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El Salvador citizens protest against Bitcoin [BTC] adoption; ATM set on fire

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El Salvador’s adoption of Bitcoin into their national roster was seen as a significant turning point in the history of cryptocurrencies. While the virtual asset community celebrated the recognition, on-ground protests conveyed a very different story. Since the announcement by the El Salvador government, citizens have taken to the streets to demonstrate their frustration.

The protests in El Salvador were conducted by a population tired of bearing the government’s incompetencies. Many believed that the decisions taken by the upper echelons of the government were just a distraction from the real issues. El Salvador’s latest addendum for Bitcoin has only fuelled this raging fire.

On Wednesday, anti-government activists raised slogans against Bitcoin adoption as well as other policies undertaken by President Nayib Bukele. The main concern was that the government focussed on activities that acted as publicity stunts. Opposition lawmaker Claudia Ortiz recently claimed in an interview:

“Bitcoin was a very big economic decision, and it was done totally illogically, sent to congress and passed the same day. We are going through a profound fiscal crisis with high cost of living and unemployment and the government’s response, instead of serious economic policy, is to adopt Bitcoin as legal tender.”

Large swathes of protestors raised slogans that bashed the government’s latest moves with many picking out the Bitcoin addition. Placards read “We were defrauded by Bitcoin” and ” No to dictatorship” amongst several others. The capital, San Salvador also witnessed a bunch of protestors set fire to a newly installed Bitcoin ATM. This event stood out from a largely peaceful movement trying to produce solutions for the country’s problems.

Bukele has also come under fire for his policies to consolidate power within his own strongholds. Several of the protests targeted his steps that were seen as anti-constitutional. Other than making Bitcoin a legal tender, El Salvador also proposed the elimination of the presidential re-election ban. These were just a few of the approximately 200 changes that Bukele’s powerhouse put forth in the latest government release.

Bitcoin mining firm greenidge merges with Support.com as Nasdaq beckons

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Mergers and acquisitions have played an important role in building the cryptocurrency ecosystem as they allowed the entry of new interested entities. The recent crypto boom also allowed several niche companies to become part of the traditional financial juggernaut. This new wave for tie-ups was further evidenced when Bitcoin mining firm Greenidge merged with Support.com to become Nasdaq’s latest entrant. Greenidge shares will be traded as GREE from here on out, combining the entities of both companies. 

According to the merger details, each share of Support .com will be canceled and converted into the 0.115 shares of Greenidge Class A common stock. If there remains any fraction of the exchange leftover, it will be settled in cash. Greenidge first shot to fame after committing to a 100 percent carbon-neutral Bitcoin mining process at all their locations. Post the merger announcement, Greenidge CEO Jeff Kirt stated:

“This merger is an important next step for Greenidge as we build upon our existing, integrated, and proven platform for Bitcoin mining and generation of lower-carbon affordable power.”

As soon as the merger is complete, Support.com is set to become a wholly-owned subsidiary of Greenidge Generation Holdings Incorporated. The merger is being overseen by the United States Securities and Exchange Commission [SEC], which published a report on the two companies. Sources close to the merger informed us that Support.com will further provide a $33 million cash influx to streamline the merger.

Support.com President Lance Rosenzweig was of the opinion that the partnership would open up new doors in a regulated cryptocurrency environment. The cash flow is set to be directed into customer interface, security software, and improving the privacy expertise of the organization. The mining firm will conduct its operations from its upstate New York facility with support from its other branches.

Hodlnaut increases Bitcoin interest rate to 7.5% APY; 2021 roadmap packed with updates with iOS App launch and token swap feature

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The cryptocurrency market’s rate of growth has required companies to keep up in terms of updates and developments. Singapore-based Hodlnaut managed to keep up with the pace and made a name for itself by releasing sought-after features that align with customer interests. Hodlnaut’s competitive interest rates make it stand out from the rest of the cryptocurrency lending platform, asserting its presence in the digital asset ecosystem.

The Singapore Fintech Association has certified Hodlnaut as a Fintech company, and this credential is recognized by the Monetary Authority of Singapore. Hodlnaut customers are asked to complete a Know-Your-Customer (KYC) process before they are allowed to deposit crypto to maintain the highest standards of user safety.

