Category Archives: Blockchain

New partnership brings blockchain to everyday apps: Quant and Zapier

Blockchain for finance pioneer Quant announced today the availability of Overledger Platform in the Zapier store, enabling users and enterprises to build automated workflows customised for their role and business.

Zapier is an industry leading no-code development platform, its ‘zaps’ are beloved by millions for their ability to seamlessly integrate business applications and systems to automate workflows.

Overledger is Quant’s powerful blockchain interoperability and integration platform. By using the new Overledger-powered zaps, users can create automated workflows of Overledger’s API calls for actions such as data feeds, real-time monitoring and more – all without any knowledge of blockchain technology or writing a line of code. Like all zaps, Overledger zaps can include additional integration to any other app in the Zapier app store, including AI tools, business analytic tools, traditional database and office programs, so the automation possibilities are almost endless.

“Our vision has always been to leverage the power of blockchain in a way that was simple and genuinely useful to the end user,” says Gilbert Verdian, Founder and CEO of Quant. “With these new Zapier integrations, we’re bringing traditional Internet service, applications and data together with blockchain in the easiest way imaginable. Pulling information from smart contracts on any blockchain and then effortlessly connect resulting data to other enterprise systems takes minutes. Imagine, for example, the benefits for a buy-side analyst with no technical knowledge who needs to pull live data on digital assets and populate a spreadsheet or enterprise database with it.”

This marks another milestone in the company’s mission to make blockchain simple, trusted, and future-proof.

“Our Zapier integration requires absolutely no code to read smart contracts on any chain and connect DLT data to legacy systems. Easy blockchain data feeds and synchronization of data into enterprise systems are now a reality to anyone.”, says Luke Riley, Head of Innovation at Quant. “That means apps can be built faster and data dependent tasks can be automated. In short, any blockchain solution’s time to market will be drastically reduced.”

About Quant

Quant is the foundation of the blockchain economy.

Assets of all kinds, from currencies to carbon credits, are being tokenised on blockchain, making their ownership immutable, their provenance traceable and their use easy to manage. Our patented technology makes this simple, trusted and future-proof.

We work with financial institutions and other enterprises to dramatically reduce their time-to-market, create new revenue lines, and mitigate risk by delivering enterprise-grade solutions built with security and compliance front of mind.

Founded in 2018, Quant is UK-based with a US presence. We spearheaded the Blockchain ISO Standard TC307 adopted by 57 countries and solved interoperability with the creation of the world’s first API-based blockchain platform, Overledger.

To find out more, visit quant.network.

AlphaPoint partners with Coincover to boost customer protections

Coincover, the blockchain protection company, and AlphaPoint, a global financial technology company providing digital asset infrastructure, have partnered to provide an additional layer of protection for AlphaPoint customers.

The partnership enables AlphaPoint clients to access Coincover’s leading Asset Protection technology, enabling them to mitigate security risks such as hacking, human error, and scams simply and effectively. AlphaPoint’s end users will be provided with increased security, increasing the company’s credibility as a safety-conscious exchange at a time when security is the top priority for its customers.

 

Igor Telyatnikov, Co-founder & CEO at AlphaPoint, said,

“At AlphaPoint, enabling our customers’ success is our top priority. By collaborating with Coincover, a top innovator in asset protection, we’re providing our customers with leading-edge insurance to safeguard their assets. This partnership demonstrates our commitment to delivering complete peace of mind through institutional-grade security and infrastructure.”

Ridhima Durham, Chief Commercial Officer at Coincover, said, 

“Asset protection has become the norm when it comes to safeguarding and monitoring digital assets, and we are proud that AlphaPoint has integrated with Coincover to give customers access to the gold standard of asset protection.”

 

In Coincover’s recent report ‘Securing the Future of Cryptocurrencies’, a survey of more than 16,000 crypto users and non-crypto users found that hacking and security risks were one of the biggest barriers to adoption, behind volatility and financial risk. The data showed that adopting protection solutions such as insurance and security technology, like Coincover’s Asset Protection, would help build confidence in the industry.

 

The London Stock Exchange to Use the Blockchain: The Next Digital Breakthrough?

