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Articles by Tolu Okuwoga
Cryptocurrency Can Lift the Developing World Out of Poverty Heres How
HodlX Guest PostSubmit Your Post 2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads). Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined. This is wild!#Bitcoin — Nayib Bukele (@nayibbukele) September 25, 2021 In one tweet, El Salvadors president summed up how cryptocurrency can help lift the developing world out of poverty.
Billionaire Investor Charlie Munger Calls Crypto Crazy, Wishes It Had Never Been Invented
American billionaire investor, and the vice-chairman of Warren Buffett’s Berkshire Hathaway, Charlie Munger, has once again lashed at the crypto community. Munger is known for his anti-crypto sentiments, and he never hesitates to let his stance known. A few years ago, the billionaire announced his disdain for Bitcoin, referring to it as a “turd,” and a nonproductive asset.
Blockchain.com Grows Presence In Latin America With SeSocio Acquisition
One of the world’s oldest crypto companies, Blockchain.com, has acquired SeSocio, a crypto company based in Argentina. Both parties announced it on their respective blogs on Tuesday. According to the announcement, this is Blockchain.com’s “largest acquisition to date,” although it did not disclose the amount. With its acquisition of one of the largest cryptocurrency businesses in Latin America, Blockchain.com plans to accelerate its growth and drive crypto adoption in the region.
Grubhub Announces Free Bitcoin Rewards On Food Deliveries
Grubhub, an American online food delivery platform, has come up with an exciting new way to engage its users. The company has partnered with Bitcoin rewards company Lolli to allow its users to earn Bitcoin (BTC) on every order. Integrating crypto into a simple routine activity – like ordering food online, is yet another effort at driving crypto adoption.
Grubhub Announces Free Bitcoin Rewards On Food Deliveries
Grubhub, an American online food delivery platform, has come up with an exciting new way to engage its users. The company has partnered with Bitcoin rewards company Lolli to allow its users to earn Bitcoin (BTC) on every order. Integrating crypto into a simple routine activity – like ordering food online, is yet another effort at driving crypto adoption.
Deloitte Predicts That Sports NFT Sales Will Double In 2022
We have seen non-fungible tokens (NFTs) make big moves in the sports industry this year. And multinational professional services network Deloitte has said that sports NFTs are not going anywhere. According to predictions that the consulting giant released on Wednesday, sports-related NFTs will account for more than $2 billion in transactions next year. This amount roughly doubles the 2021 figure.
Bitcoin Mining Company Griid Set To List On NYSE Via $3.3 Billion Merger Deal
Griid, An Ohio-based Bitcoin self-mining company, is the newest Bitcoin miner to list on the New York Stock Exchange (NYSE). It would go public merging with Adit EdTech Acquisition Corp at a $ 3.3 billion corporate valuation. Adit EdTech, Special Purpose Acquisition Company (SPAC), announced the merger in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday. The sole purpose of SPAC is to acquire a private company and make it public. It is also called a white check company.
Bitcoin Mining Company Griid Set To List On NYSE Via $3.3 Billion Merger Deal
Griid, an Ohio-based Bitcoin self-mining company, is the latest Bitcoin miner to list on the New York Stock Exchange (NYSE). It would go public by merging with Adit EdTech Acquisition Corp at a $3.3 billion enterprise valuation. Adit EdTech, a Special Purpose Acquisition Company (SPAC), announced the merger in a filing with the United States Securities and Exchange Commission (SEC) Tuesday. The sole purpose of a SPAC is to acquire a private company and make it go public.
Tanzania Central Bank Reportedly Prepares To Launch CBDC
Tanzania has reportedly started exploring a Central Bank Digital Currency (CBDC). The country is following the footsteps of Nigeria, which launched its own digital currency last month. Other African countries have similarly announced plans to launch CBDCs. Tanzania Explores CBDC According to a Bloomberg report on Friday, Bank of Tanzania Governor Florens Luoga announced the country’s CBDC plans on Thursday at the 20th Conference of Financial Institutions (COFI).
Crypto Is Here To Stay, Says Paytm Founder Amid Regulatory Debate In India
The government of India is set to propose a new crypto bill in Parliament. This bill contains some regulations that are unfavorable to India’s cryptocurrency economy. In the midst of this, Vijay Shekhar Sharma, the founder of Paytm, has a lot to say. Paytm is an Indian multinational technology company that specializes in digital payment systems, e-commerce, and finance. Sharma proclaimed that crypto is here to stay, and he expects it to become mainstream in a few years.
