Latest Tech
ByAuthor J.D. SmithPosted on
17
0

Could LEGO be hopping on the NFT train?

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The LEGO Group, a toy manufacturer best known for its popular interlocking plastic bricks, hinted it may be getting into the latest craze in the crypto space.

On Wednesday, the official LEGO Twitter account posted (and then quickly deleted) a message referencing non-fungible tokens, or NFTs, along with a short video clip. The tweet, which read “zeros and ones but still a brick” along with the NFT hashtag could imply that the famous toy manufacturer is considering entering the crypto space once again.

The 14-second video, though not directly connected to NFTs, shows a 3D LEGO brick rotating in space with glitches popping up around the block. YouTuber Ashnflash, who posts LEGO-themed content, speculated that the tweet could be a teaser for a “digital LEGO currency.”

Though the tweet has since been deleted, it seems many LEGO enthusiasts are less likely to get into the NFT space based on their initial reactions to the company’s announcement. Some cited environmental concerns, claiming the company getting into NFTs was “bad for the planet” given the toy manufacturer’s mission statement it is “balanced by renewable energy.”

Amid the boom in NFTs, the technology has come under fire for its environmental impact due to the computational power required. However, as the industry develops alternatives for NFT minting that use a fraction of the necessary power, like Eth2, these concerns are likely carry less weight.

Though the official LEGO manufacturer may not be releasing any NFTs right away, crypto users can find artwork of similar plastic bricks in online marketplaces. For example, OpenSea’s digital marketplace currently features a toy block figure of Breaking Bad’s Heisenberg.

Cointelegraph reached out to The LEGO Group for comment, but did not receive a response at the time of publication.

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Bitcoin Markets
ByAuthor J.D. SmithPosted on
6
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Avanti Financial raises $37 million to launch institutional crypto bank

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The Avanti Financial Group has announced that it has raised $37 million in a Series A round, bringing the company closer to launch as a digital asset bank.

In a March 25 announcement, Avanti stated that it will use the proceeds to fund the required regulatory capital needed for launch, in addition to funding development and other operating expenses. The round brings the total amount raised to $44 million.

Participants in the round are a who’s who of institutional investors including Coinbase Ventures, Binance.US, Morgan Creek Digital, Madison Paige Ventures, AP Capital, and Susquehanna Private Equity Investments, in addition to individuals including Trace Mayer and some of Avanti’s executives and directors. The University of Wyoming Foundation also contributed to the funding round.

Avanti was founded in 2020 as a Wyoming bank engineered to serve as a regulatory compliant bridge between U.S. dollar payments systems and digital assets. The…

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Blockchain Business
ByAuthor J.D. SmithPosted on
10
0

SEC’s ‘Crypto Mom’ warns selling fractionalized NFTs could break the law

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Speaking at Draper Goren Holm’s Security Token Summit on March 25, SEC commissioner Hester Peirce, also known as “Crypto Mom” warned the issuers of fractionalized non-fungible tokens and NFT index baskets that they could inadvertently be distributing investment products.

While Peirce stated that “the whole concept of an NFT is supposed to be non-fungible” — meaning that “in general, it’s less likely to be a security” — she noted that “people are being very creative in the type of NFTs they are putting out there.”

Peirce urged NFT issuers to be cautious if they decide to “sell fractional interests” in NFTs or NFT baskets, stating:

“You better be careful that you’re not creating something that’s an investment product — that is a security.”

With NFTs fetching increasingly exorbitant prices, fractionalized interests in these assets enable smaller investors to still be able to gain exposure to a small share…

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Bitcoin Opinion Tech
ByAuthor J.D. SmithPosted on
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$51K Bitcoin price not a problem as ‘structurally, nothing has changed’

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On March 25, concerns surrounding the record-breaking $6.1 billion (BTC) options expiry this Friday sparked an overnight sell-off that dropped Bitcoin price to $50,400.

The downturn was not a surprise for many traders and some called for a possible test of the $47,000 support level. Despite Bitcoin’s loss of bullish momentum, several derivatives indicators, including a bullish futures premium and a neutral skew, suggest that the price may not drop below $50,000.

BTC/USDT 4-hour chart. Source: TradingView

While technical indicators paint a mixed picture of Bitcoin’s short-term price action, the asset retains strong fundamentals today media reported that sovereign wealth funds have begun inquiring about opening positions in BTC. This points to growing global adoption for BTC and the cryptocurrency sector as a whole as new Ether (ETH) trusts are also being established to serve institutional investors.

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Bitcoin Business
ByAuthor J.D. SmithPosted on
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New Zealand retirement fund reportedly allocates 5% to Bitcoin

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KiwiSaver Growth Strategy, a $350 million retirement plan operated by New Zealand Wealth Funds Management, has reportedly allocated 5% of its assets to Bitcoin (BTC), underscoring the steady stream of institutional investors entering the digital asset space.

Bitcoin’s striking similarities to gold were cited as one of the biggest reasons for entering the trade, according to James Grigor, the chief investment officer at New Zealand Funds Management.

“If you are happy to invest in gold, you can’t really discount bitcoin,” he told Stuff, a New Zealand news agency, adding that BTC will be featured in more KiwiSaver products over the next five years.

Grigor explained that his firm purchased Bitcoin for the first time in October when it was valued at $10,000. To execute the trade, New Zealand Fund Management had to change its offer documents to allow for cryptocurrency investments.

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Several cryptocurrency companies like BlockFi and Coinbase have revealed future plans to offer cryptocurrency-backed debit and credit cards that offer cashback rewards in Bitcoin and StormX (STMX) has joined the crowd.

StormX (STMX) is a gamified marketplace that allows users to earn STMX as well as other cryptocurrencies for shopping at one of its online network partner stores or by completing micro-tasks through its app.

STMX/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that the price of STMX has surged more than 2,800% over the past two months, going from a low of $0.0028 on Feb. 1 to a high of $0.083 on Feb. 20 as increases in staking, big-name retailer integrations, and optimism about…

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ByAuthor J.D. SmithPosted on
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0

Crypto.com launches CRO token mainnet

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Cryptocurrency exchange Crypto.com has launched a fully decentralized open-source public blockchain, the Crypto.org Chain.

In an announcement today, the crypto exchange said it had launched its Crypto.org public blockchain after more than two years of research and development, two testnets, and a mainnet dry run with 275 million transactions reportedly processed within a month. The blockchain’s native token will be the Crypto.org Coin (CRO).

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“Decentralization matters,” said Crypto.com CEO Kris Marszalek. “Today, you are faced with bad options. You can use Blockchain A and pay high fees in a slow, congested,…

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