Coinspeaker Ethereum Whales Initiate Massive Sell-Off amid ETH Price Volatility

Ethereum (ETH), the second-largest digital asset based on market capitalization, has been going through a series of price changes recently. In the past week, the value of ETH has seen a decline, dropping to its lowest point since February, which was $2,800. Although there was an effort from buyers to increase the price back up to around $3,200, it has once again declined and is currently trading around $3,000.

Whales Cash Out Millions in Ethereum Holdings

This price fluctuation has prompted some large investors, commonly referred to as “whales”, to initiate a substantial sell-off of their Ethereum (ETH) holdings. On-chain analysts have identified several notable transactions that highlight this trend.

According to a report that was shared on X by Spot On Chain, it was revealed that a participant in an Ethereum ICO (Initial Coin Offering) recently decided to sell 2,000 ETH and received 6 million USDC in return. The selling took place just some hours ago, and on average, each ETH was sold for $2,997.

An #Ethereum #ICO participant returned to sell 2,000 $ETH for 6M $USDC at $2,997 6 hours ago.

Notably, the whale received 33,213 $ETH at #Ethereum Genesis on Jul 30, 2015, at an ICO price of ~$0.31. So far, 5,110 $ETH has been deposited to #Kraken or sold via DEX at ~$2,545.… pic.twitter.com/cYpyqlPGWT

— Spot On Chain (@spotonchain) April 18, 2024

The report also mentioned that this particular whale wallet holder had originally received 33,213 ETH during the Ethereum Genesis on July 30, 2015. At that time, the ICO price for each coin was approximately $0.31. Since then, the whale has either deposited or sold 5,110 ETH through decentralized exchanges, with an average selling price of around $2,545. Despite this recent selling activity, the whale still possesses approximately 29,700 ETH, which is currently valued at about $89.4 million.

Another report from a crypto enthusiast and hedge fund manager, Thomas Kralow, revealed that an investor who had purchased 96,638 ETH in September 2022 has been gradually selling his holdings. Recently, this whale transferred 5,000 ETH to the popular cryptocurrency exchange Kraken. Although he still retains a substantial 76,000 ETH, valued at approximately $233.56 million, it remains uncertain whether the large wallet holder will continue selling or begin accumulating amid the ongoing price volatility.

Furthermore, on-chain data revealed that four whales collectively dumped 31,683 ETH, equivalent to $106 million. These recent sell-offs by whales have contributed to the 15% reduction in ETH’s price in the past 7 days.

Regulatory Uncertainty Fuels Whale Sell-Offs

The surge in whale sell-offs can be attributed to rumors surrounding the possible disapproval of an Ether Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC). VanEck CEO Jan van Eck expressed skepticism about the SEC’s approval of the firm’s ETH ETF application. Additionally, the recent approval of a Hong Kong-based ETF failed to significantly impact the coin’s price, further fueling uncertainty.

Despite the whales’ sell-offs and the transfer of ETH to various cryptocurrency exchanges, the trading volume of the coin remains green in double-digit over the past 24 hours, with a reading of 20% at the time of writing. With the highly anticipated Bitcoin halving event looming, it remains challenging to predict whether ETH will continue its downward trend or regain its bullish momentum.

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Ethereum Whales Initiate Massive Sell-Off amid ETH Price Volatility

Coinspeaker Nibiru Unveils $15M Developer Fund to Enhance Ecosystem Growth 

Nibiru Chain, a Proof-of-Stake (PoS) network, has launched a $15 million developer fund to foster ecosystem growth. According to a press release published on Thursday, the newly launched fund, known as the Nibiru Builder Grants, is part of Nibiru’s developer program, designed to tackle various challenges within the blockchain industry and enhance the network’s capabilities.

Nibiru Allocates $5 Million to Asian Builders

The protocol is built using Cosmos SDK, a toolkit framework that enables developers to create independent protocols without continuous expense. The platform is backed by prominent companies in the industry, including HashKey, Kraken Ventures, and Tribe Capital.

Nibiru said the $15 million grant will be shared among developers building innovative projects in the ecosystem in the form of tokens. Nibiru plans to distribute approximately 2.5% of its native crypto (NIBI) to the selected projects.

To encourage diversity, the company has dedicated $5 million of the funds to projects outside the Asia Pacific region. “We’re thrilled to unveil the long-term initiative to bolster the developer ecosystem with a $5 million sleeve specifically for the Asia region,” said Nibiru’s head of growth, Brandon Suzuki.

Interested parties must apply to qualify for the grant through the protocol’s official website. Each of the selected applicants will receive a grant of $5,000 to $50,000 in NIBI.

Mentorship Opportunities

In addition to the financial support, the protocol said that qualified projects will receive mentorship on scaling their businesses from Nibiru’s VCs, which include Tribe Capital, NGC Ventures, ArkStream, and others.

“The grant initiative will supplement ongoing aid in partnership pairings and access to mentors, industry experts, and experienced developers. This initiative also allows Nibiru to actively elevate the visibility of ecosystem projects through dedicated marketing support,” said Erick Pinos, one of the executives at Nibiru.

The protocol also disclosed that it may release additional funds to support lopers. However, that depends on the outcome of the grant program.

Nibiru to Host Hackathons for Developers

Nibiru is also planning to introduce other exciting activities to increase its platform visibility and attract more attention as part of its efforts to grow the ecosystem.

The network said it would host regular hackathons with impressive prize pools of up to $100,000, targeting various decentralized finance (DeFi) sectors such as tokenization of real-world assets (RWAs), Web3 gaming (GameFi), and SocialFi.

The planned hackathons aim to stimulate creativity and encourage developers to explore new possibilities in decentralized applications (dApps).

Furthermore, Nibiru is rolling out a novel reward mechanism enabling developers to earn a portion of transaction fees whenever their smart contracts are executed.

The network also plans to explore the world of non-fungible tokens (NFT), granting holders early access to upcoming decentralized applications (dApps) within the Nibiru ecosystem. Holders of the digital artworks will have the opposite to participate in governance decisions through a Decentralized Autonomous Organization (DAO).

Lastly, Nibiru intends to introduce a bounty system to incentivize developers who successfully fulfill protocol requests for proposals (RFPs) in the future.

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Nibiru Unveils $15M Developer Fund to Enhance Ecosystem Growth 

Coinspeaker Polkadot Unveils JAM Protocol as Replacement for Its Relay Chain

Gavin Wood, co-founder of Ethereum and creator of Polkadot and Kusama, unveiled the JAM Gray Paper in Dubai introducing a groundbreaking protocol that merges elements from both Polkadot and Ethereum.

In an X post, JAM stated the unveiling which comes ten years after the Wood’s release of the Yellow paper is an evolution aimed at replacing the existing Relay Chain with a more modular and minimalistic design.

JAM Protocol Streamlining Efficiency and Flexibility

The JAM is unique in that it offers a unified model that combines features from Polkadot and Ethereum. It introduces a global singleton permissionless object environment, reminiscent of Ethereum’s smart contract environment, alongside secure sideband computation parallelized over a scalable node network – a concept pioneered by Polkadot, the interoperability powerhouse.

