Belarus Seeks to Deepen Ties With BRICS, SCO, ASEAN — Pushes for Economic Union With Zero Restrictions

Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.”

Belarus Prioritizes Building Economic Union With ‘No Barriers and No Restrictions at All’

Belarusian President Alexander Lukashenko outlined his country’s priorities and response to sanctions during the Supreme Eurasian Economic Council meeting in Moscow on Thursday. The meeting was chaired by Russian President Vladimir Putin.

Lukashenko explained that Belarus’ response to sanctions is to strengthen cooperation within major multinational organizations, such as the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). The BRICS economic bloc comprises Brazil, China, India, Russia, and South Africa. The Belarus leader said (translated by Google):

Our response to the sanctions pressure is to intensify cooperation within the SCO, BRICS, and ASEAN, to close new trade agreements, and [engage in] constructive and mutually beneficial cooperation with everybody who is interested in being our friends and partners.

“Having said that, I want to note that as a result, we must ensure the balance of interests between all the parties involved. It is not an easy task but I am confident that the commission has the skills and competence required,” he added.

Lukashenko continued: “The modern world is undergoing global changes and entering an era of major transition and strategic development. There is increasing awareness of the need to replace the unipolar system of management with new decision-making centers that ensure the consideration of interests of all participants in international relations.” He stressed:

The creation of a comprehensive economic union remains our priority … There should be no barriers and no restrictions at all. This is a basic principle for building our union, and we must reach this target as soon as possible.

“Colleagues, I believe that, by taking joint efforts, we can fully realize the potential of this union internally and externally, thus creating one of the full-weight responsible centers of the new multipolar world,” the Belarus leader concluded.

The Belarusian leader also spoke at the Eurasian Economic Forum in Moscow Wednesday. “Financial, pandemic, [and] geopolitical crises are replacing each other so quickly that people simply do not have time to take a breath and lose confidence in the future,” Lukashenko opined, elaborating:

The world has been recently living in a constant state of tension and uncertainty. This is also natural in the transition period from the old era to the new one, to which we aspire and whose name is multipolarity.

While noting that in extraordinary circumstances, a stable economy serves as a strong foundation, he emphasized that in today’s interconnected world with transparent economic borders and intertwined trade relations, it becomes nearly impossible for any nation to achieve economic stability on its own. He added that consequently, countries are increasingly motivated to seek membership in influential regional and international organizations, such as the Eurasian Economic Union (EAEU), SCO, BRICS, and ASEAN.

What do you think about the statements by Belarusian President Aleksandr Lukashenko? Let us know in the comments section below.

from Bitcoin News

‘Weaponization Project of the Dollar’: Asian Countries Talk De-Dollarization; Jim Rogers Says USD’s Time ‘Coming to an End,’ and More — Week in Review

The future fate of the U.S. dollar continues to dominate financial news, as investor Jim Rogers says the USD’s time is “coming to an end,” and nine Asian countries have been discussing de-dollarization measures in Iran. In other news, an expert has predicted that the price of gold will skyrocket due to economic conditions, and JPMorgan CEO Jamie Dimon has said of interest rates that people “should be prepared for rates going higher from here.” All this and more just below, in this latest Bitcoin.com News Week in Review.

9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran

Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.

Read More

Renowned Investor Jim Rogers Warns US Dollar’s Time ‘Coming to an End’ as Countries Seek Alternatives

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” he warned.

Read More

JPMorgan Boss Warns ‘Everyone Should Be Prepared’ for Interest Rates ‘Going Higher From Here’

JPMorgan Chase, the largest bank in the United States, held its investor day event on Monday, where CEO Jamie Dimon answered questions from analysts and journalists. Despite market expectations of a rate hike pause, Dimon cautioned that people “should be prepared for rates going higher from here.” The billionaire banker also discussed the potential for commercial real estate to sour following concerns raised by Berkshire Hathaway’s Charlie Munger about the sector.

Read More

Gold Prices Poised to Skyrocket as Expert Predicts Fourfold Increase in Demand

Although gold has been trading below the $2K range since May 16, 2023, Rick Rule, the founder of Rule Investment Media, is confident that the struggling U.S. economy will cause demand for precious metals like gold to skyrocket. In an interview published on May 18, Rule emphasized that people’s anxiety about the purchasing power of conventional savings methods has always been the main factor driving gold prices. According to Rule, this trend is likely to continue, and he predicts that demand for gold will increase by fourfold in the near future.

Read More

What are your thoughts about recent conversations on the dollar losing its influence in global economics? Let us know in the comments section below.

from Bitcoin News

Biden, Republicans Strike Tentative Deal to Raise US Debt Ceiling

The White House and House Republicans have reached an agreement in principle to raise the U.S. debt ceiling. Described by President Joe Biden as “good news for the American people,” the deal would open the door to avoiding a historic default by the government in Washington and averting not just a potential economic catastrophe in the United States but a global recession as well.

Joe Biden, Kevin McCarthy Announce In-Principle Agreement to Raise Debt Ceiling

After weeks of negotiations, which put an end to a months-long stalemate, the White House and the Republican leadership of the House of Representatives now have “an agreement in principle” on a deal to raise the debt ceiling in the U.S. for two years and limit budget spending.

The agreement has been reached by President Joe Biden and House Speaker Kevin McCarthy during a phone call on Saturday. Both sides are now facing the difficult task to convince the Republican-controlled House and Democrat-dominated Senate to back the deal in Congress before June 5.

On that date, the U.S. government could find itself unable to pay its bills, according to Treasury Secretary Janet Yellen, who just updated her projection on Friday. Yellen had previously estimated that the United States could default on its debt obligations as early as June 1.

“We have come to an agreement in principle. We still have a lot of work to do but I believe this is an agreement in principle that is worthy of the American people,” McCarthy told reporters, quoted by CNN. In a tweet, he accused the U.S. head of state that “he wasted time and refused to negotiate for months.”

President Biden confirmed the deal on Twitter, too. He remarked that the agreement is a compromise that would not make everyone happy but emphasized it “is good news for the American people, because it prevents what could have been a catastrophic default and would have led to an economic recession.”

Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle.

It is an important step forward that reduces spending while protecting critical programs for working people and growing the economy for everyone. And, the agreement protects my and…

— President Biden (@POTUS) May 28, 2023

Deal to Cap Spending, Postpone Further Ceiling Revisions Until After 2024 Election

Joe Biden urged both chambers of Congress to “pass the agreement right away.” Negotiating teams are expected to present the finalized text of the legislation on Sunday and McCarthy said that he will likely speak with the President again in the afternoon.

