Despite their falling prices, bitcoin and its altcoin cousins are just as popular as ever, it seems. Many organizations in foreign nations, including Cielo in Brazil and Bitwala in Europe, are looking to make it easier for customers to get their fingers on digital currencies for payments and investment purposes.
Cielo and Bitwala Are Doing their “Bitcoin Best”
Cielo is a payment processing firm stationed in Brazil, a country that presently houses more than 200 million people. The company announced its support for bitcoin and other digital assets through a press release, stating that customers can now make bitcoin purchases through the enterprise’s “point-of-sale devices” by creating respective accounts with any of its network partners. These devices then develop special QR codes which customers can scan using any partner-based apps.
Towards the end of the year, customers will be able to purchase cryptocurrencies through Cielo, a first for the company and for many individuals in Brazil. The crypto presence within the South American nation has been growing steadily over the years, and Cielo is about to increase that presence tenfold. Bitcoin has long been popular within Brazil’s borders, with platforms such as O Globo reporting that many people are more invested in bitcoin then they are in standard stock shares.
Last February, the country’s largest bank announced that it was looking to raise $15 million for a new digital token it had developed.
5,000 miles away, a company called Bitwala has allegedly garnered the same idea in its head. Based in Germany, the company is launching a new banking application containing an “integrated bitcoin wallet.” Bitwala is looking to offer its services in more than 30 countries throughout Europe.
At press time, the application is only available for iOS or Android devices, but the process of obtaining a Bitwala account is relatively simple. Residents must first open an account with a German bank through a “video identification function.” From there, they can begin making euro deposits (as many as 100,000 euros at a time) which can then be transferred into BTC. Customers will also obtain a Mastercard-based crypto debit card for any future transactions.
A statement for Bitwala explains:
The current accounts are hosted by Solaris Bank, the Berlin-based tech platform with a German banking license and are supervised by the Federal Financial Supervisory Authority (Ba Fin).
BTC Should Be Spent!
Bitwala executives claim that the bitcoin wallets available with each app download can be used for “everyday expenses” such as food, clothing and utility payments. In addition, customers can also obtain private keys that will allow them to send BTC funds to friends and family members.
Bitwala has been around since December of 2018. Last month, the company raised an astounding 13 million euros from companies like the Sony Corporation in Japan.
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Sometimes, cryptocurrency support comes from the most unlikely candidates. This week, that support comes from Mark Carney, the governor of the Bank of England – one of the world’s largest and oldest financial institutions.
Carney: A Global Digital Currency Could Be the Answer
Carney has not always been kind to cryptocurrencies in the past. He has often spoken ill of bitcoin and is certainly not a fan of Libra. He’s concerned about the prospects of Facebook collecting people’s financial information and has long sought the introduction of hardcore regulation to ensure the space remains safe for customers.
But now, it appears Carney is switching gears. In a recent interview, the governor spoke positively regarding the idea of a “global digital currency” that everyone around the world could use regardless of their location or credit history. Interestingly, his ideas sound strangely similar with those of bitcoin, a currency Carney hasn’t been friendly to in the past. What could get him to perform such a serious turnaround?
It appears his concerns stem from the U.S. dollar’s dominance in global trade. Right now, many governments around the world have several USD units stored away granted their economies ever tank unexpectedly. Thus, if the global economy were to ever fall to irreparable conditions, they have reserves of the world’s most dominant currency to remain afloat.
Carney isn’t too happy about this. He claims:
[A digital currency] could dampen the domineering influence of the U.S. dollar on global trade. If the share of trade invoiced in [a digital currency] were to rise, shocks in the U.S. would have less potent spillovers through exchange rates, and trade would become less synchronized across countries… The dollar’s influence on global financial conditions could similarly decline if a financial architecture was developed around the new [digital currency] and it displaced the dollar’s dominance in credit markets.
At first glance, it’s not too difficult to see some of the loopholes in Carney’s proposals. For one thing, the U.S. dollar, at press time, is among the most stable currencies out there, so to suddenly want to remove it from the financial space and replace it with a new digital currency that’s still in its earliest form is a little scary.
Maybe Multiple Currencies Is the Right Way to Go
Second, Carney is not suggesting anything unique. He’s merely discussing the probability of replacing one currency with another. Getting the U.S. dollar out of its present place won’t solve any problems. The same issues will simply shift over to whatever digital currency gets “put in charge,” considering it will still be the predominant currency at the head of the financial line.
