Connect with us

Blockchain

Not In A State To Support Failed & Poor Performing Cryptos, Claims Binance

Published

on

Not In A State To Support Failed & Poor Performing Cryptos, Claims Binance

Following FTX’s assistance to insolvent crypto lenders BlockFi and Voyager, there have been suggestions that Binance may also declare some bailouts. 

Binance has finally broken the silence and addressed the situation.

The firm stated that it is not in the mindset to assist “poor” or failing cryptocurrency initiatives, which also include ‘ill-considered,’ ‘badly handled,’ or ‘poorly organized’ undertakings. Binance stated in its most recent article that bailouts for such ventures are unnecessary and must not be safeguarded.

The post asserts not to keep terrible firms going. However they should allow better ventures to prove their worth, which they will. During the current market downturn, crypto lending businesses were in demand to sell due to huge take on debt.

Advertisement

However, Binance highlights certain kinds of enterprises that we should keep out. According to them, these projects are the ones that are committed to minor errors.

While explaining its points, Binance states that these are now either overspending, have inadequate savings, or have other small, repairable issues. Also the firm believes that such projects often have a few positive characteristics. These are as product-market fit, revenue generation in standard market situations, strong business frameworks, competent teams, and so on.

SEC Commissioner Not In Favor Of Bailout

Shortly following FTX announcement of a $250 million liquidity transfer to rescue out BlockFi, the crypto-friendly SEC Commissioner stepped in. According to her, the latest market crisis is a normal way of splitting the powerful from the poor. Allowing things to unfold gradually.

Peirce stated in an interview with Forbes that there is no rescue option in crypto […] She doesn’t like to claim that they will attempt to find a method to rescue them if they do not have enough right to do so.

However if it happens, she says she will not want to utilize that power. This is because as per the commissioner, there is a need to let these things unfold on its own. Hester Peirce, a cryptocurrency enthusiast, also stated that the collapse might be a useful life lesson for industry players and authorities.

Advertisement

Was this writing helpful?

Blockchain

Meta Launches Meta Pay, A Metaverse Dedicated Digital Wallet

Published

on

Meta Launches Meta Pay, A Metaverse Dedicated Digital Wallet

Meta, the metaverse-based platform, has announced the launch of a new wallet directed to support value interaction in the metaverse. Meta Pay, a rebrand of the former Facebook Pay service, will keep fulfilling the same functions that Facebook Pay did in the past, but will be developed as a universal way of paying for goods and services using digital identities in the metaverse.

Facebook Pay Rebrands to Meta Pay

Advertisement

Meta is trying to solve the problem of transaction and value interactions in the metaverse. The company announced the launch of a new digital wallet that will support the economy of users in the upcoming iteration of Meta’s metaverse. The wallet, dubbed Meta Pay, will be an evolution of what’s known today as Facebook Pay, still supporting the array of payments it handles currently, but with a new focus on digital identity and proof of ownership.

According to Meta (formerly Facebook) CEO Mark Zuckerberg, Meta Pay will be a solution to two issues in the metaverse: accessibility to digital goods and proof of ownership. About this, he stated:

In the future, there will be all sorts of digital items you might want to create or buy — digital clothing, art, videos, music, experiences, virtual events, and more. Proof of ownership will be important, especially if you want to take some of these items with you across different services.

Advertisement

Portability and Standardization in the Metaverse

Zuckerberg stated that ideally, everything purchased in one part of the metaverse should be available on another platform, with the same functions and traits. This is one of the goals that Meta seeks to reach with Meta Pay: a sort of Web3 identity that links purchases of digital items to a singular digital identity. Zuckerberg explained:

Advertisement

This kind of interoperability will deliver much better experiences for people and larger opportunities for creators. That is, the more places you can easily use your digital goods, the more you’ll value them, which creates a bigger market for creators.

Furthermore, Zuckerberg argues that a universal payment method across the whole metaverse will be an opportunity for content creators, as more consumers will be available to purchase their content. However, this can only be achieved with a certain degree of standardization.

