Litecoin MimbleWimble Approaches

Litecoin’s MimbleWimble to Debut at the End of the Year

The implementation of the eagerly awaited Litecoin protocol of MimbleWimble is on the right course to be launched towards the end of 2021.

David Burkett, who is MimbleWimble’s key developer, made this announcement on Thursday, explaining that the launch is set to take place on LTC mainnet.

In his highly-detailed update regarding the launch, Burkett pointed out that Litecoin’s MimbleWimble code had been subjected to a couple of changes since it was first sent to Github for the review and auditing process.

He also went ahead to explain that the project was grappling when it came to having enough developers on board, who could evaluate the MimbleWimble code.

He mentioned that given how the libmw code had struggled to attract new developers, he would be shutting it down and instead come up with new, smaller and more wholesome PRs in the next couple of weeks.

Following his announcement, the team working at Litecoin has invited developers from around the world, especially those well versed in cryptography and evaluating C++ code.

Interested developers would become a part of the MimbleWimble Telegram group. The plea to acquire more developers was voiced through a tweet.

When it comes to pricing, it appears that Litecoin is following a similar trend to Bitcoin as it tries to reacquire the 200-day moving average.

With the weekend already here, it’s likely that Litecoin will keep on consolidating above the local minimum of $118, which was set just last month and below the $200 resistance.

Also crucial to point out is how dependent Litecoin is to Bitcoin’s trend. Should BTC plummet below $30k in the course of the weekend, LTC would suffer more losses and go below the lower borderline of $118.

Polkadot’s ETP Launched on the Swedish Stock Market

Polkadot Exchange-Traded Product Debuts in Sweden

The financial industry has made significant progress when it comes to integrating crypto assets. Just recently, a new exchange-traded product (ETP) belonging to Polkadot (DOT) debuted on the Swedish stock exchange market.

As we speak, the Nordic Growth Market serves as a platform for trading DOT ETP, which has been dubbed the Valour Polkadot (DOT) SEK.

The ETP, which was launched on the exchange on Monday, can be credited to Valour. Valor, which is a subsidiary firm of DeFi Technologies, deals in the production of digital asset-based ETPs.

When making the public announcement, Diana Biggs, who is the CEO of Valour, stated that Polkadot was thrilled about the forthcoming launch.

She explained that one of the reasons for launching Valour DOT SEK was to offer a solution to the rising demand for retail and institutional investors.

Further, she said that taking this move would foster the company’s blockchain protocols through the ETPs.

The Nordic Growth Market, usually abbreviated as NGM, is an equities market responsible for regulatory approval. Though it’s headquartered in Sweden, it serves clients from several countries.

Throughout the years, renowned entities have used conventional methods to try and increase the exposure of cryptocurrencies. Examples of these methods include:

  • Grayscale’s crypto-based products
  • Chicago Mercantile Exchange’s (CME) Bitcoin
  • Ethereum futures
  • Canadian Bitcoin exchange-traded funds

Investors interested in trading the DOT ETP- which is supported by DOT crypto asset-  will be able to employ conventional stock market measures to do so.

Wondering how you’ll be able to buy and sell the ETP? Well, the process was explained in a statement released by the company.

Essentially, for every exchange-traded product of the firm, which is traded on the stock exchange, Valour would provide full backing by either buying or selling an equal amount of the digital asset in question.

Puma Pay Moves to Binance Smart Chain

PumaPay Migrates to Binance Smart Chain, Ditches Ethereum

PumaPay has made a decision to shift from the Ethereum blockchain, in favor of the more expandable Binance Smart Chain (BNC).

When making the announcement about its forthcoming launch of V3.0, the extensive payment provider said it plans to bridge the two platforms.

Yoav Dror, PumaPay’s CEO, said the company was thrilled about the new move as well as the advancements it would be introducing to its customers.

PumaPay’s shift from Ethereum to BNC is quite unusual. But one of the resulting advantages from this is that PumaPay’s customers will get more token diversity.

More specifically, clients will now have the freedom to pick which settlement currency best suits their billing model.

 

Furthermore, the shift will offer liquidity pools, which make it possible to swap the firm’s native token with others, such as PMA and other cryptocurrencies.

 

Also crucial to note is that the new deal will have the charges for processing tokens imposed on executors. This particular scheme will help to encourage decentralization.

