Daily Archives: November 17, 2021

Blockchain Industry to Surpass $67 Billion by 2027: Fintech Report Names 2021’s Most Influential Blockchain Companies

Blockchain Industry to Surpass $67 Billion by 2027: Fintech Report Names 2021's Most Influential Blockchain Companies

Financial technology (fintech) has exploded during the last two years and cryptocurrency and blockchain firms have bolstered the billion-dollar industry. A recently published study by Utility Bidder indicates that the industry is predicted to surpass $382 billion by 2027. Moreover, fintech firms that are blockchain-specific are projected to be worth over $67.4 billion by 2027. The recent study also highlights that Kraken is the most influential blockchain company of 2021.

Kraken Named 2021’s Most Influential Blockchain Company

Numerous research studies have shown the fintech universe continues to grow exponentially and digital currency and blockchain solutions are a big part of this trend. This week, researchers at Utility Bidder analyzed 50 fintech firms that were selected in Forbes’ 2021 Fintech 50 report.

Utility Bidder’s study broke the selected firms down into four factors, with a normalized score out of ten for each factor. Factors included total funds raised, the latest known valuation, number of Twitter followers, and the global searches stemming from Google Ads Keyword Planner between August 2020 and July 2021.

According to the study, blockchain-specific firms will represent $67.4 billion by 2027, or 17.64% of the aggregate $382 billion estimate. The report’s findings detail that the cryptocurrency exchange Kraken was considered the most influential blockchain company of 2021. The exchange got a rating of 5.64/10 in the influence ranking and was followed by Gemini. The Gemini exchange has a blockchain score of 2.33/10 and a valuation of around $5 billion compared to Kraken’s valuation of $20 billion today.

Only 16% of the 50 Fintech Firms Listed Are Associated With ‘Blockchain and Bitcoin’

The two exchanges are followed by Blockfi, Paxos, Chainalysis, Anchorage, Fireblocks, and Alchemy respectively. In terms of financial technology as a whole, the top five fintech firms include Robinhood, Stripe, Kraken, Klarna, and Wise. The payments firm Wise is followed by Current, Chime, Gemini, Carta, Blockfi. While Kraken’s valuation is $20 billion it is higher than Robinhood’s $11.7 billion but smaller than Stripe’s $95 billion valuation.

The lowest valuation on the blockchain list in the fintech company rankings, Alchemy has a valuation of around $505 million today. Only eight companies out of the list of 50 were noted as being associated with “blockchain & bitcoin” in terms of categories. The blockchain firms mentioned are amidst fintech companies that specialize in investing, personal finance, payments, B2B-lending, insurance, real estate, and enterprise solutions.

What do you think about Utility Bidder’s study that mentions the eight blockchain firms and the study listing Kraken as the most influential blockchain company of 2021? Would you agree with the findings in this fintech study? Let us know what you think about this subject in the comments section below.

Moledao Launches Pioneering Web 3.0 Hackathon on the Metaverse

PRESS RELEASE. Moledao, a social platform for blockchain enthusiasts, announced today its upcoming Web 3.0 Hackathon. This pioneering global hackathon will be held in the metaverse, and take place from 15th November 2021 to 9th January 2022. Web 3.0 is the vision for the next internet generation that is decentralized, verifiable and secure.

Participants are invited to work on real-life solutions related to the main hackathon theme of Web 3.0 with the three recommended tracks:

  1. Multi-chain Decentralized Applications (dApps) – create cross-chain interoperability solutions
  2. Metaverse – create a purpose-built metaverse or build on top of existing metaverses
  3. Decentralized Autonomous Organizations (DAOs) – build and govern truly community-owned DAO initiatives

Participants will have the opportunity to obtain VC institutional investment, industry mentorship and win a total of $100K in grants and prizes. Moledao, a global blockchain ecosystem builder, wants to bring the best developers together to turn innovative blockchain ideas into reality and is hosting the Web 3.0 Hackathon to bolster this goal.

Web 3.0 Hackathon is supported by Bybit, BitDAO, Web3 Collective and Blockchain Infrastructure Alliance, which includes established organizations like EthSign, Mask, Torus, Biconomy, Polygon, PingCAP, and Alchemy Pay. The hackathon aims to be a platform that empowers developers to create projects that are innovative, user-friendly and applicable in real-life.

Bybit co-founder and CEO Ben Zhou explained, “Web 3.0 is an exciting space to be in. We now have an opportunity to wrestle back power from the few Web 2.0 giants and return it to the greater internet community. We are delighted to support Moledao’s hackathon, and help encourage and empower developers to build the Web 3.0 future together.”