Advertisement

The company recently partnered with Microsoft and other companies such as Epic Games to launch an open standards group for all things metaverse, working towards establishing common points to make metaverses more interoperable in the future.

What do you think about Meta Pay? Tell us in the comments section below.

Advertisement
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, sdx15 / Shutterstock.com

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Blockchain

CBDC Ensures Nigeria Remains Competitive In Increasingly Digital World — Central Bank Governor

Published

on

CBDC Ensures Nigeria Remains Competitive In Increasingly Digital World — Central Bank Governor

The governor of the Central Bank of Nigeria (CBN) has insisted the recently introduced e-naira digital currency can potentially boost trade and investment activities in the country. He added the digital currency “would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.”

CBDC Gateway to Digital Economy

The Nigerian central bank governor, Godwin Emefiele, has said the recently introduced digital currency, the e-naira, ensures Nigeria will remain competitive in a world that has gone digital. Specifically, the introduction of the central bank digital currency (CBDC) to the Nigerian payment space is expected to bolster trade and investment activities, a report quoting Emefiele has said.

Remarks by Emefiele are the latest by either a government or CBN official aimed at reassuring skeptical Nigerians. At the launch of the CBDC in October 2021, the country’s president, Muhammadu Buhari, similarly touted the introduction of the e-naira as something that would result in Nigeria’s GDP growing by $29 billion in 10 years.

Advertisement

Besides reassuring statements, the CBN has used various events it has hosted as platforms for promoting the use of the CBDC. The latest of such events is the “eNaira – Africa’s Gateway to a Digital Economy” hackathon, which is set to commence on June 27 and is expected to run until July 21.

Identifying and Eliminating Glitches

According to a report in The Eagle Online, the CBN, which has encouraged Nigerians to register for the e-naira hackathon, believes the event might be useful in helping innovators think of innovative solutions for the CBDC. Emefiele also added:

We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital. We have seen in the past few years how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing and other economic activities.

Meanwhile, a statement reportedly issued by both organizers and the CBN said innovators attending the event will look at ways of eliminating glitches that may hamper e-naira transactions. They will also be asked to come up with an e-naira design that addresses blockchain and cross-border remittances, the report said.

What are your thoughts on this story? Let us know what you think in the comments section below.

Advertisement
Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, mundissima / Shutterstock.com

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Blockchain

Namibian University Set To Offer Master’s Degree In Blockchain Technology In 2024

Published

on

Namibian University Set To Offer Master’s Degree In Blockchain Technology In 2024

A Namibian university is set to offer a master’s degree in blockchain technology starting in the year 2024, a senior employee with the institution has said. The university is already “infusing” blockchain technology-based content into its level 8 programs.

‘Blockchain Is the Future’

A Namibian higher learning institution, the University of Namibia (UNAM), is set to offer a blockchain technology-related course starting in 2024, the university’s head of the IT department, Samuel Nuungulu, has said.

Nuungulu, the chairperson of UNAM’s steering committee on the MSc on blockchain technology, told Bitcoin.com News that by introducing the degree program the university hopes to “lay the foundation for possible incubation of tech-startup out of the skills this program would create in the country.”

Advertisement

Asked why UNAM has chosen to introduce the level 9 master’s degree program, Nuungulu said:

Blockchain is the future and we thought it was necessary to use this degree as a forerunner in developing these much-needed skills in the country and continent at large.

The chairperson also revealed that the university is already “infusing” blockchain technology-based content into UNAM’s level 8 programs, which the institution hopes to serve in the Senate by next year.

UNAM’s steering committee on the MSc on blockchain also includes Gurvy Kavei, an author who recently published a book that seeks to help readers grasp the basics of blockchain technology and cryptocurrencies. In a recent interview with Bitcoin.com News, Kavei similarly confirmed that the university will be introducing the blockchain course.

He said reports suggesting the central bank is contemplating issuing a digital currency, as well as proposals to use blockchain-based solutions in both the public and private sector, had necessitated the introduction of the degree program.

What are your thoughts on this story? Let us know what you think in the comments section below.

Advertisement

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Advertisement
Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Trending

Get our daily News updatesSignup to get instant updates straight to your email