If you think funding deals have stopped amid the bear market, think again. I mentioned “summertime lull” at the outset, but that doesn’t mean funding has stopped. There are so many deals, in fact, that I’ve had to start a separate series called VC Roundup just to keep track. Data from Cointelegraph Research also shows that Q2 funding deals were just as big as the first quarter in dollar terms.Continue Reading on Coin Telegraph More
Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the future of the Tribe DAO, revealing the company’s intent to reimburse Fuze victims. It also details plans for asset redemption and the distribution of protocol-controlled value (PCV) assets that manage the liquidity and yield.Continue Reading on Coin Telegraph More
Germany’s central bank chief has warned that interest rates need to keep rising despite the risk of recession as inflation reaches double-digit levels for the first time since 1951.Bundesbank president Joachim Nagel told the Rheinische Post that the recent surge in energy prices caused by Russia’s squeeze on gas supplies was likely to drive German inflation above 10 per cent this autumn and keep it elevated next year. “The issue of inflation will not go away in 2023,” said Nagel. “Supply bottlenecks and geopolitical tensions are likely to continue. Meanwhile, Russia has drastically reduced its gas supplies, and natural gas and electricity prices have risen more than expected.”He added that “the probability is growing that inflation will be higher than previously forecast and that we will have an average of six before the decimal point next year”, pointing out that this would exceed the 2023 inflation forecast of 4.5 per cent made by the Bundesbank in June.Economists have slashed their estimates for growth in Germany and the eurozone this year, while raising their inflation forecasts and warning that an end to Russian energy supplies would force Berlin to ration gas for heavy industrial users. Moscow stepped up the pressure on energy prices on Friday by announcing it would shut the Nord Stream 1 pipeline — the main conduit for gas to Europe — for three days to do repairs at the end of the month, having already cut supplies to 20 per cent of capacity.German electricity prices have hit a new record, seven times higher than a year ago — driven by the sharply higher cost of gas, which has risen 10-fold in the past year.Prices charged by German industrial producers rose 37.2 per cent in the year to July, which the Federal Statistical Agency said was the highest increase ever. On a monthly basis, the producer price index rose by a record 5.3 per cent, mainly due to energy costs.A heatwave and dry spell has reduced water levels on the Rhine below the level at which barges can be loaded fully, restricting supplies for factories, which economists are warning will also erode German growth this year.“If further delivery problems are added, for example due to prolonged low water [levels], the economic prospects for the second half of the year would deteriorate further,” Nagel said. “As the energy crisis deepens, a recession appears likely next winter.”He said the European Central Bank, where he is one of 25 members on its rate-setting governing council, would need to keep raising interest rates at its meeting on September 8. He did not say whether it would repeat the half percentage point rise of last month that lifted its deposit rate to zero.“With the high inflation rates, further interest rate hikes must follow,” he said. “This is also generally expected. But I don’t want to put a number in the shop window.”
However, he said there were few signs of a 1970s wage-price spiral, adding that trade unions had “acted very responsibly over the past 25 years — they will do the same this time, I’m confident of that.”The German economy stagnated in the second quarter, the weakest performance of the major eurozone countries. Last month, the IMF slashed its forecast for German growth next year by 1.9 percentage points to 0.8 per cent, the biggest downgrade of any country.The German government announced plans on Thursday to cut value added tax on gas sales from 19 per cent to 7 per cent from October to soften the blow of higher prices for households. But large industrial users of gas, such as chemical companies, complained this would not help them with soaring energy bills.German inflation last month rose close to a 40-year high of 8.5 per cent. Several of the earlier measures launched by Berlin in June to tackle the country’s energy crisis — such as a cut in fuel duty and a subsidised €9 monthly train ticket — are due to expire next month, which will increase the burden for households and businesses. More
Hodlnaut, which offers interest-bearing cryptocurrency investment options in vetted institutions, confirmed the dire state of affairs on Friday. The company’s poor financial position has been put down to losses suffered by its Hong Kong subsidiary during the infamous TerraUSD (UST) crash, high volumes of withdrawals and the general downturn across cryptocurrency markets.Continue Reading on Coin Telegraph More
