Turkey was the largest cryptocurrency market in the Middle East in 2021, with the exchange volume expanding by some 1,500% y/y, according to data from Chainalysis.

Attorney Burcak Unsal, an expert in cryptocurrencies, noted that the Turkish transaction cryptocurrency volume last year was one of the biggest in the world. Statista Portal, meanwhile, presented data showing Turkey was the worlds fourth biggest cryptocurrency market in 2020 in relation to the number of users.

Forty cryptocurrency exchanges are currently operating in Turkey, the Middle Easts largest economy and home to around 85mn people. The most popular platforms are Bitcoin, Paribu, BTC Turk and Binance.

The attraction of cryptocurrencies in emerging market Turkey stems from the high volatility and plummeted valueof the Turkish lira (TRY), the local currency. Since 2020, the chronic depreciation of the lira has driven many private actors to find a more secure way to invest and save their money. The lira's exchange rate against the dollar has not been stable for a decade. Between 2013 and 2018, the national currency depreciated by 4 times against the USD. It lost 44% of its value in 2021 and year to date in 2022 it has shed more than another 25%, bringing total losses in the last three years to around 70%.

The high inflation rate in the country-an official 80% in July but more than twice that according to some independent analysis by Istanbul economistsaggravated by detrimental monetary policy pursued by the Turkish central bank and government in the drive for growth has raised the attraction of the cryptocurrency market for Turks. The central bank refuses to budge on interest rates, declining to bring in hikes despite loud calls from the market as it attempts to flip the chronic Turkish trade deficit into a surplus. Rampant inflation and a collapse lira are here to stay for consumers and investors in Turkey in these circumstances. The government, meanwhile, attempts to curb the fall of the lira by restricting access to FX for residents, often in vain.

Hard currency instability

Finally, hard currencies are subject to instability amid a global inflationary scene with surged oil and gas prices. Turkish residents who relied on the dollar and other strong foreign currencies to protect their savings have become more reluctant to rely solely on such fiat money to protect their assets and investments. Thus, cryptocurrencies become more and more popular while the national fiat money is perceived as less stable than digital assets. A similar trend is visible in South America and Africa. According to surveys, the percentage of Turkish residents using cryptocurrencies was 16% to 20% between 2020 and 2022. Turan Sert, from Paribu, the biggest cryptocurrency platform in Turkey, said that in the past it was dollarization, meaning that to avoid fluctuations in their domestic currency people kept their assets in dollars [] now the recent trend is being called cryptolization.

Unsal explained that Turkish residents have invested massively in cryptocurrencies since confidence in the lira has been on the wane for a very long time. On digital platforms, anyone can invest small amounts easily without prior technical knowledge, contrary to the stock market and in FX trading and real estate. These options are less accessible, more expensive and are submitted for state taxes.

That said, the cryptocurrency market in Turkey is not entirely safe and stable. Fluctuations, sometimes quite dramatic, are often expected, particularly when it comes to worldwide platforms, owing to restrictive measures taken simultaneously in different countries (in Russia, China, India and Qatar). Bitcoin fell to a record low recently following Chinese steps brought in against digital currencies.

Moreover, two Turkish cryptocurrency platforms closed in April 2021. The CEO of Thodex, Faruk Fatih Ozer, allegedly fled to Albania with more than two billion dollars of funds invested in his platform, with several of his alleged accomplices arrested in Turkey. A few days later, cryptocurrency platform Vebitcoin ceased its activities in Turkey and four of its employees were arrested. Investors could not access their funds placed in their digital wallets.

This case increased suspicion of the Turkish state in terms of cryptocurrencies traded on its territory. The government seems to fear that cryptocurrencies will decrease the value of, and confidence in, the fiat national currency. Officials started to adopt a negative stance towards the market, even while Turks were increasingly using the option for savings or investments.

The growing suspicion was apparent when the Turkish central bank implemented a Regulation on Prohibiting Payments with Crypto-Assets on April 16, 2021, to ban the use of cryptocurrencies as a means of payment for goods and services in Turkey. According to this law, the Turkish platforms are not allowed to propose any system for transferring cryptocurrencies into a fiat currency. However, the law does not impose a complete ban on cryptocurrencies in Turkey. Chairman of the Turkish central bank, Sahap Kavcioglu stated that the legislation was necessary to implement a balanced system for digital money.

On May 1, 2021, amendments were implemented via a presidential decree to the Regulation on Measures on the Prevention of Laundering Proceeds of Crime and the Financing of Terrorism. Cryptocurrency providers must report their activities to the Turkish Financial Crimes Investigation Board (MASAK) and provide customer identification. The law was adopted to avoid the use of digital money as a means of transaction in criminal or terrorist activities due to a lack of state control. Suspicious activities must be reported directly by the digital providers to MASAK regardless of the transaction amount and for all transactions of more than TRY75,000 (around $4,200).

