Kategorie: Crypto Markets

KuCoin, a Seychelles-based cryptocurrency exchange launched in 2017, has announced its partnership with one of the leading automated crypto assets trading platforms, Coinrule, to offer automated trading to its users.

According to KuCoin’s official announcement, Coinrule will allow its traders to trade cryptos on KuCoin using its platform API by integrating the KuCoin spot market data. Soon, more KuCoin products like futures trading and margin trading are also expected to be supported on the network.

While commenting on the partnership, KuCoin CEO, Johnny Lyu said:

“As the ‘People’s Exchange’, KuCoin is committed to easy-to-use trading tools for users to bring crypto to mass adoption. And the partnership with Coinrule is a big step towards this.”

Coinrule CEO and Founder, Gabriele Musella, was also excited about the partnership noting:

“At Coinrule, we are glad to see KuCoin joining our integration program. Our Users are eager to trade on KuCoin and to explore all the markets it provides.”

Embracing automated trading

KuCoin provides over 700 crypto assets trading which includes margin trading, futures trading, spot trading, staking, and P2P fiat trading. It also provides crypto assets lending to its 18 million users across 207 countries.

With the automated trading high-security mechanism, convenience, and comfort, crypto traders have also started to embrace it. It’s worth noting that KuCoin launched its Trading Bot Service back in 2021 to support five advanced trading strategies for users to gain passive income without monitoring the markets.

With this partnership, KuCoin will onboard more users that will promote trading strategies on the platform as well as lower the investment barriers for users.

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Pocket Network, a Web3 app blockchain data ecosystem, has launched an initiative to sustain blockchain community growth called TriForce. 

It gives communities an incentive to fortify ties and be a part of Pocket Network’s growth trajectory, Coin Journal learned from a press release. 

The initiative will enable community members to sustain and grow blockchain traffic for their different ecosystems. This way, they will also help the network offer RPC services to highly decentralized crypto networks. 

Shards support community growth 

Each TriForce has three components, collectively referred to as shards. These components describe how each TriForce can benefit blockchain communities with individual expertise. 

Ultimately, the three-pronged support program will provide them with the tools to survive and thrive. The following areas are subject to involvement by blockchain communities: 

• Business Development
• Marketing
• Technical Support

Pocket DAO will allocate funds to encourage eligible communities that want to use Pocket nodes to strengthen their blockchain ecosystems.

Pocket DAO will also allocate budgets for communities that qualify and reward members in proportion to their contributions to current incentives.

Shards help pursue shared goals 

Shards will have collective goals for the benefit of all ecosystems, even though each one will operate semi-independently. 

Pocket Network aims to provide quick support to as many blockchains as possible and has asked community members for commitment to fast-track this goal. 

Michael O’Rourke, CEO of Pocket Network, said: 

As the internet moves away from the top-down model synonymous with Web2, community-centric models for project management, treasury oversight, and key decision-making have risen to prominence. Pocket’s TriForce program aligns with this narrative, supporting the open discourse and grassroots engagement that is a mainstay of Web3.

Pocket Network expects blockchain communities to identify new network growth opportunities and take responsibility for developing new on-chain use cases as the TriForce program takes effect. 

The network aims to integrate 100 blockchains by the end of the year, up from 50 at the moment. 

About Pocket Network

Pocket Network is a platform built for applications that use cost-efficient economics to coordinate and distribute data at scale.

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Leading American video gaming platform, GameStop on Monday launched its first NFT marketplace duped GameStop NFT. The market provides users with the opportunity to buy, sell, and trade NFT collections.

According to the press release, the NFT marketplace will also enable users to connect their digital wallets including the GameStop Wallet that was recently released. With time, GameStop also plans to expand the functionalities of the NFT marketplace to include Web3 games.

Commenting about the newly launched NFT marketplace, GameStop said:

“The Company’s NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain. Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators, and other Ethereum environments.”

Projects currently available on GameStop NFT

In the meantime, the GameStop marketplace houses a variety of projects built on Ethereum mainnet and Loopring, a layer-2 scaling solution.

In essence, the video gaming company is aiming to also become a significant player in the NFT gaming industry. Besides digitized artworks, NFTs have also found their way into the gaming arena where they exist as vital interactive elements that gamers can use within the games and also trade on NFT marketplaces.

GameStop also recently hinted at integrating Immutable X, which is an Ethereum-based platform used by some NFT games. This comes months after the two (GameStop and Immutable X) announced a $100 million grant incentive for NFT creators.

The NFT marketplace is a significant milestone for the company since it comes at a time when the company has been battling with the falling crypto market that has forced it to lay off workers and even fire its CFO.

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Bitcoin continues to hover just above the $20,000 price level, where bulls have been battling fresh downside pressure following the bounce from bear market lows of $17,600.

The crypto market is also in a similar sentiment zone, and what investors might be looking out for is whether the bottom is in. Of course, several market commentators and analysts warn of one possibility: the crypto winter could still have further downside legs.

Bitcoin is yet to see a recession

CoinShares, a leading digital assets management firm, believes the market may struggle to establish an upside movement. 

This view was shared by the company’s chief strategist officer Meltem Demirors, who told CNBC’s Squawk Box’ that the current crypto market will likely persist for a while. 

“For us at CoinShares the view is [that] we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see Bitcoin in a recession,” Demirors told CNBC’s Andrew Ross Sorkin on Monday.

What’s going suggests more pain

The strategist indeed expects the global macro environment to dictate fresh downturns across stocks and crypto.

„For us at @CoinSharesCo the view is we are going to stay where we are for a while. There are no near term upside catalysts. We have yet to see #bitcoin in a #recession,“ says @Melt_Dem. „Certainly expect more pain ahead for tech stocks, growth and also #crypto.“ pic.twitter.com/3dQ7ke9tA5

— Squawk Box (@SquawkCNBC) July 11, 2022

“Arguably, are we in a recession? We don’t know,” she added, “but with what’s going on in the Eurozone, around the world and in the United States – the Fed hiking rates and cutting back on their open-market activities – certainly expect more pain ahead for tech stocks, growth, and also crypto.”

The CoinShares executive also noted that with a lot of liquidity squeezed out of the market following the crypto price crash, traders might yet be apprehensive of what’s coming next. 

According to the expert, the uncertainty is a strong indicator of near-term price movement possibilities, with more companies likely to hit turbulence before the market calms down.

The post CoinShares strategist on Bitcoin and crypto: ‘no near term upside catalysts’ appeared first on CoinJournal.

Crypto exchange CoinFlex, which recently paused customer withdrawals amid liquidity stress, and revelations that crypto investor Roger Ver owed $47 million in failed repayments, has instituted legal action to recover even more from the pioneer crypto investor.

According to an update the crypto exchange published over the weekend, the same account that had the $47 million in counterparty losses, has now been readjusted. The customer now owes $84 million.

Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

“The first estimate of $47m which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. Now that we have found a bid for that size, the liquidations have created a final deficit of $84m for the account,” CoinFlex co-founders Sudhu Arumugam and Mark Lamb said in the blog post. 

Customer is “personally liable to pay”

CoinFlex said that its commencement of an adjudication process in Hong Kong is in a bid to recover the money from the “individual” – initially identified as Bitcoin Cash (BCH) promoter Roger Ver.

“We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him,” the co-founders added.

The crypto exchange expects a favorable decision, though it notes the legal proceedings could take up to 12 months.

Meanwhile, the crypto platform has plans to resume customer withdrawals, with eyes on external funding via stablecoin USDC. 

The exchange is also in talks with a large US-based exchange over plans for a joint venture meant to keep CoinFlex in business.

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