Young Platform wins the ‘Startup of the Year 2022’ award from I3P, the Innovative Companies Incubator of the Politecnico di Torino
Here at Young Platform we ended the year on a high note with an award that we’re really proud of! In December, we received the ‘Startup of the Year 2022′ award during the 23rd edition of the ‘Festa delle Startup I3P’, the annual event of the Incubator of the Politecnico di Torino that celebrates innovative Italian start-ups.
The Startup Party
Every year at the ‘Festa delle Startup I3P’, the new companies selected to enter the Politecnico di Torino incubation programme are introduced and awards are presented to the start-ups that have distinguished themselves through their successful journey.
The event was an opportunity to discover innovative products and services ready to conquer the market, and to tell the story of start-ups that took their first steps from the Politecnico di Torino and have proven their value over time. During the ‘Festa’ on 21 December 2022, Young Platform received the ‘Startup of the Year 2022’ award, tied with epiCura, the first digital platform providing home care services.
🎉 Sono state decretate le due #Startup dell'Anno #I3P ex-aequo: @EpiCuraMed, primo provider digitale di assistenza domiciliare in Italia e @youngplatform, la piattaforma #fintech che semplifica l’accesso al mondo delle #criptovalute
There are years made for dreaming and planning, others for building, and some for reaping the fruits of one’s labour. In 2022, we at Young Platform expanded and gave our all, we became one of the top three cryptocurrency trading platforms in Italy, with a 36% market share and over a million active users on our products. We launched our YNG token, inaugurated the Clubs and concluded a 16 million euro funding round led by Azimut. Throughout all this, we stayed focused on our goal: facilitating access to the world of cryptocurrencies through simple and clear applications and through intensive educational activities on blockchain technology and its solutions.
Thank you I3P!
In the course of our history there has always been a fundamental figure who never stopped believing in us. We could not have achieved these milestones without the support that I3P has guaranteed us since 2019, when we joined its incubation programme for fledgling start-ups.
Last December, Giuseppe Scellato, the president of I3P, commented on our award as follows: ‘Young Platform, with its crypto exchange features, is operating in a sector that is constantly evolving and is thus able to address the new generation of investors.’ and referring also to epiCura: ‘we are proud to have supported these start-ups on their path to growth: our goal is to continue to be a point of reference for innovation in Italy, supporting and promoting ideas and projects with high technological potential that work on services with a direct impact on the lives of citizens’.
Even today, after three years: thank you I3P!
The Startup of the Year award put the fintech sector in the spotlight, once again at Young Platform we raise a glass with our community to going even further together. An unforgettable 2023 awaits us!
Aptos is a brand new Layer 1 blockchain. What is it and how does it work?
This October, Aptos was launched. It is a new Layer 1 blockchain developed by former Meta employees. Only a few days after its debut in the crypto world, Aptos has already been making waves, both in a positive and negative sense. On the one hand, there are those who present Aptos and its APT crypto as the possible Solana Killer, due to the large amount of transactions per second it promises to be able to process. On the other hand, Aptos’s launch has been criticised due to several factors, such as the ‘premature’ listing on well-known crypto exchanges prior to the release of APT’s tokenomics. Find out what the Aptos project is, and what the main controversies surrounding the launch are!
The birth of of a brand new crypto: Aptos
Aptos is a Layer 1 blockchain founded by a group of former employees of Meta (formerly Facebook). The group of developers founded the Aptos Foundation in August 2022, which is responsible for defining the guidelines of the project. The new blockchain uses a Proof-of-Stake consensus algorithm to validate transactions on its network. The new Aptos crypto is programmed in Move, a smart contract writing language developed by Facebook in 2019. Move was created to build Facebook’s native blockchain, Diem. However, the project was abandoned in January 2022.
Even before its launch, Aptos’s Layer 1 blockchain and its APT crypto have been the talk of the town. How come? A great amount of interest in the project was shown from major venture capital funds, who also decided to invest in the project. Aptos raised 350 million through three different funding rounds between March and September 2022.The funds came from some of the most important venture capitalists in the crypto market such as Andreessen Horowitz (a16z), Jump Crypto, FTX Ventures and Binance Labs.
How does Aptos work? The new Layer 1 blockchain
The new Aptos Layer 1 blockchain underwent an intensive testing programme during the months leading up to its launch. Using a Proof-of-Stake consensus algorithm, Aptos works thanks to 102 validators who are responsible for the security of the network. The project wants to distinguish itself by its ability to process more than 160,000 transactions per second, a number far greater than that of other Layer 1 blockchains. To date, the competitor to beat is Solana. On paper, this Layer 1 blockchain can process the largest number of transactions per second, reaching a maximum of 65,000. For this reason, Aptos was called a possible Solana Killer at its launch.
The Aptos Foundation wants to ensure a high amount of usability of the network for its users. One of the main weaknesses that Web3 is facing is complexity of use. Thanks in particular to the Move programming language, Aptos wants to improve this! Move has been designed to build more user-friendly smart contracts and DApps, which can also be used by those who are not familiar with the technologies involved.
In this first week since its launch, the Aptos network became very active. Especially so with regard to NFTs, which have recorded considerable volumes. For instance, the Aptos Monkeys collection, which was launched on the NFT marketplace Topaz, raised nearly 300,000 APTs (around $2.7 million)in the first 24 hours after its launch. The main wallet for storing and using APT tokens and NFTs on Aptos is a web extension called Petra, which has already exceeded 300,000 downloads on the chrome web store.
Aptos: an opaque beginning?
The launch of Aptos has undoubtedly broken the monotony of this bear market, generating much controversy but also some appreciation. Let’s proceed in order. The first criticism arose in the hours before the launch. Users who had participated in the Aptos testnet (an almost identical copy of the main blockchain being used for experimentation), received avery substantial airdrop. The rewards distributed via the airdrop were either 150 or 300 units of the new Aptos cryptocurrency, depending on the tasks the users performed on the testnet. The Aptos Foundation distributed 20.1 million crypto APTs, representing approximately 2% of the total supply. This amount of APT was, at the time of distribution, worth between 200 and 260 million dollars. It was divided among 110,235 crypto wallets.
