Daily Archives: October 13, 2021

Crypto Is a ‘Major Priority’ for Miami Mayor Building City Into Crypto Capital of the World

Miami Mayor Francis Suarez says that cryptocurrency is a “major priority” for him as he attempts to build his city into the crypto capital of the world. “I want us to differentiate ourselves as a crypto capital of the United States or of the world,” he said.

‘Major Priority’ — Miami Aims to Become Crypto Capital of the World

Miami Mayor Francis Suarez talked about bitcoin and cryptocurrency in an interview with Bloomberg, published Tuesday. The mayor has been lobbying lawmakers to allow government employees to be paid in bitcoin in addition to allowing taxes to be paid in the cryptocurrency and for the city to invest a portion of funds in BTC. He was asked how much of a priority crypto initiatives were for him.

Mayor Suarez replied:

It’s a major priority for me because I want us to differentiate ourselves as a crypto capital of the United States or of the world.

“We have actually done three things,” he shared. “One is that we are going to request a proposal in October to allow our employees to get paid in bitcoin, allow our residents to pay for fees in bitcoin, and even taxes in bitcoin if the county allows it.”

Regarding the state allowing the city to hold bitcoin on its balance sheet, he said: “Of course, if we would’ve been able to hold it the moment that I put the resolution on our agenda, it’d be up by 30% or 40%, so would’ve looked like a genius back then. But that’s the way it works.”

The pro-bitcoin mayor also defended BTC in an interview with Fox Business Tuesday. He was asked to comment about whether bitcoin was worthless like JPMorgan CEO Jamie Dimon said. The boss of the global investment bank said Monday, “I personally think that bitcoin is worthless.”

Suarez responded, “It’s definitely not worthless,” pointing out that the price of bitcoin is currently around $55,000.

What do you think about Miami Mayor Suarez’s comments? Let us know in the comments section below.

Swiss Bank Seba Now Lets Customers Earn Yield on Crypto Holdings

Swiss Bank Seba Now Lets Customers Earn Yield on Crypto Holdings

A FINMA-licensed Swiss bank, Seba, has launched a program enabling clients to earn yield on their crypto holdings. In addition, the bank will “provide support for centralized lending and borrowing services, enabling investors to generate yield by lending bitcoin and ethereum directly with Seba Bank.”

Seba Earn Lets Clients Generate Rewards From Crypto Investments

Seba Bank, a digital asset banking platform licensed by the Swiss Financial Market Supervisory Authority (FINMA), announced the launch of Seba Earn Wednesday. The Switzerland-based bank described the new offering as “an institutional-grade solution enabling clients to earn yield on their crypto holdings.”

Noting that “The launch of Seba Earn caters to growing demand from institutions to manage a range of digital asset yield use cases from staking to decentralized finance (defi), and centralized lending and borrowing,” the bank elaborated:

Seba Earn’s comprehensive staking management platform will enable institutions and individuals to generate rewards from their crypto investment on networks including Tezos, Polkadot, and Cardano, with more protocols coming in the coming months.

In addition, the announcement explains:

Seba Earn will also provide support for centralized lending and borrowing services, enabling investors to generate yield by lending bitcoin and ethereum directly with Seba Bank.

The bank also noted that it “will continue integrating support for additional coins.”

Guido Buehler, CEO of Seba Bank, commented: “It is clear that as institutional interest in digital assets accelerates, investors have a broader appetite for crypto assets, with a particular interest in earning services like staking, defi and centralized crypto borrowing and lending.”

What do you think about Seba Bank launching a crypto earning program? Let us know in the comments section below.

NFT Gaming Pioneer Vulcan Forged Launches New DEX for Gaming Tokens

NFT Gaming Pioneer Vulcan Forged Launches New DEX for Gaming Tokens

PRESS RELEASE. Vulcan Forged has launched a new and revolutionary decentralized exchange for gaming tokens following the success of its gaming metaverse, VulcanVerse.

