Schlagwort: crypto business

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Here’s why Binance is suspending sterling transfers

  • Binance cites “Paysafe” as it halts sterling transactions.
  • The announcement affects less than 1.0% of its users.
  • Binance says it’s already looking for an alternative.

Binance continues to pause deposits and withdrawals in notable currencies. On Tuesday, it suspended transactions in sterling as well – about a month after it had ceased dollar transfers.

Why did Binance pause sterling transfers

Reason cited for the halt was Paysafe – its partner for GBP transfers that paused pound transactions for new users on Monday. The service will be terminated for all users on May 22nd. According to a Paysafe spokesperson:

The U.K. regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution.

Binance will continue to work with Paysafe in Europe and Latin America, though. Paysafe is yet to make an official comment on the development.

Binance is hunting for an alternative solution

Binance that currently serves over 128 million customers worldwide also confirmed today that it had already started looking for an alternative to resume sterling transactions.

Binance will ensure that affected users are still able to access their GBP balances. The change affects less than 1.0% of Binance users.

Remember that the Financial Conduct Authority (FCA), in June of 2021, had warned consumers that Binance did not have permission to undertake regulated activity in the United Kingdom.

Binance is currently under investigation by the Justice Department for suspected violations including money laundering as well.

The post Here’s why Binance is suspending sterling transfers appeared first on CoinJournal.

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South Korea’s Wemade partners with Space and Time to power next-generation blockchain gaming

  • Wemade and Space and Time want to use blockchain technology to power the next generation of GameFi.

  • WEMIX CEO Shane Kim says “blockchain is the future of gaming.” 

  • The partnership targets onboarding the next wave of game developers to the blockchain gaming industry.

Wemade, a leading publicly-listed South Korea-based game developer, has announced a strategic partnership with decentralised data warehousing provider Space and Time (SxT).

The collaboration will allow Wemade, a company with a market capitalization of $1.4 billion, tap into SxT’s suite of developer tools to power its growing line of blockchain and gaming services. Wemade is the game studio behind the blockbuster RPG title ‘The Legend of Mir 2’.

According to Wemade, Space and Time’s decentralised tools will help the company service over 20 play-to-earn (P2E) games, including global no.1 game MIR4. The partnership is set to work via Wemade’s blockchain gaming platform WEMIX PLAY.

Powering next-gen GameFi development

WEMIX PLAY is part of Wemade’s mega-ecosystem, which includes the mainnet WEMIX 3.0 for NFTs and DeFi and WEMIX coin that will power that ecosystem. WEMIX is also launching an Ethereum layer-2 that will leverage zero knowledge proof (ZKP) protocols to enhance scalability, user privacy and security.

The Wemade blockchain ecosystem will also benefit massively from Space and Time products, including developer access to real-time, tamperproof analytics. Other key features are access to a serverless API gateway and low cost on-chain storage.

These functionalities are key to simplified development and deployment of decentralised applications (dApps). Wemade can also utilise these features to introduce complex earning schemes in different P2E games.

According to the platform, the partnership with Space and Time is targeted at collaborating towards supercharging the next phase of GameFi development. The partnership will help the blockchain gaming industry “onboard the next wave of game developers,” said Nate Holiday, the CEO & co-founder of Space and Time.

According to WEMIX CEO Shane Kim, blockchain gaming offers gamers an opportunity to take greater control and ownership of their digital assets, and that collaborating with SxT is part of the overall goal of enhancing that.

“As the blockchain transformation of traditional games continues to grow, the partnership with Space and Time will help strengthen our blockchain infrastructure capabilities and contribute to our commitment to building an inter-game economy,” he added.

The post South Korea’s Wemade partners with Space and Time to power next-generation blockchain gaming appeared first on CoinJournal.

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Bitcoin hits $26K as investors react to latest CPI data

  • Bitcoin price hit highs of $26,553 on Coinbase, with 16% upside in 24 hours.
  • US inflation data showed CPI rose 6% in the past 12 months in February.
  • On-chain data suggests BTC price could rally to $30,000 in the short term.

Bitcoin rose sharply on Tuesday, breaking past $26,000 as the crypto market reacted positively to the latest Consumer Price Index (CPI) data by the US Department of Labor.

Bitcoin breaks $26k amid market reaction to CPI data

According to data from TradingView, the price of Bitcoin spiked 16% to highs of $26,553 on the cryptocurrency Coinbase. 

Bitcoin price rallied above $26,000 on Tuesday. Chart courtesy of TradingView

 As noted yesterday, BTC price soared from lows of $20,000 to break above $24,000 – the bullish sentiment buoyed by the US government’s actions in the wake of Silicon Valley Bank’s collapse.

On-chain data shared by market research platform IntoTheBlock shows Bitcoin faces minimal selling pressure to around $30,000.

The aggregate market data from CoinGecko showed the total crypto market cap has surged by more than 14% as major altcoins like Ethereum and BNB hit highs of $1,750 and $315 respectively.

