Daily Archives: November 18, 2021

Norway Mulls Backing Sweden’s Call for Euro Ban on Crypto Mining

Norway Mulls Backing Sweden’s Call for Euro Ban on Crypto Mining

The government in Norway is considering ways to limit the environmental impact of cryptocurrency mining and may support Swedish proposals to that end, including a European ban on proof-of-work mining. The European Commission has revealed it is already working to promote a transition to “more sustainable” protocols.

Extensive Use of Renewable Energy for Mining Is Hard to Justify, Norway Minister Says

Authorities in Norway are mulling over potential policy measures to deal with the effects of crypto mining on the environment, the country’s minister responsible for local government and regional development has indicated. As part of the review, the Norwegian government intends to look into solutions recently put forward by Swedish regulators and work for common European rules. Speaking to Euronews Next, Minister Bjørn Arild Gram also stated:

Although crypto mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the extensive use of renewable energy today.

Both countries, along with another Nordic nation, Iceland, have in the past few years become popular destinations for cryptocurrency miners. The region boasts abundant renewable energy resources and maintains relatively low electricity rates. According to Eurostat data for the first half of 2021, Norway offered the cheapest electricity for non-household consumers in the European Economic Area (EEA), with over 90% of its energy coming from hydroelectric power generation.

Bjørn Gram’s statement comes after the directors of Sweden’s financial services and environmental protection agencies called for imposing a ban on proof-of-work mining across the European Union, after a multifold increase of energy usage by bitcoin miners in the country this year. “Sweden needs the renewable energy targeted by crypto asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement,” the officials warned.

“Overall, we want our renewable energy to be used in a way that creates value and that supports the transition to a climate neutral society,” Minister Gram elaborated. His comments are part of a heated discussion in Norway regarding the use of renewable energy to power digital coin minting after Oslo introduced tax breaks for data centers in 2016. The country’s new environment minister, Espen Barth Eide, has in the past expressed concerns over Norway becoming the “world’s Bitcoin mine” at the expense of its own power-intensive industries.

European Commission Urges Crypto Miners to Move Away From Proof-of-Work Concept

Regional Development Minister Bjørn Gram did not provide any specific details regarding the regulatory policies the Norwegian government is currently considering. But if Norway decides to follow in the footsteps of Sweden, it may result in a crackdown on crypto mining operations that require significant amounts of energy.

Meanwhile, the European Commission (EC), which would be responsible for enforcing crypto regulations in the EU, has admitted that it’s already encouraging the crypto mining industry to “migrate applications” from energy-intensive proof-of-work blockchains to less demanding protocols like proof-of-stake and hybrid consensus models, Euronews Next revealed. A spokesperson for the executive body told the publication that the EC is working to promote “more sustainable forms of blockchain technologies.”

The Commission, the representative added, has “ambitious emission reduction targets” and promotes the advancement of less energy-intensive blockchain technologies through funding for startups and direct development of a public sector blockchain network. Although the Paris Climate Agreement, referred to by Swedish regulators, does not ban crypto mining, Brussels is aware of developments in jurisdictions like China and will discuss the matter with EU member states, the official added.

Do you think Norway, Sweden, and the EU will impose restrictions on energy-intensive crypto mining? Share your expectations in the comments section below.

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xSigma’s MaximNFT to Launch Beta in Late November, Including NFT Collections From Brian Tracy and Numerous NFL Players

PRESS RELEASE. WENZHOU, China/PRNewswire/ — ZK International Group Co., Ltd’s (Nasdaq: ZKIN) (“ZKIN”, “ZK International” or the “Company”), and its subsidiary xSigma Collectibles (“xSigma”), is pleased to announce the launch of MaximNFT’s open beta on November 29th. MaximNFT is an upcoming NFT marketplace launched by xSigma in partnership with Maxim magazine. It will include exclusive NFT collections from high-profile individuals such as Brian Tracy, and a host of NFL players.

