Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Zilliqa inks strategic alliance with Google Cloud

  • Zilliqa looks to strengthen blockchain infrastructure with strategic alignment with Google Cloud.
  • The cloud provider joins Zilliqa’s staked seed node operators to help bolster the network’s scalability, flexibility, resilience, and data availability.
  • Zilliqa announced the strategic agreement at TOKEN2049 in Singapore.

Zilliqa had a major announcement yesterday at the TOKEN2049 blockchain conference. As industry players gathered in Singapore for one of the biggest crypto events of the year, Zilliqa’s team took the opportunity to disclose a multiyear strategic alliance with cloud computing giant Google Cloud.

The partnership with Zilliqa will see the L1 blockchain “enhance” its scalability, data availability and resilience. 

ZIL price reacted higher following the news to trade above $0.0164.

Google Cloud becomes staked seed node operator

Per details in a blog post, the collaboration with the Google company means ventures across Zilliqa Group and the broader ecosystem have an opportunity to tap into a robust platform for decentralised applications (dApps) and Web3 services.

Part of the strategic collaboration also involves Google Cloud becoming a Staked Seed Node (SSN) operator, with the company’s participation set to boost Zilliqa’s overall decentralisation.

 “Our strategic alliance with Google Cloud is more than just a technological collaboration; it’s a strategic alignment to further the ambitions of our group of ventures and revenue-generating organizations. Google Cloud’s expertise in infrastructure, combined with their role as a staked seed node partner, underscores our commitment to excellence, both within the Zilliqa Group of companies and across the wider ecosystem,” said Matt Dyer, CEO of Zilliqa Group.

Multiple crypto projects have looked to tap into Google Cloud’s extensive infrastructure and expertise to bolster their networks. 

Yesterday’s announcement by Zilliqa comes just a day after interoperability protocol LayerZero announced integration with the leading cloud services provider. As CoinJournal highlighted, Google Cloud is now the default verifier on the cross-chain communication protocol developed by LayerZero Labs. 

The cloud provider also partnered with Coinbase in October last year, the two firms noting the deal was aimed at promoting the Web3 ecosystem.

The post Zilliqa inks strategic alliance with Google Cloud appeared first on CoinJournal.

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Deutsche Bank taps Swiss crypto firm Taurus for custody services

  • Deutsche Bank will offer crypto custody services for institutional investors.
  • Deutsche Bank in a World Economic Forum paper in 2020 expressed intentions of offering crypto trading.
  • The bank has however clarified that it currently does not have plans to offer crypto trading.

Deutsche Bank has partnered with Taurus, a Swiss cryptocurrency firm, to offer digital assets and tokenized financial instruments custody services for institutional clients.

This collaboration marks a significant development as it enables Deutsche Bank to hold a limited selection of cryptocurrencies and tokenized versions of traditional financial assets on behalf of its clients, a capability confirmed by a Deutsche Bank spokesperson. However, the bank has clarified that it currently does not have immediate plans to engage in cryptocurrency trading, despite previously expressing such intentions in a World Economic Forum paper in 2020.

Crypto interest among institutional investors

The cryptocurrency market has faced challenges in recovering from a series of high-profile collapses among leading cryptocurrency firms in the past year, resulting in substantial losses for investors and calls for increased regulatory oversight from lawmakers worldwide.

Nevertheless, numerous mainstream financial institutions are exploring the potential application of blockchain technology, the underlying technology behind cryptocurrencies, for the trading and settling conventional financial assets. Notably, financial institutions like Standard Chartered, BNY Mellon, and Societe Generale already offer cryptocurrency custody services.

Paul Maley, Deutsche Bank’s global head of securities services, emphasized the growing importance of the digital asset space, expected to encompass trillions of dollars in assets, making it a priority for both investors and corporations.

The cryptocurrency market, as per CoinGecko data, is currently valued at approximately $1.1 trillion, down from its peak of just over $3 trillion in November 2021. Maley highlighted that their focus extends beyond cryptocurrencies, as they aim to support clients across the broader digital assets ecosystem.

Maley responding to US regulators’ caution about potential liquidity risks associated with cryptocurrency activities stated that Deutsche Bank is proceeding cautiously, aligning with the spirit and regulations governing this asset class. He emphasized that their product design and custody solutions are structured to mitigate the risk of impacting the bank’s other activities.

The post Deutsche Bank taps Swiss crypto firm Taurus for custody services appeared first on CoinJournal.

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VeChain price: VET outlook after Coinbase listing news

  • VeChain’s VET looks poised as profit taking threatens bulls.
  • VET price rose sharply after Coinbase announced it would list VET and VeThor (VTHO).

VeChain news yesterday was all about the coin’s listing on Coinbase and its potential impact on the price of VeChain’s naive token VET.

While VET, as well as the blockchain ecosystem’s VeThor (VTHO), are battling to keep sellers at bay, the short term outlook suggests a potential flip higher. The sentiment across the broader crypto market could help VeChain price if bulls manage to hold above $0.015.

Coinbase lists VET and VTHO

VeChain rose nearly 10% as the market reacted to news of trading support for the token on major crypto exchange Coinbase. 

The publicly-traded crypto company has over 100 million users and its listing of new tradable assets has often resulted in a spike in the price of the given cryptocurrency. The VeChain team said in a post on X that the listing is a great step towards mass adoption.

Coinbase added VET/USD and VTHO/USD pairs.

As highlighted by market intelligence and data analytics platform Santiment, VeChain’s native asset’s gains were also replicated, albeit more significantly, by VTHO.

VET price hits resistance at key level

With VeChain’s recent development milestones – particularly on key partnerships for interoperability, healthcare, supply chain management and environmental sustainability – it appears bulls have what could be crucial in terms of pushing prices higher.

Vechain price chart. Source: TradingView

As such, the intraday high of $0.0168 could be critical as it is an area where bears dominated when prices fell in June and in mid-August. 

In June, VET/USD bounced 50% from around $0.014 to $0.021. What this suggests is that a bullish flip has the potential to return VeChain’s price to the $0.02 area, a scenario likely given the MACD and daily RSI.

On the flipside, profit-taking at current prices coupled with fresh declines for the mega caps could trigger further losses for VET. The key price levels to watch in this case would be $0.014 and $0.013.

The post VeChain price: VET outlook after Coinbase listing news appeared first on CoinJournal.

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BitMEX launches prediction market for real-world events- implications for Chancer?

  • BitMEX launched the Prediction Markets product to allow traders bet on events such as outcome of FTX bankruptcy claims and Sam Bankman-Fried’s criminal case.
  • The product offers speculative contracts that will be marked at Last Price.
  • Chancer on the other hand is a blockchain-based prediction markets platform expected to revolutionise the gambling industry.

 Crypto exchange BitMEX has unveiled a new predictions product for its users, with the global community able to bet on real-world events from within the platform. What is BitMEX’s Prediction Markets and how is this different from what Chancer, an anticipated game-changer for the $80 billion gambling industry, offers?

What’s BitMEX’s Prediction Markets?

Prediction Markets is a new crypto derivatives offering from BitMEX that will allow traders to take positions that predict the outcome of certain real-life events. While the contracts will cover nearly every topic, industry or event, it’s BitMEX that will add the markets and thus dictate what traders can bet on at any given time.

Bet on events such as Bitcoin spot ETF approval, SBF jailing

For its first contracts, the crypto exchange is offering account holders  a chance to earn returns on predictions on three topics – FTX bankruptcy claims, Bitcoin ETF approval and fate of former FTX CEO Sam Bankman-Fried.

Other markets will be added soon, with users able to benefit from not just trading, but hedging opportunities. According to details in a blog post, BitMEX is offering the first three predictions markets events as from September 13. 

The speculative contracts are marked on Last Price, with no leverage. Margin and settlement will be in Tether (USDT).

