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HSBC Becomes Latest Bank to Suspend Payments to Crypto Exchange Binance in UK
August 3, 2021 3:30 pm
HSBC Becomes Latest Bank to Suspend Payments to Crypto Exchange Binance in UK

HSBC has reportedly become the latest British bank to announce that it has suspended payments to cryptocurrency exchange Binance. Citing a consumer warning by the country’s financial regulator, the Financial Conduct Authority (FCA), the bank told its customers: “We’ve made this decision due to concerns about the possible risks to you.”

‘We’re Suspending Payments to Binance,’ Said HSBC

British bank HSBC has reportedly become the latest bank to suspend payments to global cryptocurrency exchange Binance. Several people have shared on Twitter a notice they claim to have received from the HSBC Banking Team in the U.K.

The notice, titled “We’re suspending payments to Binance,” reads:

We wanted to let you know we’re stopping payments from our credit cards to Binane wherever possible. We’ve made this decision due to concerns about the possible risks to you.

“We take our duty as a responsible lender seriously and want to do everything we can to protect you. We’ll continue to monitor the situation and let you know if anything changes,” the notice continues.

The bank cited a notice by the country’s financial regulator, the Financial Conduct Authority (FCA), as one of the reasons. “The FCA has recently issued a warning to consumers on the regulatory status of Binance in the U.K. This also explains some of the risks of investing in cryptassets should things go wrong,” HSBC wrote.

The FCA’s warning about Binance in June states that no entities in the Binance Group “holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”

Besides the FCA, a number of other regulators have also issued a similar warning about Binance, including the regulators in Malaysia, Japan, Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania. Other British banks that have stopped payments to Binance include Barclays, Santander, and Natwest.

HSBC has maintained its anti-crypto stance. In April, the bank changed its crypto policy to bar clients from buying stocks of companies that hold bitcoin, such as Microstrategy, which now holds more than 100K BTC. In addition, while a growing number of investment banks are providing their clients with crypto exposure, HSBC CEO Noel Quinn recently said that his bank “has no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers.

What do you think about HSBC suspending payments to Binance? Let us know in the comments section below.

Publicly Listed Bitcoin Miner Marathon Purchases 30,000 Mining Rigs from Bitmain
August 3, 2021 2:00 pm

On Monday, the publicly listed bitcoin mining firm Marathon Digital Holdings announced that it purchased 30,000 S19j Pro Antminers from Bitmain. According to the company, once the new lot of mining rigs are fully deployed, Marathon will gain 13.3 exahash per second (EH/s) from the newly added machines.

Marathon Buys 30K Miners for $120 Million

On August 2, Marathon Digital Holdings, Inc. (Nasdaq:MARA) revealed the bitcoin mining company has acquired 30,000 S19j Pro Antminers. Depending on the model, S19j Pro processes SHA256 hashrate at around 100 to 104 terahash per second. A single S19j Pro machine using today’s BTC prices, current mining difficulty, and electricity at $0.12 per kilowatt-hour (kWh), can profit by $29 per day. According to the announcement, the machines cost around $120.7 million for the entire lot.

Marathon says that it anticipates all 30,000 newly purchased miners to be delivered between January 2022 and June 2022. This timeframe shows lead times for newly produced mining rigs from today’s top manufacturers can be quite lengthy. Marathon says after the rigs are fully deployed it will get an added 13.3 EH/s and “more than 133,000 bitcoin miners” under the company’s ownership.

“If all of Marathon’s miners were deployed today,” the mining firm’s announcement details, “the company’s hashrate would represent approximately 12% of the Bitcoin network’s total hashrate, which was approximately 109 EH/s as of August 1, 2021.”

Marathon CEO Thinks It’s the Perfect Time to Add New Miners to the Firm’s Fleet

Fred Thiel, Marathon’s CEO, emphasized during the announcement he thinks it is the perfect time to purchase mining rigs. “Increasing our percentage of the total network’s hash rate increases our probability of earning bitcoin, and given the uniquely favorable conditions in the current mining environment, we believe it is an opportune time to add new miners to our operations,” Thiel said. Marathon’s CEO added:

“With this new order, we are growing our operations by 30% to approximately 133,000 miners, producing 13.3 EH/s. As a result, once all miners are fully deployed, our mining operations will be among the largest, not just in North America, but globally.”

