Nearly 100 Jobs Lost As Polygon Labs Confirms Workforce Layoffs
Polygon Labs has confirmed that it has cut around 100 jobs, or 20% of its workforce. The layoffs come as the crypto industry is still on its slow road to recovery following a tumultuous 2022.
Earlier on in 2023, the Polygon team merged several business units into Polygon Labs. As part of this process, it was announced that staff had in fact been reduced by 20%, affecting multiple teams and approximately 100 positions as aforementioned.
According to a company spokesperson, the layoffs will primarily affect employees in the United States, Canada, and India, where the majority of the staff workforce is based.
Polygon Co-Founder Sandeep Nailwal tweeted that he would address any concerns that members of the community may have before going on to say that Polygon has developed its strategy to help drive mass adoption of Web3 going forward.
Although Polygon remains a popular choice in crypto, with frequent comparisons to the likes of its competitors such as Ethereum, Cardano, and Binance, the full extent of what kind of impact the 2022 crypto contagion had on Polygon remains unknown.
Why Is Bitcoin Era The Most Used Trading Bot Of 2023
You may trade cryptocurrencies around the clock with the aid of Bitcoin Era, a trading program that employs algorithms, high-frequency trade. The service boasts that traders may make daily profits of approximately 60% with an initial commitment of just $250.
Therefore, should you trust Bitcoin Era or not? In this study, we'll go further into the capabilities of the Bitcoin Era trading bot.
Bitcoin Era: What Is It?
Just like other trading bots, Bitcoin Era is an automatic crypto trading robot. It scans the bitcoin market for profitable deals and makes the trades automatically. Bitcoin Era says it can make trades far more quickly than a person can because it employs an artificial intelligence system. In addition, it may do business around the clock.
Traders using Bitcoin Era are promised daily gains of up to 60% thanks to a system that supposedly wins 85% of the deals it initiates. These statements cannot be verified by us, although they are consistent with those made by other crypto robots.
The platform will not charge you for opening an account or making trades, but it will deduct a 2% fee from any gains it helps you make. In other words, you only pay for Bitcoin Era when the service begins to generate profits. Dont forget that theres always the risk of losing money while trading with the Bitcoin Era.
You may test out the Bitcoin Era without spending any real money by signing up for a free trial account.
What Is The Process Of Bitcoin Era?
The Bitcoin Era says its trading system is based on artificial intelligence. The unique system can track the fluctuating values of cryptocurrencies and spot trends that usually come before a dramatic price swing.
The algorithm will place a buy or sell order via your brokerage account when it detects such a price pattern and proceeds with the deal automatically. The Bitcoin Era may use leverage to establish huge positions with a little sum of money, multiplying the potential gains from a tiny price change. Do not forget that the risk of loss is significantly amplified by using leverage.
Your transaction will be closed and your money refunded to your account after the predicted price movement has concluded or the algorithms profit objective has been reached.
Everyday, hundreds of transactions follow this pattern. The Bitcoin Era boasts of a high win rate (85%) and the ability to run numerous profitable transactions at once.
While the Bitcoin Era claims a high rate of success, we were unable to confirm this.
The Main Characteristics of the Bitcoin Era
To help you make an informed decision about the Bitcoin Era, well be reviewing some of the most important aspects of this trading platform.
Numerous Cryptocurrency Marketplaces
Bitcoin Era, as stated on its website, can track and trade 14 different cryptocurrencies. Its important to note that the Bitcoin Era doesnt directly acquire cryptocurrency. Instead, CFDs are traded in crypto-fiat and crypto-crypto pairings like BTC/USD and ETH/BTC. Using CFD pairings is crucial since it greatly expands Bitcoin Eras access to trading marketplaces. The website tracks over 50 different CFD markets in total, allowing users to take full advantage of daily trading possibilities.
One of Bitcoin Eras best features is its ability to trade CFDs with a high degree of leverage. Popular crypto CFDs may be leveraged up to 5,000:1 on the platform. As a result, Bitcoin Era may invest $1.25 million with only a $250 starting capital investment. That level of investment means that a change of only 0.1% in price may result in a gain of $1,250.
The Bitcoin Era may increase its leverage to take more direct advantage of trends in which it has high confidence. You should know that leverage might potentially increase your losses. Trading using the Bitcoin Era has a certain level of risk.
