Schlagwort: crypto business

• Revolut has launched Revolut X, a new crypto exchange platform for pro traders.
• The exchange will initially only be availabe to UK users.

Revolut’s new crypto trading platform Revolut X is now live, the fintech company announced on Tuesday.

Revolut X brings retail crypto trading to UK customers and offers a number of top features that could see it take a chunk of users from established cryptocurrency platforms currently available in the United Kingdom.

Revolut X goes live for UK users

With its aim at professional traders, Revolut X is designed to be the most accessible crypto exchange to users in the UK via instant on & off ramp and zero fees.

Leonid Bashlykov, Revolut’s Head of Crypto Exchange Product, said in a comment:

“We understand that competitive fees as well as easy on and off ramping are at the heart of what experienced traders want from a crypto platform.”

The new platform will offer real-time trading and analytics for more than 100 tokens. Users have access to advanced features such as market and limit orders. Available tokens include Bitcoin (BTC), Ethereum (ETH) and XRP (XRP).

With more than 40 million users worldwide, the London-based digital bank’s launch of Revolut X could be a major growth channels as crypto attracts more people.

Plans for the crypto exchange surfaced in February, with the standalone exchange set to offers users a chance to buy and sell crypto without having to go to the Revolut app.

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• Nigeria aims to ban naira use on peer-to-peer (P2P) trading platforms.
• News comes after a meeting between the government represented by the Securities and Exchange Commission (SEC) and the blockchain community.

The latest cryptocurrency news from Africa is that Nigeria has plans to delist the local currency naira from all peer-to-peer (P2P) crypto trading platforms in the country.

Newspaper publication PUNCH reported early Tuesday that the Federal Government is working via the Securities and Exchange Commission (SEC) to remove naira from all P2P crypto platforms.

The move comes amid the government’s efforts against alleged dollar racketeers and exchange rate manipulators.

Nigeria SEC met crypto sector players

This latest development in the Nigerian crypto landscape follows a meeting that involved the country’s newly-appointed Director General of the SEC Emomotimi Agama and the blockchain community. Agama revealed the government’s naira plans during this meeting.

While the government will not allow for any manipulative acts that threaten the markets and Nigeria’s interests, the plan is to work closely with the industry to promote responsible growth and innovation.

Agama’s remarks to the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) emphasized the government’s readiness to engage and collaborate with the crypto space.

As Coinjournal highlighted recently, the meeting with the SEC came amid BICCoN’s calls for a roundtable between the SEC chief and crypto exchanges. This meeting could be crucial in the overall quest to make Nigeria a cog in the global digital assets arena.

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• SEC issued a Wells Notice againast Robinhood, alleging securities violations.
• Crypto prices reacted lower, with Bitcoin (BTC) retreating to under $64,000.
• KangaMoon (KANG), a new crypto project for play-to-earn and SocialFi, continued to attract investors.

Robinhood Markets Inc., the company behind the popular stock and crypto trading app, revealed it received a Wells Notice from the US Securities and Exchange Commission (SEC) on May 4.

While the news impacted the crypto market, with Bitcoin dipping from intraday highs above $65,000, analysts are bullish on BTC and other top altcoins. There’s also a lot of positive vibes around new crypto project KangaMoon (KANG).

SEC slaps Robinhood with a Wells Notice

The crypto market reacted lower on Monday after news that the US Securities and Exchange Commission (SEC) has issued a Wells Notice to popular trading app Robinhood.

The SEC alleges securities violations against Robinhood Crypto. In response, the company says it is open to engaging with the regulator.

“We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law,” Robinhood’s chief compliance officer Dan Gallagher said.

SEC’s notice to Robinhood Crypto and market reaction

The market’s response showed a broader concern and dismay, and Bitcoin price slipped from highs above $65,000 to trade near $63,300. In the stock market, Robinhood’s share price fell more than 5%.

Following this latest Wells Notice to Robinhood Crypto, the SEC is now either looking to sue or has active lawsuits against multiple crypto companies. These include exchanges Coinbase, Binance, Kraken; DEX platform Uniswap, and Ethereum development studio Consensys.

SEC’s approach to crypto regulation has drawn sharp criticism from industry players, with many seeing it as gross overreach on the regulator’s part.

Jake Chervinsky, the chief legal officer at Variant, says the SEC is “abusing the Wells process as a scare tactic now.”

KangaMoon (KANG) steady amid increased interest

While the SEC’s strategy in regulating cryptocurrencies has raised concerns amid calls for clarity, the crypto investment community knows the industry is here to stay and continue to build top projects.

