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The Future of Social Media

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Any media is a combination of channel and information. Media uses platform to build the channel to communicate with its audience. An audience chooses the media based on a suitable platform and the information it provides. Traditional media used to control their platforms completely. With the growth of social media, their pages became one of many on the platform. Those platform changes affected income source. Here are the media evolution milestones based on those two determining factors.

The infographic demonstrates the evolution of media platform and revenue source.

Print media

It was a long age of print media dominance. There was no other way to distribute information and to connect with each other, other than through publications in newspapers or magazines. The media brand was influential, and subscribers and advertisers were its income source.

Internet media

The emergence of Internet prompted print media to create their own web pages. While the subscription-based part of their income reduced, their business models didn’t change. Banners and sponsored articles became their main source of revenue.

Social media

The struggle between the media and the platform started with the introduction of social media. Internet media use platform to attract an audience and to lure it to visit their web pages.

This does not align with platform goals.

The biggest asset of social media is user data and user-generated content. Their main source of revenue is highly targeted advertisement. While traditional internet-media also have become an element of the advertising networks, they have to share their revenue with content creators. The targeted ads generate too little revenue, that is also cut by an intermediary. Media just can’t produce high-quality content with this source of income alone.

Meanwhile, social media have demonstrated the influence of individuals.

Next generation media

Closer and more instant interactions have become the main trend developing in the new media. This leads to the growth of messenger-like media and streaming functions. With our friends, we prefer to chat in messengers. To experience more, we go to specialized platforms, which display videos, photos, streams or blog posts.

The influencers are rising and claim their share of income. Traditional social platforms manipulate feeds and content to increase their revenue while authors of good content and active communities receive no support. The new revenue model of social media has to involve direct payments. Let’s dive into the future of media and understand how it will benefit all of us.

Trends

How is social media landscape changing? Major platforms introduce a multitude of ideas and approaches with the ultimate goal – to stay influential and increase revenue.

Money has to be shared

Targeting used to be the goldmine for both advertisers and platforms. Companies just reaped customers who were ready and willing to buy. The art of targeting has become popular and now it is a very sophisticated process, while an audience is an object of interest for many companies. Within the traditional model it is becoming more difficult for brands to stand out there. They need influencers to create engaging stories for the brand audience. A creative approach will be more compelling for advertisers.

Media implements many options such as paywall, subscriptions and micro-payments. Direct payments for the specific content or to the user also become more and more popular.

The infographic shows trends in targeting. The bid competition increases and customer acquisition costs become higher. Companies are trying to target more precisely to reach potential customers. While the customers who are ready to buy attract the most attention, the top of the pipeline stays untreated. Brands can cover them by storytelling through different media, platform, and influencers and make real fans of these customers.

Outstanding content breakthrough

The business model of social platforms affects the content quality too. The requirements for content have become low, it just has to grab attention quickly. The channel has become more important for all the parties of social interactions: if you can attract the audience you can earn, regardless of the content quality.

Nowadays social media and other web sites are flooded with low-quality content. Platforms apply different approaches to handle it: moderators, AI, censorship. For example, YouTube introduces manual moderation and additional requirements for partnered channels. Huffington Post announced it will no longer work with contributors on its U.S. site.

The best way to identify quality content is to let users pay for it directly. Experts, educators, and outstanding showmen would thrive eventually.

People build trust

Don’t forget the reason why we all gather here: to communicate openly with someone we like. Social media platforms want us to stay more on their pages and to click adds. For example, Facebook applies algorithms to make people stay longer there, at the same time audience engagement decreases. Facebook has become less social, more media: we scroll feed looking for stories, entertainment and news, and don’t spend the time to comment, like or share.

The personal interactions move to other mediums, such as messengers and streams. Influencers gather people in communities and use group chats, streams, and comments. Communities motivate people to interact, rather than be merely informed.  Information, news, memes, and other content spread very fast across communities, while algorithms address long-term processes.

