‘It’s Hard Not to Want to Be Long Crypto’ – Featured Bitcoin News

‘It’s Hard Not to Want to Be Long Crypto’ – Featured Bitcoin News

Billionaire hedge fund manager Paul Tudor Jones expects crypto to have a bright future as the Fed hikes interest rates to fight inflation. The famed investor emphasized, “It’s hard not to want to be long crypto.”

Famed Hedge Fund Manager Paul Tudor Jones on Bitcoin, Crypto

Billionaire investor and renowned hedge fund manager Paul Tudor Jones talked about bitcoin in an interview with CNBC Tuesday. Jones is the founder of asset management firm Tudor Investment Corp.

“I see this generational divide and it’s a digital divide,” the billionaire said. “If you look at the smartest and brightest minds that are coming out of colleges today, so many of them are going into crypto, so many of them are going into the internet 3.0,” he noted, adding:

It’s hard not to want to be long crypto because of the intellectual capital, just the sheer amount of intellectual capital that’s going into that space.

“Clearly, if you think about the ultimate dream of crypto, it’s a borderless internet where all of a sudden, you have blockchain as the verification code to allow anyone on the internet to instantly connect because the blockchain verifies who they are and then that opens up just huge possibilities,” Jones detailed.

The Tudor Investment founder opined: “Clearly, central banks and central governments are not going to necessarily be huge fans of that, particularly when it comes to using crypto as a medium of exchange.” He warned:

That’s the number one thing that’s holding it back … the fact that you’re not going to get buy-ins from governments because they lose the ability to control the creation and the supply of money.

Nonetheless, Jones noted that “in a world where we’re starting to de-globalize,” the ability to have the borderless internet and a store of value outside of fiat currencies “becomes very attractive.”

He then shared: “I’ve got my modest allocation to crypto. I have a trading position on top of that, that goes from fully invested to zero, and I’d say right now I’m modestly invested.” Regarding his future outlook for crypto, he said:

I would think that it’s going to have a bright future as we roll through these rate hikes at some point in time, a lot of it depends on what our central bank does. A lot of it depends on how serious we are about fighting inflation.

Jones was among the first traditional hedge fund managers to recommend bitcoin in portfolios. In October last year, he said he preferred crypto over gold as a hedge against inflation. He previously likened BTC to investing in early tech stocks like Apple and Google.

What do you think about Paul Tudor Jones’ comments? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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How STACKD Finance Services Make DeFi Safer for Everyone – Sponsored Bitcoin News

How STACKD Finance Services Make DeFi Safer for Everyone – Sponsored Bitcoin News

Decentralized Finance (DeFi) represents the financial, blockchain-based world of tomorrow. Future generations will leave the traditional financial system behind and use dApps, tokens, and other digital innovations for economic purposes.

However, DeFi is still in its infant stage, leaving room for scams, money laundering, and other criminal activities. Without secure solutions and educational services, DeFi could become more of a risky venture than an enriching opportunity for individuals and businesses.

Here is where STACKD Finance steps in, to help develop DeFi into a safer, more transparent, and sustainable economic environment. Read on to discover its vision, utilities, and services!

What is STACKD Finance?

STACKD Finance is a project seeking to take the DeFi industry to a new level. Its cryptocurrency ecosystem aims to provide an ultimate standard of trust and security by offering various services to tokens and individuals and by helping to bridge fiat and DeFi. This way, STACKD can make DeFi safer for individuals and projects new to the cryptocurrency sphere, DeFi and the blockchain-based economy.

The STACKD organization consists of high-level executives, team members, and business advisors who are doxxed and have passed KYC with InterFi. STACKD is built on a four-pillared philosophy, using honesty, integrity, community, and collaboration to reshape DeFi into a safer, more sustainable, and productive environment.

The project provides educational opportunities, advanced utilities, and tools to support users in developing generational wealth through cryptocurrency and decentralized finance. STACKD Finance also provides services to help tokens and individuals navigate the DeFi space in a safer way than previously possible.

STACKD Finance will feature a proprietary deflationary token to ensure the project’s security and longevity. Token buying and selling will include a 20% tax, redistributing 15% of it as BUSD rewards for token holders. This means that 75% of the total tax will return to the STACKD community. The rest of the tax will go towards marketing, staking rewards, buyback + burns, team tokens and liquidity.

STACKD will not limit wallet holdings, or buy limits. Nor will they charge a transfer tax.
They will, however, protect smaller holders by setting a maximum sell of 0.2% per transaction.