The number of bitcoin miners in North America has been growing. Firms like Marathon, Riot, Hut8, Galaxy Digital, Hive Blockchain, Ankr, Argo Blockchain, Atnorth, Bit5ive LLC, Bitfarms, Bitfury, Bitquest, Compute North, Core Scientific, and more have been purchasing a lot of mining rigs over the last year. Marathon settled a record-breaking mining rig acquisition in December 2020, when the firm purchased 70,000 bitcoin miners from Bitmain.

What do you think about Marathon purchasing 30,000 bitcoin miners from Bitmain? Let us know what you think about this subject in the comments section below.

Selling Lord Kek Dust — 2016 Rare Pepe NFTs See Fresh Demand Going for Thousands on Opensea
August 3, 2021 12:30 pm

During the first half of the year, non-fungible token (NFT) sales surged to $2.5 billion in 2021, and trade volume shows the trend hasn’t slowed down. For instance, July saw a record $363 million spent on approximately 157,801 NFT sales. Meanwhile, as new NFTs enter the space every day, older Rare Pepe NFTs from 2016 are making a comeback and are being sold on the Opensea marketplace for top dollar.

New Dispenser Technology Makes Old School Counterparty NFTs Accessible on Today’s Most Popular Marketplaces

Non-fungible token (NFT) sales have been all the rage these days as millions of dollars have been exchanged for NFT art and collectibles. On Monday, Bitcoin.com News reported on the project Cryptopunks outpacing the competition this week in terms of sales.

Furthermore, one Cryptopunk owner wants to sell a rare punk (Cryptopunk 3100) for $91 million or 35,000 ether. Additionally, NFTs like Stoner Cats, Art Blocks, Meebits, and more are also selling for tens and even hundreds of thousands of dollars per NFT.

Selling Lord Kek Dust — 2016 Rare Pepe NFTs See Fresh Demand Going for Thousands on Opensea
In recent times, XCP asset holders have been able to sell their SoG, Bitcorn, Rare Pepe, and Mafia Wars assets on popular NFT markets like Opensea.

While all these NFTs are raking in lots of ether, old school NFTs are starting to see significant demand as well. The non-fungible token collectible cards from the 2016 Rare Pepe project developed on Counterparty have seen significant sales during the last few weeks.

The reason for this is because Counterparty (XCP) issued NFTs can now be sold on marketplaces like Opensea. XCP-issued NFTs can leverage emblem.finance and connect it to a noncustodial Web3 wallet in order to trade XCP and BTC-based assets on secondary markets. There’s even a step-by-step guide to add your Bitcorn, Spells of Genesis, Mafia Wars, and Rare Pepe trading cards on popular NFT markets.

Nakamoto Card Sells for $93K, Lord Kek Dust Sells for Close to $900 per 0.00042069 LORDKEK

Ever since this cross-technology was released, the Rare Pepe collectible card series has seen significant demand on the Opensea NFT marketplace. There have been numerous Pepe sales taking place this week as the cards are selling for thousands of dollars, in comparison to the lower values they held four years ago.

“RAREPEPE” Card 1, Series 1 often referred to as the “Nakamoto Card” sold on Monday for 29.17 ether or $75,964 at the time of sale. The “LOVEPEPETATO” Series 1, Card 12 recently sold for 2.25 ether or $5,949 at the time of sale. Another “Nakamoto Card” (300 were issued) sold for 35 ether or $93,113 on Monday as well.

In another sale, the “ILLUMINATIPE” (1/10) NFT trading card was purchased for 12.5 ether or $29,364 when the sale was executed. While the emblem.finance protocol has allowed people to sell Rare Pepe cards on Opensea, the most coveted Rare Pepe trading card “LORDKEK” Series 1, Card 34 has not sold yet.

Selling Lord Kek Dust — 2016 Rare Pepe NFTs See Fresh Demand Going for Thousands on Opensea
This fraction of LORDKEK dust sold for 0.35 ether or $878 at the time of sale nine days ago.

