Crypto Wallets – Innovative Words http://innovativewords.com/ Sat, 27 Nov 2021 00:07:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://innovativewords.com/wp-content/uploads/2021/04/default.png Crypto Wallets – Innovative Words http://innovativewords.com/ 32 32 10 terms people use everyday for transactions. https://innovativewords.com/10-terms-people-use-everyday-for-transactions/ Fri, 26 Nov 2021 23:48:53 +0000 https://innovativewords.com/10-terms-people-use-everyday-for-transactions/ Despite the launch of Bitcoin in 2009, it’s only recently that you can’t turn on the news or browse the web without hitting a cryptocurrency mention. I had so many questions from my readers and listeners to national radio shows that I wrote an eBook on Cryptography to help them. I demystify digital currency, mining, […]]]>

Despite the launch of Bitcoin in 2009, it’s only recently that you can’t turn on the news or browse the web without hitting a cryptocurrency mention.

I had so many questions from my readers and listeners to national radio shows that I wrote an eBook on Cryptography to help them. I demystify digital currency, mining, and how to start trading. Tap or click here to get your copy on Amazon.

Unfortunately, I also hear from people who have been fooled by some crypto scam or another. Where there is money, criminals wait. Tap or click for five smart crypto scams going around right now and the steps to stay safe.

Before you begin, know that this is not about financial advice. The world of crypto is volatile and you should never risk money that you are not comfortable losing. Now let’s take a look at some of the more common jargons:



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Security Issues to Know When Using Bitcoin The Guardian Nigeria News https://innovativewords.com/security-issues-to-know-when-using-bitcoin-the-guardian-nigeria-news/ Thu, 25 Nov 2021 06:29:00 +0000 https://innovativewords.com/security-issues-to-know-when-using-bitcoin-the-guardian-nigeria-news/ Bitcoin technology is undoubtedly secure. However, no technology is 100% secure. Although it is an important and successful cryptocurrency, Bitcoin has some security issues that users should be aware of. Whether you want to invest in this digital currency or trade it, it is crucial to understand the risks associated with its use. Here are […]]]>

Bitcoin technology is undoubtedly secure. However, no technology is 100% secure. Although it is an important and successful cryptocurrency, Bitcoin has some security issues that users should be aware of. Whether you want to invest in this digital currency or trade it, it is crucial to understand the risks associated with its use. Here are the top security issues every Bitcoin user should be aware of.

Bitcoin is extremely volatile
The Bitcoin network uses secure cryptography. However, some people argue that it is not a safe investment due to its volatility. Bitcoin has an international market that operates 24/7 without a regulator. So this virtual currency can be worth $ 60,000 today, then drop to $ 30,000 the next day.

Although this virtual currency has seen stability in a few days, this period does not last long. So, investing in Bitcoin is risky due to its extreme volatility.

Cyber ​​attacks and hackers
Most people trade Bitcoin on crypto exchanges like https://bitcoin-eraapp.com/. After purchasing this virtual currency on such platforms, people send it to their digital wallets. Unfortunately, criminals have hacked into such systems in the past. Although the value of this digital currency subsequently collapsed, some people fear that a single attack could completely cripple this digital currency.

While criminals don’t hack the blockchain itself, crypto exchanges can be their prime target. Plus, anyone can get a private key and use it to clean a digital wallet without the owner realizing it. And hackers keep looking for ways to steal Bitcoin users. Currently, the Distributed Denial of Service attack is a significant threat to Bitcoin exchanges.

Losing Bitcoin Passwords
People store Bitcoins in crypto wallets. Forgetting a Bitcoin wallet password means the user loses their funds. This is because you don’t have a central authority that can help you recover the account. Over the years, several people have lost their funds after forgetting the password for crypto wallets.

51% attacks
The 51% that people associate with Bitcoin is a security concern for this digital currency. While executing this attack is not easy, it is possible. Bitcoin mining is getting more and more difficult. For this reason, miners join pools to combine computing power.

If a Bitcoin mining pool becomes extremely powerful, it can control over 51% of the overall mining power. In this way, the group can threaten the Bitcoin network. In this way, the group can manipulate Bitcoin transactions by spending twice or generating “invalid” blocks.

Using ASICS mining rigs implies that most miners can use pools to do so. And some mining pools have extensive power that they can misuse.

Double expenses
The Bitcoin network has put in place reinforcements to alleviate this security problem. However, some people fear this when handling Bitcoin transactions. Bitcoin is becoming increasingly robust against possible coordinated double spending. Nevertheless, some people can constitute attacks and gain by spending a coin twice in a transaction.

