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Fordefi Expands Powering Pintu Web3 Wallet

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Crypto and decentralized finance wallet provider Fordefi said Wednesday it is expanding to the booming Indonesian market with powering local cryptocurrency trading platform Pintu’s web3 wallet offering.

The move is part of Fordefi’s plan to extend its wallet service, mostly used by institutional participants such as Pantera Capital and market maker Keyrock, to exchanges, fintech platforms that serve retail investors.

Pintu’s 20 million users will be able to self-custody their digital assets and access decentralized applications with Fordefi’s tech in the backend, while benefiting from security features such as transaction simulation and risk alerts.

Fordefi aims to make crypto safer with its self-custodial wallet with multi-party computation (MPC) that divides a single private key among multiple parties, eliminating a single point of failure. MPC wallets are harder to hack and make interaction with DeFi apps less risky.

The company has onboarded institutional investors such as Pantera Capital, DeFiance Capital, Keyrock and Flare Network to its wallet offering. It also raised $10 million from venture capital investors led by Electric Capital earlier this year.

“The lack of security and guardrails in place for retail investors has stifled Web3 adoption,” Josh Schwartz, CEO of Fordefi, said in a statement. “With Fordefi, retailers can leverage the same security infrastructure used by the most sophisticated institutions in the market.”

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

Tether Discontinues EOS, Algorand Support For USDT

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  • Tether halts USD₮ minting on EOS, Algorand, shifting focus to community-driven blockchains.
  • Tether will redeem USD₮ on EOS and Algorand for 12 months post-minting cessation.
  • This strategic pivot ensures resources enhance security, efficiency, and innovation.

Tether Ends USDT Support for EOS and Algorand in Strategic Shift

Tether, a leading name in the blockchain ecosystem, has announced a significant shift in its strategy, placing a stronger emphasis on community-driven blockchain support. 

This move aligns with Tether’s ongoing commitment to fostering a robust and innovative environment for its widely-used USD₮ token and other issued tokens. 

The decision underscores the company’s continuous effort to evaluate and balance the maintainability, usage, and community interest of various blockchain transport layers.

Community Interest as a Driving Force

A key factor in Tether’s decision-making process is the level of community interest in different blockchains. 

The company meticulously assesses each network’s security architecture to ensure it meets high standards of safety, usability, and sustainability. 

This careful evaluation process is designed to ensure that resources are allocated to where they can most effectively enhance security and efficiency, while also supporting ongoing innovation across the crypto landscape.

Discontinuation of EOS and Algorand Support

After thorough consideration, Tether has decided to discontinue support for USD₮ on the EOS and Algorand blockchains. This decision marks a strategic shift as the company redirects its focus towards the protocols and chains that are most favored by the community. 

Starting from June 24, 2024, Tether will no longer mint USD₮ on the EOS and Algorand networks. However, the company will continue to redeem USD₮ on these blockchains for the next 12 months, ensuring a smooth transition period for all users. 

Tether has pledged to re-evaluate the situation at the end of this period and may announce further changes based on the outcomes of this reassessment.

Ensuring a Seamless Transition

Tether is committed to ensuring that this transition is handled with great care and minimal disruption to users. 

The company’s top priority remains providing a seamless user experience, and it has assured its community that every effort will be made to facilitate a hassle-free transition. 

Tether expresses deep appreciation for the continued support and trust from its users and encourages them to explore and expand the use cases of USD₮ across other protocols.

Towards a Sustainable and Democratized Financial System

This strategic transition is seen as a step towards a more sustainable and democratized financial system. By prioritizing community-driven blockchain networks, Tether aims to support a decentralized and secure environment that benefits the entire blockchain ecosystem. 

The move is expected to stimulate further innovation and usage of USD₮, reinforcing its position as a cornerstone in the world of digital finance.

Strategic Pivot to Align with Community Interests

In summary, Tether’s decision to discontinue support for EOS and Algorand reflects its commitment to aligning with community interests and optimizing resource allocation. 

This strategic pivot is designed to bolster security, efficiency, and innovation, paving the way for a more robust and inclusive financial future.



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Rumors Suggest Solana Under Criminal Investigation: Bitlord

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  • Solana is reportedly under criminal investigation, according to Bitlord.
  • SOL was labeled a security by the SEC last year, raising legal concerns.
  • Details about the investigation and leading agency are still unclear.