Co-founder of EthSign (Web3 Collective Initiator, a consortium of Web 3.0 projects) Potter Li commented, “Blockchain innovations that make low-cost decentralized computing and storage possible give rise to Web3 applications that have user experiences as frictionless as Web2 applications. EthSign is built on this vision. We wish to partner with leading Web3 projects to push forward the development and adoption of the decentralized internet.”

“Our goal is to solve the key infrastructure problems to help advance the entire blockchain industry. The vision of Alchemy Pay and BIA are quite aligned with Moledao’s Hackathon. We believe in blockchain and crypto services that provide utility and benefits readily accessible to the rest of the world and look forward to more innovations in these areas,” said John Tan, Founding Partner of Blockchain Infrastructure Alliance (BIA).

New and exciting things are gradually shaping the future, which brings our reality closer to the Web 3.0 dream. Register now for the hackathon and free exclusive Web 3.0 related workshops here.

About Moledao

Moledao is a social platform for all blockchain enthusiasts to learn about the latest in blockchain, grow and contribute to build more innovative ideas with the help from experienced blockchain pioneers and innovators. It aims to bring blockchain to everyone and grow the ecosystem through education and global hackathons.

For more information, visit http://moledao.io or follow @moledao_io on Twitter.

Contact

Media, Partnerships & General Enquiry:

[email protected]

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China Targets Crypto Mining at State-Owned Enterprises, Threatens Punitive Measures

China Targets Crypto Mining at State-Owned Enterprises, Threatens Punitive Measures

Authorities in China are continuing to crack down on activities linked to cryptocurrencies which they consider illegal. The country’s top economic planning body has clearly indicated it intends to go after large-scale cryptocurrency mining taking place at government-operated industrial facilities.

State Firms Mining Crypto in China to Face Higher Electricity Bills

China’s National Development and Reform Commission (NDRC) announced Tuesday it plans to concentrate on the “comprehensive rectification” of state-run industrial enterprises involved in the extraction of digital currencies. The initiative is part of an ongoing crackdown on crypto-related operations that are banned in the People’s Republic.

The economic planner cited concerns over energy waste associated with crypto mining as well as financial activities linked to cryptocurrencies, reiterating these are deemed illegal in China. Virtual currency does not have the same status as legal currency, the commission emphasized, quoted by CGTN, the international arm of the national broadcaster, CCTV.

The NDRC noted that the disruption of crypto mining activities at state-owned companies will facilitate the optimization of China’s industrial structure. The commission also believes this will boost energy conservation and the reduction of emissions while helping the nation to achieve its carbon neutrality goals on schedule.

Digital coin minting consumes a lot of energy, the planning body further remarked. In order to discourage government-run entities from spending a lot of power on it, those that are now using subsidized electricity for crypto mining may face higher electricity rates in the future. Meng Wei, a spokesperson of the NDRC, revealed at a press conference that the commission intends to study the possibility of levying “punitive” tariffs as part of its preventive measures.

In early October, the National Development and Reform Commission proposed to add cryptocurrency mining to the country’s latest draft of the “Negative List for Market Access,” jointly released with the Chinese Ministry of Commerce. The move would make the industry off-limits to investors. The 2020 edition of the list consists of 123 industries, as Bitcoin.com News reported.

China banned cryptocurrency trading in 2017 but authorities did not interfere with crypto mining until earlier this year. In May, the State Council, the cabinet of ministers in Beijing, clamped down on the sector following President Xi Jinping’s pledge for the country to achieve carbon neutrality in the next four decades. In September, the People’s Bank of China reiterated its hardline stance on cryptocurrencies.

Along with the signing of the infrastructure bill by U.S. president Joe Biden, which concerns crypto taxation, the latest announcement by the NDRC in China has likely influenced cryptocurrency markets, which shed billions of dollars in capitalization. Major cryptocurrencies fell on Tuesday, when the coin with the largest market cap briefly dipped below $60,000. Bitcoin (BTC) is trading at a little over $60,500 at the time of writing.

Do you expect China to continue its crackdown on cryptocurrency mining? Let us know in the comments section below.

12-Month Mega Gains — A Dozen Crypto Assets Gained More Than 7,000% Since Last Year

12-Month Mega Gains — A Dozen Crypto Assets Gained More Than 7,000% Since Last Year

The crypto asset bitcoin has seen a phenomenal year gaining 261.5% over the last 12 months and the second leading crypto asset, ethereum, rose by 819.9% since mid-November 2020. However, a slew of digital currencies saw much larger gains during the last 12 months and a dozen crypto assets have gained anywhere between 7,000% to a whopping 27,000% in value.