STACKD Finance has an extensive roadmap comprising ambitious milestones for the next two years and beyond. For instance, the project aims to launch its token, list it on crypto exchanges, and develop various utilities within its DeFi ecosystem.
Furthermore, STACKED intends to expand its team, establish a philanthropic fund allocation, and join the Metaverse by Q2 of 2023.

STACKD Finance Services

Setting a new example of excellence in DeFi is impossible without innovative tools and utilities. Here are some STACKD Finance services that will help them reach that goal.

STACKD AVS – Advanced Verification Services

​​‘KYC’ stands for ‘Know your Customer’ and is a level of verification suitable for customers of business. The team at STACKD Finance believe that the current KYC processes used within DeFi are inadequate to verify the identity of people who lead cryptocurrency tokens and potentially multi million dollar projects, and who have control over the finances of their investors.

AVS aims to set the new standard of ID verification in cryptocurrency for individuals and projects. STACKD AVS will verify the identity of a person to a much higher standard than a typical KYC process, and the advanced STACKD AVS Gold will verify not just the identity of the person, but also conduct additional checks to verify that they are a fit and proper person to run a crypto project.

STACKD AVS Platinum is for crypto tokens and projects, and will verify the identity and suitability of the team leaders, as well as carrying out an independent assessment of the project as a whole, providing potential investors with further peace of mind that a project has been vetted by a trusted third party.

In the event of an individual/project being issued with AVS certification and then subsequently being involved in a ‘Rug Pull’ or ‘Scam’, STACKD Finance will proactively provide the individual’s details to the authorities in the relevant location and will cooperate fully with any criminal proceedings initiated against the relevant individual/project.

STACKD Legal & Compliance

This service helps other token-based projects to develop their businesses, using the STACKD vision and philosophy and aiming to make DeFi safer for everyone. STACKD’s Chief Legal Officer, Rach, will lead the Legal & Compliance Division and offer services to tokens at all stages of their development.

This division will work hand-in-hand with the AVS Division to ensure clients receive full-service utilities and help their projects to grow securely. For instance, projects can apply for:

  • Advice about legislative requirements in a jurisdiction
  • Project management of the establishment and registration of crypto companies
  • Advice on how to start a token
  • Advice on privacy issues
  • Assistance with compliance with privacy legislation and storage of investor data
  • Drafting website terms and conditions and privacy policies
  • Risk mitigation advice
  • Drafting and advising on contracts and arrangements (including Partnership Agreements and other contracts)

Currently, the STACKD team is developing various compliance utilities and additional compliance services according to its vision.

STACKD Finance will make its Legal & Compliance services available to all coins and tokens. This way, they will be ready for the imminent regulations in the cryptocurrency space.

Final Thoughts

STACKD Finance is one of the latest projects to surface in DeFi with a uniquely positive approach to this environment. Its transparent philosophy and its practical services will help and inspire other projects to build a safer financial ecosystem for everyone within DeFi. While the project is still in its development stages, it is only 1 week from launch and has already announced several partnerships and its AVS and Legal & Compliance services.

STACKD has built a huge organic community who love receiving the information STACKD consistently releases about its services, tools, partnerships and utilities. We will follow its evolution closely and see how fast STACKD will reach the many goals in its extensive roadmap.

Meanwhile, for more information about STACKD Finance, please follow the links below:

| Website | Twitter | Instagram| Discord| Telegram|


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Bitcoin Institutional Outflows Near One-Year Highs, More Downside Coming?

Bitcoin Institutional Outflows Near One-Year Highs, More Downside Coming?

With the price of bitcoin still trading below $40,000, institutional inflows into the digital asset have slowed significantly. This has now flowed into other digital assets in the space. But what is most significant is the outflow rate which has neared one-year lows.

Bitcoin Outflows Grows

For the past couple of weeks, the rate at which institutional investors have been pulling money out of bitcoin has been on an accelerated timeline. This is what has culminated in the outflows that were recorded for the digital asset last week.

In the space of a week alone, bitcoin had seen the majority of outflows from the market, which had come out to $120 million for the past week. These outflows had put it dangerously close to its one-year outflow record that was set back in June 2021, at $133 million leaving the digital asset.

Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree

It was not the only asset to suffer outflows for the week though. Blockchain equities that had mainly been resistant to the outflow trend had finally succumbed. It had seen a total of $27 million left as negative sentiment continues to grow among institutional investors. 

