and silver ETFs were not helpful to precious metals markets and actually suppressed the price of gold and silver. Though the U.S. SEC has not approved a bitcoin ETF yet, this past March three North American bitcoin ETFs were approved by Canada’s securities regulators.

The SEC has approved the Volt Crypto Industry Revolution and Tech ETF which doesn’t hold crypto assets but rather tracks “Bitcoin Industry Revolution Companies.” The ETF is listed on the New York Stock Exchange (NYSE) under the market ticker “BTCR.” Speculators assume the first bitcoin ETF will be tied to bitcoin futures markets offered by the world’s largest financial derivatives exchange CME Group.

What do you think about Pantera Capital CEO Dan Morehead’s opinion on bitcoin ETF approval and what might happen after? Let us know what you think about this subject in the comments section below.

Akt.io Shows How DeFi Is Shaping the Future and Why Financial Institutions Are Ripe for Disruption

Investing has become mandatory for those who want to secure their financial future. Despite this need, the accessible alternatives for those wanting to put their money to work are few. Akt.io will change this and democratize the world of investing.

Why do you need investments?


With current accounts offering zero returns and savings accounts offering close to zero returns, investing has become mandatory if you don’t want inflation to chew up your financial future. The problem is that investing is intimidating and associated with a lot of risk for the vast majority of people.

Despite the plethora of investment platforms on the market today, investing remains for those who know how to navigate this world with confidence and actually make a profit from the bets they make. And, now you are only speaking about investing in traditional assets, such as stocks. Once you start adding newer asset classes and investments to the mix, such as crypto and crypto staking, the gap between those who can access and benefit from investments and those who can’t, widen even more.

Then you also have the problem of choosing between growth and spending. Because even those who know how to invest, still face the choice between their money growing in an investment, or being able to pay with it.

Considering the fact that all people would like their money to grow, with a global wealth management market estimated to be worth over $75 trillion, should it have to be this difficult to put money to work?

A fintech challenger sees an opportunity


The fintech company Automata was founded by Gael Itier in 2017. Gael is a Computer Scientist who graduated from Ecole Polytechnique in France. He was at the time working for a German neobank where he developed trading algorithms, as well as established and grew the company’s wealth management department. It was during this period that Gael discovered that the same type of algorithmic trading used to successfully manage investment portfolios for high-net worth clients could be adapted to the retail market, when combined with fractional investing and assets.

The motivation for Gael was to democratize the world of investing and offer investment solutions that would help clients grow their wealth and have it working for them at all times, while at the same time keeping it accessible for payments.

In 2018 Automata Network Ltd. was incorporated in the UK. The company develops a robo-advisor for the crypto market, based on the success they had with an algorithm employed in traditional financial markets. It was also during this year the team started the process of combining advanced wealth management tools, such as algorithmic trading and crypto staking, with payment services.

The team realizes that in order to bridge the gap between the investment solutions they want to offer, and make it possible to easily liquidate the invested capital, they need an asset exchange able to execute very rapid fractional exchanges between a variety of asset classes on the same platform. This need pushes the team to develop a new type of multi-route asset exchange, called the WealthHub, that sits at the core of the investment platform they have under development.

The WealthHub technology they develop is powered by a proprietary algorithm that’s created in-house by Gael and his team. The exchange makes it possible to make direct asset exchanges almost instantly, between all the asset providers connected to it. This means that users will be able to make fractional exchanges between different assets and investments like crypto, shares, crypto lending platforms, automated portfolios and any other investment available on their platform, directly and without a middle man.

Thanks to the Akt.io WealthHub, the scope of possibilities grows rapidly and by signing a partnership deal with an international payment service provider, users will soon be able to directly pay with any owned asset, with an automated exchange taking place in a few seconds between the asset and the currency requested by the merchant.

The goal is to make it possible for users to pay with money that’s always working for them and essentially, head down to Starbucks and pay for a coffee with crypto, gold or any investment they prefer.

In 2020 rebranded itself to Akt.io and after years of development the wealth app will soon be available for users in key European markets. Akt.io will during the fall of 2021 launch their Aktio Coin ICO that will be the final step before the wealth app launches in 2022.

The team said: “It’s been a long and challenging ride but even though winter is approaching rapidly, we can all see the light at the end of the tunnel. Because after years of development we hope that we have found the solution for the millions of retail investors who until this day have not been able to access the most effective tools for securing their financial future.”


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Poland’s Central Bank Says It Will Add 100 Tons of Gold to Existing Holdings in 2022

The Polish central bank, the National Bank of Poland (NBP), is reportedly planning to raise its gold reserves by 100 tons in 2022. According to bank governor Adam Glapinski, the objective of this decision is to prepare Poland for “the most unfavourable circumstances.”

Gold’s Safe Haven Status


In his remarks during an interview with the Gazeta Wroclawska newspaper, Glapinski explained why the NBP has chosen to increase its gold holdings. He said:

Why does the central bank own gold? Because gold will retain its value even when someone cuts off the power to the global financial system.


Glapinski adds that while the central bank is not assuming this will happen, it is still required to be prepared for such a scenario. The report also quotes the governor explaining why gold’s reputation (as an asset that increases in value during times of increased risk and financial and political crises) is such an important attribute for the NBP.

