WazirX Will Follow Binance in Converting Stablecoins to BUSD

Audy Castañeda
-
0

WazirX will start converting Tether (USDT), Pax Dollar (USDP), and True USD (TUSD) into Binance USD (BUSD) after delisting the other stablecoins on September 26.

Indian cryptocurrency exchange WazirX has announced the delisting of major stablecoins: Tether (USDT), Pax Dollar (USDP), and True USD (TUSD).

WazirX follows Binance, the world’s largest cryptocurrency exchange by trading volume, in consolidating its stablecoin holdings into a single asset.

In preparation for delisting, WazirX has stopped deposits of USDT, USDP, and TUSD and will pause withdrawals of these stablecoins on September 23, 2022 at 5 p.m. IST. Afterwards, it will remove USDT, USDP, and TUSD on September 26, 2022, at 7:30 AM. m. IST.

Following the delisting, the exchange will convert all remaining stablecoin balances to Binance USD (BUSD), another stablecoin, “to improve liquidity and capital efficiency for users.” Users can withdraw their USDC, USDP, and TUSD holdings from their BUSD balances at a 1:1 ratio.

WazirX will also remove spot trading pairs for all three stablecoins. Binance and Paxos Trust issue BUSD.

Through a tweet posted on September 5, Binance announced that investments in USDC, USDP, and TUSD would be converted to BUSD on September 29:

“Binance is introducing automatic BUSD conversion for users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio. As of 2022-09-29 03:00 (UTC).”

WazirX Ownership Dispute

In July 2022, Binance CEO Changpeng ‘CZ’ Zhao denounced claims made by WazirX CEO Nischal Shetty that Binance owns the Indian exchange.

Shetty’s claims followed a 2019 Binance blog post in which the exchange said it had “acquired” WazirX, but a deal was never reached.

“Binance has never, at any time, owned shares in Zanmai Labs, the entity that operates WazirX,” CZ tweeted. According to Zhao, Binance provides wallet infrastructure for WazirX, but the exchange manages its own KYC, trading, and withdrawal initiation processes.

In August 2022, CZ advised WazirX users to move funds held on WazirX to Binance, following an investigation by the Indian Enforcement Directorate.

Circle CEO to BUSD

BUSD successfully launched on Avalanche and Polygon following stablecoin conversions. The two blockchains add to BUSD’s growing multi-chain footprint as it is already active on Binance Smart Chain (BSC) and Ethereum.

On September 8, 2022, Paxos Trust boasted of the regulation of BUSD and USDP by the New York Department of Financial Services, unlike other stablecoins:

“ONLY regulated stablecoins like #BUSD and #USDP from Paxos do this, setting us apart from stablecoins issued by MTLs that have no oversight of reserves or governance.”

At the same time, Circle CEO Jeremy Allaire noted that BUSD is of little use outside of the Binance platform and that the news about the exchange’s automatic conversion was misunderstood by the media. At that time, CZ confirmed that USDC deposits and withdrawals were still possible.

Data from Coinglass indicates that most of the BUSD trading volume in the last 24 hours occurred on BSC. BUSD has grown to become the third largest stablecoin by market cap.

By Audy Castaneda

The Adoption of Bitcoin by Local and Global Communities Is Increasingly Important

Alexander Salazar
-
0
The Adoption of Bitcoin by Local and Global Communities Is Increasingly Important

When people buy BTC on an exchange, they lose much time and privacy, providing data to gain access to a database that does not require it. While many expect different things to happen nationally or globally, the most significant changes occur through individual movements in the local community.

The most common way of swapping fiat money for Bitcoin (BTC) access involves using cryptocurrency exchanges. However, new options like Bitcoin meetups and small businesses are springing up to remove the legacy system.

The number of weekly Bitcoin meetups to provide education and advancement is increasing in small towns and cities. Novices and experts assemble to communicate, educate, and collaborate on ways to promote adoption in their local economies.

There they will find passionate leaders devoting their time and energy daily to building on Bitcoin. Newcomers who usually ask the organizers where they should buy Bitcoin receive a referral code to any of the few Bitcoin-focused exchanges.

Small Businesses Can Accept Bitcoin as Part of their Reserves

Since small businesses are the pillar of any local community, they may benefit the most from adopting Bitcoin due to government intervention. In other words, doing fiat business in a hyperinflationary environment becomes complicated, leading to accepting BTC as part of the balance sheet and the reserves.

Although many small businesses receive Bitcoin as payment for goods and services, many overlook its adoption. Before accepting the pioneering cryptocurrency, their customers must have easy access to Bitcoin and be ready to spend it.

