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Public Japanese Firm Metaplanet Added Bitcoin As Reserve Asset

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Metaplanet, a Japanese investment and consulting firmy listed on the Tokyo Stock Exchange, is the most recent firm to add Bitcoin (BTC) as its reserve asset.

Metaplanet’s latest move is a response to the economic pressures on Japan, the weak yen, long periods of negative interest rates, and high government debt levels.

Bitcoin has continued to gain mainstream adoption, with major corporations and top industry dogs incorporating the digital asset into their long-term financial strategies.

Metaplanet, a Japanese investment and consulting company listed on the Tokyo Stock Exchange, is the most recent firm to make such a remarkable move.

Metaplanet Makes Bitcoin Reserve Asset

According to an official release, Metaplanet has adopted Bitcoin in its treasury management strategy, making the cryptocurrency its reserve asset. 

The company will prioritize a Bitcoin-first, Bitcoin-only approach, utilizing long-dated Japanese yen (JPY) liabilities and periodic share issuances as financial options to continually purchase more BTC.

See Also: Polygon Backed Game ‘Guild of Guardians’ Now Available On Play Store And App Store

“Metaplanet views bitcoin as fundamentally superior to any and all other forms of political currency, traditional stores of value and investment, and all other crypto-assets/securities. Bitcoin is an absolutely scarce digital synthetic monetary commodity, with no central issue,” the company said.

Metaplanet’s announcement comes roughly a month after the firm invested one billion JPY ($6.5 million) into BTC, marking its transition to the leading crypto asset.

The investment and consulting firm said the move is a response to the economic pressures on Japan, the weak yen, long periods of negative interest rates, and high government debt levels. 

Metaplanet’s new approach will increase on a BTC per share basis, enhancing shareholder value in the long term.

Struggles of The Japanese Yen

Japan’s challenging economic landscape saw the yen fall to 34-year lows a few weeks ago, amounting to a 50% depreciation against the USD in the past decade. 

Metaplanet explained that the country’s unsustainable financial trajectory suggests an increasing rate of monetary devaluation in the future.

Additionally, Metaplanet revealed that Japan’s debt-to-gross domestic product ratio is 261%, the highest in the developed world. The Bank of Japan implemented a negative interest rate policy in 2016 and artificially suppressed borrowing costs by printing the yen to purchase government bonds.

“This weakness is evident to all market participants and is only temporarily masked by sporadic interventions from the BoJ in both the government bond and foreign exchange markets,” the company added.

Metaplanet’s Bitcoin strategy would fortify its balance sheet against further devaluation of the yen and position the company as a BTC-focused investment vehicle.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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Press Release

Native Stablecoins Swell on Sui as Agora Adds AUSD Stablecoin to Network

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Austin, Texas, May 29th, 2024, Chainwire

Agora brings to Sui an exceptional blend of technology, financial markets, and operations experience paired with blue-chip traditional finance partners and backers.

Sui, the Layer 1 blockchain offering industry-leading performance and infinite horizontal scaling, announced the launch of stablecoin AUSD on the network, set to occur in July 2024. With this strategic deployment, which is only available on select chains, AUSD becomes the second native stablecoin within the Sui ecosystem as the number of native assets on the network rapidly grows. Agora is led by early-stage finance and technology industry veterans Nick van Eck, Drake Evans, and Joe McGrady.

Integrating AUSD on the Sui Network enhances the utility and accessibility of both platforms, fostering a more inclusive and interoperable financial ecosystem. The collaboration introduces additional liquidity, simplifies transactions, and improves market efficiency. Moreover, Sui’s fast-expanding DeFi environment, boasting over $700 million in Total Value Locked (TVL) and a top 10 ranking in weekly DEX trading volume, provides a robust foundation for AUSD’s success.

“AUSD’s integration demonstrates our dedication to fostering an inclusive financial future and perfectly aligns with our vision of a scalable blockchain environment,” said Greg Siourounis, Managing Director of Sui Foundation. “As more first-class assets become native to the Sui Network, developers and users benefit significantly from enhanced interoperability and optionality.”

Developers and users of Sui will benefit from the stability and trust AUSD brings. Backed by transparent reserves and rigorous audits, this new stablecoin not only strengthens the market position of both Sui and Agora but also makes DeFi on Sui more accessible and user-friendly, enriching the overall user experience with enhanced potential yield farming, lending, borrowing, and staking opportunities.

Unique among stablecoins, Agora is upending existing rent-seeking models, approaching the market from a compliant, customer-first perspective. 

