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Blockchain

Swiss Company Tokenizes Litigation Financing

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With most areas of finance exploring tokenization, it was only a matter of time before somebody applied it to the courts.

Swiss litigation finance fund Liti Capital this week launched the LITI token, as asset-backed equity token. That backing comes from ongoing court cases, which Liti Capital assesses for their likelihood of victory and level of settlement with a basket of tools including artificial intelligence. They fund the cases they take on and hire lawyers.

Liti Capital has raised $12 million in cash and litigation assets from private investors and owns a share of three cases valued in excess of $200 million.

“We wanted to find a way to get everyone involved,” said Jonas Rey, co-founder and managing director of Liti Capital, “But how the financial markets are structured all but prevent that. The blockchain finally gave us the answer we were looking for.” 

The LITI token represents a company share under Swiss law. If the user proves accreditation and passes KYC, they receive dividends, while the unaccredited ones may obtain wrapped tokens (wLITI). LITI holders receive 80 per cent of profits from successful court cases and have voting rights with Liti Capital. Holders of wLITI can swap 5,000 of them for one LITI under the previously stated requirements and receive wLITI as a reward depending on how long they stake. Users may also provide liquidity to the USDC/wLITI token pair on decentralized exchanges.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176493-swiss-company-tokenizes-litigation-financing/

Blockchain

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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Source: https://cryptopotato.com/texas-banks-can-now-provide-bitcoin-custody-services-for-clients/

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Blockchain

Ethereum Co-Founder Anthony Di Iorio Bets Big on the Future of Cardano and Polkadot

The Ethereum co-founder said he has investments in Cardano and Polkadot because the projects are managed by goal-oriented individuals.

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Anthony Di Iorio, a Canadian entrepreneur and the co-founder of leading smart contract platform Ethereum, said that he believes in the potential of Cardano (ADA) and Polkadot (DOT).

In an interview with crypto proponent Anthony Pompliano, Di Iorio, who is also the CEO and founder of Canadian blockchain startup Decentral and crypto wallet Jaxx, revealed that he has a diversified investment portfolio featuring several top projects, including Cardano and Polkadot.

A Big Fan of Cardano and Polkadot

He said:

“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”

Di Iorio went on to narrate why he was so sure of the future of these two projects. He had joined the Ethereum development team earlier in 2012 when he met Vitalik Buterin at a Bitcoin conference.

He has formed strong relationships with other co-founders of Ethereum, including Vitalik Buterin, Cardano’s founder Charles Hoskinson, and Polkadot’s current CEO Gavin Wood.


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Di Iorio admitted that while he worked with these men, he knew that they were goal-oriented and would help push these projects further.

He continued:

“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood… Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”

Not Getting Lost in DeFi

Despite all the recent hype about DeFi, Di lorio pointed out that he is keeping his investments simple and investing in larger projects.

“Most of my stuff is in the top few things, Ether, Bitcoin, Cardano, Polkadot. I like Cosmos as well. And there’s a few others, but I’m not getting lost in all the DeFi stuff. I just think there’s not enough time, not enough energy. It’s a full-time gig to be running a lot of that stuff and keeping on top of stuff, so I’ve simplified my life quite a bit over the past few years.”

Featured image courtesy of Business Insider

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Source: https://cryptopotato.com/ethereum-co-founder-anthony-di-iorio-bets-big-on-the-future-of-cardano-and-polkadot/

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Blockchain

FootballCoin Launches Euro 2020 Fantasy Game with Collectable NFTs and XFC Prizes

[PRESS RELEASE – Please Read Disclaimer] 11th June 2021, Dubai, UAE — Pioneering Football Fantasy Blockchain platform  FootballCoin has launched the new version of its game for EURO 2020. The announcement comes with increased prizes for all daily contests and a 100.000 XFC prize for the top managers in the game. EURO 2020 Fantasy Football […]

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[PRESS RELEASE – Please Read Disclaimer]

11th June 2021, Dubai, UAE — Pioneering Football Fantasy Blockchain platform  FootballCoin has launched the new version of its game for EURO 2020. The announcement comes with increased prizes for all daily contests and a 100.000 XFC prize for the top managers in the game.

EURO 2020 Fantasy Football

For anyone who is either getting ready to watch the Euro 2020 matches, enjoys fantasy football or is passionate about cryptocurrency and the exciting world of NFTs; there could be no better entertainment than FootballCoin this summer.

Euro 2020 Fantasy is a free-to-play game with NFT Player cards, and includes every match from the tournament in the FootballCoin daily contests. Players can register and play for free for the chance to win prizes in the platform’s native XFC coin, or convert those prizes into fiat currency.

