Belize City, Belize, 27th October, 2022, Chainwire
GEM Digital Limited commits 25 Million Dollars to MintMe.com Coin. MINTME rose by over 50,000% in the last two years, and such news will only speed up its march to the top.
MintMe, with over 70 000 users growing against the bear market, was built to serve as an alternative to fiat crowdfunding services. It allows users to create a unique token representing their brand or idea and have their fans and followers buy them as a means of donation. MintMe works as an electronic marketplace for these tokens, and it also has a traditional crypto exchange market within its services.
Thirty developers have been working tirelessly for over a year on a new, not yet released MintMe 2.0 version. It will include many ground-breaking features, such as adding a token shop, giving creators more options to monetize their ideas, and for investors to support projects with potential. This version will completely change the visual interface for MintMe, and it is planned to be released near the end of 2022.
This investment commitment from GEM Digital will allow MintMe to propel its growth, allowing them to allocate funds toward talent acquisition, further development of its marketing efforts, the acquisition of scalability-related infrastructure, and the build of a fully functional mobile application to accompany its site.
Their commitment to providing MintMe with up to a 25 Million USD investment shows the untapped potential of the startup within their market sector and the institutional appetite for more blockchain-based alternatives to popular social and community services such as crowdfunding platforms.
MintMe.com is not only an instrument for prospective entrepreneurs as well as social figures and organizations to crowdfund what they do, but also, it can serve as a medium for creators to directly interact with supporters and for supporters to potentially influence the development path of their favorite project, as well as getting to know more about its creator.
MintMe continues to innovate and push its service forward, incorporating more and more features requested by its users and onboarding its native coin (MINTME) into multiple renowned decentralized exchange platforms. This, together with the notice of the upcoming release of their version 2.0 update, which will bring a complete redesign of the site, has been one of the factors of their exponential growth in the last couple of months.
This commitment by GEM is a big step towards the mainstream integration of MintMe as a secure, straightforward, and community-driven crowdfunding alternative, allowing the service to boost its rate of development and look into the potential of implementing even bigger and more ambitious features to the platform, such as the addition of an NFT marketplace, DeFi token swaps, and more.
About GEM Digital Limited
GEM Digital Limited is a digital asset investment firm. Based in the Bahamas, GEM Digital has committed capital to 50+ projects that trade on over 23 Centralized Exchanges globally. Their mission is to fuel growth and provide working capital to innovative, industry-leading projects in the Web 3.0 ecosystem.
Global Emerging Markets (“GEM”) is a $3.4 billion alternative investment group with offices in Paris, New York, and the Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 570 transactions in seventy-two countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provides GEM and its partners with exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities, and select venture investments.
Contact
CEO
Artur Makowka
MintMe.com
[email protected]
Litecoin could potentially spike up to 200 percent by July next year, based on its halvings, forcing miner block rewards to plummet by 50 percent, according to reports.
From its start in October 2011, Litecoin halved twice in August 2015 and August 2019, dropping rewards from 50 LTC to 25 LTC and 25 LTC to 12.5 LTC, respectively.
Erratic LTC price cycles sparked the events, with price pumps and corrections triggering the incidents. A price bottom and recovery later followed these events.
#Litecoin rally due to upcoming halving could also be a clear sign the bear market is over. The exact same thing happened in 2019 where Litecoin rallied before #Bitcoin did.
— Coin Chris (@CoinChris) November 3, 2022
LTC prices corrected to their local tops following the halvings, and found a second bottom rate with a subsequent price rally to record highs.
According to charts, Litecoin is expected to halve for a third time in July 2023. Analysts have made the prediction, citing the cryptocurrency taking a similar pre-halving trajectory to its 2011 and 2019 figures.
They have used several momentum indicators, which show whether an asset has been oversold or overbought. These include indicators such as MACD and RSI, to verify a bull market.
