Schlagwort: crypto business

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Beam wallet brings Amazon and Shopify purchases to users

  • Beam wallet has acquired Join, an app that allows users to shop and pay with stablecoins anywhere.
  • The acquisition allows Beam wallet users to shop online at Amazon and Shopify among other merchants and pay using stablecoins.
  • Beam has announced early access, with roll out expected in February.

Eco, the developer of self-custody wallet Beam, has announced its acquisition of Web3 app Join, making it possible for Beam users to shop and pay for purchases online at Amazon and Shopify using stablecoins.

According to an announcement the Beam wallet team made on Thursday, the acquisition of Join brings checkout onchain. This facilitates a better shopping experience for users without compromising on the benefits of decentralization, the platform said in a threat on X.

Andy Bromberg, CEO at Beam, said that acquiring Join allows the digital wallet that targets making payments with crypto easier and global, to add shopping to its features.

“Payments is crypto’s killer use case, and soon you’ll be able to shop anywhere online with stablecoins,” Bromberg said in a post on his X account. “Beam is the most cash-like digital payment experience out there. We started with P2P payments, and now, @DSTNYgroup and the Join team are bringing their decade of crypto commerce experience into the fold,” he added.

Beam has announced early access for the feature, with those on the waitlist getting access from February. The wallet app did not however specify the date on which this new feature will roll out.

Beam wallet is available on the Optimism and Base networks.

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GBTC profit-taking almost concluded, JPMorgan says

  • JPMorgan analysts said in a note on Thursday that Bitcoin’s downside pressure could be easing amid a downtrend in GBTC outflows.
  • Grayscale’s GBTC has seen over $4.3 billion in outflows amid profit-taking.
  • Bitcoin price hovered around $39,800 as bulls struggled to reclaim the $40k level.

The selling pressure that hit Bitcoin (BTC) in the aftermath of the approval of spot Bitcoin ETFs has largely eased off, according to analysts at JPMorgan.

A research note the analysts at the bank, led by Nikolaos Panigirtzoglou published on Thursday, suggests that the level of outflows witnessed with Grayscale’s GBTC shows the expected profit-taking has already occurred.

GBTC outflows reducing, but…

On Wednesday, January 24, GBTC outflows hit $425 million for the day, a scenario Bloomberg’s senior ETF analyst Eric Balchunas said was the “lowest bleed since day one.” While still a large figure, the amount decline showed the outflows were “seemingly trending down,” he added.

On January 25, Balchunas noted that while GBTC outflows had continued to trend down, the other ETFs had also recorded a significant dip in inflows. 

According to James Seyffart, BlackRock took in only $66 million on day 9 of its IBIT spot ETF trading, with the group of spot Bitcoin ETFs that began trading on January 11 seeing a net outflow of $158 million.

But in their note, JPMorgan says that with $4.3 billion in outflows so far, GBTC has surpassed analysts’ estimates of $3 billion. Given this outlook, it is possible the rough patch occasioned by the GBTC hemorrhage is done, Panigirtzoglou wrote. 

Bitcoin price traded at $39,878 at 1:30 pm ET on Thursday, still struggling to reclaim the $40k mark after Wednesday’s dump to lows of $38,600. The current price level sees BTC hover nearly 20% down since breaking lower from highs of $49k.

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Swan Bitcoin announces mining business, revealing 750 BTC mined

  • Swan Mining started its operations in the summer of 2023, and has mined over 750 BTC.
  • Currently, it has 4.5 exahash and expects to exceed 8 exahash by March.

Swan Bitcoin, a US-based investment platform focused Bitcoin (BTC), has announced Swan Mining, the company’s mining arm that had been operating in stealth mode.

The company’s Bitcoin mining arm launched its operations in July 2023, the company said in a press release on Thursday, noting that it has so far mined over 750 bitcoins.

Swan Mining currently contributes 4.5 exahash to the Bitcoin network, the firm added. The mining unit expects its mining capacity to increase to more than 8 exahash by March, 2024.

“Swan Mining is a great example of our company thesis playing out. With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities, and capital required to launch new business lines and grow them rapidly,” Swan founder and CEO Cory Klippsten said:

Swan also eyeing public listing

According to today’s announcement, Swan Mining’s business uses a funding model that has no debt. Also notably, the mining platform has legally segregated its entities from the rest of Swan Bitcoin’s business.

Swan, which has seen a rapid expansion over the past year, with its revenue surpassing $125 million, says it’s eyeing a Series C financing. Targeted for conclusion over coming months, raised capital will be split between the company’s financial services, mining, and acquisitions divisions.

