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The Ethereum-centric and decentralized protocols software firm Consensys has announced the launch of TURN token, or “Time-Unit Representative NFTs.” Consensys details that TURN tokens will create a new market for tokenized security auditing via Consensys Diligence, the firm’s smart contract audit service. Consensys Diligence to Launch TURN Tokens in Mid-August From August 15th to the 19th, Consensys disclosed a token sale will take place that will feature the company’s TURN token, which stands for “Time-Unit Representative NFTs.” The company’s smart contract audit service Consensys Diligence essentially will be tokenized and have its own price discovery phase via the open market. “TURN is the first token of its kind to quantify the immense value of smart contract and blockchain security audits,” Gonçalo Sá, the co-founder of Diligence said in a statement on Tuesday. “With the TURN token, we’re tokenizing labor and helping deliver on the vision for a more secure Web3 that advances the free market economy on the blockchain.” The upcoming auction will showcase a group of eight TURN tokens, which are ERC721-compatible and they represent “40 hours of time in which an audit can be provided.” Following the sale, TURN assets can be sold on secondary markets similar to other types of NFTs, but TURN’s value is based on the “timeboxed” 40 hours of time. The Ethereum incubator Consensys recently raised $450 million in mid-March and bumped its valuation to $7 billion. Consensys’s suite of products serves millions of Ethereum users as it manages Metamask, Mycrypto, Infura, Quorum, Truffle, Diligence, and more. Sá believes TURN tokens will be beneficial to the smart contract and blockchain auditing industry. “TURN allows customers to purchase an audit without waiting in a massive queue for 6 to 9 months. This is the first step in solving the bottleneck with auditing in our ecosystem,” Sá remarked. TURN tokens will have a very niche purpose for those who require audit services and Consensys thinks the assets will allow for “optimal price discovery of service engagements and scheduling processes.” In the world of decentralized finance (defi), auditing code can help avoid costly errors found in faulty code. What do you think about Consensys Diligence launching TURN tokens in order to tokenize the smart contract auditing process? Let us know your thoughts about this subject in the comments section below. View the full article

Cryptocurrency exchange Zipmex has halted withdrawals due to “volatile market conditions, and the resulting financial difficulties of our key business partners.” The exchange operates in Singapore, Australia, Indonesia, and Thailand. Zipmex Pauses Withdrawals Crypto exchange Zipmex, which operates in Singapore, Australia, Indonesia, and Thailand, has become the latest crypto company to halt withdrawals. The platform described itself as “Asia’s leading digital asset exchange providing you high liquidity and insurance on your assets.” On Wednesday, Zipmex announced via Twitter that “due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners … we would be pausing withdrawals until further notice.” One of the services Zipmex provides is Zipup+ which offers up to 10% annual rewards on cryptocurrency, according to its website. The program offers five VIP levels. The basic VIP level offers 6% APY whereas the highest level, VIP 4, offers up to 10% APY. “Make your crypto work hard, so you can live easy. Get up to 12% APY on your crypto when you deposit with Zipmex. Flexible terms. No minimums,” Zipmex wrote. In August last year, the company raised $41 million with participation from the Bank of Ayudhya (Krungsri), one of Thailand’s largest banks. In the same month, Zipmex announced that it teamed up with Visa to launch the Zipmex card. Zipmex is a licensed cryptocurrency and digital token exchange in Thailand. However, the platform is not registered in Singapore to provide digital payment token (DPT) services. “The Monetary Authority of Singapore (‘MAS’) requires us to provide this risk warning to you as a customer of Zipmex. Before you pay Zipmex any money or DPT, you must be aware of the following,” Zipmex disclosed on its website, warning: Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails. This month, crypto lenders Celsius Network and Voyager Digital halted withdrawals and subsequently filed for bankruptcy protection. Babel Finance also suspended withdrawals in June, following troubles at crypto hedge fund Three Arrows Capital (3AC). What do you think about crypto exchange Zipmex halting withdrawals? Let us know in the comments section below. View the full article

