Allied Launches Bitcoin Wallet on Banking App Store

NEW Bitcoin Wallet Options

Recently, Allied Payment Network introduced a wallet app designed to be used by banks and credit unions on Finastra’s FusionStore.

The new application is the resulting fruit from the collaboration between Allied and NYDIG. The gist behind this program is to provide a means through which customers and members are able to purchase, sell and hold bitcoin through a reliable and safe platform.

Allied takes the crown for being the very first bill pay provider to offer such a service, moreso, to make it available to financial institutions.

Making the announcement about the new product, Allied’s CEO, Ralph Marcuccilli, remarked that the firm’s primary objective was to work with financial institutions to create similar value-based technologies.

So how exactly will the Allied Bitcoin Wallet work? Well, the system, which is built on Finastra’s FusionFabric.cloud, will operate by merging digital payments, bitcoin transactions, and account balances into one area that’s readily accessible.

What this means is that the financial institutions won’t be forced to hold any bitcoin on its liability and asset statement. They also won’t have to carry out transactions in bitcoin to offer this service.

On their part, these banks and credit unions will benefit massively by attracting new customers. They will also be able to provide better services to their existing clientele as well as generate a new avenue for non-interest income.

Commenting on the issue, Vincent Pugliese, who is Finastra’s General Manager, said that the integration of Bitcoin into different financial systems has increased rapidly in the past decade.

As such, financial institutions should constantly look for ways that enable them to provide better services to their customers.

Bitcoin Hits 700,000th Block

Bitcoin Hits 700,000th Block, Sparks Celebrations Among Crypto’s Proponents on Twitter

Bitcoin supporters are in a celebratory mood as the network achieved its 700,000th block yesterday.

In spite of the harsh criticism, especially in relation to the cryptocurrency’s effects on the environment, it seems to be growing stronger everyday.

Some critics went as far as to predict Bitcoin’s death, citing investors’ preferences for cryptocurrencies that are more environmentally sound.

But if the latest trend is anything to go by, there will likely be a surge in the demand for this coin. The network reached the 600,000 threshold in October of 2019. This was just two years after it had reached the 500,000 mark in 2017.

For the uninitiated, a block is similar to a page on the ledger of transactions that occur on a network.

These blocks become valid once miners work out some sophisticated math problems. Anytime a miner manages to solve one of these calculations, transactions are recorded in a block. The miner who completes a block is rewarded in the form of Bitcoin.

The formation of the 700,00th block means that so far, there are 18,812,806 Bitcoins in circulation. This reward is divided into two after every four years. As a result, just 21,000,000 Bitcoins are in circulation at any one point.

Documenting Bitcoin is a renowned twitter account that is particularly known for posting crucial events on the Bitcoin network. Their most recent tweet was a quote from one Hal Finney, who was one of the original collaborators on Bitcoin.

Finney’s quote explains that with each passing day where Bitcoin triumphs against legal and technical issues, is enough indication that the crypto will keep growing and increasing in price.

Coinbase Creates Protocol Team

Coinbase Creates Protocol Team to Tackle the Sector’s Most Challenging Issues

Coinbase, one of the most renowned cryptocurrency exchanges, has created a “Protocol Team” for the purpose of incorporating Layer-2 blockchains like Polygon. This move is also meant to support developer and engineer communities in the crypto world.

The team will be made up of engineers and developers looking to incorporate Layer-2 blockchains into their Coinbase products. This will facilitate faster and cheaper transactions for customers.

In the early stages, the designated crew will handle the integration of Layer-2 solution Polygon. The rest of Layer-2 platforms like Starkware, Optimism and Arbitrum will be introduced gradually a little later on.

This is not the first time that Coinbase is pledging to support the Polygon network. In fact, it had initially offered support for Coinbase wallet as well as its native extension.

The firm now intends to increase its abilities in the customer withdrawal and deposit sector.

In addition to incorporating Layer-2 solutions, the Protocol team has also been tasked with making a contribution to open source projects.

Specifically, it will be responsible for coming up with the software that will support crucial projects on Ethereum.

Moreover, it will offer funding and grants, aimed at increasing support and nurturing expansion efforts within the sector.

