SnackMagic picks up $15M to expand from build-your-own snack boxes into a wider gifting marketplace

The office shut-down at the start of the Covid-19 pandemic last year spurred huge investment in digital transformation and a wave of tech companies helping with that, but there were some distinct losers in the shift, too — specifically those whose business models were predicated on serving the very offices that disappeared overnight. Today, one of the companies that had to make an immediate pivot to keep itself afloat is announcing a round of funding, after finding itself not just growing at a clip, but making a profit, as well.

SnackMagic, a build-your-own snack box service, has raised $15 million in a Series A round of funding led by Craft Ventures, with Luxor Capital also participating.

(Both investors have an interesting track record in the food-on-demand space: Most recently, Luxor co-led a $528 million round in Glovo in Spain, while Craft backs/has backed the likes of Cloud Kitchens, Postmates and many more).

The funding comes on the back of a strong year for the company, which hit a $20 million revenue run rate in eight months and turned profitable in December 2020.

Founder and CEO Shaunak Amin said in an interview that the plan will be to use the funding both to continue growing SnackMagic’s existing business, as well as extend into other kinds of gifting categories. Currently, you can ship snacks anywhere in the world, but the customizable boxes — recipients are gifted an amount that they can spend, and they choose what they want in the box themselves from SnackMagic’s menu, or one that a business has created and branded as a subset of that — are only available in locations in North America, serviced by SnackMagic’s primary warehouse. Other locations are given options of pre-packed boxes of snacks right now, but the plan is to slowly extend its pick-and-mix model to more geographies, starting with the U.K.

Alongside this, the company plans to continue widening the categories of items that people can gift each other beyond chocolates, chips, hot sauces and other fun food items, into areas like alcohol, meal kits, and non-food items. There’s also scope for expanding to more use cases into areas like corporate gifting, marketing and consumer services, and analytics coming out of its sales.

Amin calls the data that SnackMagic is amassing about customer interest in different brands and products “the hidden gem” of the platform.

“It’s one of the most interesting things,” he said. Brands that want to add their items to the wider pool of products — which today numbers between 700 and 800 items — also get access to a dashboard where they monitor what’s selling, how much stock is left of their own items, and so on. “One thing that is very opaque [in the CPG world] is good data.”

For many of the bigger companies that lack their own direct sales channels, it’s a significantly richer data set than what they typically get from selling items in the average brick and mortar store, or from a bigger online retailer like Amazon. “All these bigger brands like Pepsi and Kellogg not only want to know this about their own products more but also about the brands they are trying to buy,” Amin said. Several of them, he added, have approached his company to partner and invest, so I guess we should watch this space.

SnackMagic’s success comes from a somewhat unintended, unlikely beginning, and it’s a testament to the power of compelling, yet extensible technology that can be scaled and repurposed if necessary. In its case, there is personalization technology, logistics management, product inventory and accounting, and lots of data analytics involved.

The company started out as Stadium, a lunch delivery service in New York City that was leveraging the fact that when co-workers ordered lunch or dinner together for the office — say around a team-building event or a late-night working session, or just for a regular work day — oftentimes they found that people all hankered for different things to eat.

In many cases, people typically make separate orders for the different items, but that also means if you are ordering to all eat together, things would not arrive at the same time; if it’s being expensed, it’s more complicated on that front too; and if you’re thinking about carbon footprints, it might also mean a lot less efficiency on that front too.

Stadium’s solution was a platform that provided access to multiple restaurants’ menus, and people could pick from all of them for a single order. The business had been operating for six years and was really starting to take off.

“We were quite well known in the city, and we had plans to expand, and we were on track for March 2020 being our best month ever,” Amin said. Then, Covid-19 hit. “There was no one left in the office,” he said. Revenue disappeared overnight, since the idea of delivering many items to one place instantly stopped being a need.

Amin said that they took a look at the platform they had built to pick many options (and many different costs, and the accounting that came with that) and thought about how to use that for a different end. It turned out that even with people working remotely, companies wanted to give props to their workers, either just to say hello and thanks, or around a specific team event, in the form of food and treats — all the more so since the supply of snacks you typically come across in so many office canteens and kitchens were no longer there for workers to tap.