The criticism in this case was that the airdrop was excessive and benefited the so-called ‘airdrop hunters’. They are users who complete tasks required by blockchain protocols using different wallets. Once they receive the airdrop, they instantly sell the crypto they have received.
The second wave of criticism concerns the choice of Aptos and some exchanges including Binance and FTX tomake trading available before the tokenomics were officially released. This choice by the Aptos Foundation put potential investors in an uncomfortable position. On the one hand, they would not have wanted to miss the launch of Aptos, but on the other hand, they felt insecure given the lack of transparency shown by the project.
It’s exciting to finally bring Aptos to mainnet.
Acknowledged that it could have gone better. Building a decentralized protocol from the ground up is tough! Aptos is fortunate to have a fantastic community that's constantly evolving together.
The tokenomics publication, which came only after listing on some of the best-known exchanges, provides for a total APT supply of one billion tokens. 510 million are held by venture capital companies, and 410 million are held by the Aptos Foundation. These 410 million tokens are locked as of today, and will be unlocked progressively over the next 10 years. The remaining part of Aptos’ supply, a total of 80 million APTs, have partly been distributed through airdrops and partly will be made available to projects that will be created on the blockchain.
If the delay in the publication of tokenomics generated controversy, the structure of tokenomics itself only increased it. The price of APT has suffered as a result. The main factor that created discontent is the amount of APT owned by venture capital companies and the Aptos Foundation. According to users, there are too many tokens held by institutional investors and the Aptos Foundation. This could generate strong sell pressure on the APT token in the future.
The influence on the price could be seen immediately after the launch. The starting price of the Aptos crypto was around $14. In the first hours after the launch, it marked a downward movement of more than 40%. In the days following the launch, the price of APT ‘stabilised’ at around $9.
PancakeSwap is the first DeFi DApp to land on Aptos
On Monday the 24th October 2022, PancakeSwap, the decentralised exchange (DEX) built on the Binance Smart Chain, announced that its platform will also be available on Aptos. The decision was made following a vote within PancakeSwap’s DAO. PancakeSwap’s ecosystem on Aptos will be similar to the one already present on the Binance Smart Chain.
🗳️ Voting is live for PancakeSwap deployment to Aptos
PS: We'll publish the AMA recap soon where Chefs answered the community questions on Aptos deployment so take your time and Vote. https://t.co/qD3IVnjzEc
Thus, Swaps will be enabled. These are a mechanism through which tokens built on the Aptos blockchain can be exchanged. Farms and Pools, where you can stack your tokens in exchange for rewards, will also be made available as well as the IFO section.The acronym stands for Initial Farm Offering, and it is a kind of ‘Initial Coin Offering’ (ICO). IFOs have the dual purpose of allowing to raise development fundsfor emerging projects, and incentivising users to hold crypto in the ecosystem. To participate in an IFO, it is necessary to lock your tokens in an LP (liquidity pool), which consists of 50% CAKE crypto and 50% APT.
The Aptos deployment vote has passed!
PancakeSwap and the CAKE token will be deploying on Aptos shortly, with all our beloved products.
The integration of PancakeSwap, which is the eighth DeFi ecosystem in terms of TVL, is certainly a good achievement. We will see if the new Aptos Layer 1 blockchain will continue to integrate new features at this pace, and if it will one day be able to compete with Solana in the challenge for creating the most scalable network.
What is ChatGPT? Discover the artificial intelligence of the moment that can answer complex questions and that writes poetry and computer programmes
A few days ago, ChatGPT was released, a new application based on the GPT-3 deep learning model developed by Open AI, a San Francisco-based company founded by Elon Musk in 2015. ChatGPT is a chatbot, or artificial intelligence designed to process any text: from an article like this one to a string of html code. All thanks to the almost infinite pool of resources it gathers from the web and consults in milliseconds, as well as its ability to understand human language.
Since its release, it has been the talk of the internet, with posts by programmers and copywriters who fear being replaced by AI, users trying to figure out whether ChatGPT is in any way sentient, and those who post screenshots of the absurd requests they have made of OpenAI’s chatbot.
Opinions on ChatGPT are mixed. There are those who are enthusiastic because they see artificial intelligence as a tool that will simplify everyday work. And those, probably influenced by the countless science fiction films that deal with the issue, fear a dystopian denouement of the situation.
How does ChatGPT work?
OpenAI’s artificial intelligence is one of the most advanced AI for natural language processing. This chatbot is designed to be ‘linguistically generic’. This means that it is able to generate texts similar to what a human being could write using a very wide range of content. Just ask and ChatGPT will answer you.
It can write fantastic short stories, lyrics for songs, social media posts and poems in the style of the greatest poets. It doesn’t matter what language you formulate questions or requests in, as it can also instantly translate texts. To give you an idea of what it can do, we asked it to write a poem dedicated to Bitcoin in the style of Dante. This was the result:
“There, the value is not determined
By bankers or the laws of the market,
But from faith and trust
That users have in their system.
And so I came to Bitcoin, a new currency
that reigns over the world’s markets
with unparalleled power and strength.
O Bitcoin, you who are the future in search,
guide our steps towards the light
and give us the wisdom we need’.
ChatGPT is also capable of writing lines of code using popular programming languages, and is therefore also an interesting tool for developers.
Although it is a complex tool, using it is very simple. You just log on to the site and sign up. Once the registration is complete, you can indulge yourself by asking the AI complicated questions, such as “explain to me how a quantum computer works”. Or you can use this artificial intelligence to write Python code for a simple game.
Can artificial intelligence create smart contracts?