Maybe what we need to clear these concerns is to have multiple currencies stored away, not just the U.S. dollar, so that countries can continue to do business with each other should a global market collapse occur.
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Bitcoin, at press time, is trading below $9,500 again, meaning it’s back to the same lows it was at roughly two or three weeks ago. The currency continues to sink following a nasty fall that saw it lose more than $600 in less than an hour just a few days ago, yet there are those who refuse to acknowledge bitcoin is anything less than perfect. Among these men is David Wachsman.
Wachsman Says a Revolution Is Coming
Wachsman founded a company that shares his last name. This company is a global blockchain services firm, and he’s confident that despite bitcoin’s present trading price, the currency has not reached its end. He feels its blockchain is as powerful as ever, and the currency is on the brink of what he’s calling a solid “revival.”
In an interview, he states:
We’re seeing a revival of bitcoin. It is the oldest blockchain and is in many ways, one of the slowest blockchains. The one that has certainly had its challenges in terms of upgrades, but bitcoin is experiencing an enormous social revival in our industry. It is amazing. Bitcoin is reliable, and that reliability has turned out to be something incredibly sexy.
One of the reasons he says bitcoin will always remain popular is because people trust it. Many of the new tokens, he claims, are frowned upon by long-term cryptocurrency enthusiasts, who fail to see their prowess or acknowledge their benefits. He explains:
It is the tortoise and the hare story. The tortoise, which is bitcoin, seems to be racing ahead of the hare, which is all these other blockchains for the moment. As people look at how crypto has evolved thus far, they, unfortunately, see that there are not a lot of use cases that are at work today. We don’t have a lot of consumer grade products right now. Today, you can rarely use crypto outside of payments. That’s what it comes down to, and bitcoin works well as a payment method. There’s never been a transaction to my knowledge that’s ever been interrupted. It’s not really possible.
Bitcoin Is Just Respected
Many newcomers came crawling towards bitcoin in 2017 when its price was the most bullish. He claims that for the most part, people have seemingly lost interest in the coin and what it can do, but he’s certain this is about to change. He says:
As for the people who have always been interested in the industry and the technology, I don’t know any who are not interested in bitcoin, so the average person in the blockchain or crypto space likes bitcoin more just because they have always like bitcoin. The new people who have come on, who really get the technology – who understand the power of the blockchain – all of them in some way, shape or form respect bitcoin.
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Coinspeaker Billionaire Hedge Fund Manager Eyes $1 Billion Crypto VentureSuperstar Hedge fund manager Alan Howard has decided to create a unique enterprise which will forever change the crypto space. Created by the UK Crypto asset management firm Elwood management, the system which is currently under development will create opportunities for crypto hedge funds and other institutions who wish to profitably sail through the waters of the crypto-verse.Elwood Asset management are the custodians of Billionaire Alan Howard and other high net worth individuals who have identified opportunities to make profits from the new and exciting world of cryptocurrencies.How the New Platform Will WorkCryptocurrencies, in general, are volatile by nature. Prices are known to swing wildly. This creates great opportunities but also comes with extreme risks. The new platform which is still yet unnamed will highlight the opportunities that will create a safe zone for all participants.The system will then create opportunities based on the identified opportunities and create a portfolio which will assist in the decisions made.Bin Ren who is the CEO of Elwood Asset Management has said that Alan is assisting Elwood to identify potential clients.Crypto Hedge Funds Finally Have a Way OutCrypto funds haven’t had a stellar performance since they came on the scene. Most of them have what it takes, however, cryptocurrencies haven’t been measured and analyzed in this way and manner. This provides tools which can be used in practical use-case scenarios.Bin Ren spoke with the Financial Times and said:“Losing traditional assets in the real world is hard. In the digital world, it’s very easy to lose assets — put in the wrong address for a bitcoin transfer and it’s gone forever.”Ren further explained that Alan had identified potential participants who have met Elwood’s criteria in terms of due diligence. This is cheering news for the once-moribund crypto hedge fund space.Elwood has Been Busy Making Things HappenThis isn’t the first foray of Elwood Asset management into the crypto space. Elwood earlier this year (in March) created the Elwood Blockchain Global Equity index. The index is calculated by Index provider Solactiv AG will help boost cash inflows in the crypto space.In July Elmwood Asset Management agreed with Invesco Asset Management Limited (Invesco Japan). Both parties announced the launch of the Invesco Global Blockchain Equity Fund.The equity fund aims to help deliver on the performance of the Invesco Elwood Global Blockchain ETF which was created in March.Other Corporate Crypto Projects are Making Giant StridesThe crypto institutional market seems to be moving in the general direction of buoying up the whole sector. Telegram which has raised more than $1.7 Billion recently is one great example of this.The truth though is that cryptocurrencies are still an emerging market and most people who invest may not be able to recoup their investments at the expected times. The ICO boom and bust should serve as a lesson to all.Billionaire Hedge Fund Manager Eyes $1 Billion Crypto Venture
