Management consulting giant McKinsey has published an in-depth report about the metaverse
The firm sees the metaverse sector growing to up to $5 trillion by 2030
Banking, e-commerce, retail, telecommunications, and media use cases are the most likely to experience the biggest impact due to the metaverse advancements
A new report by McKinsey & Company sheds light on long-term prospects of the metaverse
Global management consulting firm McKinsey & Company (“McKinsey”) has published a 77-page report on the metaverse and its potential to disrupt a number of existing industries. According to the findings of one of the “Big Three” management consultancies, the metaverse sector could grow to become a $5 trillion industry by 2030.
McKinsey attributes the potential for immense growth over the coming years to the broad application of metaverse technologies across virtually every major industry. Case in point, the firm envisions the metaverse to disrupt banking, e-commerce, retail, telecommunications, and media.
Potential of metaverse technologies across consumer and enterprise use cases. Image source: McKinsey
When asked about the top three technologies most important for the development of the metaverse sector, cryptocurrency, artificial intelligence (AI), as well as augmented and virtual reality (AR/VR) were the top three choices picked by more than 400 executives surveyed. In addition, Web3, NFTs, and blockchain also ranked high on the list of technologies responsible for the growth of the metaverse.
McKinsey’s analysis shows that the metaverse growth trend has already been established. The level of venture capital investments in the space in 2022 has already surpassed the total amount invested throughout 2021. In addition, 59% of surveyed consumers said they are “excited about transitioning their everyday activities to the metaverse”.
The McKinsey researchers concluded the report by stating:
“In the end, with its potential to generate up to $5 trillion in value by 2030, the metaverse is simply too big to be ignored. It will have a major impact on our commercial and personal lives, which is why businesses, policymakers, consumers, and citizens are well advised to explore and understand as much as they can about this phenomenon, the technology that will underpin it, and the ramifications it will have for both our economies and wider society.”
TRON DAO Reserve has withdrawn 2.5 billion TRX from Binance, likely to decrease the access to liquidity available to potential TRX short sellers
The move comes at the time when USDD stablecoin is struggling to reestablish its $1 peg
The DAO has increased the over-collateralization ratio of USDD to more than 300% in the past week
TRON DAO Reserve is making it more difficult for traders to short TRX
TRON DAO Reserve is doing everything in its power to ensure the survival of its USDD stablecoin amid the bearish market conditions. Recall that USDD lost its $1 peg on Monday and slipped further away from its intended value in the subsequent days. At its lowest point on Wednesday, USDD was changing hands at $0.958. The stablecoin has since recovered some of its value and is trading at $0.975 at press time.
USDD/USD weekly price chart.
To prevent a more considerable de-peg, TRON DAO Reserve announced a series of measures to combat the falling price in the last couple of days. First, it tried to put USDD holders’ minds at ease by injecting 700 million USD Coin (USDC) into the reserve fund. By doing so, it managed to raise the over-collateralization level of USDD from roughly 250% to above 300%.
Now, the TRON organization has announced another move to further “safeguard” the stablecoin project. The DAO will withdraw 2.5 billion TRX from Binance in order to lower the total liquidity available to traders for short-selling the asset.
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will withdraw 2.5 billion #TRX out of binance.
The USDD algorithmic stablecoin operates similarly to TerraClassicUSD (USDTC), which suffered a monumental collapse last month, during which the value of Luna Classic (LUNC) and USTC fell by more than 99%. In total, roughly $60 billion was lost in the Terra ecosystem’s market collapse.
The USTC depeg was caused by a textbook example of a bank run scenario – as the USTC started losing its value, the selling pressure increased and further decimated the price of the stablecoin. Since $1 worth of USTC was guaranteed to be redeemable for $1 of LUNC, and vice versa, the LUNC token collapsed in unison with the algorithmic stablecoin. In addition to the arbitrage mechanic, there were not enough assets backing USTC to provide enough liquidity and prevent the price from collapsing.
The TRON team helmed by the founder Justin Sun is determined to not let the same scenario unfold with USDD. For this reason, the DAO increased the value of assets backing the 723 million USDD in circulation to roughly $2.2 billion and withdrew nearly $150 million worth of TRX from Binance. At the time of writing, USDC accounts for the largest share of assets backing USDD, with $1 billion. The remaining reserves are split among TRX, Bitcoin, and Tether.
