Daily Archives: November 6, 2021

Square’s Cash App Generates $1.8 Billion in Bitcoin Revenue, BTC Profit up 29% in Q3

Square’s Cash App Generates $1.8 Billion of Bitcoin Revenue, BTC Profit up 29% in Q3

Square Inc. has reported bitcoin revenue of $1.82 billion in the third quarter, an 11% increase from the same period last year. Its bitcoin gross profit was $42 million during the time period, a 29% increase year-over-year.

Square’s Bitcoin Profit up 29% in Q3

In the company’s Q3 2021 Shareholder Letter, published Thursday, Square Inc. reported total net revenue of $3.84 billion in the third quarter, up 27% year-over-year.

The company’s bitcoin revenue is generated from its mobile payment service, Cash App. The platform generated $2.39 billion in revenue and $512 million in gross profit in Q3, a 16% and 33% increase year-over-year, respectively. Square wrote:

Cash App generated $1.82 billion of bitcoin revenue and $42 million of bitcoin gross profit during the third quarter of 2021, up 11% and 29% year over year, respectively.

Bitcoin gross profit accounted for approximately 2% of Square’s total bitcoin revenue in Q3. The company explained that bitcoin revenue is the total sale amount of bitcoin to customers, adding that bitcoin costs are the total amount of bitcoin that it purchases. “We purchase bitcoin to facilitate customers’ access to bitcoin,” the company said.

Compared to the second quarter, however, Square’s bitcoin revenue and gross profit decreased on a quarter-over-quarter basis, the company detailed, adding that it was “driven primarily by relative stability in the price of bitcoin, which affected trading activity compared to prior quarters.”

Furthermore, the company warned that in future quarters, “bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin, particularly as we lap strong growth rates on a year-over-year basis in the fourth quarter of 2020.”

Square further noted that it invested $50 million in bitcoin in the fourth quarter of last year and $170 million more in the first quarter of this year. In the third quarter, the company recognized an impairment loss of $6 million on its bitcoin investment. Square wrote:

As of September 30, 2021, the fair value of our investment in bitcoin was $352 million based on observable market prices, which is $203 million greater than the carrying value of the investment.

What do you think about Cash App’s bitcoin revenue? Let us know in the comments section below.

Polygon Reveals Details About Its Future Collaboration With LBank During AMA

Polygon Reveals Details About Its Future Collaboration With LBank During AMA

PRESS RELEASE. Recently, LBank Exchange held an AMA session with the Polygon team, discussing Polygon’s achievements, collaborations, NFT and Gaming markets, Nightfall solution, future plans and so on. Here’s the summary of this AMA.

Ethereum is the blockchain development platform of choice, but it has limitations such as low throughput, poor UX, and no sovereignty. As a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, Polygon breaks through these limitations by aggregating scalable solutions on Ethereum and supporting a multi-chain Ethereum ecosystem.

Polygon Outperforms Ethereum In-terms Of Active Users

As a layer 2 solutions aggregator built on top of Ethereum, Polygon has made some great achievements since its birth, its POS chain has over 2000 DApps live and processes over 7 million transactions daily. In fact, Polygon now has more daily active users than Ethereum.

MATIC, the token for the polygon network, is already live on trading platforms like LBank Exchange, and currently the trading volume of it is over 1 billion across exchanges. Polygon team is aiming to make more people hold MATIC tokens, and it’s hoping to see MATIC’s trading volume on LBank Exchange continue to grow as well.

Expanding the Polygon ecosystem

With the power to bring thousands of new users into blockchain, NFT and Gaming markets are strategic sectors that Polygon continues to focus on. There are already some of the largest gaming projects live on Polygon, such as Decentral Games, Sandbox, Somnium Space, Vulcan Verse, etc. As for NFT projects, there are OpenSea, Lazy.com, Autograph, etc.

The team will be bringing many more such games and NFT projects onto Polygon so that its community can enjoy more artwork and fun. In addition, Polygon allows for massive scalability, and compared to Ethereum, minting costs on Polygon are 100,000 times cheaper on average.

Polygon also has products designed for enterprise customers who need privacy and scalability, such as Nightfall, a one-of-a-kind, privacy-focused Rollup that combines Optimistic Rollups with Zero-Knowledge (ZK) cryptography commonly used in ZK Rollups. It creates a scalable and private hybrid of the two popular technologies.