The “LORDKEK” card is one of the few divisible Rare Pepe trading cards and only ten cards were issued. Rumor has it only eight “LORDKEK” cards can change ownership and years ago a single Kek sold for 1,600 XCP. There is a single card listed on Opensea alongside fractionalized Kek cards worth 0.00042069 LORDKEK. Kek card dust has been selling, like the fraction that sold for $878.54, or 0.35 ether, nine days ago.

What do you think about the recent Rare Pepe NFT trading card comeback? Let us know what you think about this subject in the comments section below.

Wells Fargo Starts Offering Crypto Investments to Clients
August 3, 2021 11:00 am
Wells Fargo Starts Offering Crypto Investments to Clients

Wells Fargo, one of the largest wealth managers in the U.S., has reportedly started offering crypto investments to its wealth management clients.

Wells Fargo Offers Crypto Exposure

  • A spokesperson for American financial services company Wells Fargo reportedly confirmed to Business Insider Friday that the company has started offering cryptocurrency exposure to its wealth management clients.
  • Wells Fargo’s wealth and investment management arm, which includes the firm’s private banking services and Wells Fargo Advisors, is one of the largest U.S. wealth managers. It oversees nearly $2 trillion in assets.
  • Darrell Cronk, the president of Wells Fargo Investment Institute, a wholly owned subsidiary of Wells Fargo Bank, revealed in May that his team was preparing to offer “a professionally managed solution” for cryptocurrency to clients. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” he was quoted as saying.
  • Cronk still does not see cryptocurrency as an asset class, however, viewing it as an “alternative investment” rather than a “strategic allocation.”
  • In contrast, global investment bank Goldman Sachs said in May that bitcoin had become an investable asset and clients are treating it as a new asset class. Another investment bank, JPMorgan, also said that its clients see cryptocurrency as an asset and want to invest in it.
  • A growing number of major investment banks have started offering or are in the process of offering crypto investment to clients, including Morgan Stanley, Goldman Sachs, Citigroup, and JPMorgan. Meanwhile, Bank of America has established a crypto research team.

What do you think about Wells Fargo offering crypto exposure to clients? Let us know in the comments section below.

Court Orders Russia’s Sberbank to Unblock Crypto Trader’s Accounts
August 3, 2021 9:30 am
Court Orders Russia’s Sberbank to Unblock Crypto Trader’s Accounts

A court has ordered one of Russia’s largest banks to lift restrictions imposed on the accounts of a Russian citizen who was selling digital coins on cryptocurrency exchanges. The state-owned giant Sberbank will now have to unblock its client’s cards and restore his access to its online banking platform.

Regional Court in Russia Rules in Favor of Crypto Trader Suing Sberbank

The plaintiff identified as Pavel R., a resident of Revda in Sverdlovsk Oblast, had accounts and cards issued by Sberbank and was also offered remote banking services as per his contract. Between May and August last year, he received regular deposits from other individuals and withdrew the money.

The bank decided these were unusual transactions that could be linked to money laundering and blocked Pavel’s accounts and cards. He was asked to prove the source of the funds, explain the purpose of the transactions and told that any future operations should be ordered in person.

Court Orders Russia’s Sberbank to Unblock Crypto Trader’s Accounts

But even after Pavel presented all the necessary documents showing the transfers were linked to the sale of cryptocurrency on various exchanges and filed a claim with the bank, the restrictions remained in place. Convinced the bank’s actions contradicted the law, the Russian crypto trader filed a lawsuit with the Revdinsky City Court, but the court of first instance turned down his request to restore access to his accounts.

Sberbank’s client then submitted an appeal with the Sverdlovsk Regional Court. The court agreed that the bank had the right to suspend its services to the plaintiff but noted that even after receiving evidence indicating the nature of the transactions, the defendant did not lift the imposed restrictions and didn’t respond to Pavel’s claim.

In a press release, the Sverdlovsk Regional Court pointed out that while crypto trading was not regulated by Russian law at the time of the dispute, it was not prohibited either. It also elaborated:

Since the client disclosed the economic meaning of the transactions and indicated the source of the funds, the Bank had no reason to maintain the blocking of the bank cards and limit the provision of remote banking services.

