Autor Cointelegraph By Brayden Lindrea

Twitter monetization and free speech drove Binance's $500M injection: CZ

Twitter monetization and free speech drove Binance's $500M injection: CZ

Uverejnil používateľ | nov 1, 2022 |

Binance CEO Changpeng “CZ” Zhao has explained the reasoning behind its $500 million co-investment into Elon Musk’s Twitter, citing monetization potential, crypto community free speech, and the opportunity to eventually “help bring Twitter into Web3.” CZ’s comments came from an Oct. 31 CNBC Squawk Box segment, where he explained what drove his co-investment with Elon Musk to acquire the social media platform noting: “I believe Twitter has not been monetized well, it has not grown well, there’s many tactical problems like bots that spam my comments, there’s scammer accounts on there, it’s not been run well.”“But I think the platform has huge value in itself, and especially now with Elon at the helm, we’re very confident,” he added.Binance has not wavered in its support for Musk’s acquisition of Twitter since it first announced its support in May 2022. Other co-investors include Sequoia Capital Fund, Fidelity Management and Research Company.The Binance CEO said Twitter’s difficult price valuation didn’t impact its investment decision as they considered the long term prospects to be strong, while giving crypto a “seat at the table” when it comes to free speech:”We’re long-term investors, we believe in strong entrepreneurs, we believe in strong platforms, we believe in free speech […] we look at this from a 10, 20, 50, 100-year basis, so a little price fluctuation on a monthly basis doesn’t bother us.”However, decisions as to what Twitter accounts are re-activated won’t lie in the hands of Musk, who said that a new “content moderation council” will bear the duty to determine what banned user accounts are restored. However, the billionaire entrepreneur confirmed in a tweet that the council will exercise its discretion with “widely diverse viewpoints.”CZ says it invested as it also hopes to play a part in Twitter’s eventual transition to Web3, such as adding cryptocurrency-based payments on to the social media platform.“We want to help solve those immediate problems like charging for memberships [….] that can be done very easily by using cryptocurrencies as a means of payment.”According to a Reuters report on Oct. 28, the crypto exchange plans to create a dedicated team to work on potential crypto and blockchain-based solutions for Twitter. The new team will explore how to build on-chain solutions to address issues such as spam bot accounts. Related: Twitter’s top brass gutted as Elon Musk’s takeover beginsBinance’s $500 million investment into Twitter makes them the fourth-largest shareholder in the social media platform amongst 19 investors. Twitter is also no longer a publicly-traded company, having been delisted from the New York Stock Exchange (NSYE) on Oct. 28, following Musk’s decision to take the company private.

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Steph Curry files trademark for the 'Curryverse' where players earn NFTs

Steph Curry files trademark for the 'Curryverse' where players earn NFTs

Uverejnil používateľ | nov 1, 2022 |

National Basketball League (NBA) megastar Steph Curry looks set to introduce his own version of the Metaverse to NBA’s 650 million fans — filing a “Curryverse” trademark application on Oct. 26. If approved, the United States-based trademark application, filed by SC30 Inc. will grant the four-time NBA champion exclusive rights for “entertainment services, namely, personal and virtual and metaversal appearances.”According to the filing, the “Curryverse” will also provide “online gaming services in the nature of virtual worlds,” where players will be able to earn both fungible and nonfungible tokens (NFTs), which will be able to be bought or sold at an “online marketplace.”The application also covers virtual clothing and goods, business management and investment services, charitable fundraising services, and software as a service (Saas) featuring software platforms for designing, promoting, selling, and exchanging NFTs, among others. While more specific details of the Curryverse haven’t been announced, the NBA star’s metaverse will likely garner a lot of attention given his 47 million fan base on Instagram and 17.1 million followers on Twitter. While the Metaverse-related trademark appears to be a first for Curry, it definitely isn’t his first move into Web3. In August 2021, Curry first became a part of the NFT community following a $206,000 Bored Ape Yacht Club purchase. The Golden State Warriors player’s liking for golf also led him to invest in LinksDAO — a decentralized autonomous organization (DAO) that aimed to build the “world’s greatest golf community.”The NBA superstar has also featured in an FTX advertisement in March as part of his ambassador role with the popular crypto exchange. NBA’s Miami Heat gets Web3 sponsorMeanwhile, just eight days after landing a multi-year partnership with National Football League (NFL) team New England Patriots, blockchain infrastructure firm Chain has just become the official “Web3/Blockchain infrastructure partner” of the Miami Heat. Chain stated in its Nov. 1 press release that its partnership will aim to “bridge the gap between the sports industry and Web3 technology” by providing a suite of products and services that “address the complexities of overall blockchain management.”Related: Aussie media company goes all in on NBA fan engagement with NFTsThe partnership will also see Chain’s logo be imprinted on the Miami Heat player’s pre-game shooting shirt, with the blockchain solutions company also set to prominently feature on the NBA team’s social media platforms. Things are HEATing up this fall. Chain is proud to announce a partnership with the @MiamiHEAT as their official Web3/Blockchain infrastructure partner. Read more: https://t.co/7mgQVHPmAR pic.twitter.com/FhBeabooAp— Chain (@Chain) October 31, 2022In Mar. 2021, FTX entered a $135 million partnership with the Florida-based team to secure naming rights to the Miami Heat’s 21,000 seat stadium until 2040 — which is now officially called FTX Arena.