Priding itself on its convenience, Hodlnaut pays out the earned interest directly to the users’ wallets every Monday. Users can choose their payout in the preferred cryptocurrency of their choice. For those tired of contract-based partnerships, Hodlnaut is ideal as there is an absence of a lock-in period. The platform’s stellar interest rates make Hodlnaut a customer favorite amongst cryptocurrency lending platforms.

Hodlnaut’s annual compounded interest rates allow users to earn up to 12.73% APY in interest. Bitcoin (BTC) and Ethereum (ETH) hodlers can earn up to 7.46% interest while the interest rate shoots up even more for stablecoins. Holders of USD Coin (USDC) and Tether (USDT) have the option to earn up to 12.73%.

Hodlnaut Banner MediaKit 1

Their token swap service was launched in early 2021. This feature allows Hodlnaut users to swap between supported asset pairs which include BTC, ETH, WBTC, DAI, USDC, and USDT. Users can make use of this feature and directly manage their trading pairs without a two-step process and additional trading fees.

Just recently, Hodlnaut welcomed the launch of its iOS application. Users are able to deposit, withdraw and check interest statements in the palm of their hands. The company also plans to launch the Android application by the end of 2021.

Hodlnaut Rates August2021

“Our much-awaited iOS App will enable fast and transparent transactions while giving users the required information at their fingertips, enhancing the user experience of our platform,” said Juntao, CEO and Co-Founder of Hodlnaut. 

Hodlnaut’s iOS App is built by developers dedicated to providing the best application experience to its valued users. Download Hodlnaut’s iOS Application via Apple AppStore.

SEC chair claims crypto regulations should become more focussed

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The tussle between the cryptocurrency market and regulatory authorities has been ongoing since the creation of the ecosystem. With each passing year, digital assets took forward steps to enter the good books of most overwatch bodies. The United States Securities and Exchange [SEC] had been on top of crypto from the very start with its Chairman making new comments recently.

During a discussion with the Committee on Economic and Monetary Affairs, SEC chairman Gary Gensler shared his views on cryptocurrency regulations. Gensler spoke about the new avenues being opened up due to the effectiveness of financial technologies. He went on to say that the current digital revolution has the potential to become as game-changing as the internet in the ’90s.

According to the SEC honcho, the cryptocurrency world was a system that constantly chugs along 365 days a year. It was no wonder that the $2.1 trillion value market was being watched by a lot of interested parties. Pro-regulation discussion aside, Gensler also pointed out the drawbacks connected to the cryptoverse.

The SEC chair cited reports that touched on Bitcoin mining’s impact on the environment. After the revelation that Bitcoin mining generated more emissions than some countries, it was clear more needed to be done to curb the problems. This was not to say Bitcoin did not have its merits as it set the foundation for the growth of new Proof of Stake [PoS] blockchain. Gesler added that the privacy of the user was of top priority with bodies like the SEC looking out to reassure that fact.

During the meeting, the SEC official also gave his two cents on stablecoins and their impact on today’s economic climate. He pointed out that stablecoins were just a medium for people to sidestep some economic policies under other banners. Gesler asked for the committee to draw up more solid regulations that will make virtual asset transactions safer and more transparent.

Bololex Adds Another Feather to Cap as Staking Features Take Spotlight

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As the world of digital assets continues its rapid growth, several entities in the industry have begun upping their game. With updates and blockchain developments intrinsic to the positive movement of cryptocurrencies, companies like Bololex have taken charge at the helm. The cryptocurrency exchange platform made a name for itself because of its low transaction fees, focus on privacy, and excellent service sphere.

Bololex claimed that the ever-changing landscape of the cryptoverse kept the exchange on their toes, enabling them to come up with innovative ideas. Since its launch, Bololex has built a strong relationship with the client base which in turn brings in recurring customers. The cryptocurrency exchange further extended its reach in the field by partnering with TWJ News, a leading cryptocurrency news portal.

Bololex’s focus on privacy and security also made it a fan favorite amongst cryptocurrency users. This was put on a show recently when the exchange updated its trade verification steps to ensure smooth processing. Customers were first required to join the Bololex channel and receive the verification code through the Bololex Bot. this code had to be used in the verification window to ratify the process, making it difficult for hackers to get into user funds.

The exchange also set the crypto world buzzing with the launch of its native staking program. According to Bololex:

“Bololex staking is an awesome and simple way to increase your savings without completing additional actions on your side, as we will do it for you. Instead of leaving your crypto assets sitting in your wallet, just stake them on our platform, earn rewards and maximize your holdings.”