Litcoin’s indicators revealed it had been massively oversold, where charts showed market bottoms followed by halving incidences, noting a potential LTC price hike. Should Litcoin bottom out at roughly $40 in June this year, it could reach a new local top in the coming months.
Crypto Integrations Fuel Price Hike
Further reports explained that Litecoin rallied on Wednesday due to MoneyGram (MGI) announcing it would allow users to buy, sell, and transfer the cryptocurrency along with Bitcoin and Ethereum.
MoneyGram’s services facilitate peer-to-peer payments and following a recent $1 billion buyout, the company chose Litecoin for its ease of use for payments.
News of the mobile app integration saw Litecoin spike from $55 to $62, but the crypto coin still trails the two largest cryptocurrencies on the market.
— Elon Musk (@elonmusk) November 1, 2022
Dogecoin, the meme-inspired altcoin which has faced significant losses in recent months, skyrocketed this week due to tweets from now-Twitter, Tesla, and SpaceX CEO Elon Musk after his takeover of the social media platform.
His tweet featured a Shibu Inu dog in a Twitter t-shirt, hinting at potential Dogecoin integrations on the social media platform. Analysts believe DOGE will become Twitter’s main currency, rallying the currency’s daily trading volume to $136.7 billion, an increase of 17.74 from the same period last year.
Elrond, the startup building internet scale blockchain technology, announces its transformation into MultiversX. The company thus expands its mission of building the new internet economy to include the digital meta-space frontier.
The metaverse-forward company introduces three new products as the pillars for its evolution.
- xFabric is a sovereign blockchain module, and core blockchain applications. Deployable in minutes. Fully customizable. Including a great set of features and use cases for any creative, brand or company.
- xPortal is a true SuperApp. The portal to the Metaverse. The home of your avatar. Everything finance. A debit card. Friends, chat and social. Accessible to anyone, anywhere in the world.
- xWorlds is a world creation engine. Enabling a network of interoperable metaverse worlds. Beginning with the very first world. xWorlds is a platform developed in partnership with Improbable enabling unprecedented new experiences deeply integrated with xPortal and xFabric.
“Incredible amounts of creative energy are being poured into multiple compelling metaverse visions.” said Beniamin Mincu, CEO and founder of MultiversX (formerly Elrond Network). “MultiversX is building the collaborative framework and composable toolkit to set up the stage for a positive sum game of enormous stakes. For reimagining the entire spectrum of human experience and for reinventing the frontend of every business vertical.”
MultiversX will continue to build on the remarkable success of the Elrond Network, technology, community and ecosystem. It will continue to advance the groundbreaking scalable blockchain protocol and tools on the mission of proliferating Web3 technology.
Furthermore, it will expand and broaden the original scope and create the unique opportunity for its millions of users and vibrant ecosystem to lead the once-in-a-generation societal shift towards the metaverse.
The momentous transformation will unfold over a 3 day event at the Brongniart palace in Paris, where Jean-Noel Barrot, French Minister for Digital Transition and Telecommunications, Sebastian Burduja, Romanian Minister of Research, Innovation, and Digitalization, and important Industry leaders from finance, blockchain, Web3 and the Metaverse, will be introduced to the broadened MultiversX scope, products and path forward.
For more information visit: https://multiversx.com
Huobi, a Chinese crypto trading platform, announced plans on Tuesday it would relocate to the Caribbean in a surprise move, the Financial Times reported.
The firm stated in its report it may potentially choose the Dominican Republic, Panama, or the Bahamas for their “super-friendly” positions on cryptocurrencies and English language use, the Financial Times reported, Justin Sun, Huobi board member, said at the time.
He said: “These days, one of the biggest targets we have here is to go all in the Caribbean.”
The company is currently headquartered in Seychelles and has offices in South Korea, Hong Kong, the US, and Japan. The company could move roughly 200 workers to the new location, FT wrote.
The news comes after Huobi officials visited Roosevelt Skerrit, the country’s Prime Minister, to build Domenica’s cryptocurrency networks, technologies, and infrastructure.
