An initiative which aims to allow people to monetise their data for a basic universal income claims to have welcomed 240,000 users.

The Human Data Income (HUDI) platform allows people to offer their data for sale in exchange for cryptocurrencies. 

It describes the first results as ‘promising’ and says one user managed to monetise his data for up to $10 in one day.

Founded in London by Italians Franky Ballarani, Andrea Silvi and Gianluigi Ballarani, HUDI works as a data bank. 

Users can retrieve the data that companies have on them, deposit it in this bank and share it with organisations for a profit. HUDI recognises a 50% fee to the data owner.

“Data is the new oil, the raw material of the new economy, and it creates a trillion-dollar-plus market. But we, as data owners, have no control over it and are cut off from the profit,” said CEO Ballarani, professor of digital marketing & crypto strategy at the University of Pavia.

“These results have been achieved with a handful of data. We are just at the beginning. HUDI will disintermediate and democratise the data market, to the point where every person can cover basic living expenses, thanks to Human Data Income.”

To join the experiment for free, register here:

Cryptocurrency shorts

Russia may turn to cryptocurrency to counter Western sanctions. The Russian economy is struggling due to the impact of sanctions imposed following its invasion of Ukraine. Ivan Chebeskov, head of the financial policy department within the Ministry of Finance, said it was considering turning to crypto for international payments.

Crypto exchange platform Binance has won regulatory approval in Italy – where it was banned last year – weeks after it was given the green light in France.

Venture capital firm Pantera Capital has admitted to CNBC that it made $170 million from collapsed coin LUNA, a 100-fold return on its $1.7m investment. Hack VC and CMCC Global – the latter backed by the Winklevoss twins, of Facebook origins fame – also said they exited the failed coin before its dive.

Terraform Labs’ LUNA 2.0 relaunch on Saturday initially saw a climb from around $18 to $20, but it promptly sank to around $5 and is now holding below $6. Many people airdropped tokens in recognition of their losses on LUNA Classic said they immediately sold to recoup a tiny percentage.

Dogecoin co-founder Billy Markus said those who buy into the relaunched project are “truly dumb”.

Elon Musk plans to allow Dogecoin payments for SpaceX merchandise, just four months after introducing the capability for Tesla merch.

Crypto prices

The overall market cap of the more than 19,600 coins is at $1.26 trillion at the time of writing (7am UK), up from $1.19tr on Friday morning.

Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – gained more than $1,500 to around $30,400. BTC is slightly up in a week.

Ethereum, the second most valuable crypto coin – created as a decentralised network for smart contracts on the blockchain – rose more than $150 to close on $1,900. ETH is 7% down over the course of a week.

Binance Coin is a cryptocurrency created by popular crypto exchange Binance to assist its aim in becoming the infrastructure services provider for the entire blockchain ecosystem. Its BNB added $25 to $318, leaving it 2% down over seven days.

The XRP token of Ripple, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP gained around 1.5 cents to top 40 cents yet is 5% down over seven days.

Cardano is an open source network facilitating dApps which considers itself to be an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, added 6c to close on 52c. It is 5% down over the course of a week.

Solana is a blockchain built to make decentralised finance accessible on a larger scale – and capable of processing 50,000 transactions per second. Its SOL token rose $6 to $46.28 but is down 12% compared with a week ago.

Meme coin DOGE was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. DOGE added 0.5c to 8.5c, leaving it 1% down in a week.

Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralised web. Its DOT token, which aims to securely connect blockchains, gained $2 to $10.42 and is 2% higher than its price a week ago.

Avalanche is a lightning-quick verifiable platform for institutions, enterprises and governments. Its AVAX token added $5 to $27.58 but is 12% down in a week.

To see how the valuations of the main coins have changed in recent times – and for round-ups of recent cryptocurrency news developments – click here.

For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.