Biconomy(BICO)

Singapore-based crypto derivatives exchange, Bybit, was part of this year’s Finance Today Summit. Organized by The Wealth Today, this event included a distinguished panel of regulators, blockchain companies, and traditional finance (TradFi) service providers. Through a series of interactive sessions and a forward-looking agenda, Finance Today Summit explored some of the most relevant topics facing the industry while exploring what experts and senior executives believe will shape the future of finance. During the event, Bybit reiterated the importance of mutual collaboration and an open mind between the budding cryptocurrency finance industry and traditional financial services alongside regulators, given closer connections could deliver accretive benefits for all stakeholders involved. Speaking at the event, Bybit’s Head of Communications Igneus Terrenus stressed the need for mutual respect and collaboration, explaining, “Maybe both sides need to have a little more humility. There is so much crypto companies can learn from the incumbents in due diligence, in compliance, in really making sure customer needs are met and interest protected. At the same time, bankers and regulators will benefit from keeping an open mind and allowing for these innovations to happen.” Blockchain’s distributed ledger technology (DLT), alongside its other inherent features, can transform the international banking system, making it more secure, transparent, and inclusive. For instance, in the case of payment and transaction settlement, the process can take days to reach finality in the traditional banking system. Conversely, with blockchain, it can be accomplished within mere minutes. The average block generation time on the Bitcoin network is 10 minutes, near 13 seconds on Ethereum, and even faster across third-generation blockchains. With such high throughput, banks can easily free up liquidity in ways that can be highly capital efficient. Bybit also acknowledged regulators and their efforts to protect everyone’s interests. As a global exchange, Bybit understands that regulation is necessary for crypto to thrive and reach even more people. “We need to see where the future is going. Crypto is a risk-on asset people want exposure to, particularly for populations in less stable economies living with double-digit unemployment rates and inflation,” adds Terrenus. “We may very well have already crossed the Rubicon, where it’s actually riskier not to have any exposure to crypto than to have it. I definitely see a lot of ways banks and crypto companies can collaborate with and learn from each other. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The craze for non-fungible tokens (NFTs) is spreading like wildfire. As more and more users, blockchain startups, and traditional businesses continue embracing the “phenomenon of the decade,” the demand for adding more utilities to these digital assets has also increased dramatically. Although the NFT market capitalization has crossed well beyond the one billion mark, with total 2021 sales topping $20 billion, NFTs still have limited utility. NFT marketplace like OpenSea, Rarible, and others allow users to buy, sell, and trade NFTs, but there’s nothing much to do beyond those activities. For instance, if a user wants to use their NFT to earn an additional income, they won’t be able to because none of the existing platforms offer this functionality. Most of the DeFi products and services don’t apply to NFTs. There aren’t many platforms that would offer loans against NFTs. Additionally, most NFTs just sit idly in users’ wallets given there are no available options to stake or lend them. To fill this void and improve the value proposition for NFTs, Drops has developed a unique model designed to help users generate yields from otherwise unproductive tokens. This end-to-end platform for underwriting loans against NFT and DeFi assets opens the opportunity to access financing and generate yields from these valuable but utility-limited assets. Promising Alternative To Ethereum-Based NFT Marketplaces With Drops, anyone can experience the true potential of NFTs without any intermediaries or complications. The platform uses lending pools that enable any type of asset to be used as collateral – from NFT collectibles and metaverse items to financial NFTs and DeFi tokens. Ethereum-based NFT marketplaces have already hit a brick wall in terms of costs. When it comes to gas fees, minting, buying, selling, even sending an NFT on any Ethereum-based platform is excessively expensive. In some cases, the gas fee exceeds the total value of the NFT itself. This has led to a severe drop in adoption, primarily because most NFT marketplaces are deployed atop Ethereum. Using the layer-2 scaling solution Polygon, Drops obliterates Ethereum’s slow transaction speeds and high gas fees. At the same time, the platform uses Biconomy’s dApp technology, allowing it to subsidize all transaction costs while enabling users to interact with the platform as if they were using the Ethereum mainnet. In essence, Drops brings the best of Polygon’s scaling capabilities and low fees alongside the security and user-friendly features of Ethereum. Improving the Value Proposition of NFTs By Adding More Utility By providing multi-chain loans for NFT and DeFi assets, Drops adds more utility to NFTs and addresses the liquidity crisis in DeFi. The two core features of Drops that set it leagues apart from existing NFT platforms include: (i) converting NFTs into fungible ERC-20 tokens supported by permissionless liquidity pools, and (ii) borrowing liquidity provider (LP) tokens and staking them for additional tokens. If you own DeFi tokens and NFTs sitting idle in your digital wallet, Drops helps you borrow against them. As long as you have NFT or DeFi tokens that can act as collateral, you will be eligible for a trustless loan instantly without having to speak to a lender or wait for approval. Other than this, Drops have launched an improved liquidity platform called Drops DAO, built around the permissionless Drops Loans protocol. Moreover, with Drops, you can reap more rewards from your portfolio by supplying stable coins and governance tokens to the platform’s permissionless lending pools in exchange