Cardiff, United Kingdom – Blockchain gaming platform, Vulcan Forged, is announcing the launch of the first-ever decentralized exchange (DEX) purpose-built for gaming tokens, VulcanDEX. The DEX will allow users of the gaming platform to trade any gaming token without the need to register. Players will then be able to use their newly acquired tokens in their respective game.

Users will also be able to stake gaming tokens to facilitate exchanges in VulcanDEX, with users earning rewards in proportion to their share of specific liquidity pools. The DEX currently has 4 active pools for this purpose, with several more, including $YGG, $SAND $AXS and $VNLA coming soon. Moreover, in-game assets can be farmed in VulcanDEX in the form of non-fungible tokens (NFTs), creating an active economy that involve several popular blockchain-based gaming ecosystems.

VulcanDEX is also powered by $PYR, the utility token that is the backbone of the VulcanForged gaming ecosystem. Players can stake PYR in the DEX as well as earn their rewards in it and stake it in pools in addition to other gaming tokens.

Pioneering the Decentralized Play-to-Earn Model

With the addition of VulcanDEX to its portfolio of games and products, Vulcan Forged has become a veritable pioneer in the “Play-to-Earn” (P2E) space. P2E is a gaming business model that creates open economies within gaming ecosystems and rewards those who add value to games by contributing to their development. This can be in the form of contributions such as game design and development, and even beta testing new games. The idea is to give access to potential players who would otherwise pay a premium to play popular games.

Vulcan Forged has merged this emerging concept with the principles of decentralized finance (DeFi), allowing participants in VulcanForged’s gaming platform to contribute gaming tokens and other crypto assets to facilitate their exchange between decentralized gamers. Moreover, the P2E industry is relatively new, with players such as Axie Infinity and Decentraland only gaining significant popularity this year. This puts Vulcan Forged at the cutting edge of this new emerging industry.

Building on Success

That Vulcan Forged is in this pioneering position is no surprise given its recent success. Combined, the Vulcan Forged games are set to surpass the milestone of 200,000 users by the end of 2021. This is as a result of a number of successful developments since the start of the year for the Vulcan Forged team, including securing the intellectual property rights for iconic pieces of art to be included in their flagship in-game world, the VulcanVersre.

The works include “Egyptian Queen” by Frank Frazetta, a painting which sold earlier in the year for over $5.4 million. Frazetta is a world-renowned fantasy and science fiction artist most famous for his Conan The Barbarian illustrations. Moreover, Vulcan Forged also partnered with Arkane Network to support game-focussed NFTs built on Polygon. The expansion to other popular ecosystems in the crypto space is part of Vulcan Forged’s longer-term plan to expand access to its pioneering games and game development ecosystem.

 

About Vulcan Forged

Designed as an easy-to-play and easy-to-build ecosystem, Vulcan Forged is a community-based project that promotes the development of world-class blockchain games by supporting developers through its development programs. ‘incubation and crowdfunding.

For blockchain game enthusiasts, Vulcan Forged is a one-stop-shop where they can access popular games and a huge NFT marketplace to buy and sell digital assets in-game. The entire ecosystem is powered by its own PYR settlement, staking and utility token. The ERC20 compatible PYR is a cross-platform currency that can be used in game titles that are part of the Vulcan Forged ecosystem.

 

For more information about Vulcan Forged’s revolutionary new DEX, visit their website here.

Follow Vulcan Forged on Twitter
Join the Vulcan Forged community on Telegram

Like Vulcan Forged on Facebook

Stay up to date via Vulcan Forged’s Discord

 

Media Contact Details

Contact Name: Jimi Exohus

Contact Email: [email protected]

VULCANFORGED is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 


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Defi and Algorithmic Stablecoin Demand Grows in 2021 Despite Large Centralized Competitors

Defi and Algorithmic Stablecoin Demand Grows in 2021 Despite Large Centralized Competitors

On Wednesday, October 13, 2021, the market capitalization of all the stablecoins in existence is around $134 billion, which is 5.60% of the entire $2.4 trillion crypto economy. While centralized stablecoin projects dominate the pack of dollar-pegged tokens, a great number of decentralized stablecoins have been moving in on these centralized competitors. Algorithmic or defi-styled stablecoin market caps have accrued billions of dollars this past year.

