Kiwisaver pension plan provider, NZ Funds Management, is receiving Bitcoin even though other New Zealand funds think it could be a precarious move.

A New Zealand pension fund is entering the Bitcoin market, paving a new way for retirement fund initiatives worldwide. According to a news outlet Stuff report, the growth fund NZ Funds Management of the KiwiSaver plan has converted 5% of its capital into Bitcoin.

New Zealand counts on a mixed pension system, where the national corporate welfare system, called Kiwisaver, plays a vital role.

The Kiwisaver savings plan allows New Zealand workers to voluntarily place a percentage of their monthly salary, a minimum of 3% and a maximum of 10%, in a pension fund.

Generally, employees get automatically enrolled when they obtain a new job, and the contribution gets deducted from their salary at the end of the month. Typically, those who opt for the Kiwisaver plan can access their savings only after age 65. They can also use them as a deposit.

New Zealand Pension Fund Takes a Step towards Crypto

Like many other countries, some companies serve as providers of the Kiwisaver plan. These companies lead the taxpayers’ wealth, creating profitable incomes on their savings through investment in financial products. There are also various types of funds that offer different percentage returns according to needs.

Among the Kiwisaver plan providers is NZ Funds Management, a New Zealand company with 30 years in the market that has chosen to incorporate Bitcoin into its investments. As reported by the local media, NZ Funds changed its offering documents in October to invest in cryptocurrencies for the first time.

The investment director of NZ Funds, James Grigor, highlighted that the company, which had investments worth just over USD 350 million by the end of December – has about 5% of its money in bitcoins.

Despite NZ Funds Management joining the digital asset market last year, other Kiwisaver providers don’t show a bit of interest in the following suit. In its report, Stuff interviewed the directors of additional pension funds who stressed that they did not find healthy investing in cryptocurrency as safe.

Among them, David Beattie, director of the pension fund Booster, said that the provider had no plans to invest in Bitcoin as it was “too speculative” an asset. “At this stage, we would say ‘no’ because it is an investment that does not demonstrate risk-return properties that are acceptable from our point of view.”

Sam Stubbs, CEO of KiwiSaver’s Simplicity scheme, commented along the same lines: “I believe that Bitcoin within KiwiSaver equates to gambling, not investing. It amazes me that any KiwiSaver manager considers it a legitimate asset class. “

For Grigor, Bitcoin has been going through “legitimation,” driven by the recent institutional investment that has positively affected the asset’s prices.

KiwiSaver’s CEO highlighted that last year, they obtained Bitcoin at an average of USD 10,000 per unit, and this year they stated that capital had multiplied by six. The executive did not disclose the exact amount invested by the firm.

By: Jenson Nuñez

Although a significant percentage of those surveyed by Deutsche Bank believe that Bitcoin will pull back, another line suggests price expectations of $ 80,000 for April.

More than half of Deutsche Bank customers, the Germany-based global banking services company, expect the price of Bitcoin to decay in the next 12 months.

A recent survey by the bank found that 52% of surveyed customers foresee a cryptocurrency trading below $ 60,000. The study, made by Coindesk, occurred between March 18 and 22 and consulted around 520 market professionals from every corner of the world.

Despite Bitcoin approaching a new all-time price high above $ 61,000 in the middle of this month, survey participants forecast a price pullback. Most expect the cryptocurrency to return to a price between $ 20,000 and $ 40,000.

Bitcoin Could Fall Back to $ 20,000

69% of investors who took part in the survey believe that the price of Bitcoin is more likely to halve in the next year. The figure is higher than the previous in the same study in February this year when 65% of customers expected a drastic drop.

The results differ from a recent survey by US banking giant Goldman Sachs. In early March, Matt McDermott, Global Head of Digital Assets for Goldman’s Global Markets Division, shared the results of an internal survey of nearly 300 clients where 76% answered that they thought Bitcoin was about to face trades between $ 40,000 and $ 100,000.