12 Crypto Assets That Spiked 7,000% to Over 27,000% in Value Since Mid-November 2020

On Wednesday, November 17, 2021, the crypto economy with its 10,870 coins and 523 exchanges, is worth over $2.7 trillion. Meanwhile, during the last year, bitcoin (BTC) spiked more than 261% and its $1.1 trillion market valuation represents 41.3% of the crypto economy.

Ethereum (ETH), on the other hand, is the second-largest market capitalization with just over $500 billion in value or 18.2% of the $2.7 trillion. ETH has risen 819% during the last 12 months, but 12 different crypto assets outpaced both BTC and ETH’s 12-month gains combined.

The biggest gainer this year is Axie Infinity (AXS) which has spiked 27,232% since November 16, 2020. AXS is one of the native tokens tethered to the blockchain video game called Axie Infinity and was crafted by a team called Sky Mavis.

The digital collectibles platform ecomi.com’s ecomi (OMI) token has climbed 16,545.52% in 12 months. The third-largest gainer during the last year is the token called conscious value network (CVNT) which has spiked 16,326.89% since mid-November 2020.

The fourth biggest gainer this past year is terra (LUNA) as the digital asset has jumped 13,701 over the last year. The fifth-largest token rise belongs to fantom (FTM) as the crypto asset spiked 11,178% since mid-November 2020.

FTM is followed by kadena (KDA) +10,801%, solana (SOL) +9,855%, hydro (HYDRO) +9,708%, sandbox (SAND) +9,007%, polygon (MATIC) +8,793%, dogecoin (DOGE) +8,053%, and rubic (RBC) +7,325%.

The top ten crypto coins that lost over 90% in values since mid-November 2020, include tokens like cherry (CHERRY) -99.64%, hyperion (HYN) -99.08%, genesis vision (GVT) -98.70%, empty set dollar (ESD) -97.94%, exchange union (XUC) -91.87%, blockmason (BCPT) -91.80%, and lien (LIEN) -90.99%.

What do you think about the top 12 gainers during the last year? Let us know what you think about this subject in the comments section below.

$9 Billion in Bitcoin: Court Trustee Says Mt Gox Rehabilitation Plan ‘Final and Binding’

$9 Billion in Bitcoin: Court Trustee Says Mt Gox Rehabilitation Plan 'Final and Binding'

Mt Gox claimants may see restitution soon as a recent filing from the Tokyo District Court’s trustee Nobuaki Kobayashi explains that the rehabilitation plan is now “final and binding.” The document published on Tuesday notes that an announcement will follow that discloses the “details of the specific timing, procedures, and amount of such repayments.”

Mt Gox Creditors May See Bitcoin Returned Soon

On Tuesday, Nobuaki Kobayashi published a notice of confirmation that the rehabilitation plan has been finalized. $Over 9 billion worth of bitcoin (BTC) may find its way back to the original owners who lost money during the Mt Gox hack and bankruptcy that followed. Since 2014, thousands of former Mt Gox users have tried to get their funds back and have been met with a myriad of obstacles over the years.

Kobayashi’s filing says that the Tokyo court revealed the draft rehabilitation plan in May and on October 20, 2021, it was “approved by a large majority of rehabilitation creditors.” The court filing does not disclose when the funds will be disbursed and if the funds will be paid directly in bitcoin (BTC). “An announcement will be made to rehabilitation creditors on the details of the specific timing, procedures, and amount of such repayments,” Kobayashi said.

Mt Gox was one of the largest bitcoin exchanges before it went under in 2014, which saw close to 24,000 customers affected. The exchange was operated by Mark Karpelès and originally the exchange lost 850,000 BTC but Karpelès managed to locate some of the bitcoin from cold storage. Reports detail that there’s roughly 150,000 BTC that Kobayashi reportedly will distribute to Mt Gox creditors.

Creditors Must Use the Mt Gox Online Filing System — A Large Number of Inquiries May Delay Reply Times

The court filing published on Tuesday further explains that the trustee expects “all the rehabilitation creditors” to register information such as bank account info using the online filing system. The website details that the period for filing proofs tied to claims ended on October 22, and since then users can no longer file proofs of rehabilitation claims via the online filing system.

