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Bybit funds BitDAO with $134M and integrates Arbitrum

Bybit funds BitDAO with $134M and integrates Arbitrum

Working as a top-tier exchange platform devoted to crypto derivatives, Bybit has announced to contribute a whopping amount of $134 million to the BitDAO Treasury. The funds are contributed to the Treasury in the form of market-leading crypto tokens namely Ether (ETH), Tether (USDT), and USD Coin (USDC). In addition to this, Bybit has successfully facilitated the integration of the popular Ethereum layer-2 solution, Arbitrum, to its ecosystem to strengthen its core operability standards for users.

According to the report, Bybit’s investment in the BitDAO Treasury shows its confidence in the platform’s potential in supporting the DeFi cluster. Presently, BitDAO holds the status of one of the biggest decentralized treasury portals in the sector. The group recently provides financial assistance of $200M to zkDAO to support its development plans on zkSync and eventually enhance scalability for the Ethereum channel. With this contribution, Bybit has joined the list of prominent names backing the project like Founders Fund, Pantera, Dragonfly, Spartan, and Peter Thiel. BitDAO is one of the largest decentralized autonomous organizations (DAO) in the world. The group strives to create an open finance cluster fueled by a decentralized and tokenized economy. It is not an entity rather is a protocol governed by BIT token holders who are people willing to support the growing decentralized channel. 

The integration of Bybit with Arbitrum will allow the investors to enjoy seamless deposition and withdrawal of ETH, USDC, and USDT tokens within the Arbitrum ecosystem. The users will get a plethora of crucial advantages including reduced gas charges in comparison to that on the Ethereum mainnet, speedy throughput, and reduced latency supported by Arbitrum’s rollups. The co-founder and CEO of Bybit, Ben Zhou revealed that Arbitrum’s powerful decentralized, developer-friendly, and diverse infrastructure will help Bybit in providing innovative products and services to the industry.

The layer-2 solution was created to reduce the activity load on the Ethereum mainnet so as to offer enhanced scalability to the investors. The current total value locked on Arbitrum is $1.54 billion in value. The Bybit platform recently launched its native NFT marketspace where users can trade the digital collectibles using their Bybit accounts without linking their personal wallets for trading. The NFT market has grown significantly in 2021 with firms unveiling new innovative products to attract customers. The NFT marketplace launched by Bybit will help the users to indulge in a safe trading experience across the sector. 

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DAY LONG NEWS ROUNDUP: LATEST NEWS 14/12/21

Stuck in your everyday hustle and have no time for keeping track of the crypto field? If this is your problem, we can be your perfect partner. Here, we have listed some of the most important news articles of the crypto industry for you to keep yourself updated.

Tether-is-declared-as-an-official-currency-by-Myanmar's-shadow-government

Tether is declared as an official currency by Myanmar’s shadow government

The shadow government of Myanmar, NUG (National Unity Government), which is formed by the followers of imprisoned leader Aung San Suu Kyi, has certified Tether (USDT) as its official currency. As per the perspective of the NUG finance minister, Tether would improve trade speed and payment efficiency. 

As per the reports of Bloomberg, in order to reign Myanmar’s present military authority, NUG will accept Tether for its ongoing fundraising campaign. NUG has raised $9.5 million by trading “Spring Revolution Special Treasury Bonds” to Myanmar diasporas worldwide. Through the issuance of NUG-issued bonds, the group hopes to raise $1 billion. 

The crypto ban enacted last May by the Central Bank of Myanmar has been directly challenged by NUG’s decision to make Tether an official currency. It was on Monday, when the NUG Ministry of Planning, Finance, and Investment announced the bold move on its official Facebook page. 

Tether was adopted as an official currency for local use citing concerns about privacy and the current government’s confiscation of assets. Tether’s formation is primarily for ” domestic use to make it simple and accelerate the present services, trade, and payment system”, as the NUG finance minister expressed. 

The NUG was acknowledged as Myanmar’s official government by the French Senate and the European Parliament in October 2021; however, no similar statement has been received from the US. 

The NUG’s decision to support and use Tether stablecoin could generate a discussion among countries, especially the US government, which is considering adopting harsh stablecoin issuance limits.

Only-10%-of-the-Bitcoin-supply-remains-to-be-mined

Only 10% of the Bitcoin supply remains to be mined

A surprising revelation regarding Bitcoin was made on Monday morning. Total circulating Bitcoin (BTC) achieved a crucial breakthrough, one and half years after the last Bitcoin splitting, by mining approximately 90% of the total supply. 

The circulating Bitcoin has hit 18.899 million on Monday, leaving only 10% to be mined, according to Blockchain.com. However, mining the remaining 10% will consume more time as compared to mining of 90% BTC that took about 12 years. 