Coinspeaker Telegram Starts Public Testing of Ethereum-Compatible TON BlockchainIt seems that Telegram messenger is planning to begin public testing of its long awaited blockchain, TON (the Telegram Open Network) on September 1.As per Russian business paper Vedomosti, this information was shared with them by a TON investor who got that information from the Telegram messenger team and the head of a company that was engaged in the recent, closed TON testing phase.The latter said that instructions for installing a node and the necessary code will be revealed to the public, and will enable any developer to create their own TON node.The source also added that TON’s sharding and its consensus mechanism for confirming new blocks in the blockchain will be available to test as well.TON Labs is also said to be building numerous tools for developers in order to help them build on the new network. TON Labs CEO and managing partner Alexander Filatov said that one of these tools will be a Solidity compiler, which will allow decentralized applications built for Ethereum to also run on TON. He said:“That was probably the most difficult thing we built. It will allow the advanced Ethereum community to pull everything they wrote for Ethereum into TON.”Back in May 2018, Telegram, founded by self-exiled Russian entrepreneur Pavel Durov, raised $1.7 billion for TON claiming that it will process transactions much faster than both the Bitcoin and Ethereum blockchains. Not just that, but this UAE-based company even said that, in terms of speed, it will be the same as Visa.At the time, some were thinking that plans for Gram token were a little too grand because there was no working prototype. However, this didn’t stop venture capitalists from getting with the program. Now, Telegram has disclosed to its investors that sometime in the next two months, it will be releasing the first sets of the Gram tokens as initially planned.However, the whole project has been covered with the veil of secrecy and disputation, and the fact that Telegram messenger itself suddenly became a medium for both democracy campaigners and terrorists, does’t really help. At the time of writing, the platform has more than 300 million registered users.There were also plenty of detains that were happening. Testing of TON should have happened back in the second quarter of 2018, but haven’t begun until April this year. As per Vedomosti sources, participants in the closed testing experienced some issues while installing a test node.It is recommended by the experts that at least 100 nodes are needed to test the scalability of the project.The company also promised to launch a working blockchain network by October 31, 2019, or it will return investors money if they fail to do so.Filatov said that this code release will be the most important stage of TON’s rollout:“We have very little time between the node release and the mainnet launch to test, identify and fix possibly bugs and vulnerabilities.”However, this week some reports said that development should meet deadlines and that the first batch of TON’s Gram cryptocurrency would be released “in the next two months” and from the company, they said they are planning to give its 200 million-plus users access to GRAM wallets.Telegram Starts Public Testing of Ethereum-Compatible TON Blockchain
Coinspeaker Bitcoin Mining Topped $14 Billion, Experts Say It’s Very ConcentratedHowever, it shows that most of the profitability has been gathering around the last three years, where Bitcoin had reached both its most profitable and its most unprofitable price point. Although the largest fall was to somewhere around $3000 it needs to be considered that hash rate and mining complexity were up and couldn’t catch up with the price.This means that nearly every miner, depending on which country they were operating in, were doing so at a loss. New reports from Yahoo Finance are now showing that the profitability measure for Bitcoin mining is slowly starting to rise up in conjunction with the price, even though the complexity of mining is getting harder and harder, therefore driving costs higher.The Concentration of Mining OperationsThere is more than enough data about the largest crypto mining countries out there. China and the United States used to be mentioned as the leaders in the industry, but the research data mostly showed mining capacity for every coin rather than just Bitcoin.When it comes to just Bitcoin mining, we need to look no further than the country of Georgia, which is currently occupying the second position for most prominent crypto mining country. And what’s even more surprising is that almost 90% of the numbers this country generates is through Bitcoin mining.Local economy experts from a financial news outlet, Kapitali.ge have commented that most for that $14 billion has been generated right in the country’s back yard, by a single company Bitfury.