Today’s Topic
📌 KuSwap X PENFT Strategic Partnership Announcement
📌 VISA Proposes Automatic Payments Using ETH
📌 Bitcoin miner Core Scientific files for bankruptcy
KuSwap X PENFT Strategic Partnership Announcement
In recent news, Argentina has won the world cup in 36 years at the 2022 Qatar World Cup! Congratulations to Team Argentina on their victory! Protocon has good news to share with all of you as well!
KuSwap and PENFT have formed a strategic partnership on December 15th!
KuSwap is a decentralized exchange built on KuCoin Community Chain (KCC). As a feature, KuSwap was the first to implement yield farming and AMM with low transaction fees (0.1%), and representative services consisting of swaps, liquidity pools, LP pools, launchpads, NFT marketplaces, and more.
On the 19th, an AMA event was held on KuSwap’s official Telegram to commemorate the partnership. Thanks to your interest and support, the event was a total success.The Santa event with KuSwap was very popular as the first five were sold out immediately. The Santa event will list 5 POCO NFTs for sale at random each day. It is ideal to be first and the fastest so join PENFT’s Official Twitter!
VISA Proposes Automatic Payments Using ETH
Global payment company VISA has proposed the launch of a payment system using Ethereum (ETH) through self-custodial wallets.
VISA has announced on their official blog that they are currently researching a blockchain designed method to realize the function of ETH payments.
They plan to utilize a novel concept by one of the leading Ethereum developer proposals known as Account Abstraction to enable automated programmable payments. Although Ethereum doesn’t allow you to request transactions, one can create a Delegable Account to set up automatic payments for such things like recurring bills.
Although VISA hasn’t exactly stated that they would make this feature available for customers, VISA wants to utilize ETH despite the unfortunate events of LUNA(Terra) and the FTX bankruptcy that has occurred this year. This is an interesting plan and approach from VISA.
Bitcoin miner Core Scientific files for bankruptcy
According to a report by CoinDesk, Core Scientific has apparently filed for Chapter 11 at Southern District of Texas bankruptcy court.
Core Scientific is a large-scale mining company based in Texas, USA with large-scale mining (data centers) in Georgia, Kentucky, North Carolina, and North Dakota. Many of these states mainly mine Bitcoin (BTC) but other cryptocurrencies as well.
Chapter 11 is a system that seeks “rehabilitation through restructuring” which is said to be a reorganization bankruptcy procedure which is different from Chapter 7. Chapter 7 liquidates a company whereas Chapter 11 restructures/reorganizes. Compute North, another major firm, filed for Chapter 11 bankruptcy as well back in September.
According to documents filed by Core Scientific, the bankruptcy protection filing was a part of the aftermath of BTC falling. The rise of energy costs and bankruptcy of Celsius was also an influence. In response, Core Scientific stated that they would not liquidate the company and reached an agreement with their creditors.
As the profitability of mining companies have been deteriorating for quite a while and crypto winter is here, one can only hope that the market gets better and less people suffer. We hope you can receive Santa POCOs as a gift on Christmas and we hope you have a great Christmas with your family, partner, and friends! Merry Christmas!
