Daily Archives: March 29, 2022

81% of respondents across US, UK, Mexico, and Singapore are crypto-aware, and 45% have sent crypto to someone in another country

SAN FRANCISCO and LONDON, March 29, 2022 /PRNewswire/ -- In a new survey released today from influential blockchain organization the Stellar Development Foundation (SDF)and leading UK-based crypto payments platform Wirex, results show high awareness and growing use of cryptocurrencies for cross-border payments in four key markets: United States, United Kingdom, Mexico, and Singapore. Driving the shift towards crypto as a payment method is frustration with the existing system, with 53% of people surveyed feeling they paid too much in fees for international remittances using traditional means, and 37% not even sure what they paid in fees.

In parallel, the survey results, compiled from nearly 10,000 consumers, dispel a series of myths about cryptocurrency awareness and usage, showing awareness of cryptocurrency is higher than ever over 80% in all markets surveyed.

The research reveals growing use of crypto for international remittances, especially by consumers in emerging markets. Over half of respondents (52%) see crypto as a valid alternative to sending money overseas using traditional means, and 45% have already done so. The key takeaways: crypto is not just for speculation and has real utility for sending money to/from emerging markets.

Women's attitudes toward crypto are increasingly positive. Nearly half (45%) of women surveyed, and 59% of men see crypto as a viable way of sending money overseas.

According to Denelle Dixon, SDF CEO and Executive Director, "The results confirm what we have seen in terms of growing real world use cases for blockchain and cryptocurrency in emerging markets on the Stellar network. Consumers are adopting these new ways of sending money cross-border as a faster, cheaper alternative to traditional banking rails."

While low awareness of crypto may have been a barrier in the past, the study shows nearly all respondents had at least heard of cryptocurrency. When asked why they don't use crypto, survey participants cited fears of volatility (63%) and security risk (55%), as well as it being just too complicated to use. As a result, Wirex and SDF have initiatives to increase awareness and education of businesses and consumers about the utility of blockchain, especially for cross-border transactions.

Wirex CEO and Co-Founder Pavel Matveev said, "When we published results from last year's report, we saw a great appetite for the information, but it also raised even more questions. In this year's report we went deeper in our research by focusing more on users' banking and crypto habits and attitudes across a mainstream population. The rise in awareness of cryptocurrency is only the beginning. We see huge opportunities in DeFi, multi-currency users, and cross-border remittances."

Research scope: The report analyzed data from nearly 10,000 participants in a late 2021 survey, including responses from general consumer audiences in four separate markets: the United States, United Kingdom, Mexico, and Singapore. Responses were analyzed on dimensions of geography, employment status, gender, and age.

About WirexWirex is a worldwide digital payment platform and regulated institution that has forged new rules in the digital payments space. In 2015, the firm developed the world's first crypto-enabled payment card that gives users the ability to seamlessly spend crypto and traditional currencies in real life.

Founded in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev, Wirex was created to make the digital economy accessible to everyone. With over $5bn worth of transactions processed already and rapid expansion into new territories, including the US, Wirex is uniquely placed to support and promote the mass adoption of a cashless society through creative solutions. To reflect the growth of the metaverse, throughout 2021, the company has continued to expand their offering into the CeFi and DeFi sectors. For more information, please visit wirexapp.com

About StellarStellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world's financial infrastructure. Financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 6 million accounts. For more information, visit stellar.org.

About the Stellar Development FoundationThe Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world's financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar's codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world's economic potential through blockchain technology. For more information, visit stellar.org/foundation.

SOURCE The Stellar Development Foundation

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2022 RESEARCH REVEALS HIGH AWARENESS AND GROWING CROSS-BORDER USE OF CRYPTOCURRENCY IN FOUR KEY MARKETS - PR Newswire

PITTSBURGH (KDKA) A Greensburg woman feels duped after falling for a social media offer that shes now calling too good to be true.

It all started when a friend reached out to her on Instagram and asked her to invest in cryptocurrency.

