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A crypto donation for Save the Children

Save the Children: how to donate through Young Platform

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 their PCs 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 be made 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.

  1. Open the Young Platform app in the Wallet section;
  2. From the central button ⇆, select ‘Withdraw – send funds in euro and crypto’;
  3. Choose a cryptocurrency, select the amount and click ‘Continue’;
  4. 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.
  5. 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.

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‘This Christmas, save their future’ with Save the Children and Young Platform

Young Platform and Save the Children Italy: 'This Christmas, save their future'

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 was the 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.”

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Discover the Bonus Wallet: Friends and Welcome Bonuses change

Promo Wallet: Friends and Welcome Bonuses change

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:

  1. You redeemed a €5 Invite a Friend Bonus
  2. You make a BTC purchase of €100
  3. You pay a €2,50 fee
  4. Your receive €2.50 cashback in your wallet, which is deducted from your Bonus Wallet
  5. 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.

Here are the main points of the new Rules for the Welcome Bonus and the Friend referral Bonus:

  • 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.
    • They must be used within 6 months of redemption.
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Young Monday: Algorand and the Bank of Italy, Africa embraces crypto and NFT crimes

Algorand and Bank of Italy, Justin Bieber investigated for his Bored Ape

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 been accused 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.

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 developed to 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 to reach 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 crime series. 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.

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Sam Bankman-Fried arrested, what happens now?

FTX founder Sam Bankman-Fried arrested: what happens now?

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.

In particular, the crypto Twitter users are summoning the extraordinary lawyer Saul Goodman, star of the series ‘Better Call Saul’. He is the 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.

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?

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Deposit crypto on Young Platform: complete guide

How to transfer crypto to Young Platform: the complete guide

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 desired amount of ETH to this address. If you’re using the mobile version of your wallet, you can also scan the QR code displayed above the wallet address.
Use the address you find in “Deposit Ethereum” only to send ETH. Each cryptocurrency has one or more reference networks (for ETH, USDC, and USDT) and a specific wallet address. For example, you can also deposit Ethereum through various Layer-2 solutions such as Arbitrum, Optimism, Linea, and Base. Deposits for the aforementioned stablecoins are available on the following networks:

  • USDT: Polygon, Arbitrum, Optimism, BSC, and Tron
  • USDC: Polygon, Arbitrum, and Optimism

Always check which networks support the cryptocurrency you want to deposit before making the transaction. For example, sending AVAX, the native token of the Avalanche blockchain, to your Ethereum address may result in the loss of your funds.

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

How to deposit crypto on Young Platform with Metamask

Once you have selected that you want to send the funds, simply paste the address copied above and continue. 

How to past your wallet address on Metamask

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 the blockchain, you need to pay gas fees. They are fees that are paid to validators by those who wish to make a transaction on the 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 fees you 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.

How to enter the amount you want to deposit on Young Platform via Metamask

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 fees you will have to pay to process the transaction and the total amount of cryptos you will ‘spend’. Once confirmed, the transaction will be processed. 

How to confirm the transaction on Metamask

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. If the crypto is not 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 for 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.

Crypto withdrawal from Binance

Then, paste your Young Platform wallet address and select the network you want to use. The “network” refers to the blockchain on which each cryptocurrency is supported. For example, if you want to deposit ETH on Young Platform, you can choose Ethereum, Arbitrum, Optimism, Linea, or Base. If you’re unsure which network to select, ask for help on our Discord channel or contact Support—sending your crypto on the wrong network may result in a permanent loss.

5. What is the memo?

For some cryptocurrencies, for example, XRP, the crypto on Ripple’s blockchain, the memo must also be entered when sending 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 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.

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Young Monday: Avalanche, Warner Music and Goldman Sachs

FTX bankruptcy: Goldman Sachs sees it as the crypto world's turning point

Avalanche chooses Alibaba’s cloud for its nodes, Polygon is working with Warner Music Group and Goldman Sachs explains the lessons of FTX’s collapse

In the crypto world this week, there has been renewed talk of adoption. In particular, there is more news of partnerships between traditional and Web3 companies. Avalanche, AVAX’s blockchain, has signed a deal with Alibaba Cloud, one of the world’s leading cloud service providers. After having secured partnerships with Instagram, Reddit, Disney, Starbucks and other companies, Polygon now also boasts a music partnership thanks to an agreement signed with Warner Music Group. A month after the collapse of FTX, two financial giants, Goldman Sachs and Mastercard, describe the collapse of the exchange as a growth opportunity for the industry!

