Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Immutable X unveils Immutable Passport, a non-custodial wallet for web3 gamers

  • The Immutable Passport is designed to operate as an all-in-one solution for Web3 gamers.
  • The aim of launching the passport is to eliminate Web3 onboarding hurdles.
  • Immutable Passport is expected to become parallel to the other web3 gaming systems.

Leading Web3 games developer platform Immutable X has unveiled the Immutable Passport, an all-in-one solution for onboarding gamers into Web3. The news has had an insignificant impact on the price of the ImmutableX (IMX) token which had only gained about 1% in the last 24 hours at press time.

Immutable X announced the launch via a tweet sharing its initiative to develop the passport, which is designed as an all-in-one non-custodial wallet.

Seamless onboarding into Web3

As a gamer starting out in Web3 couple be complicated at times especially because it involves the use of cryptocurrencies which will require one to create a crypto wallet. In most cases, the process of creating and managing cryptocurrency wallets is quite involved.

However, with the introduction of the new Immutable Passport, Immutable X will offer an “all-in-one wallet, gamer profile, and authentication solution” for Web3 gamers which will make it quite easy to get started. Gamers will not have to hop from one platform to another for various services like a crypto wallet.

In addition to being a one-stop platform, Immutable X claims that the passport’s main features are security, ease of onboarding, and compliance with the necessary laws. The passport will help Web3 gaming studios to drive adoption throughout the mainstream web3 gaming space.

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HSBC is now ready to venture into the crypto market

  • HSBC posted crypto-related job openings on its career page today.
  • Peers have already launched crypto products in recent years.
  • Shares of the largest European bank ended slightly down on Tuesday.

HSBC Holdings plc was in focus today on reports that the largest European bank was now ready to venture into cryptocurrencies.

HSBC posts crypto-related job openings

On Tuesday, HSBC listed a job opening on its career page confirming that it was looking for a “Product Director” to supervise tokenization use cases.

According to the financial behemoth, the rapidly evolving crypto landscape has necessitated that the bank develops a footprint in this market.

Because digital assets is a new topic and strategic & risk appetite considerations are evolving quickly, Head of Tokenization will be required to make complex business and project decisions that contribute to a high value, strategic initiative.

Shares of HSBC Holdings plc that are up more than 15% year-to-date ended slightly in the red today.

HSBC is joining the likes of JPMorgan Chase

The British multinational isn’t the only one in big banks that’s considering dipping its toe in the crypto market. Peers, including JPMorgan Chase & Co have already launched crypto-related products in recent years.

HSBC Holdings plc is currently looking for a suitable candidate to fill in the role of Product Manager for digital assets as well, which suggests that it wants to offer a broad set of services within the crypto niche.

That’s quite a change of pace for the universal bank that’s been vocal against the cryptocurrencies and raised questions on their sustainability. Just months ago, its CEO Noel Quinn was reported saying that HSBC will not rush into cryptocurrencies.

The post HSBC is now ready to venture into the crypto market appeared first on CoinJournal.

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Tesla lost $140 million on its Bitcoin in 2022

  • Tesla recorded gains of $64 million and impairment loss of $204 million.
  • The company has revealed it sold 75% of its Bitcoin holdings, and held BTC worth about $184 million as of 31 December 2022.
  • The electric vehicle maker bought Bitcoin worth $1.5 billion in 2021.

Tesla has revealed that the company sold most of the Bitcoin it purchased in 2021, and suffered a significant loss on the digital assets it currently holds during the 2022 crypto crash.

In its Form 10-K filing with the US Securities and Exchange Commission (SEC) on Tuesday, 31 January, Tesla disclosed that it gained $64 million from its digital assets holdings when converting them into fiat currency. 

However, according to the filing, the electric car maker’s Bitcoin bet also included a $204 million impairment loss for the year ending 31 December 2022. 

All the gains recorded during the year were offset by the net impairment loss, which resulted from Tesla’s move to restructure its operations around the asset. This means the company reported a net loss of $140 million on its crypto trading in 2022. 

“During the years ended December 31, 2022 and 2021, we recorded $204 million and $101 million of impairment losses on such digital assets, respectively. During the years ended December 31, 2022 and 2021, we realized gains of $64 million and $128 million, respectively, in connection with converting our holdings of digital assets into fiat currency,” the company reported.

Tesla has sold 75% of its Bitcoin

Elon Musk’s company revealed that it received or purchased an “immaterial amount” of crypto last year. The tech giant plashed $1.5 billion when buying Bitcoin in 2021. 

As of 31 December, 2022, Tesla had sold roughly 75% of its Bitcoin. Per the filing, that left the company with around $184 million worth of digital assets as of the end of last year, down from $1.26 billion at the end of 2021.

While the fair market value BTC held as at 31 December 2021 was close to $2 billion (after Bitcoin price soared to highs of $69,000), the company’s total crypto holdings at the end of 2022 had a fair market value of approximately $191 million.

Notably though, that value could be much high given the price of Bitcoin has soared nearly 40% year-to-date. The company’s stock (think the Bitcoin vs. Tesla stock comparison) has also soared over the past 30 days, with TSLA up nearly 56% YTD on Tuesday morning.

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Crown Token project grants token holders opportunity to vote on upcoming films

  • The Crown Token project pairs fans with film production teams.
  • CROWN Token holders will have the chance to vote on the upcoming films by T&B Media Global.
  • The token holders will specifically be able to vote on the creative design of animation films.

CROWN Token Project has announced that it will allow its token holders the right to vote on the character design of three upcoming films by T&B Media Global. The project uses blockchain technology to expand business opportunities within the entertainment industry.

Each of the three films that token holders will be voting on has a projected budget of between $15 million and $16 million. The films have hired academy award-winning teams who have worked on productions like Newsies, The Lion King, and the Hunchback of Notre Dame.

Animation films fans can have a say in their creation

Going by the announcement by Crown Token Project, animation film consumers who have traditionally never had a say in the creation of film characters can now decide on the direction a media company takes.

Previously, creators/producers could only know of their viewers’ tastes after investing millions of dollars in producing a film and releasing it; which is too late to change the film to suit the viewers’ needs. By allowing fans to interact with the production team, producers will have an opportunity to produce films that are more inclined to the viewers’ taste.

Through the sale of its tokens, CROWN Token Project allows fans to vote on characters, movies, and animated features they feel passionate about with T&B Media Global films being the first animated films that CROWN Token holders will have the opportunity to vote on.

Besides having CROWN token holders on board, T&B Media Global has also partnered with Ideomotor, the animation production studio behind League of Legends.

CROWN token holders will start with selecting the film to contribute to and then choosing the character design for the film.

Besides voting on characters, movies, and animated features, token holders will also be able to stake their tokens and get USDT rewards.

The post Crown Token project grants token holders opportunity to vote on upcoming films appeared first on CoinJournal.

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Binance Card is coming to Brazil in the coming weeks

  • Binance partners with Mastercard Inc to launch a prepaid card in Brazil.
  • Binance Card offers a BNB cashback of up to 8.0% on eligible transactions.
  • Binance currently identifies Brazil as one of the largest markets it serves.

Mastercard Inc, on Monday, partnered with Binance to introduce a prepaid card in Brazil – the largest economy in Latin America. Its shares are still trading down in extended hours.

Binance Card to encourage wider crypto use

Binance expects its crypto card to help further bridge the gap between conventional banking and digital assets. According to Guilherme Nazar – General Manager at Binance for Brazil:

Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. We believe Binance Card is a significant step in encouraging wider crypto use and global adoption.

Just months ago, Binance and Mastercard had partnered to launch the said offering in Argentina as Coin Journal reported HERE. Following beta testing, it will now be available broadly in Brazil in the coming weeks.

Mastercard has over 90 million merchants worldwide.

Binance Card offers lucrative cashbacks

Using the crypto card to make purchases will earn users a BNB cashback of up to 8.0% that will go directly to their Binance Funding Wallet. Nazar also said:

Brazil is an extremely relevant market for Binance and we’ll continue to invest in new services for local users, as well as contributing to the development of the blockchain and crypt ecosystem in the country.

Binance currently identifies Brazil as one of the largest markets it serves.

Users will be able to get their first card for free but re-issuance will cost them $25. The Binance Card will reportedly support multiple cryptocurrencies as well.

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