UBS Economist Bashes Bitcoin, Arguments Based on Lacking Information 587

Another day, another CNBC Fast Money crypto- and Bitcoin-related segment.

Following a three-day streak of bullish-on-Bitcoin guests, CNBC’s somewhat notorious Fast Money panel turned the tables, calling upon an impassioned cryptocurrency critic to make an appearance. However, as is normally the case, this skeptic’s arguments fell short and failed to dent the price of Bitcoin, even in the slightest.

UBS says it's time to bury bitcoin. The man behind the bold call UBS' Paul Donovan makes his case. #bitcoin $BTC pic.twitter.com/8eX8E4fK1A

— CNBC's Fast Money (@CNBCFastMoney) November 29, 2018

UBS’ Bitcoin Basher Takes To CNBC Fast Money

On Wednesday, to the dismay of crypto’s advocates worldwide, Paul Donovan, the global chief economist at UBS, released an anti-crypto note, endowed with the hair-raising title, “I come to bury Bitcoin, not to praise it.” Although Donovan was quickly put on the back foot by crypto’s zealous knights, the UBS executive took to Fast Money to double-down on his scathing comments.

CNBC anchor Mellisa Lee first asked the apparent cynic if the timing of the note’s release was opportunistic, meant to capitalize on crypto’s recent collapse to finally “bury Bitcoin.”

Responding to this inquiry with unbridled assurance, Donovan, the author of the now-infamous piece, exclaimed that “anybody with a higher school education in economics would be a Bitcoin skeptic from the [get-go],” essentially echoing near-identical claims made by Nouriel “Dr. Doom” Roubini.

Trying to referencing his credentials and multiple decades of experience inside the economic realm, Donovan touched on the controversial sentiment that cryptocurrencies aren’t currencies, nor will they be at “any point in the future.” The representative of UBS, a multinational investment and financial services giant, then touted his cynicism further, noting that by late-2017, it was clear that “this (cryptocurrency) was going to end badly.”

Aiming to contradict his remarks, given with little-to-none context, Lee, a crypto-leaning CNBC host, brought up the Wall Street and Silicon Valley “brain drain,” where traditional firms saw executives and employees exit en-masse to foray into crypto. Still, Donovan remained true to his conjectures, noting that this so-called “brain drain” was the result of hype and fears surrounding the legacy financial system.

Missing the point of Bitcoin and cryptocurrencies entirely, the economist added that it is irrational to think that the U.S. government’s incessant money printing habits should be a concern, totally skipping over the value proposition of this nascent technology in borderless, decentralized, and censorship-resistant transfers of value and data.

He concluded his comments by trying to disprove the sentiment that Bitcoin is digital gold, the world’s next go-to store of value, by stating that with Bitcoin, supply cannot be controlled, before claiming that he dismantled the gold 2.0 argument entirely.

Again, this couldn’t be further from the truth, as Bitcoin hasn’t only maintained its value over its decade-long history, but outperformed every single other asset class in just a few years.

Not So Fast, Paul Donovan

In a testament to Donovan’s fallacious points, prominent crypto commentators and analysts took to Twitter to contradict the controversial CNBC Fast Money segment. Airswap’s Rob Paone, better known as Crypto Bobby, joked:

Shaking in my space boots, Paul pic.twitter.com/VWRX0DdUtT

— Crypto Bobby (@crypto_bobby) November 30, 2018

Tom Lee, Fundstrat’s head of research and internal crypto proponent/researcher, addressed Donovan’s comments with skepticism by simply stating that “time will tell,” ending his tweet on the matter with a foreboding ellipsis.

Crypto Dog and I am Nomad, two prominent pseudonymous crypto traders, called out UBS, with the former analyst trashing the performance of UBS’ public shares, while the latter drew attention to the financial institution’s kerfuffles regarding money laundering.

Related Reading: Bitcoin is Criminal Money Says the Media While Deutsche Bank Gets Raided for Laundering

The four comments were just the tip of the iceberg, as dozens, if not hundreds of this community’s most devoted participants quickly picked apart Donovan’s claims and unease around this infant subject.