If approved by lawmakers, with the House vote expected on Wednesday, the agreement would increase the limit for the U.S. government’s $31.4 trillion debt through January 2025, postponing future clashes over the ceiling between the Democrats and the Republicans beyond the 2024 presidential election.

It would also cap spending in the 2024 and 2025 budgets, Reuters reported. And according to a source familiar with the negotiations quoted by CNN, non-defense spending will be capped to the current levels for next year and increased by 1% in the following fiscal year.

In case Biden signs it into law before the approximate default date, Washington would avoid a potentially unprecedented crisis with unpredictable consequences for the world economy as the U.S. government has never before defaulted on its obligations.

The threat of a recession has sparked reactions across the globe. While the credit rating agency Moody’s labeled the potential U.S. default a “near-term danger to the dollar’s position,” China’s Chengxin International Credit Rating agency downgraded the United States’ credit rating this week.

Crypto markets reacted positively to the news of the deal reached in the U.S. capital, with the price of bitcoin (BTC) rising by around 2% in 24 hours to over $27,000 at the time of writing and that of ether (ETH), the second-largest crypto by market cap, increasing by nearly 1% to almost $1,850 per coin.

Do you expect the Congress to support the agreement to raise the U.S. debt ceiling on time? Tell us in the comments section below.

from Bitcoin News

Blockchain-Based Re-Usable KYC ‘Particularly Valuable in Web3’ — Cheqd CEO Fraser Edward

According to Fraser Edward, the CEO and co-founder of the public permissionless network, Cheqd, one of the main hurdles faced when attempting to move data stored on Web2 servers to Web3 is “establishing a clear and scalable revenue model.” Edward however suggested overcoming this hurdle will unlock new use cases which facilitate economic activities within the Web3 ecosystem will be unlocked.

The Trusted Data Market

The Cheqd co-founder also told Bitcoin.com News that in today’s data-driven world, greater emphasis is now being placed on obtaining accurate and verified data. This shift in value from what Edward labeled generic data to trusted data is evidenced by users’ demand for data that is portable and cryptographically verifiable. According to Edward, it is this demand for assured data that has given rise to what is now known as the “trusted data market.”

Meanwhile, in the rest of his responses to questions from Bitcoin.com News, the Cheqd CEO touched on the so-called “bot paranoia” and how a decentralized reputation system can be used to combat bots and impersonators. The CEO also offered his thoughts on blockchain-based re-usable KYCs as well as how these can be used in the real world.

Below are Edward’s answers to questions sent to him via Telegram.

Bitcoin.com News (BCN): What is a Trusted Data Market and what problem does it solve for businesses and individuals?

Fraser Edward (FE): In today’s data-driven world, trust and assurance in data are critical, especially considering the increasing volume of data, the emergence of advanced language models like ChatGPT, and the rising volume of fraud. This shift in value from generic data to “trusted data” is characterized by data which is portable, cryptographically verifiable, assured provenance and traceability. Since trusted data has value, recipients will pay the issuers of the data for that value, incentivising them to provide more trusted data wherever possible.

Let’s consider the example of a Web3 lender looking to attract new users from Web2, and retain existing users in Web3 by lowering collateral ratios on crypto loans: Suppose a borrower approaches a lender, either in the cefi or defi space, seeking a loan. Traditionally, lenders require significant over-collateralization (>140-200%) due to the unknown risk associated with an individual borrower.

In a new scenario, lenders and protocols can offer appropriately collateralized loans if the borrower provides signals that support a perceived reduction of risk. These ‘signals’ are trusted data which may include on-chain transaction history, social signals and proofs like DAO contribution history, ownership of real-world assets, and even the borrower’s Web2 credit score and KYC data. The lender utilizes these signals to assess the risk of the loan. The more signals the borrower provides, the lower the perceived risk.

This enables lenders to offer competitive loan terms while maintaining their risk profile. Moreover, it enhances the efficiency of capital markets, stimulates growth through new money creation, and establishes cryptocurrencies as a viable alternative to fiat currencies. As the loan is repaid, the lender can provide prompt payment credentials to the borrower, which the borrower can share with other lenders to demonstrate good behaviour. The new lender then compensates the old lender and the borrower for these credentials.

Cheqd supports this data market by ensuring the lender (the verifier of the trusted data) can utilise Cheqd’s payment infrastructure to pay the Issuer of the trusted data (let’s say a consumer credit agency) in a privacy-preserving mechanism. The transaction (the loan) remains trustless, however, the relationship between the borrower and the lender has signals that support trust, enabling a more efficient lending market in crypto whilst retaining what makes crypto lending unique.

Lastly, let’s explore the application of credentials in the context of DAOs: A DAO commissions an anonymous artist for a specific artwork. The artist successfully completes the work and receives payment from the DAO. The DAO provides the artist with a credential endorsement stating their professionalism, quality work, and timely delivery. The artist can then anonymously share this credential with future projects or DAOs when applying for a job. In this scenario, the new DAO or project may compensate the previous DAO for the recommendation, as it helps de-risk their hiring process. By leveraging trusted data credentials, businesses and organizations can enhance trust and streamline onboarding to speed up work.

BCN: The so-called “bot paranoia” often makes users question whether the person they’re talking to in the digital world is really who they claim to be. Can a decentralized reputation system solve that problem for users? If so, how?

FE: A decentralized reputation is built on various signals that contribute to its credibility. These signals encompass a wide range, including KYC and liveness credentials, social media history (such as account age and posting frequency), and endorsements from other individuals or organizations. Users have the flexibility to combine and selectively share these signals to prove their reputation. While each signal could be manipulated individually, attempting to do so for all signals would be highly challenging and time-consuming.

Moreover, since each recipient of the reputation (i.e., the observer) can prioritize different factors, impersonating someone would require covering all bases, adding significant time and effort to the process. While impersonation remains theoretically possible, the time-consuming nature of such attempts makes it economically unviable. For instance, it would involve maintaining consistent social accounts over the years, demonstrating a regular history, and acquiring endorsements from reputable organizations and people.

BCN: Your company is said to be building a marketplace where holders, issuers, and verifiers can exchange and monetize verifiable data. Can you tell our readers who these holders, issuers, and verifiers are as well as how the exchange and monetization of data works?

FE: Absolutely. One nuance here is that “holders, issuers, and verifiers/receivers” are roles and therefore often overlap, especially for organizations. Let’s consider an example: An investment DAO employs someone to analyze companies and projects for potential funding. The DAO gives the person or people credentials so they can prove who they work for to the companies and projects so they can be trusted and prevent scamming.