 

Traders, on their part, will be tasked with running the executor nodes, creating savings for the network whilst making money from processing tractions for other traders.

 

Most importantly, PumaPay will set in place actions that will encourage participation from the community; hence, bolstering the project.

For a long time now, Ethereum has been the go-to blockchain for developers looking to launch fintech.

However, because of its shortcoming in the scalability department, it’s now being overtaken by its competitors.

To be a little more specific, the likes of EOS, Cardano, Tron and Polkadot are slowly becoming the more preferred blockchain platforms. So much so that they stand to draw a considerable clientele base if they’re able to remain well-grounded.

Another aspect that’s causing Ethereum to fall out of favor is their slow block processing pace. Not to mention their gas fees keep soaring, making it all the more unsuitable for PumaPay’s operating model.

In the end, PumaPay hopes that with the new platform, they’ll be able to offer customers and users greater opportunities, alongside faster processing rates and more affordable gas fees.

Bitcoin Joins the Indy 500

Indy 500 to Feature the First Bitcoin-Endorsed Racing Car

Bitcoin intends to participate in one of America’s most prominent car races, the Indianapolis 500 today.

Ed Carpenter Racing (ECR), an American racing team based in Speedway, Indiana, will have the No. 21 Bitcoin Chevy,  lined up at the starting point. There will be 32 other automobiles that will take part in the historic Indianapolis Motor Speedway.

The Chevrolet, which is engraved in Bitcoin logos, and comes in a black and orange color scheme, is the first sponsored creation of such kind from the Bitcoin community.

In a statement released in the course of this month, team owner Carpenter revealed how thrilled he was to be able to showcase his personal interest and exclusive engagement in Bitcoin  all at once.

The Bitcoin-sponsored car is one of the most recent examples of how the cryptocurrency world is collaborating with sports.

Just two months ago, Oakland Athletics revealed that they had approved bitcoin as a form of payment for its season suites.

In April, the CEO and chairman of Sacramento Kings, Vivek Ranadivé, told his players and staff that bitcoin would be available as a payment option.

The man behind the Chevrolet’s wheel is Rinus VeeKay, who is a Dutch driver and winner of last year’s Rookie of the Year award.

Speaking in an interview with Autoweek, earlier this month, Carpenter explained that he saw this as a creative opportunity to beat other racing teams and ultimately win the coveted sponsorship money.

To facilitate payments and donations necessary, ECR has teamed up with Strike, which is a payment platform. With a unique QR code, any individual interested in making a donation will be able to do so.

Wondering why the team chose no. 21 to represent Bitcoin’s race car? Well, according to Carpenter, 21 represents the 21 million bitcoin, created by Satoshi Nakamoto when he was launching the cryptocurrency.

Ethereum 2.0 Staking Soars

Ethereum 2.0 Staking Contract Hits 5 Million Benchmark in ETH

Ethereum 2.0, an advancement of the existing blockchain, currently holds over 5 million Ethereum. This estimate takes into account the network’s deposit contract, and it’s the highest figure that has ever been recorded.

Etherscan published statistics on the ETH tracking platform, revealing that the total value of the staked ethereum is approximately $14 billion.

Ethereum 2.0 began life in December of last year when Beacon Chain debuted. Within seven days of the launch, ETH community had staked over $1 million ETH to endorse the network’s upgrade.

Ranked the second biggest digital currency globally, Ethereum has had it rough the previous month.

On May 12, its price reached a record-breaking high of almost $4,350. But 11 days later, it plummeted to reach $1,800. At the time of writing, its price stands at $2,536.19.

In spite of this setback, ETH is still on an upward trend, having gained by over 250% since the beginning of 2021.

The latest increment in ETH’s price has triggered whale movements. At the start of this week, Santiment, a crypto feed for investors, shed light on the increase of whale ETH movements amidst the unpredictable nature of the market.

Based on the most recent data by Glassnode, Smart Contracts has ownership of almost 23% of the total Ethereum that is in supply.

The increasing popularity of DeFi products and NFTs are a few of the reasons why the world’s second-biggest cryptocurrency is thriving.

However, it still faces a couple of challenges. One of these is the increasing rate of the network’s gas fees.

Vitalik Buterin, Ethereum’s co-founder, emphasized the need to sort out such issues in the ETH network.

TRON and BSCP Unite to Launch TRONPAD

TRONPAD Continues the Expansion of the Cryptoverse

Cryptocurrency platform TRON has joined forces with BSCPad, aiming to create and ultimately launch the first IDO launchpad founded on the blockchain.