The Polkadot Relay Chain took care of interoperability across different platforms like PARSIQ, the data, and the automation monitoring network. With JAM, Polkadot offers a prospective path to replace the relay chain with a more modular, minimalistic design.

Earlier today @gavofyork unveiled the JAM Gray Paper.

JAM is a protocol combining elements of both Polkadot and Ethereum. It is a prospective path to replace the Relay Chain with a more modular, minimalistic design.

1/5 https://t.co/3kTGVFBOJA pic.twitter.com/NtOuF1KHua

— Polkadot (@Polkadot) April 18, 2024

One of the key features of JAM is the guaranteed seamless compatibility for developers familiar with using Substrate for blockchain development and deployment. This is enabled by the parachains service that was specifically designed to support existing Substrate-based parachains.

Worthy of note is that JAM operates exclusively with DOT, Polkadot’s native token, thus eliminating the need for the issuance of a new token. This exclusivity simplifies interactions within the protocol while leveraging the existing infrastructure of the Polkadot network.

Polkadot Growth Drive via Community Engagement

In recognition of the importance of diverse client implementations in a decentralized protocol, Polkadot introduced the JAM Implementer’s Prize. The JAM Implementer prize is a 10 million DOT reward pool meant to encourage the creation of implementations in various programming languages to strengthen the ecosystem’s foundation.

The Web3 Foundation in a post expressed excitement at the JAM Implementer’s prize. The post reads:

“The Web3 Foundation is excited to announce the JAM Implementer’s Prize, a 10M DOT prize pool to enhance Polkadot’s ecosystem! We’re looking for developers to diversify and strengthen network resilience through innovative JAM protocol implementations.”

The 10 million DOT reward pool is consistent with Polkadot’s culture of driving innovation. In 2021, Polkadot launched a $770 million development fund burning nearly 19 million DOT in its treasury to support some of the community’s vision.

The proposal for JAM’s implementation requires community approval through Polkadot’s on-chain, decentralized governance system. The proposal, already submitted to the Root track, currently awaits the community’s decision regarding its scope and direction. This is because Polkadot is committed to community-driven development and decision-making.

As JAM emerges on the horizon, it represents a significant step forward in the evolution of decentralized protocols, bridging the strengths of Polkadot and Ethereum to create a more versatile and robust platform for blockchain innovation.

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Polkadot Unveils JAM Protocol as Replacement for Its Relay Chain

Coinspeaker Union Labs to Integrate with Polygon-backed AggLayer to Enhance Web3 Interoperability

Union Labs, a Web3 project built on the Cosmos ecosystem to enable hyper-efficient zero-knowledge (ZK) infrastructure for general messaging applications, has announced plans to integrate with Polygon Labs-backed aggregation layer alias AggLayer, which aims to unify the defragmenter nature of the blockchains. According to the announcement, the integration between Union’s network and AggLayer will significantly enhance liquidity and interoperability between Polygon-based chains and Cosmos-centered chains.

Furthermore, the Union network uses advanced ZK cryptography to ensure a fast and secure inter-blockchain communication protocol (IBC). According to Karel Kubat, the founder of Union Labs, the integration of both networks is monumental in addressing the siloed nature of blockchain technology while still upholding sovereignty.

The AggLayer was launched earlier this year by the Polygon team to integrate ZK proofs from all connected chains. As a result, the AggLayer ensures safety for cross-chain transactions that are near instant. Already, the AggLayer has connected with several chains including OKX-backed X Layer, Polygon zkEVM, and Astar zkEVM, among others in the pipeline.

“This is a big step for Union, Cosmos, the Polygon ecosystem, and the AggLayer as a whole. Union’s integration with the AggLayer will unlock more than just transactions; it is another opportunity for developers to build across networks, tap aggregated users, and develop seamless UX,” the announcement noted.

The integration between the Union network and AggLayer is a win-win situation as the overall experience will be seamless interoperability across different chains. Furthermore, Union network is a close collaborator with Celestia (TIA), a modular data availability network, which will be henceforth connected with the AggLayer.

Market Picture on Union Labs and AggLayer Integration

The Web3 ecosystem has grown to a trillion-dollar industry as it promises to onboard the bankless and revolutionize the finance sector. However, the Web3 ecosystem remains largely disintegrated and cumbersome and risky to transfer assets from one chain to another through different smart contract-enabled bridges.

Furthermore, billions of dollars have been lost in the past few years through poorly designed interchain bridges and most of the time users are left devastated.

However, Polygon Network is committed to ensuring secure and seamless Web3 connectivity, especially DeFi protocols on the Ethereum ecosystem. Notably, the Polygon network is a top-tier layer two scaling solution on the Ethereum ecosystem, with a total value locked (TVL) of about $887 million and a stablecoins market cap of around $1.58 billion.

The integration of the Union network and AggLayer will ultimately help in the mass adoption of MATIC token, the native token used on the Polygon ecosystem. As of this report, MATIC’s price trades around 68 cents, down 21 percent in the past seven days following the Bitcoin-led crypto selloff.

Additionally, the integration of AggLayer and Union network will help the Polygon network remain competitive among other layer two scaling solutions.

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Union Labs to Integrate with Polygon-backed AggLayer to Enhance Web3 Interoperability

Coinspeaker Bybit Institutional Report 2024: Bullish Trends in Crypto Investments Sees 36% Surge in Q1

The crypto market is re­gaining momentum after a dormant phase. “Bybit Institutional Report 2024” indicate­s revived investor confide­nce, signaling a potential bullish trend. This optimism follows a remarkable growth period, whe­re the overall marke­t capitalization surged from around $1 trillion in October 2023 to over $2.5 trillion by March 2024’s conclusion.

“Examining the long-term call-put skews over the 30 days in March 2024 reveals a notably bullish sentiment,” says the report. “This trend suggests that investors maintain a generally bullish outlook on the long-term price potential of these two crypto majors toward the end of the year.”

One of the­ key takeaways from the Bybit Institutional Re­port reveals a positive outlook in the­ derivatives market. This finding aligns with incre­ased on-chain activity for Bitcoin (BTC) and Ethereum (ETH). By analyzing institutional crypto investment be­havior, the report shows growing interest in proje­cts within the Bitcoin ecosystem and Artificial Inte­lligence (AI) field.

Solana’s Rise Challenges Ethereum’s Dominance

The re­port highlights the growing rele­vance of emerging blockchains. The­ir native tokens exhibit substantial growth, surpassing Ethe­reum. Solana (SOL), the top challenge­r chain by transaction volume and Total Value Locked (TVL), stands out as a prime example of this trend. This trend aligns with observations from 2021, suggesting a pote­ntial shift among major blockchain players.

“Since the beginning of Q4 2023, native tokens of challenger chains have experienced significant performance as compared to ETH,” Bybit wrote. “For example, SOL emerged as the top performer among these challenger tokens, continuing the trend observed in 2021 as the biggest challenger chain by TVL and transaction volume.”

