Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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BNB Chain’s opBNB mainnet goes live for infrastructure providers

  • opBNB mainnet has gone live for infrastructure providers a few days after Binance announced its deployment.
  • The testnet for the layer-2 scaling solution built on the OP Stack took one and half months.

BNB Chain has announced that its layer 2 scaling platform opBNB mainnet is now live for infrastructure providers, putting the EVM-compatible solution on the path to the much anticipated public launch.

opBNB is built using the OP Stack and leverages Optimistic Rollups to allow for low gas fees, network stability and security. Its importance to the optimal performance of the BNB Chain ecosystem could be felt across gaming, decentralised exchanges (DEXs) and digital collectibles.

opBNB mainnet launch

opBNB’s mainnet launch for infrastructure providers means the next step is a public launch, powering fresh adoption from developers and projects.

Binance released the opBNB testnet on June 19 and recently unveiled a promotion dubbed “Odyssey” as it revealed the imminent launch of the protocol’s mainnet. That announcement came on August 10, with mainnet deployment scheduled for this month as BNB Chain prepared for a significant milestone that could revamp its position in the decentralised finance ecosystem.

On-chain transactions by the BNBChain community during the testnet surpassed 7 million, with a daily transaction range of 100-150K.  A total of 435,972 unique wallet addresses connected to the network, Binance noted in a recent post highlighting opBNB’s testnet performance.

The network also saw more than 6k daily active users and 40 dApps deployed on the testnet during the one-and-half months of testing.

BNB price outlook

BNB, the native cryptocurrency powering the BNB Chain ecosystem, was trading around $233 at the time of writing – down 2% in the past 24 hours and nearly 5% in the past week. Meanwhile, total value locked assets on the chain stood at $3.07 billion.

The post BNB Chain’s opBNB mainnet goes live for infrastructure providers appeared first on CoinJournal.

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PayPal to halt crypto sales in U.K. from October 1st

  • PayPal to pause crypto sales as it works to comply with new FCA rules.
  • Crypto sales on its platform will likely be resumed in early 2024.
  • PayPal is slated to launch its own stablecoin in the coming weeks.

PayPal says its users in the United Kingdom will temporarily lose the ability to buy cryptocurrencies via its platform from October 1st.

Why is PayPal pausing crypto sales?

The Financial Conduct Authority has recently announced new rules that make it mandatory for crypto companies to institute “clear risk warnings” as well as a 24-hour cooling-off period before they enable customers to put their money in crypto assets.

According to PayPal, it is “deeply committed” to complying with the said regulations and will, therefore, suspend crypto sales in U.K. for as long as it takes to make the required changes.

This announcement arrives only a day after the online payments company said Alex Chriss will replace Dan Schulman as its Chief Executive on September 27th. Its shares have lost about 20% month-to-date.

When will PayPal resume crypto sales?

PayPal was not specific in divulging when is it likely to resume crypto sales on its platform. What it told customers in a message today was only that they will be re-enabled in early 2024.

So, it’s fair to assume that the pause will remain in place for at least three months considering it starts on October 1st. During this time, though, users will be able to hold as well as sell their crypto assets on the platform, as per the digital payments giant.

Note that PayPal is slated to launch PYUSD in the coming weeks. PayPal USD – its own stablecoin will be issued by Paxos Trust Company and its value will be pegged to the U.S. dollar (find out more).

The post PayPal to halt crypto sales in U.K. from October 1st appeared first on CoinJournal.

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Regulated buy-and-sell arm of Binance, Binance Connect, shutting down

  • Biswap already announced turning off Binance Connect on their website at 01:00 PM UTC, August 15, 2023.
  • Binance made the difficult decision after its provider closed the supporting card payments service.
  • Binance has been facing quite some regulatory challenges lately.

In a surprise announcement on August 15, Binance has through a representative confirmed that it will be closing its licensed buy-and-sell cryptocurrency arm on August 16. The company’s representative said:

“At Binance, we periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy. In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines. We consistently adapt and modify our business approach in response to changing market and user needs.”

The same has also been confirmed by BNB Chain decentralized exchange Biswap through a tweet stating that the exchange has disabled Bnance Connect.

The announcement comes right on the heels of Binance US filing to limit the US SEC from overstepping its investigation boundaries according to an earlier agreement. Binance and its subsidiaries have been facing increased regulatory handles, especially in the US where it is being accused of offering unregistered securities alongside its rival Coinbase.

The post Regulated buy-and-sell arm of Binance, Binance Connect, shutting down appeared first on CoinJournal.

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Logan Paul faces backlash after $1M bet proposal

  • Logan Paul will face Dillon Danis in a bocxing match on October 14.
  • Paul, a social media personality and WWE star, is willing to bet $1 million he will win. The bet has attracted widespread criticism.
  • Meanwhile, decentralised betting platform Chancer has raised over $1.3 million in presale.