Artificial intelligence can also be used within Web3 in different ways. For instance, AIs are used to create NFT collections of generative art. Or, as in the case of ChatGPT, to write smart contracts or find any vulnerabilities in them. To check whether a smart contract has weaknesses, you simply have to go back to the code that makes it up and ask the chat if it has weaknesses. Finding the text of the code of a smart contract that manages a function of a dapp for example is very easy, since practically all Web3 applications are open source, i.e. can be consulted by anyone.
Yes, you got that right! ChatGPT is also able to read and write in programming languages for the development of blockchain applications, such as Solidity, the programming language in which Ethereum is programmed, or Rust, that of Solana. If you don’t believe this, you can try it yourself, for instance by asking it to write a smart contract that generates an NFT.
The debate: does artificial intelligence belong to the people?
The potential of this technology has sparked a series of debates within Crypto Twitter. There has been discussion about the ability of artificial intelligence to detect vulnerabilities within codes, an ability that some users see as a threat. Once the weaknesses have been identified, thanks to ChatGPT, some malicious parties could attack the smart contracts of decentralised applications (dapp) and thus take possession of users’ money.
AI (ChatGPT) can exploit a solidity smart contract.
However, there are also those who have opposing views on the subject, such as the developers of Open AI. Their view on the issue is that artificial intelligence is not a threat. It will help benefit Web3 developers by enabling them to programme more secure smart contracts more quickly.
Finally, there are those who believe that such powerful and complex tools should not be handed over to the hands of individuals or companies, but should instead be directed by DAOs (decentralised autonomous organisations). This idea was given by one of the co-founders of Polygon, known on twitter by the handle sandeep.
— Sandeep | Polygon 💜 Top 3 by impact (@sandeepnailwal) December 5, 2022
DAOs exploit smart contracts for collective decision-making through voting where participants can cast their votes using the protocol’s cryptos. Entrusting artificial intelligence to DAOs could ensure a high degree of decentralisation, transparency and innovation while avoiding handing these powerful tools over to the hands of individuals or companies that might act to the detriment of the common good.
As is often the case when it comes to cutting-edge technology, there remain many more questions than answers. One certainty, however, is that ChatGPT is already an excellent tool that improves and speeds up the work of a large number of professionals. Moreover, being an artificial intelligence, it is also able to improve itself on a daily basis thanks to the feedback and questions posed to it by users. In short, it is potentially an unlimited resource of knowledge. And you, do you think that with AIs you can conquer the world? Or, will they conquer the world without us realising?
You can now donate to Save the Children through Young Platform. Here’s how to do it
The smallest unit of BTC is called a satoshi and it corresponds to one hundred millionth of a Bitcoin. It is a very tiny figure. To give you the idea, let’s write it down with all the zeros: 0.00000001. It is said that small things can change a life: smiling at strangers, eating pizza with friends, children. Maybe even a satoshi.
You can now use your crypto to send donations to Save the Children Italia Onlus via the Young Platform app.
This Christmas, save their future
This collaboration comes at a special time of year. On the occasion of Christmas, Save the Children Italia Onlus launched a campaign to collect donations for children in conflict zones, such as Syria or Yemen. We are happy to announce that Young Platform has been chosen as its official partner to make it easier for those wishing to make crypto donations.
Worldwide, 1 out of 6 children live in a war zone. With the ongoing conflict in Ukraine, another 7.5 million children have been added to the tally. The funds raised through this initiative will be used to recover food supplies (a family needs 41€ for a fortnight), personal hygiene kits or school supplies (a package to educate eleven children is worth 275€). We at Young Platform are renewing the path taken in the field of charity, specifically those dedicated to children.
Why donate through crypto?
We know that cryptocurrencies are not physical coins, but they can still do a lot. Lately, their reputation has not been great. Chances are, you’ve heard on the news that crypto is a dangerous game. One played by kids who fiddle with theirPCs and then scam thousands of people. Even if someone is using blockchain technology for these questionable purposes, there are also virtuous examples of how cryptos can be useful and have an impact on people’s lives.
When Ukraine was invaded in late February, for the first time in history, a nation publicly called for crypto donations when its banking system was beginning to collapse. Millions and millions of coins and tokens, including NFTs, arrived from all over the world to help people cornered by war. Cryptocurrency donations are borderless, they can bemade anywhere and they go everywhere. Even to those without a bank account. Also in the case of Save the Children, crypto donations made with Young Platform will make an important project come true.
How do donations work?
You can make crypto donations to Save the Children Italy with a simple withdrawal. Here are all the steps you need to take.
Before you start, open this link to the NGO’s website and choose the crypto you want to donate from all those available. The wallet address will appear in the form of an alphanumeric code and as a QR code. Bitcoin, Ethereum, Ethereum PoW, Cardano, Polygon, USDT, USDC and Tezos are available.
Open the Young Platform app in the Wallet section;
From the central button ⇆, select ‘Withdraw – send funds in euro and crypto’;
Choose a cryptocurrency, select the amount and click ‘Continue’;
Paste the Save the Children wallet address you copied from the link provided or scan the QR code. We advise you not to type in the address manually to avoid mistakes and remember to only select the address of the crypto you want to donate! To donate Bitcoin you need a Bitcoin address, for Ether you need an Ethereum address and so on.
Confirm the withdrawal via the e-mail you will receive at your address.
If you want to view the status of your transaction on the blockchain, you can paste the TxID in the search bar of a blockchain explorer like Blockchair. The beauty of charity and crypto is that you can independently verify and track all your donations to Save the Children.
A partnership between Young Platform and Save the Children kicks off to facilitate crypto donations and help children in Italy and around the world
The organisation chose the Italian exchange community leader’s platform to open a wallet;
Users can send Bitcoin, Ether or other cryptos to support Save the Children projects;
The collaboration will be ongoing and will continue after the Christmas campaign.
