How Crypto is Beating Charity Fraud and Binance is Bringing Uganda’s Children to School 3183

The topic of charity often brings disparity of opinion. On the one hand, most of us recognize the injustices of the world and want to help those in need. But, given the reports of fraud and misconduct, as well as the sheer scale of problems, it’s understandable why many become numb to the issue. However, crypto and blockchain technology is working to change that.

Charity Fraud

Figures show that more than a third of charity fraud was perpetrated by staff, trustees or volunteers. These findings came about during a study by The Charity Commission. They noted that weak governance, poor financial controls, and excessive trust in key individuals were common factors to the problem. Michelle Russell, Director of Investigations, said:

How Blockchain and Crypto Can Help

A decade on since Bitcoin first paved the way, many institutions are beginning to realize how blockchain is more than financial speculation. With blockchain technology, there exists a significant opportunity for charities to benefit the world.

Blockchains are inherently designed to eliminate corruption and non-transparency in situations involved multiple participants. As well as that, the technology facilitates an audit trail, where benefactors can track donations across its complete cycle.

The implications of this are massive. Blockchain technology has the potential to completely change the way the sector operates, allowing organizations to run more efficiently by eliminating waste, and therefore providing real help to those in need. Also, from a credibility standpoint, use of blockchain would undoubtedly instill greater trust, which is something often lacking in people’s reasoning for not giving.

The Plight of Ugandan School Children

When it comes to important cases, few are more deserving than feeding children. In Uganda, the problems of war, famine, and AIDS make for dangerous living conditions. Here, more than a third of people live below the poverty line, and children are the primary victims of this desperate economic situation.

Binance recently launched their blockchain solution to tackle hunger and access to primary education. The Lunch for Children campaign is asking for 1 BNB to provide a lunch program for children who need your help. Contributing will provide a month’s worth of food for a child in remote African areas. Without which some will be forced to abandon their education.

The Solution

The collaboration between Binance Charity and Dream Building Service Association will select schools that serve poor children, and choose reliable food suppliers. Donations made will go to the crypto wallets of children’s parents or legal guardians, who will then use the funds to pay food suppliers.

This system is a real life example of how blockchain is revolutionizing the charity sector. The verified audit trail of transactions deals with issues related to lack of transparency and accountability. The foundation will collect monthly reports from the school, and provide updates on how the project is progressing. All of which ensures your donations are making a real difference.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Nexo Cuts Borrowing Rates to 5.9% APR After Securing Cost-Efficient Institutional Financing 18607

Nexo, the leading crypto lending institution, is pleased to announce that having secured long-term cost-efficient financing, it has significantly lowered the rates on its signature Instant Crypto Credit Lines to the benefit of its customers, effectively offering one of the lowest APRs (Annual Percentage Rates) in the blockchain space:

  • The APR on Nexo’s Instant Crypto Credit Lines now starts at only 5.9% with no hidden fees, no minimum repayment requirements and no credit checks which ensures maximum flexibility for clients to borrow against their crypto assets in 40+ fiat currencies across more than 200 jurisdictions.
  • Unlike most lenders in the blockchain space that charge up to 4% in origination fees and 5-13% in liquidation fees, Nexo conducts business without any additional charges as an extension of its #ZeroFees initiative
  • The rate cut is the result of the company’s ongoing effort to bring down its funding costs by utilizing Nexo’s extensive network of financial partners and access to institutional liquidity.
  • The lowered interest rates for Nexo’s Instant Crypto Credit Lines mean а larger volume of business which in turn ensures ever-growing dividend payments for NEXO Token Holders.
  • Regardless of the reduction of borrowing rates, the interest on Nexo’s ‘Earn Interest’ product remains 8%, meaning clients will continue to benefit from the current high-yield interest on their idle assets.
  • Nexo always strives to further improve rates for its user base, currently surpassing 300,000 people worldwide, and offering credit lines with a minimum amount of $500 and up to $2 million, is one of the many milestones along the road to make decentralized financial services even more inclusive.

As the tokenization of the world progresses further, the improved interest rates guarantee that Nexo’s cutting-edge products are utilized by an even wider audience across the globe. One of the early examples is the world’s first crypto-backed mortgage issued by Nexo to Brock Pierce for the purchase of a second home, all the while retaining ownership of his Bitcoin – a concept that now finds wide-spread adoption in the blockchain community.

Building on top of the success with its products with cryptocurrencies and stablecoins, Nexo is now beginning to offer the same efficient mechanism of financing for tokenized gold, making gold-backed borrowing accessible for as little as $500, something that was previously reserved for the ultra-wealthy.