The new business model

While most traditional networks and media are trying to catch some new trends, the new business model arises. It is that pivotal moment when media just can’t use additional attributes to stay on the top. The new model would not complement traditional platforms, it substitutes them as they don’t change their primary source of revenue based on targeting ads.

The social network, which wins the future, has to combine new business model, new technologies and the new type of content which attracts the young audience. Young people change their preferences fast. Currently, the most popular global social network is just number four in their top and tends to become even less popular. And this list is changing continuously.

Let’s take a closer look at the new business model of media and the example that illustrates it. Monoreto is the social platform which brings together all trends and illustrates the upcoming model. This platform is based exactly on the new principle – direct payments to support excellent content creators.

The core of the platform is content, personal communications, and instant feedback. The platform allows to easily launch live broadcasts, create stories with photos and 10-second videos with overlaid text, and publish different types of content including photo and video.

Influencer: produces content and interact with users. Tells a brand’s story.

Direct donations are the basis of the new model

The donation model of Monoreto implements blockchain technology. The minimum transaction is equal to 5 cents in Monoreto tokens (or more, up to donator), which users transfer with their likes.

There are several reasons why users already donate and will continue to do so:

They want to interact with a public person and to attract attention. During live streams donations have become a very popular way to interact with a broadcaster, to ask him to say or do something. This kind of interactions with influencer become a valuable experience.

Gamification: there are a plenty of ways to turn gratitude into entertainment. In Monoreto these are quizzes, lotteries, and competitions. For example, a world-famous sportsman is able to publish a post and announce that top 3 active donors to the post will get the opportunity to meet him (for dinner, at a training club, etc.)  Millions of followers and fans crave to win the prize. The media easily and transparently conveys the procedure, and winners will gain recognition by everyone and will get their moment of glory.

They also want to be stars, so they explore the platform, interact with influencers and gradually become more active and start to donate. Donations help to stand out for users and even for brands, because accounts who “donate” likes promote their posts in the newsfeed. Brands are encouraged to tell their stories directly to the audience. By liking quality content of other users, a business account climbs upwards on Monoreto’s smart feed and gives information to potential consumers through their content. A business owner thereby gets a real return on advertising investment and his money ends up going to his favorite photographer, blogger, actor, or even another business he decides to support instead of some advertising intermediary.

Find out more at the Monoreto Telegram Channel here.

Monoreto demonstrates a new vision for the social platform model. While the amount of content increases overwhelmingly, it is very important to highlight the best of it and put it on display. The platform distributes revenue from both users and advertisers directly to the content authors. Their motivation to create and form active communities increases. The social platform of the new generation benefits all parties: users, authors, and advertisers. The changes promise to be disruptive.

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Altcoins

BitMEX platform now in Trade-mate.io

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BitMEX

Nowadays, the monitoring of all the statistics regarding exchange accounts and the management of all the potential forces that can lead to alterations, crucial data for all the traders, has become more accessible thanks to a well-known platform, called Trade-mate.io.

This platform constitutes the project of a very experienced team with significant contributions in the field of automated systems. In this platform, the traders can carry out exchanges either automatically or manually, and they can use Binance and Poloniex crypto exchanges as well. Other than that, the users can also benefit from the BitMEX trading platform via Trade-made.io, making their life easier.

Trading on BitMEX

BitMEX is a trading platform that provides to his users the ability to participate in the financial market worldwide by using the so-called bitcoins. This platform is the first one where investors are provided with crypto derivatives that give the possibility to execute transactions with a higher profit margin, with leverage up to X100.

Although, because of the emerging technical issues during the implementation of BitMEX via API have prevented many large exchange platforms of adopting it, that didn’t dissuade the Trade-mate.io of integrated it, widening its users’ potentials even more.

Minimizing the risk of loss

Even though the X100 leverage scenario is very attractive to all the traders, the risk of loss must not be overlooked. Even the most experienced traders are not fully protected from such a great risk ratio, as the price of the triggered order is too close to the elimination zone, which can lead to an X100 loss. On the grounds of that, Trade-mate.io has set an X20 limit at the trading leverage to protect its investors from a great loss of their deposits.

