Two cryptocurrencies are having a marvelous day, while the majority of the crypto market is in a bearish 24 hours.  Notcoin  and Mollars Token, which is in presale, are both defying the odds by having a day so successful they’ve depegged from Bitcoin and Ethereum charts.   $NOT is up nearly +40% while $MOLLARS daily presales total have over doubled from last week’s daily averages.

Mollars Token is the highly anticipated store-of-value token for Ethereum-Blockchain.  The ERC-20 token is being called “Ethereum’s new version of Bitcoin.”  

What’s Mollars Token?

Set to end its ICO phase in 2 days (June 1st), Mollars is a cryptocurrency that can be used to stave off the global inflation of fiat money.   It’s also going to be the native token, used to complete cross-chain swaps, for a new decentralized cryptocurrency exchange [DEX].  

The DEX will be launched via Mollars.CC, the crypto brand’s secondary domain. The release date is set for September of this year [2024] per a BeInCrypto AMA.  However, the exchanege could open to the public earlier.   

Utility Converts Into Presale Buying Frenzy

Between the two utilities and expectations for the ERC-20 token’s transaction fees to be -80% lower than Bitcoin Blockchain’s buy-sell taxes, crypto buyers have been buying this token at an all-time high for May; the last 24 hours has seen more token purchases than any other day since the debut of the ICO for “Ethereum-Blockchain’s Version of Bitcoin.”  

In the last 24 hours 47 wallets have been recorded for completing Mollars presale token purchases.  Between the forty-seven buys, traders used 9.581414186 Ethereum ($ETH) and  530 Tether ($USDT) coins to stake claims on slightly over 66,659 $MOLLARS tokens.  The fiat value of traders buys totals at $36,112.59 (US).

The strong sales for the Mollars cryptocurrency brand are a positive signal for future value of the token. In stock market trading, a company that has strong sales, brand value and equity, alongside useful products, usually converts into big profits.

Mollars Price To Gain +27% on Day 1, If This Happens

Currently selling for $0.55 cents per token in its initial coin offering stage, Mollars is set to go public on general crypto exchanges on June 2nd.    If the token reaches its hard cap goal of 4-million tokens sold, the listing day price will be $0.62 cents, per reports.   The 7-cent gain alone would be a +27% ROI yield on today’s 47  investments.

The Mollars token presale has already achieved the milestone of surpassing 3.2-million tokens sold.   That’s over 80% of the allocated token supply for the ICO.   After the initial coin offering closes, Mollars will only have 6-million more tokens minted; all of which will be released on its CEX debut.

Notcoin Debuts on CEXES, Price Rips Upward

The only other cryptocurrency seeing such strong activity today is TON network’s new token, Notcoin (NOT).   While Cryptobubbles looks like a sea of red for the last 24 hours, $NOT shined through the fog with a +38% gain in value.

Notcoin airdropped over 80-billion tokens to users who’ve been playing their click-to-mine game on Telegram.   Via TG the C2M game has reportedly racked up over 35-million players; a massive number by all accounts.

The end result in all activity is the price of the NOT token bursting upward in a parabolic uptrend. It started the day at slightly over $0.008 and has since burned 1 zero, moving to a high of $0.0125.

When did NOT tokens debut?

The Telegram mini app launched in January while it’s debut on public exchanges just happened yesterday. The Notcoin game allows players to mine tokens simply by clicking the crypto’s icon on their phone.

Pre-market trading of Notcoin was done via an NFT trading system that debuted in March.   An estimated 800,000 NFTs were launched that generated a massive trading volume of 26-million. This was the 4th largest NFT collection on the TON blockchain at the time.

Notcoin has become a star of The Open Network (TON) and could continue on an upward trend as news spreads about the click-to-mine Telegram game spreads.

How & Where to Buy?

Toncoin is now being traded on Binance, OKX, KuCoin, Gate.IO, ByBit, and more.

Mollars token presale will end June 2nd.    The major crypto exchanges LBank, XT.com, and Bitmart have all announced they will be listing the token after the initial coin offering’s close.

The post Notcoin Click-To-Mine Game Ups $NOT Value +38% As Mollars Token Presale Hits ATH first appeared on Coinfea.

Hashdex has withdrawn its application for a spot Ether exchange-traded fund (ETF), according to a recent filing with the United States Securities and Exchange Commission (SEC). The notice, dated May 28, revealed that Hashdex retracted its proposal on May 24, shortly after the SEC approved similar products from eight other financial entities.

The Hashdex Nasdaq Ethereum ETF, initially filed in September 2023, aimed to introduce a new investment vehicle combining spot Ether holdings with Ether futures contracts. The reasons for this withdrawal remain unspecified, and it is unclear whether Hashdex plans to resubmit the proposal.

SEC Approvals and Market Impact

The SEC’s approval on May 23 included filings from prominent firms such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. These approvals have paved the way for spot Ether ETFs to be listed and traded, with launches anticipated in June. Unlike Hashdex’s combined spot and futures approach, other applicants focused solely on spot-based Ether ETFs, incorporating amendments to address SEC feedback. These changes often involved removing support for Ether staking to mitigate regulatory concerns.

Hashdex’s proposed ETF stood out by seeking to mirror the Nasdaq Ether Reference Price, aiming to reduce potential market manipulation risks. The fund was designed to hold a mix of spot Ether, Ether futures contracts, and cash, rather than relying solely on spot Ether. This strategy was similar to the company’s approach with its Bitcoin ETF, which did not depend on the Coinbase surveillance sharing agreement. Instead, it sourced spot BTC from physical exchanges within the CME market.

Political and Regulatory Factors

The proposed rule change for the Hashdex Nasdaq Ethereum ETF received attention from lawmakers, with mixed opinions. Democratic Senators Laphonza Butler and Jack Reed expressed concerns about approving spot Ethereum ETFs, while Republican Representatives French Hill, Tom Emmer, and Josh Gottheimer advocated for their approval. As for the other spot Ethereum proposals, issuers must still complete their S-1 registration statements before trading can commence. The SEC has initiated discussions with issuers regarding these forms, though the timeline for completion remains uncertain.

The post Hashdex Withdraws Application for Spot Ether ETF first appeared on Coinfea.

On May 29, Mastercard unveiled its pioneering Peer-to-Peer (P2P) transaction using the Mastercard Crypto Credential, marking a significant advancement in the realm of digital payments.

The launch spans across 14 countries within Latin America and Europe, enhancing the convenience of crypto transactions by enabling users to transact using aliases rather than complex blockchain addresses.

Enhancing Transaction Ease and Security

The Mastercard Crypto Credential service is initially available in countries including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay. It is supported by major cryptocurrency exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, facilitating both cross-border and domestic transfers. This service simplifies blockchain transactions between users in Latin America and Europe by providing a secure platform for exchanging digital currencies across various blockchains.