Brian Tracy is a personal development speaker, and author of the worldwide best-seller “The Psychology of Achievement”. The book is just one of Tracy’s hundreds of textual, audio and video learning programs. His other works include “The Art of Closing the Sale”, “Eat that Frog” and “Maximum Achievement”.

Tracy’s NFT collection is a charity project. Jon Orlando – CEO of MaximNFT – said he looks forward to hosting the collection, alongside other charity projects on MaximNFT in the future.

Meanwhile, MaximNFT will also feature unique, 3D digital collectibles certified by their respective football stars, including Janoris Jenkins, Devon Kennard, and Denzel Perryman. Jenkins – aka “Jackrabbit” – is the cornerback for the Tennessee Titans. Meanwhile, Kennard is a linebacker for the Arizona Cardinals, and Perryman is the middle linebacker for the Las Vegas Raiders.

“Both MaximNFT and the players of the National Football League have a lot to gain from the booming NFT industry,” said CEO Jon Orlando. “Jenkins, Kennard, and Perryman are all extraordinary talents with tens of thousands of fans eager to purchase their digital merchandise.”

More details on the launch of MaximNFT, alongside its exclusive NFT collections and high-profile partnerships, will be revealed in the coming weeks.

About MaximNFT.com

MaximNFT is xSigma’s rebranding of its NFT marketplace in partnership with Maxim.com. xSigma’s NFT platform will operate under the Maxim brand and be endorsed and promoted by Maxim.com. MaximNFT targets an actively growing industry of NFTs, which surpassed $2 billion of total sales volume in 2021.

MaximNFT seeks to provide the best customer experience and innovative NFT solutions available. It will allow customers to create and sell NFTs on various blockchains, including, but not limited to, Ethereum, Binance Smart Chain, and Polkadot. Some of the collectibles will come with unique real-world experiences, such as autograph sessions, photoshoots, dinners, and other activities.

Furthermore, MaximNFT offers an innovative “NFT tokenization” feature that will allow customers to trade fractions of any NFT on the market.

The marketplace plans to focus on sports and celebrities’ collectibles, as well as gaming content. The company is betting on the rise of gaming and utilization of the NFT technology for in-game purchases and collectibles. Additionally, xSigma plans to combine NFT with new AR and VR technologies.

About Maxim.com

Maxim is a monthly men’s lifestyle magazine with over 25-years of history and a multi-million reader base that spans 75 countries. xSigma believes the Maxim.com team will add significant value to the new NFT Marketplace.

About xSigma

xSigma (including xSigma Corporation and xSigma Collectibles) is a blockchain R&D lab and a wholly owned subsidiary of ZK International. xSigma’s team includes world-class developers formerly of Google, Facebook, Ripple Labs, and 1inch.

ZK International launched xSigma as a research and development lab in 2018 to solve real- world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management, and other blockchain-based solutions. xSigma has since pivoted to decentralized finance, focusing on decentralized exchanges, stablecoins, and lending protocols.

The research lab is now actively working on its ecosystem of products. The ultimate objective is to build a range of financial tools and products for the flourishing decentralized finance industry. The xSigma team is on the leading edge of blockchain research and development that intersects decentralized finance, supply chain management, IoT, and infrastructure. Its DeFi protocol is one of many decentralized finance projects xSigma plans to launch over the next 12 months.

About ZK International Group Co., Ltd.

ZK International Group Co., Ltd. is a China-based engineering company building and investing in innovative technologies for the modern world. With a focus on designing and implementing next-generation solutions through industrial, environmental and software engineering, ZKIN owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards.

ZKIN’s core business is to engineer and manufacture patented high-performance stainless steel and carbon steel pipe products that effectively deliver high quality, highly-sustainable and environmentally sound drinkable water to the Chinese, Asia and European markets. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee. It has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the “Water Cube” and “Bird’s Nest”, which were venues for the 2008 Beijing Olympics. ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which has been stated to be 70% unfit for human contact.

