strategic partnership

Infinito And Paxful Partner to Accelerate Cryptocurrency Adoption Across the World

Infinito, a multi-crypto wallet provider, has partnered with Paxful, peer-to-peer Bitcoin platform, with an aim to offer financial inclusion across the world. Such a partnership sets to see Paxful’s web-based Virtual Bitcoin Kiosk integrated on the Infinito wallet platform. From now, Infinito wallet users can directly buy Bitcoin at the best prices from other crypto users around the globe safely without having to pay any transaction fees.

The new relationship means that Infinito wallet users can now seamlessly transact with any other crypto users on Paxful.

The strategic integration between Paxful and Infinito unlocks convenient payment methods for Infinito wallet users to purchase Bitcoin with more than 160 fiat currencies such as Canadian dollar (CAD), Chinese yuan, USD, GBP, and many more. Paxful supports the most in-demand payment methods such as online wallets, gift cards, domestic wire transfer, bank transfer, and many more.

To fully optimize and simplify the wallet cryptocurrency purchasing experience, customers are instantly matched with traders who are providing the best price on Paxful’s platform based on the payment method and currency chosen. Purchased funds are efficiently delivered to the buyer’s wallet address, thus removes the extra hassle of transferring funds between different platforms.

The Aim to Democratize Finance

Both Paxful and Infinito aim to penetrate Vietnam, a highly potential market with a fast-growing Bitcoin investor community of more than 6 million people. Paxful aims to expand its reach in Vietnam in terms of increased signups on its platform. In Q1 of 2020, the peer-to-peer marketplace experienced an increase in its customer base in Vietnam by 43%. The rise of signups also led to an increase in peer-to-peer trading volume by 262%.

Jack Nguyen, Infinito director, said that Paxful being the first-ever crypto wallet partner sets to provide an opportunity to have Bitcoin available to the masses in Vietnam and around the globe. He stated that this would encourage more people to use the leading cryptocurrency.

Ray Youseff, CEO of Paxful, sees the integration as part of the need to offer and create crypto products that provide real-world solutions.

Apart from Vietnam, Paxful is seeking to create an impact on Bitcoin adoption by focusing on markets in Russia and India. The firm also targets boosting its presence in Southeast Asia and Latin America regions.

Amid the global financial crisis caused by the coronavirus epidemic, cryptocurrency and Bitcoin have been gaining significant traction as more people search for different means to diversify their different sources of income. Bitcoin ownership around the world is rising rapidly, and both Paxful and Infinito have experienced a steadily increase in the volumes of cryptocurrency purchases on their platforms, particularly from Vietnamese users.

Infinito and Paxful are now looking forward to attracting more users with a “crypto investment competition” that allows users to experience how cryptocurrency works before investing. Infinito now offers a 3% rebate for all Ethereum purchases done through the Paxful platform.

Making A Difference in Africa

Last week, Paxful launched “Africa Fund” to build its reach in Africa by using Bitcoin donations to enable the continent to overcome the current coronavirus pandemic. The fund aims to use Bitcoin donations to buy essential resources for the fight against the COVID-19 outbreak. The company believes that the world has a lot to learn from Africa about the future of the crypto economy. The firm also believes that the continent has tremendous potential and sees people of Africa as teaching the rest of the world about the true use cases of Bitcoin. According to the company, Africa presents an opportunity for greater financial inclusion of the unbanked and underbanked.

Image via Shutterstock

Litecoin And Atari Bring the Highly Anticipated Atari Token to The Market

Litecoin Foundation has announced its partnership with the US videogame producer Atari to make Litecoin an accepted means of payment for the soon to be launched Atari token. Atari is a US-based video game producer globally known for some of the most popular video games in history, like Centipede, Breakout, Asteroids, and others. Atari is one of the original and most iconic entertainment producers and consumer brands with a great reputation among gaming enthusiasts.

Aiming to Prosper Through Partners

The partnership between Litecoin Foundation and Atari will expand into multiple areas, such as the usage of Litecoin across gaming platforms in the Atari ecosystem and other potential ventures like joint merchandising. Atari will provide Litecoin users with the ability to use their digital coins in several ways throughout the Atari ecosystem. Being accepted as a means of payment into the soon to be launched Atari token, Litecoin will, therefore, be used as a means of investment.

