Crypto News Updates

Acquiring a bank wouldn’t solve the issues with banking for Binance or others, the CEO of the largest crypto exchange is convinced. Speaking in the aftermath of the collapse of crypto-friendly banks in the U.S. and amid Binance’s issues with payment providers in Australia, Changpeng Zhao said investments in several banks might be a better option although not a guarantee that crypto won’t be cut off. Binance Founder CZ Responds to Call to Buy a Bank, Says He Doesn’t Like Running Businesses With Debt Binance has looked into the potential acquisition of a traditional bank but found that’s not an ultimate solution to its own and the crypto industry’s issues with banking. Changpeng Zhao ( CZ ), the exchange’s founder and chief executive, commented on the matter on the Bankless podcast this week. “You buy one bank, it only works in one country, and you still have to deal with the bank regulators of that country,” the crypto entrepreneur said, answering a question from Twitter user @Dege

PRESS RELEASE . Kermit The Coin, the hottest new memecoin in town, is making waves in the crypto community with its unique charm and promising potential. Today, the Kermit team is thrilled to announce several exciting developments that will take the project to new heights. Kermit The Coin, known for its lovable green frog mascot, has captured the hearts of crypto enthusiasts around the world. With a strong and growing community, Kermit has gained significant attention and support since its launch less than 48 hours ago. Here are the latest updates on Kermit The Coin: Impressive Milestones Achieved: Within just 24 hours of its launch, Kermit The Coin has already attracted over 1,200 holders, showcasing the immense interest and engagement from the crypto community. Additionally, the trading volume reached a staggering $16 million, reflecting the high demand and liquidity of Kermit in the market. Marketing Expansion: Kermit is doubling down on its marketing efforts to reach a wider

Kenyan President William Ruto recently urged his counterparts on the African continent to kickstart the process of ditching the U.S. dollar and replacing it with a pan-African settlement system. Ruto said the Pan-African Payments and Settlement System (PAPSS) allows business people to focus on moving goods and services. Pan-African Settlement System to Help African Countries Bypass U.S. Dollar Kenyan President William Ruto has called on fellow African leaders to start taking steps aimed at replacing the U.S. dollar with an alternative payment solution known as the Pan-African Payments and Settlement System (PAPSS). According to Ruto, this alternative settlement system, which was launched in Jan. 2022, allows African countries to use their respective currencies when trading among themselves. The Kenyan leader, who spoke at a forum of government and private sector officials, suggested that African countries can commence the process of ditching the dollar by encouraging central banks

U.S. lawmakers have introduced a bill to prohibit the Federal Reserve from “establishing, carrying out, or approving a program intended to test the practicability of issuing” a central bank digital currency (CBDC). “CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent,” said Congressman Alex Mooney. Digital Dollar Pilot Prevention Act U.S. Congressman Alex Mooney (R-WV) announced last week that he has introduced the Digital Dollar Pilot Prevention Act (H.R. 3712) “to close the Federal Reserve’s central bank digital currency (CBDC) pilot program loophole.” The lawmaker clarified: Specifically, this bill would prohibit the Federal Reserve from establishing, carrying out, or approving a program intended to test the practicability of issuing a CBDC. The bill is co-sponsored by 14 House Republicans: Pete Sessions, Bill Posey, Ralph Norman, Byron Donalds, John Rose, Andy Ogles, Jeff Duncan, Greg St

The latest gold reserves survey by the World Gold Council shows that central banks are less optimistic about the future role of the U.S. dollar while their confidence in gold has risen. “There was basically a lot more pessimism about the U.S. dollar and a lot more optimism for gold,” said the council’s director of Central Banks and Public Policy. Central Banks’ Confidence in US Dollar Drops The World Gold Council (WGC) published the results of its 2023 Central Bank Gold Reserves Survey Tuesday. “Following a historical high level of central bank gold buying, gold continues to be viewed favorably by central banks,” the gold industry body described, adding that 24% of central banks surveyed intend to increase their gold reserves holdings in the next 12 months. Last year, central banks bought a record 1,136 tons of gold. In contrast, the council noted: Central banks’ views towards the future role of the U.S. dollar were more pessimistic than in previous surveys. According to the su