While Tether and USD Coin Eclipse the Market, Algorithmic Defi Stablecoins Still Shine

Tether (USDT) is one of the oldest and the largest stablecoins by market cap today, while the second-largest stablecoin valuation belongs to usd coin (USDC). Data from Coingecko’s stablecoin-by-market-cap metrics indicates that on October 13, there’s $134 billion in stablecoin assets. A great majority of those funds belong to tether and usd coin as USDT has a market cap of around $70.9 billion and USDC commands $33.3 billion.

Despite controversial discussions concerning the backings of some of these large stablecoin markets, they are the market leaders when it comes to dollar-pegged tokens. Both USDT and USDC combined make up ​​77.61% of the $134 billion stablecoin economy that exists today. However, decentralized competitors that back their own stablecoins in a myriad of different ways, have started to see their market caps swell.

For instance, the stablecoin DAI has been the most popular decentralized stablecoin and the asset is backed by over-collateralization via the Makerdao project. The stablecoin DAI also commands the fourth-largest market valuation just under Binance’s BUSD stablecoin. DAI’s market cap on October 13, is $6.7 billion and the crypto asset has seen $343 million in 24-hour trade volume on Wednesday. DAI is considered an algorithmic stablecoin that is tied to the value of the U.S. dollar.

Terra USD, Magic Internet Money, Liquidity USD, FEI Rise Below Makerdao’s Algorithmic Stablecoin

Terra usd (UST) is also an algorithmic stablecoin and its market cap is below DAI’s with $2.7 billion today. UST is followed by another decentralized stablecoin called magic internet money (MIM) which holds a $1.5 billion market valuation on Wednesday. The most active trading platform today swapping MIM tokens is the decentralized exchange (dex) Trader Joe. Similar to other decentralized stablecoin projects, magic internet money is issued by users of the lending protocol abracadabra.money.

The ninth-largest stablecoin cap held by liquidity usd (LUSD) is around $658 million today and Uniswap V3 is the stablecoin’s most active exchange. LUSD is issued by the Liquity Protocol which is another decentralized finance (defi) lending protocol. There’s also the defi stablecoin project called Fei which issues a stablecoin called FEI, like the algorithmic stablecoin DAI. The market cap of FEI on Wednesday is $543 million and it commands $79 million in 24-hour trade volume.

The aforementioned decentralized or algorithmic stablecoins that are not backed by a company providing audits and are produced by the crypto community at large, represent 8.95% of today’s stablecoin market cap. That’s only $12 billion of the $134 billion worth of stablecoins in circulation today. For now and for quite some time, it is very probable that centralized competitors like USDC and USDT will not be displaced. However, many of these algorithmic or defi-styled stablecoins have become top contenders in the market and made their mark without corporate backing and little controversy.

What do you think about the stablecoin market today and the 8.95% of defi and algorithmic stablecoins making headway in the crypto economy in recent times? Let us know what you think about this subject in the comments section below.

Geographic Distribution Data Shows US Takes Leading Bitcoin Mining Position After China’s Crackdown

Geographic Distribution Data Shows US Takes the Leading Bitcoin Mining Position After China’s Crackdown

After China has reigned for a number of consecutive years as the dominant bitcoin mining epicenter of the world, the United States has “taken the leading position in bitcoin mining,” according to new data from Cambridge University.

