US SEC has filed charges against Gemini and Genesis

  • The US SEC is accusing Gemini and Genesis of selling unregistered securities.
  • Genesis and Gemini did not register their partnership as a lending partnership.
  • Genesis has been having liquidity issues after FTX’s collapse and has paused withdrawals to date.

The US Securities and Exchange Commission (SEC) has filed charges against Genesis and Gemini accusing the two of selling unregistered securities through the Gemini Earn product.

According to the SEC, the Gemini Earn allowed Gemini and Genesis to earn billions of dollars from investors despite the product being unregistered.

Unregistered lending partnership

Gemini introduced the Gemini Earn product in February 2021 and the product ran until January 8 2022.  At the same time, Gemini had a partnership with Genesis, which is a subsidiary of Digital Currency Group (DCG). The partnership allowed Gemini customers to earn yield by lending their crypto assets to Genesis.

The SEC however claims that the two firms (Genesis and Gemini) misrepresented their business model by advertising returns of up to 8% to clients without first registering the partnership as a lending partnership with the relevant authorities.

Genesis withdrawals

To make matters worse, Genesis found itself in turmoil after the FTX’s collapse and even paused withdrawals due to liquidity issues. According to open letters written by Cameron Winklevoss, the co-founder of Gemini Earn, Genesis currently owes $900 million to 340,000 users of the Earn product.

The SEC also claims that the “US retail investors who participated in the Gemini Earn program have suffered significant harm.” The SEC Chair Gary Gensler said:

“Today’s charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws.”

Gemini co-founder has however said that Gemini will defend itself saying that SEC claims are “parking ticket.”

The post US SEC has filed charges against Gemini and Genesis appeared first on CoinJournal.

Crypto.com announces layoffs, cites negative economic developments

  • Crypro.com CEO cited poor market conditions and recent events in the industry as reasons for layoffs.
  • The layoffs come just days after Coinbase announced similar layoffs.
  • The Cronos (CRO) token price has responded positively to the news.

The co-founder and CEO of Crypto.com exchange, Kris Marszalek, has today announced that the company is laying off some of its staff to reduce its global workforce. The CEO said that they are reducing the workforce by 20%.

In the announcement, the CEO said:

“Today we made the difficult decision to reduce our global workforce by approximately 20%.”  

In a follow-up tweet post addressing the matter, Marszalek wrote:

“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.”

Crypto firms laying off workers in mass

According to sources, Crypto.com has about 3500 to 4500 employees, meaning the 20% layoffs would affect about 700 to 900 employees.

Crypto.com is not the only crypto firm to announce layoffs this year. Huobi announced layoffs at the start of the year while Coinbase also announced layoffs a few days ago.

The laying off of workers sends mixed signals since the crypto market is currently on a recovery trajectory and investors are expecting some good performance this year compared to last year. Crypto.com has also grown to over 70 million users worldwide, something that is seen as a positive development for the company.

Cronos (CRO) token price surge

The Cronons (CRO) token price has responded positively to the news and risen by about 3.08% in the last 24 hours.

The CRO coin has been on a positive trajectory since the start of the year having gained about 15.3% over the past 14 days.

The post Crypto.com announces layoffs, cites negative economic developments appeared first on CoinJournal.

Get Ready for the Next 100x Opportunity With Metacade (MCADE)

The metaverse industry has felt the brunt of the long-term bearish crypto market conditions during 2022, with several leading metaverse coins sinking alarmingly in value. The good news is that some new metaverse projects are bucking the trend and performing bullishly.

One such newcomer to the metaverse industry is Metacade, which has the target to become the leading blockchain GameFi provider over the next year with their virtual video game arcade. Their presale performance has led to predictions that their MCADE token could be the next to provide investors with 100x gains.

MCADE could turn out the be the buy of the year

Metacade had captured the imagination of GameFi fans and crypto investors before the presale launched in November 2022. The hype around the blockchain play-to-earn (P2E) gaming platform is fully justified. The beta presale of the MCADE token sold out within three weeks of release, raising well over $1.6 million in the process.

With the value of MCADE tokens set to rise throughout each phase of the presale stage from its beta price of $0.008 each to $0.02 by the time the ninth and final stage concludes, handsome returns are on offer for the bullish early investor. Thousands have already flocked to Metacade to maximize their gains MCADE goes public on decentralized exchanges (DEX) after the presale ends.

