Two new spaces dedicated to the Young Platform community have arrived. Here are the new Telegram and WhatsApp channels
In August 2022, Young Platform’s official Discord server was launched and from then on we started using the Telegram group as just a channel. Today, due to the large number of malicious actors who are trying to scam our users, we have decided to create a new member space within the messaging app.
Why a new Telegram channel?
The main reason that led us to make this decision is related to the increase in reports of attempted scams against our users. As of today, malicious actors can view phone numbers and then contact members in private.
Young Platform’s new Telegram channel solves this problem. It is to all intents and purposes a channel (and not a group where admins are the only ones who can post) and so the username and phone number of the members are hidden. This way, nobody can contact them and trick them through practices such as phone phishing or smishing.
We would like to point out that the Telegram group you have been using to read the news, announcements and analyses up to now will be DEFINITELY CLOSED in a few weeks. We therefore invite you to join the new one, so that you can follow all updates safely.
The messaging app recently introduced Whatsapp Communities. These are larger and more articulated discussion groups than those normally used to communicate with friends or family. This new type of channel allows administrators to connect related groups in one virtual place.
Young Platform’s WhatsApp group will, for now, serve the same purpose as the Telegram channel. It will only be one more option for those who want to stay up-to-date and will not be able to send messages but only read them. One more way to learn about all the news concerning our ecosystem and the crypto world.
The main space dedicated to our community will remain the official Young Platform Discord server, which has recently been completely redesigned. We want to focus the discussion on Discord because we believe it is the perfect place to encourage participation and dialogue between us and our users.
The messaging app, thanks to the almost infinite number of integrations it allows, is perfect for architecting gamification logics that make the user experience more fun. If you haven’t joined our server yet, we recommend you do so, it’s worth it!
Bot Only Euro: the solution for companies that want to receive crypto payments without worries
Young Platform has developed a number of crypto services dedicated tocompanies and businesses, one of which is BOE, Bot Only Euro. With this automated functionality, companies receiving cryptocurrency revenues can automatically convert these into euros and thus simplify their operations.
A new revenue stream: crypto
More and more companies are accepting payments in cryptocurrencies, either because of the needs of their customers, who often demand to be able to spend their crypto-assets, or for internal predisposition. Indeed, some even choose to diversify their liquidity with cryptocurrencies, or include them in their investment portfolios. Consequently, accepting payments in crypto does not become a problem, but a plus.
There are numerous businesses to which the Bot Only Euro is dedicated, just think of import-export. Accepting Bitcoin and other virtual currencies can make international trade cheaper. If, for example, a partner company is based in a non-European country, where the currency has an inconvenient exchange rate, or whose banking system is inefficient, payment on blockchain cancircumvent these obstacles.
Payments on blockchain are instantaneous, traceable, global, andtherefore not limited by the banking or monetary system of the country in which one operates.
Moreover, on blockchain there is also the possibility of using cryptocurrencies with a stable price pegged to the dollar (thestablecoins), avoiding excessive volatility.
There is another frequent case of cryptocurrency adoption by companies: NFTs.
In 2020, the trend of Non Fungible Tokens was all the rage. These are blockchain-based digital objects that can represent works of art, collectibles or certificates. Thus, many brands and artists started to create their own collections: from fashion houses, to singers, to video games, these tokens have become a must-have for any entertainment brand identity.
But what does this have to do with cryptocurrency payments?
NFTs in most cases are purchased with cryptocurrencies, which go to the author, i.e. in this case the company or artist. In addition, they can generateroyalties, as they secure copyright on the blockchain and the corresponding remuneration for the use of the artwork.
Consequently, any company that issued one or more NFTs could receive payments and revenues in cryptocurrencies.
These are just a few cases, but the development of Web3 holds many new scenarios, which we have yet to imagine.
Young Platform’s Bot Only Euro
Due to the success of the crypto and NFT market, the need to create support services for companies that want to seize these opportunities has emerged.
This is why Young Platform first introduced the Business Account on its exchange, so that any company can buy or sell crypto. To receive cryptocurrency payments on the Young Platform account, any company can simply share itswallet address with the customer. To generate your address you just need to initiate the deposit process.
