Cryptocurrency exchange Coinbase has bestowed a generous sum of £3.6 million upon Brink, a non-profit organisation that extends support to developers contributing to the Bitcoin blockchain.
In a post dated February 16th on X, Brink acknowledged Coinbase CEO Brian Armstrong and the exchange’s team for their contribution towards “Bitcoin developing funding efforts.”
The platform emphasised that the donation came with “no strings attached” and would bolster the endeavours of engineers involved in open-source development for the BTC blockchain.
Coinbase’s GiveCrypto initiative, spearheaded by Armstrong in 2018, facilitated the donation to Brink.
However, the exchange disclosed in December 2023 its intention to phase out the platform due to its inability to effect enduring change solely through unconditional cash transfers.
Established in 2020, Brink offers fellowship and grant programmes aimed at bolstering Bitcoin developers and engineers.
READ MORE: Uniswap Foundation Announces Launch Date for Protocol’s v4 Following Ethereum’s Dencun Upgrade
Noteworthy backers of the platform include Block CEO Jack Dorsey, who pledged £5 million in July 2023.
Prior to the approval of its spot BTC exchange-traded product by the United States Securities and Exchange Commission on January 10th, VanEck announced its commitment to allocate 5% of profits from the investment vehicle to Bitcoin core developers.
This asset management firm made a comparable pledge to Ethereum core developers in September 2023.
Coinbase disclosed a net revenue of £905 million in the fourth quarter of 2023, marking a 45% increase over Q3.
On February 15th, JPMorgan analysts revised their rating of the crypto exchange’s stock from underweight to neutral, having initially downgraded the shares in January.
Tokyo, Japan, February 19th, 2024, Chainwire
Slash Fintech Limited is expanding the availability of the Slash Deposit feature, previously exclusive to Japanese users on Bybit, to all Bybit users worldwide. This move aligns with our goal of improving accessibility and user experiences in the crypto space. To mark this milestone, we are launching a Genesis NFT campaign in preparation for our upcoming token launch.
The Slash Deposit feature, introduced in September 2023 to a limited group in Japan, facilitates deposits with any token on Ethereum, BNB Chain, Polygon, Arbitrum One, Optimism, and Mantle Network. Processing over $13 million USD worth of deposits since its launch, Slash Deposit has garnered momentum, leading to its global expansion in partnership with Bybit.
With the Slash Deposit feature now available globally, users can manage their crypto assets on Bybit with enhanced flexibility and convenience. Whether users are seasoned traders or new to cryptocurrencies, Slash Deposit offers a secure and efficient solution for deposits.
To appreciate our community’s support, Slash is launching the Slash x Bybit Genesis NFT campaign. Users depositing $100 or more to Bybit using Slash Deposit can mint a limited-edition “Slash x Bybit Genesis NFT” on the Mantle Network. These NFTs will play a significant role in our upcoming token launch, symbolizing community participation and support.
The Slash x Bybit Genesis NFT campaign will run from February 19, 2024, to April 26, 2024. Each eligible wallet address can mint one NFT, with users able to claim their NFT within three business days after a $100 deposit.
About Slash Fintech Limited
Slash Fintech Limited commenced offering cryptocurrency payment service, “Slash Payment,” in August 2022. Any Merchant can get set up with Slash Payments with a few clicks and immediately start accepting payments in cryptocurrencies at no cost to the merchant. Slash Payment currently supports eight blockchain networks, including Ethereum, BNB Chain, Polygon, Avalanche, Astar, Arbitrum One, Optimism, and Mantle Network.
Website | X | Discord | Medium | Whitepaper
Contact
Slash Team
[email protected]
Bitcoin mining difficulty, which gauges the level of complexity in solving the intricate cryptographic puzzles integral to the mining process, surpassed 80 trillion on Friday, February 16th.
As per BTC.com, the network’s hash rate, indicating the cumulative computational power utilised by miners, achieved 562.81 exahashes per second (EH/s), with the mining difficulty reaching a peak of 81.73 trillion.
The escalation in Bitcoin (BTC) mining difficulty has been consistent since January 2023, with forecasts anticipating a climb to 100 trillion in the imminent months.
In Bitcoin’s proof-of-work consensus mechanism, heightened difficulty necessitates miners to employ greater computational power and energy to uncover the correct hash.
Over the past year, Bitcoin’s difficulty level has more than doubled.
During its automatic readjustment on February 15th, Bitcoin mining difficulty was slated to surge by an estimated 6%.
If this transpires, data from monitoring resource BTC.com suggests it will propel the difficulty to unprecedented heights above 80 trillion for the first time.
