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EOS Up 46% as Block.one Invests $10 Billion in Exchange

The price of the EOS token is up, but development on the network has been down. Can an EOS-integrated exchange help?

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In brief

  • The new exchange starts with a pile of cash, Bitcoin, and EOS.
  • The starting capital is not far from the size of EOS’s market capitalization.

To start a centralized cryptocurrency exchange, you need a lot of liquidity to enable trades and attract buyers and sellers. 

The gross domestic product of a small country ought to do it.

Block.one, the software firm behind the EOSIO blockchain platform, has pulled together $10 billion to get Bullish Global off the ground. Block.one supplied 164,000 Bitcoin ($9.25 billion), 20 million EOS tokens ($250 million), and $100 million in cash, while also raising $300 million in strategic funding.

EOS enjoyed the best day of any of the top 100 cryptocurrencies by market cap, moving from $9.17 to $13.83 in just six hours this morning after the news broke. The 46% boost since yesterday bested other hot assets such as YFI and MATIC, according to data from Nomics.

Block.one was founded by CEO Brendan Blumer and former CTO Daniel Larimer, who wrote the EOS white paper. The blockchain project, one of the original “Ethereum killers,” went on to raise a record sum of $4.2 billion in an initial coin offering.

Its backers include UK hedge fund manager Alan Howard, Moore Capital Management CEO Louis Bacon, and PayPal and Palantir co-founder Peter Thiel—all of whom invested in Bullish’s funding round. 

Mike Novogratz, whose asset management firm Galaxy Digital also partook in the funding round, said, “Bullish’s sheer size and scale combined with Block.one’s experience in high-performance blockchain engineering will make Bullish a formidable player from day one.”

According to an announcement today, the new cryptocurrency exchange will leverage existing tools from the EOS network and the EOSIO platform maintained by Block.one. 

It also plans on incorporating lending and automated market making tools that allow algorithms to set the price of assets so that there doesn’t always need to be a buyer and seller. In other words, the exchange could allow EOS to take a share of the booming decentralized finance market, in which people can earn interest, borrow funds, and trade derivatives and digital assets without third-party intermediaries. “DeFi” accounts for about $85 billion in holdings on EOS rival Ethereum.

The serious outlay of funds by Block.one may be a necessity to remain relevant. According to a June 2020 report from Outlier Ventures, EOS lost 85% of its developer pool over the course of a year as its Github code updates evaporated to just 6% of the previous year’s level. 

core developers in "ethereum killers" over time.
Core developers over time. Source: Outlier Ventures 2021 Development Trends Report

The more recent 2021 Development Trends Report from Outlier Ventures suggested that, after that Q2 report, the downward trend had continued. While TRON and EOS were declining, other “Ethereum killers” such as Polkadot, Cosmos, and Solana were gaining developers.

But $10 billion can go a long way. It’s more than the entire market capitalization of Monero, Algorand, Maker, and—up until this morning’s market pump—EOS.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70604/eos-block-one-invests-10-billion-exchange

Blockchain

Is Telcoin (TEL) Cryptocurrency a Bump and Dump?

Telcoin Cryptocurrency began its journey in the market with a disorderly aim in its mind, which at that time was clearly not considered distinct.

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Telcoin cryptocurrency began its journey with a disorderly aim in its mind, which was at that time definitely not considered distinct. The crews behind the development of different altcoins have visions of altering some of the aspects of the world. However, that vision of making a change in the existing world has often been marinated in misconceptions and/or fantasies.

Talking about the main aim of the crypto asset, it is the settlement market, where the Western Union is presently the crystal clear spearheader. In addition to this, it should be noted that the crypto coin has recently entered a partnership with the international telecoms and Android money exchange platforms in order to provide their users with high-pace, relatively low-cost digital settlements to android money platforms and digital wallets.

The reader must know that what is more difficult here in the market is to dethrone the existing market leaders in the market, the ruling currencies, and coins. However, the fact that this coin has encountered major strides and implementations this year can not be ignored at any cost. 

If we count on the gains of the cryptocurrency from the beginning of this year, the crypto coin has managed to soar around 30,000%, and even though it is a huge return, this rise in the price of the crypto coin can be seen as an extremely regular figure from some new Initial Coin Offerings.

READ  Bitcoin Whales Shifts Million Dollar Worth Cryptocurrencies After Experiencing Drop-In Price

Moreover, in the case of this coin, it can be witnessed that this is not some upward rising due to marketing strategies that are being utilized to gain the interest of the investor, the coin has been around in the market since the year 2017.

What Is Driving the Telcoin Cryptocurrency 

Telcoin (TEL) is an ERC-20 token based on the Ethereum blockchain and is utilized in the telcoin ecosystem for making transactions on digital commerce websites. In the year 2017, Claude Eguinta and Paul Neuner co-founded the coin in order to assist their users in transferring money internationally in just a matter of seconds. 

Grasping the power of blockchain, the coin is striving to bring people in the evolving world a faster, low-cost surrogate to settlement services. In order to achieve its target, the company tries to build relationships with mobile companies and internationally established digital wallets that allow them to reach out to a wide user base with a service that does not require contact.

