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ZoidPay To Revolutionize The Web3 Landscape With $75M Investment Commitment From GEM Digital

03 Nov 2022

On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the eighth consecutive benchmark bank rate hike by 75 basis points (bps). The increase brings the United Kingdom’s main lending rate to 3%, after a majority of the Monetary Policy Committee (MPC) members voted in favor of the 75bps increase.

Seven out of nine MPC members voted in favor of a 75bps rate hike, while two MPC members voted for lower increases. According to the MPC, one member wanted a 50bps hike, while another voted for a 25bps increase. The Bank of England’s rate hike on Thursday was the largest jump in 33 years or since 1989, and the MPC expects more rate increases will be required to tame inflation.

“The majority of the Committee judges that, should the economy evolve broadly in line with the latest Monetary Policy Report projections, further increases in Bank Rate may be required for a sustainable return of inflation to target, albeit to a peak lower than priced into financial markets,” the MPC explained on Thursday.

The news follows the Fed’s rate hike the day prior, when the U.S. central bank raised the rate by 75bps on Wednesday. At first, global markets took the Fed’s announcement as positive news, but Fed chair Jerome Powell’s commentary with the press that followed soon after, changed the mood. Powell remarked that the Fed anticipates “that ongoing increases will be appropriate” and he further stressed that “it is very premature, in my view, to think about or be talking about pausing our rate hikes.”

Members of the Bank of England, the MPC, and economists think that the growth projections for the United Kingdom look dismal. The MPC noted on Thursday that things currently look “very challenging” for the U.K.’s economy. Similar to the U.S. central bank’s goals, the Bank of England is attempting to bring inflation down back to the 2% target. The U.K. and London-listed gilts (bonds) saw some gains after the announcement, while the British pound sterling slid 1.84% against the U.S. dollar.

“For the current November forecast, and consistent with the Government’s announcements on 17 October, the MPC’s working assumption is that some fiscal support continues beyond the current six-month period of the Energy Price Guarantee (EPG), generating a stylised path for household energy prices over the next two years,” the MPC explained in the committee’s announcement.

Recent data shows the U.K.’s inflation rate reached a high at 10.1% in September, while the European Union’s (EU) inflation rate tapped 9.9%. Furthermore, similar to the EU’s lending rates, the U.K.’s mortgage rates have climbed significantly. A 15-year mortgage in the U.K. is 6.154%, while a 30-year mortgage rate is 7%. The Bank of England’s repo rate and the London Interbank Offered Rate (LIBOR) are the main influencing rates that affect lending vehicles across the U.K.

The MPC believes the EPG could curb or augment inflationary pressures tied to the energy sector. “Such support would mechanically limit further increases in the energy component of CPI inflation significantly, and reduce its volatility,” the MPC concluded on Thursday. “However, in boosting aggregate private demand relative to the August projections, the support could augment inflationary pressures in non-energy goods and services.”

In addition to the MPC’s commentary, Bank of England governor Andrew Bailey told the press the central bank can’t make promises when it comes to future rate hikes. “We can’t make promises about future interest rates, but based on where we stand today we think Bank Rate will have to go up by less than currently priced in financial markets,” Bailey told the press after the 75bps rate hike. In terms of fighting inflation, Bailey added:

If we do not act forcefully now it will be worse later on.

What do you think about the U.K.’s Monetary Policy Committee and the Bank of England choosing to raise the benchmark bank rate by 75bps? Let us know what you think 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.

On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the eighth consecutive benchmark bank rate hike by 75 basis points (bps). The increase brings the United Kingdom’s main lending rate to 3%, after a majority of the Monetary Policy Committee (MPC) members voted in favor of the 75bps increase.

Seven out of nine MPC members voted in favor of a 75bps rate hike, while two MPC members voted for lower increases. According to the MPC, one member wanted a 50bps hike, while another voted for a 25bps increase. The Bank of England’s rate hike on Thursday was the largest jump in 33 years or since 1989, and the MPC expects more rate increases will be required to tame inflation.

“The majority of the Committee judges that, should the economy evolve broadly in line with the latest Monetary Policy Report projections, further increases in Bank Rate may be required for a sustainable return of inflation to target, albeit to a peak lower than priced into financial markets,” the MPC explained on Thursday.

The news follows the Fed’s rate hike the day prior, when the U.S. central bank raised the rate by 75bps on Wednesday. At first, global markets took the Fed’s announcement as positive news, but Fed chair Jerome Powell’s commentary with the press that followed soon after, changed the mood. Powell remarked that the Fed anticipates “that ongoing increases will be appropriate” and he further stressed that “it is very premature, in my view, to think about or be talking about pausing our rate hikes.”