In this scenario:

• Issuer: DAO
• Holder: Person
• Verifier/receiver: Bank

Then, once the DAO has invested, it issues credentials to the company or project so that it can prove they are trustworthy and reputable to other investors or potential business partners without needing to involve the DAO all the time.

In this scenario:

• Issuer: DAO
• Holder: Company or project
• Verifier/receiver: Other investors or potential partners

BCN: Much of the world’s data is still stored on Web2 servers. Bringing them to Web3 in a verifiable and privacy-preserving manner could help unlock new use cases or at least improve the existing ones. What are the challenges of bringing verifiable Web2 data such as credit scores to the Web3 ecosystem to facilitate economic activities?

FE: One of the primary historical hurdles of releasing data to the control of individuals has been the commercial aspect. Traditionally, companies collect, aggregate, and analyze data, generating revenue by selling either aggregate data or insights derived from their analysis. Transitioning to the new data paradigm, where individuals have control over their own data, requires new technologies, which entail costs for businesses. Without a viable revenue stream associated with these changes, commercial feasibility is limited unless mandated by regulations.

Therefore, the key challenge lies in establishing a clear and scalable revenue/commercial model, which is precisely what we at Cheqd are directly addressing. Our focus is on incentivizing the release of data from existing servers and silos back to the control of the individuals to whom it pertains. By solving this challenge, we can unlock new use cases or improve existing ones, facilitating economic activities within the Web3 ecosystem.

BCN: The KYC process is sometimes seen as a major stumbling block in the financial services sector. It can be time and resource-consuming and the data can be fraudulent. Do you think a so-called blockchain-based re-usable KYC can solve this problem and potentially improve the user experience?

Absolutely, re-usable KYC is particularly valuable in Web3, where users are highly mobile and prone to switching between multiple exchanges or marketplaces. For example, the European Commission found 21% of survey respondents had switched providers, i.e. exchanges or marketplaces within the last 5 years, higher than for any other product or service, e.g. current accounts or fiat investment products. It did not ask about switching multiple times within this period or using multiple providers which anecdotally we know most people do.

Currently, many financial service providers outsource their KYC requirements to third-party providers like Onfido, Jumio, or Trulioo, who perform the checks and provide the results. As a result, users often find themselves repeatedly providing their information to the same third-party provider when registering with different financial service providers.

By undergoing the KYC process once and obtaining re-usable credentials, users can utilize those credentials with different service providers multiple times. Implementing such a system would significantly expedite onboarding processes and enhance user satisfaction, particularly when compared to the current approach. It also allows people to use parts of those digital credentials for other purposes, like proving they are over a certain age to buy alcohol, tobacco or lottery tickets for example, without exposing everything in the credential.

What are your thoughts on this interview? Let us know what you think in the comments section below.

from Bitcoin News

Russian State Duma Chairman: ‘US National Debt Is a Global Financial Pyramid’

Vyacheslav Volodin, chairman of the Russian State Duma, the lower house of the Russian Federal Assembly, has stated that U.S. debt has become a “global financial pyramid” whose objective is to “deceive other nations and people.” Volodin also explained that the ability of the U.S. government to service its debt was weakening, making the U.S. dollar a toxic currency.

Russian State Duma Chairman Criticizes U.S. Debt Management

Vyacheslav Volodin, chairman of the Russian State Duma, has blasted the U.S. government’s management of its national debt. On Friday, the head of the lower house of the Russian Federal Assembly criticized the situation of the spiraling debt of the U.S. and how the U.S. government has lifted the debt ceiling more than 100 times in the past.

On his Telegram channel, Volodin stated:

All financial pyramids, as history shows, sooner or later end in failure. But the current situation is different. The U.S. national debt is a global financial pyramid created by Washington to deceive other nations and people.

Furthermore, Volodin explained that the ability of the U.S. government to service its debt was weakening. This made the dollar a risky coin to hold, Volodin remarked, making it a “toxic” currency, explaining that several countries were shifting to other currencies for this cause.

U.S. Debt in Perspective

According to official numbers, for the year 2023, the U.S. debt was $31.4 trillion, having increased almost $10 trillion during the last five years. A significant yearly increase was produced in 2020 when it rose 19% due to the impact of the different Covid-19 assistance programs.

The increase in this national debt also determines a rise in the interest paid on it. On this, Volodin stated:

Just think about it, in 2023 the sum of interest payments on the U.S. national debt could reach 1.5 trillion USD, and it is almost a third of all US budget revenues.

The Chairman of the State Duma also recommended that the different states of the U.S. federation should seek alternatives to the dollar to reduce the risks for their citizens.

Twenty-three states are discussing laws to approve using gold and silver for payments. In April, Arkansas signed a law to make gold and silver bullion and coins legal tender, releasing transactions made with these metals from any tax duties. In the same way, Texas is currently advancing a bill that would issue a gold-backed digital currency as legal tender.

What do you think about the statements of Vyacheslav Volodin, chairman of the Russian State Duma, on the U.S. national debt and the U.S. dollar? Tell us in the comment section below.

from Bitcoin News

Makerdao Considers Significant DAI Savings Rate Hike: 3.3% on the Horizon, If Vote Passes

The Makerdao collective is currently immersed in a discussion about the potential rise of the DAI stablecoin’s savings rate to 3.3%. This suggestion was introduced by Block Analitica and revealed to the community on May 26 under the title “Stability Scope Parameter Changes #2.”

Block Analitica Proposes Raising DSR to 3.3%

Risk and intelligence firm Block Analitica has recommended boosting Makerdao’s DAI Savings Rate (DSR) to 3.3%, as per a recent proposal submitted on Friday. Makerdao’s DSR is a function that enables users to accrue interest on their DAI holdings by securing their DAI within DSR smart contracts.

“Brace yourself, DAI holders, for a DSR at 3.33%,” declared Makerdao’s official Twitter account. “An upcoming Executive Vote will deploy a new DSR raise, from 1% to 3.33%, if approved. This change was put forth by [Block Analitica] and submitted via the latest Stability Scope Parameter Changes,” the Makerdao team further elaborated.

At present, DAI ranks as the fourth-largest stablecoin asset by market capitalization, and it is supported by a substantial quantity of centralized stablecoins. Data on May 27, 2023, reveals that more than 24% of the collateral underpinning DAI consists of USDC, 10.4% comes from GUSD, and another 10.4% is comprised of USDP.

Only 11.5% is backed by ethereum (ETH), and an additional 8.5% is collateralized by Lido’s staked ether (STETH). Over the past month, DAI’s supply has diminished by 3.5%, and since February 2022, its market capitalization has decreased from $9.8 billion to its current value of $4.61 billion. The proposition to augment the DSR would yield a considerably higher interest rate than today’s 1%.