The world’s stock markets have been operating online for a number of years now, but it’s still commonly regarded as being a fairly traditional environment that has changed less than most industries in this era of digital transformation and disruptive innovation strategies. This is why the news that the London Stock Exchange (LSE) is considering using the blockchain is so important, but what does it really mean?

A Look at the Digital Transformation Process

Stock market trading has also undergone a degree of digital transformation, meaning that investors can now follow real-time price trends, analyse the markets and make their moves online. This has led to a new type of investor, who uses their knowledge of technology and social media together with their willingness to learn new skills as they look for under-valued shares to invest in.
The process of going online has also deeply changed other industries, as we can see by looking at the casino business. Online casinos provide a huge range of varied games, with the latest technology used to provide features such as free spins, bonus rounds and jackpots. The casino sign up bonus offers such as free spins and bonus funds let new players try this way of playing without using too much of their own money as stakes.
The blockchain has become an integral part of the transformation in several other industries. Examples include the transportation sector, where logging items in this way ensures a transparent supply chain that can’t be tampered with. We’ve also seen how the blockchain is being put to good use in disruptive projects in industries such as banking, healthcare and entertainment.

Source: Pixabay

How Will the Blockchain Power the LSE?

A report on this innovation stressed that the LSE won’t be allowing cryptocurrencies to be traded by their users. Instead, the stock exchange’s plans involve using blockchain technology to make the trading of traditional assets more efficient as part of an end-to-end digital market ecosystem that makes it easier to raise and transfer capital.

Murray Ross is the Head of Capital Markets for the LSE Group, and he pointed out that using the blockchain in this way could make their processes “slicker, smoother, cheaper and more transparent”. He also confirmed that they would be looking to regulate these processes.

The fact that the blockchain is an immutable ledger should mean that it adds a greater level of confidence and transparency to the stock market, just as it has done for those examples we looked at earlier.

In the financial world, it’s already been used by JPMorgan to carry out foreign banking settlements and by HSBC, which uses a custody blockchain platform as a form of digital vault.

The LSE is far from being the first company to find ways to introduce the blockchain as a way of making their digital transformation more complete. We’ll need to wait for the exact details of the changes, but it’s unlikely to be the only way that the blockchain will be incorporated into traditional investing in the next few years.

After Art, Will Blockchain Revolutionise Real Estate?

In the wake of groundbreaking transformations ushered in by blockchain technology, industries across the spectrum are experiencing a paradigm shift. Although its initial impact was most prominently felt in cryptocurrencies, the far-reaching potential of blockchain innovation extends to other sectors.

One such industry is real estate; as the traditional processes of buying, selling, and managing property reveal their limitations and inefficiencies, could blockchain be the transformative force that reshapes real estate transactions? This article explores the history and latest Blockchain News within real estate, its prospective effects, the tokenisation of property, the functions of smart contracts and emerging market trends.

History of blockchain in real estate

Real estate agents have been pivotal intermediaries between buyers and sellers since the 1910s, ensuring trust and compliance with local regulations. However, blockchain is gradually revolutionising this industry; in 2009, Satoshi Nakamoto introduced blockchain through Bitcoin.

In 2018, the US saw its first big blockchain news – a real estate transaction in Vermont with Propy in San Francisco. Propy’s blockchain technology streamlines the entire real estate process from initial interest to contract signing, enabling online global transactions. This reshaped the sector by offering efficient, secure and accessible property transactions, ultimately challenging traditional practices.

Blockchain in real estate

A significant change in how real estate transactions are executed and documented is represented by blockchain technology. Blockchain is fundamentally a decentralised, impenetrable ledger that tracks every transaction made via a network of computers. This implies that property information (such as titles and ownership histories) is safely maintained and quickly validated.

Blockchain eliminates the requirement for intermediaries in property transactions, reducing costs and delays while enhancing transparency and mitigating fraud. It enables fractional ownership, allowing investors to purchase portions of properties and presenting new opportunities for crowdfunding and global investment in real estate. Although significant challenges exist (including regulatory hurdles and technology adoption), the concept of blockchain is anticipated to revolutionise the industry.

Tokenisation of real estate

Through tokenisation, physical real estate assets are represented as digital tokens on a blockchain – these tokens can be easily divided, bought, sold and traded, enabling fractional ownership. This blockchain innovation democratises real estate investment, making it accessible to a broader range of investors.

