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NFT marketplace launch coming up by GameStop

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The world’s largest retail gaming and trade-in destination, GameStop, has planned to launch its own forum for non-fungible tokens (NFT) and is co-initiating an “up to $100 million” repository for game developers using it.

Gamestop has collaborated with Immutable X, an Ethereum Layer 2 network developer for this launch. The company’s announcement came on Thursday, 3 February 2022, along with the news of when the launch of the Immutable X-powered NFT marketplace is, which would be later this year.

The repository for the grant is named in Immutable X’s IMX tokens, specifically 56,209,850 tokens, that are worth over $200 million at the present prices due to the increase in the price of the IMX tokens. However, the fund is clinched at $100 million.

In addition, Immutable X will contribute up to $150 million in tokens of IMX to GameStop on achieving certain breakthroughs. These milestones are inclusive of the NFT marketplace launch, reaching sales volumes of $1.5 billion and $3 billion on Immutable X within a given time frame.

GameStop recently expressed its enthusiasm for blockchain technology when it advertised for a ‘head of Web3 gaming’ and an array of jobs based on non-fungible tokens. These tokens are usually characterized as a way to determine ownership of items in-game, and let players trade articles outside an authorized marketplace like an in-game auction house. A few games, that are played to earn rewards in the real world, use cryptocurrency and NFTs to operate an in-game economy that converts into real money for the players.

Company behind NFT trading card game, Gods Unchained: Immutable

Immutable, the company behind the NFT trading card game Gods Unchained, is also the company that created Immutable X. Immutable X is a podium based on the most sought-after Ethereum cryptocurrency blockchain. It functions on the Ethereum Layer 2 network, explicitly for NFTs.

Immutable podium is determined to placate the biggest drawbacks of Ethereum, like the enormous amount of energy consumed and the exorbitant gas fees which could add a high transaction cost.

The new protocol incorporates huge numbers of sale records into one particular transaction, written to the Ethereum blockchain; through this, Immutable assures to make up for the environmental expense incurred by carbon offsets.

OTO Motors brings real-world car design into the Metaverse with its 3D NFT racing game

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OTO Motors, a new digital platform for racing and playing with 3D-car NFTs, introduces its OTOmobile NFTs designed like real cars. Applying physical car designs to its NFTs, OTO Motors offers a race-management experience for car enthusiasts and designers completely unrivaled in the digital space. 

As the physical world slowly begins to merge with the Metaverse, people are increasingly looking for ways to mesh the two, specifically in the car racing field. Aston Martin, one of the most recognized car brands in the world and a leader in automotive designs, recently released a collection of iconic NFT photographs. As the first Formula One team offering NFTs, Aston Martin’s Metaverse debut serves as a strong indication NFT racing is set to expand, and rapidly. For consumers to move their racing endeavors into the digital realm, the Metaverse will need physical-grade products to keep up.

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OTO Motors brings real-world car design into the Metaverse with its 3D NFT racing game 2

OTO Motors tackles this challenge by integrating real-world car designs into the Metaverse and upgrading the adventures of true racing enthusiasts. OTO offers a racing experience that consists of custom-designed NFTs, called OTOmobiles, with authentic car features developed in-house, similar to a real-world car manufacturer. Users enjoy an all-encompassing racing experience in the metaverse, with a fantasy-like racetrack and scenery. The cars are not bound by functional constraints that exist in the physical world, such as the need for headlights in the front of the car. Headlights and other functional exterior features become a design opportunity and can be placed wherever is deemed most aesthetic, enhancing the otherworldly feeling.

Drivers adjust their OTOmobile’s features in preparation for automated races that will be live-streamed on the platform. Participants will earn play tokens, called OTOKENs, which are dropped daily, allowing every member the opportunity to enhance their car. Similar to tokens on a standard smartphone game, they have no cash value, but facilitate a user evolution in the platform and access to car upgrades. A limited number of OTOmobiles from the presale event are available on Opensea, each having three different body kits, used to upgrade the car and increase the value of the NFT. The next round of mintings will begin in mid-January.

