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Emirati DeFi Upstart CPI Surges 2,300% Fewer Than 30 Days After Launch

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Aug 20, 2020 at 13:18 // News

The United Arab Emirates enter decentralized finance

The United Arab Emirates has well and truly announced its entry into decentralized finance (Defi).

And what an entrance it has been, with Crypto Price Index, the blockchain Defi startup backed by an Emirati royal family recording a mind-blowing 2,300% increase in token valuation in fewer than 30 days since its launch on July 15th, 2020.

Hotbit exchange, who listed the native tokens CPI on the same day as its pre-sale, could hardly have picked a better partner for listing, with CPI token jumping rapidly to achieve a US dollar valuation of more than 20 times its listing price.

This positive growth bodes well for the Defi platform in the Gulf, leading it to list at even more exchanges now, following the incredible demand for CPI tokens. They will now be available on an expanded open market at the BitForex, Bilaxy, and DigiFinex crypto exchanges.

CryptoPriceIndex (2).jpg

Defi is just getting started

Anyone even nominally active in the crypto space will by now have heard of Defi. Finally, the concept of sovereign money — the idea that only the owners of funds and assets should be the sole controllers of their destiny — has latched on, even in the consciousness of traditional players of finance and economy. And thus the programmability, security and digital nature of crypto assets has now entered into the realm of financial services, bringing with it the decentralization that made the Bitcoin idea so attractive in the first place.

But as the number of Defi platforms and assets continue to churn out at rapid pace, tracking them and considering them for investment becomes ever more difficult. While crypto assets are superior and Defi takes them a step further, they still lack the structured management tools of traditional finance, with derivatives like futures, options, and indices like the S&P 500 for stock markets able to help traders and enthusiasts to manage their investments.

But the calls for these tools have not been ignored. Crypto Price Index, through its CPI tokens, allows traders to form a basket of the top 200 digital assets, to track their price performance and spread their risk.

The fact that it has been barely a month and the demand for CPI has been through the roof shows that tools like CPI have been precisely what the markets have been waiting for. From a $5 price on listing day to its current price of $115, CPI demand has not abated.

To accommodate liquidity demands, CPI has decided to list on three additional crypto exchanges: Bilaxy, BitForex and Digifinex. This will ensure more access and equal opportunity for more participants.

Strategic investments

And to provide even further good news, it has been announced that Sheikh Abdullah Bin Rashed Al Sharqi has taken on the role of project co-founder, lending his keen knowledge of business and wealth management to CPI. This is not the first involvement of the UAE royals, with them already becoming part shareholders in CPI since 2019.

The strategy of early round funding from accredited investors, forgoing the traditional ICO/IEO route of crypto projects, has put CPI in a strong position, as early investors have also agreed to lock their funds to prevent early divestment.

CPI CEO Herbert Law summarized CPI’s market potential:

“My thought is since we restricted previous token sales it will allow a smooth transition to trading in the secondary markets. This prevents the big sell offs commonly seen in the crypto market that are a result of poor planning.”

And with some reports suggesting less than 2% of crypto is locked in defi, there is much room to grow for the sector, more so with powerful tools like CPI facilitating their rise.

For Defi, for now, the sky’s the limit.

Disclaimer. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, 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 such content, goods or services mentioned in this article.

Source: https://coinidol.com/emirati-defi-upstart-surges/

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LINK Liftoff Will Lead The Coin Towards $15 In The Near-Term: Analysis

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A new LINK Liftoff will lead the coin towards the $15 price level in the near-term as the coin is showing positive signs above the $13.00 level similar to Bitcoin. The price will speed up towards $15.00 or higher so let’s see the price analysis in today’s Chainlink coin news.

LINK’s token price is trading above the $13.00 level against the US dollar and now the price is facing hurdles close to the $14.00 and the 100 simple moving average with a major rising channel forming a support near the $13.50 on the 4-hour charts of the pair. The pair will also continue higher above $15.00 as a new LINK liftoff is preparing. After the sharp decline, there was a steady recovery in all XRP, ETH, and BTC as well as Chainlink so its price climbed above $12.50 and moved into the positive zone as well.

link 24hours
LINK 24-hours Price Chart (Source: Coingecko)

There was a close above the $13.00 level with a price hike above the $14.00 level but failing to clear the $15.00 resistance. A new high was formed close to the $14.89 level before the price corrected to the $13.03 level and now it is trading slightly below it. LINK’s price surpassed the $13.50 level and broke the 23.6% fib retracement level of the recent drop from the $14,89 swing high to the $13.04 swing low. LINK is facing hurdles at $14.00 with a major rising channel forming with support at $13.50 on the 4-hour charts for the pair. On the upside, the price will have to clear the $14.00 level and prepare the coin for more gains.

link.usd
Source LINK/USD on TradingView.com

The 50% fib retracement level from the decline at $14.89 swing high to $13.03 swing low is also set at $13.96. Breaking above the $14.00 level could increase the chances of more upsides above the $14.50 level and the $15.00 resistance level as well. With the initial support for Chainlink’s price nearing the $13.55 level, the first major support will form at $13.50. if there’s another downside break below the $13.50 support zone, there’s a risk of dropping towards the $13.00 support level with the next major support awaiting at the $11.50 level. The 4-hour MACD for the pair is having a hard time gaining momentum in the bullish zone while the 4-hour RSI is declining in the 50 level.

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Source: https://www.dcforecasts.com/chainlink-news/link-liftoff-will-lead-the-coin-towards-15-in-the-near-term-analysis/

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TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

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  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
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Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

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