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Quentin Tarantino settles Miramax lawsuit over Pulp Fiction NFTs.
Miramax sued the Hollywood director in November last year after the blockchain provider Secret Network announced the auction of his "uncut screenplay scenes."
Miramax sued the director in November last year after the base-layer blockchain provider Secret Network announced the auction of "uncut screenplay scenes" from the 1994 film as NFTs. The film studio claimed to own all rights to "Pulp Fiction," except for those reserved for Tarantino, which excluded nonfungible tokens.
The company was developing its own NFT strategy at the time. In a statement, the studio's attorney Bart Williams wrote: “This one-off effort devalues the NFT rights to "Pulp Fiction," which Miramax intends to maximize through a strategic, comprehensive approach.”
On the auction's original press release, Secret Network claimed that Tarantino owned "exclusive rights to publish his Pulp Fiction screenplay and the original, handwritten copy has remained a personal creative treasure he has kept private for decades." The auction raised $1.1 million in January, but was followed by the cancellation of additional NFT sales due to the dispute.
Tarantino and Miramax have partnered in other successful productions, including "Kill Bill: Volumes 1 and 2". "Pulp Fiction" ended up grossing $107.93 million in the United States and $213 million worldwide in the years since its release in 1994.
Hollywood director Quentin Tarantino and producer Miramax appear to have settled their lawsuit over nonfungible tokens (NFTs) related to the blockbuster film Pulp Fiction following a months-long legal battle. The movie studio reportedly plans to withdraw its lawsuit within two weeks and collaborate with the filmmaker in the future, including on NFTs projects.
GameStop doubles down on crypto amid a new partnership with FTX US.
After launching an NFT marketplace and wallet with the help of Immutable X, GameStop is continuing its push into crypto following a partnership with FTX.
Gaming retailer GameStop is partnering with United States crypto exchange FTX US to bring more customers to crypto and work together on online marketing initiatives.
In a Wednesday statement, the gaming retailer noted that the new partnership will introduce GameStop’s customers into the FTX ecosystem, including its marketplaces for digital assets, while also seeing the retailer become FTX’s “preferred retail partner in the United States.”
The partnership will also see certain GameStop retail stores carrying FTX gift cards. As of Aug. 31, there are 2,970 GameStop stores across the United States.
In its Q2 earnings call, GameStop CEO Matt Furlong said the new deal is aimed at establishing something “unique” in the retail space:
The deal we just announced with FTX is a by-product of our commerce and blockchain team, working hand-in-hand together to establish something unique in the retail world.
GameStop did not disclose the financial terms of the partnership in its statement.
News of the new partnership came on the same day that GameStop released its financial results for the quarter that ended July 30, 2022.
Despite GameStop reporting a nearly 4% decline in net sales to $1.14 billion in the quarter, shares in GameStop managed to rise nearly 12% in after-hours trading following the news, reaching $26.84 per share.
GameStop has significantly ramped up its Web3 efforts this year after unveiling a nonfungible token (NFT) and Web3 gaming division in January, as well as the launch of its NFT marketplace on July 11 in partnership with Ethereum scaling solution Immutable X.
Furlong noted during the earnings call that the launch of its marketplace “supports GameStop’s pursuit of long-term growth in the cryptocurrency, NFT and Web3 gaming verticals,” which they expect to be increasingly important for gamers and collectors.
The marketplace is a “non-custodial, Ethereum Layer 2-based marketplace,” which allows users to connect their own digital asset wallets, like the recently launched GameStop Wallet.
Brazilian SEC seeks to change its role in cryptocurrency regulation.
Resistant to overseeing the space in the past, the agency said it now plans to work on the definition of virtual assets.
The Brazilian Securities and Exchange Commission is reportedly pursuing changes in the country's legal framework with regard to its regulation of cryptocurrencies.
According to local media, one major concern is that the bill in question does not appear to consider tokens as digital assets or securities — and they therefore wouldn't fall under SEC regulation. The updated position of the nation's SEC follows the appointment of a new board and the increased relevance of the crypto sector in the country's financial services.
Brazilian lawmakers have been working on regulations for cryptocurrencies since 2015, but the Senate only approved the final version of a bill in April 2022. Once Brazil's Congress finishes its final revisions, the bill will be sent to the country's president, who will sign it into law.
As described in the approved text, a virtual asset is a digital representation of value that can be traded or transferred electronically, and used for payment or investment purposes. In addition, it outlines the best practices for Know Your Customer (KYC) procedures and sets up methods to prevent money laundering. Per the bill, nonfungible tokens (NFTs) are also not considered securities, while most other tokens are in the middle of discussions about whether they are.
