Category: #cryptocurrency

Ethereum’s Shanghai Upgrade Boosts Institutional Interest in ETH Futures Trading

Ethereum, the world’s second-largest cryptocurrency by market value, recently implemented the highly anticipated Shapella hard fork, also known as the Shanghai upgrade, on April 12. This update has reduced the risk of staking the blockchain’s native token, ether (ETH), by allowing withdrawals of locked coins at will. This pivotal event has galvanized institutional interest in ETH futures trading.

Since April 10, the number of active ether futures contracts trading on the Chicago Mercantile Exchange (CME) has risen by 39% to 6,248, according to official data. In U.S. dollar terms, open interest has increased by over 70% to $633 million. Coinglass data also shows that the tally reached a 12-month high of $675 million on Friday.

Each futures contract has a value of 50 ETH and is quoted in US dollars per 1 ether. The recent surge in institutional interest in ETH futures trading suggests that more investors are willing to bet on the potential growth of Ethereum and its native token. This increased demand for futures contracts can also be attributed to the lowered risk of staking ETH due to the successful implementation of the Shanghai upgrade.

The successful implementation of the Shapella hard fork has not only reduced the risk of staking ETH but has also boosted institutional interest in ETH futures trading. This is a positive development for Ethereum and its native token, as it signals growing confidence in the future growth of the cryptocurrency market.

April 21, 2023
Curve Launches New Crypto Rewards Transfer Feature to Enhance Digital Asset Flexibility

Curve, a leading fintech company that allows users to combine their existing debit, credit, and rewards cards into one all-in-one payment card, has announced the launch of a new feature that enables its customers to transfer their crypto rewards from merchant transactions to their own digital wallets. This move recognizes the growing importance of providing customers and the crypto-curious with even more flexibility over digital assets.

The new feature allows Curve users to “supercharge” their money by earning rewards with the Curve app or card and then converting those rewards into one of 10 different cryptocurrencies, including Bitcoin and Ethereum. This latest offering enhances the flexibility of digital assets and enables users to take greater control over their financial transactions.

With the continued growth of the cryptocurrency market, many consumers are looking for more ways to invest and manage their digital assets. Curve’s new feature addresses this demand by allowing users to easily and securely transfer their crypto rewards to their own digital wallets, providing them with greater control and flexibility over their digital assets.

To use this new feature, Curve customers simply need to earn rewards with the Curve app or card and then select the option to convert those rewards into cryptocurrency. The rewards can then be transferred to the user’s digital wallet of choice, giving them the freedom to manage and invest in their digital assets as they see fit.

Curve’s new crypto rewards transfer feature is a significant step forward in providing customers with more flexibility and control over their digital assets. By combining the convenience of an all-in-one payment card with the flexibility of cryptocurrencies, Curve is leading the way in the fintech industry and empowering consumers to take greater control over their financial future.

April 18, 2023
James Zhong Sentenced to One Year and One Day in Prison for Stealing 50,000 BTC

The Silk Road marketplace was one of the largest online marketplaces for buying and selling illegal drugs and other contraband. In 2014, it was shut down by the authorities and its founder, Ross Ulbricht, was sentenced to life in prison. But before it was shut down, the marketplace had attracted a lot of attention from the media and the public, and it was also a target for hackers.

One of those hackers was James Zhong, who managed to steal 50,000 BTC from the marketplace in 2012. Zhong successfully concealed the stolen Bitcoin for almost nine years, but he was finally caught and charged with one count of wire fraud last year.

Now, Zhong has been sentenced to one year and one day in prison for his crime. This sentence may seem light given the magnitude of the theft, but it is important to note that Zhong pleaded guilty to the charge and cooperated with the authorities. Additionally, he has already spent almost $16 million of the stolen assets on real estate investments, luxury hotels, nightclubs and Lamborghinis, so he has already suffered a significant financial loss.

This case is a reminder that even though cryptocurrencies like Bitcoin can be anonymous and difficult to trace, they are not completely immune to law enforcement. The authorities have become increasingly adept at tracking down and prosecuting those who use cryptocurrencies for illegal activities, and this case is just one example of their success.

It is also a reminder that there are risks involved in investing in cryptocurrencies, especially if you do not take proper precautions to secure your assets. While the blockchain technology behind Bitcoin is secure, the exchanges and wallets used to buy, sell and store cryptocurrencies are vulnerable to hacking and theft.

