China News by Thebittimes.Com

Best Wallet ($BEST) has soared past $10 million in presale, further cementing its status as the top Web3 wallet in the crypto space. In less than a year, Best Wallet has gained over half a million users, with app installations growing 96.3% per month and 50% of users actively engaged.  Now, it has captured a solid amount of investor capital at an impressive pace, with a funding run rate of over $100,000 since the presale commenced just over three months ago. Yet, there are no signs of momentum slowing down, especially as Best Wallet expands its ecosystem with the addition of a debit card service, Best Card, alongside its wallet app and DEX. Best Wallet’s massive capital funding and surge in user growth are driven by its unique Features , which set it apart from competitors like MetaMask, Trust Wallet, and Exodus. These include superior transaction pricing and execution, along with a highly accurate project screener that helps investors spot ea...

The Shiba Inu team leaves no stone unturned to keep the SHIB community bustling. The platform is brewing new updates that may help SHIB trend and help claim its coveted $0.01 price mark. According to Lucie, SHIB’s marketing lead, the SHIB ecosystem is all set to launch a SHIB DAO, enabling a holistic voting system for its community to explore and interact with. Also Read: Shiba Inu: Should You Hold Or Sell Your SHIB? Finder Panel Predicts The Ecosystem Continues To Expand DAO Launch Lucie, Shiba Inu’s marketing lead, took to X to share many new details. The SHIB ecosystem is currently expansive and will soon launch a decentralized autonomous organization (DAO). Per Lucie, the launch of DAO will “empower the SHIB community” and help them embark on a new journey that entails having access to voting rights in the SHIB ecosystem. “DAO Launch: SHIB is launching a decentralized autonomous organization (DAO) to empower holders with voting rights, boosting utility and community eng...

The sale has sparked chatter in local crypto enthusiasts, who say the two sites appear so similar that CommEx could be a "Russian version" of Binance.US. Cryptocurrency exchange Binance has claimed that it will fully quit Russia by selling its local business to a completely new exchange known as CommEx. While promising its customers a “smooth” migration, Binance hasn’t provided much information about its successor in Russia. At the time of the announcement, little is known about CommEx’s founders or background. The exchange was launched on Sept. 26, 2023, or just one day before Binance announced the sale of its business to the newly created exchange for an undisclosed amount. A spokesperson for CommEx didn’t respond to multiple questions from users about the company’s owners or executives in the official Telegram group. The person claimed that CommEx is registered in Seychelles and will serve its customers as a global exchange, focused on two main regions: the Commonwealth ...

Barry Silbert’s letter to shareholders came just hours after Cameron Winklevoss wrote an open letter to him accusing him of defrauding customers. The crypto community woke up to another drama-filled day after the Digital Currency Group (DCG) chief's reflection went wrong. DCG chief Barry Silbert penned a letter to the shareholders on Jan. 10, reflecting on the state of the crypto market and the growing FUD around the company. DCG is the parent company of Genesis Global Capital, a crypto lending firm and Grayscale, the world’s leading crypto asset manager. In the letter , Silbert addressed the growing issues around DCG and its subsidiaries owing to the bear market and FTX contagion. He said that bad actors and the implosion of leading crypto companies have wreaked havoc on the industry and noted that “DCG and many of our portfolio companies are not immune to the effects of the present turmoil.” I’m incredibly proud of the role that DCG & I have played as pioneers & builder...

Gridless Compute, a hydro-powered Bitcoin mining initiative, tweeted that the project has successfully powered a rural community and lowered its existing energy rates. A hydro-powered crypto mining project based in Africa released an update on its efforts to bring energy developments to rural communities via Bitcoin (BTC). On Dec. 9, Gridless Compute tweeted photos and commentary on how their hydro- power BTC mining rigs are power ing an entire rural settlement while also lowering Energy rates for 2,000 people, the equivalent to 500 families. According to the tweet, costs decrease from $10 per month to $4. All of this while securing BTC’s underlying blockchain network.  Powering a rural Kenya village and securing the #Bitcoin network with excess hydropower, all while lowering rates to 2000 people (500 families, ~$10/month to $4). @GridlessCompute pic.twitter.com/9GUlAU6265 — jack (@jack) December 9, 2022 Earlier this week, the project also shared results of a successful $...

“I thought we already figured this out, algorithmic stablecoins, not the best option,” a community member wrote on Twitter. With the new announcement that Cardano is on its way to release an algorithmic stablecoin in 2023, various community members expressed concerns, comparing the project to Terra USD (UST), which caused great losses within the crypto space in 2022.  According to its developers, the stablecoin project Djed will be pegged to the U.S. dollar and backed by Cardano (ADA). Apart from this, it will be using another token as its reserve coin. The project highlighted that it will be overcollateralized and will have on-chain proof-of-reserves. Despite the assurances given by the team, various community members expressed concerns, with some bringing the recently collapsed UST to the conversation. One community member was seemingly confused as to why another algorithmic stablecoin has come out despite Terra showing that they could go wrong. “I thought we already figured th...

After the European Central Bank released a blog post on the shortcomings of Bitcoin, the crypto community on Twitter took to the comments to defend the cryptocurrency. In light of the recent FTX collapse and liquidity scandal, regulators in the European Union have joined other global lawmakers in a push for more clear guidelines and regulations on cryptos. The European Central Bank (ECB) released a blog post titled “Bitcoin’s last stand” on Nov. 30, which summarized the financial career of Bitcoin (BTC) amid current price fluctuations. However, instead of outlining the entire picture, which would include both up and downs of the cryptocurrency’s lifespan thus far, it only portrayed its shortcomings. Written by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB, the piece says the digital currency is on “the road to irrelevance.” It also claimed that BTC is hardly used for legal transactions and that the regulatory attention it is currently receiving from ...

About 72.43% of the community votes went against CoinShares' proposal to invest MakerDAO’s funds into various traditional assets Decentralized lending protocol, MakerDAO, has voted against crypto investment firm CoinShares' proposal to invest between 100million and 500million worth of the community’s funds, into a portfolio of corporate debt securities and government-backed bonds for yield, as an investment strategy.  72.43% of the community votes went against CoinShares' proposal to invest MakerDAO’s funds into various traditional assets. If the community had voted in favor of CoinShare’s proposal , the crypto invest ment firm would have provided “a variable APY above the SOFR interest rate (3.01% as of October 26, 2022) in the community ’s preferred currency (DAI, USDC, USD…) to MakerDAO'', which would have been withdraw-able on-chain.  On the community board of MakerDAO, a few members explained why they voted against the proposal. A community member with t...