A Canadian VR company has just sold $4.2 million of its BTC due to the double-spending FUD that swamped the market. NextTech AR solutions made a $200,000 profit after it sold 130 BTC and the company justified the decision with the FUD on double-spending that occurred on the BTC network a day ago, so let’s read more about it in our today’s cryptocurrency news.
According to a press release that was published by the Canadian VR company, NexTech sold all of its BTC holdings amounting $4.2 million in today’s prices. The sale came less than a month after the initial purchase that was revealed in December. Despite the short period, BTC’s price increased and the company managed to make a profit of $200,000 after the sale. This means that a 5% ROI was made in a little over three weeks.
What’s even more interesting is that the company CEO Evan Cappelberg said that the decision came after the reports of the critical flaw called and “double-spend” issue that could occur which will allow someone to spend BTC twice. The executive argued that this development will undermine the faith in the BTC network:
“If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both – essentially destroying the store of value it was meant to be.”
The double-spending accident raised many concerns inside and outside of the community but Andreas Antonopoulos was among the few popular BTC proponents that debunked the rumor with a comprehensive explanation. He called the rumor an “irresponsible publication” and said that the situation is nothing more than two blocks getting mined at the same time. Antonopoulos explained that this was a regular block reorganization instead of the double-spending and concluded that “nothing weird or outside the consensus algorithm happened. Bitcoin continues to work exactly as it should.”
Blockstream’s CEO Adam Back also shared the same opinion and said that there was no BTC double-spending and that all misreporting of stuff has to stop. Speaking on the BTC price analysis, The recent parabola has been broken which could suggest a new correction is underway and some of the best traders and analysts are now expecting even more downsides before things start turning back up. The Average Directional Index confirmed the bearish price action and the red DMI is moving sharply above the green which is a clear sign that the bears are in control of the crypto’s daily trend once again.
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ChiliZ To Expand Operations, Will Invest $50 Million in the US
Following milestone partnerships with sports teams in Europe, ChiliZ have their eyes set on conquering the United States. The fintech platform will open a new office in one of the world’s major commercial cities, New York.
ChiliZ To Set Up New York Office
Maltese blockchain giant, ChiliZ is scaling up operations after securing several partnerships with top European sports franchises. Reuters reported earlier today that the fan engagement platform would open an office and invest $50 million in the United States. According to its chief executive, Alexandre Dreyfus, the move should bring the firm within reach of top United States sports outfits. He told Reuters :
“A huge focal point for us in our global growth plans is the U.S.. That’s why we’re opening a New York office and investing $50 million into the country’s sports industry in order to launch Fan Tokens with leading franchises from the five major U.S. sports leagues”
On launching Fan tokens, ChiliZ has made headway through its subsidiary, Socios. It has partnered with football behemoths like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, and Atlético de Madrid to launch branded fan tokens. These permit owners to engage in club polls, access VIP rewards, and partake in chat forums.
The company currently has offices in Malta, France, Turkey, Korea, Switzerland, and South America. It had earlier announced that it would open offices in New York and Madrid. With the New York office inching towards reality, Chiliz is undoubtedly advancing towards global growth.
Aims To Double Up on 2020 Revenue
Speaking further about the expansion, Dreyfus boasted about his company’s capacity to generate returns for its partners in the sports and entertainment industry. He said:
“We head to the U.S. with a proven track record in generating millions of dollars of revenue for some of Europe’s biggest sporting organisations. In 2020, we shared more than $30 million with our partners, but this year we’re targeting a minimum of $60 million.”
Revenue from the company’s partnership with seven-time European champions AC Milan proves Dreyfus is not bluffing. The Italian football giant launched its token ($ACM) on Binance on February 24th. Within hours of the launch, over $6 million was generated as trading volume hit $50 million in the first 30 minutes.
Big Market For ChiliZ?
For Joseph Edwards, Enigma Securities head of researcher, there is no better time to seize the initiative. He opined that the soaring interest in NFTs indicates a big market. He elaborated further that NFTs bridge the gap between fans and their subject of interest, especially as Covid-19 caused a disconnection.
“Fan tokens right now are just hitting the perfect itch at the perfect time – fans are disconnected physically from their fandom, and this helps bridge that gap,”
NBA Top Shots seems to be a perfect example. The NFT platform has continued to gain momentum as interest surges. It reached a record-breaking $231 million in sales over the past 30 days. Perhaps, ChiliZ is taking a cue from this to target the American sports market.
Bitcoin has brought new thinking to payments and financial inclusion: SEC chair nominee
When it comes to Bitcoin, market opinions are often divided, with those who support the asset and those who don’t. Similar camps may now appear to take hold of US regulators and policymakers. Recently, President Biden’s nominee for chairman of United States Securities and Exchange Commission (SEC), Gary Gensler appeared to share his perspective on the crypto sector. Gensler said that cryptocurrencies “have been a catalyst for change.”
Speaking to US Senator Mike Rounds during his Senate confirmation, Gensler added:
Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.
His opinion on crypto is in stark contrast to Treasury secretary, Janet Yellen’s, who believed that Bitcoin is “extremely inefficient for conducting transactions” and that it is a “highly speculative asset.” It goes against Senator Elizabeth Warren’s views, who thinks Bitcoin would only “end badly.”
However, if Gensler is confirmed, a move that many crypto enthusiasts are looking forward to, the nominee plans to work to “promote the new innovation.”
I think, as I teach at MIT on these subjects, that these innovations have been a catalyst for change. Bitcoin and cryptocurrencies have brought new thinking to payments and financial inclusion but they’ve also raised new issues of investor protection…If confirmed at the SEC, I will work to promote innovation.
He quickly stressed on the importance of investor protection and said:
It’s always important to update our market oversight to new technologies…It’s important to stay true to our principles of investor protection.
Gary’s answer to concerns of crypto. pic.twitter.com/DR9u6FfDex
— CryptoBomber (@GSL24236982) March 2, 2021
Furthermore, in his opening remarks, Gensler said that markets—and technology— “are always changing” and must not be taken for granted.
Our rules have to change along with them. I believe financial technology can be a powerful force for good but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public.
Gensler is most famously known for testifying before Congress for crypto and blockchain several times in the past. He even argued against the notion that crypto was similar to Ponzi schemes.
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Crypto services firm BCB Group raises $4.5M led by North Island Ventures and Blockchain.com Ventures
BCB Group, a crypto payment/trading services provider, today announced it has closed a $4.5 million investment round. The strategic funding was co-led by North Island Ventures and Blockchain.com Ventures; with participation from Pantera, L1 Digital, and Pack Capital.
As a dual regulated institution, BCB Group offers an end-to-end suite of payment processing, cryptocurrency trading, and custody. Services are accessible through a unified API-enabled platform; allowing clients to access a full range of crypto-asset products in one place.
The proceeds of the round will be used to fund investments in several new initiatives…
These initiatives include: BCB Treasury, a service designed to help companies interested in investing in bitcoin as a treasury asset. BCB Yield Accounts, a product offering clients a return on their positions. And BCB Wealth Partners, a comprehensive crypto service for private wealth clients.
“There’s so much more we want to offer our clients; and many untapped regions we’d like to be in to help those markets grow via reliable payments and market infrastructure. This funding round comes at a very exciting time for BCB Group and will be transformative for our client experience.”
– BCB Group Founder and CEO, Oliver von Landsberg-Sadie
Previously, back in March 2019, BCB Group received funding from NKB Finance and a private investor in a $1 million seed round; which brought the company much-needed talent in engineering and operations.
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