Kategorie: Crypto Markets

The co-founder of Gemini, Cameron Winklevoss, on Wednesday announced via a series of tweets that the crypto exchange has launched a page to help Gemini Earn users.

KEY TAKEAWAYS

• Gemini Earn was impacted after crypto lender Genesis paused withdrawals and Earn redemptions.
• Genesis is Gemini’s lending partner and it is facing liquidity issues amid the FTX crisis.
• Gemini has also formed a creditors’ committee and hired the law firm, Kirkland & Ellis.

The newly launched page will help bring transparency process regarding finding a resolution for all Earn users to redeem their funds.

In addition, the exchange has also formed a creditor’s committee which will be tasked with trying to recover lost money. They have also hired the law firm, Kirkland &Ellis, to help resolve the issues around the Earn product the earliest possible.

Genesis’ impact on Gemini Earn

Genesis and its parent company DCG are currently trying to raise about half a billion in emergency funding due to its exposure to the collapse FTX crypto exchange. DCG also owes Genesis about $1.7 billion. As a result, Genesis halted withdrawals and Gemini Earn redemptions and has not given any updates on when the services will resume.

 As a result of halting the Gemini Earn redemptions, Genesis owes Gemini Earn users $900 million and Gemini is currently trying to recover those funds to help gain their customers’ trust which has been greatly impacted by the developments.

The post Gemini launches page to help Gemini Earn users affected by Genesis crisis appeared first on CoinJournal.

• Strike has partnered with Bitnob to facilitate cross-border payments into Africa.

• The service will be available to users in Ghana, Nigeria, and Kenya, but Strike will expand to other African countries soon.

• The feature does not require people to use Bitcoin themselves

Strike’s Send Globally service is now in Africa

Bitcoin company Strike announced earlier today that it had entered a strategic partnership with Bitnob, a platform that allows users to send or receive money instantly and free from any app with a bitcoin.

During a conference in Ghana, Strike CEO Jack Maller revealed that the Bitcoin payments company has entered Africa thanks to its partnership with Bitnob. 

He made this announcement on stage at AfroBitcoin, a Bitcoin conference in Ghana’s capital city of Accra. He announced the partnership while on stage alongside Bernard Parah, the Nigerian CEO of Bitnob, following a short presentation on how the service works. 

The feature is dubbed “Send Globally,” and it makes it easier for people to carry out instant, low-cost payments to Africa. The service takes advantage of the Lightning Network, the layer-2 payments network built atop Bitcoin.

Bitnob’s CEO explained that the feature doesn’t require people to use Bitcoin themselves. 

Send Globally debuts in Nigeria, Ghana, and Kenya

According to Strike, the feature is currently available to users in Nigeria, Ghana and Kenya, three popular English-speaking countries in the continent. 

This latest cryptocurrency news would benefit Africans because remittance services such as Wise take a small commission, while Western Union can charge more than 10% for money transfers. 

The Bitnob CEO also explained that Dollar payments are instantly converted into naira, cedi or shillings (currencies in Nigeria, Ghana and Kenya, respectively). The funds are then deposited directly to recipients’ banks, mobile money, or Bitnob accounts.

Remittance is a major source of foreign exchange to Nigeria and contributes more to Nigeria’s GDP than oil. Africa’s leading economy received $17.2 billion in remittances in 2020. However, according to the world bank, 8.9% of the funds (around $1.5 billion) were lost in fees. 

By eliminating remittance fees using Bitcoin payment systems, Nigerians will benefit financially. The situation is similar in Ghan and Kenya.

Mallers concluded that the Lightning Network has “just achieved dollars to Naira, Naira to dollars.”

The post Strike partners with Bitnob to improve remittance payments into Africa appeared first on CoinJournal.

Axie Infinity (AXS) is leading the metaverse and NFT tokens amid a wider crypto market recovery.

KEY TAKEAWAYS

• At press time, AXS was trading at $8.71 up 21.37% in the past 24 hours.
• According to CoinMarketCap, AXS is the biggest gainer today.
• The global crypto market cap has increased by 0.43% today to reach $857.46B.