Data Shows US, Kazakhstan, Russian Federation Rule the Bitcoin Mining Roost

In mid-July, researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project published new data from the website’s “Bitcoin Mining Map,” which had not been updated since April 2020. In that specific report, CBECI researchers noted that China’s hashrate dominance was much lower than in previous estimates. On October 13, CBECI researchers published updated data on all the countries participating in bitcoin mining and where most of the mining activity is taking place these days.

“The latest update to the Cambridge Bitcoin Electricity Consumption Index (CBECI) has confirmed the impact of the Bitcoin mining crackdown in China,” the report detailed. “[It shows] that the leading share of global Bitcoin network hashrate now sits in the US, followed by Kazakhstan and the Russian Federation.” The CBECI researchers added:

This new data (to the end of August 2021) shows the US with a global hashrate share of 35.4% (up from 16.8% at the end of April), Kazakhstan with 18.1% (up from 8.2%), and the Russian Federation with 11% (up from 6.8%). This confirms the hashrate trajectory identified in the last update (to end April 2021) which showed those three countries were already gaining market share prior to the crackdown in China.

China’s Crackdown ‘Increased Geographic Distribution of Hashrate Across the World’

Since June 28, 2021, the Bitcoin network hashrate climbed 101.44% from 69 exahash per second (EH/s) to today’s 139 EH/s hashpower measurement. Michel Rauchs, digital assets lead at the Cambridge Centre for Alternative Finance, discussed how China’s crackdown helped fuel the shift in global bitcoin mining.

“The immediate effect of the government mandated ban on crypto mining in China was a 38% drop in global network hash rate in June 2021 – which corresponds roughly to China’s share of hashrate before the clampdown, suggesting that Chinese miners ceased operations simultaneously,” Rauchs suggested.

Besides the new top three countries leading the hashpower race, the next largest hashrate shares reside in countries like Canada (9.55%), Ireland (4.68%), Malaysia (4.59%), Germany (4.48%), Iran (3.11%), and Norway (0.58%). CBECI’s report highlights that while the U.S. got some hashrate from fleeing Chinese miners, the crackdown also “increased geographic distribution of hashrate across the world.”

“It is worth noting that the shares for Ireland and Germany are likely due to a growing number of miners rerouting through those countries via VPNs or proxy servers, rather than growing mining activity for which there is little or no evidence,” the CBECI report explains.

What’s also interesting is the fact that at least four out of the five top mining pools today originally stem from China and now many of them operate internationally and in unknown regions. F2pool, formally known as “Discus Fish” started mining bitcoin (BTC) on May 5, 2013, and was originally based in China.

F2pool commands 26.76 EH/s in hashpower and around 19.39% of the global hashrate today. Antpool, owned and operated by Bitmain, also initially came from China and is the second-largest hashing pool on October 13. Antpool captures 16.59% of the global hashrate with its 22.89 EH/s of hashpower. There’s also the top mining pools Viabtc and Poolin, which begs the question:

Where do these mining facilities and pools originate from now?

What do you think about the recently published Cambridge Bitcoin Electricity Consumption Index (CBECI) mining map report? Let us know what you think about this subject in the comments section below.

Cardano Slips to 5th-Largest Crypto Market Position — ADA Down 30% Since All-Time High Last Month

During the second week of October, bitcoin market values have maintained prices between $54K to $57K. Meanwhile, myriad alternative crypto assets have not yet seen the gains the leading crypto asset has enjoyed during the last two weeks. For instance, cardano used to be the third-largest crypto market in terms of valuation, but after losing 4.8% cardano has slid down to the fifth position this past week.

Cardano Drops from 3rd-Largest Crypto Market Cap to 5th-Largest

The digital currency cardano (ADA) has seen some decent gains during the last 12 months as ADA has increased by 1,840.5% year-to-date. Even Kiss frontman Gene Simmons told the world on October 10, why he invested $300K in cardano (ADA) and how it’s paid off for him so far. However, during the last month, ADA is down 18% and 4.8% over the last seven days. ADA’s market cap is not small and just under the stablecoin tether’s (USDT) overall valuation as cardano’s market cap is around $68.1 billion on Wednesday.