Turin, the 21st of December 2022 – Bringing immediate support to where it is most needed, taking advantage of the security and speed of blockchain, helping families and children who, even during Christmas, will have to face hunger and the cold of winter. These are the objectives of the partnership that Young Platform has entered into with Save the Children Italia. This charity is an international organisation that has been fighting for over 100 years to save the lives of girls and boys in order to guarantee them a future. The partnership will enable anyone to use cryptos and donate to the organisation, which is present in over 120 countries worldwide.
Save the Children wasthe first international organisation ever to accept a Bitcoin donation in 2013. The goal was to raise funds and take action in response to the dramatic aftermath of Typhoon Haiyan that struck south-east Asia, devastating the Philippines. Now, Save the Children Italy has chosen Young Platform to open a wallet, by virtue of the scrupulous regulatory compliance of the Italian exchange community leader (over one million members in terms of tax issues, anti-money laundering procedures as well as KYC.
To donate, all you need to do is hold a crypto wallet, even on other exchanges. Connect to the appropriate webpage (donaora.savethechildren.it/crypto/), scan the QR Code or copy the address of the Save the Children wallet indicated to send the desired amount of Bitcoin, Ethereum, Ethereum Pow, Tether, Cardano ADA, Polygon, Tezos or USDC. The donation will be converted into fiat currency, to protect the amount from possible crypto market fluctuations. It will then be used to provide protection and immediate aid in areas affected by humanitarian emergencies.
Worldwide, some 774 million children – one third of the world’s child population – experience the dual impact of poverty and climate risk.. Every year globally, 1 million children under the age of five die from malnutrition. Moreover, children living in conflict zones are more than twice as likely to suffer from malnutrition as children living in countries at peace.
Vulnerable children often lack everything, from drinking water to food and psychological support to regain their lost serenity. This is also why the collaboration between Young Platform and Save the Children will continue after the current Christmas campaign, for all crypto collections.
Young Platform reconfirms its commitment to social issues, following its past collaborations with Dynamo Camp, the Italian Red Cross and Helperbit, in similar campaigns. On the other hand, Save the Children is increasingly looking to the Web3 community, having launched the #CryptoArt4Children project last spring to donate the proceeds from the sale of NFT works created by crypto-artists to support children and families affected by the conflict in Ukraine.
“Blockchain is unfortunately still a technology that is often misunderstood on many levels. However, leaders and vanguards throughout the world, such as Save the Children among other organisations, have immediately understood its potential for the best purposes,” explains Andrea Ferrero, CEO of Young Platform. With this partnership we are happy to be able to do our part by providing the means and technological support to anyone who wants to use cryptocurrencies to make a donation and help children in areas facing humanitarian crises due to conflict, extreme weather events or an economic crisis For this reason, we at Young Platform do not want to limit ourselves to an occasional initiative. We will stay ‘in the field’ together with Save the Children, hoping that this will be the beginning of a long collaboration between our two organisations. .
“Save the Children has always been an organisation open to change, looking for new ways to respond to the needs of children,” – says Lorenzo Catapano, head of Innovation, Digital Technology & Data at Save the Children Italia – “We think that at the stage Web3 is at today, understanding and experiencing it is the best way to be part of it. We decided to do this together with Young Platform, an Italian business extremely attentive to young people and to the positive impact of new technologies. On the occasion of Christmas we want to invite the Young community to be at the side of children, to build a better future for them.”
On Young Platform, there is a new type of Wallet dedicated to bonuses and all future promotions
As of today, all bonuses on Young Platform will become cashback bonuses in the new Bonus Wallet. You may already know that if you invite a friend to Young Platform, you both receive a Friend Bonus. Those who sign up for the exchange with a referral code from a sponsor or promotional campaign receive a Welcome Bonus.
You now can receive these and all future bonuses directly in your Bonus Wallet. They will come in the form of cashback, to be used to pay for fees on the exchange.
You will be able to see the Bonus Wallet within the Wallet section, but only after you have received a Bonus, or to manage Bonuses that are still pending from the previous system. But for now, let’s see how the promotions work. There are two currently available: the Friends Bonus and Welcome Bonus.
1. Obtain and redeem your Bonus
If you are a newcomer to Young Platform, and have signed up via an invitation or referral code, you will find the wizard to activate your account and receive your bonus highlighted on the Home page. Once your identity has been verified and you have made a deposit of at least €50, you will find the button to redeem your bonus in the “Invite your friends” section (available from the Home page).
On the other hand, if you already use the app and want to invite someone to receive a bonus, go to the “Invite your friends” section in the Home page to share your code and view the status of your invitations. Once you have both completed the necessary actions indicated, you will see the button to redeem the bonus in the invitation section.
Important news: Unlike the previous mode, it is no longer necessary to make a purchase to receive a bonus.
2. Discover the Bonus Wallet
After redeeming the bonus, continue through the wizard to read the Bonus Wallet introduction stories, which will explain how it works.
The Bonus Wallet will then open for the first time. After the first bonus redemption, you can always find it again in the Wallet section.
There, you can view all bonuses that you have redeemed and can use to receive cashback.
Important news: bonuses will no longer be credited to your Spot Wallet, but to your Bonus Wallet.
3. Receive cashback
How does cashback work? In the case of these 2 bonuses, it only applies to trading fees paid for Euro-Crypto trades (so it does not apply to Crypto-Crypto trades).
This means that after you have completed a purchase with Euros or a sale in exchange for Euros, and paid the fee, the fee amount will be deducted from your Bonus Wallet and credited to your spot Euro Wallet.
Let’s take a practical example, for a user who is not a member of any club:
You redeemed a €5 Invite a Friend Bonus
You make a BTC purchase of €100
You pay a €2,50 fee
Your receive €2.50 cashback in your wallet, which is deducted from your Bonus Wallet
You have €2.50 left in your Invite a Friend Bonus Wallet Bonus
You can use this remaining bonus for cashback on other fees.
If you have only € 0.50 total bonus remaining and pay €1 of fees, you will receive a cashback of only €0.50.
The new bonus regulation
Not only will the form of the bonus change, but the same goes for the rules for redeeming and receiving them.
