Schlagwort: crypto business

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FSB publishes recommendations for global crypto framework

  • The FSB recommends that authorities ensure adequate disclosures from crypto asset issuers and providers.
  • Segregation of funds to protect clients and measures to ensure no conflict of interest are also highlighted.
  • The watchdog also recommends global rules for stablecoins be adopted.

The Financial Stability Board (FSB) said in its latest crypto asset report that the sector needs to see more disclosures on the part of providers and broader cooperation from regulators across the globe.

FSB, tasked by the G20 to come up with a comprehensive framework for crypto regulation, has published two sets of recommendations. The first set relates to the global approach to crypto regulation, including the supervision and oversight of digital asset activities and markets. 

Meanwhile, the second set of recommendations focuses on global stablecoin regulation.

“Our global regulatory framework for crypto-asset activities seeks to ensure that crypto assets and global stablecoins are subject to robust regulation and supervision and do not pose risks to financial stability,” the organisation said.

FSB recommendations include disclosures, segregation of funds

A press release the organisation published on Monday, July 17, highlighted the two documents, noting that “the final recommendations draw on the implementation experiences of jurisdictions and build on the principles – ‘same activity, same risk, same regulation’; high-level and flexible; and technology neutral – that informed the consultative framework.”

The framework comes after a tumultuous year for crypto going back to summer of 2022, and the FSB says it strengthened the recommendations with the events in mind. Among these are the dramatic collapse of TerraUSD and the implosion of cryptocurrency exchange FTX.

As a result, three of the key areas with greater focus are safeguarding of client assets, addressing concerns around conflicts of interest and strengthening of cross-border cooperation among regulators.

In total, the watchdog has outlined nine key recommendations for the global framework for regulation of crypto asset activities and markets and 10 for the regulation and oversight of stablecoins. One of the recommendations on regulation of crypto asset activities focuses on disclosures and FSB stated:

“Authorities should require that crypto-asset issuers and service providers disclose to users and relevant stakeholders comprehensive, clear and transparent information regarding their governance framework, operations, risk profiles and financial conditions, as well as the products they provide and activities they conduct.”

In the press release, FSB noted that the final recommendations in the two documents incorporated the lessons picked from events within the crypto market over the past year. They also include feedback collated during the public consultation.

The European Union and the UK are among jurisdictions to pursue comprehensive regulation for crypto asset activities and stablecoins. The EU’s Markets in Crypto-Assets (MiCA) regulation is expected to take effect in 2024, while UK’s Financial Services and Markets Acts received the royal assent in June following approval by parliament. 

As reported in April, the UK could deploy its crypto laws by early 2024 as it looks to become a crypto hub.

The post FSB publishes recommendations for global crypto framework appeared first on CoinJournal.

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Shiba Memu presale hits $902k as popular meme tokens stalls

  • At press time, Shiba Memu had sold 30,951,646 tokens raising $902,439.72.
  • The Shiba Memu presale has continued gathering steam as popular meme tokens stall.
  • Popular meme tokens including Pepe have seen their value decline in the past 24 hours.

A majority of popular meme tokens on Monday saw significant price declines as the Shiba Memu presale continued to gather steam. Dogecoin (DOGE) has dropped by 3.6%, Shiba Inu (SHIB) by 3.4%, PEPE by 4.1%, and FLOKI by 4.5%.

Going by the hype that the Shiba Memu (SHMU) is receiving, the new Shiba-themed meme token is slowly putting up a spirited fight to become a major meme token player.

Shiba Memu could be the next PEPE

PEPE, a new meme token, has outperformed Shiba Inu and Dogecoin this year although there is a rider as covered in a previous article here. Pepe’s value has increased by more than 300% in the last three months while Shiba Inu’s value has decreased by more than 25%.

Pepe gained support as investors began concentrating on more recent meme coins as more established ones lost favour. In fact, this year has seen pressure on Floki Inu, Dogecoin, and Dogelon Mars. As news of new millionaires spread, Pepe, on the other hand, benefited from the fear of missing out (FOMO).

Overall, Pepe has grown from nothing to one of the largest cryptocurrencies in the world in a matter of months. The token’s daily volume has increased, and its market capitalization has increased to over $605 million. In addition, Pepe is frequently one of the most popular tokens on CoinMarketCap and in social media.

However, the last few weeks have also seen Pepe’s popularity dwindle and a new entrant by the name of Shiba Memu could become the next big thing in cryptocurrency. Shiba Memu is currently conducting a presale of its SHMU token and has raised $902,439 in less than three weeks.