Moreover, it enhances liquidity, where tokens can be traded on secondary markets, mitigating the traditional illiquidity of real estate investments. Additionally, tokenisation simplifies property transactions, reducing paperwork and administrative overheads. Ultimately, while regulatory and legal challenges remain, adopting tokenisation is reshaping how we approach property ownership and investment.

Smart contracts

Smart contracts (self-executing agreements with the terms of the contract directly written into code) offer significant benefits to real estate transactions. They automate and streamline various aspects of property transactions, from transferring funds to transferring property titles. Contracts that can be digitised on blockchains typically include offer sheets, listing deals, declarations of intent and closing papers.

The entire transaction procedure could be expedited by implementing smart contracts over traditional ones; thus, smart contracts enhance efficiency and automate numerous stages in real estate deals. Smart contract implementation necessitates thorough consideration of statutory frameworks, regulatory frameworks, and code audits to guarantee correctness and security. Despite these challenges, smart contracts can significantly improve real estate transactions making them more efficient and secure.

Future trends

The future of blockchain innovation in real estate looks promising, with several trends influencing its evolution. First, increased regulatory clarity and acceptance are anticipated as governments recognise the potential benefits of blockchain to reduce fraud and improve transparency. Second, real estate tokenisation is expected to expand, enabling broader access to property investment and potentially leading to new investment models and funding mechanisms.

Third, combining blockchain with other cutting-edge technologies (e.g., “Internet of Things” gadgets and artificial intelligence) can improve property administration, security and upkeep. Lastly, adopting and developing sector-specific solutions will be accelerated through blockchain consortiums and increasing cooperation among real estate industry actors. This article has provided a comprehensive overview of the latest blockchain news for the future – the latest developments look promising for real estate.

Sabre56 named as miner management partner for new 300MW Saxet Energy Park in Corpus Christi, Texas

$60 million, five-year contract

Sabre56, the leading independent provider of mining operations services and respected digital asset mining consultant, announces the successful award of a five-year agreement with Bootstrap Energy to provide miner operations at the 300MW Saxet Energy Park.

Bootstrap Energy and its partners have demonstrated great vision in their Saxet Energy Park complex, and its development and management strategy is the future of at-scale mining. The energy park is a blended ecosystem of energy supply, mining and HPC operations together with relevant services and support businesses. Sabre56 is fully aligned with this vision and honored to couple our mining expertise with Bootstrap’s infrastructure expertise and proficiency in the competitive ERCOT electricity market.

Saxet Energy Park has the capacity to host approximately 100,000 ASICs from blue-chip miners. The facility will also host cutting-edge AI and HPC platforms. This arrangement catapults Sabre56 into the top five operators globally, based on assets under management. The five-year contract will commence in Q4-2023.

 

Phil Harvey, Founder & CEO of Sabre56, commented:

“We are thrilled to announce this landmark deal with our valued partner Bootstrap Energy. Bootstrap has put together one of the larger builds in the space – 300MW – dedicated as a Blockchain data center.  Sabre56 will oversee the mining operations at the cutting-edge Saxet Energy Park in Corpus Christi, Texas.  This flagship facility will host several of the industry’s most successful public and private miners. This operations management contract is the largest single award to an independent service provider in our industry.

“Bootstrap Energy and Sabre56 are united in bringing the new standard and creating a benchmark in the sector – incorporating structure, operations and in particular energy management and client experience. This agreement is a sign that the industry is maturing and the infrastructure and operations professionals are in the driving seat of one of the largest facilities in North America.”

 

Steve Quisenberry, CEO of Bootstrap Energy, concurred:

“We are excited to find a high-caliber partner in Sabre56 with a shard ethos grounded in operational excellence. Together with Sabre56, Saxet Energy Park will raise the market expectations to a new standard of performance and with unparalleled energy optionality. Phil’s team at Sabre56 will ensure the hosted miners operate at peak uptime and our team will assure dynamic energy cost performance to cope with the complex variables in mining economics.  