“Businesses and applications drive utility and liquidity to digital dollars. Not the other way around,” said Nick van Eck. “Our model is premised on giving back to our KYB partners based on services they provide to grow the AUSD network. Agora’s platform partners are compensated in a way that corresponds to the services and ultimately the benefit they provide to Agora, creating an alignment of incentives, and further growing the global AUSD network and liquidity.” 

Leveraging one of the largest custodian banks in the world and institutional-grade asset management from VanEck, Agora’s AUSD has attracted significant institutional support from renowned entities such as Dragonfly, General Catalyst, and others. This backing signals a decisive vote of confidence in AUSD’s potential to reshape the highly competitive stablecoin landscape.

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Sui Foundation
[email protected]



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Binance Gets Kudos From Gala Games $200M Hack Investigation

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Gala Games (GALA) expressed gratitude towards Binance for their help in identifying the perpetrator behind a recent $200M hack, underscoring their commitment to a more transparent blockchain space.

Gala Games took to X, formerly Twitter, to acknowledge Binance for their assistance in identifying the person responsible for a $200 million exploit last week. 

The Web3 gaming company wrote, “We would like to thank @binance for working with us and with law enforcement to identify the culprit behind the recent hack.”

Gala Games further emphasized its pride in standing alongside Binance to enhance transparency and accountability in the blockchain space.

Binance has worked closely with law enforcement agencies around the world to help them detect cryptocurrency crimes. It has a Global Law Enforcement Training Program in this regard, where its investigations team conducts workshops to impart training to the concerned officials

This acknowledgment comes following a massive $200 million theft in the popular Web3 game, after a smart contract vulnerability allowed the attacker to mint a whopping 5 billion tokens out of thin air, worth more than $200 million at that time. 

The attacker moved the fraudulently-produced coins to a personal account and traded them for Ethereum (ETH).

The theft was one of the most significant in the cryptocurrency gaming world, highlighting the urgent need for enhanced security measures and transparency within the blockchain industry.

At the time of writing, GALA was trading at $0.04553, up 3% in the last 24 hours, according to data from CoinStats. The coin has recovered substantially from the 15% crash immediately following the hack.

GALA Price Chart | Source: Coinstats

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

 





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Ethereum Name Service Proposes Protocol Migration To Layer 2

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  • Ethereum Name Service (ENS) proposes protocol migration to layer 2 to reduce gas fees.

Domain naming system Ethereum Name Service (ENS) has proposed an ENSv2 upgrade migrating to Layer 2 to reduce gas fees and increase transaction speeds.

ENS Labs said ENSv2 will involve a “comprehensive overhaul” to Layer 2 and re-architecting ENS to include a hierarchical registry to improve management and customization of .eth domain names.

“Nameholders will have access to a unique name registry, where they will be able to manage subdomains and configure resolvers,” said Nick Johnson, the lead developer and founder of ENS Labs, in a press release.

“Name holders can customize their name’s governance, like choosing the terms for name expiration and transfer rules,” adds Johnson.

ENS was launched in 2017 and is a well-known on-chain naming tool. So far, over two million .eth names have been registered across applications, wallets, domains and browsers.

Ethereum Improvement Proposal (EIP) 4844

EIP4844, commonly called proto-danksharding, is a cheaper way for Layer 2 rollups to post transaction data to Ethereum.

“The release of EIP4844 has made Layer 2 networks based on Ethereum vastly more affordable and scalable, which was a big driving factor for ENS’s proposal,” said Eskender Abebe, head of product and strategy at ENS Labs.

“As Web3 continues to revolutionize, ENS does too, and we want to ensure we are delivering a product that has the best user experience possible,” adds Abebe.

If the ENSv2 upgrade proposal is accepted developers will benefit from the increased flexibility provided by the new registry design, and benefit from other infrastructure deployed as part of the migration.

Users will also benefit from the reduced transaction fees and increased throughput that comes from hosting their names on an L2, while still being able to choose to retain the security and availability guarantees of hosting their name on L1 if desired.

How Does the Ethereum Name Service Work?

ENS Labs maps human-readable names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, metadata, and more.

ENS also supports ‘reverse resolution’, making it possible to associate metadata such as primary names or interface descriptions with Ethereum addresses.

The ETHRegistrarController is the main controller for the ETH Registrar and provides a straightforward registration and renewal mechanism.

When it comes to pricing structure, the ETH Registrar charges a registration fee. This is paid in ETH and is set to prevent spamming the registrar. Any protocol fees are sent to the ENS Treasury.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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