NFT Player Cards & XFC Coin

NFTs player packs containing NFT player (and stadium) cards can be purchased in the game for as little as $12.00 USD. NFT Cards can be bought, sold and even loaned (just like real players) on the vibrant FootballCoin marketplace. All fantasy cards are visible and registered on the blockchain, giving FootballCoin NFTs a real utility to earn more XFC coins.

XFC, is the game’s native cryptocurrency but is also tradable against fiat on crypto trading platforms, with most of the XFC trading volume taking place on centralized exchange Whitebit. XFC can also be purchased safely on the FootballCoin platform with a credit card.

How To Play FootballCoin

Interested parties can enter the fantasy football contests by registering for free on the FootballCoin signup page. After signup, users simply select a contest to compete in, and then create a draft of 11 players + 5 subs from a roster of real footballers.

XFC winnings are determined on how well the players perform in their real games. This is determined by real data to score player performances. Each Euro 2020 game gives users the opportunity to select a new draft composed of players taking part in the competition. Choose the ultimate fantasy football draft and win.

FootballCoin: Changing the NFT game

2021 has seen a rise in sports-related NFT and blockchain projects. NBA Top Shot, and other football NFT sports projects have taken off, and FootballCoin is set to be the next NFT sports platform to explode in the space.

While NBA Top Shot focuses on collectibility in typical sports card fashion, FootballCoin allows users to not only build their sports card collection but become ‘managers’ and use their cards to compete each day for rewards and prizes in real football fantasy contests.

Other fantasy football games using cryptocurrency to buy NFTs sometimes charge hundreds or thousands of dollars, and also have other limiting aspects to the fantasy game experience.

By contrast, FootballCoin has been using NFTs as the central pillar of the concept for over four years, with player card NFTs starting at a price of around $3, and no additional fees for selling, trading or Leasing.

Interested parties can sign up for free at FootballCoin and start collecting NFT cards for the EURO 2020 Fantasy game.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/footballcoin-launches-euro-2020-fantasy-game-with-collectable-nfts-and-xfc-prizes/

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Blockchain

JPMorgan Implies that El Salvador’s Bitcoin Move Has no Economic Benefits 

According to JP Morgan, the decision of El Salvador to make bitcoin legal tender will have no economic implications.

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Following El Salvador’s move to adopt bitcoin as a legal tender in the country, Wall Street giant JPMorgan seems not to be impressed by such a monumental decision from the Central American nation.

JPMorgan Comments on El Salvador’s Bitcoin Move

In a recent note to investors, as tweeted by Financial Times correspondent Robin Wigglesworth, JPMorgan commented that the recent move made by El Salvador to make bitcoin legal tender was growth-oriented. However, the American investment bank seemed to imply that the decision by the country had no economic benefit, adding that it could hinder its negotiations with the International Monetary Fund (IMF)

According to a statement from JPMorgan:

“It is difficult to see any tangible economic benefits associated with adopting bitcoin as a second form of legal tender and it may imperil negotiations with the IMF.”

Indeed, the IMF made comments about El Salvador’s move to legalize bitcoin, Gery Rice,  spokesperson for the IMF, stating that there were economic and legal concerns regarding the country’s decision. According to Rice:

“Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis. We are following developments closely, and we’ll continue our consultations with the authorities.”

El Salvador became the first country to make bitcoin a legal tender alongside the dollar, following a supermajority decision from the country’s Congress. President Nayib Bukele also stated that the government would give citizenship to individuals who invest bitcoin in the country’s economy. Lately, Bukele announced plans to use energy from its volcanoes for bitcoin mining activities.


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BIS Joins El Salvador’s Skeptics

JPMorgan further said that El Salvador’s decision could affect the way bitcoin is treated in bigger countries.

“The question remains whether the designation of bitcoin as legal tender by a widely-recognized sovereign nation has mechanical implications for its treatment in much larger economies under the tax law, banking and financial regulations, and other areas.”

While El Salvador’s move to legalize bitcoin has seen tremendous support from the cryptocurrency community, the move continues to receive skepticism. In addition to JPMorgan and the IMF, the Bank for International Settlements (BIS) has also weighed in on the matter.

Benoit Coeure, the BIS head of the innovation hub, called El Salvador’s decision to adopt bitcoin as a legal tender an “interesting experiment.” However, he said that bitcoin is a speculative asset, adding that the BIS believes that BTC does not qualify as a payment method.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/jpmorgan-implies-that-el-salvadors-bitcoin-move-has-no-economic-benefits/

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