The secretive developer of Bitcoin, Satoshi Nakamoto, set a strict limit of 21 million coins. The restrictions are coded into the source code of Bitcoin and maintained by network participants. Therefore, Bitcoin’s value proposition as a currency and an investment tool is dependent on its hard cap. 

Since Bitcoin production minimizes by half every four years through pre-set protocol execution, the mining of the remaining 10% BTC will take at least 119 years, a process known as Bitcoin halving. 

If we analyze the data from May 2020, miners have grossed 6.25 Bitcoin for verification of every new block on the Bitcoin blockchain. However, due to Blockchain halving the rate will decrease to 3.125 BTC per block in 2024. It is further expected to reduce to less than 0.2 BTC by 2040 and out of 21 million Bitcoins, only 80,000 will be left for grabs. It will take at least 40 years for mining the endmost Bitcoin. 

Robinhood-joins-hands-with-Chainalysis-after-launching-crypto-wallet

Robinhood joins hands with Chainalysis after launching crypto wallets

According to a Monday release, the collaboration between Chainalysis and Robinhood Crypto will enable the trading application to fulfill compliance needs before the official launch of its crypto wallet. The wallet is expected to be available for users in early 2022. In order to meet the compliance requirements, the trading app will deploy Chainalysis’ certification programs. 

The platform will utilize Chainalysis’ Know Your Transaction, monitoring compliance programs and investigative programs, according to Robinhood. 

The Robinhood Crypto head of partnerships Ben Einstein said that “Chainalysis works exclusively with law enforcement agencies and regulators to develop finest strategies and practices for industries in line with Robinhood’s pledge to working collaboratively with policy experts. 

Chainanalysis is used by several government organizations and private firms to monitor both illegitimate and lawful crypto transactions. For example, the US Department of the Treasury highlighted an investigation from the analytics firm when announcing penalties against Suex OTC, a Czech and Russian-based company. 

After declaring public on Nasdaq in July, the share price of Robinhood (HOOD) has progressively plummeted. It dropped from $70.39 to $21.83 facing a fall of approximately 70%.  

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How to Earn Good Interest on Tether?

USDT (Tether) is one of the most widely used crypto stablecoins. Importantly, Tether is backed by an equal amount of fiat (US Dollars) held in a designated bank account. By using crypto lending sites, it is possible to make money by earning interest on your Tether tokens. The Tether crypto was launched to fill the gap between crypto and traditional currencies while reducing the risks for investors in the volatile crypto industry.

You can make money HODLing your Tether and enjoy hassle-free conversion between Bitcoin and other currencies. USDT transactions are faster while coming with low processing fees. Crypto traders around the world are now using Tether to make international transactions. So, why not join the new era of money makers who are profiting from the best USDT yield?

Here are 3 places to earn good USDT interest rates

 

  •    YouHodler

You can get good interest on Tether with your USDT savings account on YouHodler. Your USDT could be fetching you as much as 12.3% APR compound interest. Your investment will start earning you interest in stablecoins as soon as you deposit USDT into your YouHodler interest account. Guaranteed returns are paid out every week.

YouHodler has a long list of cryptos to choose from for your cryptocurrency savings. These come with low risks and a high interest rate. Knowing that USDT is among the leading stablecoins currently in circulation, YouHodler offers you the most advanced crypto wallet to easily accumulate interest.

  •    Celsius 

On Celsius, your Tether could earn you up to 11.21% APY. Access vital features, ratings, and calculate your potential annual interest. Whether you are a novice or an advanced crypto trader, you have an opportunity to make money and protect your assets from uncertainties.

Rather than holding your crypto without any reward, consider multiplying your Tether holdings. Deposit USDT to earn interest far greater than the rates of traditional banking institutions. The signup procedure is very simple: create your crypto interest account using your email address and get verified.

On Nexo, you could earn up to 12% interest on Tether stablecoins – 10% of your investment portfolio should consist of Nexo tokens. Get paid in Nexo tokens and start accruing interest 24 hours after making your very first deposit. Based on your loyalty tier, your monthly free withdrawals will vary. Provided at least 10% of your portfolio comprises Nexo tokens, you will enjoy three free withdrawals every month. Investors whose Nexo investment portfolios are below 5% are not eligible for free monthly withdrawals.

How risky is it to earn interest on USDT from crypto lending websites?

If you open your USDT saving account with a reputable partner, you can decrease your risks of losing your money. It’s better to generate interest on Tether than to let your funds sit idle for years in your wallet. As the name implies, stablecoins are stable in value, which means the risk of price crashes is eliminated.

The only obvious risk is that crypto lending platforms tend to generate interest from account holders by lending part of their businesses. If too many loan holders default on any of the platforms, it’s likely that the project will not be sustainable.

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