Month: September 2021

Solana-Based DEX Soldex AI, CEO John Robertson Explains the Impact

One of the backbones of crypto market in today’s world are decentralized exchanges that took the world by the storm in recent years. And as the crypto exchange market is moving and developing rapidly, it is absolutely no surprise that the exchanges have to evolve in accordance.

Therefore, today, The CEO of Soldex.ai, John Robertson will present you with the next step in crypto exchanges, which is the AI powered trading that may be the future of the token trading.

The impact of Soldex.ai and what makes it to stand out from the other projects

One of the most salient blockchain in the recent times is Solana. It took the world by storm while offering many benefits, hence it has been chosen for the Soldex.ai. Soldex.ai was created to solve certain issues caused by order-matching centralized exchanges and the trust-less custody found in the exchanges of the today. Soldex.ai will power the new avalanche of flexible financial markets. The protocols will serve as a foundational layer for such things as liquidity, custody, market making and the settlement. As mentioned previously Solana has some benefits compared to other DEXs such as Ethereum. Those would be an extremely fast transaction speed, which can hit up to 50,000 transactions per second and as if that would not be enough, the gas fees are only $0.00025 per transaction. For comparison, Ethereum can only squeeze 30 transactions per second and boasts menacing transaction fees of $12.

Since the AI is overtaking more and more of the industries around the world it is no surprise that Crypto Exchanges will not be left behind. The initial driving force behind the Solana DEX will be the implementation of the AI trading bots, which will create trading strategies and will work relentlessly 24/7. Later, the traders will be able to create their own bot trading strategies and lend them to others for the commission fee. Consequently this will incentivize community for the further development of Soldex.ai through voting rights.

One of the main reasons for the demand for automated trading is the fact that 80% of traders loose due to the blunders they make. Therefore, Soldex thought that the DEX will give people the ability to choose the trading strategy that fits them best. Different bots are being developed according to the criteria such as: margins; trading risks; 90 day success rate; trading pairs. It will also include the different criteria in the future.

As previously mentioned, the exchange is being built on Solana. The team is hoping that it will attract the new users due to the rapidness of the trades and the technical potential in the future. Also one thing that new traders usually find annoying is the entire debacle that they have to go trough while opening new accounts. Soldex fully recognized this and have managed to make Soldex.ai completely permission-less, that is to say no KYC and ID checking, so you could jump into trading, providing liquidity and staking in absolutely no time.

Solana will have its own toke SOLX. Soldex is hoping that the token will help to fulfill the mission, which is to have a transparent revenue system, which would be fair and profitable.

The 30% of the tokens will go through the private sale, they make the majority. Around 5% will be released for the public sale. 14% will be allocated for the liquidity and the rest will be for the developers, advisors and others.

The token itself will be used for protocol governance, transaction fees and staking for profits. But in the long term the team is planning to make a bunch of improvements as Solana blockchain offers a great opportunity for technical growth in the future.

Besides the ability to make a profit on Soldex.ai, people will also have access to Soldex AI Academy. The team is hoping that it will help to build a strong community and help users to become more familiar with Solana and DeFi. Other purposes are that it will help new developers to start building, expose people to the technology offered by Solana and overall to unite the community.

As of today Soldex have seen a great interest in the SOLX token. They are on round II of sales since the round I was oversubscribed. The current price for the token is $0.06 however, on the launch on December 10 it will be $0.1. “We are happy to see high participation of the private investors, funds and many more,” CEO John Robertson Explains.

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Charles Hoskinson To Launch Three-Time Grammy Nominee Paul Oakenfold’s Album On Cardano

The release of smart contracts capability on Cardano has brought with it some interesting projects. Cardano had revealed multiple partnerships over the course of its two-day Cardano Summit. These projects aimed at increasing utilizing the capability of the blockchain to its fullest potential. But before smart contracts had debuted on the platform, non-fungible tokens (NFTs) had been supported.

Cardano network has seen thousands of NFTs being minted. This had been actively encouraged by the developers in order to entice the community into using the blockchain as its default for minting NFTs as opposed to well-established networks like Ethereum and Solana. The latest iteration of the network promoting NFTs on the network has come in the form of founder Charles Hoskinson releasing dance artiste Paul Oakenfold’s album as an NFT on Cardano.