Solana is reportedly under investigation, according to a renowned influencer on social media platform X. Details remain unclear.

SOL is among the crypto tokens that received “security” branding from the US Securities and Exchange Commission (SEC) last year.

Solana Allegedly Under Criminal Investigation

Renowned influencer Crypto Bitlord, boasting nearly 330,000 followers on X, highlighted rumors of a possible criminal investigation against Solana. The probe is reportedly already weeks long and could bode poorly for the altcoin.

“We are hearing rumors that SOL is under investigation and a huge case is about to become public. This has been brewing for weeks now and could not come at a worse time. If what we heard is true, start praying for Solana,” Bitlord noted.

The basis of the alleged investigation and the agency leading the probe remain unclear. However, there is speculation that it links to the SEC after labeling Solana as security. Polygon (MATIC) and Cardano (ADA) were also on the financial regulator’s list of tokens named as securities.

Along with the branding, the SEC sued Binance and Coinbase, charging them for trading unregistered securities. The essence of this lawsuit boiled down to the Howey Test, a legal framework that determines if an investment is a security. 

At the time, SEC chair Gary Gensler said that “everything other than Bitcoin” can be labeled as a security. 

Similar to Solana, Ethereum also attracted regulatory attention due to concerns about potentially being classified as an unregistered security. 

However, the recent closure of the investigation in Ethereum’s favor has restored investor confidence. In contrast, legal expert Drew Hinkes believes that Solana might not experience the same positive outcome.

“Ethereum 2.0 investigation was a win for the company but doesn’t mean much for other [Proof-of-Stake] POS tokens,” Hinkes noted.

The legal expert alludes to the remaining tokens still being on the hook. PoS coins like Solana and Polygon have presumably not been investigated, as in the case of Ethereum 2.0. 

As such, their facts regarding creation and distribution, among other parameters, could be different from those of Ethereum.





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Did Jason Derulo Pump and Dump PUMP Token

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  • Jason Derulo’s post boosts interest in PUMP token despite a 2.81% drop, highlighting vigorous trading activity.
  • PUMP token shows a bullish trend with higher highs and sustained interest, driven by significant trading volume spikes.
  • Support at $0.002500 and resistance at $0.004000 mark crucial levels for PUMP token amidst short-term volatility and consolidation.

Jason Derulo’s recent tweet mentioning “pumpdotfun” has coincided with a surge in trading activity for the PUMP token, despite a slight price dip in the past 24 hours.

PUMP’s price stands at $0.182558, reflecting a 2.81% decline. However, despite this drop, the token’s trading activity remained strong.

The candlestick chart for the JASON/SOL trading pair on the Raydium platform, provided by Dexscreener.com, offers interesting insights. 

At a 15-minute interval, the chart displays notable price movements and trading volumes. Green candles indicate price increases, while red candles signify price decreases. 

The volume bars at the chart’s bottom depict the number of transactions within each 15-minute interval, with a total of 17.458K trades.

In the most recent trading session, key price levels were recorded as follows: Opening Price (O): 0.002638, High Price (H): 0.002771, Low Price (L): 0.002658, and Closing Price (C): 0.002675. 

This data shows a price change of 0.00003699, equivalent to a 1.40% increase. A significant price spike occurred around the 6:00 mark.

During this period, the price surged from approximately 0.002000 to around 0.004000. Following this spike, the price showed some volatility but remained higher than the pre-spike prices. 

This indicates a possible bullish trend in the short term. However, the recent pullback suggests potential consolidation or a short-term correction.

Moreover, volume analysis reveals a notable increase in trading activity leading up to and during the price spike. This surge in volume suggests heightened interest, possibly driven by news or significant buys. 

Although the volume slightly decreased post-spike, it remained elevated compared to the pre-spike period. This sustained interest hints at continued market engagement with this trading pair.

Regarding support and resistance levels, the chart indicates support around 0.002500. Multiple candlesticks found a base near this level post-spike, suggesting a strong support zone. Conversely, resistance is identified around 0.004000, where the price peaked before retracting.

The short-term trend for the JASON/SOL trading pair appears bullish. The chart shows higher highs and higher lows following the initial spike. 

However, the recent pullback indicates a potential short-term correction or consolidation phase.





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