Kyrrex continues its active development, providing thousands of users with unique opportunities in the field of cryptocurrencies. One of the important stages of brand promotion is the cooperation and support of media partners, among which are future and established sports superstars.
That is why the company in 2022 introduced ambassadors representing the Kyrrex brand on the global sports scene. For the last few months, brand partners have been performing in arenas and winning the hearts of millions of fans in sportswear with the recognizable Kyrrex logo.
We would like to write more about each of them in order to highlight this important aspect of our comprehensive business strategy that helps develop young talent and established leaders who share Kyrrex's goals and objectives.
As of July 2022, Kyrrex's partners and representatives on the sports stage are the legendary MotoGP Pramac Racing team and 6 individual athletes: racers and tennis players. Each partner contributes to the brand by educating their international audience about the benefits of the Kyrrex crypto-fiat ecosystem. The company provides them financial and other support, helping to boost their morale and performances.
Let's take a closer look at each of the brand's sports partners.
Pramac Racing is a private MotoGP and MotoE racing team founded in 1999. The premier status of the team allows it to work with various motor vehicle manufacturers and attract talented riders from across the globe. Half-season figures for 2022 show that the team remains a crowd favorite in MotoGP.
In the 2022 season so far, Pramac leads all independent teams in the championship in terms of points earned. The team is on course for the title of Best Independent MotoGP Team of 2022.
Our relationship with Pramac Racing is thriving and dynamic. Representatives of Kyrrex have been at various MotoGP events to cheer on the company's ambassadors as they drive their way to glory. Kyrrex CEO Viktor Kochetov and the company's CVO Mikhail Romanenko were at the recent Barcelona Grand Prix as the Pramac team won the race flying Kyrrex's colors.
Kyrrex's primary mission is to make cryptocurrencies accessible to everyone. That's why we're always working to make your trading experience as effortless as possible 🚀
As a result, we updated the Kyrrex mobile app for iOS and Android. You can enjoy a more streamlined crypto trading experience through our enhanced security, faster trading engine, and optimized interface.
Update the Kyrrex app and enjoy professional and secure trading services. And don't forget to tell us about your experience using the app 📱
Stay tuned for more updates!
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In recent times, the crypto market has tumbled faster than a crashing rocket. Industry darling bitcoin has shelved two-thirds of its value this year and every other major cryptocurrency has followed suit. Grand predictions that digital currencies would take over the world are looking more like a distant dream. Amid soaring global inflation and worldwide supply disruptions, a general sense of pessimism pervades the climate.
The global cryptocurrency market is now worth around $1.1 trillion, according to CoinMarketCap. Compared to the all-time high of $3 trillion, it's clear there's been a massive sell-off. Triggered by the collapse of Luna, which wiped off $20 billion in an instant, and troubles with platforms like Celsius, many investors have walked away with their money.
And yet a core group of crypto diehards remain—the HODLers. They are motivated by different purposes but united by a common belief in the staying power and long-term profitability of cryptocurrencies.
"HODL" is the popular term in cryptocurrency investment circles for the buy-and-hold trading strategy. The strategy encourages investors to ignore volatility in the near term with a belief that a token will appreciate in value over a longer time frame.
Many crypto HODLers have witnessed past bear markets that lasted months and years. Confidence similarly tanked like now and many skeptics sang requiems for crypto. But they stayed calm, kept believing and managed to multiply the value of their holdings when fresh investments poured into the market.
They see similar opportunities in the current financial crisis, the worst in more than a decade, and have been advocating patience in anticipation of a long-term bullish future.
Crypto evangelists like Michael Saylor have kept playing drums of optimism despite the general doom and gloom. The MicroStrategy CEO remains a firm believer in bitcoin's current viability and future potential despite losing almost $5bn in notional value due to the market downturn.
A few months ago, the cryptocurrency landscape shone bright green, major coins soared in value, and Matt Damon was cast as the poster boy of exciting risktaking with the tagline: "Fortune favors the brave".
Now with the cryptoscape looking decidedly desolate and every major digital asset in freefall, the Hollywood superstar has become a punching bag for online users for his role as face of Crypto.com in the infamous advert.
The commercial had premiered in October 2021 and was soundly panned by critics for comparing investing in crypto-assets to historical feats like traveling to space. With the recent news of layoffs at Crypto.com, the Oscar-winning actor has come in for another round of criticism for promoting a volatile class of assets.
The widespread panic in the crypto industry took another turn this week as top DeFi platform Celsius paused withdrawals, citing a need to "stabilize liquidity and operations".
Celsius previously rode on promises of high interest rates to attract customers. However, it was forced to activate protective measures following the ongoing recession which triggered a liquidity crisis at the crypto staking and lending platform.
In a Medium post addressed to community members, the company defended its unpopular move as a "necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets."
"Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations," read the statement, which has been the subject of hot debate on social media.
Analysts across the board suggested that the bear market is poised to claim its next victim. Celsius is just the latest high profile crypto platform to run into troubled waters since the current dip began. Its apparent impending collapse will no doubt fuel crypto skeptics in their beliefs that the entire industry runs an unsustainable model.