You dont have to put a lot into it, and you get this obscene return, which is what I knew wasnt real, but I wanted it to be real. I wanted it to be real so bad, Natasha Reyna said.

Reyna believes it could happen to anyone and said she saw dollar signs when a message popped up on Instagram.

I was like $200, and that is a lot of money, said Reyna. But at the same time, like a little part of my brain was like, oh, my God, what if this is legit?

Reyna said the friend asked her to buy $200 worth of cryptocurrency using Cash App, saying shed see a huge return on her money.

Like $4,700, said Reyna. I could pay my bills, my car off.

The Better Business Bureau said its a scam thats tripled in popularity. Cybercriminals are so advanced that they now hack into an unsuspecting persons account and target their friends.

It was someone that she had met a handful of times but didnt have a lot of direct contact with, said Caitlin Driscoll with the Better Business Bureau. But she was an attorney, so she trusted her, and it seemed a little bit more plausible as to being legitimate.

Reyna said the person even gave her a link to watch her $200 grow into more. But then came a red flag.

I was like, Ok, I want my money, she said. I was like, Now, gimme it. I want to withdraw this. And they were like, No, you have to reinvest $1,500.

Reyna stopped there and called the BBB. But Driscoll said many people keep giving the scammers money. Shes tracking 2,400 complaints totaling losses of $8 million.

Cryptocurrency scams were identified as the second-riskiest scam last year, a significant increase from the seventh spot the year prior, said Driscoll.

Reyna feels lucky to only be out $200, but she wont invest again without doing her research.

Thats what makes people drawn to it because its the unknown, said Reyna. It could either like be really good or really bad, and I think if youre gonna do that you should really educate yourself on what exactly youre investing in.

The Better Business Bureau told KDKA that most victims lose about $1,200 in these cryptocurrency scams.

Driscoll recommends people looking to invest in crypto only download apps from the Google Play or Apple App stores and not click the links that pop up during a routine Google search.

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Better Business Bureau Of Western Pennsylvania Warns Of Growing Cryptocurrency Scams - CBS Pittsburgh

DUBAI, United Arab Emirates, March 28, 2022 (GLOBE NEWSWIRE) -- Cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai, the firm announced today at a joint press conference with the UAE Ministry of Economy at the World Government Summit 2022. Bybit also announced that it plans to set up its global headquarters in Dubai, offering a full suite of products and services globally, under the Emirates test-adapt-scale virtual assets market model.

Bybit stressed it was fully committed to supporting the regulatory efforts of the UAE government and is looking to share its in-depth industry knowledge, experience and insights with all stakeholders. Bybit has a key role to play in educating retail investors and the wider public in how to use virtual assets in a safe and responsible manner, helping the UAE manage risks within a framework for responsible growth.

Bybits decision to open its global headquarters in Dubai is a milestone in our effortsto position the UAE as a global digital hub,"said H.E. Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Minister in Charge of Talent Attraction and Retention. Virtual assets such as cryptocurrency and blockchain have changedfinance forever. To stay ahead in this fast-changing industry,we are building a business-friendly ecosystem with robust regulations to attract, retain and enable high-growth companies this is paying dividends in terms of the next generation FDI we are seeing coming in. This will create jobs and investment opportunities and consolidate our position as one of the world's most attractiveplaces to live and work for those in virtual assets and web 3.0 industries.

Bybit looks forward to contributing to the virtual assets innovations of the Emirates vibrant economy and having our global headquarters in Dubai. I believe we could help further stakeholders understanding of this complex industry as the virtual assets space continues to rapidly mature. This in-principle approval is an extraordinary opportunity for Bybit to support the UAE and the wider regions ambition to become a global virtual assets technology hub, said Ben Zhou, co-founder and CEO of Bybit.

Led by a sophisticated management team with talent from fintech, IT, virtual assets, investment, and legal background, Bybit is one of the fastest growing virtual assets platforms with its peak daily trading volume of US$76 billion in May 2021. It is the third most digitally visited virtual assets business in the world.