If you already have invitations sent before today that have not yet been completed or unredeemed bonuses, they will be converted to this new cashback mode from today.
As mentioned above, it is no longer necessary for the users involved to make a minimum purchase in order to obtain the bonus, but a deposit of 50€ will suffice.
Bonuses expiration:
They must be redeemed within 90 days from the date of the new user’s signup using the invitation or referral code.
The Bank of Italy chooses Algorand as its first blockchain platform, cryptocurrency adoption grows in Africa and the “Yuga Labs Gate” scandal erupts
A week full of twists and turns in the world of crypto has just ended. The atmosphere has been tense as Sam Bankman-Fried was arrested a few days ago. Do Kwon, the fugitive founder of the Terra Ecosystem (LUNA) has been spotted in Serbia. Meanwhile, the list of crypto suspects has been growing as Yuga Labs and some celebrities including Justin Bieber, Madonna and Paris Hilton have beenaccused of manipulating the NFT market.
Beyond the world of crimes, courts and prisons, Algorand has been commissioned to develop a blockchain platform dedicated to the Italian banking and insurance sector. In other news, Africa is showing us new examples of adoption: Nigeria and Kenya are among the twenty countries where cryptocurrencies are most widely used. Moreover, it is increasingly easy to send money to the African continent thanks to the Lightning Network, Bitcoin‘s Layer 2 scalability solution.
Algorand and the first platform for banks and insurance companies
Algorand has been chosen as the Layer 1 blockchain that will support the development of a platform responsible for issuing digital financial guarantees.These are provided by banks and insurance companies to guarantee the fulfilment of contractual obligations or payments. Basically, they are documents that prove to creditors that you have the necessary funds to repay a debt. The platform will be developed in collaboration between Algorand, the Bank of Italy, IVASS (the institute for insurance supervision) and CeTIF,the research centre for innovation and technology of the Cattolica University of Milan.
Just in: Algorand has been selected to be the public blockchain that will support an innovative digital guarantees platform in Italy.
But why was Algorand’s blockchain chosen? Firstly for its ability to process transactions cheaply and quickly but also because Algorand’s founder is the Italian mathematician Silvio Micali. He commented: ‘we are proud and honoured to be the chosen public blockchain’ moreover – ‘through Algorand’s technology, we can help solve many critical problems facing financial institutions and governments around the world today, bringing opportunity and inclusion to the table’.
The “Yuga Labs Gate” scandal: Justin Bieber, Madonna and Paris Hilton are also under indictment
Last week, several celebrities including Madonna, Justin Bieber, Paris Hilton and Jimmy Fallon were accused of illegally promoting Yuga Labs‘ NFTs, in particular, the famous Bored Ape Yacht Club. Thirty-three other defendants are being indicted, including a large number of Hollywood celebrities. They are alleged to have broken ten consumer protection and financial securities laws.
Yuga Labs has caught the authorities’ attention for devising a secret scheme in collaboration with celebrities, with the goal of inflating the price of the Bored Apes. The document submitted by the prosecution shows the scheme that Yuga Labs allegedly used to secretly reward the complicit stars. They would therefore not have purchased the Bored Apes using their own free will, but were incentivised by a financial return. The investigation also mentions the online payment service Moonpay, which handled the exchange of money between Yuga Labs and the stars.
A spokesperson for Yuga Labs told Decrypt: ‘In our opinion, these claims are opportunistic and parasitic. We firmly believe they are baseless and look forward to proving it’. Yuga Labs and the Bored Apes Yacht Club thus find themselves once again in the crosshairs of the US federal institutions, just two months after the still unfinished investigation by the Securities and Exchange Commission (SEC).
In October, the SEC investigated Yuga Labs to verify that it was not selling its NFT collections as securities without authorisation.
The African continent is embracing adoption
Jack Mallers, the CEO of Strike, a leading payment services company on the Lightning Network, made an announcement on stage at the AfroBitcoin conference. A partnership with Bitnob is being developedto facilitate money exchanges between Europe and Africa. Currently, the only way to send money to African countries, particularly sub-Saharan ones, is to use intermediaries. The best known of them is Western Union. However, intercontinental transactions are quite slow and expensive. For example, to make a $1,000 transfer to Africa you need to spend about five dollars in fees. Also, it takes no less than three working days for the payment toreach the recipient.
Thanks to Strike and its Send Globally app, Africans wishing to send remittance money to family or friends will be able to transfer pounds sterling (GBP) or euros (EUR) into the local currencies of Nigeria (NGN), Kenya (KES) and Ghana (GHS),in the space of a few seconds. The money, as is already the case when using Strike to pay in participating shops, will be automatically converted into BTC. It will then be sent, converted back into the local currency and deposited directly into the recipient’s bank account or mobile wallet.
A report compiled by Chainalisys shows that Africa is one of the continents at the forefront of the cryptocurrency industry. Among African countries where cryptocurrencies are most widely used are Nigeria and Kenya. They rank 11th and 19th respectively in the Global Crypto Adoption Index, which is also used by Chainalisys to measure cryptocurrency adoption in countries around the world.
CryptoCrime: Sam Bankman-Fried and Do Kwon
The vices of the ‘outlaws’ of the crypto world continue coming to light, and the stories are beginning to resemble a true crimeseries. Sam Bankman-Fried, the founder of the FTX exchange, was arrested early last week at his residence in the Bahamas. He is now awaiting extradition and trial, which could result in a sentence of 115 years imprisonment. This sentence was calculated by adding up the years of imprisonment for SBF’s charges. Namely embezzlement, financial fraud, conspiracy and money laundering, and two counts of wire fraud. In the first hearing, held on Tuesday the 13th of December in a court in the Caribbean archipelago, the prosecutor denied FTX’s founder bail, probably for fear that he might escape. Meanwhile, SBF has already applied for house arrest because of the health problems he claims to suffer from: insomnia and depression.
