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US Government Plans to Use USDC Stablecoin to Offer Foreign Aid in Venezuela

U.S government has tapped Circle’s USDC stablecoin to offer foreign aid in Venezuela through President-elect Juan Guaidó exiled government….

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Venezuela’s opposition leader, who exiled in Spain, has partnered with US-based cryptocurrency companies AirTM and Circle to facilitate the distribution of funds to healthcare workers in the country on the northern coast of South America.

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Circle CEO, Jeremy Allaire, stated that the partnership involved “a collaboration with the Bolivarian Republic of Venezuela, led by President-elect Juan Guaidó, US.-based fintech innovator AirTM, and coordination and licensing with the US government.”

Venezuela went into elections in which Juan Guaidó was declared the president-elect of the country in January 2019. He, however, has failed to dislodge President Nicolas Maduro, who was accused of rigging the election to hold on to power.

Since then, several countries, including the United States, gave Guaidó official recognition as Venezuela’s president. Trump administration has offered forms of assistance to the Guaidó-led government-in-exile. However, US government efforts have not been successful in removing President Nicolas Maduro from office.

President-elect Juan Guaidó has led the business partnership with Circle payment technology company and US cryptocurrency exchange AirTM to distribute relief funds to health workers and other locals in Venezuela. The US government has offered licensing and coordination.

The outbreak of the COVID-19 pandemic accelerated Venezuela’s difficulties. Hyperinflation in the country has had an adverse impact on medical workers, patients, and locals who, in several cases, have found their funds becoming worthless.

Circle’s USDC cryptocurrency has the potential to address such a situation as it is a stablecoin whose value is pegged to the US dollar and therefore does not suffer from price changes as the Venezuelan bolivar local currency. Furthermore, the USDC is a virtual currency, which makes it is easy to distribute the funds to people who are in urgent need.

The US Federal Reserve and Treasury Department would release funds to the Guaidó government, which would then utilize the funds to mint USDC. Then the USDC would be sent to AirTM crypto exchange where they would be distributed to the wallets of Venezuelan medical workers and locals who can withdraw the funds as bolivars at the free market rate.

AirTM has its own virtual debit card (mobile app); therefore, medical workers and locals would not need to interact with a Venezuelan bank. At the current moment, AirTM exchange has about 500,000 customers in Venezuela, and the number keeps rising.

Complicated Relationship Between Venezuela and the US

Since 2016, Venezuela has suffered from hyperinflation partly caused by the country’s controversial President Nicolas Maduro leaning on money printing. Forms of aids and assistance are needed to address the country’s ongoing economic crisis. But the relations between Venezuela and the US have been strained since Hugo Chavez became Venezuela’s president in 1999 and even got worse when the Trump administration recognized Juan Guaidó, opposition leader, as the country’s president instead of Chavez’s successor Nicolas Madura in January 2019.

The US has been dedicating efforts to send aids to alleviate the sufferings that Venezuelans experience. However, Maduro’s administration has been accused of being a stumbling block to allow humanitarian aids to enter the country. Early September this year, Maduro’s administration denied Venezuelans access to the US cryptocurrency exchange Coinbase and MercaDolar fiat remittance platform to distribute $18 million in aid. However, the current collaboration has made a landmark history in which USD stablecoin cryptocurrency is set to be used to offer foreign aids.

Source: https://blockchain.news/news/us-government-usdc-stablecoin-offer-foreign-aid-venezuela

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Bitcoin Set to End the Year with a Bang With Biggest Monthly Gain Since May 2019

Bitcoin is on track for its biggest monthly gain since May 2019.

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December 2020 will be written in Bitcoin’s history books as the month that saw the leading cryptocurrency shutter the all-time high (ATH) price of $20,000 it set three years ago. It will also serve as the time period when BTC zoomed off to new heights above the $28,500 mark.

bitcoin highest monthly gain

Therefore, BTC has enjoyed a rollercoaster ride this month and it is set to close out a banner year with a bang. Market analyst Holger Zschaepitz has taken to Twitter to disclose that this month’s bull run has not been seen since May 2019. He said:

“Bitcoin is on track to close out a banner year with another bang: Cryptocurrency surged >$28k to a record high of $28,572, and is on track for its biggest monthly gain since May 2019 w/+46% in December so far.”

Bitcoin’s momentum is not showing any signs of stopping because it has gained by more than 4.5 percent in the last 24 hours, even though it has slid back to $27,873 at press time. This trend has made a Wall Street veteran and CEO of Real Vision Raoul Pal to stipulate that buying any dip will be of the essence.

Institutional investors have shown their overwhelming appetite for Bitcoin and this is one factor making its price to go through the roof. Earlier this month, leading business intelligence firm MicroStrategy purchased BTC valued at $650 million. Furthermore, GrayScale, an institutional-grade digital asset manager, revealed that its total asset under management (AUM) stood at $19 billion with the bulk being Bitcoin at $16.3 billion.

Bitcoin is, therefore, scheduled to end the year on a high, given that it has surged by more than 295% so far in 2020 even though it lost nearly 50% of its value back in March as the Covid-19 pandemic nearly brought the world to a halt.

Image source: Shutterstock

Bitcoin’s momentum is not showing any signs of stopping because it has gained by more than 4.5 percent in the last 24 hours, even though it has slid back to $27,873 at press time. This trend has made a Wall Street veteran and CEO of Real Vision Raoul Pal to stipulate that buying any dip will be of the essence.

