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VirgoX and Global Digital Assets (GDA) Launch World Stablecoin Association in Geneva

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Digital asset exchange VirgoX and blockchain capital markets firm Global Digital Assets (GDA Capital) have launched the World Stablecoin Association (WSA), an independent, not for profit organization headquartered in Geneva, Switzerland.  

The WSA’s mission is to unite business leaders, enterprises, community buildings, and regulators in the stablecoin industry internationally, the founding companies stated today. Besides the two founding firms, the new organization’s members already include BlockGeeks, stablecoin projects BRZ,  CBRL, Peg Network, QCAD, QC, Ren, Stably, USDK, XDB, and capital groups Alpha Sigma Capital, Consensus Labs, and Nova Club.  VirgoX’s CEO Adam Cai said they are in talks with larger projects, such as Tether (UDST), USD Coin (USDC), Dai (DAI), and HUSD. 

Additionally, several influential blockchain media and communities, such as Blockchain Club, Mars Finance, Jinse Finance, expressed interest in curating and delivering “more stablecoin trends with the WSA”. Membership will also be open to enterprises, government agencies and other active companies adding value to and advocating for stablecoins. 

The WSA members point out that the use and demand for stablecoins have been growing exponentially over the past few years.  On-chain stablecoin activities have increased over 800% in the last 12 months alone, with $290 billion in transactions, per market intelligence firm TokenAnalyst.  The total daily trading volume of stablecoins is now the largest of any digital asset on the market today.  

“Stablecoin is evolving rapidly with the exponential growth of total market cap in the past couple of years. The potential of stablecoin applications is yet to be fully unveiled. WSA is established to assist various stablecoin initiatives to develop and get connected within the industry. Every member shall benefit from the open ecosystem that WSA is building,” ” said Adam Cai, CEO of VirgoX

“Stablecoins or digital assets that are collateralized by real world utility represent the single most likely way for blockchain technology to reach a mainstream audience. The majority of the world will not hold their wealth or transact in bitcoin or any digital asset that is extremely volatile as it presents too much risk. Especially in times like these where governments around the world are printing large volumes of their countries fiat currency to stimulate the economy and also requiring USD to do international imports, stablecoins are filling the huge gap for liquidity,” said Michael Gord, the co-founder and CEO of Global Digital Assets,

Cai and Gord explained that the WSA has four pillars: policy analysis, education, partnerships and advocacy. Each member organization has at least one executive participating in at least one of the initiatives. The policy analysis committee will join forces with other research institutions, think tanks and associations to analyze the global regulatory and economic landscape of stablecoins. The education committee will publish educational material and arrange offline meetups and conferences including an annual World Stablecoin Summit each year in Switzerland. The partnerships committee will leverage relationships across industry verticals to support members in forming meaningful global alliances and the advocacy committee will act as the voice of the stablecoin industry and represent enterprises, stablecoin projects and other industry vertices to accelerate the stablecoin policy making process. 

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Ethereum Price Outlook as the DXY Index Crash Continues

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Cryptocurrency prices remained in an upbeat tone on Thursday as the US dollar index continued its bearish move. Bitcoin, the biggest cryptocurrency in the world, rose to $23,165, the highest level in months. Similarly, Ethereum has risen by more than 4% in the past 24 hours while BNB Coin and XRP surged to $307 and $0.41, respectively. 

US dollar index retreats

Cryptocurrencies have an inverse relationship with the US dollar index. For example, the DXY, which looks at the performance of the greenback vs other currencies, soared to a 20-year high of $115 in 2022. As that happened, cryptocurrencies like Bitcoin plunged during the year.

The foundation of this relationship is the Federal Reserve. In most periods, the US dollar index tends to rise when the Fed is extremely hawkish and vice versa. And it was extremely hawkish in 2022 as it hiked interest rates by more than 400 basis points. 

Therefore, while the Fed has remained hawkish recently, the US dollar has dropped because of what the data is saying. Data published recently showed that America’s inflation is easing. The closely watched consumer price index dropped to 6.5% in December while core inflation fell to 5.7%. 

At the same time, other parts of the economy are showing that the American economy is indeed recoiling. Retail sales dropped sharply in December while many…

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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. One of the ways to have a successful…

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Campden Wealth Partners with GDA Group to Enter Digital Asset Markets

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Blockchain conglomerate GDA Group joins as Campden Wealth’s newest Corporate Partner for 2021. Based in Toronto, GDA group provides access to all verticals of the crypto capital markets to institutions and private investors. The two institutions once operated on different verticals, so the partnership indicates a new era of portfolio allocation and asset diversification. Digital assets, including bitcoin, are becoming a vital component of modern investment strategies. GDA Group provides multiple avenues for digital asset exposure, including trading services through their institutional trading desk Secure Digital Markets, including non-recourse lending up to $100M through GDA Lending, and private placements through their capital markets arm GDA Capital

“Institutions have spent a decade on the sidelines, evaluating the risks of this burgeoning sector. Now, in less than 6 months we have seen billions in institutional and private capital enter the space,”  says James Godfrey, FX and International Banking Advisor to GDA Group. “Our relationship with Campden will illustrate the maturation of this industry and where we are headed next. New stakeholders will need experience, resources and insights to navigate this new market and evaluate upcoming opportunities.”

 “The Campden Community is constantly balancing the needs of wealth creation for the future, with wealth preservation…

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