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Chinese Meitu App Buys $40 Million In Bitcoin And Ethereum

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Chinese Meitu App Buys $40 Million In Bitcoin And Ethereum

Meitu announced that it has purchased 380 Bitcoin and 15,000 Ethereum.

Crypto investments from Meitu

Meitu is a technology company headquartered in China’s Fujian province. It announced yesterday that it has purchased $40 million worth of cryptocurrencies. Of that, it puts $22 million in Ethereum and $17.9 million in Bitcoin.


Meitu is a smartphone manufacturer and selfie app software company listed on the Hong Kong Stock Exchange since 2016. The company has a market cap of $11.76 billion and recently announced that it has purchased 380 Bitcoin and 15,000 Ethereum.

In a statement, the 8-year-old company said the board believes the blockchain could do for finance and technology, what cell phones did for the internet and other offline industries.

The Board believes that the blockchain industry is still in its early stages, compared to the mobile internet industry around 2005.

The company added that it only invested in the Bitcoin and Ethereum as they are the two largest cryptocurrencies by market capitalization, and these two cryptocurrencies would increase long-term shareholder value of company.

Investor Confidence

Meitu’s Bitcoin investment is part of its asset diversification strategy. The company has gained interest by looking at insurance companies and fund managers investing in blockchain, and by observing how companies have added it to their reserves or by accepting crypto as a form of payment.

Meitu said it felt the time was right to invest. This is because traditional banks now provide trading and custody services and regulators have better regulated the market. Both steps increase investor confidence in cryptocurrencies.

Report: Ripple Is Mentioned As A Possible Platform For Digital Euro

Mark Brennan
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Report: Ripple Is Mentioned As A Possible Platform For Digital Euro

CPA Australia, a professional accounting association based in Australia with more than 166,000 members in 150 countries around the world, recently released a report revealing that the French central bank has openly discussed Ripple and XRP as a possible platform for the digital euro.

The company states in the report that the world is entering a period of rapid technological change caused by the COVID-19 pandemic. The crisis has led to the widespread use of digital and contactless payment systems and the development of central bank digital currencies. The report is intended to provide an overview of innovations in digital currency from central banks.


Will The Ripple Network Be Used For A Digital Euro?

The report examines the relationship between Bitcoin, Ethereum, Ripple and stablecoins for CBDCs (central bank digital currencies). While Bitcoin is described by CPA as an overly volatile medium for exchange and storage of value, the report describes Ethereum as a fully decentralized blockchain-based software platform beyond any state control. The report also notes that the Reserve Bank of Australia has issued a statement that it is considering running a CBDC program on the Ethereum network.

In the section entitled “XRP – Ripple’s Digital Token”, CPA Australia refers to “Ripple” as an alternative platform to Ethereum on which a central bank’s digital currency can run.

“Ripple” is an alternative platform to Ethereum. The XRP token is used to facilitate payments. Ripple has its own proprietary technology – the Ripple Protocol consensus algorithm (RPCA) – to verify transactions.

Ripple is trusted by many banks as a model for the CBDCs because it is highly centralized and based on an authorized network where only certain network nodes can validate transactions, unlike decentralized networks like Bitcoin and Ethereum. Ripple also enables the creation of new currencies and Ripple developers can control the timing and quantity of the coins in the same way as current central bank operations.

France Has Mentioned Ripple As An option

As Ross Edwards, Ripple’s Global Head of Client Solutions, explained in a recent presentation, any financial institution can adapt the design of a CBDC proposed by Ripple to meet the demands or needs of a particular economic ecosystem or market. Depending on operational needs, a central bank can change the centralized or decentralized data set, consensus algorithm, accessibility and authorization.

However, the comment below in the report generates the most excitement:

The French central bank, Banque de France, has openly spoken of Ripple XRP as a potential platform for Europe’s central digital currency.

This statement reinforces the rumor that first surfaced in February 2020. At the time, Ripple was mentioned in a Banque de France report on CBDCs. If this rumor is true, it would be a great boost for Ripple and XRP investors.