Polygon Nightfall has the power to bring many large enterprises into blockchain, the team believes that it will lead to a large number of transactions on Polygon and further add new projects and users to the Polygon ecosystem.

Big Plans Ahead

The Polygon team has already got some big plans ahead. On the technical side, Polygon is investing heavily into ZK and ZK Rollup technology, for example, the team has already spent $250 million on acquiring Hermez, which is a decentralized, open-source ZK Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.

Polygon has also acquired another 4 teams to build more ZK Rollup chains, to achieve the goal of building highly scalable EVM enabled ZK Rollup technology. In addition, Polygon has updates coming for its POS chain and details on EIP 1559 implementation.

On the business side, Polygon has many exciting updates as well, with lots of big DApps and integrations planned. Significantly, Arjun, Polygon’s Head of Growth, points out that LBank is enhancing its global branding. He also assures that the love of the community makes the team achieve its goals, so it will continue to collaborate with LBank Exchange to bring more Polygon projects and tokens to the community. Polygon team will keep posting on its official social media accounts such as Twitter to reveal more details about future plans and latest updates.

 

About Polygon

Polygon is a layer 2 aggregating scalable solution on Ethereum that supports a multi-chain Ethereum ecosystem. The platform resolves the blockchain challenges like high gas fees, slow speed without sacrificing security. It is a protocol and framework to build and connect Ethereum-compatible blockchains.

Visit to Know more:

Website: https://polygon.technology/

Twitter: https://twitter.com/0xPolygon

Telegram: https://t.me/polygonofficial

Discord: https://discord.com/invite/polygon

 

About LBank

LBank is an ever-growing crypto trading platform which offers safe trading for the users worldwide. The team aspires to build the professional integration services for crypto-assets being a convenient trading platform. It has become popular with over 6.4 million users around the world.

Visit to Know More:

Website: https://www.lbank.info/

Twitter: https://twitter.com/LBank_Exchange

Telegram: https://t.me/LBank_en

LinkedIn: https://www.linkedin.com/company/lbank

Facebook: https://www.facebook.com/LBank.info/

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Moscow Confirms Arrest of Russian Crypto Entrepreneur in Amsterdam, Report Mentions FBI

Moscow Confirms Arrest of Russian Crypto Entrepreneur in Amsterdam, Report Mentions FBI

Authorities in the Netherlands have arrested a Russian national with a cryptocurrency business, the Foreign Ministry in Moscow has confirmed. The man involved in the establishment of two crypto exchange platforms was apprehended earlier this month, reportedly on a request from U.S. law enforcement.

Russian Founder of Cryptocurrency Exchangers Detained in Holland

Denis Dubnikov, co-founder of cryptocurrency exchange platforms Coyote Crypto and Eggchange, has been arrested in Amsterdam, on Nov. 1. A report by crypto news outlet Forklog quoted the spokesperson of the Ministry of Foreign Affairs of Russia, Maria Zakharova, who confirmed the news which spread on social media.

The Russian citizen was initially held and placed in an isolation ward at the airport in Mexico City. He was then boarded on a flight to the Netherlands where he was eventually arrested by Dutch authorities, allegedly on a request submitted by the U.S. Federal Bureau of Investigation (FBI), the publication detailed.

Moscow Confirms Arrest of Russian Crypto Entrepreneur in Amsterdam, Report Mentions FBI

According to a Facebook post published on Nov. 4 by Sergei Mendeleev, CEO of the defi banking platform Indefibank, the United States seeks the extradition of Dubnikov in relation to a cryptocurrency theft dating from 2018. Part of the digital money is believed to have passed through wallets operated by his crypto exchange business.

“So, a few days ago there was an extraordinary situation with the citizen of the Russian Federation Dubnikov Denis Mikhailovich. For a completely indistinct reason, he was detained at the airport in Mexico upon arrival and… was suddenly deported (precisely deported!) to Amsterdam…,” Mendeleev explained, asking how is it possible for this to happen to Russian citizens.