With the development of the public chain and the growing adoption of blockchain technology, public chains initiated by crypto exchanges are getting more attention. Relying on the advantages of the exchange’s cutting-edge technology team, the exchange public chain has differentiated itself clearly from the rest. KuCoin Community Chain (KCC) has been established for more than a year. As a community-driven chain of the well-known exchange KuCoin, what is the value behind KCC? An in-Depth Look Into KuCoin Community Chain (KCC) On June 16, 2021, KuCoin Community Chain (KCC), a high-performance decentralized public chain based on EVM, was officially launched by the KCS community. It aims to solve the problems of low performance and high costs of many public chains. It provides users with a safe and stable decentralized experience. As the public chain of KuCoin, KCC plays a crucial role in the whole KCS ecosystem. On March 29, 2022, KCC co-release KCS Whitepaper with the KCS Management Foundation and KuCoin. The whitepaper pointed out that KCC is the key to the current development of the KCS ecosystem as KCC represents the fundamental infrastructure. Since the release of the whitepaper, the public have also seen a closer connection between KCC and KuCoin. Not only do they often appear together at major events, but KuCoin Labs and KuCoin Ventures have also invested and incubated several projects on KCC, including Torches Finance, MojitoSwap, BitKeep, Idle Stoneage, Klein Finance, and xHashtag. Meanwhile, KuCoin has listed several projects of KCC like MojitoSwap, OpenLeverage, CoolMining, Pikaster, etc. MojitoSwap and OpenLeverage are also the Top 2 in the KCC Unicorn Contest. It provides a more clear development path for KCC projects. Therefore, 2021 is more like a foundation-building phase for KCC. And since 2022, the KCS ecosystem has provided more and more support to KCC. KCC now works as the bridge connecting the decentralization and centralization of KuCoin. With the continuous development, both are expected to become one-stop service entrances to the metaverse world. Can you find your favorite projects there? 👀 More than 60+ projects on #KCCEcosystem already🥳 Excited for the future growth🔥🔥🔥 pic.twitter.com/BTT6u38zmR — KuCoin Community Chain (KCC) Official (@KCCOfficialTW) July 6, 2022 KCC also took a lot of measures to increase the democracy of the Chain and to further achieve DAO governance. On October 21, 2021, the KCC GoDAO Foundation was established. GoDAO gives everyone an equal opportunity to join the community and grants them the right to vote for important decisions. With the further development of the KCC ecosystem, KCC will delegate power to KCS holders and contributors, empowering them to govern and serve themselves, and to build a more efficient, autonomous, and community-driven KCS ecosystem. Besides, KCC enabled the KCC Validator Election on June 16, 2022, aiming to further improve the stability and decentralization of the KCC ecosystem. The KCC Validator Election does not limit the number of participants. Organizations or users can apply and become candidates. The KCC active validators are node candidates with governance rights. They powered the blockchain network by processing transactions and signing blocks. Active validators can receive the gas fee revenue on KCC. The KCC Validator Election will dynamically select 29 nodes to become active validators based on the amount of KCS that nodes staked. Users can select nodes on the KCC to stake KCS and share the KCC validator block rewards and KCC subsidy rewards. If you are interested in applying for the KCC Validators, you can send an email to the official KCC email address (kcc-business@kcc.network) for the application link and more details. In general, KCC Validator Election is a major adoption of the POS mechanism. But on top of POS, it gives the current node enough rights. By enjoying the benefit of gas fee dividends, investors are more willing to hold their KCS. At the same time, since users voted for validators with only a minimum voting amount of KCS. It further enhances the desire of investors to hold KCS in the unstable market. On the other hand, it can increase the on-chain TVL of KCC, and it will also reduce the circulation of KCS through lock-up, increasing the scarcity of KCS. KCC Validator Election not only connects the entire KCS ecosystem more closely, adding KCS usage scenarios, but also allows KCS holders to experience the decentralized world at a low cost. You may look forward to more empowerment of KCS in the future. Furthermore, KuCoin Ventures’ investment in Torches marks KCC’s dedication to building a strong DeFi infrastructure. It is reported that Torches received investment from KuCoin Ventures only 10 days after its launch. Then Torches formed a partnership with KuCoin Wallet on July 9. KuCoin Ventures described itself as to “discover the most revolutionary project of Web3.0 ”. And Torches, as a lending protocol on the KCC, is most likely one of that product. “Discovering and incubating high-quality projects on the KCC through multiple incentive activities is the core objective of KCC this year. Because of that, we announced a $50 million Ecosystem Accelerator Program at the beginning of the year and held the KCC Unicorn Contest in Q2. We hope to improve the KCC ecosystem from different aspects through project incubation, developer rewards, liquidity support, and ecosystem project competitions/hackathons. With the innovation of blockchain technology, KCC will gradually transit from 1.0 to 2.0 and finally achieve multi-chain compatible 3.0. With the promotion of validator elections, KCC will work with the community to promote the decentralization process and create a community of interests that can benefit both users and protocols. “ Overall, KCC will deeply integrate with KuCoin and the entire KCS ecosystem in the future, pushing multiple incentives and the delegation of on-chain governance rights (KCC Validator ​​Election), and building an exchange public chain focusing on decentralization. You can expect a revolutionary DeFi project coming out of KCC soon or later. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