Solana Could Become The Next Bitcoin, According To FTX’s Sam Bankman-Fried
Sam Bankman-Fried, the founder of the crypto exchange FTX, is optimistic about Solana (SOL). He believes that Solana has the potential to scale to Bitcoin’s (BTC) mass adoption level. Bankman-Fried added that Avalanche (AVAX) also has the potential to climb to the top. He also believes Solana is better than ethereum as it’s one of the few blockchains with a plan to accommodate mass adoption.
South Korea Financial Regulator May Impose Tax On NFTs
Amid the ongoing controversy surrounding virtual asset taxation in the country, South Korea’s Financial Authority recently proclaimed non-fungible tokens (NFT) as taxable. On Tuesday, The Financial Services Commission (FSC) of South Korea, announced that it would start taxing NFTs. According to The Korea Herald, from January next year, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102).
Ripple Partners With Republic Of Palau To Develop National Digital Currency
Digital payment network Ripple has partnered with the Republic of Palau to develop its own digital currency. The payment network is still on a mission to dominate the global payments industry. That is, despite the issues it is dealing with in the U.S. Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact XRP Price? Like El Salvador, the country does not have its own fiat currency or even a Central Bank. Its legal tender, instead, is the U.S. dollar.
Citi Set To Expand Digital Assets Division With 100 New Hires
Multinational bank Citi is on a hiring spree to expand its blockchain and digital assets division. The company first launched its digital assets division in June this year. Now, it plans to grow the division by hiring 100 new people. Related Reading | Why Citi Is “Slowly” Building A Crypto Infrastructure, CEO Says As part of its efforts, Citi has also appointed Puneet Singhvi as head of the division. Singhvi previously headed blockchain for its Global Markets team.
Small Crypto Investors Suffer As Hackers Increasingly Target Phone Numbers
Hackers, for the most part, usually target institutional crypto investors and exchanges. But since the adoption of cryptocurrencies like Bitcoin became more mainstream, these hackers started targeting small individual investors. Related Reading | Hackers Are Now Trying To Steal Crypto Via Malicious NFTs They hack random people through SIM swaps or switching a phone number from one device to another. Then, they access their crypto accounts on trading platforms like Binance and empty the accounts.
FC Barcelona Terminates Two Weeks Old Contract With NFT Marketplace Ownix
The non-fungible token (NFT) market has exploded in recent months. It has seen adoption in many different sectors, including music, food, and sports. Earlier this month, FC Barcelona announced a partnership with premium NFT marketplace Ownix to make the Club’s NFTs. This partnership was, however, short-lived as FC Barcelona on Thursday canceled the deal. The termination came just a few days before the Club’s first NFT collection auction was scheduled on the platform.
El Salvador Announces World’s First Bitcoin City, Backed By $1B Bitcoin Bonds
El Salvador is currently the only country in which Bitcoin (BTC) is legal tender. This move has witnessed many developments, as well as some pushback. Amid protests, technical glitches, and inevitable market volatility, El Salvador continues to drive BTC adoption.
Over $10 Billion Has Been Lost To DeFi Exploits In 2021
Decentralized finance (DeFi) platforms have been the target of criminal attacks this year. Investors in the blockchain-based form of financehave lost billions of dollars to criminals that target the platforms. The total amount of money deposited at DeFi services has spiked from just $500 million in 2019 to $247 billion this year.
IRS Seized Crypto Worth $3.5 Billion This Year, Predicts Even More In 2022
The United States Internal Revenue Service (IRS) on Thursday published its annual Criminal Investigation (CI) report. During the fiscal year of 2021, the agency reported that it seized $3.5 billion worth of crypto. According to the latest criminal investigation report, this figure accounted for 93% of all the assets that the tax enforcement seized that year. The IRS is expecting this cryptocurrency seizure trend to increase to even more billions next year.
Small U.S. City Installs First Government-Backed Crypto ATM In Airport
Williston, a small city with just over 27,000 residents – as of 2019, is making strides in the $2.5 trillion cryptocurrency world. The city has announced a partnership with crypto services company Coin Cloud to install a crypto ATM as its airport. Related Reading | Kraken Unveils Security Vulnerabilities In A Large Number Of U.S. Bitcoin ATMs Coin Cloud has installed over 4000 Digital Currency Machines (DCM) in the U.S. and Brazil.
KuCoin Labs Supports Metaverse Projects With $100 Million Fund
Cryptocurrency exchange KuCoin has ventured into the Metaverse. Its investment and research arm KuCoin Labs on Wednesday announced the launch of “KuCoin Metaverse Fund”. It plans to support early-stage Metaverse projects with $100 million. The fund will also go towards supporting and incubating other startups in the GameFi, non-fungible tokens (NFT), and decentralized infrastructure spaces.