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Terrorists are funding their horrible deeds with crypto: UN officials

Terrorists are funding their horrible deeds with crypto: UN officials

Uverejnil používateľ | okt 31, 2022 |

Terrorist groups who have been excluded from the “formal financial system” have turned to crypto to fund their heinous activities, according to Svetlana Martynova, the Countering Financing of Terrorism Coordinator at the United Nations (UN). The UN official made the comments during a speech at a “Special Meeting” run by the UN’s Counter-Terrorism Committee (CTC) in New Delhi and Mumbai on Oct. 28-29 — which was focused on combating the use of “new and emerging technologies” for terrorist purposes.Martynova said that while cash and “hawala” — a traditional system of transferring money in Arab countries and South Asia — have been the “predominant methods” of terror financing, “we know terrorists adapt to the evolution of conditions around them and as technologies evolve they adapt as well,” she said. Martynova noted that these technologies include cryptocurrencies, which have been used to “create opportunities for abuse,” she said, adding:“If they’re excluded from the formal financial system and they want to purchase or invest in something with anonymity, and they’re advanced for that, they’re likely to abuse cryptocurrencies.”UN Secretary-General Antonio Guterres also stated that while emerging technologies have an “unmatched potential to improve human conditions everywhere,” the harm done also expands far beyond that of terror financing:“Terrorists and others posing hateful ideologies are abusing new and emerging technologies to spread disinformation, foment discord, recruit and radicalize, mobilize resources and execute attacks.” As for how the UN plans on handling the issue at an international level, Martynova said the main challenge is to get nation-states on board with its regulation.“We have very clear global standards from the Financial Action Task Force (FATF) and the resolutions of UNSC,” she said.However, Martynova added that very few countries have started the work on regulation, and even less so are “successfully enforcing that regulation” to deter ill-intended non-state actors.Related: Terrorists still raise money through crypto, but the impact is limitedSome efforts are being made at the state level, with the United States Department of the Treasury most notably sanctioning crypto mixer Tornado Cash over money laundering and cybercrime concerns. A number of blockchain-based forensic firms such as Chainalysis and Elliptic have also come about in recent years to track down cybercriminals and report their activities to governments — which has helped fade away the myth that cryptocurrency is a criminal’s safe haven.

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62% of Dogecoin hodlers in profit amid hopes of Twitter integration

