Dignitas’ partnership with Zytara is the first major alliance between esports and blockchain, a combination set to overhaul the esports’ financial mechanisms. Zytara, a fintech launching a digital banking platform and payment network for gamers and esports enthusiasts, will leverage the DigitalBits blockchain to power the use of stablecoins and other digital assets.
Despite their global scope, esports organizations still struggle with traditional payment rails. Notably, Epic Games experienced difficulties distributing some of their $100 million prize pool for Fornite tournaments. With esports growing rapidly, this is something that must be addressed, and it appears that Dignitas and Zytara are coming together to lead the charge.
Dignitas has championed many firsts for the industry, being the first ever esports team to be acquired by an ownership group of a North American sports franchise, Harris Blitzer Sports & Entertainment (HBSE). Dignitas would later go on to sign a first-of-its-kind sponsorship deal with Susquehanna International Group, LLP (SIG), one of the world’s largest proprietary trading firms.
Zytara will issue a series of Dignitas-branded debit cards and app skins, featuring the recent Dignitas rebrand. Additionally, the two companies plan to collaborate on a number of unique activations, including social media and Twitch giveaways, as well as pro-player content aimed at driving awareness and engagement for financial solutions for gamers. With almost 3 billion people worldwide playing games, this combination of gaming and fintech has to potential to promote financial literacy and inclusion that has not yet been seen before.
Zytara’s unique product line looks to connect the worlds of esports and blockchain, enabling gamers access to innovative technologies, such as unique digital assets and decentralized finance. In aligning themselves with notable brands such as Dignitas, Zytara has doubled down on its “by gamers, for gamers” approach, demonstrating their commitment to their target market of Millennials, Gen Z gamers and esports enthusiasts.
“Partnering with a brand as dedicated to the financial education and success of our athletes, creators, and community as we are is an extremely valuable opportunity. We look forward to working alongside Zytara to create innovative fan experiences focused on bringing their digital payment innovations to life,” John Spiher, Vice President of Partnerships at Dignitas, said in a statement.
“When the concept of Zytara was first born, it was always about bringing to market a banking platform built by gamers, dedicated to gamers. Working with one of the most widely recognized esports organizations in the world shows our dedication to this special group of consumers. We are looking forward to the joint activity taking place with Dignitas throughout 2021 and being able to showcase our innovative products for esports fans and enthusiasts,” said Zytara Founder & CEO Al Burgio.
In 2018, Al Burgio launched the DigitalBits blockchain, a fork of the Stellar protocol. DigitalBits is built for quick and efficient value transfer, which Zytara will use to enable its diverse product suite, including the optimization of payments and other operations within esports. The XDB Foundation, the core supporting entity behind the DigitalBits blockchain, has also worked meticulously to create a partnership ecosystem that supports and enhances these capabilities, including Fireblocks, Messari, and Stably.
In late 2020, Zytara announced the launch of the Zytara dollar (ZUSD), a stablecoin issued in partnership with Prime Trust, redeemable on a 1:1 basis for US dollars. ZUSD is designed for the future of finance, esports and gaming, along with countless other applications. Recently featured in Forbes, ZUSD will first launch on Ethereum before ultimately migrating to DigitalBits in 2021, enabling significantly higher transaction throughput and faster confirmation times. Burgio sees a lot of potential for ZUSD to become digital money for the gaming industry and beyond.
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…