Table of Contents
Bitcoin News: 10th November 2021
- Discord CEO hints at integrating Ethereum via wallets such as MetaMask [LINK]
- Reddit Co-Founder and Solana Ventures Team Up On $100M Web 3 Social Media Initiative [LINK]
- Shiba Inu, Dogecoin are here to stay, so long as memes are alive on the Internet [LINK]
- Angry crypto trader loses money, tries to burn down exchange office [LINK]
- European Digital Currencies Soon to Become Legal Tenders, ECB Says [LINK]
- Huobi to halt services in Singapore after China exit [LINK]
- Zimbabwe minister signals CBDC interest amid Bitcoin adoption rumors [LINK]
- Apple CEO Reveals Crypto Portfolio, But Denies Crypto Payment For Apple Products, Here’s Why [LINK]
Discord CEO hints at integrating Ethereum via wallets such as MetaMask
Discord’s founder and CEO, Jason Citron, has hinted that the chat service may integrate the Ethereum network through wallets like MetaMask.
Citron uploaded a screenshot of Discord connecting to Ethereum in a tweet early Tuesday, captioning it “probably nothing” — a phrase commonly used to mean “probably something.”
If Ethereum is successfully incorporated into Discord, millions of users will be able to send crypto to one another, and Discord will be able to monetize the service through transaction fees created by a native token exchange feature.
Citron’s tweet was in response to a tweet from Packy McCormick, the creator of Not Boring Capital and the Not Boring newsletter. Given Discord’s 150 million monthly active users, McCormick suggested in the most recent issue of his newsletter that Discord might play web3.
According to reports, Discord conducted a survey in August asking users if they wanted a “Discord-native crypto wallet,” which would mean that every Discord account would come with a crypto wallet.
However, according to McCormick, Discord currently lacks encryption capabilities. It could, however, buy a crypto wallet and its team, or employ a team to construct the wallet from scratch, he said.
“A wallet would be a bold entrée that permits even bolder movements if Discord is serious about web3,” McCormick added.
Microsoft was supposed to be in advanced talks to buy Discord for $10 billion or more earlier this year, but those conversations were apparently stalled as Discord prepares for an IPO.
Since its inception in 2015, Discord has raised about $980 million in total funding. When it secured $500 million in a new investment round in September, it was allegedly valued at around $15 billion. Target Global, Bessemer Venture Partners, Index Ventures, Accel, Tencent, Coatue Management, Fidelity Management & Research, and Franklin Templeton Investments are among the company’s investors.
Angry crypto trader loses money, tries to burn down exchange office
According to Korea Joon Ang Daily, a 40-year-old crypto trader was arrested in Gangnam last Thursday for attempting to set fire to an exchange’s customer care centre.
Police responded to reports of a guy pouring lighter fuel into Upbit’s flagship support offices in Seoul and threatening to set them on fire.
The unidentified person informed investigators he was furious because he had lost money on the cryptocurrency exchange.
Police said he was just trying to set fire to the building, not himself, contrary to other accounts.
The man had dowsed himself with a combustible liquid, threatening to burn himself as well as Upbit’s building, according to local media.
According to The Hankyoreh, “it was found that some of the combustible substances that were sprayed on the floor at the site splattered on the body, and that it was not directly sprayed on the body” (automatically translated).
His exact motive is currently being investigated by police.
Shiba Inu, Dogecoin are here to stay, so long as memes are alive on the Internet
Many people from all around the world are learning how to invest in cryptocurrency and make some additional money. While Bitcoin has remained the investor’s choice, the popularity of cryptocurrencies fluctuates based on whatever TV show is popular or which dog breed is in demand. Shiba Inu is the most recent, and it has taken the crypto market by storm.
Since October, the digital asset had returned over 700 percent, which was more than enough incentive for a typical investor to earn a quick cash. The recent hoopla around the Shiba Inu as a “DOGE-killer” coincided with the cryptocurrency meme-trend.
It resulted in the formation of a community around the dog-themed meme. People’s communal interest has kept Shiba Inu afloat while also attracting the attention of various enterprises.
Businesses sensed this support as well, because the digital asset had a relevant quality for crypto users. That’s why they planned to accept SHIB as a form of payment or investment. On November 3, 2021, Tokens.com, a publicly traded corporation, purchased 833 million SHIB tokens.