Avalanche will use Alibaba’s cloud for node management

Alibaba Cloud, the most widely used cloud hosting service in Asia and the third largest in the world, has chosen Avalanche as its first Web3 partner. Alibaba Cloud provides cloud-based storage, applications and web infrastructure services. Clouds are global networks of servers that operate as a single ecosystem. They can be accessed through the Internet and serve to free up memory and processing power on the devices we use on a daily basis.

Through its cloud service, Alibaba will facilitate the process of opening an Avalanche blockchain node. In addition to staking the native crypto, validators of a Proof-of-Stake blockchain must manage a node that is constantly connected to the internet. This requires computing power and memory. Thanks to this new partnership, anyone wishing to open a node on Avalanche will be able to use these resources by taking advantage of Alibaba’s services. The partnership could increase the number of blockchain validators, which to date number around 1,200, and consequently also increase decentralisation on the network.

Polygon and Warner prepare the next Spotify?

Polygon is interested in all entertainment sectors that intend to use Web3 technologies. After cinema and social media, it is time for the platform to attack the world of music, thanks to a partnership with Warner Music Group. The collaboration between the two brands resulted in the development of LGND.io, a decentralised application (dapp) very similar to a classic music streaming platform such as Spotify or Youtube Music. LGND also allows tracks and albums to be purchased in the form of NFTs, using either credit or debit cards or cryptos such as MATIC and ETH. Once purchased, these NFTs can be resold on major NFT marketplaces, such as OpenSea.

The main objective of the collaboration is to provide emerging artists with a new way to sell their music through NFT technology and the concept of digital ownership. The final version of the platform will be available from January 2023. It will enable artists to not only sell non-fungible music tokens, but also other types of content that provide various benefits such as VIP concert tickets or exclusive merchandise. In addition to Polygon and Warner Music Group, the record company Spinnin’ Records will handle relations with artists. They also participated in the development of LGND.io.

Goldman Sachs: FTX bankruptcy is a turning point for the crypto world

This week, financial giant Goldman Sachs made some statements on the failure of the FTX exchange and its consequences. Rather than analysing what happened only from a destructive point of view, Mathew McDermott, Goldman Sachs’ head of digital assets, stated that he is optimistic about the future of crypto. McDermott’s statements followed a remarkable fact, namely that following the collapse of Sam Bankman-Fried‘s exchange, the number of traditional investors interested in buying crypto through Goldman Sachs is on the rise.

Mastercard also seems to be of the same opinion, according to Grace Berkley, the director of the company’s start-up branch. Berkley described the incident as a reset opportunity for the crypto world, which could become safer through the exclusion of malicious actors intending to manipulate the market and regulation.

Decentraland: start of LAND leases

A new feature for Decentraland has been announced: LAND rentals in exchange for rewards! Decentraland is one of the most popular metaverses on Web3. It consists of many units of ‘digital land’, and each of these units is an NFT called a LAND. Lending your own LAND is now very simple, just select the NFT you want to put up for rent and choose for how long and at what price you want to rent it. As far as the time period is concerned, each user can choose from seven options: 1, 7, 30, 60, 90, 180 or 360 days. Concerning the price, the decision is entirely up to the tenant.

The rent is paid by the tenants in MANA, the crypto of Decentraland, and 2.5% is retained by the DAO‘s wallet. The DAO of Decentraland is the collective institution that governs the functioning of this metaverse.

Why rent a LAND? Buying one may be too expensive, all the more so if you plan to create events or experience in a limited amount of time. The market for land in the Metaverse is one of the most expensive of the NFT markets. There are only a few LANDs in Decentraland sold directly from the platform, the remainder are only available in secondary markets, which are very competitive. Users will be able to rent their land to DJs who will throw memorable virtual parties, or to universities who will build Web3 university campuses, or even to fashion brands who will organise fashion shows.

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After crypto, will China now also ban NFTs?

NFT news from China: will they become illegal like cryptocurrencies?

