Author: Stephanie Bedard-Chateauneuf

Exodus, a leading developer of cryptocurrency wallets, has secured approval for listing its common stock on the NYSE American exchange, marking a significant milestone for the company. The stock, identified by the ticker symbol EXOD, is slated to commence trading on May 9.

JP Richardson, CEO and Co-founder of Exodus, expressed enthusiasm about the listing, emphasizing its potential to enhance long-term value for shareholders by bolstering the company’s presence within the investor community and augmenting liquidity. The NYSE American, formerly known as the American Stock Exchange (AMEX), caters to companies with smaller market capitalization compared to its parent exchange, the NYSE.

Exodus’ EXOD stock is currently listed on the OTCQX market, and the approval for listing on the NYSE American represents an “uplisting” of its stocks. The company clarified that existing stockholders need not take any action prior to the listing.

Established in 2015, Exodus Movement specializes in developing self-custodial wallet services for various cryptocurrencies, including bitcoin, ether, and others. Notably, the company’s EXOD security tokens, which serve as digital representations of Class A EXOD common shares, have been tokenized on the Algorand blockchain, offering users the ability to manage them on Exodus wallets. This initiative positions Exodus as the sole entity in the United States to have its common stock tokenized on the blockchain.

In its preliminary review for the first quarter of 2024, Exodus reported a revenue of $29.1 million, marking a remarkable 118% increase compared to the same period last year. Additionally, the company boasted approximately 1.69 million monthly active users during the first quarter, underscoring its growing market presence and user engagement.

Featured Image: Freepik

Please See Disclaimer

As the crypto market experienced a bearish correction, experts forecasted a subsequent bullish phase. Now, with the market correction underway, leading asset Bitcoin has surpassed $63,000, signaling a resurgence in momentum for other coins.

Among these coins, Bitgert exchange has stood out, demonstrating resilience during bearish phases and steadily gaining traction. Leveraging its layer 1 technology, Bitgert has captured the attention of the crypto market, attracting a growing number of investors.

So, what factors are driving the potential price surge for Bitgert?

Bitgert: Pioneering Layer 1 Chain Project

Bitgert distinguishes itself as a layer 1 chain crypto project with unparalleled transaction speed and cost-effective gas fee structures. Its innovative use of the Proof of Authority Model (POA) ensures seamless user experiences, scalability, and blockchain security, positioning it ahead of top cryptocurrencies like Ethereum, Tron, and Cardano.

Operating on a dual network, Bitgert offers diverse capabilities, including a Bitgert exchange, trading fee CEX, payment gateway, p2p exchange, and startup studio. The startup studio initiative empowers new ventures, facilitating fundraising through public and private sales. Furthermore, Bitgert’s integration with the Ethereum virtual machine provides developers with opportunities to host projects and build dApps.

With a robust community of over 600,000 members, Bitgert has fostered widespread adoption and collaborations across social media platforms. Strategic marketing initiatives, promotions, and engagement efforts have sustained Bitgert’s growth, even during bearish market conditions.

The Scarcity Effect: Transforming the Ecosystem with BRISE Coin

The native token of Bitgert, BRISE coin, has demonstrated strong performance since its inception. With returns exceeding 40,000%, BRISE coin sets itself apart by implementing a burning model, where 12% of each transaction is burnt. This mechanism enhances scarcity and drives demand within the growing ecosystem.

Technical indicators for Bitgert coin are favorable, with RSI and moving convergence signaling potential growth of over 5000% in its price. This projected surge presents promising opportunities for new investors, entrepreneurs, and traders, marking a significant development in the crypto landscape.

Featured Image: Freepik

Please See Disclaimer

MicroStrategy, known as the largest corporate holder of bitcoin, has announced its intention to develop a decentralized identity service utilizing Ordinals inscriptions.

Earlier this year, the software consulting firm rebranded itself as a “bitcoin development company,” emphasizing its commitment to advancing the Bitcoin network through various means such as financial markets, advocacy, and innovation. The unveiling of “MicroStrategy Orange” signifies the company’s dedication to realizing this objective.

