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Home Blog Page 3654

Institutionalization of Cryptocurrency

By
Paul Ugbede Godwin
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0

Cryptocurrencies have been around for more than a decade, but they have only recently gained mainstream attention and adoption. From Bitcoin to Ethereum to Dogecoin, millions of people around the world are using digital assets to store value, transact, and invest. However, the crypto space is still largely unregulated, volatile, and risky. This poses challenges for both individual users and institutional investors who want to participate in this emerging market.

One of the key trends that is shaping the future of crypto is the institutionalization of the sector. This means that more and more traditional financial institutions, such as banks, hedge funds, asset managers, and custodians, are entering the crypto space and offering products and services to their clients. These institutions bring with them capital, expertise, reputation, and regulatory compliance, which can help legitimize and stabilize the crypto market.

Some of the benefits of crypto are:

Crypto can offer faster, cheaper, and more secure transactions than traditional payment systems.

Crypto can enable financial inclusion and empowerment for people who lack access to banking services or face discrimination or censorship.

Crypto can foster innovation and creativity in various fields and industries, such as art, gaming, social media, and healthcare.

Crypto can provide alternative sources of income and wealth creation for individuals and communities.

Crypto can support social causes and movements that align with its values, such as environmental sustainability, human rights, and democracy.

Some of the risks of crypto are:

Crypto can be subject to high price volatility and market fluctuations that can affect its value and usability.

Crypto can be exposed to cyberattacks, thefts, or losses that can compromise its security and integrity.

Crypto can face legal uncertainty and regulatory challenges that can limit its adoption and acceptance.

Crypto can entail technical complexity and learning curves that can deter or confuse its users.

Crypto can pose ethical dilemmas and social conflicts that can undermine its trustworthiness and reputation.

However, the institutionalization of crypto also comes with trade-offs and challenges. For one thing, it may dilute the original vision and values of crypto, which are based on decentralization, peer-to-peer interaction, and censorship resistance. Some crypto enthusiasts fear that institutions will try to control and manipulate the market or impose their own rules and standards on the crypto community. Moreover, the institutionalization of crypto may create new risks and vulnerabilities for the sector, such as hacking, fraud, or regulatory crackdowns.

Therefore, the institutionalization of crypto is a complex and dynamic phenomenon that has both positive and negative implications for the sector. It is important for both individual and institutional players to understand the benefits and risks of this trend, and to adapt accordingly. The future of crypto depends on how well the sector can balance innovation and regulation, diversity and integration, and autonomy and cooperation.

$GRVT debuts as zkSync’s first hyperchain, Coins.ph appears lost 12.2 million XRP in exploit

Meanwhile, the crypto industry is witnessing a surge of innovation and experimentation in the field of scalability and interoperability. One of the most promising projects in this domain is zkSync, a layer-2 scaling solution that leverages zero-knowledge proofs to enable fast, cheap and secure transactions on Ethereum.

zkSync aims to become a fully decentralized and trustless platform that can support any kind of application, from simple transfers to complex smart contracts. To achieve this vision, zkSync is developing a novel concept called hyperchains, which are essentially layer-2 blockchains that run on top of zkSync and inherit its security and scalability properties.

Hyperchains are designed to offer the best of both worlds: the flexibility and composability of layer-1 blockchains, and the efficiency and scalability of layer-2 solutions. Hyperchains can have their own consensus rules, token economics, governance models and user interfaces, while benefiting from the low latency, high throughput and low fees of zkSync.

One of the first projects to leverage the power of hyperchains is GRVT, a hybrid crypto exchange that combines centralized and decentralized elements to provide a superior trading experience. GRVT is not only a hyperchain, but also a zkSync validator, meaning that it contributes to the security and decentralization of the zkSync network.

GRVT aims to offer a fast, secure and user-friendly platform for trading crypto assets across different blockchains. GRVT users can enjoy instant settlements, low fees, high liquidity, cross-chain swaps, margin trading, lending and borrowing, and more. GRVT also plans to introduce its own native token, which will be used for governance, staking and rewards.

GRVT is expected to launch its beta version in Q1 2024, followed by its mainnet launch in Q2 2024. GRVT will be the first hyperchain to go live on zkSync, paving the way for more innovation and adoption in the layer-2 space. GRVT is also one of the first projects to showcase the potential of zkSync as a platform for building scalable and interoperable applications on Ethereum.