According to market analysts, the precious metal gold is officially in a bear market and prices could remain suppressed over the next few weeks. Moreover, while the macroeconomic backdrop has been gloomy, the popular safe haven asset has lost 17.50% in value against the U.S. dollar during the last four months. TD Securities Market Analysts Say Fed Hikes Could Erode Gold’s Price There’s no doubt that the cryptocurrency economy is experiencing a bearish downturn as some of the top digital currencies have lost anywhere between 65% to 90% in value. The well known safe haven and investment asset gold has also been dealing with a downturn, ever since the precious metal tapped an all-time high (ATH) at $2,074.60 for one ounce of fine gold on March 8, 2022. Gold is currently trading for $1,711 per ounce, as the asset has lost 17.50% over the course of 134 days. According to Kitco’s Neils Christensen on July 18, analysts at TD Securities have said that gold has some pressure to deal with over the next few weeks. “Investors cut net length by a very large 6% of open interest (3 million oz) as it became very apparent that real rates on the short end of the curve will continue to increase and there was little chance of upside, as nominal policy rates jumped higher and inflation expectations eroded along with the pending economic slump,” the TD Securities market analysts wrote. The Canadian investment bank and financial services provider added: Continued Fed hikes and less economic activity should see gold length continue to erode, with prices also likely to remain under pressure in the weeks to come. Bear Market Called Immediately After Gold’s Top, Ukraine Sells Billions in Gold Analysts at TD Securities are not the only ones who believe gold is in a bearish phase, as moneyweek.com’s main commentator on gold, commodities, currencies, and cryptocurrencies, Dominic Frisby, said gold was in a bear market on March 31, 2021. “It’s a bear market,” Frisby wrote at the time. “You get tradable rallies in a bear market, but a bear market is a bear market. They can go on for longer than you think. They can ‘make no sense.’ But they don’t go on forever.” On Monday, Kitco’s Christensen further explained that “for the first time since May 2019, gold’s speculative positioning has turned net short by 6,133 contracts.” Société Générale’s commodity analysts have also stated that the “gold market clearly turned bearish.” Additionally, reports note that Ukraine has sold billions in gold reserves since the start of the war with Russia. Kateryna Rozhkova, the National Bank of Ukraine’s (UNB) deputy governor, told the press that $12 billion in gold was sold to bolster the country’s supply of goods. “We are selling (this gold) so that our importers are able to buy necessary goods for the country,” Rozhkova detailed in a statement on July 17. TD Securities Market Strategists: ‘Gold Will Start to Feel the Pain Under a Hawkish Fed Regime’ Furthermore, at the end of June, the U.S. and a group of seven leaders sanctioned new Russian gold imports in an attempt to strike Vladimir Putin. A hawkish Federal Reserve spells doom for gold’s value according to the investor’s note from analysts at TD Securities. ”With gold bugs falling like dominoes, prices have since slashed through various support levels on their way towards the $1600/oz-handle,” the analysts explained. “With prices now challenging pre-pandemic levels, the largest speculative cohort in gold will start to feel the pain under a hawkish Fed regime as their entry levels are tested.” In terms of leveraged gold positions, TD Securities market strategists believe “these massive positions are most vulnerable, which suggests the yellow metal remains prone to further downside still.” Meanwhile, as gold has seen a significant downturn, the price of silver per ounce has followed the yellow metal’s fall. The price of silver slipped below $20 an ounce for the first time in two years. Coincidently, as August approaches, gold’s value is nearing the price low it tapped in August 2021 when it dropped under the $1,700 handle. What do you think about analysts saying that gold is in a bear market? Do you expect gold to sink lower than the current value? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin prices surged on hump day, as the token climbed towards the $24,000 level in today’s trading session. The move came as bullish pressure intensified, following several days of recent gains. Ethereum also remained higher, once again climbing above $1,600. Bitcoin Bitcoin (BTC) extended its recent gains on Wednesday, as prices rose towards the $24,000 level in today’s session. The world’s largest cryptocurrency surged to an intraday peak of $23,759.76 on hump day, which is its highest point since June 13. Wednesday’s fresh five-week high comes as price strength increased, breaking out of a key resistance level in the process. Looking at the chart, this ceiling on the 14-day RSI of 56.7 was broken in the last 24 hours, leading to an influx of new bulls. This move also comes as the 10-day and 25-day moving averages finally