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Facebook Changes its Mind – Crypto Ads can Return to the Platform

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Facebook has decided to go back on its decision to ban cryptocurrency-related ads from the platform. The original ban came earlier this year, in January, due to a large amount of fraudulent advertising. Now, the ads will return, but only those belonging to pre-checked firms.

Crypto ads return to Facebook

Back in January 2018, one of the biggest social platforms, Facebook, decided not to allow cryptocurrency-related businesses to post ads. The ban came after the platform noticed that the increase in the value of cryptos has started inspiring a lot more people to join the crypto world. This by itself is not harmful, but the increase in crypto prices also inspired many to start offering fake services and trick the new, unsuspecting investors.

Facebook decided that these deceptive and misleading ads are not tolerable, and has, thus, banned all crypto-related advertising material. Now, the company came to a new solution to the problem, and the ads can finally return, like the platform promised at the time.

As part of their increase in security, those wishing to advertise crypto-related services will have to submit a special kind of application. The application will also have to contain proper licenses, as well as various documents that prove that the firms actually have a legitimate business background. The documentation will then be reviewed and checked by Facebook’s staff, which will then approve or deny the companies from posting ads on the platform.

Facebook is not the only social platform to have done this, and many have recognized the dangers that their users can face due to these fake ads. Only a few months after Facebook introduced its ban, Google did the same. Twitter and Snap decided that they need to improve their ad policies as well.

The decision to allow ads back to the platform will not include all ads, however. According to Facebook’s new policy, ads on ICOs and binary options still won’t be accepted by the platform. Apart from these two, all other aspects of the crypto world will once again be advertised as long as their documentation checks out.

Despite this, Facebook’s team has encouraged users to report all inappropriate ads that they might encounter. This might mean that not all ads will be checked, only the companies that wish to post them. For the time being, Facebook’s team will listen to the customer feedback, and make new decisions accordingly.

Blockchain and cryptos: potential & speculation

The decision to return ads to Facebook is not that surprising, considering that the growing popularity and interest in cryptos will allow the platform to profit from the ad revenue. Not only that, but the company also seems to have developed an interest in the blockchain technology as well. In fact, according to some reports, Facebook has even prepared an entire team led by David Marcus, dedicated to studying blockchain, and proposing ways that it can be used for bettering the platform.

Some reports even claimed that Facebook might develop its own cryptocurrency in the future and that it might be used for microtransactions, such as those involving gaming. No official statements on this have been released, and for now, it all comes down for speculation by the crypto community.

Additional rumors say that Facebook’s interest in cryptos has grown so large that the company might even try to acquire Coinbase. Neither Facebook nor Coinbase commented on this, but the speculators believe that doing something like this would be extremely beneficial to both companies.

Coinbase is currently serving around 10 million customers, but the number of Facebook’s users exceeds 2 billion. This means that any crypto that Facebook might choose to introduce in the future will have an unimaginable reach than any other currency, traditional or crypto. Still, until some major issues have been resolved, mainly the question of centralization vs decentralization, it is not likely that Facebook or any other large social platform might make this step.

For exchanges, ICO’s & casinos there is an alternative, a crypto advertising network called Coinzilla, that can provide banner ads and native ads on over 400 crypto related websites.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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