The first escalation to 1% commenced last year, followed by a notable surge in DAI DSR deposit activity and engagement from Olympus DAO this year. A similar upswing in action could transpire if the community advances the proposal to an approval status through a Makerdao vote.

Do you think the proposed DAI savings rate hike by Makerdao could ignite a surge in activity? Share your thoughts and opinions in the comments section below.

from Bitcoin News

EU Securities Watchdog ESMA Warns of Unregulated Crypto, Gold Investment Offerings

The European Securities and Markets Authority (ESMA) has issued a warning regarding investments in assets like cryptocurrencies. They will remain unregulated in most countries until the EU’s Markets in Crypto Assets (MiCA) law is enforced across the Union, the regulator pointed out.

ESMA Highlights Risks Related to Unregulated Products and Services for Crypto and Other Assets

The European Union’s securities watchdog, ESMA, has issued a statement warning investors of risks arising from investment firms providing both regulated and unregulated products and services for crypto and gold, among other assets, as well as some non-transferable securities.

These usually fall outside the scope of the EU’s existing financial services regulation but are offered as alternatives to financial instruments. ESMA remarked that retail investors often rely on the reputation of a provider and advised companies on how they should act in such cases.

#ESMA warns investors of risks that arise when investment firms offer both regulated and unregulated products and/or services.

remind firms of the behaviours they are expected to adopt
firms may not benefit from regulatory protectionshttps://t.co/TT3CQFgeKs pic.twitter.com/5CPrrbbvid

— ESMA – EU Securities Markets Regulator (@ESMAComms) May 25, 2023

The authority also noted that while MiCA is close to its full adoption, offered crypto assets will continue to be unregulated in most jurisdictions until the legislation enters into force throughout the EU, a process expected to complete in 2025.

ESMA is concerned that potential investors may be misled in terms of the level of protection they get, when unregulated products and services are offered in parallel, on the same website with regulated ones, and not fully aware of their nature and associated risks.

The watchdog recommends that investment firms “take all take all necessary measures to ensure that clients are fully aware of the regulatory status of the product/service they are receiving.” That includes clear disclosures when regulatory protections do not apply.

The information about the regulatory status of a product or a service should be “fair, clear and not misleading” and “effectively communicated in all dealings with clients,” ESMA suggests, while the companies should not use their own regulatory status for promotion purposes.

Do you think the European market for crypto investment products and services will grow with the adoption of MiCA? Share your expectations in the comments section below.

from Bitcoin News

2024 US Presidential Candidate Ron DeSantis Says IRS Is ‘Corrupt,’ Insisting America Needs ‘Something Totally Different’

Florida’s 46th Governor, Ron DeSantis, recently declared his candidacy for the U.S. presidency in 2024 and has since participated in several interviews. While conversing with Dana Loesch on The Dana Show, DeSantis criticized the U.S. Internal Revenue Service (IRS) as a “corrupt organization” and no ally to the typical American citizen.

DeSantis Discusses Single-Rate Tax Proposals, Insists IRS Is No Friend of the Average American

Following Joe Biden‘s inauguration, he substantially expanded the IRS, and his 2024 budget plan aims to further enlarge the U.S. tax agency. Biden recently said he will reject Republican negotiations regarding the debt ceiling that would constrain his plans to bolster the nation’s tax revenue service. Subsequent to Ron DeSantis’s announcement last week, the Florida governor expressed his viewpoints in interviews with Ben Shapiro and Dana Loesch.

During his dialogue with Loesch, DeSantis addressed the IRS when The Dana Show host inquired about his stance on various tax proposals, such as a flat tax. “I’ve supported all of the single-rate proposals,” DeSantis remarked to Loesch. “I think they would be a huge improvement over the current system.” He emphasized to the show’s host that the existing state of the IRS is corrupt, advocating for a change. The Florida governor asserted:

I think the IRS is a corrupt organization and I think it’s not a friend to the average citizen or taxpayer — We need something totally different.

Contrary to Biden administration’s claims that IRS expansion aims solely to tax America’s billionaire class, DeSantis disagrees. The Republican presidential hopeful believes ordinary Americans and hard-working, middle-class individuals are bearing the burden of Biden’s drive for heightened taxation. In an interview with Ben Shapiro, DeSantis also discussed his Republican rival Donald Trump after Trump’s spokesperson labeled the Florida governor as a “swampy politician.”

DeSantis Criticizes Trump’s Handling of Dr. Fauci

Conversing with Shapiro, DeSantis openly criticized Trump for magnifying Dr. Anthony Fauci’s influence during the early stages of the Covid-19 pandemic. “He responded by elevating Anthony Fauci and really turning the reins over to Dr. Fauci, and I think to terrible consequences for the United States,” DeSantis contended. “I was the leader in this country in fighting back against Fauci. We bucked him every step of the way.” Reflecting on Trump’s former leadership, DeSantis stated:

I think the fact that Donald Trump gave Anthony Fauci a presidential commendation on Trump’s last day in office, that was a gut punch to millions of people around this country who were harmed by Fauci’s lockdowns.

What are your thoughts on Ron DeSantis’s criticisms of the IRS and his stance on Trump’s handling of Dr. Fauci? Share your opinions and insights in the comments section below.

from Bitcoin News

Biggest Movers: XRP Hits 1-Month High, After Moving Past Key Price Level

One of Saturday’s biggest movers is XRP, which rose to a 30-day high earlier in today’s session. The token rose for a third consecutive day, as bulls returned to the market to start the weekend. Cardano was another notable gainer today.

XRP

XRP (formerly ripple), moved to a one-month high on Saturday, as bulls began to gradually renter the market.

Following a low of $0.4614 on Friday, XRP/USD raced to a peak of $0.4777 earlier in the day.

As a result of the surge, the token climbed to its highest level since April 30, when it was last above $0.4800.

Looking at the chart, the move came as XRP bulls broke out of a key resistance level at the $0.4750

This occurred as the relative strength index (RSI) also moved beyond a ceiling at the 57.00 mark.

At the time of writing this, the index is now at a reading of 58.18, with the next target for bulls potentially at 62.00.

Cardano (ADA)

Cardano (ADA), was also in the green to start the weekend, with prices moving further away from a recent support level.

ADA/USD hit an intraday high of $0.3667 earlier in today’s session, which comes following a low of $0.3564 on Friday.

The move has resulted in cardano climbing to its strongest point since Wednesday, moving away from the aforementioned floor at $0.3550 in the process.