The new venture, which will be called TRONPAD, will happen solely on BSCPad and is expected to be as successful as BSCPad.

Despite being established just recently, BSCPad has already been crowned the leader with regards to the number of customers and transactions. It’s one of the key players that facilitated the exponential growth of the Binance Smart Chain.

Based on a recent press release, the project has collaborated with the renowned cryptocurrency, TRON, so that this latest invention can be successful.

According to the announcement, both organizations hope to take part in the creation of TRON’s very first native original DEX. Their efforts will be founded on TRON’s network then occur solely on the BSCPad.

However, the announcement didn’t reveal the specific date when TRONPAD would debut. It only stated that more details would be released in the course of time.

Justin Sun, the mastermind behind TRON, remarked that his company was thrilled to be undertaking the new venture with BSCPad.

With the adoption of cryptocurrencies increasing at a fast rate, this is the best time to launch TRONPAD. The latter will act as a uniform IDO platform that can be used for future projects that will be launched on the TRON blockchain.

The PR team further noted that TRON anticipates huge success on its launchpad as was the case with BSCPad. So much so that it will invite an entirely new audience, which can then put money into TRON projects.

Kraken Brings Tribe’s Arjun Sethi onto Board

Kraken Names Tribe’s Arjun Sethi as New Board Member

Arjun Sethi, who helped to establish Tribe Capital, just became one of the board members of Kraken cryptocurrency.

This is following several months of financial support by Tribe of the exchange’s operations. Tribe Capital is a venture capital company, which is headquartered in San Francisco. As we speak, the firm manages assets worth more than $1 billion.

Kraken, on its part, is a platform for trading in cryptocurrency, and it’s been around for the past 10 years or so.

In its first quarter, the crypto saw its trading volume soar, with more than $160 billion getting processed.

This shows that Kraken wasn’t left behind as other trading platforms like BlockFi and Coinbase, also registered massive increases, consistent with Bitcoin’s rally.

Just last month Coinbase joined the leagues of cryptocurrency trading platforms that have gone public. Kraken has also been thinking about making a similar move.

In fact, the firm has been seeking fresh funds as it continues to push for a higher valuation, preferably one that exceeds the $20 billion mark.

Making the announcement about his new position, Sethi stated that Tribe Capital was thrilled by the opportunity of getting to work with Kraken.

In the same way they assisted with the early development of companies like Airbnb, Facebook, Uber, Yahoo and Slack, they hope that they’ll be able to speed up Kraken’s expansion.

This news comes shortly after we learned that Tekne Capital Management LLC and Electric Capital have put money into the exchange.

A spokeswoman speaking on behalf of Kraken revealed that it’s very likely the company will go public in 2022.

She reported that they’d probably use a direct listing approach as a SPAC transaction wasn’t in their cards anymore, given the firm’s size.

Unfortunately, Kraken has been the subject of investigation by the IRS a couple of times now.

In the most recent case, the IRS served Kraken “John Doe” summons. IRS sought the help of the court in asking the trading platform to provide personal details of its customers.

DEFI to Launch on PolkaDOT

Current Unveils New Partnership with Acala ahead of DeFi Launch on Polkadot

Mobile banking app Current just revealed that it will be partnering up with Acala, a decentralized finance (DeFi) avenue founded on the Polkadot (DOT) blockchain.

Current, which is headquartered in New York, was established with the sole aim of offering Americans services often neglected by ordinary banks.

When making the announcement, Current stated that there had not been such a collaboration in the past.

It means the partnership would mark the first hybrid finance (HyFi), bringing together traditional and decentralized financial apps.

Acala would, thus, be their all-inclusive DeFi network, which provides a blockchain avenue acquired by Polkadot.

As a package of cross-chain financial programs, the new HyFi will enable Acala users to trade, get staking derivatives, initiate self-serviced loans, sign up to become liquidity providers and be  eligible for high interest APY on their digital assets.

Current will be operating its own infrastructure. However, it will offer support on the active validator set.

This collaboration with Acala aligns with Current’s customized banking system, Current Core.

The idea behind launching this platform was to fill the gap in closed-loop fiat currencies. This partnership should be able to accelerate expansion of HyFi infrastructure.

Experts have high expectations that the Current Core platform will be able to offer better stability, facilitate speedy transactions and provide cost efficiencies.

