Monero Transactions Hit New All-Time High Thanks to ‘Social Gambling Game’

Francisco Memoria

Privacy-centric cryptocurrency Monero (XMR) has recently seen the number of transactions on its network reach a new all-time high after over 15,000 transactions were processed in a single day, partly thanks to a gambling game.

According to BitInfoCharts data, the Monero blockchain doesn’t cross the 10,000 transactions per day mark very often, and before this new all-time high the last time it did was in January of 2018, when it was trading close to its $400 all-time high.

Monero's transactions per day

The significant spike in daily XMR transactions appears to be related to the launch of a “social gambling platform” that allows users to gamble with their XMR while supporting the privacy-centric cryptocurrency’s development team.

The game, called Minko, was launched last month during XMR’s fifth anniversary, and the developers behind it have revealed the profits made during its first month are set to be donated to the Monero general donation fund. The game’s developers noted in its announcement:

We wish to keep financially contributing long term to Monero development and will define the best way forward after this first month (with more knowledge of what to expect in terms of traffic).

The cryptocurrency’s price doesn’t appear to be reacting to the increased amount of transactions. According to CryptoCompare data, XMR is currently trading at about $69.2 after rising 4.7% in the last 24-hour period.

The cryptocurrency’s positive performance so far today appears to be related to a wider market rally seemingly caused by institutional investors and Facebook showing interest in the crypto ecosystem, with the latter reportedly looking for partners to launch a cryptocurrency-based payments system.

Bitcoin, the flagship cryptocurrency, is currently trading over the $5,800 mark after seeing its price rise by 6.7% in the last 24-hour period. Most other altcoins have seen their prices rise after BTC jumped earlier today.

A game like Minko is currently able to thrive on the Monero blockchain thanks to an upgrade implement late last year, the slashed XMR transaction fees by more than 90%. The upgrade, implemented through a hard fork, included “bulletproofs” to do so, and was so successful various crypto exchanges lowered their withdrawal fees for Monero as a result.

It’s worth noting the privacy-centric cryptocurrency, which became increasingly popular after being accepted on some darknet markets, is thriving at a time in which these are struggling, as one of the most popular marketplaces, Dream Market, recently shut down and transferred services to new management.

PayPal is Cautiously Optimistic About Partnership with Libra Association

  • PayPal cautious about future with Facebook's digital currency libra. 
  • Payment platform was one of the first companies to join and support the Libra Association.

Payment platform PayPal is cautiously optimistic about its relationship with Facebook’s digital currency libra, despite being the highest-profile company to join the Libra Association. 

PayPal Backs Libra Association

In June, shortly after the official unveiling of Facebook’s libra, PayPal announced an intention to join and support the Libra Association, a collection of tech and finance companies promoting the product. 

At the time, PayPal billed the digital currency as a revolutionary product for people around the world, 

We believe in democratizing participation in the digital economy for people from all walks of life, and businesses of all sizes.

However, PayPal appears cautious about its future with Facebook’s digital currency. PayPal investor relations vice president Gabrielle Rabinovitch reiterated Sept. 12 that the company is a non-binding agreement with libra, 

It's a non-binding commitment. And obviously, I think there's a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.

She added, 

The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital. So we very much believe in the potential of Libra.

While PayPal appears optimistic about the future of libra, the digital currency has endured months of regulatory and political scrutiny concerning its release. 

Earlier in the week, senior U.S. Treasury official Sigal Mandelker told an audience in Geneva that libra would be held to the highest standard of regulatory compliance in order to combat money laundering and terrorist funding.

 

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