James Zhong’s sentencing is a reminder that crime doesn’t pay, especially in the world of cryptocurrencies. While Bitcoin and other cryptocurrencies offer many benefits, they also come with risks that investors need to be aware of. It is important to take precautions to protect your assets and to only use cryptocurrencies for legal activities.

April 16, 2023
Visa, Mastercard and PayPal hasten launch of crypto debit cards

Enterprise companies like Mastercard, Visa, and PayPal have shown
a lot of interest in the crypto card/reward space. With plans to
partner with many blockchain companies, Visa intends to work with
licensed and regulated digital currency platforms such as Coinbase
and Fold and create a bridge between Visa’s network of 61 million
global merchants and cryptocurrencies. With Wirecard out of the
picture, Visa quickly jumped in to fill the void of the WirecardCrypto.com partnership and launched the MCO card via
Crypto.com.

In an expansion of its current cryptocurrency program, Mastercard
is making it easier for companies in the digital currency space to
issue branded payment cards on Mastercard’s network. Wirex
became the first native cryptocurrency platform to gain principal
membership.

Soon, PayPal’s 265 million users will be able to buy bitcoin via the
Venmo mobile payment app which could begin rolling out within the
next 3 months.

The cryptocurrency industry has also been making progress in the
issuance of cards as well. For example, Binance announced recently
that its payment card, Binance card, will be coming to Europe in the
next year. Developing interest in blockchain rewards, last year Nike
patented CryptoKicks—tokenized shoes on the ethereum
blockchain—and partnered with Plutus to offer cryptocurrency
rewards on Nike product purchases

https://www.forbes.com/sites/lukefitzpatrick/2020/08/10/a-race-to-dominate-crypto-debit-cards-has-begun/#2b89398a3a74

August 13, 2020
Standard Chartered to launch institutional crypto custody solution

Standard Chartered is the latest bank to get into the crypto custody
business, unveiled that its innovation, ventures and fintech investments
unit, SC Ventures, has been working on a solution for the institutional
market that would support cryptocurrencies such as bitcoin but also
security tokens. The first pilot of the service could launch before the end
of the year. The firm has been developing “one of the most secure crypto
custody solutions on the market,” adding that as many as 20 institutions
had expressed interest in the solution. Though the venture will be based
in the UK, it will be open to clients from around the world. With this new
offering, the firm was looking to provide institutional investors with a
custodial solution that caters to this segment’s specific needs notably in
terms of security, citing features such as segregated accounts. This could
potentially kick-start the institutional adoption of cryptocurrencies. SC
Ventures has been “developing a venture to meet the demands of
institutions for an end-to-end institutional grade custodian of digital
assets, which meets regulatory standards.

https://fintechnews.sg/42457/blockchain/standard-chartered-enters-crypto-custody-business-targets-year-end-pilot-launch/

August 5, 2020
Buying bitcoin or other cryptocurrency in Malaysia

So I wanted to break into cryptocurrency investing. On my quest of discovery in the digital space, I’ve found few potential crypto exchange/wallets to buy coins using credit card / debit card.

crypto.com was my first place to experiment purchasing crypto. It is an exchange/wallet app which is a perfect fit for new joiners in the crypto world. Recently the 3.5% credit card fee is waived for cryptocurrency purchases for 3 months, sadly withdrawal of tokens to your external wallet comes with a small percentage fee.

(P.S. using my referral link and we both get $50 USD)

Luno.com was my second research purely acting has a wallet which only hodl ETH & BTC only. Currently they only accepts bank transfer and the rate of exchange is so low, you kinda making a lost during the exchange. It was my least favorite method because of the waiting on reloading via bank transfer.

(P.S. you get extra RM25 worth of BTC coins when you topup RM250 and buy BTC with my referral link)

I’ve also tried Binance.com since its also a daily exchange/p2p platform. However there is a withdrawal fee too on their platform if you want to move your tokens onto your external wallets.

(P.S. register with my referral link now and you will receive 10% commission when we both do daily trading on binance)

Lastly a hidden crypto wallet gem called Mercuryo.io. I’ve been using this for multiple purchase and its has the best exchange rate and also its acceptable fees. The best part is moving your tokens in and out from this wallet where the default option of having them paying the gas(ERC-20 transaction fee) for you.

Do note that all the above purchase with your local bank credit card will charge RM20 for Cash advance/withdrawal fee. However to a nifty trick I’ve found to by pass this I would recommend loading up your debit card like BigPay to buy crypto without any additional payment fees.

(P.S. using my referral code QVYZNCDM8E will get each of us RM10 when signed up)

July 16, 2020