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A Debit Card for Your Coin with Folgory

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An important event as occurred in not just the crypto world, but the entire financial market as news reports emerge of an agreement between Hashfort and Codego. According to Hashfort’s announcement, the company has acquired Codego to improve its value proposition and expand its presence in the payment value chain, including fiat as well as e-money.

While Hashfort is one of the prominent names in the crypto sector with brands like Folgory and WLNE, Codego specializes in software platforms for Core Banking in combination with BaaS (Bank as a Service). The incorporation of Codego into the Hashfort world has made it possible to reorganize the offerings from both companies resulting in exceptional value addition for their users. Moving forward, Hashfort will focus more on offering services while Codego will continue providing software platforms to the financial world, especially cryptocurrency exchanges.

At the same time, one of the most plausible and expected improvements in the market offering from this operation is the enrichment of Folgory’s portfolio. The results of such improvements are already visible as Folgory has started offering its customers the opportunity to take advantage of a full range of banking services, including multi-currency accounts and debit cards.

The possibility of cryptocurrencies offering debit cards for users has been a pressing need for crypto projects and exchange owners for a long time, and it is precisely for this reason that the expectations are high at this point. There are already numerous big players who have expressed concrete interest in the new card following early market rumors and speculations about the possibilities arising from Hashfort’s acquisition of Codego.

Now confirmed, the crypto debit card will be issued in combination with the services of Folgory and it can be requested by an end customer already conducting transactions with coins listed on the Folgory platform. Initially, the cards may offer two levels of customization that includes

  1. a co-branded card for any » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin listed on Folgory issued by the platform, upon request from such » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin.

  • a fully customized card issued by the » Read more

  • ” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin itself, complete with its own logo and tailored design.

    As an additional feature, the » Read more

    ” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin will be able to integrate its card with any white label solution developed by Codego.

    Making the news even more juicy is the pricing. The set-up cost for the operation for a new » Read more

    ” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin starts from GBP 2000 (GBP 4000 for the fully customized version), with a cost per card of GBP 3.5. At this pricing, it is evident that the access cost for the » Read more

    ” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is extremely low. Each end-user will pay EUR 20 (GBP 17.79) to avail the card, and Folgory will share revenues with the » Read more

    ” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, in the form of cashback for each issued card.

    The new deal is designed to be a simple and immensely powerful business model at the same time. Cryptocurrency projects can now start placing pre-orders for as few as 2000 cards. In the coming days, one can expect these cards to hit the market, offering added convenience to the crypto community when it comes to spending their assets.

    Source: https://www.newsbtc.com/sponsored/a-debit-card-for-your-coin-with-folgory/

    Blockchain

    World’s First Bitcoin ETF Now Holds More Than 10,000 BTC

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    World’s First Bitcoin ETF Records Stellar Growth, AUM Crosses Half A Billion Dollars

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    The world’s first Bitcoin exchange-traded fund (ETF) has seen massive success in its first week. It has now surpassed the 10,000 BTC milestone for the first time as data from Glassnode shows. The on-chain data analytics firm has the ETF at 10,064 BTC at press time.

    Canadian firm Purpose Investment Inc. became the first company to launch a Bitcoin ETF in the North American market. The ETF trades under the ticker symbol ‘BTCC’ and is trading at the Toronto Stock Exchange. It was an instant hit, recording close to $400 million on its first day. This ranked it as one of the top five ETF debuts in the North American market.

    The great demand for Purpose’ BTC ETF is proof of pent-up demand in the market, the company’s chief investment officer believes. Speaking to Yahoo Finance, Greg Taylor claimed his company has an edge as it’s open to ordinary investors. Other similar products, including Grayscale’s Bitcoin Trust, are closed-end, only serving institutional investors. 

    He stated, “A lot of people have wanted to get exposure to bitcoin but they haven’t really wanted to go through the hoops of opening up their own accounts or their own wallet to do so or trading some of the other closed-end funds. Having the ETF option I think has always been the holy grail out there and we’re happy to have it trading and we’re seeing some of the results of that pent-up demand.”

    Taylor further revealed that the demand for BTCC is spread across jurisdictions. “It’s hard with an ETF to figure out exactly where the inflows are coming from, but we’ve had a lot of people reach out from around the world that want to get access to this product,” he remarked.

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    World’s First Bitcoin ETF Now Holds More Than 10,000 BTC
    Via Glassnode

    First Bitcoin ETF Causing Ripples in the Market

    Purpose’s Bitcoin ETF has already started causing ripples in the market, despite being around for just a week. One of the effects has been the cooldown in interest for Grayscale’s Bitcoin Trust. For the first time in five years, shares of the Trust traded at a discount.

    GBTC shares plunged by 22% yesterday to close the day 3.8% below the value of the Trust’s underlying holdings. The shares have been trading at a premium since its launch in 2013. This premium shot up to 132% in May 2017 at its peak. As recently as mid-2020, this premium was as high as 40%.

    Nate Geraci, the president of the advisory firm ETF Store believes this is due to the rise of competing products. He told Bloomberg, “Since the beginning of the year, we’ve seen the launch of multiple competing products. The unpleasant truth for GBTC investors is that competition erodes demand for the product, which can lead to a collapsing premium or even a discount.”

    In Canada, the Purpose Bitcoin ETF’s popularity is forcing its rivals to drop their fees to compete. Evolve Funds Group was the second company to launch a Bitcoin ETF, with its product debuting just a day after that of Purpose. However, as Purpose has soared to over $600 million, Evolve Funds is at a mere $28 million. The latter has turned to lower the fees to attract investors.