Streamflow is a platform with several products that businesses (and individuals) can use to disburse funds. It recently raised $3.1 million in a seed round led by Jump Crypto. The round included Solana Ventures, T3E, AngelDAO, Ratio Finance, Huobi Ventures, Hypersphere, MEXc Labs, IVC, Solidity Ventures, and Genblock Capital.
Streamflow features several products, including token vesting, payroll, and batch payments via permissionless multi-sig wallet. It is building a protocol, with SDKs and applications to perform token vesting, manage payroll for organizations, have multi-signature treasuries, etc. They will help organizations save time and money expenses.
Streamflow Overview
Streamflow was created to solve some payment problems on Solana. These problems include the absence of multi-sig solutions, illiquid vesting contracts, lack of a crypto-native token distribution product, and an event-based token unlocking product. Also, the existing solutions, which were on the Ethereum network, are slow and costly.
It decided to develop a payment streaming solution that is an efficient, simple, and secure token distribution platform. The streamflow app has configurable features that allow employees, freelancers, service providers, and contractors to process payments as per their requirements. It boasts unique features that are beneficial to both the employer and employee. It uses a decentralized wallet, funds, and employees’ addresses to run payroll streams. It is bankless and paperless, thereby reducing time and money spent.
Token vesting that takes up the time of crypto teams has been optimized by Streamflow. With its token vesting app, token vesting can be handled in a simple, permissionless, and decentralized way with its programmable features, saving time. The app provides an optimized way to vest SPL tokens to crypto teams, investors, and communities.
Streamflow aims to simplify financial workflows in the crypto space. It employs decentralized, permissionless, and trust-minimized tools to improve financial workflows and payment-related tasks. It offers its batch payment and multi-sig vault solutions on Solana.
These solutions are available to DAOs, venture capitalists, foundations, crypto teams, and individuals for several financial services. These services include vesting contracts, paying salaries, sharing airdrops, disbursing rewards, and processing subscriptions and grants.
Streamflow Features
Streamflow is an inclusive platform that can be used by everyone. It has a frictionless and easy-to-use interface to aid adoption. It performs transactions instantly at a cheap rate and a fraction of a second. It plans on creating integrations with DeFi and crypto protocols to aid capital efficiency.
Streamflow currently has two products, token vesting, and payroll streams, on mainnet. It has plans to launch multi-signature vaults and batch payments in future. It is working to innovate and grow its products and services over time.
The difference between a token vesting stream and a payroll stream is that you can set up a cliff time and release a percentage for a vesting contract stream, but you can’t for a payroll stream. Similarly, you can top up a payroll stream, but you can’t do that in a vesting contract stream.
The core of Streamflow consists of a protocol for streaming payments, that acts like a time-lock escrow service for funds. It serves as a building block for many payment-related use cases, including risk-minimized trial period, token vesting, progressive payroll, continuous fundraising and donations, subscriptions, any pay-per-usage use case.
Streamflow charges a small service fee of 0.25% on any amount being streamed. Asides from this, the Solana network charges fees as well. It is advisable to have at least 0.02 SOL to avoid failed transactions. Streamflow plans on launching its native token, $STRM, which will serve various functions in the ecosystem. It can be used for the lockup mechanism. Streamflow through its products aims to make token distribution easier and faster.
When Bitcoin first appeared in 2009, it was full of mysteries. For one, few people understood how it worked. Secondly, banks and governments were afraid it would replace fiat currencies.
Misinformation surrounding Bitcoin led to lots of propaganda campaigns against the digital currency. Yet, not everyone was quick to dismiss it. The following industries saw potential in BTC when no one else did.
1—Online Gambling Sites
In the early 2010s, online gambling was still struggling to get global recognition. Sure, it was legal in the UK, Malta and the Caribbean. But it was not allowed in the US and many other parts of the world.
To help people find an easy way to deposit money, online casinos embraced the then new Bitcoin payment method. Bitcoin transcends geographical borders. Anyone with Internet access can send and receive crypto all around the world.
Today, online casinos are legal in almost every European country. What’s more, a number of South American and African countries also support iGaming. More importantly, the industry is now allowed in the US.
To be clear, not every American state permits online gambling. New Jersey, Pennsylvania, Delaware, Michigan and West Virginia lead in supporting iGaming.
The best online casinos for PA players as reviewed by online-casinos.com also tend to have licenses in NJ, and MI. However, you need to check each operator’s payment methods if you want a casino that supports crypto.