“Our cars are meant to simulate real-world experiences in the Metaverse, but also enhance them in a reality unconstrained by physical-world limitations,” says Chief Design Officer Eyal Melnick. “We want people to connect with the story of the Metaverse where things happen and look different and just experience the designs.”

Robo Trading with Delta Exchange: How you can level up your trading game

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While economies worldwide were hit hard by the Covid-19 pandemic and are still reeling from its after-effects, the crypto industry has been one of the few to see a positive demand shock across geographies. According to Fortune Business Insights, the global crypto industry is set to grow at a CAGR of 11.1%, from $910.3 million in 2021 to $1,902.5 million in 2028. And despite proposals for regulations and outright bans in some jurisdictions, cryptocurrencies have continued to skyrocket in value.

A large part of the planet is betting on cryptocurrencies as the currency of the future, and supporters and enthusiasts are flocking to get hold of them before they become any more valuable. With the potential to make huge profits in a significantly shorter space of time than other standard investments like stocks or bonds, it’s no shocker that people are now getting into crypto trading more than ever. This volatility, however, is also one of its major drawbacks.

Cryptocurrencies are infamous for their dramatic price movements that can occur within the space of a few seconds or minutes. Moreover, since cryptocurrency markets operate 24/7, traders are inevitably required to monitor crypto exchanges across the globe at all times. This causes difficulties for most traders to react to market fluctuations promptly. Slowdowns in crypto exchanges and transaction delays aggravate the matter even further.

This is where trading bots come in. Crypto trading bots are essentially automated trading systems that trade on behalf of traders and investors. When certain conditions for trade are satisfied, they allow traders to execute trades automatically. Trading bots are especially useful in a highly volatile market like the crypto market since they are more efficient and make fewer human errors.

Delta Exchange, one of the world’s leading crypto derivatives exchanges, offers advanced Robo Trading strategies that help investors actively trade in the crypto markets and make profits. Here’s a look at the various types of Robo Trading strategies available on Delta Exchange. Some of these strategies also offer users additional; rewards in DETO – the utility token of Delta Exchange.

  1. Top 20 momentum

The Top 20 momentum strategy trades in the top 20 cryptocurrencies, which are chosen on the basis of their market capitalization. This strategy takes long or short directional positions based on short-term price momentum. Subscribers can also earn DETO rewards up to 3000 per day.

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Robo Trading with Delta Exchange: How you can level up your trading game 11
  1. Top 2 momentum

Similar to the Top 20 momentum strategy, the Top 2 momentum strategy trades in BTC and ETH only – the top 2 cryptos based on market cap.

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Robo Trading with Delta Exchange: How you can level up your trading game 12
  1. BTC momentum

This strategy can be used solely for BTC inverse perpetual and has given returns of around 6.50% since inception. The strategy also takes long or short positions on the basis of price momentum.

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Robo Trading with Delta Exchange: How you can level up your trading game 13
  1. ALTBTC momentum

The ALTBTC momentum strategy provides returns of around 1.80% and trades in top altcoin pairs.

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Robo Trading with Delta Exchange: How you can level up your trading game 14
  1. DeFi momentum

This momentum strategy trades in the top DeFi assets which are chosen on the basis of their market capitalization. Generally expected to perform well in a volatile and trending market, this strategy maximizes the holding period for profitable trades and minimizes it for losing trades. This helps to improve performance while reducing drawdown.

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Robo Trading with Delta Exchange: How you can level up your trading game 15
  1. Large Cap AMM

The Large Cap AMM strategy is particularly designed for a relatively lower risk profile and primarily aims to minimize drawdowns. Being an AMM (Automated Market Maker), this strategy aims to make profits by providing liquidity on the books of coins like BTCUSDT and ETHUSDT, which have a significantly large market capitalization. Users are also eligible for DETO rewards under this strategy. In proportion to their ownership of the units outstanding, 17500 DETO/day are distributed to subscribers.

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Robo Trading with Delta Exchange: How you can level up your trading game 16
  1. BTCUSD AMM

The BTCUSD AMM strategy aims to deliver bids and offers to order books on BTCUSD inverse contracts. Users should be aware, however, that contributions to this strategy may only be made in BTC. DETO rewards include 2000 DETO per day.

