Monat: Februar 2022

Veröffentlicht am

Treasury official calls for “urgent” stablecoin legislation from US Congress

Stablecoin regulation is one of the key issues in the President’s Working Group on crypto.

US Treasury Undersecretary for Domestic Finance has said there is a need for Congress to move with speed in enacting legislation related to the fast-growing stablecoin market.

Nellie Liang noted this during an interview with Bloomberg on Tuesday, noting that the lawmakers need to ensure there are regulatory guardrails in place to provide for innovation as well as offer protection to consumers.

According to Liang, the matter is an urgent one given how rapidly the cryptocurrency stablecoin market has grown over the past two years.

She told Bloomberg that lack of clarity on the subject hurts innovation and creates regulatory risks. She added that at the moment, US regulators cannot adequately address all the risks likely to come with stablecoin adoption.

The Treasury official believes Congress has the power to lend a helping hand to the likes of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Congress can help close the “regulatory gaps,” noting some of these are already hinted to in the Presidential Working Group (PWG) report on cryptocurrency and stablecoin.

Liang also noted during the interview that the PWG report forms part of a wider effort from the US government towards crypto regulation. She also believes Biden’s administration is set to provide further details on how authorities plan to handle the issue of promoting innovation and financial inclusion.

However, she says stablecoins’ “potential” for use in payments comes with a “whole set of issues,” including its use in illegal financial transactions.

The stablecoin market is currently a multi-billion industry, growing fifteenfold since 2020 amid increased adoption across retail and institutional levels.

Last week, Meta Platforms ended its Diem stablecoin project citing regulatory challenges. The Facebook parent sold Diem’s intellectual property and assets to Silvergate Capital, which plans to invest further into the innovation.

The post Treasury official calls for “urgent” stablecoin legislation from US Congress appeared first on Coin Journal.

Veröffentlicht am

Smooth Love Potion (SLP) price is up 24%: why is the Axie Infinity game token rising?

The SLP token has been on the rise today and it was trading at $0.01926 at the time of writing; a 24.17% rise over the last 24 hours.

Its trading volume stood at $1,262,461,511 after a 136% rise in the last 24 hours.

Why is SLP token price rising today?

The main reason why the price of the SLP token is on the rise is the looming reduction of SLP token supply by Axie Infinity.

Some may ask how the two (Smooth Love Potion and Axie Infinity) are connected. But here is how.

Smooth Love Potion (SLP) are earned by winning competitions on Axie Infinity, which is metaverse blockchain that allows gamers to play games and also earn as they play.  

Axie Infinity players collect, breed, raise, battle, and trade non-fungible tokens (NFTs) based creatures called ‘Axies’. Players earn Smooth Love Potion (SLP) tokens as rewards and the SLP tokens can be redeemed later to breed new ‘Axies’ creatures.

SLP tokens are different from AXS, which is the cryptocurrency used for transactions within the Axie Infinity ecosystem.

Axie Infinity developers to reduce the SLP token supply

Axie Infinity developers want to make SLP tokens scarcer by implementing changes that will rebalance the ecosystem.

The team had this to say about the issuance of Smooth Love Potion (SLP) tokens:

“The daily quest, in principle, was great to encourage people to play every day, but it’s now become a mass emission mechanism for SLP. By removing the daily quest, we can reduce issuance by around 45 million SLP per day.”

The developers described this as a “painful medicine,” that will be necessary for the future progress of the game. If implemented, the supply of SLP tokens is expected to drop by up to 56%, as the developers stressed that:

“The Axie economy requires drastic and decisive action now, or we risk total and permanent economic collapse. That would be far more painful.”

The team wants to create a $6 million prize fund and make changes in its reward structure.

In season 19, Axie Infinity gave 3,000 AXS to the best player on the leaderboard. The reward has increased to 117,676 for the top 300,000 players in the next season.

The team concluded by saying:

“Put simply, we’ve prioritized growth and onboard millions. Without this approach, Axie would likely have remained a small, niche game with a few thousand players.” 

During the past several days, the price of Axie infinity token (AXS) has also as the general crypto market recovers. Its current price level is 30% higher than what it was at the end of January.

After the news of SLP reduction, the SLP price surged by more than 40% before retracting to its current price.

The post Smooth Love Potion (SLP) price is up 24%: why is the Axie Infinity game token rising? appeared first on Coin Journal.

Veröffentlicht am

Globalblock partners Premier Sports Network to promote crypto adoption in global sports

  • GlobalBlock becomes Premier Sports Network (PSN)’s official digital asset partner

  • The collaboration will see GlobalBlock get access to leading sports personalities and clubs, with an excellent opportunity to promote the adoption of crypto in the sports industry.

GlobalBlock UK, a wholly-owned subsidiary of GlobalBlock Digital Asset Trading Limited, has announced a partnership with the leading sports platform Premier Sports Network (PSN), with the goal of promoting the digital asset space within the global sports industry.

A press release shared with CoinJournal on Tuesday says that GlobalBlock UK is now the official digital assets partner of PSN.

The deal will see the UK-based crypto brokerage service provider get exclusive access to sports leaders from across the world.

Of particular note will be the massive exposure and collaborations GlobalBlock will get from its interactions with the English Premier League (EPL) and Premiership Rugby, the company said in the statement.

Promoting crypto adoption and education

GlobalBlock’s head of partnerships Ben Small noted that the sports industry is seeing increased adoption of crypto for payments. He pointed to the rising number of clubs, players, and companies paying salaries, or penning sponsorship deals in cryptocurrency as a “tremendous opportunity” for growth.

“This is a very exciting deal for us and we are delighted to be PSN’s official digital asset partner. We see this as a tremendous growth opportunity for GlobalBlock, not only to capitalise on the increasing trend of adoption of crypto within sports, but to provide education to PSN’s stakeholders,” Small added.

Kai McKechnie, head of marketing at PSN said the partnership will help enhance crypto education.

„The lack of crypto education and its regulation within the sports sector are key areas that need to be addressed and in partnership with GlobalBlock we will support the industry with a trusted service,“ McKechnie said.

The partnership will allow GlobalBlock UK to work with PSN on several projects, including referrals to sports clubs and educational workshops. The digital asset firm will also feature in PSN’s magazine and newsletters.

GlobalBlock Limited was established in 2018 and is registered in the UK as a crypto asset business. The company, which provides execution trading and safe custody services to individuals and institutions, has applied for full licensing from the Financial Conduct Authority (FCA)

The EPL has increasingly seen clubs look at the potential use of crypto in their business, with moves into non-fungible tokens (NFTs) and fan tokens already taking root.

The post Globalblock partners Premier Sports Network to promote crypto adoption in global sports appeared first on Coin Journal.