Schlagwort: crypto business

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Binance to cease BUSD lending services by October 25

  • Binance is carrying out a phased termination of BUSD-related services.
  • BUSD withdrawals via various blockchain networks were suspended last month.
  • Binance is currently locked in a legal battle with the US Securities and Exchange Commission (SEC).

In a significant development within the cryptocurrency exchange sphere, Binance has officially announced the discontinuation of borrowing and lending services for its native stablecoin, Binance USD (BUSD).

The move is part of a phased termination of BUSD-related services, culminating in a complete cessation expected by February 2024.

Shutting down BUSD lending 

As per the announcement made on October 3, 2023, Binance is set to shut down BUSD borrowing and lending services by October 25, 2023. The exchange will close all outstanding BUSD loan and collateral positions by the end of the month.

Users who have been utilizing BUSD for lending purposes will now have to explore alternative stablecoins, such as Tether (USDT), Dai, TrueUSD (TUSD), and USD Coin (USDC), for their lending needs on the platform.

Previously, users enjoyed an estimated annual percentage yield of 3% when lending their BUSD on Binance. However, with this move, BUSD’s role within the Binance ecosystem is set to diminish significantly.

Phased termination of BUSD-related services

Today’s announcement follows Binance’s phased approach to discontinue BUSD-related services.

In the previous month, BUSD withdrawals via various blockchain networks, including BNB Chain, Avalanche, Polygon, Tron, and Optimism, were suspended. Notably, BUSD withdrawals remained available on the Ethereum network.

Although BUSD deposits were maintained across all blockchains, users are encouraged to transition their BUSD holdings into fiat or other cryptocurrencies before the looming 2024 deadline.

This decision to pause BUSD-related services is intertwined with Binance’s ongoing legal disputes with the US Securities and Exchange Commission (SEC).

In February 2023, Paxos, the issuer of the BUSD stablecoin, severed ties with Binance due to the legal uncertainties surrounding the cryptocurrency exchange. Paxos also declared its intention to halt redemptions from BUSD to underlying US cash and Treasuries in February 2024, temporarily pausing the minting of new BUSD tokens.

The post Binance to cease BUSD lending services by October 25 appeared first on CoinJournal.

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Embattled crypto lender Celsius wants to start repaying customers by year-end

Key takeaways

  • Celsius is seeking court approval to start repaying customers in the coming weeks. 

  • The company will repay its creditors using Bitcoin and Ethereum and stock in the new company.

Celsius seeks to start repaying customers soon

Embattled crypto lender Celsius Network is seeking court approval to start repaying its customers by the end of the year. The company informed a judge during an October 2 heading for its reorganisation plan. 

Celsius’ legal counsel, Christopher Koenig, told the court that the new company, called NewCo, is set to emerge from the proceedings with $450 million in seed funding.

The cryptocurrency lender is now looking to partially repay its creditors using $2.03 billion in Bitcoin and Ethereum and stock in the new company. So far, NewCo has received backing from a consortium called Fahrenheit LLC. The consortium is set to manage the mining and staking business of the company. 

The judge, Martin Glenn, is currently considering the possibility of approving Celsius’s restructuring plan. However, the plan will need to be approved by security regulators in the US. 

While the majority of creditors have approved the reorganisation plan, some are not in favour of it. Celsius said,

“The Debtors arrive at Confirmation with a Plan that has the support of over 95% of voting Account Holders by both number and dollar amount.” 

Celsius could soon be resurrected after filing for bankruptcy

Celsius declared bankruptcy more than a year ago and has been under fire by security regulators. In July, the US Federal Trade Commission slapped Celsius Network with a $4.7B fine for squandering billions in user deposits. 

Its founder, Alex Mashinsky, is still in court after pleading not guilty to fraud charges filed against him by the US Department of Justice.

If the Celsius plan is approved, it would become one of the first failed crypto platforms from last year to be resurrected after filing for a Chapter 11 bankruptcy. 

The company halted withdrawals in June 2022 following the collapse of the Terra/Luna project, and investors have been waiting since then to access their funds. 

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Memeinator raises over $500k less than a week after presale launch

Key takeaways

  • The Memeinator presale launched a few days ago, and the team has raised more than $500k so far.

  • The token’s price will increase to $0.0118 in the next presale round.

Memeinator’s presale is now finally live and has attracted interest from investors. The project has already raised considerable amounts over the last few days despite the bearish trend in the market since the start of the week. 

What is Memeinator?

Memeinator is an exciting Web3 project that is attracting interest from investors. It is a project that is leveraging the meme coin wave and seeks to provide users with a wide range of utilities. 

As a crypto project, Memeinator is on a mission to destroy worthless memes and become one of the leading meme tokens in the the world.

