The coronavirus changed the way we live and work almost overnight. It brought about negative impacts on the economy, businesses, and even individuals. Many companies closed down, and millions of people were left unemployed. Apart from its global impact, we already know that the crisis is expediting an already growing trend on digitalization.
From online shopping to drone delivery, virtual meetings to automated productions, the traditional services are moving towards digital, pervading through different sectors and activities. Digitally inclined businesses are acclimating to the ongoing crisis thrivingly, and others are still trying to keep up with the changing environment.
For governments looking to push economic recovery after the crisis, supporting digital competitiveness is possibly the key. Investors are encouraged to venture into digital investments to help in the improvement of the economic climate.
Investing in The Digital Space
There is significant evidence that foreign direct investment (FDI) to the digital space can bring technology, knowledge, jobs, and growth. For developing economies, FDI is also often their most significant source of investment. Traditional businesses venturing into digital investments are trying to adapt to the current environment to be close to customers and open new markets.
“Evidence shows that foreign direct investment can provide many benefits to host countries, including productivity improvements, better jobs, and knowledge transfer. Further, it can serve as a vehicle for the transformation of domestic production and better integration with global value chains,” says a research paper published by the World Bank Group.
The digital economy generates different new business opportunities. For example, social media, e-commerce, and payment platforms would not exist if not for the internet. Governments that embrace such new businesses create an environment where companies in the digital space to thrive and actively promote the digital economy are likely to have greater success in attracting investments.
Apart from new business models, investing in digital space can change the way we do business. Local enterprises may shift to various digital services to adapt to the changes brought about by the coronavirus. Adherence to these changes is crucial in achieving investments to help rebuild the economy through digital space.
An excellent example is TimeCoinProtocol (TCP), a platform that facilitates the development of any form of sharing economy service. TCP allows users using sharing economy apps to move from one service to another while they keep all their private data and the reputations they have earned. The first two dApps expected on TimeCoinProtol are eSportStars And TimeTicket.
eSportStars lets esport players, streamers, and fans find other individuals interested to play, buy, and sell competition tickets. The dApp will allow users to earn money by playing games and has already seen over 300,000 registrations before launch.
The platform is available in Japanese, Chinese, and English and aims to tap into the rapidly growing esports market. To achieve this, eSportStars has employed the services of professional esports teams, including JapanKillerAngel, the first professional team in the field that specializes in games like Valorant and PUBG. Other teams include GameWith, specialists in Super Smash Bros and Fortnite, Tekken players, and TeamYAMASA.
Another sharing economy dApp set to be built on TCP in the near future is TimeTicket. The platform will allow users to use ‘time tickets’ to tokenize their business hours. These tickets can be bought and exchanged for various services on the platform such as photography, consulting, relationship counseling, programming, coaching, fortune-telling, and even offering financial advice.
The platform has already tried its services in Japan through a web version of the app and experienced overwhelming success. There are over 250,000 users in the country who are utilizing the TimeTicket web version to share their skills, with some claiming to make as much as $10,000 a month.
Another thing that should be considered in helping the economy recover is by investing in alternatives such as digital assets. It can help create potential income streams, especially for those affected by the increasing unemployment globally.
Digital Asset Investment
“As the economy is becoming more digital, the role of digital assets in investment decisions will also grow. A new alternative asset market can provide valuable contributions to portfolio allocation: crypto-currencies display high expected returns with large volatilities and at the same time remarkably low correlations with each other and with standard financial assets, allowing for diversification benefits,” according to a discussion paper published in Humboldt University, Berlin.
When it comes to cryptocurrencies, investors can consider DeFi products. DeFi is the hottest sector within the crypto market right now, and over the past few months, the DeFi market has exploded with over $2 billion in Total Value Locked. For those that hold substantial amounts of digital assets and don’t want to sell them, they can lend them on platforms like Kava, Compound and Maker, and earn interest. To choose the right DeFi platform for this activity you can use defiprime.com to analyze the best projects available.
Investing in digital assets offer means of passive income, perfect for those who lost their jobs due to the crisis. Those who are eyeing for other income streams can venture into digital assets, especially if using the right strategy. Certain low-risk strategies do not require much work from investors, such as arbitrage.
“Arbitrage is the buying and selling of the same asset from different exchanges. Instead of depending on the investment vehicle’s market value, arbitrage takes advantage of the price discrepancies between exchanges. This strategy works well, especially with volatile markets, which can be caused by the recession,” says Andre Gerald, CEO of Prance Gold Holdings, a FinTech-driven investment platform.
Through investment in digital assets, anyone can help in the recovery of the economy. It also is a great way to generate income amidst all the unemployment trends. With the right strategy, investing in digital assets can be profitable.
“What arbitrage programs do is to initiate a trade instantly once an arbitrage opportunity is spotted. This offers traders reduced risks and increased profitability of their digital assets,” serial entrepreneur and seed investor of Prance Gold Holdings Jeffrey Guo said.
The current crisis has shifted the way we live our day-to-day lives. It has also opened up a lot of opportunities in the digital space, which can help recover the economy. One way is to promote the digital economy through investment in businesses going or already in the digital space. Another way is to invest in digital assets, which can help ease the economy by providing additional income streams.