“Although Bitfury isn’t necessarily a Georgian company, it still has quite a lot of mining farms in the country. In fact, it has two large facilities, or how the locals like to call it “apartment buildings” full of miners working on mining Bitcoin.The local media is never truly informed about the numbers this company generates, but considering that they’re using only the latest hardware, subsidies on electricity payments and “dirt cheap” labor, it’s safe to say that over the two years of their operations in the country, they’ve generated at least a couple of billion in revenue.”This could easily be plausible considering how it’s now virtually impossible to have a home station for mining Bitcoins. It could work for a very new cryptocurrency, but BTC is now beyond that point in terms of complexity and power usage.Revenues will soon start decreasingIt’s also important to consider that such profitability is not sustainable. There may be relatively small farms that are still able to stay in profit, but let’s not forget the May 2020 Bitcoin halving that’s going to take most of the smaller players out of the question.We’ve already seen hundreds of small-time miners close shop during the crypto winter, and then the halving had not yet happened. The halving in May 2020 could pretty much equal to a crypto winter for these miners, as their costs will remain the same, while revenue is going to drop by 50%.Sure, there will be some bullish movements, but we’ve all seen that correct within days or even hours from previous halvings of both BTC and other cryptos.Bitcoin Mining Topped $14 Billion, Experts Say It’s Very Concentrated
Coinspeaker Cryptocurrency Staking: Reasons Why Crypto Staking is the New Favorite of MinersWhen cryptocurrency mining became the talk of the crypto sphere, a lot of holders went into it without having to think about the cost of setting up the expensive equipment required to mine coins. Not only was the equipment for mining expensive, but it also generated a lot of heat whilst consuming large amounts of energy. The coins were mined when transactions were verified in the network, and the process of verification is referred to as Cryptocurrency mining. The consensus algorithm used for the verification process is Proof of Work (PoW).An alternative to Proof of Work was introduced and this system is called Proof of Stake (PoS). Rather than verify transactions using the expensive mining equipment, PoS allows nodes (Wallets) generate new coins using already owned coins. Using your holdings stored on a wallet (official wallet of the cryptocurrency), you can stake your coins and get rewarded for it (the percentage of return vary from cryptocurrency to cryptocurrency).For some coins, the more you stake, the more rewards you get. Because of the many advantages of staking coins, crypto staking is a reliable way of generating passive income. Crypto staking involves holding digital currencies in your wallet for a fixed duration while continuously generating profit from it. The duration with which you hold your coins in your wallet determines your end profit.How Does the Process of Staking Work?Usually, in order to add new blocks to the blockchain, transactions are processed and verified with a mining node. However, in Proof of Stake algorithm, stakers are chosen randomly. There is a pool of holders of a particular coin and a user can be added to it by staking some coins to their wallet. The node stakes the coins in the attached wallet and then create a block. A block, in this case, is formed in accordance with the number of coins staked.The Proof of Stake consensus algorithm generally works by way of ensuring that all holders of coins with coins stored in a fixed wallet are given some amount of coins as rewards for their holdings during a period of time.Reasons Why Cryptocurrency Staking is an Alternative to Cryptocurrency MiningAlthough there are many avenues of cryptocurrency you can generate income from, cryptocurrency staking will always remain one of the most effective and easiest ways of making money through blockchain. This is because the trend of trading is gradually experiencing some setbacks due to the current volatility of the market. The volatility downturn associated with trading and investment of cryptocurrencies has made investors look for alternative ways to rip more profits.With PoS there is no need for mining machines. The main and only requirement to staking coins is to own an official wallet of the coin, sync the wallet to the blockchain, wait for the coins to mature according to a period as required by the coins, and start staking coins. Once staking begins, with the coins in the wallet, the value begins to grow. This makes it a simple method of getting rewards for owning coins.Proof of stake does not require that a user have the technical know-how. Setting up of mining equipment requires that the user knows how to set up the equipment. PoS does not also require that a user have extensive knowledge of trading. It is also not mandatory to understand the complexities of the market structure, graphs, patterns in order for a user to get proceeds and profits. All you have to do is to ensure that you follow every instruction as required by the coin such as making sure your wallet stays connected to the internet.With PoS there is always a guarantee of getting your rewards. Crypto staking can be compared to having some money in a fixed deposit account in a bank. In a fixed deposit account, it is expected that a client keeps their money in an account for a period until the time elapses. At the end of the period of investment, the account would have generated some interest. Also, the more an investor keeps their money in the account, the more interest they acquire. This also applies to the staking of coins, the more an investor stakes your coins, the more reward their holdings generate.Staking does no harm to our environment. Mining equipment asides from been expensive generate a high rate of heat while consuming huge amounts of electricity. Staking requires little amounts of resources in comparison to mining or PoW. This means less electricity consumption and