Day: November 15, 2023

USDC launches on Sei as Circle invests in layer 1 blockchain

Layer 1 blockchain Sei welcomes USDC as Circle makes strategic investment
USDC will provide Sei developers and entrepreneurs access to fast and instantaneous transaction settlements

Circle Ventures, the investment arm of USDC stablecoin issuer Circle, has made a strategic investment in Layer 1 blockchain Sei, the firms announced on Wednesday.

The strategic investment includes “go-to-market advice around Circle’s stablecoin infrastructure,” the Sei team noted. The stablecoin‘s integration will also see developers and entrepreneurs benefit from USDC’s global, cheap and instantaneous transaction settlements when building and deploying products.

It also means improved cross-border transactions and liquidity for users and developers on the Sei network.

The entire Sei team is thrilled to work strategically with Circle Ventures, to create brand new use cases for USDC that leverage Sei’s infrastructure,” said Samy Karim, director at the Sei Foundation.

Karim noted that stablecoins are increasingly crucial for the overall growth of the crypto industry. Sei provides the scalable infrastructure needed to accommodate this demand, he added.

USDC expansion continues

Circle’s USDC is the second largest stablecoin in the market behind USDT, and has seen significant expansion across the ecosystem. The stablecoin recently expanded to Ethereum layer 2 network Optimism.

As CoinJournal reported in August, the partnership between Circle and Optimism brought native USDC to the OP Mainnet, allowing for institutional on and off-ramps to and from the platform.

Sei, which officially launched its mainnet in August, raised $30 million in a round backed by Jump Crypto and Multicoin Capital in April. It also secured $50 million from crypto exchange Bitget and venture firm Foresight.

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Superstate secures $14M Series A round co-led by CoinFund

Superstate announced it raised $14 million in its Series A funding round.
The round was co-led by CoinFund and Distributed Global, and attracted participation from several venture capital firms.
Superstate will use the money to expand the team, finance private funds.

Superstate, an asset management firm looking to modernise infrastructure for investment funds via blockchain technology, has announced it raised $14 million in its Series A funding round.

The funding round was co-led by CoinFund and Distributed Global, with participation from Galaxy Ventures, Arrington Capital, Breyer Capital, Road Capital, CMT Digital, Folius Ventures, Modular Capital, Nascent, Hack VC and Department of XYZ.

The firm plans to utilise the capital injection to hire new talent as they look to expand the team. According to a news release on Wednesday, the financing will also go towards private funds targeted for institutional investors.

A post highlighting the funding round on X noted that resources will also be expended on “a framework for compliant, tokenized, publicly registered investment funds.”

2/2 This financing will help us expand our team (we’re hiring!), launch private funds for institutional investors, and create a framework for compliant, tokenized, publicly registered investment funds. https://t.co/1kg5GE2VPn

— Superstate (@superstatefunds) November 15, 2023

In June this year, Superstate filed for regulatory approval from the US Securities and Exchange Commission (SEC) to create a short-term government bond fund on the Ethereum blockchain. 

Superstate was co-founded by Robert Leshner, the founder of decentralised finance (DeFi) platform Compound.

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Germany’s Commerzbank granted crypto custody licence

Commerzbank has become the first full-service bank in Germany to receive regulatory approval for a crypto custody licence.

Commerzbank, among the top four largest banks in Germany, has taken a huge step towards providing its clients access to secure digital assets custody. This is after it became the first full-service bank in the country to receive a crypto custody licence from the Federal Financial Supervisory Authority (BaFin).

The regulatory approval was granted pursuant to the German Banking Act (KWG), Frankfurt-based Commerzbank said in an announcement on Wednesday.

Commerzbank eyes crypto custody

According to the details shared in the press release, the licence allows the bank to develop its digital asset services solutions, including one that specifically targets crypto assets.

“Now that we have been granted the licence, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” Dr Jörg Oliveri del Castillo-Schulz, the COO of Commerzbank, noted.

Providing custody for crypto assets will allow the bank to serve a wide range of customers, including from the burgeoning blockchain technology industry. 

As CoinJournal reported, Germany’s top bank Deutsche Bank announced a patnership with Swiss-based crypto firm Taurus in September. The collaboration allowed the bank to offer custody solutions for digital assets and tokenized financial instruments.

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ETH20 Thrives in Presale As Ethereum Is Forecast to Soar to $4k, Say Experts

The cryptocurrency space has been dominated recently by Ethereum, and it’s not difficult to understand why. ‘Uptober’ eventually lived up to its reputation as Ethereum led the crypto market out of bearish terrains. Now, in November, traditionally Ethereum’s most fruitful month, the token is regularly setting new annual highs.