Atari has ambitions for own cryptocurrency recognized as Atari Token but aims to integrate Litecoin as soon as possible. According to the report, Atari has set its sights to launch the Atari token in September 2020. Consumers will use the Atari token to track digital assets and manage purchases in the ecosystem and make payments in the recently announced Atari Casino, which provides casino games with buy-ins using cryptocurrency.

Furthermore, Litecoin will be used as an option for buying the much-expected new VCS Atari game console at an attractive discount. The VCS is an all-new set-top console hybrid of Atari, which will allow users not only to play hundreds of classic and modern video games but also to allow users to create and upload their own apps and games for others to enjoy.

Charlie Lee, Litecoin founder, mentioned that he became a professional software engineer because he loved watching video games, and Atari is his first console.

Fred Chesnais, Atari CEO, said that low transaction costs and the ease-of-use of Litecoin would make the cryptocurrency a perfect fit for use alongside other projects and the Atari token.

A subsidiary of Atari, identified as Atari Chain Limited, has been established to lead the development of ongoing blockchain and cryptocurrency projects in entertainment-based industries.

Litecoin Foundation Partners with Cred to Let Crypto-Holders Earn Interest

Litecoin Foundation’s mission is to advance Litecoin cryptocurrency for the betterment of society by promoting and creating state-of-art blockchain technologies. The non-profit organization recently partnered with California-based licensed lender Cred to offer financial services to Litecoin holders. Cred is a leading cryptocurrency-backed lending and borrowing platform that serves clients in 190 countries. Such a partnership enables crypto customers to freeze their funds with Cred and earn up to ten percent interest on their digital assets. Litecoin Foundation, therefore, remains committed to advance revolutionary blockchain technologies mainly through Litecoin, which is a top 10 global cryptocurrency with a market cap that exceeds 3 billion dollars and is one of the most popular cryptos in the world.

Image via Atarichain.com

Bakkt And Galaxy Digital Announce New Bitcoin Service Aimed at Institutional Investors

Regulated Bitcoin futures provider Bakkt and Galaxy Digital’s trading arm seek to cater to the rising institutional demand for Bitcoin. The two firms have just developed a new service targeting institutional investors looking to purchase and store Bitcoin.

The two New-York based crypto companies announced that they partnered to create a new service in which they take care of the entire process including onboarding, trade execution, and storage of digital assets for institutional investors. They call the new service as a “white glove” custody and trading solution.

Bitcoin bandwagoning

Galaxy Digital will offer all the trading functionalities and services, thus leveraging its existing plugins to thirty different exchange venues. On the other hand, Bakkt will provide custody services through its Bitcoin institutional custody (Bakkt warehouse) that it currently utilizes to enable clients to invest in Bitcoin futures.

Time Plakas, head of sales at Galaxy Trading, said: “We designed this partnership to serve the uptick in demand our two firms have received from traditional asset managers seeking access to physical Bitcoin.”

According to a recent survey conducted by Fidelity among 800 institutional investors, almost 80% of them are interested in investing in digital assets. In the previous month, the billionaire investors and hedge fund manager Paul Tudor also made a compelling case for buying Bitcoin, stating that it can act as a hedge against inflation. Therefore, it is not surprising for Bakkt and Galaxy Digital to have decided to work together to take advantage of the high demand.

A recent rise in the Bitcoin derivative market also indicates that more institutional investors are entering the space. The Fidelity survey shows that the percentage of US investors with exposure to crypto futures rose from 9% in 2019 to 22% in 2020.

Bakkt and Galaxy Digital are jointly seeking to provide this new service to institutions like traditional finance asset managers and hedge funds. Bakkt has to date onboarded over 70 firms for its custody business while Galaxy Digital’s trading unit experienced over $1 billion of volume in the first quarter of 2020.

Crypto-Spring in bloom

The recent increase in Bitcoin price is evidence of cryptocurrency revival. The demand is fueled by institutions going for the leading cryptocurrency. The mass psychology of cryptocurrency investing is real. Institutional investors have seen the increase of new tools, use-cases, and innovations that have forced them to change their minds about cryptocurrency. They have realized how cryptos such as Bitcoin could be an important hedge against financial crisis.