In 2018, ZKIN established its wholly-owned xSigma Corporation to develop innovative software solutions that support its core operations while exploring new opportunities in smart contracts, distributed ledgers, supply chain management NFTs, and blockchain architecture. The xSigma Labs team is made up of world-class developers and engineers formerly of Facebook, Google, Amazon, Ripple and 1inch, most recently launching its first DeFi project in the Fall of 2020.

For more information, please visit www.ZKInternationalGroup.com. Additionally, please follow ZK International on Twitter, Facebook, YouTube, and Weibo. For further information on ZK International’s SEC filings please visit www.sec.gov.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in ZK International ’s filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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.

Report: Leading NFT Marketplace Opensea Presented With $10 Billion Valuation, Investors Are ‘Clamoring’

Report: Leading NFT Marketplace Opensea Presented With a $10 Billion Valuation, Investors Are 'Clamoring'

On November 17, a report disclosed that the leading non-fungible token (NFT) marketplace, Opensea, is “fielding new investment offers” according to two unknown sources familiar with the matter. The investment could propel Opensea’s valuation by six times to a $10 billion market valuation, according to the sources.

Report Claims Opensea Offered a $10 Billion Valuation

During the first week of November, the popular NFT marketplace Opensea surpassed $10 billion in all-time sales, according to statistics from dappradar.com. At the time of writing, dappradar.com metrics indicate Opensea’s all-time sales equate to $11.11 billion today.

Now, according to a report published by theinformation.com’s Kate Clark and Berber Jin, Opensea is fielding new investment offers and a new investment could make the company’s market valuation rise to $10 billion.

The two sources told Clark and Jin that the NFT marketplace did not “initiate” the financing as the people familiar with the matter stressed, “investors are clamoring for a piece of the startup.”

The fundraising rumors follow the company’s most recent Series B fundraising round in July. Opensea raised $100 million in a round led by Andreessen Horowitz and well-known investors like Tobi Lutke, Kevin Durant, and Ashton Kutcher. The Series B round propelled the company to unicorn status with a valuation of $1.5 billion after the capital raise.

Opensea Volumes Slide Month After Month Since August

The two sources stemming from theinformation.com’s editorial did not disclose the investors that are allegedly clamoring to invest in Opensea. The sources did say the magnitude of sales Opensea saw this summer was the reason behind the firms looking for a piece of the NFT marketplace. However, since August, metrics from Dune Analytics indicate that volumes have slipped lower month after month.

Opensea supports the Ethereum blockchain and Polygon blockchain and on November 17, the company introduced the Opensea mobile applications for Android and iOS. Opensea’s daily volume in ethereum (ETH) dipped through the month of October, while Polygon volumes have risen. Ether sales volume on Opensea has kicked up a notch during the second week of November.

What do you think about the sources that say Opensea is fielding investments and could increase its valuation by six times? Let us know what you think about this subject in the comments section below.

World’s Largest Collector Car Auction House RM Sotheby’s to Accept Cryptocurrencies

World's Largest Collector Car Auction House RM Sotheby’s to Accept Cryptocurrencies

On Wednesday, the world’s largest collector car auction house by total sales, RM Sotheby’s, announced the company will be accepting cryptocurrency payments via Bitpay. The firm’s upcoming Guikas Collection sale on November 19 will be RM Sotheby’s first auction to accept digital currency payments for collectible automobiles.

RM Sotheby’s Announces Crypto Payment Support via Bitpay

While cryptocurrencies have increased significantly in value, a great number of businesses have turned toward accepting digital assets for goods and services payments. The company RM Sotheby’s is a classic car auction firm that’s located in Blenheim, Ontario, Canada. Originally called RM Auctions, the company is now partly owned by the leading fine art and luxury goods auction house Sotheby’s, since 2015. On November 17, the company announced its plans to accept digital currency payments at auctions via Bitpay.