The key feature of the Mastercard Crypto Credential is its ability to verify user interactions and ensure wallet compatibility. This system checks the recipient’s wallet for compatibility with the transferred asset and exchanges metadata to confirm which assets or chains are supported by the recipient. This functionality adds a layer of trust and certainty to the transactions, enhancing user confidence in this new technology.

Regulatory Compliance and Future Applications

Mastercard Crypto Credential also incorporates the Travel Rule protocol, a regulatory requirement to provide transparency and prevent illicit activities in cross-border transactions. This feature demonstrates Mastercard’s commitment to compliance and security in its digital transaction services.

The potential applications of the Mastercard Crypto Credential extend beyond simple cryptocurrency transactions. This technology could eventually be used for non-fungible tokens (NFTs), digital ticketing, and other innovative payment solutions depending on market needs and compliance requirements. This demonstrates Mastercard’s forward-thinking approach to integrating modern technology to redefine financial transactions.

Growing Popularity of Crypto in Latin America

The launch of the Mastercard Crypto Credential is particularly timely, as interest in cryptocurrency continues to surge both in Latin America and globally. Walter Pimenta, Executive Vice President of Products and Engineering at Mastercard Latin America and the Caribbean, emphasized the company’s ongoing efforts to innovate and lead in secure payment solutions. Meanwhile, Roberto Dagnoni, CEO of 2TM and owner of Mercado Bitcoin, expressed enthusiasm about collaborating with Mastercard, noting the significant potential for accelerating the future of global financial transactions through this pilot project.

This initiative by Mastercard represents a critical step forward in making blockchain-based financial services more accessible and user-friendly, paving the way for broader adoption of cryptocurrencies across diverse markets.

The post Mastercard Introduces Peer-to-Peer Crypto Transactions in 14 Nations first appeared on Coinfea.

CarbonMeta, a company with operations in the US and Saudi Arabia, has recently made headlines with its patent application for a groundbreaking process.

This application introduces a revolutionary process that transparently tracks sequestered carbon dioxide (CO2) in concrete, transforming it into tradable carbon credits stored securely on a blockchain.

Patent to Reduce Construction Industry’s Carbon Footprint

CarbonMeta Technologies Inc., a company operating in both the United States and Saudi Arabia, has filed a patent application with the United States Patent and Trademark Office (USPTO). This patent addresses the construction industry’s carbon footprint by implementing advanced carbon sequestration techniques combined with blockchain technology.

CarbonMeta Technologies Files Provisional #Patent for Tracking Captured CO2 in Concrete Using #Blockchain Technology$COWI #carboncapture https://t.co/LDB1NWDddy pic.twitter.com/5zz2bzyz8c

— CarbonMeta Technologies (OTC PINK:COWI) (@carbonmeta) May 28, 2024

 The innovative process is designed to help CarbonMeta and its customers accurately document and track CO2 permanently captured in their cement-less concrete products. This captured CO2 will be represented as carbon credits and securely stored on a blockchain, ensuring transparency and immutability.

Collaboration with Saudi Investment Recycling Company

In February 2024, CarbonMeta Technologies secured a $220,000 sole source contract with the Saudi Investment Recycling Company (SIRC). This contract focuses on developing and commercializing carbon-negative concrete made from industrial, construction demolition waste, and mining waste. The project aims to provide sustainable, eco-friendly products for strategic construction projects in the Kingdom of Saudi Arabia (KSA).

Mohammed Abdulaziz Khalil, Managing Director of CarbonMeta Technologies and a founding member of the Carbon Conversion group emphasized the significance of this project. “This joint pilot project with SIRC is the first step towards commercializing the production of carbon-negative pavers, street furniture, and bricks in Saudi Arabia. These efforts align with Saudi Vision 2030’s goal of achieving a circular, sustainable economy.”

Pilot Project and R&D Agreement

CarbonMeta launched its pilot plant in March 2024, expecting to trial carbon-negative bricks, street furniture, and road barriers made from the carbon-negative concrete mix. In addition to the pilot project, CarbonMeta and SIRC signed a Research & Development (R&D) and Commercial Collaboration Agreement in September 2023. This agreement aims to scale up the production and sale of carbon-negative concrete products.

CarbonMeta Technologies’ subsidiary in Saudi Arabia, established in 2023, has developed proprietary concrete that captures up to 10% CO2 by weight during production. This innovation reduces greenhouse gas emissions and supports the creation of sustainable construction materials.

GCC and MENA Focus on Carbon Credit Growth

The Middle East and GCC region is increasingly focusing on reducing carbon emissions. For instance, UAE-based Fils is leveraging the Blockchain Sui platform to track carbon credits, aligning with ESG goals. Similarly, UK-based BeZero Carbon has partnered with UAE’s ACX (formerly known as AirCarbon Exchange) to host its carbon credit ratings on ACX’s Abu Dhabi exchange, the world’s first fully regulated carbon trading exchange built on blockchain.

Lloyd Spencer, President and CEO of CarbonMeta Technologies, highlighted the significance of the patent application.

“This provisional patent represents a pivotal step in our mission to create and deploy transformative solutions for a greener tomorrow. Our pioneering approach addresses the pressing issue of reducing greenhouse gas emissions and offers investors an opportunity to impact the fight against climate change significantly.”

CarbonMeta Technologies’ efforts, along with collaborations and innovative technologies, reflect a broader commitment to environmental sustainability and carbon credit growth in the GCC and MENA regions.

The post CarbonMeta Files US Patent for Tracking CO2 in Concrete first appeared on Coinfea.

Cambodia’s central bank governor, Chea Serey, has expressed optimism about the country’s digital currency, Bakong, enhancing the use of traditional fiat currency. In a recent interview with Nikkei’s Future of Asia conference, Serey emphasized that the introduction of Bakong is not intended to replace the Cambodian riel or other fiat currencies but rather to complement and strengthen their usage.

At the occasion of the Nikkei Forum 29th Future of Asia, Secretary-General of ASEAN, Dr Kao Kim Hourn, met with the Governor of the National Bank of Cambodia (NBC), Dr Chea Serey. They discussed the significant progress made in ASEAN digital payments integration, financial… pic.twitter.com/pmy8pQ0ybk

— ASEAN (@ASEAN) May 24, 2024

Serey Says Bakong’s Primary Objective is To Integrate the Unbanked Population

Bakong, launched by the National Bank of Cambodia (NBC) in October 2020, is a blockchain-based digital payment system designed to facilitate seamless transactions in both riel and U.S. dollars. It aims to promote financial inclusion and modernize the country’s payment infrastructure. Since its launch, Bakong has seen significant adoption, with over 200,000 users and 6.8 million transactions by the end of 2023.

Serey highlighted that Bakong’s primary objective is to integrate the unbanked population into the formal financial system. Approximately 78% of Cambodians remain unbanked, relying on cash transactions that limit their access to financial services. By providing a digital platform for transactions, Bakong enables more people to participate in the formal economy, thereby boosting the circulation and use of fiat currency.