Bololex users have the option of staking multiple tokens such as BOLO, CREED, C20, TFT, BONUS, and DPC. The staking duration ranges from 30 days to 360 days where the reward percentage also changes. While the reward percentages for BOLO were 5%, 12%, and 30% respectively, the other tokens had their own variance. Staking tokens has picked up in a big way with users trusting exchanges with solid reward systems.

It was also coincidental that TWJ’s own token can also be staked for user’s benefits. TWJ Coin acts as a medium of exchange for writers if they wish to sell their articles on the website. Every new integration has come with its wave of new investors and that has been the case with staking as well. Bololex’s lucrative reward percentages and periods are set by the owners with the final amount being sent directly once the period ends. One of the standout features offered by Bololex was that an individual has the option to opt-out of the staking program as and when they choose.

The updates mentioned above were just the tip of the iceberg in terms of Bololex’s future roadmap. With the company also looking at expanding its gaming pool, users can be assured that the market was attempting to move to bullish pastures.

India’s SEBI is betting big on blockchain technology

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The narrative of “blockchain, not Bitcoin‘ across the world is slowly reversing. But not in India. The country’s regulatory entity, Securities and Exchange Board [SEBI] has once again restated its interest in distributed ledger technology for the purpose of monitoring and recording financial instruments.

According to a recently released circular, SEBI revealed its intentions to launch a system for “security and covenant monitoring” for non-convertible debentures [NCDs] beginning April 1, 2022. The entity’s decision to adopt blockchain technology signifies yet another important breakthrough for the emerging technology with respect to adoption within the financial system in India. SEBI also said that the integration of distributed ledger technology [DLT] into the country’s financial instruments is likely to enhance system efficiency multifold.

The market regulatory in a statement also stated that blockchain technology offers better protection against different types of cyberattacks because of its distributed nature, which removes the single point of attack possibility.

The document read,

“The system using Distributed Ledger Technology [DLT] shall be used for recording of the process of creation and monitoring of security [viz. due diligence, charge creation etc.], continuous monitoring of covenants by Debenture Trustees [as applicable], credit rating of the non-convertible securities by the Credit Rating Agencies, etc.”

India’s lagging blockchain ecosystem

India is one of the fastest-growing nations in the world and even plans to have its own space station someday. But when it comes to technological advancement and financial inclusivity, the country has struggled to come up with a solution. According to the World Economic Forum [WEF], over 10% of global GDP could be stored on blockchain systems by the year 2025. And yet, a country where the government has embraced the technology, India is far behind the US, China, Australia, and Japan.

According to reports, blockchain technology is one of the most sought-after skill sets in India. But the lack of manpower with a relevant skill set has led to a magnificent salary boom. Despite India’s young demography, the country has been quite late in the game.

FTX.US partners with the University of California to Boost Student Athletics and Local Bodies

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The advent of the cryptocurrency market allowed a slew of new developments and capital to enter the financial ecosystem. FTX.US, one of the most talked-about crypto exchanges of recent times took collaborations to another level with its new University of California, Berkeley partnership. According to reports, the latest deal would involve FTX.US paying the college $17.5 million over a period of 10 years.

FTX is also expected to support Cal’s Cameron Institute for Student-Athlete Development for creating an endemic system of athletes. In addition to this, the cryptocurrency exchange will contribute $200,000 to help underrepresented students as well as the local population. The Cal Golden Bears, the team representing the college, will play all their home matches in the newly rebranded FTX stadium.

FTX’s latest move comes after its tie-up with the Miami Heats. The exchange also expanded into Major League Baseball [MLB] where the umpires will wear FTX logos on their uniform. Sina Nader, the Chief Operating Officer of FTX stated post the announcement:

“We’re excited to partner with one of the world’s great universities and expand crypto’s presence into the collegiate athletics landscape. This historic partnership will also allow us to collaborate on charitable initiatives that align with our organization’s core values. Personally, I am excited to work alongside my alma mater to collaborate with local communities around a variety of causes.”

FTX hopes that the cryptocurrency investment into the university would boost positive sentiment for the digital asset world. The exchange was ecstatic about the event with the company raising more than $900 million last month. This elevated the company’s valuation to a whopping $18 billion.

