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Chinese Crypto Purchases Signal Asian Corporate Attention

The Chinese company Meitu announced on Mar. 7 the purchase of 5,000 ETH and more than 379 BTC. The purchase, on Mar. 5, is part of an investment plan using cash reserves. Meitu’s business focus is in image and video processing as well as social media. In the announcement, the company states that its Board … Continued

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The Chinese technology company Meitu purchased millions of dollars of BTC and ETH from its corporate reserves.

The Chinese company Meitu announced on Mar. 7 the purchase of 5,000 ETH and more than 379 BTC. The purchase, on Mar. 5, is part of an investment plan using cash reserves. Meitu’s business focus is in image and video processing as well as social media.

In the announcement, the company states that its Board sees blockchain as being in a state “analogous to the mobile internet industry circa 2005.” Moreover, Meitu sees its purchases in differing lights.

Moving into Blockchain

Meitu sees the Ethereum chain as a natural place for its own exploration into blockchain. The company might use it for Gas or for investing into blockchain-based projects that take ETH.

Bitcoin as an Asset

Meitu made the Bitcoin purchase primarily for asset diversification. First and foremost, Meitu sees Bitcoin as a superior store of value. The company’s analysis compared BTC to gold, precious stones and real estate.

Asian Attention

Observers quickly noticed the fact that a Chinese corporation made the purchase. 

The focus on U.S. companies buying crypto from corporate reserves is not a surprise. As just one example, Bitcoin bull Michael Saylor, the CEO of MicroStrategy, has stayed in the spotlight since the company’s initial purchase of BTC in August 2020.

How-to Books

MicroStrategy literally wrote the book on corporate reserves purchases of Bitcoin, at least for the American market. On Feb. 5-6, the company held a remote conference in which it explained the legal and accounting measures required for American corporations to follow in the process. The company also made available for free a download of its internal playbook used when making such purchases.

Increasing Competition

The Meitu purchase is an example of how widespread this cryptocurrency bull run has become. Asian corporate purchasers are now emulating their American counterparts. 

Closer to the U.S., though, investment companies face pressure of a different kind. Canadian investment firms are ahead with Exchange Traded Funds (ETFs). The Purpose Bitcoin Fund, which is traded on the Toronto Stock Exchange, is the first Bitcoin ETF in North America. 

Not to be outdone by the Bitcoin crowd, the world’s first Ethereum ETF has been given preliminary approval for trading on the Toronto exchange as well.

Given the growing competition for increasingly scarce BTC at hand, MicroStrategy might need to write the book on how to find it in the first place.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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Source: https://beincrypto.com/chinese-crypto-purchases-signal-asian-corporate-attention/

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Where can you find the lowest fees on the crypto exchanges?

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A trader in any market, be it stocks, currencies or cryptocurrencies that are currently trending, is surrounded by a multitude of additional costs. These are all kinds of commissions, spreads, swaps, etc. And if you plan your trades incorrectly, such costs can “eat up” the lion’s share of profits or even reduce them to zero (see our crypto currency converter for comparison).

Fees on cryptocurrency platforms

When using the services of a cryptocurrency exchange, a trader has to pay a number of commissions. The most common types of these on the trading floor are:
1. Transaction Fee. This is the most common commission that is charged for deposits or withdrawals at the exchange.
If a cryptocurrency exchange only supports the deposit or withdrawal of cryptocurrencies, then the trader only pays the commission charged by the miners for such transactions. The amount of the commission is usually insignificant in this case.
For transactions with fiat currencies, you have to pay a commission for the use of the payment system. At the same time, the amount of the commission varies depending on the system chosen (bank transfer or something else). In addition, the degree of verification of the merchant account usually also affects the amount of the commission.
2. Commission for closing a trade. This commission on cryptocurrency exchanges is calculated directly when trading, when placing an order. Usually the level fluctuates in the range of 0.1-0.25%, but on some platforms it can even be more than 1% of the trading volume.

Maker and taker

A maker is a trader who opens sales transactions. The name comes from the English word “to make” (to do something). It is assumed that the maker brings his assets to the stock exchange, that is, “makes the market”.
A taker is a trader who buys something. It is assumed that the taker reduces the liquidity of an asset class on the market because after the purchase the asset moves to an external account and is therefore no longer on the market. is available.
Since the maker provides liquidity and the taker takes it away, the amount of the commission for the maker is usually lower than for the taker.
However, there are cryptocurrency exchanges where there are no commissions at all for placing orders. Such sites are becoming increasingly popular, but the liquidity in their trades often leaves a lot to be desired. In addition, to compensate for the lack of trading commission, such sites often charge excessive transaction fees.