Tokens.com was intending to bet the tokens to gain more SHIB as the digital asset’s market valuation surpassed $30 billion.
Andrew Kiguel, CEO of the aforementioned firm, stated,
“We think we are the first publicly traded company to offer SHIB tokens to its investors.” Shiba Inu has grown into one of the world’s largest, most popular, most liquid cryptocurrencies, with a devoted fanbase. Tokens.com was able to purchase a substantial amount of SHIB due to its cheap trading price.”
AMC cinemas has been considering integrating payments using the meme coin because the publicly traded company offers exposure to SHIB. SHIB is the “next one on our cryptocurrency hit parade,” according to AMC CEO Adam Aron, who stated that the company was on schedule to take Dogecoin by Q1 of 2022.
The meme business will thrive to generate meme currencies and contribute to its longevity through memes, just as analysts believe that the future of crypto is multiple digital assets fulfilling varied requirements of people. SHIB worth approximately $8 billion is currently languishing in whale wallets with no movement, indicating long-term trust in the digital asset.
Whether or whether it is a “DOGE-killer,” Shiba Inu, like Dogecoin, may remain a craze as long as memes abound on the internet.
Reddit Co-Founder and Solana Ventures Team Up On $100M Web Initiative
Today, Reddit co-founder Alexis Ohanian and Solana Ventures co-founder Raj Gokal jointly announced (at first) a $50 million fund to invest in Web 3.0 social media technology with Solana Ventures.
The news came during this year’s Solana Breakpoint conference in Lisbon, Portugal, and comes on the heels of Gokal’s recent Twitter ban and Facebook’s recent corporate rebranding to Meta.
Just minutes after introducing the effort at a $50 million budget, Ohanian announced on stage that the project will be worth $100 million. He told a delighted throng, “Reeled you in there.”
During the discussion, Gokal continued, “I do need to be freed from centralised social media; I want to be off Twitter.”
“Assist me with this. Create the next Twitter, the next Facebook, the next Instagram. I’m offering a special reward to anyone who will assist me in removing and deleting my accounts from those centralised services “Added he. The crowd erupted in applause as Ohanian responded with “the bounty is out there.”
Is decentralisation the best solution?
The Facebook Files are a reliable evidence that many people are disillusioned with social media’s current form.
However, today’s announcement by Reddit and Solana Ventures is far from the first time that decentralisation has been proposed as a solution to the world’s social media woes.
Last year, as TikTok and WeChat were banned in the United States, calls for decentralised social media rose.
Voice, a platform built by block.one, a blockchain-based solutions startup, aims to give social media users control through transparency. When users interact on Voice, their exchanges are public, and material is not generated by algorithms.
European Digital Currencies Soon to Become Legal Tenders, ECB Says
Officials are actively evaluating whether central bank digital currencies (CBDCs) will soon become legal tender in their countries, as proposed by major central banks in Europe.
Fabio Panetta, a member of the European Central Bank’s executive board, stated during a panel discussion on Central Bank Digital Currencies (CBDCs) in Helsinki on Tuesday, November 9, that the outcome is likely to be in euro zones.
Panetta noted that such legal tender status should not be taken for granted, as it would give CBDCs an advantage over alternative payment options offered by private companies and help them gain broader public acceptance.
“Not having legal currency status for an additional instrument issued by a central bank would be extremely awkward,” Panetta remarked.
The ECB, according to Panetta, will look at the matter during the next two years.
Consumers may avoid using CBDCs if they stick to traditional payment methods like credit cards and apps or embrace newer possibilities like stablecoins, according to experts.
As one of the key areas of examination, the ECB is presently conducting its study, which is looking into the prospect of giving a digital euro legal currency status.
Interaction with European retail payments markets, use cases, design options, and what front and back-end technical infrastructure could best handle such difficulties are all areas that the study is looking into.
The ECB highlighted that a final decision on whether a digital euro would be adopted has yet to be made. The difficulties concerning CBDCs, as well as the various alternatives for their growth, are complicated and necessitate serious consideration. It’s no wonder, however, that the EU expects to take five years to complete the process.
Huobi to halt services in Singapore after China exit
Huobi Global, one of the world’s top cryptocurrency exchanges by trading volume, is closing its Singapore operations soon after leaving China.
