Schlagwort: crypto business

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Hedera price jumps as COFRA Holding joins Hedera Governing Council

The Hedera Governing Council has today announced that COFRA Holding has joined the Governing Council.

As a member of the Hedera Governing Council, COFRA will work to create innovative, blockchain-based solutions on Hedera, primarily focusing on areas like supply chain transparency and tokenization. COFRA Holding is a family enterprise with interests in sectors including real estate investment, sustainable food, clean energy, fashion retail, private equity and asset management.

In a statement commenting about COFRA’s entry into the governing council, the Co-Chair of Hedera’s Membership Committee, Simon Olson, said:

“You won’t solve the world’s most intractable problems by working in isolation. It’s a coordination problem. In order to overcome problems like climate change and effectuate change on a global scale, you need to work with a wide cross-section of stakeholders. COFRA has a long, successful track record of building coalitions to tackle difficult problems and we believe that they will contribute enormously to Hedera.”

The rise of the Hedera Network

Hedera is a leading, open-source, leaderless proof-of-stake network and it has processed more than 8 billion transactions so far.

The network has one of the highest real-world transactions per second (TPS) of any blockchain, which is the main driving factor behind the high number of transactions on the network.

A recent study by the University College London found that Hedera’s hashgraph proof of stake consensus algorithm is the most energy efficient, which makes it an ideal partner for climate-conscious businesses like COFRA.

Hedera price reaction

Although the Hedera (HBAR) price reacted mildly to the news, it could be the beginning of a reversal from the HBAR bear market that most technical indicators have been predicting.

HBAR jumped by about 2% following the news to hit a seven days high of $0.05351.

The post Hedera price jumps as COFRA Holding joins Hedera Governing Council appeared first on CoinJournal.

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Ripple acquires Swiss-based crypto custody provider Metaco

  • Ripple has today announced it has acquired Metaco.
  • Ripple (XRP) price jumped by 5.50% after the news.
  • At press time, XRP was trading at $0.469.

Ripple has today announced its acquisition of Metaco, a Swiss-based provider of digital asset custody and tokenization technology. The move affirms Ripple’s determination to take on the crypto custody market.

Both Metaco and Ripple share “strong crypto DNA, top-tier institutional customers, and a long history of working with regulated entities to create secure enterprise-grade solutions.”

The growing institutional crypto custody market

With this acquisition, Ripple will expand its enterprise offerings providing customers with the technology to custody, issue, and settle any type of tokenized asset. On the other hand, Metaco will accelerate its growth trajectory since it now has access to Ripple’s established customer base, capital, and resources to continue delivering on its commitment to banking and institutional clients.

In a statement commenting on the new acquisition, the CEO of Ripple, Brad Garlinghouse, said:

“Metaco is a proven leader in institutional digital asset custody with an exceptional executive bench and a truly unmatched customer track record. Through the strength of our balance sheet and financial position, Ripple will continue pressing our advantage in the areas critical to crypto infrastructure. Bringing on Metaco is monumental for our growing product suite and expanding global footprint.”

Ripple is set to use the acquisition to leverage from the growing institutional crypto custody market which is projected to hit a 10 trillion market cap by 2030. Recent research conducted by Ripple showed that a majority of financial institutions and enterprises around the world have plans to use crypto custody solutions in their business within the next three years.

XRP price reaction

The price of XRP has been on a bullish trajectory in the past two days after a US district ruled against the SEC’s motion to seal Hinman’s speech-related documents. The Metaco acquisition news has added impetus to an already existing bullish trend.

The XRP/USD price has gained 10.62% over the past seven days.

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EU’s move to approve MiCA crypto rules could potentially help projects like Metacade

  • EU regulators have approved MiCA regulations

  • MiCA could pave the way for innovative crypto projects to prosper

  • MCADE price has retreated, although it could rise 10 times

Europe’s first comprehensive rules for crypto regulation are fast becoming law. Regulators in the region approved the Markets in Crypto-Assets (MiCA) rules on May 16 in what is seen as the first step towards getting crypto into a legal framework. Analysts think MiCA is a good development for crypto and will usher in a new era of quality investments. That comes even as Metacade grows popular among investors. With upcoming regulatory changes, the potential for innovative projects with solid use cases like Metacade to flourish is so high.

The MiCA regulations and what it means for crypto

MiCA rules are expected to be implemented beginning in 2024. It will compel firms that trade, issue, and hold cryptocurrencies, stablecoins, and tokenized assets within the EU to have a licence. According to Sweden’s finance minister Elisabeth Svantesson, MICA will protect the EU citizens who have invested in digital assets. That comes amid recent market events and the susceptibility of crypto to abuse.

Of essence is also the desire of the European authorities to foster innovation and make the crypto-sector attractive. In other words, MiCA doesn’t intend to stifle crypto but promote it. That defeats fears over the potential for regulators to stifle or ban crypto. 

What is Metacade, and why has it been a sensation?

Metacade is a Web 3.0 community hub for gamers. The platform is built on the Ethereum network. Web 3.0 gaming and blockchain enthusiasts can interact, connect, and share exciting experiences and earn through GameFI initiatives. With a fun and exciting virtual hangout for gamers, Metacade also seeks to become the ultimate gateway to the Metaverse world.