It’s interesting, but perhaps also unsurprising, that one of the by-products of our new way of working has been the rise of more services that cater (no pun intended) to people working in more decentralised ways, and that companies exploring how to improve rewarding people in those environments are also seeing a bump.

Just yesterday, we wrote about a company called Alyce raising $30 million for its corporate gifting platform that is also based on personalization — using AI to help understand the interests of the recipient to make better choices of items that a person might want to receive.

Alyce is taking a somewhat different approach to SnackMagic: it’s not holding any products itself, and there is no warehouse but rather a platform that links up buyers with those providing products. And Alyce’s initial audience is different, too: instead of internal employees (the first, but not final, focus for SnackMagic) it is targeting corporate gifting, or presents that sales and marketing people might send to prospects or current clients as a please and thank you gesture.

But you can also see how and where the two might meet in the middle — and compete not just with each other, but the many other online retailers, Amazon and otherwise, plus the consumer goods companies themselves looking for ways of diversifying business by extending beyond the B2C channel.

“We don’t worry about Amazon. We just get better,” Amin said when I asked him about whether he worried that SnackMagic was too easy to replicate. “It might be tough anyway,” he added, since “others might have the snacks but picking and packing and doing individual customization is very different from regular e-commerce. It’s really more like scalable gifting.”

Investors are impressed with the quick turnaround and identification of a market opportunity, and how it quickly retooled its tech to make it fit for purpose.

“SnackMagic’s immediate success was due to an excellent combination of timing, innovative thinking and world-class execution,” said Bryan Rosenblatt, principal investor at Craft Ventures, in a statement. “As companies embrace the future of a flexible workplace, SnackMagic is not just a snack box delivery platform but a company culture builder.”

Top 7 small cap altcoins with huge potential, says analyst George Tung

In the recent video, crypto KOL George Tung from CryptosRUs discussed 7 altcoins under $150M in market cap that he believes are poised to explode.

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Rally (RLY)

Rally (RLY) is the first altcoin on the list, a decentralized network for creators to monetize and align themselves with their community. As a community-owned network, the community is in charge of making the decisions for how the network evolves, not the Rally team itself.

“This is a brilliant idea! It’s a very easy way for creators to basically launch a token and interact and engage with their fans”, the trader says.

Moreover, excitingly, Rally recently launched a cryptocurrency dubbed Creator Coin that will help influencers, content creators, and streamers run their own virtual economies. The analyst also cites the news that Grammy-winning artist Portugal.The Man has also joined as a coin partner.

“All these entities have big followings and they’re adopting Rally”.

Terra Virtua (TVK)

Next on the list is Terra Virtua (TVK). Terra Virtua is a cross-platform non-fungible token (NFT) ecosystem that offers a curated marketplace for NFT creators and collectors to interact. The Terra Virtua Kolect platform spans web, PC, and mobile AR/VR environments.

“Terra Virtua has launched a line of Godzilla vs. Kong NFT collectibles created in collaboration with film production giant Warner Bros. — among the first-ever NFT drops to coincide with the release of a major film”, Tung says.

He further adds that if there is anything more than places Terra Virtua uniquely in the NFT and blockchain space, it is the partnerships the project has bagged over the last 3 years, including Paramount Pictures, Legendary Entertainment, and more in the space.

Revv (REVV)

Next on Tung’s radar is Revv (REVV). REVV is designed to leverage the blockchain assets concept of interoperability, wherein a token can be utilised across multiple connected products.

“Revv is specifically created for games. Having one utility token for multiple game titles offers various benefits to players and game publishers and will encourage players to explore the other games that are part of this connected ecosystem, and has the additional potential benefit that any content or tokens could increase in utility as the larger token ecosystem expands”.

Tung also shares his bullish view on the coin that given the current strong fundamental grounds, the coin will pump to the moon really soon.

Nuls (NULS)

Nuls (NULS) is the next potential low market cap altcoin on the video.

NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability, and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.

“The coin has been finally climbing, crawling up and they’re finally above 100 million, 127 million to be exact, and you know what, hopefully, they could continue to momentum and gain and go back to their previous highs”, Tung says.

Frontier (FRONT)

Next on the list is Frontier (FRONT), a chain-agnostic DeFi aggregation layer.

