Autor Cointelegraph By Brian Quarmby

California regulator investigating crypto interest accounts

The California Department of Financial Protection and Innovation (DFPI) has warned consumers to “exercise extreme caution” when dealing with interest-bearing crypto-asset accounts. The DFPI stated that it is investigating multiple crypto interest account providers to determine whether they are “violating laws under the Department’s jurisdiction.” In a July 12 note, the DFPI emphasized that crypto-interest account providers “are not governed by the same rules and protections as banks and credit unions” and that some platforms are “preventing customers from withdrawing from and transferring between their accounts.”“The Department warns California consumers and investors that many crypto-interest account providers may not have adequately disclosed risks customers face when they deposit crypto assets onto these platforms.”“Consumers are encouraged to exercise extreme caution before responding to any solicitation offering investment or financial services,” the DFPI added. The DFPI also said that in its view certain crypto-interest account providers have been providing unregistered securities, pointing to two cease and desist orders it recently issued to BlockFi and Voyager to stop their offerings in California.The warning comes in response to crypto interest account providers such as Celsius Network and Voyager Digital both locking up customer assets over severe liquidity issues amid a crypto bear market.As it stands, customer funds of both platforms have been locked up for several weeks, with the fate of their depositors’ holdings is still unclear. Voyager has at least outlined a potential recovery plan after post-bankruptcy restructuring, which would allow depositors to receive a combination of Voyager tokens, cryptocurrencies, “common shares in the newly reorganized company,” and funds from any proceedings with 3AC. However, the company has also tentatively suggested that it may not be able to make all users whole again. Related: Investors lament potentially lost ‘millions’ on Voyager bankruptcyIn a blog post on Monday, Voyager stated that “the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets.”Depositors weren’t happy, with Twitter user SizzleMcAffy seemingly echoing the DFPI’s concerns about risk disclosures: “If I’d known that this platform could freeze my assets without consent, I’d never have opened an account. It’s crazy that you all can use our assets to prop your value up. This kind of behavior is going to severely damage the crypto industry.”

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Online brokerage M1 Finance to launch crypto trading accounts

Despite the bear market scaring away many crypto investors in 2022, online brokerage firm M1 Finance is set to launch crypto trading accounts and trading services over the next few weeks.The Chicago-based company was founded in 2015 and claims to have more than $5 billion worth of assets under management (AUM). The brokerage also offers retirement accounts in addition to providing commission-free trading on stocks and exchange-traded funds (ETFs). In a July 11 blog post explaining the move, M1 CEO and founder Brian Barnes noted that it was primarily driven by strong consumer demand to support crypto assets: “The crypto market is still young and volatile; Bitcoin emerged just 13 years ago.” he stated before adding, “Cryptocurrencies are a roughly trillion-dollar asset class that over 20% of Americans have invested in, traded, or used.” “It has been the most requested asset addition, with roughly half of our surveyed users wanting to use M1 to invest in crypto.” Adding them to the platform gives clients a choice to make this burgeoning asset class a part of their long-term investment strategy, he said. The firm will initially support ten crypto assets such as Bitcoin (BTC), Ethereum (ETH), and “other large-cap liquid crypto assets.” M1 Finance stated it would expand its offerings over time and that crypto trading will be commission-free similar to competitors such as Robinhood. One of M1 Finance’s key offerings is Pie-based investing, which essentially allows users to create a portfolio of “Pies” in which each asset and its exposure percentage is represented as a slice on a Pie graph. The service is backed by algorithmic software that can automatically balance each portion of the Pie depending on the investor’s initial investment strategy or asset allocations. Related: Bitcoin risks new lows as $20K looms amid dollar euro parityThe firm also offers its own-curated and automated Pies, which provide exposure to a variety of stocks as a way to invest passively. M1 Finance has stated that Pie-investing will also be offered on the new crypto accounts. “Create a crypto portfolio that fits your financial goals and risk tolerance. You can build custom crypto Pies or use Expert Pies, which are pre-built using thematic strategies such as DeFi, Web3, and large-cap crypto,” the company blog post read.

