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Ivy League Illustrates Global Mainstreaming of Cryptocurrency Acceptance, Future for Blockchain

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Recently, the Philadelphia Business Journal penned a story which highlighted that the University of Pennsylvania will be the first Ivy League university to accept cryptocurrency as a method of tuition payment. Cryptocurrencies accepted will include, at least, Bitcoin, Ethereum, and USD Coin. Wharton follows the example of King’s College in New York, which was the first American college to accept the new form of payment back in 2014.

“While it is being limited to students taking an online course on the Economics of Blockchain and Digital Assets through the Wharton School of Business, it still puts the university miles ahead of others in terms of financial modernization. First it was the hedge funds and mainstream investment firms, then it was governments interested in establishing their own digital currencies, and now, even the Ivy League is beginning to accept what many of us have known for quite some time: digital assets are here to stay,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“I think the college chose a smart program in which to roll out crypto-acceptance,” opined Gardner. “Making it available to those studying the economics of digital assets was a wise move, as many of those students are going to be existing professionals who are broadening their scope of knowledge with the course. Many probably already have cryptocurrencies in their portfolios. But, overall, the statement is worth more than the dollars and cents collected. An Ivy League institution, with all the history and excellence that goes with that title, is embracing cryptocurrencies. That’s the headline here.”

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“While there are still some naysayers out there, the momentum is with cryptocurrencies. It isn’t even about the market cap of crypto or the price of Bitcoin. The train has left the station in terms of the technology. So many mainstream institutions have begun to accept that digital currencies are real. They’ve incorporated them into their business models. El Salvador went so far as to make Bitcoin a legally recognized currency. There’s simply no room to backtrack. You will most definitely see digital assets become further familiarized over the next few years, particularly as central banks release their own digital currencies,” said Gardner.

“In general, this speaks to the power of the blockchain. This is financial technology so powerful that it will fundamentally change how the world interacts with money. Yet, at the same time, it is completely changing how companies engage in logistics and operations management. There are so many practical applications to the financial technologies behind Bitcoin. So many people think that Bitcoin is the headline, but, truly, it is the blockchain,” said Gardner.

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Cryptocurrency

Fintech CEO: FBI Crypto Ransomware Seizure Brings Custody to Forefront

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The FBI seized a cryptocurrency wallet used by Aleksandr Sikerin, it says, which holds $2.3 million in assets which were tied to ramsomware attacks. Sikerin is associated with REvil, which is known for its ransomware malfeasance. Earlier this month, the Justice Department announced a similar seizure of over $6 million in ransomware payments to Yevgeniy Polyanin, who targeted law enforcement and municipal organizations, among others. It is said that REvil has been responsible for more than $200 million in extortion since 2019.

“While identifying these criminals, and seizing their assets, is a step in the right direction, many of them are resting safely in countries, such as Russia, without extradition treaties with the United States. That’s why it is important that governments ensure that exchanges and other companies working in concert with these bad actors are held accountable,” opined Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. Earlier this year, Suex was sanctioned for allegedly doing business with hackers.

“There are three kinds of companies in the digital assets space. Those who actively and knowingly provide services, including money laundering, which aid in the efforts of hackers and bad actors. Those who are complicit and provide aid with no direct knowledge, but, instead, because they fail to adequately vet their clients with the AML & KYC procedures which have become industry best practices and, in most jurisdictions, mandatory. Finally, there are those which take every precaution and employ industry leading technologies to thwart hackers at every turn. Those that fall into the latter group, those are the companies with long-term potential, and it is time that the industry recognizes that in a more substantial way,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“This isn’t just an issue with exchanges, of course. Even in the custody space, we’re faced with companies who are following the law but are still leaving massive vulnerabilities in their operation. It isn’t that they are trying to do a lackluster job. It’s just that they don’t appreciate how important the security aspect is in the digital assets space. Blockchain technologies, including digital assets, are a truly transformative innovation. We’re going to see them play out over the next decades. They will completely change how we interact with finance. In order to enhance the opportunities in front of us, it is incumbent upon us to do everything we can to ensure that the technology is safe and secure,” said Gardner.

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Newegg to Start Accepting Shiba Inu (SHIB) for Payments in December

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More wins for the Shiba Inu community as Newegg Commerce, a leading tech-focused North American e-retailer, announced it will start accepting Shiba Inu (SHIB) cryptocurrency as a form of payment and NOWPayments announced it has burnt over 43 million Shiba Inu coins.

