updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Zimbabwe seeks to use gold-backed crypto tokens to salvage the country’s economic situation.
The Reserve Bank of Zimbabwe has dammed any potential consequences by selling 14 billion Zimbabwean dollars ($39 million) worth of gold-backed digital tokens. That is despite an earlier warning it received from the International Monetary Fund (IMF) not to go ahead with the plans. At the time, the International body cautioned about the potential risks of the plan, suggesting that Zimbabwe would be better off liberalizing its foreign exchange market.
As of May 12, the apex bank of Zimbabwe confirmed that it received 135 applications for the gold-backed cryptocurrency. The Friday announcement also noted that, cumulatively, it made a total of 14.07 billion Zimbabwean dollars from the sale.
Recall that Zimbabwe first introduced the crypto tokens last month, noting that they are backed by 139.57 kilograms of gold. It then kicked off the sale on May 8 and allowed it to run through May 12. And while it sold the tokens at a minimum price of $10 for individuals, corporate entities bought them for $5,000.
As it turns out, Zimbabwe is currently planning another sale round for the digital tokens. According to the central bank, interested buyers may submit their applications between now and May 18th.
Like most countries around the world, Zimbabwe is currently facing a turbulent time in its economy. More so, its local currency has been consistently falling against the US dollar. Hence, the reason it seeks to use gold-backed crypto tokens is to salvage the country’s economic situation.
According to a local news report from Herald, RBZ Governor Dr. John Mangudya says the gold-backed digital tokens provide Zimbabwe with more options to preserve value. Mangudya also claims that the tokens will “enhance divisibility of the investment instruments and widen their access and usage by the public”.
For what it’s worth, it appears that Zimbabwe has carried out due diligence as earlier suggested by the IMF. That is, the African nation seems to have determined that the benefits of its gold-backed token plan outweigh the costs and potential risks.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
On Thursday, Ken Kodama, founder of Cardano development lab, Emurgo, told the media the company would invest more than $200 million to boost the ecosystem’s growth over a 3-year period. Kodama disclosed this during the ongoing token 2049 conference. As a founding entity of the Cardano protocol, Emurgo creates products, applications, and services that promote the network’s growth.
Emurgo will fund projects building on the Cardano network and projects from other networks whose products are integrated on the Cardano network and their own. Kodama added that the funds are from Emurgo’s capital, and the company has set aside $100 million to invest in projects from Africa under its African investment program. According to him, using crypto services for lending and borrowing purposes for everyday living in contrast to speculative purposes was a key growth driver in the region.
The Emurgo founder admitted that the Cardano network growth has been slow compared to other networks. But he added that Cardano now has the necessary infrastructure securely expand, and the network will grow significantly over the next few years. Last week, Cardano’s hugely expected Vasil upgrade went live.
The upgrade will enable decentralized applications (DApps) and smart contracts to run on the network without a central administrator. Cardano joins Near and Avalanche networks in implementing a similar method to boost the growth of their networks. While Cardano’s founding entity provides the funds to expand the network’s development, the ecosystem of Near and Avalanche gives the funds to enhance the growth of their networks.
Meanwhile, the network continues to see more adoption as the number of wallets holding ADA surpassed 3.9 million, according to data from the on-chain analytics platform, Messari. The data also shows that over 2,800 wallets hold at least 1 million ADA tokens. Thus, it indicates that Cardano has more whales than most of its competitors, probably because of its low price.
JUST IN: Cardano $ADA surpasses 3.9 million wallet addresses.
— Watcher.Guru (@WatcherGuru) September 29, 2022
Typically, the rise in the number of wallets holding a token indicates a growth in the ecosystem, and this isn’t different for Cardano and ADA. Furthermore, BitBank (a Tokyo-based crypto trading platform) confirmed via a tweet earlier in the week that it would be listing Cardano’s native token (ADA on its platform).
The platform added that the ADA/JPY pair would be available for trading in the first week of October. Per the announcement, the exchange will start accepting applications for “lending for interest” with Cardano when it lists ADA on the platform. Lending for interest is a service where customers can participate in a loan agreement with a crypto exchange and earn cryptos at a specified rate annually.
The various happenings in the Cardano ecosystem haven’t positively affected ADA’s price yet. ADA’s price is down 0.57 percent in the last 24 hours and trades at $0.434, according to the latest data.
Whales — cryptospeak for large holders — owning leading meme coin Dogecoin (CRYPTO: DOGE) showed high activity levels with many notable transactions processed by the blockchain.
What Happened: Blockchain data service Clankapp shows that a single transaction on Tuesday moved nearly 34 million Dogecoin — valued at about $3.9 million as of press time. Furthermore, Dogecoin Whales also reported 118 transactions worth at least $2 million being processed by the blockchain over the 24 hours to press time.
See Also: How To Buy Dogecoin (DOGE)
Volume data from cryptocurrency market data service CoinMarketCap shows that DOGE trading volume spiked from about $382 million per 24 hours to well over $850 million in little to no time on Monday, which coincided with a pick up of activity on-chain. This uptick in activity was the result of Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk tweeting that had no plans to sell his stake in Dogecoin — which resulted in the coin’s price jumping up by 10% shortly thereafter.
DOGE Price Action: As of press time, Dogecoin is trading at $0.1133 after seeing its price increase by about 0.33% over the last 24 hours.