Philippines-based exchange Coins.ph appears to have lost 12.2 million XRP in possible exploit.

A major cryptocurrency exchange in the Philippines, Coins.ph, has reportedly suffered a security breach that resulted in the loss of 12.2 million XRP, worth about $15.6 million at the time of writing. The incident occurred on October 20, 2023, when an unknown attacker exploited a vulnerability in the exchange’s hot wallet system and transferred the funds to an external address.

According to a statement issued by Coins.ph, the exchange detected the unauthorized transaction and immediately suspended all XRP withdrawals and deposits. The exchange also contacted the XRP Ledger Foundation, a non-profit organization that supports the development and maintenance of the XRP Ledger, to request assistance in tracing and recovering the stolen funds.

The XRP Ledger Foundation confirmed that it is working with Coins.ph and other exchanges to track the movement of the stolen XRP and prevent further losses. The foundation also advised XRP holders to exercise caution when dealing with unknown or suspicious addresses and to use reputable exchanges that follow best security practices.

Coins.ph apologized to its customers for the inconvenience and assured them that their other assets are safe and secure. The exchange also stated that it is conducting a thorough investigation into the incident and will cooperate with law enforcement authorities to bring the perpetrator to justice. The exchange promised to update its customers on the progress of the recovery efforts and the compensation plan as soon as possible.

The incident is one of the largest XRP thefts in history and highlights the risks associated with storing large amounts of cryptocurrency in hot wallets, which are connected to the internet and vulnerable to hacking. Hot wallets are typically used by exchanges to facilitate fast and convenient transactions, but they also expose users’ funds to potential cyberattacks. Cold wallets, on the other hand, are offline storage devices that offer higher security but lower accessibility.

XRP is the native cryptocurrency of the XRP Ledger, a decentralized network that enables fast and cheap cross-border payments. XRP is currently the sixth-largest cryptocurrency by market capitalization, with a value of $0.55 per coin at the time of writing.

Cryptos Ready to Soar – Avalanche, Stellar, and Scorpion Casino Token

By
TI Partners
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0

This week has been a reminder, if we ever needed one, that the world of cryptocurrencies is always filled with surprises and opportunities. As we look ahead to the coming months, there are specific cryptocurrencies that show significant promise and potential for a soaring future. In this article, we will delve into three exciting digital assets that are ready to take flight in the crypto market: Avalanche, Stellar, and Scorpion Casino Token.

1. Avalanche (AVAX): The Smart Contracts Platform

Avalanche is by now a well-established cryptocurrency, with a market cap of more than $3.5 billion. Known for its robust platform for creating custom blockchain networks and applications, Avalanche offers high-speed, low-cost transactions.

Its approach to consensus mechanisms and interoperability between different blockchains positions it as a prominent contender in the decentralized finance (DeFi) and decentralized application (dApp) sectors. AVAX’s unique architecture and adaptability could drive its rise in 2024.

2. Stellar (XLM): The Cross-Border Solution

Stellar, with its XLM token, is designed to facilitate cross-border transactions and promote financial inclusion. It aims to connect financial institutions, businesses, and individuals, enabling secure and efficient international money transfers.

Stellar’s partnerships with notable organizations have increased its visibility and credibility within the crypto industry. As the demand for cross-border payments and remittances continues to grow, Stellar is well-positioned for significant expansion, sitting just outside of the top 20 cryptocurrencies at the time of writing.

3. Scorpion Casino Token (SCORP): Gaming and Passive Income

Scorpion Casino Token (SCORP) is a unique cryptocurrency that aims to create a game-changing way of receiving passive income, as well as a comprehensive casino experience. SCORP offers a broader value proposition than almost all of its presale peers, as it serves as the key to an online gaming platform with over 200 casino games, 160 live events, and a plethora of betting opportunities across 35+ sports.

The recently announced upgrade to Scorpion Casino has made SCORP an even more exciting asset for potential investors.