For example, someone can send x bitcoins to a merchant after purchasing items from them. At the same time, the same person can perform a similar transaction by sending the same amount of Bitcoin to another address under their control. So the merchant may believe that the customer sent the funds and not even confirm it. However, the customer’s address can receive the coins, which means the merchant will not receive the funds.

Due to the irreversibility of Bitcoin transactions, the merchant cannot void the transaction. And the trader has no recourse since there is no authority regulating this virtual currency.

The bottom line
Bitcoin’s security concerns relate to its use, not the blockchain network. Therefore, Bitcoin users can remedy most of these issues to avoid exacerbating the problems of this virtual currency. Nonetheless, every Bitcoin trader or investor should be aware of these concerns and their potential effects on their investments.


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Cryptocurrency crook finally arrested https://innovativewords.com/cryptocurrency-crook-finally-arrested/ Tue, 23 Nov 2021 16:07:35 +0000 https://innovativewords.com/cryptocurrency-crook-finally-arrested/ Suspected cryptocurrency scammer arrested on Spain’s Costa del Sol. Credit: Photo by Executium on Unsplash Costa del Sol: Cryptocurrency con artist finally arrested. The crypto scammer is said to have lived a life of luxury in Spain. A suspected cryptocurrency fraudster, who the Guardia Civil described as “one of the biggest cryptocurrency scammers based in […]]]>
Suspected cryptocurrency scammer arrested on Spain’s Costa del Sol. Credit: Photo by Executium on Unsplash

Costa del Sol: Cryptocurrency con artist finally arrested.

The crypto scammer is said to have lived a life of luxury in Spain.

A suspected cryptocurrency fraudster, who the Guardia Civil described as “one of the biggest cryptocurrency scammers based in Spain” and who had been on Interpol’s wanted list since 2015, was ultimately arrested in Latvia.

The Latvian man, who is believed to have defrauded his victims over € 500,000, is said to have lived a life of luxury on the Costa del Sol, staying in exclusive hotels and villas, eating in expensive restaurants and shopping designer clothes, according to a statement from the Guardia Civil. read.

The man duped more than 1,000 people after having invested his victims in a new virtual currency known as “Hodlife, the Unicorn Token”. The victims would have been promised a share of the commissions taken on transactions using the cryptocurrency.

The Guardia Civil said: “To publicize the project, the arrested man used the most popular digital communication channels to organize aggressive advertising campaigns on Twitter, Telegram and on a bespoke webpage.

“He quickly built up a large community of users who, thanks to the messages sent from these platforms, were tricked into depositing their crypto-currencies into the new business.

“Agents on the trail of the suspect discovered the upscale lifestyle enjoyed by him and his accomplices,” the statement said. “They lived in luxury villas that cost over € 1,000 a day to rent, they rented high-end cars and spent huge sums of money in designer clothing stores and the best restaurants in town. Costa del Sol. ”

The Latvian man – believed to be Lithuanian at first – and his accomplices used various internet connections alternating between villas and hotels in Malaga to transfer the stolen funds to their own crypto wallets.

The statement continued: “Once his identity was established without a doubt, the Guardia Civil activated all relevant mechanisms of international police cooperation and tracked down the fraudster across different countries while he was renting cars and mansions and got credit cards and bank accounts with false documents.

As investigators delved into the past of the Latvian suspects, it was revealed that the United States issued a search, arrest and extradition warrant against him in 2015 – again for alleged fraud.


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Alleged crypto scams, sex offenses, unpaid bills: the claims against Moshe Hogeg https://innovativewords.com/alleged-crypto-scams-sex-offenses-unpaid-bills-the-claims-against-moshe-hogeg/ Sun, 21 Nov 2021 19:12:34 +0000 https://innovativewords.com/alleged-crypto-scams-sex-offenses-unpaid-bills-the-claims-against-moshe-hogeg/ Moshe Hogeg, owner of Beitar Jerusalem football club and sometimes famous entrepreneur and investor, has had to face his fair share of legal problems in recent years. The 40-year-old Tel Aviv resident has been repeatedly prosecuted since 2018, in the United States and Israel, for allegedly misleading and defrauding investors and partners in various projects […]]]>

Moshe Hogeg, owner of Beitar Jerusalem football club and sometimes famous entrepreneur and investor, has had to face his fair share of legal problems in recent years. The 40-year-old Tel Aviv resident has been repeatedly prosecuted since 2018, in the United States and Israel, for allegedly misleading and defrauding investors and partners in various projects involving digital currencies, dummy companies and a $ 1,000 blockchain smartphone that never quite made up for the market.

