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BNY Mellon Launches BTC Custodian In Ireland Amid Caution Cries

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BNY Mellon launches a bitcoin custodian in Ireland despite the central bank enforcer Derville Rowland expressed concerns over crypto assets as we can see more in our latest Bitcoin news today.

Despite the bearish sentiments, BNY Mellon launches a Bitcoin custodian in Ireland, hoping to expand its crypto operations in the country. The central bank enforcer Derville Rowland said that the rising popularity of crypto assets like BTC was of major concern in an interview today. Rowland was speaking in an interview after BNY Mellon announced a new crypto unit in Dublin that will allow clients to hold, transfer and issue digital assets. The new Digital Innovation Hub will be regulated by the Central Bank will act as a custodian for digital assets like NFTs and Bitcoin but also central bank digital currencies.

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Bitcoin increased about 30% since the start of the year and despite dropping 36% in the past month due to the growing mining concerns in China, the coin is stabilizing. The rising popularity and volatility spiked a series of events including launching warnings from Central bankers like the Bank of England’s Governor Andrew Bailey who warned that cryptos don’t have intrinsic value and that people should only buy it if they are prepared to lose money.

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Rowland’s remarks show that Ireland’s central bank is taking a very cautious approach because crypto assets are speculative and unregulated, as he said. Rowland’s department on the other hand has a reputation for heavy finds for all transgressors. However, the Irish aren’t following the bankers’ advice. A new survey by money management app Plum suggested that they are investing about 92% more in crypto than people in Spain, France, and Britain. BNY Mellon is one of the oldest banks in America which has been present in Ireland since 1994.

BNY Mellon Evaluates, bitcoin, btc, planb, stock to flow

BNY Is the biggest custodian in the world with more than $25 trillion in assets under management but despite its reputation, it has had a rocky start with crypto. In 2016, it wired over a hundred million dollars to accounts linked with alleged crypto Ponzi Schemes like OneCoin. But this year, BNY Mellon made a bold move when it announced plans to store and manage BTC as well as other assets on behalf of its clients.

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Source: https://www.dcforecasts.com/bitcoin-news/bny-mellon-launches-btc-custodian-in-ireland-amid-caution-cries/

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Crypto Companies Innovate to Serve Their Users Better

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The quest to leverage the crypto and DeFi boom means crypto companies must constantly be innovative to serve their users. If company “A” doesn’t do it, there is every certainty that company “B” will fill in that gap. TrustToken, Phemex, and Kryll are among the many crypto companies constantly innovating and launching new features on their platform. In this article, we shall look at some of the ways these companies are evolving in order to meet the demands of their users, and serve them better.

New $USDT lending pool by TrustToken

On June 18, 2021, TrueFi launched a new USDT lending pool for collateral-free loans. According to Head of Strategy Ryan Rodenbaugh, USDT remains one of the most demanded assets by crypto borrowers – and the new pool has grown rapidly in both size and utilization.

Growing these lending pools was helped by lucrative incentives: depositors enjoyed loan interest and generous TRU token rewards totaling more than 40-50% APY. In lending, utilization is key: with much of the capital sitting unallocated, are TrueFi users “overpaying” for stablecoins deposits?

TrueFi governance was quick to respond: a new proposal adjusting pool incentives based on utilization, pegging incentives for given lending pools (of TUSD, USDC and USDT today) to their rate of borrowing – dynamically – helping TrueFi reward the most productive assets.

The pools add a new way for crypto holders to earn returns while sitting in the safe haven of stablecoins during the market’s swings. In fact, TrueFi pools may offer some of the highest earning opportunities on stablecoins – and are free of impermanent loss.

Phemex launches Learn and Earn on its platform

Since its launch in 2019, Phemex crypto and futures trading exchange has been making giant strides in the crypto space. The platform offers spot trading, contract trading, and futures trading. It seeks to position itself as the most trusted in the industry.

In its bid to educate beginners on the crypto and blockchain industry, Phemex has recently launched its “learn & earn” program. The purpose of the new feature is strictly to incentivize new crypto users.

The new feature comes with interactive videos and other intuitive lessons designed for beginners. To motivate these learners, the crypto exchange has come with a way for learners to earn rewards while they learn. At the end of each lesson, users will be presented with a short quiz for them to provide the right answers. If a user answers all the questions correctly, the user will receive a reward from the platform. This becomes a good motivation for learners to pay attention and be serious throughout the learning process.

No more struggle to understand jargon-filled information

The “learn & earn” program is designed to be beginner-friendly and offers learners a fun and easy way to understand cryptocurrency basics. Users will first learn about Phemex’s essential features and how each feature works. The program also explained how cryptocurrency works and how beginners can trade cryptos on exchanges.

Kryll allows users to create their own crypto trading strategies

Krill is a crypto trading marketplace where users can create and own trading bots. There are currently more than 270 active trading strategies on the platform. Users can also publish their trading strategies for other users to use, and the publisher makes good profit in the process. In its bid to offer efficient services to users, Kryll developed tools that allow its users to create powerful trading bots for Binance, Kraken, and Bittrex. The interesting thing is that users don’t need to have prior coding skills to use this new feature on Kryll. Creating your trading bots on the platform is as easy as drawing on a whiteboard.