“At-scale mining provides an uncommon value proposition as a flexible load resource.  Saxet Energy Park offers miners optionality with a competitive rate for hosting services and no-markup energy pass-through. But the feature that distinguishes Saxet is our flexible, price-responsive energy strategy that puts the power in the miner’s hands to keep the value of their energy attributes. “

 

The massive award is the newest in a sequence of deals for Sabre56 which began with the company securing project funding in February of this year to build out its own 150MW worth of tier zero blockchain data centers in Wyoming, Ohio and Texas.

Today, Sabre56 owns and operates some of the world’s most technologically advanced, efficient, and cost-effective data centers and the company is continuously expanding its global footprint. The company utilizes industry leading miner management platforms adheres to the strictest regulatory standards and implements a proactive environmental and social impact strategy at all its facilities.

 

About Sabre56

Sabre56 is a leading hosting provider and digital asset project management consultant.

Its management team comprises pioneers with many years of experience in the blockchain industry and digital asset management, plus backgrounds in security and consultancy. Sabre56 consults a global client base, including North America, South America, the Middle East, the Nordics and Eurasia – working with renowned names in the industry.

Via its end-to-end consultancy, Sabre56 designs, builds and operates the world’s most technologically advanced, efficient and cost effective blockchain data centers.

World first polygon builders hub to launch in Norwich, UK

  • Leading blockchain development platform, Polygon, and UK based blockchain community ETHAnglia to partner with Norwich companies – Akcela, and Tech Educators – creating a new ‘Builders hub’ to build a powerhouse of blockchain innovation.
  • The partnership will deliver a world-first Polygon-supplied coding boot camp to train over 200 developers to code using blockchain technology over the next 10 months, along with community and investment support.

Norwich based tech incubator, Akcela, and coding boot camp Tech Educators today announce a partnership with blockchain community ETHAnglia and tech giant and leading Ethereum scaling solution – Polygon – to deliver a world-first ‘builder hub’ which will lead a boot camp, running with a Polygon-designed program.

This affirms ETHAnglia and Akcela’s ongoing aim to support the UK, starting with the East of England, to become a powerhouse of creative, use case-based engineers building with blockchain technology.

The Akcela incubator, based in the centre of Norwich, has partnered with Polygon to provide facilities, workspace and a network of entrepreneurs and advisors to support the new bootcamp, which Norwich-based Tech Educators will run.

Polygon – which recently raised $450m from an investment round led by Sequoia Capital India, valuing the ecosystem at $20bn – will support the partnership by helping to showcase the initiative on a global stage. As projects start to demonstrate traction,

 

Polygon will also commit support through:

  • –  access to world-class speakers and mentors,
  • –  social and community-building events,
  • –  welcome vouchers with a value of up to $40000
  • –  grants for early-stage concepts, ranging from $5000 – $15000
  • –  smart contract auditing,
  • –  hosting packages
  • –  providing introductions to scaling VC investment

 

Tech Educators, the coding boot camp based within the Akcela incubator, has been given access to the high-quality web3 coding boot camp program from Polygon, with the target of training over 200 developers to code using the technology over the next 10 months. These courses will be offered free of charge, both in-person and online.

James Adams, Managing Director at Akcela and one of the founding team at ETHAnglia explained how this marks a significant step forward towards the Chancellor, Rishi Sunak’s vision on making the UK a ‘global cryptoasset hub’.

 “Furthering our relationship with Polygon in such a concise and action-orientated manner is a leap forward with our vision of developing the capability for blockchain, starting in Norwich, the East of England and then ultimately across the UK. We have all heard the vision of Rishi Sunak to make the UK a ‘global cryptoasset hub’ – if we are going to do that, we need the developers, the creatives and the entrepreneurs to build high-quality projects that solve real-world problems. We believe we have all the requirements with this partnership to accelerate education and community to deliver those very building blocks and the support structures to create the businesses that contribute to that vision.”

Akcela and Tech Educators have both demonstrated strong capabilities in the blockchain space since launching in 2021. The Akcela incubator is home to a number of businesses working with blockchain technologies, some of which are already attracting investment from well-respected global investors such as Animoca. In addition, Tech Educators has already helped to grow two pre-launch businesses that started from the first EVM-based blockchain coding bootcamp.