Other companies registered in the Caribbean include FTX, C-Trade, Binance, and PrimeBit.
Layoff Rumours
The news comes amid rumours the company would launch a wave of layoffs amid the ongoing cryptocurrency bear market.
Chinese cryptocurrency blogger Colin Wu said in recent reports Huobi planned to shed some of its staff after Capital Management (HK) Co Ltd bought out the firm, becoming its controlling shareholder.
About Capital CEO Ted Chen and H.E. Justin Sun share their vision for Huobi Global after acquisition.@justinsuntron said: “Our key focus will be on supporting the Huobi Token (HT) .”https://t.co/fvfJEYAzZ6
— Huobi (@HuobiGlobal) October 10, 2022
In October, About Capital Management (HK) Co. Ltd, a Hong Kong based-asset management firm, became Huobi Global’s controlling shareholder following a successful buyout deal.
In an official statement, Ted Chen, chief executive of About Capital Management and Sun issued a joint statement refuting claims of the layoffs, adding it had a “healthy cash flow.”
Concluding, Sun said: “Having completed its exit from the mainland China market, Huobi Global will be embarking on a series of branding activities and business developments after the acquisition. Instead of releasing new tokens, our key focus will be on supporting the Huobi Token (HT) to strengthen its place in the virtual assets industry.”
Bitcoin (BTC) may be entering the end of its bear market cycle, predictions from analytics firm Glassnode have noted this week.
Data from the firm has hinted that the market may have reached its macro price bottom due to ongoing seller behaviours.
The analysis from the website’s Seller Exhaustion Constant also revealed that the BTC network was weathering its “perfect storm” of high on-chain losses.
In the latest hint that Bitcoin’s latest bear market is nearing its end, Glassnode has revealed that the network is currently weathering a “perfect storm” of low volatility and high on-chain losses.
Twitter posts indicated that the rarity of the market bottom would result in upside volatility, ending the bear market.
The #Bitcoin seller exhaustion constant has recorded the lowest value since November 2018.
— glassnode (@glassnode) November 3, 2022
This metric reaches such levels when volatility is low, but losses realized on-chain are high.
6-of-7 similar levels in the past preceded volatility to the upsidehttps://t.co/RZf0bn2UQB pic.twitter.com/YFta3DTrkV
According to the Thursday tweet, the Bitcoin seller exhaustion constant had “recorded the lowest value since November 2018.”
Such metrics took place with low volatility, but “losses realized on-chain are high.”
The tweet concluded that “6-of-7 similar levels in the past preceded volatility to the upside.”
1/ Bitcoin’s short-term holder cost basis has crossed below its long-term holder cost basis for only the 4th time ever.
— Yassine Elmandjra (@yassineARK) October 4, 2022
This cross historically marks a cyclical bottom.
New edition of The Bitcoin Monthly is officially out, feat guest author @WClementeIIIhttps://t.co/qiQWSZ9yJr pic.twitter.com/O6EQLxbnlq
ARK Invest and David Puell, who created the Puell Multiple indicated, created the Seller Exhaustion Constant.
According to Yassine Elmandjra, it is calculated by “the percentage of bitcoin total circulating supply in profit multiplied by its volatility over the last 30 days.”
He said in a Friday tweet that Bitcoin’s short-term holder cost basis had “crossed below its long-term holder cost basis for only the [fourth] time ever.”
He concluded: “This cross historically marks a cyclical bottom.”
El Salvador president Nayib Bukele has posted on Twitter several BTC buyouts after the country positioned Bitcoin as a mainstream legal tender.
Despite this, national state development bank BANDESAL blocked anti-corruption watchdog ALAC El Salvador from receiving key information about its activities in Bitcoin transactions.
The news comes after BANDESAL launched a $150 million trust fund to facilitate liquidity of the coin for those using it for individual and business use.