From the chart, ADA has begun to consolidate, with price now retreating from its earlier highs, following a collision with a ceiling on the RSI.

Price strength has failed to move past a point of resistance of 44.00 which has pushed the token to a current reading of $0.3638.

Register your email here to get weekly price analysis updates sent to your inbox:

What is the highest point cardano will hit this weekend? Let us know your thoughts in the comments.

from Bitcoin News

Bitcoin, Ethereum Technical Analysis: BTC Nears $27,000 as Market Reacts to Latest US Personal Consumption Data

Bitcoin moved closer to the $27,000 level on Saturday, as markets continued to react to the latest Personal Consumption data from the United States. The key inflation index rose to 4.4% in April, higher than expectations of a drop to 3.9%. Ethereum also edged higher.

Bitcoin

Bitcoin (BTC) rallied towards $27,000 to start the weekend, as prices reacted to the latest Personal Consumption data in the United States.

BTC/USD climbed to a peak of $26,916.67 earlier in today’s session, which came a day after trading at a low of $26,370.55.

The move sees bitcoin climb for a third straight session, moving past a floor at $26,3000 in the process.

From the chart, the latest surge in price came as the 14-day relative strength index (RSI) bounced from a support point at 39.00.

At the time of writing this, the index is now tracking at 43.02, with the next visible point of resistance at 45.00.

Should this point be broken, then there is a strong possibility that BTC will move back over the $27,000 level.

Ethereum

In addition to BTC, ethereum (ETH) also moved higher on Saturday, remaining above the $1,800 level.

Following a low of $1,810.37 on Friday, ETH/USD managed to hit an intraday high of $1,837.87 earlier in the day.

This surge led to the world’s second-largest cryptocurrency breaking out of its recent ceiling of $1,830.

However, as the day has progressed, earlier gains have somewhat fallen, with ETH now trading at $1,828.18.

It appears that market uncertainty has also risen, as the RSI neared a ceiling of its own at the 49.00 mark.

Price strength is now tracking at 48.75, and should it break out of this point, then there could be further highs from ETH this weekend.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ETH to move above $1,900 this weekend? Leave your thoughts in the comments below.

from Bitcoin News

Argentina to Expand De-Dollarization Efforts; Seeks Extension of Yuan Based Swap Line With China

The government of Argentina is reportedly seeking to expand its de-dollarization agreement with China due to the lack of dollars that the country is facing. According to reports, Economy Minister Sergio Massa would be in talks to expand the current swap line to double the available amount from $5 to $10 billion, lent in Chinese yuan.

Argentina Seeks to Expand Swap Line Agreement With China On De-Dollarization Push

The government of Argentina would be seeking to expand the access it has to a Chinese yuan swap line in order to reduce the use of its scarce dollar reserves. According to local reports, Economy Minister Sergio Massa and Central Bank of Argentina President Miguel Pesce will be traveling to China on May 29 with the objective of doubling the free amount of money available in the swap line, taking it to $10 billion in Chinese yuan.

China had allowed the Argentine government to freely access $5 billion of the swap line, of which almost $2 billion were used during April and part of May, according to estimations. The total of the credit line amounts to almost $19 billion, or 130 billion yuan.

Massa had hinted at this possibility two weeks ago, stating that “if political conditions are met and if the Chinese Central Bank agreed,” this free amount should be expanded.

Dollar Reserves and IMF Agreement

Argentina has been facing a dangerous decrease in its foreign currency reserves, taking them to their lowest level during the last seven years. According to Bloomberg, dollar-denominated international reserves plunged to $36 billion in May. The situation is further aggravated by the continuous devaluation of the Argentine Peso, and the high inflationary levels of more than 108% year on year calculated in April.

The economic team of President Alberto Fernandez has been forced to take several measures to limit the flow of dollars from the local economy, including cutting oil companies from access to official dollars, and having to finance import payments for 90 days.

Argentina is also seeking to renegotiate the terms of its debt agreement with the International Money Fund (IMF), to accelerate the disbursements of the institution, which would have to deliver $10.6 billion between June and December.

However, the deal is being torpedoed by Vice President Cristina Kirchner, who called to ditch the repayment deal in a rally, risking the delivery of future disbursements of the institution. She stated:

If we don’t manage to get this program that the Fund imposes on its debtors thrown aside allowing us to create our own growth and industrialization and technological development, it will be impossible to pay the debt.

What do you think about Argentina’s push to de-dollarize imports due to its low dollar reserves? Tell us in the comments section below.

from Bitcoin News

EAEU Official Urges BRICS and SCO for Joint Use of Digital Currencies, New Payment Card

Three integration unions with Russian participation, BRICS, SCO, and the EAEU, should adopt joint policies on the use of digital currencies, according to a top representative of one of them. He also believes the international organizations should develop a new payment system with its own bank cards.

BRICS, SCO, and EAEU May Launch Common Payment Card System

BRICS (Brazil, Russia, India, China, and South Africa), the Shanghai Cooperation Organization (SCO) and the Eurasian Economic Union (EAEU) can issue a common payment card, the Chairman of the Board of the Eurasian Economic Commission, Mikhail Myasnikovich, has stated and elaborated:

We invite our colleagues from the SCO and BRICS to pool our resources. I am talking about the joint approaches to the use of digital currencies and the launch of the common payment card system. We already have appropriate solutions.

Myasnikovich was speaking during the second edition of the Eurasian Economic Forum in Moscow on Wednesday and was quoted by the Belta news agency. The Belarusian heads the EAEU’s executive body since 2020. The Commission is responsible for implementing decisions and upholding the organization’s treaties.

The EAEU official also pointed out that the share of settlements in national currencies between its members already stands at around 80%. The estimate comes after Russian Prime Minister Mikhail Mishustin recently revealed that 70% of settlements between Russia and China are already conducted in ruble and yuan.

The transition to payments in national fiats, part of Moscow’s ‘de-dollarization’ push, has been a major task for the Russian Federation and its allies amid heightened geopolitical tensions with the West and unprecedented sanctions imposed over Russia’s invasion of neighboring Ukraine.

BRICS, which unites five of the largest emerging economies, was formed in 2006 as an alternative to the Group of Seven (G7) format comprising the most advanced economies. According to research published in March, BRICS has already become the world’s largest bloc by share of global gross domestic product (GDP).

SCO is the world’s largest regional organization, in terms of territory and population, which functions as an economic, political, and defense alliance. The EAEU was established in 2014 by Belarus, Kazakhstan, and Russia and added two other former Soviet republics, Armenia and Kyrgyzstan, as members in 2015.

