Crypto Breaking News posted: "Government-backed Chinese banks have reportedly started exploring new use cases for the digital yuan by allowing citizens to use it to buy insurance products and investment funds online.The South China Morning Post reported on Tuesday that leading Ch"
Government-backed Chinese banks have reportedly started exploring new use cases for the digital yuan by allowing citizens to use it to buy insurance products and investment funds online.
The South China Morning Post reported on Tuesday that leading Chinese banks such as Bank of Communications (Bocom) and China Construction Bank (CCB) are working with fund managers and insurers to enable e-yuan payments for sectors beyond the retail landscape.
The report states that CCB has collaborated with an investment funds platform, Shanghai Tiantian Fund Distribution, for allowing citizens to make online fund investments with the digital yuan. JD.com, a China-based e-commerce company, will also be a part of this collaboration. CCB executive vice president Zhang Min said:
"We have since 2017 been participating in the research and development of the central bank digital currency, which we view as significant for our payment system due to its ability to enhance payment efficiency."
CCB has reportedly opened a total of 8.42 million e-yuan wallets dedicated to 7.23 million individual users and 1.19 million companies. Bocom executive vice president Qian Bin said that the bank is currently exploring numerous use cases for the e-yuan in fund management and the insurance space.
The efforts of the state-backed banks go beyond the original blueprint of the central bank digital currency set by China's central bank, which was intended to power the low-value, daily retail payments landscape only.
Despite China's aggressive move to make the digital yuan mainstream, the government has been keen to rule out the use of Bitcoin (BTC) and other digital currencies within its jurisdiction.
Yin Youping, the deputy director of the Financial Consumer Rights Protection Bureau of the People's Bank of China, recently stated that the government intends to maintain a "high-pressure situation" on crypto transactions.
Crypto Breaking News posted: "The announcement of a new builder-centric incentive program gave a huge boost to Fantom's native token, FTM, propelling its price by roughly 50% since yesterday. FTM trading started at roughly $0.57 on August 30, according to crypto metrics platform CoinG"
The announcement of a new builder-centric incentive program gave a huge boost to Fantom's native token, FTM, propelling its price by roughly 50% since yesterday.
FTM trading started at roughly $0.57 on August 30, according to crypto metrics platform CoinGecko.
However, the token quickly surged to a daily high of $0.88 soon after the Fantom Foundation revealed a new program aimed at supporting decentralized finance (DeFi) developers in its ecosystem.
DeFi is a section of the crypto industry that offers many of the same financial services as banks and brokers. Instead of centralized companies, however, DeFi relies on lines of code to let users lend, borrow, trade, and more.
Announcing a 370 million FTM incentive program for builders!
If you're a protocol team, we'll reward you for sustaining and increasing your TVL on Fantom.
Fantom is a blockchain platform based on Directed Acyclic Graph technology—which is also utilized by IOTA and Hedera Hashgraph. Back in 2019, rating company Weiss even went as far as calling Fantom one of the two cryptos that are better than Bitcoin.
Fantom grants galore
According to yesterday's announcement, various protocol teams can now apply for rewards from the Fantom Foundation based on the total value locked (TVL) of their respective platforms. TVL is short-hand for how much money is inside a protocol at any given time.
Initially, the grants will scale anywhere between one million FTM (around $850,000 at current prices) and five million FTM ($4.25 million). The program's total reward pool amounts to 370 million FTM (roughly $315 million today).
"We believe that builders are the best ones to judge where funds should be allocated, whether they should be provided to build the protocol, or if they need to be used for liquidity mining," the Fantom Foundation stated. "Rather than playing favorites and providing a majority of our resources to a handful of protocols, we're opening this up to every dev team that will deploy on Fantom."
Despite the initiative's openness, protocols will still need to prove their worth—literally—to become eligible. Namely, a platform's TVL has to stay "above a time-weighted-average of $5,000,000 or $100,000,000 for an extended period of time" to apply for rewards.
While FTM's price rally somewhat cooled off today, the token is still going strong.
At the time of writing, it was trading at around $0.83, up over 19% on the day.
Renewed interest in the platform also resulted in over one million FTM transactions on the platform yesterday. This is a new record, according to the Fantom Foundation.
shafiasadiq posted: " Google, Apple hit by first law threatening dominance over app-store payments Google and Apple Inc. will have to open their app stores to alternative payment systems in South Korea, threatening their lucrative commissions on digital sales. via FOX BUS"
Google, Apple hit by first law threatening dominance over app-store payments
Google and Apple Inc. will have to open their app stores to alternative payment systems in South Korea, threatening their lucrative commissions on digital sales.
Crypto Breaking News posted: "The Covid-19 pandemic has changed a lot about existing industries, with some notable sectors like lottery growing bigger as a result. Before the pandemic, the traditional lottery industry operated based on physical sales points, but this is now changing a"
The Covid-19 pandemic has changed a lot about existing industries, with some notable sectors like lottery growing bigger as a result. Before the pandemic, the traditional lottery industry operated based on physical sales points, but this is now changing as stakeholders move to adopt digital ecosystems.
Even better, the advent of crypto assets is revolutionizing the industry, making it globally accessible. This article will review Crypto Millions Lotto, owned by the U.K. registered Wilmington Holdings PLC, one of the players that have integrated Bitcoin within its operations to enable more participation in some of the largest lotteries in the world.
At the helm of Crypto Millions Lotto is financial markets veteran Sulim Malook; his experience dates back to the 1990s when he was an options trader focusing on Government Bonds Futures at the London International Financial Futures Exchange (LIFFE). This foundation led Sulim to develop a BlackBerry stock market application that was later converted into a lotto-style game based on share prices.