The report paints a positive picture for the long-term future of the crypto market and sees the launch of Exchange-Traded Funds (ETFs) and the upcoming Bitcoin halving as the primary drivers for the next crypto bull run in 2024.

Intere­stingly, the potential diversification be­nefits offered by Bitcoin could he­lp balance risk. Bitcoin has low correlations with traditional investme­nts like stocks and bonds, under 3%. This suggests Bitcoin may prote­ct against volatility in stock-heavy portfolios. 

In fact, allocating just 5% to Bitcoin and Ethereum (e­qually) could significantly improve the risk-reward ratio of the­ S&P 500. This highlights the potential risk manageme­nt advantages of including crypto assets in a diversifie­d portfolio.

Crypto Investments Surge to $1.94 Billion in Q1 2024

Venture Capital (VC) funding see­ a notable uptick in the crypto industry. During the final quarter of 2023, funding deals increased by 21% to reach 174 transactions, with disclose­d funding amounts totaling $1.42 billion, an expansion of approximately 29%. The Q1 2024 witnessed an additional surge, with 243 de­als securing $1.94 billion in disclosed investme­nts, marking a 36% rise compared to Q4 2023.

Infrastructure proje­cts attract much of the venture capital inve­stments as they build esse­ntial blockchain ecosystem components. The­se initiatives include hardware­ wallets, blockchain data providers, and solutions for industry obstacles. As traditional finance­ merges with crypto investments, newcome­rs, and seasoned TradFi participants face increasing challenges, the Bybit report notes.

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Bybit Institutional Report 2024: Bullish Trends in Crypto Investments Sees 36% Surge in Q1

Coinspeaker Crypto Company Valour Rolls Out First Short Spot Bitcoin ETP in Nordics

Cryptocurrency company Valour, a subsidiary of DeFi Technologies, has announced the launch of the first short spot exchange-traded product (ETP) for Bitcoin (BTC) in the Nordics market. The market consists of several countries such as Denmark, Norway, Sweden, and Finland.

Setting a New Standard

In an announcement on April 18, 2024, the company said the newly launched investment product, Valour Short Bitcoin (SBTC), will be traded under the ticker of the same name against the Swedish Krona.

The launch of the ETP aims to offer the Nordics indirect exposure to the digital asset market, allowing them to profit from or hedge against declines in the price of Bitcoin.

The innovative financial instrument is designed to inversely track BTC price movements. This means that when the price of the crypto asset goes down, the value of SBTC tends to go up, and vice versa. Valour said the product was built with experienced investors in mind, added with the flexibility to make timely adjustments to portfolios based on daily market performance.

Furthermore, the blockchain firm said it is setting a new standard for investment products in the Nordic region by being the first to introduce the SBTC into the market.

High Levels of Transparency

Commenting on the new offering, Johanna Belitz, the company’s head of sales in the Nordics, said she believes the product will appeal to investors within the location.

“Tailored for short-term strategic use, such as hedging existing portfolios, we are confident that this innovative product will strongly appeal to our trade-savvy community,” she said.

The company described the launch of the new ETP product as a “significant milestone in the availability of diverse financial products in the Nordic markets”. Valour disclosed that SBTC is designed to offer high transparency, security, and reliability to retail and institutional investors.

Fully Hedged Digital Asset ETPs

Apart from SBTC, the company offers access to other fully hedged digital asset ETPs, which come with competitive management fees, ensuring accessibility for a wide range of investors. These products cater to investors seeking exposure to various digital assets while minimizing costs. Valour’s product range extends across European exchanges, banks, and broker platforms, providing convenient access to the crypto market.

Some of the company offerings include Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), XRP, Enjin (ENJ) and Bitcoin Carbon Neutral (BTCN).

Valour said its flagship products, Bitcoin Zero and Ethereum Zero, are the first fully hedged, passive investment products based on Bitcoin and Ethereum, respectively. Unlike other ETP products, the flagship offerings have no management fees, making them attractive options for investors seeking fee-free exposure to these digital assets.

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Crypto Company Valour Rolls Out First Short Spot Bitcoin ETP in Nordics

Coinspeaker Tether Expands Business to Include New Divisions beyond Stablecoins

Tether Limited Inc, the company behind the world’s largest stablecoin USDT, has announced a restructuring that broadens its operations to several efforts beyond stablecoins. Tether has introduced several new infrastructure solutions that cater to a more inclusive business, launching new divisions.

According to an official publication, Tether has announced the Tether Data, Tether Finance, Tether Power, and Tether Edu divisions. The company said it is focusing on sustainable solutions that can adapt to the changing needs of the general market to contribute to a “future-proof financial and tech ecosystem.”

The New Tether Divisions

Although Tether announced four divisions, Tether Finance is not exactly new, as it is the digital asset services division. Tether Finance is responsible for the company’s financial services, including the USDT stablecoin. According to the announcement, Tether will leverage its Finance division via blockchain technology to build financial infrastructure that supports mainstream cryptocurrency adoption. In addition, Tether plans to launch a digital asset tokenization platform under the Finance division.

The Data division will specialize in emerging technologies, focusing on development and strategic development. Tether Data will push boundaries with peer-to-peer platforms and artificial intelligence (AI), via platforms like P2P application builder Holepunch, launched in 2022. For Tether Power, the plan is to focus on sustainable Bitcoin mining operations to contribute to securing the Bitcoin network. The Power division will further Tether’s efforts in mining and energy.

Finally, Tether will invest in digital skills education and ensure global access through Tether Edu. The division will help to cultivate knowledge, proficiency, and general awareness of digital technologies by supporting educational initiatives. Tether Edu will also assist in the adoption of P2P and blockchain technologies locally and globally.

Using Technology to Distrupt Conventions

According to Tether CEO Paolo Ardoino, Tether has successfully achieved the disruption of the traditional landscape via its stablecoin. It is now focusing on further disruption of conventional systems to prompt fairness.

“With this evolution beyond our traditional stablecoin offerings, we are ready to build and support the invention and implementation of cutting-edge technology that removes the limitations of what’s possible in this world. We’re Tether. We use technology to empower individuals, communities, cities and nations to become self-sustainable, independent, and free,” Ardoino noted.

Tether will soon complete its $500 million investment into Bitcoin mining. The company has already constructed several mining facilities with renewable energy stations in countries with renewable energy resources. These facilities are available in El Salvador, Paraguay, and Uruguay.

The company chose these countries for more than their energy resources. According to CEO Paolo Ardoino, it is important to avoid centralization of mining power, so that no geopolitical jurisdiction wields undue control. The CEO admitted that US states like Texas and Kentucky have been supportive of mining firms, offering energy deals and granting tax rebates. However, it is important to spread mining power to avoid potential risks of centralization.