Other differences also appeared after the comparisons in the results of both surveys. While only 23% of Deutsche Bank respondents admitted to buying bitcoins at least once for their investments, 40% of Goldman’s investors already have exposure to cryptocurrencies.

McDermott had cited the survey in a conversation surrounding the institution’s growing customer demand in recent months. He noted that 61% of Goldman’s clients expect their investments in digital assets to increase over the next year.

In comparison, the German bank’s clients seem less receptive to investing in digital currencies. More than 40% of respondents under the age of 35 said they bought Bitcoin, only 13% of those over 55 admitted to doing so.

Investors of the German Financial Institution Coincided with Another Optimistic Hope

Despite Deutsche Bank investors anticipating a weakening within a year, their short-term forecasts were much more optimistic. The most common prediction range for Bitcoin prices in the next three months was between $ 60,000 and $ 80,000. According to the data collected, 36% of those surveyed gave this bullish forecast for the short term.

Interestingly, the belief of the investors of the German financial institution coincided with another optimistic indicator. Glassnode co-founders Yann Allemann and Jan Happel wrote that Bitcoin price expectations for April among investors were very high.

Representatives for Glassnode, the Blockchain analytics firm, commented in the context of the expiration of $ 6 billion in cryptocurrency options contracts expiring this Friday.

As the expiration date rolls around, the Bitcoin market may gravitate to lower prices due to pressure from sophisticated sellers in the spot or futures markets. After Friday, if the market does not experience a significant correction, there are possibilities of a new price hike.

By: Jenson Nuñez

Hermez users will gain the ability to set transactions with ETH, USDT, and WBTC on a very scalable layer-two network.

Hermez Network announced on Wednesday the launch of its zk-rollup network. This event opens the network to users, who can receive various benefits at much cheaper transaction costs than the Ethereum network.

Zk-rollups use zero-knowledge proofs to set verification processes and to bring correctness to a large batch of transactions. An external ecosystem gets rid of these transactions and creates evidence for them, which appears directly on the Ethereum blockchain.

The result more than ten times in terms of block space, as Hermez transactions only weigh 10 bytes on the main chain, compared to more than 100 bytes for a standard Ether transfer.

Hermez Supports a Massive List of Significant Tokens

Tokens such as Ether (ETH), Wrapped BTC (WBTC), Tether (USDT), Dai, and HEZ, the Hermez token are currencies that receive complete support from Hermez. The zk-rollup requires introducing funds into a smart contract and withdrawing them on the Ethereum mainnet to find usage.

Unlike optimistic rollups, the withdrawal of funds can immediately happen from layer-two. In Hermez’s case, there is still a list of limitations to ensure a polished launch.

Pol aski said that this withdrawal is an automated process through volume limitation that completes its implementation in smart contracts as an additional checkpoint to identify weird network behavior.

This limitation would automatically turn on when there is a sudden detection of a high volume of withdrawals. The mission is to give the developer team more time to study the system and determine if the funds are being legitimately on a withdrawal process.

Hermez comes months after ZkSync, a highly related solution from Matter Labs, hit the market. Although it has seen the adoption of platforms such as Bitcoin a mixed crowdfunding, there was little additional integration.

However, promoting layer-two adoption appears to be more difficult than initially anticipated. Payment systems can only transfer funds between exchanges or pay for products in centralized ecosystems that support layer-two.

They don’t work directly with Defi as it would require users to withdraw and re-deposit funds each time, partially defeating the rollup’s purpose. However, since the Tether and USDC contracts are among the network’s biggest “gas hogs”, even a pay-only rollup can significantly ease the pressure on Ethereum fees.

Hermez and its Role as a Network Because of its Decentralized Model

Hermez is a Layer 2 construction, and its goal is to process a lot of transactions, so the consensus algorithm has to work through more simple ways for one agent that coordinates the process of this amount of transactions at any moment. Hermez’s model allows the network to be permissionless and censorship-resistant for user transactions.

