Anybody that has spent some time in the initial coin offering (ICO) space will likely already be familiar with Matchpool. The company conducted what was – at the time – deemed a highly successful ICO backing April 2013, raising just shy of $6 million with the goal of using the capital to develop a networking type platform (more on what the platform does in a moment).
Almost immediately subsequent to the ICO closing, however, problems started to arise. The company announced that Matchpool co-founder Philip Saunders had resigned his position and that a portion of the capital raised through the ICO, what amounted to around $1.75 million at the time, had been withdrawn from Matchpool’s ether wallet.
People started to panic and the token that was used as the basis for the ICO, what’s called GUP, started to fall. During the subsequent few weeks, however, the concerns were explained away. The $1.5 million withdrawal was purely an exercise in risk mitigation (the funds were converted to bitcoin, which was – back then – far less volatile than ether) and the cofounder resignation was revealed to have been amicable and, perhaps more importantly, was resolved with the company bringing on a renowned Israeli military software developer as CTO.
Anyway, fast-forward to the end of the year and things are really starting to move at Matchpool. The company has launched an alpha release platform that looks strong and its market capitalization (or, more accurately, the market capitalization of the GUP token base) is rising fast. Over the last 24 hours alone, GUP has gained close to 100% and currently trades for $0.46 a piece, up from the $0.09 at which the token traded on ICO day.
Outside of the overarching operational developments, however, there is another input here that is driving the recent spike in both volume and price and we suspect that said input could control price for at least the rest of this week, meaning that even on the back of the recent gains, there could still be some opportunity for a short-term profitable exposure to GUP.
Before getting to that, let’s quickly touch on the platform itself.
The best way to think of it is as a sort of community type platform that requires users to be introduced to one another, with the person who does the so-called matchmaking (the person making the introduction) receiving payment in GUP for doing so.
It’s like an incentive-based LinkedIn sort of system.
So that’s the concept and it’s a relatively simple one but – we think – neat at the same time.
Where’s the opportunity here?
Well, towards the end of this week, Matchpool is going to issue a secondary token called QGUP on top of the Qtum blockchain. Current holders of GUP on the Ethereum network will have an option to claim the second token on a 1:1 basis, within a limited timeframe. The assumption is that QGUP will rise in value in line with the GUP token that’s currently primarily representative of the platform’s valuation and, in turn, this assumption is driving an increased demand among GUP traders and investors who wish to pick up an exposure in an attempt to capitalize on the 1:1 issue of QGUP.
We saw pretty much exactly the same type of action in bitcoin ahead of the bitcoin cash hard fork earlier this year. This isn’t a hard fork, of course, but the concept is the same as far as picking up freely distributed secondary tokens is concerned.
Keep in mind that we may see a correction immediately subsequent to the secondary issue as the shorter-term operators pull profits off the table but, longer term, we expect the correction to reverse pretty quickly.
We will be updating our subscribers as soon as we know more. For the latest updates on GUP and QGUP, sign up below!
Image courtesy of Matchpool.
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…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…