Key Features of SCORP’s Upgraded Casino Platform:

  • Over 200 casino games
  • Over 160 live events
  • Over 35 sports on which to bet
  • Over 30,000 betting opportunities per month
  • Over 20 currencies accepted, including BNB, BTC, ETH, SOL, USDT, and USDC
  • Auto currency conversion ensures global accessibility
  • Fiat support, including GBP, AUD, CNY, RUB, JPY, EUR, and other local currencies, promoting worldwide participation
  • A new presale stage this Sunday!
  • 20% bonus tokens with the code SC20

These three promising digital assets, Avalanche, Stellar, and Scorpion Casino Token, stand out due to their unique use cases and capabilities. It’s important to remember that cryptocurrency investments carry risks and should be approached with caution. Always conduct thorough research and consider your investment goals and risk tolerance. Diversifying your crypto portfolio can also be a wise strategy to mitigate potential volatility in this ever-evolving market. 

Find out more about SCORP:

Presale: https://presale.scorpion.casino/

Twitter: https://twitter.com/ScorpionCasino

Telegram: https://t.me/scorpioncasino_official

Nigeria’s ICT Sector Remains The Only Dominant Sector With A Fast Growth of 8.6% – PwC Report

By
Ojukwu Emmanuel
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0

In a recent PWC report, Nigeria’s ICT sector remains the only dominant sector with a fast growth of 8.6%.

Amid the challenging economic landscape in the country due to macroeconomic headwinds, inflation, FX issues, and several others, the growth in the sector is attributed to the increase in consumption of data services and subscriber numbers.

According to the new Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), the sector contributed 19.54 percent in the second quarter (Q2) higher than 18.44 percent in the same quarter of 2022.

In August this year, the Nigerian Communications Commission (NCC) revealed that telecommunications subscribers in Nigeria consumed a total of 518,381.89 terabytes of data in 2022. On a year-on-year basis, the growth sector rate increased by 10.72 percent in 2022, higher than the 7.28 reported in 2021.

Industry operators say the growth can be attributed to the increasing number of internet service subscribers, mobile service subscribers, and the growth in broadband penetration.

Executive secretary of the Association of Telecommunication Companies of Nigeria (ATCON) said the growth in the ICT sector is a result of the number of digital literacy in the economy, noting that many Nigerians have been empowered with digital knowledge, especially on broadband penetration.

“The industry has also increased its service in the rural area, this means that technology is gradually advancing to the low and untented environment in the economy”, he added.

Many factors are responsible for the growth of the ICT sector to Nigerian GDP, one of the major reasons is the steady awareness to move all services rendered by both the government and private sector online, this, however, leads to an increased usage of more data by the organization.

With the Central Bank of Nigeria on the quest to promote a cashless policy economy, more individuals and organisations are gradually embracing the use of USSD, mobile, internet banking, and many others, this also tends to improve the ICT sector.

Therefore, in order to meet the target set by the federal government to increase the contribution of the ICT sector to GDP via a five-year plan, all hands must be on deck where the government priorities of what is necessary to achieve the set goal by the end of the year 2025.

While the ICT sector is reported as one of the fastest-growing dominant sectors in Nigeria, several other sectors also showed great resilience and growth.

The financial and insurance sector recorded a  growth rate of 26.8%, which is attributed to the rise in interest income, digital transactions, and forex revaluation gains.

Also, the transportation and storage sector in Nigeria experienced a significant contraction primarily due to the Federal Government’s removal of the PMS subsidy. This decision resulted in higher PMS prices, prompting many private car owners to opt for public transportation especially those with lower income to reduce their travel.

As a result, transportation fares for both local and inter-state journeys have risen, deterring many from commuting and impacting their personal and business activities.

Germany Explores Limiting Migrant Remittances to Deter Immigration

By
Samuel Nwite
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0

As Germany grapples with regional election defeats and a rightward shift in political discourse, the government is exploring unconventional approaches to deter irregular migration, reports DW.

The latest proposal comes from Christian Lindner, leader of the Free Democratic Party (FDP), which has seen a significant drop in voter support. Lindner’s proposal involves investigating the technical and legal feasibility of preventing asylum-seekers from sending benefits received in Germany back to their home countries.

This move is being considered at a time when many developing nations rely on diaspora remittances to stabilize their foreign exchange markets. The proposal is expected to serve as a deterrent for potential migrants.

The influx of individuals from developing countries seeking opportunities in developed nations has been further compounded by recent conflicts in Ukraine and Afghanistan, leading to a surge in the number of refugees seeking asylum.

While the situation presents a challenge for countries like Germany, it inadvertently offers an opportunity for financial inflow to developing nations.

Remittances play a crucial role in global financial flows, surpassing development assistance from donor states. World Bank statistics indicate that remittances contribute significantly to poverty reduction, improved nutrition, and enhanced education opportunities for children in disadvantaged households.