crossed, with both gauges of momentum moving in an uptrend. As of writing, the RSI is tracking at 62, which has historically been a resistance point, and should this history repeat, we may see today’s gains begin to ease. Ethereum Like yesterday, ethereum (ETH) was once again trading above $1,600, as bullish sentiment remained in the token. Following a low of $1,517.16 in Tuesday’s session, ETH/USD rose to a high of $1,602.13 on hump day. Today’s peak saw the token trade at its highest point since June 11, and comes as bulls now look set to push prices closer towards $2,000. This may be challenging, as price strength currently looks as though it is overbought, with the 14-day RSI tracking at 68.35. Overall, this is the highest reading for the index since April 4, and unless this ceiling is broken, the move towards $2,000 will be on hold for now. A key resistance of $1,645 is on the horizon, and should prices fail to move past this point, bears could look to reenter. Register your email here to get weekly price analysis updates sent to your inbox: Could ethereum hit $2,000 in July? Leave your thoughts in the comments below. View the full article

Nigeria has taken the lead in regulating digital assets in Africa, and is one of the countries looking keenly into governing the digital asset space, an executive director with the country’s securities regulator has said. The director also made clarifications on the different regulatory roles played by the central bank and the Nigerian Securities and Exchange Commission (SEC). Protecting Investors According to the executive director of Nigeria’s securities regulator, Dayo Obisan, his country is “leading in Africa in terms of making the rules and regulating into the digital asset space.” Globally, Nigeria is one of the countries keenly looking into that space, Obisan claimed. In comments published by Nairametrics, Obisan said the objective of his organization, the Securities and Exchange Commission of Nigeria (SEC), is to create an operating environment that allows players in the digital asset space to prosper but one that also protects investors. The remarks by Obisan concerning the SEC’s regulation of digital assets come just over two months after his organization announced a new set of rules to govern the use of cryptocurrencies as well as the activities of virtual asset service providers (VASPs). As reported by Bitcoin.com News, the new rules govern the issuance of digital assets as securities. The regulations also include rules on the registration requirements for digital asset offering platforms (DAOPs), VASPs, and digital asset exchanges. The SEC director’s comments come at a time when questions over which body, between the SEC and the Central Bank of Nigeria (CBN), should regulate cryptocurrencies continue to linger. Some players in the Nigerian digital asset space have said the seemingly conflicting statements issued by the two regulators suggest they do not see eye to eye when it comes to the regulation of digital assets. Digital Assets as an Investment Tool However, when speaking during a webinar organized by Nairametrics, Obisan attempted to address the confusion by clarifying the respective role of each regulator. He said: The regulatory space is evolving. Even after we came up with our classification of digital assets. You know there is this fungibility in the use of the language, crypto assets and cryptocurrency, so it depends on the usage. When anything is a fiat – fiat is money – we use it as a means of exchange, that is an exclusive precedence from the Central Bank of Nigeria. But when it is used as an investment tool, then it falls squarely on our lap. After the SEC unveiled the latest set of rules governing the digital asset space, Bitcoin.com News sought CBN governor Godwin Emefiele’s reaction to the announcement. However, at the time of writing, Emefiele has not responded to our inquiry. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

PRESS RELEASE. BKEX (Chinese name: 币客) is a global cryptocurrency exchange that offers trading services for over 1,000 cryptocurrencies (such as Bitcoin, Ethereum, etc.). BKEX, founded in 2018 in the British Virgin Islands, is considered to be the best cryptocurrency exchange in terms of service. Its core philosophy is user-first and user-centric. Basic Information Chinese name: 币客 English name: BKEX Establishment time: 2018 Established in: British Virgin Islands Founder: JM Website: www.bkex.com Platform Token:BKK Slogan: Make cryptocurrency circulation more valuable Business scope: Blockchain digital asset transaction Cryptocurrency transaction BKEX acquired more than 8 million users since its establishment and it has a multi-billion dollar trading volume on a daily basis. BKEX product matrix covers contract trading, spot trading, OTC trading, cloud mining service, wealth management and other sections. Main Features Of BKEX The BKEX contract supports ten transaction currencies: BTC, ETH, EOS, LTC, BCH, XRP, DOT, LINK, UNI, and FIL, and provides users with a 1–100 times leverage. Users can assign and select the leverage multiplier flexibly based on their own positions. The crypto market is very volatile, and users can take use of BKEX’s preset stop order, market-add, reverse-open, and other features to deal with huge market fluctuations. There are over 1000+ quality cryptocurrency pairs supported by BKEX. The platform supports fiat currency trading in THB and it will soon add trading with USD, EUR, GBP, AUD, RUB, etc. Users can trade leveraged ETPs (BTC5L, BTC5S, ETH5L,etc.) as well as perpetual contracts for BTC, ETH, LTC, BCH, EOS, XRP and dozens of other cryptos. BKEX also supports market orders, limit orders, and trigger orders to adapt various transaction styles. Furthermore, when opening a trade on BKEX, traders can choose two modes, called double position and multiple position. If you don’t want to trade, you can still use BKEX for their project mining pools. It’s possible to lock your digital assets and receive APY up to 35%! You can also stake certain cryptocurrencies with flexible unlocking and receive competitive APY as well. BKEX Hierarchical Liquidation Mechanism When users enter a leveraged trade and it goes against them, the trade will be liquidated and the trader loses all funds in the position. However, BKEX is using a hierarchical liquidation mechanism that will cut your position gradually. When it reaches its minimum balance, the position gets completely liquidated. This can greatly reduce losses and improve the trading experience for users. Token Information (BKK) BKEX’s token BKK has been launched in early 2020 and it has an $8.5 million market cap at the moment. There’s a max supply of 164 million BKK tokens and there is a consistent trading volume on this cryptocurrency. Currently, BKK is listed only on their exchange BKEX and CoinEx. Social Media： Twitter: https://twitter.com/BKEXGlobal Facebook: https://www.facebook.com/BKEXGlobal/ Reddit: https://www.reddit.com/user/bkex-exchange Instagram: https://www.instagram.com/bkexglobal/ LinkedIn: https://www.linkedin.com/company/bkex-com Medium: https://medium.com/bkex-content-center YouTube: https://www.youtube.com/channel/UCkLdGDrNjxkE9XU03kLp3hA English Telegram group: https://t.me/BKEXEnglish This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Ukraine’s main law enforcement agency has busted an illegal facility mining cryptocurrencies in the Kharkiv region. The operators of the crypto farm have been minting coins using large amounts of stolen electricity, threatening energy supply to critical infrastructure, the agency said. Illegal Mining Farm Discovered in War-Torn Kharkiv Region Officers from the Security Service of Ukraine (SBU) have discovered and closed down an underground crypto mining center in the eastern region of Kharkiv, the scene of military hostilities between the Ukrainian army and invading Russian forces. The operation was carried out by the SBU’s Cyber ​​Security Department, working together with the National Police of Ukraine and under the supervision of the Kyiv Holosiiv District Prosecutor’s Office. According to a press release published Tuesday, the cryptocurrency farm has consumed industrial volumes of unpaid electricity, worth hundreds of thousands of hryvnia (thousands of U.S. dollars). The Ukrainian authorities said that the mining operation could have potentially caused serious interruptions in the energy supply to residential areas and critical infrastructure facilities near the front line. Investigators revealed that the mining hardware had been installed by several local residents in a rented warehouse near Kharkiv, Ukraine’s second-largest city. They connected the mining machines to the grid without any authorization. During the searches carried out, agents of the Security Service of Ukraine seized computers and specialized equipment, among other evidence of the illegal activity. As part of the ongoing pre-trial investigation, the suspected organizers of the illegal crypto mining business will be notified. Then, the case will be reviewed in court. In recent years, Ukraine has become a regional leader in crypto adoption and the government in Kyiv has taken steps to legalize transactions with virtual assets. Crypto mining, however, needs further regulation as it’s still a gray zone. The SBU has been going after miners exploiting the country’s electricity network and shut down a number of crypto farms in various regions since last year. Other illegal crypto-related activities have been targeted as well. For example, a number of online crypto exchangers, allegedly sending money to Russian wallets, were blocked last year. How do you think the war is affecting cryptocurrency mining in Ukraine? Share your thoughts on the subject in the comments section below. View the full article

On July 19, the digital asset company Bitgo announced it has partnered with the Near Foundation and will be “the first qualified custodian to support the protocol and its assets, including its native token.” The collaboration will give institutions holding near protocol (NEAR) tokens the ability to store and stake the coins via Bitgo’s platform. Bitgo Partners With the Near Foundation The digital asset financial services firm Bitgo has inked a partnership deal with the Near Foundation, the non-profit foundation headquartered in Switzerland that’s responsible for the development and core governance for the Near protocol. The Near protocol is an open-source, carbon neutral, public proof-of-stake (PoS) blockchain that uses the Nightshade consensus mechanism. The Palo Alto, California-based company Bitgo says that through the new