The Stuttgart Stock Exchange’s cryptocurrency-focused section, Boerse Stuttgart Digital, has announced intentions to introduce a fully insured cryptocurrency staking service.
A division of the Boerse Stuttgart company, which describes itself as the sixth-largest stock exchange company in Europe, is Boerse Stuttgart Digital. The staking service will launch early in the next year.
Dr. Oliver Vins, the managing director of Boerse Stuttgart Digital, stated the following in a press statement on Tuesday:
“We have seen an increase in institutional investors’ interest in the staking industry, and they are keen to become involved as long as they are completely confident in the environment’s security.“
Staking services like those offered by Boerse “eliminate obstacles” for institutional investors that don’t want to bear the technical cost or risk associated with the process, even though it is theoretically a decentralized activity that anybody may participate in. For this reason, co-founder and Ethereum engineer Vitalik Buterin has publicly highlighted his concerns regarding personal staking.
Insuring Institutions
The famous international reinsurance giant Munich Re is one of the primary participants in Boerse’s attempt. The company has developed a special insurance product to reduce the dangers of slicing in proof-of-stake blockchains.
Slashing is the term for the corrective action used to describe the suspension or loss of staked tokens for validators that break network policies or participate in malicious behavior.
Boerse Stuttgart Digital hopes to draw in a wider customer, particularly institutional investors who have demonstrated an increasing interest in the staking industry, by providing a fully insured staking service.
Through its subsidiary, Blocknox GmbH, Boerse Stuttgart Digital has already been granted permission by the German Federal Financial Supervisory Authority (BaFin) to offer custody services for digital assets.
This development comes in the wake of recent actions taken by other illustrious financial organizations, such Deutsche Bank and HSBC, who have been aggressively looking into partnerships and projects in the digital asset field.
In the past, crypto native players like Coinbase and Kraken have tried to offer staking services to institutional and individual investors residing in the United States. However, the Securities and Exchange Commission (SEC) has filed a lawsuit against each of them for failing to register their offers as securities products.
With the introduction of a new token service, the largest US investment banking behemoth Citigroup has made its first significant step into the world of cryptocurrencies and blockchains as it seeks to use distributed ledger technology (DLT) to enhance its product offerings.
The bank noted in a statement on Monday that Citigroup’s new Citi Token Services is a tokenization solution for institutional clients – customer deposits are turned into digital tokens that can be transported around the world immediately.
Instead of using a public blockchain, Citi Token Services uses a blockchain that will be privately owned and maintained by Citigroup.
Shahmir Khaliq, Citigroup’s Global Head of Services, stated that the creation of Citi Token Services is a step in the company’s effort to provide its institutional clients with real-time, always-on, next-generation transaction banking services.
New Blockchain from Citigroup Won’t Excite Crypto Purists
The launch of Citigroup’s new private blockchain-powered solution for institutional clients is just another example of the DLT’s compelling use case, but it is unlikely to thrill many crypto purists.
The primary idea that has motivated the construction of the most frequently used cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), is that their blockchains are 1) public and permissionless, 2) transparent and open source, and 3) decentralized.
None of these things are likely to apply to Citigroup’s private blockchain, which will underpin its new tokenization business.
Additionally, competition from private blockchains operated by institutions like Citigroup that do not uphold any of cryptocurrency’s fundamental principles may eventually cause demand for public blockchains to decline.
Continued Institutional Adoption
While critics and crypto purists are unlikely to applaud Citigroup’s new product, it fits with a significant trend in traditional finance: major institutions are becoming more interested in crypto, whether it be in the underlying technology or in existing digital assets.
Recently, Deutsche Bank said that it has joined forces with Taurus, a company that provides digital asset custody services, to work on tokenization.
Since June, dozens of large asset managers have submitted applications to establish Bitcoin Exchange Traded Funds (ETFs), including BlackRock, Fidelity, and Vanguard. If successful, this would significantly lower the barrier for conventional investors to allocate a portion of their portfolios to cryptocurrencies.
PayPal also intends to launch PayPal USD (PYUSD), a stablecoin tied to the US dollar that may be a significant entry point for users and companies into the cryptocurrency market.