Hoskinson Teams Up With Paul Oakenfold

Celebrities have taken to NFTs like fish to water. From athletes to musicians, NFTs have presented as a new way for public figures to stay connected with their fan base, while also monetizing their image. Now, founder Charles Hoskinson is taking it one step further as he partners with Paul Oakenfiled to release the DJ’s album as an NFT on Cardano.

One of @ethereum’s original co-founders, @IOHK_Charles, is working on a collaborative album with dance music legend @pauloakenfold.https://t.co/WUgw3AV2XF

— EDM.com (@TheEDMNetwork) September 29, 2021

Related Reading | Cardano Summit Sees Launch Of Exciting New Partnerships

The announcement was made at the just-concluded Cardano Summit and will cover everything from Oakenfield’s album, down to its cover art and notes. The dance and trance DJ who is of British descent has been nominated for three Grammy Awards over the course of his career and is regarded as a legend in the EDM scene.

Hoskinson has been working closely with the artiste to bring the project to life on the blockchain. The founder believes that blockchain technology is important for the future of the music industry and is interested in how this will work. “Getting to learn about the electronic music industry and how the blockchain can support it has been a revelation,” Hoskinson said.

Bringing Music To Cardano

Oakenfield’s album will not be the first, nor the last, to bring music to the blockchain as NFTs. For Cardano alone, multiple music and music-related acts have brought their talent to the world through the network.

Related Reading | EMURGO To Invest $100 Million In Cardano To Bolster DeFi Adoption

Most notable of these had been the launch of ZZ Top frontman Bill Gibbons’ music NFT collection on the blockchain. Auction for Gibbons’ collection had run in the same time frame as the Cardano Summit, and it included 30-second original jam sessions digital music by Billy Gibbons and one Golden Ticket which conferred a 20-minute one-on-one session with the artiste.

Earlier this month, the blockchain had seen the launch of the first-ever music label to be launched on the blockchain. $GREED is a crypto music label that was launched on the ecosystem as a smart contract.

ADA price trading at $2.097 | Source: ADAUSD on TradingView.com
Featured image from IOL, chart from TradingView.com

 

Visa Is Building A Payment Channel Network On Ethereum

Visa has been active in engaging with crypto, and this week is no exception. Reports have emerged that the payment facilitator and financial services firm has deployed it’s first smart contract on Ethereum Testnet.

The move isn’t the first to signal Visa’s increased acceptance to adopt crypto in their operations.

Visa’s Universal Payment Channel

The company is showing clear investment in becoming a leader of payment processing through central banks via crypto. Visa’s first smart contract deployment was a payment channel accepting both Ether and USDC. This is a conceptual protocol in development by the payment processor that will enable interoperability between central bank digital currencies (CBDCs), called a “Universal Payment Channel,” or UPC.

The timing is appropriate given the global discussion around CBDCs. This week alone, Nigeria is looking to be the first country in Africa to launch a CBDC, the Bank of England has released it’s CBDC forum members, and New Zealand’s Central Bank has sought public feedback on CBDCs. Of course, the biggest story in the speculation is China’s recent bitcoin ban paired with rumors of the country’s exploration of a ‘digital yuan.’ Through it all, it’s safe to say that crypto and centralized currencies are at the forefront of most countries treasury departments lately.

Visa’s UPC is being built to support different CBDCs across a variety of blockchains. The company’s head of crypto, Cuy Sheffield, described the initiative as a “longer-term future thinking concept around a way that Visa could potentially help become a bridge between one digital currency on one blockchain and another digital currency on another blockchain.”

Ethereum testnet is host to Visa’s first take at a Universal Payment Channel protocol. | Source: ETH-USD on TradingView.com

Related Reading | Crypto Analyst Says Ethereum Market Is A “Ticking Time Bomb”, Here’s Why

It’s All Part Of The Plan

This week’s development is far from the first move from Visa to dig their heels in crypto. Last month, the company purchased a CryptoPunk and released a positive perspective around NFTs. And at the midpoint of 2021, the company shared that over $1B had been spent on crypto-linked Visa cards on the year. Through it all, Visa has shown a clear favorite in Ethereum as well, and now is utilizing the chain once again with the Universal Payment Channel. The company’s clear engagement with Ethereum could prove fruitful to establishing further institution buy-in for the blockchain.

