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Business

Xapo Bank integrates Bitcoin’s Lightning Network and partners with Lightspark

In order to provide its customers with lightning-fast Bitcoin payments, Xapo Bank, a prominent Bitcoin custodian, and licensed private bank, partnered with Lightspark and integrated with the Lightning Network. Members of Xapo Bank can now instantly pay for small purchases up to $100 USD at any merchant that accepts Lightning payments without having to pay high transaction fees or wait a long time for blockchain confirmation.  Xapo Bank, which supports bitcoin as the most reliable cryptocurrency in the world, also provides an annual interest rate of 4.1% on US dollars and will soon be able to offer up to 1% on bitcoin, divided over the course of the year and paid out daily.

Millions of transactions can be made every second across the network thanks to the Lightning Network. This integration will lessen the time-consuming and expensive issues that frequently arise for users who pay for small Bitcoin transactions. With its aim of becoming the largest Lightning node and offering nearly instantaneous Bitcoin payments, Xapo Bank will be the first fully authorized private bank to add a large number of new users to the network.

Seamus Rocca, CEO of Xapo Bank said, “The average transaction confirmation time of one hour combined with potentially large fees during periods of high usage make the Bitcoin network unsuitable for small daily payments such as groceries. By integrating with the hyper-efficient Lightning Network, we are the first bank in the world to streamline this process and allow our members to pay for small purchases with Bitcoin without having to convert to USD first.” 

He added, “Against a backdrop of hyperinflation, economic uncertainty and political turmoil, we are entering a world where digital money is ubiquitous, and we need integrations like this that open up access to Bitcoin payments. We are bringing together the benefits of fast, cost-efficient, and global Bitcoin payments with the security, privacy, and flexibility unmatched in the traditional banking industry.”

One of the most reputable custodians in the market and the first institutional Bitcoin holder when it was founded in 2013, Xapo offers users a safe place to store and use their Bitcoin. Being transformed into Xapo Bank, it was the first cryptocurrency company in the world to obtain a banking license. Since then, it has increased the range of services it offers by adding interest-bearing accounts for both USD and BTC, as well as other conventional banking services. At Xapo Bank, unlike other financial services companies, customers fully own and control their Bitcoin, enabling them to directly receive, hold, and send it.

“We’re thrilled to enable the first bank on the Lightning Network to offer instant, affordable Bitcoin payments to its customers,” said David Marcus, CEO and Co-Founder of Lightspark. One of our very first closed beta testers was Xapo, and we’re thrilled that they selected Lightspark’s enterprise-grade solution to securely send and receive payments on the Lightning Network without the usual complexity and operational burden of running a node. We look forward to talking more about our solution in the months to come.”

Members of Xapo Bank must have Bitcoin stored in the Xapo Bank App in order to make payments over the Lightning Network. Following that, they can simply scan an invoice and make a payment at any business that takes Lightning Network payments. Each transaction on the network is subject to a very small fee, typically a few Satoshis. In order to shield members from completing transactions with high fees, Xapo Bank has set a fixed payment fee for SAT 15 (less than $0.01 USD as of February 24th).

According to Xapo Bank Chairman Wences Casares, “We believe that Bitcoin is the future of money, and we are committed to assisting our members in navigating this new financial environment. By expanding our services to include instant Bitcoin transfers, we can offer our members better usability and ultimately grow the cryptocurrency that many of our members rely on.”

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Business

reNFT launches on Polygon to unlock mass-scale Web3 gaming

reNFT, the leading NFT rentals protocol, has announced its launch on Polygon, the leading blockchain development platform. 

“After months of development, we’re thrilled to announce that reNFT is now live on Polygon!‍” reNFT Labs stated.

According to their statement, with this launch, reNFT will be providing plug-and-play NFT rental functionality to developers who wish to integrate it into their projects, making it easier for gamers to access the world of Web3 gaming.

With the launch of the reNFT Rentals Protocol on Polygon’s mainnet, developers on Polygon can immediately access and integrate plug-and-play or white-label NFT rental functionality into their apps, projects, and ecosystems. This move is expected to unlock mass-scale Web3 gaming accessibility and more.

reNFT further expresses its appreciation towards Polygon saying, “Thanks to Polygon’s thriving ecosystem and outstanding characteristics, such as speed, industry-leading security, scalability and costs, we believe this is the next logical step to further advance our multichain strategy. Its infrastructure ensures high throughput, easy upgradability, and congestion relief. In addition, gas fees for infrastructure remain predictable, allowing developers to have dynamic tokenomics within their games.”