Once you start receiving cryptos, however, you have to take into account that they vary in price and may therefore lose or gain value over time. As a result, they may complicate business accounting, and you may also have to pay taxes on them depending on your country’s regulation.
Because of this, many enterprises prefer to convert the cryptocurrencies they receive into euros, so that they also have more liquidity and can reuse it for operational expenses.
The BOE (Bot Only Euro) service does exactly that: every payment received on the company account is automatically and immediately converted into euros at the market price. The solution is flexible: you can select which cryptocurrencies toconvert automatically, leaving open the possibility of not converting all of them.
Activating the BOE feature on cryptos avoids the fluctuation of their value, no capital gains or losses are generated, and consequently no incometaxes are required to be paid on these crypto-assets (but be sure to check your country’s tax law). It also speeds up operations, as there is no need for manual sales transactions.
The advantages of the Only Euro Bot are plain to see! Find out how to activate the functionality by contacting the Business Services team now at [email protected].
Young Platform launches its B2B services, expanding access to cryptocurrencies for businesses
Italy’s leading cryptocurrency scaleup unveils new platform features created to improve conversion, account management and trading for companies and financial institutions
TURIN, 20 September 2023 – Young Platform, the Italian cryptocurrency scaleup, announces the launch of new platform services dedicated to the business market. The decision to open up for the first time to corporate customers represents an unprecedented and significant step in the mission of the crypto-company, already Italy’s leading exchange community with over 2 million members among the consumer public, which has always been committed to making blockchain technology and cryptocurrencies accessible to people and now also to businesses and institutions.
Over the past two years, an increasing number of businesses and institutions have begun to recognise crypto, specifically Bitcoin, not only as an investment asset, but also as a fundamental transaction tool for the digital age. It is also for this reason that Young Platform has designed three innovative services aimed at the specific needs of companies that want to get closer to this world and the crypto user audience, providing tailor-made solutions to improve operational efficiency and financial management.
One of the main new services offered to the business world is Euro Only, for receiving cryptocurrencies without being exposed to the uncertainty of market volatility. This is made possible by the instant conversion into euros, which provides adequate protection from fluctuating cryptocurrency prices. Business management is also simplified by the Sub Account service, which offers companies the possibility of creating several accounts from one Master Account.
Young Platform also offers an OTC (Over The Counter) service, a secure and customised option for cryptocurrency trading. This functionality provides companies with access to instant liquidity and competitive pricing, enabling efficient and convenient trading.
The integration of all these services is supported by ‘tailor-made’ professional training programmes designed to help companies develop in-house skills that are crucial for successfully implementing blockchain technology solutions in different business models.
According to a 2023 report by CoinDesk, the number of financial institutions investing in cryptocurrencies has doubled since 2021. Large companies such as Tesla, Square and MicroStrategy have led the way, investing billions of dollars in Bitcoin. Meanwhile, agencies such as JP Morgan and Goldman Sachs have introduced cryptocurrency services to meet the demand of their clients. Even in the retail sector, companies such as Starbucks and Amazon have begun accepting payments in cryptocurrencies, signalling a wide acceptance of the industry’s assets.
Research conducted by Coinbase and The Block (The State of Crypto: corporate adoption, June 2023) revealed that more than half (52%) of the world’s largest and most successful US Fortune 100 companies have undertaken crypto, blockchain or web3 initiatives since early 2020. About 60 per cent of the Fortune 100 initiatives reported since the beginning of 2022 are in the pre-launch phase or already launched. Looking ahead, 83% of US Fortune 500 executives surveyed who are familiar with cryptocurrency or blockchain say their companies have initiatives underway or are planning on them. About two-thirds (64 per cent) say investing in these technologies is important to stay ahead of the competition. These companies innovate and invest in these technologies because they know that the financial system needs an upgrade and that blockchain can be a solution.
Merchants and businesses accept Bitcoin as a form of payment and the infrastructure is increasingly user friendly, for the average user, thanks to the development of wallets, exchanges and marketplaces that have removed the technical barriers present in the early years of crypto. Private companies hold $11.1 billion worth of Bitcoin, about one-fifth of the $50 billion held in Etf, states and public and private companies, according to a VanEck report (The Investment Case for Bitcoin, September 2023).