In the corresponding UPC research and insights report released by Visa, the company shows a clear desire to be a “network of blockchain networks” for global transactions. Digital asset tracker 21Shares has described Ethereum as “the most significant single innovation within the cryptoasset and blockchain industry since the creation of Bitcoin in 2009.” Should Visa’s UPC be built on the backbone of Ethereum? There’s good reason to be optimistic looking forward.

Related Reading | TA: Ethereum Just Reversed But $3,150 Presents A Major Challenge

Featured image from Pexels, Charts from TradingView.com

Bitcoin daily transaction volume hits $29 billion ATH, what does this mean?

Researcher Kevin Rooke noted that daily transaction volume on the Bitcoin network hit an all-time high of $29 billion on Sunday.

Rooke also pointed out that there have only been 5 days in Bitcoin’s history when the network settled above $20 billion. Three of which occurred this week.

Source: @kerooke on Twitter.com

But what does this mean, especially within the context of current market conditions?

Is Bitcoin about to bounce back?

Recently, a confluence of factors has increased sell pressure in both stock and crypto markets. Most notable is the unfolding $300 billion liquidity crisis at Chinese property giant Evergrande.

Last week, Chinese regulators also renewed their efforts to crack down on all cryptocurrency transactions, including mining activity.

Bitcoin bottomed at $39,700 on September 21, having fallen 25% from its local high of $52,800. Since then, it’s been trading within a tight range, with $45,100 marking the high point.

Nonetheless, today, the $BTC price rallied above the $40,750 support level. And a clear break above $42,000 in the early hours (GMT) demonstrated a willingness by bulls to build on the momentum.

Typically, technical analysts see the rising prices with rising volumes as a trend confirmation. But is that what we are seeing with Rooke’s data?

“If volatility in price is accompanied by high trading volume, it may be said that the price move has more validity. Conversely, if a price move is accompanied by low trading volume, it may indicate weakness of the underlying trend.”

Is this a load of hot air?

Volume refers to every transaction between a buyer and a seller. One transaction occurs when a buyer agrees to purchase what a seller is offering. If five transactions occur in a day, the volume for that day is five.

Transaction volume is the above scenario taking into account the price of the asset at the time of exchange.

Therefore, Rooke’s data, in which transactional volume hit an all-time high, cannot be taken as a trend confirmation because that metric includes price as a variable.

What’s more, using recent transactional volume to compare past activity is somewhat erroneous in that 2021’s median price, of $46,800, is much higher than in previous years. Therefore, this skews any sort of comparison with periods when $BTC was priced much lower.

A look at the actual volume, not transactional volume, shows a downtrend over the last ten days. This was accompanied by a slight uptrend in price that has so far failed to retest previous resistance at $44,900.

Source: BTCUSD on TradingView.com

Rising price with falling volume indicates a weak uptrend and a possible reversal on the cards.

The post Bitcoin daily transaction volume hits $29 billion ATH, what does this mean? appeared first on CryptoSlate.

Coinbase to Add Direct Deposit Feature — US Paychecks Can Soon Be Converted to Crypto

On September 27, the digital currency firm Coinbase announced that U.S. customers will soon be able to directly deposit their paycheck into their Coinbase accounts. With the new direct deposit feature, Coinbase customers can leverage their funds to make investments, generate yield, or add value to their Coinbase prepaid debit card.

US Coinbase Customers Will Soon Be Able to Use Direct Deposit Feature

Coinbase has come a long way since the firm was created in 2012, and now as a publicly-listed company, the crypto firm offers a myriad of services and is still one of the top gateways to the crypto world. On Monday, the company’s senior director of product, Prakash Hariramani, published a blog post explaining how U.S. Coinbase customers will soon be able to directly deposit their paycheck into their Coinbase accounts.

“Over the next few weeks,” Hariramani announced, “we’re rolling out the ability for customers in the U.S. to deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on Coinbase Card, earn crypto rewards, and more. Get paid in crypto or in U.S. dollars and deposit as much or as little of your paycheck as you want. The future of payroll is coming.” Hariramani’s post adds:

Now, you’ll save time on the extra steps it takes to move money so you can immediately earn interest on your income or earn crypto rewards with your Coinbase Card. Plus, you’ll pay zero transaction fees on direct deposit funds so you have instant and free access to the crypto economy.

