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Facebook Redefines Their Cryptocurrency Ad Ban

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Back in January, Facebook announced their freshly crafted ban on all ads on the Facebook social network related to cryptocurrencies and ICOs.

January was marked as one of the best periods for cryptos, and certainly the best period for digital assets in the following year, given the fact that the majority of cryptocurrencies climbed to record prices.

The Facebook ban didn’t come as benevolent, especially since it followed Google announcing the ban on ICO ads as well, that way limiting the visibility of cryptos with cutting down on well-known marketing strategy tools – advertising on social media.

However, the blow caused by the Facebook ban didn’t stop blockchain technology and ICOs from further expanding while entering a very important stage in the objective of having digital assets and blockchain technology massively adopted. This led Facebook to redefine the terms of their ban.

Whichever the case, Facebook did announce the update on the cryptocurrency ad ban on Facebook.

Facebook Announces a Benevolent Update on the Crypto Ad Ban

Back in January Facebook announced that they will be banning all cryptocurrency related ads on Facebook starting from June of the following year.

The June has come, also bringing changes to the policy Facebook announced more than several months ago, revolving the ad ban for all cryptos.

Facebook announced back in January that they believe that the ban of all crypto related adds, including Bitcoin, represent an active and efficient tool for detecting scammers and preventing scams that include new scam coins, suspicious ICOs, and similar.

The Facebook company stated that they are preventing people from falling to misleading advertisements that are related to these financial products and which often offer “misleading promotional material”, which is the only reason why Facebook would ban any crypto-related ads, as stated by the company’s representatives.

Although Facebook representatives stated that the concern for the safety of their users is their only motive for banning crypto ads, the crypto community rebelled in the terms of believing that legal ICOs, at least those favored by the Securities and Exchange Commission (SEC) should be allowed to advertise on Facebook.

The impact of this ban went further from the Facebook platform because the initial ban also included crypto related ad ban on the company’s branches, such as Instagram where crypto assets were doomed to a massive NO as well.

However, the tables turned, and Facebook just announced the refinement of their crypto ad ban policy, stating that they have nothing against blockchain and, if anything they always tend to follow up with the latest technological trends, while also contributing to the overall development of technology.

That is how Facebook has announced that they will allow certain crypto-based business to advertise on the social network and the platform’s branches, however, there will be some requirements and rules that would need to be met in order for these advertisers to receive their right of promoting their crypto-based business.

The interested advertisers will have to apply for gaining the right for advertising on Facebook, where the approval will arrive after the management reviews the proposal.

Although the crypto exchange markets and certain crypto business would be able to apply in order to get an ad spot on Facebook, the company’s management stated that the ban still remains active for ICOs and binary options.

Although the management of this social media platform is still not showing signs of friendliness towards initial coin offerings, it is encouraging for the crypto community to witness the interest and support that Facebook has for blockchain technology, which is reflected in the fact that Facebook formed their own internal blockchain team several months ago with the idea to explore and test the possibilities of blockchain technology, that seems to be more and more exciting.

Although there have been some rumors stating that Mark Zuckerberg will be launching his own digital asset, it is more likely that Facebook will rather be working on extracting technical capabilities that blockchain technology is offering for another purpose rather than launching an ICO.

Whichever the case, many crypto-based businesses are most certainly delighted to hear that Facebook was ready for making a compromise when it comes to the earlier announced crypto ad ban, which Google, Snapchat, and Twitter also supported.

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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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