5 Exciting Altcoin News To Follow This Week

Albert Brown
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5 Exciting Altcoin News To Follow This Week

Bitcoin and many altcoins have entered the new week with side way movement. The five altcoins we are focusing on for the week of March 8-14 are NEM, Polkadot, Theta Network, Tron and Avalanche, respectively.

NEM (XEM)

News This Week: On 15th March 2021, NEM is launching the Symbol public blockchain. A snapshot will be taken on March 12 for the Symbol project, which will be launched on March 15th.

1 XEM = 1 XEM + 1 XYM after Snapshot

Why To Follow: XEM users will be able to get 1 XYM for every 1 XEM they keep in their wallet on March 12. Symbol token will be sent to the new address created by the user while performing Opt-in. The opt-in transaction that can be made from NEM wallets is supported by exchanges such as Binance, Upbit, Huobi.

Read Details On: Nem Platform

Polkadot (DOT)

News This Week: The Polkadot team announced that a chain restart is planned early this week to include new network optimizations, although exact date is not provided.

 

Why To Follow: In the chain restart, some steps will be taken to optimize the Polkadot network. After the chain is restarted, 20 validators will be added per day until the number reaches 200. Their task will be to test the stability of the network. Polkadot will also hold an AMA on Ledger integration on Thursday.

Theta Network (THETA)

News This Week: Theta Network released version 2.2.0 last week. This update included random blocks reward. Random block reward feature will be enabled at block 9497418 (approximately 7–10pm Mar 10th, 2021 PST).

Why to follow: The timing and size of TFUEL awards will be changed. Node operators will continue to earn the same amount of TFUEL in the long run. The system to be established will not affect the proof-of-stake consensus mechanism used by Theta. Only TFUEL rewards will be changed to increase productivity.

Tron (TRX)

News This Week: Tron welcome users across the world to join TRON Century Mining and experience the speed and low-fees of the TRON network, live on March 8th, 2021 21:00 (SGT). The event is expected to last until June 7.

Why To Follow: Justin Sun promotes the event with the slogan “5-in-1 Mining”. Users will be able to use JustSwap.org to mine and provide liquidity on platforms such as JustLend.org, SUN.io. Users will be able to earn TRX, BTT, JST, SUN and WIN in one go.

Read More On: Tron Medium.

Avalanche (AVAX)

News This Week: Join DeFi-focused AMA on the Avalanche Telegram.

Why to follow: Iva Wisher, the founder of Prosper, will attend the event, which will be organized via Telegram. Based on Binance Smart Chain, Prosper allows users to create a liquidity pool.

 

Expected V3 Update Made UNI To Become The First Defi Coin In Top 10 Cryptocurrencies

Mark Brennan
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Expected V3 Update Made UNI To Become The First Defi Coin In Top 10 Cryptocurrencies

Uniswap (UNI) price increased to $35.75 on March 7, making All-Time-High (ATH). The Uniswap community is waiting for V3 update, whose details have not yet been released.

Uniswap, which has implemented V2 after the first release, may experience one more update. This news has helped UNI to achieve new All-Time-High.


Latest UNI price

UniSwap (UNI) gained 58 percent on the monthly chart and 52 percent on the weekly chart. According to CoinGecko data, the lowest and highest levels UNI saw during the week were $22.58 and $34.75, respectively.

UNI managed to rise to 8th place among Top 10 cryptocurrencies with its market value of $17 billion and positioned below XRP. The daily transaction volume of UNI is around 1.8 billion dollars.

The community is waiting for the details of the update

The Uniswap team has not yet provided complete details regarding the v3 update. Hayden Adams made a statement on Twitter regarding Uniswap V3:

 

Founded in 2018, Uniswap became the first decentralized exchange (DEX) to achieve a trade volume of more than $100 billion last month. The Defi exchange recorded a volume of $32 billion throughout February, 2021. Adams said that many things could change in the cryptocurrency industry in 2021.