The regional court disagreed with the Revdinsky City Court’s conclusion that Pavel’s rights were not violated. “Under the terms of the contract, the Bank is obliged to not only open and maintain an account, but also provide an additional remote banking service that allows the client to use the account without visiting the Bank’s offices. However, at the moment Pavel R. is deprived of such opportunity,” the judges explained.

Sberbank has been obliged to restore Pavel’s access to its online services and unblock his cards and accounts. The Russian bank will also have to cover the costs of the legal proceedings in Sverdlovsk region.

What are your thoughts on the court case between the Russian crypto trader and Sberbank? Let us know in the comments section below.

Polylauncher Wants to Make Angel Investing Accessible to Everyone
August 3, 2021 9:00 am

Fundraising has experienced a dramatic change over the past ten years. What was once limited to individuals with a specific acumen, network, and level of capital is now accessible to anyone with an internet connection. New technologies and platforms allow the average retail investor to become an early supporter of some of the most exciting ideas that just hit the market. This capability was fostered by the cryptocurrency space with its decentralized funding, but it also applies to other asset classes.

As a result, the number of angel investors in the crypto industry has rapidly increased in recent years. While angel investing is a common practice within the sector, there still exist many outside of the community who know little about the practice.

What Is Angel Investing?

Angel investors, also known as seed investors, are those who contribute early-stage and pre-launch funding for startups. They are a big part of the fundraising process and often know the company and its founders inside and out. Startups can then use this funding to get their idea off the ground.

Most IDO and seed investors commit to a variety of projects, often intending to maximize their short-term monetary earnings, which causes limitations for the long-term growth of the projects. Such a phenomenon is especially true when it comes to the utilization of resources and potential development. At the same time, so many who lack that kind of capital genuinely want to fund good ideas — and the concept of a platform that caters to this large swathe of investors is a growing one.

Imagine a platform where all users have the equal chance to participate in angel investing, with early loyalty and backing of the platform resulting in long-term involvement and great access to new projects. This groundbreaking feature will flip angel investing on its head, revolutionizing the industry and allowing users of all monetary backgrounds to get involved in projects. That is the motivation behind Polylauncher, which focuses on creating a platform that allows anyone to become an angel investor.

Polylauncher, the Angel Investment Platform for Everybody

Powered by the Polygon network, Polylauncher is a fully decentralized platform that simplifies the process of becoming an early-stage investor. The goal is to simultaneously make investing easy while nurturing the growth of projects building on top of Polygon. The Polylauncher team has described its mission as aiming to be the Y Combinator of Polygon. With the increasing interest in the metaverse and NFT-related projects, Polylauncher has the potential to cement a position in the market with its focus on due diligence and a sustainable target market.

All of the projects in the Polylauncher metaverse will be thoroughly vetted and required to follow our criteria for determining high quality. Angel investors will be given scores, determined based on the amount of Polylauncher utility tokens staked, offering a fair and democratic process for anyone to get involved regardless of their monetary level. The more you stake, the higher your angel score, offering greater accessibility to new projects. This gives smaller and medium sized investors more opportunities, especially when compared to whales who are traditionally able to dominate the market. The angel score system is perfect to help boost investor loyalty in committing to a project, while also helping Polylauncher build a community, creating a long-term win-win situation for all parties involved.

Polylauncher is still in the early stages of its development, with an alpha version expected to be released in Q2 2021. KYC implementation and a beta version will follow the next quarter, and more importantly, so will the first IDO. The last quarter of the year will see more exciting features like staking, angel scores, private pools, and social mining — details of which will be provided in the months to come.

Polylauncher Wants To Make Angel Investing Accessible

There’s no doubt that there are significant bottlenecks in the investment space, both in the traditional and crypto markets. But the technology to solve that problem exists right now, and all the angel investment process requires is a strong streamlined experience that adheres to high standards. That’s what Polylauncher is aiming to build, and the signs look good so far. The platform can remove a large barrier of entry for investors and support the growth of promising projects, and this can subsequently make it a crucial part of the Polygon ecosystem.