Cross-margin

Cross-leverage hides big risks, as it uses all the available funds in an account’s balance to cover an open position. If the price is moving in the right direction, the leverage will be reduced as well as the collateral due to the accumulated profit. Albeit, in the case, that the leverage will escalate, as a consequence, there will be a total loss of the initial funds. In other words, when the position is opened and the order is liquidated, the entire balance will be reset.

Because of its highly risky nature, the cross-leverage is not recommended for risk-averse investors. It may be advisable for risk-neutral users, as it offers the ability to calculate again the size of the leverage, which will vary within acceptable values.

Because of its high-risk nature, the Trade-mate.io does not support cross-leverage.

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Why use Trade-mate.io platform

One of the most important features of the Trade-mate.io platform is the fact that an order is placed with a take profit and stop loss simultaneously and, they can be altered either automatically or manually, providing to the investor with the opportunity to make Smart Trade functions.

A Smart Trading process consists of two types of orders, the limit order, and the market order. In the first case, an order is placed at the price of interest and when it riches the specified level, the order is activated. In this case, the order is pending. In the case of the market order, the purchase or the sale of an instant market asset is made at that moment.

Trailing mode

The trailing mode is a Smart Trade’s function that rearranges the orders based on the specified parameters, allowing the trader to minimize the risk and to increase his profits. Trailing mode consists of three orders:

1. Trailing take profit

In this case, the order parameters change the value of floating take profit and the default setting is 1%. As the price attains the level of the determined take profit, the take profit is being automatically moved to the set value until the price is no longer changing.

2. Trailing stop loss

The difference with taking profit is that, in this case, instead of taking profit, the taking loss is the one that is moved as the price increases and it remains stable when the price is decreased.

3. Trailing ladder

Here, as soon as an order is opened, the take profit and stop loss are triggered concurrently. In more detail, when the price approaches the first level of taking profit, the stop loss is moved to the break-even point. This will continue until the price crosses the stop loss line and the sell is activated.

It should be emphasized that this mode is not included in the BitMEX platform or any other crypto exchange.

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Edit a task

In the trade-mate.io platform, the traders are also able to edit the current task without canceling it, unlike with other crypto exchange users where the users are obliged to cancel the old task in order to create a new one.

In the Trade-mate platform, the task can be edited before the order is been activated. The traders are able to cancel the task, to change it in case they want to sell cryptocurrency when the price has reached desirable levels or to average it. By this can be benefit traders dealing with leverage, as once they have created an order, they are able to edit it in the meantime, making the whole process more simple.

Last but not least, in this platform, the traders possess the ability to change even the control panel and to make it comfortable for them to use it. They can move the elements in the control panel and adjust them at the most convenient for them positions by just dragging them around the screen.

Copy on BitMEX

BitMEX gives the opportunity to its traders to copy trades from other trades, the so-called auto trading. In addition, traders who execute successful trading on the crypto market, they receive incomes from the subscribers. That’s why Trate-mate.io selects only the traders with the highest ratings in order to guide others. Again, for the safety of its users, the leverage for auto trading will be no more than X5. In this way, liquidating balances are prevented.

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A-share blockchain stocks rally on hopes of investment explosion

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Bitcoin Drop

Stocks of many Chinese blockchain technology-related A-share firms rose to the daily limit of 10 percent immediately after stock markets opened on Monday, amid expectations that more capital would be funneled into the sector following official endorsement.

Feitian Technologies Co, a Beijing-based supplier of smart-card-based security solutions and products, saw its stocks rise 10 percent to 14.85 yuan ($2.10). Previously, the company said it had released equipment for the safe storage of blockchain-based digital currency.

Shunya International Martech Beijing Co, a Beijing-based integrated communications firm, also saw its price rise 10 percent to 18.92 yuan.

In September, Shunya announced that one of its joint stock companies specialized in the application of blockchain technology in the real economy, including supply chain finance, smart ports and blockchain-based food traceability management.

Bitcoin’s price had reached $9,728.93 as of press time, up roughly 22 percent from Friday, data from Coindesk showed.