In a note to a local newspaper, a representative from Brazil's SEC said:
"The mentioned bill needs specific improvements, including the definition of virtual assets, prior authorization requirements, and the approval of business combinations in redundant roles with the Cade Brazilian Federal Trade Commission."
Legislators said they believe that a possible resolution could be to send the bill to the president to determine via decree what roles the Brazilian Central Bank and the SEC should play in authorizing initial coin offerings and regulating the market. Some legislators consider this measure a legal uncertainty, arguing that an entirely new bill should be introduced.
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Binance to Help South Korean City of Busan Launch a ‘Digital Assets Exchange’.
The crypto exchange giant Binance will set up shop in South Korea’s “blockchain hub” city of Busan – and although the firm will not be opening a token trading platform in the nation as of yet, the company could help the city launch an exchange of its own.
In a press release, Binance announced that it has signed a memorandum of understanding (MoU) with the City of Busan that would allow the latter to “receive technological and infrastructure support from Binance for the development of the city's blockchain ecosystem and promotion of the Busan Digital Asset Exchange.”
The latter has been in the pipeline for some time, and city authorities envisage the creation of a kind of city-run stock market for certain types of cryptoassets, such as security tokens. This plan has remained very much on the drawing board for several years, with the government of President Moon Jae-in maintaining a hardline stance on all things crypto-related – particularly domestic token launches, which remain outlawed in all their forms.
But President Yoon Seok-yul, who took power earlier this summer, has promised to “review” the ban, and the public sector has already responded. SK, the second-largest business group in the nation, has already revealed plans to launch a token via one of its subsidiaries, and multiple South Korean industry insiders have told Cryptonews com that other companies may well follow suit.
South Korean media outlets have also suggested that other large business groups are actively formulating their own token launch plans, albeit behind closed doors.
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What’s going on with Cardano’s testnet and Vasil hard fork?
The issues surrounding the Cardano Vasil hard fork have been “incredibly corrosive and damaging,” according to founder Charles Hoskinson, who’s looking to put the controversy to an end.
Cardano founder Charles Hoskinson has continued to refute claims that the Cardano’s testnet is “catastrophically broken,” implying the need to finally move forward with the long-delayed Vasil hard fork.
In a Twitter thread on Sunday, Hoskinson shared his frustration concerning some of the videos claiming Cardano’s testnet has a “catastrophic” issue, which stems from a Friday thread from Cardano ecosystem developer Adam Dean.
The developer claimed that the testnet is “catastrophically broken” due to an undiscovered bug in Cardano’s Node v 1.35.2 that creates incompatible forks — which had managed to slip under the radar of the previous testing.
Following the bug, Cardano released its new client software, Cardano Node v1.35.3, on two separate testnets.
However, Dean noted that because the majority of operators upgraded to v1.35.2 to simulate the Vasil hard fork, v1.35.3 is also “incompatible and incapable of syncing” with the original testnet, and the two testnets are “without a block history.”
Hoskinson has, however, argued that the coding issue found on that node version had been removed in the 1.35.3 update, sharing his frustration that further testing would lead to further delays of the hard fork:
“We of course could as a community delay the launch of Vasil for a few months to retest code that’s already been tested a dozen times and is already running. Is that worth it to all the DApp developers who have been waiting for this update for almost a year now?”
During an Ask-Me-Anything on Friday, Hoskinson also said that there’s been an “unfair narrative” floating around Cardano and its testnet issues, which he called “incredibly corrosive and damaging.”
“You can’t conflate a failed testnet with the mainnet because testnets are constructed and destroyed all the time in this industry. That’s their point.They are in no way, in any way harm Cardano itself.”
On Sunday, Hoskinson noted that “the realities of something this large and complex is that one can be easily trapped by the things that aren't working well and forget the things that are.”
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Brazilian Crypto Investment Firm ‘BlueBenx’ Halts Withdrawals
Brazil-based crypto investment firm BlueBenx has halted customer withdrawals due to an “extremely aggressive” hack that made the company lose more than $31 million. Withdrawals are said to be suspended for at least six months.