2—Restaurant Chains
In 2010, Papa John’s became one of the first Pizza restaurants in the world to accept crypto. As the story goes, a man ordered $40 worth of pizza in exchange for 10,000 bitcoins.
At the time, one bitcoin was worth cents. So, it was a fair trade. But looking back at the business exchange, crypto fans all over the world tend to make fun of the poor guy.
Here’s why. At its peak in 2021, one bitcoin was worth $69,500. So, had the guy held his 10,0000 BTC and sold them last year, he would have walked away with $695 million.
Papa John’s Pizza chain aside, there are tons of restaurants and hotels that now accept crypto for payments. The most notable chains include Starbucks, KFC, Subway, Burger King and IHOP.
3—Online Shopping Sites
Up until 2015, Bitcoin lovers had a difficult time trying to explain its use cases. That’s because not many merchants accepted it as a payment method. Luckily, a few retail stores in 2014 and 2015 found value in the currency and added it to their list of accepted payment options.
Overstock.com, which specialize in furniture and home décor provided support for Bitcoin payments in 2014. Newgg.com, an eCommerce site for tech products, also began to accept crypto the same year.
With time, more shopping sites became bitcoin friendly. In fact, they also introduced support for altcoins like Ethereum, Solana, Litecoin and Dogecoin.
4—Video Game Companies
Microsoft was the first major video game company to support Bitcoin in 2014. At the time, the company allowed users to purchase video games, Windows software, Xbox consoles and Windows phones through BTC.
Over the next five years, lots of video game companies fell in love with crypto. NVIDIA, for example, embraced crypto because Bitcoin miners were purchasing its GPU units at an alarming rate.
On the other hand, video game brands like Ubisoft, Steam, Twitch, Sony and Gamivo support crypto since most of their customers were crypto enthusiasts.
The gaming industry’s love affair with crypto inspired developers to create “Play to Earn” video games like Axie Infinity and crypto kitties. These games are based on the blockchain. And they reward you with valuable tokens when you complete missions. You can then sell your tokens for money.
5—Non-Profit Organizations
Many industries that were initially opposed to crypto had no good reasons for doing it. So, when charities discovered that bitcoin was worth money and there were millions of people who owned it, they supported it.
Red Cross, one of the largest charity organizations in the world, first accepted Bitcoin in 2014. The move inspired lots of smaller charity organizations to accept donations through the same digital currency.
Some critics argue that Bitcoin’s pseudo-anonymous nature provides leeway for people to donate illegally acquired crypto. But then again, this is also a possibility with fiat payments.
6—Software Companies
When you think about it, you can purchase nearly any software app online through Bitcoin. Whether you want an anti-virus, a web hosting company for your blog or cloud computing services, you can pay for them through Bitcoin.
Usually, software companies support Bitcoin because they are operated by people who love the digital currency. Also, these companies understand how crypto work and have no reason to oppose it.
7—Stocks Trading Websites
One of Bitcoin’s major problems in 2010 and 2011 was finding a way into the mainstream culture. If you didn’t know how to mine BTC, you had to meet a seller in person to own it.
In 2013, however, eToro became one of the first stocks trading sites to provide Bitcoin trading. The way this service worked was that you bought a specific amount of crypto. But you couldn’t take it out of eToro.
You could buy one or 10 Bitcoins. And if the crypto gained value, you could cash out your profits. However, you couldn’t take your BTC out of the platform. Of course, not everyone was happy with this system.
And that led to the growth of crypto-only trading websites like Mt. Gox. Speaking of which, Mt. Gox used to be the largest crypto trading site in the world until it collapsed in 2014.
Conclusion
Crypto has come a long way since its invention in 2009. First, governments and banks saw it as a threat to their wellbeing. However, tech-savvy people saw it as investment opportunity.
Although owning Bitcoin was great, spending it through real-world purchases was even better. Luckily, lots of industries now support the cryptocurrency. You can use it for online shopping, sports betting, paying school fees or buying pizza.
TRON, one of the largest and most popular public blockchains, has announced that TRX will be supported by Crypto Finance. More TRON-based tokens are expected to be added in the near future.
As part of Deutsche Börse and licensed by the Swiss Financial Market Supervisory Authority FINMA, Crypto Finance provides trading and asset management services to institutions, including banks and financial service providers.