What is wrong with the current P2E market Since most P2E projects do not create long-playing products, the Free-to-Play model of the past decade is breaking down, threatening to disrupt a $100B+ industry. The main lessons learned before 2023 are: NFTs were misused for trading and farming, not for gaming, Pay-to-play model anyway to engage in a full-featured game, Low quality graphics and lack of unique generated content, Farming and breeding decrease economy in a long run, Complex onboarding of Web2 gamers. Here’s where Junkineering comes into play, with the goal to improve the model, align incentives between developers and players in a virtuous cycle, as well as deliver a quality product, engaging and Fun-to-Play. The approach they offer is as follows: Game design based on the NFT Utility, Fair free-to-play and Digital Ownership, User Generated Content, No breeding, no farming mechanics, Familiar experience for Web2 audience. What is Junkineering Junkineering is a

The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s. Tinubu: Nigeria Needs Lower Interest Rates to Increase Investment and Consumer Spending The recently sworn-in Nigerian president, Bola Ahmed Tinubu, has chastised the Nigerian central bank’s aggressive interest rate policy which has seen the benchmark rate rise to 18.5%. According to Tinubu, the Nigerian economy needs lower interest rates if it is “to increase investment and consumer purchasing.” The remarks by the new Nigerian president came just over a week after the Central Bank of Nigeria (CBN)’s monetary policy committee voted to raise the benchmark rate by 50 basis points. The CBN has argued that its aggressive interest rate policy is intended to tame inflation, which rose to a 17-year-high o

The global blockchain gaming market will grow significantly during the next seven years and is expected to reach a market cap of $301.53 billion by 2030, according to a report issued by markets and intelligence firm Grand View Research. The “Blockchain In Gaming Market Size” report, found that this growth will be powered by the transition from traditional to blockchain gaming. Entertainment Market to Shift to Blockchain-Based Games The blockchain gaming market will grow significantly during the next seven years according to some predictions. A report issued by Grand View Research, a California-based markets research firm, predicts that the global blockchain gaming market will reach a market cap of $301.53 billion by 2030. According to the report, this growth will be incentivized by the shift from traditional gaming to alternatives that allow ownership of assets, transparency, and gaming monetization. These traits of blockchain gaming could also cause the sector to rise at a compou

The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s president stressed, adding: “In the future, it is unlikely that one single currency can dominate the world’s currency system. We will see more local currencies used to settle trade.” ‘We Will See More Local Currencies Used to Settle Trade’ The New Development Bank (NDB), formerly known as the BRICS Development Bank, is seeking to finance more projects in local currencies. The NDB was founded by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. Besides the five founding members, Bangladesh, the United Arab Emirates (UAE), and Egypt have also joined. In addition, Uruguay is currently a prospective member, and recent reports suggest that Saudi Arabia is engaged in discussions to potentially become a member. NDB President Dil

Russia is actively shifting to settlements in national currencies with its partners, Foreign Minister Sergey Lavrov has affirmed. He expects the transition away from the U.S. dollar to only gain momentum. “This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran, India, and China,” the top Russian official stressed, noting that the USD’s share is “steadily declining.” De-Dollarization Trend Gaining Momentum Russian Foreign Minister Sergey Lavrov said Monday that the utilization of national currencies in settlements between Russia and its partner countries will continue to gain traction, Tass reported. Responding to a question regarding Kenya’s intention to pay for oil exports in local currency, Lavrov remarked: Of course, as trade turnover grows, the transition to payments in national currencies will become more practical — this is the future. This is true not only for Africa, but also for Latin America, our Asian friends, as well as Iran,