Will NFTs become as illegal as cryptocurrencies in China? A Chinese court issues a ruling and the debate opens up

A few days ago, the Hangzhou court in China ruled that NFTs must comply with laws established for e-commerce sales and those related to virtual property, due to their characteristics of ‘value, scarcity, traceability, and marketability’. The ruling was particularly lenient towards the sector after the 2021 ban on crypto. What might be the next developments following this news? Will NFTs become illegal in China?

Cryptocurrencies are banned in China

In 2021, the Chinese government officially banned crypto mining and trading. On the one hand mining was banned for environmental reasons (taking 50% of all global mining activity out of the country). On the other hand, crypto was banned for possible ‘speculation’ risks. All crypto-to-crypto and fiat-to-crypto transactions are therefore illegal in China. This is the case for both local and foreign platforms. The Chinese government had however not taken a decision at the same time to regulate NFTs.

Are NFTs legal in China?

From a legal point of view, NFTs are not banned in China. However, since their technology is linked to cryptocurrencies, the situation is complicated. A first aspect to consider is that, given the ban on crypto, non-fungible tokens cannot currently be purchased via cryptocurrencies. Generally speaking, although the Chinese government is not hostile to the concept of NFTs per se, it remains intolerant of possible financial applications and even simple buying and selling.

In this regard, on the 13th April 2022, the National Internet Finance Association of China, the China Banking Association and the Securities Association of China shared guidelines to ‘prevent financial risks related to NFTs’. These are not laws because these associations have no legislative powers, but rather steps to be taken to prevent users from associating tokens with the same concepts of ‘speculation’ that led crypto to be banned. These guidelines are like a test for those who want to create and sell NFTs in China and could guide future choices by the authorities by building standards.

Some of these measures are:

  1. Using only the state blockchain to create NFT (more on this blockchain later);
  2. Referring to NFTs as “virtual collector’s items” and not as “tokens”;
  3. Avoiding any association with crypto;
  4. Suspending NFT secondary markets;
  5. Using platforms that verify the identity of users.

A black market is born

The crypto ban has led many Chinese citizens to use virtual private networks (VPNs) that can circumvent the Chinese government’s localisation and censorship of international crypto services. In this manner, Chinese citizens can access marketplaces like OpenSea and Magic Eden, where they can buy crypto tokens and resell them according to their own strategy. It is estimated that 31% of Internet users in China use a VPN. Among them, buying and selling NFTs is very popular.

From the Hangzhou court: an NFT is like a pair of trainers

To complete the picture on the status of NFTs in China, a ruling came from the Hangzhou Court, which specialises in internet law. On the 29th of November, the court was called upon to rule on a conflict between a buyer and a marketplace that cancelled a sale of non-fungible tokens without the consent of the parties involved. On this occasion, the court ruled that NFTs belong “to the virtual property of the network” as a unique product protected by an intellectual asset. Non-fungible tokens should therefore, from a legal point of view, be considered as any product sold on an e-commerce website. The law that monitors this is the e-commerce Law, that has come into force since the 1st January 2019. It is a popular law drafted to respond to the rapid growth of online commerce.

Will NFTs become illegal? The latest news does not suggest any particular closures on the part of the Chinese authorities.

Can NFTs exist without cryptocurrencies?

The Chinese government has also proposed its own version of NFTs, i.e. created on the state blockchain. This network, called the Blockchain Services Network (BSN), is a centralised and ‘permissioned‘ blockchain. In contrast to all ‘permissionless’ public blockchains, the BSN is managed by selected employees and not by network validators. On this blockchain, all users are tracked in accordance with Chinese law. Also available on the BSN are tools for artists and brands that want to create their token collections, which can only be purchased in fiat currency. This Chinese version of NFTs is called BSN-DDC or distributed digital certificates.

In China, those who sell or create NFTs do so on the BSN or other similar compliant networks, such as Alibaba, Tencent and JD. Most of these services are offered by established Web2 companies, hardly any decentralised protocols can be found. So can there be NFTs without crypto? Can those proposed by the Chinese government not be considered real, non-fungible tokens? The debate is open, for the champions of decentralisation, ‘distributed digital certificates’ do not meet the needs of Web3.

An instrument of protest

Leaving aside the legislative aspects, NFTs have become popular enough in China to be used as a form of protest against the government.