So far the company has received endorsement from investors like Avenir, Tiger Global, Wellington Management Company, Sapphire Ventures, Elizabeth Street Ventures, EXPA and QED.

Just a few days ago, the Bank of America teamed up with Paxos, which is a settlement network founded on blockchain.

The Bank of America, ranked the second-biggest in the US, has been carrying out internal transactions by itself for a couple of months now. If it receives the green light to serve as a clearing agency, it will be allowed to provide services to clients as well.

DeFi Coimng to Cardano

DEFIRE – Defi for Cardano

DeFIRE, which is a kind of decentralized smart routing system incorporated on Cardano, announced that it had managed to raise $5 million.

The funding was held ahead of its forthcoming Initial DEX Offering. It saw major players participate, both from legacy and crypto-centric firms.

The fact that this venture has piqued the interest of so many entities at this initial stage is good news for DeFIRE and Cardano.

This routing engine will serve as the first fiat on-ramp for Cardano. It will also be the cryptocurrency’s substitute for native tokens. Specifically, it will enable token holders to exchange one Cardono token for another using direct means.

DeFIRE will double up as an avenue for implementing services, especially the decentralized exchanges for:

  • Order routing services taking place across DEXs
  • Substituting tokens
  • Go-between services between DEXs and wallets

A distinguishing trait that sets this platform apart from the crowd is that it provides a low latency decentralized service.

Furthermore, it has the capacity to tackle institutional order flow originators as well as conventional demands received from retail merchants.

It’s good to point out that DeFIRE was one of the first inventions from OccamRazor. Occam’s President, Mark Berger, expects that Cardano will yield considerable liquidity flows as soon as Alonzo is launched.

The $5 million that was raised during the pre-IDO funding will be used to facilitate several things. One, it will help to optimize token liquidity, which is particularly important in these initial stages.

Two, it will be used to create and foster community support. Lastly, it will come in handy in test price discoveries.

If the IDO is a success, DeFIRE plans to set up a decentralized form of governance for its ecosystem. It intends to achieve this by executing the Decentralized Autonomous Organization (DAO).

Many entities are looking up to DeFIRE to see what will become of it, even in this early phase. But having secured the pre-IDO funds marks a step in the right direction.

Ripple Teams Up with Sustainability Pioneers to Achieve Goals before 2030

Ripple, finally voiced its opinion about the ongoing debate relating to sustainability of the cryptocurrency industry.

The firm, which is the majority holder of the XRP digital currency, revealed that it would try to attain carbon net zero within the next 9 years.

On May 15, Ripple posted a tweet, in which it shared a link to its site. In the article linked to, the company outlines several aspects of its environmental strategy.

The article also includes a list of partners that Ripple is working with. These include Mercy Corps, the Bill & Melinda Gates Foundation, the Institute for Business and Social Impact and Mojaloop Foundation.

Combined, this crypto stakeholder has partnered with non-government organizations in over 80 nations.

Just recently, pioneers in the sustainability space, namely, the Energy Web Foundation, Renewable Energy Buyers Alliance (REBA) and Watershed, joined their venture.

Another thing the company draws attention to via the linked post is the performance of green XRP, and how it compares to major cryptocurrencies like bitcoin (BTC) and ethereum (ETH).

It explains that while Bitcoin utilizes almost 4 billion gallons for every 100 million transactions, XRP only uses 63,000 gallons per 100 million transactions. ETH, on the other hand, uses 239 million gallons.

It is no secret that the environmental impact of cryptocurrencies has been a hotly debated issue in the past couple of weeks.

One of the most prominent players, Elon Musk, has also given his views on fossil fuel emissions arising from mining bitcoin.

The world-renowned entrepreneur took a position in the matter by suspending all Bitcoin payments for Tesla. Needless to say, Bitcoin’s price took a nosedive following the withdrawal. It dropped below its threshold of $50,000.

Interestingly, not everyone saw Musk’s big decision as a positive. A few critics like Tim Draper, explained that the current banking system also causes adverse effects on the environment.

As such, Draper stated that if Musk truly wants to minimize environmental implications, then he should also cease accepting payments in fiat currency.

In the meantime, some countries have taken upon themselves, to implement measures that shield the environment from BTC mining effects.

A case in point is Iran. The country’s officials reported that they would charge fines to any individual found mining using household electricity.