On February 16th, Bitcoin maintained a value of $52,000 at the commencement of Wall Street trading, buoyed by the revelation of surpassing expectations in the latest United States macro data.
READ MORE: Bakkt Secures Regulatory Approval to Raise $150 Million Amid Financial Concerns
Figures from Cointelegraph Markets Pro and TradingView depicted a stagnant BTC price performance as the week’s final TradFi trading session unfolded.
In April, Bitcoin’s mining rewards are set to halve in what is termed the Bitcoin Halving.
As a hedge against inflation, Bitcoin’s developers integrated this reduction into the token’s structure approximately every four years, with the previous halving transpiring in May 2020.
The forthcoming halving will diminish Bitcoin’s rewards from 6.25 BTC to 3.125 BTC.
This adjustment may lead to a reduced hash rate, with less efficient miners grappling to cover expenses and potentially shutting down their mining rigs.
Consequently, a diminished hash rate is likely to precipitate a decline in Bitcoin mining difficulty as the network endeavours to sustain a consistent block production rate every 10 minutes.
Analysts from Galaxy Digital speculate that as much as 20% of Bitcoin’s existing hash rate could deactivate post the Bitcoin halving, leaving only the most efficient mining rigs operational.
The Backpack cryptocurrency exchange, built on Solana, swiftly attained the £300 million milestone within a mere 24 hours of commencing its pre-season beta launch, as stated in a Feb. 15 post by Backpack.
The exchange was initiated by the minds behind Solana’s Mad Lads executable nonfungible token (NFT) collection.
The exchange’s surge in popularity is attributed in part to the outstanding success of the Mad Lads xNFT collection within the Backpack ecosystem and the promising potential of the underlying Solana blockchain, as highlighted by Anndy Lian, an intergovernmental blockchain expert and the author of the book NFT: From Zero to Hero. Lian conveyed to Cointelegraph:
“Backpack Exchange leverages the Solana blockchain, one of the fastest and most scalable platforms for decentralized applications […] Solana is also seen as a potential contender for the future of decentralized finance, or DeFi, which is a fast-growing sector of the crypto industry.”
Within 24 hours of its pre-season launch, Backpack recorded 6,000 unique deposit transactions, as per a Feb. 13 post by Armani Ferrante, the founder and CEO of Backpack.
The recently unveiled exchange showcases impressive trading statistics, including one-millisecond order placement and sub-one millisecond order cancellation, as confirmed by Ferrante.
READ MORE: BONK Memecoin Surges 7% Amidst Revolut Partnership Rumors
Backpack’s SOL/USDC spot trading pair amassed over £643 million in 24-hour trading volume, surpassing the trading pair of the world’s largest exchange, Binance, which accrued £2.4 million in 24-hour trading volume.
In October 2023, Backpack Exchange acquired a virtual asset service provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).
Moreover, the exchange secured various other operational licenses across numerous jurisdictions worldwide in the latter half of 2023.
Following Backpack’s triumph, the 24-hour trading volume of Mad Lads NFTs escalated by 77.93% to surpass £1 million, positioning it as the third-largest collection by daily trading volume across all blockchain networks.
Solana witnessed a 20.19% surge in sales volume to £7.35 million, ranking as the second-largest blockchain by daily NFT sales volume after Ethereum, which amassed £18.28 million in 24-hour NFT sales volume, according to NFT data aggregator CryptoSlam.
Crypto marketing and media relations are pivotal elements in the blockchain and cryptocurrency industry, shaping public perception and driving adoption. As a novel and rapidly evolving sector, the role of effective marketing and strategic media relations cannot be overstated.
Importance
Crypto marketing and media relations are crucial for several reasons. First, they help in building awareness and educating the public about cryptocurrencies and blockchain technology. Given the complexity and novelty of these topics, clear and accessible information is essential for fostering understanding and trust among potential users. Second, effective marketing and media strategies can differentiate a project within the crowded and competitive crypto space, attracting investors, users, and partnerships. Finally, positive media coverage and strategic marketing efforts can bolster the legitimacy and acceptance of cryptocurrencies, encouraging wider adoption.
Strategies Employed
The strategies used in crypto marketing and media relations are diverse and innovative, reflecting the industry’s digital and decentralized nature. Social media marketing, through platforms like Twitter, Reddit, and Telegram, plays a significant role. These platforms facilitate direct engagement with the community, real-time updates, and viral marketing campaigns. Influencer marketing is another strategy, where projects collaborate with influential figures within the crypto space to gain visibility and credibility.