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Playboy to launch first 'MetaMansion' in The Sandbox

According to a July 11 announcement, this virtual version of the Playboy mansion will feature a host of gaming, social and programmed events, along with future NFT collectible releases from the firm. Iconic and raunchy “lifestyle brand” Playboy has teamed up with NFT-based Metaverse gaming platform The Sandbox to launch the “MetaMansion.”Anybunny home? We’re teaming up with none other than…. @playboy! ‍♀️Together, we will be creating a Playboy MetaMansion social game inside #TheSandbox with #NFT collectibles & special experiences for the Rabbitar @PlayboyNFTs community! pic.twitter.com/3l6Wq6ncvt— The Sandbox (@TheSandboxGame) July 11, 2022The MetaMansion also builds on Playboy’s Rabbitars NFT project, which consists of 11,953 tokenized bunny avatars that went for around $800 apiece in October 2021. Hodlers of these NFTs will soon be able to access exclusive experiences at the virtual mansion. However, the specifics and the launch date have not yet been detailed. At the time of writing, the floor price for the Rabbitar NFTs on OpenSea sits at 0.19 Ether (ETH) or roughly $206, marking a 74.25% decrease since launch in October. The Sandbox also stated that users would be able to snap up neighboring NFT land plots to the MetaMansion later this quarter. If anything from recent history is to go by, there could be strong demand for the land, given that someone paid $450,000 just to be Snoop Dogg’s neighbor in The Sandbox-based “Snoopverse” in December. “Playboy is emblematic for its charm, lifestyle, and entertainment content that has transcended generations and that has already stepped into Web3 with early success,” said The Sandbox COO and co-founder Sebastien Borget. Playboy first delved into NFTs in April last year after it rolled out a series of tokenized centerfolds via Nifty Gateway. While some brands dipped their toes into NFTs for what seems to be a quick cash grab, it appears Playboy may be here for the long term considering it is launching the MetaMansion amid a bear market.Related: Believe it or not, metaverse land can be scarce after allThe Sandbox has managed to attract a long list of mainstream partnerships from popular figures and brands, which have helped get eyeballs on the project. To name a few, the platform hosts content tied to the Care Bears, Warner Music, The Walking Dead, Snoop Dogg, Deadmau5, Atari, The Smurfs, and Adidas. According to data from CoinGecko, the price of The Sandbox’s native token SAND is down 7.9% over the past seven days to sit at $1.11 as of this writing. The total market cap stands at $1.4 billion, making it the fortieth largest crypto asset on the market. Overall, the price of SAND is down 86.8% since its ATH of $8.40 in late November.

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Sports sponsorships sealed amid market turmoil as Man City inks deal with OKX

Crypto exchange OKX has announced that it has made a deal with English Premier League (EPL) champions Manchester City to become the team’s training kit sponsor for the 2022-23 season. Despite the current bear market, it appears that crypto and sports partnerships have been going strong, with fellow EPL team Everton also recently signing a match kit sponsorship with crypto gambling firm Stake. At the same time, PSG has also launched preseason NFT tickets. The OKX deal will put a fair amount of eyeballs on company branding, given that Manchester City won the EPL last season and is looking primed to make another tilt at the league this upcoming season after signing the Norwegian star striker Erling Haaland. As part of the deal, OKX’s logo will feature on both the men’s and the women’s training gear until mid-2023, with current previews showing OKX’s name on the front of training shirts in the lower chest area.Additionally, OKX stated that it had commissioned popular street artist “Akse P19” and the Global Street Art Agency to create four artworks across Manchester that include QR codes. These can be scanned by fans for a chance to win season tickets in the OKX Hospitality Box. The street art pieces depict players such as Haaland, Jack Grealish, João Cancelo, and John Stones. The duo has held a partnership since March after OKX was signed on to become Manchester City’s Official Cryptocurrency Exchange Partner. They have also touted that more Web3-focused fan engagement experiences will be rolled out. OKX was founded in 2017 and is based in the Republic of Seychelles. The firm claims to have more than 20 million customers across the globe from around 180 international markets. It supports trading on top assets such as Bitcoin (BTC), Ether (ETH), Polkadot (DOT), and Cardano (ADA). Related: Manchester City to build Etihad Stadium in the metaverseThe most recent crypto deal that precedes Manchester City’s is Everton’s deal with Stake, which was announced on June 9. The multi-year agreement is said to be worth roughly $12 million a season, marking the club’s “highest front-of-shirt deal in the club’s 144-year history,” according to a statement from Everton. Stake also held a sponsorship deal with Watford F.C. last season, who will be plying their trade in the second tier of pro-English football after being relegated. PSG jumps on NFTs This week, French Ligue 1 champions Paris Saint-Germain F.C. (PSG) also announced a crypto-related move, with the team rolling out NFT tickets for its pre-season tour of Japan later this month. To commemorate PSG’s first trip to Japan since 1995, the team is offering three premier NFT tickets that offer buyers VIP access to games, meet and greets, player autographs, and private parties with a select group of players who were not specified. The NFTs are on sale until Wednesday, and to obtain all of those supposed benefits, the buyer will have to pay a hefty 180.36 ETH, worth around $207,000 at current prices.