As experts steer towards a likely $4k milestone for Ethereum, a related project – ETH20 – is making strides during its presale. Before we delve into Ethereum’s outstanding performance, let’s explore the blossoming potential of the ETH20 token.

ETH20 Token – Capitalizing on Ethereum’s ETF Progress

November 9th witnessed an unusual 12% surge in Ethereum’s price within 24 hours. This significant jump, the most significant in over half a year, was prompted by a small progression in BlackRock’s Ethereum ETF application. The ticker for BlackRock’s spot Ethereum ETF simply got listed on the Depository Trust & Clearing Corporation’s website, enough to trigger a considerable price pump for Ethereum.

The ETH20 token seems well-positioned to capitalize on these gains. If this small news could trigger such a pump for Ethereum, it’s exciting to imagine what it could do for a token like ETH20. As every bit of progress is made with BlackRock, or any Wall Street company’s Ethereum ETF application, ETH20 is likely to benefit. The token’s presale, still in its early stages, has already raised over $2.5 million, indicating rising interest.

Buy ETH20 Token Now

Ethereum Alternatives: ETH20’s Added Utility

While ETH20’s success appears closely tied to Ethereum, it has put in place mechanisms to become a valuable token in its own right. Staking forms the core of the ETH20 ecosystem, promising potential passive income for investors. An impressive 65% of the total allocation of ETH20 is dedicated to staking, allowing investors to start immediately upon purchasing their tokens.

The project also cleverly leverages scarcity, a characteristic that becomes increasingly valuable in the crypto market over the years. As the project reaches various milestones, a certain proportion of the tokens will be bought back and burn until the goal is attained. The project also includes ETH20 Avatar NFT rewards, offering free minting for early investors who purchase $200 worth of tokens, an enticing passive income opportunity.

Buy ETH20 Token

Ethereum’s Promising Outlook

Ethereum’s price performance over the last 30 days has been nothing short of phenomenal, delighting not just its investors but the entire crypto community. Given that we’re midway through November, traditionally Ethereum’s most profitable month, it’s reasonable to expect Ethereum breaking the $4k mark.

With Bitcoin’s next halving event just a few months away, it seems plausible that $4k may just be a stepping stone for Ethereum on its path to achieving a new record high. Some experts even believe that Ethereum might experience such a massive breakout that it enters the mainstream consciousness – a prediction that we find compelling.

Conclusion

Ethereum’s outlook appears more promising than ever, and its related project, ETH20, mirrors this positive trend. ETH20 has excelled in its presale and looks set to deliver substantial returns for investors upon its listing. As Ethereum continues to dominate the crypto space, projects like ETH20 that leverage its progress and offer additional utility shine brightly, hinting at a prosperous future for investors.

Visit ETH20 Presale

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IMF MD asks for global preparation for central bank digital currencies (CBDCs)

IMF’s Georgieva urges global readiness for CBDCs at Singapore FinTech Festival.
CBDCs are a potential cash replacement, enhancing resilience, and promoting financial inclusion.
IMF introduces CBDC handbook and acknowledges BIS’s role in global digital finance experiments.

In a compelling address at the Singapore FinTech Festival, International Monetary Fund (IMF) Managing Director Kristalina Georgieva urged nations to ready themselves for the eventual deployment of central bank digital currencies (CBDCs).

Georgieva expressed optimism despite acknowledging that the widespread adoption of CBDCs is still on the horizon, with approximately 60% of countries currently exploring these digital currencies in some capacity.

CBDCs as a replacement for Cash

Georgieva underscored the potential of CBDCs to replace traditional cash, offering heightened resilience in advanced economies and fostering financial inclusion in underbanked communities. According to her, CBDCs can coexist with private money, as a secure and cost-effective alternative.

The IMF head emphasized the crucial role of technological infrastructure in CBDC projects, emphasizing personal data protection and considering the integration of artificial intelligence (AI) to enhance national digital currencies. She particularly stressed the importance of CBDCs being designed to facilitate cross-border payments, addressing the current issues of expense, slowness, and limited accessibility. 

Georgieva’s argument comes amid fears that CBDCs risk attracting money launderers and cyber criminals.

IMF’s CBDC virtual handbook and collaborative efforts with BIS

During the event, Kristalina Georgieva introduced the IMF’s CBDC virtual handbook, marking a milestone in the ongoing discourse around the global adoption of digital currencies. She also acknowledged the pivotal role of the Bank for International Settlements (BIS) in supporting the public sector’s experimentation with digital money.