NFT rentals are a key component needed to lower entry barriers and enable mainstream adoption of Web3 games. NFT rentals also directly empower players while opening new economic opportunities for players, digital asset holders, and developers alike.

The reNFT protocol boosts game economies by enabling holders of NFT assets to put them to work by renting out NFT assets to use in blockchain gaming experiences, and by enabling new players to experience a game without having to purchase an NFT.

Nick Vale, Founder, and CEO of reNFT commented on the new partnership saying, “Polygon has been a longtime partner since the inception of reNFT and the start of our team’s journey over 2 years ago. We are thrilled to not only be bringing and building the best NFT renting and lending infrastructure possible to Polygon but to also work closely together with partnered games, projects, and protocols in the ecosystem. With this launch of reNFT on Polygon we will bring new and exciting ways to interact with NFTs to the entire Web3 gaming space!”

Currently, reNFT is live on Ethereum and Avalanche mainnets, supporting in-game asset rentals for a variety of gaming ecosystems such as Castle Crush and Galaxy Fight Club. An initial set of Polygon Web3 games will be launched following this announcement. As the leading protocol for NFT rentals, with the highest transaction volume, reNFT is spearheading the adoption of Web3 and NFTs.

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Business

Coinbase halts payments with US’ Silvergate bank

Coinbase, the largest cryptocurrency exchange in the U.S. in terms of trading volume, recently announced that it is halting payments to and from Silvergate bank, citing recent developments around the San Francisco-based crypto bank and out of an abundance of caution.

In a tweet, the exchange said, “In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.“

The crypto exchange will facilitate institutional client cash transactions for its prime customers with its other banking partner, Signature Bank.

The stocks of Silvergate Bank, which were already under stress due to a delay in filing its annual 10-K report, dropped another 40% in pre-market trading. Silvergate Capital was also downgraded to underweight from “neutral” by JP Morgan in light of the insolvency scare. 

A 10-K report is a document required by the U.S. Securities and Exchange Commission that provides a comprehensive overview of a company’s business and financial condition. The crypto bank had said it would need an additional two weeks to complete the report for the 2022 fiscal year.

The decision will not impact payment instructions in pounds or euros.

Troubles for the fintech bank began along with the downfall of the FTX crypto exchange. Silvergate Bank, also popularly known as the crypto bank for its slew of crypto partners, is currently facing an investigation from the U.S. Department of Justice over its involvement in the FTX collapse. The investigation revolves around former FTX CEO Sam Bankman-Fried’s account with the bank.

In another civil lawsuit, Silvergate Bank and its CEO Alan Lane were accused of aiding and abetting a multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF) and two of his entities, FTX and Alameda Research. 

In light of the ongoing investigations and termination of partnerships, Silvergate became one of the most shorted stocks in the current market. Over 72% of Silvergate Capital stock was shorted by the end of January, according to the Financial Industry Regulatory Authority.

Categories
Technology

Zimbabwean blockchain startups launch platform that offers digital identities to migrants

The Zimbabwean blockchain startup Flex ID and the South Africa-based Whatsapp remittance platform, Uhuru Wallet, recently announced that they have launched a platform that offers combined digital identity and remittance services to millions of Zimbabwean immigrants in South Africa.

According to their statement, the two startups hailed what they described as the first cross-chain collaboration between the two companies. 

According to the statement, whereas the Uhuru Wallet is based on the Stellar blockchain, Flex ID, which was co-founded by Victor Mapunga, uses the Algorand blockchain.

Commenting on the partnership, Trust Jakarasi, the CEO and founder of Uhuru Wallet, said, “We are excited to partner with FlexID to offer our customers a more streamlined and secure remittance experience. By combining our strengths in digital identity and remittance services, we can better serve the needs of Zimbabwean immigrants in South Africa.”

Some of the challenges which the two startups are hoping to overcome through the new partnership include providing a seamless and secure remittance experience for Zimbabwean immigrants. 

Through this working arrangement, the startups also hope to handle or overcome the problem of high sending fees, limited access to formal financial services, as well as identity verification issues.

Speaking about the importance of leveraging blockchain technology, Mapunga stated, “By leveraging blockchain technology, we can provide a secure and efficient way for users to verify their identity and access financial services, no matter where they are.”