Ripple CEO Says That Company Expansion In Asia Is Not Affected By The Lawsuit

Mark Brennan
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Ripple CEO Says That Company Expansion In Asia Is Not Affected By The Lawsuit

Ripple CEO Brad Garlinghouse says the company’s Asia-Pacific operations have not been affected by the current regulatory issues in the United States.

Business As Usual

Despite being in the midst of a $1.3 billion lawsuit with the US Securities and Exchange Commission, it appears that “business as usual” for Ripple. In a conversation with Reuters on Friday, Garlinghouse revealed that the company has seen no adverse effects in the Asia-Pacific (APAC) amid the current SEC lawsuit:

The lawsuit has stunted activity in the United States, but it hasn’t really affected what we do in Asia Pacific.


In December 2020, the SEC accused Ripple and its key executives of violating securities laws in the sale of XRP tokens since 2013.

Brad Garlinghouse said:

We managed to grow the business in Asia and Japan because we had regulatory clarity in those markets.

Indeed, Japan and other APAC countries have been historically favorable to Ripple and XRP. Ripple is even part of a joint venture with Japanese SBI Holdings to form SBI Ripple. The JV company is at the heart of numerous projects targeting a Ripple-powered payment corridor in Asia.

In March 2020, the blockchain payment company, Ripple expanded further into Southeast Asia, by partnering with DeeMoney, a Thai fintech company.

Read: Ripple Creates Private Blockchain For Central Banks Launching CBDCs

Garlinghouse also downplayed the effects of delisting or stopping XRP token trading in the US. According to Ripple’s CEO, more than 200 platforms around the world have XRP trading pairs.

Aside from US crypto exchanges, asset managers and cryptocurrency funds such as Bitwise and Grayscale have also liquidated their XRP positions.

In December, the Ripple CEO revealed that only 5% of the company’s customers lived in the United States. Garlinghouse has previously stated that the company is considering moving out of the US if regulations fail to improve.

Meanwhile, both Garlinghouse and Ripple’s executive chairman Chris Larsen have moved on to file separate motions to dismiss the case. Their lawyers say the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) previously classified XRP as a virtual currency.

NBA team Dallas Mavericks To Accept Dogecoin Payments

Mark Brennan
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NBA team Dallas Mavericks To Accept Dogecoin Payments

The American NBA team, the Dallas Mavericks will accept Dogecoin (DOGE) as a payment method for game tickets and products in its online store. For this, the team has partnered with cryptocurrency payment processor BitPay.


Team also supports other cryptocurrencies

The team is known for its crypto-friendly strategy. Several cryptocurrencies were already supported including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and various stablecoins. The team is supported by billionaire Mark Cuban, who has taken over ownership of the team.

The altcoin known as “memecoin” now gets real use case. The Dogecoin was initially developed by Billy Markus and Jackson Palmer as a joke. It later turned out that the altcoin has risen in popularity, and that real use cases are now being attached to the cryptocurrency. Elon Musk, among others, has announced several times that he is a DOGE supporter, via Twitter.

All Dallas Mavericks fans will now be able to use Dogecoin on the team’s online store. Game tickets can also be paid with DOGE. The team sees the addition of DOGE as a consumer-oriented business decision. It would be about expanding business opportunities and reducing costs. The use of cryptocurrencies contributes to increasing payment transparency and efficiency.

Mark Cuban commented on adding DOGE as a payment option:

The Dallas Mavericks have decided to accept Dogecoin  as payment for Mavs tickets and online products for a very important, earth-shattering reason. We chose to do this because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR. So we’ll take Dogecoin today, tomorrow, and possibly more forever. For those of you wanting to learn more about Dogecoin, we highly recommend that you speak to your teens and ask them about it. They will be able to explain it all to you.

Due to the recent PR around Dogecoin, it might be possible that Cuban wants to take advantage of this. However, this is just a speculation.

What Is An IEO Or Initial Exchange Offering?

Mark Brennan
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What Is An IEO Or Initial Exchange Offering?

There are a wide variety of ways to raise capital for your start-ups or your ventures. There’s debt where you’re taking out loans from bank’s credit unions and other lenders.