Metacade’s attractive white paper shows the depth of the platform’s plans, extending well beyond just being a traditional P2E platform. These plans that offer ground-breaking and ultimately lead to a transition to a fully-fledged and self-governing decentralized autonomous organization (DAO) by Q4 2024 have led to experts predicting that Metacade could be the next metaverse project to achieve 100x gains for investors in 2023.

How high could MCADE go in 2023?

The value of MCADE is already guaranteed to increase with each phase of the Metacade presale. When MCADE hits the Bittrex Exchange for global public consumption, the token price will be $0.02, offering some of the best value within the metaverse industry.

Metacade has a total fixed supply of two billion MCADE tokens. This increased exposure of MCADE tokens on public exchanges, combined with the momentum built up over the token’s presale, is expected to result in a surge in price as demand increases significantly. Existing token holders that got in early during the presale will likely hold onto their shareholding, expecting the price to skyrocket, leading to potentially rich gains.

MCADE’s built-in utility, the flourishing platform roadmap, and multi-layered features mean that the price could exceed the $1 mark in 2023. This can lead to potential 100x gains for those shrewd investors that took advantage of the undervalued presale MCADE price.

What is Metacade?

Metacade uses Ethereum blockchain technology and cutting-edge Web3 development techniques to build the metaverse industry’s leading virtual video arcade. The arcade promises an ever-evolving and increasing library of play-to-earn (P2E) titles offering GameFi players the opportunity to access addictive games from classic arcade titles of yesteryear to brand new titles developed exclusively for Metacade.

Other features of Metacade are what truly sets it apart from rival GameFi titles, adding several layers of depth rarely found in the metaverse gaming industry. From the innovative Metagrants initiative launching in Q3 2023 to several opportunities to earn additional passive income streams.

The transition to becoming a complete DAO, handing over critical roles, responsibilities, and control of the multi-signatory treasury wallet to community members, begins in Q2 2023, ahead of the conclusion by the end of 2024. By this point, complete control of the platform’s governance and future development will be in the hands of the users.

How does it work?

While prominent, the P2E element of the platform is only one strand of Metacade’s appeal. Users have additional routes to earn income through their Create2Earn, Compete2Earn, and Work2Earn schemes. MCADE token holders will gain rewards for social interactions with the platform, such as writing game reviews and sharing GameFi knowledge, by staking tokens to enter tournaments and prize draws and, from Q1 2024, through applying for Web3 employment opportunities posted on the jobs board.

These rewards, along with the brand new Metagrants program, will be entirely self-funded through multiple internal and income streams. These include access to pay-to-play titles, selling advertising space on the platform, and charging for external companies to post job adverts and release their own game titles on Metacade.

Metacade: Promoting GameFi development

Metacade aims to lead the metaverse industry in GameFi development through its Metagrants scheme. This program allows budding developers to present proposals to receive funding to support the development of new exclusive titles. MCADE token holders vote for these proposals, with the most successful ideas receiving funding to create new blockchain games.

Is Metacade worth the investment?

Metacade has already set the metaverse industry alight with its presale performance. While the opportunity to invest at the lowest possible value has gone after the beta phase sold out so quickly, there is room for excellent gains by investing now at the current price of $0.01.

The earlier investors purchase their MCADE tokens, the better their chance of reaping up to 100x gains as the Metacade hype hits the open markets. With a robust roadmap and future alongside the momentum of a highly prosperous presale performance, the outlook for Metacade is exceptionally favorable for 2023 and beyond.

You can participate in the MCADE presale here.

The post Get Ready for the Next 100x Opportunity With Metacade (MCADE) appeared first on CoinJournal.

Crypto Outlook 2030: Why You Should Invest in Cardano (ADA), Solana (SOL), and Metacade (MCADE)

The crypto market is constantly evolving, making it tricky to know which coins are worth investing in for the long term. In this article, you’ll discover three crypto tokens with plenty of promise and a strong potential for future growth. They are Cardano (ADA), Solana (SOL), and an up-and-comer known as Metacade (MCADE).

Why Invest in Cardano (ADA)?

Cardano is one of the leading layer-1 solutions, currently ranked ninth in the list of the top cryptocurrencies by market cap. While it performs much of the same function as Ethereum, Cardano sets itself apart in a few ways that make it an attractive investment. 

The first is its academic-based approach. Each upgrade undergoes rigorous academic testing before being rolled out. For example, its consensus protocol, Ouroboros, is mathematically secure and, as a result, well-hardened against attack. 