Institutions are increasingly embracing technology and considering digital assets as an innovative technology play. They seek to invest in cryptocurrencies due to their low correlation to other assets. It is a new era that marks the acceptance of cryptocurrency as a full-fledged asset class, hedge against economic uncertainty, and form of sound money.

Bit Digital Signs Partnership with BitMine to Host 7,000 ASIC Miners

Bit Digital, a Bitcoin mining firm headquartered in New York, announced on Tuesday that it has signed a letter of intent with BitMine Immersion Technologies, a digital asset mining firm based in Georgia, that the two cryptocurrency mining firms to develop a hosting relationship that will begin with 7,000 current-generation ASIC miners.

Bit Digital and BitMine stated that they plan to begin shipping ASIC miners in the coming weeks and months, with a capacity to be reached by the end of August.

The two companies expect to ship ASIC miners from Bitmain. Currently, the price of Bitmain’s Antminer ASICs starts at $7,500. Therefore, the purchase agreement between the two firms could be worth between a range of $50 million and $60 million.

Bit Digital and BitMine plan to mainly mine Bitcoin in immersion-cooled containers, which keep the machines cool and allow for better energy efficiency and higher production.

Under the multi-year deal, the two firms have agreed to split revenues generated from mined Bitcoin.

Bryan Bullett, the CEO of Bit Digital, talked about the development and said: “We are happy to begin our relationship with BitMine Immersion Technologies and have known the team for some time. As a company, we have been intrigued by mining using immersion technology, and we are happy we found an ideal hosting scenario allowing us to utilize the benefits offered by immersion cooling of our machines.”

Expanding Mining Capacity

The move comes several months after Bit Digital completely exited its business operations in the China market after the mining ban and therefore shifted its focus to North America.

Bit Digital aims to develop into the largest digital asset mining platform in the global markets. The firm currently owns a fleet of almost 40,000 miners and operates an institutional scale digital asset portfolio across five sites in Canada and the US.

Bit Digital continues to increase the number of Bitcoins mined, reaching 3,335 in Q3 2021 versus 814 in Q3 2020. The firm has hired an experienced leadership team with strong expertise in the digital assets and mining space to bring proven institutional capabilities and access to strategic opportunities in the North American market.

The firm continues to strengthen its strategic commitment to sustainability, with about half of its operations running on carbon-free energy sources. The company maximizes return on equity (ROE) by leveraging strategic partnerships to access physical infrastructure and low-cost energy and focusing investment on mining assets.

Crypto Tax Accounting Firm TaxBit Receives Strategic Investment from Haun Ventures

TaxBit, a Salt Lake City, Utah-based provider of crypto tax and accounting software, announced on Tuesday that it has received a new investment from Haun Ventures – a new venture fund designed to help founders build the next generation of the internet.

The strategic investment will allow TaxBit to further accelerate its leading tax and accounting platform and bring additional solutions to the crypto market, helping clients and businesses report and pay crypto taxes.

This is one of the first investments by Haun Ventures, a venture capital fund recently founded by Katie Haun.

Ms. Haun co-led Andreessen Horowitz’s crypto arm in the past, but announced her departure in December last year. In March, Haun launched her venture capital firm, Haun Ventures, which is dedicated to backing crypto startups. The venture capital company was launched with $1.5 billion in capital across two funds — a $500 million early-stage fund and a $1 billion “acceleration” fund.

Besides providing investments to TaxBit, Haun Ventures stated that it has selected a world-class team of crypto-native experts and veteran policy and strategy operators who will collaborate with TaxBit to tell key audiences about how the tax and accounting infrastructure facilitates the growth of the crypto economy.

Katie Haun, the founder of Haun Ventures, talked about the partnership and said: “The web3 ecosystem has grown dramatically since I entered the space and yet we are still in early days. While the crypto economy will continue to unfold in cycles, there is now broad acceptance that this industry is here to stay. TaxBit provides the core infrastructure that is required for the crypto economy to grow and reach its full potential. In addition to the vital role the product plays in the broader ecosystem, the team at TaxBit is best-in-class which is why we’re proud to formally back the company and partner with them over the long term.”