The governor also pointed out that Bakong offers a secure and efficient means of transferring money, reducing the dependency on physical cash and lowering transaction costs. This, in turn, enhances the overall efficiency of the financial system and promotes economic growth.

Moreover, Serey mentioned that Bakong’s interoperability with other payment systems allows users to transact seamlessly across different platforms, fostering a more inclusive financial ecosystem. The digital currency’s success has garnered international attention, with several countries exploring similar initiatives to enhance their financial systems.

While the central bank acknowledges the potential risks associated with digital currencies, such as cybersecurity threats and the need for robust regulatory frameworks, it remains committed to ensuring the safe and effective implementation of Bakong. The NBC continues to work closely with financial institutions and technology partners to address these challenges and enhance the system’s resilience.

The post Cambodia’s Central Bank Governor Believes Digital Currency Will Boost Fiat Use first appeared on Coinfea.

TRON founder Justin Sun has urged the blockchain community to support a pro-crypto presidential candidate. In a statement on Sunday, Sun emphasized the need for the cryptocurrency community to back a candidate who endorses digital assets. He stated that the community, companies, and protocols are significant stakeholders whose voices should be heard and interests protected.

On Monday, Sun reinforced his message in a post on X, advocating for unity within the cryptocurrency sector. He argued that the community should send a clear signal that their interests need to be encouraged and protected. Sun warned that candidates who fail to support the cryptocurrency industry risk losing the votes of 50 million cryptocurrency users.

We should convey a clear message that we will only support presidential candidates who are friendly to cryptocurrencies. The cryptocurrency community should unite to send a clear signal to society that this is an industry with a unified voice. The interests of the…

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024

Trump and Biden’s Positions on Cryptocurrency

As political tensions rise ahead of the U.S. presidential election in November, the candidates’ stances on cryptocurrency have come under scrutiny. Republican frontrunner Donald Trump has expressed strong support for the cryptocurrency sector.

Trump announced that if elected, he would pardon Silk Road founder Ross Ulbricht. He stated that he is positive and open-minded towards cryptocurrency companies and believes the U.S. should lead in this field. Trump criticized current President Joe Biden, accusing him of wanting to hinder the cryptocurrency industry.

In contrast, President Biden has taken a regulatory approach toward digital assets. Recently, he announced his intention to veto efforts to overturn the United States Securities and Exchange Commission’s (SEC) SAB121. Biden’s campaign has highlighted the financial backing Trump has received from cryptocurrency executives, noting that Trump’s campaign raised $50 million in a recent gala event, surpassing Biden’s fundraising efforts.

Election Impact and Voter Priorities

Data indicates that digital assets are a key issue for 20% of voters in swing states. The contrasting positions of Trump and Biden on cryptocurrency are likely to influence voters’ decisions. Trump and Biden are currently close in the polls, and the support of the cryptocurrency sector could be a significant factor in the election outcome.

As the election draws nearer, the cryptocurrency community’s stance and its potential impact on voter preferences are becoming more evident. The differing approaches of the candidates towards digital assets are set to play a crucial role in shaping the political landscape.

The post Justin Sun Calls for Pro-Crypto Presidential Candidate Support first appeared on Coinfea.

Recently, former President Donald Trump emphasized the importance of the United States leading in the crypto field during his address at the Libertarian Convention​. The sentiment towards cryptocurrency in Washington has significantly improved since Trump began courting pro-crypto supporters. Earlier this month, the former president expressed positive views on cryptocurrency at a Mar-a-Lago dinner. Then, just this past Tuesday, his presidential campaign started accepting crypto donations. 

This move aligns with Trump’s promise to become the first major party candidate to welcome Bitcoin, Ether, and other digital currencies. This sentiment aligns with the core mission of MAGA VP, which aims to position itself as a leading PolitiFi cryptocurrency.

What is MAGA VP?

MAGA VP ($MVP) is a part of the MAGA TRUMP ecosystem, built on Ethereum (ETH) to support the MAGA TRUMP community with innovative tokenomics and a strong sense of commitment. Starting as an Ethereum-based token, MAGA VP has now branched out to include Solana, BNB Chain, and BASE Chain. This expansion taps into the strengths of Solana enthusiasts and Layer 2 solutions, ensuring low gas fees and speedy transactions.

What Utility does MAGA VP have?

The MAGA VP token is making history as the first-ever PolitiFi vice president token. PolitiFi tokens blend politics with finance, creating a new way for political movements to leverage blockchain technology. As the current election heats up, these tokens could see significant growth, driven by passionate communities and their investment.

But what makes MAGA VP truly special is its role in the MAGA ecosystem. It offers rewards in $TRUMP tokens, reinforcing the idea that every president needs a vice president. A portion of transaction fees goes towards $TRUMP rewards for holders, fostering a sense of loyalty and connection within the community. This not only strengthens the MAGA TRUMP movement but also keeps it resilient and united. By earning $TRUMP tokens, holders are directly contributing to and benefiting from the ecosystem’s success.

Looking ahead, the goal is to spread the adoption of PolitiFi tokens over the next four years. It’s only a matter of time before $TRUMP starts accepting campaign donations in $MVP and other PolitiFi tokens, marking a new era for political campaigns and blockchain technology.

Tokenomics and Potential Growth of $MVP

$MVP has quickly gained traction within the crypto community, drawing attention from notable whales and top crypto Key Opinion Leaders (KOLs). Recently, a whale made a significant purchase of $87,000 worth of $MVP, showcasing confidence in the token’s potential. 

Among the influential voices supporting $MVP is Alan Rogers, a former Premier League footballer, who has recently posted about his price prediction for $MVP this season. The excitement doesn’t stop there; many KOLs are eagerly awaiting the upcoming election period, opting to stake their holdings in $MVP. This growing interest underscores the promising future of $MVP, driven by its strategic tokenomics making it a top PolitiFi memecoin to watch in 2024. 

Memecoins like DOGE and SHIBA have gained immense popularity, but MAGA VP offers more substantial utility and potential growth. As the market for memecoins evolves, investors might find $MVP a more stable and rewarding investment. Early indicators showcase significant traction, with over $280,000 in total TRUMP rewards distributed through its newly launched dApp, providing transparency and access to TRUMP rewards.

Crypto Market Analysis and Predictions for 2024

The overall crypto market is expected to grow, with increasing adoption and regulatory clarity. MAGA VP, with its strategic positioning and robust utility, is likely to benefit from these market trends, making it a promising investment for 2024.

Given the current market trends and MAGA VP’s unique value propositions, the price outlook for $MVP is optimistic. At the time of writing, $MVP is trading at $0.485, showing strong resilience in a volatile market.

With the upcoming election and increased adoption, $MVP is expected to reach $1.26 by June, 2024.

Long-Term Prediction: Considering the project’s roadmap and utility expansion, $MVP could potentially hit $4.83 by the end of Q3, 2024, representing a ~11x growth from its current price.