“To date, the coin has added support for DeFi on Ethereum, Binance Chain, BandChain, Kava, and Harmony. Via StaFi Protocol, they also enter into the Polkadot ecosystem, and will put vigorous efforts towards Serum”, he says.

EasyFi (EASY)

The sixth altcoin is EasyFi (EASY), a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption.

Tung points out that the one of the most interesting features is that the network design is ethereum compatible and blockchain agnostic that facilitates the expeditious settlement of assets over different blockchain networks while retaining custody with the asset owner’s network.

Bepro (BEPRO)

Lastly, the crypto KOL lists out Bepro (BEPRO), a utility token that enables token holders to setup applications on BEPRO, participate in the network, and earn token rewards by providing value.

The trader says that BEPRO Network Staking on Kucoin has been increased recently as the previous hardcap of 330M BEPRO has been increased to 430M BEPRO.

He also comments that although this is still an early coin, looking at the technology, communities and its partnerships, he believes that this coin would soon begin its rally.

Bitcoin price unexpectedly turned around to increase more than $ 2,100, while the top cryptourrencies also increased sharply

Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it. Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin price bull run on the ropes as technicals face off against fundamentals

Bitcoin price has had its best year on record yet dollar for dollars and fundamentals, the stock-to-flow, and just about all other data suggests that the bull run isn’t near finished yet.

Technicals have been long overheated given the strength of the showing by bulls, leaving a large string of green monthly candles on the price chart without any serious corrective behavior. The once trending strong cryptocurrency has begun to slow, struggling specifically with anything around $60,000.

Indicators such as the logarithmic MACD are turning down on weekly timeframes for the first time since the bull phase began, and the quarterly candle just closed with the first-ever bearish divergence in history. Yet the top cryptocurrency hasn’t corrected anywhere near it has in the past.

At press time, Bitcoin unexpectedly turned around to increase more than $ 2,100, while the top cryptocurrencies also increased sharply, pushing the total market cap to $ 1,980 billion.

Over the previous 24 hours, Bitcoin’s price traded as low as $ 55,758 billion and as high as $ 58,231 billion. Trading volume reached 53 billion USD, capitalization increased sharply to 1,088 billion USD.

Many other cryptocurrencies also climbed following Bitcoin such as Ethereum up 4.7% to $ 2,094, Binance Coin up 9% to $ 418, XRP up 10.9% to $ 1.05, Cardano up 2.5% to $ 1.22. , Polkadot increased 3.6% to $ 41.7… As a result, the total market capitalization reached 1,980 billion USD, up 4.2%.

Bitcoin’s price has risen sharply since the beginning of the year, thanks to increasing interest in the cryptocurrency market by businesses and financial institutions. Many other large investment institutions also announced that they are considering investing and accepting the currency as a form of payment. Private bank Donner & Reuschel of Germany announced it will provide crypto buying and depository services to its customers.

JP Morgan Bank predicts that Bitcoin can reach a theoretical level in the long term of $ 146,000 when it starts to compete with gold.

According to Citibank analysts, the digital currency price could reach $ 318,000 by the end of this year. Strategist Mike McGlone suggests that Bitcoin could be traded for over $ 400,000 by 2022 if the market follows previous trends, which we have seen throughout 2013 and 2017.

The information has continued to give investors an optimistic view about the future of Bitcoin in particular and the crypto market in general.

[Bitstamp] Sameer Dubey joins Bitstamp as Chief Operating Officer

We’re excited to be welcoming another trusted leader from the world of finance to Bitstamp. Sameer Dubey has joined our team as our new Chief Operating Officer.

Sameer brings global leadership in fintech and traditional banking to Bitstamp, where he is taking charge of expanding our operational capabilities as we scale across our global businesses. He is joining us following stints with leading banks such as N26 and Barclays Bank.

At the German neobank N26, Sameer served as the Head of Operations for UK. Prior to N26, he spent over a decade in executive roles at Barclays on their Payments and Cash Management Product team. At Barclays, he also helped the major UK bank take its early steps into the world of blockchain and distributed ledger technology. We recently sat down with Sameer to ask him a few questions about why he chose Bitstamp and how he sees the journey forward.

You’ve built an impressive career at both traditional institutions and neobanks. What convinced you to shift your focus to crypto?