The sudden surge in SHMU’s popularity is partly because of the fact that its price is rising every few hours thanks to its innovative token sale strategy. At the time of writing, one SHMU was going for 0.013825 USDT and was scheduled to appreciate to 0.014050 USDT in the next four hours. Shiba Memu can be purchased here.

It is important to note that investors are flocking to the Shiba Memu project even as one of its main rivals, Shiba Inu, developers work on the layer-2 network called Shibarium to be released in August.

What is Shiba Memu?

Shiba Memu is a brand-new and ground-breaking meme token. It is a distinctive and alluring investment because of its self-sufficient marketing abilities, which are supported by AI technology.

Shiba Memu will develop its own marketing strategies, write its own PR, and advertise itself in pertinent forums and social networks, unlike other meme tokens that depend heavily on human teams’ marketing efforts to gain traction.

Shiba Memu developers want to build a marketing powerhouse that is unstoppable and self-sufficient. They want to create a platform that can consistently produce more content than a tabloid by utilising AI. A variety of media will publish this content.

The team aims at launching the Shiba Memu token on the Ethereum blockchain and Binance Smart Chain (BSC), conclude its native token presale, provide the initial liquidity for trading on a decentralized exchange, and launch a staking program to encourage community participation and engagement by the end of Q3, 2023. This will be followed by the development of its AI Marketing Dashboard in Q4, 2023 before launch in Q1, 2024.

The post Shiba Memu presale hits $902k as popular meme tokens stalls appeared first on CoinJournal.

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Binance Coin (BNB) price forms a bearish flag as the plot thickens

  • BNB coin has become heavily shorted in the perpetual futures market.

  • It has also formed a bearish flag pattern on the daily chart.

Binance Coin has come under intense pressure in the past few weeks as short bets in the futures market increased. BNB token was trading at $244 on Monday, lower than last week’s high of $261. In all, it has dropped by over 31% from the highest level this year.

BNB loses momentum

Most cryptocurrencies jumped sharply last week after the conclusion of the Ripple vs SEC case. BNB coin, on the other hand, remained in a tight range. It jumped to a high of $261.40 and then erased most of those gains.

Binance Coin has remained under pressure mostly because of the ongoing case, which was brought about by the Securities and Exchange Commission (SEC). The SEC accused Binance of committing over 10 crimes, including operating a broker-dealer in the United States without following the law.

It is too early to predict how the lawsuit will develop and how long it will take. Legal experts I have talked to say that the SEC has a relatively solid case against Binance. 

Another reason why BNB price is struggling is a recent report that Binance had fired over 1,000 employees recently. Like other crypto companies, Binance has gone through major challenges because of the crypto winter. 

Despite this, there is a likelihood that the company’s finances are improving as cryptocurrencies recover. Binane has also seen inflows in the past few weeks. According to DeFi Llama, it has had over $2.9 billion in inflows in the past 30 days. Its assets now stands at over $64 billion.

Meanwhile, data shows that many players in the perpetual futures market are short the BNB coin. Data compiled by CoinGlass shows that open interest is weighted heavily towards the short-sellers. In a note, an analyst told Coindesk:

“The sentiment has worsened due to the recent high-profile staff exits, inconsistencies related to BCH withdrawals from Binance.US and the pending Department of Justice case against Binance’s CEO Changpeng “CZ” Zhao.”

BNB price prediction

The daily chart shows that the BNB crypto price has been in a strong bearish trend in the past few months. Most recently, the coin has formed what looks like a bearish flag pattern. In price action analysis, this pattern is usually a bearish sign. 

BNB coin has moved below the 50-day and 25-day moving averages. Therefore, because of the descending flag pattern, the coin will likely have a bearish breakout in the near term. If this happens, the next level to watch will be at $220.

How to buy Binance Coin

eToro

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Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

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Chancer sells over 2 million tokens as Bitcoin’s price stabilises

Key takeaways

  • Chancer has sold more than two million tokens so far in its presale, raising nearly $800,000 in the process.

  • Bitcoin continues to maintain its value above $30k as more investors become bullish. 

The cryptocurrency market rallied last week following the news that XRP is not considered a security. Several cryptocurrency exchanges, including Coinbase and Kraken, relisted XRP on their platforms afterwards. 

Bitcoin, the world’s leading cryptocurrency by market cap, continues to maintain its value above the $30k level. This has allowed other cryptocurrencies to experience positive performance. 

Chancer, still in its presale stage, is also setting new records, with nearly $800,000 raised by the team so far. 

Bitcoin maintains its price above $30k

Bitcoin has been trading between the $29k-$31k region over the past three weeks. Following Ripple’s partial win in court, Bitcoin rallied close to the $32k level before retracing towards $29k on Friday.