Quickly Placing Orders
The technology behind Bitcoin Era can detect new price trends almost instantly. It has a major advantage over human traders because it continually analyses and re analyses the market with each new tick. Bitcoin Era claims that transactions may be made on the platform moments after a pattern has been identified.
Live Account Demonstration
Bitcoin Era, like other crypto bots like Bitcoin Era and Bitcoin Profit, has a sample trading option so that you may test out the platform before committing any real money to transactions. See how Bitcoin Era functions in the real world and determine whether it is a suitable match for your trading needs by testing it out for yourself.
Withdrawals may be expected to be processed by Bitcoin Era within 24 hours. Youll have rapid access to your funds anytime you need them.
To be prepared to invest during market lows, Bitcoin Era suggests regularly withdrawing 20% of your winnings. According to the Bitcoin Era, you should put back 80% of your gains into your trading account. The greatest approach to investing is the one that you choose for yourself.
Transaction Costs for Bitcoin Era
There are zero Bitcoin Era fees for opening an account or making a trade. Instead, this service earns money by taking a 2% cut of whatever gains the platforms algorithm generates on your behalf. This may add up to a substantial sum for bigger accounts, but it also ensures that the Bitcoin Era is only costing you money when it is producing a profit.
The cryptocurrency brokers with whom Bitcoin Era executes transactions charge their own fees. The majority of CFD trading platforms also charge spreads, and some even charge to fund or withdraw from an account. The Bitcoin Era has no say over these charges, which are set by the individual brokers.
Could Bitcoin Era Be A Fraud?
For our Bitcoin Era review, we set out to find out whether the Bitcoin Era is legit or a fraud. You should be wary of any service that guarantees a daily return of 60% with negligible expenses.
You may test the waters of Bitcoin Eras trading platform with a virtual money account before committing any real cash. You only pay Bitcoin Era for its services if and when the platform generates a profit for you. The same holds for other well-known Bitcoin robots like Bitcode AI.
We were unable to independently verify the platforms stated 85% win rate, and remember that any trading involves risk. However, the platforms success percentage is comparable to that of other crypto trading robots.
Bitcoin Era collaborates with top-tier authorized brokers that follow national regulator guidelines. These include the FCA of the United Kingdom.
A daily 60% profit is promised by Bitcoin Era, a cryptocurrency trading robot. Claiming an 85% success rate on deals it initiates on your account, the programme deals 14 distinct cryptos nonstop. Neither the daily return nor the success rate of the Bitcoin Era could be confirmed. Trading and investing always come with some degree of danger.
Bitcoin Era has a demo mode so you may test it out without spending any of your own money. You simply have to pay for the privilege of using the platform out of any profits you may accrue from its usage.
Shibarium Beta To Be Launched Soon, According To Lead Developer
Shytoshi Kusama, the Lead Developer for popular memecoin Shiba Inu, recently hinted at the impending release of Shibarium Beta in a Twitter exchange on Feb. 19th, 2023.
The discussion began when YourPOP, an active member of the SHIB community, revealed via Twitter that Kusama had stated that the update shall be available next week. The SHIB community, which has been waiting for the release of the game-changing Layer-2 solution for a long time, reacted positively to the news.
Nevertheless, Twitter user SHIBARMY CANADA expressed their doubts and instructed followers to exercise caution, claiming that there was no public information about the release date and that the aforementioned announcement by YourPOP could have simply been clickbait.
Kusama then entered the conversation, implying that YourPOP is correct in this situation and that an apology should be made. Also, despite some initial delays, Shytoshi claims the Layer-2 solution to finally be ready.
Additionally, Kusama recently addressed both the professional as well as personal challenges that the Shiba Inu team has faced thus far, going on to say that despite the apparent existence of some kind of coordinated disinformation campaign against them, the community remains strong and united.
Why Bitcoin Loophole What Does This Trading Bot Offer
Bitcoin Loophole presents itself as a cryptocurrency trading robot, promising users more profits while trading Bitcoin and other leading cryptocurrencies. The website claims an 85% success rate and offers its services at no cost.
So, should you believe the Bitcoin Loophole hype or not? In this review of Bitcoin Loophole, we'll discover! Only risk money that you can afford to lose, and check out our other assessments of prominent A.I. trading platforms.
How Do You Define Bitcoin Loophole?