Most people seeking to take advantage of discounts for paying in Bitcoin in a store make a to-do list that becomes a low priority when they leave. That situation reinforces consumer sentiment that using BTC is too complex and not ready for doing retail business.

If a Bitcoin meetup attendee or a local small business customer buys BTC on an exchange, he loses time, privacy, and mental energy. In the long run, he has given up his identity to gain access to a database that does not require it.

The process of verifying the account, moving the money onto and off the exchange, and purchasing might take around a week. To top it off, the cryptocurrency trading platform, the bank, and the government have detailed documentation on the transaction.

People Can Contribute to the Efforts of Meetups in Their Local Communities

Regular customers/attendees and newcomers can now receive Bitcoin vouchers at meetups and small businesses. Novices no longer need to do a home project to buy BTC on a cryptocurrency exchange. The meetup organizer educates attendees on the value of a sovereign stack while empowering them to take custody immediately.

Meetups provide a tool that has received a strong response from their attendees, who contribute to their ongoing efforts in their community. Attendees can support local meetings and Bitcoin adoption through the best avenue available to buy the cryptocurrency.

Small businesses understanding the importance of accepting Bitcoin as payment do not have to send customers away anymore. They can pass the savings from the credit card transaction to their customer, eliminating the chargeback risk. However, they must make Bitcoin readily available to support that decision and experience the Lightning Network.

While many people wait for different things to happen nationally or globally, individual grassroots movements shine a light on Bitcoin in the local community. Meetups and small businesses contribute to adoption through education and engagement, showing that nobody needs to give up their future monetary prospects.

By Alexander Salazar

The Founder of Mundo Crypto is awarded at the Leaders in Fintech Awards 2022

Audy Castañeda
-
0
The Founder of Mundo Crypto is awarded at the Leaders in Fintech Awards 2022

The award for Mani Thawani was for his innovation in Blockchain and crypto ventures.

Mundo Crypto CEO Mani Thawani received the “Crypto Entrepreneur of the Year” award at the Leaders in Fintech Awards 2022 in Dubai, by the publication Entrepreneur Middle East, for his initiatives to promote Blockchain technology and cryptocurrencies.

In this regard, Mani Thawani stated the following:

“Dubai has welcomed both me and my team and is being key in the strategic expansion that we are carrying out from Mundo Crypto. The expansion of this business must allow present and future generations to benefit from a more equitable and decentralized economy, built on the notion of freedom.”

Mundo Crypto Recent Bursts

At the end of August, the Mundo Crypto forum was organized in Spain, which brought together more than 7,000 people at the WiZink Center in Madrid, in a day focused on digital financial and cryptocurrency education, which is added to the launch of its training metaverse under the Learn-to-Earn and Proof-of-Community model.

Given the controversy, Mundo Crypto announced that it would return the cost of the tickets:

“It was considered reasonable for the attendees to deposit a symbolic sum of 49.35 euros (including management fees for a value of 2.35 euros) that would be returned after the act. They have mistakenly referred to this deposit as a penalty, and it has even slipped that a benefit was intended through it. We do not want to miss the opportunity to show that we will return 100% of the deposit to everyone within the next 7 days.”

The last Mundo Crypto forum generated so much controversy that Mani Thawani said “he did not understand the negative media attention”, after the National Securities Market Commission (CNMV) of Spain warned about the lack of permits from the organizers and their sponsors to offer cryptocurrency investment services, to which they explained that it was just an educational forum.

It should be remembered that last August, Thawani argued that “it was not necessary” for the CNMV to make an announcement warning about the company, since he considers that they are “the right arm of the CNMV” when preparing their students to know the risks and benefits that the ecosystem offers, unlike other academies such as IM Academy, which was linked to a pyramid scam.

Mundo Crypto is among the most Innovative of the Year

According to Notimérica, Mani Thawani has been the first Spaniard to receive a crypto and technological award in the Midwest, an award that usually honors personalities who have led initiatives with an impact on the crypto and Blockchain industry market.

The CEO of Mundo Crypto expressed the following upon being awarded:

“At Mundo Crypto we work with the objective of expanding our operations in the Middle East and Africa. In this sense, we will continue working to lead the education that helps accelerate the growth of the sector and its responsible mass adoption.”

The Mundo Crypto team currently has over 150 employees spread throughout offices in Canary Islands, Madrid, and Dubai, with one of their most recent undertakings being Mundo Crypto News, which has been envisioned as “The first completely decentralized media outlet” that delivers the most up-to-date cryptocurrency news.