Although South Africa is ranked among the biggest senders of remittances in sub-Saharan Africa, it costs anywhere between 5% and 20% to send money to Zimbabwe when using registered money transfer agencies. As a result, many migrants from Zimbabwe are compelled to use unofficial remittance platforms or courier services as alternatives.

The development of a blockchain-based system gives Zimbabwean migrants more options and probably will lower the average cost of money transfers.

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NFTs

How to earn money with NFTs

Digital assets provide a profitable way to diversify investment portfolios and the NFT market has garnered attention over the years. Non-fungible tokens (NFTs) have also proven an innovative tool for revolutionizing many conventional systems and platforms like gaming. It is no news that one could make money with NFTs, however, how to make money with NFTs remains a knowledge many are yet to grasp.

The 2022 NFT market despite the bearish atmosphere nearly matched 2021 in trading volume. NFTs in 2021 generated $25.1 billion in organic trading volume and in 2022 declined slightly to $24.7 billion. 

As more industries like the automobile and fashion industry (ASICS) embrace and integrate NFTs into their ecosystem and user value, the 2023 NFT market could surge.

Here is how to engage in the NFT market and make money this year.

Minting NFTs  or Launching a Collection 

Blockchain seeks to provide a system where creators own and monetize their creations. To make money with NFTs in 2023, explore skills that let you become a creator. Aside from converting art and music to NFTs, skills like photography, digital art, writing, and sculptors can fetch good returns in the NFT market. 

As a photographer, you can take shots of rear views of nature and events and mint them as NFTs sell. 

A sculptor can mint their sculpture as an NFT and bind it to the NFT. Likewise, digital designers express creativity in colors and then mint as NFTs.

The NFT market is competitive, therefore being a creator requires good expression of outstanding creativity. Brands with good utility and market penetration can leverage NFTs to add more value to their product ecosystem by minting their products as NFTs. For example, buying an ASICS shoe can earn you an NFT. ASICS in 2022 launched an NFT platform for its sneakers, buyers can get the NFT sneakers as rewards or as direct purchases. With their brand representation, the NFTs can attract investors and sell out almost immediately when listed in the market. 

NFT Gaming

Gaming is taking a new turn as rewards are not just counted on pleasure but on tradable points. The Sandbox, Cryptokitties, Decentraland, Illuvium, and many others reward players with NFTs and cryptos while offering immersive game modes. These points can be in the form of NFTs exercised in most play-to-earn games. In NFT gaming, players earn NFTs as rewards from gaming and sell them on secondary marketplaces. The top five play-to-earn game tokens based on market cap include The Sandbox, Decentraland, Axie infinity, Gala, and Smooth Love Portion. 

Following through with the rules of the game and completing tasks could hand the user NFTs as rewards. Digital game lovers can leverage this to earn NFTs which they can trade and make money in 2023. 

Earn Passively with NFTs

You can earn passive income from NFT staking, NFT yield farming, and renting. One can stake NFTs in platforms that facilitate NFT staking like Splinterland, Kiranetwork, and NFTX. Staking NFTs entails depositing or locking the NFTs in a DeFi protocol to generate yields. The NFTs can be any NFT owned by the user or a native NFT of the platform a user chooses to engage; whether the NFT is a random or native NF, the platform specifies. When the NFTs are locked, yields are generated in tokens that the user can sell or invest in other protocols. Also, NFTs can be gotten as rewards from staked tokens in a protocol, then the user sells the NFTs and earn. 

NFT yield farming involves earning from earned LP-NFT tokens in DeFi protocols. One can earn extra yields when they stake their LP-NFT tokens, and LP-NFT tokens are ERC-721 tokens obtained from staking on AMM protocols. Additionally, one can rent or loan their NFTs to a third party without necessarily selling them out. While the NFTs are on rent the owner is paid against when it will be returned. 

Flip, Trade, or HODL NFTs

Just like other digital assets, you can trade, flip, or hodl NFTs to earn from price differences. NFT trading is the buying and selling of NFTs for gains and repeating the process. One can buy an NFT and wait to sell at a higher price. 

Flipping is a very short-term approach to buying and selling NFTs. One can buy an NFT considering essential market factors, then resell shortly after buying. NFTs purchased for this purpose should be evaluated carefully and the token utility reviewed so it can attract immediate investors or buyers. 

Holding NFTs refers to buying NFTs and holding them for long terms. Holding NFTs is a strategy with a longer time frame involving years without selling off. The buyer is looking to sell or earn from the NFT when there must have been a bigger percentage increment from the purchase price. 

