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OKCoin Grant Dishes $100K to Bitcoin Payment Processor

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Completing its second independent developer grant, crypto exchange OKCoin has donated $100,000 to open-source crypto payment processor BTCPay Server. 

In addition to its worldwide fiat on-ramp/off-ramp focus, the OKCoin exchange sees the importance of furthering the industry’s framework, OKCoin CEO Hong Fang told Cointelegraph, explaining:

“We also have a special responsibility to support free or open-source software (FOSS) development which provides the building blocks in which exchanges are built upon.”

OKCoin initiated its grant in 2019

OKCoin started up its Independent Developer Grant in 2019, according to a statement provided to Cointelegraph. The grant aims to give capital to open-source Bitcoin (BTC) product builders. 

OKCoin gave its inaugural developer grant to Bitcoin Core developer Fabian Jahr back in February 2020, detailed in a blog post from OKCoin. The post noted the OKCoin’s view on the importance of independent developers, calling them, “the real founders of the crypto industry.”

Fang explained:

“We created the OKCoin Independent Developer Grant that embodies three tenets we believe are crucial to supporting crypto developers: focus on free or open-source software (FOSS), protect independence and encourage decentralization.”

The new grant puts funding toward crypto payment adoption 

BTCPay Server gives online vendors and sites a way to accept and incorporate global Bitcoin payments, thus, giving BTC greater usability, the statement said. Programmers can also construct various solutions using BTCPay as a base, as the project’s framework is decentralized and open-source.

BTCPay differs from other payment processors, such as BitPay. “BTCPay Server is a free and open-source payment processor,” BTCPay Server contributor Pavlenex told Cointelegraph. “BTCPay Server is a code, not a company, it relies on the network of contributors around the internet.” BTCPay also does not involve third parties or added fees, Pavlenex added. 

Additionally, BTCPay’s framework holds vastly greater potential above basic transaction facilitation. “It’s a tech-stack that allows you to build business and develop on top of it,” Pavlenex said. 

OKCoin’s move supports a project adding crypto payment channels to the mainstream world, while keeping with the decentralized and open-source movement. Last fall, Square Crypto also donated $100,000 to BTCPay as part of a similar gesture. 

Source: https://cointelegraph.com/news/embargo-may-28-8am-est-okcoin-grant-dishes-100k-to-bitcoin-payment-processor

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Crypto Fund Gives Ethereum Tokens Instead of Shares to Investors, And It’s Approved by the U.S. SEC

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A 2018-founder crypto firm just got the green light from the U.S. SEC to function as an Ethereum-issuing investment fund on Monday, in a first such structure.

Own a Hedge Fund’s Tokens

Based in Los Angeles, Arca is an asset management firm that creates and manages institutional-grade products using crypto and blockchain technology, as its LinkedIn page shows.

With the SEC ruling, Arca becomes the first SEC-registered investment product to offer digital tokens instead of traditional shares under the Investment Company Act of 1940. On offer for investors is the apt-titled ArCoin, an Ethereum token. 

On the development, Arca CEO Rayne Steinberg said it was “truly exciting to be pioneering new digital investment products.”

ArCoins, which do not trade on any exchange (if you spot one, it’s likely a scam), are an ERC-1404 token, an Ethereum standard designed to be compliant with regulators. This is unlike the usual ERC-20 standard; ERC-1404s can have their transactions rejected, accounts frozen, and approved to be transacted only with pre-determined addresses.

With the SEC approval, Arca investors can hold the fund’s tokens equivalent to a share/paper contract. All other fund activities are similar to traditional counterparts, in terms of daily shareholder updates, protections against bankruptcy, and audited financial statements. 

Assets are held in a trust, guarded by an “independent board of trustees” and the minimum fund buy-in is $1,000, notes Decrypt.

Small Fees for Big Gains

Eighty percent of ArCoins will be invested into “interest-bearing, short-duration, U.S. Treasury securities.” Investors will be paid out returns each quarter. 

For its services, Arca takes in 3.22 percent in fees; unlike the industry standard of 2 percent fees and 20 percent of profits. Each token represents one share in the business, the prospectus reveals.

Jerald David, the president of Arca Capital Management, revealed:

“Interest in crypto funds has peaked amid the coronavirus pandemic, a boost to the shift in our world from physical to digital during the last several years.”

While Arca is the world’s first SEC-registered digital token doling fund, it’s not the first to be compliant.

Grayscale, which handles over $3 billion over Bitcoin, Ethereum, and XRP products, has been an SEC-registered entity since 2018. The firm’s institutional buyers show a great affinity for cryptocurrencies, with analysts suggesting they paid up to a  750 percent premium for ETH exposure.