The creators of Bitcoin Loophole claim their product is a fully automated trading robot for cryptocurrencies. Claims have been made that the site employs an AI system to monitor the cryptocurrency market for profitable trading opportunities and execute them on your behalf. Bitcoin Loophole may initiate and finish deals automatically in your trading account with little involvement from you, the trader.
According to Bitcoin Loophole, in typical market circumstances, almost 85% of deals end in profit. Over a handful of different cryptocurrencies are available for trading around the clock on the site. A notable aspect of Bitcoin Loophole is that there are no associated costs with either creating an account or making a trade.
The Pros and Cons of Bitcoin Loophole Potential
Cryptocurrency trading robots that work around the clock.
The Bitcoin Loophole website boasts a high success rate.
There are no registration or software costs.
Payment withdrawals are processed in under a day.
There is a $250 minimum initial deposit.
Not even mobile applications.
The Function of Bitcoin Loophole
Bitcoin Loophole is an automated cryptocurrency investment system that employs artificial intelligence in the same way that other crypto robots do. The system is secret, but it was developed using years worth of data from the cryptocurrency market and can track price fluctuations on a tick-by-tick basis while also identifying pricing patterns that are usually indicative of an impending trend shift.
Your trades will be initiated when Bitcoin Loopholes algorithm recognises one of these patterns. Then, the Bitcoin Loophole will keep an eye on the trades progress and get out when the indicator disappears or the profit objective is attained. With any earnings made, your original deposit will be refunded to your account.
Over a hundred different crypto-fiat and crypto-crypto trade pairings are tracked by Bitcoin Loophole. The platform is more efficient than human traders since it trades around the clock and recognises patterns using an algorithm. Bitcoin Loophole claims that the algorithm generates a positive return on investment in around 85% of trading instances.
The Essentials of Bitcoin Loophole
A portion of our evaluation of Bitcoin Loophole, lets look more closely at a few of the sites significant characteristics.
CFD Market Trading on More Than 50 Asset Classes
To name just a few, Bitcoin Loophole facilitates trading among a total of about 14 other cryptocurrencies. With significant daily trading volumes and reasonably high unpredictability, trading possibilities abound across all of these digital assets.
Bitcoin Loophole trades contracts for the difference between cryptocurrencies and fiat currency.
The algorithm behind Bitcoin Loophole has a huge advantage over human traders since it can detect and act on deals in a couple of milliseconds.
This is crucial as it allows Bitcoin Loophole to capitalise on even the smallest price fluctuations in the market. The system constantly trades, potentially bringing in hundreds of modest gains per day.
Simulation of Trading
You may test out Bitcoin Loopholes trading functionality before committing any real cash in the softwares demo mode. This is an excellent opportunity for first-timers to test the waters and determine whether Bitcoin Loophole is for them.
Because it lets you play with Bitcoin Loopholes settings, its also a must-have for seasoned traders. Adjusting the algorithms degree of conservatism or aggressiveness may maximise earnings in either a highly volatile or extremely stable market. Simply flip a switch in your trading account to activate or deactivate demo mode.
Bitcoin Loophole claims it will make every effort to fulfil withdrawal requests within a day. To put it another way, if you need to immediately withdraw funds or reinvest the proceeds, you wont have too much trouble doing so since your position is liquid.
Exchange for Bitcoin Transactional Gains
An easy-to-use but the robust trading platform is what allows this cryptocurrency trading bot to function, as stated on the Bitcoin Loophole website accessible through desktop and mobile web browsers. MetaTrader 4 (MT4), one of the most popular trading platforms in the world, is said to be compatible with this system.
Costs of Bitcoin Loophole
A key finding of our analysis of Bitcoin Loophole is that there are no costs associated with making use of the platforms trading tools. Bitcoin Loophole does not charge any licence or membership fees, and it does not take a cut of your trades or earnings. You may use Bitcoin Loophole without spending a dime.
Should You Avoid the Bitcoin Loophole?
Through our Bitcoin Loophole review, we aimed to provide an honest response to the question, "Is Bitcoin Loophole a fraud or not?"
Although Bitcoin Loophole claims to be a legitimate business, it doesnt disclose much about itself before requiring payment in exchange for membership to a crypto trading robot.
You may test out the Bitcoin Loophole with virtual funds if youre on the fence. As a result, you may test the efficiency of the algorithm in hypothetical trading environments before committing any real funds.