In conclusion, NFTs as part of the digital economy pose a good way to earn money, especially in 2023. The attention the NFT has received seems to keep increasing as the years go by, and recently it is being adopted by key industries in different sectors. 2023 is unfolding and it is only right to leverage the market by choosing any of the highlighted strategies in this article. However, one should have in mind the risk associated with digital assets and ensure to have a good knowledge of NFTs before engaging. 

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Business

UAE emirate to launch free zone for digital and virtual asset firms

As the nation’s approach to the crypto industry continues to draw in international crypto players, Ras Al Khaimah, one of the United Arab Emirate’s (UAE) seven Emirates, has announced that it is set to introduce a free zone for businesses dealing in digital and virtual assets.

Free zones or free-trade zones are areas where entrepreneurs have 100% ownership of their businesses and have their own tax schemes and regulatory frameworks, except for the UAE’s criminal law.

The free zone is to be named RAK Digital Assets Oasis (RAK DAO) and it will be a purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector. It will be dedicated to digital and virtual assets service providers in emerging technologies, such as the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized applications (DApps) and other Web3-related businesses.

According to the UAE Emirate’s statement, applications will open in the second quarter of 2023.

Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of the RAK International Corporate Centre, the operator of the new free zone commented, “We are building the free zone of the future for companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world.”

Drawing up the new free zone’s steps, Dubai-based crypto lawyer Irina Heaver thinks RAK DAO will start with non-financial activities first, then may introduce financial activities at a later stage.

She added, “Entrepreneurs won’t be able to launch a crypto exchange just yet, which is an ESCA-regulated financial activity.”

The Securities and Commodities Authority (SCA) is one of the UAE’s main financial regulators. According to the country’s latest federal-level virtual assets law, the SCA has authority throughout the Emirates, except for the financial free zones, the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), and others, which have their own financial regulators.

The new free zone adds to the more than 40 multidisciplinary free zones in the country that have attracted numerous crypto, blockchain, and Web3 firms, including the Dubai Multi Commodities Centre (DMCC), DIFC and the ADGM.

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Business

Decentralized database developer Polybase raises $2 million in pre-seed funding

Decentralized database developer, Polybase has raised $ 2 million pre-seed in a round led by 6th Man Ventures, Orange DAO, Alumni Ventures, NGC Ventures, CMT Digital, and several others. Created last year, 2022 by Sid Gandhi and Calum Moore, Polybase is leveraging zero-knowledge technologies to create a decentralized database. 

According to Gandhi, the majority of current Web3 developers use Web2 or centralized databases to store structured data, which is counterproductive to their intended usage. 

He added, “However, the objective of Polybase is to become the default database for web3, enabling developers to create trustless automated decentralized applications at a cost 1000x less than on-chain storage.”

The startup has emphasized that its goal is to provide a Web3 substitute for antiquated systems like Google’s Firebase and open-source databases like Supabase and Postgres. 

According to the Co-founder and CEO Sid Gandhi, Polybase started the fundraising last May and closed it in September. He declined to share the valuation, stating that it was a SAFE (simple agreement for future equity) deal with a minimal side letter.

Gandhi also emphasized that Polybase uses zero-knowledge technology based on many implementations. 

The co-founder also clarified that for the prospective usage of its Miden technology, a STARK-based, Ethereum-compatible ZK-rollup, Polygon is one of its partners although, Polybase is not bound to the Polygon ecosystem in any manner and our architecture is multi-chain.

Polybase is currently live on testnet and its mainnet is expected to launch in the coming weeks. To that end, the startup is also looking to expand its current team of five people by hiring a few people in the engineering and marketing functions.

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Business

Coinbase to suspend Binance USD (BUSD) trading

Coinbase has recently announced that the exchange is planning to suspend the trading of Binance USD (BUSD). The exchange mentioned on Twitter that trading will be suspended on March 13, 2023, at or around 12:00 p.m. EST.

“Trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime. Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time,” further stated.

The exact reason for the delisting has not been revealed yet. The exchange has also noted that they have been regularly monitoring the assets on the exchange to ensure they all meet the listing standards.

Commenting on this, a Coinbase spokesperson stated, “Our determination to suspend trading for BUSD is based on our own internal monitoring and review processes. When reviewing BUSD, we determined that it no longer met our listing standards and will be suspended.”

According to the Coinbase website, its digital asset listings group votes on assets to be listed on the exchange, informed by a rigorous vetting/review process that evaluates assets against legal, compliance, and technical security standards.