Entering the world of cryptocurrencies offers companies the opportunity to access a new group of digital native consumers, improve payment efficiency and hedge against inflation. In addition, adopting cryptocurrencies allows companies to participate in the decentralised finance revolution, giving them the opportunity to leverage new business models and innovative technologies.
“We are proud to be able to extend the financial democracy of the crypto world to businesses and institutions. This represents a crucial step towards our vision of a future where cryptocurrencies are accessible to all, says Andrea Ferrero, CEO and co-founder of Young Platform.
“The world of cryptocurrencies can open many doors for businesses and institutions. Thanks to Young Platform, you can now explore these opportunities in a secure, transparent and compliant manner. We are committed to guiding our customers through an ever-evolving financial world by providing innovative tools and unparalleled support,” comments Mariano Carozzi, Chairman of Young Platform.
With its ever-expanding offering, Young Platform continues its commitment to adoption to an ever-widening audience.
Everything you need to know about the GMX crypto to decide whether and how to buy it!
The GMX crypto is available on Young Platform for purchase, storage and sale.
After dYdX (DYDX) comes the token of the most widely used decentralised application (dapp) in the DeFi’s derivatives sector. Find out all about GMX and assess whether this crypto is right for you!
GMX: all you need to know
GMX is a decentralised exchange for derivatives trading. On this platform, you can trade perpetual futures with up to 50x leverage. GMX was initially launched on the Binance Smart Chain under the name Gambit Financial, but later changed its name and migrated to Arbitrum, Ethereum’s most widely used Layer 2. Since the beginning of 2023, it has also been available on Avalanche, the blockchain founded by Emin Gün Sirer.
GMX has destroyed its competition, becoming the most widely used derivatives protocol. It is also the most popular dapp on Arbitrum and 22nd in the global ranking. The token of the same name is required to participate in the project’s governancedecisions but also allows those who stake it to receive a share of the platform’s earnings.
How to use GMX on Young Platform?
Here are all the features available for GMX on Young Platform and Young Platform Pro:
Buying and selling with EUR
Recurring purchase
Depositing from another wallet or sending via the Arbitrum network
Creating a Single Currency or Customised Money Box
All you need to know about phone spoofing: what is it and how to protect yourself from the growing scams
Knowing the meaning of phone spoofing is nowadays increasingly important to avoid falling for the scams of malicious attackers, who are constantly ready to steal personal data and money via technological tools.
Fraud, unfortunately, is now the order of the day, and phones make things much easier for those who try to carry out such frauds. Phone spoofing falls right into this domain, so it’s crucial to clearly understand not only what it means, but above all how to protect yourself from such schemes and how to avoid running into them.
The meaning of telephone spoofing: what it is and types
Literally, the meaning of spoofing is connected to that of deception, cheating. With this type of attack, attackers impersonate another entity by falsifying data in order to gain an illegitimate advantage. This manipulation is based on the ability to deceive systems and users who are led (wrongly) to believe that they are communicating with a trusted source.
It is a technique that is widely used in more general phishing attacks, the ultimate goal of which is to obtain personal information, such as passwords, credit card numbers or financial details.
To really understand the meaning of spoofing, however, a distinction must be made between the different types of attacks possible. In some cases, victims may receive classic messages on their phones in which the identity of the sender is concealed in order to appear legitimate (SMS spoofing). However, there is not only message spoofing, but also voice spoofing. Malicious attackers can in fact also change phone numbers when making calls to users.
Changing the sender’s numbers and name, by the way, is not such a difficult practice. There are even providers who offer this type of service because, basically, it is not considered illegal. It is only so when it is used to defraud users. Take for instance all those companies that need to send large-scale service messages to their customers and need to hide the sender’s number. In this case, the practice appears perfectly legitimate, whereas the meaning of spoofing changes, taking on a negative connotation when the process is generated to carry out malicious actions and scams.
