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UK Regulator bans Arsenal’s Fan Tokens Advertisements

Fan Tokens have been on the rise with the involvement of clubs across the five major European leagues

English Premier League Club Arsenal has been found at fault by UK advertising watchdogs for flouting regulations, as it pushed adverts promoting fan tokens. On Wednesday, the Advertising Standards Authority (ASA) dictated that the English club ceases to show the „irresponsible“ ads as it had failed to highlight the risks that involvement with cryptocurrencies came with.

„The ads must not appear again in the form complained about,“ the ASA ruled.

The Authority specifically cited two ads, one published on the club’s website on August 6th  and the second on the official Facebook account on August 12th, promoting the $AFC fan token.

Arsenal failed to include all the required financial information: ASA

Although the advertisement watchdog recognised that the ads that had been run did not promote the fan tokens as an investment or for financial gain, it noted that the football club failed to detail the possibility of Capital Gains Tax (CGT) required on any gains made from investing in the crypto tokens.

„Therefore, because the ads trivialised investment in crypto assets and took advantage of consumers‘ inexperience or credulity by not making clear that CGT could be payable on profits from investing, we concluded the ads were irresponsible and breached the Code.“

Further, the agency criticised Arsenal’s failure to clearly state the risks of trading the assets and clarify that these assets were not regulated in the UK. Even though the first ad did provide text informing potential consumers that the fan tokens could well easily lose value, leading to the loss of some or all of the investment, the warning was at the bottom of the ad. As such, it ran the risk of not getting seen by those engaging with the ad.

The Gunner’s Response

In response, a spokesperson from the club said that it took with utmost seriousness its marketing to the fans. The club explained that it had given warnings on the financial risks and was keen on the information they gave out to fans. It also noted that it would seek an independent review of the ruling to understand the agency’s stance better.

Fan tokens have attained mainstream popularity, more so in the European football scene. Giant clubs including Italian heavyweights Inter Milan, French Ligue 1 leaders PSG, and Spanish FC Barcelona have recently adapted these fan tokens. The clubs say these tokens provide an avenue to interact with the fans. Through the tokens, fans can participate in decisions such as the songs to play in the stadiums and decorations in the changing rooms.

More specifically, Socios has been at the forefront of promoting these tokens. Arsenal had teamed up with Socios to launch the $AFC token that fans could purchase from the Socio.com app. The transactions were conducted in the Chillz cryptocurrency.

The post UK Regulator bans Arsenal’s Fan Tokens Advertisements appeared first on Coin Journal.

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Cardano Foundation: We’ve had an incredible year of growth

Cardano’s native coin ADA rallied over 1000% in 2021, from $0.30 to peak at $3.09 and despite a recent sell-off, remains over 750% up over the past year.

Cardano Foundation CEO Frederik Gregaard says that 2021 has been a great year for the Cardano protocol, with “sustained growth, technical innovation, community expansion, and [major] partnerships,” the key highlights.

The Cardano Foundation chief said this as he highlighted some of the on-chain achievements reached over the year in a blog report published on 22 December.

According to Gregaard, growth meant increased adoption for Cardano (ADA), especially after the blockchain reached new milestones- the addition of native tokens and the launch of smart contract capability. There were also key developments towards enabling decentralized finance (DeFi) and decentralized exchanges (DEXs) on the blockchain, he added.

As of 20 December 2021, the Cardano network had seen over 2.5 million native assets minted since 1 March when the multi-asset ledger feature was added. Of the 2.5 million native assets minted so far, 2 million have been Non-Fungible Tokens (NFTs). 

There have been 2.58 million new wallets created and over 23.8 million on-chain transactions.

A summary of on-chain growth milestones for Cardano in 2021. Source: Cardano Foundation

Gregaard notes the Cardano ecosystem is open to more on-chain adoption and utility thanks to the successful launch of Alonzo Hard Fork in September. He says this “brought programmability to Cardano,” which made it possible for developers to build and deploy decentralised applications (dApps) on the blockchain. 

Cardano also now supports decentralised finance (DeFi), one of the major crypto developments to explode in the past year.

Cardano partnerships in 2021

Cardano also had a breakout year in terms of the many partnerships it struck, with these collaborations and deals aimed at “creating value and utility within the Cardano ecosystem.”

Some of the key partnerships include e-sports platform Rival, fintech UBX, and non-profit Save the Children targeting use of ADA for humanitarian projects in East Africa. Scantrust and Baia’s Wine, which are using the Cardano blockchain for supply chain traceability applications, were the other key deals announced in the year.

Cardano market outlook 2021

Cardano’s native token ADA is trading around $1.35 to the dollar as of writing, about 2% up on the day as per data on CoinGecko.  The coin’s value is over 750% up in the past year after rallying from lows of $0.30 at the beginning of 2021.

However, last week’s sell-off means ADA losses over the past month stand at -25%, while declines since hitting an all-time high of $3.09 in early September are at around 56%.

The coin’s value could yet dump as analysts see a fresh collapse for the markets in early January, although crypto analyst Michael van de Poppe says Cardano is one of those looking great for a bounce.

The post Cardano Foundation: We’ve had an incredible year of growth appeared first on Coin Journal.