In addition, there are additional business assessments and ongoing monitoring to ensure an asset continues to meet standards.

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Business

EMURGO Africa signs MOU with Nigeria’s Pan-Atlantic University for blockchain collaboration

EMURGO Africa, a regional venture arm of Cardano blockchain, recently announced the signing of a Memorandum of Understanding (MoU) with Nigeria’s Pan-Atlantic University (PAU), a private accredited educational institution. 

According to EMURGO Africa’s statement, the MoU outlines that the two parties plan to work together in the areas of co-development of a blockchain technology textbook for students, provision of blockchain and Web3 training programs to empower PAU students, access to blockchain internships, business mentorship, and professional networking opportunities with EMURGO Africa and its partners and exploration of joint academic research and community-building initiatives.

Commenting on the project, EMURGO Middle East & Africa co-CEO Shogo Ishida stated, “Since EMURGO Africa’s launch in 2021, we have been laying the groundwork to raise awareness of Cardano and its Web3 potential with key stakeholders, building a community of Web3 talent, and establishing a vibrant investment ecosystem for Web3 companies and traditional financial institutions to unite and support local founders in their quest to build socially impactful solutions that can solve existing challenges.” 

He added, “Education has always been a key component of this comprehensive plan and we strongly believe that partnering with PAU will offer young students the educational tools they will need to learn about Web3. This will provide empowerment opportunities for them to network, work in Web3, or build their Web solutions.”

Dr. Pius Onobhayedo, Head of the Computer and Information Systems Department at PAU also noted, “At PAU, we pay special attention to industry collaboration as we aspire to provide our students with cutting-edge industry-relevant knowledge, while at the same time furthering industry development through collaborative research. We look forward to a fruitful partnership with the Cardano blockchain ecosystem and related business organizations.”

EMURGO Africa and its network of industry partners Adaverse, Power Learn Project (PLP), and Cassava Network, will collectively be involved in the joint development of the aforementioned education initiatives.

According to EMURGO Africa, this is a first-of-its-kind initiative in Africa, blending institutional education with the future of blockchain as a technology, and cryptocurrency as a tool for access to financial literacy, wealth, and financial sustainability.

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Business

Spotify to integrate NFTs for playlists

Spotify, a music streaming service, has been experimenting with NFTs and will soon introduce NFT-gated music playlists to its platform. Users of the music platform will be able to access a specific playlist using the service’s defined NFTs.

Joining the pilot are a handful of NFT projects, including Overlord and Kingship, letting holders from each project test out a unique crypto integration with the streaming platform. 

The feature lets members of those particular communities connect a crypto wallet holding one of the Ethereum NFTs and access an exclusive Spotify playlist.

For now, the new token-gated service is only available on Android and in the United States, United Kingdom, Denmark, Australia, and New Zealand.

Overlord Co-founder, Joe Carnell noted that the user simply clicks on the playlist, and it takes them out to your preferred wallets, whether it’s MetaMask or Ledger; it depends on how they store your assets. It will ask you to sign, and then it will grant them access to the playlist.

For Overlord, holders of its genesis Creepz NFTs will enjoy exclusive access to the playlist. The playlist includes songs like Vitamin C by CAN, Shimmy Shimmy Ya by Ol’ Dirty Bastard, Rocket Man by Elton John, and more than 100 other tracks.

Carnell said, “The playlist is built around our internal narrative of invasion, mega-mutant lizard by Overlord, who’s known to be invading different planets.”

He added, “It’s not only about the music either.”

Carnell also noted that Spotify has notoriously been known for championing great UX principles in the way they develop the methodology and product principles. 

“We really were excited about aligning ourselves to a brand that thinks about UX first,” he said.

The music streaming platform may already be benefitting from the play, too. The Overlord co-founder said that he has already seen members of his community download Spotify for the first time, or upgrade to a premium subscription to enjoy an uninterrupted version of the invasion playlist without ads.

“The ability for us to change user behavior and drive the kind of KPIs that Spotify wants because we can set it in a context that users love, is really powerful,” said Carnell.

This user behavior could be further adjusted with this token gate as it allows for additional perks, said co-founder Dominic Smith, pointing to potential benefits like album releases or behind-the-scenes exclusive interviews with certain musicians.

Spotify began testing Web3 integrations last year, with a company representative confirming to the publication Music Ally in May that some musicians were testing a feature to promote NFTs on their artist profiles. The company had previously posted job listings referencing Web3 earlier in 2022.