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Tether Expands Business to Include New Divisions beyond Stablecoins

Coinspeaker Binance Launches Megadrop to Harness Launchpool, Web3, Airdrop Elements

Binance, the world’s leading cryptocurrency exchange by trading volume, has unveiled the latest leap in the crypto space with the launch of Megadrop, a revolutionary token platform that integrates elements of Launchpool, Web3, and Airdrop.

Binance Megadrop: Revolutionizing Airdrops with Launchpool Integration

The announcement of the Megadrop launch by Binance explains that the new platform is meant to boost unparalleled airdrop opportunities and experience for its users as it has a blend of Binance Simple Earn and the exchange’s Web3 Wallet.

Introducing Megadrop, #Binance's first-of-its-kind token launch platform blending the best of Launchpool, Web3, and Airdrop elements.

Unlock exclusive early access to upcoming tokens and seize one-of-a-kind airdrop opportunities!

Learn more 👇

— Binance (@binance) April 18, 2024

Megadrop offers users exclusive early access to selected Web3 projects even before their listing on Binance, using BNB as the primary token. Binance’s launch of Megadrop is based on its belief that it presents a blend of engagement, education, and reward, contributing to the growth of both Binance and the broader crypto community.

The inaugural project on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Users participating in Megadrop will receive 8% of the token supply, equivalent to 168,000,000 BB tokens out of a total max token supply of 2,100,000,000 BB. Currently, the initial circulating supply stands at 409,500,000 BB, representing 19.5% of the maximum token supply.

Earlier this month, Binance introduced its 51st project on its Binance Launchpool platform enabling users to stake their BNB (Binance Coin) which qualified participants to earn SAGA tokens. The exchange allowed the transfer of any unclaimed reward and token to the various spot accounts of users on the platform.

Binance assures users that the projects featured on Megadrop were thoroughly researched before being included on the platform. BounceBit aims to enable BTC holders to earn income from multiple sources by utilizing a combination of CeFi and DeFi frameworks. The project has developed a BTC re-hypothecation infrastructure, providing a base layer for various re-hypothecation products.

Binance’s Ongoing Expansion amidst Challenges

Despite ongoing concerns about the SEC lawsuit, the detention of its executive in Nigeria by government authorities, and fluctuations in Bitcoin price ahead of the halving event, Binance remains committed to driving positive developments in the crypto space. Binance CEO Richard Teng recently revealed that the exchange is actively exploring potential headquarters and engaging in constructive discussions with multiple countries. This is an attempt to score points with critics and regulators who have issues with the exchange’s lack of operational base.

In the interim, Binance Holdings has secured a full Virtual Asset Service Provider (VASP) license in Dubai. This milestone achievement follows a strategic decision by co-founder Changpeng “CZ” Zhao to relinquish his voting control in the local entity.

The VASP license allows Binance to offer broker-dealer and exchange services, including crypto derivatives trading. For context, Binance blazed the trail in 2023 by becoming the first crypto exchange to obtain an operational Minimum Viable Product (MVP) license in Dubai. The MVP Operational license is an interim greenlight granted before a full VASP permit.

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Binance Launches Megadrop to Harness Launchpool, Web3, Airdrop Elements

Coinspeaker Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal

The total cryptocurrency market cap has continued to shrink, down 2.4 percent in the last 24 hours to about $2.36 trillion, ahead of the much anticipated Bitcoin (BTC) halving 2024. After registering an impressive first quarter, JPMorgan Chase & Co (NYSE: JPM) analysts have now pointed out short-term weakness post-Bitcoin halving.

According to the JPMorgan note to investors on Wednesday, Bitcoin price will trigger another crypto landslide because the market is still in overbought conditions, based on the analysis of the Open Interest in BTC futures.

Bitcoin Whales Undeterred

According to on-chain data analysis provided by CryptoQuant, crypto whales have accumulated more than 27,700 Bitcoins, worth over $1.7 billion in the past few days. Despite the continued market dump by Grayscale Investments’ GBTC, on-chain data shows long-term investors are unwavering.

Furthermore, Bitcoin supply on a daily basis will be reduced from 900 to 450 coins after the upcoming halving. With the heightened Bitcoin demand from institutional investors, amid the halving impact, it is safe to assume a super cycle is at hand.

As Coinspeaker recently explained, the approval of spot Bitcoin and Ethereum ETFs in Hong Kong will significantly add to existing buying pressure. Moreover, the United States-based spot Bitcoin ETFs have already proved to be a huge success within the first few months.

Crypto Price Action Amid Bitcoin Halving

Bitcoin price has severally retested the support level around $61K in the past few weeks after reaching a new all-time high (ATH) last month. Already in the price discovery phase, Bitcoin dominance has been consuming the altcoin market in the recent past. According to the latest market data, Bitcoin dominance stands around 55.46 percent as of Thursday.

However, a popular crypto analyst Ali Martinez, opined that Bitcoin price must defend the support level of around $61k to avoid a capitulation towards the next major support of around $56,200.

$61,000 is a very important level for $BTC ! If it breaks, it will trigger a correction to $56,200.

But if #Bitcoin can rebound, we could see an upswing to $66,500. The first sign of a rebound will be a sustained 4-hour candlestick close above $62,300. Until then, we brace for… pic.twitter.com/KOg4HuZOJ2

— Ali (@ali_charts) April 18, 2024

On the other hand, if Bitcoin price rebounds from the current levels amid the upcoming halving, a rally towards a new ATH will be inevitable.

On the Flipside

With the ongoing choppy crypto market, most traders have taken refuge from the high volatility in the stablecoins sector. According to market data provided by Coingecko, the stablecoins industry has a daily average trading volume of about $88.5 billion out of the $117 billion for the entire industry.

😧 According to the #crypto crowd, the #bullmarket has essentially come to an end after #Bitcoin's -16% market value drop since the #AllTimeHigh of $73.6K hit back on March 14th. At the same time, #bearmarket mentions are increasing. Historically, prices move the opposite… pic.twitter.com/1fnGePwMV0

— Santiment (@santimentfeed) April 17, 2024

Having analyzed the available data, market intelligence platform Santiment concluded that crypto traders have shifted from a bullish narrative to bearish sentiments. However, Santiment noted that the significant decline in FOMO (fear of missing out) combined with an increase in FUD is a promising indicator for an imminent crypto recovery.

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Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal

Coinspeaker Swedish Tax Authorities Seek $90M from Crypto Miners for Unpaid Dues

Swedish tax regulators demand $90 million from companies mining cryptocurrencies in the country for unpaid dues. According to a recent announcement, the country’s tax agency, Skatteverket, uncovered significant tax evasion in the nation’s crypto mining sector during an investigation and is now demanding that the companies pay what is owed to the government.

Misleading Information

Skatteverket investigated 21 crypto mining firms between 2020 and 2023. These firms claim to be operating data centers to avoid paying taxes. During this period, the tax agency found that 18 of the companies had provided misleading or incomplete information regarding the full scale of their business operations.

As per the announcement, this misleading information included falsifying business descriptions to avoid paying value-added tax (VAT) on taxable operations and finding ways to evade import taxes on mining equipment and income tax on mining revenue.