In September 2021, the TRON ETN “VTRX” was listed on Deutsche Börse, and Euronext Amsterdam and Paris, among other national exchanges in the EU. This gives investors the opportunity to participate indirectly in the growth performance of TRON. With the support of Crypto Finance investors can directly invest in the underlying asset on a secure, compliant, and regulated crypto infrastructure.
“We continue to push the boundaries and add more and more cryptocurrencies to our platforms,” said Jan Brzezek, CEO and Founder of Crypto Finance. “Clients can now securely trade and store the token that powers the TRON ecosystem, TRX. Our FINMA-regulated brokerage and custody services provide clients seamless market access across this wide range of storable digital assets.”
With Crypto Finance’s support, TRON network will have access to:
Storage: Non-custodial private key infrastructure on the highest-grade hardware security modules
Custody: Fully regulated and compliant custody service for financial intermediaries
Trading: 24/7 regulated and licensed by FINMA to provide liquidity for banks and financial service providers
“This is yet another milestone in TRON’s global push and goal to become an all-inclusive global settlement layer that powers the next generation of cross-border payment systems. It is also a reflection of the community’s effort to keep up with evolving regulatory standards in the crypto industry,” said H.E Justin Sun, Founder of TRON.
About TRON DAO
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of June 2022, it has over 96.3 million total user accounts on the blockchain, more than 3.3 billion total transactions, and over $12.6 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently, the over-collateralized stablecoin USDD was announced on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
Crypto Finance – a FINMA-regulated financial institution and a member of Deutsche Börse Group, offers professional digital asset solutions. This includes one of the first FINMA-approved investment firms with 24/7 brokerage services, custody, infrastructure, and tokenization solutions for financial institutions, as well as the first FINMA-approved manager of collective assets for crypto assets, with an active, rules-based, and index-based alternative investment fund offering, including the first Swiss crypto fund. With a team of over 100 employees, Crypto Finance is headquartered in Switzerland and has a regional presence in Singapore. Since its founding in 2017, the company has received numerous awards, including Crypto Valley Top 50 Blockchain Company, Top 100 Swiss Start-up, and winner of the Swiss FinTech Award 2019.
At The recent Consensus 2022 Conference, The Blockchain Middleware Provider Announced The Launch Of A Metaverse Virtual World, A New Play-to-earn Baseball Game And An Update On PlayDapp – IPX Partnership
After two years of running online, Consensus 2022, the world’s largest blockchain conference, finally took place in person last weekend in Austin, Texas, where the focus was non-fungible tokens (NFTs). At this historic event, global blockchain middleware provider PlayDapp made three significant announcements that include:
PlayDapp has partnered with Samsung to create Metaverse Virtual World, which will be the first-ever metaverse experience of a theme park
Based on the largest theme park in South Korea – Everland Resort, the experience will allow users to explore the theme park and engage in several exciting activities such as participating in quests, taking virtual rides, partaking in water fights and many more. This collaboration represents a breakthrough in the development of blockchain technology and its potential applications. The teaser to the metaverse experience can be found here.
PlayDapp introduces its new play-to-earn (P2E) baseball game – Homerun Challenge
The home-run Derby baseball game allows users to create and deploy non-fungible tokens (NFTs) while earning coins through gameplay. With PlayDapp’s play-to-earn (P2E) system, the more users play, the more money they can potentially make. A sneak peek into the game can be viewed here.
A key update on PlayDapp’s partnership with IPX (formerly known as Line Friends)
With PlayDapp & IPX, users can select famous characters from Line Friends and customize their characters as per their liking. They can also own their creations as non-fungible tokens (NFTs) on the blockchain. In addition, the characters created through this process will be interoperable in all PlayDapp games as well as its metaverse and ecosystem, thus representing a major advancement for character ownership and management on the blockchain. A short video to explain this new update can be seen here.
“We are thrilled to announce some of our major developments that will be a game-changer for blockchain. As a leader in blockchain technology in Korea, we want to revolutionize how users experience the metaverse and blockchain as a whole,” says Sang Chung, Head of Business at PlayDapp. “It is exciting to partner with some of the biggest players in the tech world, and create not one but three unique experiences for metaverse users,” he adds.
About PlayDapp
PlayDapp is a global blockchain middleware provider that provides companies with the opportunity across many different industries to integrate blockchain technology into their business models and easily turn their assets into Non-Fungible Tokens (NFTs). PlayDapp’s blockchain-based C2C Marketplace allows gamers and users to freely buy, sell and trade their digital assets with each other.