“Friends, I think there is a reason to ask the Russian Foreign Ministry for a reaction, maybe Maria Zakharova will give her weighty comment?” Mendeleev noted. In response to his call on social media, Zakharova confirmed the information about Dubnikov’s detention and added:

Russian diplomats in the Netherlands provide assistance to a detained Russian citizen, [they] are in contact with local law enforcement agencies on the issue of observing his rights.

Dubnikov Arrested Amid Anti-Money Laundering Investigations Against His Crypto Business

The news of Denis Dubnikov’s arrest comes after a Bloomberg report revealed this week that his Eggchange is the target of anti-money laundering investigations in Europe and the U.S. This case follows the blacklisting of another Russia-based crypto business on similar allegations. In September, the U.S. Treasury Department adopted sanctions against the Czech-registered OTC crypto broker Suex which operates out of offices in Moscow and Saint Petersburg.

Dubnikov is not the first Russian crypto entrepreneur detained on a U.S. warrant. In the summer of 2017, the Russian IT specialist Alexander Vinnik was arrested in the Greek city of Thessaloniki, where he arrived on a vacation with his family. American prosecutors claim Vinnik, an alleged operator of the infamous BTC-e exchange, has laundered up to $9 billion through the now-defunct coin trading platform. He has since been extradited to France and sentenced to five years in prison for money laundering. In May, the French judiciary rejected a request for his extradition to Russia where he would also face charges.

The sanctioned crypto broker Suex is believed to have laundered digital money related to what was once the largest cryptocurrency exchange on the Russian and regional market. In August, Polish authorities detained Dmitry Vasiliev, former chief executive of BTC-e’s successor, Wex, at the airport in Warsaw. Vasiliev is wanted in Kazakhstan where he is accused of fraud related to the platform and is awaiting a decision on his possible extradition. Poland officially confirmed his arrest in September.

Do you expect other arrests of Russian nationals on crypto-related allegations? Tell us in the comments section below.

Growing Number of US Mayors Want to Be Paid in Bitcoin

Growing Number of US Mayors Want to Be Paid in Bitcoin

A growing number of mayors in cities across the U.S. have said they want to be paid in bitcoin. The mayor of Miami said he is going to take his entire salary in the cryptocurrency, two other mayors will be converting their paychecks into bitcoin, and the mayor-elect of New York City will take his first three paychecks in crypto.

More Mayors of US Cities Ask to Be Paid in Bitcoin

A growing number of mayors in U.S. cities want to be paid in bitcoin. At the time of writing, at least three mayors and one mayor-elect have said that they will take their next paychecks in bitcoin.

The first mayor to say that he will be paid in bitcoin is the mayor of Miami, Florida, Francis Suarez, who tweeted Tuesday, “I’m going to take my next paycheck 100% in bitcoin.”

Responding to Suarez’s tweet, the mayor-elect of New York City, Eric Adams, tweeted that he will take his first three paychecks in bitcoin when he takes office as mayor of NYC.

Following Adams’ tweet, Suarez said in an interview with Fox Business that he will not just take his next paycheck in bitcoin but will take his entire salary in BTC. The mayor of Miami noted that the city’s CIO “was the first employee to actually take a percentage of his salary in bitcoin,” elaborating:

I am going to be employee number two … I will be taking 100% of my salary in bitcoin.

“We certainly are not going to impose it on anyone,” the mayor emphasized. “It will be completely optional … We want our employees to have that option, but it certainly is not going to be something we are going to force on them, understanding that a decision like that is a personal decision they have to make if they want to make it.”

Suarez has recently been re-elected as the mayor of Miami. He has been trying to build his city into the crypto capital of the world.

Two other mayors have said that they want to be paid in bitcoin.

Mayor Scott Conger of the city of Jackson, TN, who is also trying to build his city into a bitcoin hub, tweeted Thursday:

While state law prohibits the city of Jackson, TN, from paying me in bitcoin, I’ll follow the lead of [Miami Mayor] Francis Suarez & [NYC Mayor-elect] Eric Adams and instantly convert my next paycheck to bitcoin.

Another mayor interested in being paid in bitcoin is the mayor of Tampa, Florida. On Friday, WTSP, a CBS-affiliated television station, reported that Tampa is trying to be the hub for cryptocurrency and the city’s mayor wants to prove that she is all in.

