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Nexo in Miami: Crypto interest account giant talks DeFi, institutional adoption

Nexo believes that in the long run, regulation will help crypto more than hurt.

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While decentralized finance has stolen the show with big-number headlines over the past year — the closely-watched Total Value Locked (TVL) figure notably growing nearly 800%, rising from $20 billion at the start of 2021 to $157 billion at May peaks — centralized crypto financial services have likewise enjoyed explosive growth.

According to Kalin Metodiev, CFA and co-founder at Nexo, the crypto savings account company has grown fourfold to $15 billion in AUM, expanded to 1.7 million clients, and has new features like asset swap functionality built into the platform coming down the pipe.

Nexo and Cointelegraph only crossed paths briefly in Miami via a short conversation in the Nexo-sponsored Bitcoin Art Gallery — one of the highlights of the conference hall. However, we caught up with Metodiev for a written interview shortly after the madness ended to talk over key metrics climbing, the risks DeFi poses to Nexo’s model, and a path forward for institutional adoption.

Adapting to Defi

When it comes to DeFi’s rise, Metodiev sees a clear ceiling in terms of the heights it can reach due to some of its core, permissionless features. 

“We are intrigued by the opportunities the DeFi space may offer and find merit in the notions of automation and decentralization,” he said. “However, this is a space that needs to align with institutional policies and standards in order to survive and thrive on a large scale in the long term. Nexo operates in accordance with formal AML/KYC guidance and compliance protocols, which are not currently adopted by the DeFi space.”

Nonetheless, the company still tracks the emerging vertical closely, and is “open to learning and adopting new best practices from any source at any time, the DeFi space included.”

At the moment this takes the form of a handful of initiatives perhaps aimed at making Nexo more attractive to DeFi users. They include governance functionality for the NEXO token — which is down to $1.91 from $4 highs earlier in the year — and a transparency campaign that, while it might not rival on-chain information, Metodiev says he hopes will lead the space.

“Our most recent #NexoTransparency initiative commenced with the shedding of ample light on our custody arrangements and insurance coverage. We employ multiple partners for the completion of Nexo’s institutional framework and we wished to be transparent on the details.”

Compliance and adoption

As institutional adoption seems perpetually hamstrung by legal and regulatory woes, Metodiev argues that Nexo can play a key role in getting big bank money involved in crypto. 

“Some people proclaim that Blockchain-based financial services should detach from the traditional banking system and somehow thrive in their own little bubble. We find such opinions to be comical and outright phantasmagorical in the modern financial system of the 21st century.”

He noted that institutional client growth has been “exponential,” and that the sums have been at times extraordinary: Nexo is capable of helping institutions accumulate and borrow upwards of “$1 billion” in cryptoassets. 

RELATED: After googling it, CFTC boss says DeFi is a ‘bad idea’ and probably illegal

He notes that the regulatory environment remains murky, saying it’s “difficult to be compliant if a complete set of rules for companies, such as Nexo, are not in place,” but that the company strives to be compliant wherever possible. Moreover, unlike what many DeFi builders think, clear regulation might help the space more than harm.

“We believe that regulations can contribute to more business in the long term, not less, and hope that more companies in the Blockchain industry will follow our lead on compliance, transparency and impeccable service.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/nexo-in-miami-crypto-interest-account-giant-talks-defi-institutional-adoption

Blockchain

CryptoHawk Provides Subscribers 2-month Returns of 44.5% on BTC and 22.1% on ETH

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WEALTHSIMPLE NOW LISTING DIGIMAX STOCK

TORONTO, ON / Plato Data Intelligence / August 2021 / DigiMax Global Inc. (the “Company” or “DigiMax”) (CSE:DIGI)(OTC:DBKSF), a company that provides artificial intelligence (“AI”) and cryptocurrency technology solutions, is pleased to share its performance over the first two months since the revamped Crypto Price Indicator tool was launched June 1, 2021.

In its first month of June, during a period when both Bitcoin and Ethereum dropped by 7% and 15% respectively, DigiMax provided subscribers who followed the indicators positive returns of 27% and 13%.

As of the end of July, even though both Bitcoin and Ethereum enjoyed a strong recovery in the latter part of July, CryptoHawk again “captured the volatility” and helped investors make strong gains when crypto prices went up, just like the gains captured the prior month when crypto prices went down.

For the combined June-July 2021 period, Bitcoin had a net change of +5.1% while Ethereum dropped -3.6% during the period.  CryptoHawk instead provided subscribers returns of +44.9% for Bitcoin and +22.1% for Ethereum.

CryptoHawk is continuing to prove that not only does it help “protect investors from crypto liability,” CryptoHawk actually helps “investors capture volatility for big gains.”

