Wisly Wednesday Crypto-Industry News
Despite some drops in value from Bitcoin (-14.5%), Ethereum (-6.5%) and Ripple (-30%) in the past week, there has been some positive news in crypto. Dogecoin shoots up 500%, Nasdaq Dubai plans to list the Middle East’s first Bitcoin fund, Newegg announces Dogecoin as an official method of payment, Deutsche Telekom invests in mobile DeFi platform Celo, and Nasdaq plans to list options for Coinbase Stock.
Dogecoin up by 500% in the last week
Dogecoin has been making waves in the crypto market this past week, rising up by an incredible 500%. In the early parts of 2021, DOGE was trading under a penny. Since the intervention of Elon Musk, however, DOGE has found a new lease on life with an exponential 4000% increase in the last few months.
After a tetchy weekend where Dogecoin experienced lows of $0.22, it appears to have made significant gains in the last 2 days sitting at $0.41 at the time of writing. In light of this recent surge, DOGE aficionados have labelled April 20 as DOGE Day to commemorate this meme-inspired coin.
Middle East’s first Bitcoin fund to be listed on Nasdaq Dubai
A Middle East Bitcoin-focussed fund will be the first digital asset to be listed on Nasdaq Dubai. This listing comes hot off the heels of Bitcoin’s incredible surge to over $60,000. The listing is due to take place in this quarter and comes from 3iQ Digital Asset Management after receiving its final clearances from the Dubai Financial Services Authority and regulator of Nasdaq Dubai.
Incidentally, this fund is an extension of a similar listing on the Toronto Stock Exchange done in April 2020, being the world’s first regulated major exchange-listed Bitcoin fund at that time. Dalma Capital, based in Dubai, is the syndicate manager for this fund and will manage its profile and exposure amongst investors based in the Middle East.
Newegg announces Dogecoin as an official payment solution
Newegg has announced that it is now accepting Dogecoin as an official method of payment on its platform. As one of the established tech-focused e-retailers in the US, Newegg made the announcement on DOGE Day, adding to the excitement of Dogecoin’s unprecedented recent gains. Newegg has been instrumental in integrating cryptocurrencies on its platform, having been the first major e-retailer to accept Bitcoin for purchases.
Andrew Choi, Sr. Brand Manager of Newegg, expressed his delight by saying, “The excitement and momentum around cryptocurrency are undeniable, and the recent surge in Dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency. We’re committed to making it easy for our customers to shop however works best for them, and that means letting them complete transactions with the payment method that suits them best. To that end, we’re happy to give Dogecoin fans an easy way to shop online for tech.”
Deutsche Telekom invests in mobile DeFi platform Celo
Deutsche Telekom, one of Europe’s largest telecom providers, has become the first to join mobile DeFi platform, Celo Alliance for Prosperity. Deutsche Telekom’s investment with this blockchain payments platform aims to support the development of decentralized finance. As announced on Tuesday by Celo Alliance for Prosperity, the telecom conglomerate made a significant purchase of its native token, the CELO. They did not, however, specify the size of this investment.
Together with this investment, Deutsche Telecom has joined Celo’s ecosystem that includes a network of payment processors, merchants, blockchains and non-profits spanning over 130 members. T-Systems MMS, a subsidiary of Deutsche Telecom, will implement the Open Telekom Cloud (OTC). The OTC will ensure that all compliance requirements are met in terms of the European regulatory framework, thus enabling secure financial services through smartphones.
If that wasn’t enough, Deutsche Telecom will also open up its SMS API that will enable validators to send verification text messages through their service. This will improve both the reliability and security of the decentralized phone verification protocol that plays a critical role in Celo’s blockchain usability.
Celo co-founder, Rene Reinsberg, beamed with joy as he said, “We’re excited to have Deutsche Telekom help secure the Celo network, develop the Celo infrastructure, and make meaningful contributions as a validator. The powerful combination of owning CELO and building on its mobile-first platform will help accelerate mass-market adoption of digital assets.”
Nasdaq plans to list options for Coinbase Stock
The Nasdaq has made a decision to list options contracts for Coinbase stock on Tuesday. With this news, stock options now give traders a right — but not any obligation — to buy or sell a stock at an agreed-upon date and price. The two options that will be available are:
· Puts, which is a bet that stocks will drop; and
· Calls, which is a bet that stocks will rise.
With the uncertainty of the pandemic, options trading has enjoyed an exponential rise in popularity, as commission-free trading offered by popular mobile investing apps attracted much more interest.
It must be said that while options have the potential to provide incredible profit opportunities through the leverage that it offers, it can pose a risk if the predicted change of price does not materialise before their expiry date. That risk, however, is restricted to the premium that was paid for that option.