Cryptocurrency

Galxe, web3’s largest onchain distribution platform, announced today the upcoming launch of Gravity, a Layer 1 omnichain smart contract platform designed to transform how users and developers interact with web3. Over the past three years, Galxe’s user base and transaction volume have grown exponentially, highlighting the need for more efficient, scalable, and secure solutions to manage complex cross-chain interactions with minimal friction. Existing solutions fell short in supporting the required complexity and scale, prompting Galxe to develop Gravity. Gravity addresses these challenges, offering an integrated and streamlined experience for both developers and users.Introducing GravityGravity is an omnichain settlement layer built for mass adoption and full-chain abstraction. Its approach abstracts the technical complexities of chain interactions, integrating advanced technologies like Zero-Knowledge Proofs and state-of-the-art consensus mechanisms to ensure high performance, enhanced security, and cost efficiency.Upon launch, Gravity will be seamlessly integrated within Galxe’s existing suite of products—Quest, Compass, Passport, Score, Alva, and the Galxe Identity Protocol. Set to support 100 million transactions per month—three times that of Ethereum—Gravity offers a seamless solution for web3 interactions. This integration allows developers immediate access to a vast user base, boosting their ability to attract and retain users. Gravity also simplifies multi-chain asset management, cross-chain transaction settlements, and user-friendly transaction processes without exposing users to underlying complexities.Galxe announces the rollout of Gravity in two key phases. The Gravity Alpha Mainnet, powered by the Arbitrum Nitro stack, will go live in June 2024. The launch of the Alpha Mainnet demonstrates Galxe’s commitment to the highest standards, testing cross-chain settlement in a transparent production environment using a public ledger instead of a centralized backend. In Q2 2025, the Gravity Mainnet will launch, featuring a restaking-powered PoS Layer 1 blockchain with Reth as its EVM execution engine. Stay tuned for the Alpha Mainnet launch in June and more updates as the Gravity rollout progresses.For more information, users can visit gravity.xyz. About Galxe Galxe is a decentralized super app and web3’s largest onchain distribution platform, empowering seamless web3 experiences through AI, digital identity, and blockchain technologies. Through its robust infrastructure and product suite — Quest, Passport, Score, Compass, and Alva — Galxe offers advanced tools and self-sovereign digital identity management to empower users to explore Web3 effortlessly.The recent introduction of Gravity, a Layer-1 blockchain designed for omnichain experience and full-chain abstraction, enables developers to tap into Galxe’s 20 million users and create new products that help onboard the world to web3. ContactAna [email protected] article was originally published on Chainwire More

NEW YORK (Reuters) -Bankrupt crypto lender Genesis and crypto exchange Gemini have returned over $2 billion in crypto to 232,000 retail customers in their jointly managed Gemini Earn program, giving customers a 242% return on assets locked up since January 2023, Gemini said on Wednesday. Unlike other crypto companies that went bankrupt after a 2022 market crash, Genesis was able to return customers’ crypto to them rather than liquidating a limited pool of assets and paying them back in cash. Customers who loaned one bitcoin to Genesis will get one bitcoin back, benefiting from the coin’s dramatic price increase since the date the company went bankrupt, Gemini said. The price of Bitcoin has more than tripled since January 2023, rising to over $67,000.”We are thrilled to have been able to achieve this recovery for our customers,” Gemini co-founder Cameron Winklevoss said in a statement. “We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout.”Gemini customers will receive about 97% of the repayment immediately and the remainder within 12 months.Genesis had previously estimated that its customers, including larger investors that were not part of the Earn program, would receive a 77% recovery in the bankruptcy.”We didn’t cap their claims at the petition date value,” Genesis attorney Sean O’Neal said Wednesday. “Now we need to focus on making distributions to Genesis’s remaining creditors.”Gemini customers who participated in the Gemini Earn program loaned their crypto to Genesis and were paid interest on their loaned assets. The total value of the Gemini Earn assets was $940 million when Genesis froze customer accounts in November 2022, Gemini said. New York Attorney General Letitia James has alleged that the Gemini Earn program was a “scam” that misled investors, and she has sued Genesis, Gemini and Genesis’s parent company Digital Currency Group over the program. James reached a settlement with Genesis in February that required Genesis to repay Earn customers before other creditors, including New York state and Digital Currency Group. “When investors suffer losses because of fraud and manipulation, they deserve to be made whole,” James said in a statement. DCG had argued that Genesis’s customers should be repaid based on what the crypto assets were worth in January 2023. Under that argument, which a judge overruled on May 17, DCG could have taken the “excess” value from the rise in crypto prices, rather than returning it to Genesis customers. James’ lawsuit disrupted Genesis’s efforts to re-start its business, pushing the company to pivot instead to a bankruptcy liquidation. More