And as such, it has become apparent that this nascent industry’s leading players aren’t ready to bury the hatchet with UBS and its in-house Bitcoin skeptic, as such pieces of criticism are usually wanton and arguably, slanderous. So just like with JP Morgan CEO Jamie Dimon’s classification of Bitcoin as a “fraud,” many believe it is just a matter of time before Donovan will take to public forums to shamefully retract his baseless qualms with the world’s first cryptocurrency.

Related Reading: No, Jamie Dimon and Warren Buffett Won’t Have the Last Laugh on Bitcoin

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STYLE Protocol Building to Empower Gamers Closes $2.5M Seed and Lists Token on Major Exchanges 8544

STYLE Protocol, which transforms NFTs into 3D assets that can be used in any game or metaverse, has listed its native utility token on major exchanges.

The cutting-edge digital asset — $STYLE — made its debut on Bitget and MEXC, and is also available on the decentralized exchange Uniswap.

Holding this token unlocks access to the protocol’s exclusive products, and makes in-game assets including objects and weapons truly interoperable in other titles.

Imagine collecting a rare skin in Sandbox, and being able to use it in any other virtual environment. Imagine being able to transform your favorite NFT into a living, breathing character. Imagine being able to type in a prompt for an avatar you want to create, with AI designing it for you in seconds. We’re making all of this possible on our world-leading platform — and the $STYLE token means you can get involved.

STYLE Protocol’s meticulously designed infrastructure means non-fungible tokens can become truly multi-world assets that are bridged across blockchains. Other powerful applications are available, including the ability to multiply blue-chip collectibles across virtual worlds. For example, this could allow a Bored Ape owner to rent their NFT out as an in-game avatar — and unlock brand-new revenue streams in the process.

The listing of $STYLE is only the beginning, with even more exhilarating features set to be added to the protocol in the not-too-distant future. Key objectives include rolling out compatibility for further games and Web3 environments, and continuing to tear down the silos that exist between operating systems and games.

All of this comes hot on the heels of STYLE Protocol raising $2.5 million in seed funding to further its mission. An all-star cast of prominent investors took part — including Morningstar Ventures, Dutch Crypto Investors, GBV Capital, Protocol Labs and Alpha Ventures — a powerful illustration of the potential and excitement surrounding this new ecosystem.

Making VR adoption a reality

STYLE Protocol is ready to level up the world of gaming like never before, and allow players to achieve the impossible.

The platform builds on Polkadot, which creates a “blockchain of blockchains” that champions interoperability — just like STYLE Protocol. Being based on this network means the project can capture interest across a plethora of EVM-compatible chains — Ethereum, Binance Smart Chain, Polygon and Avalanche among them. And as Web3 continues to go from strength to strength, $STYLE is the only token in town that delivers the future of GameFi: a unified world where digital assets are no longer fragmented.

Avid gamers have already been transporting their Azukis into GTA V for heart-pumping stunt races and strategic heists — breathing new life into the game. And STYLE Protocol believes that its technology will spark renewed interest in beloved titles by providing a degree of personalization that wasn’t possible before.

STYLE Protocol founder Leo Hilse said: “When it comes to virtual reality and the metaverse, we’re so early. Expensive VR headsets are only available to a few right now, but they’re on the cusp of becoming mainstream. STYLE Protocol is tackling a key barrier to adoption before it becomes an issue: making sure that any in-game item or NFT can travel between virtual worlds, just like a player sitting in their living room would. It takes hours of skill or a significant amount of cash for a gamer to earn rare items, and we want to ensure they get value for money by being able to take it with them wherever they go.”

About STYLE Protocol

STYLE aims to help gamers transcend identity across the multiverse — meaning NFTs and other virtual assets can be used in any game, anywhere. The protocol’s focus on interoperability is designed to enhance adoption, tear down barriers to entry, and deliver a world-class experience for players. Follow STYLE Protocol on X, Discord, Telegram and LinkedIn, or visit the website: https://www.protocol.style/

The gaming ecosystem giant E-PAL declares official entry in the Web3 gaming world 8659

E-PAL, the top gaming ecosystem platform in the world, has officially announced its entry into Web3 gaming. Headquartered in LA, California, E-PAL is the leading social network where gamers pay for skills and interest-related matching with skilled E-Pals.