for attractive returns. Users who provide liquidity via supported tokens can generate variable returns and borrow from the pools. With various partnerships and expansion, Drops continues to progress through the product roadmap. The platform has recently integrated Chainlink Price Feeds on their Ethereum mainnet for accurate, secure pricing of loans against various stablecoins and cryptocurrencies. Additionally, the company partnered with Enjin to enable staking and borrowing users' ERC-20 tokens against NFTs or in-game assets using Enjin's technology instead of traditional banks or lending products like credit cards. Other significant partnerships include Polygon, Oraichain, Parsiq, Solv Protocol, and Blockchain Gaming Alliance (BGA). The platform supports a wide range of NFTs, including financial, gaming, and collectibles, among others. Drops is backed by prominent venture firms and investors like AU21 Capital, Axia8 Ventures, Bitscale Capital, Genblock Capital, x21, Quantstamp CEO Richard Ma, Sushi CTO Joseph Delong, Defiprime & DEXGuru CEO Nick Sawinyh, Cooper Turley from Audius, and Marc Weinstein from Mechanism Capital. As the NFT ecosystem expands its still nascent footprint, the Drops platform is a beneficial addition. It adds more value to NFTs that would otherwise gather dust, helping it cement itself as the first NFT-focused project to bridge the NFT and DeFi ecosystems successfully. Owing to its permissionless lending and borrowing features, Drops harbors the potential to overpower existing peer-to-peer loan protocols such as NFTfi and Stater. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Social Network development space was abuzz with news coming from SubSocial of its recent successful Kusama parachain auction. As a direct implication, crowd lenders stand to receive 16.5 Million SUB tokens as compensation for the 100,420.69 KSM raised during the auction. Starting from January 8, 2022, the Kusama parachain will fully integrate and go live with SubSocial's open platform. It creates a new paradigm for Social Network development. One where user-centric platforms are the norm rather than the exception. Social Network participants are tired of the current framework. Problems ranging from data breaches to data harvesting (Cambridge Analytica and co), fake news, and unnecessary censorship have made users abandon Social Networks to seek solace in unconventional platforms that give them everything they want and more. Web3 Platforms Are The Future of Social Interaction As unconventional as web3 platforms seem to many people, the issues the innovative minds solve with the next generation of the web as their projects cross the rubicon with how solutions get provided. SubSocial, for instance, runs off substrate, deploys to InterPlanetary File System (IPFS), and will now get integrated into Kusama's parachain on a sandbox basis. That kind of approach shows the coming dynamism that will bring back the Social Network as a permanent fixture in our lives. But, this time, with the user as the core focus. Rather than the owner. Users are the owners because of the decentralized basis of governance on these new Social Networks! SubSocial and platforms like it provide a new perspective to project building. Developers can get going while the SUB token and its features allow quick and easy project deployment and onboarding. Built as a framework for Social Network deployment, SubSocial is a decentralized framework that defines a new era where innovation becomes more important than structure. That itself is the mantra of the web3 space. Including the Kusama parachain creates cross-platform capabilities and opens the door to multi-platform integrations that give proof of Polkadot's resilience. SUB and other social tokens within the SubSocial ecosystem get recognition and exposure as platforms talk to and with each other as projects onboard and link up. The Kusama Parachain Ecosystem Comes Into Its Own Kusama as parachain ecosystem has proved to be one-of-a-kind. By providing pre-mainnet value, Kusama has served as the last phase for developers to test out their projects before they hit the Polkadot mainnet. This final phase helps prevent some disasters that have occurred on other blockchains. The decentralized finance (DeFi) could have prevented some hacks and attacks if projects onboarded unto Kusama-type parachains or similar on their blockchains. It may sound drawn-out, but having this innovation phase of project execution is proof that Polkadot is heading in the right direction. Cryptocurrency community members can now decipher project lifecycles as they onboarded different types of ecosystems. For SubSocial, this may be the next stage before achieving critical mass. Then the nuclear type of lift-off will occur as Social Network projects litter the Polkadot landscape. Social Proof is the Ultimate Form of Capital As Social Networks undergo the next stage of evolution, proof of monetization exists as data on human interactivity provides insight into how alternative forms of capital and assets get generated. SubSocial Founder, Alex Siman said. "We are thrilled to have Subsocial secure a parachain slot on Kusama. This will allow us to build all sorts of innovative integrations in the Social Finance sector. Our community's support has been incredible". These innovative integrations bring out the other forms of value and capital within the nexus of human interactions. Social Networks are just the key! Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The exchange Binance temporarily suspended all crypto withdrawals on Monday, following a backlog of crypto withdrawals that accumulated following Bicoin reaching an all time high. Binance released a statement via Twitter addressing the suspension and assuring users that their funds were safe. Following bitcoin’s recent price surge and subsequent ATH exchanges were inundated with thousands of new users, with the platform’s trading volume surpassing $1 billion in one day. The result was a backlog that forced Binance to suspend all crypto withdrawals. “Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. We have temporarily disabled all crypto withdrawals on http://Binance.com due to a large backlog. Rest assured our team is working on it with top priority. Thank you for your patience and apologies for any inconvenience caused.” A tweet from the exchange informed users that crypto withdrawals were suspended but were expected to resume within 30 minutes. A follow-up tweet an hour later noted that the platform had still not cleared the backlog, however after two hours the backlog had been cleared and normal processing had resumed. Insider reported Binance’s temporary suspension, with a Binance spokesperson toelling Insider: "Today's temporary pause on withdrawing funds was due to a database system issue that impacted our withdrawal service...The team was able to fix the failure and verify that all data and dependencies were working normally before we restarted withdrawals. At no times were users' funds at risk. We apologise for any inconvenience caused." Binance is one of the world’s biggest crypto exchanges, and is no stranger to outages. In May the platform suffered a major outage which saw outrage from users who were unable to dump their coins. Other platforms such as Binance and Robinhood have also struggled to keep up with the growing demand for crypto, with transactions often accelerating at break-neck pace in correlation to the market. While investment in crypto has grown exponentially, regulation across the world is struggling to keep up. The UK’s FCA put out a statement this year, in which the regulator noted that Binance posed a significant risk to investors in the UK. Binance, along with other global exchanges, faces increasing scrutiny from all areas. Investors are increasingly demanding greater access to services in the growing industry, while regulators struggle to keep up with the industry. The cryptocurrency market has remained relatively stable since Binance’s surge, and sentiment around Bitcoin is still bullish following the weekend. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Blockchain companies are positioning themselves to lead the Web 3.0 revolution. More than 12,500 people participated in the BICO sale.

[PRESS RELEASE – Please Read Disclaimer] Now, the exchange has launched a new native token – BIT. The BIT token has a multitude of uses, making it an extremely promising investment prospect. The BIT token is now publicly traded and is available to investors on the PancakeSwap starting on 06.09.2021 BIT Token Utilities Biconomy Token […]

Digital currencies have become dominant in the investment sector, and the underlying blockchain technology has found use cases in many industries. CoinFantasy has developed a new innovative, and fun way to reap the benefits of cryptocurrencies and help users grow their digital portfolios. The gamified launchpad utilizes the much-feared volatility of the market to allow the players to earn rewards by correctly predicting the future outcome at a particular time. How can you get the most out of CoinFantasy? CoinFantasy is a multi-chain decentralized fantasy gaming platform developed for crypto-financial markets using NFTs. Anyone can become a part of the platform and create their own prize-pool based game and invite players to participate in it. CoinFantasy rewards the players who win the game under the pre-defined criteria, and the organizer simultaneously benefits from it. With its latest partnerships with firms by the likes of Biconomy, CoinFantasy aims to make its platform accessible and easier to use for all its users. One of the most exciting features of CoinFantasy is that it offers several cryptocurrencies that a participant can choose from and diversify their portfolios, providing the easiest and the most fun way to expand earnings. Use Cases CoinFantasy has found an interesting real-life use case where it can tap into the volatility of a cryptocurrency to make a fortune. Take Bitcoin, for example; game participants can study the recent growth graph to predict its future. If the player correctly predicts the outcome, they will receive handsome rewards in the form of their preferred token. Experts of the crypto world can predict the outcome of a cryptocurrency to make smart investment choices. Game participants can pair up with these experts to create a formidable team and accurately predict the outcome of a preferred coin. Studying the market, such as the London-fork update to Ethereum Network, can help participants make educated predictions and improve their chances of winning. CoinFantasy offers an easy-to-understand and interactive platform where anyone can become an organizer, participant, or sponsor. The platform provides unique benefits for all the entities involved. Becoming a game organizer, participant or sponsor will help users in the following ways. More information on how to be involved can be found here. As the name suggests, Game organizers organize the prize pool and must lock up 10% of the total value of the pool. However, locking 10% will earn triple-rewards, making up handsomely for their initial investment. In addition to a 20% game fee on successful game pools, they receive staking rewards for locking up tokens and access to credit using locked-up funds as collateral. On the other hand, game participants can join any pool by paying the entry fees collected in the pool and distributing them to the winners. The game pool stays live for 4 hours, in which the user must use their skill to predict the outcome of their preferred coin. After the pool ends, the winner is announced immediately, and the winnings are transferred to the winner’s account. Game Sponsors, however, play an indirect role in the games. They can purchase rare NFTs minted by organizers and participants according to the conditions of sellers. Post NFT purchase, sponsors become privy to a percentage of the prize won by the seller in the games, acting as a royalty-based system where game sponsors give the NFT seller sponsorship based on their skills. CoinFantasy has developed a mutually rewarding platform for all the entities involved in a game to introduce new users to crypto financial markets in an interactive way. Join CoinFantasy and start gaming today to win exciting rewards! Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

The new infrastructure, dubbed Hyphen, allows users to transfer USDC stablecoins between Ethereum and Polygon in a more efficient manner.