National branches

In May, Turkish authorities were said to be working on a draft bill implementing more control on the cryptocurrency market and platforms. According to Turkish press reports, the law would target the securing of cryptocurrencies in the banking sector. The National Capital Market Board would issue permits for platforms to operate in the country. According to this law, a platform would need capital of $6.1mn to run their business. Foreign platforms would have to set up national branches that could be taxed in Turkey.

Analysts complained that the legislation would neither be favourable to the Turkish economy nor to the security of digital users. According to Unsal, the cryptocurrency market should be subject to controls under comprehensive legislation and Turkey was too late with its implementation; the proposed moves would not foster the development of Turkish investments.

Another market observer, Bora Erdama, said Turkey's cryptocurrency market has a very high potential at the international level: If Turkey becomes a good bridge in the crypto-assets ecosystem, there will be significant capital inflows into the country, never mind the worry of money flowing out of the country. Istanbul and Turkey will become a centre of attraction for the crypto-asset ecosystem." Protectionist measures adopted by the government could jeopardise this development, Erdamar said, adding that the decree implemented on April 16, 2021, preventing the use of cryptocurrencies as a means of payment, brought about the end of ventures for many start-up entrepreneurs.

Cryptocurrency expert Vedat Guven concluded that this step to prevent such use could dampen projects based on blockchain technologies in Turkey. Guven said cryptocurrency platforms were crucial in the development of this technology.

The Turkish government, meanwhile, tried to propose alternatives, controlled by the state, for the unregulated cryptocurrency market. The government talked of plans to shortly launch a national digital currency, the Digital Turkish Lira Cooperation Platform, regulated by the Turkish Central Bank. The national digital currency was to mitigate risks for investors in the digital market. The central bank would propose digital wallets and transfers based on blockchain technology.

Turkeys president, Recep Tayyip Erdogan, last year affirmed during a national youth meeting that he was leading a war against private cryptocurrencies. He said he would instead foster the development of the national digital currency. According to cryptocurrency expert Artem Deev, many countries were creating a national cryptocurrency to ensure control of private exchanges, perceived as competitors, and escape from regulation.

Deev added that the trend, seen in China and Russia, for instance, could provide a strategy to weaken the private cryptocurrency market in Turkey, clearing the way for to present state-sponsored digital assets as legitimate financial assets.

However, even given the negative events and publicity that have surrounded the private sphere cryptocurrency market in the past year, the use of the market is expected to continue to grow among the Turkish population. According to Sima Baktas, a Turkish expert in cryptocurrencies: Even mainstream TV channels talk about crypto now, and even when they show very bad news about crypto, Turkish people get more into crypto, because it appears they dont care about that bad news showing crypto as some kind of unreliable sector.

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Home of the humbled lira, Turkey's the biggest cryptocurrency market in the Middle East - bne IntelliNews

Although private digital currencies have rewarded some individuals and institutions, they are an unstable financial asset that can bring social risks and costs, the agency warned.

UNCTAD said their benefits to some are overshadowed by the threats they pose to financial stability, domestic resource mobilization, and the security of monetary systems.

Cryptocurrencies are an alternative form of payment. Transactions are done digitally through encrypted technology known as blockchain.

The use of cryptocurrency rose globallyat an unprecedented rate during the COVID-19 pandemic, reinforcing a trend that was already in motion. Some 19,000 are currently in existence.

In 2021, developing countries accounted for 15 of the top 20 economies when it comes to the share of the population that owns cryptocurrencies.

Ukraine topped the list with 12.7 per cent, followed by Russia and Venezuela, with 11.9 per cent and 10.3 per cent, respectively.

The first brief All that glitters is not gold: The high cost of leaving cryptocurrencies unregulated examines the reasons behind the rapid uptake of cryptocurrencies in developing countries, including facilitation of remittances and as a hedge against currency and inflation risks.

Recent digital currency shocks in the market suggest that there are private risks to holding crypto, but if the central bank steps in to protect financial stability, then the problem becomes a public one, UNCTAD said.

Furthermore, if cryptocurrencies continue to grow as a means of payment, and even replace domestic currencies unofficially, the monetary sovereignty of countries could be jeopardized.

UNCTAD also highlighted the particular risk that stablecoins pose in developing countries with unmet demand for reserve currencies. As their name implies, stablecoins are designed to maintain stability as their value is pegged to another currency, commodity or financial instrument.

For some of these reasons, the International Monetary Fund has expressed the view that cryptocurrencies pose risks as legal tender, the agency said.