Content marketing, including blogs, whitepapers, and video content, is used to educate the audience about the technology, use cases, and benefits of a project. Additionally, search engine optimization (SEO) ensures that this content reaches its intended audience. Public relations (PR) efforts, including crypto PRs and interviews with reputable crypto and financial publications, further extend the reach and enhance the credibility of projects.
Challenges Faced
Despite the opportunities, crypto marketing and media relations face several challenges. The regulatory landscape is a significant hurdle, with varying and sometimes unclear regulations regarding crypto advertising and promotion across different jurisdictions. This complexity can hinder marketing efforts and expose projects to legal risks.
Misinformation and scams are prevalent in the crypto space, leading to skepticism among the public and media. Overcoming this skepticism requires consistent and transparent communication, which can be resource-intensive. Additionally, the fast-paced nature of the crypto market means that marketing and media strategies must be agile and adaptable to remain effective.
Future Outlook
Looking forward, the importance of crypto marketing and media relations is only set to increase as the industry matures. As regulatory frameworks around the world become more defined, there will be clearer guidelines for marketing and promotional activities, potentially opening new avenues for reaching wider audiences.
Technological advancements, such as the integration of artificial intelligence in personalized marketing and the use of blockchain for transparent and verifiable marketing analytics, could offer new tools for marketers. Moreover, as the industry continues to evolve, there will be a growing need for educational content and sophisticated marketing strategies to address the increasingly diverse audience of crypto users.
Crypto marketing and media relations are essential components of the blockchain and cryptocurrency ecosystem. Through innovative strategies and effective communication, they build awareness, educate the public, and foster adoption. Despite the challenges, the future offers promising opportunities for more sophisticated and impactful marketing efforts. As the industry continues to grow and evolve, the role of marketing and media relations will undoubtedly expand, playing a key role in shaping the trajectory of cryptocurrencies and blockchain technology.
Cash-strapped crypto firm Bakkt has announced it has received regulatory approval to raise up to $150 million through the sale of its securities, just a week after expressing concerns about its financial position.
On 14th February, the company stated it had obtained approval for a “shelf registration,” also referred to as a shelf offering – a procedure where a company registers a new issuance of securities with the United States Securities and Exchange Commission (SEC) that can be gradually sold over a period without requiring separate approval each time.
Bakkt stated that this approval would enable it to raise an aggregate of $150 million in capital through one or more offerings over a span of three years.
“Bakkt believes the flexibility of a shelf registration on Form S-3 will provide the Company with significant benefits when raising capital in the future,” the company said.
Bakkt, previously hailed as Bitcoin’s “saviour” during the 2018 bear market, disclosed on 7th February that it was facing a cash shortage and thus “might not be able to continue.”
At that time, Bakkt mentioned its intention to potentially raise additional capital by issuing its registered securities in the public markets to “fund our long-term vision.”
READ MORE: Bitcoin Dips as US Inflation Data Rattles Markets
Since being publicly listed in October 2021, the firm has reported eight consecutive quarters of net losses.
According to company financials, despite the crypto market’s recovery from a challenging 2022, the firm incurred losses of $44.9 million, $50.5 million, and $51.7 million in the first three quarters of 2023.
Net losses decreased in 2023 after the firm reported significant losses of $1.59 billion and $323.9 million in the third and fourth quarters of 2022, respectively.
The firm has recorded a total of $2.26 billion in net losses since the fourth quarter of 2021.
Bakkt operates a digital asset trading platform for institutions and has established strategic partnerships with companies such as Starbucks and Amazon Web Services to facilitate digital asset transactions and services.
Founded in 2018 by Intercontinental Exchange, the U.S.-based firm that owns the New York Stock Exchange, Bakkt saw its share price rise by 7.8% to $1.03 before the news.
However, it remains more than 51% down in 2024.
Although its share price reached over $42 on 29th October 2021, it sharply declined to $3.61 the following January and has since been steadily declining.
Solana-based meme token Bonk’s (BONK) experienced a 7% surge shortly after reports emerged suggesting the potential listing of the Solana-based meme token on Revolut’s trading platform.
According to a note from BonkDAO, the decentralized autonomous organization behind Bonk, a proposed collaboration aims to initiate a Bonk “Learn and Earn Campaign” to bolster the meme token’s user base by 500,000.
Revolut presently boasts 38 million users and holds a banking license across over 50 countries, as noted by BonkDAO.
This indicates that merely 1.3% of Revolut users need to be engaged to meet the set target.
Reportedly, Revolut users will be motivated to partake in the Learn and Earn campaign, with rewards totalling $1.2 million on offer.