However, Bitcoin is now trading above $30k once again as investors remain optimistic about the medium and long-term outlook of the market. At press time, the price of Bitcoin stands at $30,165 per coin. 

What is Chancer?

The total cryptocurrency market cap has stayed above $1 trillion for more than a month, indicating that interest in the market remains strong. 

With the market experiencing a pullback following Ripple’s judgement last week, investors might be looking at some new and exciting projects. Chancer is one of the exciting and new projects currently in the cryptocurrency space. 

Chancer is a unique Web3 peer-to-peer (P2P) custom betting platform designed to enable users to live stream betting events. 

In an age where everything is becoming decentralised, Chancer is looking to do the same to the betting industry. Chancer has adopted a decentralised method of betting and online gambling.

Another exciting feature of Chancer is that it allows users to bet on a wide range of events, beyond traditional sports and casino bets. 

The project is in its presale stage, and the first stage is almost over. The team aims to raise $1 million in the first presale stage and has so far raised $794k. The developers will use the funds raised from the various funding rounds to build a P2P betting platform. 

According to their whitepaper, Chancer would allow users to enjoy numerous features, including, betting markets in real-time and based on user interests, social media connections, and expertise. 

Furthermore, Chancer claims that it wants to solve the problems associated with using bookmakers when betting. Users would be allowed to set up their custom P2P betting markets. 

One of the biggest selling points of Chancer is that users can bet on various activities. It doesn’t matter if it is an official event or not. The bet can range from sporting events and even non-sporting ones amongst friends. 

You can bet on the first one in your group to finish a specific task or to achieve a certain milestone. 

Chancer’s first presale stage is 80% completed

Chancer’s presale event will take place in stages, and the first one is nearly 80% completed. So far, the team has raised nearly $800k.

The development team will use the funds to develop its suite of products. The team intends to carry out 12 presale events, with a target of $15 million. 

CHANCER is the native token of the Chancer ecosystem. At the moment, CHANCER is going for $0.01 BUSD per token.

According to the team, the token will power various activities on the Chancer platform. Users that hold CHANCER can create markets and invest in markets created by other users. 

In addition to that, holding CHANCER would allow users to create, participate in, and profit from their very own predictive markets. 

Currently, Chancer supports numerous wallets for the presale, including, Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer now?

Chancer could be one of the best new projects to enter the market this year. By decentralising the betting ecosystem, Chancer could gain massive adoption over the next few months and years.

If Chancer gains massive adoption, its native token could experience a surge in price in the medium and long term. In addition to that, CHANCER’s price could also rally higher if the broader cryptocurrency market continues its positive performance in the coming months. 

The post Chancer sells over 2 million tokens as Bitcoin’s price stabilises appeared first on CoinJournal.

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zkSync unveils new proof system dubbed Boojum

  • Boojum upgrade is live as zkSync Era transitions to a new STARK-powered proof system.
  • The new proof system is designed to power world-class performance on regular consumer-grade hardware.
  • zkSync is rolling out the feature in phases as it tests out its security and functionality.

zkSync Era, a zero knowledge (ZK) proofs layer 2 protocol for Ethereum, has announced its high-performance proof system called Boojum.

According to the team, the upgrade is not only to scale network performance but also significantly improve on its overall decentralisation by allowing for the use of consumer-grade hardware.

New zkSync Era upgrade

Boojum is a Rust-based arithmetization and constraint library that zkSync is transitioning to from its SNARK-based prover system. The protocol noted in an announcement on Monday that the new proof system will power the platform’s upgraded version of ZK circuits.

While zkSync Era can currently process over 100 transactions per second (TPS), Boojum is expected to considerably bump this up. On top of that, the team targets near-real-time and cheap transactions.

“Our current SNARK-based system, while effective for today, won’t scale to the high-volume, near real-time transactions the ZK Stack, where zkSync Era operates as a Hyperchain, aims to support in the coming years. The future we imagine for these systems is one in which proofs are generated and verified cheaply and quickly, allowing for fast finality and interoperability between Hyperchains,” the zkSync Era team wrote.

In terms of reducing hardware requirements, Boojum will allow for GPU provers with as little as 16 GB of RAM. The move to have such a low barrier is crucial to supporting an increasingly decentralised ecosystem.

Today’s rollout of Boojum upgrade will incorporate a phased out integration into mainnet. While live on the mainnet, the upgrade’s first implementation is in “shadow mode”. It means the team will run the new proof system in tandem with the current one.

However, while Boojum will be in testing mode, “shadow proofs” will be generated and verified from real production data on Mainnet blocks. zkSync will continually work on the ecosystem to fine-tune the upgrade’s functionality as it moves closer to full migration.

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