By incorporating Layer-2 solutions and scaling Ethereum, Coinbase aspires to address some of the most challenging issues in the industry. These problems include prolonged settlement times, pricey gas fees and inferior scalability.

Another objective Coinbase has for the integration entails creating an even field for retail users. The firm hopes that consumers won’t get to a point where they can no longer invest in Ethereum-based products.

How to Trade Cardano and Solana

Delta Exchange Introduces Options Trading for Cardano and Solana

Delta Exchange, the crypto derivatives company, revealed to the public that it had introduced futures trading on both Cardano (ADA) and Solana (SOL). Doing so would provide investors with a new access point when it comes to these rapidly-developing altcoins.

The original rollout of ADA and SOL call and put options will constitute daily maturities, although maturities for weekly and monthly timeframes will also be provided, albeit a little later.

Options offer purchasers the right but not the responsibility to trade a security at a given price within a specific timeframe. Call and put options are particularly common in traditional markets, but they’re gaining a lot of traction in the crypto world as well.

Before this debut, Delta Exchange had already made options available on their other crypto platforms including Ether (ETH), Bitcoin (BTC), Bitcashpay (BCP), Binance Coin (BNB) and XRP (XRP).

Based on Cointelegraph’s report, Delta introduced multiple options products in mid-2020.

The crypto derivatives sector has had a particularly good year in 2021. Its growth has increased exponentially with traders disregarding regulatory cautions from financial authorities around the world.

Not so long ago, Binance, the cryptocurrency exchange, made it known that it would be limiting derivatives trading to only users based in Hong Kong.

In the U.S., several Commodity Futures Trading Commission representatives have given their opinions regarding the widespread enforcement on the crypto derivatives.

Following a mid-summer break, options trading resumed in August. Meanwhile crypto markets were staging a remarkable rebound.

By the time we were halfway through that month, the open-interest in Bitcoin options had increased by more than two-folds from their annual low set towards the end of June.

Last year, CoinMarketCap revealed that derivatives constituted upto 55% of the total cryptocurrency market. With the expansion of platforms, such as Delta, FTX and Bybit, there’s no doubt that derivatives will make up a bigger portion of the market this year.

Solana, Ethereum’s Potential Adversary, Gains 50% Within a Week

The cryptocurrency associated with the Solana network has recently risen ranks to end up at the 7th position.

As it registered considerable gains, it managed to displace dogecoin. Meanwhile, many anticipate that in the near future, it will become a fierce competitor of Ethereum.

Solana’s token, abbreviated as SOL, has increased threefold in a span of just three weeks. This had led its market value to increase to over $45 billion.

Solana alleges that it’s among the fastest blockchain networks globally. It’s also claimed the crown for being the most rapidly expanding ecosystem in the crypto industry.

It has more than 400 projects, which are spread out in different niches, including DeFi, Web3, NFTs among others. Many are optimistic that soon enough, Solana will become a long-term competitor of Ethereum, which has been thriving in other applications like digital collectibles and DeFi.

Based on the information displayed on Solana’s site, each transaction costs an average of $0.00025.

In the past week alone, this crypto’s token registered an upward trend of 50%. In the meantime, other digital currencies were struggling to get any positive returns.

In the course of the last 30 days, SOL has increased by more than fourfolds. Its price rose sharply from just $35 to a staggering $163.

In June, Solana made it known that it had procured about $314 million. This was after it conducted a funding round that saw key players like Polychain Capital and CoinShares, Andreessen Horowitz (a venture capital company) and Bankman-Fried’s Alameda Research, participate.

On another note, altcoins have been stealing the spotlight from renowned crypto tokens like Ether and Bitcoin. Binance Coin, Cardano and Solana have been increasing in popularity, especially in the past couple of weeks.

Unfortunately, things haven’t gone well for Bitcoin, which seems to have taken a nosedive. The crypto went from $52,000 to $42,000, before gaining a bit of stability after El Salvador became the first nation to accept Bitcoin as legal tender on Tuesday.

Ether Hits Record Breaking Prices Again!

Ether Hits the $3,550 Mark Since Mid-May as DeFi and NFT Spark Interest in Altcoins

Ether, which is Ethereum’s token, reached a record-breaking price on Wednesday. This is the highest it’s reached since mid-May.