I’ve been engaged with the world of crypto for quite a while. At Barclays, I was one of the founding members of what we called the Blockchain and Distributed Ledger Council, and from that point, I started to see that, in the world of finance, this is probably the most fundamental shift that’s happened for hundreds of years. I saw myself playing a part in this world, so it was more a question of “when” than “if”. I was also familiar with Bitstamp, having been a customer for about four years. So, when the opportunity arose, I knew it would be a good fit.

How do you see the cryptocurrency industry evolving over the next few years?

I think that in a few years, we won’t really be talking about a cryptocurrency industry anymore. It will be another part of finance and innovative crypto businesses will be considered fintechs similarly to how N26 is perceived today. A lot of the groundwork for crypto to fully integrate into finance has already been laid in terms of the market infrastructure and the regulatory frameworks. Now, the trust from traditional players is starting to build up and cryptocurrencies, both as investable assets and as technological innovations, are getting a chance to prove what they can do on the biggest stage.

What part do you see Bitstamp playing in crypto’s evolution?

Bitstamp, from its inception, has been a cornerstone of the crypto industry – I expect us to continue playing that role. Additionally, as crypto merges with finance, the part we play is going to take on new meaning. Part of what makes this space so exciting is that we really can’t know where we’ll be in, let’s say, 10 years. From my perspective right now, I see Bitstamp continuing to provide best-in-class exchange services based on excellent trading technology and outstanding operations. We’re certainly going to build out that core with new assets and trading options, alongside launching brand new services like staking to build out a wider platform. The expertise we’re bringing in now, with leaders joining Bitstamp from various sectors of finance, will be essential on that journey and I’m excited about exploring the future with this team.

At Bitstamp, we’re continuing to bring in top talent and ramp up our global presence. To join Sameer and the rest of our team across Europe, US and Asia, visit our careers page .

Calm After the Strom: Bitcoin Reclaims $57K and Ethereum Above $2K (Market Watch)

Bitcoin dipped to its lowest point in over a week beneath $56,000 but has recovered some of the losses and currently stands above $57,000. Most altcoins have retraced even harder, including a double-digit price drop for the high-flying Ripple (XRP) and Ethereum briefly dropping beneath $2,000.

BTC’s Dominance Increases Despite the Drop

The past several days didn’t go all that well for the primary cryptocurrency. After failing to overcome $60,000 on numerous occasions, the asset reversed its trajectory and headed south.

Bitcoin reached $59,400 on Thursday, but its inability to sustain the upward momentum gave the bears an opportunity to push it down, which led to a $4,000 price drop in less than 48 hours.

Yesterday was an especially harmful trading day for BTC as it slumped to a low of about $55,500. This was the lowest price line since late March.

It’s worth noting that this retracement came as the South Korean kimchi premium normalized following a yearly high. As CryptoPotatoreported, such developments typically lead to a price drop.

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Nevertheless, the cryptocurrency bounced off and has regained more than $1,500 since its low. As of writing these lines, BTC stands just above $57,000.

On the positive side, the altcoin market has retraced even harder. Consequently, bitcoin’s market capitalization has recovered a little less than 1% and stands around 55% after dipping below that level yesterday.

Altcoins Deep in Red

The alternative coins were on a roll in the past week or so, registering new records. Ripple was among the best performers by adding 100% of value in that timeframe, reaching a 3-year high at over $1,10, and becoming the 4th largest cryptocurrency by market cap.

However, XRP has retraced with about 11% since yesterday, despite the company’s CEO claiming that the court hearing against the SEC went well for the payment processor.

Ethereum dropped below $2,000 but has jumped slightly and currently stands at $2,020. Binance Coin (-2%), Polkadot (-4%), Cardano (-6%), Uniswap (-2%), Litecoin (-5%), and Chainlink (-5%) are also in the red.

The situation with the lower- and mid-cap altcoins is significantly more volatile, as one could expect. Helium (-15%), Ontology (-14%), Qtum (-14%), NEM (-12%), EOS (-12%), Waves (-11%), and Bitcoin SV (-10%) have also retraced with double-digits.

On the other hand, WazurX (37%), 1inch (23%), Enjin Coin (23%), Harmony (21%), PancakeSwap (12%), Yearn.Finance (12%) and Conflux Network (10%) have gained the most since yesterday.

