Tag: crypto investments

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Goldman Sachs Launches Data Service to Help Investors Analyze Cryptocurrency Markets

Global investment bank Goldman Sachs has launched a new data service in collaboration with MSCI and Coin Metrics to help investors analyze cryptocurrency markets. The new system is “designed to provide a consistent and standardized way to help market participants visualize and analyze the digital asset ecosystem,” Goldman said.

The New Goldman Sachs Cryptocurrency Ranking System

Global investment bank Goldman Sachs on Friday announced “the launch of Datonomy, a new ranking system for the digital asset market,” in collaboration with global index provider MSCI and crypto data firm Coin Metrics. Ad details:

The new digital asset rating framework is designed to provide investors, service providers, developers, and researchers with a way to help monitor market trends, analyze portfolio risk and returns, and help create new products.

“Delivered as a new data service, Datonomy classifies coins and tokens based on how they are used,” the investment bank explained, adding that the new system can be accessed as a data subscription feed directly from Goldman Sachs. , MSCI and Coin Metrics.

For example, Datonomy divides digital currencies into transfer of value currencies and specialized currencies. The latter is subdivided into Meme Coins, Privacy Coins and Remittance Coins.

Decentralized finance (defi) and Metaverse are among the digital asset apps listed on Datonomy. Defi applications are divided into decentralized exchanges, derivatives trading, decentralized lending, stablecoin issuers, forecast markets, asset management, crowdfunding, and insurance. Metaverse applications are divided into virtual worlds, games, and non-fungible ecosystems (NFTs).

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Payments Giant MoneyGram Enables Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) Trading on App

Payments company MoneyGram is rolling out a new service that allows consumers to buy, sell and hold crypto assets using the company’s mobile app.

In a statement, the money transfer giant says the MoneyGram app’s crypto trading feature will support Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) and is now available to customers in nearly all US states and the District of Columbia.

Says MoneyGram chairman and CEO Alex Holmes,

“We see crypto and digital currencies as another input and output option. As a next step in the evolution of MoneyGram, we’re thrilled to provide our customers with access to a trusted and easy-to-use platform to securely buy, sell and hold select cryptocurrencies.”

The company is bringing the new service to its customers with the help of the crypto exchange CoinMe. The two companies have been working together since 2021 when MoneyGram teamed up with CoinMe to enable customers to buy Bitcoin using fiat currency and convert the digital coin to cash at its physical locations in the US.

In June, MoneyGram also launched a new service in key remittance markets, including the Philippines, US, Canada and Kenya, to bridge fiat money and cryptocurrencies using payments blockchain Stellar (XLM) and the stablecoin USD Coin (USDC).

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Nigerian central bank steps up plans to introduce newly designed Naira banknotes

On October 29, Nigeria’s central bank was forced to defend its controversial currency overhaul plans, just days after Nigeria’s Finance Minister Zainab Ahmad publicly questioned them. The central bank insists the move is overdue and urged Nigerians to “support the currency redesign project, which is in the general interest of all citizens of the country”.

Written approval by President Muhammadu Buhari

The Central Bank of Nigeria (CBN) has insisted that its recently announced plan to issue newly designed naira banknotes is legitimate and is 12 years overdue. In an apparent rebuke to Nigeria’s Finance Minister Zainab Ahmad, who publicly questioned the plan, the central bank said it had “obtained written approval from President Muhammadu Buhari to redesign it”.

Addressing lawmakers a day after the surprise CBN announcement, Ahmad reportedly said she had not been consulted and therefore could not comment “on the merits or not”. As Bitcoin.com News recently reported, CBN’s plan to introduce newly designed naira banknotes is believed to have caused the local currency’s parallel market exchange rate to drop, where it hit a new all-time low against the dollar. from N781: $1.

Opponents of the controversial CBN plan insist that going ahead with the change could see the naira to dollar exchange rate fall to 1,000 naira to the dollar by the end of January 31, 2023. However, in a defiant statement issued in October 29, 2022, CBN urged Nigerians to support currency redraw policy.

“The CBN urges Nigerians to support the currency redesign project, which is in the general interest of all citizens of the country. Hoarding significant amounts of banknotes outside commercial bank vaults should be discouraged by anyone with good intentions for the country,” the central bank said.