During Friday’s Bitcoin and Blockchain Summit in Tampa, Mayor Jane Castor floated the idea of receiving her paychecks in bitcoin. A spokesperson for the mayor, Lauren Rozyla, then said the mayor has agreed to accept two paychecks in BTC. However, she is unsure how it will happen exactly. “It may involve her being paid in regular dollars and then investing immediately in bitcoin,” the spokesperson noted.

Do you think mayors of U.S. cities should be paid in bitcoin? Let us know in the comments section below.

Stablecoin Valuations Continue to Swell, MIM and MUSD Market Caps Increase by Triple-Digits in 30 Days

Stablecoin Valuations Continue to Swell, MIM and MUSD Market Caps Increase by Triple-Digits in 30 Days

In mid-October, the market capitalization of all the stablecoins in existence was $134 billion and during the last three weeks, the valuation has increased by 5.59% to $141.5 billion. While terrausd’s market cap jumped by 6.7% over the last month, the stablecoin DAI saw an increase of 27.3% in 30 days. The largest stablecoin by market capitalization increased by 6% this month with a grand total of 73 billion tethers in circulation today.

Stablecoin Capitalization Increases by 5.59% Over the Last Month — Makerdao’s Stablecoin Rises 27%

On October 13, 2021, the largest stablecoin market cap held by tether was $70.9 billion and it is now $73 billion. The stablecoin market USDC was $33.3 billion and today it’s $34.2 billion. While tether’s (USDT) market cap jumped last month by 6%, USDC’s increase was slightly less with a 5.8% increase in 30 days.

Out of the top five stablecoins in terms of overall valuation, the stablecoin DAI, issued by Makerdao, rose the most with a 27.3% jump last month. Terrausd, the stablecoin issued by the Terra network, increased 6.7% this past month and was the second-largest 30-day gainer.

Mstableusd, Magic Internet Money See Triple-Digit Increases — TIME, KLIMA Rebase Tokens Rise

An outlier in the top stablecoins, positioned in the sixth spot is magic internet money (MIM) which saw a massive 30-day increase of 152.3%. The abracadabra.money issued MIM stablecoin has a market valuation of $2.5 billion and $112 million in 24-hour trade volume. At the time of writing, the AVAX-based decentralized exchange (dex) platform Trader Joe is the most active MIM exchange. While MIM increased by 152% last month, it’s the second-largest gainer as mstableusd (MUSD) rose by 379.4%.

MUSD now has a market valuation of $139.3 million and $2 million in global trade volume. While the top stablecoin market caps have increased, their sibling protocols — rebase tokens — have risen as well. The top rebase (reserve token) olympus (OHM), however, is down 25.5% during the last seven days. The second and third largest rebase tokens wonderland (TIME) and klima dao (KLIMA) have increased. TIME seven-day stats swelled by 38.5% and KLIMA’s weekly metrics rose 10.5%.

What do you think about the swelling stablecoin market valuation and the rise of rebase tokens? Let us know what you think about this subject in the comments section below.

Q3 NFT Report Shows Non-Fungible Token Markets ‘Are in Phase of Dynamic, Unstoppable Growth’

Q3 NFT Report Shows Non-Fungible Token Markets ‘Are in Phase of Dynamic, Unstoppable Growth’

Non-fungible token (NFT) assets have seen significant demand since the beginning of 2021 and third quarter statistics show that key indicators have continued to rise. Just recently nonfungible.com published its Q3 2021 NFT Quarterly Report which shows active wallets increased, the number of NFT buyers has risen, and the number of sellers has grown faster than the amount of buyers.

NFT Action Spikes Higher in Q3

NFT market action in Q3 2021 broke previous recorded quarterly metrics as NFT demand continues into the last few months of the year. The web portal nonfungible.com’s researchers published a study that covers 2021’s third quarter and data shows that most indicators are growing. For instance, active wallets, the number of wallets that have interacted with an NFT smart contract, increased 102.52% from 203,719 active wallets in Q2 to 412,578 in Q3.

Q3 NFT Report Shows Non-Fungible Token Markets ‘Are in Phase of Dynamic, Unstoppable Growth’

NFT buyers increased by 166.73% from 97,658 in Q2 to 260,489 in the third quarter. Sellers jumped from 40,056 to 122,910 and saw a much larger 206.84% increase during the last quarter. The amount of U.S. dollars exchanged for NFTs in Q2 was $782 million but in Q3 it rose a great deal to $5.9 billion.