How to Buy Tether (USDT): A Step-by-Step Guide for 2021

Bitcoin broke past the $60,000 mark on March 13, 2021, to surpass Facebook in total market value. To learn more about this and other stories, keep reading this article.

Bitcoin Hits Over $60,000 and Surpasses Facebook in Value

On March 13, 2021, bitcoin recorded a high of $61,683.86. This is yet another milestone that the cryptocurrency has achieved after recording a series of several all-time highs in the past three months.

Institutional investors continue to boost bitcoin’s price with Chinese firm Meitu being the latest company to purchase crypto. The firm bought $22.1 million in ether and $17.9 million in bitcoin.

“Beeple’s $69 million [non-fungible token] record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100K levels by Q3,” said Jehan Chu, Managing Partner of trading firm Kenetic.

Furthermore, bitcoin’s market cap has risen to the eighth position, surpassing Facebook. Currently, bitcoin has a market capitalization of about $1.07 trillion while Facebook has a market cap of $808.76 billion.

Luno Users Can Now Earn Interest on Ether and USDC Savings

Luno users can now add ETH and USD coin (USDC) to their savings wallet where they can earn 4 percent and 7.6 percent APR, respectively. The exchange introduced the savings wallet five months ago allowing users to earn up to four percent on their bitcoin savings.

“The addition of two new cryptocurrencies to the savings wallet gives customers even greater flexibility and potential to earn interest as they grow their crypto savings. A high percentage of Africans who own cryptocurrency do so for speculative investment purposes, with the majority holding their crypto for the long term. If your crypto investment strategy is holding your crypto long-term, the savings wallet earns you additional interest for what you were already doing,” said Marius Reitz, the General Manager for Africa, at Luno.

According to a Luno 2020 survey, more than a third of the respondents (35 percent) were not earning interest on their traditional cash savings. On the other hand, 54 percent were not earning interest on their current bank accounts. As a result, Luno wants to change these statistics with its crypto savings wallet.

The savings feature pays out interest monthly and users can access their savings 24/7. Moreover, 250,000 people are using the savings wallet since its launch.

South African Company Invests in Bitcoin

It is not large companies alone that are investing in bitcoin. According to an article on Tech Central, open-source software firm LSD Information Technology has purchased R2 million in bitcoin (about $135,570.70).

The company’s board agreed to invest in the digital asset on January 4, 2021. In the initial purchase, it bought R1 million in bitcoin then bought the other R1 million over the next two weeks. The firm used the crypto exchange BitFund to buy and hold the BTC.

“Our vision is to make the world more open, and bitcoin supports our philosophy on how we believe the world works best. Working in the open-source space seems to attract many crypto enthusiasts for whom the decentralised open nature of cryptocurrencies appeals,” said LSD founder and CEO Stefan Lesicnik.

The firm participates in running and maintaining bitcoin full nodes.

Bitcoin, Ethereum And Altcoins Struggle to Recover

Bitcoin price extended its decline below the key USD 57,000 support level. BTC even broke the USD 56,200 support, but the bulls were active near USD 55,500. It is currently (04:30 UTC) consolidating above USD 56,000, and it is facing many hurdles near USD 57,000 and USD 57,200.

Similarly, most major altcoins are still in the red zone. ETH broke the USD 2,000 support before the bulls appeared near USD 1,940. XRP/USD is trimming gains and it is now trading near the USD 0.900 level.

Total market capitalization

Bitcoin, Ethereum And Altcoins Struggle to Recover 101
Source: www.tradingview.com

Bitcoin price

After a clear break below USD 57,000, bitcoin price extended its decline. BTC even dived below USD 56,200, but the bulls were able to protect the key USD 55,500 support zone. The price is now recovering and trading above USD 56,000. An initial resistance is near the USD 57,000 level. The key resistance for a steady increase is now forming near the USD 57,200 level.

On the downside, the USD 56,000 level is a short-term support. The main support is now near USD 55,500, below which the bears might gain strength.

Ethereum price

Ethereum price also followed bitcoin and it broke the key USD 2,000 support. ETH traded close to the USD 1,930 support and it is now correcting higher. There was a break above USD 1,980, but the bulls are facing many hurdles. The first key resistance is near USD 2,020, followed by USD 2,050.