Do you think the three unions will soon issue a common payment card and coordinate policies on digital currencies? Tell us in the comments section below.

from Bitcoin News

Blur Dominates NFT Lending Market With 82% of All Loan Settlements Across the Sector, Dappradar Study Reveals

A recent study by Dappradar discloses the May loan volumes for non-fungible tokens (NFTs) reached a high of $375 million. The findings emphasize the significant influence of Blur within the NFT lending market, as the NFT marketplace platform constitutes 82% of the entire value settled in the NFT lending sector.

Blur Emerges as NFT Lending Giant, Capturing 82% of Market Share

Not long ago, Blur proclaimed its entry into the NFT lending arena, and since then, it has logged $308 million in NFT loan volume. This information stems from a May 25, 2023, study published by dappradar.com, indicating that 46.2% of the NFT marketplace’s transactions now involve loan activities.

The dappradar.com report accentuates how Blur unveiled its lending initiatives on May 1. On the same day, it registered 4,200 ether and has since escalated to 169,000 ether following its inception. Dappradar’s analyst notes that Blur’s weekly loan volume “outperformed other centralized platforms by approximately 2.93 times.” Blur’s NFT loan volume equates to 82% of all NFT lending settlements throughout the industry during a 22-day period.

Sara Gherghelas from Dappradar explains that while Blur has monopolized NFT lending volumes across the sector, the trading volume on their platform has diminished. “The trading volume over the past seven days was $104.35 million, a 15.93% decline from the preceding week,” Gherghelas states. “This shift suggests that Blur is currently being primarily used for loans rather than trading. In fact, in the last seven days, nearly half (46.20%) of Blur’s activity originated from NFT loans, transacted by an average of 306 unique daily users.”

The fluctuations in trade volume might be ascribed to Ethereum’s overall decrease in NFT sales over the last 30 days, sliding 26% lower than last week. Conversely, Bitcoin-based NFTs have taken center stage, securing roughly $175,084,024 in NFT sales over the previous month, as data from cryptoslam.io suggests. In spite of the surge in Bitcoin-oriented NFT trade volume, 30-day sales across 22 blockchains dipped 10.15% lower than the preceding month’s figures.

What are your thoughts on Blur’s dominance in the NFT lending market? Share your opinions and insights in the comments section below.

from Bitcoin News

Zondacrypto CEO: MiCA Regulations Will Stop ‘Rogue Exchanges’ From Profiting From Criminal Activity

Although the implementation of the recently approved Markets in Crypto Assets (MiCA) regulations is likely to be difficult, their coming into force is going to have a positive outcome for everyone in the industry, Przemyslaw Kral, the CEO of the crypto exchange Zondacrypto, has said. Kral also argued that the implementation of these regulations will force non-compliant entities or those that cannot “deliver the required standards” to leave the European Union market.

The Impact of MiCA Regulations on Crypto Industry Participants

In his written answers to questions from Bitcoin.com News, the CEO suggested that the new regulations will ensure incidents such as the collapse of FTX will not recur. In addition, the regulations will stop human trafficking rings or criminal gangs from moving funds via Europe.

Concerning fears that the implementation of MiCA regulations will see crypto firms leave Europe just as some have done in the United States, Kral said much will depend on their objectives. For crypto firms whose objective is to deliver the best service for users, the implementation of MiCA regulations is not going to affect their operations. On the other hand, crypto firms that “prefer to avoid transparency,” MiCA regulations may force them to abandon the European market.

Also, in his answers sent to Bitcoin.com News via Telegram, Kral spoke of how Europe-based crypto exchanges are preparing for MiCA regulations. Below are the rest of the Zondacrypto CEO’s responses to the questions sent.

Bitcoin.com News (BCN): Your crypto exchange is one of Europe’s long-standing digital asset exchanges. Does the approval of MiCA regulation pose a new or unusual threat to Zondacrypto?

Przemyslaw Kral (PK): At Zondacrypto, we have long called for greater regulatory clarity, so we are well-prepared for the new regulation. We have already achieved great success in cementing our positive regulatory stance with licences in several European countries. In our case, we do not need to make any additional preparations as we have long been adapting our activities and even going beyond the legal requirements to ensure that our users feel safe.

BCN: There is no doubt the collapse of FTX in late 2022 has highlighted the importance of corporate governance in the crypto space. The European Commission has said the MiCA regulation aims to support innovation and the uptake of new financial technologies whilst ensuring that investors are protected. In your view, is MiCA balanced?

PK: Although MiCA may be difficult to implement, especially for smaller start-ups, I believe the result will be positive for everyone. Regulatory clarity is good for everyone: institutional and individual investors, users, and companies – everyone can benefit, which will ultimately mean that the European market will grow. But of course, it also means that those companies that can’t deliver the required standards or don’t have the best interests of users at heart will have to leave the EU or change their business model.

BCN: What will change for the crypto customers when MiCA regulations come into force?

PK: From the point of view of customers of regulated exchanges such as Zondacrypto, the changes won’t be very significant or noticeable, as such exchanges already have strict KYC and AML procedures in place. However, users of unregulated or non-compliant exchanges may encounter withdrawal issues and will likely be asked to provide additional information regarding their identity and source of funds.

BCN: What sort of market manipulations and insider dealings do you see today that MiCA seeks to deal with or solve?

PK: The recent collapse of FTX is an example of the kind of risks that can arise from inadequate regulation, and MiCA will go a long way to ensuring that a similar disaster doesn’t happen in the EU. MiCA will also ensure that money moving through EU-based exchanges is not used to fund terrorism, trafficking or similar crimes. With strict procedures and heavy fines for non-compliance, rogue exchanges will no longer be allowed to profit from or ignore criminal activity on their platforms.

BCN: In the United States, critics assert that the approach taken by regulators will result in many crypto firms leaving the country. Do you foresee the MICA regulation having a similar effect?

PK: It all depends on the company and its objectives. If they have the best interests of their users in mind, they will already have some procedures in place to vet users and make sure that no shady activities can happen on their watch. But for those companies that prefer to avoid transparency, leaving the European market may be the only viable option – and I’m sure their regulated competitors will take advantage of the situation to bring more customers into the European market. Those who play fair will win, and those who prefer to resort to dodgy tactics will have to move on.

BCN: How are European crypto exchanges reacting or preparing for the new regulation?

PK: The exchanges that have previously ignored regulatory requirements will need to adapt their procedures to the new legislation, including more thorough vetting processes for users. This can mean more jobs in crypto, as the exchanges will be seeking new specialists to help them process various user verification procedures. And, of course, it will mean more safety and security for everyone involved in the industry.