BlueBenx has had to stop withdrawals on its platform, affecting 22,000 customers in the process. According to the firm’s attorney, Assuramaya Kuthumi, the company said it has fallen victim to a hack that made it lose more than $31 million. In an email sent to customers, informing them of the hack, it said:
Last week we suffered an extremely aggressive hack in our liquidity pools on the cryptocurrency network, after incessant attempts at resolution, today we started our security protocol with the immediate suspension of operations of BlueBenx Finance products, including withdrawals, redemptions, deposits, and transfers.
No further details were provided about the hack, but the company said that its measures would remain in force for at least six months. The firm is also reported to have let all its staff go on the same day.
The fact that the company let go of all its staff on the very same day report of the hacks surfaced, has created suspicions in the community. The company was also investigated earlier in the year by the Brazilian Securities and Values Commission after allegedly offering unregistered securities as part of its investment portfolio.
As a strategy to attract investors, the firm offered high-yield investment products. For having locked funds for a year, these products offered up to 66%.
Dutch authorities arrest suspected Tornado Cash developer.
The Dutch Fiscal Information and Investigation Service didn’t rule out multiple arrests in its ongoing criminal investigation against the Tornado Cash crypto mixer.
Authorities in the Netherlands have arrested a developer suspected to be involved in money laundering through the crypto mixing service Tornado Cash.
The Fiscal Information and Investigation Service (FIOD), an agency in the Netherlands responsible for investigating financial crimes, officially announced the arrest of a 29-year-old man in Amsterdam on Friday.
The man has allegedly been involved in facilitating criminal financial flows and money laundering through Tornado Cash, the authority said.
The FIOD pointed out that it hasn’t ruled out multiple arrests in the case, noting that its Financial Advanced Cyber Team (FACT) launched a criminal investigation against Tornado Cash in June 2022.
According to the FACT, Tornado Cash has allegedly been used to conceal large-scale criminal money flows, including crypto hacks and scams.
“These included funds stolen through hacks by a group believed to be associated with North Korea. Tornado Cash started in 2019 and according to FACT it has since achieved a turnover of at least seven billion dollars,” the announcement notes.
The news comes shortly after the United States Treasury Department placed dozens of Tornado Cash addresses on the sanctions list of the Office of Foreign Asset Control (OFAC) on Aug. 8. Circle, a major cryptocurrency firm and the issuer of USD Coin (USDC), subsequently froze 75,000 USDC linked to OFAC-sanctioned addresses.
Due to the sanctions, it’s now illegal for any U.S. person or entity to interact with Tornado Cash’s smart contract addresses. Penalties for willful noncompliance can range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment.
The Treasury's move has triggered the rapid developments of events around Tornado Cash. According to some sources, a few more people supposedly involved in the mixer were also reportedly arrested in the United States and Estonia. The arrested individuals allegedly included Roman Panchenko in Seattle and Nikita Dementyev in Tallinn.
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Singapore's financial authority grants license to SBI's digital asset arm.
The firm planned to launch a digital asset securities platform in Singapore, as well as provide custody, capital markets products and corporate finance advisory services.
The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based financial giant SBI Holdings, a license to conduct certain regulated activities in the country.
In a Thursday announcement, MAS said it had awarded SBI Digital Markets a Capital Markets Services license following the firm receiving in-principle approval in May. The firm, whose parent company offers digital asset custody and trading, will be providing custodial services, capital markets products and corporate finance advisory services in Singapore as a regulated business. It also plans to launch a digital asset securities platform.
“This is an exciting milestone for SBI Digital Markets, which will play a major part in SBI DAH’s core mission to re-imagine and transform capital markets and banking value chains through the deployment of digital technology,” said SBI Digital Asset Holdings CEO Fernando Luis Vázquez Cao.
SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of one of the largest financial institutions in Japan, SBI Holdings. The company recently ceased all mining operations in Russia due to the crypto winter and the country’s role in the war on Ukraine. SBI Holdings also reported in August that one of its investees, Clear Markets, received approval from the U.S. Commodity Futures Trading Commission to offer over-the-counter crypto derivatives products with a physical settlement.
As the principal financial regulator in Singapore, the MAS has the authority to grant licenses to companies aiming to offer crypto-related services to the country’s residents — the area is currently home to crypto exchange Cryptocom and the founder of the Terraform Labs, Do Kwon. Filecoin service provider RRMine Global announced on Tuesday that it planned to relocate its headquarters to Singapore in response to “tightened restrictions on cryptocurrency usage” in China.
Binance Summoned to Court in Italy over Outages Lawsuit Filed against Exchange
A court in Italy has asked Binance to appear in reference to a class-action lawsuit filed by investors seeking redress for several outages.