The decentralized model sets its implementation through a permissionless auction system for potential coordinators of the network to earn the right to complete transactions during a slot of time. Hermez implements a zk-rollup based on zk-SNARKs proofs, the most efficient cryptographic construction in Ethereum.

By: Jenson Nuñez

A LatamCash provider announced the construction of an NFT ecosystem that would find a place at Latam’s largest gaming platform, KAYBO.

LATAM4NINE SAC, the fintech platform that works with blockchain technology in Latin America, recently announced that an NFT (Non-Fungible) project is on its way and will set its distribution through Kaybo, the most prominent digital content platform in Latin America.

. It is also vital to highlight that, in Latin America, the industry related to blockchain technology is increasing more and more. NFT avatar characters will be available on the platform, and the purchase of avatar-related products will receive support in connection with LATAM CASH.

Establishing an NFT exchange on the platform will support the NFT conversion of NFT avatars and serviced game items and transactions between users.

Through the NFT, users can set a registration process to various digital assets in the blockchain system to grant a safe environment and certain rights.

Game items and various digital assets have a value for users, which is a behavior that is becoming popular in games and many other entertainment networks.

What is the Role of Non-fungible-Tokens on the Market?

Non-fungible-token(NFT) is a type of cryptographic token that represents a single asset. NFTs are tokenized versions of real-world or digital assets. These items work as verifiable proofs of authenticity within a blockchain network. Through NFT, users can own the total value of various digital assets.

Now, Kaybo.com receives services from FHL Games Co. LTD, established in 2008, and operates games and entertainment content publishing services that count on more than 20 million users in 25 countries in the Latin American area, including Mexico and Peru, with a considerable amount of users.

In the first half of this year, kaybo introduced the Kaybo Keepin service and Coinplug, the world’s number one blockchain technology company. It has introduced an address authentication system and is running a blockchain-based authentication service.

Through this Kaybo Keepin service, the Latam Cash service links to the K-coin payment system, connecting to 120 local payment channels in Central and South America.

Kaybo Serves as a Game Distribution Platform

Meanwhile, Kaybo has been working as a digital content and games distribution platform for more than ten years in 25 Latin American countries and has a massive 20 million cumulative subscribers.

 Kaybo also serves as a provider of relevant online gaming services such as Dungeon & Fighter in Latin America. The platform is currently the representative network in Latin America that aggressively performs online game publishing and Battleground Steampin distribution businesses such as Point Blank.

There are many opportunities to participate in tours, and demo days will face provision through demand-linked partnerships with major local channels such as global companies, investors, and even accelerators.

LATAM Cash’s goal is to bring a crypto platform that can elevate finances, a crypto bank for deposits, withdrawals, and even loans for users. LATAM Cash will provide a simple payment platform through mobile, remittance, or international exchanges.

By: Jenson Nuñez

They will make an open infrastructure to protect the rights of SIAE members. The platform would turn the wheel for the business models that intermediaries use to handle copyright management.

The SIAE (The Italian Society of Authors and Publishers) and Algorand plan to create a blockchain platform with the sole intention to protect copyright in Italy through non-fungible tokens (NFT).

According to the information that appeared this March 24 through a statement, this strategic union will allow copyright to set its protection through digital assets.

The Italian Society of Authors and Publishers Posted the Following Statement on its Twitter account:

“The SIAE, together with Algorand, is embracing the future, exploring the new opportunities offered by blockchain technology to continue with the mission of protecting creativity.”

The document explains that, during this week, more than 4 million NFTs appeared and digitally represented the rights of more than 95 thousand authors who play a role as members of this organization.

And it is that the SIAE foresees the future of the industry in the following way: “The digitization of these rights in a decentralized blockchain is the first requirement to build an open infrastructure capable of protecting the rights of authors from end to end.”

The SIAE explains that NFTs are a type of digital asset registered on a blockchain and will be used for the first time to represent the copyrights of its members.

However, non-fungible tokens are digital assets or tokenized versions of the natural world that have the particular feature of not being interchangeable and can also work as proof of authenticity and ownership of the digital world.