Ethereum also continued the outflow trend. A total of $25 million had left the digital asset, bringing its year-to-date outflows to $194 million. 

BTC trending at $38,000 | Source: BTCUSD on TradingView.com

This marks the 4th consecutive week of outflows in the market. It now sits at a total of $339 million that has left the market in this 4-week period. It also reflects a generally bearish sentiment that is being felt across the market as the Fear & Greed Index had dived into the extreme fear territory.

Despite this overwhelming negative sentiment, not every digital asset in the space had suffered the same fate. FTX Token came out as the unlikely winner of the week by bringing in the largest inflows. The digital asset spearheaded the inflow trend with a total of $38 million moving into the asset last week. 

Related Reading | Experts Say Ethereum Will Grow 100% To Hit $5,783 By Year-End

Other large altcoins mainly followed this trend through with big players such as Terra and Fantom. Although these digital assets had not done nearly as well as FTX Token but had seen inflows regardless. It had come out to $0.39 million and $0.25 million recorded respectively for both. 

Bitcoin still remains an investor favorite despite the inflows though. It continues to hold steady at the $36,000 to $38,000 support level. Its price had briefly recovered above $39,000 in the early hours of Wednesday before declining to be trading at $38,935 at the time of this writing.

Featured image from MARCA, chart from TradingView.com



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World’s Largest Family-Owned Private Bank Now Offers Crypto Investments via SEBA Bank – Bitcoin News

World’s Largest Family-Owned Private Bank Now Offers Crypto Investments via SEBA Bank – Bitcoin News

On Wednesday, the world’s largest family-owned banking institution, LGT Bank, announced that it has selected SEBA Bank in order to provide cryptocurrency custody and brokerage services to clients. LGT will start by offering investments in bitcoin and ethereum and the bank’s customers can incorporate the digital assets into their existing LGT Bank-managed portfolios.

LGT Bank Adds Crypto Services by Partnering With the FINMA Licensed SEBA Bank

The largest family-owned private banking and asset management firm LGT Group has revealed the parent company’s banking institution will now offer crypto investment opportunities. LGT Group is over 100 years old and the financial institution is owned by the princely House of Liechtenstein.

On May 4, SEBA Bank, a FINMA licensed digital assets banking platform, revealed that LGT Bank has chosen SEBA as a cryptocurrency partner. LGT will leverage SEBA’s regulated crypto platform and custody services so the bank’s clientele can invest in crypto assets. Roland Matt, the CEO of LGT Bank, Liechtenstein, detailed that LGT has seen increased demand for crypto products from customers.

“The demand for cryptocurrencies has also increased among our clients in recent years,” the LGT CEO said in a statement on Wednesday. “We are very pleased that we can now offer our client easy access to these asset class. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures.”

The executive of the family owned private bank added:

They are central for dealing with this dynamic and still quite young asset class. Thanks to our cooperation with SEBA Bank, our clients’ digital assets are held in the custody of a professional and certified provider with extensive experience in this area.

LGT to Initially Offer Bitcoin and Ethereum Investments

LGT and its clients will leverage “SEBA Bank’s ISAE 3402 certified hot and cold storage custody solutions” and the bank will initially allow investments in bitcoin (BTC) and ethereum (ETH). At first, the crypto investment opportunity will be available to “selected client groups” chosen by LGT.

The bank further notes that customers interested in the crypto services must reside in Liechtenstein or Switzerland. Franz Bergmüller, the CEO of SEBA Bank, explained on Wednesday that SEBA looks forward to working with LGT Bank.

“The range of services combined with the highest security standards makes SEBA Bank’s service offering unique and we are very pleased to be able to support LGT with our expertise in expanding its services around digital assets,” Bergmüller said during the announcement.

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100 years old, banks, Digital Assets, family-owned, family-owned bank, financial institution, Franz Bergmüller, Investments, LGT Bank, LGT Bank Bitcoin, LGT Bank Ethereum, LGT Group, Liechtenstein, princely House of Liechtenstein, private bank, SEBA Bank, Switzerland

What do you think about LGT Bank offering crypto services via SEBA Bank? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Sacred Spirits NFTs is one of the most Anticipated Collection of 2022

Sacred Spirits NFTs is one of the most Anticipated Collection of 2022

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Sacred Spirits NFTs is one of the most Anticipated Collection of 2022



Sacred Spirits is an exciting NFT project backed by trusted entrepreneurs, with real and a proven backtrack of successful ventures.The collection consists of 5,555 NFTs that have been meticulously designed by the team, with inspiration drawn from spirituality and nature.