Following this development, BONK’s price stands at $0.000025, marking a 7.2% increase within the past five hours and a 13.1% surge over a 24-hour period, as per CoinGecko.
BONK gained substantial attention in late 2023, witnessing a staggering 14,000% surge to $0.000025.
Despite a subsequent 60% decline from its peak, it remains one of the most traded meme tokens by volume.
READ MORE: Ledger and Coinbase Join Forces to Simplify Crypto Transactions and Enhance Self-Custody Options
However, the campaign is pending official endorsement from BonkDAO. Presently, seven out of 12 Bonk voting members have voted in favour of the campaign, with one more vote required to achieve approval quorum.
No dissenting votes have been recorded yet, with the remaining five voters having four days to cast their vote.
If sanctioned, the Learn and Earn campaign will be executed in two phases.
The first phase will mark BONK’s debut on Revolut, focusing on fostering “organic growth” for the initial one to two months, followed by the launch of the Learn and Earn campaign.
Cointelegraph attempted to reach out to Bonk community members for their input but received no immediate response.
Meanwhile, speculations are rife regarding BONK’s potential listing on Robinhood, although no official confirmation has been made by either party.
Cointelegraph has reached out to Robinhood for comment.
Stockholm, Sweden, February 16th, 2024, Chainwire
The partnership aims to empower users of the Chromia ecosystem Web3 games like ‘My Neighbor Alice’ to create and leverage in-game wearable digital assets.
Chromia announces its strategic partnership with RSTLSS, a platform that streamlines the creation of digital wearables and accessories. The news, accompanied by a video release from RSTLSS, garnered attention across various channels associated with both projects. This partnership signifies a significant step in expanding the possibilities of the on-chain digital worlds of Chromia games like ‘My Neighbor Alice.’
Chromia is a Layer-1 relational blockchain platform that uses a modular framework to enable the creation of complex, fully on-chain decentralized applications (dapps). With a mainnet launch scheduled in 2024, Chromia’s ecosystem has extended across several verticals, including gaming, real-world assets, digital collectibles, sports, and fashion.
RSTLSS emerges as a next-gen digital wearables enterprise, offering a user-friendly platform for the creation and monetization of game-ready accessories, including clothing, skins, and weapons. It utilizes 3D templates, patterns, textures, and artwork, which enable users to craft and mint their creations as NFTs that can be used across multiple games and platforms.
The partnership between Chromia and RSTLSS is driven by their shared goal of enhancing accessibility within the blockchain space. Chromia simplifies decentralized applications, while RSTLSS emphasizes accessibility by providing design tools that require no coding. RSTLSS will integrate with My Neighbor Alice, Chromia’s flagship game, enriching the gaming experience by giving players the opportunity to create and use their own digital assets.
Commenting on the partnership, RSTLSS Founder Charli Cohen said, “The ethos of Web3 and decentralization are very important to me, and Chromia’s approach reflects those ideas. Digital assets are all about ownership and putting power in the hands of the users. Chromia’s fully on-chain dapps align with this idea, and we are excited to work with them.”
Chromia Co-Founder Henrik Hjelte added, “We are thrilled to collaborate with RSTLSS. Their technology empowers users to envision and design their creations while retaining control over their work. This aligns perfectly with Chromia’s presence in both gaming and fashion, and I am confident that this partnership will bring significant value to our ecosystem.”
In preparation for an eventful 2024, both companies are diligently gearing up for significant milestones. RSTLSS is on track to launch the beta version of their User-Generated Content (UGC) platform in March, while Chromia anticipates the launch of their mainnet later this year. The projects will begin technical collaboration in the forthcoming months, laying the groundwork for their shared vision of innovation and progress.
Users can stay connected with Chromia and get the latest updates from the following official Twitter: https://twitter.com/Chromia
About Chromia
Chromia is a Layer-1 relational blockchain platform that uses a modular framework to empower users and developers with dedicated dApps chains, customizable fee structures, and enhanced digital assets. By fundamentally changing how information is structured on the blockchain, Chromia provides natively queryable data indexed in real-time, challenging the status quo to deliver innovations that will streamline the end-user experience and facilitate new Web3 business models.
About RSTLSS
RSTLSS is the future of game-ready interoperable assets. RSTLSS platform allows anyone, whether a 2D or 3D creator, to easily build and trade digital merchandise – wearables, accessories, and more that can be loaded onto avatars cross-platform and cross-game engines.
Contact
Fati Hakim
[email protected]
New York City, New York, February 16th, 2024, Chainwire
Introducing Kadena SpireKey, a human-friendly and secure way to seamlessly interact with any application by removing complex signing processes.
