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WhaleFin seals major kit deal with Spanish soccer giant Atletico Madrid

  • WhaleFin logo will be on Atletico Madrid’s game kits starting in the 2022/2023 season.
  • The crypto platform’s parent company is the club’s Official Global and Main partner and also Digital Lifestyle partner.
  • WhaleFin recently sealed a partnership with English soccer giants Chelsea.

WhaleFin, the flagship digital asset platform of Amber Group, is the official kit sponsor of Atletico Madrid after a landmark five-year deal signed earlier this week.

The crypto platform’s logo will be on the front of the Spanish soccer giant’s games kits, according to an official announcement on the Madrid-based club’s website.

Official global partner and digital gateway

Atletico Madrid confirmed Amber Group is now the club’s Official Global and Main Partner, with their partnership starting in the upcoming 2022/2023 season. Amber Group will be the club’s Official Digital Wealth and Digital Lifestyle Partner.

The collaboration will see the crypto company help the soccer giant advance its digital finance innovation, as well as boost fan experience via metaverse initiatives.

Importantly, Amber Group and its crypto platform will be the fans’ digital asset gateway, with “exclusive rights to establish the club’s virtual island dubbed “Atletiverse.” Per the two companies, the metaverse project will be powered by Amber Group’s Web3 platform Openverse.

WhaleFin and the Atletico Madrid Foundation will also collaborate on sustainability and conservation programmes.

The deal with Atletico Madrid adds to the one Amber Group has with Premier League club Chelsea, which will see the WhaleFin logo displayed on the London-based club’s shirt sleeves. 

Teams across European soccer have inked major deals with crypto firms, including Manchester United with blockchain platform Tezos and Manchester City with OKX.

The post WhaleFin seals major kit deal with Spanish soccer giant Atletico Madrid appeared first on CoinJournal.

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ZCash (ZEC) now available at Bitcoin of America ATMs

  • Zcash (ZEC) is fifth cryptocurrency coin Bitcoin of America offers at its crypto ATMs.
  • The company operates over 2,500 Bitcoin ATMs across the United States.
  • Coin ATM Radar data shows there are over 34,000 Bitcoin or crypto ATMs in the US.

ZCash, the decentralised cryptocurrency favoured by users for its privacy features, has been added to Bitcoin of America’s  Bitcoin ATMs across the United States.

The company, which operates more than 2,500 Bitcoin teller machines in the country, revealed this in an announcement on Wednesday.

The Bitcoin ATM firm noted that its customer demand has pushed it to add ZCash to the list of available cryptocurrencies.  The use of ZEC in transactions has apparently picked up, with the privacy coin now joining Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BTC).

For businesses looking to host a Bitcoin ATM with ZCash, the company offers to provide all the necessary support. That includes making it easy for interested parties to access the machines, it said in the announcement.

Benefits accrued for businesses include increased foot traffic, an opportunity to earn passive income, and overall marketing. Bitcoin of America takes care of all aspects of the BTMs, from maintenance to customer support.

US is home to thousands of crypto ATMs

According to Coin ATM Radar, there are over 34,200 Bitcoin ATMs or teller machines in the US, with Houston, Texas having over 1,200. Los Angeles, California has nearly 2,000 Bitcoin ATMs, while Miami has seen over 800 installations.

Bitcoin of America is the fourth largest crypto ATM operator in the US, statistics at Coin ATM Radar show. The operator currently accounts for 6.5% of the installed tellers, behind CoinFlip (11.2%), CoinCloud (17.4%) and Bitcoin Depot (19.9%).

The post ZCash (ZEC) now available at Bitcoin of America ATMs appeared first on CoinJournal.

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Crypto meltdown: The Bitcoin Layer founder points to leverage as main culprit

The crypto market has witnessed a massive price meltdown over the crypto winter, with the total market cap of all cryptocurrencies shrinking by a whopping $2 trillion.

Most assets have seen their prices slashed from bull market peaks – see Bitcoin struggle to stay above $20,000 after dropping from highs above $69,000, or Ethereum bulls battling to keep $1,000 after testing $4,800 in November.

The market recoiled loudly as cryptocurrency Terra (LUNA) and the algorithmic stablecoin TerraUSD (UST) collapsed, wiping billions of dollars’ worth of investors’ money off the face of the Earth.

Crypto meltdown’s main culprit

While investors saw UST’s march to zero and a market cycle wreak havoc on prices, the main culprit is the over-leveraging that characterized the bull market environment in 2020 and 2021.

Nik Bhatia, the founder of The Bitcoin Layer, told CNBC in an interview that the market going into a tailspin could also be traced to the macro environment that had aggressive interest rates from central banks and the end of easy money amid inflation.

But Bhatia, an adjunct professor of finance at University of Southern California (USC), says the shockwaves that hit investors and crypto companies amid the severe bear market is more down to leverage and perhaps the presence of some “bad actors” within crypto than these other factors.

The implosion linked to Terra and Three Arrows Capital aside, the analyst says there were “Ponzi-type” tendencies that characterized the activities of crypto lenders like Celsius.

“…they were attracting depositors with high yields just so they could pay down the yield they had promised their existing investors,” he noted.

He says Celsius’ collapse was due to the broader “misallocation of capital within DeFi,” with investors bent on securing high yields without knowing exactly where the huge interests came from.

The Bitcoin Layer founder added that the blind allocation of capital is what led to the tailspin. If investors did this without leverage, then the impact would be on their portfolios. 

However, going into it at staggeringly high leveraged positions only means the domino would be even more destructive.

You can watch Nik Bhatia’s interview with CNBC here.

The post Crypto meltdown: The Bitcoin Layer founder points to leverage as main culprit appeared first on CoinJournal.