Chinese President Xi Jinping urged increased efforts to speed up development in this sector, underscoring the important role of blockchain technology in the new round of technological innovation and industrial transformation.

Following the news, Shenzhen Xunlei Networking Technologies Co soared 107.76 percent to $4.82, its highest daily rise since its listing on Nasdaq in 2014.

In October 2017, Xunlei announced it was transitioning from an online services provider into a blockchain company, and released a blockchain-based product named OneThing Cloud.

Other companies, including Beijing Certificate Authority Co, IT solutions provider Yusys Technologies Co and cryptography technology-based information security equipment provider Westone Information Industry Inc, soared to the daily limit on Monday.

The Chinese president’s endorsement of the technology is expected to enhance market appeal for blockchain shares and boost investment, said Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management Co.

“But the application of the technology still has a long way to ago. We need to follow whether or not these public companies really implement the national policy and invest in research and applications,” Yang told the Global Times.

On October 24, Zhongguancun Science Park announced financial support for the research and development of 2,920 small technology companies, including dozens of blockchain-related firms such as innovative blockchain platform Beijing-based ASCH, one-stop blockchain technology service firm Chinaup and Oracle Chain. Details about the subsidies have not yet been made available.

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UNICEF Launches Cryptocurrency Fund

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UNICEF

UNICEF will now be able to receive, hold and disburse donations of cryptocurrencies ether and bitcoin, through its newly-established UNICEF Cryptocurrency Fund. In a first for United Nations organizations, UNICEF will use cryptocurrencies to fund open source technology benefiting children and young people around the world.

Under the structure of the UNICEF Cryptocurrency Fund, contributions will be held in their cryptocurrency of contribution, and granted out in the same cryptocurrency.

“This is a new and exciting venture for UNICEF,” said Henrietta Fore, UNICEF Executive Director. “If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”

The first contributions to the UNICEF Cryptocurrency Fund will be received from the Ethereum Foundation and will benefit three grantees of the UNICEF Innovation Fund – and a project coordinated by the GIGA initiative to connect schools across the world to the internet.

“The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world. Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources,” said Aya Miyaguchi, Executive Director of the Ethereum Foundation. “We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come. We’d like to thank UNICEF and the UNICEF family of national committees for their leadership as we create real progress together.”

The Ethereum Foundation will make its initial donation through the French National Committee for UNICEF.

UNICEF national committees of USA, Australia and New Zealand also accept cryptocurrency.

The launch of the UNICEF Cryptocurrency Fund is part of UNICEF’s ongoing work with blockchain technology. UNICEF co-leads the UN Innovation Network with WFP. The network is responsible for researching the potential and pitfalls of blockchain and other emerging technologies.

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Cryptocurrency confirmed by the only stable resource on the planet – ERTC

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Each of us is familiar with the phenomenon of cryptocurrencies – someone was mining, someone is earning on a change of course, sellers and a buyer, someone is investing their money and now sits on Corvalola, In all cases when no one uses cryptocurrencies to store all their savings. It is all about high volatility and their extreme instability – it is impossible to accurately predict the course, which can change the order in a short time.

At the same time, cryptocurrencies have all the advantages compared to financial money – additional security, low transaction fees, transfer speed, transparency, reliability and independence from external financial institutions. All this is done in accordance with the format of financial relations, which continues to develop dynamically.

Solutions to problems related to the voluntariness and reliability of the contribution to steel – and cryptocurrencies with a stable exchange rate.

Which resource is the most stable? The most sought after and reliable. Which resource is the patron of all existing resources? The situation and other factors affect the dependence on cataclysms. – This is the land. The Genesis 2.0 group of companies has developed the ERTC platform, which includes:

  • ERTCoin – stablecoin, confirmed by legal ownership of land
  • Private ERTC blockchain in which any device can be a mobile node
  • SmartWallet – an electronic wallet on which ERTCoin and other currencies are stored, all transactions and purchases / sales are also carried out
  • ERTCoin with legal confirmation of ownership
  • The electronic payment system, which provides mobile communications, provides new opportunities and opportunities for paying for goods and services, converting, saving funds and transactions from anywhere in the world.