Binance is due to appear in court in Italy on Thursday to answer a class-action lawsuit filed against the exchange. A group of investors accused the cryptocurrency exchange of being responsible for losses incurred last year at crucial trading times. The investors are seeking damages, alleging that the platform’s outages caused the trading loss.
In November 2021, a group of Italian and international Binance users sued Binance and its CEO Changpeng Zhao. The accusers stated that the Binance platform went offline multiple times and locked users out of the exchange. The lawsuit noted that the outages prevented the investors from changing their trading positions, leading to losses worth “tens of millions”.
The suit also alleges that allowing Italians to trade leveraged futures on the Binance platform violates the country’s financial regulations. According to Francesco Dagnino, the managing director of Milan-based law firm Lexia Avvocati:
“It is absolutely clear that when you are selling a future, especially with that type of leverage, it doesn’t matter what the underlying asset is, it’s always a derivative and always a financial product.”
Dagnino said the case involves at least 100 investors, but more will join.
The Lexia Avvocati managing director also said that Binance offered to reimburse affected investors. However, the proposed amount was reportedly insignificant. In addition, Dagnino stated that according to the investors, even those who accepted the compensation offers are yet to receive anything. In July 2021, Italy’s financial regulator declared Binance an unauthorized investment services provider.
Last year, a group of Italian Binance users also approached the Swiss Blockchain Consortium seeking advice on recovering losses tied to outages. The director of the Consortium, Michele Ficara Manganelli, said Italians and European Binance investors seeking compensation could join the class-action suit. At the moment, the Consortium website’s homepage features a direct link to joining the lawsuit.
Interestingly, Italian authorities approved Binance’s registration and inclusion in a maintained list of crypto service providers earlier this year. However, the registration does not suggest compliance with local regulations. The listing only aids in subjecting firms to Italian anti-money laundering standards.
Binance has not yet joined the proceeding, meaning it has not filed any defense statements. Dagnino also suggests that the exchange might not show up at the hearing. However, there is a chance that the company’s recent effort to become a registered virtual asset provider in Italy will prompt representatives to show up. Generally, Binance’s direct participation is not necessary to the judge’s decision, as a ruling is possible without the exchange’s presence.
In other news, Binance recently announced the launch of its inaugural soul-bound token on the BNB smart chain. The new Binance Account Bound (BAB) token will be a proof of identity for Binance users. This initiative would only be available to users that have satisfied the KYC requirements.
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Georgia aims to adopt European crypto standards for Anti-Money Laundering.
One of the most crypto-friendly countries in the world wants to synchronize its crypto regulations with associated rules in the European Union.
Georgia, one of the world’s most cryptocurrency-friendly countries, is moving to introduce new crypto regulations to pursue its ambitions of becoming a global crypto hub.
Georgian lawmakers have prepared a new regulatory framework targeting digital business and cryptocurrency trading in the country, Georgian Minister of Economy and Vice Prime Minister Levan Davitashvili announced.
Davitashvili said that a draft bill has been sent to the parliament and the amendments are expected to be passed in the autumn session, local news agency Business Media Georgia reported on Monday.
According to the minister, the draft bill aims to coordinate local cryptocurrency laws with three major European Union directives, includinthe Payment Services Directive (PSD2), the Capital Requirements Directive (CRD) as well as the Virtual Asset Service Provider (VASP) law.
The VASP law aims to provide legal status to entities involved in digital asset trading. The new framework will also prevent the use of cryptocurrencies for money laundering or terrorist financing, the report notes.
According to Davitashvili, the adoption of VASP rules is crucial for Georgia to ensure sustainable regulation of the cryptocurrency industry. The minister reportedly emphasized that it’s important to synchronize the Georgian financial legislation with associated rules in the EU. The latest framework is only the first step as Georgia aims to become a crypto hub in the future, in line with the government’s official 2022–2025 development strategy.
Georgia has emerged as one of the most crypto-friendly countries in the world. In a study by Forex Suggest, Georgia was ranked the fourth most crypto-friendly jurisdiction after Hong Kong, the United States and Switzerland as of July 2022. Georgia is specifically associated with a high density of crypto ATMs, allowing users to easily buy and sell crypto in exchange for cash. According to data from CoinATMRadar, Georgia hosts 45 crypto ATMs at the time of writing.
Bear market uncertainty is the perfect time to build and learn, says Sato exec.
Fanny Philip, COO of Sato Technology, doubled down on believing that bear markets should be considered a builder’s market for mining companies.