Huobi said late Tuesday that all Singapore-based users’ accounts will be shut down by the end of March next year.
Huobi has advised all Singapore-based Huobi clients to liquidate active positions and withdraw their digital assets by March 31, 2022. According to the news, the exchange would gradually phase out Huobi services in Singapore before March.
“If the company determines in its sole discretion that you have violated this agreement or that its provision or your use of the service in your jurisdiction is unlawful,” the agreement states, “the company may suspend or terminate your account or use of the service, or the processing of any digital asset transaction at any time.”
Singapore has recently risen to prominence as a key global cryptocurrency hub, with local regulators giving a slew of licences to allow bitcoin trading. The Monetary Authority of Singapore is putting “extremely strong regulation” in place to reinforce Singapore’s position as the world’s crypto centre, according to Ravi Menon, managing director.
Huobi’s operations have also been questioned by various international regulators. Thailand’s Securities and Exchange Commission temporarily shut down Huobi’s local unit in September, recommending that the Ministry of Finance revoke the company’s operating licence.
Huobi was forced to leave China after local authorities declared a major cryptocurrency crackdown in late September. Huobi aims to close all Chinese accounts in Mainland China by December 31, as previously reported. Huobi was founded in China in 2013 and has a strong ties to the country. Its Chinese business accounted for at least 30% of its total trading volumes and income prior to the ban.
Zimbabwe minister signals CBDC interest amid Bitcoin adoption rumors
Zimbabwe’s Minister of Information has publicly denied reports that the country is considering adopting cryptocurrencies such as Bitcoin (BTC). Minister Monica Mutsvangwa underlined that the Zimbabwean government is eager to try out a central banking digital currency (CBDC).
The speculation of Zimbabwe’s cryptocurrency adoption was prompted by many reports quoting Charles Wekwete, the President’s Permanent Secretary, as suggesting that the government was in talks with private sector enterprises to help implement cryptocurrency in the country.Mutsvangwa took to a cabinet meeting the day after the revelations to reject the continued crypto adoption claims:
“Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.”
Furthermore, the minister highlighted that Zimbabwe’s government is following in the footsteps of other countries by researching “CBDC as opposed to cryptocurrencies, bitcoins, or any other kind of derivatives.”
CBDCs are digital tokens issued by a government’s central bank, which should be noted. The digital tokens will be tied to the Zimbabwe dollar and will have the monetary value of the local currency in real-time if they are launched in Zimbabwe.
Governments all around the world are experimenting with retail and wholesale CBDCs to find more cost-effective cross-border payment options while also improving their ability to track transactions to prevent money laundering and other fraudulent activity.
Apple CEO Reveals Crypto Portfolio, But Denies Crypto Payment For Apple Products
As part of his “diversified portfolio,” Apple CEO Tim Cook said that he has put his personal assets in cryptocurrency. Cook appeared remotely at the New York Times’ Dealbook Conference, where he revealed his personal investment in a cryptocurrency portfolio, however he did not indicate which cryptocurrency he has invested in.fraudulent actions
“I think it’s reasonable to own it as part of a diversified portfolio…I’m not giving anyone investment advice, by the way…I’ve been interested in it for a while. I’ve been researching it and so forth … I think it’s interesting.”, said Cook.
While Cook is willing to take crypto risks with his own money, he has ruled out any plans for Apple to accept crypto payments in the near future, citing the significant risk component. Cook also stated that Apple will not be investing any of the company’s funds in cryptocurrency anytime soon. Apple’s CEO, on the other hand, did not shy away from hinting at future ambitions for digital assets beyond investment and payment gateways, saying that “there are other things that we’re definitely looking at” in terms of the decentralised sector. Additionally, Cook showed his interest in Non-Fungible Tokens (NFTs), although, he also noted that “it will take a while to play out in a way that is for the mainstream person”.
Given the Apple Play Store’s history of crypto frauds, Apple is treading carefully around any substantial crypto integration. Apple found itself in a lawsuit near the conclusion of the third quarter as a result of its careless screening method. The Diep Vs Apple class-action complaint was launched after a fake programme on Apple’s App Store, Toast Plus, masquerading as a cryptocurrency wallet, Toast Wallet, used phishing attempts to steal XRP from users’ wallets.
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