XRP Price Forecasts and SEC Lawsuit Impact

XRP has recently seen a notable increase in its price, rallying past the $0.54 mark. This rise signifies a 2.17% gain within the last 24 hours, bringing XRP’s current price to $0.5407. With a market capitalization of around $29.97 billion, XRP solidifies its standing as the seventh-largest cryptocurrency by market cap.

The Coinbase appeal to the court for permission to file an interlocutory appeal with the 2nd Circuit has generated considerable discussion. Pro-XRP attorney MetaLawMan has weighed in on this development, commending Coinbase’s arguments in their SEC lawsuit. He highlighted the potential for these arguments to accelerate crucial questions regarding the SEC’s authority and praised Coinbase’s legal team for their compelling presentation, noting the likelihood of the issue reaching the 2nd Circuit.

As XRP faces regulatory scrutiny with its ongoing SEC lawsuit, investors are looking for alternatives. 

The post MAGA VP ($MVP) Eyes $100M Market Cap Following Trump’s Pro-Crypto Speech: Crypto Price Prediction, XRP and SEC Lawsuit first appeared on Coinfea.

DogWifHat has had a great run this year, rising to a high of US$3.62 earlier this month, May 6th.   The spike caused many to chase the tail end of the surge,  hoping for a better all-time high.  That bullish cycle has turned bearish however and the WIF token is now down -12.6% on the month.   With that drop traders have begun migrating to new opportunities and the most noteworthy now is DogWifHat traders investing into the Mollars token presale.

Mollars token presale will end on June 2nd.   The initial coin offering is in its 5th of 6 funding rounds, with the ERC-20 coin being offered at US$0.55 [cents].    Once in the sixty round that price will auto-increase to US$0.60 [cents], a 5 cent difference.  

Which Cryptocurrency Gets Searched For The Most on Google?

DogWifHat investors are jumping ship to the Mollars ICO as it’s trending in crypto communities globally, including their own.  In fact, the presale is so popular at this point, Google Trends shows that the “MOLLARS” keyword gets 69% of the volume of search inquiries  that DogWifHat gets on some days.

The difference however — Mollars hasn’t even launched yet. 

To be in its presale stage and having raised over $1.4-million-dollars, with branding value that rivals a coin with a $2-billion-dollar market cap is nothing short of incredible.  The $MOLLARS token presale is an unprecedented event for a special coin, that is on a blockchain that’s better than its goliath-sized rival — Bitcoin (BTC).

What is Mollars Token used for?

The $Mollars token is a store-of-value asset like $BTC, but layered on the Ethereum-Blockchain.    Before last week, many theorized that if the Ethereum Spot ETF got approved, Mollars could have a fair shot at stealing a  lion’s share of the SOV market from Bitcoin.   Now that the EThereum spot Exchange Traded Funds account has gotten approval from the US SEC, an explosion is happening.

Mollars token presale total has risen 5 figures in the last 48 hours and this could continue to increase over the next 2 weeks.   The ICO closes on June 2nd and everything appears to be aligning in a way that was prophesied by the token’s founder. 

The “Ethereum Blockchain’s Bitcoin,” launched its ICO just before the beginning of an $ETH coin bull run.  Now it will finish after the spot ETF approval and another bull cycle. 

Leadership: Who founded this crypto?

The founder predicted both events, suggesting they would have a positive effect on the ICO in terms of bringing awareness.    As a team, the project’s group of professionals believe that Bitcoin isn’t truly decentralized since its founder kept 1-million tokens.  Also, they believe that the Bitcoin-blockchain has transaction fees that are beyond reason, that need to be watched.  

Seeing those issues, the founder of Mollars created this new SOV token on the crypto world’s leading cryptocurrency blockchain. Not only that, the token adheres to the concept of true decentralization and just announced a September 15th deadline for the token’s native Decentralized Crypto Exchange [DEX].

Added to those factors, Mollars is deflationary in nature with a finite token supply of only 10-million tokens.   The low quantity is under half that of Bitcoin.    

More detailed, the owner also predicted in the original whitepaper that using ICO funding to market the ERC-20 token with a  professional group to generate branding value, would be a key factor to increasing value.   They were right about this also.  

DogWifHat vs Mollars Potential

In comparison to the DogWifHat project, Mollars looks even more promising.  

The $WIF memecoin was designed to be a ‘jackpot’ for some traders, likely whales who feed on shrimp investors.   Shrimps don’t realize such tokens have no utility, unlike Mollars which is a ‘store of value’ asset that can be held for a hedge against global  inflation.

Crypto whales have no incentive to hold $WIF token because the total supply of 998-million will not be ‘sold out’ without serious commercial adoption.  Added to that issue, there’s no true dAPPS or apps, or major partnerships that can make the WIF token necessary to cryptocurrency users.The only thing that can happen with WIF is ‘jackpot activity’ and whales feeding on shrimp’s emotions.

Mollars Has Utility & dAPP

Mollars on the other hand will be the native token used to bridge cross-chain transactions of their coming decentralized crypto exchange on Mollars.CC, an alternate domain to the dot com.    On top of that, the project only has a total token supply of 10M with nearly 3M sold already, before its launching on public crypto exchanges.   

With 3 crypto exchanges already announcing they will list the $MOLLARS token,  it’s already set to be exposed to an estimated 20M crypto traders.    In the 3 medium sized exchanges alone, there’s not enough tokens for everyone to own one whole coin.  

More exchanges, like Uniswap or MexC are expected to list the Mollars token, which could push the buyer audience numbers much higher.     

The 10M token supply against audiences of over 20M, alongside the Mollars token’s supreme planning for a strong branding push may create a recycled pattern of upward parabolic growth.    The token’s value could increase rapidly due to demand and generate enough attention to retain fundamental signals that generate more growth.

In layman’s terms, the store of value token could continue growing due to branding, deflationary value,  and popularity.

Why are WIF Token Holders Buying This Now?

This is why the DogWifHat audience is now moving up the list of the most common tokens held by Mollars token presale investors.   As $WIF gets exposed for its lack of real value, and 12% was lost last month, perhaps investors can turn around their portfolio with Ethereum-blockchain’s version of Bitcoin.

Priced at US$0.55 (cents) today, the  growth in value on Mollars listing day price alone (62-cents)  is a +27% growth.  Though listing day cap requires the token presale reaches it’s hard cap,  still the ‘swap’ to this new token could prove to be a much better investment.  The 7-cent growth alone is enough to correct all losses incurred to DogWifHat traders’ portfolios.  But more importantly, Mollars token is predicted [view] to reach far higher prices by reputed analysts.

The post DogWifHat Traders Investing In Mollars Presale As WIF Token Down -12% first appeared on Coinfea.

Coinbase has announced that customers in New York can once again trade XRP on its platform. This update comes after a nine-month suspension following regulatory issues. Paul Grewal, Coinbase’s Chief Legal Officer, shared the news on social media, stating, “XRP trading on Coinbase is available again in NY. We heard you and put in the work in a strong partnership with the State. And now the word can be put out—we are back up.”

XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.

— paulgrewal.eth (@iampaulgrewal) May 23, 2024

Coinbase Suspends Trading Amid SEC Lawsuit

The suspension of XRP trading on Coinbase began in January 2021 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs. The SEC alleged that Ripple Labs had sold unregistered securities worth $1.38 billion through XRP token sales. This lawsuit led to widespread delistings of XRP across various exchanges, including Coinbase. During the suspension, users were unable to trade or convert XRP to fiat currency, although they could still deposit, store, and transfer the token.

In 2023, Judge Analisa Torres ruled that secondary sales of XRP did not constitute securities sales, prompting exchanges to relist the digital asset. Coinbase was among the first to relist XRP, drawing significant attention from investors and speculators. Despite the court ruling, XRP faced continued regulatory challenges in certain jurisdictions, including New York.

In September 2023, the New York Department of Financial Services (NYDFS) removed Ripple Labs from its “Greenlist” of approved companies for custodying customer assets. This action forced Coinbase to suspend XRP trading for New York residents. Crypto firms seeking to act as custodians for customer funds in New York must apply and receive individual approval from NYDFS.

With the recent announcement, customers can now log into their Coinbase accounts to buy, sell, convert, send, receive, or store XRP via the Coinbase website and its iOS and Android applications. Following the news, XRP’s price showed a slight increase from $0.51 to nearly $0.53.

As of the latest update, XRP is priced at $0.527964, showing a minor decrease of 0.23% in the past 24 hours. Ripple currently holds 46.5% of the total XRP supply, with 5,258,162,324 XRP in their possession and 41.3 billion XRP locked in escrow.

The post Coinbase Resumes XRP Trading for New York Customers first appeared on Coinfea.

The latest annual survey of the Federal Reserve has revealed that the percentage of United States adults who claimed to own cryptocurrency or have used it has reduced.

The SHED study shows that about 18 million out of the total adult population of the United States said that they had used cryptocurrencies in 2023. This is relatively lower than in past years, with the 2023 adult population survey revealing that only 7% of the surveyed adults use crypto, down from 10% in 2022 and 12% in 2021.

Minimal Use for Transactions

As for the respondents who indicated that they had ever used cryptocurrencies, only 1% said that they had used it for making financial transactions or sending money, which was down by 50% compared to the previous year. However, 7% of the respondents said that they buy or have invested in cryptocurrencies. The following are the findings from Federal Reserve, which goes against Coinbase’s assertion that 52 million Americans own cryptocurrencies. As for the numbers, Coinbase failed to explain how exactly it came up with the numbers.

The survey also revealed some demographic characteristics regarding the use of cryptocurrencies. Users with an annual income of $100,000 or above were more likely to have used cryptocurrencies for any purpose. As for the generation, millennials, 30 to 44 years old, dominated the list of crypto users, with generation Z adults, 18 to 29 years old, being second. From the survey, it was evident that men were more inclined to use cryptocurrencies than women with the ratio being 3:1.

As for the race, black and Hispanic adults were more likely to actively participate in employing crypto for the purpose of monetary transactions, and Asian adults were the largest group of people who invested in crypto. On the other hand, White adults were the least likely to use cryptocurrencies in any way, by a long shot.

Political Influence of Crypto

In addition to its use by the retail clients, politics has also been involved with cryptocurrencies. A political action committee (PAC) called Fairshake with the support of influential representatives of the cryptocurrency market has been focused on the Senate, with the goal to change the balance of forces in Congress. Lately, Fairshake, the advocacy group, has spent more than $10 million to defeat a Democratic U. S. Senate candidate in California.

A report from Coinbase also revealed that Californians who own cryptocurrencies will be instrumental in the 2024 elections. This is a clear indication of the rising power of crypto in political realms, as a majority of the 73% of US voters expect presidential candidates to have a clue about emerging technologies such as AI and crypto

The post Crypto Usage Among U.S. Adults Drops Sharply in 2023: Fed Survey first appeared on Coinfea.

Ethereum spot ETF approval has sent the bulls running wild in crypto.  2024 has become a spectacular year for investors with new data driving fast pumps, like $ETH gaining over $700 in value in less than 24 hours. Now, it looks like Ethereum blockchain’s store-of-value token, currently in presale, is also getting a push from this tsunami of profit yields.

What is Ethereum Blockchain and ERC-20?

Ethereum (ETH) is the native coin of Ethereum Blockchain.  The two were created together with a purpose of creating a cryptocurrency that the general commercial world, both digital and physical, could rely on to complete any currency-related transaction.

However, the ‘block’ is a layer-1 technology behind various popular tokens.  Those cryptos are termed ERC-20 tokens.  It’s the chain on which many commonly known crypto brands all operate.  This includes Pepe (PEPE), Shiba Inu (SHIB), Uniswap (UNI), and many more.

None of these tokens have done what Mollars (MOLLARS) will do for the Ethereum-blockchain ecosystem however.  It is a revolutionary cryptocurrency that’s seeing major increases in token presales alongside the bull run.

What utility does MOLLARS have?

The Mollars token is Ethereum-blockchain’s version of Bitcoin (BTC).  It will be released at the beginning of next month.  On June 2nd the ERC-20 token will launch on at least 3 crypto exchanges, all of whom have pre-announced its listing, though even more CEXES are expected.

Mollars token’s price in its initial coin offering phase is only $0.55 (cents).     In the 5th of 6th funding rounds, it’s gone up 20-cents [from $0.35] since the presale launch in December of 2023.  

In the 6th and final round of the ICO the $MOLLARS token price is slated to go up to $0.60 (cents) per token.    After the round closes, no further tokens will be offered at a discount price.

Only 4-million tokens of the cryptocurrency’s 10-million total token supply are allocated for the ICO stage.   Of that 40% of the TTS, just over 26% of the tokens remain available. All the others, close to 3-million tokens, have all been sold to investors and traders, interested in Mollars future.

Saving Ethereum Users Major Money

Mollars is a store-of-value token like Bitcoin (BTC).  However, it’s created specifically to service the Ethereum-Blockchain world as it’s propped on the ERC20 networks.   And most importantly, it’s servicing the ETH Block with transaction fees that could be -80% less than those of Bitcoin-Blockchain.

The savings alone should be enough to drive most cryptocurrency enthusiasts to Mollars, regardless of other utilities.  Saving money is the same as earning money.

However, there’s more to this SOV token than just its deflationary nature.  Beyond fighting global inflation woes, Mollars.cc will also be launched after $MOLLARS is live on crypto exchanges.   A new decentralized cryptocurrency exchange (DEX), it will drive the scarcity of Mollars tokens even further as it will rely on bits of the whole tokens, referred to as “Molls,” to complete transactions.

What is a Moll of a Mollars token?

