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Tether Launches Mexican Peso Tokens on Ethereum, Tron, and Polygon

Stablecoin issuer Tether Operations Limited announced that the company has launched a new token pegged to the value of the Mexican peso. According to the team, the newly launched MXNT tokens will initially be hosted on Ethereum, Polygon, and Tron.

Stablecoin MXNT is pegged 1:1 to the Mexican peso

Stablecoin and blockchain firm Tether has revealed that it has launched a new fiat-backed token that will join the company’s pool of stablecoins. Tether launched MXNT, a stablecoin pegged to the value of the Mexican peso.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the US dollar, and EURT, which is pegged to the value of the euro. The company also offers CNHT, a token pegged to the offshore Chinese yuan, and Tether gold XAUT, a token pegged to the value of an ounce of fine gold.

Tether USDT is the largest stablecoin in existence today as it currently has a market valuation of around $73.2 billion. The token’s market cap represents 5.77% of the $1.27 trillion crypto economy.

Of the $86.43 billion in digital currency trading volume on Thursday, the connection volume is around $45.42 billion, or 52.55% of today’s global trading volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trading volumes. Tether says that the launch of MXNT will be a “testing ground for the integration of new users in the Latin American market.”

Paolo Ardoino, CTO of Tether, detailed during the announcement that the company has seen the popularity of digital currencies increase in Latin America. “We have seen an increase in the use of cryptocurrencies in Latin America in the last year, which has made it clear that we need to expand our offerings,” Ardoino said in a note sent to Bitcoin.com News.

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Is Terra LUNA 2.0 a good long-term investment?

The Earth ecosystem is gearing up for a relaunch after this month’s spectacular collapse that caused losses of more than $40 billion. While this is happening, the current LUNA token has dropped to $0.00018, which is a remarkable drop considering it was trading at $120 a few months ago.

How will Terra be relaunched?

Earth’s revival plan has several important parts. The purpose of this revival will be to ensure that the strong community that existed before the collapse continues. The same goes for some of the larger projects that were built on Earth, like Astroport, Station and Stader.

First, the current Terra will change its name to Terra Classic, while its token will be known as LUNC. The new blockchain and token will be known as Terra and LUNA, respectively.

Second, the network will kill TerraUSD, the stablecoin that caused this problem. Therefore, it is still unclear whether the developers will release a new stablecoin or not. Furthermore, it is still unclear whether they will create a new guaranteed stablecoin or whether they will adopt existing coins like USD Coin and Tether.

Third, to encourage essential developers to stay on the network, 0.5% of the total supply will be allocated to them. They will also receive 1.5% of total assets as part of the developer alignment program and 8% of total supply for the mining program. The remaining coins will be rewarded to LUNA and UST holders before and after the attack.

Some of the holders that will not be eligible for allocation include UST or LUNA protocols with the Terra and LUNA bridge that cannot be verified. Terra 2.0 will be released on Thursday of this week.

Is Terra 2.0 a good investment?

The collapse of Terra has caused a lot of people a lot of pain and there is a possibility that most of them have no incentive to buy the currency again.

While South Korean prosecutors are making a case against Do Kwon, it’s too early to determine whether he was responsible for her collapse. In my opinion, UST was a brilliant idea that failed.

As such, there is a chance that Terra 2.0 will address the loopholes that existed in the previous version. Due to its strong name recognition, we cannot rule out a situation where the price of Terra rebounds in the short term.

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Central African Republic to Launch Bitcoin, Crypto Hub

After adopting bitcoin as legal tender, the Central African Republic now wants to create a cryptocurrency economic zone: Sango.

The Central African Republic (CAR), the second country in the world to adopt bitcoin as a legal tender after El Salvador, plans to develop a hub to attract cryptocurrency businesses and enthusiasts to the country.

The initiative, called Sango, was initiated by the National Assembly of the Central African Republic with the support of President Faustin-Archange Touadéra, according to a 24-page document detailing the project’s objectives. Sango seeks to “pave the way for a digital future of infinite possibilities,” according to its website. Touadéra tweeted in support of Sango on Tuesday.

In addition to building a legal Bitcoin and cryptocurrency hub recognized by its parliament, Sango intends to take “the legacy of Bitcoin to the next level” and institute a “cryptocurrency economic zone” on Sango Island where users will be able to propose, view and contribute to its future development.

According to the document, CAR’s plans include “facilitating bitcoin land acquisition for investors around the world” and creating a National Digital Bank. The government said in the document that it would also “fully support” access to the country’s natural resources such as gold, diamonds, uranium, lithium and oil.

Sango’s legal framework will include an electronic residency program, citizenship by investment, online business registration and no income or corporate taxes, according to the document. CAR plans to design this specific legal framework before the end of 2022.

The document also mentions the creation of a Bitcoin wallet to send, receive and store BTC that will be compatible with the Lightning Network, Bitcoin’s second layer protocol for cheaper and faster payments. The wallet will also support points of sale (PoS) for businesses to accept bitcoin payments and have an integrated accounting system.