What is Chancer?

BitMEX’s new offering adds to what’s available and in the pipeline for the prediction markets. But there’s a huge difference to what Chancer offers and how it works.

Simply put, Chancer offers a decentralised betting platform powered by the $CHANCER token, where anyone can create bets on any event. There’s no central bookmaker and wagers can be on anything – from global sports, elections and community events. Even the likes of whether Bitcoin will end the year above or below a certain price is possible.

Chancer’s social betting model, which allows for features such as sharing of bet markets and livestreaming, is expected to revolutionise the $80 billion gambling industry. Growth for the sector, coupled with expected adoption of cryptocurrency, is likely to propel the blockchain-based platform into becoming the dominant force in peer-to-peer (P2P) betting.

Per the Chancer roadmap, the above scenario will begin to take shape when the Chancer platform goes live in the first quarter of 2024. By then, $CHANCER holders will have access to passive earning opportunities, including through staking. Find out more here.

Why buy $CHANCER now?

As the crypto market gets more and more institutionalized, so is the potential for an explosion of everyday usage.

Taking control from centralised bookmakers and giving the power to create bets, determine odds and earn payouts to individual users gives Chancer an upper hand when it comes to tapping into a market expected to grow significantly over the next decade.

This is what makes $CHANCER’s presale price of $0.011 today look attractive – a bargain vis-à-vis the future potential. Investors keen on a new crypto gem might fancy a portion of their investment in this project. Factors such as the mainnet launch, listing on major crypto exchanges and broader sector outlook suggest this could be a good time to take a long-term bet on this blockchain-powered project.

Currently, investors can participate in the presale and buy $CHANCER with ETH, BNB, USDT and BUSD. The project has so far raised nearly $2 million.

Are you interested in $CHANCER? Visit the official Chancer presale page for more on how to buy.

The post BitMEX launches prediction market for real-world events- implications for Chancer? appeared first on CoinJournal.

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Lido price staggers ahead of the 1.5 million LDO token unlock

  • At press time, Lido Finance (LDO) was trading at $1.47, down 1.41% in the past 24 hours.
  • Lido Finance is set to unlock 1.5 million tokens in the next 24 hours.
  • The tokens to be unlocked constitute approximately 0.27% of the circulating supply.

Lido Finance (LDO) has garnered notable attention lately, primarily due to its involvement in Ethereum (ETH) staking. However, an impending token unlock scheduled within the next 24 hours is poised to augment the circulating supply of its ecosystem token, LDO. 

The key questions are how significant this token increase might be to the circulating supply and what potential ramifications it could entail.

Unlocking More Tokens at Lido Finance

In accordance with a post by Token Unlocks dated September 11, Lido Finance is slated to undergo its final token unlock on September 13. This unlocking event will introduce 1.50 million LDO tokens into circulation, valued at approximately $2.24 million, constituting approximately 0.27% of the circulating supply.

CoinMarketCap’s data indicates that the circulating supply of LDO at press time exceeded 888 million tokens. With the impending release of these unlocked tokens, the circulating supply is set to surpass 889 million.

According to data on CoinMarketCap, Lido Finance experienced a significant surge in trading volume over the past 24 hours. The volume chart on Santiment also depicts a minor spike resulting from this uptick. It’s worth noting that the volume had been on a declining trajectory until this recent surge.

As of the time of writing, the trading volume was well over $41 million.

Expected impact of the LDO token unlock

While token unlocks are known to cause a significant price drop due to a sudden increased supply, it may not be the case for the LDO token taking into account the prevailing state of trading volume at press time and historical trends. The forthcoming unlock of LDO tokens is unlikely to exert a substantial impact on LDO’s price trajectory.

Given that the total value of the LDO tokens set to be unlocked amounts to $1.5 million, or roughly $2.24 million, market conditions appear capable of absorbing this amount without causing significant disruption.

The post Lido price staggers ahead of the 1.5 million LDO token unlock appeared first on CoinJournal.