The second policy brief focuses on the implications of cryptocurrencies for the stability and security of monetary systems, and to financial stability in general.

It is argued that a domestic digital payment system that serves as a public good could fulfil at least some of the reasons for crypto use and limit the expansion of cryptocurrencies in developing countries, said UNCTAD.

For example, monetary authorities could provide a central bank digital currency or a fast retail payment system, though measures will depend on national capacities and needs.

However, UNCTAD has urged governments to maintain the issuance and distribution of cash, given the risk of deepening the digital divide in developed countries.

The final policy brief discusses how cryptocurrencies have become a new channel for undermining domestic resource mobilization in developing countries, and warns of the dangers of doing too little, too late.

While cryptocurrencies can facilitate remittances, UNCTAD warned that they may also enable tax evasion and avoidance through illicit financial flows similar to a tax haven, where ownership is not easily identifiable.

In this way, cryptocurrencies may also curb the effectiveness of capital controls, a key instrument for developing countries to preserve their policy space and macroeconomic stability, the agency added.

UNCTAD has outlined several actions aimed at halting cryptocurrency expansion in developing countries.

The agency urged authorities to regulate crypto exchanges, digital wallets and decentralized finance to ensure the comprehensive financial regulation of cryptocurrencies.

Furthermore, regulated financial institutions should be banned from holding cryptocurrencies, including stablecoins, or offering related products to their clients.

Advertising related to cryptocurrencies also should be regulated, as is the case with other high-risk financial assets.

Governments are advised to provide a safe, reliable and affordable public payment system adapted to the digital era.

UNCTAD also advocates for global tax coordination regarding cryptocurrency tax treatments, regulation and information sharing.

Additionally,capital controls should be redesigned to take account of what the agency described as the decentralized, borderless and pseudonymous features of cryptocurrencies.

To hear UNCTAD's latest podcast which focuses on the highs and lows of the cryptocurrency world, click here.

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UN trade body calls for halting cryptocurrency rise in developing countries - UN News

A representation of cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration

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LIMA, Aug 10 (Reuters) - Binance, the world's largest cryptocurrency exchange, is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers.

"Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation," said Maximiliano Hinz, who heads Binance in Latin America, during an interview in Lima.

Hinz pointed to the example of Argentina, where annual inflation is at 90%. The country has grown into one of the company's top markets, he said, together with Brazil and Mexico.

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Argentina saw citizens pour savings into bitcoin this year despite a crash in cryptocurrency prices. read more

While El Salvador has made headlines for adopting bitcoin as legal tender, Hinz said other Latin American nations have yet to pass meaningful cryptocurrency legislation, although he does not necessarily consider that a bad thing for the company.

"Regulation is a framework, but it's not always negative that something isn't regulated," he said. "If something isn't banned, then it's legal."

Under President Nayib Bukele, El Salvador has made a massive bet on bitcoin, making it legal tender and buying more than $100 million worth of the cryptocurrency, which have lost about 50% of their value amid a broader cryptocurrency selloff this year.

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Reporting by Marcelo Rochabrun; Editing by Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.

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Binance says it is winning crypto clients thanks to inflation - Reuters

The year is 2027. Its a time of great innovation and technological advancement, but also a time of chaos. What will the crypto market look like in 2027? (For those unfamiliar, that's alinefrom the 2011 video game,Deus Ex.)

Long-term predictions are notoriously difficult to make, but they are good thought experiments. One year is too short a period for fundamental changes, but five years is just enough for everything to change.

Here are the most unexpected and outrageous events that could happen over the next five years.

Themetaverse is a hot topic, but most people do not have even the slightest idea of what it actually comprises. The metaverse is a holistic virtual world that exists on an ongoing basis (without pauses or resets), works in real-time, accommodates any number of users, has its own economy, is created by the participants themselves, and is characterized by unprecedented interoperability. A variety of applications could (in theory) be integrated into the metaverse, including games, video-conferencing applications, services for issuing drivers licenses anything.

This definition makes it clear the metaverse is not such a novel phenomenon. Games and social networks that include most of the features stated above have been around for quite some time. Granted, interoperability is a problem that needs to be addressed seriously. It would have been a very useful feature to be able to easily transfer digital assets between games or a digital identity without being tethered to a specific platform.

But the metaverse will never be able to cater to every need. There is no reason to include some services in the metaverse at all. Some services will remain isolated due to the unwillingness of their operators to surrender control over them.