ADA markets on Wednesday are seeing around $1.9 billion in global trade volume and the crypto exchange Binance currently captures the top cardano trade volume. Tether (USDT) is the top pair with cardano on Wednesday with 58.58% of all ADA trades. This is followed by BTC (10.91%), USD (5.75%), BUSD (5.61%), and EUR (3.89%). The Korean won commands the sixth-largest position with 3.44% of ADA swaps, while ETH commands around 2.69% of cardano exchanges today.

Cardano Prices Down 30% Since All-Time High

Cardano reached an all-time high on September 2, 2021, reaching $3.09 per unit but is now down more than 30% since that day. ADA is currently swapping for prices just above the $2 handle and the crypto asset binance coin (BNB) now holds the third-largest position in terms of market cap. Despite the dip to the fifth position, cardano still captures 2.86% of the entire $2.386 trillion crypto-economy among 10,000+ digital assets in existence.

ADA needs to gain more than 15% in value in order to contend for the third-largest market position — BNB’s $77.7 billion market valuation. The crypto asset’s market cap, however, is only 2.34% lower than tether’s overall market valuation of $69.8 billion. Moreover, ADA is not the only smart contract crypto that has taken a hit in recent times. Solana (SOL) is down 10% this week, terra (LUNA) slid by 18.7%, and Avalanche (AVAX) lost 14.3% this past week.

What do you think about cardano’s market performance this past month? Let us know what you think about this subject in the comments section below.

Moscow Not Planning to Ban Russians From Buying Crypto Abroad

Moscow Not Planning to Ban Russians From Buying Crypto Abroad

Russia is not going to follow China’s course and does not plan to ban its citizens from purchasing cryptocurrency on foreign exchanges, a high-ranking government official has indicated. Russians will not be able to pay with digital coins in their own country but are free to use crypto wallets beyond its borders.

Russians Can Purchase Cryptocurrencies on Foreign Exchanges

Unlike the Chinese government, authorities in Moscow do not intend to impose restrictions on the purchase of cryptocurrency on digital asset exchanges based abroad, a statement by Russia’s deputy minister of finance Alexey Moiseev has revealed. Speaking to reporters this week, he noted that settlements in cryptocurrency are prohibited in the country but explained:

At the same time, citizens can buy [cryptocurrencies] and use wallets outside the Russian Federation. It will remain so, I think. There are no plans to change anything yet.

On Tuesday, during a lecture devoted to the digitalization of financial markets at the Moscow State Institute of International Relations (MGIMO), Moiseev reiterated that Russia will not allow cryptocurrency to be used as a means of payment within the country. Quoted by Interfax, the government official said:

The position now is to ban operations with cryptocurrencies on the territory of the Russian Federation.

Answering questions from students, he pointed out that allowing crypto payments could lead to loss of control over money supply and insisted the matter comes down to financial sovereignty. Nevertheless, Alexey Moiseev added that regardless of the ban, Russians can have a cryptocurrency wallet outside the country.

The deputy finance minister also emphasized that many new financial terms, such as digital currency and blockchain information, will have to be defined in Russia’s Civil Code and other relevant laws. He further elaborated:

Blockchain will obviously occupy its own niche and will be used where equal rights are needed.

However, Moiseev’s comments come after last week’s statement by the head of the parliamentary Financial Market Committee, Anatoly Aksakov, who revealed that Russian lawmakers are considering legal restrictions on the amount of money non-qualified investors will be allowed to put into crypto assets. Aksakov believes the measures are needed to protect private investors in Russia as cryptocurrencies attract billions of dollars around the world.

Do you think Russia will maintain its current policy regarding crypto purchases on foreign exchanges? Tell us in the comments section below.