On Thursday, Hogeg and seven other suspects were arrested as part of an Israel Police operation on suspicion of being involved in an alleged massive cryptocurrency fraud scheme. Police said the suspects had operated over a long period of time, “cooperatively and systematically, while defrauding investors in a number of cryptocurrency projects.”

Law enforcement officials said each suspect “pocketed millions of shekels, while misrepresenting potential investors to invest in seemingly profitable businesses.”

According to court documents, Hogeg is suspected of 21 offenses, including money laundering, theft and fraud, as well as crimes resulting in sexual and moral turpitude currently under gag order.

Earlier this month, a well-known model said Hogeg sexually assaulted her years ago when she was 17. Channel 13 quoted the model as saying Hogeg walked into her hotel room and tried to force herself on her, but managed to push him away. Hogeg denied the charge and said the sexual interaction was consensual, adding that he had taken a lie detector test to confirm his version.

Thursday’s arrests came after about a year of a police investigation by the Lahav 433 anti-corruption unit into Hogeg’s alleged wrongdoing. Police reportedly dubbed the investigation “The Big Game,” according to public broadcaster Kan.

Authorities said the alleged cryptocurrency fraud scheme was “systematic and sophisticated” and aimed to defraud investors of millions of dollars, after they were presented with clear but bogus plans to fund certain initiatives. The money ended up being pocketed by the suspects for their personal use or to support other business interests, according to court documents.

Lawyers representing Hogeg said in a statement Thursday that he “vehemently denies the suspicions against him and is cooperating fully with investigators.”

The many companies of Hogeg

Hogeg began his journey as an entrepreneur over a decade ago with the pop-up startup Web2Sport, which allowed football fans to watch a match live and make real-time decisions on what players should. do next, effectively seeking out the role of the team coach. The start-up lasted about a year, but attracted several wealthy and prominent investors including Alon Carmel, founder of JDate, Israeli businessman Danny Rubinstein and Easyforex, one of Israel’s premier forex companies, according to an earlier Times of Israel report.

Moshe Hogeg with Mexican billionaire Carlos Slim. (Facebook screenshot)

Over the years, Hogeg has shown a knack for attracting top investors and celebrity supporters.

In 2010, he launched the now defunct Mobli, the mobile photo and video sharing website, which investors at the time hoped would be serious competition for sites like Vine (also defunct) and Instagram (now a Facebook / Meta company). Although he ultimately failed to gain widespread adoption, Mobli also attracted top investors, including tennis star Serena Williams, Mexican billionaire Carlos Slim, American actor Leonardo DiCaprio and man of Kazakh business Kenges Rakishev.

(Rakishev rose to prominence in 2007 when he negotiated a deal with Kazakh oligarch Timur Kulibayev, the son-in-law of Kazakh President Nursultan Nazarbayew, to buy the house of British Prince Andrew for £ 15million or £ 3million of the asking price.)

In 2012, Rakishev and Hogeg started a venture capital fund that later became known as Singulariteam, which at one point was one of Israel’s most active investment funds. According to its online portfolio, the fund has invested in around three dozen companies, some still active, some not.

The fund has also invested in startups co-founded or led by Hogeg, including Invest.com, Sirin Labs, Yo, as well as Mobli.

Leonardo DiCaprio meets with Mobli executives in 2013 (Facebook screenshot)

Invest.com became linked to Israel’s fraudulent binary options industry, according to a 2018 petition, when a planned 2017 merger between Invest.com and Israeli binary options firm AnyOption went wrong. Former AnyOptions shareholders alleged at the time that Hogeg systematically robbed the company of its assets and profits so that the company, which should have been very profitable, became insolvent and could not cover its costs. basic operating. Hogeg then sued AnyOption in a Cypriot court. The matter has since been settled.

In 2016, Hogeg’s Sirin Labs unveiled what he called a highly secure, “military-grade” smartphone called Solarin with a whopping $ 17,000 price tag for so-called high-end customers. The phone was unveiled at a star-studded event in London that year.

After the hype subsided, Sirin Labs, of which Hogeg served as president, unveiled the Finney phone at a more modest price of $ 1,000 to $ 2,000 depending on specs. The phone was touted as a secure open source device with an internal operating system, SirinOS, and cold (offline) crypto wallets. Sirin Labs contracted Hong Kong-based mobile phone maker Foxconn International Holding (FIH) to manufacture the phones.