San Francisco, United States, 15th June, 2022, Chainwire
Ankr, one of the world’s fastest-growing Web3 infrastructure providers, is thrilled to announce that it has become an RPC (Remote Procedure Call) provider to Optimism, a blazing-fast and low-cost Layer-2 scaling solution for the Ethereum blockchain. Following this partnership, Ankr is now an RPC provider to 17 blockchains including Ethereum, BNB Chain, Solana, and Avalanche. An RPC enables various applications to interact with the blockchain.
Ankr Protocol serves an average of six billion blockchain requests per day across more than 50 networks. Ankr delivers time-tested and high-performance RPC node infrastructure to handle any request load, massively expanding Optimism’s public RPC resources.
“Apps and integrations choose to build in the Optimism ecosystem because they feel aligned with our values and culture and appreciate the tooling and technical options available to them,” said Matthew Slipper, Head of Engineering at OP Labs. “In response to requests from our community, we’re excited to offer Ankr as an additional Optimism RPC provider.”
Optimism uses optimistic rollups to bring scalability to Ethereum. By submitting the transaction data to Ethereum while performing transaction processing off-chain, Optimism can significantly reduce fees and increase throughput while inheriting Ethereum’s security properties. Optimism has saved users more than a billion dollars in gas fees since its inception.
“We love what Optimism is building for the future of Ethereum. Ankr is happy to do our part to provide a fast and reliable RPC service for their users,” said Greg Gopman, the Chief Marketing Officer at Ankr.
This partnership is also a major boost to dApp developers looking for additional Optimism RPC endpoints. Developers can access Optimism Public and Premium RPCs, make request calls, and query on-chain information that mirrors the results of running a self-hosted Optimism full node.
To strengthen the global Optimism network, Ankr is providing a geo-distributed and decentralized Optimism RPC composed of many independent blockchain nodes running worldwide for low-latency and reliable connections. Ankr will incentivize independent and enterprise Optimism node operators to add their nodes to the load balancer in return for ANKR tokens.
About Optimism
Optimism is a leading open-source Ethereum Layer 2 scaling solution. Its Optimistic Rollup network is designed to utilize the strong security guarantees of Ethereum while allowing apps to achieve faster and cheaper transactions. Optimism has saved users more than a billion dollars in gas fees since its inception. It boasts over $800 million in total value locked across apps like Synthetix, Uniswap, Perpetual Protocol, Curve and Aave.
Ankr helps blockchain companies run their blockchains faster, enabling them to offer users the best Web3 experiences. Launched in 2021, the Ankr Protocol serves 200 billion RPC requests a month across 50 blockchain networks. In 2022, Ankr added the Web3 gaming SDK, multi-chain liquid staking tools, and App Chains to its developer product suite.
EarthFund to launch a DAO-as a service system that will help fund real-world causes
The new EarthFund system will simplify the processes of creating funding DAOs, equipping all participants with the tools they need to drive worthwhile causes
The EarthFund system will launch with two pilot initiatives, NeverAlone (to battle mental health crisis), and Carbon Removal (to support community-led carbon removal projects)
EarthFund can have a dramatic impact on charity giving efficiency, helping to make the world a better and happier place
EarthFund (1EARTH), a decentralized platform that aims to solve as many real-world problems as possible, is set to launch a system that will simplify setting up DAOs for noble causes and funding them. The new project will launch on June 15, 2022.
The concept of creating decentralized autonomous organizations (DAOs) for real-world causes has become mainstream, following the stories of projects like ConstitutionDAO and UkraineDAO. Regardless of the outcomes of previous attempts, crypto proponents now understand the limitless power of blockchain technology and how it can be applied to create positive changes.
Simplifying the Process of Creating and Funding DAOs
Not too long ago, setting up a DAO was a big deal, and only experienced Solidity developers dared. Considering that this class of programmers is in short supply, there has been a need to simplify the process. EarthFund has cracked the code and is set to make the necessary infrastructure available to everyone.
With the launch of its latest system, Eathfund will make setting up funding DAOs as easy as possible. The infrastructure includes an intuitive UI that can be used by anyone to create a funding DAO for a cause he/she believes in. The system also provides users with everything they need to attract the necessary funds for their projects and give token holders a say in how the organization is run.