Bybits new headquarters office is expected to commence operations in as early as April 2022 and it has started the process of hiring talent and transferring existing teams and operations to their new home in Dubai.

The UAEs new Dubai Virtual Asset Regulation Law was announced earlier this month. It aims to establish a regulatory framework for the sector designed to boost the industry providing robust guardrails that protect investors, facilitate cross-border transparency, and assure global market integrity.

About Bybit

Bybit is a virtual assets platform established in March 2018 that features an ultra-fast matching engine, excellent customer service and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, an NFT marketplace as well as API support, to retail and institutional clients around the world, and strives to be the most reliable platform for the emerging virtual assets class. Bybit has recently become the Principal Team Partner of Formula One racing team, Oracle Red Bull Racing.

For media inquiries, please contact: media@bybit.com

For more information please visit: https://www.bybit.com/

For updates, please follow Bybit's social media platforms on Discord, Facebook, Instagram, LinkedIn, Reddit, Telegram, TikTok, Twitter, Youtube.

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Cryptocurrency Exchange Bybit Receives In-Principle Approval to Conduct Virtual Asset Business in UAE and Move Global Headquarters to Dubai -...

What happened

One of the lesser-known cryptocurrencies, Chiliz ( CHZ 12.51% ), was having a splendid Sunday. Excitement is clearly growing for Chiliz 2.0, the major upgrade of the blockchain on which the coin sits. Compounding that, investor interest in tokens linked to entertainment properties is growing overall.

These developments helped push Chiliz up by nearly 12% in the past 24 hours as of late Sunday afternoon trading.

What's also helping Chiliz attract the bulls is that it's unique. The coin is the native currency of the blockchain powering Socios.com, a platform that allows people to buy "fan tokens" of their favorite sports teams and even leagues with the Chiliz currency.

Image source: Getty Images.

Socios/Chiliz's development team is based in Europe, so the system's current offerings tend to slant toward that continent's tastes. This chiefly means soccer, and Chiliz offers tokens from some of the top names in the sport, such as London's Arsenal, FC Barcelona, and Inter Milan from Italy. And in a nod to the modern digital age, investors can also plonk down some Chiliz to buy the tokens of standout esports teams.

Chiliz has attracted attention lately for a significant upgrade to its blockchain, tentatively titled -- you guessed it -- Chiliz Chain 2.0. Among other things, the developers are promising that the enhanced chain will allow for the trading of NFTs and other digital assets through the system, plus carry "gas" (i.e., transaction) fees that are at least 500 times cheaper than those of smart contract king Ethereum.

The sudden and sharp rise of newcomer ApeCoin, a token tied to the super-hot NFT marketplace Bored Ape Yacht Club is also a big impetus behind the rise of Chiliz. Trends are powerful in the cryptocurrency world; investors are eager to put money in crypto assets related to entertainment (and, by extension, sports).

As it's in the news and quite unique, Chiliz has become a prime target for those investors.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis even one of our own helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Why Chiliz Was a Hot Cryptocurrency on Sunday - The Motley Fool

Lee esta historia en espaol.

Cesare Fracassi likens this moment in cryptocurrencys history to the Internet in the early '90s: A select number of people were using it, while the rest of us were pretty wary of it.

It was slow, it was not very user-friendly and only people that were really into tech were doing it, Fracassi, an associate professor of finance at UT Austin, said.

But he anticipates cryptocurrency will eventually go the way of the Internet: Though most people may not be be able to explain how it works, they'll use it every day.

And maybe, one day, your city government will, too.

Austin City Council members on Thursday voted in favor of considering yes, this is very preliminary whether the city should dip its toes, if you will, into the cryptocurrency sea. The resolution asks the city manager to look into what it would mean for the city to adopt, use or hold cryptocurrency, including the most well-known type, Bitcoin.

"Like many of you, I'm also skeptical. But this is just a study," Council Member Mackenzie Kelly, who represents Far Northwest Austin and brought the resolution forward, said before the vote. "I believe that it will provide us with more information back to the community so when this question continues to come back to us we can actually point to a document that tells them whether or not we can accomplish these things."