partnership, “institutions holding [near protocol] tokens will now be able to custody and stake these tokens via hot wallets and qualified custody wallets on Bitgo’s platform.” The Near Foundation will also custody the foundation’s treasury and stake the assets via Bitgo’s platform. “Bitgo is excited to become the first qualified custodian to provide services to the entire Near Protocol ecosystem, including holders of the [near] token who have been searching for a secure way to store and stake their assets,” Bitgo’s vice president of product, Nuri Chang said in a statement. Chang added: The [Near Protocol] has built an extensive network of institutions that are committed to furthering the Open Web and Web3 evolution, and we are excited to deliver them safe and secure custody and staking services for their [near] tokens. Bitgo’s Token Roster Is Just Shy of 600 Crypto Assets The crypto asset near protocol (NEAR) is the 27th largest by market capitalization at the time of writing and has been trading for $3.92 to $4.57 during the last 24 hours. NEAR’s market valuation today is $3.3 billion or 0.298% of the crypto economy’s $1 trillion market valuation. NEAR has performed better than most crypto assets this year as the digital currency has gained 45% during the last 30 days and year-to-date, NEAR is up 133.3% against the U.S. dollar. In terms of decentralized finance (defi), the Near protocol has roughly seven defi projects and today, there’s $344.4 million total value locked among them. Bitgo details that adding near protocol (NEAR) to the company’s roster makes it just shy of 600 crypto tokens supported by the company. Bitgo believes the token diversity underscores “the growing interest among institutions for access to high-speed, complex blockchains and their native tokens.” What do you think about Bitgo adding near protocol (NEAR) to the company’s roster of supported crypto coins? Let us know what you think about this subject in the comments section below. View the full article

Gemini, the cryptocurrency exchange owned by the Winklevoss twins, is laying off more staff. According to reports, the company is axing 7% of its current workforce, as it engages in significant cost-cutting policies. This is the second wave of layoffs at Gemini, after the company laid off 10% of its staff less than two months ago. Gemini Lays Off More Staff Gemini, a regulated, U.S.-based cryptocurrency exchange founded by the Winklevoss twins, is reducing the size of its workforce, according to sources. While the exchange did not make an internal announcement for this round of layoffs, it is estimated that it laid off 7% of its current workforce, with 68 employees leaving the company. However, the extent of the layoff plan could be even bigger, with leaked documents pointing out that the company might fire more of its staff to reach a workforce number of 800 employees, implying that 150 more employees could be laid off to reach this goal. The company had 950 employees at the moment of the leak. A source told Techcrunch this set of measures would be the result of “extreme cost-cutting” policies applied by the company. Layoffs Across the Crypto Ecosystem This is not the first time that Gemini has laid off employees during this market downturn. Less than two months ago, the company announced its first wave of layoffs that cut 10% of its employees out of the company. At that time, Gemini reported that it would focus only on products that were critical to its mission, and would continue to assess whether the size of its work teams was right for the upcoming market conditions. Gemini is not the only company that has been hit by the downturn in cryptocurrency prices. Other companies like Meta, and even Apple, have announced changes in their hiring strategy in a projected economic downturn that goes beyond crypto-related spheres. Meta announced recently it would hire significantly fewer workers this year. Apple is another company that will slow hiring and spending growth for the next year. Crypto companies have been significantly affected. Coinbase first announced it would slow down hiring in May, and then reported it would lay off 18% of its employees in June. Huobi, another exchange, might start layoffs that could exceed 30% of its workforce. Latam-based exchanges, like Bitso and Buenbit, have also laid off employees. What do you think about Gemini and its recent layoff plan? Tell us in the comments section below. View the full article

The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers. Virtual Asset Service Providers to Be Regulated in Colombia Regulation is becoming a key goal for countries in Latam, where cryptocurrency adoption is growing at significant rates. Now, the Financial Superintendence of Colombia has presented a document that seeks to establish norms regarding the requirements cryptocurrency exchanges and custody providers must meet to be serviced as customers by banks. The project defines key concepts such as virtual asset service providers (VASPs), and virtual assets in the scope of the regulation. In the same way, it establishes that virtual asset service providers will have to be connected to the UIAF, the financial intelligence office of Colombia, and have a plan of action to deal with money laundering and terrorism financing attempts that might potentially