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American Bank Looks To Offer Clients BTC And ETH Buying Options Via New Crypto Trading Offering
American Bank is a locally owned community firm based in Allentown, Pennsylvania. Most recently, the bank announced that its users will be given the option to access the top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), through the company's brand new cryptocurrency trading offering.
What to expect?
The bank has been in business for more than 25 years and it will reportedly employ the Bakkt crypto-connect solution to let its clients purchase, trade, and successfully hold the two biggest crypto assets by market capitalization. As such, the Bakkt crypto-connect solution is expected to emerge in the second quarter of 2022.
As more consumers grow interested in purchasing crypto via traditional financial institutions, American Bank plans to employ Bakkt's educational materials to grant cost-effective access to cryptocurrencies. It is a well-established fact by this point that a growing number of users want to be able to access crypto via their respective banks. This is exactly why American Bank is working with Bakkt to offer consumers an easy to use on-ramp to crypto via their trusted bank relationship, according to Sheela Zemlin, Bakkt's Chief Revenue Officer.
Crypto acceptance in the U.S is growing
Pennsylvania could follow the footsteps of others such as Texas and Wyoming who have already adopted a pro crypto approach. In 2021, a slew of large U.S banks, led by Morgan Stanley, began providing wealth management consumers exposure to cryptocurrencies. In fact, back in March, Morgan Stanley had claimed that clients with a minimum of $2 million in assets will thus be allowed to access three BTC funds. Meanwhile, various other banks which provide crypto exposure to their wealth management customers include Citigroup, JPMorgan Chase & Co, and Wells Fargo & Co.
Elsewhere, BNY Mellon announced in February of last year that it will keep, transfer, and subsequently issue BTC for asset management clients, thereby making it among the first significant Wall Street banks to take this kind of action. Texas Senator Ted Cruz and Miami own Mayor Suarez are also just a few influential people who are actively and openly backing crypto as they hope that the U.S can become a major player for many years to come in this growing industry.
Crypto In Online Betting - How Does It Work?
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies can be used to purchase goods and services, as well as to store value. They can also be traded on decentralized exchanges. Some cryptocurrencies are designed to be used for specific purposes, such as FileCoin, which is intended for file storage, or Civic, which is designed for identity verification.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is powered by the ether token, which can be traded on cryptocurrency exchanges for other digital currencies or fiat currencies.
Because Ethereum is decentralized, it can be used to create applications that have no single point of failure. For example, a gambling application could be created on Ethereum that would be immune to government shutdowns or server failures. As another example, a Decentralized Autonomous Organization (DAO) could be created on Ethereum that would operate without any human intervention.
Ethereum also has the potential to reduce the cost of transactions. For example, right now a payment processor like Visa or Mastercard can charge a fee of up to 3% for international transactions. With Ethereum, those fees could be reduced to mere pennies.
Cryptocurrencies have the potential to revolutionize online sports betting. Because cryptocurrencies are decentralized, they can be used for online sports betting without fear of government interference or server failures. This makes Ethereum an ideal platform for online sports ethereum betting sites. Sports bettors could use Ethereum to make instant, secure payments without having to worry about high transaction fees. In addition, the decentralized nature of Ethereum would ensure that bets could always be placed, even in the event of a government shutdown or server  failure.
Ethereum is also well-suited for online gambling applications. Online gambling is currently plagued by high transaction fees, long processing times, and the risk of fraud or chargebacks. Ethereum can solve these problems by providing instant, secure, and low-cost payments. In addition, because Ethereum is decentralized, online gambling applications would be immune to government shutdowns or server failures.
When you bet with Ethereum, you are essentially betting against other users of the Ethereum network. Ethereum is a decentralized platform, which means that there is no single point of failure. This also means that there is no centralized authority that can decide who wins or loses a bet. Instead, bets are resolved by the consensus of all users of the Ethereum network.
To place a bet with Ethereum, you first need to acquire some ether. Ether can be purchased on cryptocurrency exchanges or earned by mining. Once you have ether, you can use it to place bets on any event that is supported by the Ethereum network.
The process of resolving a bet on the Ethereum network is fairly simple. First, the parties involved in the bet must agree on the terms of the bet. This can be done through a smart contract, which is a type of computer program that runs on the Ethereum network.