Kelly told KUT she does not own any cryptocurrency.

Three of the 11-member council abstained from the vote, including Mayor Pro Tem Alison Alter and Council Members Kathie Tovo and Leslie Pool.

"I am really uncomfortable with the notion of us accepting payments in crypto anytime soon," Alter said.

The council also voted in favor of an item from Mayor Steve Adler that asks city management to consider the uses of and to promote blockchain technology.

Confused about what cryptocurrency and blockchain are? Not a white man? Thats all right. Let me try to explain.

Lets start with blockchain, the platform through which cryptocurrency flows. Experts describe it as a digital ledger, a place where transactions are both decentralized i.e., not overseen by a bank and impossible to erase.

The blockchain is a real breakthrough in accounting, David Yermack, a professor of finance at New York University Stern School of Business, said. It's really the biggest thing since double-entry bookkeeping, which was invented about 700 years ago.

Local governments keep millions of records think vehicle registrations, real estate deeds, building inspections.

There are so many public ledgers that are not well-maintained and not terribly secure that if these migrated to blockchains, that would create, I think, a lot of benefits and cost savings for taxpayers, Yermack said.

David Yermack, professor of finance at NYU

The City of Austin has already tried out some uses of blockchain technology. In 2017, the city received $100,000 in grant money to pilot the use of blockchain to help people living on the streets keep track of their personal records.

Yermack is less enthusiastic, though, when he considers whether local governments should become involved in cryptocurrencies. Cryptocurrency is digital money that can be bought and traded, with transactions recorded via the blockchain (that public ledger). Think of it like stock shares, but you have access to the cash without selling your investment; in other words, you could pay for a cup of coffee with your shares in Starbucks.

But in the same way stocks are subject to an often volatile market, the value of crypto fluctuates.

It's just been one of the riskiest investments you could possibly imagine," Yermack said. "It behaves a lot like a technology stock.

In one case, the value of Bitcoin fell 20% in minutes.If Austin's local government does indeed get involved in cryptocurrency, it would be following cities like Miami and New York. New York Citys new mayor, Eric Adams, said in November he would accept his first three paychecks in cryptocurrency. By doing so, the mayor may have lost some money.

Thats where this whole thing loses legitimacy for Yermack.

100% this is a publicity stunt, he said of local governments getting into cryptocurrency.

Fracassi, though, sees some potential.

The question is, what is the right thing that government should do? I'm pretty much in favor of using cryptos as a form of payment as long as it's more efficient than the traditional form of payments, he said.

People could pay their property taxes in Bitcoin or Ethereum or Polka Dot (yes, this is a type of cryptocurrency), Fracassi said. Governments that currently accept crypto payments immediately turn it into legal tender, he said, so the government isnt holding onto what is akin to shares of a volatile stock.

Should the government own shares of Tesla? Probably not, Fracassi said.

Jordan Cooley, a graduate student at UT Austin who researches city implementation of cryptocurrency, said there is the opportunity for digital currency to break down barriers marginalized communities historically have faced when dealing with banks.

For instance, people of color have more trouble than white people qualifying for mortgages.

If you need a small business loan or if you need a personal loan you can access this liquid fund without all of the barriers of going to a bank and having to put in an application and having to wait that amount of time, she said.

At a meeting Tuesday, several council members expressed concerns about spending time studying how the city could use cryptocurrency.

We have some really basic technology challenges that we have not mastered, like electronic timesheets, Alter said. I do worry about us going too far into blockchain and these fancy things when we have some real basic technology challenges that we need to be focusing our energy on.

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The City of Austin could get into cryptocurrency. It's OK if you don't know what that means. - KUT

Here are your FOX Business Flash top headlines for March 25.

SailGP, the global league co-founded by software tycoon Larry Ellison, could have a team owned and operated by cryptocurrency enthusiasts as soon as the start of its fourth season in late 2023.