“During the volume of USD traded all-time high at the end of August, we saw another all-time high in terms of active wallets,” nonfungible.com’s Q3 report notes. “The Weekly Volume which was already almost $91M per week climbed to $1.674B within 2 months.” Nonfungible.com’s researchers add:

After this peak, we notice that the weekly volume stabilizes at a level almost 3 times higher than its previous level, at around $300M per week.

In terms of loyalty, NFT patrons like metaverse NFTs are the most loyal and this is followed by NFT collectibles. Sports, games, art, and utility NFTs follow collectibles as far as NFT loyalty is concerned. Collectibles saw the most sales capturing 76% of sales while 9% of sales were focused on art NFTs. Sports would be the least sold NFTs with only 1% of the sales in the third quarter.

Q3 Report Indicates That the ‘NFT Market Is Evolving Fast and at an Exponential Rate’

The biggest collectible NFT projects include Cryptopunks and Bored Ape Yacht Club (BAYC). In terms of collectible NFTs “the primary market share has more than doubled, to represent 75% of the entire collectibles market,” the study’s researchers detail. “This extremely high rate reflects the relative saturation of this segment: too many assets issued for too little resale, or at lower prices.”

Q3 NFT Report Shows Non-Fungible Token Markets ‘Are in Phase of Dynamic, Unstoppable Growth’

The researcher’s report concludes that the market is evolving fast and at “an exponential rate.” The liquidity has been unprecedented but also “more of a speculative and volatile market than ever before,” the Q3 NFT report explains. “The recent growth of the NFT industry has been almost unbelievable, in just a few short months, the billion-dollar mark was crossed in traded NFTs, followed by billion per quarter and only then to be surpassed by billion per month,” nonfungible.com’s study reveals. The researchers further conclude:

If we are to believe the current figures, the market is in a phase of dynamic and unstoppable growth, with no shadows hiding in the corners. However, the reality is a little different and we would like to be clear that indicators such as the traded volume in USD or the number of trades are not the best metrics by which to monitor the market as they only reveal the very tip of the iceberg.

What do you think about the non-fungible token (NFT) asset action in the third quarter? Let us know what you think about this subject in the comments section below.

Litentry Crowdloan Allocates 20% LIT Total Supply and Partners With Binance With Extra $2.5M Reward Pool

PRESS RELEASE. Litentry, a decentralized identity aggregation protocol, has revealed the launch of its Crowdloan Reward Program scheduled to go live from November 4, 2021. This represents a significant development in its quest to win a slot ahead of the upcoming Polkadot parachain auction. Join the crowdloan on Binance now to enjoy 20% LIT (20,000,000 LIT) total supply with an extra $2.5M reward pool, with approx. 2760% APY as of Nov 4.

An Innovative Crowdloan program

Crowdloan is a growing trend taken by projects to receive enough funding to participate in Polkadot’s parachain auction. Participants contribute by staking DOT into a crowdloan vault stored on the blockchain for a designated period.

Compared to other projects, Litentry has designed an innovative crowdloan system that incentivizes contributors. To this effect, Litentry has allocated 20,000,000 LIT tokens representing 20% of its token supply as basic rewards for the crowdloan campaign. Interested participants have until December 17, 2021, to lock their tokens in the crowdloan pool, which has a hardcap of 8,000,000 DOT, which none of it’s slot 1 competitors has. This hardcap would make sure the DOT rewards each participant gets will not be diluted after the staking DOTs reaches a safe winning amount.

Contributors will need to stake a minimum of 5 DOT into the crowdloan staking pool to be eligible for rewards. The staking pool will be locked for 96 weeks, and rewards distribution will begin once the Litentry parachain connects to the Polkadot relay chain.

Litentry will be rewarding participants a minimum of 12.5 LIT tokens for every 5 DOT staked. Contributors can also get an additional 10% bonus by staking their tokens before the parachain auction or a 5% bonus during the first seven days of the parachain auction. Also there will be an extra 10% identity related bonus which will be announced soon. Giving supporters a total reward of 24% of LIT supply.

