How This 13-Year-Old Built A DeFi Protocol And Manages Millions

today the prices of the crypto market are shaping up nicely and here is hoping that the prices can keep up with some of this positive momentum at the time of making this video the price of bitcoin has once again gone above 34 000 while ethereum and cardone have seen impressive gains the crypto market's short-term future still seems unknown but the fact that we keep bouncing whenever bitcoin flirts with thirty thousand dollars should act as a positive sign altcoins have also shown some signs of recovery also but if bitcoin falls again it is likely that this recovery will be short-lived it is impossible to say if the recovery will come by the end of this year or if this is the end of the bull run as we know it and this is one final surge before we collapse once again we on crypto news believe that the recovery will come by 2021 but understand that the lows we have seen were unexpected and this can make all previous predictions redundant it appears that if you have the desire and the get all obstacles can be overcome in crypto naik is a 13 year old decentralized finance or defy prodigy who hails from goa india naik began with a youtube channel where he taught people how to code he then switched to smart contract consulting today through his defy protocol he manages virtually one million dollars an insane sum of money for someone who is many years away from completing his education he is one of the rare individuals who view time in a way different from others and instead of talking about years or quarters he refers to it in months while many would see a three-month session of blockchain consulting experience as slightly more than an internship naik talks about it like it is a career phase as if it could be suitable for the statement of three to allude to years instead of months naik has launched his own project called polygage a platform that is based on a similar one found on the binance smart chain known as goose finance the eponymic elephant-themed d5 platform enables consumers to not only trade but farm tokens as well such tokens include stable gauge and polygons there is also an option where users can place coins in pools that offer as much as 34 apr on wrapped bitcoin and 62 apr on tether naik is also responsible for creating elephant punk nfts or non-fungible tokens which are attainable for about 25 us dollars presently the platform has approximately 900 000 usd of investor money locked throughout its pools and farms nyx address which actually owns the platform holds around 500k worth of gauge coin this makes naik exceptionally wealthy on both absolute and relative grounds nyek went into coding in the early months of 2016 at the age of seven he began with drag and drop when he got into a boot camp in his birth state goa which ran for two weeks in 2017 he enrolled in scratch which is a programming language made for kids he spent the latter half of the year learning c and c plus plus his actual year to shine was 2018 that was when he learned programs like java html javascript and css he also began a youtube channel where he would teach others coding and started going to coding hangouts in his local area hello everybody and welcome to crypto news the youtube channel that looks to bring you the hottest news in the crypto world daily the information we provide can be time sensitive so if you subscribe and click the notification icon below you will be notified every time we upload a new video the most recent project from frederico moroni one of zappo's co-founders has obtained approval from the financial regulator of liechtenstein for his new setup called lyrium to offer its cryptocurrency solutions for banks marketplaces and fintech companies globally the project name lyrium provides a ready-to-use back-end program that is designed to enable numerous partners despite them being fintech companies neobanks or conventional banks to incorporate cryptocurrency in their available products without the worry of themselves having to build technical capabilities or handling compliance issues lyrium gets rid of the need to manage cryptocurrency liquidity and carry out its own safety measures as the program runs the range of their technical regulatory security and operational needs it is anticipated that the regulated supply of lyrium's back-end program will eliminate obstacles to various conventional banks neobanks or marketplaces aiming to let their customers buy sell safely store and send cryptocurrencies moroni has stressed the solution's main goal is to help close the gap between numerous virtual wallets prevalent neobanks mobile applications and the cryptocurrency sector lyrium's authorization by liechtenstein's fma or financial market authority means that its partners will not be needing to attain licenses themselves in their respective jurisdictions in order to get the green signal from the fma lyrium must prove it can fulfill european compliance standards as well as legal standards surrounding governance data security and the protection of customer funds and rights a number of these requirements include the requirement for lyrium to separate all client assets from its own be contingent on ongoing audits and supervision and retain a team thoroughly examined for its reputation and vast experience besides moroni who is lyrium ceo the lyrium team also includes martin kopes who is going to serve as the corporation's coo chief operating officer sports franchises continue to show their support of bitcoin as dutch football team az alkamar made its goal to be the first professional football club that pays its players with bitcoin as of yet most of the sports franchises that have embraced crypto appear to have been based in the usa but this heavyweight dutch team is one of the first european teams to make such a forward thinking step the statement was announced on the netherlands football club website on thursday the third-placed finisher of the 2020-2021 dutch football season the eurydivei side openly announced its partnership with the crypto broker bitcoin meester according to the announcement bitcoin meester's sponsorship would last until the middle of 2024.

The announcement also made it clear that the sponsorship deal will be finalized in bitcoin the dutch club stated their intentions to hold bitcoin and keep the sum of the cryptocurrency on their balance sheet the football team az alkamar is reported to have been paying the salaries of its players with bitcoin thus joining the long list of sports franchises that have adopted bitcoin and paying professional athletes michael coster az's commercial director has stated the appeal of adopting bitcoin and cryptocurrency in general is indisputable with the booming crypto market and the continuous growth in the number of users it was a reasonable decision to adopt bitcoin non-crypto entities like football teams need guidance in the market by established participants such as bitcoinmeister koster added bitcoin meester in particular is one of the few crypto firms licensed by the dutch central bank crypto regulations remain the topic of discussion for the authorities in the netherlands especially since a government official called for banning bitcoin meanwhile crypto firms are increasingly establishing sponsorship deals with sports teams to grow their business and boost recognition in fact several american sports franchises have adopted bitcoin back in june tom brady the seven-time super bowl champion accepted a crypto related endorsement deal with an exchange giant ftx texas has announced that state chartered banks can hold bitcoin and start supplying crypto custody services a state regulatory agency has declared that state chartered banks can be enabled to save cryptocurrencies like bitcoin for their clients the agency chartering state banks believes that the authority to provide these services with respect to virtual currencies already exists the banking authority said the notice was issued on thursday declaring that local banks are enabled to provide and choose what crypto custody services to offer based on their business model in addition it was clarified that digital currencies do not exist in a physical form but on a blockchain and require the owner to hold private keys to access them in this regard agencies have permission to control customers cryptocurrencies creating new private keys that will save the name of customers allowing them to retain direct control over their own cryptocurrencies storing copies of their private keys associated with the coins the agency mentioned that texas banks quote may provide customers with virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the risks and comply with applicable law unquote to this end the department also observed that the bank should confirm the possibility of coverage with its insurance carrier as an action to protect its crypto holdings indeed the notice comes soon after members of the texas house of representatives have approved recognizing cryptocurrencies under commercial law last month in this respect marcus adams deputy general counsel of the texas department of banking said in both state and federal regulatory agencies we are seeing an increase in the virtual currency industry as it continues to evolve texas is not the only state that has permitted banks to launch cryptocustody services in the united states other jurisdictions such as wyoming and nebraska have been embracing crypto custody services by state chartered banks thank you everybody for watching crypto news we hope that you have taken something from this video investing in crypto can be daunting and there is so much information out there it can be difficult to distinguish fact from fiction thankfully we are here to cut out the rubbish and only bring you the news that genuinely shapes the state of crypto until then i look forward to seeing you tomorrow for another crypto video take care

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