Klippsten has also hinted at Swan’s push for a US public listing, with the company looking at the next 12 months.

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UK accelerates Digital Pound design amid privacy concerns and banking criticism

  • Treasury and BOE intensify efforts to explore CBDC feasibility and design options.
  • Emphasis is on privacy and security in the CBDC design process.
  • Discrepancies over holding limits highlight debates within the banking sector.

The United Kingdom is ramping up efforts to develop its own Central Bank Digital Currency (CBDC), known as the Digital Pound or Britcoin, amidst growing privacy concerns and criticism from banking institutions.

The move signals a pivotal moment in the UK’s exploration of digital currencies as it navigates the complexities of modernizing its monetary system.

Digital Pound design work underway

The UK Treasury and the Bank of England (BOE) have announced a significant step forward in the development of a digital version of the pound. Acknowledging the need for further study, officials are intensifying efforts to explore the feasibility and design options for a CBDC. This decision follows a consultation process that garnered over 50,000 responses, reflecting widespread interest and engagement in the initiative.

Privacy and security remain paramount considerations in the design process. The government and BOE are committed to addressing public apprehensions, particularly fueled by concerns over privacy infringement. Measures will be taken to ensure that the digital pound prioritizes user privacy and security, with safeguards in place to protect personal data and prevent unauthorized access.

Holding limits for companies and individuals

One contentious issue surrounds the proposed holding limits for individuals and companies. While the UK government has suggested individual CBDC holding limits ranging from £10,000 to £20,000, commercial banks have voiced concerns. Banks advocate for lower limits, citing potential risks to financial stability and the possibility of triggering bank runs during times of crisis.

The discrepancy in holding limits reflects broader debates within the banking sector regarding the impact of CBDCs on traditional banking operations. Building societies, in particular, express apprehension, as existing legislation mandates a balance between deposits and lending. The introduction of a CBDC could disrupt this balance, potentially destabilizing the sector.

The UK’s pursuit of a digital pound underscores its commitment to innovation in monetary systems while addressing the evolving needs of consumers in an increasingly digital economy. As the design phase progresses, stakeholders will continue to navigate challenges and opportunities, ensuring that the digital pound aligns with the UK’s broader economic objectives and regulatory framework.

In the global landscape, the UK’s initiative places it alongside other countries exploring CBDCs, such as the European Central Bank’s digital euro project. With digital currencies gaining momentum worldwide, the UK’s strategic approach to CBDC development reflects a proactive stance in shaping the future of finance.

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Taki DAO partners with Flowdesk to enhance TAKI liquidity

  • Taki DAO says the partnership with Flowdesk will help supercharge liquidity for TAKI, the native token of the Taki Games ecosystem.
  • The partnership follows TAKI’s expansion to Polygon in December. 

Taki DAO and Flowdesk, a full-service digital asset trading technology firm with market making and OTC services, have announced a key partnership that will see the latter extend its market making services to the TAKI token.

The integration means Flowdesk now provides liquidity for TAKI, the native token of the Taki Games Network. TAKI powers Taki Games’ rewards across its ecosystem of popular mobile games, Taki DAO announced on Thursday.

“Taki Games is on a mission to bring gaming’s 3B users and $200B in revenues on chain, which means that liquidity is crucial to absorbing increasing sizes of TAKI purchases to power our rewards system. We’re excited to see Flowdesk partner with the TAKI DAO to help make this system more seamless for our users, and to serve as a model for the rest of the gaming industry,” Weiwei Geng, the CEO of Taki Games, said in a statement.

Taki Games eyeing greater liquidity for TAKI

Amid its quest to grow TAKI liquidity across its ecosystem, Taki Games recently partnered with Polygon based DEX platform QuickSwap. 

In December, Taki Games announced its TAKI token was expanding to Polygon. The expansion featured a new native token and redesigned tokenomics. Taki said this move would see the mobile gaming network tap into the broader Web3 gaming, with users benefiting from new TAKI rewards.

Taki Games also announced a merger with Unite as well as revealed the acquisition of multiple gaming studios.

The partnership with Flowdesk adds to this effort, with the trading technology provider’s liquidity now key to Taki Games’ expansion plans for Web3 gaming. Taki DAO says increased demand and adoption of Taki Games has pushed TAKI token volumes higher. TAKI trading volumes surpassed $13 million in early January.

TAKI traded at $0.017 at the time of writing, having surged by more than 3% after the news to reach highs of $0.018. TAKI is up 85% in the last 30 days. The token reached an all-time high of $0.2948 in April 2022.

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