READ  China’s Crypto Crackdown Could be Good for the Market: Analysis

In addition to this, it should be noted that the crypto coin has not been a big beneficiary of the several surges in the market. What is going to help Telcoin Cryptocurrency achieve its aim is the recently released advancement that will be allowing the institutions to connect consumers to allow DeFi into the equation.

Moreover, the firm has recently announced a settlement service that will be helping with the conveying of funds between the Philippines and Canada. These projects are definitely of those kinds that can really assist in propelling the coin into mass adoption. Besides, witnessing history has never been an easy task.

How to Purchase Telcoin

Moving further with the article and discussing how to purchase Telcoin Cryptocurrency, the reader should be aware of the fact that the coin has been on various exchanges for a while now. 

The interested buyer will be having a choice between different platforms such as Uniswap, Kucoin, and Balancer, which has ultimately made it really straightforward to invest in the crypto coin for a while.

Security Factor of Telcoin

As seen in the reports released by different market aggregators, people have been searching for queries like Tel bump or dump, telcoin bump or dump, in their search boxes. Definitely, before moving further one should be able to get his hands on the details, rumors, data, and information that is circulating in the market.

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As the Telcoin Cryptocurrency makes use of the PoC model, there are no authenticators present on the network to validate the dealings on the network.

However, in order to attain better and advanced security levels, the coin enacts multi-signature crypto security.

As of now, the banks are forecasted to remain controlling the crypto market. Also, the competition is gradually increasing.

In addition to all the details mentioned above, it should be noted that the team has recently announced its addition to a decentralized exchange named QuickSwap. Moreover, the news of the QuickSwap listing did play a vital role in drifting up the value of the coin.

This is because the operations of the exchange are done on the Polygon protocol which does have a lower charge.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/is-telcoin-tel-cryptocurrency-a-bump-and-dump

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World’s First Summit on Decentralized Finance to Kick Off June 14

The world’s first-ever summit dedicated to decentralized finance is expected to kick off on June 14 at 9 am Pacific Time. 

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The world’s first-ever summit dedicated to decentralized finance is expected to kick off on June 14 at 9 am Pacific Time. 

DeFi summit is a virtual conference that gives participants free access to talks, roundtable discussions, and presentations taking place over a week. The event helps pioneers in the decentralized finance and nonfungible token community to come together and exchange ideas. This time around, the conference will focus on DEX, wallets, DAOs, NFTs, insurance, and lending.

NFT Artists and Experts to Address Decentralized Finance Summit

Right from day one, the summit will offer participants a look behind the burgeoning NFT market. Digital artists Pplpleasr and Matty Mo, Erik Mendelson of Bondly, and Max Moore of Sotheby’s will speak to the audiences. Other notable speakers include companies like Axie Infinity, Gala Games, and Animoca Brands.

The following day Billionaire Investor Mark Cuban will join the Polygon Power Panel as a special guest alongside Stani Kulechov from Aave, Sandeep Naiwal from Polygon, and Roc Zacharias from Quickswap.

The third day will see experts from Chainlink, Cosmos, Luna, Stacks, and OpenOcean speak to the attendees on various subjects connected to the industry. The DeFi trader roundtable featuring Boxmining, Cryptonauts, and DeFi Summit co-founders Justin Wu and Michael Huynh will also be held on this day.

On its fourth day, the conference will dedicate time to a day-long event called the DeFi Demo Day, where DeFi projects demonstrate their product, share their ideas, and engage with the community. The event will wrap up with a Decentralized Afterparty and networking event in Decentraland.

DeFi Summit Gives Free Access to Crypto Community

The DeFi summit is the largest event of its kind, projected to host more than 120 speakers. It aims to provide builders and developers with a chance to gather with the community and discuss central issues affecting the industry. 

The summit is free for all and will be featuring leading innovators and experts from across the globe. Those interested in participating in the online event are required to register at the event’s official website. 

READ  Poloniex To Introduce A Token Launching Tool, LaunchBase

#Decentralized Finance (DeFi) #DeFi NFTs #DeFi Summit

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/worlds-first-summit-on-decentralized-finance-to-kick-off-june-14

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Wall Street Wonders if Bitcoin Could Replace Fiat Currencies

El Salvador’s adoption of Bitcoin as legal tender has left many wondering if this sea change in official attitudes can help Bitcoin replace fiat currencies.

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El Salvador’s adoption of Bitcoin as legal tender has compelled analysts on Wall Street to re-evaluate their positions on the currency’s future. Once considered a niche asset, the digital currency is now under review in several countries, some of which are designing legal frameworks to regulate its movement. Many are wondering if this sea change in official attitudes can help Bitcoin replace fiat currencies like the dependable dollar.

Can Bitcoin Replace Fiat Currencies Like Dollar 

In the recent past, several corporate giants have openly embraced Bitcoin by featuring it in their investment portfolios. The likes of Tesla, MicroStrategy, and Square have led the corporate crypto revolution, by parking their assets and offering transaction services to customers in the virtual currency. Some have also taken it upon themselves to ensure a greener future for the industry by reducing its energy consumption. 