In a bold and pioneering move, the Aboitiz-led Union Bank of the Philippines has set the financial sector abuzz with its latest announcement. On Tuesday, the bank revealed that it had secured the highly coveted approval of the Bangko Sentral ng Pilipinas (BSP) to operate a cryptocurrency or virtual assets platform. This article delves into the significance of this milestone for UnionBank, its customers, and the Philippine banking landscape.
A Remarkable Leap Forward in Finance
UnionBank’s recent triumph represents a momentous stride forward for the financial industry in the Philippines. The issuance of a Certificate of Authority by the BSP to UnionBank, granting it the status of a virtual asset service provider (VASP), positions the bank uniquely. It distinguishes UnionBank as the very first and exclusive universal bank in the Philippines capable of offering virtual asset exchange services.
Expanding Horizons for Virtual Asset Services
Armed with the full VASP license from the BSP, Union Bank is gearing up to extend its suite of services to a wider customer base. Until now, virtual asset exchange services were accessible only to randomly selected app users, thanks to a limited virtual asset license. However, the recent approval has paved the way for UnionBank to gradually introduce this exciting feature, slated for the final quarter of 2023.
UnionBank’s Vision: A Secure and Convenient Crypto Hub
At the heart of this development lies a commitment to providing UnionBank customers with unparalleled convenience and security. Soon, UnionBank’s customers will be able to directly buy and sell Bitcoin (BTC) through the bank’s mobile app. This transformation positions UnionBank as a trusted financial institution, offering a seamless platform for cryptocurrency trading. Customers will now have the capability to manage both their traditional banking needs and digital assets effortlessly within a single, user-friendly mobile platform.
A Leap into the Future of Banking
UnionBank’s President and CEO, Edwin Bautista, expressed his excitement regarding this significant milestone, remarking, “This achievement marks a substantial leap forward for Union Bank as we continue to revolutionize the banking landscape. By securing this license, we are not only opening doors to groundbreaking opportunities but also enhancing our digital capabilities and fundamentally altering the way our customers interact with us.”
In conclusion, UnionBank’s receipt of approval from the BSP to operate as a VASP is a testament to the bank’s unwavering dedication to innovation and customer-centric services. This strategic move not only elevates UnionBank’s standing within the Philippine banking industry but also provides a secure and accessible gateway for customers to venture into the realm of cryptocurrencies. The future of banking is undergoing a remarkable transformation, and UnionBank stands at its forefront.
An increasing number of young individuals, mostly guys, have purchased cryptocurrency. Here are some suggestions without any criticism.
Cryptocurrencies continue to be purchased despite legal issues faced by business owners and organizations like Binance.
Despite a sharp decline in Bitcoin prices in 2022, the proportion of Americans holding cryptocurrencies increased from 3 to 11% in one year. A National Bureau of Economic Research study shows this percentage is at 12% this year, a 75% increase since its 2022 low. Crypto conviction or curiosity can be justified by answering simple questions about oneself and the reasons they find crypto appealing.
Moreover, you’re more likely to be a man.
A Pew Research Center study revealed that only 16% of women in the same age group own or used cryptocurrency, compared to 41% of males. This gender imbalance is attributed to chemical factors, as cryptocurrency enhances muscle strength and reaction speed but lacks judgment, according to retired neurologist William Bernstein. It is recommended to consult a woman or someone with different judgment levels to avoid such biases in trading.
Pew also found that while just 14% of white individuals held cryptocurrency, 21% of Black or Hispanic adults and 24% of Asian American adults did.
Young adults are promoting cryptocurrencies to help end the persistent income gap across races, but they may be targeted by influencers and celebrities selling fraudulent schemes. The desire to catch up on wealth accumulation in America is a key factor in promoting cryptocurrencies. The primary draw of cryptocurrencies is the potential for significant profits, as seen in the tenfold payback Bitcoin owners would receive if they bought in 2019 and sold in 2021.
The few people who experienced such benefits may have been fortunate, but anything like to that may never occur again. It takes exceptional ability (or, more likely, something comparable to lightning striking twice) to repeat a performance like that, both purchasing and selling at the exact perfect time.