With the aim to transform the Web3 gaming framework, E-PAL brings numerous innovations, such as an all-inclusive gaming ecosystem podium and a gaming chain. Being one of the most innovative gaming platforms, E-PAL will combine the customized AI gaming elements, which offers a smarter and more convenient gaming experience to the users.

Founded in 2020, E-PAL has experienced significant growth in the gaming industry with five million users downloading the E-PAL app. Such a huge number of downloads reflects E-PAL’s increasing user base, growing market penetration and widening reach among gamers. It has turned out to be the world’s foremost game companion platform in only four years, winning more than 2.4 million users, 300,000 companions and associating with 200 leading games.

Plus, E-PAL’s search for capable partners in the marketplace reflects its smart moves to widen its operational base and strongly boost its market share. The gaming platform’s aim to build partnerships is a proactive step to grow its business and presence in the Web3 gaming marketplace.

E-PAL has acquired two funding rounds led by Galaxy and A16Z with extra investors, including the director of League of Legends and the founders of Riot Games and YouTube. As per the latest reports, E-PAL will introduce the gaming platform Balance.game in May 2024, along with their entrance in the Web3 gaming world and releasing their platform’s 1.0 version, starting the new age of Web3 gaming.

Twitter: https://twitter.com/Balance_Games

Yuga Labs Partners With Somnia to Increase Metaverse Interoperability and Incentives 10221

Somnia, a high performance L1 blockchain and set of omni-chain protocols designed to scale the metaverse, partners with Yuga Labs, the creators of iconic Web3 projects like Bored Ape Yacht Club (BAYC) and the Otherside.

Somnia’s blockchain is optimized for gaming and the metaverse, with the potential to handle hundreds of millions of transactions per second, and its omni-chain protocols are designed to connect the metaverse, NFTs, and gaming ecosystems.

Yuga Labs is a media company best known as the creator of the Bored Ape Yacht Club NFTs and the owner of CryptoPunks. Yuga Labs was founded in 2021, when the Bored Ape Yacht Club was launched. Across all of its collections, Yuga Labs has generated roughly $19 billion in volume, accounting for a large portion of the NFT market.

With this partnership, The Somnia Protocol will unlock a new world of possibilities in Yuga Labs’ Otherside, bringing interoperability and new utility to their collections. Holders of Yuga collections will be able to join metaversal events with their avatars, show off their NFT collections and earn bonus points in Somnia quests.

Holders of select Yuga Labs NFTs will also get a bonus on points earned in Somnia’s upcoming Metaverse Browser quests, with other features and benefits to be announced.

The Metaverse Browser is designed to be a consumer front end to the metaverse. It will serve as a decentralized Steam or Epic Game Store. It lets users interact with metaverses and apps on the Somnia’s Ecosystem, without needing to know anything about web3. It’s designed to be open to allow anyone to deploy apps and content with it.

“Our collaboration with Yuga Labs is all about enhancing the NFT ecosystem, offering their holders not just utility, but a gateway to immersive, interactive experiences that push the boundaries of what NFTs can do” Somnia founder Paul Thomas said.

Yuga holders will be able to use their avatar in any world or experience that is built on Somnia. Their identities and digital assets will also be compatible across a wide range of experiences. They’ll be able to attend massive events, like the Twice listening party and MLB Virtual Ballpark that were hosted by MSquared.

About Somnia:

Somnia is creating a virtual society with an L1 blockchain and a set of omnichain protocols designed to bring millions of users into an open and unified metaverse, allowing users to move seamlessly across experiences. Somnia opens up endless possibilities for builders to create content that is portable and remixable content by upgrading existing NFTs.

For more information, please visit Somnia.Network

Polkadot-native Acala expands to multichain horizons through the Sinai Upgrade 10313

Acala, a foundational platform within the Polkadot ecosystem, unveils the Sinai Upgrade, a significant advancement in its Acala 2.0 initiative aimed at broadening the horizons of the overall crypto financial landscape. This upgrade is set to enhance the platform’s multichain capabilities, setting a new standard for decentralized finance (DeFi) not only on Polkadot, but across any layer 1, 2 or 3 blockchain network.