Gold as Hedge Against Dollar Fluctuations


Finally, according to the governor, gold is also seen as a good hedge against U.S. dollar fluctuations. Glapinski explained:

“Gold is characterized by a relatively low correlation with the main asset classes – especially the U.S. dollar dominating the NBP reserve portfolio – which means that including gold in the reserves reduces the financial risk in the process of investing in them.”

Meanwhile, the report reveals that the NBP is planning to acquire the gold in mid-2022 when Glapinski expects to be re-elected as governor.

Do you agree that the inclusion of gold in a reserve portfolio will reduce financial risk for the Polish central bank?

Salvadoran President Nayib Bukele Announces Construction of Vet Hospital With Bitcoin Trust Funds

bukele

Nayib Bukele, president of El Salvador, announced yesterday he will start using surplus funds from the country’s bitcoin trust. Part of the $4 million excedent will be invested in a vet hospital that will offer different services for the pets of Salvadoran citizens. Bukele explained this is possible due to the bitcoin price increase in the last few days.

Nayib Bukele Proposes Construction of Vet Hospital

Nayib Bukele, president of El Salvador, announced yesterday the construction of a veterinary clinic with funds coming from the country’s recently created bitcoin trust. According to his statements, $4 million can be withdrawn from Fidebitcoin, the national bitcoin trust, due to the latest price increase BTC has experienced. Bukele explained on Twitter:

With the same amount of dollars and bitcoin in the trust, the trust is now worth more as the bitcoin went up in value. So now, FIDEBITCOIN has a ‘surplus’ of $4 million. Therefore, the state company Chivo can dispose of 4 million dollars, without affecting the amount of the trust.

Bukele then went on to announce the vet clinic would feature 12 offices, four emergency attention rooms, four operating rooms, and a rehabilitation area for Salvadoran pets. The facility will be able to attend to more than 384 pets each day.

Inbound Criticism

The president has been widely criticized for the way in which he handles public funds. With this project, critics of the president quickly pointed to problems, calling for an audit in the balances of the funds and stating these couldn’t be used for funding civil expenditures. However, Bukele was quick to explain the fund was not selling Bitcoin to fund these expenses. The president stated:

By the way, we’re not selling any bitcoin, we are using the dollar part of the trust, since the bitcoin part is now worth more than when the trust was established.

Bukele also took a swipe from Vitalik Buterin, co-founder of Ethereum, who criticized his push to declare bitcoin legal tender on Reddit. Buterin stated that Bukele’s action of pushing bitcoin on a population not adequately educated to use it was “reckless” and has “risks.” Buterin extended this criticism to other actors in the crypto industry by stating:

Shame on everyone (ok, fine, I’ll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him.

What do you think about Bukele’s idea of constructing a vet clinic with the bitcoin fund surplus? Tell us in the comments section below.

Travelers Will Be Able to Purchase Airline Tickets With Crypto in Venezuela

venezuela

Travelers will be able to purchase airline tickets in Venezuela using cryptocurrencies in the near future. According to statements made by Freddy Borges, Director of the Maiquetía International Airport, the institution would be working to include cryptocurrencies such as dash, bitcoin, and the national petro as supported currencies in the airport’s payment system.

Airport to Receive Crypto as Payment In Venezuela

The adoption of cryptocurrency as a way of paying for airline tickets in Venezuela might be near. According to statements made by Freddy Borges, who is the director of the Maiquetía International Airport, the institution is working to adapt its payment system to receive some cryptocurrencies as payment for airline tickets and other services offered in the airport. In this sense, Borges stated:

“We will activate a button for cryptocurrency payments in the airport platforms and commercial activities, in coordination with Sunacrip.”

Among the mentioned cryptocurrencies that would be supported, the officer mentioned bitcoin, dash, and the national petro. Borges highlighted the importance of establishing these payment methods to facilitate the purchases of tourists that might come to the country in the future. He told that the airport must advance in the implementation of these new tools that the tourists might use.

The use of these cryptocurrencies as payment methods will be regulated by Sunacrip, the national cryptocurrency watchdog. The Maiquetia International Airport is one of the most important civil airports in the country, receiving passengers from 17 different international destinations.

Not the First Time

This is not the first time that cryptocurrencies are mentioned as possible payment methods for airline tickets in Venezuela. A national airline called Conviasa announced it would start selling tickets in Petros back in 2019. At that time, Joselit Ramirez, the national cryptocurrency superintendent stated these operations would confirm in less than two minutes.

Then, Turpial Airlines, another national airline, announced it would be accepting payment in bitcoin for tickets last August. The small airline, that operates with three Boeing planes, was one of the pioneering private airlines in announcing support for cryptocurrency payments.

This announcement seems the result of what Nicolas Maduro, the president of the country, stated in January, when he stressed this would be the year for the “revival” of all cryptocurrency systems. However, inflation and devaluation have not stopped this year. On October 1, the Venezuelan government applied a redenomination of the fiat currency, slashing six zeros of its value to facilitate payments.

What do you think about Venezuelans being able to purchase airline tickets with cryptocurrency? Tell us in the comments section below.