The issue takes place on the ERTC platform thanks to the Validation process – the procedural verification of land ownership must be confirmed.

Validation takes place in four stages:

  • The user uploads a pool of documents confirming his ownership.
  • The legal service and AI verify the authenticity of documents and request data in specialized services.
  • ERTCoin according to the number of square meters of land
  • The user receives half of the issued ERTC in their electronic wallet

Conference participants from 13 countries have already registered more than a million ERTC platforms.

Today, the ERTC team completed the first two stages and has already begun to conclude the third stage – the development of a full-cycle electronic payment system for individuals and legal entities. lack of.

The possibilities of EPS are not limited when purchasing goods, services, geography of participants, jurisdiction and economy, are not determined by geopolitical factors and are dependent on the right field and legal requirements.

A personal online bank, a private block bank with a unique technological mobile network, all these requirements make it possible to confidently assume that the electronic payment system ERTC is a promising medium-term financial one.

The ERTC project represents full-fledged opportunities for interaction with other states – “money”, in which virtually any individuals and legal entities are used — using an electronic payment system. cost of commission, convenient and affordable.

ERTC erases the geographical boundary and makes financial interaction of any level safe and comfortable.

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Switzerland’s FINMA boss fears crypto’s ‘dark corners,’ not Libra

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Switzerland

Switzerland is more worried about cryptocurrency projects developing outside official scrutiny than about the Facebook-conceived Libra project, which is being handled with openness, the head of Swiss financial supervisor FINMA said on Tuesday.

“I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyber space and one day are too big to be stopped,” Branson said at a Bloomberg event in Zurich. “Here is something which is being done transparently.”

Three months ago, Facebook announced plans to launch the digital currency in June 2020, sparking intense interest — and more recently, opposition from France and Germany — in what is seen as a bid to drag cryptocurrencies into the mainstream. The project could be delayed amid global scrutiny, Libra officials said last week.

With the Libra Association that oversees the digital coin based in Geneva, Switzerland has been the focus of much of the scrutiny, since Branson’s office is among those that will supervise the project.

He reiterated that Libra will be under strict rules that typically apply to banks on top of tough anti-money laundering laws, but that Switzerland would not be putting up extra hurdles in front of the project.

“We are not here to make such projects impossible,” Branson said. “We will respond to them with an open mind, with an attitude that same risks require same rules. Our rules and standards are non-negotiable.”

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Altcoins

Binance Delists Trading Pairs

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Binance

Binance: to improve liquidity and user trading experience among our wide range of available assets, Binance will remove and cease trading on the following trading pairs (as requested by most project teams) at 2019/09/30 8:00 AM (UTC):

ANKR/PAX, ANKR/TUSD, ANKR/USDC, BCPT/PAX, BCPT/TUSD, BCPT/USDC, BTT/BTC, DENT/BTC, DOGE/PAX, DOGE/USDC, ERD/PAX, ERD/USDC, FTM/PAX, FTM/TUSD, FUEL/ETH, GTO/PAX, GTO/TUSD, GTO/USDC, LUN/ETH, NCASH/BNB, NPXS/BTC, ONE/PAX, ONE/TUSD, PHB/PAX, PHB/USDC, TFUEL/PAX, TFUEL/TUSD, TFUEL/USDC, WAVES/PAX, WIN/BTC.

Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Binance will make best efforts to choose high quality coins, but will not be responsible for your trading losses.

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Blockchain

SoFi Introduces Crypto Trading With SoFi Invest

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SoFi

SoFi announced today that it has added crypto trading to its fast-growing SoFi Invest platform, as a response to demand from its over 800,000 members. SoFi Invest is now the first platform to offer automated and active investing with stocks, ETFs, and crypto through a single app.

Individuals can easily buy and sell several cryptocurrencies with straightforward, competitive commissions and no account minimums, as well as track the price movements of the world’s most widely-traded digital assets, with more cryptocurrencies to be added in the coming months. SoFi secures all crypto holdings from fraud and theft.

“Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto,” said SoFi CEO Anthony Noto. “We’re very pleased to be adding this new product to SoFi Invest, as access, education, and keeping costs low for our members is at the heart of what we do.”

SoFi Invest, released to the public earlier this year, offers both automated (robo-advising) and active investing (trading) with no fees on stock trading or account minimums. The launch of crypto trading comes on the heels of SoFi’s introduction of its own SoFi-branded ETFs this Spring, which included the first two zero-fee ETFs on the market, as well as Stock Bits: the ability to buy and sell fractional shares in over 100 popular stocks and ETFs ranging from Apple and Amazon, to Alphabet and Tesla*.

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PrimeXBT Expands Referral Program and Launches First Offer for Affiliate Partners

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PrimeXBT

PrimeXBT, a bitcoin-based margin trading platform offering up to 500x on crypto, commodities, indices, and forex currencies, has announced an expansion of its wildly successful referral program and the launch of the first-ever offer for affiliate program partners.

Affiliate Programs Invite Clients To Be A Part Of Something Big

Clients interested in earning additional income through PrimeXBT beyond just trading alone will have two lucrative options to choose from: a new CPA offer, or an expanded 4-level referral program.

Both types of programs have unique benefits that are designed to suit a variety of trader’s needs, offering quick payouts and extremely high conversion rates due to the simplicity of signing up to PrimeXBT and the platform’s reputation for offering the most advanced tools in the market. PrimeXBT requires no KYC verification, making registration fast and simple.

Either program is ideal for professional traders, bloggers, and more, or the owners of private groups, websites, forums, or other resources. The larger the following or audience, the more income can be generated. Social media influencers or bloggers with over 5K or more active subscribers may be eligible for a special, tailor-made program custom to suit their unique individual needs.

Expansion of Referral Program Following Viral Success

PrimeXBT’s referral program has become a viral sensation, fueling the incredible growth of the trading platform’s user base, and is now expanding to offer clients even greater earning potential.

The referral program is a 4-level revenue share model. This means that clients will not only earn a 50% revenue share of the monthly trading fees generated by referred users but will continue to earn a portion of the fees from any additional customers the referral brings to the platform – for up to 4 levels of earning.

PrimeXBT Debuts Affiliate Program First CPA Offer

PrimeXBT’s CPA offer awards clients with a one-time compensation for each and every individual trader who becomes a registered customer through a shared referral link.

Rather than relying on generating income from trading fees from referred users, traders who select this option can earn a consistent fee, growing their income with each new customer signup.

The most experienced affiliates may be eligible for a special CPA plus rev-share program, offering the best of both worlds, and are encouraged to inquire if interested.

Top 3 PrimeXBT Affiliates Have Earned Over 100 BTC Combined

Proving the runaway success of the PrimeXBT referral program, the three top referrers have earned 49 BTC, 33 BTC, and 26 BTC respectively. That amounts to over 100 BTC across just the top three accounts, or over $1 million generated in additional income through a rev share of referred customer’s trading fees.

The more new customers these traders referred, the faster and higher they were able to drive up their earnings.

Trading Platform Rewards Clients Who Refer New Customers

Clients can access an affiliate dashboard within their PrimeXBT account that provides transparent reporting on all referred users and payouts, and download a helpful marketing kit. The affiliate dashboard also allows for easy access to a client’s affiliate link and will soon include buttons to easily share affiliate links via social media, right from within the dashboard itself.

Payouts are among the fastest in the industry and can be made through Skrill, Mastercard, Visa, Neteller, or through wire transfer.

A PrimeXBT official spoke of the expansion of the platform’s affiliate programs, explaining that “PrimeXBT clients have helped drive the tremendous growth of the platform throughout the year, and we have expanded our affiliate programs as a way to share in our success and reward them for their loyalty.” “PrimeXBT is a product customers can proudly recommend to others, helping them to become profitable traders using the platform’s advanced trading tools to trade a number of digital or traditional assets,” they continued.