“There is an incentive for unscrupulous actors to conceal their cryptocurrency mining operations and instead claim that they are conducting VAT-liable business activities. In this way, tax revenues disappear from the country in the form of incorrect payments from the state, unpaid output VAT, and unreported crypto assets,” said Patrik Lillqvist, the intelligence chief at the Swedish tax agency.

Authorities said that these companies received tax benefits on false grounds. As a result, crypto mining firms have been asked to return more than 990 million Swedish krona ($90 million) to the government. The amount includes unpaid total VAT of 932 million krona ($85.4 million) and tax surcharges of approximately 57.9 million krona ($5.3 million).

Crypto Miners Appeal $90M Tax Demand

Following the government’s demand to pay up the unpaid dues, the affected companies appealed against the request in the Swedish administrative court.

However, after reviewing the motions, the court upheld only two of the appeals and rejected the rest. According to the announcement, the $90 million has been adjusted for the verdicts.

The tax agency painted a clear picture of how the affected companies operated to conceal the full scale of their business offerings.

According to the authorities, some firms opened a local office in Sweden and registered the business under the country’s market regulator as a data center without disclosing their intention to mine cryptocurrencies.

The company’s representatives then front other businesses, such as selling computing powers to companies abroad owned by the same firms, while, in reality, they are mining crypto in Sweden. The foreign companies served as camouflage, buying services from the Swedish-based firms to make it appear legit as a true data center.

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Swedish Tax Authorities Seek $90M from Crypto Miners for Unpaid Dues

Coinspeaker Ex SEC Crypto Chief Ladan Stewart Says XRP Lawsuit Likely to Reach Supreme Court

It appears that the last is not heard of the ongoing legal tussle between Ripple Labs and the US Securities and Exchange Commission (SEC). The XRP lawsuit, as it is popularly called, borders on the status of Ripple’s native token XRP as a security.

While Ripple has recorded some significant wins in the case so far, many believe that the case may still be headed to the US Supreme Court, particularly in the light of a recent ruling in the Coinbase case, which favored the SEC.

Ladan Stewart’s Take on the XRP Lawsuit

The former chief of the SEC’s crypto litigation unit, Ladan Stewart, recently spoke on a panel at Columbia Business School, sharing some knowledge about how the agency operates. While she no longer works with the Сommission, Stewart’s insights reflect very deep connections to the SEC’s stance, its strategies, and what it hopes to achieve with the crypto industry.

During the panel, Stewart noted that Judge Failla’s decision in the Coinbase case may have emboldened the SEC even more. That is with respect to how the agency has always approached matters such as this. As obtained from a Bitcoinist report, Stewart said partly:

“The agency is not going to back off from bringing regulatory cases in the crypto space.”

However, she acknowledged the need for clarity in some of these cases. Hence, she believes that there is a likelihood that one of the lawsuits brought against Ripple and the likes will eventually find its way to the Supreme Court.

For Stewart, the reason is to provide clarity. At least, something comprehensive enough to give a definitive answer to fundamental questions about what qualifies as securities within the crypto space. Hopefully, the Supreme Court would be able to shed more light on that, she noted.

Friendly Foe?

Stewart’s closing remarks at the event were the typical “we’re all friends” line. However, other panelists – Rebecca Rettig from Polygon and Lewis Cohen from DLx Law, would beg to differ with that statement.  The duo hammered on the impracticability of the SEC’s laws, adding that it is why it approaches regulation by enforcement.

As many crypto advocates have pointed out, the existent securities laws do not align with the realities of digital asset markets. There is a persistent grey area that creates confusion and plunges the industry into a state of dilemma.

Nonetheless, the ongoing debates are poised to shape the future of crypto regulation in the United States.

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Ex SEC Crypto Chief Ladan Stewart Says XRP Lawsuit Likely to Reach Supreme Court

Coinspeaker Binance Receives Full Crypto License in Dubai after Changpeng Zhao Agrees to Cede Control

Binance has finally been granted a full crypto license from authorities in Dubai, securing a Virtual Asset Provider (VASP) permit in the city. Binance Chief Executive Officer (CEO) Richard Teng disclosed the development in a Thursday Bloomberg interview. According to unnamed people familiar with the development, Binance only received the VASP permit after co-founder and former CEO Changpeng Zhao agreed to cede voting control of the Dubai entity. 

Binance Gets Dubai License from VARA

Dubai’s Virtual Asset Regulatory Authority (VARA) gave Binance FZE, the Dubai arm, an MVP Operational license since June last year. The license allows Binance to offer broker-dealer and exchange services, including crypto derivatives trading. The MVP Operational license is an interim greenlight granted before a full VASP permit.

In addition to a few requirements, VARA asked Zhao to give up voting control of Binance FZE as one of the final conditions. According to reports, the Dubai authority wanted to ensure that Binance maintained its agreement with US authorities, part of which required Zhao to cede his CEO position.

Over the last two years, Binance has been in a legal battle with US authorities over several alleged misconducts, including commingling user funds. Last June, the United States Securities and Exchange Commission (SEC) sued Binance for several violations, accusing the major exchange of misleading investors and regulators and flouting KYC rules.

The Commission alleged that Binance knew the rules but deliberately chose to circumvent them for profits and put customers at risk. Eventually, Zhao had to step down as CEO of the exchange after pleading guilty to federal charges. The Binance co-founder also relinquished his position as Binance.US chairman.

The full license Binance FZE has now received is a feather in the exchange’s hat, mainly because of the regulatory problems. It also supports CEO Teng’s promise to ensure that the exchange achieves regulatory compliance with authorities in several jurisdictions. For instance, Binance announced it would begin restricting accounts without KYC verification. This effort largely relates to accounts created under the Binance Link Program.

Binance Scrutiny and Headquarters

Furthermore, Binance is ready to welcome scrutiny in addition to general regulations, according to Catherine Chen, the Head of VIP and Institutional at the exchange. At the Paris Blockchain Week, Chen said the $4.3 billion settlement it agreed to with the SEC was a major turning point for the company. The agreement also requires Binance to submit to US Treasury monitoring for five years. According to Chen, this is a “great thing.” The exchange has already employed an independent compliance monitor to keep the company in check. 

Binance is currently searching for crypto-friendly jurisdictions to situate its headquarters. The exchange, which presently has no formal headquarters, is now looking for a home, according to CEO Teng. Speaking during a discussion at the Paris Blockchain Week, Teng explained that the decision requires some consideration. According to him, corporate governance requires more than simply picking a country at random. He explained that there are a “multitude of factors that you have to weigh and assess.” Some of these include the value of Binance’s suite of products and what jurisdictions have laws that can cater to this suite.

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Binance Receives Full Crypto License in Dubai after Changpeng Zhao Agrees to Cede Control

Coinspeaker Omni Network Token Crashes 56% after Airdrop Distribution 

Omni Network (OMNI) lost more than 56% of its market value after its airdrop distribution and exchange listing on April 17, 2024, as investors dumped the token back into the market. According to CoinGecko data, the token’s value crashed from $53 to $23 within the past 24 hours.

