Kategorie: Crypto News

• Trump’s WLFI plans to launch a dollar-pegged stablecoin after raising $14M.
• The project faces challenges, with only 4.7% of its $300M token sale target met.
• Trump opposes a US CBDC and vows to outlaw government-issued stablecoins.

Donald Trump’s World Liberty Financial (WLFI) is gearing up to enter the cryptocurrency market with plans to launch a stablecoin linked to the US dollar.

Fresh off raising $14 million in initial funding, the venture aims to capitalize on the growing demand for stablecoins, which serve as stable parking spots for traders in the volatile crypto landscape.

WLFI raised $14M and plans for a dollar-pegged stablecoin

While the WLFI team is still developing the stablecoin and establishing safety protocols, sources indicate that bringing the project to fruition may take some time.

However, should Trump regain the presidency, he would wield significant influence over the regulatory environment surrounding stablecoins, potentially reshaping the landscape for his own financial venture.

Alongside this initiative, Trump has articulated a broader financial vision that opposes a US central bank digital currency (CBDC), promising to outlaw any government-issued stablecoin if re-elected. This stance aligns with his commitment to preserving the tax cuts from his 2017 Tax Cuts and Jobs Act, which is set to expire in 2025.

Trump aims to maintain these tax reductions, cut corporate tax rates to 15%, and allow immediate deductions for equipment and research investments, all of which are designed to stimulate economic growth.

Despite the ambitious goals for WLFI, the project faces challenges in a competitive market. The initial $300 million token sale has seen limited success, with only $14.24 million in sales reported, representing just 4.7% of its public sale target.

The project’s website even experienced a crash during the token sale, reflecting the intense interest surrounding Trump’s foray into decentralized finance.

Trump Family’s Crypto Project World Liberty Financial Falls Short in Token Sale

The WLFI token sale launched on Oct. 15 but only reached 3.4% of its $300 million goal, with 687 million tokens sold after 14 hours.

The platform’s website crashed after the sale launched, and… pic.twitter.com/GffCY87uYs

— Abhyudoy Das (@DasAbhyudoy) October 16, 2024

As WLF navigates the regulatory landscape and works towards launching its stablecoin, the implications of Trump’s political aspirations and financial strategies will undoubtedly play a pivotal role in shaping its future within the crypto industry.

The post Donald Trump’s World Liberty Financial (WLFI) planning to launch stablecoin appeared first on CoinJournal.

• Bitpanda is considering a potential IPO in Frankfurt, backed by Peter Thiel.
• The company reported €100 million in Q1 2024 revenue, rebounding from previous losses.
• Discussions are ongoing, with a possible timeline for the IPO set for 2025.

Bitpanda GmbH, a Vienna-based trading platform, is reportedly considering a range of strategic moves, including a potential initial public offering (IPO) in Frankfurt.

Backed by prominent investors such as billionaire Peter Thiel, Bitpanda is currently collaborating with banking giants Citigroup Inc. and JPMorgan Chase & Co. to explore its options, as revealed by sources familiar with the discussions.

The possible Bitpanda IPO

Established in 2014, Bitpanda has rapidly positioned itself as a leading trading platform in Europe. The company gained significant recognition in August 2021 when it was valued at $4.1 billion following a successful $263 million funding round. This round saw substantial investments from notable backers, including Thiel’s Valar Ventures and billionaire financier Alan Howard.

Bitpanda’s recent financial performance indicates a robust recovery from previous challenges. The company reported over €100 million (approximately $108 million) in revenue for the first quarter of 2024, alongside a pre-tax profit of €13.6 million ($14.71 million) in 2023. This marks a notable turnaround from the losses exceeding €130 million experienced in 2022.

The discussions around an IPO come amid a broader surge of interest in digital asset platforms, fueled by recent regulatory developments in the United States, including the approval of spot Bitcoin exchange-traded funds (ETFs).

This regulatory shift has invigorated market sentiment and increased investor appetite for platforms like Bitpanda, which specializes in cryptocurrency trading as well as equity derivatives and commodities.

If the IPO materializes, it could elevate Bitpanda’s valuation way above $4 billion, according to insiders. However, the company is also weighing the option of a full sale, which remains a viable alternative in its strategic assessment.

As of now, no final decisions have been reached, and discussions are still in the preliminary stages, with a potential timeline for any move set for 2025.

To further enhance its service offerings, Bitpanda has recently integrated Deutsche Bank IBANs, enabling clients in Germany to facilitate real-time fund transfers to and from their brokerage accounts.

As Bitpanda navigates this exciting phase, the cryptocurrency community is watching closely, eager to see how the company will evolve in the ever-changing landscape of digital assets.

