Kategorie: Crypto Markets

• WazirX will support withdrawals of USDC, USDP, and TUSD till 23 September 2022 at 5:00 PM IST.
• The exchange will then delist the stablecoins’ spot market pairs on 26 September 2022 at 07:30 AM IST.
• Automatic conversion into BUSD will be at a 1:1 ratio.

Indian cryptocurrency exchange WazirX is set to delist three stablecoins, namely USD Coin (USDC), Pax Dollar (USDP) and True USD (TUSD).

According to the platform, support for deposits has ceased as of the announcement. The next step is to stop withdrawals, auto-convert the balances into BUSD at a 1:1 ratio and then remove USDC, USDP and TUSD from the exchange.

As per the Indian crypto firm, the BUSD Auto-Conversion feature will help improve liquidity and capital efficiency across the ecosystem.

But prior to the delisting, WazirX will continue to support withdrawals of the USDC, USDP and TUSD tokens until 23 September 2022 at 5:00 PM IST. Delisting of the three stablecoins’ spot market pairs will happen on 26 September 2022 at 07:30 AM IST, WazirX noted in its announcement.

Binance to also auto-convert USDC, USDP and TUSD

On 5 September, Binance introduced the BUSD Auto- Conversion feature for users, with plans to have account balances as well as new deposits for USDC, USDP and TUSD converted into BUSD. 

According to the exchange, the changes are to take effect on 29 September 2022 at 03:00 UTC.

But as Binance later clarified following the initial announcement, while it will remove spot market pairs for the stablecoins (and only support BUSD and USDT), users are set to continue accessing deposits and withdrawals in any of the stablecoins – BUSD, USDC, USDP and TUSD.

Notably, WazirX has announced it will no longer accept new deposits in the three stablecoins.

The post WazirX to delist USDC, USDP, and TUSD next week appeared first on CoinJournal.

• Climate groups want Bitcoin to follow Ethereum into switching from Proof-of-Work to Proof-of-Stake consensus mechanism.
• The groups have announced a new $1 million ad campaign targeted at pressuring Bitcoin and companies like Fidelity, PayPal and Jack Dorsey’s Block to help push the agenda.
• Bitcoiners already scoffed at the calls when the campaign “Change the Code, Not the Climate” first launched in March.

It was bound to happen and so it has.

A new campaign is underway targeting Bitcoin’s energy use as a proof-of-work (PoW) network. The debate is getting new impetus after Ethereum finally launched its software upgrade via the Merge to become a proof-of-stake (PoS) blockchain.

And as Ethereum cuts its energy consumption by 99.95%, which Ethereum co-founder Vitalik Buterin confirmed will reduce global consumption by 0.2%, a host of environmental groups want Bitcoin to follow suit.

Bitcoin is an ‘outlier’, group claims

A statement published on Thursday by the Environmental Working Group, says a $1 million ad campaign has been launched to push for a rethink of Bitcoin’s “outmoded” PoW consensus mechanism.

Apart from online advertisements, the initiative through Greenpeace is petitioning Fidelity Investments – which recently added Bitcoin to its clients’ retirement (401(k)) accounts – to push for a PoW-to-PoS transition for BTC. Other players mentioned in the release are PayPal and Jack Dorsey’s Block (formerly Square Inc.).

“Change the Code, Not the Climate” director Michael Brune said Bitcoin needs to look at the climate crisis and take its responsibility. He noted:

“With fires raging around the world and historic floods destroying lives and livelihoods, state and federal leaders and corporate executives are racing to decarbonize as quickly as possible. Ethereum has shown it’s possible to switch to an energy-efficient protocol with far less climate, air and water pollution. Other cryptocurrency protocols have operated on efficient consensus mechanisms for years. Bitcoin has become the outlier, defiantly refusing to accept its climate responsibility.“

According to the “Change the Code, Not the Climate” group, discussions involving Congress and the Biden administration are taking place as they try to push the campaign goal.

Bitcoiners already put it to the group after the $5 million anti BTC campaign’s launch in March that no such thing will happen. In fact, people pointed to Bitcoin mining already going green across the globe. 

Darin Feinstein, the co-founder of blockchain-focused firm Core Scientific, explained why Greenpeace should have been fighting for Bitcoin and not against it. His tweet in March: 

#Greenpeace should be fighting for #Bitcoin #Bitcoin
Banks the unbanked
Provides private property to the repressed
Eliminates censored transactions
Allows everyone to posses money that does not debase
Is unseizable
Strengthens the people
Uses just .0014 of the worlds energy pic.twitter.com/bFzgjxRJaw

— Darin Feinstein (@DarinFeinstein) March 29, 2022

So, will Ethereum’s merge give the “Change the Code, Not the Climate” campaign the thrust it hopes to get to make “the change” happen? .

The post New $1M ad campaign against Bitcoin mining after Ethereum’s Merge appeared first on CoinJournal.

Despite the crypto winter, institutional investors have largely been unfazed. And the increased demand is seeing more mainstream companies offer products and solutions tailored for institutional clients.

Broadridge Financial Solutions, a leading fintech provider with over $5 billion in revenue and whose infrastructure and platforms help power over $9 trillion in daily trading across equities and fixed income, has partnered cryptocurrency exchange Coinbase to offer an integrated trading solution.

Institutional adoption of crypto

The collaboration will help Broadridge boost access to crypto trading and offer greater liquidity for institutional clients looking to benefit from opportunities in crypto, the companies said in a press release.

In particular, the partnership seeks to offer interoperability between the fintech firm’s NYFIX order-routing network and Coinbase Prime.