China’s Alibaba Takes Big Swing With Launch of NFT Marketplace

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Traditional companies have let go of the ethos of not embracing new and nascent technologies for the betterment of their own operations. Organizations like China’s Alibaba have taken steps to ensure that upcoming developments are tapped for maximum potential. To achieve this goal, the company recently launched its own non-fungible token to allow holders to govern their intellectual property.

Named the Blockchain Digital Copyright and Asset-Trade, Alibaba’s NFT marketplace will be accessible to users via the company’s auction platform. Alibaba assured users that the marketplace will be kept to the highest standards of privacy and security, with plans to expand it still in the works.

Reports from within the organization informed us that the NFTs would be issued on the New Copyright Blockchain [NCB]. The NCB is a ledger tech platform founded and operated by the Sichuan Blockchain Association Copyright Committee.

The marketplace and its distribution channels were explained by the South China Morning Post with many users pumped for more information. According to the piece:

“Once the digital products are purchased, buyers can view their items on Tencent Holdings’ WeChat by visiting the public account for Bit Universe, a Shanghai-based firm backed by the Tree Graph Blockchain Research Institute.”

The sheer popularity of NFTs earlier this year propelled them into becoming one of the most sought-after and talked-about commodities in the market. Alibaba aims to make it more accessible for artists to showcase their creations and get the best value that they feel would be appropriate. The marketplace is already live and the set price for a user to access it is 500 yuan.

Mastercard’s new initiative to aid startups working with crypto and blockchain tech

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Several significant firms dived into the crypto-verse this year, and Mastercard was one of them. While an array of platforms maintained a low profile considering the volatile nature of the market, the payments giant went all in and is continuing to do so. Its latest announcement is enough proof of the same.

Back in February this year, Mastercard went on to announce its interest in crypto. The payments platform revealed that it would be taking a plunge into the crypto-verse, and stablecoins would get most of its attention. In its announcement, the platform stated, “We are here to enable customers, merchants, and businesses to move digital value — traditional or crypto — however, they want. It should be your choice, it’s your money.”

Further elevating its presence in the crypto industry, Mastercard advertised its recent initiative, Start Path, in its latest press release. With this program, the platform hopes to help and bring together startups that focus on crypto as well as blockchain tech.

Mastercard’s move to elevate its presence in the crypto market?

Along with seven companies including, Uphold, Taurus, STACS, Mintable, and several others, Mastercard would be diving deep into the crypto and blockchain startup biz. All of these companies are from different parts of the globe, like Singapore, the USA, Israel, and Switzerland.

Speaking about the same, Jess Turner, the executive vice president of New Digital Infrastructure and Fintech, said,

“Mastercard has been engaging with the digital currency ecosystem since 2015. As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry, and provide consumer protections and security. Part of our role is to forge the future of cryptocurrency, and we’re doing that by bridging mainstream financial principles with digital assets innovations.”

This initiative would allow startups to solve an array of challenges that the industry faces. The list includes tokenization, data accuracy, digital security, and seamless access between the traditional and digital economy. With each of the startups mentioned above specializing in specific fields, this initiative would address several market impediments.

Australian government grants millions in grants to rising blockchain companies

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There is no denying that blockchain projects have taken off in the last couple of months with even mainstream institutions adopting the technology. On June 12, the Australian government also jumped on the blockchain bandwagon as it granted more than $5.6 million to industry-based grants programs.

Australian Ministry for Industry, Science and Technology Christian Porter said the projects would help to accelerate the country’s adoption of blockchain technology and “assist businesses to solve real-world problems”. The first two recipients of the Blockchain Pilot Grants were Everledger and Convergence. tech. While the former received $3 million, the former landed a grant of $2.6 million.

The funds for the blockchain grants were first included in the Federal Budget for the 2020-2021 session. Last year in February, the Australian Government released the National Blockchain Roadmap which set the course for the current developments. Christian Porter said:

“The Blockchain Pilot Grants will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products throughout the supply chain and transferring customer information.”

He continued:

“These two successful projects will also highlight opportunities to improve the technical and regulatory environment for blockchain in Australia, bolster blockchain literacy and support collaboration between Australian governments, the private sector, and blockchain companies.”

Other sources within the government agreed with Porter in the fact that Australia had to keep up with the changing financial climate. Using the funds, Everledger plans to investigate the use of blockchain in digital certification. On the other hand, Converge will use its grants capital to help automate ‘commodity-based tax’ processes.

Australia has been blockchain positive for quite some time now and the latest move by the government only solidified cryptocurrency’s hold in the continent down under.