MicroStrategy Orange aims to offer decentralized identities that are “trustless, tamper-proof, and long-lived,” according to founder Michael Saylor. The service will enable users to issue decentralized identifiers (DIDs), ensuring pseudonymity similar to bitcoin transactions, which are not directly linked to real-world identities.

Leveraging Bitcoin’s Ordinals Protocol, MicroStrategy Orange enables the storage and communication of information on individual satoshis, the smallest unit of bitcoin.

MicroStrategy has already developed an application called “Orange For Outlook” using its decentralized identity service. This application integrates digital signatures into emails, allowing recipients to verify the identity of the sender securely.

Currently, MicroStrategy holds a substantial amount of bitcoin, totaling 214,400 BTC, which amounts to approximately $10 billion. This constitutes more than 1% of the total bitcoin supply that will ever exist.

Featured Image: Freepik

Please See Disclaimer

MoonPay, a popular cryptocurrency purchasing app, has forged a partnership with financial services behemoth PayPal to offer American users a streamlined method for buying cryptocurrencies using their PayPal accounts.

This collaboration aims to streamline the process of purchasing cryptocurrencies for millions of Americans. It enables users to conduct wallet transfers, bank transfers, and debit card transactions directly within the MoonPay app, as reported by Coindesk.

The integration represents a strategic expansion for PayPal, which currently provides a limited range of major cryptocurrencies. Through MoonPay’s infrastructure, PayPal users gain access to a broader array of popular tokens.

Ivan Soto-Wright, the co-founder and CEO of MoonPay, described the partnership as “symbiotic,” emphasizing its benefits for both MoonPay users and PayPal’s cryptocurrency offerings.

“This is not merely an integration; it involves embedding PayPal within MoonPay’s framework,” Soto-Wright explained.

He underscored the significance of this collaboration, highlighting the extensive process required to align with PayPal’s operational standards.

“We are the first company to achieve this with PayPal, and it involved a lengthy process to gain their confidence,” he added.

MoonPay, which handles billions of dollars in cryptocurrency transactions via debit and credit cards, views this partnership as a crucial advancement in reaching a broader customer base. It particularly benefits users who may have encountered banking restrictions or card declines when attempting to purchase cryptocurrencies.

As digital assets gain momentum, such collaborations become increasingly pivotal. They not only enhance the user experience by offering more flexible payment options but also signify the growing acceptance of cryptocurrencies within mainstream financial services.

Featured Image: Megapixl

Please See Disclaimer

JPMorgan, a prominent financial institution on Wall Street, maintains a cautious outlook on cryptocurrency markets in the short term due to several factors, including the fading retail impulse and the absence of positive catalysts.

According to the bank’s analysis, retail investors were significant contributors to the recent sell-off in both crypto and equity assets during April. Moreover, spot bitcoin exchange-traded funds (ETFs) experienced outflows, indicating a decline in retail interest. The bank identifies three main challenges persisting in the market: high positioning levels, elevated bitcoin prices compared to gold and production costs, and subdued crypto venture capital (VC) funding.

The recent profit-taking in cryptocurrency markets has been notably driven by retail investors, overshadowing the involvement of institutional investors. Bitcoin, for instance, witnessed a 16% decline in April, marking its largest monthly drop since June 2022.

In a notable development, U.S.-based spot bitcoin ETFs recorded their highest-ever net outflows on Wednesday, totaling $563.7 million across 11 ETFs. This significant withdrawal occurred despite these funds only commencing trading on January 11.

JPMorgan’s analysis suggests that institutional investors, particularly momentum traders like commodity trading advisors (CTAs), have been capitalizing on previous extensive positions in bitcoin and gold. However, the reduction in positions by other institutional investors outside of quantitative funds and CTAs appears to be more limited, as indicated by futures market data.

In summary, while retail investors have played a prominent role in the recent crypto market sell-off, institutional investors, particularly momentum traders, have also been active in adjusting their positions. JPMorgan’s cautious stance reflects the ongoing challenges and uncertainties prevailing in the cryptocurrency landscape.

Featured Image: Freepik

Please See Disclaimer