Australia Set To Have A Very Merry Crypto-Giving Christmas, Survey Shows
Australia continues to embrace cryptocurrencies in every sector of its economy. This time, the digital assets have featured in this year’s Christmas festivities. According to a recent Crypto.com survey, “crypto-centric gifts will feature prominently under the Christmas tree in Australian homes this year.” The October survey by the crypto services provider covered 2,020 Australians aged between 18 and 59.
Top Australian Baseball Club To Pay Players In Bitcoin
Bitcoin and other cryptocurrencies are increasingly making appearances in the world of sports. The latest team to enter the cryptocurrency world is Australian Baseball League club Perth Heat. On Wednesday, the club announced that it integrated crypto payments into its operations. The Heat said they had partnered with OpenNode to accept and send Bitcoin payments powered by the Lightning Network.
China Warns State-Owned Companies To Stop Bitcoin Mining Or Risk Strict Penalties
China has issued a warning to its state-owned enterprises to stop cryptocurrency mining. It also warned that it would increase electricity rates for companies that continue to defy the ban. This latest warning comes amid the ongoing crypto ban in the East Asian country. Some months ago, the government of China declared all crypto trading activity illegal. Subsequently, crypto miners and exchanges like Huobi and Binance began to relocate to countries with crypto-friendly regulations.
Interest In NFT Grows As Google Searches Reach Record Highs
Although the non-fungible token (NFT) sector is not new, it has seen a massive popularity boost this year. Creators are thrilled about this exciting new way to make money from their work. Everyone wants to know more about it and how to get in on it. NFTs have been integrated into practically every industry. From fast-food franchises like Burger King to social media giants like Facebook’s Metaverse, and even sports.
India’s Prime Minister Holds Crypto Meeting, Urges Ban On Misleading Ads
Narendra Modi, the Prime Minister of India, on Saturday chaired a meeting on crypto in India. During the meeting, the officials present agreed that some crypto platforms are misleading the youth of the country. And that there is a need to stop non-transparent advertisements. Indian Lawmakers And Cryptocurrencies The meeting comes days after Reserve Bank of India (RBI) governor Shaktikanta Das sounded an alarm on cryptocurrencies. He also cautioned investors on the potential pitfalls.
Crypto Exchange Gemini Lists Shiba Inu As Number Of Holders Increases
Crypto exchange Gemini has added support for popular meme coin Shiba Inu (SHIB) amid growing interest. Gemini announced that it has now supports SHIB in addition to a few new defi, metaverse, infrastructure, and data management tokens. Related Reading | Shiba Inu Beats Out Cardano, Dogecoin On Top 10 Watch-Listed Tokens The exchange’s new addition comes as holders of the meme coin are steadily increasing.
Bitcoin ATM Stolen During Raid In Barcelona
Crypto-related crimes have been on the rise in Spain in recent times. The most recent incident is the case of a stolen Bitcoin ATM in Barcelona. Related Reading | Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record Bitcoin ATMs are kiosks that allow a person to purchase Bitcoin and other cryptocurrencies by using cash or debit card. According to this website, Spain has the highest number of crypto ATMs in Europe. With 185 ATMs, it is also the fourth highest in the world.
Coinbase New Update Allows Users To Share Information About Their Assets With Friends
Coinbase, the largest U.S. cryptocurrency exchange by trading volume, has announced an exciting new update for its users. The exchange’s roughly 73 million verified users will now be able to make information about their crypto holdings public. Coinbase Goes Social Senior product manager Rishav Mukherji announced this update in a blog post on Friday. Coinbase is making some social-networking additions to its app.
Crypto Exchange Patricia Plans Fundraising After Fleeing Nigeria For Estonia
Patricia, a crypto exchange, revealed its fundraising plans in an interview with Bloomberg. The exchange moved its headquarters to Estonia after a clampdown in Nigeria that nearly destroyed its business. The relocation came after the court ruled for it to vacate with immediate effect. Still recovering from the event, Patricia has decided to take on institutional investors for the first time to scale its business.
Kazakhstan Senate Approves Legislation To Monitor Crypto Service Providers
The Kazakhstan national parliament has passed a law that subjects crypto service providers to the country’s financial monitoring system. The law aims to protect investors and also prevent crypto-related crimes from happening. According to a local report, the legislation mandates crypto platforms in the country to follow Anti-Money Laundering (AML) regulations.