The citizens of Shanghai last May chose non-fungible tokens as a means of communicating outside China about the oppressive lockdown policies imposed back in March. After the publication of a video against the harsh lockdown, the government had banned all references to the topic on social networks. NFTs then served as a way to bear witness to the difficult living conditions, in a way that was immutable and sharable worldwide.

Even if NFTs become illegal in China, examples like this make us believe that enthusiasts will not give up so easily on a technology with this potential.

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What is FOMO? Social media and crypto anxiety

What does FOMO really mean? Here are some examples

“Fear Of Missing Out” is one of the most common forms of anxiety of our time. But what does it really mean? Here are some examples from the crypto world

The word FOMO stands for ‘Fear Of Missing Out’. FOMO is the feeling of anxiety that you may experience when you fear that you have missed out on something important. It could be an event, an opportunity or a conversation. With the arrival of social networks, this fear has become more widespead although it has always characterised human behaviour. In other words, FOMO is the constant feeling of being excluded from experiences that everyone else but us is experiencing. The term has also become very popular in the context of trading and cryptocurrencies. In this context, it could involve a fear of missing out on an upward price movement or a potential profit opportunity more generally. In this article, you will find out what FOMO is, its origins and what the term means in the world of crypto! 

What is FOMO? Meaning and origins

The term FOMO was created in 2004 by Patrick J. McGinnis, a Harvard Business School scholar, as part of his research on the social behaviour of first-year university students. From 2010 onwards, psychologists have taken up the concept of FOMO to describe a condition found in individuals who are constant users of social networks. These people, who spend a lot of time observing the lives of others, find themselves obsessively comparing their own experiences with those of others. By constantly comparing themselves, they feel like something is lacking, that they are mistaken or lagging behind in certain aspects of life. Psychologists have described this psychological condition as a constant apprehension that others might have experiences from which the person experiencing FOMO was personally excluded.

Is FOMO just social media anxiety?

The ways in which FOMO manifests itself can be different and vary mainly depending on the intensity of the sensation. You may experience it once in a while during a conversation or more continuously, which may turn this feeling into a real pathology. Suffering from this fear on a continuous basis can cause a worsening of mood, feelings of social inferiority, loneliness and anger.

As we stated before, FOMO became particularly popular after the emergence of social networks. This gave birth to a new culture based on influencers but also everyday friends, who share their dream life online. This can lead people to compare themselves and feel inadequate. Måneskin‘s bass player Victoria De Angelis also spoke about this recently. In an interview with Radio Deejay, she said that she suffers from FOMO, and that she can’t stop going out for fear of missing out on an experience. In fact, the fear of being cut off turns into a schedule full of commitments and hectic days spent chasing experiences. Often without feeling truly satisfied anyway!

You may have just come home from a hard day and you can’t wait to settle down on the couch, but you see all your friends on Instagram getting ready for a concert. If FOMO arrives, your only thought is ‘I can’t stay at home while the most important concert of the year is just a few steps away from me’. You get ready and go out. When the concert is over, the feeling comes back: ‘maybe I could follow my friends to that club and have a drink instead of going to sleep’. In the mildest cases, people in this situation just crawl into bed with some discomfort. For others, the thoughts become obsessive and limiting.

FOMO in the crypto world

In the crypto world and in trading, the meaning of FOMO remains the same. However it applies to missed profit opportunities rather than experiences. People get convinced that they have forever missed the chance to buy the next crypto that will explode. Everyone but themselves is guaranteed stratospheric gains. The venture into the crypto world of a person suffering from crypto FOMO is conditioned by thoughts like “why did I sell at that price?”, “I should have bought more” or “I absolutely cannot miss out this token’s presale”. This psychological condition usually affects those who have recently got interested in the market and who therefore do not have enough experience to know and control their anxiety. These users often buy and sell impulsively for fear of losing a potential profit opportunity.

Those who get caught up in FOMO when approaching the crypto world are engaging in outright fear, and emotions can hinder the pursuit of a rational strategy. Behavioural finance explains how rash actions, triggered by emotional aspects, can negatively affect the achievement of your goals.