The crypto space is filled with thousands of worthless meme projects with no use case besides speculation. Memeinator is setting itself aside from this group by offering users numerous utilities.

Memeinator will use AI technology to identify worthless memes, allowing investors to know them and steer clear of them. The team intend to push Memeinator to a market cap of $1 billion or more in the medium to long term. They have already published a detailed roadmap that shows how they intend to achieve their objectives. 

The Memeinator presale began a few days ago and is already in its third stage. The native token was sold for $0.01 in the first presale stage and is now going for $0.0112. The price will rise to $0.0485 by the end of the presale, giving early investors a whopping 132% ROI at listing. 

The team will also launch a Memeinator game at the presale’s conclusion, following the same theme. Players will get to eliminate enemy memes in a good old-fashioned shoot-em-up. 

Memeinator’s presale tops $500k in less than a week

The Memeinator presale went live less than a week ago, and the team has raised more than $500k. This is an impressive feat after they raised over $200k within the first few hours of the presale launch. 

So far, Memeinator has raised $530k of the required $693k in the third stage. Investors can purchase the Memeinator token (MMTR) using ETH, USDT and USDC stablecoins. 

MMTR is currently available to investors on the Ethereum and BNBChain networks. To purchase the token, investors will simply connect any of the supported wallets to the Memeinator website and purchase the tokens using ETH, USDT and USDC coins. 

Click here to read more about the Memeinator presale.

Why is the Memeinator presale garnering interest from investors?

Memeinator is already garnering interest from investors thanks to its unique value proposition amongst meme tokens. MMTR is the native token of the ecosystem and will power several activities on the platform. 

The project is targeting a wide range of audiences, from degens to crypto natives and speculators. Memeinator will leverage AI to analyse and evaluate memes across the internet, identifying lower-quality memes to replace or destroy them. 

The use of AI will allow Memeinator to only target quality, making it possible for users to enjoy the most imaginative and impactful content. 

Furthermore, the project’s tokenomics are calculated to provide value for the holders and participants. Its native token comes with some exciting features, including deflationary mechanisms and rewards for holders. The team has already revealed that 20% of the tokens are allocated for marketing, CEX listing and liquidity. 

Is the Memeinator a good investment opportunity? 

The decision to invest in a crypto project is solely left to the investor. However, with millions of crypto projects currently available, it is tough to make a decision. 

Memeinator could turn out to be one of the leading meme coins in the world, thanks to its real-world use case. As a meme coin that is leveraging AI, Memeinator could provide excellent value to investors in the medium and long term.

Memeinator wants to become a billion-dollar project, and early investors could be winners in the medium to long term. The meme coin sector is experiencing exponential growth and recently touched an all-time high of $36 billion, a massive rise from the $0 the market was worth in early 2019. 

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Grayscale to convert its Ethereum Trust to a spot ETH ETF: Will that boost institutional interest in altcoins

Key takeaways

  • Grayscale has filed to convert its Ethereum Trust to a spot ETH exchange-traded fund (ETF).

  • Shiba Memu’s presale has now officially surpassed the $3.5 million mark.

The cryptocurrency market has underperformed over the last few hours, but that hasn’t halted investors’ interest in several crypto projects. Shiba Memu’s presale has now officially surpassed the $3.5 million mark, and the team is close to reaching its target for this round. 

Grayscale takes another bold step in the market

Grayscale Investments announced a few hours ago that it has partnered with  NYSE Arca to file for approval from the U.S. Securities and Exchange Commission (SEC) to convert the Grayscale Ethereum Trust (ETHE) to a spot ethereum ETF.

At the moment, the company’s Ethereum Trust is the largest Ether investment product in the world, with nearly $5 billion in assets under management. Grayscale made a similar move with its Bitcoin Trust product and is now awaiting the SEC’s approval to convert it to a spot Bitcoin ETF.

What is Shiba Memu?

Shiba Memu is a meme token project that continues to generate interest despite the current market conditions. The presale has crossed the $3.5 million mark after adding more than $500k over the last two weeks. 

It is a meme token project that will develop a platform to leverage the powers of AI and blockchain technology to create an unstoppable, entirely self-sufficient marketing powerhouse.

The team explained that Shiba Memu would handle the work of numerous marketing agencies. The AI on the platform means that Shiba Memu will be working 24/7 to generate exciting content to help companies and individuals market their products and services. 

Shiba Memu is launching as a meme project as it seeks to ride the recent popularity of meme coins. Over the last three years, the market cap of meme coins grew from practically $0 to reach the $20 billion mark in 2022. 

However, Shiba Memu doesn’t seek to be like other meme coins in the sense that it has a real-world use case. Shiba Memu has utility and will solve real-world problems for companies and individuals. 