Cryptocurrency platforms with minimal fees

The following platforms differ from crypto exchanges in that they have minimal commissions:
ü Binance has the lowest fees among the most popular platforms – at 0.1%, and if you use the exchange’s own tokens, they are even lower.
ü On the HitBTC website, the commission for placing an order for both the maker and the taker is 0.1%.
ü On Bitfinex, the trading commission for the maker is 0.1% and for the taker 0.2%.
ü On io, a maker pays between 0% and 0.16% for placing an order, for a taker the commission is between 0.1% and 0.2%.
ü There is no trading commission for makers on the GDAX and itBit platforms. For takers it is 0.25%.
ü On the Livecoin exchange you will find an option with a commission-free deposit in fiat currency (via the capitalist system). When the trading volume is small, the trading commission is 0.18%.

Under the supervision

There is a wide variety of cryptocurrency platforms offering digital asset trading – from humble exchanges that focus on the local market segment and have different reputations to the top giants that are analogous to the NYSE, LME or the NASDAQ are in the cryptocurrency world. Therefore, every trader can choose an exchange with acceptable commission fees for himself. We wish you every success in such an exciting business as trading in cryptocurrencies.

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Capitalizing on Blockchain’s Promise, Unicly Delivers NFT Fractionalization

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Unicly’s decentralized and permissionless protocol empowers the community to fractionalize, combine, and trade non-fungible token collections through sharding, improving overall NFT accessibility and fungibility through its novel design.

Accompanying Unicswap DEX Attracts Millions In Liquidity

Non-fungible tokens have become all the rage as platforms onboard high-profile artists, entertainers, and evangelists seeking a new way to monetize their collectibles, creations, and works of art.

Yet, the eye-popping auction figures aside, NFTs represent one blockchain area that largely remains inaccessible to wider audiences as surging prices concentrate overall ownership. Moreover, this nascent market’s dynamics don’t correspond to the fungible token market characterized by high liquidity among popular tokens.

By definition, a non-fungible token is not designed to be easily exchangeable. Because an NFT is unique, it ordinarily has a single buyer, contributing to an absence of market depth and almost no real-time liquidity. Accordingly, building an efficient secondary market is difficult, especially given that NFTs all have different values and varying levels of demand.

Despite these very real obstacles, Unicly, led by pseudonymous founder 0xLeia, has unleashed a platform that can fractionalize NFT ownership. Besides granting NFT holders a new channel for monetizing their existing NFT holdings, the protocol can provide liquidity to whitelisted collections while promoting more widespread adoption and participation.

Transforming Non-Fungible into Fungible

Unicly has developed an innovative approach for improving NFT fungibility. Unlike other projects in the space, this anonymous, self-funded initiative has introduced sharding to the equation. Sharding effectively splits a blockchain network into multiple parts to process transactions quicker while adding scalability.

In Unicly’s case, each NFT gallery can be a shard, distancing itself from other competing solutions which shard each NFT individually. The new protocol will allow users to create and fractionalize NFT collections from NFTs minted in either of Ethereum’s ERC-721 and ERC-1155 standards. Each collection is independently named and configured before settings, including token supplies and tickers, are determined for each gallery.

Once the corresponding NFTs are moved from a user’s wallet to smart contracts, uTokens (with the ticker mentioned above) are issued. After a preset percentage amount of uTokens are staked, the collection is unlocked for bidding.

Building Up NFT Liquidity

Secondary market liquidity has been the Achilles heel of NFT trading platforms, but Unicly has devised a cunning answer where others have failed. Taking a page out of decentralized finance’s book, the platform has introduced Unicswap, a fork of the popular Uniswap protocol. This AMM DEX helps users stake their uTokens and other cryptocurrencies to farm UNIC, the native Unicly token, through liquidity pooling.

Since unveiling the mainnet just days ago, the platform has already garnered significant popularity. According to figures, Unicswap attracted $3.5 million worth of liquidity to whitelisted pools in just four days. Additionally, 24-hour volume of $1 million puts competition SuperRare squarely in Unicly’s sights. After reaching nearly one-quarter of the competing platform’s monthly transaction volume in mere days, the total capitalization of NFTs in Unicly’s marketplace has now topped $20 million.

Proving beyond a doubt that its model is valuable, some significant collections have already joined the platform. uMask, a collection of 85 hashmasks, has reached a value of approximately $16 million, marking a 16-fold increase in the valuation from its original listing at $1 million. The first gallery listed on the platform, uUNICLY experienced similar exponential growth after listing 3 branded NFTs, rising from $300 to an astounding $180,000.

Another gallery, titled uLEIA, was built as an homage to the anonymous founder of the protocol by combining 0xLeia’s profile picture with AI-generated content. The platform has also appealed Chris McCann, a National Geographic award-winning photographer who listed his uCM collection of NFTs and other noteworthy collections from DokiDoki, MoonCats, WAIFU, and Nubians.

Taken together, Unicly’s fresh approach to NFTs is already demonstrating that a better model for community engagement and egalitarian participation exists, thanks in large part to sustainable incentives and valuable user-centric features.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/capitalizing-on-blockchains-promise-unicly-delivers-nft-fractionalization/

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Riot Blockchain Bitcoin production jumps 80% over pre-halving levels

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The company said it held more than $94 million in crypto as of March 31, all from Bitcoin it has mined.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/riot-blockchain-bitcoin-production-jumps-80-over-pre-halving-levels

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