Autor Cointelegraph By Ornella Hernandez

Happy Birthday, Bitcoin! Industry players share a few words

Happy Birthday, Bitcoin! Industry players share a few words

Uverejnil používateľ | jan 3, 2022 |

To celebrate the Bitcoin network ‘s 13th anniversary, Cointelegraph gathered birthday messages from industry players to mark the occasion. Following a hash rate all-time high, Bitcoin (BTC) has officially reached its adolescent years and industry experts weigh in on its future.Beimnet Abebe, VP of Principal Trading at Galaxy Digital:”13 years ago Bitcoin was released. Although its creation garnered little fanfare, drawing the eyes and attention of only a few esoteric coders, its release would prove monumental, enabling anyone, anywhere in the world to access digitally scarce money for the first time and opening the door to protocols that would go on to power the next iteration of the Web.”Hassan Bassiri, VP of Portfolio Management at ARCA Funds:”BTC is the gateway drug which opened everyone’s eyes to how bug digital sets can truly be. As the BTC ecosystem grows and it becomes a more productive asset in terms of lend/borrow and yield, we can expect more entrants, research and opportunities with other currencies and blockchains.”Laura Vidiella, Operations at FTX US Derivatives and former VP of Institutional Sales at Paradigm: “The BTC ecosystem will continue to see increased growth in products and capital in 2022. With the increasing offering in derivatives and structured products, traditional entities are deploying more capital by investing in yield generating strategies they are familiar with.”Ian Kane, CEO & Co-Founder of Unbanked.com:“Its creation transcended time zones, borders, and governments – and financially empowered millions of people across the world. It is a testament to human ingenuity and that one person (or group of people) anywhere in the world can create something with an impact bigger than themselves. The next 13 years are going to be even more influential than the last as everyone moves towards a Bitcoin standard.”Related: The year for Bitcoin: A 2021 roundup of the flagship cryptoMarc Yaklofsky, Head of Communications and Public Relations at Genesis Capital:“There is an old Japanese proverb that goes, ‘Beginning is easy, continuing is hard.’ The journey to change the world has only just begun. Continue on, Bitcoin!”Rich Rosenblum, Founder of GSR Markets:”It is appropriate that Bitcoin is celebrating its bar mitzvah today. 2022 will be its first full year with an ETF, and wide spread participation and adoption. Mazel Tov!”Related: New year, same ‘extreme fear’ — 5 things to watch in Bitcoin this weekMeanwhile, President of El Salvador Nayib Bukele and Bitcoin proponent speculated that BTC will hit $100,000 this year.2022 predictions on #Bitcoin:•Will reach $100k•2 more countries will adopt it as legal tender•Will become a major electoral issue in US elections this year•Bitcoin City will commence construction•Volcano bonds will be oversubscribed•Huge surprise at @TheBitcoinConf— Nayib Bukele (@nayibbukele) January 2, 2022BTC rang in the new year below $47,000 and was $46,100 at time of publication. Whether you are bullish or bearish, the asset has come a long way in terms of adoption and security.

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Samsung uses blockchain technology to address climate change

Samsung uses blockchain technology to address climate change

Uverejnil používateľ | jan 3, 2022 |

Samsung Electronics America announced Monday at the CES Tech Conference in Las Vegas its partnership with veritree, a blockchain-based climate solutions platform, to plant two million mangrove trees in Madagascar over the next three months. veritree uses blockchain technology to manage the reforestation process and verify each tree that is planted.The tree-planting initiative is part of Samsung’s nature-based action plan on environmental sustainability, specifically to capture and sequester carbon dioxide (CO2) from the atmosphere. The goal is to restore roughly 200 hectares of land and sequester roughly 1 billion pounds of CO2 over a 25-year period.Veritree, developed by tentree, a sustainable apparel company that plants 10 trees for every item of clothing sold, will handle the logistics. Built as an accounting system, veritree attempts to provide greater transparency of the entire process from field-level data collection, site planning, tree inventory and impact monitoring. Tree planters use their phones to track trees that a sponsor has paid to plant, essentially creating a digital map of the corresponding digital trees. Samsung’s head of corporate sustainability Mark Newton said that investing in innovative technology and so-called “nature-based solutions” is vital for combatting climate change. Related: Samsung announces NFT platform for smart TVsAccording to Samsung, mangrove trees are some of the world’s most effective nature-based carbon sinks. Mangrove roots, which are usually covered by water, capture and store CO2 in the soil. Samsung plans to work with local community members of the Mahajanga region of Madagascar, a region faced with large deforestation, to reach its two million tree goal by the end of the first quarter. The tree-planting initiative is part of Samsung’s growing efforts around sustainability. In addition to using renewable energy in the United States, the company recently unveiled a new smart TV lineup with an integrated NFT platform.