What are your thoughts on this interview? Let us know what you think in the comments section below.

from Bitcoin News

UAE’s Clear Rules and Openness to ‘Experimentation’ Key to Attracting Crypto Firms, Says Ben Caselin of Maskex

Players in the crypto space are attracted to the United Arab Emirates (UAE) because the region not only has clear rules but is also “open to experimentation,” Ben Caselin, the Vice President and Chief Strategy Officer (CSO) at the crypto exchange Maskex, has said. Caselin also said the UAE and the Middle East’s perceived neutrality “opens doors” that crypto exchanges operating in the U.S. or the Asia Pacific region cannot enjoy.

Factors Behind the MENA’s Emergence as a Preferred Investment Destination

The Maskex CSO also told Bitcoin.com News that the Middle East and North Africa (MENA) region’s emergence as one of the most sought-after investment destinations could be due to what he described as the shift of relationships. Such shifts enable “new hubs of power and innovation to emerge.”

With respect to stablecoins, Caselin said these are “hugely important” now and will remain so for the foreseeable future. However, in his written responses sent to Bitcoin.com News, Caselin acknowledges that stablecoins often rouse emotions, hence their issuance is best done in collaboration with “all the right stakeholders in a given region.” In his responses, Caselin also shared his thoughts on the ongoing artificial intelligence (AI) hype and U.S. regulatory woes.

Below are Caselin’s answers to questions sent to him via Telegram.

Bitcoin.com News (BCN): The UAE seems to be at the forefront of crypto regulatory innovation, with the Virtual Assets Regulatory Authority (VARA) providing investors, developers, and companies with clear rules. Besides regulatory clarity, what do think makes the UAE an attractive destination for talent and capital?

Ben Caselin (BC): Across the emirates that make up the UAE, there are opportunities. While a city such as Dubai is well-developed, it’s clear that there is still so much more room to grow and that comes with a certain excitement. From infrastructure and architecture to business and digitalization, the UAE is eager to innovate and open to experimentation. This is attractive to anyone with ambition and an entrepreneurial spirit.

BCN: Your company, Maskex, counts Sheikh Hamad bin Rakadh Al-Ameri, who is associated with a well-known sovereign wealth fund in Abu Dhabi, as its major shareholder. What do you think their reasoning is behind the strong faith in Maskex and crypto?

BC: While some foreign exchanges much larger than ours have publicly expressed interest in obtaining a license and engaging in this region, Maskex is first and foremost a Dubai-based exchange and we are proud to be deeply associated with Abu Dhabi and the UAE as we serve the wider region. In addition, founded only in 2021, Maskex still has a lot of room to grow which is attractive to any investor. Furthermore, it’s important to note that Maskex is not just a crypto exchange. In addition to the usual crypto products such as spot, perpetuals, margin, options, copy trading, staking and p2p, we also offer markets for both US and Hong Kong stocks and a wide range of real-world payment, OTC and banking capabilities to both retail and institutional clients. Simply put, Maskex is quite unique in its offering.

BCN: The UAE is sometimes seen as the neutral ground between the West and the Asia Pacific (APAC) region. What, if any, advantages do the UAE-based exchanges have over their Western or APAC peers when serving global customers?

BC: The UAE is highly respected across the region and beyond; from Saudi Arabia, Kuwait, Bahrain and Egypt, from Turkey to Uzbekistan, all the way to Indonesia, and so operating an exchange from the UAE with the right network of support behind it can open up a lot of doors that both U.S. and APAC-based exchanges would find hard to unlock. This is a good thing. I believe the industry is best served by regional consolidation, rather than global monopolization.

So if we can see high-quality exchanges independently emerge and consolidate across South America, North America, Europe, Sub-Saharan Africa, the Middle East and North Africa, as well as Central and South East Asia, the Far East, and the Pacific, then that’s probably better if we ever want to see the adoption of bitcoin and digital assets by the entire global population. And by adoption, I don’t just mean that people are able to gain exposure to global markets and participate in global finance and make their own free choices as to what currencies they would like to use in their day-to-day life, but I do also mean the adoption of a culture of self-custody and peer-to-peer payments. Regional consolidation marks the next phase of growth in the evolution of this industry.

BCN: As a regulatory-compliant centralized exchange, Maskex reportedly aims to provide the masses with financial anonymity and autonomy. How do you strike a balance between regulatory compliance and user anonymity, especially when the VARA states in the section “Prohibited Virtual Assets” that the issuing of privacy coins is prohibited in the emirate?

BC: Maskex will always need to strike a balance and may adopt different strategies per jurisdiction. Privacy can be placed on a spectrum and does not just refer to privacy coins. It may also refer to private banking, the ability for users to generate new addresses, or seamless on and off-ramps between fiat and crypto including the Maskex virtual card which allows users to pay for goods and services with USDT as their collateral.

BCN: Do you see stablecoins having a role in the future of crypto and Maskex planning to launch fiat-pegged stablecoins in the near future?

BC: Stablecoins remain hugely important and will no doubt remain so for the time being. Across the region, demand for USDT is soaring, so much so that demand can hardly be met. In addition to USD-pegged stablecoins, we can also expect to see more innovation around gold-pegged stablecoins, especially in the current macro environment.

Gold is a trusted store of value in this region, both culturally and historically, and it’s really only a matter of time before we will see the market for gold-backed stablecoins explode. We cannot disclose anything about any token that we might or might not issue, but it’s good to note that stablecoins are highly political in nature and are best issued in collaboration with all the right stakeholders in a given region.

BCN: According to a report by Chainalysis, the Middle East and North Africa (MENA) region is the world’s fastest-growing crypto adopter. In your opinion, what do you think are some of the factors driving crypto adoption in the region?

BC: The growth in the MENA region cannot be attributed to one single factor alone. Over the past decade a lot has changed, both in the region itself as well globally. From a high-level point of view, we could say that in the current macro-environment and the increasingly multi-polar world, all relationships are shifting allowing for new hubs of power and innovation to emerge. It’s time for the MENA region to come into the limelight now, not just on the crypto front, but generally across culture, art, business and technology. Having said that, I see enormous opportunities in Sub-Saharan Africa as well, as well as South America. Perhaps this decade belongs to emerging markets worldwide – and that’s a good thing as emerging markets already house over 85% of the world’s population.

BCN: Amid the recent artificial intelligence (AI) hype, a bunch of AI tokens have been grabbing the attention of traders. Many of them probably don’t have any real utility. According to you, does AI have a role in the Web3 space?