Access to Over 100 Cryptocurrencies

According to Hariramani, users can deposit as little or as much as they want from their paychecks and can get the funds paid in over 100 crypto assets. The funds can be transferred into stablecoins like USDC and DAI, or remain as USD, as well. Hariramani says the setup can be done easily without leaving the Coinbase application.

“Tap direct deposit in the settings, follow the instructions, and find your current payroll company or employer, and we’ll automatically update your paycheck allocation,” the Coinbase executive said. If you’d prefer to set up direct deposit manually, we’ll provide instructions on what to share with your HR department or employer payroll website. You can modify your direct deposit preferences at any time within your settings,” Hariramani concludes.

The Coinbase direct deposit feature adds more ways for people to access crypto which increases the crypto economy’s accessibility overall. There are a few other firms that offer direct deposit solutions in order to access crypto, like the company Bitwage. Founded in 2014, Bitwage specializes in crypto payroll services and human resources (HR) for companies with employees that want to be paid in digital assets.

What do you think about Coinbase adding direct deposit access for U.S. customers to its crypto markets? Let us know what you think about this subject in the comments section below.

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The US Should do The Opposite of China on Crypto: a16z Partner

Speaking at CNBC’s Delivering Alpha conference on Sept. 29, a16z partner Katie Haun said the U.S. should look towards China for what not to do.

She was referring to Beijing’s incessant crackdowns on the crypto industry and any activities related to the trade of digital currencies.

In her view, financial regulators in the U.S. should be doing the exact opposite, but at the moment, it appears they are following in China’s footsteps with moves to over-regulate crypto rather than ban it outright.

“This is an opportunity for the United States, because we should be doing the exact opposite in my mind in this realm of what China is doing,”

Don’t Follow China

Haun, who currently manages Andreessen Horowitz’s crypto investments, predicted that China will “tie trade, tie loans, tie other assistance to the use of essentially their stablecoin,” or CBDC.

According to CNBC, she added that the U.S. is taking the right approach with a central bank digital currency.

“I’m glad we’re studying as a country CBDCs, but we’ve publicly said as a country that we’re going to keep studying it for a couple of years. I think it’s really important that policymakers and private industry in the U.S. work together.”

Other industry experts have been critical of Uncle Sam’s lethargic approach predicting that they will get left behind. In April, Federal Reserve chair Jerome Powell said that a Chinese-style CBDC would not work in America, hinting that it is one that enabled the state to monitor all financial transactions.

Haun stated that not all crypto industry players were against regulation, stating, “It’s not that the industry does not want regulation,” before adding, “It wants clarity, but it also does not want to be treated as a monolith.”

Grim State of Crypto Regulation Ahead?

She said, “regulation cannot be one size fits all,” referring to NFTs, which should not be treated as a financial product or service.

The executive expressed disappointment as the Securities and Exchange Commission for penalizing Coinbase over its proposed Lend product. She said some companies are getting punished despite “good faith efforts” while others “are really getting a free pass” for skirting regulations.

The current state of regulation in the U.S. is looking pretty grim as the Biden administration empowers more anti-crypto lawmakers. The latest being the nomination of staunch banking and crypto critic Saule Omarova to head the Office of the Comptroller of the Currency (OCC).

DC Comics Aims to Release ‘One of the Largest NFT Drops Ever’ at This Year’s Fandome

One of the largest and oldest American comic book publishers DC Comics, Inc., has announced the firm has partnered with Palm NFT Studio in order to unleash a large swathe of non-fungible token (NFT) collectibles. The NFT drop will take place during the DC Fandome on October 16 and the NFT art will feature superheroes like Batman, Superman, Green Lantern, Wonder Woman, and Harley Quinn.

American Comic Book Publisher DC Comics to Drop a Large Collection of NFTs

Two weeks from now on October 16, the American comic book publisher DC Comics aims to drop a large quantity of non-fungible token (NFT) collectibles featuring the firm’s most beloved characters at the DC Fandome event. The NFT drop from DC Comics is in partnership with Palm NFT Studio and the comic book publisher plans to release a number of NFTs featuring Harley Quinn, Wonder Woman, Batman, Superman, and Green Lantern.

The announcement that was revealed to Bitcoin.com News explains that the NFTs were hand-selected by DC’s publisher and chief creative officer Jim Lee. “We spent a lot of time on how to translate and adapt these classic covers into a 21st-century format such as NFTs,” Lee explained in a statement sent to our newsdesk. “This drop pays homage to our 87-year history while visualizing a future in which NFTs play a foundational role in novel ways of interacting with DC content and unlocking new experiences.”

