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Bybit Launches $BIT Token Listing

Singapore-based cryptocurrency exchange Bybit announced its first token- “$BIT”on its Bybit Launchpad platform.

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On Friday, Singapore-based cryptocurrency exchange Bybit announced its first token, called “$BIT”, on its Bybit Launchpad platform.

Bybit’s listing of BIT will include the launching rewards and free giveaways for participants. Bybit said the Launchpad is open to its users who have completed know-your-client (KYC) L1, ensuring compliance fulfilling local regulatory requirements.

The crypto exchange said the Launchpad is designed to help connect innovative crypto projects and users who may be interested in gaining exposure to promising projects while protecting users and projects alike.

“We at Bybit are constantly inspired and amazed by the intrepid and imaginative experimentation in the crypto space and the talented and committed folks working for a better future of finance,” said Ben Zhou, co-founder and CEO of Bybit.

According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Bybit is an initial proponent of BitDAO and has pledged to contribute 2.5bps of futures trading volume to BitDAO’s treasury. The contribution, at 2021 rates, is projected to exceed $1 billion per year. The BitDAO treasury balance stands at more than $540 million as of Sept. 16.

The crypto exchange was founded in 2018, providing online spot and derivatives trading services, cloud and DeFi mining products, as well as API support to institutional and retail clients, according to their official website.

Bybit is actively expanding its business to different sectors. Last month, the crypto exchange platform has reached a three-year cooperation agreement with e-sports organisation Astralis by displaying its logo for exposure, in the hope that to expand the connection of cryptocurrency in the e-sports industry.

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According to the statement, BIT is the native token of BitDAO, one of the world’s largest Decentralized Autonomous Organizations (DAOs) that aims to allocate massive financial and talent resources to support DeFi growth.

Source: https://blockchain.news/news/bybit-launches-bit-token-listing

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Time Magazine to Add Ether to Its Balance Sheet as Part of Efforts to Support Metaverse Newsletter with Galaxy Digital

Under a partnership with Galaxy Digital, Time Magazine will hold Ether as part of its corporate balance sheet and produce metaverse-related content.

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Time Magazine will hold Ether (ETH) on its balance sheet for the first time as part of a deal with crypto investment firm Galaxy Digital to educate its readers about the metaverse.

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The 98-year old publication announced on Thursday, November 18, that it has partnered with the crypto company as part of efforts to explore the metaverse, to educate and engage as many people as possible about the emerging technology.

Mike Novogratz, CEO and Founder of Galaxy Digital, talked about the development and said: “Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish. We look forward to partnering with Time, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within.”

The popular magazine-based in New York will be releasing a weekly newsletter focused on metaverse, compiling a Time 100 companies list for metaverse-related firms and feature educational resources on a new section of its publication, and including the virtual space as a category in its annual list of the 100 most influential people in the world.

Galaxy Digital will offer its expertise to help explain the metaverse and its potential, like taking advantage of insights from Galaxy Interactive General Partners Richard Kim and Sam Englebardt.

The list will highlight firms with the most impact within the metaverse space, some of which may include blockchain firms, while others could be offering solutions to make experiences within the metaverse more successful, impactful or accessible for businesses and consumers.

Time magazine stated that the deal is the first of this nature among media companies. Although financial terms were not disclosed, Time’ company representatives revealed that the deal would run for about six months.

Apart from that, Time magazine mentioned that the partnership with Galaxy digital was conducted using Ether (ETH), which the media company plans to hold on its balance sheet. Since April, the publication has been holding Bitcoin as part of its partnership with crypto investment firm Grayscale.

The Rise of Metaverse

The metaverse is being touted as a better version of the internet, featuring a virtual world for immersive experiences where people across the globe can meet, watch, play, and trade.

As reported by Blockchain.News in late October, interest in metaverse soared after Facebook announced a change of its name to “Meta Platforms Inc.” The social media giant retired its former name “Facebook” because it believes that it only represents a single product. “Meta”, the prefix of the word “Metaverse”, involves the concept of shared virtual worlds and communities, which is the branding Facebook hopes to capture.

Microsoft Inc is also dabbling in the metaverse. It recently introduced Mesh for Team, a virtual workplace.

As a result, other major firms are also shifting their focus in the internet’s next iteration.

Galaxy Digital appears to be focusing on expanding into the metaverse. In October, the firm raised a $325 million fundraising round aimed at virtual endeavours.

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Source: https://blockchain.news/news/time-magazine-add-ether-its-balance-sheet-as-part-of-efforts-to-support-metaverse-newsletter-with-galaxy-digital

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Crypto.com Grabs Naming Rights of Staples Center for $700M

Hong Kong-based Crypto.com signed a 20-year cooperation deal worth $700 million with Anschutz Entertainment Group (AEG), which owns the Staples Center and the L.A. Live.