World's Largest Collector Car Auction House RM Sotheby’s to Accept Cryptocurrencies

The company chose to accept crypto assets so it can attract a new customer base in order to expand “the market for collectible automobiles to a broader cross-section of enthusiasts and collectors.” The company will begin to accept crypto for settlement on November 19, when the firm hosts the upcoming Guikas Collection auction. The auction will feature 75 of the finest racing and road cars and the collection will be auctioned entirely without reserve.

“The collection of race cars will provide modern racing enthusiasts an introduction into virtually all vintage racing series worldwide, including GT and road cars that are equally impressive which offer a wide selection of Pre- and Post War sports cars,” the Guikas Collection auction description details.

RM Sotheby’s CSO: ‘Cryptocurrency Has Become a Significant Part of the Financial Landscape’

RM Sotheby’s CSO Bryon Madsen explained in a statement sent to Bitcoin.com News that digital currency payments are a mainstay in today’s financial landscape. “Cryptocurrency has become a significant part of the financial landscape and is now the way many people are choosing to conduct transactions on significant investments,” Madsen said. The RM Sotheby’s executive added:

We want to maintain true to the needs of our clients as well as those who are just getting into the collector car market. The role that cryptocurrency will play within the collector car market will only expand in the future.

The partnership between RM Sotheby’s and Bitpay follows the collector car auction company Mecum Auctions accepting crypto payments six months prior. Mecum Auctions also leverages Bitpay as the crypto payments service provider and the company chose to accept digital currencies for the same reason. ​​Mecum Auctions said at the time the firm wanted to “attract new customers and sales.”

Sotheby’s, the leading luxury auction house that has partial ownership of the collector car auction house, also accepts cryptocurrencies, but through Coinbase. The world’s largest auction house revealed its partnership with Coinbase during the first week of May. Bitpay allows businesses to accept crypto assets like BTC, BCH, DOGE, ETH, LTC, WBTC, alongside stablecoins such as BUSD, DAI, GUSD, USDP, and USDC.

What do you think about RM Sotheby’s accepting cryptocurrencies for payments? Let us know what you think about this subject in the comments section below.

India’s Prime Minister Narendra Modi Urges Countries to Collaborate on Bitcoin, Cryptocurrency

India’s Prime Minister Narendra Modi Urges Countries to Collaborate on Cryptocurrency Like Bitcoin

The prime minister of India, Narendra Modi, has urged democratic countries to work together to ensure that cryptocurrency, particularly bitcoin, does not end up in the wrong hands. Meanwhile, the Modi government is working on a regulatory framework for cryptocurrencies in India.

India’s Prime Minister Modi on Bitcoin and Cryptocurrency

Indian Prime Minister Narendra Modi talked about cryptocurrency, specifically bitcoin, during his virtual keynote address at the Sydney Dialogue Wednesday.

He called on countries to work together to ensure that cryptocurrency does not fall into the wrong hands. “Take cryptocurrency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said.

India's Prime Minister Narendra Modi Urges Countries to Collaborate on Cryptocurrency Like Bitcoin

In addition, the prime minister urged Australia and India’s partners in the Indo-Pacific region “and beyond” to invest together in future technologies to “deepen intelligence and operational cooperation and develop common standards for data governance and cross border flow of data.”

Modi explained that the digital age is changing everything. Besides redefining politics, economies, and societies, it has raised new questions on sovereignty, governance, ethics, rights, and security.

The prime minister’s statement on cryptocurrency and bitcoin came after he reportedly chaired a comprehensive meeting on the subject following a consultation with the central bank, the Reserve Bank of India (RBI), the Ministry of Finance, and the Home Ministry.

This week, India’s Parliamentary Standing Committee on Finance also held a meeting with representatives from the crypto industry. It was India’s first-ever parliamentary discussion of the broad subject of crypto finance involving the industry.

Meanwhile, Modi’s government is working on a regulatory framework for cryptocurrencies. Recent reports suggest that the government is planning to regulate crypto as assets, allowing Indians to hold them as investments. However, the use of crypto for payments and transactions will likely be banned.