SailGP announced a multi-year partnership Thursday with blockchain development platform NEAR that will allow sailing and cryptocurrency fans to engage with their favorite teams and athletes in new ways.

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The announcement came ahead of SailGPs Season 2 finale, the Mubadala United States Sail Grand Prix in San Francisco, which will culminate with Sundays $1 million, winner-take-all podium race.

SailGP features most of the worlds top sailors, including Americas Cup winners and Olympic gold medalists, who race aboard wingsailed, 50-foot catamarans that can reach 60 mph while skimming above the waves on hydrofoils. SailGP will expand from eight to 10 national teams for its third season.

While the agreement with NEAR is expected to have many benefits for fans, including NFTs, the highlight would be ownership of a sailing team by a community of token-holders known as a DAO, or decentralized autonomous organization.

The SailGP DAO would differ from traditional sports team structures in which a single owner or a small group calls the shots, said SailGP co-founder Russell Coutts and NEAR Foundation CEO Marieke Flament. The DAO could involve people from all over the world who vote on everything from the management structure to the length of the skippers contract and could even decide whether there should be a woman steering the boat.

"Thats in some ways why this is so exciting," Coutts said in a video interview. "This is groundbreaking technology, a groundbreaking initiative. We dont believe its been done before, especially on this scale. And when you think about it, with our events being all over the world, as well, were not just in one particular territory. Thats of interest as well."

CRYPTO FOR UKRAINE PROVIDES A FLOW OF WAR-RELATED ASSISTANCE

Coutts, a New Zealander who has won the Americas Cup five times, said he expects a DAO would attract more than just sailors. "I think sports fans, racing fans, businesspeople, tech people you can imagine this being a very diverse group of people and they would probably feed off each others skills," Coutts said. "The whole concept of, Hey, wed like to have a say in whats going on, that will appeal to a lot of people out there."

A man kite-foiling makes his way past the New Zealand team during a Sail GP practice session Tuesday, March 22, 2022, in San Francisco. (AP Photo/Eric Risberg) ((AP Photo/Eric Risberg) / AP Newsroom)

Coutts said a DAO would have to be viable enough for SailGP to sell it a position as a team operator.

Coutts and Ellison, the co-founder of Oracle Corp., started SailGP after their two-time defending champion Oracle Team USA was routed by Emirates Team New Zealand in the 2017 Americas Cup. They re-engineered the 50-foot catamarans used in that regatta and formed an annual circuit with regattas around the world.

CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA

Tom Slingsby, an Olympic gold medalist and former Americas Cup champion, steered Team Australia to the inaugural championship and $1 million prize in 2019. Slingsby and Team USA skipper Jimmy Spithill, a two-time Americas Cup winner, have qualified for Sundays $1 million, winner-take-all race that will decide the pandemic-delayed Season 2 championship. The final spot will be determined by five fleet races this weekend.

Sail GP teams New Zealand, Japan and Australia, from left, make their way past Alcatraz Island during a practice session Tuesday, March 22, 2022, in San Francisco. The boats are preparing for the SailGP Grand Final races this weekend on San Francisco ((AP Photo/Eric Risberg) / AP Newsroom)

For Season 2, SailGP has been using Oracle Stream Analytics to provide real-time race metrics that are available to the sailors as well as fans watching on TV or online.

Coutts said one reason for partnering with NEAR is that its carbon-neutral, which fits the leagues goal of being environmentally responsible.

BLACKROCK'S FINK SAYS RUSSIA-UKRAINE CRISIS COULD BOOST DIGITAL CURRENCIES

"We want to be leading in terms of tech, whether its our boats, our media, interactions with our fans," Coutts added. "We want to be modern and leading. We want to be at the forefront not just whats happening today, but we want to be looking at and leading whats happening tomorrow.

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Flament said NEAR was looking for a partner "who was willing to innovate, and when I look at SailGP and the amount of data and innovation and whats being done with that, I think its amazing. Theres an openness to doing new things and trying new things."

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SailGP could have team owned by cryptocurrency fans by 2023 - Fox Business