Polkadot To Sponsor Messis Inter Miami: DOT To The Moon?

The Polkadot community has approved a proposal to sponsor Inter Miami, the football club co-owned by David Beckham and featuring superstar Lionel Messi. The move could be a strategic decision to propel Polkadot, a smart contracts platform similar to Ethereum, into the global spotlight.  Polkadot To Sponsor Inter Miami The proposal, approved by Polkadot’s Open Gov community, sought 968,000 DOT (roughly $6.5 million) to secure the sponsorship. Under the “sports sponsorship fund,” the goal was to partner with Inter Miami, a team described as one of the “world’s most engaging and followed sports teams.”  Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price? While the goal is to “elevate” Polkadot’s global brand visibility, the plan is to develop other deeper integration, leveraging Inter Miami’s global fanbase. For instance, the team plans to enhance user experience through engaging non-fungible tokens (NFTs) and other gamified experiences deployed on Polkadot’s parachains. Additionally, the team plans to explore how Polkadot-based solutions can be implemented at Inter Miami, resulting in greater efficiency and improved fan engagement initiatives.  While the potential deal’s specifics are confidential, the proposal emphasizes transparency. Accordingly, funds will be held in a multi-signature wallet, accessible only with community approval. Moreover, ORSEN SA, a Swiss sports marketing agency, will manage the partnership rights. Polkadot’s Plans to Scale As Polkadot enhances its global visibility, developers are also working on activating a key update: “Asynchronous Backing.” Last year, Sophia Gold, the Engineering Lead at Parity Technologies, said the technology would be a game changer.  Asynchronous Backing will allow Polkadot to scale the number of Parachains from 100 to 1,000 by the end of the year. The network will boost its transaction processing capacity, with Polkadot supporting more “independent blockchains” via Parachains.  Related Reading: Heres How This Ethereum Whale Made $16 Million From A Single Trade Furthermore, improvements via techniques like “pipelining” will permit multiple parachains to process data simultaneously, halving transaction confirmation times. Though Polkadot continues to enhance its network and strike more deals, DOT prices remain under pressure. At spot rates, DOT is down 40% from 2024 highs. While CoinMarketCap data shows that the coin has risen 14% in the last week, the failure of bulls to break above $7.5 is a concern. Technically, a high volume lifting the coin above this local liquidation level would pave the road for an expansion toward $9 and March 2024 high in the coming sessions. Feature image from Unsplash, chart from TradingView

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The Return of the Gold Standard: Why Stablecoins Must Reconsider their Backing Strategy

After years of being overshadowed by digital currencies like Bitcoin, the traditional gold standard is making a comeback in the financial world. Investors are once again turning to gold as a safe haven asset amid global economic uncertainty. The recent resurgence of interest in the gold standard can be attributed to its long-standing reputation as [...]

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As The Crypto Bubble Pops, Investors Are Backing Coins With a Future, Like Metacade | Invezz

The crypto bubble seems to have popped after a major downturn in 2022. Terra Luna lost 99% of its value, and Sam Bankman-Fried’s FTX became insolvent towards the end of the year. The crypto bubble has now well and truly deflated, and investors are now seeking new cryptocurrencies at market lows. Buying low and selling ... Read more

<p>The post As The Crypto Bubble Pops, Investors Are Backing Coins With a Future, Like Metacade | Invezz first appeared on CCNC.</p>

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Coinbase files brief backing Grayscale’s ETF lawsuit against SEC

Coinbase (NASDAQ: COIN) has filed an amicus brief in support of digital assets manager Grayscale Investments, which is suing the US Securities and Exchange Commission (SEC) over the rejection of the company’s spot Bitcoin ETF application.

The cryptocurrency exchange’s backing of Grayscale aligns with a brief by the Blockchain Association, Coin Center and the Chamber of Digital Commerce.

On Tuesday, the Amici Curiae brief filed at the US Court of Appeals for the District of Columbia Circuit, noted “the need for greater regulatory clarity and consistency” around the SEC’s decisions on spot Bitcoin ETFs.

Particularly, the brief points to the agency’s continued denial of all spot Bitcoin ETF proposals before it, while at the same time allowing exchange traded products (ETPs) based on the same asset. The brief read in part:

“The Commission’s “thumb on the scale” approach to Bitcoin ETPs does not withstand scrutiny. Bitcoin spot ETPs like the Grayscale Trust are ideally suited for investors that desire exposure to Bitcoin; the Commission has allowed similar, and riskier, products to enter the market; and spot Bitcoin ETPs plainly satisfy regulatory requirements for listing on a national securities exchange, just like Bitcoin future ETPs do.”

Grayscale applied for approval to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF in 2021, but the SEC denied the application in June this year, citing similar reasons that had seen multiple other ETFs thrown out.

In response, Grayscale immediately filed a lawsuit against the SES, with the company’s chief legal officer Craig Salm noting in July that the case was likely to take 12 months to two years.

The post Coinbase files brief backing Grayscale’s ETF lawsuit against SEC appeared first on Invezz.

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Top Cryptos to Join This Week: Qubetics 10% Discount For Current Presale Price Ends This Sunday While Cronos Grows Cross-Chain Apps and Arbitrum Powers DeFi Scalability

Whats hotter than a crypto market brimming with innovation? Projects like Cronos are expanding the possibilities of decentralized applications, while Arbitrum is pulling in major investments, signaling a massive shift in blockchain scaling solutions. These coins are taking things to the next level, attracting attention for their ability to push boundaries and reshape ecosystems. At […]

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