By Audy Castaneda

Analysts Predict Whether the Vasil Hard Fork Will Influence the ADA Price

Alexander Salazar
-
0
Analysts Predict Whether the Vasil Hard Fork Will Influence the ADA Price

Kelvin Maina believes ADA is undergoing an aggressive bearish momentum but may start another bullish trend. Meanwhile, Peter Brandt highlighted that it shows a bearish continuation pattern resembling BTC before its 50% crash in 2018.

The long-awaited upgrade on Cardano, the Vasil hard fork, scheduled for September 22nd, is approaching. This upgrade is the most important for the network, as it will bring it more capacity and cheaper transactions.

In addition, the hard fork will help developers create more powerful and efficient blockchain-based apps with improvements to Plutus.

The Vasil Upgrade Might Influence the Price of ADA

However, many expect the upgrade to influence the price of ADA, the eighth-largest cryptocurrency by market capitalization.

ADA has struggled for months to rebound to the USD 1 level it reached in March. Many experts believe the Vasil hard fork will drive the price higher. However, this will depend on factors regarding the successful implementation of the upgrade.

It is relevant to remember that Ethereum successfully implemented the Merge upgrade but that the price of Ether (ETH) has not risen yet.

ADA is trading at around USD 0.447081 and has accumulated a 1.1% gain over the last 24 hours. While its daily trading volume is above USD 474.14 million, its market capitalization is about USD 11.41 billion, according to CoinGecko.

The Vasil Hard Fork Might Drive the ADA Price Higher

Analyst Kelvin Maina believes the price of ADA is undergoing an aggressive bearish momentum. However, he noted that it would probably start another bullish trend, moving beyond USD 1 due to the Vasil upgrade.

The expert said the price of ADA would very probably break above USD 1, outperforming the Ethereum Merge. Despite user traction, the latter has not affected the trend in the price of Ether significantly.

However, Maina said that ADA might pull back below USD 0.4 if the Vasil hard fork does not succeed. In that case, it would invalidate the upward trend.

The cryptocurrency analyst said the reports indicate that the Vasil upgrade has undergone testing for months and may continue without issue.

There Might Be Further Drops in the Price of ADA

Peter Brandt, an experienced trader, highlighted that ADA shows a bearish continuation pattern mimicking Bitcoin (BTC) before its 50% crash in 2018. In other words, he forecasts a 50% decline in the price in the next few days. If the ADA falls by 50%, as Brandt assumed, it could reach levels of around USD 0.22.

If that descending triangle continues, the price of ADA should suffer another significant drop. That would allow it to bottom out before resuming the bullish trend.

Cryptocurrency investors should research ADA before buying it to know its all-time high, behavior, and possible future price. That will help them find the most convenient investment opportunity to avoid the risk of losing money. It is only a matter of time before seeing where its value will head after the Vasil hard fork.

By Alexander Salazar

Iconic Jack Daniel’s Whiskey Entering the Metaverse

Audy Castañeda
-
0
Iconic Jack Daniel’s Whiskey Entering the Metaverse

The company is looking to launch NFT collectibles as well as a marketplace that can be connected to a cryptocurrency wallet.

Jack Daniel’s whiskey filed a patent application with the United States Patent and Trademark Office (USPTO) to register its iconic drink in the metaverse, as well as virtual products in the form of non-fungible tokens (NFT).

In the metaverse it is possible to interact with others with an immersive experience thanks to virtual reality headsets, people can get their own avatar.

USPTO licensed trademark attorney Mike Kondoudis explained via Twitter:

“Virtual whiskey? #JackDaniels has filed a new trademark application claiming plans to sell: NFT Authenticated Media, Virtual Drinks, Barware & Clothing, Digital Wallets & Collectibles. #NFT #NFTs #Metaverse #Web3 #Crypto #JackLivesHere.”

Jack Daniel’s Application Details

On this occasion, Jack Daniel’s filed patent application 97589130 on September 13, with which it intends to launch downloadable virtual products, and even contemplates creating computer software for a virtual store.

In addition, the iconic whiskey brand is looking to launch a digital wallet for cryptocurrencies, tokens, Jack Daniel’s-related crypto art, and even computer programs to authenticate marketplace transactions.

Other Beverage Brands on the Move

Alcohol brands have dabbled in Web 3.0, via NFTs and metaverses, for months. In July, the luxury platform BlockBar announced the launch of the “world’s rarest” Japanese whiskey called “Karuizawa” through an NFT auction and provided the opportunity to “win” a limited edition bottle, designed by Japanese designer Souun Takeda.