Argentinian soccer star Lionel Messi (right) receives a Beitar Jerusalem fan club membership card from club owner Moshe Hogeg at an event in Barcelona, ​​Spain, in December 2018 (Screen capture: Twitter )

The company signed football star Lionel Messi as a brand ambassador and, later in 2017, raised around $ 158 million from investors around the world through an ICO (Initial Coin Offering ) which was later labeled a scam by former employees.

Two other ICOs, for Stx Technologies Limited (Stox) and Leadcoin, which raised an additional $ 100 million, were also alleged to be scams.

(An initial coin offering is a form of fundraising in which a startup, instead of issuing shares to the public, issues a special token, or digital coin, which can be used within the platform. form this business to access goods and services. The startup thus acquires both users and funding, and the hope is that if the startup is successful, the value of the token will increase in secondary markets, making its holders richer.)

In August 2018, Hogeg bought Beitar Jerusalem, one of Israel’s top soccer teams, for $ 7.2 million, coming full circle with football-related initiatives. The purchase put him more in the spotlight as he sought to change the culture surrounding the club, known for its racist anti-Arab factions among its fans. He then faced backlash from those factions when in 2020 he said he was selling a 50% stake in the club to Sheikh Hamad bin Khalifa Al Nahyan, a member of the ruling Abu Dhabi family. Al Nahyan has pledged to inject $ 90 million into the team over the next decade. But following an investigation into the UAE’s finances, the deal fell through.

Moshe Hogeg, owner of Beitar Jerusalem, seen during the Israeli Premier League match between Beitar Jerusalem and Hapoel Beersheba at Teddy Stadium in Jerusalem on August 25, 2019 (Flash90)

Problems are piling up

Legal issues began in early 2019 when a Chinese cryptocurrency investor filed a NIS 17million (about $ 4.6million) lawsuit in Israel against Hogeg and Stox, alleging that Hogeg embezzled millions of dollars. of cryptocurrency invested in the business. The case went to Gibraltar for arbitration.

Later in 2019, two US investors sued Hogeg and claimed he pressured them into investing in Mobli under false pretenses. The plaintiffs said the company used DiCaprio’s investment as a media gimmick “to slyly lure and persuade potential investors, like plaintiffs and others, to buy stocks at inflated prices.

In their lawsuit, the plaintiffs complained that media in Israel and abroad regularly portrayed Hogeg as a “financial assistant” and a rising star in the startup world, when in fact they claimed “he was caught red-handed in this case. and in other scandals and proved to be a dangerous actor and failed serial entrepreneur who caused serious damage to plaintiffs and other investors to the tune of several hundred million shekels.

At one point, Hogeg donated $ 1.9 million to Tel Aviv University to establish a blockchain research institute. He also founded Alignment Blockchain Hub, a company that would help develop blockchain projects at an early stage.

A separate 2019 lawsuit brought by a Seattle-based investor, also against Stox and Hogeg, was later dismissed by a U.S. judge.

But trials continued to flow. In 2020, Hong Kong phone maker Foxconn International Holding, commissioned to manufacture the Finney phone, also sued Hogeg, demanding compensation of around $ 6 million for unpaid bills. The lawsuit claimed that despite the much-vaunted launch and celebrity endorsements, only 10,000 units of the Finney phone were manufactured by the FIH. It is not known how many were sold.

In May of this year, Hogeg was fined $ 16.1 million by former Singulariteam employees. The plaintiffs alleged that Hogeg deceived them into believing that the ICOs of Sirin Labs, Stox and Leadcoin were legitimate and, as a result, they invested their own money and persuaded family and friends to invest in the three startups. . They claimed to have suffered financial damage and psychological trauma as a result.

Hogeg denied (link in Hebrew) the allegations and said the lawsuit was an attempt by disgruntled employees to extort him.

Hogeg has been in custody since his arrest Thursday.

Simona Weinglass contributed to this report.


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Acala wins Polkadot’s first parachain slot with over 32 million DOT up for grabs https://innovativewords.com/acala-wins-polkadots-first-parachain-slot-with-over-32-million-dot-up-for-grabs/ Sat, 20 Nov 2021 02:00:00 +0000 https://innovativewords.com/acala-wins-polkadots-first-parachain-slot-with-over-32-million-dot-up-for-grabs/ DeFi Acala Protocol won the very first Polkadot parachain auction on Thursday. The platform has raised a total of 32.5 million DOTs from 81,000 backers, worth more than $ 1.3 billion at the time of publication. With over 32 million DOT contributed by over 81,000 community members, Acala won the first parachain auction on @Peas! […]]]>
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DeFi Acala Protocol won the very first Polkadot parachain auction on Thursday. The platform has raised a total of 32.5 million DOTs from 81,000 backers, worth more than $ 1.3 billion at the time of publication.