Crypto Exchange Binance Under Investigation by Department of Justice and IRS
Crypto exchange giant Binance is allegedly under investigation by the U.S. Internal Revenue Service (IRS), as well as the Department of Justice (DOJ) for money laundering and tax evasion.
BREAKING: Binance, the world’s biggest crypto exchange, is under investigation by the Justice Department and IRS https://t.co/mk0Njo7tUE
— Bloomberg Crypto (@crypto) May 13, 2021
According to Bloomberg, the federal probe is confidential, with both the DOJ and IRS having “sought information from individuals with insight into Binance’s business.” The report accused Binance of succeeding without strong government oversight, with its lack of corporate headquarters and incorporation in the Cayman Islands — which levies no taxes and offers more lenient business practices.
“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity,” said a Binance spokesperson in response to the recent probe.
Binance and Crypto Markets Continue to Face Regulatory Scrutiny
One of the biggest criticisms of Bitcoin and the crypto space at large has been their use for criminal activity. Back in January, Treasury Secretary Janet Yellen raised concerns over cryptocurrencies being used in terrorist and illegal financing, with other major financial figures like Charlie Munger associating the industry with “kidnappers” and “extortionists.”
Chainalysis, a blockchain-based data analytics firm used by U.S. federal agencies, reported in 2019 that Binance saw more funds tied to criminal activity than any other exchanges based on the transactions that it had analyzed.
“Binance and Huobi lead all exchanges in illicit Bitcoin received by a significant margin. That may come as a surprise given that Binance and Huobi are two of the largest exchanges operating, and are subject to KYC regulations. How can they be receiving so much Bitcoin from criminal sources? Let’s start by looking at the specific accounts receiving illicit funds at both exchanges.”
This is certainly not the first time Binance has been embroiled in legal troubles. Recently, the exchange’s venture into tradable stock tokens landed the company under the scrutiny of European regulators, including the U.K’s Financial Conduct Authority (FCA) and Germany’s BaFin. In March, Binance hired former U.S. senator Max Baucus as a regulatory advisor.
Featured image from UnSplash
Coinsmart. Beste Bitcoin-Börse in Europa
Kraken Daily Market Report for May 14 2021
- Total spot trading volume at $3.17 billion, 5.3% higher than the 30-day average of $3.01 billion.
- Total futures notional at $638.8 million.
- The top five traded coins were, respectively, Ethereum (+2.3%), Bitcoin (-1.4%), Tether (0%), Dogecoin (12%), and Polkadot (-0.6%).
- Strong returns from Dogecoin (+12%) and Synthetix (8.5%).
|May 14, 2021
$3.17B traded across all markets today
Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 14 2021)
Figure 2: Mid-size trading assets: (measured in USD) (May 14 2021)
Figure 3: Smallest trading assets: (measured in USD) (May 14 2021)
#####################. Spread %. ##########################################
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (May 14 2021)
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (May 14 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (May 14 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 14 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner
Ternoa Blockchain has found a new partner as it introduces its NFT-based data transmission service to the market.
The company received an investment from Australia-based private equity firm LVT Capital to form a strategic partnership aimed at enhancing the sustainability, innovation, competitiveness, and dependability of Ternoa’s services that allow users to build time capsules for safely transmitting their memories and important data to their descendants even after death.
Building on LVT’s Expertise
With its focus on blockchain, crypto, and tech projects, LVT Capital has already proven its expertise in these areas with its numerous collaborations and investments. The company has already made investments in more than 40 top-caliber crypto, real estate, finance, education, and cybersecurity firms with 200 more under evaluation for potential collaborations.
LVT Capital has the market and technology expertise as well as the resources to enhance Ternoa’s unique service and promote it to boost the company’s competitiveness. For instance, LVT Capital has its own media & marketing services and an online publishing arm focused on blockchain, technology, and business, which makes the firm a perfect fit for Ternoa.
Ternoa Blockchain Offers Customizable Time Capsules
Ternoa Blockchain found a new way to use NFT and blockchain technologies to help people handle their data storage and transmission needs, which is one of the reasons for LVT Capital’s decision to invest in its business. With its Polkadot-powered, NFT-based customizable time capsules, people can securely transmit their memories such as photos, videos, and other important data to future generations or simply use the platform as a secure storage solution.
Ternoa’s platform is flexible enough and gives users several options on how they wish their data to be retrieved by their intended recipients. The available transmission protocols are Safe Protocol, Consent Protocol, Death Protocol, D-day Protocol, and Countdown Protocol.
- Safe Protocol – Data owners can retrieve data at any time, which makes use of Ternoa as a secure and portable storage solution.
- Consent Protocol – Recipients can access the time capsule as long as the original owner does not use his veto option.
- Death Protocol – The time capsule will be delivered to the beneficiaries upon the death of the creator based on local death registries APIs.
- Countdown Protocol – Introduces a countdown feature which can be set to1 month, 1 year, or 10 years. The time capsule will be delivered to the recipient if the countdown reaches the limit. The creator can reset the countdown at any time.
- D-day Protocol – Time capsule can only be accessed on a specific date, which is set by the creator.
While the loss of data is always an issue for other data storage solutions, Ternoa eliminated this risk by making copies of the files inside the time capsule, which are stored in other dex storage blockchains. At the moment, Ternoa sends these copies to Aerweave, Sia, and Storj while keeping the original version in its network. To learn more about the project, click here.
IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.
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