Once the terms of the bet have been agreed upon, each party involved in the bet will send their ether to a smart contract. The smart contract will then hold onto the ether until the outcome of the bet is resolved.
If one party tries to cheat by sending more ether than they agreed to, the smart contract will automatically refund their deposit. This ensures that both parties are playing fair.
There are currently over 1,000 different cryptocurrencies in existence, with new ones being created all the time. Some of the more well-known include Bitcoin, Ethereum, Litecoin, and Ripple. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.
Goldman Sachs Now Contemplating OTC Ethereum Options
A month after offering OTC (Over The Counter) Bitcoin options, American multinational investment firm Goldman Sachs is now reportedly contemplating adding OTC Ethereum options to its growing list of services.
Andrei Kazantsev, the banks Global Head of Crypto Trading, recently revealed the idea at a Goldman client webinar, citing rising interest in the world's second-biggest cryptocurrency by market cap from the bank's customers. He also announced that the bank plans to eventually launch cash-settled Ether options as well.
Customers have been paying greater attention to Ethereum since the bank launched OTC Bitcoin options back in mid-March, which they now regard as somewhat of an investable asset class, as per the words of George Lewin-Smith, an associate who works alongside Goldman Sach's virtual assets team.
United Kingdom To Mint NFT, Striving To Lead In Crypto Defi Sector
The United Kingdom government has declared its intentions to mint its very own NFT as part of a drive to become a world leader in the crypto and DeFi sector.
As such, Finance Minister Rishi Sunak has directed the Royal Mint, the government-owned firm in charge of minting coins in the U.K, to design and release the NFT by the summer. More information, according to City Minister John Glen, will be available very shortly.
Minister Glen also highlighted a number of initiatives the U.K will take to increase regulatory control and overall acceptance of digital assets, including intentions to:
1. Bring stablecoins into compliance with the countrys existing electronic payment rules.
2. Consult on establishing a world-leading system for regulating the trade in BTC and various altcoins.
3. Request that the Law Commission investigate the legal standing of blockchain-based communities known as DAOs.
4. Investigate the tax implications of DeFi loans and staking.
5. Create a Cryptoasset Engagement Group, which will be led by ministers and shall include representatives from U.K authorities and crypto companies.
6. Investigate the use of blockchain technology in the issuance of debt instruments.
Axie Infinity Suffers Huge Exploit Resulting In $600 Million Loss And Broken Trust From Players
The team behind the popular Axie Infinity (AXS) crypto P2E game recently announced that they will repay online users who lost their money after hackers reportedly stole about $600 million from the game's blockchain infrastructure not too long ago.
What exactly happened?
Hackers recently took advantage of a security flaw in a bridge, the technology that converts tokens into ones which can be utilized on another network, to steal 173,600 ETH as well as 25.5 million USDC tokens in two transactions. According to Ronin, the blockchain that powers Axie Infinity, the compromise occurred on March 23rd but was only identified on March 29th.
As per Aleksander Leonard Larsen, Chief Operating Officer of Sky Mavis, the team is entirely dedicated to reimbursing the users as quickly as feasible, and a solution is still being worked on.
The assets stolen include deposits of gamers and speculators as well as Axie Infinity Treasury earnings. Larsen said that 56,000 ETH taken belonged to the Treasury and that the company does not suspect insider participation in the crime as of this moment.
What happens now?
Axie Infinity is one of the most popular P2E games today, which like The Sandbox (SAND) and various other Play-To-Earn games, enable players to acquire tradeable cryptocurrencies. Daily active users increased last year in Covid-affected developing nations such as Brazil, Venezuela, and the Philippines.
However, following the aforementioned exploit, it is difficult to ascertain as to what the game's future will be. There are already many other P2E alternatives that gamers could always shift to, so the pressure is on the Axie Infinity team to quickly and decisively resolve the ongoing issue so as to guarantee that it cannot happen again. Moreover, an increasing number of people believe that the fact the hack was only discovered almost a week after it happened is indeed a red flag and it might be time to leave Axie Infinity behind if the users cannot be reimbursed quickly.