It’s a scenario that has crypto investors bullish on the potential of a project like KangaMoon (KANG).

Offering a new play-to-earn gaming ecosystem that taps into the benefits of SocialFi, KangaMoon already stands out for its astounding presale performance. But aside from the surging interest, there’s real traction for its P2E gaming platform amid a robust community-driven approach and meme culture.

What’s attractive about the native KANG token is that with it, holders can earn more KANG during the presale. The token thus offers a chance to earn a return ahead of its listing on exchanges post the token sale.  

KangaMoon recently reached the $6 million milestone in its presale, with KANG token available to early birds at $0.0196 in Stage 5.

Once the presale closes, KANG tokens will be available for trading, potentially exploding amid a broader market bull market performance.

Learn more about KangaMoon (KANG) on their website.

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• Crypto venture fundraising reached $1.02 billion in April, compared to $10.9 billion in March.
• RootData’s website shows total funding rounds by VCs hit 161 in April, slightly down from 186 the previous month.

Venture capital funding across the cryptocurrency space surpassed the $1 billion mark in April, a feat that means the industry has now hit this milestone for two consecutive months.

According to details on Web3 asset data platform RootData, VC funding in April reached $1.02 billion. This represented amounts raised across 161 rounds.

While April’s total amount raised from venture capital investors did not match the $1.09 billion raised in March, it represents the third-highest mark in the past year. March saw 186 investment rounds, up from 148 in February when VC firms injected over $762 million into crypto projects.

Crypto VC funding year-to-date has seen over $3.67 billion, capturing investments across 639 rounds so far.

The details suggest this year could see VC participation in the crypto space surpass the previous year’s figures in both the amount invested and the total number of crypto projects. In 2023, crypto projects across infrastructure, DeFi, gaming and DAOs recorded over $9.3 billion.

Crypto optimism as VC funding soars

Already, hitting the billion dollar mark for a second consecutive month suggests continued broader optimism from the investment community.

Animoca Brands, Polychain Capital, Paradigm, Coinbase Ventures, Pantera, Binance Labs, Dragonfly and NGC Ventures have been some of the most active players in the space so far this year. a16z also remains a top player in the space.

Among notable fundraises in April was the $47 million investment in real-world asset tokenization platform Securitize. Asset management giant BlackRock led the investment round. Coinbase Ventures and Pardigm backed layer-1 blockchain Monad’s $225 million round.

In terms of funding scale, the vast majority of projects (over 82%) have secured investments of between $1 million and $10 million. However, a total of 74 fundraising rounds have seen investments of more than $10 million.

Of these, nine Web3 startups have attracted more than $50 million each from top VC firms.

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• The two new tokens teased by MakerDAO are NewStable (NST) and NewGovToken (NGT).
• NST replaces Dai and offers upgraded features while NGT replaced MKR and empowers broader governance participation.
• Existing Dai and MKR holders will have the choice to transition to the new tokens or continue using their current assets.

MakerDAO, the decentralized autonomous organization that oversees the Maker Protocol, has announced the introduction of two new tokens – NewStable (NST) and NewGovToken (NGT).

These tokens mark a significant milestone in MakerDAO’s evolution, offering enhanced stability and governance features within its ecosystem.

NewStable (NST) token

The NewStable (NST) token represents an upgraded version of Dai, designed to promote broader adoption and provide advanced stability features.

Existing Dai holders will have the option to seamlessly upgrade to NST while retaining the flexibility to convert their holdings back to Dai at any time.

Additionally, NST holders will be able to participate in farming activities to earn NewGovToken (NGT) from the moment of launch.

NewGovToken (NGT) token

The NewGovToken (NGT) token serves as the new governance token within the MakerDAO ecosystem, offering Maker (MKR) holders the opportunity to upgrade their tokens.

Each MKR token will convert to 24,000 NGT during the upgrade process, strategically redenominated to encourage broader engagement in governance activities. This initiative aims to enable more users to hold a significant number of NGT, empowering them to actively influence the future direction of the MakerDAO ecosystem.

MakerDAO expanding its offerings while maintaining flexibility

With the introduction of NST and NGT, MakerDAO is expanding its offerings while maintaining flexibility for users.

The upcoming brand reveal will mark the official introduction of these tokens into the ecosystem, providing users with access to new features and opportunities.

In addition to the token launch, MakerDAO is also exploring investment opportunities to further strengthen its ecosystem. Plans include a substantial investment of $600 million in DAI into USDe and staked USDe (sUSDe) through Morpho Labs’ DeFi lending protocol. These investments aim to support the development and growth of stablecoin assets within the DeFi space.

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