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Robo Trading with Delta Exchange: How you can level up your trading game 17
  1. Cash Future Arbitrage

This strategy enables investors and traders to profit from the premium offered by BTC and ETH futures over their spot market prices. Traders may also use the strategy to earn funds by trading perpetuals and spot pairs in a market-neutral setup. Under this strategy, 3275 DETO/day are distributed to subscribers as DETO rewards.

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Robo Trading with Delta Exchange: How you can level up your trading game 18

There’s no doubt that crypto trading bots are here to make your crypto journey easier. Take it a step further with Robo Trading strategies from Delta Exchange to enhance your trading game.

You can also follow Delta Exchange on Facebook, Twitter, Medium, and Telegram.

Crypto Lottery Game Lucky Block Launches for Pre-Sale

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Pre-sale runs until February 1, 2022

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LuckyBlock, a cryptocurrency lottery, has launched a pre-sale of their Lucky Block token. The Lucky Block lottery uses blockchain technology and voting polls on every purchase to ensure transparency and fairness, allowing everyone to be a winner.

The internet has created a demand for online gambling, with companies offering easily accessible online wagering. Lucky Block envisions a worldwide crypto lottery with players using blockchain protocols, operating on the Binance Smart Chain.

“We believe the lottery should not be bound geographically or tied to local financial systems,” shared the creators of LuckyBlock. “Instead, our focus is to develop further transparency and fairness in gaming, creating a lottery where every player has better odds of winning while providing a solid investment strategy for token holders and contributing to the community.”

General lottery odds are stacked too high, and they are centralized meaning players can’t see where all the money is going. Additionally, platforms on a centralized server are vulnerable to hacking, while physical systems are more likely to experience ‘fixing’ or rigging of the game. With Lucky Block being decentralized, every transaction is logged in the blockchain for increased visibility. This ledger of interactions prevents undetectable system tampering for rigging. With a general lottery, the people have no vote in who gets the grants. With Lucky Block, the community can vote as to which causes are granted.

LuckyBlock will reduce draw times and allow multiple draws per day giving players more chances to win while lowering costs per lottery. Being on the blockchain allows for faster, if not instant, prize pay-out alongside full tracking and recording, regardless of the win size via distributed ledger technologies.

32,500,000,000 tokens will be available until February 1, 2022, to allow early adopters in at an advantageous rate. Of the presale launch proceeds, 20-25% will be allocated to the liquidity pool via a 1-year smart contract lock-up.

When the jackpot is distributed, 70% goes to winners, and the remaining 30% is evenly distributed to token holders, back to Lucky Block, and charity.

To learn more and purchase your presale tokens, visit https://luckyblock.com/ and join the community Telegram here: https://t.me/LuckyBlockChainTG

About LuckyBlock

LuckyBlock has also partnered with European financial marketing sensation Finixio, a London-based media company that runs 15+ leading comparison brands across personal finance, cryptocurrency & technology sectors.

Shiba Inu team joins hands with former Activision VP for a Shiba game

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Shiba Inu’s team is not looking to slow down or remain confined as the team behind the SHIB ‘meme coin.’ After releasing Shiboshi NFTs, the team is planning on developing a new Shiba-backed game and releasing it for the fans.

On Thursday, the token crossed the 1 million holders milestone as SHIB price action turned bullish, and the token rose by a whopping 12% in a single day. The new venture of the SHIB team is an attempt not to let the SHIB craze die.

In order to avoid any missteps in the process, the Shiba Inu team has partnered with Activision’s Vice President William David Volk. Volk has made a mark in the gaming industry with the “AAA studio.”

“I am honored to be working with an amazing team on what will become one of the most significant games of all time.”

William David Volk

Volk has many years of game development experience and runs his own independent gaming studio. He is also behind the first iPhone game in history.

The Shiba Inu game

As per the Medium blog of Shytoshi Kusama, the volunteer leader of the Shiba Inu, “the only way to create a 7 figure game that is worthy of 1 Million FriendShibs is to find a perfectly fitting AAA Studio and build it with them.”

According to Kusama, after messaging several AAA studios and getting ghosted by them, the team found the perfect candidate but is currently under a mutual NDA.