Crypto Market Slowly Recovers, Investors Refuse To Sell, & Terra Continues To Gain Momentum
With everything that has been happening over the past few years, such as the Covid-19 pandemic, China shutting down all crypto mining efforts within the country, and most recently the Russia-Ukraine war, it is becoming abundantly evident that Bitcoin (BTC) holders may simply not want to sell anymore as the market continues its road to recovery.
Stablecoins like TerraUSD (UST) become increasingly popular
Do Kwon, the creator of Terraform Labs and Ethereum Layer-1 blockchain rival Terra, appears to be seeking to amass USD $10 billion in Bitcoin (BTC) reserves for the project. The purchase will go a long way towards backing the projects BTC stablecoin, known as TerraUSD (UST). Also, not only is this number in the same conversation as the large amounts being famously purchased by MicroStrategy's Michael Saylor, but Terras buying of BTC will in all likelihood happen more gradually as opposed to sporadically.  If everything goes as planned though, the crypto industry believes it might be a huge bull-run catalyst.
Since the values of Bitcoin, Ethereum (ETH), and altcoins such as Dogecoin (DOGE) have grown more erratic in recent months, cryptocurrency enthusiasts are increasingly gravitating toward stablecoins such as Terra to invest in due to their more predictable price action. With a total market cap of more than $34 billion, LUNA, the native token of the blockchain network Terra, is the ninth largest cryptocurrency, overtaking both Polkadot (DOT) and Avalanche (AVAX).
Why is Terra important?
TerraUSD is a stablecoin designed to lessen the volatility associated with cryptocurrencies such as Bitcoin. Tether (USDT), another popular stablecoin, is linked to more traditional currencies, such as the U.S dollar, using cash and cash equivalents rather than an algorithm and accompanying reserve token.
Terra was created in 2018 by Do Kwon and Daniel Shin. Kwon also serves as the CEO of Terraform Labs as previously alluded to, the same company that is developing the Terra ecosystem as well as protocol.
Moreover, the Terra ecosystem is a fast expanding network of decentralized applications (dApps), which has resulted in continuous Terra demand and rising Luna prices. Terra stablecoins can thus be spent, saved, traded, and swapped on the Terra blockchain. Terraform Labs does not profit from transactions involving their crypto. According to Kwon, it is entirely reliant on external money to function.
Terras value almost doubled this past February, increasing from a low of $47 to $91 and is now worth more than $100. The war between Russia and Ukraine is partly responsible for the increase in its value. With the way that the world and the crypto market in general is going, it is becoming abundantly clear that stablecoins like Terra will in all likelihood continue to perform exceedingly well as more investors are actively choosing to play it safe and rely on dependable stablecoins.
Searches Ethereum Merge Have Recently Surged
Searches for the phrase Ethereum Merge have recently surged considerably among blockchain investors and crypto enthusiasts, owing to the fact that its structure shall soon be modified in pursuit of improving overall energy level efficiency.
The shift implies that Ethereum will transition from a PoW (Proof-of-Work) methodology to a PoS (Proof-of-Stake) mechanism, with the goal of reducing its reliance on fossil fuels and thereby decreasing the damage caused to the environment.
One of the aims of this move is to render Ethereum cryptographic mining unnecessary in order to lessen the environmental effect of the process, as well as to increase blockchain security against possible assaults and exploits.
Nevertheless, as a result of this merger, fewer tokens will be minted since the quantity of Ether will be reduced. Additionally, Ethereum merge will not result in the formation a new token and the transaction costs wont be reduced either, according to Ethereum developer Tim Beiko.
Kraken Now Supports Bitcoins Lightning Network
Kraken, one of the most popular cryptocurrency exchanges, now supports Bitcoin's Lightning Network for low-cost and quick BTC withdrawals and deposits.
According to Pierre Rochard, Bitcoin Product Manager at Kraken, adoption will primarily come from consumers who have fiat in their bank accounts and want to convert it to Bitcoin.
He went on to suggest that Kraken appears to be an ideal venue for them to do so, after which they may top up their mobile Lightning wallet and utilize it as a medium of exchange. That is certainly the next phase in the evolution of Bitcoin, he concluded.
Kraken became a member of the Lightning Network and established its own Lightning node. As such, every client may now use the new integration which permits withdrawals and deposits of maximum 0.1 BTC, or 10 million satoshis, per transaction.