The CryptoHawk results provide a strong foundation to launch the CryptoHawk-based Crypto Fund domiciled in Cayman Island expected to be launched by the end of August 2021 as previously announced.   Pre-marketing of the fund is commencing and the stated goal of achieving $1 billion of Assets Under Management (“AUM”) within 24 months seems realistic at this time.

DigiMax is also pleased to note that WealthSimple has commenced listing DigiMax on their website.  According to Wikipedia, “WealthSimple Inc. is a Canadian online investment management service focused on millennials. The firm was founded in September 2014 by Michael Katchen and is based in Toronto. As of February 19, 2021, the firm holds over C$8.4 billion in assets under management.”

About Calculations

All of the calculations above assume a constant amount is invested for each trade and the returns reported are the sum of the performance of all individual trend indicators sent to subscribers during the period described.  These returns assume the investor is trading long and short based on these trend indicators and the returns do not include commission costs as these vary for each investor.  The rates of return of Bitcoin and Ethereum is calculated based on the change in price from the first day of the period described and the last day, divided by the first day price.

About CryptoHawk

CryptoHawk is an Artificial Intelligence-driven, price-trend prediction tool that can be profitably used by any investor interested in trading Bitcoin or Ethereum.  The tool is different as it uses AI and machine learning to capture profit from the volatility of crypto currencies rather than incur the risk of buy-and-hold investments.  In both up and down markets, CryptoHawk has the potential to deliver subscribers much higher returns when trading.  In sum, CryptoHawk is an AI Solution that protects traders from volatility, while at the same time allowing them to profit from it.

About DigiMax  

DigiMax is a technology company committed to unlocking the potential of disruptive technologies by providing advanced financial, predictive, and cryptocurrency solutions across various verticals. DigiMax is an official IBM Watson partner, and the Company’s engineering team has extensive experience in Machine Learning, Neural Language Processing, AI, Big Data and Cryptocurrency technology. 

To learn more, visit our websites: https://digimaxglobal.com/

https:/cryptohawk.ai

Contact: 

Martti Kangas

Investor Communications

647-521-9261

[email protected]

Chris Carl

President & CEO

416-312-9698

[email protected]

Cautionary Note Regarding Forward-looking Statements

This press release contains “forward-looking statements or information”. Forward-looking statements can be identified by words such as: anticipate, intend, plan, goal, seek, believe, project, estimate, expect, strategy, future, likely, may, should, will and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements about the Company and Kirobo Inc.’s future plans, expectations and objectives.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The Company may not actually achieve its plans, projections, or expectations. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the future plans of Kirobo Inc. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the adequacy of our cash flow and earnings, the benefits and uses of our software, the pricing and availability of our software, the availability of future financing and/or credit, and other conditions which may affect our ability to expand the platforms and software described herein, the level of demand and financial performance of the cryptocurrency industry, developments and changes in laws and regulations, including increased regulation of the cryptocurrency industry through legislative action and revised rules and standards applied by the Canadian Securities Administrators, Ontario Securities Commission, and/or other similar regulatory bodies in other jurisdictions, disruptions to our technology network including computer systems, software and cloud data, or other disruptions of our operating systems, structures or equipment, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, consumer sentiment towards the Company’s products and services, failure of counterparties to perform their contractual obligations, government regulations, competition, loss of key employees and consultants, and general economic, market or business conditions, the impact of technology changes on the products and industry, the ability for Kirobo Inc. to complete its business objectives, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Source : Plato Data Intelligence

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Blockchain

Everything you should know about Coinbase

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We live in a technologically advanced world where, today, even the currency we use is crypto-safe. Although this word has been around for a while, this might be a new term for some.

If you don’t know about cryptocurrency and wish to understand it better, you can find many informative videos on various online streaming platforms such as YouTube. 

There are many YouTube channels dedicated to the subject of cryptocurrencies, from which one can learn what to keep in mind before investing, and many more related topics. The right Youtube thumbnail on a video will help you identify if it’s the type of crypto content you’re looking for. 

The bigger picture here is that investing in crypto can earn you high returns. To start investing, you will need a cryptocurrency exchange platform, and Coinbase, alongside Kraken, is one of those platforms. 

Here is some key information about Coinbase as a platform. 

Key points to know about Coinbase

  • Coinbase is a crypto exchange platform where you can deal with different currencies. 
  • You can use this platform to convert one currency to another. 
  • It is similar to stock trading applications that many people are already using.

How to get started on Coinbase?

Coinbase is a SaaS based platform for investors to trade cryptocurrencies. This platform is easy to use and set up. If you too want to start trading in crypto, here is how you can set up your account on Coinbase:

  • Download the application from the App store on your smartphone.
  • Install the app and click on the Get Started button.
  • Enter all the required information that the application prompts.
  • Submit all the information and allow the app to do a background check of all the information you have provided. 
  • Once everything looks fine, your account is ready to use. 