Members of the Bank of England, the MPC, and economists think that the growth projections for the United Kingdom look dismal. The MPC noted on Thursday that things currently look “very challenging” for the U.K.’s economy. Similar to the U.S. central bank’s goals, the Bank of England is attempting to bring inflation down back to the 2% target. The U.K. and London-listed gilts (bonds) saw some gains after the announcement, while the British pound sterling slid 1.84% against the U.S. dollar.

“For the current November forecast, and consistent with the Government’s announcements on 17 October, the MPC’s working assumption is that some fiscal support continues beyond the current six-month period of the Energy Price Guarantee (EPG), generating a stylised path for household energy prices over the next two years,” the MPC explained in the committee’s announcement.

Recent data shows the U.K.’s inflation rate reached a high at 10.1% in September, while the European Union’s (EU) inflation rate tapped 9.9%. Furthermore, similar to the EU’s lending rates, the U.K.’s mortgage rates have climbed significantly. A 15-year mortgage in the U.K. is 6.154%, while a 30-year mortgage rate is 7%. The Bank of England’s repo rate and the London Interbank Offered Rate (LIBOR) are the main influencing rates that affect lending vehicles across the U.K.

The MPC believes the EPG could curb or augment inflationary pressures tied to the energy sector. “Such support would mechanically limit further increases in the energy component of CPI inflation significantly, and reduce its volatility,” the MPC concluded on Thursday. “However, in boosting aggregate private demand relative to the August projections, the support could augment inflationary pressures in non-energy goods and services.”

In addition to the MPC’s commentary, Bank of England governor Andrew Bailey told the press the central bank can’t make promises when it comes to future rate hikes. “We can’t make promises about future interest rates, but based on where we stand today we think Bank Rate will have to go up by less than currently priced in financial markets,” Bailey told the press after the 75bps rate hike. In terms of fighting inflation, Bailey added:

If we do not act forcefully now it will be worse later on.

What do you think about the U.K.’s Monetary Policy Committee and the Bank of England choosing to raise the benchmark bank rate by 75bps? Let us know what you think 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.

Polygon rose to its highest level since August, as the token climbed by as much as 10% on Thursday. Today’s rise comes despite cryptocurrency markets mainly residing in the red, with the global market cap down 0.41% as of writing. Flow was another notable expectation to today’s declines, climbing by 14% earlier in the day.

Polygon (MATIC) rose by as much as 10% in today’s session, as the token climbed to its highest point since August.

Following a low of $0.8403 on Wednesday, MATIC/USD rallied to an intraday peak of $0.9813 earlier today.

The move saw the token race to its strongest point since August 15, when it traded at a high of $1.033.

As can be seen from the chart, the 14-day relative strength index (RSI) has also surged, breaking out of a key resistance in the process. The index is currently tracking at the 62.19 level, which is marginally above a ceiling of 60.75.

Should this recent upward momentum continue, bulls will likely look to recapture the $1.00 level. In order to reach this point, MATIC traders will first need to take price strength to a reading of 65.00.

Flow (FLOW) snapped a four-day losing streak in today’s session, as the token raced to a multi-week high.

FLOW/USD surged to a high of $2.04 earlier today, which comes less than a day after hovering at a low of $1.57. Today’s rally in FLOW has led to a breakout of a ceiling at the $1.80 point, which had been in place since mid-September.

The RSI on FLOW has yet to reach a resistance level, with the next visible ceiling at the 65.40 mark.

As of writing, the index is tracking at 63.05, with the 10-day (red) moving average also hovering above its 25-day (blue) counterpart.

Should this trend continue, it is likely that FLOW could hit $2.15 in the coming days.

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

Tags in this story
Analysis, Cryptocurrency, Flow, matic, Polygon

Could we see flow hit a ceiling of $2.15 this week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

Polygon rose to its highest level since August, as the token climbed by as much as 10% on Thursday. Today’s rise comes despite cryptocurrency markets mainly residing in the red, with the global market cap down 0.41% as of writing. Flow was another notable expectation to today’s declines, climbing by 14% earlier in the day.

Polygon (MATIC) rose by as much as 10% in today’s session, as the token climbed to its highest point since August.

Following a low of $0.8403 on Wednesday, MATIC/USD rallied to an intraday peak of $0.9813 earlier today.

The move saw the token race to its strongest point since August 15, when it traded at a high of $1.033.

As can be seen from the chart, the 14-day relative strength index (RSI) has also surged, breaking out of a key resistance in the process. The index is currently tracking at the 62.19 level, which is marginally above a ceiling of 60.75.

Should this recent upward momentum continue, bulls will likely look to recapture the $1.00 level. In order to reach this point, MATIC traders will first need to take price strength to a reading of 65.00.