A ‘Moll,’ which is a fraction of a whole Mollars token, is what the project’s creator titled the token which most people will own in the future. As demand goes up and 10-million tokens have sold out, people will begin buying fractions of the ‘whole coin.’   The amount of 1/100th of a Mollars token will be referred to as a ‘Moll.’  

Like Bitcoin, Mollars is designed to go up in value as more tokens are used or held.  It has a deflationary mechanism within its smart contract that will contribute to that process, along with the DEX, and professional marketing for multiple quarters after its launch that will all boost the growth process. In the whitepaper of the project this has been made clear as well as on the brand’s social media accounts, to make sure people understand the importance of Mollars’ tokenomics plan.

This drive of price popularity, if it follows a similar trajectory to that of Bitcoin, could see the token’s value increase fast and furiously. Since today 450-million wallets hold cryptos, it will have an advantage in finding coin-users, whereas the $BTC launched in a world in which nobody knew what a crypto-coin was nor trusted it.

Today, people like those invested in $ETH coins, are making $700 profits in less than 24 hours, while people at a basic 9-to-5 job only make $120 in that same day.  

Those ignoring the opportunity or doubting cryptocurrency at this point are missing the age of a digital gold rush — but willingly and foolishly.

Like Bitcoin’s Price in 2011

Mollars token may be something huge. A project that has the potential to take a path similar to what Bitcoin did in 2011 and investors see its potential.

That investor oversight is translating into bigger sales. Due to the current bull run of the market, investors are quickly migrating funds over to the Mollars initial coin offering.  In the last 48 hours  presales have continued escalating in quantity by over 25% daily.     The ICO is nearly at $1.4-million dollars raised and slightly below 3-million tokens pre-sold, before its June 2nd launch on public crypto exchanges.

If the ICO hard cap is met, the token is set to list on exchanges at $0.62 [cents]; information that’s been published for weeks now.  

That information is also a huge driving factor as the current price of $0.55 should see a 7-cents profit yield in less than 2 weeks.   To gain +12%  in less than 2 weeks for an investment is better than physical Gold itself.

Regardless of hard cap, with 3 exchanges already confirming Mollars listing, it’s also now confirmed the store-of-value asset will be introduced to over 20-million crypto traders.  Mollars only has a total token supply of 10-million tokens; the value of the token, if like all other cryptocurrencies, will go up tremendously that supply sells out.   With an audience of 20M vs such a small supply that costs less than $1, the numbers game has pushed  the prospects for a big ROI through the roof.

The post Mollars ICO Presales jump to $1.4M with ETH spot ETF news — Blockchain’s version of Bitcoin first appeared on Coinfea.

Unimantic Protocol, an innovative cryptocurrency platform, has been in the spotlight due to the dramatic growth of the Book of Meme token (BOME). BOME has surged 262% in the past few days, sparking the interest of investors and traders.

According to sources, Unimantic Protocol has played a key role in this surge. Unimantic Protocol’s network of MEV bots used a sandwich method for numerous whale transactions on the Book of Meme token. This method allowed Unimantic to earn a whopping $3 million dollars in a short period of time.

Unimantic Protocol, through its innovative technology, was able to use its working capital to conduct efficient and profitable transactions in the market.

This sudden success has drawn attention to the benefits and opportunities that Unimantic Protocol offers. Its ability to maximize profits and manage transactions efficiently became evident through this event.

However, it should be kept in mind that MEV bots and massive whale transactions can cause unrest in the market and lead to significant price fluctuations. Investors and traders should remain vigilant and exercise their market actions with caution.

Nevertheless, for Unimantic Protocol, this is an impressive demonstration of its potential and ability to bring high returns to its investors.

Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights.

The post Unimantic Protocol Made $3 Million Dollars, Thanks to MEV Bots and Multiple Whale Transactions on the New Book of Meme Token first appeared on Coinfea.

Jarret Dunn, also known by his online alias “STACCoverflow,” is on bail in the United Kingdom following his recent arrest. Dunn, a former employee of the Solana-based memecoin launchpad Pump.fun, was apprehended shortly after a significant exploit on the platform.

Admission and Details of the Exploit

On May 16, Dunn, through the STACCoverflow social media account, admitted to an attack on the Pump.fun platform that resulted in approximately $1.9 million in losses. Pump.fun corroborated this, stating that a former employee abused his position to withdraw funds and exploit the platform’s systems. According to the company, the ex-employee illegitimately accessed the withdrawal authority using their privileged position and employed flash loans on a Solana lending protocol.

I am once again without any of my 2fa for a lil while. I spent overnight in custody as the pump team alleges I stole 2m of their Ill gotten gains with conspiracy to steal another 80m. /x https://t.co/D8CBjdB9nG

— free stacc (@jarettdunn) May 18, 2024

Legal Proceedings and Charges

Following his confession, Dunn tweeted on May 18 that he had spent the previous night in custody. He revealed that Pump.fun had charged him with stealing $2 million and conspiring to steal an additional $80 million. Dunn noted that the company considered the total value locked (TVL) as their money in the charges against him. He urged users to withdraw their funds from the platform and disclosed that Baton Corp is the corporate entity behind Pump.fun.

Reports indicate that law enforcement tracked Dunn using his social media activity. His recent Instagram post placed him in London, and the timing of his posts on his STACCoverflow account coincided with his arrest.

Current Status and Health Issues

Following his release on bail, Dunn mentioned that he is currently in a hospital addressing mental health issues, which may render him unfit for a police interview. Despite this, he is required to stay in the United Kingdom until August 16, when he must report back to the police station.

Pump.fun confirmed the exploit and the involvement of an ex-employee in a statement, detailing the method used to carry out the attack. The company highlighted that the former employee had used flash loans on a Solana lending protocol to withdraw funds illegitimately.

This incident has raised significant concerns regarding internal security and the potential risks posed by privileged access within crypto platforms. Dunn’s case remains under investigation, with legal proceedings ongoing.

My mental health was taken into question and I am likely unfit for interview and so my interview will probably be after bail if I am fit. Time will tell. I have my passport and have not been cautioned not to leave the uk.

— free stacc (@jarettdunn) May 19, 2024

The post Former Solana-based Memecoin Launchpad Employee Arrested first appeared on Coinfea.

The Blockchain Association has urged a House floor vote for the Financial Innovation and Technology for the 21st Century Act (FIT21), or H.R. 4763. The Association addressed a letter to House Speaker Mike Johnson and Minority Leader Hakeem Jeffries, emphasizing the necessity of regulatory clarity for the U.S. digital asset industry. The letter, signed by industry leaders such as Ripple, Kraken, and Circle, stresses the need for legislation that supports innovation and protects users and consumers.

The letter pointed out that since the inception of the Bitcoin network in 2009, the blockchain and digital asset industry has operated without targeted market regulation. The absence of clear rules has caused confusion in the marketplace and left users and consumers unprotected. The Blockchain Association seeks pro-innovation and pro-consumer regulations to ensure a fair and safe marketplace and to maintain U.S. technological leadership.