Aadi Gujral, founder of the Foundation for Financial Literacy, discovered cryptocurrency during the early stages of the epidemic. He experimented with other currencies and coin mining, finding some profitable periods and others regrettable. Gujral believes that a stock index fund would have been a safer and better investment due to the volatility of cryptocurrency. He encourages others to try cryptocurrency and consider the potential risks and rewards.
But would he have learnt more from a dull selection of the 500 biggest stocks in the United States? Developed a greater understanding of his own risk tolerance? to improve as a teacher to kids his own age? Three times, no.
Ms. Espinal, the author of “Mind Your Money,” who teaches schools how to educate about cryptocurrency, is concerned about teens who invest all of their money in cryptocurrency and lose everything.
They may decide to retain their money in savings accounts because they don’t want to experience that emotion again and leave with a nasty taste in their mouth, she added. That may discourage individuals from investing, which presents a great chance for accumulating money, particularly for people of color.
Ms. Espinal is correct to be concerned, and many young adults who witnessed the significant losses suffered by their parents’ retirement accounts in the wake of the 2008 financial crisis were terrified to invest in equities for years. Choosing to avoid them during what developed into a raging bull market proved to be the incorrect move.
Few cryptocurrency owners are now hurting, though. According to the Pew study, just 3% of them claim that their behavior has significantly harmed their money.
That could alter quickly and without prior notice. But what it really means is that you shouldn’t invest more in cryptocurrency than you can afford to lose.
The worst error a crypto fan may make, according to Mr. Bernstein, is to consider holding cryptocurrency to be a genuine investment. His eldest granddaughter is 10 years old and will soon be old enough to understand his advice. According to him, investments either produce income (when a corporation pays a dividend on its shares) or have earnings (like a company whose stock you own). If you don’t sell it for a profit, cryptocurrency does neither.
You might think of your months or years of crypto ownership as you would your hours at the theater or a concert, and spend only as much as you think the enlightenment or pleasure you’ll receive is worth.
But don’t dismiss people like Mr. Bernstein out of hand. “That’s the thing about being an old fogey,” he said. “Older people don’t put money into crypto as much as younger people not because they’re not with it, but because they’ve seen this movie before, and they know how it usually ends.”
Cryptocurrency exchange Coinbase has achieved a significant milestone in its European expansion journey by securing Anti-Money Laundering (AML) compliance registration from Spain’s central bank, the Bank of Spain. This registration unlocks new opportunities for both retail and institutional investors in Spain, enabling them to access Coinbase’s suite of services.
Expanding Horizons: Coinbase’s AML Registration in Spain
As of September 22, Coinbase’s AML compliance registration with the Bank of Spain opens the doors for Spanish users to store their cryptocurrency assets on the platform securely. Moreover, they can seamlessly buy and sell crypto assets in euros, simplifying the process for those looking to invest in digital currencies.
Coinbase’s Vice President of International and Business Development, Nana Murugesan, emphasized the company’s commitment to global regulatory compliance. In the past year, Coinbase has made significant strides in obtaining Virtual Asset Service Provider (VASP) registrations in countries such as Italy, Ireland, and the Netherlands, with plans for further expansion in regions like Singapore, Brazil, and Canada.
Spain’s Crypto Adoption and Regulatory Landscape
Spain has shown a growing interest in cryptocurrencies, with nearly one-third of adults in the country expressing optimism about the future of digital assets. A remarkable 29% of the population views crypto as the future of finance, underlining the increasing acceptance of blockchain-based currencies in the nation.
Intriguingly, crypto has surged to become Spain’s second-favorite payment method, surpassing traditional bank transfers. This shift in preference underscores the need for clear regulatory guidelines to ensure the responsible and secure use of digital currencies within the country.
Coinbase’s European Ambitions
Coinbase’s move to secure AML compliance in Spain aligns with its broader strategy to establish a formidable presence in Europe. Recent reports have suggested that Coinbase explored the acquisition of FTX Europe, a defunct cryptocurrency exchange, in both November 2022 and September 2023. This pursuit of expansion opportunities demonstrates Coinbase’s determination to cater to the European market’s evolving crypto needs.
