Autor Cointelegraph By Helen Partz

Fan token market cap surged over 60% since June: Data

Fan token market cap surged over 60% since June: Data

Uverejnil používateľ | dec 11, 2021 |

The fan token market has been growing in value this year, surging around $157 million in terms of total market capitalization since June.According to data from major fan token website FanMarketCap, the market cap of all fan tokens is estimated to amount to slightly over $417 million at the time of writing. This is almost 60.4% up from the overall value of $260 million recorded in mid-June 2021, as Cointelegraph previously reported.The fan token market’s daily trading volume amounts to $270.2 million at publishing time.According to FanTokenStats, some of the most-valued fan tokens include Paris Saint-Germain (PSG) and Manchester City (CITY) issued by major fan token provider Socios and based on the Chiliz blockchain infrastructure. While PSG’s market capitalization is valued at just over $49 million, CITY’s market cap is at $38 million.Binance, the world’s largest cryptocurrency exchange, is also a major fan token player, launching its own fan token platform in October 2021. Running on Binance’s token launch platform Binance Launchpad, the Lazio Fan Token (LAZIO) is among the biggest fan tokens with a market cap of roughly $51 million, according to FanTokenStats.Socios and Chiliz founder and CEO Alexandre Dreyfus told Cointelegraph that all fan tokens across Socios and Chiliz’s fan token ecosystem have sold for $250 million so far. He predicted that the market size of fan tokens and social tokens will surge up to $10 billion in the next five years.Fan tokens are a form of digital currency providing holders with access to a number of fan-related membership perks including voting on club decisions, merchandise designs, rewards as well as other fan engagement experiences within sports clubs and music fan clubs.Dreyfus emphasized that fan tokens are not cryptocurrencies but rather digital assets: “You cannot spend fan tokens to buy something, you can own fan tokens to get fan benefits.” He still noted that fan tokens’ use cases are different for fans and traders. “Fans will hold, traders will trade,” Dreyfus said.Related: Manchester City officials sign and suspend partnership with mysterious crypto firm within a weekAccording to the CEO, sources like CoinMarketCap (CMC) and CoinGecko do not correctly reflect the initial price of Socios-issued fan tokens, which is usually around $2 per token. As such, CITY was originally priced at $2 per token instead of $10, which is according to CMC and CoinGecko.“You can’t see it on CoinMarketCap,” Dreyfus noted, adding that sources like CMC and CoinGecko don’t get fan token offering price but rather capture the listing price only. “Fan tokens are first pre-sold at fixed price during a flash sale before being listed,” he added.

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Florida governor's budget proposal wants to let residents pay fees in crypto

Florida governor's budget proposal wants to let residents pay fees in crypto

Uverejnil používateľ | dec 10, 2021 |

Florida Governor Ron DeSantis has officially proposed the state government to allow businesses to pay state fees with cryptocurrencies like Bitcoin (BTC).The Republican governor announced the idea as part of his 2022–2023 budget proposal, released on Dec. 9.According to the official budget highlights, DeSantis proposed to provide $200,000 to the Department of Financial Services to offer Florida corporations the ability to “pay state fees via cryptocurrency directly to the Department of State.”“Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth,” the document reads.DeSantis additionally proposed allocating another $500,000 to explore the potential of blockchain technology to maintain motor vehicle records as well as authenticate Medicaid transactions and detect potential fraud.The overall $700,000 proposal is dedicated to enable a crypto-friendly Florida, the budget proposal reads.Florida has been steadily emerging as a major cryptocurrency-friendly jurisdiction in the United States as one of its major cities, Miami, is being actively promoted as the “world’s Bitcoin and crypto capital.”Related: ​​Navigating CityCoins: Miami citizens to earn Bitcoin despite the city not holding cryptoLast month, Miami Mayor Francis Suarez announced that he aimed to be the first U.S. lawmaker to accept part of his paycheck in Bitcoin. The official reportedly owns both BTC and Ether (ETH).In September, Miami’s city commissioners voted to accept funds generated by the new MiamiCoin cryptocurrency, which was launched by the smart contracts protocol CityCoins in August. Having generated more than $21 million in yields as of mid-November, MiamiCoin will be available to all Miami residents in the form of a Bitcoin dividend, according to the city mayor.