While Shiba Inu is a completely decentralized platform, it has to turn into a corporate if it needs approval for the mobile (iOS and Android versions) Shiboshi game. There are multiple requirements behind the approval for a game.

“The completed game will be licensed solely to the decentralized team at Shiba Inu for use on Shibarium. They’ll also be able to add various decentralized elements to enhance this mobile version.”

said Kusama in the blog

Furthermore, the Shiba Inu team is also working on the concept metaverse and how SHIB fits into the same. The core development team is currently in talks with authorities to build a VR where players can interact with each other virtually.

Casino Games with the Best and Worst Player Odds

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Players at crypto casinos should understand the odds of each game type, as they differ greatly. Blackjack is popular among players because the odds are more balanced than other games, such as slots. Many players are surprised to learn that table games typically provide more favorable odds than alternative gaming options. Slot games are computerized and completely random, thanks to random number generators. Blackjack requires a small percentage of skill mixed with a bit of luck.

It isn’t uncommon for players to feel uncomfortable while playing table card games because they’re intimidated by so-called card sharks. You don’t have to be a card shark to profit from playing casino table games. The thing that makes crypto-friendly table games so great is the wide profit margins. Plus, cryptocurrency values can switch at any time. Players mistakenly assume poker tournaments are too challenging to win, promoting players to opt for slots. In terms of odds, table games are the superior option.

Dice Games Offer Balanced Odds for Optimal Gaming

Gambling with cryptocurrencies can either boost your gaming experience or deflate it entirely. Bitcoin dice is raging within the online gambling community, especially within crypto-exclusive casinos. As a matter of fact, there are casinos dedicated solely to Bitcoin dice players. Bitcoin dice falls second under table games in the running for the best odds. Craps is another game with well-balanced odds and exciting gameplay. When playing with digital currencies, craps has approximately fifty-fifty odds.

Beginner players are frightened away from craps tables because of the multiple boxes and bets. However, craps is a straightforward game where players bet on the outcome of rolled dice. Crypto dice was one of the first blockchain-based online casino games created for crypto gambling. Players flock to crypto-based games, mainly because the house only has a one percent edge.

Why is it Wise to Play Roulette Using Bitcoin?

Bitcoin is perfect for playing fifty-fifty games like roulette because players aren’t facing stacked odds. When the wheel lands on red, players are open to an opportunity to double their bets and increase their returns. Playing roulette doesn’t require complex game strategies. However, players must practice bankroll management to expand their playing time. It isn’t difficult to get caught up in the game and let the excitement erase all holds. Bitcoin is the most widely accepted currency at hybrid casinos and is accepted by almost every crypto-exclusive casino. CryptoCasinos helps players find Bitcoin-friendly casinos, Sportsbooks, and e-gaming platforms.

American roulette wheels do give the casino house a slight advantage with the addition of the zero and double zero green sections. However, placing roulette bets on numbers only lowers players’ chances of winning substantial jackpots. On the other hand, numbers only bets offer higher rewards. Of course, casinos don’t want players to know which games have the worst odds, but players must have some general idea when placing bets.

Games with the Worst Odds for Players Using Bitcoin

Players using Bitcoin may want to avoid playing the Wheel of Fortune slots game. The Wheel of Fortune slots game is insanely popular in worldwide casinos, but the house edge is well over ten percent. As a result, players are less likely to hit enticing jackpots with a low return to player rating. Casino games with odds above forty-four percent provide the best chance to win, no matter which game you play.

Dogecoin [DOGE] struggles to stay in the game despite recovering above $0.50

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Dogecoin’s [DOGE] price corrected after climbing a new high near $0.8 in the first week of May. The market still experienced weakness. Its weekly loss was, however, cut down to 24.37%.

The meme coin’s price had seen a substantial breakthrough this quarter. However, it was now battling to break higher, even as the rest of the market contended with a reduction in sell pressure. But the DOGE bulls also attempted to mount a swift rebound on the 11th of May. It will be interesting to see if the technicals are strong enough to support the uptick.

Dogecoin [DOGE] was up by 11.53% over the past 24-hours and exchanged hands at $0.515. At the time of writing, the crypto-asset recorded a market cap of $66.33 billion and a 24-hour trading volume of $12.94 billion.