Flow (FLOW) snapped a four-day losing streak in today’s session, as the token raced to a multi-week high.

FLOW/USD surged to a high of $2.04 earlier today, which comes less than a day after hovering at a low of $1.57. Today’s rally in FLOW has led to a breakout of a ceiling at the $1.80 point, which had been in place since mid-September.

The RSI on FLOW has yet to reach a resistance level, with the next visible ceiling at the 65.40 mark.

As of writing, the index is tracking at 63.05, with the 10-day (red) moving average also hovering above its 25-day (blue) counterpart.

Should this trend continue, it is likely that FLOW could hit $2.15 in the coming days.

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

Tags in this story
Analysis, Cryptocurrency, Flow, matic, Polygon

Could we see flow hit a ceiling of $2.15 this week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

A $75M financial commitment is set to establish ZoidPay as the go-to open architecture for building the next generation of Web 3.0 financial services.

PRESS RELEASE. November 3, 2022, Bucharest, RomaniaZoidPay, the leading Web 3.0 architecture provider, has secured an investment commitment of $75M from digital asset investment firm GEM Digital Limited (“GEM”). The funding is aimed at developing the go-to open architecture for building the next generation of financial services, scaling the first on-demand Metaverse, facilitating the first-ever bank acquisition by a blockchain firm, and launching a Web 3.0 super App.

Supercharged Web 3.0 APIs & SDKs

Since its launch in 2018, ZoidPay has established itself as a one-stop crypto liquidity solutions provider, enabling instant card issuance for purchases from any merchant at the lowest fees. With this expertise, ZoidPay is now gearing up to release a full suite of Application Programming Interfaces (APIs) and Software Development Kits (SDKs) for B2B clientele aiming to build the next-gen of Web 3.0 Financial Service Apps and dApps.

Eduard Oneci, CEO & Co-founder at ZoidPay, stated

“The investment from GEM is a massive validation of what we are striving to achieve at ZoidPay. To have the financial commitment of one of the leading global alternative investment groups is the ideal backing we need to manifest a roadmap that will etch ZoidPay as the backbone of the Web 3.0 open architecture.”

ZETA, On-Demand Metaverse

ZoidPay has also recently announced the launch of ZETA, a fully decentralized world offering users an immersive experience with Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

Built entirely in-house, ZETA will let retail users explore different avenues, including shopping, access to Web 3.0 Financial Services, and many more experiences aimed to expand their reality. ZETA also happens to be the first on-demand Metaverse, offering B2B clients, including blockchain projects and developers, the open architecture to create their own customized digital world.

Harnessing the Full Power of Web 3.0

Currently, in the advanced stages of acquiring a Digital Bank, ZoidPay will help transition all Traditional Finance services to Decentralized Finance by harnessing the power of Web 3.0. For end users, this would make High-Yield Index Accounts accessible, marking the switch from legacy to digital, and monopoly to decentralization. Web 3.0 loans would let a retail user avail of instant loans in any FIAT currency based on all digital assets that one may hold, NFTs included.

All of these offerings will eventually culminate into one of the most exciting upcoming fintech apps, ZoidPay’s Web 3.0 Super App. Billed a “Fintech PowerHouse” for Crypto and traditional Financial Services, the app will bring cards, Bank Accounts, Crypto, Bills, Investments, Insurance, and Loans into one place.

The app promises to extend retail users’ the convenience of switching their financial habits into autopilot mode. It will combine the security, control, and flexibility of traditional banking with the speed and connectivity of modern technology.

Eduard continues:

“By the end of the first quarter of 2023, we aim to become the biggest Web 3.0 architecture provider in the world. This comes after years of putting together the building blocks towards that direction, including forging partnerships, developing the tech, and putting together an extremely capable team. The investment from GEM now acts as a catalyst in our current phase of Hyperscaling. I’d like to extend a word of gratitude to the team at GEM for their incredible level of professionalism over the last year in this journey”

To know more about ZoidPay, click here.

About ZoidPay

ZoidPay was established in 2018 as the go-to open architecture for building the next generation of Web 3.0 financial services. It is a one-stop crypto liquidity solutions provider, enabling instant card issuance for purchases from any merchant at the lowest fees. For B2B clientele, ZoidPay offers full support APIs and SDKs to developers & financial businesses that want to build next-gen Web 3.0 financial services.

ZoidPay Socials

Twitter | Telegram | Discord | Facebook | Instagram | LinkedIn

Media Contact Details

Contact Name: Elena Oglinda

Contact Email: marketing@zoidpay.com

ZoidPay is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest

 

 

 

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.

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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.

Source From : News

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