Global Regulatory Considerations
While Coinbase expands its footprint in Europe, regulators globally are taking a closer look at the cryptocurrency market. The European Parliamentary Research Service (EPRS) has emphasized the importance of non-European regulators adopting more stringent oversight measures within the global crypto ecosystem.
The impending implementation of the Markets in Crypto-Assets Regulation (MiCA) Act by December 2024 has prompted calls for a more comprehensive regulatory framework in non-European jurisdictions. This reflects concerns about the EU’s financial system being influenced by policy actions in countries outside the EU’s jurisdiction, where MiCA is applicable.
In conclusion, Coinbase’s successful AML registration with the Bank of Spain is a significant step in its European expansion strategy. It not only opens doors for Spanish investors but also highlights the cryptocurrency industry’s evolving landscape and the need for responsible regulation in an increasingly digital financial world.
No matter how much technology advances, hackers and con artists will continue to operate as they always have. Even while investing in cryptocurrencies is a novel and exciting possibility, it is subject to bitcoin frauds.
Cryptocurrency is similar to cash in that it is always available from your own digital wallet, but unlike cash, it is not insured by banks or another government agency. Without these extra safeguards, fraudsters can enter and exit without being seen, leaving you with nothing.
Having broad understanding and using protection services will help you better safeguard your cryptocurrency. In this tutorial, we go through what cryptocurrency scams are and explain in detail how to spot and stay away from them.
How Do Crypto Scams Work?
Scammers target crypto assets rather than cash, credit cards, or other forms of equal payment in crypto scams, which are similar to other financial frauds. Cryptocurrencies, such as Bitcoin or Ether, are kept in actual or virtual wallets, which can potentially be the subject of a hoax by a bad actor.
Scams target cryptocurrency particularly since it is:
Decentralized Cryptocurrency scams frequently go unnoticed and unreported in the absence of a single entity committed to monitoring and detecting questionable activities.
Irreversible
Cryptographic transactions cannot be undone thanks to blockchain technology, which locks up money and makes it impossible to get it back.
Anonymous
Users may buy, sell, trade, swindle, and utilize wallet addresses and identities to do all of these things reasonably anonymously.
Cryptocurrency scams have been increasingly common in recent years since the technology is still relatively new and frequently misunderstood.
Types of Cryptocurrency Fraud
There are several different kinds of cryptocurrency scams, and each one aims to somehow get access to a user’s crypto. These frauds cover a wide range, from preying on a user’s humanistic instincts to merely accessing their digital money.
Despite the fact that there are many various kinds of cryptocurrency scams, they can all generally be divided into one of two groups:
Access scams – try to get a hold of a digital wallet’s secret keys
Manipulation scams – effort to persuade a user to send cryptocurrency to a fraudster directly
Scammers may attempt to acquire both crypto money and access codes, and many frauds fall into both of these categories.
Social Engineering Scams
Manipulation and access scam
Scams that use social engineering techniques aim to get access to private and sensitive data. These con artists prey on people’s humanity and natural tendency to trust, tricking them into disclosing personal information to someone or something they believe to be trustworthy.
Similar to whaling, social engineering fraudsters may pose as influential employees of a company. These scams can take days, weeks, months or even years, and will demand payment through cryptocurrency.
Imposter Scams
Manipulation and access scam
Before communicating with anybody who cold contacts you on behalf of a company, influencer, government official, or celebrity, be sure they are who they say they are. In order to get you to send them money or take part in a phony giveaway, imposter fraudsters will take on the personas of powerful, high-ranking people.
Even if you believe the impostor may be genuine, never divulge access codes or cryptographic credentials to anybody. Anyone who requests bitcoin as payment should be viewed with suspicion.
Phishing Scams
Access scam
Phishing schemes target users’ cryptocurrencies and access to their digital wallets in particular. Malicious URLs will be used by unscrupulous actors to steal a user’s private key, much as in a typical phishing scheme. These links, which may be sent by email, SMS, social media, or other avenues, will direct users to a perilous landing page. After clicking, a user will be asked for details that will allow them to access their cryptocurrency wallets.
