Monat: August 2022

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World’s biggest social token GARI gets listed on Bitrue

The world’s biggest Social Token GARI has announced its listing on one of the world’s leading crypto exchanges Bitrue.

After listing the social token, the Chief Marketing Officer at Bitrue, Adam O’Neil, said:

“We’re always looking for exciting new projects to join our platform, allowing our user base of almost 9 million traders to find the next great project that will bring benefits for them. We are confident that our cooperation with GARI will be warmly received by our traders and community.”

GARI token

GARI is the native token of Chingari, a short-video social app that has become very popular around the world. Chingari allows short-video creators to monetize their content on the blockchain through its mining program.

Besides content monetization, the GARI token has several other in-app utilities and it is also the governance token of the GARI DAO.

Chingari’s main objective is to institutionalize the short-video space and promote its growth and advancement and the technology behind digital assets and blockchain. GARI provides a short-form tool for newcomers to seamlessly onboard the crypto space.

Following the listing of GARI on Bitrue, Chingari’s CEO and co-founder Sumit Ghosh said:

“Partnering with Bitrue is a great opportunity for us and is a key milestone for achieving our market penetration goals. Our ideal of seamlessly bringing crypto to the interested audience through an introduction of GARI via simple and easy granular in-app mechanics is now closer to reality.”

GARI price

At press time, the GARI token was trading at $0.07423 with a 0.12% rise over the past 24 hours. GARI price has largely been on a bearish trend since August 18. 

However, the news of its new listing is expected to cause a significant price hike though.   

The post World’s biggest social token GARI gets listed on Bitrue appeared first on CoinJournal.

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Lyra launches platform allowing users to spend crypto in any online merchant

Lyra, a secure online and in-store payment solution has launched a new platform that allows users to spend their cryptocurrencies in any of the many online merchants across the world.

Users will be able to pay using cryptocurrencies on online merchants like Netflix, DoorDash, Airbnb, Walmart and Instacart among others. Users can make both subscriptions and one-time purchases.

The new Lyra platform has an intuitive dashboard and Chrome extension that allow users to create virtual Visa cards depending on their demands. The cards are instantly activated and available for immediate spending.

Create virtual visa cards on Lyra

The process is streamlined and does not require users to reveal their personal data or private keys. Instead, users only choose from the major cryptocurrencies supported on the platform, load a balance and generate a virtual Visa card. At the moment, the platform supports BTC, LTC, ETH, ADA, MATIC, SOL, USDC, USDT, and BSC.

Crypto users with any of the supported cryptocurrencies can therefore buy the Lyra Visa Prepaid Cards and set their spending limits. They can then add the Lyra Chrome extension t their browsers.

The extension allows for the creation of cards and auto-filling of card details at checkouts on major retailers without having to go back and forth between different websites.

The platform’s intuitive checkout system allows users to auto-fill their virtual Visa card details at checkouts by simply injecting Lyra’s logo into the online retailers’ credit card fields. This allows for faster one-click checkouts.

Lyra is aiming at making it easier for people to use their crypto holdings for everyday transactions and helping bridge the gap between cryptocurrency and the traditional finance industry.

The post Lyra launches platform allowing users to spend crypto in any online merchant appeared first on CoinJournal.

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Cryptos to watch despite a bearish start to the week

It’s a slow start to the week for the cryptocurrency market. Bitcoin trading volumes are low, and there is no major news that can trigger any significant market moves today. More broadly, the financial markets remain relatively bearish, as major economies look all but headed for a recession. Despite all this, some cryptocurrencies have significant potential to pull a surprise rally during the week. Below are some cryptos that could give investors a good return on investment this week.

Ethereum (ETH)

There is a good chance that the Merge has already been baked into Ethereum (ETH) price. This is evident in Ethereum’s recent price action when it went from under $1000 to a high of $2000. 

That said, the upcoming Merge will continue to make headlines for the remainder of the month. As such, chances are that money will keep flowing into Ethereum relative to other cryptocurrencies. This will likely see Ethereum outperform other cryptocurrencies in the week.

Already, Ethereum is one of the few large cryptocurrencies that are in the green at the moment. It is an indicator that momentum still has momentum, making it a good cryptocurrency investment to keep an eye on this week.