And there is also the technical aspect to take into account. The cyberpunk culture of the 1980s and 90s postulated that the metaverse meant total immersion. Such immersion is now conceived as possible only with the use of virtual reality glasses. VR hardware is getting better every year, but its not what we expected. VR remains a niche phenomenon even among hardcore gamers. The vast majority of ordinary people will never put on such glasses for the sake of calling their grandmother or selling some crypto on an exchange.

True immersion requires a technological breakthrough like smart contact lenses or Neuralink. It is highly unlikely those technologies will be widely used five years from now.

An active decentralized finance (DeFi) user is forced to deal with dozens of protocols these days. Wallets, interfaces, exchanges, bridges, loan protocols there are hundreds of them, and they are growing daily. Having to live with such an array of technologies is inconvenient even for advanced users. As for the prospects of mass adoption, such a state of affairs is all the more unacceptable.

For the ordinary user, it is ideal when a maximum number of services can be accessed through a limited number of universal applications. The optimal choice is when they are integrated right into their wallet. Storing, exchanging, transferring to other networks, staking why bother visiting dozens of different sites for accessing such services if all the necessary operations can be carried out using a single interface?

Users dont care which exchange or bridge they use. They are only concerned about security, speed and low fees. A significant number of DeFi protocols will eventually turn into back-ends that cater to popular wallets and interfaces.

Money has three main roles acting as a means of payment, as a store of value and as a unit of account. Many cryptocurrencies, primarily stablecoins, are used as a means of payment. Bitcoin (BTC) and to a much lesser extent Ether (ETH) are used as stores of value among cryptocurrencies. But the United States dollar remains the main unit of account in the world. Everything is valued in dollars, including Bitcoin.

The real victory for sound money will be heralded when cryptocurrencies take over the role of a unit of account. Bitcoin is currently the main candidate for this role. Such a victory will signify a major mental shift.

What needs to happen in the next five years to make this a possibility?

A sharp drop in the confidence vested in the U.S. dollar and euro is a prerequisite for cryptocurrencies to take on the role of a basic unit of account. Western authorities have already done a lot to undermine said confidence by printing trillions of dollars in fiat money, allowing abnormally high inflation to spiral, freezing hundreds of billions of a sovereign countrys reserves, and so on. This may be just the beginning.

What if actual inflation becomes much worse than projected? What if the economic crisis is protracted? What if a new epidemic breaks out? What if the conflict in Ukraine spills into neighboring countries? All of these are feasible scenarios. Some are extreme, of course but they are possible.

There is a high probability that the list of top cryptocurrencies will radically change. Outright zombies such as Ethereum Classic (ETC) will be ousted from the list, and projects that now seem to hold unshakable positions will not only be de-throned but may also vanish altogether.

RELATED: 6 Questions for Lisa Fridman of Quadrata

Some stablecoins will surely sink. New ones will take their place. Cardano (ADA) will slide down the list to officially become a living corpse. The project is moving agonizingly slowly. Developers not only fail to see this as problematic but even seem to view it as a benefit.

Cryptocurrencies are global by default, but they are not invulnerable to the influence of individual states. The state always has an edge and an extra trick up its sleeve. A number of territories (the U.S., the European Union, China, India, Russia, etc.) have already introduced or are threatening to introduce strict regulation of cryptocurrencies.

The factor of international competition is superimposed onto internal state motivations. When Russia was heavily sanctioned, some crypto projects started restricting Russian users from accessing their services or even blocking their funds. This scenario may play out again in the future with respect to China.

RELATED:Is there a way for the crypto sector to avoid Bitcoins halving-related bear markets?

It is not difficult to imagine a future in which parts of the crypto market will work in favor of some countries while closing to others. We are living in such a future already, at least to some degree.

The opinions expressed are the authors alone and do not necessarily reflect the views of Cointelegraph. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice.

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What will cryptocurrency market look like in 2027? Here are 5 predictions - Cointelegraph

Mining the Worlds Second-most-valuable Cryptocurrency at Evobits I.T SRL An engineer inspects Sapphire Technology Ltd. AMD graphics processing units (GPU) at the Evobits crypto farm in Cluj-Napoca, Romania, on Wednesday, Jan. 22, 2021. The worlds second-most-valuable cryptocurrency, Ethereum, rallied 75% this year, outpacing its larger rival Bitcoin. Photographer: Akos Stiller/Bloomberg via Getty Images

Photographer: Akos Stiller/Bloomberg via Getty Images

Crypto investors have been hit hard this year by hacks and scams. One reason is that cybercriminals have found a particularly useful avenue to reach them: bridges.

Blockchain bridges, which tenuously connect networks to enable the fast swaps of tokens, are gaining popularity as a way for crypto users to transact. But in using them, crypto enthusiasts are bypassing a centralized exchange and using a system that's largely unprotected.