Blackmail Scams
Manipulation and access scam
When attempting to con someone, some con artists would say they have personal information, pictures, or other forms of blackmail on the victim. Scammers sometimes offer a trade: secret keys to access their digital wallet in exchange for embarrassing information. These frauds fall under the category of extortion attempts and need to be reported right once.
Investment Scams
Manipulation scam
Choosing to put money into products, NFTs, markets, or other investment possibilities is a gamble, even if the money is put into bitcoin. In the world of investing, there are no guarantees, despite what con artists may attempt to tell you.
If a significant return on your investment is guaranteed, reconsider the investment you are making. You will often lose all of your investment in these kinds of schemes, and you won’t get anything back.
Cloud Mining Scams
Manipulation scam
Although cloud mining is not always a fraud, con artists have been known to exploit it to gain cryptocurrency payments. Bad actors and mining platforms might persuade merchants and investors to put money into a project that never yields the profits it promises – at a controllable or false hash rate.
Rug Pull Scams
Manipulation scam
It’s never good to have the rug pulled out from under you, but it can be extremely upsetting and devastating if it takes your money or cryptocurrency with it. In a rug pull scheme, con artists persuade investors to put shares into a fund for a new product, currency, or opportunity before the con artist drains the liquidity and vanishes.
Any coins or other objects that investors may have received are probably fraudulent or useless. If the project was ever actually real in the first place, investors lose the money and capital they spent, are unable to profit from the goods they got, and the initiative is abandoned.
Employment Scams
Manipulation and access scam
Crypto fraudsters frequently pretend to be employers or recruiters in order to con job seekers out of cryptocurrency. On fake employment forums online, recruiters and employers may ask for cryptocurrency in return for job training, or fake job listings may link to dangerous landing pages.
These tricks can also be used in reverse. In order to access crypto farms, scammers have sometimes applied for remote jobs while lying about their name and place of origin.
Initial Coin Offering Scams
Manipulation scam
Initial coin offerings (IOCs) are frequently released by new cryptocurrency businesses to attract capital and public awareness of their new offerings. IOC frauds entice consumers to swap actual, useable currencies, like Bitcoin, with the business in return for a discount on a new kind of money. IOC scammers will go to tremendous measures to persuade investors that their firm is legitimate before selling the money and vanish, just like rug pull scammers do.
How to Spot Cryptocurrency Fraud
It’s critical to understand how to distinguish between legal businesses and fraudsters if you invest in cryptocurrency.
Scammers are the only ones who will:
Demand cryptocurrency payment
Profits and payments are assured
Online dating and financial guidance combined
Demand for crypto keys
Send messages or emails pretending to be someone, a company, or a government agency
Extortion using actual or fictitious explicit material
You can fall victim to a cryptocurrency scam if you observe any of these techniques or if you get unwanted investing advice or cryptocurrencies.
In addition to these scam-specific characteristics, there are four other key fraud indicators.
White Papers – Cryptocurrencies with well-known white papers offer comprehensive information on their features and attributes. Such documentation are frequently absent in fake cryptocurrencies, and they frequently lack detail or an explanation of how the funds are used. To evaluate the caliber of new firms, it is essential to study the white papers of well-known cryptocurrencies. You should also exercise caution while making investments in or acquiring new cryptocurrencies.
Developers – Unless the project is open-source, white papers should list the developers and team members of a company. If they’re missing, there’s a chance that you’re being scammed out of cryptocurrencies.
Freebies – Be wary of freebie offers, especially those involving cryptocurrency currencies, since con artists may try to access your wallet or demand payment after sending money.
Marketing – Although cryptocurrencies are not normally a business that makes money, scammers frequently target them for financial gain. Real currencies should have understated marketing and be built for blockchain functionality. Companies that oversell their products or promote financing for cutting-edge technologies might be frauds.
The Most Common Scam Tactics
Although there are many different kinds of cryptocurrency scams, many con artists utilize the same or very similar techniques to con customers.