According to the firms, buy-side traders will be able to leverage the integrated solution to tap into crypto liquidity on Coinbase, allowing them to trade directly from their order management system (OMS).

The solution will initially be available to US domestic clients before being rolled out to other regions subject to regulatory approval.

“Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest,” Coinbase VP of Institutional Products Greg Tusar noted in a statement.

He added that the use of NYFIX’s order-routing network will help lower barriers to adoption of crypto as an asset class, with buy-side traders benefitting from the “deep, multi-venue crypto liquidity.”

Coinbase Prime’s offering of an institutional-grade trading platform, custody and prime brokerage capabilities will be key to the two firms’ goals, the news release added.

“Now, through Coinbase’s deep access to liquidity and NYFIX’s extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market,” said Ray Tierney, President of Broadridge Trading and Connectivity Solutions.  

Recently, Coinbase partnered with the world’s largest asset manager BlackRock to offer crypto trading to clients. Investment giants Fidelity, Charles Schwab and Citadel Securities also made a massive move with the launch of a crypto exchange.

The post Broadridge partners with Coinbase to offer integrated trading solution appeared first on CoinJournal.

TDeFi, a startup incubator for DeFi assets projects, has announced that it will add MYTH, a Web3 platform built for fantasy, sci-fi, and horror fans. TDeFi works closely with companies and projects as a startup incubator and advisor while MYTH allows the fans to connect with each other through Web3 technology.

MYTH will join more than 45 other projects that are currently using TDeFi’s incubation program. Examples of projects that are in the TDeFi incubation program include Vulcan Forged, Gari, Biconomy, MetAmazonia, Bridge, and Sinverse among others.

MYTH joining TDeFi ecosystem

By joining TDeFi’s ever-growing ecosystem, MYTH will achieve its goal of becoming the go-to ecosystem for sci-fi, fantasy, and horror in the Web3 space.

Besides being adopted by TDeFi, MYTH has been on an upward trajectory with 14 partnerships featuring top names in Web3 gaming, NFT comics, gamified collectibles, and the metaverse. Through this diversification, MYTH is able to deliver original comprehensive fantasy-based content to its community members.

MYTH also has a native token called MYTH token, which is used as a governance token, for incentives and for empowering users to build their creations.

MYTH’s ecosystem is built around community-directed projects, play-to-earn (P2E) fantasy games, digital publishing, and fantasy art collectibles. All these facets support the creation of a unified pop-culture metaverse.

TDeFi’s incubator

TDeFi’s incubator helps projects from the launch phase and through every other phase of a project’s lifecycle until the project becomes a success. It provides startups with access to world-class mentors, necessary tech and tools, marketing, community-building techniques, exchanges, liquidity, partnerships, and industry connections.

One of the main advantages of TDeFi’s incubator program is that it does not require projects to make any upfront payments to join. TDeFi acquires a fixed percentage of a project’s token supply rather than charging a fee.

In addition, every project that qualifies for the TDeFi incubator program automatically becomes a partner to all the events that are hosted by TDeFi like the global hackathon BizThon that is scheduled for October.

The post Web3 platform MYTH becomes the latest project to be adopted by TDeFi appeared first on CoinJournal.

• Ethereum will transition from a proof-of-work (PoW) network mechanism to proof-of-stake (PoS) consensus at the merge.
• Joseph Lubin, ETH co-founder and founder of ConsenSys, says the upgrade will be seamless.
• The Merge is expected on 15 September 2022.

Ethereum (ETH) co-founder Joseph Lubin says he does not expect the highly anticipated Merge, which is less than 24 hours, to come with post-event disruptions for users.

Lubin, who also founded Ethereum software company ConsenSys, was speaking in an interview with Bloomberg Crypto on Wednesday.

According to the industry expert, his outlook for the Merge is “a 10” on a scale of 1 to 10 in terms of his confidence about Ethereum’s switch from proof-of-work to proof-of-stake consensus mechanism.

“Probably nothing”

The Merge has attracted a lot of attention as it stands as one of the most profound game-changing upgrades in the history of cryptocurrency. And while its success can only be gauged post-merge, Lubin says nothing suggests end users will be disrupted.

“We think it’s gonna be probably nothing and ‘probably nothing’’ is a playful phrase in our ecosystem that indicates that sarcastically, we think it will be enormously impactful. But it’ll also be very likely nothing in the sense that there’s no disruption that’s going to be experienced by end users,” he told Bloomberg.

In terms of how smooth the whole upgrade is likely to be, he notes no disruption so far to software developers. For users, the merge will be “as smooth as if your iPhone or your laptop has upgraded its operating system automatically overnight,” he added.

Lubin agrees that the real proof of how smooth the merge will be can only be gauged once the Beacon Chain and the Ethereum mainnet converge into one chain. 

However, as happened so far, all the testing suggests an “overwhelmingly” seamless transition – even if the testing hasn’t been “it in the context of the whole big ecosystem becoming an economy in its own right.”

So what could go wrong? He points to a potential impact to “small projects.”

“There are lots of little projects that, maybe, read from the blockchain or depend on it,” he opined, that in some ways may not have “upgraded what they need to upgrade to in order for their own smooth transition.” He believes such projects could face some hiccups. 

“But all the major services that depend on the blockchain have already done the work.”

As previously highlighted by CoinJournal, the merge is expected on 15 September 2022 and will see Ethereum’s energy consumption cut by 99.95%. The change is also expected to lead to greater scalability and network performance.

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