A total of around $1.4 billion has been lost to breacheson these cross-chain bridges since the start of the year, according to figures from blockchain analytics firm Chainalysis. The biggest single event was the record $615 million haul snatched from Ronin, a bridge supporting the popular nonfungible token game Axie Infinity, which lets users earn money as they play.

There was also the $320 million stolen from Wormhole, a crypto bridge backed by Wall Street high-frequency trading firm Jump Trading. In June, Harmony's Horizon bridge suffered a $100 million attack. And last week, almost $200 million was seized by hackers in a breach targeting Nomad.

"Blockchain bridges have become the low-hanging fruit for cyber-criminals, with billions of dollars worth of crypto assets locked within them," said Tom Robinson, co-founder and chief scientist at blockchain analytics firm Elliptic, in an interview. "These bridges have been breached by hackers in a variety of ways, suggesting that their level of security has not kept pace with the value of assets that they hold."

The bridge exploits are occurring at a striking rate, considering it's such a new phenomenon. According to Chainalysis data, the amount stolen in bridge heists accounts for 69% of funds stolen in crypto-related hacks so far in 2022.

A bridge is a piece of software that allows someone to send tokens out of one blockchain network and receive them on a separate chain. Blockchains are the distributed ledger systems that underpin various cryptocurrencies.

When swapping a token from one chain onto another as in sending some ether from ethereum to the solana network an investor deposits the tokens into a smart contract, a piece of code on the blockchain that enables agreements to execute automatically without human intervention.

That crypto then gets "minted" on a new blockchain in the form of a so-called wrapped token, which represents a claim on the original ether coins. The token can then be traded on a new network. That can be useful for investors using ethereum, which has become notorious for sudden spikes in fees and longer wait times when the network is busy.

"They usually hold tremendous amounts of money," said Adrian Hetman, tech lead at crypto security firm Immunefi. "Those amounts of money, and how much traffic goes through bridges, are a very enticing point of attack."

The vulnerability of bridges can be traced in part to sloppy engineering.

The hack on Harmony's Horizon bridge, for example, was possible because of the limited number of validators that were required for approving transactions. Hackers only needed to compromise two out of a total of five accounts to obtain the passwords necessary for withdrawing funds.

A similar situation occurred with Ronin. Hackers only needed to convince five out of nine validators on the network to hand over their private keys to gain access to crypto locked inside the system.

In Nomad's case, the bridge was much simpler for hackers to manipulate. Attackers were able to enter any value into the system and then withdraw funds, even if there weren't enough assets deposited in the bridge. They didn't need any programming skills, and their exploits led copycats to pile in, leading to the eighth-largest crypto theft of all time, according to Elliptic.

Nomad is offering hackers a bounty of up to 10% to retrieve user funds and says it will abstain from pursuing legal action against any hackers who return 90% of the assets they took.

Nomad told CNBC it's "committed to keeping its community updated as it learns more" and "appreciates all those who acted quickly to protect funds."

Bridges are an essential tool in the decentralized finance (DeFi) industry, which is crypto's alternative to the banking system.

With DeFi, instead of centralized players calling the shots, the exchanges of money are managed by a programmable piece of code called a smart contract. This contract is written on a public blockchain, such asethereumorsolana, and it executes when certain conditions are met, negating the need for a central intermediary.

"We cannot simply move those assets," Hetman said. "That's why we need blockchain bridges."

As the DeFi space continues to evolve, developers will need to make blockchains interoperable to ensure that assets and data can flow smoothly between networks.

"Without them, assets are locked on native chains," said Auston Bunsen, co-founder of QuikNode, which provides blockchain infrastructure to developers and companies.

But they're risky.

"They're effectively ungoverned," said David Carlisle, head of regulatory affairs at Elliptic. They're "very vulnerable to hacks, or to being used in crimes like money laundering."

Criminals have transferred at least $540 million worth of ill-gotten gains through a bridge called RenBridge since 2020, according to new research that Elliptic provided to CNBC.

"One major question is whether bridges will become subject to regulation, since they act a lot like crypto exchanges, which are already regulated," Carlisle said.

This week the U.S. Treasury Department's Office ofForeign Assets Control, or OFAC, announced sanctions against Tornado Cash, a popular cryptocurrency mixer, banning Americans from using the service. Mixers are tools that blend a user's tokens with a pool of other funds to conceal the identities of individuals and entities involved.

Carlisle said it's becoming evident that "U.S. regulators are prepared to go after DeFi services that facilitate illicit activity."