OMNI Underperforms after Airdrop Distribution

Starting at 11 am UTC on Wednesday, Omni distributed approximately 3% of its total token supply of 100 million to early adopters who interacted with the blockchain before launch. The airdrop allocation extended to the platform’s community, restakers in EigenLayer, and those on Beacon.

In less than 60 minutes after the token was distributed and listed on exchanges such as Binance, ByBit, Bitget, and KuCoin for trading, its value dipped 30% to around $39 from $53.

The token continued on a downward trajectory, with its market cap slipping from the $560 million it recorded before the airdrop to $245 million. It currently boasts a 24-hour trading volume of $737 million.

The decline aligns with the broader market downturn, which saw the two leading cryptocurrencies in the industry, Bitcoin (BTC) and Ethereum (ETH), plummet below $60,000 and $3000 before recovering slightly.

Fake OMNI Token Rug Pulls With Investor’s Funds

Scammers created a fake token with the same name, OMNI, to take advantage of the excitement surrounding the Omni token launch, which aims to connect Ethereum rollups.

However, according to blockchain security company PeckShield, which identified and exposed the scam, the project “rug pulled,” causing the token’s value to plummet by 100%.

Meanwhile, in a recurring trend, the recent rug pull involving the fake Omni tokens is just one of many similar scams plaguing the crypto industry. Last year, Magnate Finance rug pulled with $6.5 million belonging to users. The project’s developers stripped liquidity off the platform, sending the token price to zero. Magnate Finance was launched on Coinbase’s layer-2 network Base and exited the market after gaining millions of dollars in vestments from users.

In March 2024, OrdiZK, a crypto project promising to connect the Bitcoin, Ethereum, and Solana blockchains, carried out a rug pull. The developers suddenly withdrew liquidity, causing the token’s value to plummet by 99%. According to blockchain company CertiK, the scammers managed to pocket $1.4 million from this fraudulent scheme.

Rug pulls played a significant role in the industry’s $1.7 billion loss to fraudulent activities last year. Specifically, scammers siphoned off $760 million through rug pulls and related scams, as reported by blockchain security firm Quantstamp.

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Omni Network Token Crashes 56% after Airdrop Distribution 

Coinspeaker UAE Pro League Embraces Web3 with Chiliz Partnership for Immersive Fan Experiences

Chiliz, a blockchain provider focused on sports and entertainment, has announced a partnership with the UAE Pro League (ADNOC Pro League). This collaboration aims to supercharge fan experiences and increase the popularity of the premier professional football league in the United Arab Emirates through innovative blockchain-enabled solutions.

Founded in 2018, Chiliz has been at the forefront of developing scalable and secure blockchain applications tailored for the sports industry. Their expertise lies in utilizing the power of digital assets to create immersive and engaging experiences for fans globally.

We're excited to announce our partnership with UAE Pro League 🤝⚽

Chiliz and @UAEProLeague will develop a web3-based fantasy football game and give fans the opportunity to own exclusive blockchain-authenticated game-scored balls.https://t.co/wHNnIluGWI#ChilizChain ⚡ $CHZ

— Chiliz ($CHZ ) – The Sports Blockchain ⚽🏆 (@Chiliz) April 18, 2024

Exploring Web3-Based Fantasy Football Game

The initial phase of this partnership will see Chiliz and the UAE Pro League explore a wide range of applications, including the development of a Web3-based fantasy football game. This promises to offer fans a unique and immersive experience, allowing them to engage with their favorite teams and players in new ways.

The collaboration will also allow fans and supporters to possess unique game-scored balls authenticated through blockchain technology. Although specific plans for distributing these items are still being determined, both parties are dedicated to ensuring fair and equal access for fans worldwide, thereby enhancing the overall fan experience.

Through partnering with the UAE Pro League, Chiliz not only intends to introduce advanced technology to the league but also contribute to the expansion and popularity of football in the Arab country.

Commenting on the collaboration, Waleed Ebrahim Alhosani, CEO of the UAE Pro League, expressed excitement about the partnership, stating that their goal is to bring advanced Web3 technologies to fans while expanding the global reach of the league and setting new standards for technological innovation in the world of sports.

Alexandre Dreyfus, CEO of Chiliz and Socios.com, echoed this sentiment, noting that collaborating with the UAE Pro League is a key milestone for the company as it continues to pioneer the integration of Web3 technologies in football.

Chiliz Continues to Set a Standard for Football with Web3

This partnership is not Chiliz’s first venture into football leagues. The Web3 company, known for its native token CHZ, recently announced its collaboration with game studio Unagi and the French Professional Football League (LFP) to introduce Coach Ligue 1, the first-ever fantasy football game created by a football league.

This game allows fans of Ligue 1 and Ligue 2 to build their dream teams using digital trading cards, created on the Chiliz Chain, featuring their favorite players. By developing its own assets, it eliminates the risk of licenses expiring, ensuring a lasting connection with fans and a sustainable approach to utilizing the league’s intellectual properties.

This partnership by the blockchain company showcases its commitment to improving sport and entertainment using Web 3 technology, as echoed in the statement made by its CEO.

“We’re committed to enhancing the fan experience through these innovative platforms and look forward to contributing to the growth and success of football in the wider region by leveraging not only our technology and expertise but also our remarkable network within the global sports industry,” said he.

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UAE Pro League Embraces Web3 with Chiliz Partnership for Immersive Fan Experiences

Coinspeaker Binance Eyes India Re-entry by Paying $2M Penalty

Binance, the world’s largest cryptocurrency exchange, is set to make a return to India after agreeing to pay a $2 million penalty. The decision, as reported by India’s Economic Times, is in line with its efforts to get right back into the fast-evolving Indian market. Therefore, the penalty is only one of many other requirements that the exchange must fulfill to comply with India’s stringent financial regulations.

Binance’s Second Coming to India

Binance’s exit from India was a direct consequence of the government’s crackdown on crypto exchanges that did not comply with the Financial Intelligence Unit (FIU) guidelines and the Prevention of Money Laundering Act (PMLA). The exchange, alongside several others, was banned from India in January, meaning that its operations were suspended in one of the world’s most promising crypto markets.

The crackdown was a major setback for Binance, which at the time held the Indian crypto market by the neck. For clarity, the exchange accounted for approximately 90% of all crypto holdings belonging to Indian investors. That is according to the Economic Times, which claims the holdings were estimated at around $4 billion.

Now, however, Binance may have indicated its readiness to adhere to the local laws and regulations with the penalty payment. By settling the $2 million fine, Binance is expected to resume operations as a compliant FIU-registered entity.

What to Expect

This move is expected to significantly toggle with the market dynamics. That is with Binance’s superior technology and liquidity being thrown into the mix. Binance’s re-entry also means that it is ready to face the previous concerns being raised over tax leaks and non-compliance with the 1% tax deducted at source (TDS) that is applicable on registered exchanges.