Dogecoin [DOGE] Daily Price Chart:

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Dogecoin [DOGE] struggles to stay in the game despite recovering above $0.50 22

Dogecoin [DOGE] bounced from a crucial point of support as it initiated a recovery. The upsloping moving averages continued to support the token’s price candles.

The volume, on the other hand, failed to provide the necessary momentum as the volatility took a hit following the huge correction. This implied that the digital asset could undergo a period of consolidation in the coming days.

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Dogecoin [DOGE] struggles to stay in the game despite recovering above $0.50 23

The technicals on the one-day chart do not look promising either. Dogecoin [DOGE] felt immense downside pressure from the dotted markers of Parabolic SAR which resisted a potential upward movement.

The Klinger Oscillator continued to lay low despite hints of a possible bullish crossover that could push the price back to higher levels.

In addition, the RSI fell from the overbought conditions but managed to held its position above the 50-median line depicting a sentiment of buying pressure even as the DOGE market continued to reel under severe bearish pressure.

If the buyers did seek a fresh leg up, Dogecoin could target the nearest resistance area of $0.694 while support points were found to be at $0.452, and $0.254 respectively.

CryptoGames –An Exquisite Gambling Haven

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The world is now plagued by a pandemic that has altered lives drastically. Almost everyone’s daily lives have been disrupted by this horrendous event, which has superimposed itself on every aspect of life. The pandemic has affected the entertainment industry in particular as people in most countries are unable to leave their homes without compromising the safety of their lives. This has triggered a rapid rise in the number of online gamblers who have chosen online casinos as the new medium for their entertainment. This in turn has created an enormous demand for efficient online casinos which provide desirable services. The exemplary casino known as CryptoGames comes as a savior in this scenario as it has all the tools required to provide gamblers with classy entertainment and sublime services. This casino has it all – enticing games, an attractive UI, unique promotional events, lucrative referral rewards, and much more!

An association called MuchGaming B.V operates the casino. CryptoGames is a betting site under the jurisdiction of the government of Curacao. Through its hard work and its intense dedication to its gamblers, this casino has amassed a huge community of devoted players. The betting site wants to keep up the brilliant nature of its administrations and its obligation to its goliath player base and create an era of flawless services and ecstasy for the betting scene. Moreover, CryptoGames expects to improve the quality of the services offered and thus revolutionize the world of gambling. Below is a summary of the magnificent administrations and benefits gamblers can appreciate in CryptoGames:

Engross yourself in our world class Games

The essence of an online casino lies in its library of games. CryptoGames offers its players a library of enticing games that are highly successful in the gambling world. These games have contributed in CryptoGames attract legions of players to casino through their old school vibe.  Some of these games have dominated the gambling world even before online casinos became prominent. CryptoGames offers 8 of these extravagant games. Though the library contains only 8 of these games, small in number but able to guarantee maximum satisfaction. The limited number of games allows players to focus their entire concentration in the games which would have been impossible in the presence of hundreds and thousands of games. CryptoGames also provides instructional guides and informative tutorials that assist players with learning these games in the best way conceivable and players can therefore master the games at commendable speed.

The Games offered by CryptoGames are-

Dice
The game of Dice is a world-class game that has outcomes that range from 0.000 and 99.999. A set of rules must be strictly followed in order to win this game. Before the game starts, the user must place a fixed amount of bet and the player is to decide whether the dice roll will generate a higher or lower number than the chosen value when rolling. The player correctly guessing the result of the roll will be declared as the game-winner. The players of CryptoGames can enjoy this fabulous game without any issues whatsoever, courtesy of the various features of the platform. Gamblers of CryptoGames can also choose to play the game by using keyboard controls. There are useful functions such as “Auto Bet” that can be used to set a strategy and let the game run in autopilot mode. At the moment, a profit of 4 BTC can be earned through a single bet in Dice.

Slot
The game of Slot has to be played on five spinning reels that are allowed to rotate before it is stopped. Five symbols have to be matched and the winner can claim a payout when their chosen symbols from the paytable line up in the middle of the Slot. Players of the casino enjoy a reduced degree of complexity and earn a lucrative payout with the use of single-line horizontal matching. A single bet in this extravagant game can earn a huge profit of up to 4 BTC. This is a game of true luck.

