Bitcoin is unable to get back above the $60,000 mark, but the market remains optimistic about mid-term price — Futures Friday Bitcoin has continued to oscillate over the past week, not showing any decisive bullish moves even though the total cryptocurrency market cap is back around $2 trillion. Since altcoins have outperformed it in recent […]
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According to the announcement today, the beauty application Meitu purchased another 175 BTC to reach the $100 million mark it set for itself in its Cryptocurrency Investment Plan.
Meitu buys another $10 million in Bitcoin
Therefore, the goal to invest $100 million in the cryptocurrency of Meitu has been achieved. The plan called for Meitu to add $100 million in BTC and ETH to its treasury, both as an investment and preparation for future initiatives. Meitu intends to use some of the ETH to launch decentralized apps in the future.
The publicly traded firm first acquired $40 million in BTC and ETH in early March of this year, when it unveiled its intention to make further purchases. A week later, it purchased another $49 million. Today’s announcement is the final $10 million of the acquisition.
In total, Meitu holds 31,000 ETH (valued at $50.5 million) and 940 BTC (valued at $49.5 million).
Coinbase disclosed in late March that its institutional business facilitated the past purchases, a service it has provided for other public companies such as Tesla. It’s unclear if the latest purchases were also handled by Coinbase.
Meitu is one of the first China-based publicly listed companies to add crypto to their treasury. Other tech firms like Square, Tesla, and MicroStrategy made headlines in the past year for making similar acquisitions.
The city of Jackson is shaping up to be Tennessee’s cryptocurrency hub. In the coming weeks, Mayor Scott Conger will form a blockchain task force to explore how to adapt the novel asset class.
Following Miami’s example, Jackson mayor Scott Conger plans to integrate cryptocurrencies into his city
Conger told that his plan is to encourage the use of cryptocurrency by incorporating it into the city:
“The plans are very simple right now. We want to encourage the use of cryptocurrency. I want to get people with a much greater knowledge of blockchain, than myself, in the room to discuss how we can incorporate cryptocurrency into our city.”
In 2020, Tennessee state representative Dennis Powers introduced a bill that calls for an in-depth study of blockchain technology, focusing on its use cases in banking, payments, lending, and other industries.
Jackson is the eighth largest city in Tennessee, but the rest of the state might be tempted to follow its lead due to exploding cryptocurrency adoption. Last week, the Bobby Hotel, one of the most popular hotels in Nashville, added cryptocurrency payments, a first for the state capital.
Conger says that he is taking pointers from Miami Mayor Francis Suarez, who is determined to refashion the South Florida city as the world’s biggest Bitcoin hub.
In February, city commissioners voted to explore Suarez’s proposal to pay municipal employees in Bitcoin and invest a portion of the treasury into the cryptocurrency. Should they proceed with the audacious plan, Miami would easily become the most crypto-forward city in the U.S.
In a March interview, Suarez also mentioned that he wanted to turn Miami into a Bitcoin mining hub, offsetting China’s dominance in the industry. Meanwhile, crypto exchange FTX recently scored a deal to rename Miami Heat’s AmericanAirlines Arena to FTX Arena.
Cryptocurrency regulations across different countries continue to be a hot topic, and Spain is the latest to join in. The nation’s watchdog has asked industry participants, investors, and consumers for their opinion, and they have until April 16th to respond.
Spain’s Regulator Looks for Crypto Legislation
According to a report from La Informacion, The National Securities Market Commission (CNMV), Spain’s watchdog overseeing the securities markets, has initiated the first steps of nationwide crypto regulations.
The process has started by sending emails to representatives of the cryptocurrency industry, investors, and customers. They have less than two weeks to prepare statements with their comments on the proposals and send them back to the agency.
The coverage outlined that the potential regulations could affect almost all areas of the cryptocurrency industry. However, the legislation could exempt some professional activities, assets that are exclusively used as means of payment, and non-fungible tokens (NFTs).
Interestingly, the US also hinted at new rules regarding NFTs recently, but they seemed significantly more strict. The Internal Revenue Service (IRS) may implement taxes on NFT purchases made with profits of digital assets, as CryptoPotatoreported recently.
Apart from the aforementioned potential regulations on crypto assets, Spain has also explored developing a central bank digital currency. The country’s central bank said in late 2020 that releasing a CBDC is among the priorities in the next three years.
Regulations in Other Countries
The exponential growth of the entire crypto space in the past year or so has caught the attention of global regulators. Consequently, numerous countries have started looking into inserting legislative frameworks.
Spain’s northern neighbor, France, called for a new and robust approach towards crypto regulations in February this year. The chairman of the nation’s financial regulatory body (AMF) believes that the current legal structures are insufficient when it comes down to new asset classes such as digital currencies.
Continuing north on the map and Britain’s Finance Minister, John Glen, urged the country to firstly focus on regulating stablecoins rather than the entire market, while the FCA has repeatedly issued warnings.
In some countries, such as South Korea, the implemented regulations have caused troubles for some of the firms operating within their borders. The East Asian nation introduced new AML legislation last month, and several cryptocurrency exchanges announced closing doors for their respective South Korean branches in response.
McKenzie, whose career in UK equities spans more than 20 years, joins CEO Paul Jourdan, David Stevenson, Anna Macdonald and Dr Gareth Blades on Amati’s investment team and will work across the TB Amati UK Smaller Companies Fund, Amati AIM VCT and the Amati AIM IHT Portfolio Service.
McKenzie joined Saracen in 2014 after a five-year break from the industry, having previously managed Martin Currie’s UK Equity Income fund.
Also managed by David Clark, TB Saracen UK Alpha has returned 75%, 29.9% and 62.8% over one, three and five years respectively, according to FE fundinfo. Peers in the IA UK All Companies have averaged gains of 42.5%, 14.9% and 42% over the same time periods respectively.