With El Salvador adopting Bitcoin on a nationwide scale, the focus is turning on authorities across the world. For the last 20 years, the country had been using the U.S. Dollar to carry out financial transactions. However, President Nayib Bukele sent shockwaves throughout the globe when he announced that his country was in the process of legalizing Bitcoin. The populist leader claimed the move was motivated by an interest to include more people in El Salvador’s formal economy and lessen the tax burden on remittances sent home.

Observers feel that the tropical country’s stunning decision may be linked to a broader change. Many are wondering if replacing a conventional currency — in this case, the dollar — on a national level will spark an international shift.

Dollar Will Evolve With Adoption of Blockchain Technology

For Julian Sawyer, the chief executive officer of Bitstamp, a Bitcoin exchange based in Luxembourg, the crypto sphere is not quite there yet. In a telephonic interview, Sawyer stated “There’s been a lot of people who have sat in the crypto world who’ve said, ‘Oh, crypto is going to take over the world and traditional banks and central banks will go away. That’s not going to happen.”

Blockchain technology itself has the promise to change the way traditional banking works, and in time it will trigger an evolution in the sector’s services. But cryptocurrencies, according to sawyer, will not completely diminish the importance of the dollar owing to their volatility. 

Speaking on the potential changes in banking, Sawyer added, “Will there still be the dollar? Yes, Will there still be Visa and Mastercard? Absolutely. It will just be we’ll have alternatives for using plastic, or paper, or coins or checks.”

Fiat Currencies Do Not Fluctuate as Much as Bitcoin

Experts believe global commerce benefits greatly from the dollar’s stability. As compared to Bitcoin, which sees fluctuations after tweets and memes, the dollar’s value only moves a little due to systemic reasons.  This quality, in particular, makes the dollar ideal for countries looking for stability.

Since April, Bitcoin has shed nearly 50% of its market value. According to Bloomberg Dollar Spot Index, the primary cryptocurrency quadrupled in value last year. Meanwhile, the dollar slipped by 5.5%. This stark contrast between the movements of the two currencies shows why the dollar remains the foundation of international trade. The Bank of America has found Bitcoin nearly four times as volatile as the Turkish Lira and Brazilian Real. Neither of these is considered to be a model of stability.

El Salvador Could Make a Case for BTC Adoption

Nevertheless, El Salvador’s Bitcoin friendliness can prompt other countries to board the crypto bandwagon. Following the passage of the groundbreaking legislation in El Salvador, many Latin lawmakers have come forward on social media, advocating for their nations to reconsider cryptocurrencies. Leah Wald, CEO of Valkyrie Investments believes that many countries cannot afford to look away from this option anymore. She said, “For the longevity and health and well-being of Bitcoin, and the Bitcoin network, this is the dawn of a new day.”

Haiti, Guatemala, South Sudan, and Liberia could be the next on the list of countries that adopt Bitcoin due to their dependence on remittance revenues. Other countries that have organized their economies around the dollar, could also become good candidates to legalize cryptocurrencies while reducing their reliance on the U.S. Federal Reserve and its policies.

READ  FMA of New Zealand has Issued Warning Against Profit Bitcoin

#Bitcoin Fiat Currencies #Bitcoin legal tender #El Salvador

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Source: https://www.cryptoknowmics.com/news/wall-street-wonders-if-bitcoin-could-replace-fiat-currencies

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Texas Banks Can Now Provide Bitcoin Custody Services For Clients

Texas banks have received greenlight to store bitcoin and other crypto-assets for customers.

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With the recent increase in Bitcoin adoption, the Texas Department of Banking has confirmed that Texas state-chartered banks will now be allowed to store BTC and other cryptocurrencies for their clients.

Texas Banks to Hold Bitcoin

In an official notice issued Friday, the regulator noted that state-chartered banks can provide crypto-related services to their clients as long as they have “adequate protocols in place to effectively manage the risks and comply with applicable law.”

The financial agency also explained that since these digital currencies exist on the blockchain, holders will have to access them using private keys.

As a result, banks can either store clients’ private keys for them or hold the crypto assets in the bank’s custody, with total control over its new private keys. Whichever way, the decision is entirely up to the bank.

“As with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics pertaining to the level of security and accessibility. The bank will have to determine which storage option best fits the circumstances.”

Banks Can Partner Crypto Exchanges

The agency also stated that the bank needs to confirm the existence of adequate coverage with its insurance carrier to guarantee the safety of clients’ crypto assets.


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To be on the safe side, banks are advised to seek professional knowledge of the risks associated with dealing with cryptocurrencies.

The Texas Department of Banking also said that banks can partner with cryptocurrency exchanges to help them provide these services to their clients.

While crypto businesses might see this as a new and welcome development, the agency noted that it is not entirely new within its department.

“Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets,” the regulator wrote.

“While custody and safekeeping of virtual currencies will necessarily differ from that associated with more traditional assets, the Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists pursuant to Texas Finance Code § 32.001.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/texas-banks-can-now-provide-bitcoin-custody-services-for-clients/

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