Centrifuge, the platform for tokenized real-world assets onchain, today announced Credbull as the latest asset manager to tokenize and launch a private credit fund on Centrifuge. Credbull will be available to investors in the Plume ecosystem.Plume announced an initial allocation of $10M in the private credit fund. The investment comes from Plume’s network of offchain institutional investors. In a time when tokenized treasuries are capturing crypto investor mindshare and wallets, this development creates important momentum in enabling new investors to embrace the rapidly evolving real world asset class. Credbull provides a unique investment avenue with uncorrelated and yields, allocating capital to established SME originators in an overall capital preservation strategy. Operated within a licensed framework, Credbull prioritizes investor protection and transparency, ensuring clear oversight of capital deployment and fund performance as part of its commitment to decentralization.“We’re excited to collaborate with Plume and Centrifuge to realize our collective vision of advancing the evolution of real-world assets. By providing investors with a broader set of non-correlated and diversified DeFi solutions, we will drive greater access to private credit yield products, real-time transparency and broader market liquidity,” said Jason Dehni, co-founder & CEO of Credbull.Plume is a liquidity provider and modular layer 2 blockchain that facilitates the investment and trading of high-quality real-world assets. Plume creates a cost-effective and secure ecosystem for RWAs, composable tokens, and increased liquidity for all tokenized RWAs. “Plume was purpose-built to support institutional adoption of the real-world asset industry. We’re focused on creating a seamless onboarding process for users to onramp into the ecosystem and boost liquidity for all RWAs. Centrifuge streamlines the process of launching onchain funds and Credbull brings a high-quality, high-demand new asset class to the ecosystem,” said Chris Yin, CEO of Plume Network.After launching its onchain fund management platform in March, Centrifuge continues to onboard credit funds to public blockchains. Centrifuge serves as a gateway to onchain liquidity, while creating a first-class experience thanks to its comprehensive and intuitive fund management platform.”We’re excited to welcome Credbull as the latest asset manager to tokenize their fund on Centrifuge; streamlining back-office operations, increasing transparency and accessing liquidity directly on Plume,” said Centrifuge Co-founder, Lucas Vogelsang.This news follows consistent TVL growth by Anemoy, a web3 native asset manager, in their funds launched on Centrifuge.About CentrifugeFounded in 2017, Centrifuge, creates better technology for financial products. Centrifuge provides asset managers a way to tokenize, manage and distribute their funds onchain and investors better access to a diversified portfolio of high-quality tokenized assets.About CredbullFounded by a strong team of DeFi and TradFi veterans, Credbull recently launched DeFi’s first licensed on-chain private credit fund, offering unprecedented, chain-agnostic access to real world assets. The decentralized fund structure offers real-time transparency, risk management and all off-chain capital allocation. In addition, Credbull provides other diversified solutions such as Credbull Pro and Credbull Earn, helping institutional asset managers, crypto platforms and DAO treasuries enter the rapidly evolving RWA space.About Plume NetworkPlume is the first modular L2 blockchain dedicated for all real-world assets (RWAs) that integrates asset tokenization and compliance providers directly into the chain. Our mission is to simplify the convoluted processes of RWA project deployment and offer investors a blockchain ecosystem to cross-pollinate and invest in various RWAs. In addition, Plume enables RWA composability through its thriving DeFi applications and provides access to high-quality buyers to increase liquidity for all tokenized RWAs.For media inquiries, users can contact Tiffany Lung at tiffany(at)plumenetwork(dot)xyz.ContactsCEOChris YinPlume [email protected] LungPlume [email protected] article was originally published on Chainwire More

This article was originally published on U.Today More

Mow, the CEO of JAN3, a company dedicated to accelerating Bitcoin adoption through infrastructure development and financial services, has consistently shared positive predictions about its future. He bases his predictions on the current Bitcoin supply and demand dynamics, emphasizing that the demand for cryptocurrency far exceeds its available supply.One of the key factors Mow emphasizes is the role of spot bitcoin ETFs. These financial instruments, which allow investors to access BTC without directly owning the asset through the traditional markets. According to the latest data, Bitcoin ETFs currently hold more than one million Bitcoin, which is approximately 5% of the total amount of the circulating supply. In addition to ETFs, Mow also highlighted the substantial inflow of Bitcoin into exchanges as another indicator of robust demand.Even if his main theory does not prove to be accurate, Mow notes the importance of the “Veblen effect” in the case of Bitcoin. The Veblen effect is a phenomenon whereby the demand for a commodity increases as its price increases, which is contrary to standard economic theory. This effect suggests that rising prices can spark interest and investment in BTC.Currently, the price of Bitcoin is hovering around $68,000, a decline of slightly more than 0.6% since the beginning of the day. Despite this decline, the cryptocurrency is still close to its all-time high of $74,000.This article was originally published on U.Today More

