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Dogecoin Reaches Parity With Russian Ruble After WSB Tweet

After getting “GameStopped,” Dogecoin (DOGE) has caught up with some national fiat currencies across the world today.

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It looks like WallStreetBets (WSB), the group of redditors that recently flipped off Wall Street by pumping GameStop’s stock, have now got “meme crypto” Dogecoin in its sights. In just one day, DOGE has already surged by up to 80%, according to crypto metrics platform CoinGecko.

“Has Doge ever been to a dollar?” tweeted “WSB Chairman” earlier today.

Around the time the message was posted, DOGE’s price surged from $0.0075 to as high as $0.0136 today. At press time, the coin is trading at around $0.0125, up 58% on the day.

Subsequently, the “meme coin’s” price has caught up with some national fiat currencies across the world. For example, DOGE is now trading at a nearly 1:1 exchange rate against the Russian ruble on various trading platforms. On Binance, for instance, one Dogecoin is currently worth roughly 1.025 rubles.

1 DOGE = More than 1 Russian ruble. Image: Binance.

While there is no clear ideological reasoning behind DOGE’s pump today—unlike in GameStop’s case—today’s shenanigans are still spreading like wildfire as users seem to be having fun just for the sake of it.

“in #dogecoin we trust … and our chief elonmusk. Let’s make it worth something .  doge is us, we are doge,” one user tweeted.

As Decrypt reported, the WSB’s pump of GameStop’s stock resulted in huge losses for some Wall Street firms who were shorting the asset and struggled to get out of the trade. The same may have happened to Dogecoin traders—if any of them were shorting it.

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ChiliZ To Expand Operations, Will Invest $50 Million in the US

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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.

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Source: https://cryptopotato.com/chiliz-to-expand-operations-will-invest-50-million-in-the-us/

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Bitcoin has brought new thinking to payments and financial inclusion: SEC chair nominee

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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.   

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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Source: https://ambcrypto.com/bitcoin-has-brought-new-thinking-to-payments-and-financial-inclusion-sec-chair-nominee

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Ubisoft Gets Behind a New Free-to-Play Crypto Game

The free-to-play game based on Belgium’s Jupiler Pro League ties into the Ethereum-driven Sorare, which recently raised $50 million.

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In brief

  • Game publisher Ubisoft has developed One Shot League, a free-to-play crypto game.
  • It was created in partnership with crypto fantasy soccer platform Sorare and uses its Ethereum-based digital cards.
  • Ubisoft has made many moves in the crypto scene, and Sorare just announced a $50M Series A funding round.

Ethereum-based fantasy soccer game Sorare finished February by announcing a $50 million Series A funding round, and has now started March with another major move: the launch of One Shot League, a free-to-play spinoff created in collaboration with gaming giant Ubisoft.

One Shot League, which is available to play starting today, serves as an on-ramp to the core Sorare experience, which counts more than 100 officially licensed teams and leagues from around the world. Players must use a Sorare account, and can bring in some of their premium digital Sorare cards—which are non-fungible tokens, or NFTs—from participating leagues to receive a special boost in One Shot League.

Like the core Sorare game, One Shot League is a fantasy soccer experience in which players use digital cards based on professional players. The game is launching initially with only the official Jupiler Pro League license out of Belgium, which has five match weeks left in the current season.

Players who sign up for One Shot League now will receive 25 free Sorare common cards and can use five cards per week, earning points from each pro’s respective real-life performance to scale the online leaderboards. Should players sign up following the next match week, they will receive only 20 cards for the four remaining weeks (or five cards per match week), and so on and so forth until the season ends. At the end of the season, the top players will earn prizes including rare Sorare cards.

Interestingly, One Shot League’s development was led by Ubisoft, the global publisher behind such best-selling game franchises as Assassin’s Creed, Just Dance, and Tom Clancy’s Rainbow Six. According to Sorare’s announcement today, “Ubisoft has been working these past few months” to develop the game.

One Shot League comes from Ubisoft’s Strategic Innovation Lab division, which leads the firm’s Entrepreneurs Lab program for supporting myriad startups, including many in the blockchain space. Sorare is just one of many crypto startups that have participated in the Entrepreneurs Lab initiative, along with other projects such as Splinterlands and Nine Chronicles developer Planetarium.

This isn’t the first crypto game experience that Ubisoft has published, but it is another big step for a company that is by far the most involved traditional game publisher in the crypto space. Last June, Ubisoft published Rabbids Token, a CryptoKitties-inspired collectibles game built to benefit UNICEF. Ubisoft had also previously teased a Minecraft-inspired crypto game prototype called HashCraft, but it was never released.

Ubisoft has its fingers in other crypto initiatives, as well, including supporting games such as Axie Infinity and the aforementioned Nine Chronicles, as well as serving as a validator for the EOS blockchain-driven digital gaming store, Ultra. Nicolas Pouard, Ubisoft’s Blockchain Initiative Director, spoke with Decrypt last year about the potential he sees in crypto gaming. On the advent of NFTs in gaming, Pouard said at the time that Ubisoft sees it “as a way to allow players to become stakeholders of the games they love, at an unprecedented level.”

Last week, Sorare announced that it raised a $50 million Series A round led by Benchmark, with participation from Accel as well as heavyweight investors such as Alexis Ohanian and Gary Vaynerchuk. Sorare had previously raised a $4 million seed round in July 2020. The French firm plans to use the funding to expand its team, bring on additional soccer leagues, and create a native Sorare mobile app.

Crypto experiences such as NBA Top Shot and Axie Infinity have seen large sums of money change hands recently as NFT frenzy takes hold.

Top Shot, in fact, pulled in a staggering $225 million in sales last month, according to a new report from DappRadar. That’s nearly as much as all NFT sales throughout the entire year in 2020.

Sorare likewise had a good month. According to Bloomberg, Sorare saw some $6.5 million worth of card sales in February, and its most valuable cards can command significant sums of money: a Sorare card based on Paris Saint-Germain forward Kylian Mbappé sold for approximately $65,000 in December.

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Source: https://decrypt.co/59956/ubisoft-sorare-free-crypto-game-one-shot-league

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