Kobayashi adds that the trustee and court will not respond to direct inquiries or emailed inquiries concerning the claim process. Moreover, those who leverage the online filing system may still have to wait a bit longer as Kobayashi explained that a large number of inquiries may delay reply times.

What do you think about the latest Mt Gox reimbursement filing? Let us know what you think about this subject in the comments section below.

Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com Arena

Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com Arena

Staples Center, one of the most iconic and globally recognized sports and entertainment arenas in the world, is changing its name to Crypto.com Arena. Crypto.com has also become an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.

Staples Center’s New Name Is Crypto.com Arena

AEG, the owner of Staples Center, and Crypto.com “have launched a historic, 20-year naming rights agreement that will rename the AEG-owned and operated Staples Center,” both companies independently announced Tuesday.

Located in downtown Los Angeles, the 20,000-seat, award-winning arena described itself as “one of the most iconic and globally recognized sports and entertainment arenas in the world.” It serves as the official home of the National Basketball Association (NBA) teams Los Angeles Lakers and LA Clippers as well as the National Hockey League (NHL) team LA Kings and the Women’s National Basketball Association (WNBA) team Los Angeles Sparks.

Crypto.com has agreed to pay more than $700 million for the naming rights, according to reports. The announcement details that the name change will be effective on Dec. 25, adding:

AEG and Crypto.com will unveil the newly named Crypto.com Arena on Christmas Day … This agreement also makes Crypto.com an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.

The new agreement includes “official designations across Crypto.com Arena, L.A. LIVE, Microsoft Theater, The Novo, the Los Angeles Lakers, and the LA Kings,” the announcement adds.

“Each year, the world-class venue hosts over 240 major high-profile events of national and international distinction and over 4 million guests,” the announcement further states. Events range from professional sports, concerts, family and award shows, and special events, including the Grammy Awards, NBA All-Star Games, and NHL All-Star Games.

Todd Goldstein, chief revenue officer of AEG, commented:

This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come.

In October, Crypto.com partnered with famous Hollywood actor Matt Damon on its first global campaign called “Fortune Favours the Brave.” Earlier this year, the exchange partnered with an F1 team.

What do you think about Staples Center changing its name to Crypto.com Arena? Let us know in the comments section below.

FMFW.io Has Listed Audited Asset-Based Stablecoin – EURST

PRESS RELEASE. EURST will be listed on fmfw.io starting November 17th.

The Euro representative digital coin you can purchase with FMFW.io with BTC and ETH pairs.

Introduction to EURST

Stablecoins, which have arisen due to the digital world’s development, are secured with assets, thus minimizing its price volatility. Simone Mazzuca took another initiative and created EURST, a currency that meets European needs.

EURST is a digital currency that is based on USD assets and which represents 1 Euro in USD. Its strength is to meet the applicable requirements of the governmental legal framework, by using a third-party reputable custodian for the funds backing the coins, and implementing an industry leading live attestation system in place.

Operating on the Ethereum blockchain (ERC20) enables fast and secure transactions. Smart contracts, which are responsible for digitizing deposited funds kept by the holder in an account, allow transactions to be made without high costs and long waiting times.

EURST allows you to secure money without losing the value of the Euro, deposit funds on cryptocurrency exchanges, and make international transfers without drastically high fees.

What are the backbones of EURST?

The EURST Team has pointed out core things that they follow while developing the coin:

  • Value – “Transparency and quality mark the proper ground for new payment habits.”
  • Goal – improving communication with the community.
  • Mission – spreading awareness of blockchain usage to make its benefits more available.
  • Sustainability – bridging the gap between digital currencies and fiat money, focusing on interoperability and increasing blockchain’s scalability, speed, and security of transactions.

Statement from FMFW.io

“The goal of FMFW.io is not only to enable the purchase of digital currencies but also to increase awareness and the possibility of operating between currencies. Our remarkable appreciation to the EURST team prompted us to venture into listing the coin on our exchange. We believe that we can all raise the accessibility of this digital world” says Danish Chaudhry, CEO of FMFW.io.

Statement from EURST

Simone Mazzuca, Director of Wallex Trust says, ​​”As one of the fastest-growing exchanges, we believe that the listing on FMFW.io Exchange will spearhead EURST into the global crypto space. With the ease of crypto and the stability of fiat, EURST is bridging the gap between fiat currency and the crypto world, giving users a reliable currency to transact anytime, anywhere, hassle-free.”

 

About EURST

EURstablecoin is a stablecoin created by the Wallex Trust and based on the ERC20 token standard of the Ethereum network.