Brazilian Lawmaker Proposes Integration Of Crypto Payment Option For Workers
As crypto adoption steadily increases, more and more institutions are considering it as a payment option for employees. A member of Brazil’s Chamber of Deputies, Luizão Goulart, proposed a bill to provide public and private sector workers with a crypto payment option. This means that Brazilian workers would have the option to request their pay in cryptocurrencies. This proposal comes amidst an ongoing regulatory debate in Brazil surrounding Bitcoin.
House Passes $1 Trillion Infrastructure Bill; Implications For U.S. Crypto Community
The U.S. House of Representatives, on Friday, passed the $1.2 trillion bipartisan infrastructure bill. With a final vote of 228-206, thirteen Republicans voted with the majority of Democrats in favor of the bill. Although, six Democrats voted against it. After hours of deliberation, the bill now heads to President Joe Biden’s desk to be signed into law. If signed, it would introduce new crypto-tax reporting requirements for U.S. citizens.
Binance Plans To Develop French Crypto Ecosystem With $116M Initiative
Binance, the largest exchange in the world, has announced a partnership with France FinTech to launch an initiative. France FinTech is a non-profit organization that aims to promote the excellence of the French Fintech sector globally. Binance CEO Changpeng “CZ” Zhao disclosed the launch of the EUR100 Million ($116M) crypto and blockchain initiative during a conference in France. The initiative aims to support the development of the French and European blockchain and cryptocurrency ecosystem.
BitMEX Becomes One Of The First Crypto Exchanges To Go Carbon-Neutral
Crypto exchange BitMEX has followed through on its earlier commitment to carbon neutrality. On Tuesday, the exchange announced its plans to offset the environmental footprint of its Bitcoin transactions. It also announced research plans as well as partnerships with organizations dedicated to using innovation to lower cryptocurrency’s environmental impact.
Fan Of Mark Cuban’s Dallas Mavericks Wins $100K In Bitcoin At NBA Event Original
A lucky Dallas Mavericks fan just won $100,000 in Bitcoin in a National Basketball Association (NBA) shootout event. Voyager Digital Ltd, a US-based publicly traded cryptocurrency platform, sponsored the event. The crypto company recently partnered with the Dallas-based basketball team. Voyager Digital joins the growing number of crypto exchanges looking to enter the sports industry. The platform currently has over 2 million registered users with access to trade over 60 digital assets.
FBI And Australian Police Investigation Leads To Forfeiture Of Over $1.2M In Crypto
The Australian Federal Police (AFP) has uncovered cryptocurrency and cash worth more than $1.66 million during an investigation. Following information received from the FBI, the AFP arrested a hacker who sold stolen Netflix and Spotify subscriptions. Subsequently, the Supreme Court of New South Wales ordered the convicted hacker to forfeit the currencies to the Commonwealth.
AMC Theaters Considers Accepting Shiba Inu As Payment Amid Growing Interest Original
AMC Theatres, the largest movie theater chain in the world, is considering adding Shiba Inu (SHIB) as a way to pay for tickets. On Friday, the CEO of the theatre chain, Adam Aron, put up a poll on Twitter asking the crypto community if they would be potentially interested in paying for movie tickets with Shiba Inu. After acquiring some cinemas in 2016, AMC became the largest movie theater chain in the world.
Hollywood Star Matt Damon Partners With Crypto.com To Promote Clean Water Project
Cryptocurrency exchange Crypto.com has donated $1 million to global nonprofit organization Water.org. Co-Founded by Hollywood movie star Matt Damon in 2009, Water.org is a global nonprofit organization working to bring water and sanitation to the world. Related Reading | Trippy Bunny NFT Donates $220k Mint Proceeds To Suicide Prevention Foundation The donation will go toward supporting Water.org’s mission of eradicating the global water crisis.
German Authorities Auction Over 200 Bitcoin Seized From Cybercriminals
Authorities in Germany announced the auction of Bitcoin starting Monday, October 25. The Ministry of Justice of North Rhine-Westphalia set up a public auction for Bitcoin that the police seized from cybercriminals. Over 200 Bitcoin was up for grabs in a two-day sale. Related Reading | Ireland to See First Public Auction of Seized Crypto Assets The western German state runs the only central online auction portal in Germany’s justice system.