Trump and Reagan Advisors Join Frax to Launch World’s First Fully Decentralized Global Currency 18093

Frax, the world’s first algorithmic and fully decentralized stablecoin on the blockchain today announced Stephen Moore, Trump economic advisor and former Federal Reserve nominee, and Ralph Benko, former Reagan deputy general counsel, joined the company’s executive team.

Moore and Benko are joining Sam Kazemian, co-founder of Everipedia and Frax to launch the first fully decentralized global currency aimed at eliminating currency transaction costs, while inhibiting currency manipulation, which is commonplace throughout the world.

Moore is joining Frax as co-founder and is a distinguished economist who plans to apply the skills and experience he acquired from the decades of financial public policy work at the highest levels.

“Frax is creating a new global economic monetary paradigm,” said Stephen Moore, chief economic officer at Frax. “Central banks will soon feel the competition from private currencies such as Frax. Currencies are intended to retain their value over time, but given the wild gyration in values of currencies and the struggle in many countries with hyperinflation, we need a global currency that has a stable value to benefit consumers, businesses and investors.”

Frax is the first algorithmically-driven global currency that is fully decentralized and backed by fractional reserves. All loans of Frax’s reserve assets are done on the blockchain, which eliminates the need for a central bank and ensures that Frax owners have complete confidentiality in how they spend their funds. As a noncustodial stablecoin, users can reliably trade the token around the world without fear for privacy invasions, government shut-downs and most importantly – price manipulations. Owners of Frax can send money around the world without worrying about remittances or fees meaning people can ensure that the money they send abroad will stay the same value today and tomorrow.

Benko also joins the executive team as general counsel. He is a national economic thought leader, a former deputy general counsel to President Ronald Reagan and was senior counselor to the Chamber of Digital Commerce, the leading trade association for the blockchain ecosystem.

“Frax’s unique and elegant design offers the prospect for success where other stablecoins have struggled,” said Benko. “It will empower owners to trade in a currency that they know will remain a stable unit of account and store of value and transparent and reliable across the globe. We aspire to make Frax what Bank of England governor Mark Carney called the ‘synthetic hegemonic currency’ of the future.”

“It is an honor to have Stephen and Ralph join Frax as we launch the world’s first truly decentralized stablecoin,” said Sam Kazemian, Everipedia co-founder and CEO of Frax. “With both of their exceptional perspectives, we are making a reliable, safe and secure stablecoin designed to make the world’s international financial and monetary system more stable and efficient, transforming the world of finance forever.”

About Stephen Moore

Huobi Unveils Plans for Fiat Gateway for Turkish Lira and Strategy for Huobi Turkey at Eurasia Blockchain Summit Istanbul 18555

Huobi Global announced ambitious plans for Turkey at the Eurasia Blockchain Summit, starting with the launch of a Turkish Lira (TRY) fiat gateway. Huobi reveals the fiat gateway is the first to be launched by a global exchange, providing Turkish users an accessible gateway to trade more assets with greater liquidity. During its opening remarks, the leading exchange platform and host of the inaugural event in Istanbul also unveiled the successful formation of a local team, localized language option on web (https://www.hbg.com/tr-tr/) and mobile app, exclusive trading fees, and a detailed strategy for Huobi Turkey and its crypto-friendly population.

The wave of conference announcements follows Huobi’s previous declaration to expand into the Turkish market. The Turkish Lira (TRY) on-ramp is estimated to be launched by year’s end with a TRY/USDT pairing. The service will provide users a means to easily deposit fiat currency via wire transfer and exchange for Tether (USDT) to trade crypto-to-crypto on Huobi Global. Alongside the launch announcement, Huobi also took the opportunity to outline an exclusive fee program for Turkish users to trade with 50% discount on transaction fees (0.1%) and as low as 0.07% transaction fees by holding Huobi Token (HT). The All Star VIP Program will also open to Turkish professional traders to trade with fees as low as 0.0078% across both Spot and Margin trades.

“In June, we first announced a series of initiatives to be rolled out in Turkey over the next several months, and we have since fulfilled these promises to the Turkish community,” said Livio Weng, CEO of Huobi Global. “Turkey is an important region for us, and we plan to bring Huobi’s six years of industry expertise, advanced ecosystem, and a standard of trust to the market, and trigger key conversations around long overdue for a thriving crypto community.

Mohit Davar, Regional President of Huobi Group, announced during the summit the establishment of a local team to head up its community, customer service, and business development efforts on the ground.

“Beginning with the landmark introduction of TRY/USDT trading, we will continue to demonstrate our deep commitment to the community via localized approaches to grow the market directly from our team in Istanbul,” said Davar.