Kalao integrates Ramp to drive the mainstream adoption of NFTs

London, UK: 14 April 2022 – Payments infrastructure provider Ramp has partnered with Kalao, a NFT marketplace powered by the Avalanche public blockchain, to enable users to rapidly purchase AVAX from a variety of fiat payment options.

Ramp has reduced onboarding times by up to 90% within its partner ecosystem by providing millions of users with quick and secure access to the crypto economy. Kalao, which places a particular focus on the metaverse and virtual reality, anticipates it will reach swathes of new users following the integration.

“Kalao is an NFT ecosystem which is centered on being accessible, cost effective and user intuitive. After researching the market, Ramp had a considerable advantage for its clear, transparent and highly competitive fee structure as well as its focus on user experience. As we look to the future, we expect the Ramp integration to dramatically accelerate adoption of Kalao,” said Hassan, one of the Co-Founders of Kalao.

Ramp’s partners include some of the world’s most trusted brands and pioneering blockchain ventures, which depend on the low friction product to enable the mainstream adoption of their services.

“Making the payment process secure, easy and seamless will be a key factor in attracting new collectors to the NFT space and is something other platforms will need to work on to secure their position in the future. We believe end users shouldn’t need to educate themselves on the technical features of a blockchain in order to engage with it effectively. And Kalao is facilitating this kind of mainstream adoption,” said Jacques Whales, Chief Meta Officer at Ramp.

Ramp’s non-custodial, full-stack payment infrastructure accelerates adoption and builds trust for its partners. Its fiat-to-crypto payments service helps partners meet regulatory demands, while eliminating a complex buyer journey, which is often cited as a primary reason for preventing the mainstream adoption of decentralized applications.

Kalao’s integration of Ramp is live and users can make fiat-to-AVAX payments today. Other developers building on Avalanche who would like to explore on-ramping can contact partner@ramp.network

Tech Web3 Bootcamp launches with $250k of prizes on offer

Norfolk based Tech Educators adds another “first of its kind” to the region as the East of England ramps up capabilities to support in creating “the future of the internet.”

ChainShot – one of just three web3 bootcamps endorsed by blockchain technology juggernaught Ethereum, have agreed a first of its kind licensing agreement with Norwich based Tech Educators. The intensive in person bootcamps will allow developers to learn to code on blockchains such as Ethereum and Polygon. Like many companies in tech, developers that can write in this language are in huge demand.

Throughout the course, individuals who will already have a good level of expertise in coding with JavaScript, will gain a wide range of understanding in web3 development; from cryptography basics, through to writing smart contracts and building decentralised apps. Registering interest for the ChainShot bootcamp is as simple as contacting the team through the Tech Educators website.

The global cryptocurrency market has amassed a market cap of over £1.6T leading to many calling it “the future of the internet” or web3. The East of England has already attracted a raft of recent web3 investments from some of the most notable names in the space including The Ethereum Foundation, Polygon, Unlock Protocol as well as Premier League Norwich City announcing Scallop as a new primary partner. Working with these partners, ETHAnglia – a community dedicated to furthering the understanding and adoption of web3 in the region –  will sponsor places on the upcoming Tech Educators bootcamps, meaning developers can join the £2,500 course for free. Those with the best ideas that attend the course will have a chance for

Aman Pandy, Developer Evangelist at Polygon stated Since engaging with the team at ETHAnglia and Tech Educators, we have been completely on board with the approach of putting the community at the heart of what they want to achieve. Polygon were created to scale the adoption and usability of web3 and this aligns perfectly with what the teams are hoping to achieve. We look forward to continuing to support the team and the community. ” 

James Adams, one of the founding members of ETHAnglia explained: “The whole premise of ETHAnglia is that we are community driven, and the community was already here, weve just been able to mobilise it. When you look at the projects that have roots here, when you see the investment made by the biggest names in web3, we have to be optimistic as a community we can make the East of England a real hub for future innovation.”

East Anglia is already home to an incredible amount of web3 projects through creators and contributors, these include:

Games Vault – An ETHGlobal Hackathon winner with six award wins under their belt already. Games Vault solves the problem of high publishing fees offered by the current incumbents and lack of true digital game ownership by allowing owners to trade games once they have finished with them.

