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Cryptocurrency

Top Football clubs are now using blockchain

Such partnerships with these football clubs via blockchain will open more economic opportunities.

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Crypto: Algorand surges 31% after sudden Coinbase listing 

Football clubs are now using blockchain, to facilitate better experiences for their fans.

A leading Turkish football club, Trabzonspor, in partnership with Chiliz, recently announced that they would begin a $TRA Fan Token on fan voting & rewards app Socios.com and the Chiliz Exchange, a global tokenized sports exchange.

$TRA token owners will be able to influence club decisions to vote in many polls each season on Socios.com, earn rewards linked to the club, other creative digital experiences, and real-life activations, such as meeting players and watching games like a VIP when fans return to the stadiums.

READ: Chelsea FC posts N46.42 billion loss in 2019

Why Nairametrics believes it is a big deal

Football is by far the most popular game worldwide. The last football World Cup tournament held in Russia 2018, had over 3.5 billion individuals watching the matches. This shows that about half of the world’s population is keen on football.

Nairametrics believes such partnerships with these football clubs via blockchain will open more economic opportunities and leverage on this wider audience via collaboration with the industry’s global brands.

READ: Investment Clubs: Have they run out of fashion?

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Socios.com Fan Token partners include Juventus, AS Roma, Galatasaray, FC Barcelona, Atlético de Madrid, Paris Saint-Germain, CA Independiente, Apollon Limassol and esports organizations Team Heretics and OG.

Dozens of more clubs are set to launch Fan Tokens before the end of the year, with many leading IPs from sports and entertainment also primed to join the Socios.com roster in the near future.

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READ: Ighalo to earn N1.4 billion in six months at Manchester United 

Sinan Zengin, General Manager at Trabzonspor said, “At Trabzonspor, we are very happy with this cooperation and I would like to express that it is a project that excites us.

“Thanks to this partnership, we will have much more effective communication with our fans who are spread all over the world. Our fans will have the chance to influence and change the decisions of our club on some issues.

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READ: This is why Dangote may drop plans to buy Arsenal FC

“This situation is really exciting. This collaboration will allow us to implement developments, marketing opportunities, and other innovations in the digital world. I am sure that our fans will make the slogan ‘Everywhere is Trabzon For Us’ even more meaningful with their interest in the $TRA Fan Token Offering, which we will start next month.”

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Coinbase debuts on Nasdaq at around $100 billion valuation

Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN”.

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Coinbase, a Cryptocurrency exchange made its highly anticipated debut on Nasdaq on Wednesday, April 14, 2021, becoming the first company devoted entirely to cryptocurrency to enter the US stock exchange.

The IPO of Coinbase Global today was a big turning point for the cryptocurrency business. It had a rousing debut on Wall Street with the digital currency exchange’s stock growing as high as $429, giving it a market cap of $100 billion for a brief period of time.

According to analysts, retail trading accounts for 90% of Coinbase’s income, with the majority of trading taking place in the United States and focusing mainly on the two main cryptos: Bitcoin and ETHUSD. Dubbed the most talked-about IPO on Wall Street, Coinbase resumed trading on the Nasdaq Composite Index today under the ticker “COIN.”

What this means

Given Coinbase’s reception, Crypto optimists insist Bitcoin will not go anywhere in the near future, but will instead become more mainstream. They see the Bitcoin craze as the “start of a new era” in the digital currency world, rather than a passing phase.

Due to Bitcoin’s young and unpredictable existence, investors and public corporations are also wary of investing in it. However, as long as the currency’s popularity is sustained, the bubble hypothesis can be debunked as control and acceptance of the currency spreads further down the line, according to analysts.

It is important to note that Coinbase has a strong correlation with Bitcoin and as it benefits from its bullish run, it can also be hit by a downturn in the market.

What you should know

  • Coinbase has become popular amongst cryptocurrency optimists since being founded in 2012, for providing an easier way to exchange shares of digital currencies.
  • Coinbase announced last week that its first-quarter sales jumped 847% to $1.8 billion and that it currently has 56 million confirmed customers.
  • Coinbase is now one of the largest publicly traded firms in the United States, with a market cap of more than $100 billion.
  • Only 83 companies in the S&P 500 index have a market value greater than $100 billion.
  • The combined market value of Nasdaq Inc., which operates the Nasdaq Stock Market, and Intercontinental Exchange, which owns the New York Stock Exchange, is greater than Coinbase’s.

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Cryptocurrency

Dogecoin hits a new milestone, surges by 54%

DOGE experienced a strong 54% rally and established a new all-time high of $0.1161.

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The price of Dogecoin, the fast-rising crypto popularly referred to as DOGE experienced a strong 54% rally and established a new all-time high of $0.1161 amid strong buying pressures prevalent in the Cryptoverse.

While crypto pundits can’t clearly give the rationality behind the recent surge of Dogecoin, its debut as one of the most popular crypto on social media, with top celebrities including Elon Musk and Mark Cuban giving the crypto endless support, makes a strong case.

READ: Sacramento Kings becomes first sports team to offer salary option in Bitcoin

At the time of writing this report, Dogecoin was trading at $0.113824 with a daily trading volume of $11.3 billion. Dogecoin is up 54.49% for the day.

Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.

Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

READ: 3 Cryptos set to explode high

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

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“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.

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