Crypto Guides, Knowledge & Insights

EL Salvador shows other Countries the way to Bitcoin adoption

By: Damian Okonkwo　　The march towards Bitcoin global adoption has taken another dimension across the globe following the just concluded Bitcoin conference held in El-Salvador last week. The conference which started on Monday 16 May 2022, lasted for three days. Forty-four different countries including twenty-three African countries participated in this conference. Representatives from these countries including 32 central banks and 12 financial authorities had met at El-Salvador to discuss what President Nayib Bukele described in his tweet before the meeting as “the financial inclusion, digital economy and banking the unbanked”. The conference also gave the opportunity to discuss the progress made so far in El-Salvador since they adopted Bitcoin as a second legal tender in September 2021.　　The majority of the participants from different countries were amazed to see the citizens of El-Salvador buy and sell different items using Bitcoin. Hence, all participating member was requested to download their Bitcoin wallets to make purchases with BTC during their stay in the country.　　Nevertheless, the event was organized by the Alliance for Financial Inclusion, a global policy leadership alliance in partnership with El Salvadors central bank. All participating countries have been referred to as the members of the Alliance for Financial Inclusion (AFI) in

2022-05-24Deep Dive

Tether remains unshaken despite $10 billion withdrawals in 2 weeks

Crypto traders withdrew around $10 billion from Tether USDT in the last two weeks as talks of increased regulatory scrutiny for stablecoins continue to grow. 　　CryptoSlate data shows that the circulating supply of USDT dropped to $73.3 billion on Monday from the $84.2 billion on May 11.　　On May 20 alone, on-chain data shows that traders withdrew $1 billion from Tether. The massive withdrawal was fueled by Terra blockchain UST and LUNA collapse.　　Following USTs crash, USDT, alongside several stablecoins, temporarily lost its peg. This brought much attention to this crypto class and how “stable” they were.　　Tether, in a recent blog post, wrote that its de-pegging across crypto exchanges does not mean that USDT has broken its peg; instead, the de-peg shows that.　　“There is more demand for liquidity than exists on that exchanges order books.”Tethers USDT 1:1 claim　　Tether had earlier claimed that USDT has a one-to-one dollar backing in a bank account but later changed its tune to say it uses other assets such as commercial paper and even digital tokens as collateral. It revealed this when it settled with authorities in New York.　　The firm must publish its reserves every quarter as part of the settlement. The latest attestation report shows it

2022-05-24Deep Dive

French Luxury Brand Balenciaga to Accept Bitcoin, Ethereum as Payment

Crypto is another step closer to mainstream acceptance as a payment method—if buying $1,250 hoodies that come pre-destroyed can be considered mainstream, that is. 　　Starting next month, French luxury fashion label Balenciaga will begin accepting Bitcoin and Ethereum as payment online and at select brick-and-mortar locations, according to The Wall Street Journal. 　　The move makes Balenciaga the latest legacy fashion brand to embrace cryptocurrencies as a payment method. Earlier this month, Gucci announced that it would begin permitting crypto payments online and at five in-store locations. Gucci currently accepts cryptocurrencies Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Shiba Inu as payment.　　Balenciaga will initially permit payment only in Bitcoin or Ethereum, the two largest cryptocurrencies by market cap, but plans to expand the program to other coins in due time. 　　Luxury fashion is no stranger to Web3. The last year has seen numerous legacy brands, including Balenciaga, Gucci, Nike, Dolce & Gabbana, and Burberry, launch NFT collections and metaverse pop-ups. As traditional as these brands are in some respects, theyre all seemingly aligned on digital fashion as a business opportunity: According to several industry experts who spoke to Decrypt in October, the digital fashion industry could eventually approach or even match

2022-05-24Deep Dive

Report: African crypto startups venture funding grows by over 1000% in 2022

The African Blockchain Report 2021 by Crypto Valley Venture Capital (CV VC) and Standard Bank has revealed that crypto startups in Africa saw more venture funding in the first quarter of 2022 than in 2021.　　Blockchain startups on the continent raised $91 million in 2022 Q1 compared to the same period in 2021, representing a 1,668% year-on-year (YoY) increase in cash inflow.　　 Crypto unicorns might emerge in 2-3 years from Africa　　The report stated that the continent might see unicorns appear within two to three years from its crypto scene.　　The surge of African crypto unicorns is possible with the increased interest in the region from venture capital firms primarily funding finance-related crypto companies. Per the report, most venture capital funding has gone to fintech companies and crypto exchanges.　　Gideon Greaves, CV VCs managing director for Africa, said that blockchain was the highest-funded sector in the continent.　　“We see this development as a key enabler for African enterprises, giving them rapid entry to markets by using blockchain as the catalyst to build new businesses.”　　The executive also pointed out that the absence of legacy infrastructure in the continent gives blockchain startups an opportunity. They can fill the gaps with innovative technologies. He believes that the continent

2022-05-24Deep Dive

12% of US Adults Used Crypto in 2021: Federal Reserve

In a survey that involved 11,000 respondents and takes place every year, the Federal Reserve observed the economic health of the United States. For the first time, however, it included questions related to cryptocurrencies—Bitcoin, Ethereum, etc.　　According to the data collected, the adult population of the U.S. has begun to show interest in crypto. Twelve percent of American adults held it as an investment tool, and 3% said they had used it for payments.　　As per Pew Research Center, in November last year, 16% of Americans admitted they had used crypto for trading, investing or payment. In particular, those were male respondents between 18 and 29.　　Eighty-six percent said they had heard at least once about BTC, ETH or other crypto, and 24% have heard a lot about digital assets.　　For more Blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-05-24Deep Dive

Litecoin’s MWEB Update Attracts Investment Warnings in South Korea

IN BRIEF　　Two major South Korean exchanges have raised concerns around recent Litecoin upgrade.　　Bithumb and Upbit have added investment warnings for Litecoin as Terra collapse haunt the market.　　Recently, Litecoin underwent the Mimblewimble Extension Blocks (MWEB) soft fork that increased network anonymity.　　Soon after Litecoin underwent the Mimblewimble Extension Blocks (MWEB) soft fork, South Korean exchanges have raised concerns for the network as the upgrade might conceal transaction information.　　In two separate announcements, top domestic exchanges Bithumb and Upbit have added investment warnings for Litecoin.　　 Litecoins upgrade might circumvent AML guidelines　　The translated release by Bithumb noted, “The Mimblewimble (MWEB) expansion block upgrade includes enhancements to the scalability of the Litecoin network, but its core item includes an enhanced ‘Confidential Transaction’ option that does not expose transaction information.”　　Meanwhile, Upbit stated, “We are striving to prevent money laundering and financing for offenses of public intimidation through digital assets that have technology that makes transmission records unidentifiable.” In addition, the exchange remarked that there have been no deposits made using the Mimblewimble function with Upbit. Further adding a cautionary note that, “For deposits made using the Mimblewimble function, please note that Upbit may not be able to return the wallet address as it is not possible to

2022-05-24Deep Dive

GameStop Rolls Out Self-Custodial Wallet for Cryptocurrencies and NFTs

American video game retailer GameStop announced the launch of its digital asset wallet. Following the development, shares of GameStop (GME) rose by more than 2% premarket on Monday to $98.02. It was currently trading at $95.66.　　GameStop Wallet　　GameStop‘s new self-custodial Ethereum wallet will allow users to store, send, receive and use cryptocurrencies and non-fungible tokens (NFTs) across decentralized apps without having to leave their web browsers, the company said. It is built on top of Loopring’s zkRollup to facilitate cost and time-effective transactions.　　The official announcement also mentioned that the wallet will enable transactions on GameStop‘s NFT marketplace, slated to launch in the second quarter of this year. The wallet will monitor the user’s IP address, GPS coordinates, and data near the users device.　　While, in all caps, the privacy policy mentions that the company will not access or store users private keys associated with their wallets and that they are solely responsible for their funds. The statement reads,　　“It also monitors the users network, clicks, mouse position, and keystroke logging.”　　The move follows GameStops weak financial results after reporting a net loss of $147.5 in the fourth quarter of 2021 as opposed to over $80 million profit registered in the same period the previous

2022-05-24Deep Dive

Balenciaga Is Now Accepting BTC and ETH Payments

The most eccentric haute couture brand, particularly famous in recent years for its unorthodox and scandalous collections, will begin accepting crypto payments, particularly in BTC and ETH. Crypto will be accepted at Balenciagas flagship stores in Los Angeles, New York and also online at the brands site.　　Crypto moves in high fashion　　It is not known whether this decision is inspired by the choice to hold its latest fashion show on the floor of the New York Stock Exchange and use fake bankrolls as an invitation or whether one cannot move the boundaries of fashion without using crypto—the most boundary-breaking currency—as a payment method, but Balenciaga joins an already elite company of pro-crypto brands in its innovations.　　Still, it is unclear what solution the fashion house would choose to make crypto payments, but it is definitely clear that the brand considers crypto in its long-term plans, and even the record decline in BTC quotes has not forced them to abandon this idea.　　It seems that the brand has definitely chosen the right strategy, having waited until colleagues and competitors in the luxury world introduce crypto into their operations and demonstrate by example what works immediately, what is worth refining and what is not worth

2022-05-24Deep Dive

Circle Commits to Weekly USDC Reserve Reports as Stablecoin Jitters Rock the Crypto Markets

The Co-founder and CEO of Circle, Jeremy Allaire, has announced that the company remains committed to its goal of providing weekly reserve reports for USD Coin (USDC).　　USDC Saw a Net Increase of 2.3 Billion in the Last Week　　Mr. Allaire made the announcement via Twitter and also stated that in the last week, USDC saw 8.6 billion issued and 6.3 billion USDC redeemed, with a net weekly increase in circulation of 2.3 billion USDC.　　USDC Has Seamless Integration With the Existing Global Banking System　　He also added that USDC is an excellent product since it was built in a manner that would be easy to create and redeem its tokens. Furthermore, the stablecoin has seamless integration with the existing global banking system, thus allowing its customers to use it as ‘a very efficient pipe between legacy electronic dollars and digital currency dollars.’　　Mr. Allaire further elaborated on this fact through the following statement:　　We typically see billions of USDC issued AND redeemed each week. It‘s not a “roach motel”, where you can get in but it’s hard to get out.　　And thats the case for everyone, whether you are an individual user on Coinbase, Binance or FTX, or a major corporation or institution.　　Tether Also Publishes its

2022-05-23Deep Dive

Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

Tag Heuer Partners With Bitpay to Offer US Clients Bitcoin Payments　　Designer and maker of luxury timepieces TAG Heuer is now accepting crypto for its high-quality products. Techniques dAvant Garde (TAG), founded over a century and a half ago by Edouard Heuer in Switzerland, said this week that clients within the U.S. will be able to purchase its watches and accessories online with multiple coins. The company explained the move in a press release:　　With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces.　　The alternative payment method is facilitated by the crypto payment platform Bitpay. Buyers can spend a dozen cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), and dogecoin (DOGE), as well as five stablecoins. They will be able to pay up to $10,000 per transaction with no minimum spending requirements.　　“We have been following cryptocurrency developments very closely ever since bitcoin first started trading,” TAG CEO Frédéric Arnault was quoted as stating. “As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the

2022-05-23Deep Dive

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