In developing countries, families often pool resources to send an individual abroad with the hope that they will earn enough to send back home and alleviate their poverty. This practice has proven effective in many cases. For instance, in 2022, the 20.13 billion U.S. dollars in personal remittances received in Nigeria amounted to nearly half of the nation’s earnings from oil.

Amidst this backdrop, some German politicians are advocating for providing asylum-seeker benefits-in-kind through payment cards, rather than cash. Joachim Stamp, the German government’s commissioner for migration agreements, supports this shift, as do Chancellor Olaf Scholz and all of Germany’s state leaders.

However, skepticism surrounds the effectiveness of discontinuing remittances in Germany as a means to deter immigration.

“You can think of migration as a portfolio investment decision,” said Tobias Heidland, an economics professor at Kiel University. “Migration is for many people in the world the most profitable investment they can make. That’s why they take substantial risks.”

Migration experts question whether this would significantly impact the money sent home, given the relatively low benefits received by asylum-seekers.

Matthias Lücke, a migration expert at the Kiel Institute for the World Economy, told DW that the meager asylum-seeker benefits are unlikely to serve as a major pull factor for migration. He also raised moral concerns about inhibiting individuals from supporting those in need.

“I don’t think this has been thought through yet. When people come here they want to work properly and support their families, but the idea that the little asylum-seeker benefit is some kind of ‘pull factor’ — I don’t think that’s credible.

“I think it’s a very strange definition of freedom, to say: ‘Here’s a poor person, and they want to give money to even poorer people, and I want to forbid that,’ — I can’t understand how that is supposed to work legally or how it makes sense politically,” he said.

Heidland suggested that even if such a policy were to slow remittances, it could come at the cost of hindering integration efforts.

“I don’t think this would make a big difference. I think it’s mostly going to be a policy that has an impact as a signal to the population here that something has to be done,” he said.

While it remains uncertain if the German government will pursue this idea, its implementation, if undertaken, could set a precedent with potential ramifications for FX inflows in numerous countries.

Musk At Risk of Defaulting on Twitter Acquisition Loan, Banks Likely to Lose $2bn

By
Samuel Nwite
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0

Elon Musk is reportedly at risk of defaulting on the money borrowed to fund his acquisition of Twitter, now rebranded as “X.”

The acquisition, finalized in October for a staggering $44 billion, was partly financed with a $13 billion loan from major financial institutions, including Morgan Stanley, Bank of America, and Barclays.

These loans were secured by a portion of Musk’s Tesla stock.

In the year since Musk assumed ownership of X, the platform has encountered a series of challenges. The changes he brought to the platform have exacerbated revenue problems, resulting in a soured relationship between X and advertisers. Advertisers, unhappy with content moderation and other changes following Musk’s takeover, have departed in significant numbers and have yet to return. The marketing consultancy firm Ebiquity reported that only two of the world’s top 100 advertisers chose to advertise on X in the previous month.

The world’s wealthiest person has made several attempts to recoup his investment, including monetizing certain features of X, with a particular focus on verification badges. He has also strived to transform the platform into a financial hub, part of his broader “everything app” concept. Despite these efforts, the monetized features have not yielded the expected revenue, and user adoption has been slow.

Moreover, concerns have arisen about X’s user growth, which reports suggest has been declining, contrary to claims made by Musk and CEO Linda Yaccarino. App downloads fell by nearly 30% between July and September, according to data from Apptopia.

These challenges have led to concerns that Musk may default on his loan payments, as reported by Insider. Fidelity, an asset manager holding a stake in the company, has drastically reduced its valuation of Twitter, marking it down by two-thirds, reducing the company’s estimated worth to approximately $15 billion.

The Wall Street Journal has reported that Musk’s lenders are taking steps to unload the debt. Bankers involved in the transaction have suggested that X could receive a junk bond rating, indicating a heightened risk of loan default. This assessment arises from concerns regarding Musk’s unconventional management style and a sluggish advertising market.

Insiders familiar with the matter informed the Journal that the banks anticipate absorbing a 15% loss, totaling $2 billion. For major stakeholders like Morgan Stanley and Bank of America, this would translate into hundreds of millions in losses.

While Musk has acknowledged that it may take time for his changes to produce financial results, the burden of X’s revenue shortfalls is likely to be shouldered by the lending banks.

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