Kadena Spirekey
“Unlike complex Web3 wallets today where you have to remember every wallet you’ve ever created, Kadena’s SpireKey uses WebAuthn, a technology that has been developed by Google and Apple over the last 20 years, to help anyone securely digital assets directly on your phone or computer. It’s as easy as receiving a prompt on your mobile device and providing a fingerprint as a signature. Even that uncle who asks you about crypto every family holiday dinner can do it. With Kadena, we’ve made using applications accessible to everyone, no matter if you’re an experienced “degen” or using blockchain for the first time,” said Kadena CMO, Mike Herron.
SpireKey creates a seamless interaction between humans and technology, providing a Web2 experience with Web3 innovation. With SpireKey, users can sign transactions and Web3 applications, just like how it works on Apple Pay or Google Pay. However, it can be done directly on the user’s device without opening multiple windows or copying and pasting keypairs, which eliminates potential vulnerabilities seen in traditional wallets.
Added Security with Built-in Multi-sig
“Kadena’s built-in multi-sig signing enables an additional layer of security for SpireKey that only we can provide through our original language, Pact. With multi-sig, SpireKey allows for multiple signatures to be required for certain transaction types. For example, if you want to send over $10,000, you can set up parameters to require signatures from three different devices – your phone, laptop, and cold storage wallet. The multi-sig feature reduces the risk of compromised accounts because a bad actor would need access to three devices. It mitigates the risk of another attack vector, and adds to the overall security,” said Stuart Popejoy, Kadena Co-Founder and CEO.
SpireKey displays how Kadena thinks about the level of usability that Web3 technology should be at. At its core, SpireKey connects humans to interact with the blockchain, and with one another. SpireKey believes that showing working examples will inspire all humans alike to see how Spirekey can impact the rest of the world beyond Web3.
About Kadena
Kadena is a blockchain technology protocol that was founded in 2017 by Stuart Popejoy and Will Martino. Kadena is the industry’s only scalable Layer-1 Proof of Work (PoW) blockchain. This scalability enables Kadena to deliver infrastructure-grade performance for any blockchain project. Along with Kadena own smart contract language Pact, Kadena’s platform provides the world with the tools and environment to turn ideas and ambitions into reality. Founded by Stuart Popejoy and William Martino, who created JP Morgan’s first blockchain and led the SEC’s Crypto Committee, Kadena aims to allow for true blockchain mass adoption.
For more information, users can follow Kadena’s: Twitter | Telegram | Discord | YouTube
Contact
Kadena Press
[email protected]
Cryptocurrency liquidity is the lifeblood of efficient trading, fair price discovery, and the overall health and growth of the crypto market. However, not all digital assets are as liquid as popular Bitcoin. How is it possible to generate sufficient trading volume and liquidity for less popular assets? The answer is crypto market making. This article will explain who market makers are and how they work.Who is a Market Maker?
When you trade on a crypto exchange, you don’t reflect on who is there on the other side of the order. But what if there is no organic counterparty for your order? What if no one is willing to buy your tokens at your desired price? In this case, you have two options:
- on a low-liquidity market, you have to wait long until there is someone ready to execute your order;
- on high-liquidity markets, your order will be executed immediately, despite the market conditions.
Market makers stand behind quick and efficient order execution at a fair price. They are financial entities, specialized companies, or high-frequency traders that cooperate with a market-maker trading platform to supply liquidity to its markets.
A market maker is a market participant who places orders on buying and selling assets, and this order stays in an order book until someone wants to match it. So, a market maker stands always ready to fulfill emerging orders (from other traders) on a crypto exchange.
Here is what market makers do:
- Provide continuous liquidity by placing buy and sell orders.
- Narrow the bid-ask spread by offering competitive buy and sell prices.
- Facilitate the formation of fair and accurate market prices.
- Enable large transactions by absorbing large orders without significantly impacting the market price.
- Stabilize market volatility by dampening price fluctuations and creating a more stable market environment.
- Support new tokens, helping to kickstart trading activity and market interest.
Market Maker Strategies
Here are the most common cryptocurrency trading strategies that market makers use:
- Cross-exchange liquidity mirroring
- Two-legged trading
- Market making without hedge
- Delta neutral market making
- Grid trading.
Let’s drill down on a two-legged trading strategy. The idea of this strategy is to buy and sell tokens simultaneously. It involves opening two limit orders with different prices. A buy order price is set lower than the current market price, and a sell order price is higher than the market price. When these two orders are executed, a market maker profits from their price difference.
Market makers are crucial in providing liquidity and stability to the cryptocurrency market. Their strategies and techniques help to create a favorable trading environment for other market participants.