Polkadot’s first parachain auction was a huge success

After a close race for Polkadot’s first parachaine, the DeFi Acala platform emerged victorious, beating its competitor Moonbeam. The winner of the auction was decided through a candle-lit auction process, which determines the highest amount of contributions in a randomly selected block over the past seven days.

Although Moonbeam raised more contributions overall, raising 34.4 million DOT by the end of the auction, Acala was leading 63% of the time. The DeFi platform has raised 32 million DOT, worth about $ 1.2 billion, from 81,000 wallets.

While many consider this to be a historic moment for both Polkadot and Acala, this isn’t the first time the platform has won an auction. called more chaotic cousin blockchain.

The 32 million DOT users promised to Acala will be blocked for two years, which is the duration of Acala’s slot as a parachain on Polkadot. In return, those who participated in crowdloan will receive Acala’s native ACA tokens as compensation while waiting for their DOT tokens to be returned. The platform initially launched Liquid Crowdloan Dot (IcDOT) tokens, which allowed early contributors to use an unlocked token that represents their contribution to DOT.

It should be noted that Acala’s new prestige as the first auction winner does not mean that he will be the first to deploy on Polkadot. Unlike the Kisama parachain auction, the first batch of five Polkadot parachains that are being auctioned will all go live simultaneously on December 17th.

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Crypto scam: Canadian teenager steals $ 46 million in cryptocurrency https://innovativewords.com/crypto-scam-canadian-teenager-steals-46-million-in-cryptocurrency/ Thu, 18 Nov 2021 19:42:48 +0000 https://innovativewords.com/crypto-scam-canadian-teenager-steals-46-million-in-cryptocurrency/ TL; Distribution DR • Young man from Hamilton, Canada, caught in a major crypto scam.• Investigators claim that a crypto scam was carried out via the theft of SIM card. Recently, a young man residing in Ontario, Canada was arrested for a crypto scam where he acquired over $ 46 million. According to investigations, the […]]]>

TL; Distribution DR

• Young man from Hamilton, Canada, caught in a major crypto scam.
• Investigators claim that a crypto scam was carried out via the theft of SIM card.

Recently, a young man residing in Ontario, Canada was arrested for a crypto scam where he acquired over $ 46 million. According to investigations, the theft was carried out using a change of SIM card in which the criminal took advantage of the victim’s innocence.

Agents say these cryptocurrency scams are not as common in Canada, although this new theft is marking the country. The criminal extracted data from the victim’s SIM card called the subscriber operator and changed the phone number to a SIM card he was controlling to steal the money.

Crypto Scam Criminal Seized in Canada

Canada has been a receptive country for cryptocurrencies. Everything was going well in the crypto market until several individuals scammed. Recently, a young man in Ontario committed the worst crypto scam involving stealing a person’s SIM card, changing the phone number on bank accounts, and transferring funds.

According to reports from the FBI, the National Police and the agency investigating virtual crimes in the United States, the criminal had stolen a SIM card. He extracted important data from the victim. After the SIM card was stolen, the criminal manipulated the person’s crypto wallets to change their phone number and possibly the access codes to those wallets. Agents add that the investigation has been underway since 2020.

Once the criminal gained access to the crypto wallet, he assigned the person’s stored funds to a personal account. While it is not known which crypto was stolen in this crypto scam, Hamilton law enforcement officials say the token was used to purchase an online alias that was considered strange. Based on this crypto fund transfer, the police tracked down the criminal who was reported to have stolen around $ 46 million.

Agents in Hamilton warn crypto investors

Following the investigation for a crypto scam in Hamilton, Canada, investigators warn of these possible attacks. Canadian city police chief is asking investors to improve the security of their wallets. Crypto holders must have complex security to access wallets with at least two authentications.

Agents add that this crypto scam is said to be the biggest in town. However, it all ended, and the criminal was already in control of the YCJA.

These petty thefts of cryptocurrency arouse great suspicion among amateur investors, although they should also consider the causes of the problem. The researchers believe that these problems could have been avoided if the victim had not had such weak security in his crypto wallets.