Following the U.S. bankruptcy court judge’s rejection of the U.S. Trustee’s plea to designate an impartial investigator for the FTX bankruptcy case, the government is now appealing this verdict. In essence, the U.S. Trustee’s appeal has been forwarded to the U.S. Third Circuit Court of Appeals, and chief judge Colm F. Connolly acknowledged that he is compelled to comply with the Trustee’s request. U.S. Trustee Drives for Independent Examiner in FTX Bankruptcy Proceedings With Third Circuit Appeals Motion The U.S. government, particularly the Department of Justice-appointed U.S. Trustee designated to the FTX bankruptcy case wants an independent examiner assigned to the proceedings. Last December, an attorney for the U.S. Trustee submitted a written letter to the court insisting that an impartial examiner is needed. Additionally, a small group of bipartisan U.S. senators have also stressed that an independent investigator should be assigned to the FTX case. The U.S. senators who wro

The government of Russia is preparing to regulate the establishment and action of crypto exchanges, abandoning its earlier proposal of the creation of a unique national platform. Anatoly Aksakov, head of the Russian State Duma Financial Markets Committee, stated that crypto exchanges could help Russia to bypass sanctions by using crypto to settle international payments. Russia to Enact Cryptocurrency Exchange Rules Soon The government of Russia will focus on establishing a framework to regulate the establishment and action of crypto exchanges, according to recent statements of Anatoly Aksakov, head of the Russian State Duma Financial Markets Committee. The legislative body abandoned the earlier proposal of creating a unique national cryptocurrency exchange. The proposal of a unique exchange presents a fundamental flaw: it might be targeted by Western sanctions at some time in the future, Aksakov explained. In a recent interview on Izvestia, a Russian magazine, Aksakov explained:

A recent survey conducted by Axios and Harris Poll, which polled 16,310 Americans, has revealed some interesting findings about the reputation of two select entities in the crypto industry. FTX, a crypto exchange that has since gone out of business, has been ranked at the very bottom of the list, coming in at 99 out of 100. Meanwhile, bitcoin has made its debut on the list, ranking a low of 93 among the top companies and organizations. FTX and Bitcoin’s Reputation Woes Highlighted in Visible Brands Poll The 2023 Axios Harris Poll 100 has revealed that FTX has a less-than-stellar reputation among the top 100 companies ranked from best to worst in terms of reputation. The survey’s is to “gauge the reputation of the most visible brands in America,” as stated by Axios. Interestingly, the poll has added two crypto-themed elements this year: the now-defunct crypto exchange FTX and the leading crypto asset by market capitalization, bitcoin (BTC) . The poll revealed that FTX and bitcoin

TradingView, the globally renowned charting platform and social network for traders and investors, has announced the integration of $VERSE token and Verse DEX within its platform. This milestone in the adoption of Verse is a clear signal that Verse as the gateway to DeFi resonates with a great many people. TradingView, used by over 50 million traders and investors worldwide, ranks as the #1 website in the Investing category according to Similarweb rankings. With a 4.9 rating from over 500,000 reviews, TradingView is now the highest-rated finance app on the Apple App Store. The addition of VERSE and Verse DEX to its platform underscores the impressive growth the Verse ecosystem has experienced in a short time. Bitcoin.com ‘s decentralized exchange, Verse DEX, has surged in Total Value Locked (TVL). Since March, Verse DEX’s TVL has increased by more than 290%, surpassing $16 million, placing it among the top 20 DEXs on Ethereum. Verse DEX’s boosted pools offer enticing rewards, with A

