Monat: August 2024

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WOMIO platform announces presale, unveils vision for enhancing memecoin utility

  • WOMIO presale for $WOMIO tokens starts August 21 at 19:00 CET.
  • WOMIO platform simplifies multichain memecoin creation with staking rewards for users.
  • The platform aims to merge memecoin fun with real-world utility and new industry standards.

Multichain memecoin launching platform WOMIO has announced its upcoming presale and outlined its innovative approach to enhancing meme coin utility.

Set to launch on August 21 at 19:00 CET, the presale will offer the community an exclusive opportunity to acquire $WOMIO tokens, which are designed to serve as both a proof-of-concept memecoin and a catalyst for the growth of the WOMIO ecosystem.

Simplifying the process of launching meme coins

WOMIO is the brainchild of a seasoned team with a proven track record in crypto investment and project development. The platform is designed to be a one-stop solution for creating and promoting memecoins while integrating features such as staking, analytics, and promotional packages.

This holistic approach aims to bridge the gap between the entertaining aspects of memecoins and the practical functionalities associated with more conventional crypto assets.

WOMIO will support multichain launches, allowing users to create and deploy their tokens on their preferred blockchain in mere seconds.

The multichain functionality is a significant advancement, as it enables a broader range of use cases and fosters a more dynamic and versatile memecoin market.

The $WOMIO token will play a central role in the platform’s ecosystem, providing stakers with various benefits and promoting a sustainable approach to memecoin deployment and adoption.

Each time a memecoin is created on the WOMIO platform, a fee of 1.25% of the total supply is collected and automatically redistributed among $WOMIO stakers. This mechanism ensures continuous rewards and incentivizes active community participation, aligning the interests of token holders with the success of the ecosystem.

Combining the viral energy of memes with real-world utility

Paul Theobald, Founder of WOMIO, emphasized the platform’s goal to redefine memecoin engagement. He said that WOMIO is here to change the way people see memecoins since they’re combining the viral energy of memes with real-world utility, setting a new standard in the industry.

As the cryptocurrency industry continues to evolve, there is a growing demand for assets that blend entertainment with tangible value. WOMIO is poised to lead this trend by offering a robust platform that supports both fun and functionality.

By leveraging its unique multichain technology and staking mechanisms, WOMIO aims to become a cornerstone of the memecoin landscape, driving innovation and sustainability in this rapidly growing sector.

WOMIO is set to make significant strides in the memecoin space, promising to elevate projects and enhance the overall value proposition of memecoins through its cutting-edge platform.

The post WOMIO platform announces presale, unveils vision for enhancing memecoin utility appeared first on CoinJournal.

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Tether plans to launch Dirham-pegged stablecoin

  • Tether will launch a Dirham-pegged stablecoin in collaboration with Phoenix Group.
  • New stablecoin will join USDT, EURT and other Tether-issued stablecoins.

Tether plans to add a new stablecoin pegged to the United Arab Emirates’ Dirham to its suite of stablecoins, according to an announcement on Aug. 21.

Per details of the planned launch, Tether will collaborate with Phoenix Group PLC, a UAE-based multi-billion dollar tech behemoth. The new stablecoin initiative will also involve Green Acorn Investments Ltd.

“We are thrilled to be working with Tether on bringing a UAE Dirham-pegged stablecoin to the market and are confident of its potential in transforming the digital economy for users across the region and beyond,” Seyedmohammad Alizadehfard, co-founder and Group CEO of Phoenix Group, said.

Tether’s range of stablecoins

When launched, the Dirham-pegged stablecoin will join a host of Tether tokens that include the world’s largest stablecoin USDT. Other products are the Euro-pegged EURT, Chinese yuan-pegged CNHT, Mexican peso-pegged MXNT, and Tether Gold (XAUT).

Tether is seeking regulatory approval for the fiat-backed cryptocurrency, with application made with the UAE Central Bank.

“The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition,” Tether CEO Paolo Ardoino noted in a statement.

As well as launching the range of fiat-backed digital assets, Tether has aggressively expanded its flagship product USDT.

Currently the top stablecoin with a market cap of over $116 billion, USDT native access is live on major blockchains, including Ethereum and TRON.

The latest blockchain network to see USDT expansion is Aptos.

The post Tether plans to launch Dirham-pegged stablecoin appeared first on CoinJournal.

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Bitfarms agrees to buy Stronghold Digital for $175M in stock and debt

  • Bitfarms to acquire Stronghold Digital for $175M in stock and assumed debt.
  • Bitfarms’ stock fell 8%, while Stronghold’s rose 60% following the news.
  • Riot Platforms, holding 19% of Bitfarms, previously attempted a takeover in June.

In a significant development within the cryptocurrency mining sector, Bitfarms (BITF), a leading Bitcoin mining company, has announced its acquisition of rival Stronghold Digital (SDIG) for $175 million. The deal, which includes $125 million in stock and the assumption of $50 million in debt, marks a strategic move by Bitfarms as it continues to navigate a competitive industry landscape.

The acquisition terms specify that Stronghold shareholders will receive 2.52 Bitfarms shares for each Stronghold share they hold. This represents a 71% premium based on Stronghold’s 90-day volume-weighted average price on Nasdaq as of August 16.

The stock-for-stock transaction reflects Bitfarms’ aggressive growth strategy, despite recent challenges and market volatility.

Giving Stronghold Digital a lifeline

The deal comes on the heels of Stronghold’s announcement in May that it was exploring strategic alternatives, including a potential sale.

Stronghold, based in New York, has been actively considering its options in response to the evolving market conditions.

The acquisition provides Stronghold with a lifeline while enabling Bitfarms to consolidate its position in the market.

Riot Platforms abandoned Bitfarms takeover bid

Bitfarms’ move to acquire Stronghold is particularly noteworthy as it comes at a time when the company is also contending with an ongoing approach by Riot Platforms (RIOT).

Riot, which holds nearly 19% of Bitfarms, previously attempted to acquire the Toronto-based company in June. However, Riot chose to abandon the bid temporarily, opting instead to overhaul Bitfarms’ board of directors.

This strategic manoeuvre has kept Bitfarms in the spotlight, as Riot’s interest in the company is likely to continue influencing its future actions.

The market reaction to the acquisition has been mixed, with Bitfarms’ stock dropping nearly 8% in pre-market trading, while Stronghold’s shares surged by about 60%.

This acquisition underscores the ongoing consolidation within the cryptocurrency mining industry as companies seek to strengthen their positions in a rapidly evolving market.

The post Bitfarms agrees to buy Stronghold Digital for $175M in stock and debt appeared first on CoinJournal.