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U.S. senators rush to retroactively tweak crypto infrastructure bill https://innovativewords.com/u-s-senators-rush-to-retroactively-tweak-crypto-infrastructure-bill/ Wed, 17 Nov 2021 03:30:00 +0000 https://innovativewords.com/u-s-senators-rush-to-retroactively-tweak-crypto-infrastructure-bill/ U.S. Senators Ron Wyden and Cynthia Lummis rush to tweak controversial crypto provision, in a bid to restrict some of the new tax reporting rules outlined in the president’s $ 1.2 trillion infrastructure bill Joe Biden enacted Monday, Bloomberg reported. Hoping to override the provision, which crypto lobbyists say is too broad and would hamper […]]]>
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U.S. Senators Ron Wyden and Cynthia Lummis rush to tweak controversial crypto provision, in a bid to restrict some of the new tax reporting rules outlined in the president’s $ 1.2 trillion infrastructure bill Joe Biden enacted Monday, Bloomberg reported.

Hoping to override the provision, which crypto lobbyists say is too broad and would hamper the growth of the industry in the country, the Democrat of Oregon and the Republican of Wyoming drafted a separate bill on the declaration. cryptography.

Retroactive solution

According to the report, it is not clear when the Crypto Reporting Bill, which includes a provision that would make it retroactive to the signing of the Infrastructure Bill, could be put to a vote.

The stand-alone bill was prepared after unsuccessful attempts to address the controversial crypto brokerage clause.

Crypto advocates have warned that the wording of the infrastructure bill would require industry participants, including miners and software developers, to report tax data to the IRS, which they do not have. no access.

“Our bill makes it clear that the new reporting requirements do not apply to people developing blockchain technology and wallets,” Wyden said.

“This will protect American innovation while ensuring that those who buy and sell cryptocurrencies pay the taxes they already owe,” added the chairman of the Senate finance committee.

Enforce tax compliance

In an effort to enforce tax compliance, signed legislation set out more stringent reporting requirements for crypto service providers.

This doesn’t just affect brokers, legal experts have warned, and the set threshold that requires crypto transactions over $ 10,000 to be reported to the IRS “is more complicated than it sounds.”

Determined to keep a major campaign promise to revamp the country’s infrastructure, the bill included cryptocurrency rules in an effort to offset some of the historic costs.

According to the report, the Joint Committee on Taxation estimates they would raise around $ 28 billion over a decade.

“Digital assets are here to stay in our financial system and the decisions we make now will have impacts in the future,” said Lummis, aware that the new legislation could have a negative effect on the development of the industry. cryptography in the country.

“We need to foster innovation, not stifle it,” she added.

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Will the craze for crypto startups ever produce the next tech giant? https://innovativewords.com/will-the-craze-for-crypto-startups-ever-produce-the-next-tech-giant/ https://innovativewords.com/will-the-craze-for-crypto-startups-ever-produce-the-next-tech-giant/#respond Fri, 12 Nov 2021 03:41:10 +0000 https://innovativewords.com/will-the-craze-for-crypto-startups-ever-produce-the-next-tech-giant/ November 13, 2021 TIL HONG KONG office of FTX, a cryptocurrency exchange, is a place where basic needs come after business. Food and alcohol can be found around offices with six screens each. Sam Bankman-Fried, his boss, says he sleeps four hours a night on an ottoman next to his desk, if he’s lucky. He […]]]>

TIL HONG KONG office of FTX, a cryptocurrency exchange, is a place where basic needs come after business. Food and alcohol can be found around offices with six screens each. Sam Bankman-Fried, his boss, says he sleeps four hours a night on an ottoman next to his desk, if he’s lucky. He sees little difference between breakfast and dinner, other than “which restaurants are open for delivery”.

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Its turmoil mirrors that of the crypto markets, which never sleep. But it also reflects the speed at which the two-year-old firm is growing. Last month FTX announced a $ 420 million funding round that valued it at $ 25 billion, just three months after investors gave it a price tag of $ 18 billion. The agreement included the the best of the best the investment universe, including BlackRock, the world’s largest fund manager, Teachers’, a $ 170 billion Canadian pension fund, and Temasek, a Singapore sovereign wealth fund.

FTXThe fundraising feast is symptomatic of the growing investor appetite for crypto startups, especially those creating the tools to build a blockchain-based future. In the first nine months of 2021, they raised $ 15 billion in venture capital (CV), five times their total for all of 2020. In the third quarter, 12 crypto unicorns – startups valued at $ 1 billion or more – were born, a record. The heady times remind some venture capitalists of the dotcom era. But they don’t know if they are partying like in 1994 or 1999.

One of the triggers for capital flows is the growing demand for digital silver from retail speculators. who influences CVs to support crypto wallets and exchanges. Investors are also betting that as regulation becomes clearer, institutions will take it more seriously, which will drive demand for crypto tax advisers, analysts and asset custodians, said Matt Burton. of CQFD, a CV solidify. Scorching indicators such as the price of bitcoin, which flirted with a record high of $ 69,000 this week, are fueling excitement.