Multichain integration and enhanced DeFi accessibility

The cornerstone of the Sinai Upgrade is its focus on multichain integration, which facilitates seamless interactions across diverse blockchain environments. Acala dramatically simplifies the user multichain experience through the introduction of their advanced one-click multi-chain cross-stack DeFi feature. This feature leverages pioneering technologies, including XCM (Cross-Consensus Messaging) and Wormhole, to enable straightforward, efficient cross-chain transactions. Users will be able to easily engage in activities like staking, liquidity provisioning, and lending across major blockchain platforms such as Polkadot, Ethereum, Solana, and any select blockchain networks.

Empowering communities through open governance

Further enhancing its ecosystem, Acala introduces the open governance upgrade, empowering its community with direct involvement in governance decisions. This democratizes the process of ecosystem evolution, allowing users to influence treasury management, DEX listings, and more, fostering a transparent and inclusive community environment.

Security and performance at the forefront

The Sinai Upgrade also addresses the critical need for security in the expanding multichain landscape. The launch of Sentinel, along with asynchronous backing, bolsters security and increases transaction throughput, ensuring that Acala remains at the cutting edge of blockchain performance.

Strengthening the aSEED pathway

Accompanying these technical advances, the Sinai Upgrade finalizes the aSEED pathway, facilitating a stable and equitable process for converting and redeeming aSEED tokens. This includes establishing clear redemption criteria, which promises a fair and transparent framework for remaining aSEED holders, reflecting Acala’s commitment to maintaining trust and stability within its community.

Quote from Bryan Chen, Chief Technical Officer at Acala

“The Sinai Upgrade is a testament to Acala’s dedication to enhancing the DeFi ecosystem through robust multichain solutions,” said Bryan Chen. “As a Polkadot-native platform, we are uniquely positioned to lead the charge towards a more interconnected and efficient blockchain universe.”

About Acala

Acala is a premier platform for decentralized finance within the Polkadot network, offering innovative solutions designed to integrate and enhance liquidity across a wide range of blockchain environments. Committed to innovation, security, and community empowerment, Acala leads the way in advancing blockchain technology for global users and institutions.

RWA in Focus: MAS Regulated Digital Asset Custodian, Propine Introduces Support for Fathom Dollar $FXD Stablecoin on XDC Network 10464

MAS-regulated custodian Propine is announcing its support for Fathom Dollar’s FXD, a stablecoin pegged to the US dollar and designed to bridge the $5 trillion trade finance gap. This development positions FXD at the forefront of real-world assets (RWA), leveraging the power of blockchain to enhance global trade finance operations. Propine, licensed by the Monetary Authority of Singapore, is a prominent digital asset custodian serving large institutional clients.

FXD is a stable-price cryptocurrency over-collateralised by the XDC network token and RWA, including trade finance assets. It has emerged as a use case-driven solution amidst growing concerns over the trade finance gap. It has been a significant barrier to global trade, particularly affecting small and medium-sized enterprises (SMEs).

By offering a stable and reliable transaction medium and store of value, FXD aims to facilitate essential functions in a $30 trillion global trade finance market. This includes cross-border transactions, borrowing against receivables, and generally turning trade finance into an alternative investment class for non-banks.

Tuhina, Propine’s Founder and CEO, said, “Propine is dedicated to facilitating swift and secure adoption of digital assets and cryptocurrencies by institutional investors and regulated businesses. To this end, we have adopted compliance and security standards that serve as industry benchmarks. As the industry continues to expand, we see significant potential to further serve as a trusted partner for organizations seeking to enter the space seamlessly and securely.”

Manuel Rensink from Fathom: “Propine offers world-class services, and their battle-tested custody has been our choice. Despite all the shockwaves that enveloped the industry, Propine has been resilient because of its governance and internal controls & systems. They have consistently led innovation in the digital asset custody space and raised the bar. Propine’s support for FXD is a game-changer, providing a seamless ramp on/off service between digital assets and fiat currencies. This service is crucial for enhancing the liquidity and accessibility of FXD, making it an attractive option for businesses and financial institutions engaged in international trade.”

Rensink added, “The integration of Propine’s custody solutions with FXD ensures that users can enjoy the highest security and compliance standards, essential in the highly regulated financial sector. As FXD gains traction, Propine’s role in its custody and management will undoubtedly be a key factor in its success, marking a new era in integrating real-world assets with digital finance solutions.”