Source: https://blockchain.news/news/bitcoin-is-set-to-end-the-year-with-a-bang-based-on-biggest-monthly-gain-since-may-2019

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Atlético Madrid, AS Roma and OG Crypto Fan Token Prices Plunge Following Binance Listing

Champion Esports team OG (OG), Atlético Madrid (ATM) and AS Roma (ASR) crypto fan token prices have begun to plunge immediately after being listed on Binance.

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Champion Esports team OG (OG), Atlético Madrid (ATM) and AS Roma (ASR) crypto fan token prices have begun to plunge immediately after being listed on Binance.

Binance has officially listed the ATM and OG and ASR fan tokens on its global exchange which has seen all three tokens dip in value within moments.

Less than two hours before the launch of the tokens, Alexandre Dreyfus, CEO of Socios.com tweeted his excitement:

“90 minutes before history day of listing 3 tokens at the same time on @binance.”

Around thirty minutes prior to the three new fan token listing on Binance— OG, ASR and ATM were already surging as traders anticipated the Binance launch. OG Fan Token had gained 29% in the 24 hrs before with a price of $18.97, while in the same period ASR was up 12.5% at the price of $24.17 and ATM was up 12.75% and priced at $27.03 according to CoinMarketCap.

Following today’s listing on Binance, however, all three fan tokens listed today saw immediate decreases in price.

Thirty minutes after launching on the global cryptocurrency exchange OG token dropped 18% to a price of $12.27; ASR price plunged 32.88% to $13.87 ,and ATM fell 21.37% to a price $18.27.

While the fan tokens have only been available on Binance for less than an hour at the time of writing, the price action is no doubt disappointing as many traders were expecting similar price action to the recent listing of crypto fan tokens of football giants Juventus and Paris St-Germain which both made immediate gains

What are Fan Tokens?

The Atlético Madrid (ATM) and AS Roma (ASR) Fan Tokens both have a total token supply of 10,000,000 fan tokens, but what are they exactly?

These fan tokens are utility tokens that gives Atletico Madrid and AS Roma Football Club fans a tokenized share of influence on club decisions using Socios application and services. Socios.com is an app for football (soccer) fans, where users can acquire voting rights to influence the clubs they support by acquiring club-specific Fan tokens.

Fan tokens are a form of tokenized asset, that represents proof of ownership or even membership for holders. As tokens are already being used for a wide range of purposes, many specialized blockchains have been developed with native intent to support tokens, the most common of which is currently Ethereum and their ERC standard tokens.

Chiliz ($CHZ) is an ERC20 utility token on the Ethereum blockchain that serves as the digital currency for the chiliZ and Socios.com platform. In launching their platform, alongside other sports blockchain ventures, a new category of token has emerged — the Fan Token. Once onboard the Socios.com platform, yet to-be-announced club partners host what has been called a Fan Token Offering (FTO). Fans must purchase $CHZ via a cryptocurrency exchange in order to acquire Fan Tokens. These tokens — which are specific to a team or club — are a finite, digital asset that provide access to an encrypted ledger of voting and membership rights ownership.

Image source: Shutterstock

Source: https://blockchain.news/news/atletico-madridas-roma-and-og-crypto-fan-token-prices-plunge-following-binance-listing

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Ethereum Whales’ on Exchanges Continue to Shrink, Addresses with at Least 0.01 ETH Coins Hit ATH

Ethereum whales’ holdings on crypto exchanges are diminishing, suggesting that they are being moved to cold wallets.

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The top two cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have enjoyed a rollercoaster ride by hitting record highs not seen in the recent past. ETH’s bull run has seen it go past the $700 price ceiling it last hit in May 2018 and is currently trading at $716 at press time.

Ethereum whales shrink from exchanges

Ethereum has been a significant catalyst of the boom witnessed in the decentralized finance (DeFi) sector because its blockchain network is one of the most sought after in this field. The holding culture continues to engulf ETH based on statistics availed by crypto market insight provider Santiment. The data firm noted:

“The top 100 largest Ethereum exchange addresses continue to shrink, in terms of ETH tokens held on exchanges. This continued decline of whale holdings that can be publicly sold is a further encouraging current development for the #2 market cap asset.”

This information reveals that Ethereum whales’ holdings on crypto exchanges are diminishing, suggesting that they are being moved to cold wallets. This trend indicates that ETH whales’ confidence is growing based on the long-term value of this digital currency based on some developments like the launch of Ethereum 2.0, which introduces the proof-of-stake consensus mechanism.

Glassnode has also revealed that the number of ETH addresses with more than 0.01 coins has broken the record. The on-chain data provider acknowledged:

“Number of Ethereum addresses holding 0.01+ coins just reached an ATH of 10,596,843.”

This information coupled with the fact that the open interest for ETH futures soared to a record-high of $2.21 billion recently, shows the second cryptocurrency based on market capitalization is being favoured as an ideal investment tool.

Furthermore, Ethereum’s surge past the crucial psychological barrier of $700 is seen as a side effect of the bullish momentum of Bitcoin, which brought altcoins higher as it recorded a new all-time high of more than $28,000 on Christmas weekend.

Image source: Shutterstock

Source: https://blockchain.news/analysis/ethereum-whales-on-exchanges-continue-to-shrink-addresses-with-0.01-eth-coins-hit-ath

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