The boundaries of the industry are also widening. Blockchain startups promote new forms of financial services (decentralized finance), digital ownership (non-fungible tokens, or TVNs) or incentive models (such as in games, where users can earn crypto while playing). TVN companies have raised $ 2 billion so far this year, up from $ 31 million in 2020. Four-fifths of CV the agreements were preliminary rounds.

The most interesting is the arrival of new investors. Successful crypto firms reinvest money in younger ones. The most prolific is Coinbase Ventures, the investment arm of America’s largest crypto exchange, which closed 24 deals in the last quarter. November 5 FTX and other companies started a $ 100 million game fund.

Investors in the deep pockets of traditional finance are also launching. They include well-known venture capital funds, such as Andreessen Horowitz, one of the first backers of Facebook and Skype. SoftBank, a trigger-happy Japanese group, closed six crypto deals in the past quarter. They also include hedge funds and asset managers. These investors have helped complete 15 fundraising rounds of over $ 100 million in the past three months. Together they made up two-thirds of the total CV money spent.

Shan Aggarwal, who runs Coinbase Ventures, says the craze is reminiscent of the dotcom boom of the 1990s, when investors rushed to support the companies that would form the backbone of the web economy. In one respect, the current era is even more impressive: while the dot-com bubble has mainly developed in Silicon Valley, the “bitcom” boom is spreading to Asia ($ 1.4 billion raised this quarter) and Europe ($ 1.1 billion) in addition to America ($ 3 billion). Crypto unicorns are also on the rise in Africa and Latin America.

The question of whether this will produce successes like today’s tech giants remains open. It’s the beginning. The premium collected by crypto companies in 2021 is 16% of the amount collected by fintech companies and 3% of that collected by startups in general. Large deals have taken the average investment round size to $ 21 million, triple the 2020 level, but the median, at $ 4 million, is low.

Some valuations seem silly: In September, Sorare, a fantasy soccer game played on the blockchain, closed a $ 680 million round that valued it at $ 4.2 billion, 22 times sales, or more than the multiple of Facebook when it went public. All of this suggests that some investors will kiss like bandits, while others will burn their fingers. For better or worse, more sleepless nights await.

This article appeared in the Finance & economics section of the print edition under the title “The bitcom boom”


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Nordic mobile wallets face global competition https://innovativewords.com/nordic-mobile-wallets-face-global-competition/ https://innovativewords.com/nordic-mobile-wallets-face-global-competition/#respond Wed, 10 Nov 2021 14:00:31 +0000 https://innovativewords.com/nordic-mobile-wallets-face-global-competition/ Small but mighty is one way of characterizing the Nordic countries when it comes to payments innovation. Smaller countries in the region like Denmark, Finland and Norway, each with less than six million people, have been at the forefront of innovation in digital and mobile payments for decades, bypassing large economies like Germany (83 million […]]]>

Small but mighty is one way of characterizing the Nordic countries when it comes to payments innovation.

Smaller countries in the region like Denmark, Finland and Norway, each with less than six million people, have been at the forefront of innovation in digital and mobile payments for decades, bypassing large economies like Germany (83 million people) and France (67 million) when it comes to the adoption of mobile payments.

Much of this concerns the banks in the region, which have joined forces over the past decades, investing in innovation and collaborating on various initiatives such as a debit card system, digital bank IDs and credit infrastructure. payment.

Governments have played a central role, participating directly or providing support to banks to stimulate innovation. Scandinavians also trust their governments, unlike other countries, and are ready to share information with them.

According to Claus Bunkenborg, CEO of Denmark-based MobilePay, these reasons explain why the Nordic region has been at the forefront of innovation in online and mobile banking, and later with in-car payments and contactless payments.

“Many prerequisites are already there, both on the infrastructure [side] and also in people’s minds, ”Bunkenborg told PYMNTS in an interview. “We use very little cash, for example, and you’ll be hard pressed to find a store anywhere in the Nordic countries that doesn’t accept contactless payments.”

And with banks driving this innovation, building mobile payment systems was easy, using their real-time network rails to reduce costs and process transactions faster.

MobilePay, run by Bunkenborg, is a perfect example. Owned by Denmark’s largest bank, Danske Bank, the company was launched in Denmark and Finland as a peer-to-peer (P2P) service in 2013 and has grown to become one of the country’s leading mobile payment providers. region.