On the downside, USD 1,950 and USD 1,940 are decent support levels. Any more losses might call for a drop below USD 1,900.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) recovered losses and it is back above the USD 380 level. BNB is testing the USD 395 resistance, but the key breakout zone is near USD 400. A successful close above USD 400 may possibly increase the chances of a fresh increase towards USD 425.

Cardano (ADA) tested the USD 1.150 support zone, where the bulls took a stand. ADA is rising and it could soon attempt an upside break above the USD 1.200 and USD 1.220 resistance levels. The next key resistance is near the USD 1.285 level.

Litecoin (LTC) trimmed most of its gains after it failed to clear the USD 245 resistance. LTC declined below the USD 225 support, but it found bids near USD 212. The price is now moving higher, but it must gain strength above USD 225 for a steady increase to USD 245.

XRP price topped near USD 1.10 before starting a downside correction. XRP broke the USD 1.000 support and it even tested USD 0.900. It is now consolidating above USD 0.900, with an immediate resistance at USD 0.945. The main resistance is now near the USD 1.000 level.

Other altcoins market today

Many altcoins declined over 8%, including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC, and BSV. Conversely, WRX was able to rally and it cleared the USD 4.50 level.

Overall, bitcoin price is showing a few bearish signs below USD 57,000 and USD 57,200. However, BTC could attempt a fresh increase unless there is a clear break below the USD 55,500 support.

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Bitcoin, Ethereum And Altcoins Struggle to Recover 102
Is Regulation the Silver Bullet for Financial Malpractice? / What is Financial Regulation and Does it Matter to DeFi?

The text below is an advertorial article that was not written by Cryptonews.com journalists.

cryptonews

In traditional finance, financial regulation is intended to provide protection, safety and stability for institutions and consumers alike. Organisations such as the Securities and Exchange Commission (SEC) in the US and the Financial Conduct Authority (FCA) in the UK are tasked with policing the conduct of banks, asset managers and other financial organizations to ensure that strict rules are followed and punishments applied when those rules are broken.

DeFi and cryptocurrency more widely has fallen outside the remit of regulation since Bitcoin was first launched in 2009. For more than a decade digital asset holders and service providers have largely been able to go about their business unfettered by the same rules and regulations that fall on the shoulders of JP Morgan Chase, for example; not least because the rules that are set for traditional financial institutions are extremely difficult to apply to digital assets.

Regulation across TradFi, CeFi and DeFi

As anyone who has ever applied for a credit card, bank loan or mortgage will know, the long-arm of financial regulation places a significant emphasis on data collection and suitability assessment. This requires collecting and storing vaults of customer information, running complex individual credit risk checks and ensuring detailed custody, anti-money laundering and transaction regulations are followed – and while this is achievable for JP Morgan, it is less so for many cryptocurrency organizations.

In the world of CeFi, or centralized finance, we are seeing moves in this direction, with Coinbase – one of the largest CeFi exchanges – in regular discussions with the SEC as it seeks to list on the US stock market. However, in the world of DeFi, regulation is anathema to much of what the ecosystem stands for. Built largely on a decentralized, permissionless system of autonomous smart contracts, many protocols do not have the central management required to carry out regulation. Moreover, many DeFi applications don’t ask users for their information (or “KYC”), which is a key attraction for many DeFi users.

Regulation and the regulated

Governments and public-sector bodies often cite seven specific areas as being major goals of financial regulation: investor protection, consumer protection, financial stability, market efficiency, competition, the prevention of financial crime, and fairness. For end users, investor and consumer protection are the most important and refer to the way in which financial organizations should market investment products and communicate with their customers. Rules in these areas generally call for transparency (especially around potential risks of products and investments) and clear, open communication with customers.

This is, few would dispute, a highly laudable facet of regulation that should protect vulnerable customers. In practice, however, it frequently doesn’t. Aside from the sort of systemic failings the world witnessed in 2008/09, leading to USD 321 billion in fines dished out to major banks such as Barclays for LIBOR rigging, regulation often fails to keep out bad actors. In the UK, the “mini-bond” space has been a hotbed for fraud, with more than 11,000 people losing GBP 236 million in 2019 to a company claiming to offer property-backed savings accounts. These savers – largely inexperienced older people – suffered heavy losses and the scandal led to a widespread overhaul of a space with hundreds of similar cases.