The decisions made by companies during bear markets play a pivotal role in determining their longevity in the crypto ecosystem. Representing Canadian Bitcoin (BTC) mining firm Sato Technologies, COO Fanny Philip revealed what it takes to survive the bearish loom as the market prepares for the next bull run.
Speaking to Cointelegraph during the Surfin’ Bitcoin 2022 event in France about the impact of bear markets on business, Philip said now is the time for mining companies to build and learn.
Sato is a digital assets mining company, publicly traded on the Toronto Stock Exchange (TSXV) since Sept. 2021 and mines both Bitcoin (BTC) and Ether (ETH).
Philip further told Cointelegraph about the initial challenges of setting up in the industry despite entering the space during a bull market.
The high demand for miners in the Quebec region of operation, where the company initially set up shop, caused a moratorium on new mining facilities and unfriendly sentiments from the local residents. Moreover, Philip related the global pandemic as a catalyst for “difficulties in sourcing electrical equipment."
Though when asked about the effects of the bear market, Philip had more positive sentiments than negative ones. When asked if bear markets are a good thing, she answered:
“To build? Perfect. Bear market is a built market for us.”
She also commented on the relationship between the price of BTC, mining and purchasing mining equipment.
“When the price of Bitcoin is low, you mine more,” Philip said. “If you have to purchase equipment, since it’s linked to the price of the Bitcoin, the price of the equipment decreases a lot."
All of these factors mentioned above help companies in the industry build, and according to Philip, Sato is in the building phase.
This can be seen in the company’s brand new agreement with Foundry Digital LLC (Foundry). The two companies struck a deal that makes it possible for Sato to host up to an additional 4,300 miners at Center One in Québec. All of which will be powered by renewable energy.
Nvidia cites limited visibility into crypto mining's impact on Q2 results.
Nvidia’s CFO said falling crypto prices and changes in consensus mechanisms have in the past impacted demand for its products and the company’s ability to estimate it.
Graphics card giant Nvidia CFO Colette Kress says the company has been unable to estimate reduced crypto mining demand impacted its Q2 results, which fell short of analyst expectations on Wednesday.
The chip giant released its financial results for the three months ended July 31, which revealed a 19% quarter-on-quarter drop in revenue to $6.5 billion, while net income fell 59% to $656 million.
Revenue for its gaming division, which includes sales of its high-end GPUs, fell 44% in revenue from the previous quarter to $2.04 billion, which Nvidia attributed to “challenging market conditions.”
Kress, who also serves as executive vice president of the company, said Nvidia has limited visibility on how the crypto market affects the demand for their gaming products:
“Our GPUs are capable of cryptocurrency mining, though we have limited visibility into how much this impacts our overall GPU demand.”
“We are unable to accurately quantify the extent to which reduced cryptocurrency mining contributed to the decline in Gaming demand,” she added.
While the chip giant’s graphic processing units (GPUs) were designed for gaming purposes, high demand for crypto mining activities over the past few years has contributed to a 320% increase in the company’s share price over the last five years.
Kress said, however, that falling crypto prices and changes in consensus mechanism have in the past impacted demand for its products and the ability to estimate it:
“Volatility in the cryptocurrency market – such as declines in cryptocurrency prices or changes in method of verifying transactions, including proof of work or proof of stake — has in the past impacted, and can in the future impact, demand for our products and our ability to accurately estimate it.”
With the Ethereum Merge scheduled for Sept. 15, the network’s consensus change to proof-of-stake could further drive down the demand for crypto mining hardware. This could spell trouble for cryptocurrency mining products such as Nvidia’s CMP170 HX, which currently costs around $4,695.
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Ripple CTO lashes back at Vitalik Buterin for his dig at XRP.
David Schwartz compared crypto miners in the Ethereum and Bitcoin ecosystems to shareholders of eBay, which he believes makes BTC and ETH securities as well.
In a discussion that started around two Ontario crypto exchanges’ recent 30,000-Canadian-dollar limit on altcoins purchases — which excluded Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) — Ethereum co-founder Vitalik Buterin took a dig at XRP, which Ripple chief technology officer David Schwartz didn't take very kindly.
Buterin, in a response to a tweet, lauded the Ethereum community’s pushback against regulations that privilege ETH over other cryptocurrencies. David Hoffman, founder of decentralized media and education platform Bankless, responded to Buterin and said he wouldn’t have minded if they had restricted XRP.
Buterin joined in on the XRP bashing, claiming, "They already lost their right to protection when they tried to throw us under the bus as ‘China-controlled.'” The response from Buterin created a storm among XRP followers on Twitter, and the debate was later joined by Schwartz himself.
Buterin was referring to Ripple’s defense in its ongoing court battle with the United States Securities and Exchange Commission, in which it claimed XRP shouldn’t be deemed as security since Ether and Bitcoin (BTC) are similar in nature, and it even called the top two cryptocurrencies Chinese-controlled. Ripple is currently fighting a lawsuit from the SEC over the alleged unlicensed sale and issuance of XRP tokens.
Schwartz reiterated Ripple’s earlier claims that ETH and BTC are securities and compared miners in the ecosystem to shareholders of eBay. He said:
“I do think it’s perfectly fair to analogize miners in PoW systems to stockholders in companies. Just as eBay’s stockholders earn from the residual friction between buyers and sellers that eBay does not remove, so do miners in ETH and BTC.”
Schwartz concluded his tweet with a question to Buterin, asking him whether the government or the market should settle the security debate.
Ether’s potential status as a security has become a hot topic during the ongoing lawsuit proceedings, with Ripple claiming that the SEC has a clear bias against them and favors Ethereum.
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Kleks Academy NFTs will feature multiple benefits:
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🪂 Last chance to get some free $SNFTS, Seedify NFT Space new token! 🪂
Don't miss the chance to get a free airdrop of Seedify's new token. The successful Launchpad and Incubator will launch the $SNFTS, its new utility token. 🤑
The $SNFTS will guarantee its holders unique advantages when purchasing NFTs in the Launchpad and the Marketplace, besides offering some passive income opportunities with the staking and farming pools that will be available from the first hour after the launch.
👉Get ready for the last snapshot to get the $SNFTS airdrop. All you need to do is:
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📸Snapshot on August 15th at 11:11 pm UTC
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Learn more:
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🔗https://blog.seedify.fund/everything-about-the-upcoming-snfts-airdrop-6fe13238b85b
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💰Versailles Heroes has a unique "play and earn" system. All players have room for growth, through continuous battles and upgrades so NFTs become more and more valuable.
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🔥TAMADOGE BETASALE IS SMASHING IT! 🔥
✅ Tamadoge Raises $2.3 Million in 14 days – and presale hasn't started yet!
✅ TamaDoge (TAMA) is the gateway token of the Tamaverse - where you'll be able to mint, breed and battle your own Tamadoge pet in the metaverse 🔥
BETA SALE INFO:
💲Beta Sale Price-0.01 ETH (No vesting period)
💰 Minimum purchase: $10
🤑 Maximum purchase: None
🚀Maximum Supply of 2 Billion
💲 Tamadoge is a ERC20 Token, buy TAMA with ETH, USDT, or fiat currency.
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💲 Beta Sale started 25th July 2022
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🧮 Presale investors will receive 50% of the maximum supply
📈LBANK listing confirmed (with more CEX Lisitings on the way)
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📲 Tamadoge contract address: 0x12b6893cE26Ea6341919FE289212ef77e51688c8
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🔒Security audited: https://tamadoge.io/wp-content/uploads/2022/07/SolidProof-TamaDoge.pdfv
Crypto trading bot marketplace lets investors follow experienced traders.
Trading cryptocurrencies was once a mostly manual process, where users had to select the asset they wanted to trade, build their investment plan, schedule their trades and manage all the transactions. These steps may result in double or triple-digit returns when executed correctly.
But, really, only a handful of traders can commit to it full-time, and that's why automation has become a popular solution.
Automation means a computer program executes preset algorithms to perform a trade. Then, using many tools, including filters, signals or other forms of technical analysis, a crypto bot can execute trades on the investor's behalf. The result is that automation gives traders an edge since bots are faster and can trade multiple accounts or various strategies at once, far exceeding even what a full-time trader can complete.
One of the platforms making crypto trading bots available to everyday traders is TradeSanta. As a member of their team explains: "TradeSanta is a powerful terminal for you to trade faster, smarter and with lower risks."
The platform recently has added a marketplace feature for mirror trading. With this release, traders are given the opportunity to see and copy top-performing bots. Functionality with this feature is extended to spot and futures markets, enabling users to capitalize on opportunities to trade with leverage. To select a bot, the marketplace will include filters based on type (DCA or Grid), Strategy, Exchange, Market (spot, futures) and pair.
While copy trading is free at the moment, traders will have an option to monetize their strategies in a couple of months, meaning certain items in the marketplace will come at a cost.