Toucan Protocol – Toucan’s infrastructure brings programmable carbon to Web3, unlocking its potential for a regenerative economy. The Toucan Bridge connects the voluntary carbon market to Web3. For each credit bridged, one Tokenized CO2 token is minted. TCO2s are semi-fungible, retain valuable metadata, and can be pooled for max liquidity.

Unlock Protocol – Unlock give access to token gated content in a platform agnostic manner. Allowing content creators to retain ownership of their content and communities to purchase and sell their access in a way that suits them.

Moo-DS – Moo-DS is a collection of one-off cows cosplaying as celebrities, plants and objects. Whilst a nod to generative art made famous by now ubiquitous projects such a Bored Apes Yacht Club, Moo-DS offers a hand created, locally inspired twist on the classic web3 project.

Sensory Perception Exploration: Continued – Norwich based artist Jake Andrews brings a collection of sensory expressionist, synesthetic sound portraits and live paintings from exhibitions/events. Available as original paintings, NFT’s and a collection of both, Jake’s art has found itself in exhibitions throughout the country and beyond.

The ChainShot web3 course will begin on the 21st March running until the 8th of April, with a week break, followed by a final week on the 18th – 22nd April. As part of their submission of a final project, the attendees will be able to submit their ideas to global hackathon ETHAmsterdam, where a total of $250,000 of prizes are available for the best ideas. The course will be taught by Tim Smith, Course Director at Tech Educators and have support from developers and contributors from ChainShot, Polygon and Unlock Protocol. Candidates will also benefit from free access to the course through the support of ETHAnglia, The Ethereum Foundation, Polygon and Unlock Protocol.

 

Start-up raises $2.6m to drive uptake of digital ID

cheqd – a start-up whose technology could drive widespread uptake of digital IDs – has secured a $2.6m (£1.9m) investment to support the launch of its product later this year.

The latest funding round was backed by Outlier Ventures, Evernym, TitanBlock, Torque, 3GR and a consortium of private investors. It follows their initial investment in March this year and brings the total raised by the company to $3.3m (£2.4m).

cheqd’s software enables individuals to have their own digital ID that they can store on their mobile phone and use to verify their identity or information such as their qualifications, vaccine status or credit history. Like a passport or driving licence, it would be ‘signed’ by a trusted authority and accepted as proof of status by other organisations without the need to check the individual’s details on a central database.

The technology, which is based on blockchain, has been developed by a team led by Fraser Edwards and Ankur Banerjee. It is unique in that it not only enables organisations to create a digital ID, but also incorporates a payment system so they can charge users a fee to cover the cost, encouraging wider uptake. So for example, a bank that had carried out background checks on a new customer could provide him or her with a digital ID that they could use at other banks to avoid repeating the process.

Self-sovereign identity (SSI), as the concept is known, could be key to unlocking access to banking, government benefits or other services and research suggests it could boost economic growth by 3% in the UK in 2030. It also safeguards privacy by removing the need to store personal information on a central database and giving the individual control over what information they share.

Founders Fraser and Ankur – who met while working as analysts at Accenture in London – have spent the past seven years managing emerging technology projects and were selected to take part in Outlier Ventures’ Base Camp in spring 2021. The business currently employs a team of eight and is on course to launch its first product later this year. It will be aimed at tech firms developing digital ID solutions, as well banks, universities, hospitals or other bodies that issue credentials and may want to offer them in digital ID format.

Ankur Banerjee, the CTO, says digital IDs could save the time and cost involved in carrying out repeated background checks: “Covid accelerated uptake of digital technology but the question is, how do you prove your identity and build trust in an online world? Digital IDs give people control over their credentials which makes it easier and cheaper to verify their identity which makes banking and other services more accessible. 

“However until now uptake of digital IDs has been limited because there is no business model that allows providers to charge for creating them. cheqd makes this possible for the first time and could act as a catalyst to encourage wider uptake.”

Fraser Edwards, CEO at cheqd, added: “cheqd aims to build the trusted data economy to give people and organisations back their privacy and control of their data. We would like to thank all the investors who share our vision and brought us this far. The strong interest we have had from investors signals that the market is ripe and there is a big demand to address the data security, privacy and trust issues linked to our identities.”