YouTuber and WWE personality Logan Paul is buzzing for his next event – a boxing bout against Brazilian Dillon Danis. The match is set for October 14 in Manchester, England. Paul, whose YouTube fame has catapulted him into lucrative deals in combat sports, is confident he will beat Danis and is willing to bet $1 million on it.

The bet proposal has been heavily criticised across crypto – we tell you why and explain why legit bets such as Logan Paul’s could find a home on a new blockchain-based betting platform called Chancer.

Logan Paul’s $1 million bet – what’s the criticism?

28-year old Logan Paul has had some high-profile matchups, including an exhibition bout against Floyd Mayweather. His appearances on WWE have also been great shows. 

Now he’s hyping up his upcoming boxing match against Dania, a 29-year old jiu-jitsu black belt holder and trainee of former UFC champion Conor McGregor.

Paul is confident he will beat the Brazilian and has proposed a $1 million bet with McGregor. 

The move has been heavily criticised across the crypto community, with many criticising the social media personality for considering such a bet when he hasn’t followed through with a promise to reimburse victims of his CryptoZoo (ZOO) project.

CryptoZoo launched in 2021, promising a cryptocurrency game powered by the ZOO token and NFTs. The project rallied (read more here) as NFTs exploded onto the scene during the bull market. However it has largely failed to live up to projections and Paul said earlier this year that he’d make it right with the affected investors.

That hasn’t happened yet and the latest events where he’s willing to bet $1 million on a match’s outcome has left many unamused. Shouldn’t he be using that money to refund CryptoZoo NFT buyers? Danis himself had a go at Paul via a post on X (fka Twitter).

While Logan Paul comes under fire for his crypto “scam”, the one thing that one can take from his bet proposal is that betting is here to stay. And so is crypto and, likely, the new betting project Chancer.

What’s unique about Chancer?

The gambling and betting sector is one major global industry, currently projected to grow double figures annually for the next ten years. Traditional bookmakers will no doubt see this growth. But investors are taking note of a potential game-changer for the whole industry – Chancer?

Chancer is an online betting platform built on blockchain and offering a revolutionary model that could transform betting for millions of people. This is because unlike centralised betting companies, Chancer will allow users to create their own bets on thousands of events, from mainstream sports, esports, and entertainment and so on.

On Chancer, users can set their own odds and play by their own rules, including live streaming bets to invite others from across the globe to join. The peer-to-peer platform could therefore grow into the leading decentralised social betting platform in the world.

Learn more about how Chancer works here.

Global investors flock to Chancer, over 31 million tokens sold in weeks

Chancer is looking to disrupt an $80 billion global gambling industry with its new blockchain-based betting platform. Investors have taken note of the potential for the project’s revolutionary offering and are aggressively allocating funds to help bring it to the market.

That sentiment is what’s likely behind the huge interest in the native $CHANCER token, whose presale has been one of the few highlights of an otherwise dull summer for crypto. So far, investors have scooped more than 31 million $CHANCER tokens, helping to raise over $1.3 million.

The presale currently has $CHANCER tokens priced at $0.011 and investors can buy with ETH, BNB, USDT and BUSD.

The post Logan Paul faces backlash after $1M bet proposal appeared first on CoinJournal.

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THORChain (RUNE) up 65%: here’s why the token is rising

  • THORChain (RUNE) token price has gained 65% over the past week and 53% over the past month.
  • There has been a significant surge in social volume around THORChain.
  • The social volume is driving notable attention toward the cross-chain liquidity protocol.

Although the price of THORChain (RUNE) is still down 10% from its start of the year price, the token has been on a strong bullish trend since the beginning of August. It has risen by 68% since August 1, pushing the price from around $0.92 to the current price of $1.55.

While some are super excited with RUNE’s upward trajectory, some are sceptical that the token could experience a pullback seeing that the rise has been so sharp. To fully understand how far the token could rise and the possibilities of a pullback, we shall delve into the factors pushing the price up.

Why THORChian (RUNE) price is rising

According to data on Santiment, the THORChain price surge is fueled by a surge in social volume. According to the data, RUNE’s social volume increased by 4,300% between August 7 and August 13, driving significant attention toward the THORChian protocol and its native token.

In addition, THORChain’s positive investor sentiment also grew 6,100% within the same timeline. This further caused RUNE’s trading volume to spike as more investors jumped in.

THORCHian, which is a cross-chain liquidity protocol, in April, partnered with the web3 company Unizen to allow users to swap their Ethereum (ETH) and Avalanche (AVAX) for Bitcoin (BTC) while also permitting users to store assets on different chains. This has been a great driver of the increased activity in the THORChain ecosystem.

The post THORChain (RUNE) up 65%: here’s why the token is rising appeared first on CoinJournal.