Arca’s been contesting for a Bitcoin ETF since 2017, as BTCManager earlier reported. It’s ETF efforts remain unfruitful.

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Source: https://btcmanager.com/crypto-fund-ethereum-tokens-investors-us-sec/

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Dogecoin Gains 20% Amidst TikTok Pumping Challenge

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Crypto asset Dogecoin (DOGE) has leapt 18% in 24 hours and almost 20% over the past week. The price action is happening against the backdrop of a viral TikTok challenge that encourages users to pump the coin. 

The most popular video under the hashtag #DogecoinTiktokChallange has amassed nearly half a million views so far. It was posted five days by a user jamezg97, and effectively described what seems to be a pump scheme:

“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you’ll have $10,000. Tell everyone you know.”

In another video, a user named kindashortidiot says, with a DOGE chart in the background: 

“Everybody, just please listen to me. This is Dogecoin. If you know nothing about investing, it doesn’t really matter. Go put $25 into this and that will be 10,000, okay? And if this reaches $1, you will have made ten grand. Please, just try it out. Go pump it!”

Another popular entry under the hashtag #Dogecoin is addressed to “some smart asses buying Dogecoin on Robinhood” and essentially warns them against investing in DOGE, “literally a monopoly money.” 

Cointelegraph reached out to TikTok to ask if this kind of content complies with its guidelines, but received no reply as of press time.

Currently, the asset trades at $0.002758, up almost 18% in 24 hours. It is ranked number 33 by market capitalization at Coinmarketcap.

Elon Musk’s seal of approval 

Dogecoin is a Litecoin (LTC)-based cryptocurrency that was created by a United States-based programmer Billy Markus and directly inspired by the “doge” meme. Despite being introduced as a “joke” cryptocurrency back in 2013, it has since managed to build a sustainable community on Reddit and Twitter.

Its most famous supporter is tech mogul Elon Musk. In April 2019, Musk tweeted that DOGE “might be” his favorite cryptocurrency, and that he finds it to be “pretty cool.” In a joke poll that took place on Twitter around the same time, the crypto community voted Musk as the best CEO candidate for the asset.

Source: https://cointelegraph.com/news/dogecoin-gains-20-amidst-tiktok-pumping-challenge

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Bitcoin Hash Rate Hits Record Average High Defying BTC Price Bears

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An essential Bitcoin (BTC) metric has hit a new all-time high as miners pledge ever more computing power to securing the network.

Data from various resources including Blockchain confirms that on July 6, Bitcoin’s seven-day average hash rate reached a new peak.

Bitcoin hash rate 7-day average beats March top

The achievement follows several weeks of hash rate growth, with the seven-day average at 123.4 EH/s as of Monday.

The previous record came in early March, just a week before the Coronavirus-induced crash severely disrupted both network and price activity.

Bitcoin 7-day average hash rate 1-year chart

Bitcoin 7-day average hash rate 1-year chart. Source: Blockchain

Hash rate is an estimate of how much computing power miners are devoting to processing Bitcoin transactions. A higher average suggests that miners have more faith in profitability, and their activity in turn strengthens the network.

Cointelegraph regularly reports on hash rate changes, along with Bitcoin mining difficulty, which is also on the rise after around a month of stagnation.

“I expect it to keep going up from here, maybe slightly less than the dark blue post 2016 line, at ~2-3X/yr,” quant analyst PlanB commented on Monday.

BTC price sits at weak 50DMA 

Rising fundamentals currently contrast with the relative lack of support for Bitcoin price bulls. As Cointelegraph reported, only a boost for stock markets saved BTC/USD from a third retest of $9,000 support in as many days.

Highs of $9,370 were short-lived, with the pair settling nearer $9,250 at press time on Tuesday.

Summarizing the situation, Cointelegraph Markets analyst filbfilb highlighted that those levels represent Bitcoin’s 50-day moving average (DMA).

“Bitcoin Failed to reclaim that 9300 level last night.  The 50 DMA is again the test for Bitcoin,  sat at ‘support’ on the 9250 level but the previous 2x times this failed in the exact same situation,” he told subscribers of his Telegram trading channel. 

“S&P 500 futures were down those times too as they are today, so given that I’ve hedged my longs for now.”

Bitcoin has shown strong correlation to the S&P 500, with PlanB this week forecasting BTC hitting $190,000 if the index passes 4,000 points.

Meanwhile, realized volatility is at lows not seen since November 2018 — just before a huge sell-off sent Bitcoin to lows of $3,100.

Source: https://cointelegraph.com/news/bitcoin-hash-rate-hits-record-average-high-defying-btc-price-bears

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