The announcement details that the 2020 DC Fandome saw 22 million global views across 220 countries and territories in a mere 24 hours. The firm expects 2021’s Fandome numbers to exceed last year’s, making it the “first large-scale virtual event with registration powered by NFTs, and very likely one of the largest NFT drops ever.” The company said it collaborated with Palm NFT Studio because the company is “flexible as artists are creative.”

NFTs to Feature Batman, Wonder Woman, Rare DC Comic Covers

Moreover, the comic book publisher stresses that “Palm’s blockchain provides a 99.99% reduction in energy usage compared to proof-of-work (PoW) systems. The blockchain allows DC to mint millions of NFTs for fans “with near-zero cost,” DC details. DC Comics entered the NFT industry in recent times and has already released NFTs via Orbis Blockchain Technologies Limited and the Veve Digital Collectibles app.

Marvel Comics has also entered the NFT space by leveraging Orbis and the Veve app. Moreover, both firms have warned freelance artists not to publish the company’s brand name characters without permission from Marvel or DC Comics. The American comic book publisher DC explains the upcoming NFT drop will have certain levels of rarity. DC Comics states:

The premier drop offers fans the opportunity to collect three covers for each character in three levels of rarity. For example, fans of the Princess of Themyscira a.k.a. Wonder Woman can collect a Common (1987’s Wonder Woman #1 by George Peréz), Rare (2021’s Nubia and the Amazons #1 by Alitha Martinez), and/or Legendary (Yara Flor on 2021’s Future State: Wonder Woman #1 by Jenny Frison) cover.

“It’s immensely rewarding to work with a partner like DC who understands that blockchain is more than a technology, it’s a sustainable storytelling tool that can reshape the relationship between creators and fans,” Palm NFT Studio’s co-founder Dan Heyman explained during the announcement. “What does it mean to be a fan? What does it mean to be a collector? These are age-old questions that we get to watch creators like DC answer in brand new ways every day.”

DC Comics says fans can register for the DC Fandome event’s free NFT at dcfandome.com.

What do you think about DC Comics dropping free NFTs to fans attending the DC Fandome event? Let us know what you think about this subject in the comments section below.

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Quant: Bitcoin Indicators Now Look Similar To Q4 2020, Big Move Ahead?

Quant says some Bitcoin indicators show the same trend as in during Q4 2020, suggesting that BTC could make a similar move up.

Bitcoin Netflow And Stablecoins Supply Ratio Trends Look Similar To Q4 2020

As explained by an analyst in a CryptoQuant post, two BTC indicators: the netflow and the stablecoins supply ratio, are both trending similarly to how they did during the last quarter of 2020.

The Bitcoin netflow indicator shows the net number of coins entering or exiting exchanges. Its value is calculated by taking the difference between the outflows and the inflows.

When the metric observes positive values, it means exchanges are experiencing more inflows than the outflows, and so more investors have started sending their BTC to exchanges for selling purposes.

Similarly, negative values imply just the opposite; investors are withdrawing their Bitcoin from exchanges either to hodl in personal wallets or to sell them through OTC deals.

The other metric of relevance is the stablecoins supply ratio, which is defined as the market cap of BTC divided by the market cap of all stablecoins.

When the indicator’s values are on the lower end, it means there is an abundance of stablecoins supply in the market. High supplies can imply a potentially bullish sentiment among the market as investors use these coins for picking up other crypto like BTC.

Related Reading | China’s Ban On Crypto-Assets Forces Huobi Mining Pool To Rotate 100k Bitcoin

On the other hand, higher values of the ratio indicate a low supply of stablecoins, which implies a lack of buying pressure in the market. This could lead to a potentially bearish trend or sideways movement for BTC.

Now, here is a chart showing the trend of these two Bitcoin indicators vs the price:

The similarity between Q4 2020 and the current period | Source: CryptoQuant

As the above chart shows, the netflows seem to have been negative for a while now and the stablecoins supply ratio is also assuming low values.

Related Reading | Bitcoin Bearish Signal: On-Chain Data Shows Whales Have Started Selling

This trend looks to be similar to how it was during Q4 2020. What followed it was a big bull rally, and so the quant believes we may see BTC blow up similarly soon.

