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How Twitter’s Jack Dorsey Is Gradually Becoming A Formidable Force In The Bitcoin Space

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Twitter CEO Jack Dorsey Thinks Bitcoin Remains The Best-Positioned To Serve As The Internet’s Native Currency

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CEO and Chairman of microblogging platform Twitter, and also remittance giant Square, Jack Dorsey, is rapidly becoming very important in the Bitcoin space.

Going way back, he has had a soft spot for Bitcoin and has shown the same in the way he has committed resources, time, and energy in streamlining his companies to moving development and adoption of the cryptocurrency forward.

In the past, Dorsey has praised the open-source nature of Bitcoin. Comparing it to the internet, he said Bitcoin is the “best manifestation” of a native internet currency; it is open-source giving room for everyone to contribute to the direction of its development, and run by consensus. He also strongly feels that his work on Bitcoin is his best achievement so far.

Notably, Jack through his company Square has been involved in several projects aimed at promoting Bitcoin adoption and development. Several recent and past projects emphasize this point.

To start with, the company’s payment platform, Cash App, has had support for Bitcoin transactions since 2018 and has been reporting the growing adoption and usage of Bitcoin. Square recently announced it was beginning the development of a hardware wallet for Bitcoin that would be non-custodial and community-driven, as well as highly secure and more private. This new project will integrate with Cash App too.

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Additionally, Jack also announced not long after that the company would be working to bring Bitcoin closer to the competition in innovative financial services. Dorsey announced plans to develop DeFi solutions right on the Bitcoin network. The latest project Square would be working on would be creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Naming the project TBD and announcing the lead developer of the project to be Mike Brock, he restated, “Our primary focus is Bitcoin.”

Similarly, in February, he teamed up with rapper and entrepreneur, Jay-Z, to set up a fund that would promote cryptocurrency adoption in African countries, and India. The fund known as BTrust was started with 500 Bitcoins and aims at achieving greater financial inclusion for all.

To Dorsey, Bitcoin has the potential of being the future of money on the internet; bringing opportunities to the un-banked on a global scale. For this reason, he considers his company, Square, to be a toolmaker in actualizing this future.  It is obvious that Jack has set out to be a voice promoting the adoption of Bitcoin and his influence is growing by the day.

In what is becoming a trend these days, it is becoming common to see important personalities championing the course of cryptocurrencies. The asset class is standing the test of time and keeps getting firm supporters. Bitcoin in particular is winning over countries, institutional investors, and former skeptics.  

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Source: https://zycrypto.com/how-twitters-jack-dorsey-is-gradually-becoming-a-formidable-force-in-the-bitcoin-space/

Blockchain

The Olympic Games Are Arriving to Phemex Exchange 

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[Featured Content]

The sports world has gathered in Tokyo. Japan has finally welcomed the planet’s best athletes for the Summer Olympics.

After being postponed a year due to the coronavirus pandemic, the Tokyo Olympics officially began on July 23. And the cryptocurrency industry is not far behind. Following this year’s unprecedented bull run, the sector is now doling out money to establish its presence in the world-class sports arena.

The Olympics game has never been postponed in the last 124 years despite being caught in the upheavals of history. Even with the downscaling, the spotlight is still very much on the athletes. And deservedly so. As the Olympics marches ahead with the unprecedented challenges, history is also being created at the backdrop. This has been made possible by Crypto.com, which recently announced two sponsorship deals in 2021. The crypto platform forged a partnership with Formula 1 and UFC earlier this year, demonstrating the world’s transition to cryptocurrency.

olympic-games

The International Olympic Committee (IOC) announced that it is all set to give the viewers of the world’s largest sports event an Olympic-themed digital experience. In June, the IOC revealed the launch of its very own Olympic-themed NFTs as part of its Olympic Heritage Collection to celebrate its legacy and engage with the fans.

The Games of the XXXII Olympiad, a.k.a the Tokyo 2020, will go down in history because of the difficult circumstances and because they are happening as the world’s general perception of money and assets is transitioning. The Olympics is now no more just a global sports event. It has emerged as a stage where several advanced technologies are being unveiled that have the power to revolutionize the world in the days to come.