Examples of FOMO with cryptocurrencies

To better explain what FOMO is in the context of crypto, we can use some practical examples. The term is for instance particularly appropriate in the case of new crypto launches. These launches always come together with presales that allow those who participate in them to financially support a crypto project before the official launch by purchasing the native cryptocurrencies. One feature of presales is that they have limited access. Only the quickest users to purchase can actually participate in the launch. This aspect generates crypto FOMO in those who want to participate and fear being excluded.

Dogecoin’s bullish movements linked to Elon Musk‘s tweets can also explain crypto FOMO. Every time Musk posts a DOGE-themed tweet, the price of the crypto goes up thanks to so-called FOMO buyers. These people decide to buy DOGE in fear of missing out on the price rise.

The JOMO (Joy of Missing Out)

The opposite psychological phenomenon is JOMO ‘Joy of Missing Out’. JOMO can be defined as the pleasure of enjoying your interests and passions without worrying about the fact that other individuals are pursuing more satisfying activities.

Instead of despairing over untapped crypto opportunities, those who live in the name of crypto JOMO simply disregard them. In fact, the term JOMO is usually used by no-coiners, those who do not hold crypto. While those in the throes of FOMO feel the need to spend hours and hours in front of charts looking for the next opportunity, the JOMO team doesn’t even bother to give it any thought.

Now that you know what FOMO means and how it differs from JOMO, you might ask yourself: which of the two is the best attitude for experiencing the world of crypto? Probably neither, both FOMO and JOMO are extremes. On the one hand we have a tendency to get too emotionally involved, on the other hand we have a tendency to avoid situations completely. Knowing the latest trends and cryptos on the upside, in short ‘being on your toes’ about all the industry news is certainly not a bad thing. So is learning to be more detached like JOMO fans.

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What are the 5 most famous meme coins?

The 5 most popular meme coins from Dogecoin to Baby Doge

From Dogecoin to Shiba Inu, via Baby Doge and Dogelon Mars. What are meme coins and which are the 5 most famous?

Believe it or not, meme coins are an important component in the huge world of cryptocurrencies. This type of crypto dominates bullish market phases and then almost disappears during bear markets. The term ‘meme coin’ can be defined as a neologism, created to describe the first cryptocurrency born in honour of a meme: Dogecoin. The first meme coin was therefore Dogecoin. To this day, it is still the most famous one and has the highest market cap from all those in our list.

But what is the definition of a meme coin? Meme coins are cryptocurrencies born from internet memes or an episode of internet culture. The term ‘meme coin’ is often used to describe a crypto with a negative connotation, although sometimes projects define themselves purposefully in this manner. However, meme coins are not all the same. Some are created as a joke and remain so, others manage to develop a project and consolidate their position. Discover the differences and common characteristics of the 5 most famous meme coins from Dogecoin to Baby Doge!

1. Dogecoin

Dogecoin (DOGE) was created in 2013 by Jackson Palmer and Billy Markus, and is based on the Proof-of-Work consensus mechanism. After Bitcoin, it is the second largest PoW crypto in terms of market cap. The first meme coin in history was inspired by the famous meme depicting a small Shiba Inu dog (named Kabosu) accompanied by short, broken sentences in Comic Sans, a sort of Doge inner monologue.

Dogecoin is one of those meme coins that ‘made it’. Dogecoin’s roadmap is very simple and brief and also seems to be inspired by the manner Doge expresses himself in broken English: ‘utility -> adoption’. This equation means that Dogecoin’s goal for the future, and consequently the utility the team plans to give to the Dogecoin crypto is adoption. The adoption process is coming to fruition with major companies choosing to accept Dogecoin as a payment method. Among these companies are AMC, Twitch, Tesla and SpaceX. Dogecoin’s fame also depends on its relationship with who is now the owner of Twitter, Elon Musk.

Elon Musk, nicknamed ‘The Dogefather’ by the Dogecoin community, was the first famous supporter of the project. The DOGE crypto owes much of its success to the owner of Twitter. In a way, all the meme coins created in honour of our four-legged friends are Musk’s daughters. Some of them, as we will see later, pay explicit homage to him.  