Metacade became a sensation when it launched, with its presale selling out quickly, thanks to a strong community of Web 3.0 gamers and investors. In particular, investors are attracted to the gamefi economics of the platform, which seeks to make Metacade a self-sustaining arcade. Investors can speculate on the native token MCADE or stake it for passive income. By owning MCADE, investors have exclusive access to the Metacade platform, including participating in various earnings opportunities.

Some of the features that have made Metacade popular include its Play2Earn, Create2Earn, and Work2Earn opportunities. It means investors can compete in games, contribute to the community hub, and take gig jobs to boost their income base.

To make Metacade self-sustainable, the network has revenue streams from advertising on the platform, job listing, launchpad, and game testing. In the future, Metacade aims to be community-led, with plans to adopt a DAO structure by the second quarter of 2023.

The future of Metacade and how it could benefit from positive regulation

Investors would be excited that Metacade is launching when there are increased calls for regulating the crypto sector. Innovative projects of the kind of Metacade have been longing for this. 

As regulations set in, investors would feel safe investing in novel projects with the potential for long-term success. That’s because regulation would clear the uncertainty that has beset crypto projects. It would set a trend where only projects that make a positive contribution to its investors survive. 

With Metacade regarded as one of the most sustainable Web 3.0 and blockchain projects, investors could reap big in a regulated environment. Coupled with a strong and projected growth of Web 3.0 games, Metacade success could be huge as crypto gathers momentum.

Is it the right idea to invest in Metacade now?

After a successful presale, Metacade is at the stage of listing on exchanges. It has so far been listed on Uniswap, BitMart, and MEXC Global. The listing was met with glamour, with the price more than doubling in value afterwards.

MCADE has now slowed down and traded at $0.022 at press time. Although this price is still higher than its final presale value of $0.020, it is attractive for early investors. As more listings follow, the price of MCADE could explode, with analysts earmarking a 10x increase by the end of 2023.

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Binance Australia halts AUD fiat transfers amid third party provider issues

  • Binance Australia has halted all Australian Dollar deposits.
  • Users can still buy and sell cryptocurrencies using credit or debit cards.
  • Binance Australia is working towards finding an alternative payments provider.

Binance Australia has with immediate effect halted all Australian Dollar deposits for its users, according to a statement the company tweeted on Thursday.

The crypto exchange announced it would not facilitate AUD bank transfers via PayID, citing the decision of a third-party payment provider as the reason for the action.

“We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed,” the crypto exchange’s notice to users read.

A follow-up tweet from the exchange said that users will continue to access AUD withdrawals, with any changes set to be communicated in due time.

Users can still buy and sell via debit/credit card

While the AUD bank transfers are suspended for now, Binance says its users can still buy and sell cryptocurrencies using credit or debit card. The platform’s P2P marketplace also continues to operate normally, the notice added.

In the initial statement, Binance Australia said it was working towards finding an alternative payments provider. Binance also assures users that funds are SAFU.

Binance Australia’s banking problems come at a time the broader crypto industry is seeing a growing impact from challenges related to fiat on-ramps. 

The recent collapse of crypto friendly bank Silvergate Bank and the exit of the Cosmopolitan Commercial Bank from the space is expected to exacerbate the situation even more amid strict crypto banking regulation.

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Can MiCA rules help the struggling cryptocurrency industry?

  • MiCA rules to govern the European crypto industry starting with July 2024
  • The market may move ahead of the deadline
  • Europe becomes a leader in cryptocurrency market regulation

The cryptocurrency market had a strong comeback in 2023. After a year when it appeared that the bad news couldn’t stop (i.e., FTX saga, Luna bankruptcy, etc.), some light at the end of the tunnel gives hope to crypto fans.

So far, the leading cryptocurrencies have rallied in 2023. Bitcoin, for instance, rallied from $16k to $30k without any meaningful correction. But one may argue that the rally happened on the back of a weak dollar.

Now that the dollar gets stronger against its peers, as seen in the EUR/USD, and AUD/USD exchange rates, Bitcoin keeps holding close to the recent resistance area. So the question is – what will be needed for the crypto rally to continue?

First, Bitcoin needs to hold inside the bullish channel. Or, if it drops below the lower edge, it needs to hold the series of higher highs and higher lows intact.

Second, Bitcoin and the overall cryptocurrency industry need some positive news to boost sentiment. One such piece of news came out of Europe, as crypto rules get final approval and will start taking effect in July 2024.

Bitcoin chart by TradingView

MiCA rules to regulate the European crypto space

MiCA, or Markets in Crypto Assets, got final approval this week. The European Council adopted the set of rules to govern the European cryptocurrency industry starting in July 2024.

Sure enough, some may argue that the starting date is too far away, but the markets usually move way in anticipation of events. In any case, by approving MiCA, Europe takes the lead in regulating the cryptocurrency industry.

All in all, it is a piece of good news for an industry shattered by scandals. Should the US dollar weakness return, then the leading cryptocurrencies may have more room to rally on top of the 2023 gains.

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