Typical scam techniques include:
Guarantees – Assurances of substantial rewards
Out-of-the-blue contact – Unknown individuals may randomly contact you via text, email, or social media sites.
Celebrities – Bogus celebrity impersonated with problems or freebies
Freebies – Assurances of free money, coins, or other goods
Lack of detail – Ambiguous descriptions of a money or institution
Business impersonation – Imposters who pose as business partners, executives, or other business-focused people
Employment opportunities – False job postings, workers, or employers
These strategies can be both risky and effective. Even when these strategies are used, you still need to know how to spot crypto frauds in order to keep yourself and your possessions safe.
How to Stay Away from Cryptocurrency Scams
To prevent cryptocurrency frauds, there are certain crucial steps you may take. Sending cash or contacting somebody in any way is not advised. Additionally:
Maintain confidentiality of private keys.
Don’t respond to unwanted emails from people you don’t know.
Avoid clicking on strange links
Keep your cryptocurrency and bank accounts separate
Before deciding to invest in or associate with any companies, do your research on them.
Recognize HTTPS in the address of a cryptocurrency exchange or wallet.
Check correspondence, white papers, and marketing materials for typos and grammar mistakes.
Invest gradually rather than everything at once.
Avoid jailbreaking mobile devices
Before committing to transmit or exchange cryptocurrency with any love partners, see them in person (and even then, act with caution!).
If a message or investment officer states that your money are locked, get in touch with the agency right away.
Look into positions and hiring firms that specialize in cryptocurrencies.
Grayscale Investments, a major player in the world of cryptocurrency investments, has made a bold move by applying to the U.S. Securities and Exchange Commission (SEC) for a brand-new exchange-traded fund (ETF). In a departure from the swarm of Bitcoin spot ETFs waiting for regulatory approval, Grayscale’s proposal centers on an Ethereum futures ETF. This article delves into the details of this development, shedding light on what it means for the cryptocurrency investment landscape.
The Ethereum Futures ETF Proposal
Grayscale’s recent filing with the SEC has sparked a buzz in the crypto community. Unlike traditional ETFs that directly deal with the underlying asset, this Ethereum futures ETF would exclusively engage in futures contracts. Notably, it would steer clear of direct trading or custody of Ether, Ethereum’s native cryptocurrency. Instead, it offers investors the opportunity to speculate on the future price movements of Ethereum through futures contracts.
A History of Success
Grayscale Investments brings a history of successfully navigating regulatory challenges to the forefront. Just last month, this asset management firm achieved a significant victory when a federal judge overturned the SEC’s decision to block Grayscale from converting its Bitcoin trust into a spot ETF. This decision underscores the evolving landscape of cryptocurrency investments and the regulatory hurdles that have come with it.
A Dual Focus: Bitcoin and Ethereum
Currently, Grayscale is engaged in a dual pursuit, seeking SEC approval for both its Bitcoin and Ethereum ETFs. While the Bitcoin ETF awaits regulatory clearance, the application for an Ethereum futures ETF adds a new dimension to Grayscale’s array of investment offerings. This strategic move underscores the surging interest in Ethereum as a digital asset and the growing need for diversified investment options within the crypto space.
SEC’s Perspective on Crypto ETFs
The SEC’s stance on cryptocurrency ETFs has been closely monitored by investors and industry insiders alike. In 2021, the SEC greenlit the first Bitcoin futures ETF, granting investors the ability to speculate on Bitcoin’s future price movements without the need to directly hold or safeguard the cryptocurrency. However, the demand for spot crypto ETFs remains strong among investors, with several applications, including one from the esteemed asset manager BlackRock, currently under review by the SEC.
Enhancing Accessibility and Security
A crypto ETF provides traditional investors with a safer and more accessible entry point into the cryptocurrency market. ETFs function as investment vehicles that allow individuals to purchase shares tracking the price of an underlying asset, such as Ethereum or Bitcoin. By investing in a Bitcoin ETF, for example, investors can gain exposure to the asset class without grappling with the intricacies of managing and securing their cryptocurrency holdings.
