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Bitbuy, Knox Team to Offer Insured Custody for Bitcoin on Exchange

Insured custody provider Knox and Canadian cryptocurrency exchange Bitbuy have partnered to offer a third-party storage solution for bitcoin on an exchange.

The post Bitbuy, Knox Team to Offer Insured Custody for Bitcoin on Exchange appeared first on Bitcoin Magazine.

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Today, insured bitcoin custody provider Knox has announced its partnership with Canadian cryptocurrency exchange Bitbuy in a sign of growing interest for offline and insurable third-party storage solutions.

“Bitbuy is partnering with Knox … allowing its clients to have their bitcoin stored in an offline vault with insurance up to the full value of holdings,” according to a press release shared with Bitcoin Magazine. “This is a significant development for the burgeoning cryptocurrency industry, and makes Bitbuy the world’s first platform to find a way to keep the full value of its bitcoin cold storage holdings insured, which usually represents the vast majority of a platform’s client holdings.”

Creating a Custody Solution That Works for Bitcoin

For Bitcoin, custody is critical. A fundamental tenet of the technology is its power to free users from the third parties that control the traditional financial system — the banks that can withhold funds and policymakers who can bar access. “Not your keys, not your coins” has become shorthand for this philosophy that BTC custody should not be trusted to middlemen.

But personally holding private keys is a solution that doesn’t make sense for institutions or groups of more than a few individuals. It’s not viable for organizations to join the Bitcoin ecosystem without some form of third-party custody.

As Alex Daskalov, founder of Knox, explained to Bitcoin Magazine upon its launch in September 2019, “Second best thing you can do if you’re not going to hold your private keys is that you should have the right to have the full value of the assets insured.”

Daskalov explained that, upon its launch, Knox’s insurance broker matches it with insurance based on a sliding scale of how much it’s willing to cover. These insurance companies issue written attestations that they are willing to cover deposits up to certain thresholds and these attestations can serve as some added confidence for customers.

Bringing Better Insurance to Exchanges

This latest partnership is targeted at an avenue where Bitcoin custody could use a new solution: for holdings left on cryptocurrency exchanges.

“Many cryptocurrency users leave their bitcoin on-platform to make them readily available,” per the Knox release. “Platforms typically rely on internal storage systems for their offline holdings — typically 95 percent — that they secure on behalf of their clients. Custodial exchanges are not financially compensated for this service and treat it as the cost of doing businesses.”

As the Bitcoin community has learned repeatedly, cryptocurrency exchanges are decidedly unsafe places to leave your funds. That fact may have affected many Bitbuy users after the Canadian exchange QuadrigaCX went bankrupt while owing $190 million in clients’ digital assets last year.

“Bitbuy … will be moving all its bitcoin holdings over to Knox, which will securely store Bitbuy clients’ bitcoin in a fully segregated and insured custody account,” the release states. “The Knox insurance policy covers the risk of theft and loss, including internal theft such as collusion, up to the value of the holdings held in cold storage subject to the full policy terms, conditions and exclusions.”

Bitbuy clients will not be required to pay any additional fees for this protection, as the exchange decided to absorb the costs itself.

“Deep liquidity and asset security shouldn’t be mutually exclusive,” said Adam Goldman, president and founder of Bitbuy, according to the release. “We’re excited to be pushing forward the limits of the experience for Bitcoin.”

The post Bitbuy, Knox Team to Offer Insured Custody for Bitcoin on Exchange appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/bitbuy-knox-team-to-offer-insured-custody-for-bitcoin-on-exchange?utm_source=rss&utm_medium=rss&utm_campaign=bitbuy-knox-team-to-offer-insured-custody-for-bitcoin-on-exchange

Blockchain

It’s a Cryptocurrency Hustle: Joe Rogan on NFTs

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The sports commentator, comedian, and popular podcast host Joe Rogan admitted that he is “not interested” in non-fungible tokens. To him, their concept is difficult to understand, and he called them a cryptocurrency “hustle.”

‘It Doesn’t Make Any Sence to Me’

The popular MMA and UFC commentator – Joe Rogan – does not see how non-fungible tokens have become such a trend recently. During a recent podcast, the American rejected the option of purchasing an NFT. He went further, stating that non-fungible tokens represent an obstacle in the cryptocurrency space:

“It’s a weird hustle. I think it’s like a cryptocurrency hustle. It doesn’t make any sense to me.”

Rogan argued that there is no point in spending a considerable amount of money on a digital artwork when people can download it for free:

“Here’s my problem, I can have that photo and I can have it on my phone.”

This is not the first time when Rogan reveals his confusion on the matter. A few months ago, during another podcast, the comedian Reggie Watts tried to explain what NFTs are and how people can interact with them. Rogan, though, said he “understands even less” after the discussion.

On the other hand, the American is not a cryptocurrency critic. He revealed that he is a digital asset hodler. However, he did not disclose which tokens he has exposure to:


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“I have a little bit of crypto.”

Joe Rogan. Source: Politico
Joe Rogan. Source: Politico

Are NFTs a Hustle?

Despite gaining massive popularity in recent months, many people are still unaware of what non-fungible tokens are. In short, they are cryptographic tokens that define an asset uniquely. They can represent an image, but they can also track real-world products, such as a car, a house, or a song.