Secondly, Cardano is making some significant changes to its network in 2023. It’s launching the Djed stablecoin, which will likely accelerate Cardano’s growing position in the DeFi space. Cardano developers are also expected to implement Hydra and Midnight soon. Hydra is a scaling solution that could one day enable the network to one day to achieve 1 million transactions per second (TPS). Midnight is a protocol designed around privacy regulations. 

Cardano (ADA) Crypto Outlook 2030

These upcoming upgrades have undoubtedly strengthened the ADA crypto outlook for 2030. Fundamental factors, like its rigorous approach to innovation, rockstar development team, and strategic alliances, only boost Cardano’s long-term potential. In 2030, ADA will likely be worth somewhere between $6.50 and $11, depending on how the future plays out. This is well above ADA’s current price of $0.27.

Why Invest in Solana (SOL)?

Solana, like Cardano, is a layer-1 solution that aims to rival Ethereum’s dominance. It’s currently the world’s 17th most valuable cryptocurrency, falling from the top ten after FTX’s collapse. 

Despite taking a beating recently, Solana’s fundamentals haven’t changed. In fact, its core aspects and future developments could be the catalyst for much higher prices. For instance, Solana is one of the fastest and cheapest blockchains on the planet, able to handle up to 65,000 TPS at a negligible cost. 

Firedancer, a new validator client built by Jump Crypto to improve efficiency on the Solana network, has been shown to be capable of handling 600,000 TPS in a test environment. This is much higher than Ethereum’s expected TPS of 100,000 once sharding is implemented later this year. 

Moreover, the Solana Saga smartphone, expected soon, could prompt a new wave of adoption for Solana. The Saga “sets a new standard for the Web3 experience on mobile,” and developers will be given all the tools they need to develop Web3-ready mobile apps, according to a blog post by Solana Mobile. 

Solana (SOL) Crypto Outlook 2030

While Solana isn’t as popular as Cardano, the network seems to have a bright future. By 2030, SOL will likely be worth at least $450, with optimistic estimates putting the token between $600 and $750. If SOL reaches $450, investors that bought in at today’s price of $13 would be up over 3,300%!

Why Invest in Metacade (MCADE)? 

Metacade is a play-to-earn (P2E) community hub that’s aiming to become a focal point of the GameFi revolution. It’s a platform where users can link up with like-minded gamers, discover how to make the most of the latest P2E games, and even play a part in producing the games they’ll be playing. 

Community-based features, like forums, live chats, reviews, competitions, and tournaments, have the potential to attract thousands of players looking for a place to call home in the nascent GameFi space. There are even MCADE rewards offered to players posting reviews, tips, and other content for the community to learn from. 

Later this year, Metacade is expecting to give away its first Metagrant. Metagrants are a way for the Metacade community to direct funding toward developers building the P2E games players are most excited about playing. To receive them, developers simply submit their ideas and whoever earns the most votes for their project is awarded funding. The finished title is added to Metacade’s virtual arcade, sporting dozens of other community-backed and classic games. 

With plans for a decentralized autonomous organization (DAO), a job and gig board, and several big-ticket giveaways, it’s safe to say that Metacade is putting the players first. Given that GameFi is expected to explode at 10x the rate of traditional gaming by 2025 (Crypto.com), Metacade could be the best performer out of the three cryptos discussed here by 2030. 

Metacade (MCADE) Crypto Outlook 2030

With these aspects in mind, Metacade could quickly become Web3’s number one community space for P2E gaming. Its long-term crypto outlook looks positive, with MCADE expected to reach at least $2 by 2030 – a 9,900% return on its final presale price of $0.02. If users flock to the platform as expected, then MCADE could be worth as much as $25 by the end of this decade, meaning investors that got involved in presale could be up 24,900%!

Which Token Should You Invest In?

It’s clear to see that these three cryptocurrencies have the potential to rocket in the coming years. But, after examining each, Metacade takes the lead when it comes to projected long-term returns. 

With the MCADE token still in presale and a community-first philosophy, Metacade is likely to be a massive hit with investors. In fact, over $2.2m of MCADE has been sold so far, and this number is expected to keep rising. If you’re looking for a token with one of the strongest crypto outlooks on the market, check out the MCADE presale immediately!

You can buy Solana (SOL) and Cardano (ADA) at eToro here.

You can participate in the Metacade presale here.