A Complete Tool-Kit to Turn Dreams into Realities
Though the primary goal of EarthFund’s new project is to simplify the processes of setting up a funding DAO, it is a complete package made for all three classes of participants in DAO initiatives.
For intending founders, EarthFund provides an intuitive, plug-and-play platform that greatly simplifies the processes of launching an ERC-20 token and DAO with gasless governance.
For DAO users, the EarhFund platform provides incentives for lending their voices and voting to advance the causes they believe in and are committed to.
For donors, EarthFund provides a reliable platform where they can donate crypto without fear. It gives room for vetting projects and monitoring donations to ensure that funds make as much impact as possible.
Launching With a Duo of Great Initiatives
The launch of EarthFund’s “DAO-as-a-service” system will usher in two pilot initiatives from Deepak Chopra and Dr. Lucy Tweed. While the former will focus on raising funds for mental health projects around the world, the latter will launch a “Carbon Removal” cause to support community-led carbon removal projects.
Speaking about his initiative and the new EarthFund system, Chopra enthused:
“We’re seeing a shift in the crypto space from a focus on short-term profits to using it to build a better future for everybody. That’s why we partnered with EarthFund to launch our NeverAlone token and democratize and decentralize the way that projects focused on tackling the mental health crisis get the funding they need to make a difference. By launching causes like ours, the EarthFund platform won’t just change the crypto space, but make the whole world a better, happier place.”
Sanitizing the “Charity” Space and Helping People Donate to Worthwhile Causes
By launching the DAO-as-a-service system, EarthFund will eliminate some of the issues that prevent people from donating to causes they believe in, especially accountability issues. Many people refuse to donate to causes they believe in when they are not sure that donated funds will be properly managed and accounted for.
The problem with many charities is that between 26% and 87% of donated funds are used for “administrative” purposes. The rest of the funds are used just as the organizers see fit. Some notorious charities embezzle up to 90% of donated funds without facing any major backlash. The new EarthFund system will solve these problems.
Thanks to the transparency of the blockchain ecosystem, it will be impossible for individuals and groups of individuals to run fraudulent charity organizations. The decentralized governance model empowers every participant of a DAO with governance rights, meaning everyone can vote to determine how the organization is run. This also implies that everyone in a charity-focused DAO (founders, users, and donors) will vote to determine how funds are deployed.
Speaking about the potential impact of the incoming project, EarthFund’s co-founder, Adam Boalt, said:
“We think crypto has an unparalleled opportunity to be a massive force for good, but it hasn’t been fully adopted yet mainly because of usability. So far, crypto native folks have spent their energy on often frivolous causes, such as trying to buy a piece of paper or a virtual monkey profile picture, but with EarthFund, we’re focused on making crypto accessible so everyone can harness its potential and help truly world-changing causes to get the funding they deserve.”
AAX Exchange has announced it will be giving out 1 million USDT in rewards for new and existing users
The summer-themed promotion was designed to make crypto trading more fun and profitable
Users have to complete KYC authentication before they can claim USDT rewards
AAX Exchange users to receive 1 million USDT as a part of “Crypto Summer” rewards
The AAX cryptocurrency exchange has announced a new series of events dubbed “Crypto Summer”. The AAX team hopes that the fun-oriented events and promotions will help bring some optimism and entertainment into the industry currently dominated by negative price movements and investors’ pessimism.
The summer-themed events were designed to make buying the dip more profitable and to allow those who believe the current market trend will reserve in the future to pursue lucrative investment opportunities while earning crypto rewards.
VP of Global Marketing and Communications at AAX, Ben Caselin, had this to say about the summer promotion:
“Markets may be bearish but at AAX we remain optimistic and determined to build out our products and continue to reach into new markets, and with this campaign, we intend to share some of our optimism with our user base.”
AAX will be running multiple events with a combined prize pool of 1 million Tether (USDT). Existing users who bring friends to AAX to subscribe to fixed crypto savings products available on the platform can earn up to 100% of the savings generated by their friends, up to a total amount of 150 USDT.
In addition, users who open accounts on AAX and those who refer them will be eligible to receive a 100 USDT reward each. Moreover, participants in the Invite Friends battle can earn an additional 300 USDT.
The summer promotions are open to all users of the AAX crypto exchange, both new and existing. Users are required to complete the KYC verification process to receive rewards.