Conclusion
Grayscale Investments’ application for an Ethereum futures ETF represents a dynamic shift in the crypto investment landscape. As the SEC reviews this proposal, it becomes part of the broader conversation about the future of cryptocurrency ETFs and their role in making digital assets more accessible to traditional investors. The crypto world eagerly anticipates the regulatory decisions that will shape the future of this rapidly evolving space.
In a significant move within the world of cryptocurrencies and blockchain technology, the popular messaging app Telegram has officially endorsed the TON network as its preferred choice for Web3 infrastructure. This endorsement has set off a chain reaction in the crypto market, with TON’s native token, Toncoin (TON), experiencing a remarkable surge of 6.5% in just 30 minutes after the news broke.
Telegram’s Embrace of TON
Telegram has made a strategic decision to integrate the TON network into its messaging app’s user interface, solidifying its commitment to the Web3 ecosystem. The TON-built Web3 wallet, already available as a standalone bot on Telegram with a user base of 3 million, is set to be seamlessly integrated into the app, becoming accessible to all of Telegram’s massive user base, which currently stands at a staggering 800 million users. Additionally, a self-custodial version known as TON Space will be rolled out to Telegram users outside the United States. The rollout is expected to be completed by November, according to the TON Foundation.
John Hyman, Telegram’s Chief Investment Officer, expressed the company’s vision for this integration, stating, “We are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been.”
A History of Blockchain in Telegram
Telegram’s journey into the world of blockchain technology has been a tumultuous one. It began as an internal project in 2018 but faced legal challenges in August 2020 when the U.S. Securities and Exchange Commission (SEC) alleged that Telegram was selling unregistered securities. This led to the suspension of development. However, the project was later resurrected by members of the crypto community, who established the TON Foundation to ensure its continuity. Throughout this journey, Telegram remained closely associated with TON, with many of the network’s significant developments taking place on the Telegram platform.
A Decentralized Future
Despite this endorsement and integration, it’s important to note that TON will remain a “completely separate decentralized organization,” as emphasized by John Hyman. Telegram’s primary focus will continue to be providing an exceptional messenger platform, with no plans to transition into the broader Web3 space. However, this move underscores Telegram’s recognition of the value that Web3 technology brings to its user base.
Toncoin’s Surge
Toncoin, the native token of the TON network, has seen a remarkable surge in response to this endorsement. As of now, it ranks as the 11th largest cryptocurrency with a market capitalization of approximately $6.6 billion. In the past 24 hours, Toncoin’s value has surged by 13%, reaching $1.91.
Conclusion
Telegram’s endorsement of the TON network represents a significant milestone in the integration of Web3 technology into mainstream platforms. As these two entities collaborate, users can expect enhanced access to decentralized services and digital ownership rights, ushering in a new era of innovation within the crypto and blockchain space. Toncoin’s recent surge highlights the market’s enthusiasm for this partnership and the potential it holds for the future of blockchain technology.
Scroll is not just another zkEVM; it’s a testament to idealism in the world of blockchain technology. Co-founder Ye Zhang and his team embarked on this journey with a clear mission: to create a decentralized, immutable scaling solution that aligns with Ethereum’s principles. While many zkEVMs exist, Scroll’s uniqueness lies in its unwavering dedication to Ethereum’s ethos.
A Community-Driven Approach
What sets Scroll apart is its community-driven ethos. Zhang and his team view this project as a “labor of love,” a true testament to their dedication. Their motivation goes beyond solving computational problems; it’s about fostering a passionate community that shares Ethereum’s values. Scroll’s growth has been organic, devoid of aggressive marketing tactics, ensuring a genuine connection with its user base.
Countdown to Launch
The crypto community is abuzz with excitement as Scroll gears up for its imminent launch. After rigorous testing and comprehensive code audits, Scroll is poised for deployment. Notably, Scroll’s launch will coincide with major projects like Uniswap and Aave, underlining its potential to redefine Ethereum’s ecosystem.