Then there is also e-mail spoofing, which, as the name suggests, takes place by sending e-mails. Also not to be forgotten is IP spoofing, with which fraudsters conceal the identity of a server by making the IP address of a host seemingly legitimate, or even DNS server spoofing, in which the compromise of the DNS (Domain Name Service) server results in a redirection to a malicious site. ARP spoofing must also necessarily be taken into account in order to protect oneself: in this case, forged ARP (Address Resolution Protocol) messages are sent by fraudsters.
Regardless of the type of approach adopted, all the various forms of spoofing share a fundamental element: they use trust as leverage to obtain or alter sensitive data, commit financial fraud, circumvent network access control mechanisms, and spread malicious software through malicious links and attachments.
How to protect yourself?
Identifying spoofing attacks has become increasingly difficult today and this is because, as already mentioned, falsifying the identity of senders is anything but difficult. This means that everyone should adopt sound and careful security practices.
First of all, you should only visit official and notoriously secure sites (with HTTPS protocol). Then you should think carefully about every communication you receive (on any kind of channel), even when the sender seems absolutely trustworthy.
You should then avoid entering your personal data too confidently and lightly without first having investigated the sender who is requesting that action, and you should obviously carefully analyse all links and attachments contained in received communications. A simple click on them, in fact, could have important repercussions for you.
The use of strong and robust passwords is also highly recommended. You should avoid using common names that can be linked to you, or easily identifiable dates of birth, and construct highly customised keys that are difficult to find.
Keeping your attention high, therefore, is crucial, but it is not the only thing you can do to protect yourself against spoofing. You could, for instance, decide to use a VPN to make fraud attempts more difficult (hackers would find it difficult to decipher the data of users who have encrypted their traffic). Or you could evaluate services such as blocking cookies, offered for instance by NordVPN’s Threat Protection. You could also use classic antivirus software, which is able to identify attack attempts, and firewalls that can detect addresses outside the local network.
As already stated at the beginning of this article, knowing the meaning of spoofing is more important than ever, as is keeping alert to the countless fraud attempts to which we are unfortunately now exposed.
Young Platform takes strong security measures to ensure its reliability and does not ask its users for access credentials and other security codes.
Enjoy 15 days of discounts at Young Platform: withdrawals, deposits and USDT-EUR trades
Summer is coming to an end and most people enjoy every last drop of relaxation, but you can play in advance and arrive prepared for September’s news.
That is why we have come up with a promotion that is a little different from the usual: Summer Boost, a springboard for diving back into everyday life.
Summer Boost: what is it?
The promotion starts on Thursday 24 August at 10:00 AM and ends on Thursday 7 September at 9:59 PM (UTC).
For 15 days, we’ll lower the costs for entering and exiting the crypto market: it will be cheaper to convert Euro into the USDT stablecoin to access decentralised applications or markets, or to convert the stablecoin obtained back into Euro.
The 3 advantages are for everyone:
Card Deposits: you will receive a €5 bonus on the app to be used to pay the fees for a single card deposit. Club members who already enjoy the deposit benefit will receive this bonus in addition to their monthly bonus(es);
Euro Withdrawals: fees for withdrawals by bank transfer are temporarily lowered from EUR 1.99 to EUR 0.99;
USDT-EUR trades: fees for Tether USDT/Euro trades are temporarily halved, i.e. by 50% on Young Platform (on Pro it will not be activated). If you already have a discount on these fees, it is cumulative (not exceeding a total of -100%).
How does the deposit bonus work?
The discount on withdrawals and trades is automatic and lasts for all 15 days. The deposit bonus on the other hand is unique and may be a new concept for you if you are not a member of a Club. Here is how you receive it and how to use it.
You will receive it within the Bonus Wallet, a section of the Wallet that only appears when you receive a bonus for the first time.
The bonus is valid for one deposit only, which must be made during the promotion days. If you use it to pay fees of less than 5€, the excess value will be lost.
The deposit methods to which you can apply it are:
Depositing by payment card
Depositing with Google Pay
Depositing with Apple Pay
Card deposits associated to recurring purchases are also included.