The other notorious fugitive from the crypto world, Do Kwon, for whom South Korea issued a warrant for his arrest on the 14th of September 2022, appears to have moved to Serbia last month. The former Terraform Labs CEO reportedly arrived in the Balkan country via Dubai, but he may have already left. Unfortunately, due to the invalidation of Do Kwon’s passport, it is impossible to know his whereabouts with any certainty.
Want to buy cryptocurrencies on Young Platform? The first step is to top up your Wallet. Here are all the available deposit methods!
Want to buy cryptocurrencies but don’t know where to start? The first step is to deposit euros on the Young Platform exchange. Once you have topped up your Young Platform account, you will be able to trade euros for all cryptocurrencies listed on the exchange. However, before topping up, make sure that you have gone through the identity verification process. There are several deposit methods available. To buy cryptocurrencies on Young Platform, you can deposit money via bank transfer, through credit or debit cards, or using a gift card. Choose the deposit method you prefer and start your journey in the world of crypto too!
Where to start?
For all the deposit methods we will go over in this article, the starting point is the same!
From the Home or Wallet section, click on “Deposit”. Once you have selected Euro, you will see all available deposit methods! For cryptocurrency deposits, read this guide.
1. Deposit by bank transfer
The first method we see in this guide on how to deposit at Young Platform, is by bank transfer. Once you have chosen this method, we are assuming you will proceed by SEPA transfer from a foreign (non italian) bank account.
Attention! Before proceeding, you will be asked to enter the amount of money you intend to deposit, at which point a request will be made that must be confirmed. In addition, it is mandatory to enter the reference number for the transfer.
The maximum amount you can deposit by bank transfer depends onyourYoung Platform account level. The minimum amount you can deposit by bank transfer is 20€. The level of your account is determined by the level of verification of your profile, particularly regarding the origin of the funds you intend to deposit.
Below are the deposit limits per verification level of your account.
The first level is unlocked by completing identity verification. Single transaction limit: €4,000, annual limit €25,000.
To access the second level, it is necessary to provide a bank statement, utility bill, or certificate of residence issued by your municipality. Single transaction limit €8,000, annual limit €50,000.
To join level three, a questionnaire must be completed and a tax return provided. Single transaction limit 30,000€, annual limit 200,000€.
A recorded interview is required to access the fourth level. Single transaction limit €60,000, annual limit €200,000.
For further information on identity verification levels, please contact [email protected]
Once you have selected the method by which you wish to make the transfer, you will be able to view Young Platform’s bank details.
The account from which you make the deposit must be in your name or co-owned by you and must match exactly the name under which you registered with Young Platform. Ordinary SEPA transfers from foreign (non Italian) accounts should take between 2 and 5 working days.
2. Deposit via debit, credit or prepaid card
To buy cryptocurrencies on Young Platform, you can deposit via debit and credit cards that use the Mastercard and Visa circuits. This deposit process is very simple.
Select Deposit from the Home or Euro Wallet;
Choose Euro;
Choose the credit or debit card option;
Add a new card or select an already added card;
Enter the amount, taking care to respect the minimum amount of 20€;
Continue to view transaction summary;
Confirm.
Your bank may ask you to authorise the transaction from their app or by SMS
The first time you add a card as a payment method, a small transaction will be processed through which you will be charged a few cents. This is a standard procedure to verify the card; the cents will be credited back to you automatically as soon as the procedure is successful.
Unlike bank transfers, depositing by card is immediate, so you should have received the amount you intended to deposit. Visa and Mastercard fees of 2.2% + € 0.25 apply to this type of deposit. Also for this deposit method, the card you intend to use must be in your name.
3. Deposit with Google Pay or Apple Pay
You can also use Google or Apple Pay to deposit quickly. To do so, you must have enabled Google Pay or Apple Pay on your device and linked at least one payment card
Let’s see how this deposit method works:
Select Deposit from the Home or Euro Wallet;
Select Euro;
Choose Google Pay or Apple Pay;
Enter an amount, starting from a minimum of 20€;
Confirm.
Done! Your top up should be immediate.
The commission charged for this type of deposit is the same as for card deposits, i.e. 2.2% + 0.25€.
4. Deposit with Young Cash voucher (if available in your country)
To buy cryptocurrencies on Young Platform, you can also deposit cash through Young Cash (if available in your country) by purchasing a voucher at participating tobacconists, bars and shops.
To deposit to Young Platform with a voucher, simply go to one of the stores that provide them (mostly bars and tobacconists) and buy the one that suits you. Once purchased, you will have to select the “YoungCash” deposit method, and then the “Voucher” section. Enter the alphanumeric code on the receipt and you’re done!
The cash deposit is credited to your Euro Wallet within 15 minutes and transaction fees of 2% are deducted from the amount.
5. Redeem a Gift Card
Gift Cards are gift vouchers from 20€ to 250€ that users can give to their contacts on Young Platform. If you have received a Gift Card, you can redeem it from the Young Platform app or web platform and use the credit to buy cryptocurrencies.
To redeem a Gift Card go to the ‘Profile’ or ‘Wallet’ section, click on the ‘Redeem Gift Card’ button and enter the code you received by email or SMS.
Done! The amount should have been credited to your Euro Wallet.
So, those are all the ways you can make a deposit with Young Platform to buy cryptocurrencies. Once you’ve made your first deposit, all you have to do is choose the crypto that’s right for you!
Everything you want to know about deposit methods: frequently asked questions
1.Why is it necessary to top up my account to buy cryptocurrencies?
The deposit is used to transfer money to your Young Platform account, in order to enable you to buy cryptocurrencies.
2.Do I have to pay a subscription fee to use my account?
Absolutely not! You do not have to pay any subscription fees to use your Young Platform account. You can top up your wallet as often as you like and you are under no obligation to deposit regularly.
How do I know when my deposit has arrived? Check your ‘euro’ balance to verify that the amount you intended to deposit has actually arrived.
3.If there are delays in crediting my money, who can I contact?