#BITCOIN | En septiembre, @BANDESAL, encargado del Fideicomiso Bitcoin, denegó entregar información por segunda vez sobre la compra y venta de #Bitcoin por parte del gobierno de @nayibbukele, alegando reserva. Informó @ALAC_SV. pic.twitter.com/KE6EiqqBAT
— FOCOS (@focostv) October 31, 2022
The development bank blocked ALAC El Salvador from receiving the data, citing confidentiality. The latter later hit back, stating the bank purchased BTC with public money.
The organisation said in a statement: “The confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL.”
BANDESAL responded, stating it could not share information on its Bitcoin Trust (FIDEBITCOIN) due to national interests. According to public data, El Salvador bought up 2,301 BTC to date, which plummeted from $103.9 million to $45 million over the last year.
The news comes after Spain beat El Salvador as the world’s top spot for crypto after the United States and Canada at 34,345 and 2,653, respectively, data from CoinATMRadar revealed.
Congress Backs Crypto
The news comes after Bukele adopted cryptocurrencies as a national tender for the country following a successful 62-22 vote in favour of the measure in June last year.
Approval of the digital currency would allow citizens abroad to remit money back to their families as the country does not have a sovereign coin, instead relying on the US Dollar.
Bukele said in a statement at the time the move would “bring financial inclusion, investment, tourism, innovation and economic development for our country.”
Derebit, a major cryptocurrency derivatives exchange, was hit by a massive $28 million wallet hack, forcing it to halt withdrawals temporarily.
The hot wallet hack took place near midnight on 1 November and user funds have been protected by its reserves, according to a company tweet.
Deribit hot wallet compromised, but client funds are safe and loss is covered by company reserves
— Deribit (@DeribitExchange) November 2, 2022
Our hot wallet was hacked for USD 28m earlier this evening just before midnight UTC on 1 November 2022.
The tweet thread stated: “Client assets, Fireblocks or any of the cold storage addresses are not affected. It’s company procedure to keep 99% of our user funds in cold storage to limit the impact of these type of events.”
Hacktober to November
The platform halted withdrawals, including across Copper Clearloop and Cobo, to ensure the platform was fully secure before reopening.
Derebit’s Telegram chat added: “Due to our hot wallet policy we were able to limit loss of user funds.” It added it was in a “financially sound position” and that the hack would not impact ongoing operations.
CoinGecko data indicated Derebit’s daily trading volumes were $280 million, making it one of the largest cryptocurrency derivatives exchanges in the world.
Binance also temporarily halted transactions after being compromised in early October and fund transfers were temporarily suspended, with company chief executive Changpeng Zhao apologising for the incident.
At the Hong Kong Fintech Week event, Yi Gang, governor of the People’s Bank of China, outlined progress and gains in the nation’s adoption of its central bank digital currency.
In his speech, he stated China’s stablecoin could operate as a cash alternative in the country, adding privacy protection was “one of the top of the issue on our agenda.”
The news comes after China’s sovereign cryptocurrency launched in 2019, leading to widespread pilot programmes and adoption at retail stores nationwide, namely via its “red envelope,” or hongbao offering.
Authorities in Beijing later expanded the pilot programme to provinces with larger populations and later, noted total CBDC transactions surpassed $14 billion in the third quarter this year.
Introducing E-CNY
Yi explained China’s national cryptocurrency, E-CNY, could facilitate a two-layer payment system with anonymity for users. The tier-one option supplies the CBDC to authorised operators with institutional data. Tier-two options collect essential personal data for exchanging and circulating public services.
Additionally, China’s central bank would encrypt and store data with “managed-anonymity” and would not share data with third-party entities, Yi added.
The cryptocurrency would “meet the needs of domestic retail payment, enhance the development level of inclusive finance, and improve the efficiency of the currency and payment system.”
The bank would also facilitate “small-amount soft wallets and hard-wallets” for limited anonymous transactions “both online and offline,” Yi explained.