“The tide has gone out in crypto, and we’re seeing that many of these businesses and platforms rested on shaky and unsustainable foundations,” said Lee Reiners, a former Federal Reserve official while speaking to the New York Times. Most crypto businesses operate without official supervision and cook up all kinds of fantastical offers to entice users. Exceptions are the major centralized exchanges, and growing ones like Kyrrex that take the initiative to meet regulatory approval.
Before its current troubles, Celsius operated like a traditional bank, but for cryptocurrencies. It accepted deposits, mostly in bitcoin and Ethereum, from crypto holders and offered APRs of up to 18%. The company claimed it had 1.7m unique wallets/users and managed total assets of close to $12 billion.
In 2018, the company launched CEL, its own native token, to raise money for expansion. The digital asset fell almost 100% after Monday's shock announcement but surged back to trade around $0.6 on Wednesday,
But this seems like a brief respite for Celsius, in particular, and the crypto market in general. The platform's freeze of customer money had sent prices tumbling industrywide. Bitcoin fell to 52-week lows and most major altcoins weren't spared from the massive selling pressure.
Some small good news: The people at Celsius seem determined to fight to the bitter end instead of taking the easy way out and declaring bankruptcy. The Wall Street Journal reported on Tuesday that the crypto lender has hired a legal team to advise on how best to resolve its liquidity issues.
How this plays out remains anyone's guess. But this is surely another negative incident in a year full of them for crypto. In May, the algorithmic stablecoin TerraUSD (UST) lost its peg to the dollar, unleashing a vicious chain of transactions that wiped away $60 billion of investors' funds.
While Celsius fights for its life, and with the fall of the Terra Network as a cautionary tale, many people have grown pessimistic about crypto as reality sets in. For other crypto platforms, especially DeFi, there is fear of being caught in the crossfire. Some CEOs of leading platforms are wary of a backlash from users who start withdrawing their funds, either converting them into stabecoins or removing them from the crypto market entirely.
"Their potential insolvency matters to all crypto investors because they were a major player who had assets deployed on multiple DeFi protocols on different blockchains. If it is forced into full-on liquidation, then the withdrawal of those assets may begin a chain reaction of falling prices and forced liquidations for other DeFi users," Omar Malekan, an adjunct professor, explained while speaking to Forbes.
But there is also a lesson to learn and a potential way forward. The sobering incidents with Terra and Celsius have shown the dangers of offering unrealistic benefits to attract customers. Be it a centralized exchange or a DeFi platform, modest interest rates that don't put too much pressure on liquidity in times of downtrend is the way forward.
Any platform that doesn't heed the warning is likely to learn the hard way.
True to its reputation, Pramac Racing showed excellent results during the last race weekend when both Jorge Martin and Johann Zarco finished on the podium in Barcelona.
Kyrrex representatives were there to watch the race. The CEO of Kyrrex, Viktor Kochetov, and the company’s CVO, Mykhailo Romanenko were up in the stands to watch Martin and Zarco race ahead of their peers.
They also mirrored the racers’ champion attitude as they spent a weekend consolidating their cooperation with one of the fastest teams on the grid. Ultimately, the visit from the Kyrrex founders helped to further strengthen the company’s relationship with Pramac. Furthermore, all parties willingly and fully discussed ideas that could be implemented into the cryptocurrency platform.
The race itself was full of unexpected twists and surprising moments. Pramac Racing got the most benefits after Aleix Espargaro started to celebrate his second place one lap before the final flag. However, both Martin and Zarco were able to overtake him and gain a bonus position each. Thus, the Pramac racers surpassed expectations by taking second and third place in Barcelona.
“It’s amazing to see how the Pramac racers are growing their momentum in 2022. Despite the harsh season start, Jorge Martin proves to be one of the fastest men on the grid. Not to mention he reached the highest speed in MotoGP history the weekend before. This is why we are on the same page with Pramac Racing. We are always set to reach the highest results and have unlimited potential. I’m honored to do business with Pramac Racing and this visit is supposed to start a new stage of our partnership,” said Viktor Kochetov, CEO of Kyrrex.
USDC joins us this week! 🎉
We’re excited to announce that Kyrrex now supports USD Coin.
USD Coin (USDC) is the stablecoin pegged to the US dollar regarding market capitalization and usage. It launched in September 2018 as a collaborative effort between Circle and Coinbase. Like Tether (USDT), USDC is a significant participant in the stablecoin market, facilitating money flow and use cases.
Kyrrex’s users can now make deposits, withdrawals, and trade for USDC/USDT pair. We also offer favorable USDC interest rates for various periods, which will help securely grow your savings.
Stay tuned for more updates!
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Kyrrex cryptocurrency exchange continues the rapid extension of trading instruments and assets available on the platform.
Today we are excited to announce that Binance Coin (BNB) has been added to the Kyrrex platform.
Also, we’ve made some Kyrrex Core upgrades, several minor website improvements, and bug fixes to give you a better trading experience.
Stay tuned for more updates!
Your Kyrrex 💚