Blockchain

EUROPEAN CENTRAL BANK BRACES FOR BAD DEBT TSUNAMI AS BITCOINERS WATCH FROM HIGH GROUND

Published

6 years ago

June 10, 2020

The European Central Bank (ECB) is preparing for a COVID-19 induced bad debt tsunami that could well prompt many to turn to Bitcoin (BTC) and other cryptos.

Europe prepares for economic meltdown

As the ECB doubles its COVID-19 stimulus support measures to a staggering €1.35 trillion, officials are bracing an unprecedented economic crisis.

According to a 10 June Reuters report, insider sources have confirmed the ECB is planning to set up a ‘bad bank’ to handle what could be hundreds of billions of euros of unpaid loans resulting from a COVID-19 induced economic collapse.

It seems the ECB is expecting mass unemployment across the continent, as thousands of businesses collapse in the wake of the COVID-19 lockdowns, and a resulting mass defaulting on debt obligations, including credit cards, personal and business loans, mortgages, and car financing agreements.

Needless to say, for a continent that was already carrying an estimated USD $500 billion bad debt before the crisis hit, the results could be utterly catastrophic. And that’s not even taking into account the growing likelihood that more waves of COVID-19 will force further lockdowns.

To try and mitigate the effects of the upcoming financial crisis, the ECB is said to be looking at setting up an asset management company, or so-called ‘bad bank’, to protect other lenders from the worst impacts.

Meanwhile, across the Atlantic, the US Federal Reserve is also accelerating its money printing, even though its balance sheet now stands at an eye watering $7.16 trillion. Illustrating the gravity of the situation, $3 trillion has been added in just three months.

Crypto world watches with sense of inevitability

Despite many in the traditional financial world having their heads buried very deeply in the sand, cryptocurrency advocates have been watching events unfold with a sense of inevitability.

Last month, as the 629,000 BTC block was mined during the halving, a message was inserted by f2pool reading “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue”. The message was a nod to the note left in the Genesis block back in 2009, by the enigmatic Satoshi Nakamoto, that read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

These ominous messages are a reminder that Bitcoin was created out of the ashes of the 2007-2008 Financial crisis, as an alternative to what many saw as a doomed fiat monetary system. Now, as a crisis of a magnitude of order greater in scale approaches, many think we will now see Bitcoin truly come of age.

Indeed, over the past few months we’ve seen a flood of experts and analysts make startling predictions of an imminent Bitcoin (BTC) bull run. Just yesterday we reported that Cane Island Alternative Advisors’ Timothy Peterson had noted an “almost perfect” correlation with 2013, when Bitcoin embarked on a 700% bull run, and pointed out that if the correlation continues, it could result in $75K BTC within weeks.

Will the traditional monetary and economic system manage to recover from the COVID-19 crisis by hiding a mountain of bad debt and furiously printing more money? Or will we see the wheels finally come off and a systematic collapse, resulting in a dramatic ascendency of cryptocurrencies and digital assets like Bitcoin (BTC)?

With 2020 looking more like a dystopian science fiction movie everyday, all bets are off.

All original content featured on this site is © Pentagon Digital Limited, 2020

Blockchain

VCOIN LAUNCHES DEBIT CARD WITH UPHOLD: IMVU USERS EARN IN-GAME & SPEND IN REAL LIFE

VCOIN has teamed up with Uphold on a debit card that lets IMVU users spend currency earned in-game on real-world purchases.

Published

5 years ago

June 29, 2021

AYO News Staff

Vcoin launches debit card with uphold: imvu users earn in-game & spend in real life

VCOIN, the transferable digital currency used in the social metaverse app IMVU, has launched a debit card in partnership with digital money platform Uphold, allowing users to take value earned inside the virtual world and spend it in real life.

IMVU users can now withdraw VCOIN to an Uphold account and spend it using the Uphold debit card, earning 2% cashback on every purchase, both online and in store.

How the card works

The card is available first to US residents, with international availability to follow. Digital-only cards are free to order and use through the Uphold Card app, while a physical card carries a one-off fee of $9.95. Cashback on purchases is paid into the cardholder’s Uphold account.

From virtual economy to real wallet

VCOIN was first introduced inside IMVU, the friend-discovery and social metaverse app operated by Together Labs. IMVU runs one of the larger virtual economies of any social platform, with around 27 million transactions and 14 billion credits changing hands each month, according to the company.

The debit card closes the loop between that in-app economy and everyday spending. Creators and users who earn VCOIN by selling virtual goods or participating in the community can now convert those earnings into money they can use at ordinary merchants, rather than keeping the value locked inside the app.

A test case for the creator economy

The launch reflects a wider effort across gaming and virtual worlds to let users earn real income from in-game activity. It also highlights the regulatory hurdles involved: by routing withdrawals and spending through Uphold, an established and regulated money platform, VCOIN relies on a partner already set up to handle compliance, identity checks and card issuing.