“Legitimate demand” for paper cash for fully anonymous payments would “be met at all times,” he added.
Speaking further about security, he concluded: “It is also important to keep in mind that anonymity and full disclosure are not as simple as black and white […] We must strike a delicate balance between protecting privacy and combating illicit activities”
The event is taking place 31 October to 4 November and has rallied members of the fintech community. Some of the region and world’s top thought leaders, executives, government officials, and experts to discuss the future of the special administrative region’s position in the global fintech industry.
MakerDAO and Balancer Labs co-founder Nikolai Mushegian has died aged 29, reports revealed on Friday last week.
He died after drowning due to riptides at Condado Beach in San Juan, Puerto Rico, El Nuevo Dia reported at the time. Authorities pronounced him dead at the scene following the rescue attempt on 28 October.
The beach has recently claimed the lives of roughly eight people last year and is widely considered a dangerous place for swimming activities.
The incident is under investigation by local authorities and a prosecutor working on the case.
Remembering Mushegian’s Legacy
The world-famous “Dai Architect” remains a key voice of the crypto space for his work with the industry, including MakerDAO forks Rico and Rai. He also collaborated on BitShares, a proof-of-stake blockchain network, and the automated market platform Balancer.
Rune Christensen, MakerDAO founder and chief executive, tweeted on Monday that his colleague had been “one of the only people in the early days of Ethereum and smart contracts” to predict potential hacks, leading to the development of security-based approaches to current designs.
“Maker would have been toast without him,” he concluded.
Cardano co-founder Charles Hoskinson added that Mushegian was a “very young and extremely bright man” with a wide range of interests and a deep understanding of technology.
He also actively campaigned on social media. One of his final tweets, hours before his death, alleged that the US Central Intelligence Agency (CIA) and Israel’s Mossad were blackmailing him.
User Danpub added that MakerDAO disrupted “the traditional financial system by offering users access to #ETH #USD loans without collateral,” indicating a potential conflict with the banking system.
The Monetary Exchange of Singapore (MAS) has issued a stern warning to cryptocurrency exchanges operating in the nation to comply with ongoing Russian sanctions.
According to reports, Singapore’s central bank stated it would take action after alleged research found pro-Russian groups had received millions in crypto donations amid the ongoing war in Ukraine.
Numerous Russian entities, including individuals, institutions, and companies, have faced US and European Union (EU) sanctions over the last few months since the onset of the conflict in February.
The news comes after the EU slapped its eighth sanctions package on Moscow, which bans all cryptocurrency exchanges from operating in Russia.
Previous sanctions regimes limited Russian-EU crypto transactions to payments of $10,000 or less.
The news comes just months after Tharman Shanmugaratnam, senior minister and minister in charge of MAS, responded to Parliamentary questions that his institution required all financial entities to comply with measures regardless of whether they were decentralised or traditional channels, reports show.
Crypto Pushback Against Blanket Ban
The news comes months after Coinbase and Binance, the world’s top two crypto exchanges, rejected a blanket ban across Russian platform users amid the ongoing conflict.
Coinbase CEO Brian Armstrong tweeted in early March: “We believe everyone deserves access to basic financial services unless the law says otherwise.”
8/ Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.
— Brian Armstrong (@brian_armstrong) March 4, 2022
He continued in his thread, stating: “Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them too. That said, if the US government decides to impose a ban, we will of course follow those laws.”
At the time, Binance also said it would not “unilaterally freeze millions of innocent users’ accounts.”
According to Reuters, Bitcoin prices spike after the conflict, namely after users moved their money and assets in anonymised crypto wallets. It is believed users took such measures to avoid frozen assets after sanctions hit Russian banks.
In a recent speech, United Nations (UN) Countering Financing of Terrorism Coordinator said in a speech that terrorist organisations were increasingly turning to emerging technologies to finance operations.
She warned at her speech in New Delhi that increasing use of such decentralised and emerging tools could trigger the expansion of terrorist financing networks and operations.