With 4.3 million users (95% of the adult population) in Denmark and 1.8 million (roughly half of the adult population) in Finland, the mobile wallet company processes around 1.3 million transactions per day. , 45% of which goes to some 200,000 traders. who accept payments with MobilePay.

“We’re the most loved brand in our country and the last app people want to remove from their phones. We are becoming an indispensable part of people’s daily lives, and this is a very strong position of which we were very proud, ”said Bunkenborg.

Confront the global giants

Despite the company’s success in both countries, Bunkenborg said that ‘payments are a big business’ and that it is not enough to be a local champion operating in a small country while competing against players. worldwide like Apple Pay, Google Pay and PayPal.

Seeking to grow further, the company launched a P2P service in Norway in 2015, but it didn’t work. “This market is really a market where everyone wins,” Bunkenborg explained, adding that there is a “ripple effect” where people tend to rally around a local P2P player.

This meant that the launch in Norway after mobile payment company Vipps had already established a presence there blocked any chance of success for the Danish company. But times have changed and the goal of entering the Norwegian market or taking on global players is now within reach.

In June of this year, three leading mobile payment providers in the region – MobilePay, Vipps and Finnish company Pivo – agreed to merge their businesses, with the aim of creating “the best and most comprehensive digital wallet in Europe. And one of the largest banks owned mobile payment providers in the region.

The new entity will jointly serve 11 million users and more than 330,000 merchants in the three countries. While sharing the costs, they “will take all these synergies and reinvest them in further growth, because we want to expand not only in the Nordic countries, but also across Europe,” said Bunkenborg.

A Union of Internally Focused Countries

Another goal of the merger is to allow access to mobile cross-border payments between the three countries, which is lacking in the whole European region.

As Bunkenborg noted, “even though European regulators want to harmonize payments in Europe, there are still many hurdles that we need to overcome before we can easily enable cross-border payments”.

These obstacles, also present in the banking sector, are the result of regulation focused on the internal market in the region. and even though several European initiatives try to harmonize payment infrastructures, “when you move up the value chain, things are still quite different,” said Bunkenborg.

For example, the European 14-wallet Mobile Payment Systems Association (EMPSA), which was formed in 2019 to ensure seamless mobile payments across the region, was unable to take off due to legal and technical challenges related to it. to the knowledge of your client (KYC) and anti-money laundering rules (AML) which differ from country to country.

The association plans to strengthen interoperability and provide roaming solutions between participating payment systems, bringing together more than 70 million mobile payment users, more than one million merchant acceptance points and hundreds of European banks processing several billion transactions per year, according to information on the EMPSA website.

As Bunkenborg explained, unlike Visa or Mastercard programs which have a whole ecosystem in place with clear indications of the roles each plays in identifying customers and validating payments, there are between 20 and 30 wallets. different Europeans operating under different rules in the region, and bringing together, it will take time.

Combine online and in-store payments

Meanwhile, Bunkenborg said MobilePay will focus on exploiting the opportunities that the merger presents in the Nordic region. while investing heavily in e-commerce, which is the area where they see the most significant growth driven by the pandemic and retail moving online.

In Denmark, there has been almost 100% year-over-year growth in this sector, he said. and 50% of all e-commerce payments in the country are made through MobilePay.

This puts the wallet at the center of payments growth and innovation, making payments easier for consumers who don’t need to enter their card details every time they make a purchase, and for merchants. who have seen payment completion rates improve when mobile wallets are used.

Another emerging trend they will focus on is the merger between online and traditional in-store payments, Bunkenborg said. Consumers shop in person with their mobile phones in hand, he noted, and in-store shopping experiences are increasingly digitized, with an increase in self-checkout driven by online payments. mobile phone and an increase in online payments in physical stores. .

“This is one of our main areas of intervention, […] and with our user base and the market share that we have in online payments, this is a very good place to start, ”he said.

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Bitcoin and other cryptos are near record highs, but tougher tax rules are coming https://innovativewords.com/bitcoin-and-other-cryptos-are-near-record-highs-but-tougher-tax-rules-are-coming/ https://innovativewords.com/bitcoin-and-other-cryptos-are-near-record-highs-but-tougher-tax-rules-are-coming/#respond Mon, 08 Nov 2021 21:53:00 +0000 https://innovativewords.com/bitcoin-and-other-cryptos-are-near-record-highs-but-tougher-tax-rules-are-coming/ Text size The changes to the cryptocurrency tax declaration could come into force in early 2023. The time of dreams Investors and cryptocurrency recipients may soon have to report more transactions to the Internal Revenue Service. The infrastructure package that Congress passed last week includes a variety of new tax reporting requirements that could affect […]]]>

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