1/ Today, @BlockchainAssn members sent a letter to @SpeakerJohnson and @RepJeffries in support of a floor vote for the Financial Innovation and Technology for the 21st Century Act (#FIT21).https://t.co/RhBfe9Gg5p pic.twitter.com/BUoEnoOEAD

— Blockchain Association (@BlockchainAssn) May 20, 2024

Regulatory Challenges in the U.S. Crypto Sector

U.S. regulators, particularly the Securities and Exchange Commission (SEC), have faced criticism for their approach to crypto regulation. The SEC’s regulation-by-enforcement strategy has been seen as stringent and anti-crypto, potentially driving American businesses overseas and stifling technological advancement. The Blockchain Association’s letter stated that the lack of regulatory clarity impedes innovation and harms America’s standing in the global technology race.

If FIT21 passes, it would assign the primary responsibility of digital asset regulation to the Commodities Future Trading Commission (CFTC). This shift aims to increase legal protections for consumers of crypto.

Congressional Developments Following SAB121 Resolution

The push for a House vote on FIT21 comes amid growing momentum for crypto legislation in Congress. Recently, Congress approved a resolution to potentially remove the SEC’s controversial accounting bulletin, SAB121, from its guidance. President Joe Biden has indicated he might veto the attempt to disavow SAB121, citing concerns over financial instability and market uncertainty. However, the strong bipartisan support against the SEC’s guidance may influence the President’s decision.

The passage of FIT21 would represent a significant development in U.S. digital asset regulation. The legislation aims to provide a structured regulatory framework, promoting innovation while offering necessary protections for users and consumers.

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Binance has partnered with the Investigation Bureau of the Ministry of Justice and the Taipei District Prosecutors Office to dismantle a $6.2 million money laundering operation. This case underscores the collaborative efforts between cryptocurrency exchanges and regulatory bodies in combating financial crimes.

Binance’s Role in the Investigation

The investigation revealed that the perpetrators laundered nearly NT$200 million using cryptocurrencies. They employed sophisticated tactics, including generating fake remittance proofs, identification data, and chat communication records, to evade regulators’ detection. The Taipei District Prosecutors Office has charged nine individuals with crimes such as money laundering, aggravated fraud, and organized crime under the Money Laundering Control Act and other relevant regulations. Prosecutor Lo Wei-yuan led the indictment process, which was significantly aided by Binance’s Financial Crimes Compliance Department (BFCC).

Also Read: Taiwan advances legislative steps toward crypto regulation

In 2020, Binance’s BFCC collaborated with Taiwanese authorities to investigate illegal transactions. The BFCC, comprising experts in technology, banking, law enforcement, and espionage, played a crucial role in decoding the complex schemes used by the money launderers. Binance’s swift response and coordination of a cross-border online meeting with investigators and prosecutors facilitated a comprehensive action plan against the laundering ring. This effort highlights Binance’s commitment to combating financial crimes both locally and globally.

Strengthening Crypto Regulations in Taiwan

Taiwan is set to tighten cryptocurrency regulations by the end of 2024, aiming to implement new rules by mid-year. FSC Chairman Huang Tianzhu has expressed concerns about the potential for unlawful activities associated with the growing popularity of cryptocurrencies. To address these threats, the FSC plans to enhance oversight of crypto exchanges and impose stricter penalties for non-compliance. Currently, ten companies operate as virtual currency trading platforms in Taiwan, with regulatory authorities cracking down on non-compliant entities to ensure a secure and transparent market.

Binance has actively engaged in public awareness campaigns to promote the benefits of crypto-assets and convince regulators of their positive economic impact. The exchange has registered with Taiwan’s FSC and complies with the Money Laundering Control Act. Additionally, Binance has demonstrated its commitment to regulatory frameworks and initiatives, earning recognition from local authorities for its efforts to eliminate virtual asset crimes. Binance also conducted a cyber training course on virtual assets for police officers of the Keelung District Prosecutor’s Office, further underscoring its dedication to increasing law enforcement awareness of the risks associated with virtual assets.

The post Binance and Taiwan Authorities Bust $6.2M Crypto Laundering Operation first appeared on Coinfea.

On May 16, Turkey’s ruling Democratic Party presented a draft crypto bill to Parliament. The legislation primarily focuses on the licensing and registration of crypto service providers. Aimed at aligning Turkey’s crypto market with international standards, the bill prioritizes consumer protection, transparent platforms, and adherence to financial regulations.

Aligning with Global Crypto Standards

The proposed law aims to update existing regulations to manage the burgeoning cryptocurrency market better. It mandates that crypto trading platforms and related services secure permits from the Turkish Capital Market Board (CMB). This measure is designed to ensure that crypto service providers operate within a regulated framework, promoting transparency and accountability within the sector. The bill’s central objective is to protect consumers by enhancing CMB’s oversight, safeguarding consumer funds, and providing mechanisms for resolving disputes promptly. By enforcing strict compliance with established rules, the bill seeks to build trust and reliability in Turkey’s national crypto market.

Also Read: Turkey sees 12% rise in crypto investors amid economic uncertainty: Report

The draft legislation also includes provisions to align the economic activities of crypto service providers with the national economy. It mandates mandatory income collection from these providers, regulated by the CMB and the Scientific and Technological Research Council of Turkey. These measures aim to drive technological development and ensure that the economic activities of crypto service providers contribute positively to the national economy. The bill’s framework is designed to bring Turkey’s legal environment in line with global standards, promoting principles endorsed on an international scale.

Enhancing Transparency and Addressing FATF Concerns

A significant aspect of the proposed law is its focus on classifying and managing cryptocurrency assets, bringing clarity and order to the crypto space. The legislation aligns with the Financial Action Task Force (FATF) regulations, emphasizing the importance of financial oversight in the crypto industry. In response to Turkey being placed on the FATF “gray list” in October 2021 for inadequate anti-money laundering measures, the bill addresses these deficiencies. It incorporates the FATF Travel Rule, which requires virtual asset service providers to obtain and share complete originator and beneficiary data during transfers. This move is expected to enhance transparency and ensure Turkey meets FATF standards, further reinforcing the country’s commitment to global financial norms.

The post Turkey Proposes Comprehensive Crypto Regulation Bill to Parliament first appeared on Coinfea.

zkSync, a zero-knowledge (ZK) rollup, announced a governance token airdrop set for the end of June. The anticipation for this airdrop has been growing since March of last year when investors moved over $8 million worth of tokens to zkSync to qualify. According to DefiLlama, the total value locked (TVL) in zkSync has increased to $141 million.