Washington State Governor Signals Acceptance Of Blockchain With Bill Signing
After three years and one veto, Washington State Governor Jay Inslee has officially signed a bill into law earlier today that intends to extend the state's acceptance of blockchain technology across multiple industrial as well as financial sectors.
As a result of the legislation, Governor Inslee established the Washington Blockchain Work Group which would reportedly explore various possible uses for blockchain technology in the rapidly advancing digital age in which we currently find ourselves.
The Work Group will include seven government officials and eight leaders from various trade organizations from around the state. It will primarily research practical use-cases of blockchain technology and submit a report to Governor Inslee by December 1st, 2023.
With this, Washington becomes the most recent of many U.S. states to adopt blockchain technology or cryptocurrencies in general, including Wyoming, Texas and New York.
OpenSea Teases Solana based NFTs In April
OpenSea, the highly popular NFT marketplace, has just provided a preview of its long-rumored integration of non-fungible tokens on the Solana blockchain, which is currently scheduled for April.
The video showed a sequence of community requests for Solana NFTs, with the caption proclaiming that this is infact the greatest kept secret in Web 3.0.
Presently, OpenSea only supports NFTs on the Klaytyn, Ethereum, and Polygon blockchains and is the worlds biggest marketplace with almost $24 billion (USD) in overall sales volume.
Although the majority of non-fungible tokens are on Ethereum, Solana nevertheless contains some significant NFT collections like Degenerate Ape Academy and Solana Monkey Business.
Rio Will Officially Be Accepting Bitcoin (BTC) Payments For Taxes On Real Estate
Rio de Janeiro, Brazil, will officially begin accepting Bitcoin (BTC) payments for taxes on urban real estate inside their municipal borders, also known as Imposto sobre a propriedade predial e territorial urbana (IPTU).
The new pro-cryptocurrency tax regulations will go into effect in 2023, according to the Secretary of Economic Development, Innovation, and Simplification, Chico Bulhes.
To that end, Binance CEO Changpeng Zhao announced the opening of a new office in the region to support this cause led by Brazilian Mayor Eduardo Paes. With the implementation of this proposal, Rio de Janeiro will become the first Brazilian city to accept BTC payments.
Finally, there are also plans of implementing NFT-oriented governance regulations in a variety of areas, including tourism, culture and art.
Ethereum Overtakes MasterCard And Bank Of America In Market Cap As Investors Look Forward To PoS Transition
With the crypto market seeing a brief upswing as of late, prominent digital assets such as Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) have all performed well.
Ethereum in particular, the second biggest cryptocurrency by market cap, has actually seen its value remain over $3k for many days now, allowing its market capitalization to officially surpass that of traditional financial organizations such as Bank of America and MasterCard.
On the right track but a long way to go
Notwithstanding its recent climb, Ethereum remains well behind other major financial companies like JPMorgan Chase. Nevertheless, this specific banks market capitalization pales in comparison to Bitcoin, which is presently worth more than $840 billion.
Moreover, the Ethereum market cap has since increased by over 10% in the previous week to more than $375 billion as of the time of this writing. This growth also correlates with the assets value increasing by around 11% to its current price of more than $3,000. This is entirely understandable considering that recent reports indicated that huge sums of ETH withdrawals frequently preceded an increase in the coins price. This is clearly what is happening right now, since over 180,000 units of Ethereum were taken from various cryptocurrency exchanges about two weeks ago.
Another bullrun on the way?
In an attempt to comprehend what is driving Ethereums current price in its upward movement, some crypto analysts have speculated that the upcoming Ethereum Merge is attracting investors in droves.
As such, the highly anticipated change of the Ethereum network from a Proof of Work (PoW) system to a Proof of Stake (PoS) network will make the asset even more appealing to institutional investors who may be holding back due to worries about energy usage and environmental concerns. However, with the networks PoS update, more investors are likely to come into Ethereum.
Simultaneously, the network may be able to gain control of the NFT and DeFi spaces from other smart contract-oriented blockchains such as Avalanche, Cardano, and Solana. Still, as is so often the case in this sector, only time will tell what will happen as Ethereums rivals are experiencing success in their own right, particularly Charles Hoskinsons Cardano.