How to trade cryptocurrencies on Coinbase?

Once your account is set up on the Coinbase platform, you will have to link your bank account to the platform. After everything has been set up, you can withdraw some money from your account and transfer it to your Coinbase account. This will allow you to use the money to buy currencies of your choice. In this way, you can easily start trading coins on this platform. 

Additionally, you can even sell currency with the help of a single click. Trading on this app is super smooth and easy. Moreover, you can withdraw money from your Coinbase account in the same way that you deposited money into your Coinbase account. 

What are the pros to using Coinbase?

Here are the pros of using Coinbase:

  • You can trade numerous crypto coins whenever you wish to. 
  • The user interface is straightforward and easy to learn.
  • It has a huge range of liquidity.

Conclusion

Like any other kind of trading, it is crucial for you to know and understand the nature of the market. The crypto market is a very volatile market where you need to have complete knowledge and be very sure about your investments. If you wish to learn more, you can find Facebook influencers, Instagrammers and other channels to learn more about analysing these currencies.

Source: Plato Data Intelligence

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Blockchain

The GBA Annual Achievement Awards

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In April 2019, during the Guatemalan election, the people of Guatemala suspected that voting fraud had occurred. Since additional elections were scheduled for August 2019, citizens wanted assurance that there would be no fraud in the next election. That was the impetus for Fiscal Digital, a Guatemalan citizen volunteer organization, to utilize a public immutable blockchain for their elections. Against overwhelming opposition, the Organizer of Fiscal Digital, Carlos Toriello Herrerias, was successful in implementing a blockchain-based voting solution in Guatemala. Carlos was the winner of last year’s GBA Annual Achievement Award for Courage.

The Government Blockchain Association (GBA) is pleased to announce that the 2021 Annual Achievement Awards will be happening live in Washington DC, (9/30/2021) as part of Government Blockchain Week. Four awards will be presented in the areas of Leadership, Innovation, Social Impact and Courage. Nominations of individuals deploying exceptional blockchain use will come from around the globe. From securing land titling records, to self-sovereign medical records, to immutable and verifiable voting, blockchain is affecting every industry that transfers value. The winners of these awards are truly making a mark in history, and there is still time to nominate your colleague.

Winners will be awarded by MC Robert Levin of Emergingstar Capital, from a stage in Washington DC in front of a distinguished audience. Receiving a GBA Annual Achievement Award is a credential that can be listed on Linked In, resume’, and any other social media as a recognized global achievement. Do not miss this opportunity to promote the exceptional achievers in your circle. Nominate them for the GBA Annual Achievement Awards today.

Annual Achievement Awards nominations are open until August 15. Winners will be announced from stage in Washington DC on September 30th. All uses of blockchain technology are eligible.

Source: Plato Data Intelligence

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Blockchain

Happy birthday Ethereum!

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Today marks the sixth birthday of the Ethereum network and Ether – the world’s second-largest digital asset.

Ethereum was created by the crypto innovator Vitalik Buterin when the project was officially proposed in a white paper in late 2013.

The following January, a 20-year-old Buterin, headed down to the annual North American Bitcoin conference in Miami, Florida, clutching that white paper.

It’s there he met his Ethereum co-founders – a group of Canadian crypto evangelists who immediately saw the huge potential of Buterin’s idea.

Crammed into a little beach house, they invited Buterin to stay and turn his vision into reality.

Within six months, Vitalik had dropped out of the computer science program at the University of Waterloo, and moved out to Zug, Switzerland (now known as crypto valley) along with the rest of the group-turned-team.

The founding members of the Ethereum network included Gavin Wood (Solidity smart contract language creator), Anthony di Lorio (DeCentral founder), Joseph Lubin (ConsenSys founder), and Charles Hoskinson (Cardano founder).

After the completion of an $18m funding round in 2014, development begun and Ethereum slowly materialised as a viable decentralised network.

However, tensions between members set in and the team begun to unravel.

Charles Hoskinson was the first to go, many others would follow.

Today, only Buterin still works on the project.

After a period of successful testing on July 30, 2015 – the first block of Ethereum was mined and the Ethereum mainnet was launched.

The network has rapidly grown to become one of the most prominent components of DeFi and the crypto industry at large. However, a victim of its own success, gas and transaction fees have begun to slow.

This is why Ethereum is now preparing for an imminent scalability update to Ethereum 2.0.

Watch this space.

More crypto news and information

If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice

 

 

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://coinrivet.com/happy-birthday-ethereum/

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