Over the past week, Litecoin has experienced a sustained increase in daily confirmed transactions. Following a record-breaking peak of 585,415 daily confirmed transactions on May 10, the blockchain has consistently handled a range of 172,000 to 532,000 transactions per day. Litecoin’s Daily Transaction Rise Continues Since May 2, 2023, the Litecoin ( LTC ) network has been witnessing an unprecedented surge in daily transactions . Bitcoin.com News first reported this development 11 days ago on May 18, and the momentum of LTC transactions has shown no signs of slowing down. To put it in perspective, the previous highest number of confirmed daily transactions for Litecoin was on September 26, 2022, with a total of 211,014 transactions recorded on that day. Before that, the previous record was set on June 24, 2021, reaching 196,191 transactions. Throughout the majority of 2022 and the initial months of 2023, Litecoin’s daily transaction volume ranged between 90,000 to 130,000 transac

U.S. presidential candidate Robert F. Kennedy Jr. says he does not want anti-crypto people on the Securities and Exchange Commission (SEC). He also slammed the securities regulator for protecting banks rather than the American people. “What they’re doing is obscure, it’s not transparent, and it’s not bringing transparency to our system,” said the presidential hopeful. RFK Jr on SEC, Bitcoin, Crypto Regulation U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) expressed admiration for bitcoin while criticizing the regulatory approach of the Securities and Exchange Commission (SEC) towards the cryptocurrency industry in an interview with Thestreet, published Friday. RFK Jr. is a nephew of former U.S. President John F. Kennedy and a son of former U.S. Attorney General Robert F. Kennedy. Sharing his intention to nominate crypto-friendly individuals to the SEC should he be elected president, Kennedy stated: I don’t want people on the SEC commission who are anti-crypto. At mos

Bkex, a crypto exchange based in the British Virgin Islands, has suspended withdrawals due to an allegation that a user’s “funds were involved in money laundering.” In order to assist law enforcement with their investigation and gather evidence, Bkex said it has decided to halt withdrawal activity for the time being. British Virgin Islands-Based Digital Currency Platform Bkex Pauses Withdrawals At 7:56 a.m. Eastern Time on March 29, the digital currency trading platform Bkex took to Twitter to share important news about the suspension of withdrawals. In an announcement on Monday, Bkex revealed that a user’s funds were linked to a money laundering incident. To facilitate the collection of evidence, the crypto exchange will temporarily halt all withdrawals and collaborate closely with the police. “[The] Bkex team will fully cooperate with the regulatory investigation and do its best to restore the normal operation of the exchange,” the announcement details. “The team will actively

The Nigerian gift card and crypto trading platform, Patricia, announced on May 26 that one of its trading applications had been breached and that BTC as well as naira assets were compromised. The crypto exchange platform said it has since suspended withdrawals and is presently “undergoing internal restructuring.” Patricia Says Customer and Merchant Assets ‘Secure’ The Nigerian gift card and crypto exchange platform, Patricia, revealed on May 26 that hackers had breached its retail trading application leaving an undisclosed amount of BTC and naira assets compromised. According to an update issued by the firm, other crypto balances were not affected by the breach. Patricia also reassured the public that the assets belonging to its customers and merchants were still secure. Hello Chief, We have a much needed update for you. #patriciatechnologies #cryptocurrencies pic.twitter.com/AcOIdIE8Vu — Patricia (@PatriciaSwitch) May 26, 2023 However, despite the statement which sough

Peter Schiff, the chief economist of Europac and best-selling author, has blasted the recent bipartisan deal regarding the United States debt ceiling. According to Schiff, the proposal fails to address the already inflated budget, allowing rises in several budget areas without supervision, which could increase the U.S. national debt by at least $4 trillion in the next two years. Peter Schiff Criticizes Debt Limit Deal Peter Schiff, gold bug and chief economist at Europac, has blasted the recently reached bipartisan agreement regarding the U.S. national debt limit. Schiff considers the proposed two-year deal, which is said to suspend the debt ceiling, insufficient, as it allows several budget lines to continue increasing, capping only specific expenses. On this, Schiff stated : The deal to raise the debt ceiling allows military and entitlement spending to increase, and only caps discretionary spending at 2023 levels for two years. Schiff, who has criticized the U.S. government