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Hong Kong-based Crypto.com signed a 20-year cooperation deal worth $700 million with Anschutz Entertainment Group (AEG), which owns the Staples Center and the L.A. Live.

As part of the deal, Crypto.com won the naming rights for the Staples Center which is home to the NBA team Los Angeles Lakers.

The Staples Center will be renamed to Crypto.com Arena, and the official change in the arena’s name will take place on December 25, when the Lakers will be hosting the Brooklyn Nets.

This will be the largest venue naming rights transaction in U.S. history so far.

As reported by Blockchain.News on August 24, The American cryptocurrency exchange giant FTX sponsors the University of California, Berkeley (UCB) with $17.5 million in cryptocurrency in exchange for getting the 10-year naming right of the California Memorial Stadium.

AEG president and CEO Dan Beckerman said that this cooperation is about the future in a statement.

“AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”

Crypto.com co-founder Kris Marszalek stated that the city of Los Angeles has always been an undeniable global cultural and entertainment leader and innovative hub. He believes that the use of his cryptocurrency platform in creative ways can power the future of world-class sports, provide entertainment and technology to fans in Los Angeles and around the world.

This is not the first time that Crypto.com has been involved in sports, as early as September 24 this year, Crypto.com announced that it had formally established a partnership with the Philadelphia 76ers, becoming its official jersey logo-designated sponsor.

Earlier in Sepertember,Crypto.com reached 3-year cooperation with Paris Saint-Germain worth 29.5 million to $35.4 million. As reported by Blockchain. News on June 30, Crypto.com has paired with Formula1 as its Global Partner.

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Source: https://blockchain.news/news/crypto.com-won-the-naming-rights-of-the-lakers-staples-center-for-$700m

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Nigeria’s E-Naira Gains Momentum, Tackles Influence of Volatile Cryptos

Nigeria’s further efforts to curb the influence of cryptocurrencies have begun to bear fruits as its introduction of a centralised digital currency eNaira has lured about half a million users withi

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Nigeria’s further efforts to curb the influence of cryptocurrencies have begun to bear fruits, as its introduction of a centralised digital currency eNaira has lured about half a million users within three weeks.

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The adoption rate for the Central Bank of Nigeria digital currency has shown an upward trend. More than 488,000 people have downloaded the consumer wallet – that’s needed to transact eNaira – while about 78,000 merchants from more than 160 countries have enrolled, according to eNaira spokesperson, Osita Nwanisobi.

President Muhammadu Buhari stated that the national digital currency is designed to complement Nigeria’s physical currency, not replace it.

Nigeria became the first African country to officially roll out a Central Bank Digital Currency (CBDC) on October 25, 2021, and joins China and the Bahamas as pioneers of CBDCs. Currently, eNaira is the only digital currency that is legal tender in Nigeria and will be accepted alongside physical cash.

While other cryptocurrencies like bitcoin are decentralized and unregulated; CBDCs are regulated, centralized and backed by the central bank. Also, in comparison to the unpredictable volatility of crypto assets, the value of a CDBC is stable as it is backed by the country’s monetary reserves.

The eNaira was developed by fintech firm Bitt, whose digital currency management system is also behind the Eastern Caribbean Central Bank’s CBDC.

The government’s crackdown on cryptocurrency trades has been ongoing as several individuals have been arrested and companies engaging in such trades have been shut down.

On February 5, 2021, Nigeria’s central bank issued a ruling that ordered all financial institutions in the country to stop facilitating crypto transactions and stop transacting with firms engaging in cryptocurrencies.

The central bank also stated that cryptocurrencies are used in illegal deals because of their anonymous nature.

While the government is pushing to discourage cryptocurrencies’ popularity, Nigerians are still using virtual currencies as a hedge against the nation’s capital controls.

According to a survey by Statista, individuals in the West African nation hold the world’s highest proportion of digital assets per capita since the demand for crypto is booming.

Nigeria has traded 60,215 Bitcoins from 2017 to the end of 2020 – the largest volume outside the US, according to Paxful, a peer-to-peer Bitcoin marketplace.

As reported by Blockchain.News last year, Nigeria’s National Information Technology Development Agency (NITDA) mandated with spearheading the nation’s digital economy policy says that Blockchain technology can help the country generate revenue of between $6 and $10 billion in the next ten years.

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Source: https://blockchain.news/news/nigerias-e-naira-gains-momentumtackles-influence-of-volatile-cryptos

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