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WhatsApp starts testing currency payments with Meta’s Novi wallet

WhatsApp starts testing currency payments with Meta’s Novi wallet

Uverejnil používateľ | dec 9, 2021 |

Despite some senators in the United States opposing Meta launching its digital currency products, the development of the social media giant’s digital wallet, Novi, continues apace. Stephane Kasriel, head of Meta’s cryptocurrency and fintech unit Novi, officially announced on Wednesday that Meta’s messenger subsidiary, WhatsApp, has started testing transactions through Meta’s Novi wallet.According to the executive, the new feature is available for a “limited number of people” in the U.S., allowing users to send and receive money on WhatsApp “instantly and with no fees.”There’s a new way to try the @Novi digital wallet. Starting today, a limited number of people in the US will be able to send and receive money using Novi on @WhatsApp, making sending money to family and friends as easy as sending a message. pic.twitter.com/dGz3lejri7— Stephane Kasriel (@skasriel) December 8, 2021Kasriel noted that Meta has been able to test and learn which features and functionalities are “most important to people” since it introduced the Novi pilot in mid-October. He added that using Novi doesn’t affect the privacy of WhatsApp personal messages and calls, “which are always end-to-end encrypted.”Will Cathcart, head of WhatsApp at Meta, confirmed the news on Twitter, noting some U.S. users can now send and receive money with Novi on WhatsApp. “People use WA to coordinate sending money to loved ones, and now Novi will help them do that securely, instantly and with no fees,” he wrote.Formerly known as Facebook, Meta officially launched a digital currency pilot in collaboration with major crypto exchange Coinbase and stablecoin firm Paxos in October. The pilot initially rolled out in the U.S. and Guatemala, using Pax Dollar (USDP), a dollar-pegged stablecoin issued by blockchain trust company Paxos.Related: Meta’s head of crypto to step down at end of yearA U.S. nonprofit organization, the Open Markets Institute, subsequently sent a letter to multiple regulators, including the U.S. Department of Justice, arguing that Meta may be “in the illegal business of receiving deposits without a bank charter.” The organization specifically pointed out that USDP is one of the smaller stablecoins “with far less liquidity and usage” than the top stablecoins like Tether (USDT) and USD Coin (USDC).“There are several legal and regulatory implications for Facebook’s pilot that warrant particular attention by the agencies,” the Open Markets Institute letter stated.

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Kazakhstan to decide whether to launch CBDC by late 2022

Kazakhstan to decide whether to launch CBDC by late 2022

Uverejnil používateľ | dec 9, 2021 |

Kazakhstan, one of the world’s largest countries in terms of Bitcoin mining hash power, is continuing to explore a potential central bank digital currency (CBDC).The National Bank of Kazakhstan has completed a prototype of a digital tenge platform, governor Erbolat Dossayev announced, according to a report by local news agency Kazinform.The central bank is now preparing to publish preliminary results of digital currency testing and a pilot CBDC project on Wednesday, Dossayev said. He noted that the pilot involved local financial companies and some international partners.Despite actively moving forward with CBDC testing, Kazakhstan is yet to decide on whether to launch a digital representation of the national currency. According to Dossayev, the central bank expects to make such a decision in December 2022.The National Bank of Kazakhstan has been increasingly paying attention to CBDC developments abroad, as multiple countries around the world develop their own digital currencies, the governor added.Related: Bitcoin mining power crunch: Kazakhstan looks toward nuclear solutionKazakhstan opened a public consultation on the potential CBDC in May 2021 after local authorities began considering a national digital currency the previous year.Kazakhstan’s approach to launching a CBDC follows a similar plan by Russia, which is looking to roll out the first pilot tests for a digital ruble in early 2022.

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Indian CoinDCX crypto exchange to go global in 2022, says exec

Indian CoinDCX crypto exchange to go global in 2022, says exec

Uverejnil používateľ | dec 9, 2021 |

Ongoing uncertainty around cryptocurrency regulation in India isn’t stopping domestic crypto companies from launching global offerings.Indian cryptocurrency exchange CoinDCX is preparing to move forward with its global crypto-to-crypto trading platform — dubbed Cosmex — in 2022, according to a senior executive at the company.Ramalingam Subramanian, head of brand, marketing and communications at CoinDCX, told Cointelegraph that CoinDCX has significant ambitions regarding the exchange’s global expansion as its upcoming platform will target a global audience.The firm initially announced the development of Cosmex in February 2021, planning to expand CoinDCX’s footprint to the global markets amid the increasing global demand and acceptance for cryptocurrencies.According to Subramanian, the launch of Cosmex is coming “most likely next year” and will initially launch in Western Europe and Southeast Asia.Cosmex “has nothing to do specifically with what’s happening in India,” Subramanian stressed, adding that the platform rather seeks to respond to the “huge demand” for crypto services outside of India. He added that CoinDCX is not willing to add to speculation around regulatory uncertainty in India by discussing scenarios where Indian regulators take a tougher stance on the industry.Related: India’s crypto unicorn CoinDCX has no immediate plans for IPOSubramanian noted that CoinDCX’s main platform is “focused on India generally” and has restrictions for certain countries.After lifting a major ban on crypto services in 2020, Indian authorities have been reportedly considering other restrictions for the industry. However, experts are confident that the Indian government would most likely choose to regulate rather than ban its growing crypto economy.

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