According to the team’s whitepaper, Shiba Memu will come with self-sufficient marketing features powered by AI. The platform will develop its own marketing strategies, write its own PR, and promote itself in relevant forums and social networks.

For a start, Shiba Memu will operate on two major blockchains, Ethereum and BNB Chain

Shiba Memu’s presale tops $3.5 million

The Shiba Memu presale has now officially crossed the $3.5 million mark as investors continue to show interest in the project. The project has raised over $500k in two weeks, indicating a strong value proposition amongst investors. 

The team has always maintained that the money raised in the various presale rounds would be directed towards the development of some Shiba Memu products. The Shiba Memu AI technology would be the primary recipient of the funds generated from the presale events as it is the platform’s primary product. 

Click here to find out more about Shiba Memu’s presale event. 

Should you invest in Shiba Memu before this presale stage ends?

The crypto market has been ranging in recent weeks, but that hasn’t resulted in a decline in Shiba Memu’s interest. The project’s presale continues to generate interest from investors thanks to its value proposition. 

As investors prepare for the next Bitcoin halving in 2024, they are on the lookout for some exciting projects. Shiba Memu could be one of the projects to benefit from the next bullish cycle. 

Market analysts are now expecting Bitcoin and other cryptocurrencies to rally over the next few months. SHMU could be a big winner thanks to its value proposition to investors and users. The tone could rally higher once the project launches and the token gets listed on crypto exchanges. 

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Is presale sensation Memeinator the meme cryptocurrency to never miss in 2023?

  • Memeinator aims to destroy weak meme cryptocurrencies using AI-enabled marketing.

  • The presale has unlocked demand, with $528,000 raised to stage 3.

  • The token’s price can rise by strong margins due to unique project features and AI use.

Memeinator (MMTR) may be just five days old in presale, but the frenzy around it is huge. The crypto has become an overnight sensation, generating over $528,000 in presale. But is the fast-occurring presale an indication of the potential for MMTR in 2023?

What is the Memeinator?

Memeinator is a new cryptocurrency that leverages viral marketing and branding to become powerful. The project is built on a core mission to destroy weak meme cryptocurrencies and gain domination.

Think of it this way. Over the past few years, the crypto world has witnessed a proliferation of countless meme projects. Most of these projects have little or no utility, failing to deliver sustainable returns to investors.

Memeinator says it has returned from 2077 and already knows which memes won’t survive in the future. As such, it has come back to destroy them, ensuring only the futuristic names make it to the finish line. The project achieves the mission using its cold and ruthless meme-targeting system that relies on AI. 

In the end, Memeinator wants to become a recognisable meme project, and its token is the most traded. The project team believes the capabilities will enable Memeinator to hit a $1 billion market cap.

Memeinator: Is it a good investment?

Memeinator is not your usual meme cryptocurrency. Its value is derived from clear real-use cases and utility. One of the utility values is gaming. The project team will launch a game where users can take on pathetic memes in combative missions.

When Memeinator is unleashed to its community, users will explore the creative works behind the project. There will be exclusive NFTs for all Memeinator development work. NFTs will entitle holders to gains and future perks, unlocking more value for Memeinator.

What’s more? Memeinator investors can explore a staking feature to be launched. The team says full details for the staking pool and benefits will be given at the end of the presale.

Memeinator token and prediction

Memeinator token, MMTR, will be the medium of exchanging value on the AI meme project. The value of MMTR would depend on the continued use and demand for the Memeinator project.

To unlock value, the Memeinator project team aims to list MMTR on the biggest crypto exchanges. The project will also partner with top influencers and platforms to increase the popularity of the token.

Of importance is also the target of a powerful community expected to boost the value of MMTR. The team is keen on having a powerful following on Twitter, Telegram, Discord and other social networks. When the token is listed, Memeinator will already have a backing to unlock its value.

Owing to the project’s plan, the value of MMTR could skyrocket on hype and usage. Based on prior movements of meme tokens with a wide community, a 10x and up to 50x increase is possible. 

Memeinator tokenomics and presale opportunity

Memeinator will offer 62.5% of its 1,000,000,000 tokens in presale. The presale will be conducted in 29 phases. 15% of the tokens are allocated for marketing and centralised exchange listings.

10% of tokens are set for the development of ongoing product development. 5% is set to liquidity provision on exchanges and 7.5% to the competition pool. The tokens have a quarterly burn to ensure they retain their value.

The token allocation sets Memeinator as an ambitious project for long-term investment. The achievement of key targets could play a significant role in the project’s success.

At its presale, Memeinator token is offered at an attractive price of $0.0112 in stage 3. The price increases at every stage, making it attractive for early birds.

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