BC: AI is interesting but on the Web3 front it doesn’t interest me at all. People seem to forget that Web3 is just a buzzword rooted in the original intention to completely overhaul the world’s financial system and move towards a fairer form of money. It’s much less about gaming or meeting in virtual cybercafes and interacting with AI-powered NPCs. I’m focused very much on the empowerment of people in the real world. Having said that, AI is highly interesting for its potential to optimize education, health care, business operations, logistics, creative work and more – but putting AI and Web3 together is another recipe for aimless hype.

BCN: The European Union has approved its cross-jurisdictional crypto regulation framework Markets in Crypto Assets regulation (MiCA) for release in 2024. Do you think this path or that set by the likes of the UAE will prompt the U.S. to speed up the rollout of their own crypto regulations?

BC: No. Unfortunately, the US currently suffers from too many internal conflicts to even begin to provide any clarity at all. It’s good to see different countries around the world take charge of their own future, and eventually, when the US as a whole does come around, it might be on fairer terms for all.

What are your thoughts about this interview? Let us know what you think in the comments section below.

from Bitcoin News

Putin Believes Decentralization Will Help Global Economy Be More Resilient

Russian President Vladimir Putin has stated that the decentralization of the finance system might benefit the global economy, allowing it to be more resilient in the long run. At the second Eurasian Economic Forum, Putin explained that building this decentralized system would allow for a depoliticized global economic arena, contributing to withstand crises derived from major events.

Putin States a Decentralized Finance System Will Benefit the Global Economy

Russian President Vladimir Putin has remarked on the importance of building a decentralized financial system for the global economy. As part of a speech during the second Eurasian Economic Forum, Putin explained the several benefits that a decentralized system would bring to the world economy. He stated:

Of course, the stability of all global finances will largely depend on this decentralization. The more de-centralized it is the better for the global economy. It will be less dependent on crisis developments in the countries that still have such an advantage as global reserve currencies.

Such decentralization of the financial system would bring better preparation for events like an eventual default of the U.S. debt, or a dramatic increase of inflation in the country, which would affect other countries using the U.S. dollar as a reserve and for international settlements.

In addition, Putin added that this decentralization will allow the depoliticization of the global economic arena, allowing for easier developments in the area.

Payments Decentralization

Part of this new decentralized global financial system that is being created has to do with the de-dollarization of payment channels around the world, and the switch to national currencies.

In this topic, the Russian Federation has been completing efforts to reduce the share of the U.S. dollar used for its international settlements, shifting to the use of the Chinese yuan and other national currencies with China and Iran, due to the unilateral sanctions that the U.S. government enacted against it, freezing billions of dollars in the process.

However, Putin noted that other countries are also moving in this direction, stating:

Many other fast-developing economies in the world are also shifting to the use of national currencies in foreign trade settlements, including China, India, Latin American countries.

The possible issuance of a common currency for the BRICS bloc of countries, revealed to be in discussion by Putin during the BRICS business forum last year, would also serve in this direction, allowing for the future development of alternative payment methods outside of the U.S. dollar and established traditional payment channel controls.

What do you think about Putin and his vision of a decentralized financial system? Tell us in the comment section below.

from Bitcoin News

Bitcoin.com’s VERSE Token Now Available for Trading on Kucoin

Bitcoin.com’s ecosystem token, VERSE, has been listed on Kucoin, a top-tier cryptocurrency exchange platform known for being the home of crypto gems. Deposits are open now, and trading will commence at 10:00 AM UTC with the initial pair being VERSE/USDT.

A milestone moment for Bitcoin.com, this first exchange listing for VERSE is significant because it amplifies the token’s reach and accessibility to millions of users around the globe.

VERSE fuels Bitcoin.com’s ecosystem by gamifying and incentivizing onboarding and engagement. The goal is to bring the advantages of cryptocurrency to more people and to fast-track the world’s transition to a more inclusive financial system.

Bitcoin.com CEO Dennis Jarvis said, “At Bitcoin.com, we believe in creating economic freedom and expanding access to opportunities by providing the tools people need to buy, sell, and use cryptocurrencies. We are proud to introduce VERSE, a token that supercharges our mission. And by listing on Kucoin, we’re making it easier than ever for people to trade VERSE and harness its potential.”

By facilitating rewards and serving as a utility token, VERSE enhances users’ experiences within the Bitcoin.com ecosystem and beyond. “VERSE reduces hurdles, making the onboarding experience for newcomers seamless, fun, and rewarding,” said Corbin Fraser, Head of Financial Services at Bitcoin.com. He added, “We’re in the process of making VERSE a multichain token, which will increase its utility. This is something that exemplifies our commitment to freedom of choice, a core value that permeates everything we do.”

Since its inception in 2015, Bitcoin.com has evolved from pioneer to established leader in the crypto industry, hitting the 40 million self-custody wallets milestone earlier this month. The Bitcoin.com Wallet supports over a hundred cryptoassets across Bitcoin, Ethereum, Polygon, Avalanche, and Bitcoin Cash, with more chains coming soon. By providing 24/7 support, vast educational resources, and an award-winning news portal, Bitcoin.com has proven itself as the world’s gateway to Bitcoin and beyond.

Kucoin, a platform where 1 out of 4 crypto holders worldwide trade, has consistently been a preferred choice for discovering hidden gems. Its 27 million registered users across 207 countries and regions demonstrate its widespread popularity and credibility. In celebration of the VERSE listing, Kucoin is hosting a VERSE trading contest with a lucrative $40,000 prize pool.

For more information about the VERSE listing and trading contest, visit Kucoin’s official website.

About Bitcoin.com

Bitcoin.com is committed to making Bitcoin and other cryptocurrencies accessible to everyone. From offering educational resources and timely news to providing intuitive self-custody products, Bitcoin.com empowers individuals to explore the possibilities of cryptocurrencies and the future of finance.

About VERSE

Launched in December 2022, VERSE it Bitcoin.com’s rewards and utility token. By incentivizing and gamifying engagement in the Bitcoin.com ecosystem, VERSE supercharges Bitcoin.com’s mission to onboard the world to crypto and accelerate the transition towards a more inclusive financial system. VERSE also powers Bitcoin.com’s decentralized exchange Verse DEX, where anyone can trade permissionlessly and earn yield by contributing to liquidity pools and with Verse Farms.

About Kucoin

Kucoin is a global cryptocurrency exchange that supports over 750 projects with 1,300+ trading pairs. Known as the “People’s Exchange,” Kucoin boasts an extensive user base, with 70% of its users hailing from Europe, the Middle East & Africa, and SEA. Recognized for its excellence, Kucoin has received accolades from TokenInsight, CoinMarketCap, Forbes Advisor, and The Ascent.

 

from Bitcoin News