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Genesis issues $6M NFT-backed loan to Meta4 Capital

Genesis issues $6M NFT-backed loan to Meta4 Capital

Uverejnil používateľ | dec 30, 2021 |

Genesis Global Capital has completed one of its first purely NFT-backed loans for $6 million to Meta4 Capital, a Miami-based Web3 focused investment management firm. This loan is notable not just for its amount but for solely using nonfungible tokens (NFTs) as collateral instead of including broader liquid collateral. Meta4 operates as an NFT VC backed by Andreessen Horowitz, specializing in acquiring presumed rare and historically significant NFTs.The proceeds of Genesis’ loan were used to finalize Meta4’s purchase of three NFTs part of Sotheby’s Metaverse “Natively Digital” October NFT auction: the $3.4 million record-setting gold Bored Ape Yacht Club #8817, the Rare Pepe PEPENOPOULOS for $3.6 million and an NFT from FingerprintDAO’s Mitchell F. Chan for $1.5 million. These acquisitions acted as bridge capital until Meta4 closed a Series B round on Dec. 1 for an undisclosed amount. All Meta4 investors received a proportional share of each item procured. Brandon Buchanan, Meta4 Capital’s CEO and co-founder, told Cointelegraph that NFT-backed loans provide a better way to manage risk on the underlying asset, usually Ether (ETH).“NFTs that would otherwise be in a mostly static state are now being put to work and we’re able to financially engineer returns in excess of the interest rate for our investors either by buying additional NFTs or earning yield through DeFi protocols.”Buchanan also expressed his “thrill” to be partnering with a brokerage like Genesis, who provides “credence” and value to NFTs and NFT-backed lending.Related: NFT-collateralized loan platform Arcade raises $15M in funding roundGenesis’ VP of Institutional Lending, Roshun Patel, affirmed to Cointelegraph that the company is accepting what are considered as “blue chip” NFTs for now.“We’re looking at the most liquid, high individual value NFTs. Right now, only a few CryptoPunks and Bored Apes fit into that category, as well as select Pak and Nouns NFTs,” he said.NFT as a novel form of collateral is being spearheaded by crypto native companies and protocols. The loan between Genesis and Mera4 Capital further advances the growth of financial products for institutional investors in the NFT asset class.

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‘The only thing holding us back is us,’ says Charles Hoskinson on DeFi's future

‘The only thing holding us back is us,’ says Charles Hoskinson on DeFi's future

Uverejnil používateľ | dec 28, 2021 |

The total value locked, or TVL, in decentralized finance (DeFi) has soared to over $250 billion as 2021 closes out, with most activity on Ethereum, according to DeFi Llama. The budding DeFi industry only became mainstream during summer 2021.While TVL valuations underscore the rapid growth of the industry, Cardano (ADA) founder Charles Hoskinson has warned about the challenges facing DeFi. In a YouTube video entitled, “DApps and Cardano DeFi Alliance,” Hoskinson talked about DeFi’s potential as well as Cardano’s small role within the industry. [embedded content]According to Hoskinson, who has been on a decade-long quest to transform traditional finance, there needs to be more long-term vision among developers and creators:“It’s very hard to do this kind of engineering and to do it right, with an eye and foresight for the future. Unfortunately, many of the projects in this space will not stand the test of time. It’s just a fact that we will see a great extinction occur in the next five to 10 years.”Related: DeFi can be 100 times larger than today in 5 yearsAlthough he believes that 2022 will be “a big year” for both the industry and Cardano, there is “still so much to do,” particularly when it comes to certification standards, the production quality of DApps and security. He noted that almost $10.5 billion have been lost to hacks, scams and theft in the sector in 2021 alone.Despite considering the crypto community to be “the weavers of the genetics of finance and of the destiny of humanity’s financial operating system for the 21st century,” Hoskinson claims that the “only thing that holds us back is us. If we fight each other, demean and attack each other, all we are doing is hurting our ability to be able to steer the dialogue towards productive ends.”Related: Cardano’s ADA price eyes 30% rally with a potential ‘triple bottom’ setupDuring the session, Hoskinson talked about Cardano’s current plans, mentioning its 127 projects in development and how the first half of 2022 will be “an essential window for commercialization and utility of Cardano projects.” He expects the user count to grow tenfold from the current 2 million users due to the nonfungible token revolution. Hoskinson also introduced the Cardano DeFi Alliance, or CDA, to drive collaboration among developers. He hopes to take Cardano from being a custodial entity to a fully formed open-source platform with the ability to include hundreds more projects across the entire industry. Cardano’s ADA was one of the top-performing cryptocurrencies through the first half of 2021. Despite being backed by a strong community, Cardano has been criticized for its slow progress and lengthy development timelines. The network achieved a major milestone in September with the Alonzo hard fork, though concerns remained that real utility for the platform was still on the distant horizon. 

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Crypto exchange Kraken’s new NFT marketplace to issue loans

Crypto exchange Kraken’s new NFT marketplace to issue loans

Uverejnil používateľ | dec 27, 2021 |

Kraken founder and CEO Jesse Powell recently shared in an interview with Bloomberg News that the crypto exchange will launch a nonfungible token (NFT) marketplace that will enable users to borrow funds against their NFTs. Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the feature to determine the liquidation value of an NFT and if it can be put up as collateral for a loan.“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account,” said Powell. “And if you want to borrow funds against that.”The value of NFTs, however, is all over the spectrum and only a small percentage of token owners hold a digital collectible valued for as much as a CryptoPunk, whose floor price is 66.9 Ether (ETH) or $273,673 at the time of publication.According to Powell, NFT utility will explode next year:“Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs.”Additionally, Kraken recently acquired Staked, an infrastructure platform that allows for non-custodial crypto staking, in an effort to attract new investors. Kraken clients will now be able to earn crypto rewards and yield while retaining control over their digital assets.Kraken was founded in 2011 and has become one of the largest crypto exchanges worldwide, ranking among the top in terms of average liquidity, volume and digital asset reserves, according to data from CoinMarketCap.Related: Nexo partners with Three Arrows Capital to launch NFT lending & art financing serviceKraken’s announcement demonstrates how NFT-backed loans are becoming increasingly commonplace as more DeFi platforms, such as Arcade and Nexo, are offering this new loan model. As Cointelegraph recently reported, Arcade closed a $15 million funding round in December as part of a broader effort to grow its offerings and attract more investors to its collateralized NFT platform. 

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