Austin Woodward, TaxBit Founder and CEO, also commented on the development and stated: “The Haun Ventures team shares TaxBit’s vision of working with regulators to propel responsible regulation that enables digital asset adoption at scale. TaxBit’s compliance infrastructure is a critical component to the Web3 ecosystem. We have a deep respect for the Haun Ventures team and look forward to working together in carrying out our shared vision.”

Navigating Crypto Tax Reporting

In August last year, TaxBit raised $130 million in a Series B funding round co-led by IVP and Insight Partners. Other investors, including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group and Anthony Pompliano, also participated in the funding round.

The funding came a few months after TaxBit raised a $100 million Series A in March last year. The latest financing officially made TaxBit a unicorn, with a valuation of $1.33 billion.

The digital economy’s need for tax and accounting software is rising in the industry as regulators require more formal reporting practices. As a result, TaxBit has witnessed impressive growth. In 2020, the firm issued over two million tax forms.

Since the last funding raise, TaxBit has tripled its number of employees to about 100 people. The company has also established an office in Seattle, deployed services with the IRS, and created partnerships with a number of digital asset platforms including Coinbase, BlockFi and Gemini.

UAE Mall Majid Al Futtaim Signs Strategic Partnership with Binance Exchange

Majid Al Futtaim (MAF), an operator of malls, cinemas and leisure attractions across the Middle East, announced on Tuesday that the company has entered into a joint strategic partnership with the Binance cryptocurrency exchange.

Through the collaboration, Binance will enable the mall developer to harness the power of web3 technologies to create new opportunities for its businesses and benefit millions of its customers.

The two firms have agreed to cooperate on a number of blockchain projects, including listings of NFTs on Binance’s marketplace, the creation of a digital wallet infrastructure to hold digital assets from multiple platforms, as well as the integration of Binance Pay.

The partnership allows customers across the MENA region (a group of countries situated around the Middle East and North Africa) to purchase cryptocurrencies at the retail and leisure giant MAF’s various destinations.

Alain Bejjani, CEO at Majid Al Futtaim, talked about the development and said: “We are delighted to be partnering with global Web3 leader, Binance on the new frontiers of customer engagement and experience and look forward to working in tandem to evolve the third generation of web technology, develop strong capabilities and deliver innovation and world-class omnichannel experiences to our customers.”

Changpeng Zhao ‘CZ’, CEO and co-founder of Binance, also commented: “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year. Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.”

Launched in 1992, Majid Al Futtaim Holding LLC operates as a holding company. The firm owns and develops shopping malls, retail stores, entertainment hubs, and leisure establishments in the Middle East and North Africa through its subsidiaries, with operations in 13 countries. In 2016, the firm had $10.6 billion in revenues and $760 million in profits.

Majid Al Futtaim serves customers worldwide. The company currently owns and operates 29 shopping malls, 13 hotels, and four mixed-use communities across the Middle East, Africa, and Asia and serves as the exclusive franchisee for Carrefour in over 30 markets in the region with further developments underway.

Vietnam Blockchain Association Signs Strategic Partnership with Binance To Drive Blockchain Innovation

The Vietnam Blockchain Association and Binance crypto exchange co-announced on Monday for establishing a strategic partnership.

Through this strategic partnership, The Vietnam Blockchain Association and Binance will collaborate in the exchange of research and application of Blockchain technology and human Resource training in Vietnam.

The Blockchain application is set to further build more resilient and prosperous lives for Vietnamese users through greater access to financial, business, and technology services.

Two parties will also leverage each other’s network and expertise to advance the development of blockchain technology in Vietnam and build a bridge with other major tech firms around the world.

Mr. Changpeng Zhao, the CEO of Binance exchange, talked about the collaboration and said: “And today, along with the active activities of the Vietnam Blockchain Association, I pledge that Binance will always comply with Vietnamese laws and put users in focus.”

Mr. Phan Duc Trung, Vice President of the Vietnam Blockchain Association, also commented on the development and said that he hopes that the partnership between Binance and the association will bring value to the business community in Vietnam. He further stated that the collaboration will assist in developing a workforce mastering high technology and contributing policy advice to the government’s management agencies.