no machines. Staking is, therefore, an alternative to the usual energy-consuming mining.In PoS, the value of an investors’ holdings in their wallet does not depreciate with time rather it increases in value as long as the coins are stored for the required duration. In mining, the value of the coins depreciates due to the use of the mining hardware and ASIC. The value of the holdings can only fluctuate as the price fluctuates.ConclusionIn order to make maximum profits, crypto staking requires that the device where your wallet is (a Computer or mobile device) is always connected to the internet. This is because the more you stake your coins, the more profits you rip through the consensus process.In conclusion, Proof of Stake is a reliable way of generating income without having to make use of complex machines or equipment. Investors also get to save the money they would have spent on the purchase of mining hardware or buying coins from an exchange platform with the thought of trading or holding.Also, note that crypto staking gives investors power over the network and this enables them to earn a regular income. Because of this, many new cryptocurrencies have adopted the use of the algorithm. It is also vital that you conduct your personal and sufficient research before you decide on which coins you want to stake on.Cryptocurrency Staking: Reasons Why Crypto Staking is the New Favorite of Miners
Coinspeaker PBOC’s Cryptocurrency is Meant to Complement China’s Current FiatThis week China fixed the daily midpoint rate for the yuan at levels that haven’t been seen for more than 10 years as Beijing stays locked in a prolonged trade war with the U.S.The People’s Bank of China set the midpoint at 7.1197 per dollar yesterday, that is stronger than the 7.1055 level the market was expecting. Rough calculations suggested that if the U.S. raised tariffs to 25% for all Chinese goods, then the onshore yuan could probably have to rise to about 7.88 to offset the impact of tariffs.Tommy Xie, head of Greater China research at Singapore’s OCBC Bank thinks that this could be a signal to the markets that China intends to slow down the pace of the currency’s depreciation.“Although China has been more open minded about its currency regime. While Beijing is giving markets a bigger role to decide on the currency, China still monitors the pace of movement carefully.”Even though we already wrote, and several sources confirmed that China is preparing to issue its own cryptocurrency, those reports China’s central bank allegedly termed as “inaccurate speculation.”Refuting media reports of launching a state-backed cryptocurrency in the coming months, #China's central bank termed them as "inaccurate speculation." pic.twitter.com/Sb4tQVPD3G— Global Times (@globaltimesnews) August 28, 2019However, we asked for comment Miguel Palencia, a CIO in an open-sourced public blockchain platform Qtum who explained that it’s all connected. He said that the slowed pace of the yuan’s devaluation could be happening because the intention behind the People’s Bank of China’s (PBoC) cryptocurrency is not to compete, but rather to complement the state’s current fiat:“However, this does not slow China’s embrace of blockchain technology. We anticipate major innovations to emerge in the coming years, especially after learning that the PBoC’s digital asset will soon launch. China is positioned as a global leader and pioneer in payment platforms, it will be very interesting to see how their cryptocurrency will integrate with existing payment platforms such as Wechat and Alipay.We need to keep in mind that the Chinese are very open minded to new technologies, which will continue to inspire crypto adoption throughout much of Asia and Africa, as we saw was the case when Korea, Japan and India took similar approaches after China’s ICO ban.”The digital currency would definitely reduce the amount of cash in circulation while supporting the yuan. Overall, the transition to an official decentralized currency would allow the government to have greater control over the financial system by tracking every transaction that occurs using the cryptocurrency.Patrick Dai, co-founder of Qtum commented for Coinspeaker that People’s Bank of China’s digital currency will escalate and affect crypto adoption at a much greater magnitude than Facebook’s Libra announcement. He said:“There is already overwhelming distrust of Facebook, but given economic growth rates and the more than 300 million who have been lifted from poverty in the past few years, public trust and confidence in the Chinese government is strong.”He added that a state-issued digital currency will most certainly assist the underbanked and aid in eradicating all poverty. Its influence, per his opinion, doesn’t stop there and he predicts it will inspire crypto adoption throughout much of Asia and Africa, which comprise nearly half of the world’s underbanked society.“Introducing a new asset class also brings healthy competition to the Chinese FinTech ecosystem, which is currently dominated by a few major players. A complimentary payment solution helps break up the monopoly of power from payment giants like WeChatPay and Alipay.”PBOC’s Cryptocurrency is Meant to Complement China’s Current Fiat
Tsk, tsk, tsk Ripple… That’s probably what a lot of cryptocurrency enthusiasts are saying right about now given that Ripple’s cryptocurrency, XRP, is doing so poorly at press time. Currently trading for roughly 25 cents per unit, many believe that Ripple’s move of more than 522 million XRP coins to a new wallet may have something to do with the currency’s sudden drop from grace over the past 48 hours, meaning it may have put its own creation in serious jeopardy.