CAR also plans to complete the Central African Backbone (CAB) Internet interconnection before the end of the year to drive its “total digital transformation,” it said in the document.

CAR last month became the second country in the world to adopt bitcoin as a legal tender after El Salvador pioneered the global stage with its Bitcoin Law in September 2021.

The news from downtown Sango comes to attract foreign investors to the country, likely in an attempt to further develop a nation that has one of the lowest GDPs, according to World Bank data.

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Second largest bank in Japan to launch institutional Bitcoin and cryptocurrency custody services

Sumitomo Mitsui Trust will partner with Bitbank to form a company focused on institutional custody services for bitcoin and other cryptocurrencies.

Japanese bank Sumitomo Mitsui Trust is launching a new company for institutional clients seeking custody services for bitcoin and other cryptocurrencies.

The new company will be called Japan Digital Asset Trust and is a joint venture with 85% owned by Bitbank and 15% owned by Mitsui Trust.

The company reportedly has $2.3 million in committed capital for the launch and expects to raise a total of $78 million.

Sumitomo Mitsui Trust, Japan’s second-largest bank, is creating a new company called the Japan Digital Asset Trust to offer custody services for bitcoin and other cryptocurrencies to institutional clients, according to a report by Nikkei Asia.

The new company will hold assets such as bitcoin and other cryptocurrencies for large investors and corporations because the company believes investors will feel more comfortable if custody of these assets can be held by trusted financial institutions.

The Japan Digital Asset Trust will be a majority-owned joint venture by Bitbank, a Tokyo-based cryptocurrency exchange, which will control 85% of the company. The remaining 15% of the property will be owned by Mitsui.

The new company is expected to have $2.3 million in equity at launch and hopes to raise enough capital from investors to reach a target of $78 million.

This announcement follows news that competing Japanese bank Nomura Holdings Inc. also recently announced that it would create a subsidiary to offer escrow services to institutional clients looking to acquire bitcoin and other cryptocurrencies.

When scaled down to the global scale, the adoption of bitcoin as an institutional asset class is on the rise as the Mitsui Trust joins other financial institutions such as BNY Mellon, which last year supported a cryptocurrency exchange. Likewise, Fidelity created Bitcoin First, which was a resource to show institutional investors why they should invest in bitcoin before any other cryptocurrency, and subsequently offered bitcoin-based products.

World banking leader Morgan Stanley also published a report on the viability of bitcoin as a currency following the events of Jack Maller’s Bitcoin 2022 announcement, where he announced that Strike, his Bitcoin infrastructure company, had integrated with the provider. the world.

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Fidelity Lets Customers Fund Their 401K With Cryptocurrencies

Not long ago, Fidelity Investments announced that clients would be able to invest in cryptocurrencies like bitcoin through their 401K and retirement accounts. Additionally, several companies offering 401Ks to their employees could soon see these individuals buying assets like BTC, ether, and perhaps even Dogecoin through their company-funded retirement profiles.

Fidelity advances with encryption

The news was very well received in the crypto space, with many analysts saying it would be a big step towards mainstream status and legitimacy. Financial advisor Ric Edelman, founder of the Digital Assets Council of Financial Professionals, announced in a statement:

This will be remembered as a pivotal moment in the evolution of cryptocurrencies. For the average American worker, their only place to save for retirement is through a company retirement plan. Millions of workers will now start buying bitcoins they would never have otherwise.

However, while Fidelity appears to be implementing various cryptocurrency retention options for its 401K customers, there are a number of individuals and industry leaders who claim that companies are unlikely to use or implement cryptocurrency withdrawal options for employees. Therefore, people who gain access to 401K Fidelity accounts through their companies may not yet have access to bitcoin or its altcoin cousins.

The fact is that it is still a very speculative industry, and many companies are concerned about the well-being of their workers. They don’t want them to pour money into a space that could end up scraping the bottom of the financial barrel the next day. Bitcoin and many other forms of cryptocurrency remain highly volatile, meaning their prices are extremely difficult to predict. These changes come with little to no signal and therefore companies may not want to take the risk right away.

Now, several retirement professionals are emerging to say that if one is really going to fund their retirement accounts with cryptocurrencies through Fidelity, one should take the necessary precautions and expect a little up and down behavior from time to time. . One such figure is Rob Greenman, a financial advisor at Vista Capital Partners. He commented:

Returns are based purely on speculation in the hope that some future buyer will be willing to pay a higher price than the purchase price.

What makes investing in cryptocurrencies risky during retirement is that these funds are most often used to take care of yourself when you are elderly or sick. Therefore, this money is often set aside for medical bills and utility payments, especially when you are no longer of working age.

Crypto can balance some things

Financial advisor Jim Shagawat of Advice Period also did his part, saying about cryptocurrencies:

They don't behave in the same way as stocks, bonds, gold or commodities, so adding them to your investment mix can increase return and reduce risk.