The post Crypto Outlook 2030: Why You Should Invest in Cardano (ADA), Solana (SOL), and Metacade (MCADE) appeared first on CoinJournal.

Best Altcoins for 2023 That Could Make You a Fortune

The best altcoins often make insane gains for investors. To make the most out of the return potential, it is always best to buy altcoins during their earliest stages; however, there are also some established altcoins that look like great investments over the coming years.

Here are the top five best altcoins for 2023:

  1. Metacade (MCADE)
  2. Litecoin (LTC)
  3. The Sandbox (SAND)
  4. XRP (XRP)
  5. ChainLink (LINK)

1. Metacade (MCADE)

Metacade is the first community-driven and biggest decentralized arcade in the world, making its MCADE token the best altcoin for 2023. The platform offers both casual and competitive gameplay, enabling players to earn cryptocurrency rewards by playing various arcade-style titles.

Built on the Ethereum blockchain, Metacade delivers advanced Play2Earn (P2E) mechanics. Gamers are given more control over their gaming experience and can vote on what new games are launched on the platform through its Metagrants program. The Metagrants scheme will award developers with winning proposals funding to develop their game on the platform. Metacade’s community is set to award its first grant in the second half of 2023.

Metacade offers some additional user benefits and a variety of ways to earn a crypto income on the platform. The Work2Earn feature will help the Metacade community to launch a career in Web3, as players can access job opportunities with Metacade partners for short-term gigs and freelance positions.

Gamers can also access new titles before they are officially launched through the platform’s beta-testing roles. The community can provide feedback to game developers while playing new titles, uncovering and reporting any bugs that need fixing before launch.

Metacade’s Create2Earn feature will reward members of the community for providing useful contributions to other members. Rewards are earned for posting game reviews, sharing GameFi alpha, and interacting with other users, as Metacade aims to become a central hub for blockchain gamers over time.

Why buy MCADE?

The MCADE token recently launched its presale event, which has been a major success. During the start of Metacade’s presale 230 million tokens were sold, which raised $2.1 million worth of funding to build the Metacade platform.

Metacade could become one of the most widely-used GameFi platforms, with a long-term price prediction of over $1 – a 50x rise from the end of the presale. Early investors could make serious gains, which is why it is the number one best altcoin for 2023 and beyond.

>>> You can participate in the Metacade presale here <<<

2. Litecoin (LTC)

The second best altcoin for 2023 is Litecoin – a cryptocurrency created as a Bitcoin fork. It is often referred to as the silver to Bitcoin’s gold, delivering much of the same functionality but with improved scalability.

Litecoin can achieve block finality in 3.5 minutes – significantly faster than Bitcoin’s ten minutes. The project refers to itself as the second most popular pure cryptocurrency, as its core function is to send money over the internet using a secure, transparent, and trustless blockchain.

Unlike other blockchains, Litecoin does not support the development of decentralized applications (dApps). Instead, the LTC token focuses solely on being a medium of exchange for individuals and merchants worldwide.

Over 2000 shops and other retailers accept LTC for payments, as it has been a reliable method for processing peer-to-peer transactions since its inception in 2011. Litecoin is one of the original cryptocurrencies, being created just 2 years after Bitcoin’s genesis block was mined.

Why buy LTC?

The core team behind the Litecoin project are experienced developers with distinguished careers, with Charlie Lee being the founder. The team continues to build in the Litecoin ecosystem with the aim of making LTC an alternative payment method to BTC that is better suited to day-to-day use.

The Mimblewimble Extension Block (MWEB) went live on the Litecoin network in early 2022, which was touted as the biggest upgrade to the blockchain since it was first launched. The upgrade improves Litecoin’s scalability and can help LTC to become a cash-like cryptocurrency.

The LTC price is currently $62.59. It has an all-time high of over $400 and has the potential to breach $1000 in value over time. At the current price level, LTC is one of the best altcoins for 2023 as it shows major promise for the future of decentralized finance (DeFi).

3. The Sandbox (SAND)

The Sandbox is the third-best altcoin for 2023. The project is an open-world metaverse game that allows users to build their own gaming experiences. Players can buy, sell, and create digital assets that can then be monetized within The Sandbox gameworld.

The project prioritizes user-generated content (UGC) at the foundation of the game. By allowing users to create their own games in The Sandbox, the scope and scale of the virtual landscape are constantly evolving. Users can explore this landscape and participate in a variety of different pastimes, as well as earn crypto tokens in P2E games that other users have built.