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Market highlights December 23: Cryptos mixed, Solana dips, Tesla stock rises 7.50%

The top 10 cryptos were mixed over the past 24 hours. All three major US stock indices rose yesterday as investors took heart from emerging data on the severity of the Omicron variant. Electric carmaker Tesla led stocks higher, rising 7.49%. The stock popped as chief executive Elon Musk said he had sold ‘enough’ this year.

Top cryptos

XRP and Cardano led the way today, gaining more than 3%. Over the past week, XRP has rebounded, gaining more than 20% after dropping below 0.80 cents. On the other side, Ethereum dipped 2.5%, and Bitcoin dropped almost 2%, trading at $48,300 at time of writing. Solana lost the most in the top 5: over 3% today. The biggest top 10 loser, Terra’s LUNA, plummeted by over 11%. 

Top movers

The live NEAR Protocol price today is $12.42 with a 24-hour trading volume of $1.7 billion. NEAR Protocol has gained 33% in the last 24 hours. Fantom is up almost 15% in that time. Other top movers include AAVE, up 15%, and 1inchNetwork with gains of 10%. Livepeer broke the top 100, having gained almost 16% in the last 24 h. It’s at #99 by market cap.   

Trending

Luxurious VR gaming environment Mello provides the opportunity to play a myriad of fully immersive games from the comfort of one’s own home. This bold vision includes the integration of the Mello Token, which is up more than 500% today.

The post Market highlights December 23: Cryptos mixed, Solana dips, Tesla stock rises 7.50% appeared first on Coin Journal.

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You can now buy Creditcoin, it’s up 24% today: here’s where

Creditcoin was created to address issues unbanked and underbanked individuals commonly face. Its value is rising dramatically as awareness of these issues increases. Another reason is that their testnet will go live soon. This short article explains what Creditcoin is, is it worth investing in, and the top places to buy Creditcoin today.  

Top places to buy Creditcoin now

What is Creditcoin?

Launched on April 4, 2019 by a team based in the US, Canada, South Korea, Nigeria, and Estonia, Creditcoin aims to address the lack of credit system among the unbanked in the emerging market. People who cannot access the banking system have to borrow from non-banks. However, credit records with non-banks are not accepted by the banks since they cannot trust the data. The project aims to solve the problem by recording credit transaction history objectively on a public blockchain.

Should I buy Creditcoin today?

Creditcoin is doing very well now, but it can reverse gains just as easily. Never invest more in volatile cryptocurrencies than you can afford to lose.

Creditcoin price prediction

Digital Coin Price, a traditional bull, predicts the price of Creditcoin will increase to almost $5 in one year. By the end of 2023, it will have reached $5.60. In another year, its price will have gone up to $6.11. It will trade for $5.56 at the end of 2025, $7 at the end of 2026, and $11.72 at the end of 2028.  

Creditcoin on social media

The post You can now buy Creditcoin, it’s up 24% today: here’s where appeared first on Coin Journal.

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BitMEX announces new BMEX token, airdrop to users already planned

BitMEX will airdrop the tokens to users through to February next year, with spot trading on the new BitMEX Spot Exchange expected early Q2 

On Tuesday, BitMEX announced the minting of its native token BMEX, scheduled for rollout by February 1, 2022. Via airdrops, both new and existing users would receive the token into their BitMEX.com wallets, an offering which the exchange termed a “token for true believers.”

BitMEX explained in a post that the token would have a maximum supply cap of 450 million, with a large portion of them mooted for investment into expanding the ecosystem. The P2P crypto-products trading platform further said the utility token’s whitepaper is due for publication at the end of January next year, and spot trading is expected in Q2 2022.  

“The large majority of BMEX will be spent to reward users and grow the BitMEX ecosystem. An allocation of 20% is reserved for BitMEX employees and another 25% for our long-term commitment to the token and ecosystem,” the post read.

Users would be able to receive the offerings in a few ways. To begin with, the first 50,000 users to sign up for a new account and complete KYC procedures would be eligible to receive 5 BMEX tokens and an additional 10 USDT. Referrals to three friends (signup and completion of KYC) would gift users 15 tokens, and customers would also be able to earn up to 25% of their monthly trading fees in BMEX for transactions on the exchange, at a cap of 50,000 BMEX per user each month.

A bit too late to launch the token?

Though the 2014-founded exchange has announced its native token BMEX, it has seemingly joined the party a bit too late. A flurry of other exchanges, including FTX (FTT), Crypto.com (CRO), Binance (BNB), KuCoin (KCS), and Huobi (HT), have already put out their tokens. These exchanges have enabled users to save on trading fees via their tokens, helping them snatch trading volumes from BitMEX.

BitMEX has additionally been a subject of conversation, mostly for its legal troubles in recent years. This has played a part in the loss of its competitive edge. In October last year, The Commodity Futures Trading Commission (CTFC) announced it was pursuing the crypto exchange alongside its co-founders Arthur Hayes, Ben Delo, and Samuel Reed for violating several trading regulatory requirements.

The cryptocurrency exchange and derivative trading platform settled with the U.S regulators, incurring a penalty of $100 million in August this year. The co-founders are still due to face legal action for failure to establish measures against money laundering as required by the Bank Secrecy Act.

The post BitMEX announces new BMEX token, airdrop to users already planned appeared first on Coin Journal.