How widely users adopt the card will be watched closely by other platforms considering whether to let virtual currencies flow out into the real economy.

Blockchain

ENGLISH PREMIER LEAGUE’S WOLVES ENTER ROCKET LEAGUE CHAMPIONSHIP SERIES

Published

6 years ago

November 5, 2020

AYO News Staff

English Premier League football club Wolverhampton Wanderers (Wolves) has entered the Rocket League Championship Series (RLCS).

Wolves already fields rosters in FIFA 21, FIFA Online 4, PUBG, Identity V, and Pop Kart Racing, and is the first Premier League club to enter the RLCS.

Discussing the news Wolves General Manager for Marketing and Commercial Growth, Russell Jones, said:

“Gaming and esports remain a crucial part of our brand growth strategy and signing such talented and ambitious players to represent our Rocket League esports team is another step forward in our journey to build stories outside of football and widen the appeal of the Wolves brand across the world.

“We have spent the last six months scouting teams and players and are delighted to welcome Rix, Luis and Ole, who will become Wolves Esports for the remainder of the current RLCS season X and beyond. We will be offering the team our full support as they compete in the winter split.

“I’d also like to thank the University of Wolverhampton who continue to be an exceptionally supportive partner of the Wolves Esports programme.”

While Team Captain of Wolves Esports Rocket League, Rix Ronday, added:

“It is a real honour to captain the first-ever Wolves Esports Rocket League team. I’m confident that we have recruited two of Rocket League’s most exciting talents in Ole and Luis and we are working hard behind the scenes to prepare for the RLCSX Winter Split kick-off.”

AYO.NEWS says:

Wolves have already demonstrated their enthusiasm for esports, using it to strengthen what is now a powerful global brand – for example, way back in February 2019, it became the first Premier League club to enter Chinese esports, through a partnership with Weibo eSports Club.

And, given the very real possibility of COVID-19 causing further disruption to football, diversifying the brand into multiple esports seems like a smart way to ensure fan engagement can continue, come what may.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates.

All original content featured on this site is © Pentagon Digital Limited, 2020.

Blockchain

FIFA 21 CHALLENGE IS MOST WATCHED EA ESPORTS EVENT YET

Published

6 years ago

November 4, 2020

AYO News Staff

The EA SPORTS™ FIFA 21 Challenge has smashed the viewership record, with an Average Minute Audience of over 250K.

A one-day esports tournament that paired top global professional footballers with the world’s best FIFA players, the EA SPORTS™ FIFA 21 Challenge drew an average minute audience (AMA) of 254,057 with a total watch time of 1,024,696 hours, making the event the most-watched EA operated esports broadcast in history.

In fact, the broadcast more than doubled the viewership metric set by the next most-watched EA operated FIFA event, the FIFA Global Series FUT Champions Cup: Barcelona, which took place over multiple days in January 2018 and registered an AMA of 92,678.

During the competition, four esports players paired with four professional footballers from international clubs Liverpool, West Ham United, Inter Milan, and Borussia Dortmund, clashed on October 29 for the EA SPORTS FIFA 21 Challenge.

Liverpool’s Trent Alexander-Arnold and Fnatic’s Tekkz took home the trophy and won $20,000 on behalf of their selected charities

In addition to incorporating celebrity participation to reach non-traditional gaming audiences, the EA SPORTS FIFA 21 Challenge was the first event to utilize FIFA Global Series Viewership Rewards, creating an interactive broadcast for viewers with in-game benefits for watching to further drive engagement and subsequent play time.

Reflecting on the event EA SPORTS FIFA Commissioner, Brent Koning, said:

“EA SPORTS FIFA is woven into the fabric of football culture. Bringing professional footballers and our esports pros together creates entertainment that sets our tournaments apart.

“The success of the FIFA 21 Challenge reinforces our strategy and vision for broadening the esports audience, creating content for our fans, and underscores the value of entertainment-driven events that branch outside of traditional esports.”

The FIFA 21 Challenge was a part of a series of EA SPORTS FIFA 21 Global Series pre-season invitationals, featuring notable influencers, footballers, and FIFA pros, in partnership with the interactive entertainment world’s biggest video streaming and content platforms.

It’s a nod to EA’s renewed competitive gaming strategy, which leverages the convergence of traditional sports, competitive gaming, and pop culture to create new, engaging, and accessible broadcasts for diverse audiences.

AYO.NEWS says:

Viewership figures like this illustrate just how integrated esports, especially FIFA, is becoming in mainstream football culture, and the growth looks set to continue, and reflects well on EA’s competitive gaming strategy. Last month, EA announced improvements and a bigger prize pool for the upcoming esports season.