To know more about Polylauncher and its future developments, visit their social media channels listed below.

Twitter: twitter.com/Polylauncher

Telegram: t.me/Polylauncher

Website: polylauncher.com


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South Africa Bitcoin Heist: Court Grants Liquidators Authority to Track Missing Africrypt Investor Funds
August 3, 2021 8:30 am

A South African court has granted liquidators of the collapsed bitcoin investment firm Africrypt the powers to track down missing investor funds. Also, as part of the court decision, Africrypt liquidators will now have the authority to sell assets and property belonging to the company.

Africrypt’s Evidence Under the Microscope

According to a report, the court decision follows recent claims that Raees Cajee, one of the collapsed firm’s directors, is opposing the final liquidation of Africrypt from his hideout in Tanzania. The latest decision by the South Africa court comes as doubts grow surrounding Africrypt directors’ claims of a breach by Ukrainian hackers.

For instance, in the past few weeks the liquidators’ legal representative, Ruann Kruger, is reported to have released a statement wherein he unravels Africrypt’s dubious business model. In addition to questioning Africrypt’s model, the statement also takes aim at the evidence which has been used by the firm’s management to back the hacking claims.

After examining Africrypt’s claims, Kruger’s statement goes on to repeat earlier allegations that Raees and his brother, Ameer, may have had a hand in the disappearance of investor funds. The statement says:

There is no evidence that this was indeed a hack of the Africrypt systems, and in support thereof, it seems that funds were depleted from the Africrypt wallets four months before the alleged hack.

Soon after Africrypt abruptly stopped operating back in April 2021, a group of investors immediately applied for the court to grant a liquidation order against the investment company. According to the report, a provisional order was duly granted on April 26, while parties to the final liquidation proceedings are now expected to argue their cases in September.

Tracking Down Africrypt Assets

Meanwhile, the report also quotes liquidators explaining the importance of the court’s decision to grant them additional powers. The liquidators said:

With the liquidator’s extended powers, they will be able to investigate and interrogate the relevant parties, directors, and their related companies during the enquiry to uncover the mystery behind this ostensible bitcoin heist. The liquidator’s main objective is to track down assets, attempt to gain access to Africrypt systems and their source codes to recover bitcoin wallets and funds invested and lost by investors.

To aid in this process of recovery, the liquidators confirmed that a forensic auditor has been hired to look into the affairs of Africrypt and related parties.

Do you agree that these additional powers are going to be useful to the liquidators’ cause? Tell us what you think in the comments section below.

Indian Government Clarifies Status of Cryptocurrency Trading, Regulation, Investor Protection
August 3, 2021 6:30 am
Indian Government Clarifies Status of Cryptocurrency Trading, Regulation, Investor Protection

India’s Ministry of Finance has answered some questions regarding the status of cryptocurrency trading in the country as well as crypto regulation and investor protection. The minister of state for the finance ministry has indicated that the recommendations in the draft bill proposed by the interministerial committee are still being considered.

Indian Government Answers Crypto Questions

The Indian minister of finance was asked about cryptocurrency trading in Lok Sabha, the lower house of India’s parliament on Monday.

The first question concerns “the status of cryptocurrency trading in India.” Minister of State for the Ministry of Finance Shri Pankaj Chaudhary replied, “This information is not collected by the government.”

His answer reiterates what the finance minister recently said that the government does not collect information on the number of cryptocurrency exchanges or traders in India and has not been informed of any fraud conducted by any exchanges.

The second question was about “the current regulatory regime surrounding cryptocurrency and its trading.”

The minister of state explained that all entities regulated by the central bank, the Reserve Bank of India (RBI), have been advised to carry out customer due diligence processes in line with a number of regulations, including know your customer (KYC) standards, anti-money laundering (AML) law, Prevention of Money Laundering Act (PMLA), and Foreign Exchange Management Act (FEMA) for overseas remittances.

Next, the finance minister was asked about the laws in place to protect crypto traders and investors “from fraud and other misdemeanors in its trading.” The minister replied:

Depending upon the nature of the fraud, various laws including the Indian Penal Code 1860, are in place for protection against fraud.