TB Saracen UK Income is a top quartile performer in the IA UK Equity Income over one, three and five years.
The fund aims to provide income exceeding 110% of the dividend income of the MSCI All Cap index and an overall return superior to that of the index.
Prior to Martin Currie, McKenzie held investment roles at FS Assurance, which subsequently became part of Ignis Asset Management, and Aviva Investors.
Jourdan explained that Amati “have known Scott for many years” and “have always held him in the highest regard”.
He added: “He comes with a proven track record and adds considerable weight to our investment management resource at a time when we are experiencing considerable growth.
“Our team-based approach means we can immediately integrate Scott into Amati’s investment philosophy and process. We look forward to benefiting from his extensive stock picking experience.”
HL selects TB Amati UK Smaller Companies as first addition to Wealth Shortlist
McKenzie said Amati “is a business I have followed and admired for some time now and I look forward to helping the team build upon the considerable progress they have made in recent years”.
Sweden’s central Riksbank is forging ahead with its e-krona pilot project, and has outlined the next steps it wants to take – putting it on track to become the first European nation to roll out a central bank digital currency (CBDC).
The Riksbank has been bullish about issuance, but will still have to convince politicians in the country to grant it the legal powers to proceed with its plans. However, in a new “phase one” report from the bank, described by Bloomberg as “essentially the most advanced exploration of a post-cash era to be undertaken by a major, western economy,” the Riksbank spoke of how it was making use of R3’s Corda blockchain platform and distributed ledger technology innovations.
Now the Riksbank says it will spend at least another year exploring technical solutions after extending its existing contract with Accenture.
During that time, it will seek to do the following:
- Involve “market actors” – presumably private sector firms and commercial banks – which will be invited to take part to see if their internal systems can be successfully integrated with the prototype CBDC
- Develop offline functionality, a feature already being built into the Chinese digital yuan, and a key point for accessibility
- Develop more storage solutions, which could involve third-party CBDC wallet providers, such as commercial banks
- Develop a more efficient payments infrastructure and integrate with existing point of sale (PoS) terminals
- Boost performance and scalability
- Evaluate and analyze its CBDC’s performance and network infrastructure progress, a step that will involve the “division of responsibility among participants”
Bloomberg quoted Mithra Sundberg, the head of the Riksbank unit charged with conducting the pilot, as stating that the bank has “looked at the technical possibilities of being able to charge interest,” although possible “monetary policy ramifications” have not yet been examined.
The Riksbank CBDC model is a two-tier approach whereby it would issue, redeem and destroy tokens as it sees fit, with intermediaries (namely commercial banks and payments providers) distributing the CBDC to both businesses and individuals.
The report’s authors appeared to be aware of the potentially thorny user data-related issues likely to lie ahead. Critics of CBDCs in other countries say they are worried too much of their spending anonymity will be compromised by such projects.
The authors wrote,
“The Riksbank is currently analyzing to what extent the information stored in the transaction history can be regarded as information covered by banking secrecy and whether it comprises personal data.”
Cryptocurrencies sector is evolving every day and therefore, it is a platform of innovations and conceptually new products. One such new concept is a Wallet Holder Offering (WHO) which has been pioneered by the Safepal Wallet.
Wallet Holder Offering (WHO) is a new model of reward distribution that has been initiated by Safepal wallet to benefit its wallet holders through airdrops in a secure, decentralized, and user-friendly way. WHO is a unique and secure mechanism which has been initiated to pluck inefficiencies with the traditional airdrop campaigns.
In the past, airdrops have resulted in unfair distribution of tokens towards whales or cheaters, failing the legitimate users who actually use and support the projects. Thus, a WHO aims to make sure that the rewards are placed in the right hands. WHO works as a bridge between wallet users and blockchain projects. Users can learn and engage with the new crypto projects and these blockchain projects can gain valuable community feedback from a large and active user base.
In simple words, WHO is a better and well thought Airdrop mechanism.
Benefits of WHO for Blockchain Projects
For the participating blockchain projects, WHO presents a great way for an immediate user base, real engagement in product usage, and feedback. The project team can create awareness amongst the public and develop a strong social following simultaneously.
Not only this, the project team can engage and educate users along with rewarding and aligning user interest in its project. Due to active and wide user involvement in the initial stages of a project, there will be a wide and fair distribution of tokens and thus, will help with prevention of whales taking over the project.
Tasks that will be assigned in the WHO are meant for educational purposes, to educate users on how to use project tools, platforms and ecosystems. Thus, rewarding the project team in driving real product utility, usage and higher quality of supporters
A WHO may lead to substantial savings in the capital expenditure towards the marketing funnels. The project team will be able to save time and effort towards administrative and marketing efforts and focus more on the project development.
Benefits of WHO for the wallet users
Not only for a blockchain project, the WHO would be very beneficial for the respective wallet users.
A user will get an opportunity to “Earn via Learn”, i.e.the wallet users will earn airdrops via the learning process where he or she will use the respective blockchain project and provide their feedback. Further, complexities in the traditional reward distribution mechanism will be simplified.
Finally, by using renowned and secure wallets, users will be saved from falling prey to any scammy activities.
Currently available WHO
Safepal has initiated its first WHO in partnership with Tokocrypto. Tokocrypto is Indonesia’s leading crypto asset exchange. Further, it is invested and backed up of by Binance (the leading crypto exchange in the world)
For more information on this WHO refer here.
Thus, WHO will help the crypto community in a better development of the project know how and align the process of learning with earning.
Please note that Wallet Holder Offering (WHO) is different from Initial Wallet Offering (IWO).
Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in fintech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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