About Propine

Propine is a licensed, audited, and insured digital asset custodian headquartered in Singapore. The company is engaged in transforming how digital assets are stored and traded by providing reliable, secure, and scalable solutions to institutional clients. Propine also enables investors to tokenize previously illiquid asset classes such as corporate bonds, real estate, private equity, funds, art, natural resources, and derivatives. The company is geared to support clients in unlocking their potential within a regulatorily compliant and legally robust framework.

To learn more, users can visit Propine.com

About Fathom Protocol

Fathom is a liquidity protocol where users can deposit XDC tokens or RWA collateral and borrow the FXD. This opens up programmatic financing solutions for individuals and businesses that were previously not available. Furthermore, investors and savers can (re)invest their FXD for competitive yields. The Fathom DAO is governed by FTHM token holders who can vote on onboarding new collateral types, interest rates, and more. Fathom is built on the XDC network to be at the center of its Institutional DeFi ecosystem. https://fathom.fi/

About XDC Network

XDC Network is an open-source, carbon-neutral, enterprise-grade, EVM-compatible, Layer 1 blockchain that has been operationally successful since 2019. The network obtains consensus via a specially delegated proof-of-stake (XDPoS) technique that allows for 2-second transaction times, near-zero gas expenses ($0.0001), over 2000 TPS, and interoperability with ISO 20022 financial messaging standards. The XDC Network powers a wide range of novel blockchain use cases, including trade finance, payment, and RWA tokenization, that are secure, scalable, and highly efficient. Website: xinfin.org | xdc.org

Arena Games Hits Top 3 on CryptoRank’s Most Popular Apps List! 10408

This April, Arena Games has proudly secured a spot among the top three apps on CryptoRank. This achievement showcases the platform’s growing popularity, with more than one million user transactions last month.

Since its launch in July 2023 on Polygon, one of the leading blockchains for games, in Q1 2024 Arena Games already expanded its reach by integrating three additional blockchains: Manta, Skale, and Linea, improving accessibility and user experience for a global audience. The platform continues to innovate, offering an engaging environment for gamers and developers alike.

A dedicated team drives Arena Games’ success committed to delivering a seamless and enjoyable Web3 gaming experience. As the platform grows, the team is excited to introduce new platform features and new games, making Arena Games even more user-friendly and flexible in the web3 space.

Keep an eye out for exciting news and updates from Arena Games in the coming days. For an in-depth look at our recent achievements check CryptoRank Post.

Here’s what Arena Games brings to the table for both developers and players:

For Game Creators

  • Reduced development and operational costs: Arena Games’ toolkit decreases the expenses associated with game development and maintenance, allowing developers to allocate resources more efficiently towards enhancing game features or exploring new project ideas.
  • Access to a wider range of advanced blockchain functionalities: Each integrated blockchain brings unique tools, with Manta focusing on privacy, Skale on fast and free transactions, and Linea on seamless Ethereum integration. This combination provides developers with a comprehensive toolkit for creating premium Web3 games.
  • Security and Privacy Upgrades: Arena Games offers powerful options for protecting player data and digital assets, crucial for building trust within the gaming community.

For Players

  • Diverse Game Library: The Multichain integration expands the selection of games on Arena Games, promising new and varied gaming experiences due to lower costs and a broader toolkit for developers.
  • Lower costs to play and transact within games: Skale’s elimination of transaction fees and overall reduced costs mean less spending to play, making premium game content and in-game purchases more accessible.
  • Improved game performance and reliability: The technological advancements from each blockchain ensure smoother and more reliable game performance. The efficiency and privacy provided by Manta and Linea, along with Skale’s speed, contribute to an enhanced gaming experience.

What’s Next

  • Introduction of new games on Skale and Manta.
  • Launch of the Airdrop Campaign.
  • $AGP Ecosystem Token Launch scheduled for Q2.

Looking Ahead

The recent achievements of Arena Games signal a promising direction for the future. It’s about providing developers with the tools necessary to push the boundaries of Web3 gaming and offering players a richer, more accessible gaming experience. This shift represents more than just minor adjustments; it signifies an expansion of what Web3 gaming can achieve.