The last three questions revolve around “whether the government intends to introduce regulations specific to cryptocurrency trading in India.”

The minister of state proceeded to provide the same answer said several time in parliament, starting with the announcement in the Budget Speech for 2018-19 that “The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”

The minister then mentioned the inter-ministerial committee (IMC) constituted under Former Finance Secretary Subhash Chandra Garg, who no longer holds a position in government. The minister stated that the IMC “recommended in its report that all private cryptocurrencies, except any cryptocurrency issued by the state, be prohibited in India,” adding:

The government would take a decision on the recommendations of the IMC and the legislative proposal, if any, would be introduced in the parliament following the due process.

Recently, the finance minister revealed that the crypto cabinet note is ready for consideration. However, the crypto bill is not listed on the list of items to be considered in this parliament session.

What do you think about the answers to the crypto questions provided by the minister of state for the finance ministry? Let us know in the comments section below.

Cryptopunk Owner Hopes to Sell Punk for $91 Million — Pixelated NFT Punks Outshine the Competition
August 3, 2021 3:30 am
Cryptopunk Owner Hopes to Sell Punk for $91 Million — Pixelated NFT Punks Outshine the Competition

While traditional crypto assets have seen market sentiment drop to a level of uncertainty, non-fungible token (NFT) assets have continued to sell in the millions. One project developed by Larva Labs called Cryptopunks has seen some of its NFTs sell for millions and on May 11, a collection of nine Cryptopunks sold for $16.9 million at Christie’s. Now a Cryptopunk NFT owner is attempting to unload a single NFT (Cryptopunk 3100) for $91.64 million.

Cryptopunk 3100 Owner Wants $91 Million

Non-fungible token (NFT) artwork and collectibles have shocked the world and NFT artists have made millions selling these products to willing buyers. Bitcoin.com News has been covering the NFT space for quite some time and just recently reported on a study that showed the most prominent and most profitable NFT collectors to date.

Furthermore, another study indicated that as far as sports fans are concerned, close to three out of four sports fans are “moderately skeptical” about the longevity of NFT investments. Despite some skepticism, the fact is traditional crypto assets have not been performing as well as NFTs and these collectibles are still selling like hotcakes.

Cryptopunk Owner Hopes to Sell Punk for $91 Million — Pixelated NFT Punks Outshine the Competition
The owner of this specific Cryptopunk 3100 with headband accessory and one of nine alien punks wants 35,000 ether for the NFT.

Now the owner of a rare Cryptopunk (3100) wants to get around 35,000 ethereum (ETH) for the unique NFT. That’s around $91.64 million in value if the owner sold it for the desired amount and it would surpass the recent Christie’s auction which sold nine Cryptopunks for $16.9 million.

Cryptopunk Owner Hopes to Sell Punk for $91 Million — Pixelated NFT Punks Outshine the Competition
This particular Cryptopunk (3831) sold this week for 850 ether or just over $2 million.

It would also top the most expensive NFT sold to date, which is Beeple’s “Everydays: The First 5000 Days” which sold for 26,508.809 ETH or $69.3 million. The Larva Labs issued Cryptopunk 3100 was sold for $7.6 million on March 11, 2021. A few years ago on July 6, 2017, Cryptopunk 3100 sold for 8 ETH or $2,127 at the time of sale.

Cryptopunks Is the Top Selling NFT Collectibles This Week, Pixelated Punk Sales Outpace 8 Different NFT Projects

Data from nonfungible.com shows Cryptopunks have done extremely well during the last seven days selling for millions of dollars in ether. During the last seven days, Cryptopunks saw 935 sales that total $115 million.

For instance, not too long ago on August 2, Cryptopunk 8053 sold for 80 ether or $210K. Over the last seven days, Cryptopunk 5217 sold for 2,250 ether ($5.5M), #2140 sold for 1,600 ether ($3.7M), and #3831 sold for 850 ether or just over $2 million. Cryptopunk 3100 is rare because it is one out of only nine Alien punks. #3100 also has an accessory which is the headband and 406 punks share this same feature.