Metaverse and NFT tokens including Axie Infinity (AXS) and the likes of Sandbox (SAND), and Decentraland (MANA) have made significant gains today. While it can be attributed to the recovery of the broader crypto market, The AXS price rise is so distinct and there is surely something behind the movement.

Here’s what is making AXS price rise

Axie Infinity’s native token has had a rocky 2022 and it seems it is up for a recovery in December. Although the token is still way far from its all-time high (ATH) of $164.90 recorded in November 2021, today’s price surge could be the beginning of a splendid rally towards the ATH.

But why is the AXS price rising? Well, according to data from NFT data platform CryptoSla, the Axie Infinity trading volume has reached a high of $48K over the past few weeks meaning there is an increased activity within the Axie Infinity ecosystem.

The increased activity is largely the one behind the current price surge.

Approx. $2.28M AXS short positions liquidated

According to data from Coinglass, about $2.28M worth of AXS short positions have been liquidated over the past 24 hours following the current price surge.

The post Why is Axie Infinity (AXS) price rising today? appeared first on CoinJournal.

According to a statement released on Thursday, Dec. 1, 2022, payment processor Stripe has launched a fiat-to-crypto payment service for Web3 businesses.

KEY TAKEAWAYS

• The fiat-to-crypto service will allow customers to instantly buy cryptocurrencies in Web3 apps.
• The services offer an easy Fiat-to-Crypto onramp.
• The new Stripe product is in form of a customizable widget that can be integrated into Web3 apps/platforms.

Web3 application developers will be able to customize and integrate the new Stripe widget into decentralized exchanges (DEXs), non-fungible token (NFT) platforms, crypto wallets, and other decentralized apps (DApp). This will allow customers to instantly buy cryptocurrencies in the Web3 applications.

According to Stripe, the new product offers flexible on-ramping services and manages know-your-customer (KYC) payments and compliance challenges. According to Stripe, the new product was designed to eliminate complications.

Increased Stripe partnerships

Since last year, Stripe has ramped up the number of crypto firm partnerships as more and more nations enable cryptocurrency payments.

USDC has been one of the cryptocurrencies that have received high adoption with corporations now being able to transfer USDC payments to individuals and organizations worldwide.

One of the recent Stripe partnerships is its partnership with the decentralized music discovery network Audius, making Audius one of the first companies to use Stripe’s new on-ramp. Audius announced that it accepted Stripe’s payment solution to allow users to use their credit cards to purchase their native AUDIO coin and tip their favourite musicians.

The post Stripe launches fiat-to-crypto payment service for Web3 apps appeared first on CoinJournal.

Terra Classic price has hit a daily high of $0.0001919 and it still has a bullish stance. At press time, LUNC was trading at $0.0001819; up 11.75% in the past 24 hours.

KEY TAKEAWAYS

• The Terra Classic community aims to burn large amounts of LUNC tokens to reduce its circulating supply and revive its price.
• The community has burned more than 29 billion LUNC tokens so far.
• About 150 million LUNC tokens were burned in November.

The LUNC token has been struggling ever since the collapse of the original Terra LUNA project which resulted in the creation of the LUNC token after a hard fork. However, the team behind the Terra Classic project has been burning large quantities of LUNC tokens to reduce its circulating supply in a bid to revive its price and it seems to be working though at a slow rate.

Binance burns 6 billion LUNC tokens in a day

Earlier this year LUNC staking and a 1.2% burn tax were introduced after the implementation of the v22 upgrade with various exchanges including KuCoin and Binance adopting the LUNC burn tax. The burn tax was however reduced to 0.02% after the community passed Proposal 5234, which also included redirecting 10% to finance Terra Classic ecosystem development and contributors.

However, Binance shifted its mechanism of burning LUNC tokens to burning the tokens on a monthly basis. Yesterday (December 1, 2022) the exchange burned a whopping 6 billion tokens yesterday, in what is its burn batch since introducing the monthly burn mechanism.

Yesterday’s burn is largely the main reason why the token price has surged to today’s highs.

In October, Binance burned about 13.72 billion LUNC tokens from trading fees on LUNC margin and spot trading. The main reason behind the decrease in the burned LUNC tokens is the reduction of the burning tax from 1.2% to 0.2%.

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