Back in 2021, Bitcoin experienced a significant rally, reaching an all-time high of over $64,000 in April and then peaking again at nearly $69,000 in November. During these periods, Bitcoin’s performance against gold was particularly notable, with many analysts and investors drawing comparisons between the two assets as stores of value.Fast forward to March 2024, when Bitcoin rose to $73,750 based on optimism surrounding the Bitcoin halving events and the introduction of Bitcoin ETFs. However, the cryptocurrency has yet to reclaim its previous peak against the traditional safe-haven asset.Brandt pointed this out in a recent tweet, saying that on an inflation-adjusted basis and also in relationship to gold, Bitcoin has not penetrated the 2021 highs despite the halving and ETFs.Bitcoin has been steadily outperforming gold in recent months, reflecting increasing investor confidence in the digital asset’s long-term value proposition. This is seen in the BTC/gold chart presented by Brandt, which highlighted Bitcoin’s strides in gaining ground against gold.However, despite the impressive performance, Bitcoin has yet to break the highs it achieved in 2021. Brandt highlighted the significance of Bitcoin surpassing its 2021 peak, saying “New highs are needed to confirm the bull trend.”At the time of writing, BTC was down 0.4% in the last 24 hours to $67,670.In ETF-related news, BlackRock (NYSE:BLK)’s iShares Bitcoin Trust has grown to become the world’s largest fund for the original cryptocurrency, with about $20 billion in total assets since its listing earlier this year.According to Bloomberg data, the exchange-traded fund had $19.68 billion of the token on Tuesday, dethroning Grayscale Bitcoin Trust, which had $19.65 billion.This article was originally published on U.Today More

As the cryptocurrency markets continue to exhibit bullish behavior, CryptoHeap, a frontrunner in cryptocurrency staking services, is excited to announce its commitment to providing 24/7 support for all investors throughout this volatile period. This round-the-clock support is designed to assist stakers in navigating the complexities of the market, ensuring they can make the most of their investments regardless of their experience level or the amount staked.Salvage Warwick, spokesperson for CryptoHeap, emphasized the importance of reliable support during these periods of intense trading activity. “The crypto market’s fast pace, especially evident during a bull run, demands equally responsive support services,” said Warwick. “Our aim is to provide continuous, comprehensive assistance so that every investor has the resources they need to succeed.”During a bull run, the value of cryptocurrencies can increase significantly, attracting both seasoned traders and new participants eager to capitalize on potential gains. This influx can lead to increased volatility and trading volume, making knowledgeable support crucial for investor confidence and staking success.CryptoHeap’s dedicated support team is well-equipped to handle various inquiries, from basic operational questions to complex trading strategies, ensuring that stakers feel secure and supported in their investment decisions. The platform’s commitment to accessibility and user satisfaction is evident in its swift response times and personalized assistance, which are maintained across all levels of investment.The support provided by CryptoHeap is more than just troubleshooting; it includes educational resources that help investors understand market trends, the mechanics of crypto staking, and effective risk management. This educational approach empowers stakers to make informed decisions, enhancing their potential for profitability.”Investor education and support are at the core of what we do,” Warwick continued. “We believe that an informed investor is a successful investor. That’s why we have invested heavily in building a support system that not only resolves issues but also educates our users about the nuances of cryptocurrency investments.”CryptoHeap’s platform is designed to be user-friendly, catering to both novice and experienced investors. Features such as detailed transaction histories, real-time earnings updates, and customizable alert systems make managing investments straightforward and effective. The platform’s security measures, including advanced encryption and two-factor authentication (2FA), protect stakers’ assets against unauthorized access.The introduction of 24/7 support is part of CryptoHeap’s broader strategy to enhance user engagement and trust. By ensuring that support is available at any moment, the platform aligns its services with the non-stop nature of the cryptocurrency markets, positioning itself as a reliable partner for investors looking to stake their digital assets.As the bull run continues, CryptoHeap invites new and existing investors to take advantage of its enhanced support services and explore the various staking opportunities available on the platform. For those interested in joining or learning more about CryptoHeap’s offerings, detailed information can be found on the company’s website at https://cryptoheap.com/.About CryptoHeapCryptoHeap is a leading provider of cryptocurrency staking services, known for its secure, reliable, and innovative solutions. The platform aims to support investors throughout their cryptocurrency journey, focusing on accessibility, profitability, and customer satisfaction. Investors can explore these innovative staking options by visiting CryptoHeap’s official website at https://cryptoheap.com/.CryptoHeap is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.ContactSalvage [email protected] article was originally published on Chainwire More

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.Unique among stablecoins, Agora is upending existing rent-seeking models, approaching the market from a compliant, customer-first perspective. ContactSui [email protected] article was originally published on Chainwire More