Binance Smart Chain (BSC) Receives $1 Billion to Bring the Next 1 Billion Crypto Users

Binance, the world’s leading blockchain ecosystem and cryptocurrency platform, has launched a $1 billion Growth Fund for Binance Smart Chain, to accelerate adoption of digital assets and blockchain technology.

In the span of next few months multiple programs will be set-up under its umbrella to empower the growth of cryptocurrencies worldwide. Designed to incubate rising blockchain-crypto projects the fund will also run advanced technological development programs.

“BSC’s growth has attracted 100M+ DeFi users with just an initial funding of $100 million.” said Changpeng Zhao (CZ), CEO at Binance. “With the new contribution of $1B, it can disrupt traditional finance and accelerate global mass adoption of digital assets to become the first-ever blockchain ecosystem with one billion users,” he added.

The $1 billion fund will be divided into 4 broader categories:-

  • Talent Development – Innovation

A total of $100M funds are reserved for Talent Development which includes mentoring developer communities, educating new crypto investors, providing academic scholarships to institutions, running bootcamps and supporting R&D around Cryptography, High performance Consensus protocol, Cross chain/Multi-chain infra, RegTech & Deep Analytics and more.

  • Liquidity Incentive Program – Trading

The Liquidity Incentive initiative will run sub-programs to encourage participation from traditional financial markets as well as crypto. It will provide flexibility and support for professional traders and institutions to provide more liquidity in DeFi protocols. For instance, more contribution in liquidity pools in Automated Market Makers, borrowing and lending in money markets, yield farming in vaults, higher arbitrage gains and more. This will be targeted in developing compliant relationships between investors and evolving emerging digital asset markets. A total of $100M funds are reserved under the Liquidity Incentive initiatives.

  • Builder Program – Technological startups

The Builder Program will be boosted with an additional $300 million. Of which, $100 million will be utilized to conduct regional and global hackathons, joint bug bounty programs, developer conferences and will support existing mainstream development programs. The remaining $200 million will be used to incubate 100 innovative dApps/infra building on top of BSC who will receive mentoring from top Venture Capitalists and infrastructural support from the BSC core community.

  • Investment/Incubation Program for Industrial development

To accelerate mainstream adoption and bring disruption to financial infrastructures a total of $500 million will be reserved. This fund will be utilized to grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services. With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors.

The thriving blockchain startup ecosystem has encouraged us to invest our time, efforts and resources in helping companies build from 0 to 1. With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains. We’re gearing up to bolster the adoption of crypto and blockchain to accelerate its growth globally.” said Gwendolyn Regina, Investment Director, BSC Accelerator Fund

With concentrated focus on blockchain-rich regions such as Russia, India, South East Asia, Europe, US and South America; the BSC community will lead the growth of BSC regionally. The BSC core community will work closely with leading fintech companies, crypto advisors, blockchain researchers and influential people across the globe to spread the basic vision of financial inclusion and sovereignty.

 

About Binance

Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

About Binance Smart Chain

Binance Smart Chain (BSC) is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed for lightning transaction speeds and low transaction fees while adding Smart Contracts functionality for dApps – BSC tops in infrastructure performance as the biggest DeFi blockchain with 100M+ users. For more information on Binance Smart Chain, please visit: https://www.binance.org


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Investors Lost $10,000 on Average to Russian Crypto Pyramid Finiko, Poll Reveals

Investors Lost $10,000 on Average to Russian Crypto Pyramid Finiko, Poll Reveals

Investors defrauded by the Russia-based cryptocurrency Ponzi scheme Finiko have sent the crypto pyramid an average exceeding 720,000 rubles, or more than $10,000 at current exchange rates. The assessment comes from a survey of victims conducted by a public non-profit organization.

