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Cryptocurrency

Why Cardano Founder, Charles Hoskinson Wants Crypto to Cut Ties With Bank

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Cardano- Investors King

Amid the collapse of three banks in just two weeks, Cardano’s founder, Charles Hoskinson has stated that the crypto industry needs to sever relationships with traditional banks.

He started this in a series of tweets puts out on Thursday. 

Hoskinson’s opinion comes as a result of the ongoing crisis and the collapse of about three reputable financial institutions, of which the most recent is the collapse of the New York-based Signature Bank.

The Cardano Chief added that crypt banks should be digitized, stating that once that happens, it would mean the end for the traditional banking sector. Hoskinson worries that crypto-focused firms are too dependent on traditional banks.

Investors King earlier reported that crypto firms are beginning to have difficulty finding partnering banks for their services after three of America’s leading financial institutions, Silvergate Capital, Silicon Valley Bank, and Signature Bank were shut down by regulators earlier this month, propelling severe losses for numerous crypto-focused firms.

Most prominent among the affected crypto-focused firm is Circle, the producer of USD stablecoin which had $3.3 billion stuck in Silicon Valley Bank. This caused USDC to plunge to as low as $0.87 before rebounding to its true value of $1 value. 

Similarly, crypto exchange Coinbase said it held $240 million in corporate cash at Signature Bank, while Paxos had $250 million exposure to the same bank.

Meanwhile, a number of crypto experts and enthusiasts have extolled the crypto market and the industry in general for its resilience in the past weeks amid a series of negative events involving the collapse of three giant banks. 

The flagship cryptocurrency had exploded above $26,000 on Monday after US President, Joe Biden assured that the banking system is “safe”. 

“Americans can rest assured that our banking system is safe. Your deposits are safe. Let me also assure you we will not stop at this; we’ll do whatever is needed. Your deposits will be there when you need them”. Joe Biden said in a brief televised statement from the White House.

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Ethereum

ETH to NGN: How Nigerian Crypto Traders Can Convert Ethereum to Cash

Learn how to convert your ETH to NGN seamlessly, speedily, and profitably
using the best method in Nigeria.

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Ethereum is a big player in the Nigerian crypto market, and rightfully so. With a market cap only surpassed by Bitcoin, it’s a no-brainer that most crypto enthusiasts have this coin in their portfolio.

But it doesn’t end there—after profitably trading Ethereum, there’s the million-dollar question: How do they seamlessly convert it to Naira? Given the complicated crypto market, this question is valid.

This guide is the answer to this question as it explores the smoothest method for Nigerian (and Ghanaian) crypto traders to sell their ETH for cash.

Why OTC is the Best Choice To Convert Ethereum to Cash

Traditional exchanges and P2P trading have loads of shortcomings, including, complex trading, risk of fraudulent traders, and so much more. This puts over-the-counter methods at an advantage, especially for traders who value straightforward, clear, and profitable means to sell their Ethereum for Naira (and Cedis). To support this point, here are the reasons:

  • Simplicity:OTC platforms favor the simpler way of doing crypto trading over the more complicated means of traditional exchanges or the informal and risky means of P2P trading.
  • Security:Most OTC trading platforms are built on state-of-the-art security frameworks which offer way better customer protection than P2P trading.
  • Competitive Rates:OTC platforms follow the market trends and offer fees according to the performance of the market. So, you’re bound to find fees that are favorable to you and get premium value for your ETH profits.

Introducing Breet: Your One-Stop Shop for Selling ETH for Naira

Breet stands out as the leading OTC platform for Nigerian crypto traders. Here’s what makes Breet the perfect choice:

  • Effortless Selling:In a few clicks you can effortlessly sell your ETH for cash with a few clicks. Following a near-automated process, say goodbye to complex processes with Bret doing all the heavy lifting behind the scenes.
  • Enhanced Security:Confidently sell your ETH, knowing that you have foolproof security to keep out unauthorized access with methods like two-factor authentication, biometrics, and transaction PINs.
  • Fast and Direct: Breet is laser-focused on crypto-to-cash and crypto-to-crypto transactions. As a result, it is a non-custodial exchange, meaning that it doesn’t store your funds. This results in extremely fast transactions and direct deposits in your bank account.