India’s central bank has continued to voice “serious and major” concerns regarding cryptocurrency. RBI Governor Shaktikanta Das said the central bank has already communicated its concerns to the government.

Furthermore, Business Standard reported Wednesday that the government is considering classifying cryptocurrency exchanges as e-commerce platforms and levying a 1% goods and services tax (GST) on them.

What do you think about India’s Prime Minister Modi calling on governments to collaborate on crypto? Let us know in the comments section below.

IMF Says Nigerian CBDC Drawing Global Interest, Warns of Associated Risks

The International Monetary Fund (IMF) has acknowledged that the recently launched Nigerian central bank digital currency (CBDC) is attracting interest from many institutions globally, including central banks. Still, the fund warns that the CBDC carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability.

CBDC Attracting Interest

In its latest country focus report authored by economist Jack Ree, the IMF explains why Nigeria’s new CBDC has drawn substantial interest from the outside world and from central banks in particular. In the report, the author notes that the e-naira, unlike cryptocurrencies like bitcoin or ethereum, features stringent access rights controls by the central bank. Also, unlike volatile cryptocurrencies, the CBDC draws its value from the physical naira.

According to the IMF, it is by way of such features that the Central Bank of Nigeria (CBN) is hoping that its CBDC will bring multiple benefits to the Nigerian economy. Some of the envisaged benefits include an increase in financial inclusion and reduced informality.

CBDC Boon for Remittances

The report also explains why the CBN is hopeful that the CBDC will boost remittances into the country. The report states:

Remittances typically are made through international money transfer operators (e.g., Western Union) with fees ranging from 1 percent to 5 percent of the value of the transaction. The e-naira is expected to lower remittance transfer costs, making it easier for the Nigerian diaspora to remit funds to Nigeria by obtaining eNaira from international money transfer operators and transferring them to recipients in Nigeria by wallet-to-wallet transfers free of charge.

However, the same IMF report reiterates a common view that CBDC deposits may in fact function as deposits at the central bank and reduce demand for deposits in commercial banks. The report also warns of other risks associated with the CBDC. “Relying as it does on digital technology, there is a need to manage cybersecurity and operational risks associated with the eNaira,” the author writes.

In conclusion, the report says the IMF, which was involved in the e-naira rollout process, remains available to help the CBN with technical assistance and policy advice.

Do you agree with the IMF’s comments about the Nigerian CBDC? Tell us what you think in the comments section below.

Li Rongbin, Founding Partner of SevenX Ventures, Explains Where the Metaverse and NFT Market Are Heading

Li Rongbin, Founding Partner of SevenX Ventures, Explains Where the Metaverse and NFT Market Are Heading

SevenX Ventures is a community and research-driven blockchain investment firm built alongside entrepreneurs. They invest in blockchain startups and projects shaping the future of open finance and decentralized networks. Their portfolio covers more than 100 projects, including DeFi (DODO, Zerion), NFT (Whale, AlchemyNFT), Polkadot ecosystem (Acala, Litentry), AR ecosystem (Koii, Everpay), Near ecosystem (Aurora, Octopus), Web3.0 (YGG, Mask Network), etc.

Li Rongbin is a Founding Partner of SevenX Ventures. He recently joined the Bitcoin.com News Podcast to talk about the market:

Li Rongbin, Founding Partner of SevenX Ventures, Explains Where the Metaverse and NFT Market Are Heading“Eraser” Li is known as an independent thinker and he specializes in the token economic design, valuation methodologies, and investment logic. He is not just an investor, but also an NFT collector. He holds a double major in Computer Science and Finance from Nanjing University, Master of Business from the University of Waterloo. You can find him on Twitter or reach out directly on email.

SevenX Ventures developed an “immersion investing” strategy to support entrepreneurs’ long-term growth as partners, rather than just investors. By leveraging their robust network and resources, SevenX Ventures stay on the frontlines of voting & governance and provide immediate demand, utility, and liquidity to ensure the success of their portfolio.