How Ripple May Be Hurting Itself and Its Currency
Ripple is the third-largest cryptocurrency by market cap after bitcoin (number one) and Ethereum (number two). The currency has garnered its fair share of controversy over the years given its alleged non-status as a security. While Ripple executives refer to their creation as a decentralized non-security asset, others disagree, which has resulted in a class-action lawsuit brought against the company by many displeased investors.
Now, it appears the currency’s price isn’t doing too well, and many are blaming a transaction initiated by Ripple itself. Several million XRP units were moved from one wallet to another as reported by Whale Alert, a platform that examines heavy transactions occurring on various cryptocurrency blockchains.
Many believe that the transfer stemmed from an “over the counter” XRP sale.
Whales are individuals that possess large amounts of a single cryptocurrency. Most of the time, they sit and wait for the asset in question to spike, thereby increasing their wealth and overall net worth. When they move money around, they usually do it in grandiose fashion, moving several million around at once. This can spark huge spikes or drops in the market, which probably isn’t used to such heavy transactions.
With Ripple far more centralized than any other blockchain network (company executives still hold more than 50 percent of the XRP units that have been mined), any large move to occur on Ripple’s blockchain is likely to have drastic effects.
Can’t You Guys Stop This?
Ripple’s market cap is nearly $11 billion at press time. Thus far, the company has sold nearly $500 million XRP in 2019 alone, and many are worried that if XRP doesn’t cease its selling behavior, the currency will likely vanish without a trace. A petition has since birthed amongst traders seeking to prevent Ripple from selling any more of its coins for the sake of market safety. The petition has garnered nearly 3,000 signatures.
In a related story, bitcoin ultimately fell by more than $600 in less than an hour about two days ago, which have prompted many to point their fingers at alleged bitcoin whales whom they believe cashed out some of their earnings over the weekend, thereby causing the price to sink below the $10,000 mark. Currently, bitcoin is trading at just under $9,600 per unit.
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Financial education isn’t easy to come by. While many colleges around the world have begun to slowly offer blockchain and cryptocurrency courses to students, the numbers are relatively small, and the change isn’t coming fast enough to really get students ready for careers in the blockchain industry. The Litecoin Foundation is looking to change all that through its new partnership with UNICEF.
Litecoin Foundation and UNICEF Seek to Educate Kids
The cryptocurrency firm has joined hands with a division of UNICEF known as UNICEF Kid Power and is looking to develop financial education for young children at an early age so they can begin getting the knowledge and experience they need as soon as they enter the classroom. This is unique in that many people interested in financial careers must wait until their college years or adulthood to garner the data they require, but Litecoin is looking to tackle this problem early by granting children special access to financial education.
This, executives say, will ensure children always know how to invest, leading them to wiser monetary decisions in the future.
Charlie Lee, managing director of the Litecoin Foundation and creator of the Litecoin cryptocurrency, explained in an interview:
We are excited to work with UNICEF Kid Power to give the next generation of kids the tools they need to build healthy financial foundations and give back to their communities along the way. Litecoin and other cryptocurrencies have an enormous potential to benefit those who have been left behind in the traditional financial system and this theme of driving financial equality and giving back is something that is core to the Litecoin Foundation’s philosophy.
UNICEF Kid Power is a program that works to deliver food sources to malnourished children across the globe. Kids that participate in the program can garner what are known as Kid Power Coins, which they can use to donate to their favorite charitable organizations. The idea is to give back to struggling communities while also teaching children about the power of finance.
The Litecoin Foundation will set the ball rolling on its new partnership by hosting what’s called “Kid Power” in two months during the Vegas Blockchain Week in Las Vegas, Nevada. People who visit the Kid Power Booth could potentially unlock as many as 125,000 Kid Power Coins, which will be donated to schools throughout the city.
The Power of Education
Vice president of UNICEF Ventures and creator of UNICEF Kid Power Rajesh Anandan expressed his joy over the agency’s collaboration with the Litecoin Foundation, stating:
We are thrilled to collaborate with Litecoin Foundation to empower a new generation of global citizens. We are showing students that they have the power to make a difference in the world while, at the same time, helping their own communities on issues that matter the most to them.
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