Recall that, in the past, the platform has faced criticism over its dominance of the Indian market. Critics claimed that its dominance was because of tax gaps that allowed investors to trade on it without the mandated taxes.

As Binance gears up to re-launch its services, it appears that the exchange is fully prepared to cover all its tracks. This means that it will attempt to be fully compliant on all fronts. Especially with the VDA taxation framework, which it was previously accused of violating.

Interestingly, the exchange’s return is a potential advert for India. That is in the sense that it indicates to the global crypto community that India is not against innovation. However, the country will only be open to doing business under the condition of full legal compliance.

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Binance Eyes India Re-entry by Paying $2M Penalty

Coinspeaker Binance Successfully Converts $1B in SAFU Funds to Circle’s USDC

Amid the ongoing heightened cryptocurrency volatility ahead of Bitcoin halving 2024, the leading crypto exchange by daily traded volume and registered users Binance Holdings Ltd announced major changes to its Secure Asset Fund for Users alias SAFU. According to the announcement, Binance’s emergency insurance funds have fully been converted to USDC, a US dollar-backed stablecoin issued by Circle Internet Financial.

“Today, we are transferring 100 percent of SAFU’s assets to USDC. Making use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1 billion,” Binance noted.

According to on-chain data, Binance converted a total of 16,277 Bitcoins in several batches and 1.36 million BNB coins to USDC. As a result, Binance SAFU wallets are now capped at $1 billion.

Established in 2018 during the tenure of Changpeng Zhao as the CEO, the Binance SAFU has set the cryptocurrency exchange apart from other exchanges. Furthermore, the Binance exchange has more than 187 million registered global users, who need protection against existential threats, especially from hackers.

Why Binance Opted for Circle’s USDC

The cryptocurrency market has heavily been regulated in the past year following the collapse of Terra Luna UST and FTX exchange. Already, Binance Exchange was forced to part with $4.3 billion as a fine for violating U.S. financial regulations on fraud and money laundering.

As a result, Binance has been doing all its operations by the books to ensure further growth prospects. Moreover, institutional investors are seeking secure and regulated web3 firms to operate with during the confirmed crypto bull run.

Notably, Circle’s USDC has achieved the second-largest stablecoin by market cap after the collapse of the Binance BUSD. As of this report,  Circle’s USDC had a fully diluted valuation (FDV) of about $32.7 billion and a daily average trading volume of around $9.1 billion.

As a fully US dollar-backed stablecoin, USDC is used by top institutions such as BNY Mellon, MoneyGram, Visa Inc (NYSE: V), Robinhood Markets Inc (NASDAQ: HOOD), BlackRock Inc (NYSE: BLK), and Mastercard Inc (NYSE: MA), among others.

Market Impact

The transition of Binance’s SAFU from Bitcoin and BNB to USDC is a clear indication the cryptocurrency market is highly liquid for all investors. With less than four days to the fourth Bitcoin halving, the BNB and BTC sales by Binance weighed heavily on short-term buyers.

Moreover, BNB price has been dropping about 10 percent in the past seven days to trade around $541 on Thursday.  Similarly, Bitcoin price has slipped more than 14 percent in the past week to trade around $60,987 at the time of this report. Nonetheless, Binance will continue to reign the crypto market due to its user protection measures, which are not available in other exchanges.

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Binance Successfully Converts $1B in SAFU Funds to Circle’s USDC

Coinspeaker P2P.org Taps SSV Network to Launch Distributed Validator Technology for Staking

P2P.org, a non-custodial staking service provider, has announced the launch of its Distributed Validator Technology (DVT)-powered restaking solution with Ethereum staking infrastructure protocol SSV Network. This collaboration represents a significant advancement in Ethereum staking, offering a more secure, efficient, and decentralized approach.

DVT-Powered Restaking Solution Enters the Market

The partnership between P2P.org and SSV Network marks one of the largest demonstrations of DVT’s capabilities. The technology will become ubiquitous in the liquid staking market, since it allows staking protocols to extend their validator set, bringing greater efficiencies in terms of maximizing uptime and bolstering decentralization.

Distributed Validator Technology is a solution for assigning key management to multiple parties which allows these entities to be responsible for maintaining a validator. This eliminates single points of failure. DVT entails splitting the key used to control the validator into a cluster. This helps make it virtually impossible for an adversary to obtain all the key parts needed to assume control.

P2P.org’s restaking solution harnesses the power of SSV Network’s DVT to offer Ethereum stakers a more robust and secure staking experience. By integrating DVT, P2P.org enables validators to participate in multiple instances, distributing the key fragments across different nodes.

Meanwhile, the staking product offers an annual percentage yield (APY) of over 5.6%. This yield allows users to benefit from the rewards associated with securing ETH and Layer 2 protocols while maintaining the integrity and stability of the underlying network.

P2P.org Launches Staking-as-a-Business Model

Recall that P2P.org launched an entirely novel concept called Staking-as-a-Business (SaaB) to change the approach that companies implement in staking services. This creative solution solves common problems like restricted utility, attracting people to take advantage of staking services, and generating earnings.

According to the announcement, the SaaB model offers an infrastructure for staking and extra services like legal, marketing, and sales support. Staking is a way for ETH users to support the network while earning rewards.

However, the overall value locked for P2P.org has increased considerably, rising from $1.4 billion at the end of the first quarter of 2023 to an impressive $7.3 billion by the end of the first quarter of 2024. This amazing growth shows that Ethereum users are becoming more and more reliant on and trusting of P2P.org’s staking infrastructure, making it a big player in the industry.

Data from Dune Analytics shows that as of April 8, 240,832 ETH were staked on P2P.org, which is 0.75 percent of all the Ethereum that is staked. This makes P2P.org one of the best validators in the Ethereum environment, up against big names like Lido.

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P2P.org Taps SSV Network to Launch Distributed Validator Technology for Staking

Coinspeaker Chainlink’s LINK Token: Potential Buying Opportunity amid Bearish Trend?

The native token of Chainlink, LINK, has been on a downtrend for a while, with the price falling even further over the past six days, following the broader market trend. Despite this, an on-chain analyst on X has provided a glimmer of hope for investors.

LINK, which serves as an incentive mechanism for users participating in the decentralized oracle network, has experienced price fluctuations. After reaching its highest point this year at around $22 in early March, the bears took control of the market, pushing the price down to $16, where it found significant support. However, the bulls were unable to sustain the price at this level, resulting in a continued dip. Currently, the price is trading at $13, representing a decline of around 50% from its highest price this year.

A Potential Buying Opportunity?

However, amidst this bearish trend, an on-chain analyst on X named AliChart has spotted a potentially favorable moment for investors to consider buying Chainlink’s LINK token. According to AliChart’s fundamental analysis, each time the coin’s 30-day MVRV (Market Value to Realized Value) ratio has fallen below -12.24% since August 2022, it has signaled an opportune time for investors to start buying the coin, potentially resulting in a 50% return.