Binance Coin (BNB)

Binance Coin (BNB) remains one of the top performing cryptocurrencies in the market today. Binance Coin is now close to breaking the $300 mark, and buying volumes are rising.

One thing that gives Binance Coin an edge over many other cryptocurrencies under current market conditions is the perception that it is safe. Unlike most cryptocurrencies that don’t have much use value, BNB is the cryptocurrency that drives the Binance ecosystem. It is used for paying fees on the exchange and other Binance-related products. 

Now that Binance Coin’s price is showing some positive price action, the odds are that crypto investors will turn to this crypto in the short to medium term.

Solana (SOL)

In recent weeks, things have been pretty rough for Solana (SOL), but SOL token prices are holding up pretty well. This week, Solana could benefit from a new feature that is coming to the Solana Phantom wallet named “Burn NFT.” The new tool aims to cut down on scams within the Solana ecosystem. 

Through the new feature, investors will be able to get rid of scam NFTs while also earning SOL tokens for doing it. As investors get wind of this opportunity to earn from Solana, there could be a surge in buying volumes, a factor that could help push up the price in the short to medium term. 

Klaytn (KLAY)

Of all the top 100 cryptocurrencies in the market today, Klaytn (KLAY) is one of the few in the green at the start of the week. Since July, the Klaytn team has made a lot of progress in making this crypto one of the best when it comes to NFTs. The moves it has been making are bearing fruit. For instance, recently, DeFi Kingdom announced that it was moving to Klaytn. This is a big deal and could play a role in pushing the price of KLAY higher in the short term.

The post Cryptos to watch despite a bearish start to the week appeared first on CoinJournal.

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Hodlnaut reports nearly $200 million financial shortfall as it seeks court protection

Singapore-based crypto lender Hodlnaut has revealed a financial shortfall of $200 million as it seeks court protection.

Embattled crypto lender Hodlnaut revealed in a court affidavit filed earlier this month that it has suffered a financial shortfall of $193 million. This is according to a report by The Block earlier on Monday. 

The affidavit revealed the situations that led the company to freeze withdrawals on its platform on August 8.

The court documents were made available to customers after the crypto lender published a blog post on August 19 confirming that it is facing police proceedings in Singapore.

The company also laid off 80% of its staff in a bid to conserve cash. The affidavit revealed that Hodlnaut has an outstanding liability of SGD 391 million (around $281 million). 

Meanwhile, the company’s asset was SGD 122 million ($88 million), resulting in a financial shortfall of roughly $193 million. The company said;

“As of 8 August 2022, the Hodlnaut Group has an outstanding liability balance of SGD 391M and estimated realisable assets of SGD 122M in cryptocurrency. This financial position gives the Hodlnaut Group a realisable cryptocurrency Asset to Debt ratio of about 0.31 (i.e. 31 cents on the dollar).”

Hodlnaut already filed for creditor protection in Singapore on August 16 as it seeks time to resolve its financial issues.

The cryptocurrency lender’s financial struggles began following the Terra crash. The company held around  $317 million in UST, the failed stablecoin, in Anchor Protocol on Terra.

The UST stablecoin lost its peg against the US Dollar in May, resulting in a $189.7 million loss for Hodlnaut. 

The company suffered further financial afflictions between June 14 and July 15 as panicked customers sought to recover their funds. Hodlnaught lost around $150 million at the time, the affidavit added. 

Hodlnaut also said its bitcoin (BTC) and ether (ETH) holdings were affected by the bear market currently affecting the broader market. 

The court affidavit also revealed that the number of potential creditors of Hodlnaut currently stands at 17,513. 

The document said the company is looking at the option of allowing “limited exits” for users at 25 cents on the dollar. Hodlnaut is in talks with the FTX crypto exchanges about the feasibility of the proposal, the company added. Hodlnaut said;

“This would likely be a better option than liquidation as the latter would take a longer period of time, and likely result in a lower return than 25 cents on the dollar given the fees involved in a liquidation situation and given the present cryptocurrency asset to debt ratio of the Hodlnaut Group.”

A few cryptocurrency lenders, including Celsius and Voyager Digital, have already filed for bankruptcy following Terra’s collapse and the ongoing bear market.

The post Hodlnaut reports nearly $200 million financial shortfall as it seeks court protection appeared first on CoinJournal.