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Category: Algorand

Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

A statement from Anthony Scaramucci has revealed the total crypto worth of an Alternative investment firm in Australia’s SkyBridge Capital. He stated that SkyBridge holds crypto worth $700 million presently. The alternative investment firm has filed for a cryptocurrency company ETF which simply means a crypto-based exchange-traded fund. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course They did this on Tuesday, aiming to increase their digital currency offerings. SkyBridge Capital also revealed its plans for the Algorand fund during the SALT conference held within the week in New York. SkyBridge Crypto Assets Worth SkyBridge founder Anthony Scaramucci while addressing CNBC, stated that the firm raised over $100 million for the new Algorand fund. Anthony was also the former Director of White House Communications. It was Scaramucci who valued the company’s crypto-assets to be about $700 million. The CEO reaffirmed that crypto has come to stay. However, he added that if regulations plan to fan the increasing adoption of digital asset technology, they should take quick action. Anthony explained the crypto adoption as similar to Uber, which the regulators planned to knock out of the system. But the people later won because they accepted its use. He predicts that the United States will start recording up to 200 million crypto users in no distant time. The SkyBridge CEO made these comments when spectators were concerned about having a regulatory crackdown maned by SEC. Gary Gensler, the head of SEC, had characterized the crypto sector as rife associated with abuse and fraud. But Anthony Scaramucci, despite his disagreement, appreciated Gary for his stake in crypto. He explained that Gary had many people that are yet to understand crypto in Congress fully. As a result, they have a lot of negativity, and he will call on elites like Elizabeth Warren to attend such a conference. However, sitting with members of the industry will make her understand the protocols better. Anthony suggests that the need to carry everyone alone by educating them. Other Finance Magnates Opinion Other finance lords in their speech didn’t share Anthony’s optimism. Instead, they doubted the possibility of crypto adoption outrunning the grip of strong-handed regulations. Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin Ray Dalio predicted that as the digital assets popularity increases, it would attract the attention of lawmakers. ALGO is currently down by 4% at the time of writing | Source: ALGOUSD on TradingView.com However, while speaking to CNBC, he said that even if the crypto adoption successfully increases, the lawmakers will kill it. He believed that lawmakers would succeed in killing it as they have their ways of doing so. Dalio explained that every monetary asset that offers a cash alternative is worth considering, including Bitcoin. Featured image from Finance Magnates, chart from TradingView.com
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Report Reveals El Salvador Plans For Issuing A Stablecoin

El Salvador recently became the first country to adopt Bitcoin as a legal tender in financial transactions, and now it plans to issue a stablecoin. The President, who calls himself “the coolest president in the world,” took the first step to equip his citizens with a digital means of paying for goods & services. Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator The world is waiting for the commencement of his plans by September. Moreover, the law for bitcoin legalization has already been signed. While the wait continues for the execution, the president’s brothers make a bigger plan for the country. From the latest news on the country, it seems that the president’s brothers are planning the development of a stablecoin as they’re already presenting the idea to investors. The news came from the reports of a digital newspaper in Latin America, El Faro. The information has it that El Salvador consumers will use stablecoin for services. Comments From Bukele Brothers According to what the president brothers revealed to investors, the crypto, which they call the “Colon dollar,” will become a reality before 2021 ends. Ibrahim & Yusuf Bukele had pitched the proposal to investors, and the report from the digital newspaper also pointed to the video recordings about it. In the proposal discussion, the brothers told the prospective investors that they’re representing the interests of the El Salvador President. Related Reading | Nifty’s Inc. Partners With Warner Bros To Roll Out A Social NFT Platform The Latin American newspaper had obtained the documents about the proposal, and that’s where they got the details of the discussion. Earlier before now, the Central American government approved the bitcoin law, which the El-Salvador president initiated. The law centered on making Bitcoin a legal tender in the country and thereby mandating businesses operating in the State to accept it. Bitcoin finally steps out of the bearish zone and follows a bullish momentum | Source: BTCUSD on TradingView.com With the approval of this law, residents can use Bitcoin to pay for goods & services come September 2021. Also, the residents can pay taxes and other bills using bitcoin. Will El Salvador Issue A StableCoin? Concerning the plan to create a stablecoin in El Salvador, the government spokesperson revealed that it is no longer in play. But another source who wishes to remain anonymous stated that the plan is still on track. Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.” Also, the digital newspaper revealed that the brothers to the El Salvador President have been meeting some representatives from Algorand, Cardano, and WhizGrid. These meetings have always occurred on different occasions. All these indicate that the brothers are very much interested in a stablecoin for El Salvador. While we can’t say with confidence that the plan is still in play, the launch of Bitcoin as a legal tender is still in play. Also, given the several meetings between the brothers and different blockchain representatives, there might still be some upcoming developments in the pipeline. Featured image from CoinDesk, chart from TradingView.com
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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, […]
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Arrington Capital Invests Millions into Expanding Algorand’s Ecosystem

Digital asset management firm Arrington Capital has announced the launch of a $100 million fund, set to invest in initiatives built on the Algorand blockchain. It launched the fund, entitled the Arrington Algo Growth Fund (AAGF), in hopes of encouraging further growth in Algorand’s ecosystem. According to a release, the blockchain has already seen “significant … Continued

The post Arrington Capital Invests Millions into Expanding Algorand’s Ecosystem appeared first on BeInCrypto.

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Algorand Blockchain Now Supports Curvegrid’s NFT Bridge

The pairing of Algorand Foundation and Curvegrid will allow the latter’s infrastructure technology “MultiBaas NFT Bridge” to be integrated into the Algorand (ALGO) ecosystem.  Curvegrid has partnered up with Algorand Foundation to share their MultiBaas NFT Bridge software on the latter’s blockchain network. Curvegrid is a Tokyo-based blockchain software company and MultiBaas is their premier … Continued

The post Algorand Blockchain Now Supports Curvegrid’s NFT Bridge appeared first on BeInCrypto.

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Algomint, Algorand’s Digital Asset Minter, Set To Arrive Q3 2021

In a press release this week, the team at Algorand has announced that Algomint, the “golden bridge to the Algorand DeFi ecosystem”, is coming to market in Q3 2021. The platform will bring liquidity and unlock further DeFi potential in the Algorand network. Algomint The Algomint platform will allow users to engage in investing, trading, […]
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