The first annual Eurasia Blockchain Summit successfully brought together key industry leaders, Turkish government officials, and C-level representatives from local banks. Hosts Huobi Group and Kemer Partners realized their vision to have leading blockchain companies sit together with local establishments and discuss how they can support new projects as well as collaborate with traditional enterprises to adopt blockchain technology. Huobi Group CFO Chris Lee, Huobi University President Jianing Yu, and Huobi Research CEO Hubery Yuan all made appearances at the summit where they met with Turkish startups and projects to discuss partnerships at the local level.

Turkey has evolved into a thriving crypto-friendly nation and a theater of commerce for exchanges and blockchain businesses. Last month, the Turkish government revealed plans to create a national blockchain infrastructure to aid the public deployment of distributed ledger technology. Bitcoin is as popular as forex in Turkey, where 20% of the populace owns cryptocurrency, and the Lira is the fifth most popular fiat-crypto pair in the world.

Crypto.com: Earn Up to 8% p.a. on PAX Gold (PAXG) Deposits 19007

Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has added PAXG to Crypto Earn, allowing users to enjoy up to 8% p.a. on their deposits.

PAX Gold (PAXG) is an asset-backed digital token where each token represents one fine troy ounce (t oz) of London Good Delivery gold, stored in professional vault facilities in London. Anyone who owns PAXG owns the underlying physical gold, held in custody by Paxos Trust Company.

Crypto Earn now supports 15 coins for holders to maximize their returns, including BTC, ETH, LTC, XRP, BNB, TUSD, PAX, USDC, MCO, BAT, LINK, CRO, MKR, and DAI, with the addition of PAXG. Interest is paid out weekly in the coin deposited with flexible, 1-month or 3-month terms available. Users earn more by staking at least 500 MCO.

About PAX Gold

PAX Gold (PAXG) is an asset-backed token where one token represents one fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities. Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company. Since PAXG represents physical gold, its value is tied directly to the real-time market value of that physical gold. On the Paxos platform, customers can convert their tokens to allocated gold, unallocated gold, or fiat currency (and vice versa) quickly and efficiently, reducing their exposure to settlement risk. For more information, visit: https://www.paxos.com/paxgold.

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. With over 1 million users on its platform today, Crypto.com provides a powerful alternative to traditional financial services, turning its “vision of cryptocurrency in every wallet” into reality, one customer at a time. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 170+ strong team. For more information, please visit www.crypto.com.

Altcoins: LINK, HT, XRP and TRX 20155

LINK/USD

Chainlink (Link) has been among the top performers for the past three consecutive weeks. This shows that it is backed by momentum. However, after the stellar rise, can it continue its uptrend or will it succumb to profit booking?

LINK/USD

The LINK/USD pair recently closed above $2.0531 and this triggered our buy which was suggested in an earlier analysis. Our first target of $2.8498 was achieved last week, which shows that the bulls are not expecting a large fall, hence, are buying at higher levels.

Though the bulls pushed the price above $2.8498 during the week, they have not been to sustain the breakout. This shows profit booking by the short-term traders at the resistance level. However, with the rise in the past two weeks, the 20-week EMA has started to turn up, which shows that the advantage is with the bulls.

If the bulls can propel the price above $3, we expect the up move to reach $4 and above it $4.5826. Conversely, if the bulls fail to scale above $3, the pair might remain range-bound for a few more weeks. Our view will be invalidated on a break below $1.4612.

BNB/USD

Binance Coin (BNB) has made a comeback into this list after a long absence. Let’s look at the events of the past seven days that have ignited trader’s interest in it. Recently, the exchange launched the eighth phase of its lending product which allows owners to earn an annualized percentage yield of as high as 10% for a few cryptocurrencies.

Expanding its services, Binance launched peer-to-peer trading for its Android app users in China. The service will be available for Bitcoin, Ether and Tether (USDT) against the Chinese yuan. Binance CEO Changpeng Zhao said that this service will be expanded to other regions soon. Zhao also confirmed that users are able to use WeChat or Alipay for P2P transactions for payment, but both companies swiftly denied that this was true. Has BNB bottomed out or is it ready for an up move? Let’s study its chart.

BNB/USD

The bears could not capitalize on the sharp breakdown below $18.30 over the past two weeks. This resulted in a pullback that can carry the BNB/USD pair to the resistance line of the channel. As the downsloping 20-week EMA is also located at this level, we anticipate the bears to defend this resistance.

If the price turns down from the resistance line of the channel, it can again dip towards $14.2555. A breakdown of this support will resume the downtrend but if the price rebounds off this level, it will indicate a bottom formation.

A breakout and close above the channel will indicate an end of the downtrend. Traders can initiate a long position on a close (UTC time) above the channel and keep a stop loss of $14. The first target will be a move to $33 and above it, a retest of the lifetime highs is possible.

HT/USD

Huobi Token (HT) rallied just above 10% in the past seven days and turned out to be the third best performer. Investors are now wondering whether it bottomed out and is now ready for the next leg of its upside move?