The bonus is applied during the first deposit operation that you perform automatically. However, it is a cashback: this means that you will pay the fee during the transaction, but after the transaction is completed you will receive up to €5 back into your Euro Wallet, effectively relieving you of the deposit costs.
Time to get your crypto springboard ready. Want to jump even higher? Young Platform Clubs make trades and deposits even more convenient.
All information on the DYDX crypto to decide whether and how to buy
As of today, the crypto of dYdX (DYDX) is available on Young Platform for purchase, storage and sale, however and whenever you want.
Read the short profile of this DeFi token to find out if it is right for you and see all the ways to use it on Young Platform!
DYdX: all you need to know
When we talk about dYdX, we’re definitely in DeFi territory: it is the first decentralised exchange dedicated to derivative instruments.
The first version was launched back in 2017 and was an immediate success, attracting the biggest investors inthe industry, including a16z and Polychain capital.
Its token also featured in one of the largest crypto airdrops in 2021. DYDX is an ERC-20, and is used both for voting in project governance, staking, but also for obtaining discounts on DEX fees.
In the last period, dYdX faced competition froma similar service on Arbitrum, GMX, which took its place at the top. However, the launch of version 4.0 ofthe protocol, which includes migration to a native blockchain and complete decentralisation at the technical level, is imminent.
Decentralisation at governance level is also planned in the near future, with the implementation of aDAO to replace the Foundation.
How to use DYDX on Young Platform?
Here are all the features available for dYdX on Young Platform and Young Platform Pro:
Buying and selling with EUR
Recurring purchase
Deposit from another wallet or send via the Ethereum network
Discover 5 basic finance concepts to better manage your savings
When you hear the word ‘finance’, does your brain immediately reply ‘I’ll never understand it’? As a matter of fact, it is one of the most intimidating topics for people, perhaps because it is rich in concepts or because it is associated with large amounts of money and risks, or even because it is considered an elitist world for a few experts. Finance is nothing more than the management of funds and it also has an impact on your daily life, so to manage your money with awareness, it is important to know the basics. Here are 5 basic finance concepts you need to know.
1. Time value of money
The first of these basic finance concepts is that a sum of money is worth more in the present than in the future. In other words, the value of money decreases over time due to inflation, which reduces purchasing power.
This means that if you keep €1,000 for five years ‘idle’ under your mattress, its value will drop dramatically over time. And at the same time you will lose the possible gains that your 1,000€ would have yielded once invested.
The concept of time value of money in fact shows that if money gradually loses value, the only way to make it grow is by investing and that waiting to do so means missing an opportunity.
This principle is to be taken into account before embarking on any financial strategy. Pension fund managers, for example, consider the time value of money to ensure adequate funds for their clients at retirement.
The time value of money can be calculated using a formula that takes several variables into account: the present value of an amount of money, the time interval, interest and inflation rates.
Compared to fiat currency, there are assets that are less subject to the time value of money principle. These include safe haven assets such as gold and commodities because their scarcity increases their value over time, and for some this category also includes Bitcoin (read the research).
2. Diversification
To explain the second of the basic concepts of finance, that of diversification, the image of the basket is often used: the rule is ‘never put all your eggs in one basket, if it falls they will all break’. The idea is not to buy a single asset with your savings to avoid losing everything if something goes wrong. Diversification serves to minimise risk and consists of spreading one’s investments across several assets.
Another of the basic concepts of finance is that of the ‘risk/return’ ratio. This relationship is directly proportional, i.e. the higher the risk, the higher the return and vice versa. In the world of finance, you often hear that ‘There ain’t no such thing as a free lunch’; this expression was popularised by the economist Milton Friedman among others. One cannot have lunch without paying, i.e. in order to have high profits, one must be willing to take risks.
4. Interests
Interest is a fundamental component of finance and represents the cost of borrowed money or the gain from a deposit. In a loan, interest represents the amount of money the lender charges the borrower for lending him/her the money. They are usually expressed as a percentage and are paid together with the repayment of the principal (i.e. the amount of money lent) at set intervals, e.g. monthly or annually.
In an investment, on the other hand, interest is the profit earned over a period of time. For example, if you deposit money in a bank account that offers an interest rate of 2% per annum, you will earn 2% on the money deposited each year.