2. Shiba Inu

Among the five most famous meme coins in the crypto world is undoubtedly Shiba In (SHIB). This meme coin was born from an experiment: to replicate the Dogecoin project and make another crypto inspired by a small dog achieve mainstream status. The Shiba Inu project was created in 2020 by an anonymous developer known by the pseudonym Rioshy. Shiba Inu’s crypto, SHIB is actually not a real coin, since it does not yet have its own blockchain. Instead, it is an ERC-20 token built on the Ethereum network. Although it is derogatorily considered ‘just’ a meme coin, over time, Shiba Inu has been integrating various functions within its ecosystem.

The Shiba Inu ecosystem is populated by a decentralised exchange (DEX) with AMM similar to Uniswap, ShibaSwap, and by two other tokens: BONE and LEASH. The former is the governance token that guarantees holders to participate in decisions about the future of the ecosystem. LEASH is distributed as a reward to those who stake SHIB on ShibaSwap. Recently, the Shiba Inu team also released a smartphone game called Shiba Eternity, which was very successful and reached the top positions of the ‘card games’ section on the App Store and Play Store. The next steps for the second of the 5 most popular meme coins envisage a Layer 2 blockchain that should be called Shibarium, as well as a stablecoin named SHI.

3. Dogelon Mars

A meme coin bearing the name of Elon Musk was not a chance to be missed. The Dogelon Mars token, ELON, is one of many ERC-20 tokens that were created following the rise of Dogecoin and Shiba Inu in 2021, the so-called ‘meme coin season’. The idea of Dogelon’s anonymous team was to create a crypto entirely managed by its community.

How does Dogelon Mars differ from any other meme coin inspired by doggos? The answer is incredible storytelling! According to the project’s official synopsis, in the year 2420, Mars will be colonised by the Dogelon Mars breed : humanoid pooches vaguely resembling Elon Musk and endowed with a distinct intelligence. Dogelon Mars began as a meme coin, but following its success and the rapid growth of the community, it decided to develop its own roadmap. The next steps are the development of a decentralised finance ecosystem (DeFi) that allows the ELON token to be staked in order to receive rewards in the ecosystem’s governance token: xELON.

4. Baby Doge

Baby Doge also earns a place on the list of the crypto world’s top 5 meme coins. It is an ERC-20 token built on the Binance Smart Chain, Binance’s EVM-compatible blockchain. It calls itself the ‘daughter’ of Dogecoin. The Baby Doge crypto was also created during the 2021 meme coin season. Baby Doge was conceived as a reward token, i.e. a token that automatically rewards its owner with other cryptos. In the case of Baby Doge, the rewards for holders are of course paid in Dogecoin. This is possible thanks to a smart contract that converts part of the crypto that users use to buy Baby Doge into Dogecoins, which are then redistributed to the holders. One of Baby Doge’s projects is Baby Doge Swap, a decentralised exchange (DEX) with AMM very similar to PancakeSwap. On this DEX, it is possible to sell and buy tokens built on the Binance Smart Chain and to stake the Baby Doge crypto as well as other tokens.

5. Floki

We conclude our meme coin list with Floki (FLOKI), one of the five most famous meme coins in the crypto world. Floki was created following Elon Musk’s tweet published in June 2021, in which he told his followers that he had named his new Shiba Inu puppy “Floki”. The Floki Inu team was very quick to create an ERC-20 token, first on Ethereum and then also on the Binance Smart Chain, named of course after the newborn puppy. In the days following the launch, Floki’s team embarked on an effective marketing campaign on social networks that allowed the project to gain a large number of followers. Floki, as the website states, wants to become ‘the people’s cryptocurrency’. To achieve this ambitious goal, the Floki team is collaborating with platforms that encourage charitable initiatives.

Thanks to the great success in the days immediately following its launch, the Floki Inu meme coin was able to work on the project’s roadmap, starting to develop a series of decentralised platforms and applications. To date, the Floki Inu ecosystem is working on a play-to-earn metaverse named Valhalla, a debit card and a platform for staking FLOKIs.

In addition to the meme coins we listed, which are considered the most famous, an avalanche of similar cryptos have sprung up. Some of these failed to survive. How come? Meme coins are born in favourable market moments, trying to intercept narratives or trends with the aim of reaching as many users as possible. Not all meme coins manage to become useful and offer appealing solutions to users after becoming popular. When you are considering taking a look at the next crypto dedicated to an emoji or a dog’s snout, watch out for FOMO and as always, DYOR!