The Sandbox provides a toolkit to allow users to create games with customizable rulesets. This allows anyone to become a game developer with little to no programming experience, which can help to boost the overall level of innovation in GameFi over time.

All games can be minted as NFTs and sold on the platform’s marketplace using SAND tokens. SAND can also be used to purchase other gaming assets, such as character upgrades and other unique items. The level of customizability that players can get while playing The Sandbox is a primary reason for its popularity.

Why buy SAND?

The Sandbox is one of the most widely-used blockchain games, with the SAND token regularly being the top metaverse project by market capitalization. Gameplay has been compared to Minecraft, the most purchased PC game of all time.

The popularity of UGC as a gameplay feature is reflected in the early successes of The Sandbox. Over time, the project is expected to grow as the wider GameFi sector becomes more popular among mainstream users.

SAND is currently worth $0.40, down from its all-time high of $7.50. The token has the potential to rise significantly in value over time, which makes it one of the best altcoins for 2023.

4. XRP (XRP)

The fourth best altcoin for 2023 is XRP – a decentralized cryptocurrency that can provide instant liquidity for international settlements. Ripple, the parent company of the XRP cryptocurrency, has formed major partnerships with financial institutions to develop solutions for global transactions using digital assets in various ways.

The XRP token can facilitate near-instant global transactions at almost zero cost to the sender. This represents a major improvement on traditional finance, which typically takes days to confirm cross-border payments and charges a premium for large transaction processing.

For this reason, XRP and other digital assets can reasonably improve the level of efficiency for traditional financial operations. This is the utility being promised by Ripple, which is the foundation of its partnerships with major institutions such as JP Morgan, Santander, and the Bank of England.

Why buy XRP?

XRP has been the subject of a long-term court case with the US Securities and Exchange Commission (SEC). The case against XRP sets out to prove that the token is a security instead of a cryptocurrency; however, it is widely expected that XRP wins the case and gains regulatory approval as a cryptocurrency.

The price of XRP was likely held back during the 2021 bull market due to its ongoing case with the SEC. XRP still remains in the top 10 cryptocurrencies to this day and has a market capitalization of almost $20 billion during the bear market.

The SEC case is expected to end in 2023, with XRP emerging as a legitimate cryptocurrency in the eyes of US prosecutors. XRP could skyrocket in value after this point, which makes it one of the best altcoins for 2023.

5. ChainLink (LINK)

ChainLink is the fifth-best altcoin for 2023. It is a multichain oracle that records data from multiple blockchains, enabling secure interoperability between different networks and helping dApps to share and use data from various off-chain sources.

The protocol enables smart contracts to be read and deployed across different blockchain ecosystems, and stores data from off-chain in a transparent, automatically-updating oracle built on-chain. The oracle can be used to instantly share data that can be used with various applications, such as decentralized exchanges (DEXs) and more.

The off-chain data recorded on ChainLink allows developers to utilize more information in smart contracts and increase the complexity of dApps. ChainLink is one of the most widely used oracle solutions, providing services to major crypto platforms, including Aave and Huobi.

Why buy LINK?

LINK is the native token for the ChainLink ecosystem. The token represents a stake in the protocol, as investors can purchase the token as an investment, store of value, or to send money across the world on a number of different blockchains.

ChainLink also plans to introduce staking for the LINK token, which will increase utility in the future. The staking service will provide passive rewards to validators for securing the network infrastructure.

LINK is currently priced at $5.71, with an all-time high of over $50. The token is expected to reclaim its previous highs and produce major gains over the coming years. For this reason, it is one of the best altcoins for 2023 at the current price level.

Metacade: The best altcoin for 2023

Metacade is, without doubt, the best altcoin for 2023. After rapidly selling 140m MCADE tokens during the beta round, the MCADE token is expected to sell out every other phase of the presale. The event will see the price of MCADE rise from $0.008 to $0.02 per token, which gives investors a limited time to get involved at the current price of $0.01.

The project offers unique functions to Web3 users and a host of different methods for earning an income paid in crypto. Metacade has the potential to become one of the biggest GameFi platforms around, so investors need to be quick to acquire the best altcoin for 2023 before the presale sells out.

You can buy the crypto coins on this list at eToro here.

You can participate in the Metacade presale here.

The post Best Altcoins for 2023 That Could Make You a Fortune appeared first on CoinJournal.