Many have also used their popularity to raise money for charity. An example is the NFT-dedicated platform SuperRare hosted. It launched a digital art collection of Freddie Mercury’s life and career and vowed to distribute the funds to the Mercury Phoenix Trust (MPT) – a charity organization that fights HIV/AIDS worldwide.

Speaking of prominent names, it is worth noting that celebrities such as Eminem, Tom Brady, Lindsay Lohan, and many more also launched their own collections.

In line with what was happening in the space, the NFT trading volumes reached all-time high records in August, exceeding $500 million for a single day at the end of the month. However, investors’ appetite for trading has decreased significantly since then.

Featured Image Courtesy of JSOnline

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Source: https://cryptopotato.com/its-a-cryptocurrency-hustle-joe-rogan-on-nfts/

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Europe Now World’s Biggest Crypto Economy: Boasts Over $1T Worth of Transactions

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Central, Northern, and Western Europe (CNWE) has grown into the world’s largest cryptocurrency economy since July 2020. The region experienced a massive increase in trading activity since then– particularly in the DeFi space.

The European DeFi Boom

Data from Chainalysis shows that CNWE received over $1 trillion in cryptocurrency over the last year alone. This represents 25% of global trading activity. Furthermore, it is responsible for at least 25% of all crypto value received by other regions, including 34% of the value received in North America.

This makes the EU the most concentrated in the world in terms of cryptocurrency trading volume. This is partially due to increases in all forms of trading activity over the past year, coming mostly from institutional investors.

Large institutional transaction value grew from $1.4B in July 2020 to $46.3B in June 2021, coming to take up half of all CNWE trading activity. The most pronounced increases were seen on DeFi protocols, where over 80% of these large institutional transactions were sent in June.

The impact of DeFi is further established when ranking coins in terms of transaction activity in the region. Despite being the largest cryptocurrency by market cap, Bitcoin heavily trails Ethereum in transaction volume among large institutional investors. Additionally, DeFi protocols took up a majority share of funds received by cryptocurrency services in CNWE in June 2021.


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The Decline in Eastern Asia

CNWE has seen significant absolute increases in its crypto trading volume. However, its new place as the world’s largest trading hub is partly due to a sharp decline in market share held by Eastern Asia– the previous world leader.

In early 2019 the region held over 30% of global transaction volume. This figure has since fallen sharply to about 15% – less than CNWE, North America, and even Central and Southern Asia.

This may be related to China’s continued push to prevent and discourage crypto trading within its borders. China re-announced their ban on crypto trading in the country days ago, and have been moving to prevent all access to exchanges within the country.

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Source: https://cryptopotato.com/europe-now-worlds-biggest-crypto-economy-boasts-over-1t-worth-of-transactions/

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Blockchain

Axie Infinity Records Holders ATH: 420% Year to Date Growth

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Popular non-fungible token (NFT) gaming platform Axie Infinity continues to see increased adoption from users, following exponential growth in the number of wallet addresses.

Axie Sees Surge in Address Holders

According to data provided by IntoTheBlock on Tuesday (September 28, 2021), Axie Infinity Shards (AXS) ownership is on the rise, with 17,480 address holders. This figure represents a new all-time high (ATH) and a 420% increase year-to-date (YTD). Meanwhile, this growth is indicative of the rising popularity of Axie Infinity and play-to-earn non-fungible token (NFT) gaming.

Back in July, CryptoPotato reported that the value of the AXS token skyrocketed nearly 400% within one month, leading to a market capitalization of over the $1 billion mark. Later in August, AXS was among the assets listed on the major cryptocurrency exchange Coinbase Pro, which also gave it an immediate boost.

Axis Infinity, developed by Sky Mavis and released in 2018, arguably popularised the play-to-earn trend and has recorded a number of impressive milestones in recent times. Data from DappRadar revealed that the project recorded over $2 billion in NFT sales volume, solidifying Axie’s place as the most valuable NFT collection, thereby surpassing major names such as CryptoPunks, Art Blocks, and NBA Top Shot.

The data also showed that more than 600,000 users traded Axis Infinity NFTs, resulting in 4,887,645 transactions. The project currently boasts over 1.5 million daily active users.


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According to Jeff Zirlin, co-founder of Axie Infinity, half of the platform’s users got to interact with cryptocurrency and blockchain for the first time through Axie, while 25% of them did not own a bank account.

The Growth of NFT Gaming

The NFT industry is becoming popular with celebrities, major sports leagues, and companies buying digital art in whatever form, or selling them. However, blockchain-based games are seeing a special kind of attention.

A report by DeFiPrime stated that the NFT Gaming market has a total market valuation of nearly $180 billion as of August 2021, with the value estimated to rise to $196 billion. An excerpt from the report reads:

“NFT games may have the potential to become the standard for the gaming market if it sees enough attention and popularity. Already they have made major changes to games and made it much more fun for players. From there, it could be a very major change to the way people play games and could be as major as Doom was to the market or 3D was for environments.”

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Source: https://cryptopotato.com/axie-infinity-records-holders-ath-420-year-to-date-growth/

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