The gain is being attributed to investors’ increasing trend to opt for alternative cryptocurrencies other than bitcoin. This habit has gained traction in the past couple of weeks.

Ether token gained by a whopping 7% at one instance, reaching a high of $3,560. At press writing, the coin is trading at $3,750.10.

Even though bitcoin still holds the crown for the most actively traded digital currency, the majority of the smaller players- like ether, Polkadot’s dot and Cardano’s ADA- are becoming popular at a rather fast rate.

One thing working in favor of these smaller-scale crypto networks is the fact that they provide a vast range of applications- way more than Bitcoin does. For instance, they offer NFTs, decentralized finance (DeFi) protocols and others.

NFTs, which is the abbreviated form of non-fungible tokens, refer to digital tokens that are linked to real-world assets like videos, artwork pieces just to mention a few.

Dune, a data analytics company, gathered data showing that OpenSea- the biggest NFT platform- registered a monthly activity volume of more than $3 million in August.

This is the highest the firm has ever recorded.

DeFi and NFTs are among the blockchain technologies that have caused ethereum to gain such massive popularity.

Given that the majority of NFTs are minted on this blockchain network, this has led to an increased demand for ether; and subsequently, a boost in its price.

Petr Kozyakov, the co-founder and CEO of Mercuryo (a payment network that operates globally), suspects that the price of ether could soon surpass the $4,000 mark.

The rising popularity of ether has sparked an interest in other altcoins. Dot, for instance, gained by 8.7% for the day, to end at $30.21. Ripple’s XRP increased by a fairly similar margin of about 7.43% to trade at $1.20.

It appears that the cryptocurrency industry is gaining traction rapidly. And as Bitcoin’s dominance starts to wade, other coins will begin to gradually climb ranks.

Coinbase Slammed for Horrible Customer Services

World-renowned cryptocurrency exchange Coinbase, recently garnered a ton of complaints from its clients. The majority of grievances brought forward were in relation to account closure, hacking and lost funds.

Not so long ago, Kaleo, who is a crypto analyst, posted a tweet which attracted hundreds of remarks from customers who’ve had their fair share of unpleasant experiences with Coinbase.

Unfortunately, this is hardly the first time that the company is encountering such retaliation from its customer base.

Just a couple of months ago, the New York Times issued a press release regarding a client who had lost more than $100,000 through the crypto exchange. It’s not surprising that this customer brought charges against Coinbase.

Data collected between 2016 and the present time reveals that at least 11,000 complaints have been issued against the exchange. Most of these cases relate to the treatment that Coinbase accords its customers.

The US CEO at Bitstamps, Bobby Zagotta, explains that one of the reasons why so many cryptocurrency companies are facing charges is because they’re neglecting the importance of having human customer representatives.

According to Zagotta, customer service is one sector that should not be automated.

About four months ago, Coinbase rose ranks to become the crypto industry leader after its debut on the Nasdaq stock exchange.

This action prompted vast enthusiasm across the market, vowing to be an incentive for increased awareness and encourage a shift from the traditional markets.

At press writing, Coinbase shares, which are trading under the ticker symbol “COIN”, are valued at $259.12. The exchange’s market capitalization is close to reaching the $68 billion mark.

Although there hasn’t been any massive influence on its share price, this scandal has definitely harmed the company’s reputation.

Binance Coin Likely to Replace Cardano as 3rd Largest Crypto

Binance Coin Likely to Replace Cardano as Third-Largest Crypto with Record-Breaking Value of $700

Not so long ago, Binance, the native token of the dominant crypto exchange Binance (BNB), dropped from its third position as one of the biggest digital currencies based on market cap.

A number of sources have disclosed that Binance is thinking of making an investment from government funding. The investment is estimated at a value of $200 billion.

Most experts believe that there’s one key reason that may have caused Binance to ask for protection from the government.

This is the fact that there have been more regulatory issues raised relating to the exchange’s activities and product offerings across Singapore, the UK, the US and China.

Based on our research, the government of Singapore has been identified as the most probable to put money into Binance. The crypto exchange has refused to give any comment on this issue.

There’s speculation that Binance native asset is going to gain, owing to the response from the investment proposition. Analysts believe that BNB could shoot to $700.

