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Yield App Doubles Assets In Q3 As It Scores Big With Premier League Partnership

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YIELD App, a FinTech company and digital asset wealth management platform, has published its Q3 report, showing the firm continuing on a strong growth trajectory over the third quarter of 2021, which saw it double its managed assets and strike a high profile partnership with Premier League football club, West Ham United.

The quarter saw YIELD App’s managed assets increase by 107% from $163.6 million at the end of June 2021 to $339.4 million by the end of September, marking a bold first nine months for YIELD App following its beta launch in December 2020 and public launch in February of this year.

YIELD App said the increase had been driven in large part by the launch of its Bitcoin Fund in July, which reached its cap of 500 BTC in just a few days of its first fundraising round. The re-opening of the fund in August also saw one of the firm’s biggest days for new user sign-ups, with close to 1,500 new users joining on August 20th.

Asset growth was further boosted by a growing number of corporate and institutional clients, with YIELD App reporting that it now serves well over 60 clients in this segment, ranging from blockchain companies to traditional investment vehicles to family offices across Europe, Asia, and Australia.

The report states that the highlight of the three months to the end of September, however, was YIELD App’s partnership with West Ham United, a Premier League football club based in London in the UK. YIELD App is now the official Digital Asset Wealth Management partner of the club until the end of the 2021/22 season in June 2022.

YIELD App says the deal will see the digital wealth management platform feature throughout West Ham United’s communications with its 60 million fans across the world, significantly broadening the reach of digital assets to mainstream audiences.

The Q3 report also sees YIELD App enhance its transparency by significantly expanding its portfolio reporting to include extensive information on risk management, insurance pools, and how the firm invests users’ funds. The firm says it has contracted top blockchain auditing and accounting firm Armanino to report on its reserves, while it is also partnering with up-and-coming DeFi risk-modeling platform Credmark for further auditing.

Commenting on the YIELD App Q3 Report, Tim Frost, CEO of YIELD App, said: “In the nine months since our beta launch in December 2020, YIELD App has gone from strength to strength, growing at an unprecedented pace. In the latest quarter alone, we have seen our managed assets more than double and secured an exciting new partnership with West Ham United that places us among the top tier of digital asset wealth platforms.

“I couldn’t be more pleased with how the first nine months of our business have gone and I am thoroughly looking forward to the successes that await us in the last three months of the year, and beyond. With our strong and growing team and our market-beating proposition, I am confident YIELD App will become a leading platform for anyone interested in digital assets, anywhere in the world.”

Please click here to view the full YIELD App Q3 Report

About YIELD App

YIELD App believes that everyone should have access to the best investment opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, the company provides an innovative digital asset wealth management platform that bridges traditional and decentralized finance in the easiest way possible. For more information, visit www.yield.app


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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/yield-app-doubles-assets-in-q3-as-it-scores-big-with-premier-league-partnership/

Blockchain

SEC helped Ether Surpass XRP, Ripple CEO

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Ripple CEO Brad Garlinghouse has said that Ether (ETH) overtook the company’s XRP token by market capitalisation because of the US Securities and Exchanges Commission (SEC).

According to Garlinghouse, the US regulator’s approach towards ETH largely encouraged investors, giving it a free pass that enabled the smart contract platform’s native token to overtake XRP in the market.

 “Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped,” he said.

Ripple’s XRP currently occupies the seventh spot among the largest cryptocurrencies, with a market cap of $52 billion according to data from CoinGecko. Ethereum has held the second spot for the last four years after deposing XRP during the 2017 bull run.  The Ether (ETH) cryptocurrency currently has a market cap of over $490 billion after its price surged to set a new all-time high above $4,000.

In comments made on Thursday 21 October at the DC Fintech Week, the Ripple exec also claimed that the SEC’s approach was based on “outdated” laws. He also wondered why a former official at the agency had found it easier to say Ethereum was not a security, yet SEC Chair Gary Gensler cannot make the same pronouncement.

Garlinghouse’s comments come at a time Ripple is battling the US watchdog’s charge that XRP is a security illegally sold by Ripple Labs and the company’s top brass. The company has also faced class-action lawsuits before.

Despite these events, more XRP holders feel the SEC has unfairly targeted Ripple, a view Garlinghouse also holds. According to him, there almost 50,000 holders of the token “are trying to sue the SEC for ‘protecting them‘.”

The tussle has seen the court allow XRP holders to become amicus curiae or friends of the court. However, the same judge handling the Ripple vs. SEC case ruled that token holders cannot join the proceedings as defendants.

XRP has lost about 67% of its value since touching an all-time high of $3.40 on 7 January 2018. However, its current price of around $1.11 means its value is up more than 27% in the past 30 days and more than 340% up since this time last year.

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Source: https://coinjournal.net/news/sec-helped-ether-surpass-xrp-ripple-ceo/

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Blockchain

THORChain Jumps 35% on Ethereum Trading Restart 

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Source: https://cryptobriefing.com/thorchain-jumps-35-on-ethereum-trading-restart/?utm_source=main_feed&utm_medium=rss

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Cryptoeats Disappears After Raising £500K From Token Sale

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Cryptoeats, a company that reportedly raised 8 million in a Series A funding round to build a crypto-based Ubereats alternative, disappeared after launching its token. According to estimations, the startup might have taken more than £500K from investors after the launch of its official token dubbed “eats.” The alleged scam was promoted by UK influencers and manufactured related apparel, and even hosting a launching party in London.

Cryptoeats Initiative Vanishes After Token Launch

Cryptoeats, a company that proposed to build a crypto-based Ubereats alternative, vanished from the internet just minutes after launching its official token. The company, which had an official website and claimed to have raised funds to build their proposal, stated it had run a public beta of the service, partnering with food chains like Nando’s and McDonald’s.

Furthermore, the startup claimed it had already onboarded more than 100,000 customers, who have signed up to download the app and use it on launch day. But the developers of eats, the native token of the platform, emptied the wallet holding the funds coming from the initial token sale, stealing more than £500K from investors, according to reports. Soon after this, all of the social media accounts of the startup disappeared, along with its website.

Cryptoeats Looked Legit

Cryptoeats worried about looking legitimate before disappearing. The company first outed a PR statement where it claimed it had raised $8 million in its series A funding round in 2020. The PR statement, that was published on October 16, declared the company was “set to take a large slice of the $16.6 billion delivery app market.” The statement was issued using Globenewswire and was featured on Yahoo Finance’s website, but both references have been eliminated now.

At a local level, Cryptoeats also did its work bringing U.K. influencers to promote the new initiative among their fanbase. Joey Essex, a reality TV celebrity that promoted Cryptoeats, stated to local media he lamented the situation. Essex stressed:

I’m fuming. This company used my name to dupe lots of people into investing money. It’s disgusting and I feel bad for anybody in that situation.

But Essex was not the only local celebrity that promoted Cryptoeats. Lots of other influencers attended a launch party last week in London, where Cryptoeats apparel was shown and worn by some of the assistants.

What do you think about the whole Cryptoeats fiasco? Tell us in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/cryptoeats-disappears-after-raising-500k-from-token-sale/

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