Learn more about SevenX Ventures at 7xvc.com and Twitter.

This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below.

Houston Rockets Partner With Bitcoin Company NYDIG in Sponsorship Deal

Houston Rockets

NBA basketball team the Houston Rockets has partnered with NYDIG, a leading bitcoin solutions provider, to be the team’s official bitcoin services partner. The deal will provide the team with cryptocurrency-related opportunities and give NYDIG exclusive exposure in the team’s social, digital, and arena platforms. The full amount of the sponsorship, which was not disclosed, is being paid in bitcoin.

NYDIG Forges Crypto Services Partnership With the Houston Rockets

NYDIG, the bitcoin services company, has forged a sponsorship deal with the Houston Rockets, the two-time NBA champion basketball team. The deal will allow NYDIG to be the official bitcoin services partner and bitcoin platform of the team, meaning that the company will have exclusive access to several spaces of the franchise, including social, digital, and in-arena platforms.

The Houston Rockets will also work with NYDIG to expand knowledge and awareness about the cryptocurrency world and the uses of these new investment tools. On the subject, Houston Rockets President of Business Operations Gretchen Sheirr stated:

Our organization has leaned on advancements in technology to remain on the cutting edge. Partnering with NYDIG allows us to leverage the growth of Bitcoin to provide creative rewards and payment options to our fanbase and associates.

Naming Rights and NYDIG’s Recent Partnerships

With the deal, NYDIG will also get naming rights for the Toyota Center’s (home arena for the Houston Rockets) suite levels, to be called the “Bitcoin Suites by NYDIG,” and will receive advertising during Rockets games. The amount of the sponsorship (that was not disclosed by any of the parties) will be paid fully in bitcoin by NYDIG, with the funds held under NYDIG’s custody. Kelly Brewster, chief marketing officer of NYDIG, detailed:

The Rockets will be paid in bitcoin, and this partnership underscores our excitement about the Houston area and the Bitcoin innovation taking place there.

NYDIG has been on a roll with partnerships lately, having also partnered earlier this month with Landry’s — the dining, hospitality, and entertainment company — to power a bitcoin loyalty rewards program that will bring bitcoin rewards to certain users of the franchise. The company also acquired Bottlepay, a Lightning Network-based payments company, to include its Lightning Network infrastructure in NYDIG’s current full-stack offer.

What do you think about the partnership between NYDIG and the Houston Rockets? Tell us in the comments section below.

Creditors of Collapsed South African Crypto Firm Vote to Accept Offer to Resuscitate the Company

Creditors of a South African crypto trading firm, Africrypt, have agreed to a proposal recently tabled by an unnamed investor who is seeking to resuscitate the collapsed company.

Africrypt’s Intellectual Property

In addition to paying $4 million — which will be used to pay off some of the crypto firm’s debts — the investor is also willing to part with $1 million which will go towards the acquisition of 51% of Africrypt’s shares and the company’s intellectual property rights.

As previously reported by Bitcoin.com News, an unnamed investor had proposed injecting a total of $5 million in the now-defunct crypto company. While a few of the creditors had voiced their disapproval of the investor’s proposal to have criminal charges against Africrypt’s two young directors dropped, there was an expectation that creditors would still accept the proposition.

‘Not the Worst Deal’

Indeed, as the Moneyweb report explained, a majority of the creditors voted in favor of the offer because this represents a more realistic outcome for many of them. This sentiment is aptly summed up by Ruann Kruger who is the legal representative of Africrypt’s liquidators. Kruger said:

There seems to be a belief among some that there is some useful intellectual property in the company, and the idea is that the company will acquire this as part of the compromise.

Meanwhile, according to one Africrypt investor who did not wish to be identified, the tabled bailout offer is not entirely a bad one.

“It’s not the worst deal one could hope for. We get maybe 40c or 50c back in the rand, and the company may be revived in such a way that the other funds are recouped over time,” the investor argued.

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