WATCH: Adrian Hetman of Immunefi explains how hackers stole $200 million

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Hackers have stolen $1.4 billion this year using crypto bridges. Heres why it's happening - CNBC

Robinhood Markets (HOOD -0.66%) just announced that it would add Stellar (XLM -0.83%) to its menu of crypto assets within its popular trading app. This unexpected news comes at a time when the price of Stellar has been in a free fall for much of 2022. Is now finally the time for Stellar, which trades at about $0.12, to make a run at the $1 mark?

Even with the good news from Robinhood, a lot has to go right for Stellar to reach $1. In its entire history (which extends back to 2014), its all-time high was just $0.94. That's right: Even during the frothiest crypto markets of the past few years, Stellar never broke the psychologically important $1 barrier. So let's look at some of the factors that could help propel Stellar to the $1 mark.

Stellar is a top 30 cryptocurrency by market capitalization, and is widely available for trading on the top cryptocurrency exchanges. But getting listed on Robinhood could be a great way to get in front of even more investors, especially millennial and Gen Z crypto enthusiasts who dream about super-cheap cryptos that rocket to the moon.

Right now, there are less than 20 cryptos listed on Robinhood for trading, so Stellar is getting an implicit but very important seal of approval. At the very least, people who have forgotten all about Stellar will now get a subtle reminder every time that they log in to buy or sell popular cryptos on Robinhood.

Image source: Getty Images.

The real value of Stellar is in its payment processing network. Using the token, you can send money around the world nearly instantly and for almost no cost.In one hypothetical example, a bank in Japan could send money to a bank in Mexico for no cost, almost instantaneously.

That's actually a huge deal, because if you didn't use Stellar, you would have to convert yen into pesos and also use an international payment network to send the money from Japan to Mexico. Ordinarily, that type of transaction would really rack up the fees and foreign currency conversion costs.

So it makes sense that Stellar has lined up a lot of big payment partners around the world, including IBM and MoneyGram International, to make sending money cheaper and easier. IBM, for example, used Stellar to set up a proprietary global payment network, and MoneyGram has used Stellar to reduce the cost of sending remittances around the globe.The aim of Stellar is to connect the world's financial system, not to replace the world's financial system. So you can see why many people have been bullish about the prospects of Stellar in the past.

At the beginning of 2022, Stellar unveiled a road map for the future that involved a number of interesting elements. One of these is smart contracts. You can think about smart contracts as "programmable money," and this could be very big for the future of Stellar, adding even more value to the payment network.

And Stellar emphasized the need for more diversity and innovation in how and where its services are provided. It noted that markets such as Mexico, Brazil, and Kenya could become central to its future as a market innovator in developing nations, as part of its mission to serve the world's unbanked.

Given all of the new buzz surrounding Stellar, why is it still trading for mere pennies? One answer could be that it has significantly more rivals than it did back in 2014. Up-and-coming blockchains that have recently launched tout their lightning-fast transaction-processing speeds. And don't forget, Stellar has long had a direct rival in XRP (XRP -0.79%), which has a payment-processing network often compared to Stellar's.

For the moment, it looks like the most optimistic scenario for Stellar is for it to reclaim its late 2021 highs sometime over the next 24 months. That would require a tripling in value. From there, Stellar would have to roll out a large number of partnerships with financial-services companies and expand globally to triple once again and have a shot at the magical $1 mark. But if Stellar manages to pull off this feat, it could turn out to be one of the greatest 10-bagger crypto investments ever.

Dominic Basulto has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Can the Cryptocurrency Stellar Ever Reach $1? - The Motley Fool

In mid-July it was announced that Polygon(MATIC -2.37%) would be a participant in Walt Disney's (NYSE: DIS) Accelerator program. The Accelerator program is a business development initiative designed to promote the growth of innovative companies from around the world. Companies selected for the program receive guidance and funding from Disney to help further build upon their business vision. Ultimately, Disney hopes that this investment in these companies will result in a product that further expands the Disney experience in new and innovative ways, too.

Based on the current round of members selected for the 2022 Accelerator program it looks like Disney has its sights set on blockchain, augmented reality (AR), the metaverse, non-fungible tokens (NFTs), artificial intelligence (AI), and everything Web3. Polygon was one of six members to be accepted into the program. This year's other inductees specialize in different areas of Web3, but Polygon was the only blockchain network selected. It isn't uncommon for past participants of the Accelerator program to be acquired by larger companies or even go public on the stock market.

In a perfect world, this collaboration with Disney would result in Polygon becoming the base blockchain for Disney to build its Web3 enterprises on. Imagine a future where Disney releases collectible NFTs of movies and characters or an AR-based experience that Disney park visitors can immerse themselves in. For this vision to come to fruition there needs to be a base blockchain on which transactions can be made. All current signals point to Polygon serving that role.