Best practice should span all sectors

Despite its failings, however, regulation is important: many schemes such as the UK’s Financial Compensation Scheme (a fund paid for by banks that will reimburse savers in the event a regulated institution collapses) provide genuine protection for consumers, as do imperatives for clear, transparent disclosure about products and services and treating customers fairly. Most importantly, however, the onorousnes of regulation can also help to keep out some of the worst actors who may not have the conviction or capacity to comply with regulation.

As such, YIELD App seeks to emulate the key tenets of prudential regulation across its entire platform and customer service proposition. We provide clear and consistent public information including a product disclosure statement that details our structure, practices and principles and clearly states the risks associated with digital assets. On our site we also host a comprehensive set of FAQ’s along with a 24-hour customer helpdesk to ensure we can answer any customer queries quickly and accurately. YIELD App also seeks to mirror important system-level financial regulation, including well capitalized treasuries and the prevention of financial crime through level 1 KYC. We have also partnered with Merkle Sciences for chain analysis to ensure we comply with the FATF red flag rules and to adhere to our internal KYC/AML policies.

While DeFi is operating independently today, as one of the fastest growing areas in cryptocurrency DeFi is likely to fall under the scrutiny of regulators in the future: indeed, ita seems impossible that a market of 40 Billion USD that is expanding by the multi-millions every day would not. Therefore, it is essential that any organization truly serious about its long-term future as a DeFi service provider operates under the best practices already established in traditional finance. As highlighted above, regulation itself is no guarantee: it is only as strong as those that implement and comply with it, and you don’t have to be regulated to do so.

Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower

Bitcoin price struggled to clear the USD 58,000 resistance zone. As a result, BTC reacted to the downside and traded below the USD 57,000 support. It is currently (12:00 PM UTC) showing signs of more losses and it could drop below USD 56,000.

Similarly, most major altcoins are declining. ETH is down over 5% and it even broke the USD 2,000 level. XRP/USD topped near USD 1.100 and corrected over 12%.

Total market capitalization

Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower 101
Source: www.tradingview.com

Bitcoin price

After losing momentum above USD 58,000, bitcoin price started another decline. BTC traded below the USD 57,200 and USD 57,000 support levels. The next major support is near the USD 55,500 level, below which there is a risk of a sharp decline in the coming sessions towards USD 52,000.

On the upside, an immediate resistance is near the USD 57,000 level. The main resistance is now forming near the USD 57,000 and USD 57,200 levels.

Ethereum price

Ethereum price failed to clear the USD 2,120 resistance zone, resulting in a bearish reaction. ETH broke the USD 2,075 and USD 2,050 support levels. The price even broke the USD 2,000 level and it may possibly test the USD 1,920 support zone.

On the upside, the price might face resistance near USD 2,050. The main resistance is still near the USD 2,120 level, followed by USD 2,150.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) topped near USD 415 and it started a major decline. BNB dropped below the USD 385 and USD 380 support levels. It is now approaching the USD 350 support zone. Any more losses could lead the price towards the USD 332 level. On the upside, the price could struggle near USD 380 and USD 382.

Cardano (ADA) trimmed all gains and it traded below the USD 1.200 support level. ADA even broke USD 1.165 and it is now trading near USD 1.150. Any more losses might call for a move toward the USD 1.050 level. On the upside, the bulls might struggle again near USD 1.200.

Litecoin (LTC) failed near USD 245 and it started a fresh decline. LTC traded below the USD 225 support and it is now approaching USD 212. The next key support is at USD 205. The main support is near the USD 200 level (the last key breakout zone).

XRP price spiked above USD 1.10 and recently started a downside correction. It traded below the USD 1.02 and USD 1.00 support levels. If there are more losses, the bears are likely to aim for a test of the USD 0.925 level. Conversely, there might be a fresh increase above the USD 1.02 level.

Other altcoins market today

Many altcoins are down over 10%, including STX, DENT, CRO, FTM, FIL, ONE, ANKR, TRX, SC, UMA, BTT, XLM, ATOM, KSM, AAVE, and DOT. BTG and QTUM are still in green, but are also trimming their strong gains.

To sum up, it seems like bitcoin lost momentum above USD 58,000 and reacted to the downside. If BTC slides below USD 55,500, it could result in a sustained decline.

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Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower 102