We were unable to independently verify the websites claims that it exclusively works with brokers licensed by tier 1 financial regulators including the UKs Financial Conduct Authority (FCA) and that its stated win rate of 85% is comparable to other similar trade bots.
Very little data on Bitcoin Loophole can be found on social media platforms like Twitter or Reddit, and there are even fewer ratings on Trustpilot.
Bitcoin Loophole Withdrawal Instructions.
Bitcoin Loophole does not hold any of your money, instead directing them to the broker you want to work with.
That being said, youll need to use the brokers website to make a withdrawal:
Go to the online trading portal of your integrated broker and sign in.
Select your desired mode of payment and go to the purse.
Please confirm your withdrawal amount here.
If funds are verified, they should be received the next business day.
Brokers that advertise themselves as associates of Bitcoin Loophole do not make payouts in Bitcoin but in fiat currency.
The website boasts that Bitcoin Loophole has an 85% success rate when trading over 50 different crypto CFDs. So, the Bitcoin Loophole is a good option to think about if you want to invest in Bitcoin CFDs.
While Bitcoin Loophole is free to use, some of the exchanges and wallets it supports may impose fees on your withdrawals due to trading and network transaction costs associated with Bitcoin. We advise trying out the Bitcoin Loophole platform with a demo account, funding it with a small initial sum, and initiating a withdrawal test as soon as possible to ensure everything functions as promised. The vast majority of cryptocurrency trading bots are uncontrolled.
For other options than Bitcoin Loophole, check out our comprehensive overview of automated trading systems. On the other hand, we recommend using automatic trading on an exchange that allows for more thorough backtesting and has a smaller minimum balance of $10 to $50 it depends on the jurisdiction.
Tips and Tricks for a Successful BTC Cashout
Bitcoin has made a name for itself by becoming one of the leading cryptocurrencies on the market today. This has led to many people investing in Bitcoin, which has grown in value drastically. But what happens when you want to convert your Bitcoins into cash? This process is known as a BTC cashout. If you are not familiar with this process, it can be quite challenging to navigate. In this article, we will provide you with some tips and tricks to help you complete a successful BTC cashout.
BTC Cashout Starts with a Reliable Exchange Platform
The first step towards making a successful BTC cashout is to choose a reliable exchange platform. There are many exchange platforms available online, but not all of them are trustworthy. Before you choose an exchange platform, do some research and read reviews from other users. It is important to ensure that the platform you choose is secure and offers a reasonable exchange rate.
Know Your Limits
Before you start the BTC cashout process, it is essential to know your limits. Different exchange platforms have different cashout limits. Some platforms may have a daily limit while others may have a monthly limit. Knowing your limits will help you plan your cashout strategy accordingly. You may also want to consider the fees associated with cashing out your Bitcoins.
Stay Up-to-Date with BTC Cashout Trends
Bitcoin is a highly volatile cryptocurrency and its value can change at any moment. It is essential to stay up-to-date with the latest trends on the market. You can do this by regularly checking for Bitcoin news and updates. By staying informed, you can make informed decisions when it comes to your BTC cashout.
Choose the Right Payment Method
When it comes to BTC cashout, you will need to choose a payment method. Different exchange platforms may offer different payment options. Some popular payment methods include bank transfers and credit cards. It is important to choose a payment method that is convenient and offers low fees.
Bitcoin is a digital asset, and it is subject to taxes in many countries. Before you complete a BTC cashout, it is important to consider the tax implications. You may want to consult with a tax professional to determine how much tax you will need to pay on your cashout.
Secure Your Wallet
Its crucial to make sure your Bitcoin wallet is secure before starting the BTC cashout process. Make sure that your password is strong, turn on two-factor authentication, and safeguard your private keys. You can protect your Bitcoins from theft and hacking attempts by following these procedures.
A successful BTC cashout requires careful planning and consideration. By following the tips and tricks provided in this article, you can ensure that your cashout process goes smoothly. Remember to choose a reliable exchange platform, know your limits, stay up-to-date with Bitcoin trends, choose the right payment method, and consider taxes. By taking these steps, you can cash out your Bitcoins with confidence.
Cross Border Digital Yuan Pilot Officially Gets Underway
Shenzhen, China, has officially launched a new cross-border digital Yuan pilot in collaboration with Hong Kong. Recently, Little Red Book also added NFTs on Conflux Network to enable users to showcase their minted NFTs through the platform.