The upcoming release of version 24 (v24) is the final protocol upgrade needed before transferring network governance to the community. zkSync confirmed this in a post on X, stating that the remaining pieces for the transition are expected to be in place by the end of June.

zkSync firmly stands by its commitment to decentralize.Since rolling out support for EIP4844 in March, this has been the sole focus. The upcoming release of v24 is the final planned protocol upgrade needed before handing over network governance to the community. The remaining…

— zkSync (∎, ∆) (@zksync) May 17, 2024

Cheaper Transactions with Ethereum Dencun Upgrade

zkSync is a layer-2 network designed to scale Ethereum by providing cheaper transactions through off-chain computation and data storage. This network is classified as a ZK rollup, which uses zero-knowledge cryptography. Transaction fees on zkSync became significantly cheaper following Ethereum’s Dencun upgrade in March. This upgrade allowed layer-2 networks like zkSync to compress transactions before sending them in batches to the Ethereum mainnet.

Trend of Airdrops in the Crypto Space

The planned governance token issuance follows a series of airdrops by other projects over the past year. EigenLayer, Renzo, Ethena, and Wormhole have all rewarded early adopters with airdrops instead of conducting traditional token sales. Matter Labs, the developers behind zkSync, have raised $458 million across several funding rounds, with investors including Blockchain Capital and Dragonfly Capital.

zkSync’s Position in the Blockchain Ecosystem

Matter Labs has been actively developing zkSync to enhance Ethereum’s scalability and efficiency. The governance token airdrop and the completion of the v24 protocol upgrade are steps toward community-driven network governance. zkSync’s layer-2 solution aims to provide cost-effective and efficient transaction processing for Ethereum users.

The zkSync community is closely watching the developments, and the governance token airdrop is expected to be a notable event. As zkSync continues to evolve, it remains a prominent player in the blockchain space, leveraging zero-knowledge cryptography to improve transaction processing and data storage on the Ethereum network.

The post zkSync Announces Governance Token Airdrop for June This Year first appeared on Coinfea.

On May 1st, 2024, Eledator hosted a significant seminar in London, aimed at the top traders within the company. This gathering served as a crucial forum for discussing the latest strategies and innovations in crypto trading, particularly in preparation for the upcoming Crypto Expo Dubai 2024. The discussions focused on developing unique trading instruments and the introduction of Eledator’s native token.

The seminar not only reinforced Eledator’s corporate community but also sparked dynamic exchanges about future directions in cryptocurrency investment, such as enhancing support for copy traders through fiat funds. These discussions emphasized the need for continual adaptation and collaboration in the evolving crypto landscape, setting a robust foundation for the company’s growth.

Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights.

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UBS Group AG, a Switzerland-based global investment bank and financial services firm, disclosed a significant holding in the iShares Bitcoin Trust (IBIT) in a recent 13F filing with the Securities and Exchange Commission (SEC).

The filing, covering the first quarter of 2024, revealed that UBS holds 3,600 shares in IBIT, valued at $145,692 as of March 31, 2024, with a current value of $124,488. This investment marks a notable interest from traditional financial institutions in the cryptocurrency market, particularly Bitcoin.

The iShares Bitcoin Trust (IBIT), managed by BlackRock Inc., offers investors exposure to Bitcoin through a traditional brokerage account. This ETF simplifies the process of investing in Bitcoin by eliminating the complexities associated with direct ownership, such as storage, security, and tax reporting. As of May 10, 2024, IBIT had net assets of $16.6 billion and a net expense ratio of 0.12%.

UBS’s Strategic Move into Crypto Market

UBS Group AG’s investment in IBIT demonstrates a strategic interest in the growing crypto market. The firm’s various segments, including Global Wealth Management, Personal and Corporate Banking, Asset Management, and Investment Bank, highlight UBS’s approach to portfolio diversification. This move comes after UBS decided to allow some customers to trade Bitcoin ETFs, although accounts with lower risk tolerance are restricted from accessing these funds. UBS is also prohibited from soliciting Bitcoin ETF traders.

In late 2023, UBS expanded its offerings, enabling affluent clients to gain exposure to cryptocurrency ETFs based in Hong Kong. This development aligns with UBS’s appearance on the list of authorized participants for BlackRock’s IBIT, alongside other major financial institutions such as Citadel and Goldman Sachs. This strategic positioning underscores UBS’s evolving stance on cryptocurrencies.

Broader Institutional Interest in Bitcoin ETFs

UBS’s involvement in the iShares Bitcoin Trust is part of a broader trend of institutional interest in Bitcoin ETFs. Other notable financial institutions have also entered this space. For instance, Edmond de Rothschild (Suisse) S.A. recently acquired $4.2 million worth of Bitcoin ETF shares, and JPMorgan Chase disclosed its Bitcoin ETF holdings. Additionally, Susquehanna International Group (SIG), co-founded by billionaire Jeff Yass, has also invested in Bitcoin ETFs.

BlackRock’s Robert Mitchnick has highlighted that major institutions are increasingly exploring Bitcoin, indicating a growing acceptance and integration of cryptocurrency into traditional financial systems. This trend suggests a shift in how established financial entities perceive and engage with digital assets, marking a significant development in the financial sector.

The post UBS Group AG Holds 3,600 Shares in BlackRock’s Bitcoin ETF first appeared on Coinfea.

BlockFi has announced its decision to shut down operations and transfer asset management responsibilities to Coinbase, the leading U.S. crypto exchange. This strategic move comes after BlockFi faced financial hardships, leading to its bankruptcy declaration at the end of 2022. To facilitate a seamless transition, BlockFi has already begun notifying its customers about the required steps to move their assets to Coinbase.

Customers have been given deadlines until April 28, 2024, to initiate the transfer of their assets, with a final date for completing identity verification set for May 10, 2024. Those failing to meet these deadlines will have their asset transfer and verification processes handled directly through Coinbase, ensuring that no customer assets are left unmanaged.

BlockFi secures crucial funds in FTX settlement

As part of its financial restructuring, BlockFi has secured a significant settlement from FTX, totaling $250 million as an initial payment. This settlement is part of a larger agreement amounting to $874 million and aims to compensate BlockFi for previous exposures to FTX and loans made to Alameda Research. The agreement positions BlockFi as a senior secured lender in the revised debt repayment plan proposed by FTX.

This financial infusion is critical as it helps stabilize BlockFi’s operations by providing necessary liquidity and facilitating the repayment of obligations to its stakeholders. The settlement is a pivotal component of FTX’s strategy to address and resolve claims from various creditors, including BlockFi, which was one of the largest affected by FTX’s bankruptcy last November.

Implications for clients and the crypto market

The closure of BlockFi and its integration with Coinbase marks a new chapter for both entities and their clients. This collaboration signifies a strategic alignment between two major crypto players and enhances the stability and service delivery to BlockFi’s clientele during its financial recuperation phase.

Coinbase will now handle the distribution of assets, ensuring that all customer assets are securely managed as BlockFi winds down its operations. This move is expected to bolster confidence in the continuity of service and the protection of client assets amidst the ongoing adjustments in the crypto lending market.

The post BlockFi closes doors, partners with Coinbase for asset shift first appeared on Coinfea.