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Volumes surge 205% in Axie revival as co-founder claims project is 'healing'

Play-to-earn (P2E) Metaverse game Axie Infinity appears to be on the mend, with its NFT sales volume pumping 205% over the past seven days. The project’s co-founder Jeff Zirlin echoed such sentiments via Twitter on July 8, after he stated that the project was “healing” in reference to the strong adoption of NFT land staking, the Ronin bridge being back up, and a notable uptick of game downloads and NFT sales. 22,000 Axies sold in the last 24 hours. Was at 7,000 a few weeks ago.Origin growing quickly with the new Alpha Season. 4,600 downloads yesterday.Bridge is up. Land (90% staked) is emitting AXS.Nature is healing. pic.twitter.com/AdNzi8x4cb— The Jiho.eth (@Jihoz_Axie) July 7, 2022According to data from CryptoSlam, Axie infinity generated $1.3 million worth of sales over the past seven days from a total of 23,100 buyers, marking a 205% increase for the week. One of the contributing factors to the sudden increase appears to be the surging appetite for Axie Infinity land NFTs following the launch of staking support on July 4. The staking feature enables land owners to earn weekly rewards in the game’s native AXS token. At the time of writing, roughly 91% of the 16,794 circulating supply has been staked, according to data from the Ronin Chain explorer. The project also launched the second phase of upgrades to its new game mode this month dubbed “Origin,” which had 600,000 sign-ups as of mid-June. The game is in early access mode ahead of an eventual global launch, and it enables users to collect, trade, and battle each other with their playable Axie monster NFTs. The upgrades were said to have fixed a host of bugs in-game. The increasing NFT sales volume is likely due to the Ronin bridge relaunching on June 28. The bridge is a sidechain built for Axie Infinity which enables users to transfer assets between the game and the Ethereum mainnet. However, it had been offline since late March following the infamous $600 million hack. Despite this, the 205% surge in volume over the past week only places Axie Infinity as the 18th highest selling NFT project within that time frame, a far cry from its chart-topping days in late 2021. The Axie Infinity eco-system has suffered from a long downward trend since it peaked in interest in November. That month saw the project generate a whopping $753.9 million worth of NFT sales, while its native AXS token hit an all-time high (ATH) of $164.90. As of June, its NFT sales for the month totaled just $3.1 million, while AXS is down 91.4% from its ATH to trade at $14.18 at the time of writing. Axie Infinity NFT sales volume: CryptoSlamWith player retention and gaming longevity being seen as crucial issues for the project, the Axie Infinity team has been exploring ways to expand the ecosystem of late. Related: Play-to-Earn vs. Move-to-Earn explainedIn a July 9 blog post, the Axie Infinity team noted that its vision is to create an “entire gaming universe” with comprehensive lore similar to iconic series such as Star Wars, Final Fantasy, or the Lord of the Rings.As part of the push, the team will be rolling out content focused on building up the story behind the game’s fictitious world, “Lunacia,” in partnership with gaming-focused decentralized autonomous organization (DAO) Strider. The team also stated that it recently launched three new programs aimed at fostering community growth called the “Lunacian Codes, the Creator Program, and a fellowship collaboration.” The first two focus on rewarding users via referrals and content creation, while the latter provides funding for 200 fellowships as part of a creator academy.

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