    Evolve lowered the management fee from 1% to 0.75%. Raj Lala, the CEO commented, “We are very pleased to provide investors with the most cost-effective bitcoin ETF today. Our bitcoin ETF allows investors to access physical bitcoin in a fully-regulated manner in their brokerage account.”


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    DISCLAIMER Read More

    The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

    Source: https://zycrypto.com/worlds-first-bitcoin-etf-now-holds-more-than-10000-btc/

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    Blockchain

    Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

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    Mettalex, a DEX focused on token-based commodities trading, announced today the launch of its decentralized commodities exchange on Binance Smart Chain and Ethereum’s Kovan testnet; with 20 available markets for traders to take tokenized long or short positions in using USDT.

    Javelin Global Commodities, a leading trading firm of bulk commodities, will be among the first clients to use Mettalex’s platform to manage risk on commodities exposure.

    “We understand firsthand the value that Mettalex can provide to derivatives trading in commodities. Mettalex provides a platform to bring transparency and liquidity to these markets which can be used by participants across the commodity value chain.”
    – Peter Bradley, CEO of Javelin Global Commodities

    On the Mettalex DEX, traders can use stablecoin collateral to open and close positions across eleven commodity markets, seven spread markets, Forex markets, and the top 100 publicly traded companies from the Financial Times Stock Exchange (FTSE) index.

    With data-feeds powered by Chainlink and Fetch.ai oracles in addition to the Davis Index, Mettalex ensures that its position tokens track the most accurate reference price in a long (L) or short (S) exposure at settlement.

    “The ability to hedge the numerous recyclables grades and specialty finished products that make for most of the infrastructure around us has long been a need in our industry. The current system provides the industry with less than a handful of instruments and the basis risk and costs are just unworkable for most companies. Mettalex is finally answering the call for a decentralized exchange that can list any commodity. We look forward to providing our price benchmarks on the Mettalex platform to give the manufacturing, demolition, and alloy producing sectors the precise hedging instruments they need.”
    – Sean Davidson, CEO of Davis Index

    All trades on Mettalex happen within a predetermined price band based on the asset’s historical volatility. The band allows getting exposure at only a fraction of the cost of the traded asset, effectively enabling leverage. Unlike other exchanges, on Mettalex, users can create the markets they need.

    The prerequisite is a reliable oracle that the platform plans to make fully customizable. At present, the reference asset price is periodically fed into the system from multiple reference exchanges, including 1,400 proprietary price indexes for free-market recyclable metals and secondary alloys will be made accessible to commodity market participants for the first time.

    “A critical byproduct of the Mettalex platform is the transparency it will bring to the pricing data around the world’s most valuable commodities. By making this type of market intelligence and the ability to trade more readily accessible, Mettalex aims to bring one of the oldest forms of trade in human history into the present century. With Mettalex we aim to align the incentives of traders, stablecoin liquidity providers, and physical commodity holders to create a one-of-the-kind tool that is accessible to anyone on this planet, 24/7/365.”
    – Mettalex CEO, Humayun Sheikh

    The markets now on dex.mettalex.com include:

    • Commodities (butter, steel, copper, iron, aluminum, gold, silver, zinc)
    • The Financial Times Stock Exchange (FTSE) index
    • Synthetic CeFi/DeFi index
    • Synthetic AAVE/COMP and LINK/BAND
    • Crypto and traditional baskets like BTC/TSLA and BTC/XAU
    Source: dex.mettalex.com

    Source: https://www.cryptoninjas.net/2021/02/26/token-based-commodities-dex-mettalex-launches-on-binance-smart-chain-and-ethereum/

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    Why Etsy will not accept Bitcoin as payment ‘right now’

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    Etsy Inc., which reported a strong revenue growth last year, alongside a surge in e-commerce amid the pandemic, does not intend to accept Bitcoin as payments on the leading e-commerce website, at least for now. According to President and CEO of Etsy, Josh Silverman until more people buy and also use the digital currency, he does not think that the Bitcoin payment integration will be very useful for the website.

    However, the chief executive who admitted that he has held Bitcoin for the past six to seven years, believed that the asset can be “an interesting” store of value. In a recent interview with CNBC Squawk Box, Silverman explained his stance on the asset:

    I’ve held Bitcoin for 6-7 years now on the theory that I think it can be an interesting stored value. 

    It could be an interesting tender some day. We need a whole lot more people to buy it and own it before I think it’s really useful  

    Although Etsy does not accept Bitcoins currently, users seem to have found a way around to accept crypto payments. A popular crypto influencer pointed out how some users make use of the ‘Other’ payment method as means to connect with users who will accept Bitcoin. Customers usually mention in a note that they prefer to pay in BTC and contact the customer directly with a Bitcoin payment address and amount. 

    This goes to show that if the company were to integrate the asset as a payment option on its website, it could tap into a new market.

    Moreover, the user base of cryptocurrencies is only growing, with 106 million global crypto users as of January 2021. A surge in crypto adoption has already influenced some institutions to integrate the payment network. As in the case of one Massachusetts-based hospital that set up a Bitcoin wallet to receive a donation of $800,000 BTC recently. 

    In fact, many believe that firms like Tesla, MasterCard and the BNY Mellon Bank, which have already pushed Bitcoin toward mainstream adoption will attract others to mirror the firms’ BTC investment strategies. 


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    Source: https://ambcrypto.com/why-etsy-will-not-accept-bitcoin-as-payment-right-now

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