Eventually, Malook sold the stock market application to a South American company whose niche is online lotteries. As fate would have it, the business demands in the growing lottery industry motivated Malook to develop solutions that could facilitate global participation. Crypto Millions Lotto was born in this process.
About Crypto Millions Lotto
Unlike traditional lotteries, which mostly rely on fiat and card purchases, Crypto Millions Lotto offers participants an opportunity to play lotteries through Bitcoin. Essentially, this initiative functions as a Bitcoin lottery which means that users buy 'chips' in the form of BTC and can sell the coins for fiat if they win a particular lottery.
Licensed by the Government of Curaçao, Crypto Millions Lotto acts as a facilitator or access point to eight international lotteries. These lotteries are available across 180 nations, a massive step from the traditional lottery industry, limited by jurisdictions. Ideally, Crypto Millions Lotto leverages Bitcoin to avoid the cross-border hurdles in accessing lucrative lotteries.
Some of the top lotteries featured by Crypto Millions Lotto include Mega Sena (Brazil), Oz Lotto (Australia), Superenalotto (Italy), 6aus49 (Germany), Euromillions, U.K. National Lottery, LottoMax (Canada) and Loto 7 (Japan). Crypto Million Lotto users can purchase BTC and play any of these lotteries, standing a chance to win $10 million to $250 million.
Notably, Crypto Millions Lotto only acts as a facilitator to the lotteries. As for the winnings, they are determined based on the officially televised results by each national lottery. Users whose numbers happen to win the lottery can then cash out their Bitcoin 'chips' through Crypto Millions Lotto to receive their prizes within the same day.
Besides the Bitcoin lottery, Crypto Millions Lotto also features online games and casinos where users can play through microbitcoin units (μBTC); one unit is equivalent to 0.000001 BTC. Some of the exciting games that users can play include Super Reno, Caribbean Poker, Black Jack, Bonnie & Clyde and 777Heist, amongst others.
Payments and Cashing Out
As mentioned earlier, Crypto Millions Lotto only supports Bitcoin. Users whose money is in fiat or card have to convert it into crypto to play the available lotteries. Once they have registered, Crypto Millions Lotto offers users a Bitcoin address, enabling them to transfer BTC from another wallet to the Crypto Millions Lotto account. It is also noteworthy that the platform's minimum deposit is $12.50 worth of BTC.
On cashing out, Crypto Millions Lotto introduces a more effective way compared to the traditional counterparts. The platform uses Bitcoin to facilitate same-day payments on lottery winnings instead of relying on legacy payment networks. It is one of the main cutting-edge functionalities of this Bitcoin-focused lottery. Users can transfer their Bitcoin winnings to other wallets and cash out through crypto exchanges or other digital asset marketplaces.
While signing up on Crypto Millions Lotto does not require KYC, users have to provide proof of identity before they can cash out any winnings over 1 BTC.
Bonuses and Referral Programs
Like most lottery initiatives, Crypto Millions Lotto features a joining bonus and affiliate program to incentivize adoption. First-time users on the platform are given six free entries to the available lottery plays, making them eligible to win a prize before even depositing any BTC. However, the prizes are higher for users who allocate Bitcoin to the lottery plays.
The Crypto Millions Lotto affiliate program allows users to earn Bitcoin by referring their friends or associates. This program provides users with a link that can be shared to trigger a commission based on the players that register, make a deposit and enter into one of the available draws.
Once a user has registered with the Crypto Millions Lotto affiliate program, they can track their earnings in real-time. The project has set a 15% commission on top-line sales for referrers that buy a ticket and a 5% cashback for any wins by their players. In addition, affiliates whose players interact with other games can earn up to 25% – 35% of the net gaming revenue.
Security and data privacy are among the significant concerns of any market stakeholder in this decade. Crypto Millions Lotto is using blockchain technology to encrypt and secure payment details. Despite the Bitcoin address being public and accessible, the platform does not reveal users' private information.
According to a breakdown on the security approach, Crypto Millions Lotto uses a three-part strategy to ensure security and data privacy. First, the platform's servers are based in Switzerland, where they must comply with tight security standards. These servers are ISO/IEC accredited and Tier 3 certified.
The second strategy involves storing users' Bitcoins in cold storage, making it hard for malicious actors to compromise the funds. Last but not least, Crypto Millions Lotto ensures all the jackpots, which means that users do not have to worry about uncertainties that usually affect lottery payouts.
The Future of the Lottery Industry is Digital
As the world becomes more digitally connected, most of the existing traditional industries have integrated digital solutions in one way or another. The shift can be seen in the lottery industry from physical stores to online websites where users can purchase tickets for entry into various draws. However, a global solution in the payments niche still lacked until the debut of digital currencies.
With Bitcoin now in the picture, it is evident that online lotteries such as Crypto Millions Lotto will likely forge the future of this industry. According to Crypto Millions Lotto CEO Sulim Malook, Bitcoin was the missing factor in globalizing the lottery industry. Don't hyperlink the part in yellow, hyperlink the part in green to the same article.
"Playing games across borders using a credit card or any other traditional form of payment is fraught with complications and frustrations such as whether the payment can be made or if it will be blocked, the exchange rate and payment periods. Using bitcoin for a digital lottery removes all of that because there are no borders."
Going by the developments in digital currencies and online lotteries, the writing on the wall points towards a possible integration. First movers like Crypto Millions Lotto will likely unlock more solutions to revolutionize the lottery industry.
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