For investors in Polygon, it likely can't get much better. With an investment of not only time, but also money and resources from one of the most well-known brands in the world, Polygon could just be starting its path to long-term success.

Disney likely tapped Polygon because developers continue to build innovative solutions for its blockchain to become the premier Layer 2 solution for Ethereum. With its sidechain technology, Polygon is able to offload some of the congestion and high fees that plague Ethereum when traffic is high.

Just a week after the Disney news, Polygon announced that it has made another stride to fulfill its goal of becoming the blockchain for all things Web3. Known as zero knowledge Ethereum Virtual Machine (zkEVM), this solution will further reduce network costs and increase transaction capacity. It is believed that the introduction of zkEVM will reduce fees by roughly 90%. Even better, this new scaling solution should enable Polygon to process as many transactions as Visa. It's estimated that Visa can handle about 1,700 transactions per second, but with the introduction of zkEVM, Polygon developers believe they can hit 2,000 transactions per second.

With the release of zkEVM, Polygon might be turning its goal of dominating Web3 into reality. The blockchain might be on the verge of accomplishing what Polygon co-founder Mihailo Bjelic called "the holy grail of Web3 infrastructure." In Bjelic's eyes, a Web3 blockchain must have three major properties: scalability, security, and Ethereum compatibility. It looks like Polygon might have gone three for three on that front now that zkEVM is live.

At a price just under a dollar today and down nearly 70% from its all-time high, how could you not like Polygon in its current position? With the developments of zkEVM being released and the collaboration with Disney, Polygon is building a foundation for long-term success. Don't be surprised if Polygon doesn't look back from these prices.

RJ Fulton has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum, Polygon, Visa, and Walt Disney. The Motley Fool recommends the following options: long January 2024 $145 calls on Walt Disney and short January 2024 $155 calls on Walt Disney. The Motley Fool has a disclosure policy.

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Why Disney Is Backing This Cryptocurrency and You Should, Too - The Motley Fool

The highly anticipated virtual summit will focus on everything cryptocurrency, including how merchants can safely accept crypto, the current state of anonymity, tools for successful crypto processing, and much more.

SEATTLE, Aug. 11, 2022 /PRNewswire/ -- The Merchant Risk Council (MRC) is hosting a virtual summit focused on the past, present, and future of crypto as related to global eCommerce payment acceptance and fraud mitigation.

The online Crypto Summit, hosted on 13 September 2022 and sponsored by Sift, promises industry-leading speakers examining how modern eCommerce is being shaped by the rapid expansion of this alternative payment method.

"Obviously cryptocurrency is a hot topic right now," said Julie Fergerson, CEO of the Merchant Risk Council. "But we wanted to go beyond the common talking points like volatility and crypto as a speculation vehicle and instead focus on its very real potential as a payment option. With this summit, we're hoping to help merchants learn how to implement and accept digital currencies. We want to examine the opportunities crypto offers, as well as obstacles that still need to be overcome."

The event will cover a wide variety of topics, with presentations from industry leaders like Google, Microsoft, Checkout.com, and more, and a keynote panel with subject matter experts in the crypto space: the co-founder of digital payments company Flexa, Trevor Filter, andTony Gallippi, co-founder of Bitcoin payment service provider BitPay.

"It's a super exciting lineup of topics and speakers," says Julie. "We have experts that can articulate the unique concerns merchants are facing when deciding to accept crypto. I'm looking forward to getting the perspective of law enforcement too; a presenter from Europol will walk us through current state of anonymity in crypto transactions. Anyone interested in the blockchain, or cryptocurrency will benefit from these unique perspectives."

Registration for the MRC Crypto Virtual Summit is open now. Attendees can explore the detailed agenda for more information.

About the MRC:

The MRC is a non-profit 501(c)6 global membership organization connecting eCommerce fraud prevention and payments professionals through educational programs, online community groups, conferences, and networking events. Encompassing 600+ companies, including 400+ merchants, it provides education on fraud prevention, payments optimization, and risk management.

The MRC launched in 2000 and continues to be at the forefront of industry evolution and the ongoing fight against eCommerce fraud.

Media Contact:Lea ProsenicaTelephone: +1 678-593-0391Email: [emailprotected]MRC Logo Link: download image

SOURCE Merchant Risk Council (MRC)

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MRC Crypto Summit Brings Together Industry Experts to Explore How Cryptocurrency is Changing eCommerce - PR Newswire

Cryptocurrency race next year

A new wave of cryptocurrencies, called Web3 cryptos, is dedicated to realising the decentralised Web3 concept. To give users control over their data and enable transactions without the use of intermediaries, they combine blockchain technology with smart contracts.

Web3 is a common name for the third generation of the internet. By operating in a decentralised manner owned, created, and managed by people, it seeks to take power away from powerful businesses.