Per the US Department of Labor, CPI rose 0.4% in February and 6% over the last year to align with market expectations. Notably, the data showed US inflation had increased at its slowest pace since September 2021. The core CPI, which strikes off the more volatile food and energy items, increased by 5.5% to also fall within expectations.

Stocks also opened higher on Tuesday, with the S&P 500 up 1.5% as investors turned attention to the Federal Reserve and its interest rates path. Market analyst Carl Quantanilla points out this scenario.

The Dow Jones Industrial Average had added 320 points, or 1%, while the Nasdaq Composite was up 1.7% at 9:50 am ET.

The post Bitcoin hits $26K as investors react to latest CPI data appeared first on CoinJournal.

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Liquity price rally is gaining steam: How high can LQTY go?

  • Liquity is a small but fast-growing blockchain platform that owns LUSD.

  • LUSD has managed to maintain its peg during the period of strains.

Liquity (LQTY/USD) price has been one of the top performers in the crypto industry as demand for the mid-cap token jumps. It peaked at $3.37, the highest point since March last year. This means that the coin has risen by over 460% from its lowest point this year.

Liquity price steady

Liquity is a small and fast-growing blockchain platform that provides interest-free loans on Ethereum. It does this through its Liquity USD, its stablecoin. Data compiled by CoinMarketCap shows that LUSD has maintained its peg against the US dollar. 

It was trading at $1.02 while its total market cap has jumped to over $255 million. It is unclear why Liquity has done well in the past few weeks. A likely reason is a fact that LUSD is one of the top over-collateralized stablecoins. 

The next key catalyst for the Liquity price will be the upcoming American inflation numbers scheduled for Tuesday. Economists believe that the data will show that the headline consumer price index (CPI) pulled back to 0.4% while core CPI came in at 0.5%. On a YoY basis, inflation is expected to come in at above 6%.

A higher-than-expected inflation figure will put more pressure on the Federal Reserve to act. Analysts believe that the Fed will hike rates by 0.25% in its meeting next week. Some believe that it will not hike rates while those from Mizuho sees the bank cutting interest rates by 0.25%.

Liquity price is also jumping as Bitcoin and Ethereum prices continue rising. Bitcoin has jumped to $24,800 while Ethereum has soared to $1,692. In all, the total market cap of all cryptocurrencies has risen to over $1.08 trillion. Cryptocurrencies tend to have a close correlation with each other.

Another reason for the LQTY rally is the news that Binance has become one of the biggest holders of the token. Data shows that it owns about 11.5 million LQTY tokens.

Liquity price prediction

LQTY chart by TradingView

The daily chart shows that the LQTY price has been in a strong uptrend in the past few days. It jumped above the key resistance point at $1.81, the highest point on June 16. It also crossed the important level at $2.85, the previous YTD high. Liquity remains above all moving averages while oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought level.

Therefore, Liquity price will likely continue rising as buyers target the next psychological level at $3.50. The stop-loss of this trade will be at $2.50.

How to buy Liquity

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The post Liquity price rally is gaining steam: How high can LQTY go? appeared first on CoinJournal.

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Meta to end support for NFTs on Facebook and Instagram

Key takeaways

  • Meta is ending support for NFTs on Instagram and Facebook.

  • The company introduced the NFT feature roughly a year ago.

  • Meta said it would focus on other ways to support businesses and creators.

Meta’s NFT integration comes to an end

Stephane Kasriel, Meta’s head of commerce and financial services, announced on Monday that the social media giant is ending its support for nonfungible tokens (NFTs) on its social media platforms. 

According to Kasriel, the decision was prompted by Meta’s desire to focus on other ways to support creators, people, and businesses. He said;

“A big Thank You to the partners who joined us on this journey and who are doing great work in a dynamic space. Proud of the relationships we built. And look forward to supporting the many NFT creators who continue using Instagram and Facebook to amplify their work. We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.”

Meta introduced its NFT feature on May 10, 2022. By August, the social media giant had expanded the NFT feature to capture 100 countries in the Americas, Asia-Pacific, Middle-East, and Africa.

By September, Meta introduced a new feature that allowed users on both Facebook and Instagram apps to share and cross-post their digital collectibles.

Meta to focus on other products

Despite winding down support for NFTs, Kasriel said Meta continues to pursue various ways it can help creators connect with their fans. The social media giant will focus on other products, including Reels, for messaging and monetisation.

Meta added that it would continue to work with NFT and web3 content creators who take advantage of its various tools to help them grow their community. Kasriel wrote;

“And we’ll continue investing in fintech tools that people and businesses will need for the future. We’re streamlining payments w/ Meta Pay, making checkout & payouts easier, and investing in messaging payments across Meta.”

Despite the initial traction, the social media giant is shifting its strategy in a bid to explore other areas. 

The post Meta to end support for NFTs on Facebook and Instagram appeared first on CoinJournal.