According to China Banking and Insurance News, this is the result of a joint effort between PBoC and the Luohu District local government, as Luohu is close to the New Territories of Hong Kong.
The PBoC and Luohu are promoting the event by giving away tokens. During this time, nearly $1.5 million in tokens will be distributed in Luohu. Transaction sizes are capped at 999 Yuan each.
Token holders shall also reportedly be able to spend their digital Yuan holdings across multiple industries, with various restaurants, hotels, supermarkets, jewelry, and home appliances being reportedly among these.
In the past, the PBoC stated that the digital Yuan is not meant to be used in international trade. However, this narrative appears to have shifted in recent months, with the PBoC promoting the aforementioned cross-border payment capabilities. If the Hong Kong and Macau pilots are successful, the PBoC may look to expand upon the potential use cases.
Elsewhere, the digital Yuan appears to be gaining popularity in Russia as well. Moscow may seek to utilize the token in trade with Beijing, especially if it is able to develop interoperability solutions for its own upcoming digital Ruble.
The Ultimate Crypto Boom Guide Of 2023
The Crypto Boom trading bot promises consumers daily earnings of up to 60% from trading cryptocurrencies. You may test the waters using the platforms demo mode and the low commission rate to determine whether its a good match before committing to real money.
Is Crypto Boom a fraud or an actual service? In this Crypto Boom review, well discover!
Explaining The Concept Of The Crypto Boom.
Crypto Boom is a programme that facilitates automated cryptocurrency exchange. An AI-powered system monitors the cryptocurrency market and makes transactions in your stead as needed on the site.
Users, according to Crypto Boom, may make as much as 60% every day in profits. Crypto Boom claims it can enhance your transaction size and fund growth by a factor of up to 5,000:1. If you simply have a few extra bucks to trade with, high leverage might boost your higher earnings. This may raise your profits with certain Bitcoin robots, but it could also boost your losses.
There are zero licence or registration costs associated with using Crypto Boom. A 2% commission of gross sales is all that is required of you. In other words, you dont have to worry about shelling out any cash until you start earning any.
The Crypto Boom: How Does It Operate?
The foundation of the Crypto Boom is an exclusive trading algorithm based on artificial intelligence. Thanks to its extensive training on market data spanning many years, this program can identify price patterns that are highly indicative of a successful transaction.
The algorithm behind Crypto Boom makes orders to purchase and sell cryptocurrencies when it detects a trading signal. When making these kinds of deals, traders often make advantage of the leveraging of up to 5,000:1.
A sell order will be issued by the algorithm when the predetermined price is achieved or when the trades momentum starts to wane.
To trade successfully with Crypto Boom, traders dont need to keep a close eye on their accounts. It has a claimed 85% victory record in normal market circumstances and can operate around the clock. Crypto Boom claims a high percentage of success, however, we were unable to confirm this. Remember that employing leverage raises the possibility of your trading losses, which is something to keep in mind while engaging in any kind of trading.
Demo trading mode also allows you to test out different settings for the trading algorithm. To fine-tune the algorithm or instruct it to trade more or less aggressively, tinkering with the parameters might be useful.
Distinctive Characteristics of the Crypto Boom
In this section of our evaluation of the Crypto Boom, lets examine the main characteristics of this trading programme in more detail.
Purported Daily ROI of 60%
Crypto Boom boasts a 60 percent daily profit potential, which is one of the most eye-catching aspects of the service. In other words, if you invest $250, you have a chance of ending the first day with $150 more. Earnings would increase to $240 the next day, and another day after that, and so on. The trading algorithm may operate at all hours.
Remember that we couldnt confirm Crypto Booms promised success rate or daily return. The possibility of financial loss is inherent in trading, and this includes trading on Crypto Boom.
Utilise A Leverage Ratio
When trading CFD pairings involving cryptocurrencies, Crypto Boom claims to utilise the leverage of up to 5,000:1. If you simply possess a few extra bucks in your trading account, high leverage may help you make bigger trades.
Keep in mind that if your transaction goes against you, the high leverage will magnify your losses as well.
Buying And Selling In 14 Different Asset Classes
According to our Crypto Boom review, you may use this exchange to buy and sell 14 different digital currencies.