The press release also indicates that SIAE, which foundation was in Milan and dates from 1882, is a public institution that focuses on copyright management.

They occupy sixth place in the world ranking of organizations of this nature, according to data from the Global Collections Report 2020 and published by the International Confederation of Societies of Authors and Composers.

Through these NFTs, SIAE and Algorand intend to protect the copyright of musicians whose incomes are from royalties. The statement says that, with the transition to the blockchain platform, “the business models of intermediaries in the management of rights and content will change rapidly and in a profound way.”

NFT and the Risks Regarding Copyrights Violation

Copyright is a risk that goes beyond the musical world. It has also expanded in the sale of superhero figures converted into non-expendable tokens and even into cinema. Instead, the DC Comics publisher believes that the statistics’ intellectual property under its license is at risk.

On March 15, the company warned that the commercialization of NFTs that include images with a proprietary license doesn’t have any allowance. Anyway, they clarify that “until now there is no reasonable definition, at a legal level, about the legal implications of converting drawings and works with intellectual property into non-fungible tokens.”

By: Jenson Nuñez

The highest bidder offered USD 47,115 for one of the three tokens. The famous magazine believes that Bitcoin “challenges” the fiat money model.

There does not seem a limit to the growing interest in entering the market for non-fungible tokens (NFTs). The TIME magazine, the first American newsweekly, recently announced the launch of three tokens. One of them asks a question about the death of national fiat currencies: “Is fiat dead?”

The magazine announced that the NFTs will allude to “incredibly prophetic” covers and another that they created for this occasion. The covers, in the form of tokens, will be up for auction on the Ethereum-based platform SuperRare.

The Three NFTs at Auction

The tokens, called TIME NFTs, are covers with a black background and strong red letters. The first one, which says “Is God Dead?”, corresponds to a publication from 1966. It raised a wave of criticism among deeply believing people in the United States at that time.

Religion editor John Elson said that this question “torments believers, who may secretly fear that He is, and atheists, who may suspect that He is not.” The token currently has a bid from user @danielsanogueira for 10 ETH, equivalent to about USD 17 thousand.

The second NFT at auction is the TIME cover from April 3^rd, 2017, which asked “Is Truth Dead?” On that occasion, the magazine raised the question before public opinion after the first year of President Donald Trump’s administration.

“Just as many said that they believed in God in 1966, many today would say that they believe in Truth. However, we find ourselves having an intense debate about its role and power in the face of a president who treats it like a toy,” said TIME editor Nancy Gibbs.

This token, at auction on SuperRare, currently has a bid of 11 ETH (about USD 18 thousand) from user @scottbelsky.

The third NFT points to the advancement of cryptocurrencies, which Bitcoin leads, and their dispute with fiat money. This new tokenized cover is a question about the death of currencies that States issue: “Is fiat dead?”

Relevance of the Words Fiat and the World of NFTs

“Even though Americans do not use the word ‘Fiat’ as commonly as ‘God’ and ‘Truth’, it affects all world citizens. Fiat money is a government-issued currency with no physical backing, like gold or silver, but that of the government issuing it. Cryptocurrencies such as Bitcoin and Dogecoin are challenging this model,” according to the magazine’s website.

DW Pine, TIME’s creative director, finds it appealing that casual readers do not know the real meaning of the word fiat. He also says that they do not understand the “crazy and lucrative world of NFTs.”

The last token has been the most expensive at the auction so far. User @victoriawu bid ETH 27.5 (about USD 47 thousand) for the NFT.

The fever for non-fungible tokens has reached records of USD 500 million in trading volume between February and March. The digital collectibles market has exceeded sales for all of 2020 when it reached USD 300 million.

According to LinkedIn, TIME magazine is looking for a CFO who is familiar with Bitcoin. The candidates for the position should have among their characteristics that of “comfort with Bitcoin and cryptocurrencies.”

By Alexander Salazar