Blockchain, for one, offers endless possibilities for the sports industry. In fact, the application of this technology is not limited to monetizing fan engagement, enhancing intersections, and attracting sponsors, and capturing a global market in unimaginable ways.

Then there is a whole new stream that involves the origination of new markets for sports betting and collectibles trading. But what’s more interesting is that this new frontier can be a huge revenue-generating stream for the athletes to create loyalty rewards and tokenized income share agreements.

The fusion of blockchain technology and gaming holds great opportunities for the growth of both realms. To celebrate this, globally renowned Singapore-based cryptocurrency exchange Phemex has devised an interesting plan. What could be better than the launch of a very own dual-sport cryptocurrency trading competition, dubbed the Phemex Olympics: United Through Trading, at the backdrop of the actual Tokyo 2020?

Phemex’s all-new event essentially comprises two sports – weightlifting, where participants will be rated based on trade volume and sprinting, which judges how fast traders can reach a 500% ROI.

Phemex’s dual-sport crypto trading introduces a prize pool that ranges from $23,000 to $48,000, based on the number of participants.

For the weightlifting category, the top winners can earn between $500 and $20,000. They will also receive unique mystery box gifts depending on their rank. Phemex will award those traders that manage to rake in the most trading volume during the entire duration of the campaign. Most importantly, the cryptocurrency exchange will only count the contract trading volume. Phemex’s summer Olympics will also allow all contract pairs and feature each participant’s volume on the landing page, which will be updated every ten minutes.

For the sprinting competition, Phemex will introduce a slightly smaller prize pool of up to $45,000 based on the total participation. This will enable the contestants to compete to reach a 500% ROI before other users on the platform. The ten quickest participants will be rewarded based on their ranks from $500 to $20,000.

To meet the criteria, valid participants must own a minimum of 0.003 BTC in their trading accounts at the time of registration. Besides, Phemex will count both realized and unrealized PNL towards users’ total ROI. In other words, ROI is measured by dividing individual PNL by the sum of their BTC trading account initial balance, commission incoming made during the event, and bonuses received during the same period.

In a scenario where users fail to hit a 500% ROI, the fastest ten winners will be ranked according to the highest return. On the other hand, if two players reach a 500% ROI, the one with the higher return will be prioritized.

API users will be able to participate in sprinting competitions, but not weightlifting. Moreover, only the BTC/USD contract pair is applicable for the sprinting contest.

The Phemex Olympics will be held between July 30 at 8 AM UTC till August 13, 8 AM UTC, coinciding with the Tokyo 2020. Phemex will carry out its Gleam Campaign registration between July 23 and August 8, and the competition will go live between July 29 and August 11.

The users may take part in both event categories at the same time. After August 20, all prizes will be distributed in Bitcoin [BTC] corresponding to the settlement exchange rates of that day. Players can face disqualification in case of registering batch accounts, spawning profits via market manipulation, and leveraging APIs in the weightlifting competition. Additionally, only main accounts are eligible for participation in the Phemex Olympics, and sub-accounts will not be counted.

Blockchain has come a long way from just being a buzzword in the financial sector and there are many events happening around the world to further its adoption. The technology has fortified its premise as an effective tool across many diverse industries. One rather surprising area is sports in which the tech is rising to power.

Clubs and teams are now gearing up to conduct blockchain-based solutions and customizing blockchain applications in sports to help generate engagement and monetize their fan base. Especially at a time when revenues generated from ticket sales have been hit hard by the raging pandemic, embracing blockchain is a compelling necessity for survival.

Prior to the Olympics as well, blockchain technology in the sports industry has started thriving. Blockchain is being extensively used to reward fan interaction and develop unique experiences. It also enables athletes to crowdfund performances by leveraging income share agreements. This technology is slowly creeping into mainstream consciousness since it allows reimagination of fan experience in the sports industry to conceive engagement opportunities and innovative revenue streams that were incomprehensible a couple of years ago.

Phemex Olympics: United Through Trading represents the much-needed collusion between two fields. This new product has the potential to spur the accessibility of millions of users to the world of blockchain-based tokens and decentralized networks. The more, the merrier.