Trung further said: “In its role, the Association connects and gathers the Blockchain community in the country and a bridge to bring Vietnamese products to the world and attract more international resources to Vietnam. The Association also promotes personnel training and attracts international investment into Vietnam.

High Demands for Blockchain

The Vietnam Blockchain Association, a government entity which launched last month, aims to promote the nation’s digital economy, develop relationships with blockchain firms and communities around the globe and create favourable conditions for local users to share experiences and resources to research, test, apply, and trade blockchain technology in accordance with Vietnamese law.

In recent years, Vietnam has seen the rapid development of Blockchain technology. The number of enterprises, researchers, and engineers seeking to use technology for work has continued to rise. As a result, the need for connection, collaboration, sharing, and support has also continued to increase. This explains the reason why the government formed an official organization with a complete legal entity on May 17 to spearhead the expansion of the Vietnamese Blockchain community.

Vietnam has been a leader in crypto usage for the previous few years. Despite the country’s lack of legal framework for owning, trading, and using crypto coins, the adoption rate of such virtual currencies among its population has been among the highest worldwide (ranked 10th in terms of crypto adoption worldwide). The majority of Vietnamese investors, especially younger ones, are aware of and have expressed positive sentiments towards cryptos as a potential investment.

The Vietnamese government has not banned crypto trading and allows local consumers to hold them as assets. In March, the government announced plans to spearhead research for the implementation of a legal framework governing digital assets.

Animoca Brands Partners with Blockpass to Enhance Web3 Security and Compliance

Animoca Brands has announced a strategic partnership with Blockpass, a pioneer in compliant identity verification. This collaboration is set to enhance the safety and regulatory adherence of the emerging Web3 and metaverse ecosystems, leveraging Blockpass’s KYC/AML SaaS solutions to benefit Animoca Brands and select portfolio companies.

As digital interactions and transactions become increasingly commonplace, the issue of user safety and security has escalated. The partnership addresses these concerns head-on by incorporating Blockpass’s identity verification solutions, which are crucial in mitigating fraud risks and safeguarding users, especially in an era of sophisticated AI deepfakes and rampant identity fraud.

The strategic collaboration is particularly timely, considering the growing regulatory landscape for cryptocurrencies and related technologies. By integrating Blockpass’s KYC and AML requirements, Animoca Brands and its subsidiaries will be able to operate with greater confidence and compliance, a critical factor as scrutiny from regulatory bodies intensifies.

Moreover, the partnership promises to streamline the user onboarding process. Blockpass offers a reusable identity verification process that is both user-friendly and efficient, ensuring smooth access to Web3 services. This is instrumental in simplifying the user experience while adhering to necessary regulatory frameworks.

Blockpass, recognized as “Web3’s OG identity verifier,” brings to the table an extensive suite of compliance tools designed to reduce onboarding costs, automate remediation, and protect against a range of security threats. The company boasts a network of around one million verified identity profiles and over a thousand businesses, thus facilitating instant onboarding and compliance.

Animoca Brands, on the other hand, is a global leader in gamification and blockchain, with a large portfolio of over 400 investments in Web3 projects. Its mission to advance digital property rights and build the open metaverse is well-served by the partnership, as it looks to develop and publish blockchain games and products based on global brands.

Yat Siu, co-founder and executive chairman of Animoca Brands, emphasized the alignment of the partnership with the company’s core philosophy of empowering builders who believe in Web3 and the open metaverse. Adam Vaziri, CEO of Blockpass, echoed these sentiments, highlighting the collaboration as a significant step in establishing trust and regulatory compliance in the metaverse.

This partnership marks a considerable milestone in the evolution of Web3 and the open metaverse, setting a precedent for prioritizing user safety, regulatory compliance, and user experience. As the decentralized world moves towards a more secure and inclusive future, industry observers will be keenly watching the outcomes of this strategic alliance.

As the Web3 space evolves, this strategic partnership between Animoca Brands and Blockpass is poised to play a pivotal role in shaping a safer, more compliant, and user-friendly digital world.