You can raise equity to investors so you can give up shares of your company, you can have a blended type of funding round where you have debt and equity. Some of that is done through what is called a convertible note.

There’s another way that some startups have raised capital and that has been through what is called an ICO or an initial coin offering. However, there’s a new type of fundraising effort that is done through what is called an IEO or initial exchange offering.

So what are the differences between ICO and IEO.


Differences between ICO and IEO

  • An initial coin offering is when a company creates their own type of cryptocurrency and they just turn around and sell that to the end user or investors. The end users could be anyone with business that sells a product but the only way that people are going to be able to purchase that product is to buy your coins and so you sell those coins out into the marketplace before your product is actually made and that’s how you raise capital. It’s almost like a customer pre-sales. In other words, it just includes turning around and selling an ICO or an initial coin offering to investors so people who just believe in what you’re doing and they believe that the value of your company is going to grow and they invest in your coins. The whole process is done by you, there’s no middle party.
  • An IEO or an initial exchange offering becomes more popular and is pretty similar to an ICO but the key point here is that there’s a middleman. An exchange is actually helping you manage that offering so companies like Binance that help sell cryptocurrencies and create these IEO’s. An initial exchange offering has that middle party that is managing the sale of these coins from the startup to the investor. There’s a little bit of a due diligence period and research to understand the strength of the startup which is offering these coins so this trust is created in this type of offering.

Conclusion

They are not dramatically different in both. You’re selling a coin in some sort to investors or pre-sell to potential customers but an IEO just involves another party to that transaction so that IEO is becoming more popular.

Enjin Will Release Two Solutions To Support NFT Market And Reduce Ethereum Fees

Albert Brown
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Enjin Will Release Two Solutions To Support NFT Market And Reduce Ethereum Fees

Enjin will release two Ethereum scaling solutions: JumpNet and Efinity that will improve NFT support and help fight against high ETH transactions fees.

According to the press release, Enjin will release two new solutions that will change the way the Non-fungible Token (NFT) market works. In addition, the solutions will help solve the problem of high fees on the Ethereum network. According to Glassnode, the average gas price paid per transaction on the Ethereum network has increased about 16.5 times over the year.


JumpNet is an interoperable network of “bridges” that will operate on the basis of a proof-of-authority Consensus (PoA) mechanism, where only invited parties can participate in the network as nodes.

The network of “bridges” will be deployed in two stages, the first of which will allow users to move Enjin Coins (ENJ) from the Ethereum network to JumpNet. By transferring tokens to JumpNet smart contracts, users will be able to lock their tokens on Ethereum, and then unlock the corresponding number of tokens on the other side.

In this way, users will be able to create NFTs using the Enjin-developed ERC-1155 standard without the normally required gas. Users will then be able to send and receive these tokens through their Enjin wallet or trade them on the NFT marketplace.

In the second phase, we will ensure an uninterrupted connection between Ethereum and JumpNet for ENJ and all ERC-1155 tokens,” said Simon Kertonegoro, vice president of Developer Success. “This will allow our users to choose whether they want free transactions on JumpNet or trustless transactions on Ethereum and Efinity.

Enjin claims that the launch of Efinity will give developers the ability to issue tokens for multiple chains at once and move them to other compatible blockchains. The project will allow users of various blockchains to move their tokens to Efinity using non-trusting smart contracts. JumpNet will be rolled out on April 6, and Efinity will be rolled out later this year.

These technologies will enable developers to provide users with state-of-the-art capabilities without worrying about the unpredictable costs caused by gas charges, said Enjin CTO Witek Radomski.

Recently, Litecoin creator Charlie Lee criticized the NFT industry, comparing it to the ICO boom in 2017.

Ripple Creates Private Blockchain For Central Banks Launching CBDCs

Mark Brennan
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Ripple Creates Private Blockchain For Central Banks Launching CBDCs

According to an announcement published yesterday, Ripple is creating a new blockchain. It is specially tailored for central bank digital currencies (CBDCs).