The Bitcoin CFD market also allows for the trading of altcoins. In this way, Crypto Boom provides traders with access to a wide variety of marketplaces.
Practice Market Mode
If youre interested in giving Crypto Boom a try but dont want to commit any real cash, you may use the softwares demo trading mode. This is significant since you can tweak the algorithms parameters in a practice trading environment. Before you start trading for real money, use the Crypto Boom demo mode to fine-tune your settings to the current market.
Commissions on the Crypto Boom
According to our analysis of Crypto Boom, there are no subscription or account fees associated with using this programme. Instead, Crypto Boom charges a 2% fee on all trading gains. Although a two percent fee might add up quickly for large accounts, this model ensures that you only pay for the software if and when it generates a profit for you.
To What Extent Is Crypto Boom Profitable?
Many investors want to know whether they can boost their earnings by using the crypto trading robot. The amount of money you make trading with this robot depends on how hard you work and how thoroughly you study the markets. Although Crypto Boom is programmed to manage your bitcoin holdings, you should still keep a close eye on your transactions.
Keep in mind that even though the Crypto Boom bot boasts a 95% success record, there is still a chance that it may miss out on certain profitable trends. Using Crypto Boom carries no assurance of financial success.
Can You Tell Me How To Close My Account At Crypto Boom?
If you know your way around the trading interface, closing your account on Crypto Boom is a breeze. This takes just a minute or two, but before you do it, you should phone their customer service and let them know what youre up to.
If they no longer want to use Crypto Boom, traders may cancel their accounts by contacting their corresponding broker. If you remove your brokers trading account, you will lose all associated data. If you want to succeed, you need to be prepared for the fallout of your approach, whatever it may be.
Our analysis of Crypto Boom showed that their trading platform allows users to delegate decision-making to an AI system that can trade cryptocurrencies around the clock.
The Crypto Boom website claims a success rate of 85% for the algorithm and claims that traders can expect daily earnings of 60%. Its important to remember that theres always a chance you might lose money if you decide to trade with Crypto Boom. We were unable to confirm Crypto Booms claims of success.
At Crypto Boom, you wont have to worry about paying any fees just to use your account or make a deposit. You may get started with as little as $250, and you only pay to utilise the platform when you generate money.
Decentralization Will Eat The World.
Some extremely exciting data I came across in the most recent market research report released by crypto .com.
Investors are demonstrating a healthy response in the aftermath of the startling events of the FTX collapse. DEXs eating up spot trading volume may be a sign that the industry is slowly being driven away from centralization towards decentralized alternatives that can provide increased asset security. Which is a positive market response that demonstrates people understanding that FTXs faults are not the faults of the technology. Instead they were a symptom of centralization, mismanagement and excessive risk.
Decentralization will eat the world.
This is and always will be what I stand by. Because decentralization is a vote for equitability and autonomy for investors around the globe.
Excited to see whether this trend continues over the course of 2023 and whether new DeFi primitives emerge to capitalize on the hunger for trustworthy decentralized options.
BUSD Causes Controversy As Paxos Gets Sued By The SEC
The United States SEC plans to sue stablecoin issuer Paxos, the institution behind the USDP and BUSD tokens, over the latter stablecoin. According to an SEC spokesperson, the agency can neither confirm nor deny the possibility of an in-depth investigation as of this time.
Nevertheless, the SEC claims that BUSD is an unregistered security. The announcement comes just days after it was reported that Paxos is being investigated by the New York Department of Financial Services, although the scope of the investigation remains unknown for now.
After the announcement by the SEC, Paxos stated that it would suspend the production of new BUSD tokens for the time being. BUSD is a stablecoin completely owned and managed by Paxos, according to a Binance spokesperson.
As a result, the BUSD market cap shall continue to fall over time. Meanwhile, Paxos would keep supporting the product, manage redemptions, and provide additional information as needed. Paxos also assured that the funds are secure and covered by bank reserves.
In other news, the SEC recently settled charges with Kraken, alleging that the staking services provided by the crypto exchange constituted an unregistered securities offering. Under the terms of the settlement, Kraken did not deny nor admit to the charges, however the decision was made to cease operations for all of its US staking programs.
