Monat: Mai 2023

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Bybit gets “in-principle” approval to begin operations in Kazakhstan

  • Bybit has been in the process of expanding its service offerings.
  • Bybit received “in-principle” approval from the Astana International Financial Centre to begin operations in Kazakhstan.
  • The exchange will begin operating as a digital asset trading facility and as a custody services provider in the country.

Bybit has announced that it has received an “in-principle” approval from the Astana Financial Services Authority (AFSA) to start operating as a digital asset trading facility and as a custody services provider in Kazakhstan.

Commenting on the achievement, the co-founder and CEO of Bybit, Ben Zhou, stated that the Commonwealth of Independent States (CIS) as a region provides promising potential for the crypto industry.

Bybit expansion drive

Bybit has been in the process of expanding its service and product offering over the past few months.

The most recent move was its announcement on May 2 that it will start offering crypto lending services.

In March this year, Bybit announce a partnership with Mastercard for a new debit card to allow crypto payments.

Kazakhstan and cryptocurrencies

In February, local officials in Kazakhstan announced new regulations requiring 75% of the revenue made from crypto mining to be sold through a crypto exchange as the country cracks down on tax evasion in the industry.

Kazakhstan recently announced that it had collected about $7 million in crypto taxes in 2022. The country is also in the pilot phase of its digital current development.

The post Bybit gets “in-principle” approval to begin operations in Kazakhstan appeared first on CoinJournal.

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Fantom resolves to give back 15% of gas fees to certain projects

  • Fantom blockchain will reward projects that contribute toward high usage of gas fees.
  • The move aims at driving increased demand for block space.
  • Eligible applications will be rewarded 15% of the gas fees they produce.

In a move to drive demand for block space on the Fantom blockchain, the blockchain has announced that it will reward projects that use the network and contribute high usage gas fees. Eligible applications will be given back 15% of the gas fees they produce thus giving developers some extra income.

The move is also expected to help add value to the FTM token, which at press time was trading at $0.3405, up 2.21% in the past 24 hours.

Fantom dApp Gas Monetization Program

The recent announcement is part of Fantom’s initiative called the “dApp Gas Monetization Program,” which was passed through a community governance vote earlier this year.

The dApp Gas Monetization Program proposal sought to bring down Fantom’s current token burn rate to direct more network fees to applications being built on the blockchain. Now that the proposal already passed, its implementation will reduce the burn rate from 20% to 5%.

Part of the gas fees saved from the reduced burn rate will be redirected towards gas monetization.

To be specific, the gas monetization program will reward in-demand applications and retain developers.

Projects already benefiting from the monetization program

According to on-chain data, some projects are already benefiting from the monetization program after the Sunday announcement that saw the start of the implementation of the passed proposal.

For example, decentralized exchange SpookySwap (BOO/USD) has earned 978 FTM ($300), while cross-chain bridge Stargate Finance (STG/USD) has earned 8,300 FTM ($2,600).

The post Fantom resolves to give back 15% of gas fees to certain projects appeared first on CoinJournal.

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Why is the crypto market up today? Imminent debt ceiling vote boosts the market

Key takeaways

  • The cryptocurrency market is up by more than 2% today after underperforming for the best part of May.

  • Bitcoin topped the $28k mark for the first time this month.

  • The rally comes as President Biden and the House leadership reached an agreement on the debt ceiling.

Crypto Market Cap Reaches $1.16 Trillion

The cryptocurrency market performed well over the weekend, with most coins and tokens trading in the green zone.

For the first time this month, the total cryptocurrency market cap reached the $1.16 trillion threshold for the first time this month. 

The rally comes following an agreement between President Biden and the House leadership on United States’ debt ceiling. President Biden and congressional Republican Kevin McCarthy reached an agreement to suspend the federal government’s $31.4 trillion debt ceiling over the weekend. 

However, the deal still has to pass through Congress later this week. The vote is expected to take place on Wednesday before the United States runs out of money to pay its debts in early June.

The deal sparked optimism amongst investors that the United States would not default on its debt. If the US default on its debt, a recession would likely follow, and this could see the financial markets experience massive losses. 

Bitcoin Rallies To $28k 

Bitcoin, the world’s leading cryptocurrency by market cap, touched the $28k level for the first time in three weeks. Bitcoin started May trading above $29k per coin but plunged to a low of $26,008 last week. At press time, the price of Bitcoin stands at $27,953 per coin. 

The leading cryptocurrency is now slowly recovering, thanks to the positive news from the United States. 

Ether, the second-largest cryptocurrency in the world, also moved past the $1,900 level for the first time in weeks, adding more than 3% to its value in the last 24 hours. At press time, the price of Ether stands at $1,904. 

The post Why is the crypto market up today? Imminent debt ceiling vote boosts the market appeared first on CoinJournal.