The 5,555 spirits start their legacy with the minting process on 05/05/2022 on sacredspirits.io and will take over the NFT’s marketplaces on the Cardano Blockchain.
Cardano is known for its higher scalability and ease of handling network congestion; the project’s technology is future-proofed. As a result, fast transactions, minting times and low gas fees are guaranteed.

The project was also featured on Cardano Cube, one of the biggest meeting points for Cardano investors and it is backed by crypto.ro

The Sacred Spirits NFT project boasts 7 key elements

  • The NFTs border on your spirituality, and from the 5.555, you would find a lot of spirits that speak to your type of energy and divine spirituality.
  • Access to crypto Academy, one of the most comprehensive crypto academies in the world
  • Free access to the events organized or sponsored by the network
  • Whitelist access for further projects
  • Access to a set of premium online tools
  • Merchandise box release
  • Transparent team, with real businesses and proven backtrack of successful ventures

About Sacred Spirits

Sacred Spirit is a collection of 5,555 unique art spirits living on the Cardano blockchain. The Sacred Spirits bridge the gap between our spirituality and NFTs. Each spirit matches our spiritual energy and divine guidance.

Sacred Spirits is for you to mint, don’t miss the chance to own a spirit that might give you blessings throughout your journey into the crypto space. The Sacred Spirits NFTs will allow you access to a different world and community where entrepreneurs and crypto OGs hang out.
Join Sacred Spirit Social community on Discord, Facebook, Instagram and Twitter

Alex Orguno



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US Central Bank Raises Rates by Half a Percentage Point, Fed’s Powell Says Similar Hikes Are on the Table – Economics Bitcoin News

US Central Bank Raises Rates by Half a Percentage Point, Fed’s Powell Says Similar Hikes Are on the Table – Economics Bitcoin News

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Bitcoin pushes to $40K, but are bulls strong enough to win Friday’s $735M options expiry?

Bitcoin pushes to $40K, but are bulls strong enough to win Friday’s $735M options expiry?

Bitcoin (BTC) price has been stuck in a falling wedge pattern for the past two months and during this time it has tested the $37,600 support on multiple instances. 

Adding to this “bearish” price action, BTC is down 16% year-to-date, which is in line with the Russell 2000s performance.

Bitcoin/USD 1-day chart at FTX. Source: TradingView

The real driver of Bitcoin’s current price action are investors’ concerns of worsening macroeconomic conditions. Professional investors are worried about the impact of the U.S. Federal Reserve’s tightening economic policies and on May 3, billionaire hedge fund manager Paul Tudor Jones said that the environment for investors is worse than ever because the monetary authority is raising interest rates when financial conditions are already worsening.

On May 4, CNBC reported that the European Union implemented new sanctions to phase out Russian crude oil imports within six months and European Commission President Ursula von der Leyen said, “This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined.”

For these reasons, traders are increasingly concerned about the potential impact of a global macroeconomic crisis on cryptocurrency markets. If global economies enter a recession, investors will seek protection by moving away from risk-on asset classes like Bitcoin.

Bulls did not expect prices below $40,000

The open interest for the May 6 options expiry in Bitcoin is $735 million, but the actual figure will be lower since bulls were caught by surprise as BTC moved below $40,000.

Bitcoin options aggregate open interest for May 6. Source: CoinGlass

The 1.22 call-to-put ratio reflects the $405 million call (buy) open interest against the $330 million put (sell) options. Nevertheless, as Bitcoin stands near $39,000, 89% of the bullish bets will likely become worthless.

Meanwhile, if Bitcoin’s price remains below $39,000 on May 6, bears will have $100 million worth of these put (sell) options available. This difference happens because there is no use in a right to sell Bitcoin at $36,000 if it trades above that level on expiry.

Related: BTC price gains 4% pre-Fed as MicroStrategy vows to protect Bitcoin from $21K crash

Bears can secure a $145 million profit on Friday

Below are the four most likely scenarios based on the current price action. The number of options contracts available on May 6 for call (buy) and put (sell) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

  • Between $37,000 and $39,000: 500 calls (buy) vs. 4,300 puts (sell). The net result favors bears by $145 million.
  • Between $39,000 and $40,000: 1,200 calls (buy) vs. 2,500 puts (sell). Bears have a $50 million advantage.
  • Between $40,000 and $41,000: 3,800 calls (buy) vs. 1,100 puts (sell). The net result favors bulls by $105 million.
  • Between $41,000 and $42,000: 5,300 calls (buy) vs. 700 puts (sell). Bulls boost their gains to $190 million.