AI And Machine Learning Set To Play A Huge Part In Bolstering Crypto Adoption
As 2023 gets underway and the crypto industry steadily grows in popularity, numerous developers are focusing their efforts on improving user experience, which is a major source of frustration for many. To that end, Artificial Intelligence (AI) has frequently been viewed as a technology that has the potential to improve how people use and regularly interact with various cryptocurrencies and crypto related technology like blockchain, NFTs, and the metaverse.
A new age of digitization?
The popularity of OpenAI and applications like ChatGPT has fueled the narrative that AI really is taking over the world. Unsurprisingly, the trend has also spread to the crypto industry, where tokens associated with AI-related crypto projects such as AGIX have seen a recent price increase.
With that in mind, it is almost certain that AI shall be integrated into crypto applications in a manner which significantly enhances user experience. In fact, many crypto on-chain data platforms will inevitably and regularly utilize AI to help users find information more easily, similar to how Bing integrated ChatGPT not too long ago.
What does this have to do with crypto?
Following the failure of many crypto platforms in 2022 like 3AC, Terra, and FTX, institutions adopted a new standard known as Proof of Reserves to offer more transparency to their end users. However, some have argued that this may be useless because it cannot be relied upon to confirm solvency, as many of the collapses last year could have been avoided if users just had more information on how exchanges and lending platforms were managing deposits via on-chain data. Furthermore, regulation could be more effective if on-chain data was closely monitored as well, according to some online discussions.
In this way, compelling narratives can be viewed as fuel for crypto markets, and AI is simply the latest trend in that regard. AI-based tokens are hence being heralded as the sector which will lead the next bull market cycle by prominent traders on Twitter, Reddit, and other platforms. Thus far, they may be correct, as such tokens have increased by an average of 80% in the last few weeks alone, which include the likes of AGIX, FET, and ALI.
What will the future hold?
According to the 7th e-Trading Edit report by JPMorgan, responses by 835 institutional traders in 60 global markets were gathered and over half of these traders said that AI and machine learning will be the most influential technologies shaping trading methods within the next three years.
Lastly, although blockchain and crypto had been mentioned prominently in previous surveys, AI was mentioned 4 times more than blockchain. This makes sense given the fact that ChatGPT for instance took only 2 months to reach 100 million users, an accomplishment which others like Netflix, Gmail, Twitter, Whatsapp, and Facebook all took years to achieve.
The Oldest Bank In Brazil Now Allows Users To Pay Taxes Via Crypto
A prominent Brazilian bank has announced a new and convenient way for taxpayers to pay their taxes with crypto. As per a statement released on February 11th by Brazilian bank Banco do Brasil, it is now possible for local taxpayers to pay their tax bill with crypto as part of a collaborative effort with Bitfy, a crypto firm based in Brazil.
As such, the new service is available to Brazilians who have crypto stored with Bitfy, which shall act as a sort of collection partner for Banco do Brasil. In addition to the ease the new serivce provides customers, it also has the potential to expand the use of and subsequent access to the overall digital asset ecosystem with national coverage alongside the dependable security of a bank.
This decision was made following Rio de Janeiro reportedly accepting crypto as tax payments back in October 2022. Brazil passed a regulatory framework in December 2022 which legalizes the usage of crypto as a viable payment method. The new law is expected to go into effect in June 2023. Finally, only investors who trade over 35,000 Brazilian Reals in crypto are required to pay income tax.
Genesis And Gemini Seemingly Mend Fences As $100 Million Agreement Gets Finalized
An agreement was recently announced between popular crypto exchange Gemini, Genesis Global Capital, LLC (Genesis), and Digital Currency Group (DCG) which brings Gemini Earn users one step closer to reclaiming their funds. Cameron Winklevoss, Co-Founder of Gemini, disclosed the agreement on Twitter.
Genesis halted withdrawals in November 2022 after being embroiled in a public battle over the Earn program, prompting users and Cameron himself to threaten legal action against both the company and DCG founder Barry Silbert. They demanded that Genesis provide a concrete plan for repaying the $900 million loan Gemini made to Genesis Global, which has since gone bankrupt.
As per the agreement, Gemini shall therefore contribute a maximum of $100 million for Earn users, and the terms of the agreement with DCG reportedly also include the sale of Genesis Global Trading.
Additionally, DCG will convert its existing $1 billion note due in 2032 into convertible preferred stock as well as refinance its existing 2023 term loans in two tranches that would be made payable to creditors totaling just about $500 million.
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