Roulette
The game of Roulette has huge acclaim in the world of gambling. Players of CryptoGames play the European edition of this famous game as opposed to the American one. This version of the game offers a similar payout table like its American counterpart, however, the house edge is almost halved as there is a single zero present on the 37-number wheel.  Players turn the wheel by pressing the “Spin” button after all wagers have been determined and the payout table is then used to pay gamblers accordingly. This game never fails to produce intense competition between devoted players.

Blackjack
The game of Blackjack has a massive amount of fans in the gambling community. The game if played against the dealer (house). Players have to get a hand with points nearer to 21 than the dealer. Players of CryptoGames are able to play the game without facing any issues because the casino offers an ideal table interface without distracting designs. There are also options of Surrender, Double Down and Split.  There are four decks which are split after each round, and if a player reaches the blackjack, the payout level is 6:5. Split hands are paid in similar fashion.

Lotto
Lotto is a game that plays with fate and endurance. Here, you will win everything or will lose it all. This world famous game came from the ancient activity of lottery in which contenders bought the tickets which were subsequently used to pick the victor. Players can use the “Buy Ticket” tab in CryptoGames to purchase tickets. Under that tab, players can also check the quantity of tickets purchased by the player and the probability of winning. Other significant details can be seen on the user interface, for example the time remaining for the round and reward for various winning positions and the total number of tickets bought. CryptoGames holds two draws per week on Wednesdays and Saturdays, where it crowns its winners. The coin collected through ticket revenue is then properly split between the three victors.

Plinko
Plink is a fabulous game where a ball drops down from the highest point of a pyramid. Here, a player needs to pick an amount to bet and a payout is decided after which the ball is allowed to tumble to the lower part of the pyramid. The “Play” button is pressed to permit the ball to fall. This incredible game creates moments of pure ecstasy and ignites rivalries between committed players.

Video Poker
The game known as Video poker is a fun and engaging game that is extremely popular due to its extreme payout ratios. CryptoGames has three variants of this enticing game known as Tens or Better, Jacks or Better, and Bonus poker. Users can toggle between the games by the options located at the top left corner of the interface. If a gambler manages to win via a royal flush, the user will be given a payout multiplier of 500 which will allow a user to earn a maximum of 4 BTC in one single bet depending on the wagered amount!  Here players can also use the “Smart Hold” feature, by which the user can permit the computer to decide which cards to hold. “Smart Hold” prioritizes cards based according to a table that can be found under the “How to play tab”. This means that players might be able to get and hold better cards than what the computer has chosen for them. “Smart Hold” feature also allows gamblers to utilize the “Auto Bet” feature.

Minesweeper
Minesweeper is one of the oldest computer games in the world. This ancient game gained immense popularity even before the web was made. Gamblers from all corners of the world contribute a significant part of their time in this engaging game in CryptoGames and earn huge amounts of Cryptocurrency through it. The game uses a field containing boxes some of which cover mines. Players need to tap on as many boxes as they can before they collide into mines. CryptoGames recognizes bets that have a reward lesser than 4 BTC (highest win per bet), therefore if the current win yields a prize that beats the 4 BTC mark, the player will lose access to any additional fields.

Glance at our amazing referral reward programs and massive jackpots
CryptoGames offers a very lucrative referral reward program to its massive community of users. 15% of the house edge of the wagered sum is given to players for each referral they make. This referral commission will be given to the player without any conditions attached to it, which means the reward will not be affected at all by the outcome of the games played by the referred player. Any users that wish to promote the casino on a large scale can negotiate for a custom referral rate/commission.

Games offered by CryptoGames frequently have impressive jackpots. These jackpots have attracted a huge gathering of gamblers into the casino. These games are always getting analyzed by sharp gamblers who would do anything to claim these plentiful prizes! Currently, rounds of Dice and Roulette have gigantic jackpots and are getting scouted by players who are looking on to ensure their win! The Dice jackpot of Bitcoin is at a striking 3.69 BTC, and will turn into the prize of very lucky and talented player.