This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.

For example, a trader could have sold a call option, effectively gaining negative exposure to Bitcoin above a specific price, but unfortunately, there’s no easy way to estimate this effect.

Bitcoin bears need to sustain the price below $39,000 on May 6 to secure a $145 million profit. On the other hand, bulls can avoid a loss by pushing BTC above $40,000, enough to net them $100 million in gains. Considering the bearish macroeconomic conditions, bears seem better positioned for Friday’s expiry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.



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When Will The Bitcoin Carnage End?

When Will The Bitcoin Carnage End?

Data shows the Bitcoin market has mostly showed a sentiment of fear and extreme fear for around five months now as the price continues to struggle.

Bitcoin Fear And Greed Index Continues To Point At A Fearful Market

As per the latest weekly report from Arcane Research, the crypto market has remained fearful this week as prices show no signs of recovery.

The “fear and greed index” is an indicator that tells us about the general sentiment among Bitcoin and crypto investors.

The metric uses a numeric scale that runs from one to hundred for displaying the sentiment. Values below fifty usually denote “fear,” while values above the mark indicate “greed.”

Index values of above 75 and below 25 signify that the market is facing extreme greed and extreme fear, respectively.

The fear and greed index being in the vicinity of fifty may be taken as a sign that the sentiment is rather neutral at the moment.

Now, here is a chart that shows the trend in the Bitcoin fear and greed index over the past year:

It looks like the indicator is still observing a rather low value | Source: Arcane Research's The Weekly Update - Week 17, 2022

As you can see in the above graph, the Bitcoin fear and greed index has a value of 27 this week, showing that the market is near extreme fear.

Related Reading | Altcoin Aversion: Why Bitcoin And Stablecoin Dominance Is On The Rise

With the exception of some brief spikes to neutral sentiment, this fearful sentiment has griped the crypto market for over five months now.

Bitcoin has been facing carnage during this period and so far there hasn’t been any signs of it stopping anytime soon.

Related Reading | Bitcoin Taker Buy-Sell Ratio Rebounds Back Into “Hold” Zone

The report notes that one of the factors that go into measuring the sentiment is the relative performance of altcoins against Bitcoin. Recently, altcoins have been doing very badly, thus adding to the fear sentiment.

Currently, it’s unclear when a neutral or greedy sentiment may return to the crypto market. Prices will likely have to show any real rebounds if the investor mindset has to improve.

BTC Price

At the time of writing, Bitcoin’s price floats around $39k, up 1% in the last seven days. Over the past month, the crypto has lost 15% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like the price of the crypto has surged up over the last twenty-four hours | Source: BTCUSD on TradingView

Bitcoin seems to have been continuing its consolidation further this week as the coin has still remained trapped below the $40k mark.

Featured image from Unsplash.com, charts from TradingView.com, Arcane Research



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California governor issues blockchain executive order building on US President’s regulatory efforts

California governor issues blockchain executive order building on US President’s regulatory efforts

Gavin Newsom, the governor of California, has signed an executive order aimed at harmonizing a regulatory framework for blockchain between the federal government and the U.S. state as well as spurring innovation in the space.

In a Wednesday announcement, the California governor’s office said executive order N-9-22 and the California Consumer Financial Protection Law would allow the state to create “a transparent and consistent business environment for companies” in Web3 and the crypto space, including blockchain and financial technology firms. According to the order, the California state government will need to establish a regulatory approach to crypto assets concurrent with that laid out in U. S. President Joe Biden’s executive order on digital assets signed in March.

Specifically, under the order the California Governor’s Office of Business and Economic Development would coordinate with the Business, Consumer Services and Housing Agency and the Department of Financial Protection and Innovation, or DFPI, to get feedback from stakeholders. The DFPI will create a regulatory approach to crypto for the state as the Government Operations Agency explores use cases of blockchain technology for the public. In addition, the Governor’s Council for Postsecondary Education will be responsible for identifying opportunities for research and workforce pipelines.

“California is a global hub of innovation, and we’re setting up the state for success with this emerging technology — spurring responsible innovation, protecting consumers and leveraging this technology for the public good,” said the governor. “Too often government lags behind technological advancements, so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive.”