“BlockBar x Karuizawa first NFT. BlockBar is bringing Japanese whiskey to the NFT market, auctioning off one of the rarest whiskeys in the world: Karuizawa ‘The Last Masterpiece 1970’. The Karuizawa ‘The Last Masterpiece 1970’ will be an auction with a starting bid of $75,000 USD, which has already is it availabe! To make an offer, users must have the funds in their wallet connected to BlockBar or be pre-approved by cable,” as explained by BlockBar on Twitter and other social networks in July.

Another brand that experimented with Web 3.0 was Johnnie Walker, who in May announced that he would take his parties to the virtual world of a nightclub, whose space displayed the atmosphere, music, and light show of La Feria, one of the music most important electronic clubs in Latin America.

“Johnnie Walker is a pioneering brand in which creativity, innovation, and disruption are at its core. This desire for innovation, combined with the advancement of new technologies, today leads us to explore new universes and discover new forms of socialization in virtuality to develop experiences that allow us to constantly renew ourselves and surprise our consumers,” comments Mariana Barros, Head of Whiskeys at Diageo.

In conclusion, no company today can avoid facing a crossroads like the one experienced at the end of the last century. One option is to think that things will continue to be the same as today and that the Internet we know has reached its full potential. Another option is to accept the imminence; that is, to assume that, in fact, we are already immersed in a process of evolution towards a new one, in which the confluence of the physical and digital worlds will demand new specializations, new models, new approaches, in an environment increasingly disruptive and unpredictable competitive. To change or not to change, that is the dilemma.

By Audy Castaneda

Latin American Airlines Express their Interest in Using Blockchain Technology

Alexander Salazar
-
0
Latin American Airlines Express their Interest in Using Blockchain Technology

A group of Latin airlines wants to optimize their sale and purchase ticket processes through blockchain technology. Venezuelan airline Conviasa will start to accept crypto assets, mainly the CBDC Petro, as a payment method.

Various businesspeople recently expressed their interest in blockchain technology at an event organized by the Latin American and Caribbean Air Transport Association (ALTA). Latin American airlines want to improve their travel and ticket services through this technology.

Santiago Balbi, the legal advisor of ALTA, organized the forum to assemble the most prominent airlines in the region. He aimed to introduce the use of blockchain technology in their ticket pre-sale services.

Francisco Vigo, the CCO of TravelX, talked about the possibilities of optimizing their ticket sale and purchase processes. He also mentioned traceability and the improvement of the services offered by airlines.

Some Latin American Airlines Already Use Blockchain Solutions

TravelX is a pioneering company that offers blockchain solutions to the airlines operating in the region. However, it goes beyond that as they also hope to revolutionize the travel industry. They seek to optimize sales, post-sale processes, and reservations by distributing their tickets as NFT tickets.

Vigo believes any airline may offer its customers a better and more flexible product, improving its efficiency. He said that this would guarantee traceability and income by configuring smart contracts.

Other Latin American airlines include Volaris, which began accepting cryptocurrency payments at the El Salvador terminal. According to the media, the airline is considering receiving cryptocurrencies as a payment method in many more services.

Enrique Beltranena, the CEO of Volaris, thinks this allows them to increase the flight offer for Salvadoran citizens. Besides, it is the first airline to accept Bitcoin worldwide, and people can use the Chivo wallet.

The executive explained that El Salvador had its best economic growth in 1992, with a rise of 6%. In that regard, he said that the Central American country achieved 9% in 2022. It is relevant to remember that it became the first nation to adopt Bitcoin as a legal tender last year.

The Blockchain Technology Also Attracts Other Airlines Worldwide

Smart contracts will allow users to streamline the return and refund process, becoming an automated system with few failures. Spanish airline Air Europa is also interested in using blockchain technology to improve its services.

Air Europa developed an NFT ticket sales and inventory management system in the sector, earning recognition for its early technology adoption. Venezuelan airline Conviasa also announced it would accept payments with cryptocurrencies for its tickets, mainly the CBDC Petro (PTR).

The use of cryptocurrencies and the technology behind them have become increasingly relevant in the economic system worldwide. Airlines, among other industries, have sought opportunities to incorporate the use of crypto assets as a method of payment for their services.

Meanwhile, Bitcoin (BTC) is trading at around 19,200 and has accumulated a 3.7% loss over the last 24 hours. While its trading volume is above USD 40.05 billion, its market capitalization is about USD 367.79 billion, according to CoinGecko.

By Alexander Salazar

1...659660661...1,654Page 660 of 1,654