Currency redraws a global pattern

CBN added that it “took a long time considering he had to wait 20 years to carry out a redesign”. The statement also echoes the bank’s previous claims that the circulation of the redesigned naira is standard practice globally that must be carried out every five to eight years.

The planned injection of new 100, 200, 500 and 1,000 naira notes into circulation is scheduled to start on December 15th. Nigerians are expected to return the old banknotes by the end of January 2023. While critics of the currency redesign plan have urged the CBN to either extend the deadline or abandon the plan altogether, the latest local reports quote President Buhari expressing support.

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Flipkart, the Indian commerce giant, will allow customers to buy items in the metaverse

Flipkart, the Walmart-backed Indian e-commerce giant, has launched a pilot program to let its customers experience shopping in a metaverse environment. The company announced the launch of its own metaverse, called Flipverse, in which different brands will be able to offer their own shopping experiences.

Flipkart to Launch Flipverse: A Shopping Metaverse

Flipkart, one of the largest e-commerce companies based in India, has announced that it will test its own shopping experience in the metaverse. Called Flipverse, this metaverse will allow customers to experience shopping as if they were physically present in an online store through their smartphone.

According to the company, the experience wants to bring gamification and loyalty points to the shopping experience, allowing customers to accumulate supercoins and digital collectibles from different brands that are already accredited to be part of this pilot program.

To create the new platform, Flipkart partnered with eDAO, a company incubated by Polygon, to prepare the metaverse experience for launch this month. The company has already signed up several key partners, including Puma, Noise, Nivea, Lavie, Tokyo Talkies, Campus, VIP, Ajmal Perfumes, and Himalaya, who will be able to offer their own custom booths and experiences in the Flipkart metaverse.

A Flipkart executive stated:

The idea is to get millions of users to experience Flipverse and open the door to the future of shopping. Fifteen years ago, we were the first Indian company to launch Web 2.0-based commerce. And I feel that today we are the first company to launch Web 3.0 commerce.

Retail and the metaverse

While metaverse retail experiences have been fairly limited so far, with video from 2017 resurfacing this year showing an example of how shopping would be done in a hypothetical Walmart-themed metaverse, Flipkart and Polygon believe there is a great opportunity in the future for that. type of virtual shopping experience.

Sandeep Narwal, co-founder of Polygon, stated:

While we're just beginning to scratch the surface of what's possible in the metaverse, we see e-commerce as one of the defining use cases. Combining top brands with Flipkart's eCommerce expertise in a virtual environment revolutionizes online retail as we know it.

Walmart, which owns 72% of Flipkart, already made its first metaverse move into the Roblox universe in September, launching two experiences called “Walmart Land” and “Walmart’s Universe of Play.”

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MinePlex Digital and Crypto Bank Secures $100M in GEM Funding

The funds will be used in new banking technologies, including a collaboration with Mastercard and Visa for cryptocurrency transactions.

In another round of investments in the cryptocurrency space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM) with the aim of bridging the gap between the digital assets and traditional banks.

According to an announcement on Oct. 11, MinePlex will use the funds to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions that accept Tether (USDT), Bitcoin (BTC), Ether (ETH), and TRON (TRX). .

Uniting digital assets and traditional banking services is the great bet of MinePlex.

The platform offers fiat and crypto asset services within the same app, enabling transactions such as bill payments and crypto asset purchases.

Introducing CrossFi, MinePlex co-founder and CEO Aleksandr Mamasidikov explained to Cointelegraph:

“We created CrossFi, a new technology running on the LPoS (Liquid Proof of Stake) consensus algorithm and the innovative MinePlex blockchain, offering advantages such as simplicity, operational speed and low fees.”

According to MinePlex, its native MinePlex token (PLEX) will also be listed on the new exchanges as part of the fundraising efforts.

The company also plans to open new offices in South Africa, Australia, India and Brazil, in addition to those already established in Barcelona, ​​Dubai, Uruguay and Singapore. The company claims to have processed more than five million cards in 50 banks in Russia, Europe and Asia.

GEM is a $3.4 billion alternative investment group that has been a source of capital for other startups in the cryptocurrency space.

In September, ParallelChain Lab secured $50 million in funding from GEM following the launch of its parent XPLL token, while Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield.