Home / Cardano News /RenQ Finance Presale Reaches New Heights After Raising $3 Million In Its Stage 3 And Passing CertiK Audit

RenQ Finance Presale Reaches New Heights After Raising $3 Million In Its Stage 3 And Passing CertiK Audit

22 Mar 2023

According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner, however, believes the timing of the Fednow rollout is “suspicious,” and he suggests that “maybe it’s all about rolling out” a central bank digital currency (CBDC).

The U.S. central bank is preparing to launch the Fednow payment service, and the Fed explains in a recently published blog post that there have been many interested candidates that want to utilize the service. The Fed details that entities planning to use the Fednow program in July include a “diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.” According to Fednow program executive sponsor Tom Barkin, the president of the Federal Reserve Bank of Richmond, the launch is an “important milestone” for “instant payments.”

The Fednow system is allegedly able to facilitate payments and settlements instantly, “regardless of size or geographic location — around the clock, every day of the year.” With access to funds immediately, participants can manage their money in a more flexible fashion, according to the Fednow description. Access to the Fednow system will be granted via the Fedline Network, which already serves roughly 10,000 financial institutions and agents. “The Fednow Service will launch with a robust set of core clearing and settlement functionality and value-added features,” the announcement from the Federal Reserve explains.

Although, not everyone is excited about the central bank’s plans to enhance payments, as Florida governor Ron DeSantis recently revealed legislation that blocks a CBDC in the state of Florida. Speaking about the Fednow program, economist Richard Werner told Michelle Makori, the lead anchor and editor-in-chief at Kitco News, that the timing is “suspicious.” The Fednow rollout could pave the way toward surveillance capitalism and usher in a CBDC.

“The timing is suspicious,” Werner said to Makori during his interview. “Why do they roll this out now? The banking system has done its job well, in terms of making transfers of funds and payments, so why do we suddenly need to change it?”

Werner suspects that central banks will monopolize the banking industry and enforce “totalitarian control.” He emphasized that “we can’t really trust” central banks, and the main goal is to remove alternatives. Coincidentally, U.S. President Joe Biden’s recent economic report downplays crypto assets like bitcoin (BTC) and highlights that once the Fednow program is ready, there won’t be a need for alternatives. The White House claims that crypto assets fail to achieve the core aspects of sound money in contrast to fiat currencies like the U.S. dollar.

“They don’t want these alternatives,” Werner insists. “So they can just take your money. This is just the beginning, because the real totalitarian aspect comes into it when the programmability can be used, where it can be totally fine-tuned down to the person, and in real-time influence our behavior by restricting us from doing certain things … you’ll need the permission of the central planners.”

When a CBDC does eventually launch, Werner suspects that alternatives and cash will be eliminated gradually, and because CBDCs are programmable, control over one’s finances will not be difficult to achieve. Sure, you will be able to use the monetary ledger system, but in the end, the government’s “totalitarian control system” owns the funds.

“Once you put your money in the central bank, and the central bank issues your CBDC, legally they own the money,” Werner concluded. “You have a claim, but sadly this claim is subject to a number of conditions.” As of March 22, 2023, roughly 114 different countries are working on CBDC research and development, while 11 countries like China, Nigeria, and Venezuela have implemented such systems.

What are your thoughts on the Fednow payment service and its potential impact on the financial industry? What do you think about Werner’s opinions? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.

According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner, however, believes the timing of the Fednow rollout is “suspicious,” and he suggests that “maybe it’s all about rolling out” a central bank digital currency (CBDC).

The U.S. central bank is preparing to launch the Fednow payment service, and the Fed explains in a recently published blog post that there have been many interested candidates that want to utilize the service. The Fed details that entities planning to use the Fednow program in July include a “diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.” According to Fednow program executive sponsor Tom Barkin, the president of the Federal Reserve Bank of Richmond, the launch is an “important milestone” for “instant payments.”

The Fednow system is allegedly able to facilitate payments and settlements instantly, “regardless of size or geographic location — around the clock, every day of the year.” With access to funds immediately, participants can manage their money in a more flexible fashion, according to the Fednow description. Access to the Fednow system will be granted via the Fedline Network, which already serves roughly 10,000 financial institutions and agents. “The Fednow Service will launch with a robust set of core clearing and settlement functionality and value-added features,” the announcement from the Federal Reserve explains.

Although, not everyone is excited about the central bank’s plans to enhance payments, as Florida governor Ron DeSantis recently revealed legislation that blocks a CBDC in the state of Florida. Speaking about the Fednow program, economist Richard Werner told Michelle Makori, the lead anchor and editor-in-chief at Kitco News, that the timing is “suspicious.” The Fednow rollout could pave the way toward surveillance capitalism and usher in a CBDC.

“The timing is suspicious,” Werner said to Makori during his interview. “Why do they roll this out now? The banking system has done its job well, in terms of making transfers of funds and payments, so why do we suddenly need to change it?”

Werner suspects that central banks will monopolize the banking industry and enforce “totalitarian control.” He emphasized that “we can’t really trust” central banks, and the main goal is to remove alternatives. Coincidentally, U.S. President Joe Biden’s recent economic report downplays crypto assets like bitcoin (BTC) and highlights that once the Fednow program is ready, there won’t be a need for alternatives. The White House claims that crypto assets fail to achieve the core aspects of sound money in contrast to fiat currencies like the U.S. dollar.

“They don’t want these alternatives,” Werner insists. “So they can just take your money. This is just the beginning, because the real totalitarian aspect comes into it when the programmability can be used, where it can be totally fine-tuned down to the person, and in real-time influence our behavior by restricting us from doing certain things … you’ll need the permission of the central planners.”

When a CBDC does eventually launch, Werner suspects that alternatives and cash will be eliminated gradually, and because CBDCs are programmable, control over one’s finances will not be difficult to achieve. Sure, you will be able to use the monetary ledger system, but in the end, the government’s “totalitarian control system” owns the funds.

“Once you put your money in the central bank, and the central bank issues your CBDC, legally they own the money,” Werner concluded. “You have a claim, but sadly this claim is subject to a number of conditions.” As of March 22, 2023, roughly 114 different countries are working on CBDC research and development, while 11 countries like China, Nigeria, and Venezuela have implemented such systems.

What are your thoughts on the Fednow payment service and its potential impact on the financial industry? What do you think about Werner’s opinions? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.

Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple’s case with the Securities and Exchange Commission (SEC). Cardano was also higher on Wednesday, hitting a one-month high.

XRP rose to its highest point since November, as markets continued to react to the latest news surrounding Ripple’s case with the SEC.

Following a low of $0.4199 on Tuesday, XRP/USD raced to an intraday high of $0.4914 earlier in today’s session.

This is the strongest point that the token has reached since November 6, when prices were retreating from a high above $0.50.

Overall, earlier gains have since eased, which comes as bulls failed to sustain a breakout on the 14-day relative strength index (RSI).

At the time of writing, the index is tracking at 65.14, which is below the aforementioned ceiling at 70.00.

The 10-day (red) moving average remains in an uptrend despite the marginal decline, which sees XRP currently trading at $0.4459.

Cardano (ADA) was once again higher in today’s session, as the token jumped to a one-month high.

ADA/USD moved to a peak of $0.387 on Wednesday, which comes a day after falling to a low at $0.349.

Today’s surge saw bulls push cardano to its highest level since February 23, when price was at a peak of $0.393.

Looking at the chart, it appears that the climb coincided with the 10-day (red) moving average crossing over its 25-day (blue) counterpart.

In addition to this, the 14-day RSI is now tracking at 60.93, which is its highest reading since mid-February.

A ceiling at 53.00 may await for bulls should momentum continue in this current direction, which could put a stop to the run.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
ada, Analysis, Cardano, Ripple, XRP

Could cardano begin to change direction in the upcoming days? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, CryptoFX / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.

Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple’s case with the Securities and Exchange Commission (SEC). Cardano was also higher on Wednesday, hitting a one-month high.

XRP rose to its highest point since November, as markets continued to react to the latest news surrounding Ripple’s case with the SEC.

Following a low of $0.4199 on Tuesday, XRP/USD raced to an intraday high of $0.4914 earlier in today’s session.

This is the strongest point that the token has reached since November 6, when prices were retreating from a high above $0.50.

Overall, earlier gains have since eased, which comes as bulls failed to sustain a breakout on the 14-day relative strength index (RSI).

At the time of writing, the index is tracking at 65.14, which is below the aforementioned ceiling at 70.00.

The 10-day (red) moving average remains in an uptrend despite the marginal decline, which sees XRP currently trading at $0.4459.

Cardano (ADA) was once again higher in today’s session, as the token jumped to a one-month high.

ADA/USD moved to a peak of $0.387 on Wednesday, which comes a day after falling to a low at $0.349.

Today’s surge saw bulls push cardano to its highest level since February 23, when price was at a peak of $0.393.

Looking at the chart, it appears that the climb coincided with the 10-day (red) moving average crossing over its 25-day (blue) counterpart.

In addition to this, the 14-day RSI is now tracking at 60.93, which is its highest reading since mid-February.

A ceiling at 53.00 may await for bulls should momentum continue in this current direction, which could put a stop to the run.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
ada, Analysis, Cardano, Ripple, XRP

Could cardano begin to change direction in the upcoming days? Let us know your thoughts in the comments.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons, CryptoFX / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.

PRESS RELEASE. RenQ Finance, a decentralized finance (DeFi) platform, aims to transform the way users engage with financial services. Utilizing blockchain technology, RenQ Finance provides an array of DeFi offerings, such as lending, borrowing, and yield farming, along with a distinctive tokenomics structure that rewards users for holding and staking RENQ tokens.

The potential of RENQ lies in its capacity to penetrate the expanding DeFi market while presenting innovative solutions to the common challenges faced by users in conventional finance. Its intuitive interface and robust tokenomics make RENQ a viable candidate for substantial growth.

Stage 3 of the RENQ Token Presale is Selling Out Faster than the First 2

RenQ Finance, the all-in-one solution for crypto traders, has successfully raised $3 million in its Stage 3 token presale. This milestone comes after the recent CertiK audit, which has boosted investor confidence in the project. The RENQ token presale is structured in 8 stages, with Stage 1 starting at $0.02 per token. Currently, in Stage 3, the price has increased to $0.03 per token. The presale is attracting a large number of investors, causing it to sell out faster than the first two stages.

During this stage, the RENQ token is priced at $0.030 USDT, increasing gradually after each stage’s hard cap has been reached. The third stage will end once $4,347,500 is reached, equivalent to approximately 167,500,000 RENQ tokens sold.

In the next stage, the price for one RENQ token will be 0.035 USDT, and by the final stage, the token price will reach $0.055, so the RENQ token can be a potentially profitable investment for early buyers.

If you want to join the presale phase of the RENQ token, you can buy it from the official website of RenQ Finance. You will need a wallet such as MetaMask or Trust Wallet.

Those holding RENQ tokens will have access to all future activities within the Renq ecosystem. It is important to note that there will not be a vesting period; thus, users will get their tokens once the presale ends.

CertiK Conducted an Audit on RenQ Finance During This Period

To ensure the security and reliability of the RenQ Finance platform, It underwent a rigorous security audit by CertiK, a leading blockchain auditing company specialized in analyzing and tracking blockchain protocols and DeFi projects. The audit ensured that RenQ Finance’s code was highly secure and free from vulnerabilities, providing essential reassurance to investors.

CertiK’s comprehensive examination utilized Static Analysis and Manual Review techniques to thoroughly analyze RenQ Finance’s source code and identify any potential issues or vulnerabilities.

RenQ Finance’s code was thoroughly checked for security, ensuring the platform is safe and secure for all users. Knowing that a reputable third-party auditing company had thoroughly vetted the RenQ Finance code, this fact can relieve potential investors worried about the security of the RenQ Finance project.

Discover RenQ Finance: The All-in-One Solution for Crypto Traders

RenQ Finance aims to be the go-to platform for crypto traders, offering a comprehensive suite of tools and features designed to help users navigate the complex world of cryptocurrencies. The platform offers trading, staking, yield farming, and lending services, as well as a user-friendly interface that caters to both beginners and experienced traders.

RenQ Finance offers a holistic solution for cryptocurrency enthusiasts globally. Their primary goal is to establish a fully decentralized platform catering to traders seeking a DeFi solution to support their daily crypto activities. RenQ Finance aims to enable users to trade directly through their wallet app, thereby enhancing the decentralized trading experience.

Consistently working to develop diverse tools for crypto traders, RenQ Finance includes a cryptocurrency data aggregator, perpetual futures, a vault, a lending protocol, a DeFi and NFT Launchpad, and several forums. The ultimate objective is to cultivate an engaged community that can significantly contribute to the growth and evolution of the entire RenQ ecosystem.

RenQ Finance is dedicated to building a decentralized platform that offers an all-encompassing range of services to cryptocurrency investors across the globe. With its cutting-edge tools and vibrant community, RenQ Finance is well on its way to becoming a frontrunner in the DeFi industry.

Stay Updated

Users can take part in RenQ Finance presale on their website: https://renq.io

Keep an eye on RenQ Finance and stay up-to-date on their current token presale by joining the company on various social media platforms such as Twitter, Telegram, Facebook, Instagram, YouTube, Medium, and Reddit. Take advantage of the opportunity to learn more about RenQ Finance and its latest updates!

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

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Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals

A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.

Source From : News

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