A ledger especially for Central Bank Digital Currencies

A recent survey by the Bank for International Settlements found that more than 80% of the world’s central banks are already looking at CBDCs. Ripple wants to tap into this sector by offering “a secure, controlled and flexible solution” for the issuance and management of CBDCs.


Central banks can theoretically use some of the existing blockchains for their CBDC projects. Ripple noted that most blockchains won’t be able to provide the kind of throughput needed.

After all, a successful retail CBDC requires a huge number of transactions. Also, most blockchains are public ledgers open to all users. They are updated by a wide variety of validators, which is not ideal for CBDCs, Ripple argued.

A central bank needs more transaction privacy and control over its currency than a public ledger can provide. Therefore, the bank will most likely choose to create a CBDC on a private ledger that can also operate at the same scale, the company further explained.

Advantages of a private ledger

Ripple therefore plans to provide central banks with its own version of a private CBDC-focused ledger. It mainly offers fast speeds and scalability. But it also provides interoperability with existing global financial infrastructure and other digital assets.

The CBDC Private Ledger is based on the same blockchain technology as the XRP Ledger (XRPL). It is also primarily designed for payments.

Ripple said:

Moving money on the private ledger will be cost effective, reliable and almost instantaneous. Transactions can also take place with volumes required by central banks. The CBDC Private Ledger will initially handle tens of thousands of transactions per second (TPS). It has the potential to scale up to hundreds of thousands of TPSs over time.

For this purpose, the consensus protocol is “less expensive and 61,000 times more efficient than public blockchains that use proof-of-work,” the company said. This protocol is used in both the XRPL and the CBDC ledger.

The recent Federal Reserve Bank of New York research suggested that CBDCs have more potential for privacy than their private sector counterparts. Meanwhile, several CBDC pilots are already underway in countries such as China, Russia, France, Canada, South Korea, Brazil, Japan, Thailand and many more.

DeFi Aggregator SpaceSwap Switched To Binance Smart Chain

Albert Brown
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DeFi Aggregator SpaceSwap Switched To Binance Smart Chain

The DeFi aggregator SpaceSwap team launched a version of the platform on Binance Smart Chain (BSC). This is reported in the project blog.

SpaceSwap CEO Vladimir Nikitin explained that the transfer of SpaceSwap to BSC was because of Ethereum’s high transaction fees.

He Said:

The cost of gas on Binance Smart Chain is significantly lower than on Ethereum. This makes farming on BSC more efficient and users lose less money on transaction fees. We have already implemented Shadow Staking in the BSC version and will add other SpaceSwap services over time.



To farm the native SpaceSwap token on the BSC blockchain, you need:

  • Switch Metamask wallet to Binance Smart Chain.
  • Get LP tokens of the Pancake Swap exchange.
  • Deposit LP tokens into one of the SpaceSwap pools.

SpaceSwap is a profitable farming platform based on the Ethereum and BSC blockchains. It uses two native tokens: MILK2 to accrue rewards and SHAKE to keep inflation at bay.

The SpaceSwap ecosystem includes:

  • Interstellar: pools for staking LP-tokens Uniswap and Pancake Swap.
  • Galaxy: a voting system for adding new pools.
  • Bridge: a bridge for transferring MILK2 and SHAKE between Ethereum and BSC blockchains.
  • Blender: automatic MILK2 to SHAKE exchanger.
  • Gravity: stablecoin arbitrage platform.

Shadow Staking is an algorithm for staking without transactions. It transmits information to SpaceSwap about LP tokens on the user’s wallet. To receive a reward, you do not need to send tokens to the pool address. Currently, Interstellar, Bridge and Shadow Staking are available in the Binance Smart Chain version.

The Shadow Staking algorithm is a unique invention, it cannot be copied and connected to another platform. It has two advantages: safety and economy. The user leaves LP tokens in his wallet and does not risk anything. Tokens do not need to be moved, so it saves on transaction fees. explains Vladimir Nikitin, CEO of SpaceSwap.

Recall that in February 2021 the trading volume on BSC exceeded $100 billion.

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