When considering whether to take out a mortgage, looking at the interest rates is crucial. These can be influenced by the monetary policies of the European Central Bank, which decides on interest rates, which then fall on the commercial banks.
5. Put your money at work
Of all the basic concepts of finance, this refers to the idea of embarking on a strategy in order to grow one’s savings and thus achieve a return.
In this way, the money ‘works’ for you, producing results. Obviously every investment has its risk component, the idea behind ‘putting your money at work’ is to try to get a higher return than you could get by simply keeping your money in a bank account or under your mattress.
In summary, ‘put your money at work’ is an invitation to consider investing as a way to grow your money and achieve your long-term financial goals.
These were the 5 basic finance concepts worth knowing. Not as incomprehensible as you thought, right?
August is coming and you still don’t know where to go on holiday? Discover WeRoad trips with Club Benefits!
Planning holidays at the last minute is never a good idea. Luckily, Young Platform can save your holiday with WeRoad trips!
What is WeRoad?
As well as being one of the most important Italian Tour Operators, also present in France, the UK, Germany and Spain, WeRoad is the largest community of travellers in Italy.
Forget the old agencies that print your tickets by fax, crumpled brochures or buses full of tourists: with WeRoad you book and manage your entire trip online!
On WeRoad you find trips for curious and adventurous spirits, who want to discover the world with new people and an experienced travel coordinator without having to worry about the organisational side.
How does the benefit work?
Thanks to the partnership with Young Platform, Club members can enjoy a unique advantage on WeRoad travels.
This is a coupon that can be used for 3different trips, the value of which varies depending on the Club:
The report for the second quarter of the YNG token, featuring an in-depth look at the Clubs and the latest news!
In June, the Young (YNG) token celebrated its first anniversary. What happened in the last quarter? How many tokens were issued, bought, and sold? What goals have we achieved, and what are the next steps? You can find a comprehensive overview in this report, prepared in early July 2023.
Numbers of Young Platform Clubs
YNG is Young Platform’s utility token, granting access to the Clubs: subscription plans offering exclusive benefits to our most dedicated supporters.
Currently, the Clubs include 1525 people overall, distributed as follows:
1099 in the Bronze Club;
220 in the Silver Club;
133 in the Gold Club;
73 in the Platinum Club.
To join a Club, it is necessary to lock a certain amount of YNG on the Young Platform exchange. For this reason, the number of members provides relevant data regarding the token distribution. In other words, the more people join a Club, the lower the selling pressure on YNG, as a greater quantity of tokens is locked. What is the main consequence? Greater price stability for YNG. Compared to the last report, Club membership has grown by 12%.
Distribution of the YNG Token
The number of YNG tokens in circulation at the end of March was approximately 22 million. The circulating supply at the beginning of July amounts to around 22.7 million, indicating a net increase of about 700,000 tokens, or 3.1%.
These tokens have been distributed through the Young Platform Step app in various ways:
15,840 through Quizzes won;
400,157 through completed Quests;
270,250 through Up&Downs won.
The YNG token market is managed through an algorithm that determines the exchange rate using two underlying liquidity pools, one in EUR and one in YNG. Initially, these pools contained:
1 million Euros;
4 million YNG.
Considering the token sales and purchases managed in previous months, the pools contained the following at the beginning of July 2023:
695.3K Euros;
6.01 million YNG.
This configuration is the result of purchases and sales made during the first quarter, summarized below along with the price trend:
Achieved Goals and Next Steps
We have accomplished numerous goals in this second quarter. We released the Fiscal Report in Italy, a tool that greatly simplifies the tax declaration of crypto assets. The new version of Step has arrived, and we have resumed listing other cryptocurrencies on our exchange. Additionally, we have completely revamped our Discord server and are about to release new benefits in the form of coupons. The spoilers end here; discover in detail all the goals we have achieved during this quarter and what lies ahead in the next.
Discord
Our Discord server was initially created primarily as an assistance channel, but given the tremendous potential of the platform, we have decided to completely restructure it. For a few weeks now, the Young Platform Discord server has been dedicated to our community. The keywords of the new version are simplicity, discussion, and gamification.