Should there be a delay in crediting your funds, first check the timeframe for the deposit method you used. If more time has indeed passed, you can contact support or ask for help on our Discord server. To contact support, fill out a ticket, we will be quick to respond to all your needs!
4.Is it safe to connect my card?
Yes, you do not run any risks by connecting your credit or debit card to Young Platform. Beware though! Some malicious users may create copies of our exchange to try to steal your funds. To avoid running into scams make sure that the website url is always: https://exchange.youngplatform.com/. Want a tip for using Young Platform? Save the above link in your browser favourites or use the app by downloading it from an official store.
5.How many cards can I connect to Young Platform?
You can add a maximum of 5 payment cards per month and 40 cards in total.
6.How do I withdraw my funds?
You can withdraw your funds from Young Platform by bank transfer. Check the dedicated support page.
7.Why are there multiple ‘wallets’ in my account?
On Young Platform, you can deposit both fiat currencies (Euro) and cryptocurrencies. Each account has a dedicated wallet for fiat currencies and a dedicated wallet for each cryptocurrency.
8.Can I remove my card whenever I want?
Yes, you can remove your card at any time! Go to the Profile section of your account from the mobile app or web platform. Then select the ‘Payments’ option and click on the ‘Remove’ card button.
9. How can I pay less deposit fees?
By joining a Club, you can receive cashback on your card deposit fees. Find out how in the dedicated article.
FTX founder Sam Bankman-Fried was arrested last night in the Bahamas. What happened? What will be the next developments?
FTX founder Sam Bankman-Fried was arrested on the morning of the 13th of December (at 5:00 a.m. GMT) in the Bahamas, at his residence in Nassau. Local police forces detained him one day before his testimony before Congress that was scheduled for Wednesday the 14th December 2022. It is now likely to be canceled. But why was SBF arrested today specifically, after weeks of being left free?
There are two main hypotheses. For some, the arrest comes with the fear that Bankman-Fried might move to a country where the US could not extradite him. Others speculate a connection with new allegations made by Do Kwon that were picked up by the media. They concern a possible involvement in the collapse of the Terra (LUNA) ecosystem.
According to the New York Times, there are five charges for the founder of FTX: wire fraud, conspiracy to commit wire fraud, securities fraud, conspiracy to commit securities fraud, and money laundering. What will be the next developments? Will Sam Bankman-Fried’s collaborators Caroline Ellison and Sam Trabucco also be arrested soon? Are SBF and Alameda Research really responsible for the collapse of the Terra-LUNA ecosystem?
What will happen now to Sam Bankman-Fried and his co-workers?
After being ‘at large’ for quite a long time (it has been about a month since the FTX exchange declared bankruptcy on the 11th November 2022), as of yesterday morning, Sam Bankman-Fried is being held in custody in a Bahamian prison. The FTX founder’s arrest came at the request of the US government, which plans to extradite him to a US federal prison.
Commenting on the incident, the Bahamas Prime Minister Philip Davis said: ‘The Bahamas and the United States have a common interest in holding accountable all individuals associated with the FTX failure who may have betrayed the public trust and broken the law.
In these first hours after the arrest, uncertainty reigns. It is not yet clear how many years in prison SBF faces, just as it is not yet known whether he will testify before the US Congress tomorrow as scheduled, although this seems unlikely.
Another question on the minds of many concerns the future of Sam Bankman-Fried’s associates, Caroline Ellison and Sam Trabucco. For the two, respectively CEO and co-CEO of investment fund and market maker Alameda Research, the same fate is probably in store. In the meantime, statements by the FTX founder are circulating again. A few days ago in an interview, he said was sure that he could not be arrested. On that same occasion, he had revealed his commitment to working on a new project with the aim of returning the money lost to his users.
Was it SBF and Alameda that brought down Terra (LUNA)?
What does Terra (LUNA) have to do with the SBF affair? In recent days, there has been talk about the possible responsibility of Alameda Research in the failure of the ecosystem. Alameda was the trading company founded by Sam Bankman-Fried, that has strong ties to FTX for reasons linked to fund management. A large amount of these funds were allocated to FTT, the token of the FTX exchange.
According to these allegations, Ellison and Trabucco’s hedge fund allegedly attacked Do Kwon‘s blockchain in order to destroy its competitor: Three Arrow Capital (3AC). They were heavily exposed to the blockchain’s two main assets: the LUNA crypto and the UST stablecoin.
The accusation, which originated from former Terraform Labs CEO Do Kwon and Three Arrow Capital co-founder Su Zhu, has not been ignored by US prosecutors. They have launched an investigation that will result in a market manipulation charge against Bankman-Fried and Alameda Research. Should evidence be found of Do Kwon’s and Sun Zhu’s allegations, the charge of market manipulation could be added to SBF. This would aggravate the legal situation of the FTX founder in no small measure.
There is currently no conclusive evidence to support these allegations. The investigation by the US government will shed light on the facts as it takes course. In short, as of today, there are very few certain answers. Many questions about the future and past of the former FTX CEO remain.
The opinion of crypto Twitter
Meanwhile, on crypto Twitter, all hell has broken loose. Thousands of users are rejoicing and making sarcastic comments about the FTX founder’s arrest. Some wonder how many years in prison he will have to serve, and how he will pay for a good lawyer.
Sam Bankman-Fried has been arrested in the Bahamas.
In particular, the crypto Twitter users are summoning the extraordinary lawyer Saul Goodman, star of the series ‘Better Call Saul’. He isthe only one, according to them, capable of saving the defendant.
Nothing is sparing SBF in the world of crypto Twitter. A series of tweets have also surfaced that bring up his alleged relations with the US Democratic Party.
Tomorrow, Sam Bankman-Fried was scheduled to testify in front of the House Financial Services Committee. @HouseGOP was ready to grill him six ways to Sunday.
Now breaking tonight, SBF was just arrested!🧐
Why not allow him to 1st testify tomorrow and answer our many questions?