Notably, the coin’s MVRV 30-Day Ratio currently stands at -17.54%, which AliChart believes presents another opportunity to buy the coin. The MVRV ratio is a metric used to assess the potential for profit or loss based on the current market value compared to the realized value of the asset.

While AliChart’s analysis seems optimistic, the market situation of the token paints a different picture. The coin’s market capitalization has decreased by over 0.6%, and the trading volume has dropped by over 40%, indicating a bearish sentiment among traders.

Bullish Predictions and Future Outlook for Chainlink’s LINK

At the time of writing, the LINK token is trading around $13. In order for the bulls to regain control of the market, they will need to push the price above the immediate resistance level at $14.7, which would require a substantial surge in buying pressure. If successful, the coin could potentially spike to another key level at $16. Should the coin surpass these key levels as well, then the analyst’s prediction will begin to materialize.

Furthermore, Ash Crypto, another notable crypto trader on X with over 1 million followers, recently included the coin in the list of coins he is monitoring for potential spikes within the next 12 to 15 months. Ash Crypto anticipates the coin to reach heights between $250 and $500, indicating a significant potential upside if the bullish scenario unfolds.

Based on the technical analysis and forecast provided, it can be inferred that there is still a near-term bullish sentiment for the coin. Therefore, investors and traders alike will need to keep a keen eye on the coin’s price movement in the next few days and be on the lookout for possible entry points.

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Chainlink’s LINK Token: Potential Buying Opportunity amid Bearish Trend?

Coinspeaker Hello Pal Announces 12-Month High Crypto Mining Revenue of $1.82 Million

While the crypto industry is reeling from the aftereffects of the Iran attack on Israel over the past weekend, Hello Pal, a popular social messaging app with several arms of businesses, announced its crypto mining unit witnessed significant revenue growth over the past 12 months.

According to an official press release, the monthly revenue generated from the company’s crypto mining business has ranged from 170,000 Canadian dollars to 317,000 in the past 12 months, with March recording the highest figure. The company made 2.5 million Canadian dollars worth approximately $1.82 million from mining Dogecoin (DOGE) and Litecoin (LTC) in total. Hello Pal said that electricity contributed around 30% of the revenue.

Hello Pal’s Live Streaming Business Sees Positive Return

Aside from the crypto business, which saw a good turnaround in its endeavors, other arms of the company were not left behind. Hello Pal’s efforts to expand its live streaming operations abroad paid off, as the business had a positive revenue return.

Over the last year, these efforts have resulted in monthly revenues ranging from 200,000 Canadian dollars to 580,000.

The company has also made progress in its business offerings following its departure from the Chinese market. In its announcement, the company said it has made alterations to its flagship app to suit users in the Middle East.

The app has been created with specifications to meet user requirements outside China. The updated versions are set to be launched soon, and the company is optimistic about the potential for increased live-streaming revenue in the Middle Eastern market.

A Business Setback

Despite these positive developments, Hello Pal’s common shares are currently under a cease trade order due to the company’s failure to file audited financial statements for the fiscal year ending 2023.

The company is seeking an auditor to audit these financial statements so that it can resume trading. Once the auditor has been engaged, Hello Pal will update the market on the expected timing for filing the overdue 2023 YE Financials.

The company faced similar challenges last year. In June 2023, Hello Pal submitted an application to the British Columbia, Alberta, and Ontario Securities Commission for a management cease and desist order.

The firm wanted the authorities to stop its CEO and the interim chief financial official from trading securities listed by the firm until they file audited financial statements for the year 2022. However, the order did not apply to the general public as the securities were available for investors to trade.

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Hello Pal Announces 12-Month High Crypto Mining Revenue of $1.82 Million

Coinspeaker Centrifuge Closes Oversubscribed Series A Funding with $15M to Scale Adoption of Institutional DeFi

Ahead of the fourth Bitcoin halving and the premier crypto event in Dubai, the Centrifuge (CFG) platform announced the closure of Series A funding round with $15 million at hand. According to the company, the funding round led by ParaFi Capital and Greenfield attracted key participants from all over the world. Some of the Centrifuge platform investors include Arrington Capital, Bloccelerate, Borderless Capital, Circle Ventures, Edessa Capital, Gnosis, IOSG Ventures, Modular Capital, and ProtoCap, among many others.

Centrifuge has raised $15M to scale the adoption of institutional DeFi.

With this round of Series A funding secured, we're excited to share our key focuses for Centrifuge's development, innovation, and adoption across the worlds of traditional and decentralized finance: ↓… pic.twitter.com/xYJ57Kai1K

— Centrifuge (@centrifuge) April 17, 2024

The strategic investment will be used to further build reputable products and crucial hirings to enable seamless adoption of institutional decentralized financial (DeFi) ecosystems. Furthermore, the Centrifuge platform has established its operations over the years as a leader in real-world assets (RWA) tokenization.

“We’re focused on building a fundamentally better financial system. DeFi has always been about accessibility, transparency, and interoperability, making markets more open, fair, and decentralized. We’re bringing these innovations to institutions in a compliant and safe way. We are not recreating existing off-chain processes on-chain, we are creating new, interesting opportunities never before possible,” Lucas Vogelsang, Centrifuge Co-founder, noted.

According to Ben Forman, the founder and Managing Partner at ParaFi Capital, the Centrifuge platform has grown to a major tokenization platform for all global assets including stocks, bonds, collectibles, currencies, and commodities, among others.

“We believe we’re reaching an inflection point in institutional adoption and are excited to double down with the Centrifuge team,” Forman added.

What Next for Centrifuge Platform

Having secured the funds amid the ongoing cryptocurrency bull market, the Centrifuge platform has announced plans are in place to launch an institutional-grade lending market for RWAs. Centrifuge’s RWA lending platform will be built on Ethereum’s layer two scaling solution backed by Coinbase Global Inc (NASDAQ: COIN), Base, and integrated with Coinbase Verification.

Consequently, the Centrifuge platform will enable institutions to quickly verify and onboard real-world assets. With the new RWA lending platform, the real-world asset market will be democratized without sacrificing compliance requirements.

“Centrifuge is a pioneer in real-world assets, and is now scaling using Coinbase Verifications and Base as the open-source settlement layer. This is an important step in ensuring Institutional clients can build with Centrifuge in a safe and secure manner across the Coinbase ecosystem,” Anthony Bassili, Head of Allocators and Tokenization at Coinbase Global, noted.

Market Picture

Following the announcement, the Ethereum-based CFG token bumped to as high as 85 cents before retracing below 69 cents fueled by the ongoing Bitcoin-led crypto correction. Notably, the Centrifuge (CFG) price has gained about 9 percent in the past four weeks to a fully diluted valuation of about $378 million.

The small-cap altcoin is well-positioned to grow further in the coming quarters amid the mainstream adoption of RWA tokenization by institutional investors all over the world.

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Centrifuge Closes Oversubscribed Series A Funding with $15M to Scale Adoption of Institutional DeFi