In recent initiatives, the IMF has actively engaged in analysing necessary crypto regulations, presenting a crypto-risk assessment matrix (C-RAM) aimed at helping countries identify potential risks in the cryptocurrency sector.

The collaborative effort of the IMF and BIS, as exemplified in the Synthesis paper, was unanimously endorsed by the G20 Finance Ministers and Central Bank Governors Communique in October, indicating growing global interest and commitment in shaping the future of digital finance.

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Trading frenzy hits Chainlink as Ethereum builds momentum and BorroeFinance presale shines

Grayscale’s Chainlink Trust Shares recently appreciated by 200%, igniting a buying trend among LINK bulls. Also, Blackrock’s spot Ethereum filing triggered a surge in the price of Ethereum (ETH)

Meanwhile, BorroeFinance ($ROE) leads top DeFi projects with a remarkable presale performance.

Let’s find out which is the best cryptocurrency to invest in.

Grayscale’s Chainlink Trust hits $44: can LINK touch $20?

On November 9, Grayscale revealed a significant development in its Chainlink Trust Shares via its official website. According to the company, its Chainlink Trust Shares increased by a 200% premium. This comes as Chainlink (LINK) makes remarkable chart upside moves.

ChainLinkGod, a LINK fan and X user commented on the development around the Chainlink Trust. He said the commodity is the first security whose movement aligns with LINK and draws strength from the token. 

The Chainlink Trust Shares’ connection to LINK makes it possible for investors to invest in LINK without making an actual purchase.

Lately, Chainlink (LINK) has been in an uptrend, gaining 24.36% between November 6 and November 10. This rally saw LINK rise from $12.23 to $15.21. Meanwhile, experts remain bullish on Chainlink, with their recent prediction seeing LINK attain the $25.00 region in the long run.

This projection indicates an anticipated 9.79% increase in the price of LINK.

Ethereum rises 10% amid Blackrock Spot Ethereum ETF news

On November 9, ETF analyst James Seyffart called attention to a recent spot Ethereum ETF filing by Blackrock. 

James noted on the X platform that the firm confirmed the ETF application with Nasdaq, bearing serial number 19b-4. The news traversed the crypto community, sparking excitement among Ethereum (ETH) users.

This development tipped Ethereum (ETH) into a rally. Ethereum (ETH) experienced a value surge between November 6 and November 10, bouncing from $1891.71 to $2085.14. This jump portends a 10.23% boost in the market value of Ethereum (ETH).

Another factor behind this surge is a recent network development. According to on-chain analytic firm Santiment, small addresses holding 0.1 ETH and less had risen to 100,000 for the first time. Likewise, wallets holding from 10 to 10,000 ETH also went up.

Experts noted in their Ethereum price prediction that ETH could push further to $2,500, moving at its current pace. This suggests a potential 4.82% rally in the price of ETH.

BorroeFinance outperforms leading cryptocurrencies in its presale

BorroeFinance ($ROE) has been making waves on the crypto scene since its birth. The new DeFi project caught the eyes of institutional investors with its remarkable growth potential and presale performance. While in its presale phase, BorroeFinance ($ROE) has outperformed top crypto coins, simultaneously amassing substantial gains for investors.

BorroeFinance ($ROE) is an AI-driven funding marketplace empowering content creators and Web3 participants to swiftly generate cash flow by selling future earnings, including subscriptions, royalties, and invoices, to supportive communities. 

Content creators leverage BorroeFinance to mint NFTs representing their future or outstanding invoices, discounted and traded on the marketplace to generate funds. BorroeFinance ($ROE) enhances buyer convenience by facilitating automatic repayments on its platform.

$ROE, the native cryptocurrency of BorroeFinance, is a Polygon-compatible deflationary token. It was developed to facilitate activities on BorroeFinance, including payment of transaction fees. This function makes $ROE a utility token whose value tends to grow over time.

Currently priced at $0.015 in the second stage of its public presale, $ROE aims for a 167% surge to reach its target price of $0.040. This projection positions BorroeFinance as a promising DeFi project in the market.

To learn more about BorroeFinance ($ROE) Visit BorroeFinance PresaleJoin The Telegram GroupFollow BorroeFinance on Twitter.

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OKX partners with Komainu and CoinShares for institutional segregated asset trading

OKX teams up with Komainu and CoinShares for institutional asset trading.
CoinShares trades on OKX, while Komainu safeguards assets, mitigating counterparty risks.
The collaboration establishes a legally robust mechanism, enhancing the reliability of institutional transactions.