The current level of cryptocurrency volatility makes it impossible to predict when the market will experience a significant decline.

Here are 10 cryptocurrencies that will likely be in direct competition with one another in 2023:

1) Tether (USDT)

Tether, a Hong Kong-based business, has created USDT, a stablecoin (stable-value cryptocurrency) that tracks the value of the US dollar. Realcoin, which was first introduced in July 2014, was then changed to USTether and finally to USDT.

2) Filecoin (FIL)

For Web3, Filecoin is like a filing cabinet. It is a decentralised storage network that offers a safe substitute for centralised cloud storage and a passive revenue stream. All data, including text, audio files, movies, and still photographs, can be stored with Filecoin.

3) Livepeer (LPT)

A decentralised video streaming network called Livepeer was created using the Ethereum blockchain. The protocol offers direct broadcast and streaming services at a reasonable cost at the Web3 video stack layer. It primarily focuses on two objectives: distributing real-time video and encouraging network users to participate.

4) Solana (SOL)

Decentralised finance (DeFi) solutions are offered by the highly active open-source project Solana, which relies on the permissionless nature of blockchain technology. The Solana protocol aims to make the development of decentralised applications simpler. Solana attracts interest from institutional and small-time traders because of its unique hybrid consensus strategy.

5) Ocean Protocol (OCEAN)

For those wishing to invest in a Web3 token with lots of potentials, OCEAN is one of the finest options. The protocol has developed several tools required to create Web3 apps.

6) ZCash (ZEC)

One of the earliest cryptocurrencies with privacy built in was called ZCash. The only difference between this coin and Bitcoin was the addition of a privacy feature.

7) Kadena (KDA)

With the use of braided chains, the scalable PoW layer-one blockchain system known as Kadena promises to be able to execute up to 4.8 lakh transactions per second. Unlike Bitcoin, Kadena has Ethereum-like smart contract functionality.

8) BitTorrent (BTT)

BitTorrent is the first torrent tracker and the world's most effective peer-to-peer network. Large files are broken up into smaller pieces and sent over the internet, where they are combined into one whole on the recipient's computer.

9) Flux (FLUX)

Users can create decentralised projects and Web3 apps with Flux's assistance and then deploy them across numerous networks. Along with SaaS, it also provides blockchain-as-a-service (BaaS).

10) Polkadot (DOT)

When comparing the Polkadot network to Ether, it performs better due to its reputation for seeking scalability and higher rankings for low fees and quick speeds. DOT can be regarded as the market leader due to its dominant position and steady increase in market value.

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Cryptocurrency Race In 2023: Will These Tokens Face Off Against One Another? - NDTV Profit

Road Town Tortola, British Virgin Islands, Aug. 10, 2022 (GLOBE NEWSWIRE) -- WhiteBIT has been talking about significant innovations since the start of its massive market expansion. Only a month ago, the platform implemented futures trading, becoming one of the few crypto exchanges globally that offer such a feature. Now, WhiteBIT announced the launch of its own token, which seems like a logical step for the evolution of the exchange.

Here are the main things to know about WhiteBIT Token:

Being the WhiteBIT in-house token, WBT will, little by little, expand the range of opportunities available to the platform users. Find all the updates on WBT on the official WhiteBIT website.

"The launch of our token is a logical stage in our ecosystem development, which will contribute to a better operation of WhiteBIT projects and provide more opportunities for our users. This is a special product, nurtured by deliberate work of advanced specialists and true connoisseurs of high-quality blockchain innovations," said Volodymyr Nosov, the CEO of WhiteBIT.

About WhiteBIT

It is the biggest European crypto exchange that corresponds to all the KYC and AML requirements. The platform was established in 2018 but has already managed to provide high-quality services in digital finances to more than 3 million users worldwide. The platform has an AAA cybersecurity rating and is one of the Top 2 safest exchanges globally, according to an independent Hacken audit. With its up-to-date technologies, the platform ensures prompt deposits and withdrawals of fiat via Mastercard, Visa, and partner payment systems.

Among its most outstanding features are margin trading with up to 20x leverage, a profitable referral program, the highest rate for SMART Staking, Demo Token for the newbies, and much more.

Disclaimer : There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not an investment advice. Please do your own research.

Contact Details :

Contact Person : Iryna CherniakCompany: WhiteBIT Email - iryna.cherniak@whitebit.comLocation - Road Town Tortola VG1110 , BRITISH VIRGIN ISLANDS

Newsroom: socials.submitmypressrelease.com

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WhiteBIT - The Largest European Cryptocurrency Exchange launches Its Own Token - GlobeNewswire