Users who are already on the server may have noticed the presence of a leaderboard, ranking server members based on their XP (experience points).
To earn experience points, for now, you can:
Participate in conversations;
Assist other users;
Post memes on the dedicated channel;
Guess the survey answers.
But we have many other ways in store to earn XP, including:
Winning meme contests or quizzes;
Interacting with our social media content;
Inviting friends to join the server.
Now, let’s get to the most interesting part and answer the main question: what is the purpose of this ranking? We will use the leaderboard to reward the most active users of the server, those who are most committed to growing our ecosystem.
Some of the rewards that may arrive during this quarter include:
YNG Airdrop;
One month of free Club membership;
Exclusive merchandise.
But the surprises don’t end there! We are creating an exclusive Discord role for Club Platinum members. In case you are unfamiliar with it, the role is like a pass that allows access to normally invisible sections. Thanks to this status, you can use the dedicated channel to communicate directly with our team and other major supporters of Young Platform.
Twitter
Twitter will become the primary social platform for promoting the YNG token. It will be the place where we strengthen collaboration with prominent industry members who already support us and establish new collaborations. Additionally, we are implementing an automatic reward system (connecting Twitter and Discord) to reward users who help us grow on the platform.
We post daily content and memes on our Twitter profile. Don’t forget to follow us!
Buyback
Buyback operations to incentivise the YNG token exchange will begin next week! Two different types of interventions will be executed. The first will be a “one-shot” repurchase operation aimed at balancing the amount of EUR allocated to the pool. The second is a mixed operation involving periodic token repurchases.
Through the first buyback, which will last four weeks, four weekly purchases of €15,500 will be made, totalling €62,000. Immediately after, we will place a limit order to use the remaining half. We have planned this type of buyback to support the price achieved through the first purchase and avoid the pump and dump phenomenon. If, at the end of the week, the limit order is not completed 100%, we will market buy the remaining token portion to complete the operation.
A portion of the tokens repurchased will be used to finance campaigns aimed primarily at rewarding the community and its most active members.
Fiscal Report
In May, we introduced the “Fiscal Report” feature for Italy, which simplifies the declaration of capital gains and losses by providing the document for tax filing in PDF format. The Fiscal Report was developed in collaboration with Taxtris.
The New Version of Step
The release of the new version of Step, which we have been working on since last year, is closely tied to the future of our token. This update, through new token issuance methods, will gradually reduce the selling pressure on YNG, which is already much milder compared to the post-launch period.
Airdrops & Coupons
In the third quarter of 2023, other incredible benefits will be available to Club members in the form of coupons. The announcement of the first collaboration is imminent (presumably next week), so follow our blog and social channels.
Another goal we have is the redistribution of Young tokens repurchased through the Buyback. This will also be achieved through airdrops designed to reward members of our community.
Token tracking (CoinMarketCap and CoinGecko)
In this quarter, we have continued to prompt CoinMarketCap and CoinGecko every week. This activity has yielded some results, although to a lesser extent than expected. We are currently listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although trade volumes are not available for both pages at the moment. We are in contact with the respective teams and believe it will be possible to complete this activity by the end of this quarter.
YNG Listing
Thanks to the initiatives that have allowed us to mitigate selling pressure, we are evaluating listing our token on other exchanges. As mentioned in the previous report, we have engaged with several centralized exchanges. However, we do not expect to conclude this activity before the end of the quarter because we are simultaneously considering entering the decentralised market (DEX).
Earning Wallet
The Product team is working on the new version of the “Earning Wallet” feature, as The Product team is working on the new version of the “Earning Wallet” feature, as previously mentioned in our last report. Our goal is to provide a decentralised solution so that we can manage the service without the help of intermediaries or external providers. The technology solution to be integrated has already been identified; however, the implementation timeline is dependent on the outcome of regulatory bodies, namely the AdE (Italian Revenue Agency), which evaluates the tax and regulatory aspects, and the CONSOB (Italian National Commission for Companies and the Stock Exchange), responsible for implementing the Fintech decree.