In a strategic move aimed at fostering institutional adoption of digital assets, cryptocurrency exchange OKX has entered into a partnership with custody provider Komainu and asset manager CoinShares.

This collaboration, designed to facilitate round-the-clock trading of segregated assets, addresses a crucial concern for institutional traders—counterparty risks.

The partnership comes right on the heels of another OKX partnership with Polygon that saw OKX launch a ZK-powered L2 network built with Polygon CDK.

Mitigating counterparty risks with a traditional touch

In this innovative partnership, CoinShares will execute trades on the OKX exchange, while Komainu, functioning as a third-party custody provider, safeguards the collateral assets. The segregation of assets and the involvement of trusted custodians aim to mitigate counterparty risks, providing institutional traders with a level of assurance mirroring traditional financial market practices.

According to Sebastian Widmann, head of strategy at Komainu, this step is essential to attract institutions to adopt digital assets. By acting as independent, trusted, and regulated custodians for collateral assets, Komainu seeks to instil confidence in institutional clients throughout their trading lifecycle.

Lennix Lai, Chief Commercial Officer at OKX, emphasizes that while secure custody solutions, regulatory frameworks, and deepening exchange liquidity are in place, counterparty risk remains a significant hurdle for institutional traders. The collaboration aims to provide a legally robust mechanism for the mutual management of assets, demonstrating expertise in negotiating complex tripartite agreements covering collateral, security, and legal risks—critical aspects for institutional investors.

This partnership aligns with the ongoing trend in the crypto industry, focusing on enhancing infrastructure and risk management practices to attract traditional finance investors. As institutional interest continues to grow, initiatives like these contribute to creating a more reliable landscape for institutional transactions in the digital asset space.

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Meme Moguls introducing a meme stock exchange amid JP Morgan Coin’s increased popularity

JP Morgan Coin, or JPM Coin, is a digital token for institutional investors, introduced by JPMorgan Chase. This coin aims to streamline and enhance the efficiency of financial transactions within the institutional sector. 

As JPM Coin makes waves, Meme Moguls is planning a meme-focused stock exchange. It is a platform where users would be able to trade famous and new memes. 

JPM Coin: traditional finance meets cryptocurrency

In 2019, JPMorgan introduced JPM Coin to help big clients make payments using blockchain technology. These clients may send dollars and euros over a private blockchain network with ease thanks to JPM Coin. 

It’s also critical to remember that JPM Coin is 1:1 correlated with the US dollar. It is powered by the Quorum Blockchain, a private Ethereum network developed by J.P. Morgan. 

JPM Coin reached a significant milestone earlier in October when it began processing $1 billion in transactions daily. Still, this sum pales in comparison to the $10 trillion the bank handles on a daily basis. JPMorgan launched a new feature for its blockchain-based token, JPM Coin, in November. 

Clients can now configure their accounts to pay themselves automatically under specific circumstances. As a result, they are free to stop planning payments for particular times. Instead, they can program payments to happen when specific criteria are met.

How meme culture is shaping the future of crypto exchanges

This innovative platform aims to change how people see memes and cryptocurrency trading. It wants to blend these two worlds smoothly to offer a unique experience. Now, let’s explore the different features of the Meme Moguls ecosystem. 

First, we have the Moguls Casino, where you can enjoy exciting games using meme-related assets and MGLS tokens. There’s the Moguls Exchange Trading Platform, where you can trade meme-based assets. Don’t forget about the Meme Moguls Fantasy Trader section, where you can compete for rewards with fellow users.

Lastly, there’s Mogul Land, an interesting virtual world where you can connect with others, mine tokens, and participate in liquidity pools to earn more tokens. So, why should you consider joining Meme Moguls? Firstly, it offers a wide range of meme-inspired assets to help you stay updated on meme trends for better trading decisions.

Additionally, the platform has a staking system that rewards you with more tokens when you stake your MGLS. Furthermore, active community members can expect exclusive rewards and valuable NFTs that can be traded on Opensea for extra income. The platform also promises exciting gameplay, competitions, and tournaments where you can participate and earn more rewards.

Closing Thoughts

While JP Morgan offers institutional investors a way to enjoy the benefit of cryptocurrency, Meme Moguls wants to launch a platform that will stand as the first meme-backed stock market/exchange. 

Currently, the price of $MGLS tokens is $0.0019 during its presale. Interestingly, analysts predict a 1,000% price increase by the end of the presale.

For more information about Meme Moguls, visit the Meme Moguls website.

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