BTC Price

At the time of writing, Bitcoin’s price floats around $43k, down 2% in the last seven days. Over the past month, the crypto has lost 9% in value.

Over the last few days, BTC has only shown sideways movement as the crypto fails to make a move above $45k. The below chart shows the trend in the price of the coin over the last five days:

BTC’s price continues to consolidate between the $40k and $45k levels | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com

Binance Adds Former IRS-CI Expert to Head Global Intelligence and Investigations

The world’s largest cryptocurrency exchange, Binance, continues to employ high-profile investigators as part of efforts to boost the company’s compliance measures.

New Audit and Investigations Lead for Binance

In an official press release on Thursday (September 30, 2021), Binance announced that Tigran Gambaryan will be the company’s new VP of Global Intelligence and Investigations. Gambaryan’s hire comes after working 10 years as a Special Agent with the US Internal Revenue Service.

According to the announcement, Gambaryan’s new position “will focus on external and internal investigations to prevent threats and financial losses.” In addition, the audit and investigations team, which will be co-headed by Jimmy Su, Binance’s Chief Security Officer, will also work with regulators and law enforcement agents globally.

While working at the IRS, the former Special Agent led investigations into the Mt Gox hack incident, bitcoin exchange BTC-e, and the Silk Road corruption. Gambaryan’s investigative expertise also covered tax evasion, identity theft, national security, terrorism financing, distribution of child pornography, and bank secrecy act violations.

Commenting on the latest development, the new Binance executive said that he would educate the global law enforcement community on the company’s commitment to ensure a secure ecosystem and tackle cryptocurrency’s illegal use.

Furthermore, Gambaryan said:

“Compliance is the first line of defense. We will work closely with our colleagues in compliance to identify criminals and refer them for prosecution. The constantly evolving crypto industry requires strong cooperation between the industry, law enforcement, and regulators. Our goal is to increase trust in cryptocurrency by establishing Binance as the leading contributor in the fight against human trafficking, ransomware and terrorism financing.”

Binance Ready to Work With Global Regulators

The latest hiring seems to be in line with Binance’s commitment to bolster regulatory compliance. Earlier in September, the company hired Aron Akbiyikian as its Director of Audit and Investigations. Back in August, Greg Monahan joined the crypto exchange giant as the new Global Money Laundering Reporting Officer.

Meanwhile, Binance has come under regulatory scrutiny recently, with the company receiving warnings from several countries about its illegal operations. Consequently, the crypto exchange has announced plans to stop some of its offerings in countries like Australia, Hong Kong, and parts of Europe.

To meet regulatory requirements, Binance CEO Changpeng Zhao stated that the firm will get a new headquarters and reorganize its structure.

Chivo Wallet Users in El Salvador Will Receive a Discount on Fuel Payments

El Salvador’s state-owned digital wallet company “Chivo” will be granting citizens a discount on fuel payments. This provides greater incentives for citizens to use Bitcoin as a medium of exchange.

Chivo Partners With Major Gas Companies

Nayib Bukele – President of El Salvador – announced the new benefit yesterday over Twitter. The reveal was part of a longer thread on the nation’s efforts to reduce the cost of fuel in the country.

The government will be absorbing further increases in the cost of fuel on international markets for one year. According to Bukele, this will limit gas prices in the country for consumers and small businesses and strengthen the economy.

However, Chivo wallet will also be playing a role in reducing gas prices. In partnership with the largest gas stations in the country, the company will make gas $0.20 cheaper on the gallon for users of its wallet. The president says that this will help erase several increases in international fuel costs.

The benefit is all-encompassing, applicable to public transport, entrepreneurs, people, and businesses of El Salvador. Bukele believes that this provides another direct relief to El Salvadorans while reducing transportation costs for supply chains.

Another Step Towards Bitcoin Adoption

While not directly stated by the president, the Chivo partnership also provides a financial incentive for citizens to transact in Bitcoin. Ever since El Salvador’s legal tender law was passed in June, many in the country have rejected its adoption.

Despite protests from citizens, media, and bankers alike, Bukele has been headstrong in standardizing Bitcoin across the nation. When the Chivo wallet launched, he freely provided $30 worth of Bitcoin to citizens as an incentive to use it.

Furthermore, the government appears to be stocking up Bitcoin at every available opportunity. Just last week, it purchased another round of 150 Bitcoins, making its total Bitcoin holdings at least 700.