Economist Peter Schiff Calls Bitcoin An ‘Imaginary Friend’ In Response To Jack Dorsey’s Hyperinflation Tweet
Peter Schiff is an economist, golden advocate and one of the biggest critics of Bitcoin. He never liked the digital currency. He believes that real value is derived from the ability of an asset to create business demand in markets; and always refers to gold as a perfect example of that. In contrast, he says Bitcoin is nothing but an asymmetric store of value with no other use than to attract an endless supply of buyers for the limited supply of assets. Basically, it’s a Ponzi scheme.
Baseball Legend Willie Mays Drops First NFT To Celebrate 90th Birthday
On Friday, October 22, the Costacos Collection announced the upcoming release of a non-fungible token (NFT). The line is dedicated to Baseball Legend Willie Mays. It is also an effort to preserve the legacy of celebrated black artists, musicians, and athletes. The NFT, “The Making of a Giant,” launches today, October 24, in a few hours to celebrate Mays’ 90th birthday. NFT platform Nifty Gateway will host the baseball legend’s collection.
Nigeria Prepares To Launch Digital Currency eNaira On Monday
The President of Nigeria, Muhammadu Buhari, will formally unveil the much anticipated Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25th, October 2021, at the State House in Abuja. Related Reading | New Convert: Anti-Crypto Central Bank Of Nigeria Set To Launch Digital Naira The Central Bank of Nigeria (CBN) first announced the eNaira in June 2021. This was after they had previously banned banks and financial institutions from facilitating crypto transactions.
Elon Musk Plans To Become The World’s First Dogecoin Trillionaire
Tesla CEO Elon Musk says that he will become the world’s first Dogecoin trillionaire. According to a recent prediction by a Morgan Stanley analyst, the SpaceX founder is on his way to becoming the world’s first trillionaire with his relentless amassing of wealth. A Twitter account called UberFacts tweeted this prediction. Amusingly, the Tesla CEO replied to the tweet, stating that he would be a Dogecoin trillionaire. With that reply, he sent the Dogecoin price soaring again.
This Bitcoin Meme Elon Musk Reposted Sold As An NFT For Almost $20k In WETH
Tech CEO Elon Musk is a well-known meme fan. In fact, some would call him a meme-lord. He even acknowledged it in his tweet from last summer. Who controls the memes, controls the Universe — Elon Musk (@elonmusk) June 26, 2020 He has called them “modern art” and constantly reposts these memes on Twitter to his millions of followers. Although many people enjoy his memes, others do not because he hardly credits the original creators.
Russian Authorities Consider Proposed Crypto Mining Project Using Associated Petroleum Gas
The Russian government is considering a proposed project to mine crypto using Associated Petroleum Gas (APG). Local oil and gas companies in Russia want to operate crypto mining farms on their oil rigs using APG to generate power. Deputy head of Russia’s Ministry of Industry and Trade, Vasiliy Shpak, presented the proposal to the Ministry of Digitalization and the Bank of Russia.
PayPal Co-founder Peter Thiel Admits He Underinvested In Bitcoin
Billionaire entrepreneur, venture capitalist, and co-founder of PayPal Peter Thiel said he should buy more Bitcoin. During an interview arranged by the Lincoln network on Wednesday in Miami, he talked about cryptocurrencies, central banks and Artificial Intelligence. Miami has become a hotspot for crypto investors. Several crypto startups have recently announced new offices in the city.
North Vancouver Plans To Be The World’s First City Heated By Bitcoin Original
Bitcoin (BTC) mining is an energy-intensive industry. One of the major by-products of mining – excess heat created by computational efforts – has mostly just gone to waste. Recently, many have been asking if there is a way to put that heat to better use and turn it into sustainable energy for others. As a result, mining companies are exploring various ways to recover and repurpose waste heat. The City of North Vancouver is on a mission to become the first to use bitcoin mining to heat buildings.
Bank Of England Will Scramble To Buy BTC Before It Hits $1 Million, Says Bitcoin Maximalist
Bitcoin expert Max Keiser has said that the Bank of England (BoE) will scramble to buy Bitcoin before the digital asset trades at $1 million. His comments come after Bank of England’s deputy governor for financial stability, Jon Cunliffe, warned that cryptocurrencies could spark a global financial crisis unless tough regulations are introduced.
Over $5 Billion In BTC Paid In Top 10 Ransomware Variants, Says U.S. Treasury
Ransomware attacks in the U.S. have been on a rise since late 2020, but it is particularly booming in 2021. This year, hackers have hit numerous U.S. companies in large-scale hacks. One such attack on pipeline operator Colonial Pipeline led to temporary fuel supply shortages on the U.S. East Coast. Hackers also targeted an Iowa-based agricultural company, sparking fears of disruptions to grain harvesting in the Midwest.
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