Cryptopunk Owner Hopes to Sell Punk for $91 Million — Pixelated NFT Punks Outshine the Competition
The lot of nine rare Cryptopunks that sold at Christie’s for $16.9 million.

Nonfungible.com also indicates that the NFT collection of 10,000 different punks is currently the top NFT project this week out of ten different NFT projects. Cryptopunks has surpassed Art Blocks, Meebits, Superrare, The Sandbox, Decentraland, and Hashmasks. In fact, Cryptopunks has done two times the sales that Art Blocks saw last week and Cryptopunks’ seven-day stats outpace the latter eight NFT project’s sales combined.

What do you think about the owner of Cryptopunk 3100 looking to sell the rare punk for $91 million? Would you pay hundreds of thousands or millions of dollars for a single pixelated Cryptopunk NFT? Let us know what you think about this subject in the comments section below.

Nodeseeds Launches Three-Tier Membership to Ensure Transparency and Fair Allocation of Projects
August 3, 2021 1:00 am
Nodeseeds Launches Three-Tier Membership to Ensure Transparency and Fair Allocation of Projects

PRESS RELEASE. Blockchain venture capitalist firm Nodeseeds has announced the launch of a three-tier membership system to democratize its investment process. Nodeseeds revealed further details in a blog post on its medium page.

Fair Allocation Tier System

According to the post, Nodeseeds stated that the tiers were designed to ensure fair allocation of bonuses to NDS token holders. The three-tier system is divided into Seed Members, Private Members, and Anchor Members.

Seed Members is the entry-level tier and the minimum requirement to qualify is to hold 25 NDS tokens. Some of the perks include early access to some projects and discord rooms. Participants also get 2x referral rewards but are limited in their access to get lottery allocations of forfeited funds.

Private Members is the intermediate tier and eligible for users with a minimum of 350 in their portfolio. Members have guaranteed allocations for projects ranging from $500 to $1500. Other benefits include 2.5x referral rewards and access to all private Discord rooms. This ensures that they are able to access potential investments and get more information on Nodeseeds activities.

Anchor Membership is the flagship tier and has a lot of benefits for members. Members must have a minimum of 700 NDS in their portfolio to join this exclusive group.

Nodeseeds has crafted an incentive structure that maximizes mutual value for all community members. Anchor membership can access 3x referral rewards and are exempted from paying investment fees.

Anchor members have expanded priority in the lottery allocation system and can also access lucrative OTC deals. Nodeseeds also revealed that Anchor members would gain access to bonus allocations via its incubation program scheduled to launch by Q4 2021.

Nodeseeds invests in Cardwallet.fi

Nodeseeds has also continued to make notable investments within the blockchain space. The VC recently revealed that it had invested in blockchain wallet services CardWallet. CardWallet is a multi-chain wallet that will support Cardano, Ethereum, and Bitcoin blockchain-based tokens.

It intends to allow easy swaps between multiple blockchains and incentivize users to utilize its wallet services. Nodeseeds has made a significant investment on Cardwallet.fi.

Other recent investments include PolyWhirl, a privacy protocol on the Polygon and 1UP.fun in recent weeks.

An innovative blockchain VC

Nodeseeds is a unique blockchain-based venture capitalist that is focused on decentralizing the entire VC ecosystem. It seeks to break the current barriers associated with the common investor accessing some of the top projects’ private sales.

Users can access early token sales and seed rounds by holding their native token NDS. NDS is a unique token and allows users to take a part of Nodeseeds profits.

In addition, Nodeseeds uses 40% of its profits to buy back NDS tokens and burn them periodically, with just 15% going directly to the company. The VC also has a form on its website page for new crypto projects that desire funds to fill a form on its website profile.

Although primarily built on Ethereum, Nodeseeds invests in projects from other blockchain protocols. Occam is a DeFi suite on Cardano and Trustpad is a secured decentralized multi-chain fundraising platform. Nodeseeds intends to continue its current pace of investing and will fund more projects as its community grows in the coming months.

Official links — Nodeseeds

Website

Twitter

Telegram

Telegram — Announcements

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, 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 content, goods or services mentioned in the press release.