Newegg announced the acceptance of Shiba Inu coin as payment just in time for the end of the year holiday. The official announcement was made on a grand scale with a massive digital out-of-home (DOOH) campaign which was displayed on The Reef, North America’s largest DOOH billboard.

Newegg commerce was part of the early adopters of Bitcoin when it partnered BitPay in 2014. The trend continued with the acceptance of Dogecoin as a payment method in the first quarter of 2021.

To further cement its position as one of the early adopters of digital assets in the crypto space, Newegg added SHIB to its growing list of cryptocurrencies accepted for payment.

“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies, through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com”, said Andrew Choi, Director of Brand Marketing at Newegg.

The new month ushered in more excitement for the Shiba Inu Community with NOWPayments burning 43,445,695 SHIB coins. The burnt coins were sent to a dead wallet removing over $2000 worth of Shiba Inu from circulation.

The initial goal of the company was to burn only 3 percent of profits generated from SHIB transactions, which would have summed up to only $12 worth of SHIB. However, the Shiba Inu community has been very active on platforms that announced they will burn a certain percentage of their profits. Some of the businesses burning SHIB were Bigger Entertainment, Bricks Buster mobile game and Shiba Coffee Company.

NOWPayment decision to increase total Shiba Inu coin burn was to “stay true to the SHIB ecosystem principles”, the company stated in one of its press releases. The company said it has now burnt a total of $2,059 worth of SHIB, mostly from its own fund and not only SHIB payments.

According to NOWPayments “This figure will rise with new upcoming burns – as more merchants sign up, and the ETH fees go down”. The company also said that the next Shiba Inu burn will happen at the end of the month.

The company is also working on the SHIB merchant directory, this will contain the list of all merchants that accept Shiba Inu as a payment method.

Explaining the company’s support for the meme coin, NOWPayments said “We share a global mission with the SHIB foundation, which is to bring cryptocurrencies into the world around us—mass adoption”.

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Bitcoin is a Better Inflation Hedge Than Gold: deVere CEO

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The Bitcoin rally stalled on heightening global worries about inflation, but, says the CEO of one of the world’s leading financial advisory, asset management and fintech firms, it remains “a better shield than gold.”

The largest cryptocurrency by market capitalization ended three consecutive days of healthy gains, before stabilizing, after U.S. Federal Reserve Chair Jerome Powell said on Tuesday it may be time to stop using the term “transitory” as a way of describing the current wave of inflation.

Meanwhile, inflation in Europe has ballooned to the highest on record.

Mr Green says: “Bitcoin is perceived by many investors as a hedge against inflation due largely to its strict supply controls.

“As such, it would be assumed that its price would automatically rise when the U.S. central bank suggests that it would consider speeding up the reduction of its asset purchase policies that have boosted the stock markets.

“But for other investors, including some major institutional investors who have piled into Bitcoin in recent months, the cryptocurrency is still perceived as a risky asset.

“So when they sell-off riskier assets, despite the longer-term outlook and based on short-term hawkish policies from the world’s de facto central bank, Bitcoin, like equities, also becomes vulnerable.”

A long-term, high-profile crypto advocate, Mr Green remains confident that “Bitcoin is today a greater inflation shield than gold”, which has long been the standard go-to inflation hedge.

He says: “Gold has always been regarded as the ultimate inflation hedge – but the world is a much different place now. Our lives and the global economy is increasingly run on tech and digital solutions and this megatrend is only set to become more dominant.

“Gold is likely to be dethroned within a generation as millennials and younger investors, who are so-called ‘digital natives’, are going to be more comfortable with Bitcoin as a hedge than a physical metal.”

The deVere CEO goes on to say: “Bitcoin is often referred to as ‘digital gold’ because like the precious metal it is a medium of exchange, a unit of account, non-sovereign, decentralized, scarce, and a store of value.

“Yet, the cryptocurrency, Bitcoin is superior to gold as a medium of exchange or form of payment.

“Unlike gold, it is a fixed unit of account and easily divisible and transportable. Gold is not easily immediately divisible, and there are potential issues with purity and verification. Whereas Bitcoin is easily traced on blockchain technology and this is going to be a considerable advantage, especially in cross-border transactions.”

Mr Green concludes: “Gold and Bitcoin can, and perhaps should, complement each other in a portfolio.

“But as the world continues to pick up momentum in its shift towards tech, and as millennials become a more dominant part of the world economy, we should expect Bitcoin to also take an increasingly influential role in financial markets, including in regards to being an inflation hedge.”

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