Token issuance/redemption transactions are recorded in the chain, and off-chain transactions and reserve balances will be regularly disclosed to the public and additionally to the third-party audits.

The presence of a physical, real-time controlled, and convertible USD reserve determines the market value of EURST with a real-time USD value of EUR 1. For more information, visit the website here.

 

About FMFW.io

The mission of FMFW.io is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support, and dozens of trading pairs complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow.

 


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.

Nearly 500,000 Nigerian CBDC Wallets Downloaded Since Launch

Nearly half a million e-naira wallets have been downloaded a few weeks after the central bank digital currency (CBDC) was officially launched by Nigerian President Muhammadu Buhari, the central bank has said.

E-Naira’s Initial Trade Volumes

In addition to the 488,000 wallets that have been downloaded, Osita Nwanisobi, who is the Central Bank of Nigeria (CBN)’s spokesman, is quoted confirming that a total of 78,000 merchants from 160 countries have now enrolled to become a part of the e-naira ecosystem.

Despite the CBDC’s seemingly early success, a report by Bloomberg quotes Nwanisobi confirming that only $150,000 (62 million naira) worth of the digital currency has been traded since launch. Yet, on the other hand, Nigerians have traded some 60,215 bitcoins, which are currently valued at over $3.6 billion, between 2017 and 2020.

This traded volume, which according to the report is the largest outside the United States, suggests the cryptocurrency has become an important alternative to the depreciating naira. As previously reported by Bitcoin.com News, some Nigerians working abroad now prefer to send money back home via bitcoin. Others are using the top cryptocurrency to make cross-border payments, while some now use BTC to hedge against inflation.

Continuing Attempts to Restrict Cryptocurrency Use

However, as part of an effort to restrict the further growth and interest in cryptocurrencies, the CBN initially directed financial institutions to cut off cryptocurrency entities from the banking system. The launch of the e-naira, which is Africa’s first CBDC, is the latest attempt by the CBN to entice Nigerians away from cryptocurrencies like bitcoin.

Yet in spite of these efforts, a study by Chainalysis still found that Nigeria has one of the largest proportions of retail users that conduct cryptocurrency transactions that are under $10,000.

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

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Kyrgyzstan Shuts Down Cryptocurrency Farm With 2,500 Mining Rigs

Kyrgyzstan Shuts Down Cryptocurrency Farm With 2,500 Mining Rigs

Authorities in Kyrgyzstan have uncovered and shut down a large crypto mining farm in the north of the country. Law enforcement officials claim the illegal coin minting facility has inflicted “colossal damage” to the nation’s power grid and that they are still trying to estimate the losses.

Underground Crypto Farm Busted in Kyrgyzstan

The region of Central Asia, including the Republic of Kyrgyzstan, has become a hotspot for cryptocurrency mining lately. Companies involved in the extraction of digital coins have been attracted by its low energy rates amid an ongoing crackdown on the industry in China.

The influx of miners has been blamed for electricity shortages and some countries have been moving to mitigate a growing power deficit. In early October, reports revealed that the Kyrgyzstan government had raised the electricity tariff for crypto mining enterprises, among other consumers, citing the energy-intensive nature of their operations. Lawmakers in neighboring Kazakhstan have proposed a similar measure.

The authorities in Bishkek have also been going after underground cryptocurrency miners. In May, law enforcement agents seized 2,000 mining devices from a number of facilities minting digital currency outside the law at several locations in the capital city and Chuy region.

During a similar operation recently, the State Committee for National Security (GKNB) has busted a large illegal mining farm in the town of Druzhba, Issyk-Ata region. Its officers have confiscated another 2,500 mining machines, a media report has unveiled.

According to a press release issued by the department and quoted by Sputnik Kyrgyzstan, the data center — which was running in a greenhouse — has been operated by foreign nationals. The GKNB further notes that their illegal activities have “caused colossal damage to the electric networks of Kyrgyzstan.”

Investigators are now working to evaluate the losses for the state and establish whether the mining hardware has been legally imported into the country. The committee added that it’s also trying to identify all individuals involved in the undertaking.

Kyrgyzstan has been taking steps to regulate its growing crypto mining sector. In August 2020, the Ministry of Economy put forward a bill introducing taxation for mining activities. The legislation proposes a 15% tax levy on the cost of electricity consumed to mint digital currencies. The law also obliges mining companies to register with regulatory bodies in order to obtain permission to operate in the country.

Do you expect Kyrgyzstan to continue its crackdown on illegal crypto mining operations? Share your thoughts on the subject in the comments section below.