Participants can stake on Binance now to enjoy a Warm-Up promotion 1-week Warm-Up promotion will receive an extra pool of 500,000 LIT plus liquidity BDOT.

Litentry has also partnered with DeFi platforms Bitfrost and Parallel Finance to provide lending options for crowdloan contributors. Users can contribute to Litentry crowdloan pool from both platforms and receive rewards in LIT tokens + liquidity DOT derivatives.

Polkadot Parachain Auction is huge for Litentry ecosystem

Litentry is a privacy-Preserved DID Aggregator that serves unique functions in the ecosystem & provides liquidity, interoperability and consistency for the multi-chain identity data. Becoming a Parachain maximizes the efficiency of sharing identity data between Litentry and other Parachain projects.

With an aggregated cross-chain identity, blockchain projects will be able to offer dedicated graded identity services to power next-generated Web 3.0 services. For example, Litentry can be deployed and used to calculate an individual’s credit rating to facilitate analyzed DeFi services. With all the on-chain activities data aggregated by Litentry on individual addresses, user’s can generate proof in a decentralized manner by submitting the addresses for activities like IDO/airdrop whiteslisting.

The potentials of Litentry are endless and users can become part of this innovative protocol by staking their DOT in the crowdloan pool. In addition, the 96 weeks staking period also represents an excellent long-term investment for contributors who will generate value from their DOT tokens and receive LIT tokens as rewards for their stake.

About Litentry

Litentry is a decentralized identity aggregation protocol that functions across multiple networks. It features a DID indexing mechanism and a substrate-based credit computation network. Litentry also provides a decentralized, interoperable identity aggregation service that reduces the difficulty of resolving agnostic DID mechanisms.

Litentry has developed an innovative ecosystem through which users can manage their identities and dApps obtain real-time credit/reputation of an identity owner across multiple blockchains.

You can follow the latest updates on Litentry using the following links:

Website Telegram Twitter Discord

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Digital Asset Manager Bakkt Reveals Plans to Provide Ethereum Services

Digital Asset Manager Bakkt Reveals Plans to Provide Ethereum Services

On November 5, Bakkt Holdings announced that the firm will soon let customers buy, sell, and store ethereum after offering bitcoin only since the company’s launch. The firm notes that adding ethereum comes at a time when digital currency interest and adoption continue to see significant growth.

Bakkt Announces Ethereum Support

Bakkt (NYSE: BKKT) has announced the company will “soon” offer ethereum (ETH) in addition to offering bitcoin (BTC). The digital asset manager listed on the New York Stock Exchange (NYSE), as a subsidiary of Intercontinental Exchange (ICE), started offering its products three years ago in August 2018. Bakkt explained on Friday that customers and the firm’s partners will soon have the ability to buy, sell, and hold ether.

Adding ethereum follows the company’s recent partnership with Google “to introduce digital assets to millions of consumers.” Furthermore, the firm went public in mid-October after completing a merger with a firm called VPC Impact Acquisition Holdings. BKKT shares are swapping for $32.61 and the company’s market valuation is $838.82 million on November 5. The latest offering will also give institutional clients the ability to leverage the Bakkt Warehouse for custody of ethereum.

“Bakkt users have already enjoyed the app’s capabilities to leverage bitcoin and we are confident that our addition of Ethereum will be a complement to our growing ecosystem of partners and assets,” Bakkt CEO Gavin Michael said in a statement on Friday.

Meanwhile, ethereum (ETH) markets have recently tapped an all-time price high at $4,674 on November 3. Ethereum is the second-largest market by capitalization with $530 billion on Friday and 18.7% of the $2.8 trillion crypto economy. Over the last 12 months, ethereum has gained 976% and 24% during the course of the past month. Bakkt’s announcement did not disclose the launch date of when it would offer ethereum services.

What do you think about Bakkt adding ethereum in addition to bitcoin services? Let us know what you think about this subject in the comments section below.

Nigerian Experts Insist Africa’s First CBDC Is Presently Not for the Unbanked

While the Central Bank of Nigeria (CBN) continues to tout the e-naira’s credentials as a tool for fostering financial inclusion, some experts agree that this central bank digital currency (CBDC) is presently not doing this.

The CBDC’s Chaotic Start

This assertion as well as the e-naira app’s brief removal from Google Play Store appears to lend credence to claims the CBN may have rushed to launch what is in fact Africa’s first CBDC.