Bankman-Fried had secretly given donations to Joe Biden’s party during the election campaign of late 2020 and early 2021. These tweets underline the strange timing of this arrest. Perhaps his statement under oath to Congress could have been quite uncomfortable.
In light of recent events, the plot of the movie that Apple plans to produce is also thickening. Now that he has been arrested, will Sam Bankman-Fried be convicted? Is the founder of FTX really involved in the collapse of Terra (LUNA)? And what will happen to Caroline Ellison and Sam Trabucco?
Want to transfer Ethereum and your other cryptocurrencies to Young Platform? Here is the complete guide!
If you want to transfer Ethereum or other cryptocurrencies from external wallets or other exchanges to Young Platform, read this step-by-step guide!
1. Select the crypto you intend to deposit
The first step in making a crypto deposit on Young Platform is to select the cryptocurrency you wish to deposit. To select it, simply go to the ‘Wallet’ section of the Young Platform app or web platform and click on the ‘Deposit’ button.
For this guide, we will use Ethereum as an example. In case you need to deposit a different cryptocurrency on Young Platform, don’t worry! The procedure remains the same, with one small addition. In some cases, as explained in the following paragraphs, you will have to add an extra code, the memo.
2. Copy your wallet address
Once you have selected the crypto you wish to deposit, click on the deposit button. You will then see a similar screen to the one below. Let’s use Ethereum as an example.
The alphanumeric code you see when accessing this section in person is the address of your Ethereum crypto wallet on the Young Platform exchange.
What is the wallet address? It is a code of 26-35 alphanumeric characters,needed to send crypto to a wallet. The wallet address has a similar function to the IBAN code for a bank account. It must therefore be communicated to the sender in order to receive cryptocurrencies.
To transfer your Ether from a self-custody wallet or another exchange, simply send the amount of ETH you want to this address. If you are using the mobile version of your wallet, you can also scan the QR code you see above for the wallet address.
Use the address found on ‘Deposit Ethereum’ only to send ETH. Each cryptocurrency has a specific network and wallet address. Sending for example AVAX, the crypto on the Avalanche blockchain, to your Ethereum address would result in the loss of the amount sent.
3. Deposit your crypto from a self-custody wallet
Let’s see how to transfer crypto to Young Platform from self-custody wallets, i.e. wallets whose private key you manage, such as Metamask. If you are not familiar with Metamask, it is a browser extension and open-source crypto wallet that allows users to interact with Dapps. This wallet, which was initially created to carry out transactions on the Ethereum blockchain, now allows interaction with all the most popular blockchains that are compatible with it. It is possible to use Metamask from both your desktop through the browser extension, and from smartphones through the app.
Let’s now move on to the Metamask browser extension. To transfer Ethereum from Metamask select the “Main Ethereum Network” from the drop-down list in the top right-hand corner. Then click on the “Send” button
Once you have selected that you want to send the funds, simply paste the address copied above and continue.
The next step to transfer Ethereum on Young Platform is to enter the amount of Ether you want to deposit. Please note that in order to process a transaction on blockchain, you need to pay gas fees. They are fees that are paid to validators by those who wish to make a transaction on blockchain, to ensure that transactions take place securely on the network. So, make sure you have the necessary amount of Ether on Metamask to pay these gas fees or the transaction cannot be processed. You can see the real-time gas fees. The more congested the Ethereum blockchain is, the higher the fees will be. In addition, the amount of gas feesyou pay will be directly proportional to how fast you want the transaction you send to be. You can choose the type of transaction by clicking on the ‘edit’ button inside the Metamask browser extension before confirming the transaction. For this type of transaction, which does not require high speed, there is a tendency to try and save on gas fees.
Once you have entered the amount you intend to deposit into Young Platform, all you have to do is click the ‘Next’ button. Then this screen will open, where you can see the amount of gas feesyou will have to pay to process the transaction and the total amount of cryptos you will ‘spend’. Once confirmed, the transaction will be processed.
Within a few minutes, you should receive the amount of crypto sent from your self-custody wallet. If the blockchain network is congested, you may experience delays for crypto deposits. In that case, you may have to wait until the transaction is confirmed. Should the crypto not be credited to your Young Platform account, request a ticket from the app or web platform.
4. Deposit your crypto from another exchange
To deposit crypto from another exchange, the process depends on the platform. In most cases, all you need to do is go to the “withdraw” section of your crypto wallet and paste in the address you copied above. One piece of advice we can give you is to read the guides of the exchange you intend to use to withdraw your funds. You can find these guides easily on Google by typing ‘crypto withdrawal (name of the exchange)’. For the Binance exchange for example, just go to the ‘Wallet’ section, select ‘Withdraw cryptocurrency’ and choose the crypto you want to withdraw.
Then paste in the address of your Young Platform wallet and select the network you wish to use. Caution! Always select the main network related to the crypto you want to deposit. By network we mean the blockchain on which each crypto is developed. For example, if you want to deposit the ETH crypto on Young Platform’s exchange, select the Ethereum network (ERC 20). If you are unsure which network is correct, ask for help in our Discord channel or contact support. If you send your cryptos to the wrong network you run the risk of losing them!
5. What is the memo?
For some cryptocurrencies, for example XRP, the crypto on Ripple’s blockchain, the memo must also be entered whensending a transaction. The memo or tag is a unique identifier assigned to each account to identify a deposit and credit it correctly to the relevant wallet. When you select the crypto you want to deposit and are given the address to send it to by the app or web platform, you will find the memo if you need it.
6. Deposit finalisation
Once the transaction is confirmed, your crypto deposit on Young Platform should be processed within a timeframe of a few seconds to a few minutes, depending on the congestion and speed of the network you are using. To ensure that your funds have arrived on the Young Platform exchange, visit the Wallet section of your app or Web Platform and check the balance of the crypto you have deposited. If you do not receive your crypto even after hours, you can talk to Support by opening a ticket or ask for help, or ask on our Discord server.