Fifth of Finiko Investors Parted With Over 1 Million Rubles

Russia is still trying to grasp the magnitude of its largest financial scam since the notorious MMM pyramid in the 1990s. While the officially registered losses to Finiko have reached 1 billion rubles (close to $14 million), some estimates suggest the total is likely to exceed $4 billion. According to Chainalysis, the Ponzi scheme received over $1.5 billion worth of bitcoin in less than two years.

Citizens of Russia, Ukraine and other countries in the former-Soviet space, EU member states, and the U.S. are among the people who sent 800,000 separate deposits to Finiko. Around 3,300 of the victims have been identified so far, but the actual number is likely far greater. Due to the size of the fraud, the Interior Ministry in Moscow took over the investigation from law enforcement in Tatarstan, where Finiko was based and several of its key members arrested.

Investors Lost $10,000 on Average to Russian Crypto Pyramid Finiko, Poll Reveals

Around 200 of the defrauded investors have filed complaints with the Federal Foundation for Protection of Investors and Shareholders’ Rights, a public non-profit organization in Russia, local media reported. Marat Safiulin, head of the foundation, told the business news portal Ufatime.ru that 154 of them have been polled over the phone regarding their investments.

Based on their feedback, the foundation has established that the average financial loss per investor amounts to 724,000 Russian rubles (over $10,000). Around 22% of the investors lost more than 1 million rubles (almost $14,000), and another 73% sent Finiko at least 300,000 rubles each (over $4,000). More than half of the surveyed victims took loans to invest in the Ponzi scheme.

Finiko, which was never incorporated as a legal entity, advertised itself as an “automatic profit generation system.” The pyramid was offering people enticing profits if they would send their money, which it promised to spend on crypto investments and share the profits with them. Investors were told they could use the quick and high returns of up to 30% to cover a loan, buy a car or property at discounted prices, or withdraw cash when they need it.

The offices of Finiko in Tatarstan’s capital, the city of Kazan, were first searched in December 2020. Its activities were designated by the Central Bank of Russia as having signs of a pyramid scheme in June of this year. Despite that, the scam continued to attract new investors.

The Ponzi scheme stopped making payments in July and eventually collapsed. Authorities in the Russian Republic of Tatarstan have so far detained a number of high-ranking Finiko executives, including the pyramid’s founder, Kirill Doronin, two of its vice presidents, Ilgiz Shakirov and Dina Gabdullina, as well as Lilia Nurieva, who rose to the rank of a so-called “10th Star.” International arrest warrants were issued for three of Doronin’s associates, Zygmunt Zygmuntovich, and Marat and Edward Sabirov, who managed to leave the Russian Federation before the investigation was launched in July.

Do you think the average amount lost by Finiko investors will grow as more victims of the Ponzi scheme are identified abroad?

Report: Kenya Has Fourth-Highest Interest in Cryptocurrency Globally

Kenya has the fourth-highest interest in cryptocurrency globally, a new research study by Broker Chooser has found. According to the study, only three countries — Ukraine, Russia, and the United States — have had higher searches for cryptocurrency in the last 12 months than Kenya.

Crypto Searches in Kenya Highest in Africa

According to a Citizen newspaper report, searches for cryptocurrencies originating from Kenya during the twelve-month period topped 99,810. Alternatively, this means there was an equivalent of 18 searches per 10,000 people during this period.

The ranking of Kenya as the country with the fourth-highest searches for cryptocurrency globally means there is greater interest per capita in the East African state than in Nigeria and South Africa.

Furthermore, the study estimates the number of cryptocurrency owners in Kenya to be approximately 4,580,760. In terms of awareness of crypto, the study found Kenya’s score to be 5.5 out of a possible 10.

Despite the surging interest in cryptocurrencies by Kenyan citizens, authorities in the country, as well as the Central Bank of Kenya, have so far refused to recognize cryptocurrencies. As previously reported by Bitcoin.com News, this refusal and the resulting uncertainty are hampering the growth of digital assets in Kenya.

Do you agree with the findings of this study? Tell us what you think in the comments section below.