Jamie Burke, CEO at Outlier Ventures, added: “You can’t have Web 3.0 without a form of decentralised identity that works at scale and has a business model for network participants hardcoded into it. That’s why we firmly believe in cheqd’s mission as they enable SSI.” 

What Is a Crypto Airdrop and How Does It Work?

There are over 4,000 cryptocurrencies in existence, and most of them have no following or trading volume. But that doesn’t stop the crypto creators from pushing their coins to the front of the queue.

These days that includes utilising some creative marketing tactics, such as airdrops. Essentially, an airdrop is a distribution of free coins to multiple crypto wallets to gain attention for the currency.

However, established coins use airdrops too, and any Bitcoin wallet can receive free funds at any time. And you could use a Bitamp app to buy bitcoins to make things easier. In this article, we’ll elaborate on the concept of airdrops and why many companies use them.

Crypto Airdrops Explained

If you know anything about marketing, you’re probably aware that giveaways and promotions are incredibly popular. Everyone likes free stuff, and it’s no different when it comes to cryptocurrency.

Blockchain-based startups popularised crypto airdrops to bootstrap their crypto project and get more people trading. While this method might seem unconventional, many companies rely on it to expedite the adoption of a specific currency.

These airdrops are usually announced on social media or a company website so you can anticipate a change in your Bitcoin wallet online. It doesn’t have to be Bitcoin, either. Usually, any newly-minted coins are distributed to numerous crypto wallet holders.

Is Everyone Eligible?

Naturally, you might wonder if all you have to do is own a Bitamp online bitcoin wallet or any other crypto wallet. The answer is – it depends. Most crypto airdrops don’t require any eligibility requirements, while others do.

In some cases, the potential recipients of airdrops will have to hold a specific type of coin or have a minimum balance to become eligible. It’s also possible that companies promoting the cryptocurrency will ask users to perform a series of tasks.

You might have to post about the pending airdrop on your social media page or write a blog post. However, most startups engaging in crypto airdrop marketing don’t have any specific requirements for eligibility.

Why Do Crypto Project Use Airdrops?

The simple answer is that they do it because it pays off. Still, some of the airdrops involve generous amounts, and it might make you wonder how exactly it translates to profit. Here are several explanations to provide a clearer picture.

Crypto Airdrops Create Awareness

The competition in the crypto market is fierce, and every little bit of recognition matters. Airdrops are an incredibly straightforward way to let people know about what you have to offer.

For example, in 2020, Uniswap, one of the biggest decentralised exchanges in the world, airdropped their native coin UNI.

All wallets with at least one transaction via their platform were eligible for 400 units of their base asset. This went on to be one of the most lucrative crypto airdrops. Those who held on to the coins could sell them for £8,600.

Crypto Airdrops Are Rewards for Loyal Users

Many investors don’t stick around in the crypto ecosystem for too long. They want to get the highest return on their investment and call it a day.

This approach is incompatible with the crypto project that is all about sustainability in the long run. Therefore, some companies choose to reward their most loyal users by airdropping coins into their wallets.

Crypto Airdrops Attract Investments

The buzz created around a big crypto airdrop often drives the price of the coin in question upwards. Consequently, that generates more attention around that cryptocurrency leading to a more significant number of investors.

More people buying and selling coins is the ultimate goal of airdrops in the first place. If conducted flawlessly, the amount spent on crypto airdrops will be significantly lower than what companies deploying them received in return.

Crypto Airdrops Offer Access to Crypto Community

Undoubtedly, there is a community surrounding everything cryptocurrency-related. Crypto projects often use airdrops to gather data from the members of that community.

They do so by asking them to provide some personal information such as an email address or a social media account. Both of which allow them to create more targeted campaigns.

Getting Ready for a Crypto Airdrop

Regardless of how successful a crypto airdrop campaign turns out to be, free coins are always welcome.

They’re not the only free crypto tool, but they are one of the most successful. If you receive a few Bitcoins in your online Bitcoin wallet, you’ll likely rush to invest it or store it in your wallet and wait for the right price.

Either way, you’ll likely continue to be engaged, and that’s the entire point of any marketing, including crypto airdrops.