Best crypto memes of the day – May 16th

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• OKX sets industry standard with 10th consecutive monthly Proof of Reserves

  TL;DR Breakdown OKX becomes the only major crypto exchange to release its 10th consecutive monthly Proof of Reserves (PoR) report, revealing $10.4 billion in primary assets and reserve ratios exceeding 100% for 22 commonly traded digital assets. Community sentiment strongly supports OKX’s focus on transparency and security, with 84% of Twitter survey respondents finding monthly PoR reports important and 88% emphasizing the importance of transparency when choosing a crypto platform. Description In a move that underscores its commitment to transparency and security, OKX, a global leader in Web3 technology and cryptocurrency exchange, has released its 10th consecutive monthly Proof of Reserves (PoR) report. The report reveals that the exchange holds $10.4 billion in primary assets, making it the only major crypto exchange to achieve this milestone. … Read more In a move that underscores its commitment to transparency and security, OKX, a global leader in Web3 technology and cryptocurrency exchange, has released its 10th consecutive monthly Proof of Reserves (PoR) report. The report reveals that the exchange holds $10.4 billion in primary assets, making it the only major crypto exchange…

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• Ditching USD is an escape from sanctions and aggression

  TL;DR Breakdown Diaz-Canel critiques USD dominance in global trade, citing repressive effects. BRICS nations push for de-dollarization, considering a shared currency. Countries globally seek to reduce USD reliance, pointing towards a shift in world economic order. The quiet murmurs of the world’s economic machinery have become increasingly resonant as nations grapple with the domineering influence of the United States dollar (USD). In an exclusive interview aired by RT, Miguel Diaz-Canel, Cuba’s President, made a bold statement emphasizing the repressive power of the USD, and what nations are doing to break free. The USD’s global reach and its repercussions Cuba’s top authority detailed how the ubiquity of the USD as a global reserve currency permits the United States to exert influence, which some interpret as a form of monetary hegemony. According to Diaz-Canel, such a position enables the US to engage in activities that include implementing stringent sanctions, blackmailing, and fostering aggression. The President didn’t shy away from expressing his views on the matter, highlighting how these actions often affect developing economies that struggle to fight back. This isn’t the first…

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• Binance Pay is taking Africa and South Asia by storm

  TL;DR Breakdown Binance Pay, the payment arm of Binance, is making significant inroads into Africa and South Asia, connecting cryptocurrencies with everyday goods and services. Launched in 2021, Binance Pay now boasts over 30 million users and has been adopted by numerous online merchants and real-world retailers. The payment service is particularly popular in regions such as Africa, South Asia, and the Eurasian countries within the Commonwealth of Independent States. The world’s largest cryptocurrency exchange, Binance, has carved out a niche for itself in Africa and South Asia through its payments service, Binance Pay. As it expands its sphere of influence, this digital payment system is making significant strides in connecting cryptocurrencies with tangible goods and services, according to Pakning Luk, a regional business development leader at Binance. Binance Pay: Bridging the gap A brainchild of the crypto giant, Binance Pay came to life in 2021 and has since grown rapidly, boasting over 30 million users across various regions. Its appeal extends from virtual markets to brick-and-mortar retailers, highlighting its versatility and commitment to bringing cryptocurrency to the forefront of…

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• Unbanked no more: Bahamas launches crypto remittance platform

  TL;DR Breakdown Island Pay introduces “CiNKO” digital wallet, powered by Circle’s USDC stablecoin, for remittances in Latin America and the Caribbean. The innovative wallet aims to enhance financial inclusion by providing seamless transactions for both banked and unbanked individuals in over 30 countries. The push for stablecoins and decentralized finance protocols in the region is set to revolutionize the remittance landscape, offering potential cost savings of up to 80% compared to traditional methods. Description Island Pay, a Bahamas-based fintech company, has stepped forward with an innovative solution to address the high costs and challenges associated with traditional remittances. However, the company recently unveiled its digital wallet, “CiNKO,” tailored for users in Latin America and the Caribbean. CiNKO will utilize Circle’s USDC stablecoin as its primary currency, offering an alternative … Read more Island Pay, a Bahamas-based fintech company, has stepped forward with an innovative solution to address the high costs and challenges associated with traditional remittances. However, the company recently unveiled its digital wallet, “CiNKO,” tailored for users in Latin America and the Caribbean. CiNKO will utilize Circle’s USDC stablecoin…

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• Bank of England’s rate riddle: Why 5.25% still rules

  TL;DR Breakdown The Bank of England holds interest rates at 5.25%. Decision followed 14 consecutive rate increases since December 2021. A close 5-4 vote in the Monetary Policy Committee (MPC) led to this decision. August’s inflation data, standing at 6.7%, influenced this choice. Description The Bank of England’s refusal to budge from the 5.25% interest rate has left financial pundits scratching their heads. Yet, as the dust settles, the reasoning behind the bold move becomes clear. The central bank’s Monetary Policy Committee’s (MPC) recent decision displays not just cautious optimism but also a determination to get the inflationary dragon … Read more The Bank of England’s refusal to budge from the 5.25% interest rate has left financial pundits scratching their heads. Yet, as the dust settles, the reasoning behind the bold move becomes clear. The central bank’s Monetary Policy Committee’s (MPC) recent decision displays not just cautious optimism but also a determination to get the inflationary dragon back into its cage. A Glimpse Behind the Controversial Decision It’s a dramatic halt. After a relentless surge of 14 rate hikes, commencing…

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