Although a report by the Punch newspaper suggests that the CBN is now working towards the release of a version of the e-naira app for the unbanked, it still does not state when this is likely to be available. It is this apparent by the CBN that has left players in Nigeria’s blockchain industry questioning the central bank’s ability to manage this CBDC.

As one crypto expert quoted by Cryptoassetbuyer explains, this failure by the CBN to roll out a digital currency that is accessible to all Nigerians means the central bank is unlikely to achieve its main goal of bringing financial services to Nigeria’s unbanked population. The expert, Chiagozie Iwu, the founder of Naijacrypto and CEO of CI Cryptosolutions, explained:

Firstly, the app requires me to use my bank’s app before I am able to transact with it; so what service does it offer me that my banks don’t already offer? So it doesn’t look to me that the CBN is targeting people that do not have a bank account. Obviously, anybody with a smartphone to download an app should also have a bank account in the first place. The fact that I have to use my bank account to log in defeats the saying that they are going to “bank the unbank.”

Although the CBN repeatedly promised that its e-naira wallet would be available to non-smartphone users to transact with the digital currency, at the time of writing this service was still not available.

The CBN’s Trust Deficit

Meanwhile, in addition to its non-availability to feature phone users, the e-naira app could well be a product of haphazard planning, according to Iwu. While conceding that the e-naira app — just like other applications — may have a few “bugs” Iwu suggested that this could have been avoided had the CBN properly used the funds that had been set aside for the project.

Another expert, Charles Okaformbah, the CTO at Convexity, suggested a beta test could have prevented the CBN from releasing the faulty app. The report quotes Okaformbah explaining:

I think that if the app developers had done a lot of tests — say close testing of the application with some selected group of people outside the development team — I believe some of the issues would have been noticed and fixed.

Economist, Lloyd Onaghinon, thought the collaboration between the CBN and players in the Nigerian blockchain industry could have resulted in a much better final product.

In its conclusion, the Cryptoassetbuyer report states that there is a noticeable trust deficit and that the onus is on the CBN to fix this.

Do you agree that the CBN may have rushed rolling out its CBDC? Tell us what you think in the comments section below.

Mythical Games Raises $150 Million in Series C Funding Round Led by A16z

mythical games

Mythical Games, a blockchain-based gaming company, has raised $150 million in its series C funding round. The round was led by A16z, who is aggressively investing in these kinds of crypto initiatives. It also had the participation of other companies like D1 Capital, Redbird Capital, The Raine Group, as well as from well known cryptocurrency exchanges like Binance and FTX.

Mythical Games Gets Unicorn Status in Latest Funding Round

Mythical Games, a blockchain gaming company, raised $150 million in its latest funding round, which was led by VC company A16z. Other backers included D1 Capital, Redbird Capital, and The Raine Group. From the cryptocurrency exchange side, the funding round attracted the attention of Binance and FTX as well. This series C put Mythical games over the level of a unicorn company, reaching a valuation of $1.25 billion.

The rise of Mythical and other similar gaming initiatives signals the interest and validity that the market has given these new technologies. This funding round comes on the heels of Mythical Games’ last funding round, which happened four months ago as it raised $75 million. Mythical Games’ proposal is considered interesting because it has developed an engine that allows other companies to include blockchain aspects in games that are already under heavy development.

The name of this tool is the Mythical Platform, and it also supports the construction of gaming experiences from the ground up. Mythical Games stated that most of the funds received will be used to continue growing its team and scaling it up to bring more developments to use this tool.

A16z on a Blockchain Investing Spree

A16z, the known venture capital company, has been very active in putting funds behind startups involved in the blockchain gaming industry. Just last month, A16z was involved in the latest funding round of Axie Infinity, the play-to-earn blockchain game built on Ethereum. The company led the funding round, which raised $152 million and gave the game a valuation of $3 billion.

In the same way, Yield Guild Games, a guild group that specializes in extracting value from play to earn experiences, got a fund injection by A16z, which led its $4.6 million funding round last August. A16z also led the $100 million series B funding round for Opensea, a leading NFT marketplace on top of the Ethereum blockchain in July.

What do you think about Mythical Games’ latest funding round? Tell us in the comments section below.