62% of Dogecoin hodlers in profit amid hopes of Twitter integration

Uverejnil používateľ | okt 31, 2022 |

Tesla CEO and billionaire Elon Musk’s acquisition of Twitter has tipped 62% of Dogecoin (DOGE) investors into profit, amid speculation that Musk’s Twitter-buy will be positive for the meme token.DOGE’s price rallied on Oct. 26 when billionaire entrepreneur Elon Musk changed his Twitter bio to “Chief of Twit” — the same day he visited Twitter’s San Francisco-based headquarters before officially closing the deal as the new owner on Oct. 28. In the past seven days, DOGE’s price has surged 98.5% to $0.119 at the time of writing, according to CoinGecko.This means that as much as 62% of DOGE holders are “Making Money at Current Price” according to data from blockchain intelligence platform IntoTheBlock — which even beats out Bitcoin (BTC) and Ethereum (ETH) hodlers at 54% and 57% respectively.The events have also triggered DOGE’s market cap to surpass smart contract platforms Cardano and Solana into becoming the 8th largest cryptocurrency in the world with a $16.3 billion market cap, according to CoinGecko. The link between Musk’s Twitter purchase and DOGE’s massive price surge should come as no surprise as many Dogecoin investors have high hopes for Musk — nicknamed “The Dogefather” — to integrate Dogecoin onto Twitter in some shape or form. Dogecoin fanatic and crypto blogger Matt Wallace told his 678,400 followers on Oct. 28 that he believes a Dogecoin-integrated Twitter would showcase “what #Dogecoin is capable of.”:Thanks to Elon Musk, Twitter will soon showcase to the entire world what #Dogecoin is capable of!— Matt Wallace (@MattWallace888) October 28, 2022While Dogecoin fan page “Doge Whisperer” speculated that a Dogecoin-based tip system could be implemented for popular tweets:Can’t wait for Twitter to add #dogecoin as an option for tippingWhat do you think @elonmusk ? pic.twitter.com/b7Eqz9hpEs— Doge Whisperer (@TDogewhisperer) October 30, 2022

Even Cardano CEO and founder Charles Hoskinson has weighed in — stating there is now a “real possibility” of Dogecoin integrating on to Twitter:Now that Twitter is in the hands of @elonmusk I can see a real possibility that doge will somehow merge with the platform.— Charles Hoskinson (@IOHK_Charles) October 28, 2022

Hoskinson then went one step further by offering to migrate Dogecoin on to Cardano as a sidechain with embedded smart contract functionality for free.Related: How Crypto Twitter could change under Musk’s leadershipIn Jan. 2022, Tesla began accepting DOGE as a payment method for merchandise purchases, with Musk also hinting at doing the same thing at SpaceX in May. 2022. The electric vehicle company also began accepting Bitcoin-based payment for its cars in Jan. 2021, despite the CEO taking the view that Dogecoin is “better suited for transactions” in Dec. 2021.

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Freeway reveals key factors leading to platform withdrawal halt

Freeway reveals key factors leading to platform withdrawal halt

Uverejnil používateľ | okt 26, 2022 |

Crypto staking platform Freeway pointed at the failure of one of its trading strategies, along with market conditions as the leading reason for halting user withdrawals earlier this week.The crypto yield platform on Oct. 23 announced it was halting various transactions relating to its high-yield “Supercharger” product, citing “unprecedented volatility” at the time, without giving any more details at the time, which saw its token price plummet.In a 22-part Twitter thread on Oct. 25, Freeway shed more light on the situation, revealing that it was “one of Freeway’s trading strategies” that “appears to have failed” and has “dramatically impacted Freeway’s portfolio” and caused a “substantial loss” to its investors.Freeway explained that an unprecedented rally of the United States dollar, along with crypto volatility led to the failure of the trading strategy. “The trading strategy was executed as it was programmed, but the market volatility caused a spike in margin utilization leading to the loss,” it explained.The platform offers users up to 43% annual yield wards using its “Superchargers” products. Users can deposit fiat currencies and crypto, which are placed in regulated brokerage accounts that are leveraged for returns.However, the firm said earlier this week it would be halting buys and deposits and won’t be buying back Superchargers until its new strategies are implemented. Related: What are DeFi yield aggregators, and how do they work?In the new post, Freeway said it would be enacting a recovery plan to improve and secure its remaining funds. The plan would involve bringing in “new expertise” to improve the management of its remaining funds, alternative diversification opportunities for investors, deploy a new product with “impressive projected profitability” (although details have not yet been announced), along with a new “Earn and Protect” feature that gives greater user protection. The platform has also confirmed that they had moved out of the “loss-producing” strategy.“In order for us to resume Supercharger buy-backs we need to be in a position to execute safely. We will therefore need to see significant inroads into the losses before that can happen, and that will take time.”News of Freeway’s service halt caused its FWT token to plummet 81% to approximately $0.00134. The token is currently priced at $0.00152, according to CoinGecko.

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