More information on PrimeXBT’s CPA affiliate program and 4-level referral program can be found at https://primexbt.com/affiliate.

About PrimeXBT

PrimeXBT is a fintech company established in 2018 which offers a Cryptocurrency, FX, Indices and Commodities trading infrastructure with up to 500x leverage for long and short positions, and aggregated liquidity from multiple liquidity providers. The company provides access to real-time market data and a wide range of trading analysis tools while maintaining security, liquidity, and enabling a safe and efficient trading environment for everyone.

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China has no timetable to launch digital currency: central bank governor

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china

China’s research and development of digital currency has achieved positive progress, but the country has no timetable to launch a digital currency so far, a Chinese official said on Tuesday.

China’s “digital currency for electronic payments” design aims to replace part of M0 instead of M1 and M2, and the country’s digital currency plan will not change its current path of currency supply, Yi Gang, governor of the People’s Bank of China (PBC), told a press conference in Beijing.

There is no timetable for China to launch a digital currency as the PBC needs to research, test, evaluate and prevent risks, the governor said.

M0 money supply is usually defined as currency in circulation, while M1 is calculated as M0 plus demand deposits. M2, known as broad money supply, includes a much broader range.

Yi said that there is no presupposition for a tech roadmap of digital currency R&D, and that blockchain (a digital, public ledger that records online transactions) will be considered to develop a digital currency.

The plan to combine the digital currency with electronic payments aims to activate the Chinese market, Yi said.

If the digital currency is to be used in cross-border business, more regulation requirements relat-ed to anti-money laundering, counter-terrorism financing and anti-tax havens need to be put in place, according to Yi.

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BlockFi Removes Minimums and Fees for Its Crypto Interest Account

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BlockFi

BlockFi is excited to announce today that it has dropped all minimums in the BlockFi Interest Account (BIA). BIA clients will no longer have to meet a minimum deposit amount in their Bitcoin, Ether, or GUSD balances in order to earn interest. Additionally, BlockFi has removed the early withdrawal penalty from the account and is now offering one free withdrawal per month to all clients.

When BlockFi first launched the BIA, the price of one Bitcoin was significantly lower than it is today. In March 2019, one Bitcoin cost around $4,000. Since then, the price has more than doubled. Due to client feedback and increasing demand for the BlockFi Interest Account, the company has decided to remove the minimum to earn interest and make its products more widely available to all crypto investors.

“We’re thrilled to see the growth in platform activity from crypto investors leveraging our wealth management products. This update to our terms will make our products more widely accessible – which is a key theme of the crypto sector and part of our mission at BlockFi.” – Zac Prince, CEO and Founder.

“Earlier this year, we expanded into new markets such as India. By making BIA open to all, we plan to target clients in Latin America, where banking services and credit reporting are limited. U.S.-grade financial products have typically only been available to high net worth individuals in countries like Argentina and Costa Rica. BlockFi’s platform leverages blockchain rails to make wealth management products available on a much broader scale.” – Flori Marquez, Co-Founder and VP of Operations.

Having recently raised its Series A financing round, led by Valar Ventures, BlockFi is currently focusing its efforts on rapidly scaling its core business, making its current products (BIA and crypto-backed loans) more accessible to a wider crypto audience, and developing new products to expand its addressable market. To this end, BlockFi is actively working on innovative approaches to bring more value to its current clients and crypto investors at large. For example, BlockFi recently added a new feature to the BIA, Interest Payment Flex. With Flex enabled, clients holding Bitcoin, Ether, or GUSD in their BIA can select which of the three offered currencies to receive all their interest in. Dropping the minimums to earn interest is the latest step in this process: this change will allow crypto investors holding any amount of Bitcoin, Ether, or GUSD to benefit from BlockFi’s wealth management offerings.

Although there is no longer a minimum balance required to earn interest, accounts are still subject to Gemini’s withdrawal minimums: 0.003 BTC and 0.056 ETH. Withdrawals for balances smaller than these amounts may take up to 30 days to process.

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