The Holy Grail of Scaling Solutions
Ye Zhang, a mathematician by trade, considers ZK-rollups to be the “holy grail” of layer-2 scaling solutions. These solutions offer both cost-efficiency and heightened security, making them a perfect fit for Ethereum’s scaling needs. Scroll’s utilization of ZK-rollups positions it at the forefront of Ethereum’s scalability efforts.
Standing Out in a Crowded Ecosystem
Scroll enters a competitive arena with existing zkEVM solutions from various projects, including Polygon, Immutable, StarkWare, zkSync Era, and ConsenSys’ Linea. What distinguishes Scroll is its commitment to providing a “complete proof” of all Ethereum “opcodes” and transaction components. This comprehensive approach ensures not only compatibility but also a new standard for security.
Empowering Layer-2 Scaling
At its core, Scroll aims to empower layer-2 scaling. It achieves this through the utilization of zero-knowledge proofs to compress off-chain data, allowing only proofs to be submitted on-chain. This innovative approach significantly enhances Ethereum’s throughput, addressing one of its most pressing challenges.
Towards Decentralization
While Scroll’s initial setup involves some centralization elements, Ye Zhang has outlined a roadmap towards decentralization. The project’s commitment is to gradually reduce centralization, aligning seamlessly with Ethereum’s vision of a truly decentralized ecosystem.
Preserving a Moment in History
As Scroll prepares for its historic launch, consider preserving this moment by collecting this article as an NFT. Your support not only contributes to independent journalism in the crypto space but also solidifies your role in Ethereum’s narrative, where idealism and innovation converge.
In conclusion, Scroll is more than just a zkEVM; it’s a testament to the Ethereum community’s commitment to its principles. With its launch on the horizon, the crypto world eagerly awaits the impact of this idealistic endeavor on Ethereum’s future. Scroll, with its focus on community, innovation, and decentralization, is poised to make Ethereum even more resilient and scalable, while staying true to its roots.
Cryptocurrencies Take Center Stage in Financial Predictions
Financial author and entrepreneur Robert Kiyosaki, widely known for his best-selling book “Rich Dad Poor Dad,” has recently made a bold proclamation regarding the fate of fiat money. In a Tweet shared during his attendance at TOKEN2049, a prominent cryptocurrency conference in Singapore, Kiyosaki declared that fiat money is “toast” and cryptocurrencies are destined to dominate the future of finance.
A Bold Prediction in the Heart of Crypto Innovation
Robert Kiyosaki’s assertion that fiat money is on the brink of obsolescence comes at a time when the cryptocurrency industry is experiencing unprecedented growth and attention. TOKEN2049, the event where Kiyosaki shared his prediction, is not just any crypto conference; it is a vibrant hub for the most influential figures, projects, and companies in the crypto space. With its promise of fostering dialogue and innovation, TOKEN2049 has positioned Singapore as a bustling epicenter for crypto enthusiasts.
Kiyosaki’s Controversial Stance
While Robert Kiyosaki is undoubtedly a prominent figure in the world of finance and investment advice, his predictions and statements have often been met with skepticism and controversy. His history includes legal disputes and financial woes that have raised questions about the authenticity of his financial wisdom.
Over the years, Kiyosaki has garnered both fame and fortune through his financial advice books and seminars, attracting a dedicated following. Nevertheless, his approach and business practices have not been without their share of controversies. Bankruptcies, fraud claims, and allegations of involvement in multi-level marketing schemes have cast a shadow over his financial empire.
The Enduring Influence of Robert Kiyosaki
Despite the controversies and detractors, Robert Kiyosaki remains a prominent voice in the financial world. His bold predictions and unorthodox approach to financial matters continue to resonate with a segment of the population. It is worth noting that Kiyosaki’s influence extends beyond the realm of finance, as he has also gained recognition among far-right activists.
In conclusion, Robert Kiyosaki’s declaration about the impending demise of fiat money and the rise of cryptocurrencies has sparked intense debates within the financial community. Whether his predictions hold true or not, one thing is certain: the world of finance is evolving, and cryptocurrencies are undeniably a significant part of that transformation. Only time will tell whether Kiyosaki’s vision of a crypto-dominated future becomes a reality.