The post Bitpanda eyeing a potential initial public offering (IPO) appeared first on CoinJournal.

• Robinhood now offers contracts for users to bet on the 2024 US election outcome.
• Eligible US citizens can buy “Yes” contracts and settle after the January certification.
• Competitors like Kalshi and Polymarket offer similar high-demand prediction markets.

Robinhood, the popular investment app, has made a significant expansion into prediction markets by launching contracts that allow users to speculate on the 2024 US presidential election outcome.

This move places Robinhood in direct competition with established prediction platforms like Kalshi and Polymarket, both of which offer similar political event contracts.

The Robinhood US presidential election contracts

As of this week, Robinhood Derivatives users can purchase “Yes” contracts that predict a chosen candidate will win the presidential election. Each contract’s value, determined by demand, can reach up to $1.00.

If the prediction proves accurate, the contract holder will receive $1.00 after the US Congress certifies the election results on January 6, 2025. Those with incorrect predictions will receive no payout.

Robinhood limits participation to US citizens with an individual investing account that qualifies for specific features, such as margin investing or Level 2/3 options trading. This restriction aligns with the platform’s effort to ensure users have experience with higher-risk financial products.

In addition to speculation, Robinhood provides users with flexibility through an option to close positions before the election outcome is known. This process involves purchasing an opposing “No” contract to offset an existing “Yes” position, allowing users to mitigate potential losses or lock in profits based on evolving market sentiment.

Robinhood does not, however, permit users to hold concurrent “Yes” positions on multiple candidates, a policy aimed at reducing complexity and ensuring clarity in user portfolios.

Political speculation market on the rise

Robinhood’s entrance into prediction markets comes as public interest in political speculation is climbing.

Just earlier this month, a federal appeals court upheld a ruling allowing Kalshi, a prominent competitor, to offer election-related contracts. Kalshi’s recent success in the App Store underscores this growing demand, as the platform has climbed to the top of the finance category, even surpassing giants like Facebook and Uber.

Kalshi offers high liquidity, permitting larger trades without impacting market pricing—a distinction its CEO, Tarek Mansour, highlighted in contrast to Robinhood’s new contracts, which have smaller liquidity limits.

Meanwhile, platforms like Polymarket and PredictIt also provide election outcome contracts, with values fluctuating based on user sentiment and real-time developments.

By adding event contracts to its offerings, Robinhood not only broadens the options available to its users but also taps into a sector of financial markets driven by current events and speculative interest, making political outcomes a new frontier for retail investors.

The post Robinhood introduces speculation on US presidential election outcome appeared first on CoinJournal.

• Coinbase launched a tool, called Based Agent, that allows people to create AI agents that can automate tasks like swaps and staking.
• The tool uses technology from Coinbase SDK, OpenAI, and Replit to allow anyone to create an AI agent in under three minutes.

Coinbase announced Based Agent, a tool for creating AI agents that can perform a myriad of tasks, from swapping to staking, bridging, and even registering crypto domain names by interacting with various smart contracts and other AI agents where necessary.

Coinbase pushes for AI agents

Based Agent isn’t Coinbase’s first foray into AI agents. Members of the company have, in the past, used AI for various purposes or to prove its viability. Brian Armstrong, CEO of Coinbase, in August, oversaw transactions between two AI agents where one agent paid the other using tokens.

More recently, Head of Protocols at Coinbase, Jesse Pollak, highlighted an AI bot on Twitter, called Luna, that autonomously tipped users to engage with its content.

Truth Terminal, the Twitter AI chatbot that was instrumental in creating the Goatseus Maximus memecoin that currently trades at a $700 million market cap, also exemplifies the progress AI agents have made in recent months.

AI Agents still face development hurdles

The growth of AI agents is not without its drawbacks. A major one is the inability of AI agents to figure out bank accounts, and hence, automate off-chain payments. AI agents cannot book hotels, buy plane tickets, or manage recurring subscriptions.

However, efforts are being made to bridge that gap by developing onchain payment methods that integrate with the real-world. In August, a blockchain development firm called Skyfire created a platform that allows AI agents spend money autonomously.

Biconomy, a Web3 infrastructure company launched a Delegated Authorization Network to serve as an authorization layer for AI agents to trade tokens on behalf of users.

Meanwhile, the Base network allows AI agents to use USDC to transact with people and other AI agents in real-time. However, this feature has not penetrated real-world payments.

Despite the gap, the development of AI agents continues to grow and may account for 80% of all blockchain transactions in 6-12 months, according to Mode Network founder James Ross.

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