Day: April 15, 2020

Multicoin Says ‘Super Apps’ Plan Behind $1.5M DeFi investment

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Blockchain and cryptocurrency venture capital firm Multicoin Capital has led a $1.5 million seed round for Chinese decentralized finance (DeFi) protocol dForce.  Mable Jiang, the principal of crypto venture capital firm Multicoin Capital, told Cointelegraph that dForce’s plan to launch a “super-app”-styled DeFi platform in the Asian market was a major factor in the firm’s decision. An Asian super app like WeChat Jiang emphasized dForce’s presence within the Asian and Chinese markets as a draw, stating, “We always believed that Asia, and more specifically China, will become a pivotal market…

Multicoin Says ‘Super Apps’ Plan Behind $1.5M DeFi investment

boss

Blockchain and cryptocurrency venture capital firm Multicoin Capital has led a $1.5 million seed round for Chinese decentralized finance (DeFi) protocol dForce.  Mable Jiang, the principal of crypto venture capital firm Multicoin Capital, told Cointelegraph that dForce’s plan to launch a “super-app”-styled DeFi platform in the Asian market was a major factor in the firm’s decision. An Asian super app like WeChat Jiang emphasized dForce’s presence within the Asian and Chinese markets as a draw, stating, “We always believed that Asia, and more specifically China, will become a pivotal market…

Philippine SEC Exposes Fraudulent ‘Abundance-Based’ Crypto Investment Scheme

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The Philippines Securities and Exchange Commission (SEC) has flagged its third cryptocurrency scam this month, warning investors against a scheme dubbed “The Billion Coin” (TBC). Marketed as a so-called “abundance-based cryptocurrency,” the SEC said in an advisory on April 14 that TBCoin’s promoters present the asset as a decentralized cryptocurrency that “aims to revolutionize the global financial system in order to eradicate world poverty.” The concept of abundance is used to justify the asset’s autonomy from “market-driven norms” and prices by alleging that the more investors there will be, the…

China’s Digital Yuan Reportedly to Test in Four Cities

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Screenshots of a purported pilot version of a wallet app for China’s forthcoming digital yuan are circulating on social media. Ling Zhang, executive director of M&A, Global Fiat, at cryptocurrency exchange Binance first shared the images on April 14, later retweeted by the exchange’s CEO, Changpeng Zhao.  Screenshot ostensibly showing a new testing wallet app for the digital yuan. Source: @lingzh1220 Four cities selected for the trial According to Ling Zhang, the app is available for download in four cities selected for the initial trial — Shenzhen, Chengdu, Suzhou and…

Libra Stablecoin is Still a Major Threat to Bitcoin: Economist

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Economist and academic John Vaz believes Bitcoin (BTC) still faces stiff competition from Facebook’s troubled Libra project. Vaz told Cointelegraph that Bitcoin has scaling challenges in terms of payments and was used disproportionately as a vehicle for speculation. By contrast he said Libra has been purpose-built to scale as a payments network and could quickly emerge as a major competitor despite its ongoing issues with regulators. “Libra isn’t dead,” he said,“they’re just navigating the regulatory nightmare.” However, Vaz dismissed central bank digital currencies (CBDCs), describing them as a weak “defensive posture”…

XRP’s Dismal 2020 Continues as Token Overtaken by LINK

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Ripple’s native token XRP was the worst performing large cap token in 2019 — and 2020 isn’t looking much better so far. Crypto analytics firm Messari this week released data showing XRP was the worst-performing crypto asset in the top 25 coins by market cap in the first quarter of 2020. XRP was also overtaken in volume earlier this week by up-and-coming cryptocurrency Chainlink (LINK) — and it even came close to losing its No.3 spot in the Top 10 to Tether (USDT) during the flash crash in mid-March. Not…