Users no longer have to constantly stay in front of their computers to trade. These bots are hosted in the cloud and operate 24/7. As a user of Kryll, you can now leverage the trading bots to save time and optimize your profits.

The platform also has a marketplace which gives users access to a community of experienced crypto traders who automate their trades on Binance, Kraken, Bittrex, and HitBit. Users can test, rent and offer automated trading strategies with each other.

Building better interaction with users

The innovative approach of crypto companies like TrustToken, Phemex, and Kryll is the tip of the iceberg, considering the high number of features introduced in the crypto space every day. It is an indicator that the cryptocurrency industry is still growing, and there are still more grounds to cover. TrustToken, Phemex, Kryll, and other crypto platforms are persistently leveraging the crypto boom to interact better with their users.

Image by Arek Socha from Pixabay

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Source: https://bitcoinist.com/crypto-companies-innovate-to-serve-their-users-better/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-companies-innovate-to-serve-their-users-better

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Poolin halts payout for BTC, ETH hash rate tokens after China’s crackdown

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Poolin, one of the major Chinese crypto mining pools, has temporarily halted the bitcoin and ether mining payouts to users who have staked their hash rate tokens on Poolin’s Mars protocol.

Poolin said in a blog post on Friday that the operations of its proprietary bitcoin miners that serve as the underlying assets backing its recently issued pBTC35A and pETH18C hash rate tokens have been shut down as a result of the recent orders issued by the Chinese governments in Xinjiang and Sichuan.

Poolin rolled out the two ERC-20 tokens earlier this year that can be staked to earn wBTC and ether based on the computing hash rate that each unit of the token represents and that is mining on their respective networks. 

“After Sichuan policy’s shoe dropped, we realize this time’s unexpected shutting down would eventually make unbearable economic loss on whole project which would likely leads to operational hardness. In this case, team decides to pause the wBTC/ETH output for all pBTC35A and pETH18C for less than 60 days which corresponding to the estimated schedule of miners migration,” the firm said.

“In [the] previous 30days, the Mars team has visited a lot of mining farms and signed long term facility hosting contracts with some mining farms under top-tier names,” Poolin said in the blog post, adding it’s currently relocating the machines backing the Mars project to new facilities with an expectation that the process will take 35 to 40 days. 

The prices of pBTC35A and pETH18C both have fallen significantly from their initial sales prices and all-time-highs.

Poolin initially sold pBTC35A for $100 per each unit that has an underlying hash rate of 1 TH/s. It has now dropped to below $50 on Uniswap, down nearly 60% from its all-time-high of above $120.

The price for pETH18C has also plunged by over 60%, sliding below $10 just about three months after Poolin launched the token at $30.

Poolin’s suspension is the latest event that crypto mining operations are being severely impacted by China’s crackdown. 

Nearly 50% of the bitcoin network’s total hash rate has gone offline since Xinjiang and Sichuan handed down the shutdown order for mining farms. 

Following that, there has been a spiking circulating supply of secondhand bitcoin miners on the market as a result of the shutdown policy.

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Source: https://www.theblockcrypto.com/linked/109600/poolin-halt-btc-eth-hash-rate-token-china-crackdown?utm_source=rss&utm_medium=rss

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Crypto wallet Zumo adds support for Bitcoin SV (BSV) after BTC and ETH

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Zumo, a crypto wallet and payments app, has announced that it can now be used to store and receive the cryptocurrency Bitcoin SV (BSV).

BSV is the third cryptocurrency to be supported by the non-custodial Zumo wallet. Users can also hold or trade Ether and Bitcoin.

Bitcoin Satoshi Vision (BSV) emerged from a hard fork of Bitcoin Cash (BCH); which itself emerged after a hard fork of Bitcoin (BTC). It is an extension of the same original blockchain with some amendments that have targeted the dual benefits of cheaper transaction fees and increased transaction capacity.

The name comes from its supporters’ belief that BSV aligns with the original vision of Satoshi Nakamoto; who first published the white paper explaining Bitcoin.

£10,000 worth of Bitcoin SV giveaway to celebrate

To celebrate the arrival of BSV to the wallet, Zumo is launching a giveaway of £10,000 worth of Bitcoin SV. Any UK resident who opens a new wallet with Zumo passes ID verification and makes a £1 deposit between June 25th, 2021 and July 26th, 2021 will be eligible to win the prize of £10,000 in BSV.

“We’re excited about offering BSV to our users. We’re hoping to introduce British crypto investors to BSV; as well as attracting new users who have never engaged with smart money before. To anyone who’s considering getting involved in crypto I’d say: we’re here to help.”
– Paul Roach, Zumo’s Chief Product Officer

Source: zumo.money

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Source: https://www.cryptoninjas.net/2021/06/25/crypto-wallet-zumo-adds-support-for-bitcoin-sv-bsv-after-btc-and-eth/

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