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Source: https://cryptopotato.com/the-olympic-games-are-arriving-to-phemex/

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Wealthfront to Offer Cryptocurrency Exposure to its Clients Through Grayscale

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The financial institution Wealthfront announced it would expand its menu of digital asset investments by including Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Additionally, the company would provide more solutions to its customers with cryptocurrencies different than BTC and ETH.

Wealthfront Customers Can Now Invest in GBTC and ETHE

The California-based investment provider Wealthfront with more than $25 billion in assets under management, revealed in a recent blog post that its users can now diversify their portfolios by allocating funds in Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).

The clients would neither need wallets to take advantage of the service nor be required to open an account in a cryptocurrency exchange.

However, Wealthfront warned that such investments can be risky and more volatile than most ETFs and would limit the initiative. With that being said, investors would not be able to allocate more than 10% of their total portfolios into GBTC or ETHE.

The company also expanded its menu of ETFs and assured its nearly 440,000 users that soon it would offer even more cryptocurrency options:


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“For example, you can now choose from a bigger selection of ARK ETFs, pick ETFs that are specific to industries like cannabis or self-driving cars, or choose from a larger pool of socially responsible investments. The choice is yours.”

GBTC Can Surpass The Largest Gold ETF

Grayscale is the largest digital asset manager that enables institutional investors to receive exposure to various cryptocurrencies without having to worry about storing or managing their funds. The company has enjoyed a massive increase in clients in the past year and a half, with GBTC taking the most substantial portion.

In fact, the growth of the Bitcoin Trust prompted some to believe that it could actually surpass the SPDR Gold Shares (GLD) – the largest gold-tracking ETF.

The difference between the two was significant in the middle of last year when the GLD was riding high with its AUM exceeding $80 billion while the GBTC was struggling beneath $5 billion. Yet, as institutions opened their minds to bitcoin and started accumulated massive portions, the gap began to close. At the end of 2020, the Grayscale Bitcoin Trust skyrocketed to about $20 billion.

2021 started even more impressively for GBTC as its AUM neared $40 billion. Somewhat expectedly, this expansion caused many experts to believe that the Grayscale Bitcoin Trust can soon outweigh the GLD.

However, according to a recent analysis, institutional demand for Bitcoin and Ethereum investment products has  started to slow down, and surpassing the SPDR Gold Shares now seems less likely:

“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lackluster.”

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Source: https://cryptopotato.com/wealthfront-to-offer-cryptocurrency-exposure-to-its-clients-through-grayscale/

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eToro Listed Shiba Inu (SHIB) While ShibaSwap TVL Drops Almost 80% in Two Weeks

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The multi-asset investment platform, eToro, which plans to go public later this year, has listed Shiba Inu (SHIB). The company argued that the decision came following substantial demand from customers.

  • Founded in 2006, eToro is an Israeli social trading and multi-asset brokerage company with offices in several European countries, the US, and Australia.
  • The firm announced the listing of Shiba Inu (SHIB) in a press release shared with CryptoPotato. The statement reads that the addition has come due to “strong customer demand.”
  • Users of eToro will be able to interact with the popular meme coin as “Shiba (in millions),” which is a “lot” of one million Shiba Inu units. According to the statement, this would provide customers with a “clearer understanding of the pricing in a regular, two-decimal-point format.”
  • The company recently outlined plans to go public later this year. It would become possible after a merger with a Special Purpose Acquisition Company (SPAC) with a total valuation of over $10 billion.
  • Back in May, eToro also listed arguably the most popular meme coin – Dogecoin. Shortly after, DOGE pumped to an all-time high at that point of about $0.5.
  • SHIB saw its record price in mid-May as its popularity skyrocketed. However, it has declined by more than 80% since then, even though the recently launched ShibaSwap DEX attracted billions of dollars in total value locked in just a few days after the launch.
  • However, the TVL has declined by nearly 80% since then to around $400 million as of writing these lines, according to data from DeFiLama.
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Source: https://cryptopotato.com/etoro-listed-shiba-inu-shib-while-shibaswap-tvl-drops-almost-80-in-two-weeks/

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