Among the governor’s priorities for the order was addressing regulatory clarity in the digital asset space, including having state agencies coordinate with those on the federal level, and exploring “opportunities to deploy blockchain technologies to address public-serving and emerging needs.” The DFPI has 30 days to solicit public comment on crypto regulations, while the state government has 60 days from the publication of a federal report related to the order to report on progress to the governor’s office.

Related: US lawmakers and Fed chair push for crypto regulation in wake of Russia sanctions

The executive order was another example of the lack of a consistent regulatory framework for crypto and blockchain firms operating in the United States. While President Biden’s executive order attempts to address some of these issues, lawmakers at the state level have also acted, seemingly due to a lack of federal oversight. In February, New Hampshire Governor Chris Sununu issued an executive order establishing a commission to study crypto. Crypto firms operating in New York state have been required to obtain a BitLicense since 2015.



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Apecoin Integrates With Polygon, DAO Board Member Says Native APE Chain Was Never Discussed – Bitcoin News

Apecoin Integrates With Polygon, DAO Board Member Says Native APE Chain Was Never Discussed – Bitcoin News

Following one of the largest non-fungible token (NFT) mints in history and after apecoin transactions from the sale fueled Ethereum network fees, apecoin is now integrated with the Polygon (MATIC) network. On May 2, the Apecoin project announced that with Polygon support, APE is now available via MATIC’s 19,000 decentralized applications (dapps) and games.

Apecoin Is Now Supported by Polygon, Apecoin DAO Board Member Says Separate Apecoin Network Proposal Would Need to Use the AIP-1 Process

Three days ago, Bitcoin.com News reported on the Bored Ape Yacht Club-centric Otherside metaverse land sale which has been the largest NFT collection in terms of sales during the last seven days.

Week-long statistics from cryptoslam.io show Otherdeed has seen $721,337,124 in sales to date. Moreover, the crypto token apecoin (APE) and its transactions during the sale, pushed ether gas fees significantly higher during the metaverse deed sale.

The Bored Ape Yacht Club (BAYC) creators, Yuga Labs, said at the time that it “seems abundantly clear, that Apecoin will need to migrate to its own chain in order to properly scale.” However, instead of a separate Apecoin network, the token built on Ethereum is now integrated with Polygon and an Apecoin DAO board member said there might not be a separate Apecoin blockchain.

Apecoin DAO board member Yat Siu stressed: “no discussion was had either at the [Apecoin] board level or with any other parties (including [Yuga Labs]) of a possible apechain; this is a completely new idea to us.” Yat Siu further added:

As with all [Apecoin] DAO initiatives, any decision to consider building a chain can only be done with the consent of the [Apecoin] community through [AIP-1: DAO proposal process]. Various L1 & L2s have signaled that they will submit a proposal to the DAO. Any received proposals will go through the standardized governance process outlined on the official site.

Apecoin Taps an All-Time Price High, Apecoin DAO Board Member Mentions Animoca Brands’ Stake in Apecoin Projects

The Polygon integration also follows apecoin’s recent all-time price high on April 28, 2022, six days ago. APE tapped an all-time high against the U.S. dollar at $26.70 per unit and APE is down 42% since then. Despite the weekly drawdown, APE is up 24% during the last 30 days and it holds the 32nd largest market cap among 13,388 cryptocurrencies in existence.

At the time of writing, APE’s market valuation is $4.35 billion and the coin has seen $2.58 billion in 24-hour trade volume. The APE market cap represents 0.23% of the $1.84 trillion crypto-economy this week. The Apecoin DAO board member Yat Siu also detailed that Animoca Brands is an investor in many Apecoin-related L1 or L2s.

“[Animoca Brands] as a significant investor in many L1 or L2s will also not be voting on any decisions of potential L1 & and L2 collaborations in which it has a material stake,” the Apecoin DAO board member concluded. Presently, there are 3.9K Apecoin DAO members involved with the governance process, according to apecoin.com stats.

Tags in this story
All time high, Animoca Brands, apechain, Apecoin (APE), Apecoin DAO, Apecoin DAO board member, Apecoin Polygon, apecoin.com, governance process, L1, L2, nft, NFTs, Non-fungible Token, Otherdeed, Otherside Land Sale, separate chain, separate network, Yat Siu

What do you think about apecoin support on Polygon and the recent commentary from Apecoin DAO board member Yat Siu? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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