Host of the Wolf Of All Streets podcast and independent crypto analyst, Scott Melker, is among the individuals who suspects that BNB could surge to $700.

By now, it’s evident that Binance coin is the biggest competitor of Cardano. On the same note, the downward trend of Cardano’s staked volume shows a decrease in interest from merchants.

If this downward trend persists, the setting will only become more conducive for BNB to get ahead. It means it may just be able to recover and take Cardano’s spot as the third-biggest crypto by market capitalization.

In spite of the bearish on-chain indicators, analysts believe that the market may still be in favor of Cardano as its price looks pretty solid. In fact, the next target that Cardano aims to reach is $3.50 although a few individuals believe that it could climb up to $3.62 before retracement starts.

Liquid Hacker – $90 Million

Liquid Exchange Extortionist Takes Precaution by Transmitting $20M to ETH Mixer

The individual responsible for hacking Liquid, the Japanese crypto exchange, has been taking precautions to ensure that there aren’t any traces left of his activity.

Based on the latest reports from public blockchain data, he managed to get away with crypto worth $90 million.

Nonetheless, two different crypto exchanges informed CoinDesk that they’d frozen money suspected to belong to the extortionist.

Liquid revealed their security breach on Thursday through a tweet, highlighting a number of wallets that it suspects the robbers used to siphon out ether, bitcoin, XRP, TRON, and several ERC20 tokens.

Shortly after, Liquid unveiled several other crypto addresses, which have been linked to the hacker.

Liquid followed this up by impeding withdrawals as well as filing a report of suspicious transactions with the Monetary Authority of Singapore (MAS). MAS serves as the nation’s financial regulator.

This hack is definitely among the top scandals that have happened in the crypto world recently. But in the grand scheme of things, it cannot be compared to the $146 million hack that hit Italian exchange BitGrail last year.

Neither does it match up to the $500 million hack that hit Coincheck, the Tokyo-based exchange, back in 2018.

CoinDesk recently gave an update on the Liquid hack. It stated that about 6,000 ETH, equivalent to $19.7 million, which had been stolen from the crypto exchange, was sent to Tornado.cash. But from then on, no other traces can be made.

Etherscan, on its part, believes that the thieves likely used Uniswap along with other decentralized exchanges (DEXs) to put the stolen ERC20 tokens into liquidation. According to Etherscan, the extortionist has managed to retain some 9,319 ETH ($30 million) worth of crypto in his wallet.

Cardano Record Price Ahead of Alonzo Launch

Cardano Achieves Record-Breaking High Ahead of the Eagerly-Awaited ‘Alonzo’ Launch

Within the past 10 days, Cardano (ADA) has increased by more than 50%.

This has allowed it to climb to the third spot of the globe’s most popular digital currencies, with its market capitalization now estimated at $80 billion.

In its crazy ride, the cryptocurrency hit a record-breaking high of $2.58. Unfortunately, its increment had already started tapering off by Saturday morning.

Cardano’s impressive gains are being attributed to the eagerly-awaited “Alonzo” advancement. This new upgrade will make smart-contract functionality and an array of other DeFi programs possible on the Cardano network.

It’s expected that the Alonzo upgrade will be introduced as soon as September.

The Cardano platform was co-established by Charles Hoskinson, who previously held the CEO position of Ethereum.

Since its debut in 2017, Cardano has grown to become a solid contender in the crypto industry. In particular, it’s become a serious threat to the Ethereum blockchain, which prides itself in dominating the DeFi services market.

Between August 10 and August 20, the price of Cardano climbed from $1.70 to $2.58. At press writing, it’s trading at $2.45.

The absence of smart-contract functionality had been identified as one of Cardano’s greatest setbacks. Suffice to say, it’s one of Ethereum’s primary strengths.

The main concept behind these smart contracts is to provide a means of guaranteeing that agreements are validated safely.

Despite the excitement surrounding the Alonzo launch, there are a few individuals who are skeptical about the success of the Cardano coin.

Early this month, Hoskinson decided to respond to the naysayers through a tweet saying that he would pay for the critics to undertake therapy sessions.

In the meantime, the crypto market seems to be reaching its peak thanks to the recent rallies in Bitcoin, Ether and Cardano. It just recently passed the $2 trillion mark.