Day: February 24, 2021

Polygon Launches Chainlink VRF on Its Platform with Promise of Verifiable Randomness

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Polygon aim is to be the platform that provides these and more, and the Chainlink VRF integration places it one step forward in making this happen. Polygon, formerly known as the Matic Network has announced the launch of Chainlink Verifiable Random Function (VRF) on its mainnet, giving smart contract developers direct and unrestricted access to a secure and provably fair source of on-chain randomness in the blockchain industry. According to a blog post shared by the decentralized finance platform, the move is targeted at helping to bring scalability and unique…

Alameda Research doubles down on Maps.me, invests $40 million in Oxygen

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How much are 140 million users worth?  After a $50 million direct investment in travel app Maps.me earlier in the year, Alameda Research has announced today a $40 million investment in decentralized finance protocol Oxygen, a Solana-based lending platform that will plug into the app.  Similar to lending protocols such as Aave and Compound, “Oxygen will first offer borrow-lending services via pools, in which users will deposit their assets and leverage Serum’s on-chain infrastructure to lend according to their desired terms. Users can also simultaneously lend to generate yield while…

3 reasons Bitcoin price is quickly recovering from its ‘severe’ 23% correction

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The price of Bitcoin (BTC) quickly recovered from around $44,800 to over $50,000 within merely 22 hours.  Behind the rapid recovery are three major factors, including low funding rates, Square’s $170 million Bitcoin purchase, and the spot market stabilizing. Bitcoin futures funding rates substantially drop Across major futures exchanges, including Binance, Bybit and Bitfinex, the funding rate of Bitcoin has dropped to 0.01%. The Bitcoin futures funding rate was consistently above 0.1% throughout the entirety of the rally from the $40,000s to $58,000. BTC/USDT 4-hour price chart (Binance). Source: TradingView.com…

Generation Mining (GENM) – Palladium & Copper Giant in the Making

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▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Interview with Kerry Knoll, Exec. Chairman of Generation Mining (TSX:GENM) If you want our take on this interview and Generation Mining, go to Generation Mining is developing the Marathon Palladium project in Northwestern Ontario. After the release of a very robust Preliminary Economic Assessment in January 2020, the Company has begun a Feasibility Study which is expected to be completed in early 2021. Marathon is the largest undeveloped palladium project in North America. Most palladium demand is for autocatalysts in cars, which…

WKHS Shares Tumbles Almost 50%, Workhorse Group Loses USPS Contract to Rival Oshkosh

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The loss of the United States Postal Service contract by the Workhorse Group constitutes a major setback for the company, whose base case scenario lies in the long-drawn deal. American manufacturing company specialized in the production of electrically powered delivery and utility vehicles Workhorse Group Inc (NASDAQ: WKHS) has lost the United States Postal Service (USPS) contract to rival Oshkosh Corp (NYSE: OSK). The news led to a drop in Workhorse shares. According to a report from Yahoo Finance, the USPS deal is part of a long-standing plan by the…

Jack Dorsey’s Square Announces Fresh $170M Bitcoin (BTC) Purchase

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Square announced an additional Bitcoin (BTC) purchase of $170 million buying the dips after BTC price crashed sub $46K levels on Tuesday in a marketwide correction. As Bitcoin (BTC) enters a steep correction on Tuesday, February 23, big corporates jump in to make the most of the buying opportunity. Seizing once such opportunity, Jack Dorsey-backed Square Inc announced its fresh $170 million Bitcoin purchase. Also, the recent announcement comes as part of Square unveiling its Q4 2020 results. The Square Cash App is quite popular among crypto investors and offers…

Bitfinex and Tether Pay $18.5M to Settle Legal Issues with NYAG’s Office

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The two-year legal court battle has finally come to a conclusion with Bitfinex and Tether paying the settlement thereby putting this matter behind. On Tuesday, February 23, iFinex, the parent firm of Bitfinex and Tether officially announced a settlement of the legal proceedings with the New York Attorney General’s (NYAG) Office. Back in 2018, NYAG accused Bitfinex of misappropriating $850 million worth of funds and later covering up by issuing Tether’s USDT stablecoins. The two-year legal battle finally comes to an end with Tether agreeing to pay $18.5 million in…

Dow Jones Closed Tuesday’s Session with Gains after Inflation Fears Allayed by Fed Chair Powell

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However, some tech stocks took the heat on Tuesday following the heightened talks about the inflation concerns. The Dow Jones Industrial Average got back to winning ways of gains on Tuesday after erasing some of its 360-point losses. The index tracking the stock performance of 30 large companies listed on public exchanges in the United States, closed up 0.05%, adding 15.66 points to 31,537.35. The slight gains of Dow Jones (INDEXDJX: .DJI) recorded came after Fed chair Jerome Powell eased off the concerns against higher interest rates and economic inflations.…

Hedera makes inroads in Africa as Standard Bank Group becomes node operator

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Standard Bank Group — Africa’s largest bank by assets — has partnered with enterprise-grade distributed ledger technology project Hedera Hashgraph. According to a joint announcement, the African banking giant now joins other major corporations like Google, LG, and IBM as a member of the Hedera Governing Council. Standard Bank will also become a Hedera node operator, the first in Africa with a focus on utilizing DLT to ease bottlenecks in cross-border trade on the continent. Across Africa, innovations in domestic payment rails have created faster and efficient transaction systems. However,…

US judge dismisses crypto fraud case against BNT token issuer

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A federal district court in the United States has dismissed a securities fraud class action against Israel-based cryptocurrency firm Bancor. U.S. district judge Alvin Hellerstein ruled on Monday to dismiss a case against Bancor, stating that plaintiffs had failed to allege losses as well as citing lack of personal jurisdiction. The judge has also canceled an oral argument scheduled for March 4, 2021, entering judgment in favor of the defendants. The case was brought by New York law firms Roche Cyrulnik Freedman and Selendy & Gay in April 2020, alleging…