Selling ETH on Breet: A Step-by-Step Guide

Getting started with Breet is easy! Here’s how to sell your ETH in a few simple steps:

  1. Download the App:Breet is available on Google Play Store, iOS App Store, and a web app to directly register.
  2. Sign Up and Verify:Follow the simple prompts to register and get started. Then, verify your account through KYC by submitting the required information.
  3. Sell Your ETH:Navigate to “Crypto-to-Cash” and select “Ethereum.” You’ll be presented with your unique wallet address, which was generated at sign-up. Copy it or scan the QR code to send your ETH.
  4. Relax and Wait:Breet automatically detects the incoming ETH and displays the conversion amount in NGN. Sit back and let Breet handle the rest.
  5. Receive Your Funds:Once the transaction is confirmed, your NGN balance will be updated. Withdraw your funds directly to your bank account.

Bonus Tip: Next time, for a more seamless experience, enable “Automatic Settlement” and have your funds automatically deposited into your bank account.

Conclusion

Selling your ETH for Naira doesn’t have to be a hassle. With Breet, Nigerian crypto traders can enjoy a smooth, secure, and profitable experience when converting their ETH to NGN. So ditch the complexities and embrace the ease of Breet!

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Bitcoin

Bitcoin (BTC) Holds Steady Above $70,900 as Grayscale Bitcoin Trust (GBTC) Outflows Increase

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bitcoin to Nigerian Naira - Investors King

Bitcoin (BTC) maintains its stronghold above $70,900 despite increasing outflows from the Grayscale Bitcoin Trust (GBTC).

As reported by CheckonChain, a total of $124.9 million flowed out of GBTC recently, contrasting with modest inflows into other investment vehicles like Fidelity’s FBTC and Bitwise’s BITB.

This trend has prompted speculation within the market regarding its impact on Bitcoin’s price dynamics.

While some believe that continued outflows from GBTC may exert selling pressure on BTC, driving down prices, others adopt a more cautious approach.

They argue that such outflows are expected from GBTC, given its relatively higher fee structure compared to alternative investment options.

Traders, however, seem to be pricing in a degree of stability for Bitcoin in the coming weeks, with optimistic forecasts on platforms like Polymarket.

According to predictions, there’s a 60% chance that BTC will reach $75,000 by the end of April, while the likelihood of it hitting $80,000 stands at 32%.

Despite the varying sentiments among market participants, Bitcoin’s resilience above the $70,900 mark underscores its status as a cornerstone asset in the crypto space.

Investors continue to monitor developments closely, navigating through the complex interplay of factors influencing Bitcoin’s price trajectory.

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Cryptocurrency

Binance Executive Remanded in Abuja Prison Ahead of Tax Evasion Trial

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Tigran Gambaryan

Tigran Gambaryan, a high-ranking executive at Binance Holdings Ltd., finds himself behind bars in Abuja, Nigeria amidst allegations of tax evasion and fraud.

Gambaryan, the head of financial compliance at Binance, has been detained for over 40 days after being invited to Nigeria by the government, only to be charged with serious financial offenses.

The unfolding saga began when Gambaryan, along with another Binance executive, Nadeem Anjarwalla, traveled to Nigeria late February at the invitation of authorities. However, what started as a diplomatic exchange swiftly turned into a legal ordeal as both executives were detained and faced with a barrage of accusations.

Gambaryan’s plight took a grave turn on Monday when a court ordered his remand at the Kuje correctional center in Abuja, ahead of his trial scheduled for May. Despite pleas from his counsel to remain in the custody of the anti-graft commission, Justice Emeka Nwite ruled that Gambaryan’s admitted representation of Binance in Nigeria implicated him in the charges brought against the company.

The charges leveled against Gambaryan by the Economic and Financial Crimes Commission (EFCC) are grave, including tax evasion, currency speculation, and money laundering amounting to $34 million.

Gambaryan vehemently pleaded not guilty to these allegations, asserting that he lacked decision-making power within Binance and was not authorized to receive legal notices on behalf of the company.

In response to Gambaryan’s detention, a spokesperson for Binance expressed deep disappointment, labeling the charges against him as meritless.

The spokesperson called for Gambaryan’s immediate release, denouncing his incarceration in the Kuje Correctional Facility as outrageous.

Despite the legal storm surrounding Gambaryan, Justice Nwite has fixed April 18 for the hearing on his bail application, offering a glimmer of hope for his defense team.

Meanwhile, the trial is scheduled to commence on May 5, marking a pivotal moment in the legal battle between Gambaryan, Binance, and Nigerian authorities.

The saga involving Binance executives underscores the complexities of navigating the regulatory landscape in the cryptocurrency industry, particularly in jurisdictions grappling with the burgeoning popularity of digital assets.

As Gambaryan’s case unfolds, it serves as a stark reminder of the risks and challenges faced by multinational cryptocurrency exchanges operating in diverse geopolitical environments.

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