Project ReviewChiliz (CHZ) is the digital currency used to run the sports and entertainment blockchain project, Socios.com. Headquartered in Malta, Socios is a blockchain-based sports entertainment and fan engagement platform.The platform allows users to create and launch fan tokens for sports teams. These fan tokens allow users to participate in the governance and decision-making of the sports team they support.Since launching in 2019, Socios has formed partnerships with over 150 sports teams in 25 countries across ten countries, including American football, basketball, moto sports, cricket, ice hockey, MMA, rugby, and tennis.Social Media: Website|Twitter| Telegram|Discord|Github|Blog|YouTube|ExplorerRecent DevelopmentsChiliz has announced that it is entering the fifth phase of its Scoville testnet launch, with the mainnet CHZ cross-chain bridge scheduled to launch before the end of the year. The mainnet launch is Phase 7 of the Chiliz migration to the Chiliz Chain 2.0.Fan token platform Socios.com, in an official announcement on August 18, revealed that it has secured regulatory approval from Italy’s financial regulator Organismo Agenti e Mediatori (OAM).According to Socios.com, the OAM license enables the company to provide virtual currencies and digital wallets for its fan engagement and rewards platform in the key European market. Following the regulatory approval, Socios.com also became the official fan engagement and rewards partner for Italy’s national football team. In early August, Socios announced partnerships with Stade Francais and The Sharks. According to Socios, the partnerships marked a significant milestone in the company’s push for global expansion.As part of the partnership, The Sharks will become the first team in Africa to launch Fan Tokens on Socios.com. Similarly, Stade Français will also become the first French rugby union club to join the platform.Price UpdatesThe regulatory approval in Italy along with other developments put Chiliz on a wild rally that saw CHZ lead the crypto performance table for a week. Chiliz has gained more than 110% since the start of August.The 30-day price chart for Chiliz (CHZ). Source: CoinMarketCapThe rally saw CHZ set a new four-month high at $0.2221. However, moving in tandem with the crypto market that turned bearish after the FOMC minutes were released, CHZ now trades at $0.1961, losing 9% in the last 24 hours.The 24-hour price chart for Chiliz (CHZ). Source: CoinMarketCapWith the footballing season fully back, fans have increased their demands for the exclusive fan tokens of their clubs. If Chiliz holds out after the bearish trend, the token could rally all the way to $0.41.Future EventsWith Chiliz in its phase 5, the team has teased that the new upgrade will bring the staking of CHZ and the much anticipated ChilizBridge to the network. While the team says these features are coming soon, there is no timeline for their releases.According to the Chiliz schedule, the mainnet launch (Phase 7: Habanero) is scheduled to launch in the third or fourth quarter of the year. The Chiliz team is also working on releasing a mobile application in August to improve the activity on the project.Socios.com also recently announced that it will invest $100 million in the metaverse project of the Spanish football club, team FC Barcelona. The investment will be made in Barca Studios, the football club’s metaverse, NFT, and Web3 division.Socios.com will receive 24.5% in Barca Studios if the investment deal pulls through. Socios.com will also work with the club to reshape the metaverse and Web3 strategies of the division to include more revenue streams.On the FlipsideCommunityBeing the native token of a platform that powers the fan tokens of multiple communities, by extension, Chiliz holds one of the biggest communities in the crypto space. To integrate the broader Socios.com community with Chiliz, the project launched the “Fan Token Kickoff” on the Bybit exchange with a Prize pool of 200,000 USDT. Alexandre Dreyfus wrote on Twitter (NYSE:TWTR);Bullish about the prospects of CHZ, a Twitter user, @PlaymakerChiliz, wrote;With the upcoming launch of staking, another user, @3cker1, has given his prediction for the price of CHZ. @3cker1 wrote;Why You Should CareFootball clubs and other sports teams are increasingly looking for ways to engage their fans, further increasing the adoption and use cases of Socios.com and its underlying Chiliz (CHZ) token. In addition, the mainnet launch of Chiliz amidst a flurry of sporting activities could spark one of the biggest rallies the coin has recorded.Continue reading on DailyCoin More
It said the steps were meant to support financial stability and strengthen the monetary transmission mechanism after citing the need to address the widening gap between its policy rate and lending rates when it cut rates on Thursday.The central bank replaced an existing 20% reserve requirement ratio for credits with a higher 30% treasury bond collateral requirement.Turkish authorities including the central bank and BDDK banking regulator have previously taken steps to limit loans to companies except those that are net exporters, as part of an economic plan that seeks to flip the big current account deficit to a surplus.Last month, business groups complained over regulations and said manufacturing firms are not able to access financing with low rates.As part of the central bank’s new measures, the banks need to keep 20% in securities for commercial loans extended with an interest rate over 1.4 times the current reference rate of 16.32%. The lenders need to maintain 90% bond collateral if a commercial loan extended will have an interest rate more than 1.8 times the reference rate.Timothy Ash at Blue Bay Asset Management said the new central bank rules to lower banks’ lending rates makes banking very complicated.”(It) will increase overheating concerns, boost inflation and put more downward pressure on the lira,” Ash said on Twitter (NYSE:TWTR).The central bank also said that the banks need to maintain, in securities, the amount equal to loans that exceed the 10% loan growth rate level when compared to the end-2022 for a year. More
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it dropped 6.2% in a single hourly candle.Continue Reading on Coin Telegraph More
Bitcoin advocate McCormack acquired his hometown football club in December 2021. He renamed and rebranded the club to Real Bedford, and at the ground, Bitcoin qualifies as payment for shirts, drinks and tickets. Continue Reading on Coin Telegraph More