Final Words
People have turned towards online casino for entertainment in the midst of a horrific pandemic. It is up online casinos to ensure the services and games offered to clients are world class. CryptoGames excels in this regard as it provides a list of extravagant games and a myriad of impressive services that would thoroughly satisfy any ardent gambler. It also has been making constant improvements and impressive additions to its list of services in order to enrich the gambler’s experience on the site. Through its hard work and dedication to its fantastic community of users, CryptoGames will usher in an era of excellence and quality.

Links of interest

CryptoGames: https://crypto.games/

Facebook: https://www.facebook.com/CryptoGames/

Blog: https://blog.crypto.games/

Twitter: https://twitter.com/Crypto_Games

BitcoinTalk ANN: https://bitcointalk.org/index.php?topic=750760

Discord: https://discord.gg/xassxQr

Japan’s Central Bank Takes A Plunge Into The CBDC Game

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After China, Japan seems to be moving in full force. The central bank digital currency market has been firing up as digitalization has been gaining momentum. While several countries have just started out exploring the prospects of the CBDC, a few others like China have already begun testing the digital yuan.

Now, Japan seems to be catching on to the CBDC train. In a recent announcement, the country’s central bank, Bank of Japan revealed that it was moving ahead with respect to the pilot of its CBDC.

Japan Steers Towards The Development Of CBDC

The Bank of Japan had reportedly rolled out the Liaison and Coordination Committee to spearhead the development of the CBDC. While the first meeting of the Liaison and Coordination Committee on Central Bank Digital Currency was recently concluded, the Executive Director of the Bank of Japan, UCHIDA Shinichi addressed the same. The speech read,

“We will begin to test the technical feasibility of the core functions and features required for CBDC through a Proof of Concept (PoC) from April 2021. If the Bank judges it necessary to go a step further, it will also consider a pilot program that involves payment service providers (PSPs; e.g., banks and non-bank PSPs) and end users.”

Additionally, the Japanese central bank revealed that Phase 1 of the CBDC pilot would make a debut by next month. The bank has reportedly been working on the pilot since October, last year.

Furthermore, speaking about the repercussions of launching a CBDC, the Exec suggested that the Japanese central bank would roll out one keeping in mind its compatibility with the future payment and settlement systems. Its coexistence with cash was also mentioned in the speech. The speech further read,

“These role-sharing arrangements will still be necessary even in a world with CBDC. I believe that it is the private sector, such as yourselves, that should be the chefs who serve up the dishes, or convenient payment services, by using CBDC — provided as a public good — as an ingredient.”

China Stays Ahead In The CBDC Game As Digital Yuan Does In For Testing

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China’s keenness towards digitalization, particularly in the development of Central Bank Digital Currencies [CBDC] has forced all the other countries across the globe to start exploring the same. China undoubtedly has an upper hand in this considering the country’s ever-growing interest and fast-paced development in the same.

While news pertaining to the country releasing the digital yuan for testing had taken over the headlines, all the other countries began speeding up the process. Now, two prominent stores in Shanghai have decided to test the Chinese CBDC.

China Still Ahead In The CBDC Game

Recently, a news portal reported that the New World City and New World Daimaru Department Store in Shanghai along with Taikang Food Store, a food caterer had carried out more than a thousand transactions with regard to the digital yuan, just during the last weekend.

Li Wei, the brand director of Shanghai New World spoke about the same and said,

“We have worked to upgrade the digital payment module ahead of the trial program, and we believe it offered extra stimulus for shoppers on top of the existing sales campaign.”

The latest trial coincided with International Women’s Day which further spruced up the sales. Banks like China Construction Bank and the Bank of Communications joined in to facilitate the latest trial. Users were reportedly provided with virtual coupons for using the digital yuan.

Rewards worth 150 yuan were given to over 2,000 participants by the China Construction Bank and 100 yuan for about 6,500 shoppers by the Bank of Communications.

A shopper surnamed Xu spoke about the latest trial and said,

“The payment procedure takes no more effort than other existing third-party services, and it wouldn’t hurt to try to use the payment method at other places.”

This undoubtedly puts China on a pedestal as all the other countries are still exploring the prospects of rolling out a CBDC.