HT/USD

The pullback in the HT/USD pair found support just below the 50% retracement level of the rally from the lows of $0.88 to the highs of $5.3506. This is a positive sign and it shows that bulls are stepping in to buy on dips.

On the upside, the bulls might face some resistance at $3.67 and $4.37. If both levels are crossed, a rally to $5.3506 will be on the cards. Traders can wait for the price to rise and close (UTC time) above the 20-week EMA before buying. A stop loss can be kept at $2.90.

Our bullish view will be invalidated if the pair turns down from one of the overhead resistance levels and plummets below $2.90. If that happens, a dip to $2.5878 is possible.

XRP/USD

Ripple has merged three of its services, xRapid, xVia, and xCurrent, into its RippleNet offering. With this move, “instead of buying xCurrent or xVia, customers will connect to RippleNet — on-premises or through the cloud — and instead of buying xRapid, clients will use On-Demand Liquidity,” said a Ripple spokesperson.

Bank of America (BoA) is also rumored to have hired a “treasury product manager” for Ripple. This shows that the bank is warming up to cryptocurrencies in some form. Similarly, United Kingdom-based financial software firm Finastra has joined RippleNet, which will help its customers with cheaper and faster cross-border payments.

For the past few days, Ripple Labs has been at the receiving end of criticism by some community members. However, Ripple CEO, Brad Garlinghouse, defended the company and said that its transparency has made it vulnerable to attack. While the  fundamentals are encouraging, has the technical picture also turned positive? Let’s study XRP’s chart.

XRP/USD

The relief rally in the past two weeks reached the first overhead resistance at the 20-week EMA. A breakout of this level will again hit a roadblock close to the 50-week simple moving average (SMA) and above it at the downtrend line of the descending triangle. If the bulls push the price above the triangle, it will invalidate the bearish pattern, which is a bullish sign.

Aggressive traders can buy on a close (UTC time) above the 20-week EMA and keep a stop loss of $0.215. Risk-averse traders, however, should wait for the price to breakout and close above the triangle to buy.

Both moving averages are flattening out and the RSI is gradually rising to the midpoint. This suggests that the selling pressure has subsided. Our view will be invalidated if the pair turns down from one of the overhead resistance levels and plunges below $0.22.

TRX/USD

This week Tron (TRX) has teamed up with the Stellar Development Foundation to form a new educational alliance that will provide working knowledge about blockchain technology to  university students. Let’s see if we can spot a buy setup on the TRX/USDT pair.

TRX/USD

The TRX/USDT pair is facing resistance close to $0.018660. This level has acted as a stiff barrier over the past few weeks. If the bulls fail to scale it once again, the pair might again dip towards the critical support of $0.011240. A breakdown of this support will be a negative sign and could point toward a new downtrend.

However, if the bulls can push the price above $0.018660 with strength, the large range of $0.011240-$0.0409111 will come into play. It is possible that the moving averages could act as resistance but we expect them to be crossed. Therefore, traders can buy on a close (UTC time) above $0.01860 with a stop loss of $0.0110. The first target target being $0.030 and above it $0.0409111.

The market data is provided by the HitBTC exchange.

SimplyVital Health, Inc. Awarded Competitive Grant from the National Science Foundation for its HIPAA Compatible Blockchain Protocol 21141

SimplyVital Health, Inc. (SVH) has been awarded a National Science Foundation (NSF) Small Business Technology Transfer (STTR) grant for $225,000 to conduct research and development (R&D) on the integration of the Graphene protocol with SVH’s Health Insurance Portability and Accountability Act (HIPAA) compatible blockchain protocol, Nexus. Graphene is a breakthrough in block propagation technology that requires a fraction of network resources, improving the performance of the blockchain while lowering its costs.

The broader impact of SVH’s research is to decrease healthcare costs by enabling data access through blockchain. Healthcare, globally, suffers from a lack of trust and value, halting the accessibility of beneficial healthcare information. Utilizing their experience in healthcare administration and advanced technology, SVH solved for trust and value, creating an avenue for safe data access.

“NSF is proud to support the technology of the future by funding the most creative, impactful ideas,” said Andrea Belz, Division Director of the Division of Industrial Innovation and Partnerships at NSF. “With our support, deep technology startups can guide basic science into meaningful solutions that address tremendous needs.”

“This grant is transformative and endorses blockchain as a viable tool to re-engineer healthcare,” said Kat Kuzmeskas, SVH’s CEO, “We are thrilled to represent the NSF with our blockchain work.”

NSF accepts Phase I proposals in June and December from small businesses with innovative science and technology solutions, and commercial potential. All proposals submitted to the NSF SBIR/STTR program undergo a rigorous merit-based review process.