be made using their platform. The project also makes an indirect reference to compliance with the travel rule promoted by the Financial Action Task Force (FATF). It states banks must verify these VASPs have: The technological and operational capacity to monitor transactions with virtual assets, as well as to obtain, preserve and transmit the information of the originator and the beneficiary of each transaction. More Requirements The proposal establishes that the VASPs will have to be able to present clear information to their customers about the services they offer and the risks associated with these services, the costs associated with these services, and the virtual assets present on their platforms. VASPs will also have a plan to deal with operational and cybersecurity-related risks to handle possible hacks or platform problems that might affect how their services are delivered to their customers. Also, banks will have the obligation to separate their responsibilities from those of VASPs, telling customers that only they and these platforms are responsible for VASP-related problems. The proposal also establishes restrictions regarding investments. It states: The supervised entities authorized to capture resources through deposit products or funds must ensure that the operations of deposit and withdrawal of resources in financial products of deposit or funds in the name of a VASP are carried out only through non-face-to-face channels. The proposal is still in the discussion stages, and the Financial Superintendence will receive suggestions about it until August 12. What do you think about the VASP regulation proposal in Colombia? Tell us in the comments section below. View the full article

Transactions with digital assets backed by precious metals are beginning in Russia with the launch of a token for palladium. The rare metal, which is used in jewelry and has some high-tech applications, is not a publicly available asset in the Russian Federation. Atomyze and Rosbank Issue Digital Token for Palladium The Russian unit of Atomyze, a platform that specializes in the tokenization of commodities, and Rosbank, are starting transactions with digital financial assets (DFAs) based on precious metals. The first one is the issuance of a token for palladium, the holders of which will have the rights to a monetary claim equivalent to the market value of the metal, Atomyze announced in press release. Palladium is not a public asset on the Russian market, the Prime business news agency noted, reporting on the deal. At the same time, it is viewed as a promising investment. Palladium is used as a substitute for platinum in jewelry and the global demand for platinoids is growing. It is also an industrial material involved in high-tech manufacturing. Atomyze Russia is registered with the Central Bank of Russia as an operator of a DFA platform and authorized to offer blockchain-based financial instruments. Tokenization can create new opportunities and provide alternative tools for both businesses and private investors, the report elaborates. Digital financial assets is the only legal term that can currently apply to cryptocurrencies in Russia, until a dedicated law “On Digital Currency” is adopted, possibly this fall. Unlike decentralized coins however, DFA refers mostly to digital assets that have entities responsible for their issuance and circulation that guarantee the rights provided by the asset. In the law “On Digital Financial Assets,” various tokens are in fact defined as “digital rights.” Billionaire Vladimir Potanin, one of the people behind Atomyze, commented that the issuance of digital rights allowing investment in raw materials such as metals, is a new precedent in Russia. He went even further by stating this is the start of a new era for the Russian economy, “the era of tokenization.” Potanin has previously expressed hope that tokens, along with the digital ruble, will replace “unreliable” crypto assets. Some believe DFAs can also substitute foreign currency deposits. “This first step is just the beginning of a great story that will include a new vision of traditional products and the creation of fundamentally new products for issuers and investors,” added Ekaterina Frolovicheva, chief executive officer at Atomyze Russia. Russia has yet to comprehensively regulate cryptocurrencies as the discussions on their future were prolonged by the current geopolitical situation. While most government institutions oppose their use as a means of payment in the country, a proposal to allow small crypto payments in international trade amid sanctions has been gaining support. A law recently signed by President Vladimir Putin bans DFA payments inside Russia. Do you expect to see other tokens backed by precious metals issued in Russia? Tell us in the comments section below. View the full article

Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officials throw out the idea of having central bank digital currencies (CBDCs) “to distract the conversation.” Harvard’s Professor on Cryptocurrency Regulation American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank digital currencies (CBDCs) in an interview with Bloomberg Monday. Rogoff is the Thomas D. Cabot Professor of Public Policy and a professor of economics at Harvard University. He also served as chief economist at the International Monetary Fund (IMF) from 2001–2003. The Harvard professor described: I think central banks are way behind the curve, and governments in general, in regulating cryptocurrencies. They throw out the idea of having CBDCs to distract the conversation. Commenting on the U.S. issuing a digital dollar, he opined: “At the moment, if you think about the United States issuing a CBDC, you have to ask why they’re doing it. Because we can accomplish a lot of things the same way in the current system by making tweaks.” The economic professor explained that if the Federal Reserve “did it too well,” and there is a “retail central bank digital currency,” then “There’d be massive disintermediation that we’re probably not ready to handle,” he warned. Professor Rogoff continued: “I think there are small central banks that want to issue a CBDC hoping they’ll get some of the kind of business that crypto gets.” When asked why central banks and governments are delaying regulating cryptocurrencies, Rogoff replied: “I think it feels like the 1990s and early 2000s to me when the financial system was inventing all these clever new financial engineering devices and saying … ‘catch me if you can,’ ‘regulate me if you can.'” He concluded: I hear very much the same things from the young cryptocurrency pioneers and there are a lot of ideas. But they are wrong that they can’t be regulated. Rogoff has long been a bitcoin skeptic. He previously cautioned that governments and central banks will never allow BTC to go mainstream. In 2018, he said the cryptocurrency was more likely to be worth $100 than $100K a decade from then. “Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small,” the former IMF chief economist opined. What do you think about the comments by Harvard Professor Rogoff? Let us know in the comments section below. View the full article

The Seychelles-based crypto trading app, OKX, recently became the latest virtual assets service provider to be granted a provisional licence to provide its services in the United Arab Emirates (UAE). The provisional licence allows OKX to extend certain exchange products and services to pre-qualified investors and financial service providers. OKX Allowed to Extend Certain Exchange Products The Dubai digital asset regulator, the Virtual Assets Regulatory Authority (VARA), recently granted the Seychelles-based crypto trading platform OKX a “provisional virtual assets license to provide services to qualified investors in the UAE.” According to a statement released by OKX, this license “allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.” Remarking on the VARA’s decision to grant the provisional license, OKX general manager for Dubai, Lennix Lai said: The MENA region is one of the fastest-growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem. OKX looks forward to contributing meaningfully to the free exchange of ideas that is going to be so important to the development of this space while innovating for the future in a regulated framework. In the statement, OKX said it is committed to helping build the necessary infrastructure as well as its team in the United Arab Emirates (UAE). OKX added that it will also participate in the VARA regulatory ecosystem “by facilitating research and knowledge sharing with the goal of making Dubai a leading hub for the global virtual assets industry.” Dubai a Top Hub for Crypto Industry Since its establishment earlier this year, VARA has granted provisional approvals or licenses to cryptocurrency exchange platforms that range from Binance to the Bahrain-based Coinmena. According to Tim Byun, the Global Government Relations Officer at the OK Group, by granting OKX the provisional license VARA has once again proved that it is “one of the top global hubs for the industry.” The provisional license is also a reflection of the UAE’s leadership in nurturing the future global economy, Byun added. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

On Monday, Christie’s, the leading British auction house founded 256 years ago in 1766, announced the launch of a new venture fund called Christie’s Ventures. According to the announcement, the company’s venture arm plans to focus on “[Web3] innovation, art-related financial products and solutions, and technologies that enable seamless consumption of art.” Christie’s Ventures to Foster ‘Web3 Innovation, Art-Related Financial Products’ The British auction house Christie’s has revealed a new venture fund that aims to support “emerging technology and fintech companies.” The firm said that it plans to work in unison with its portfolio startups in order to accelerate growth and push Christie’s activities into innovative directions. “Christie’s Ventures will start by exploring three broad categories,” the company said on July 18. “[Web3] innovation, art-related financial products, and solutions and technologies that enable seamless consumption of art.” With premises located in London, New York City, and Hong Kong, Christie’s is the largest second-largest auction house in terms of auction turnover behind Sotheby’s and above the auction firm Phillips and China Guardian. Christie’s has been into digital currency and blockchain solutions for some time now. In September 2020, the auction house sold the first bitcoin artwork ever when Christie’s presented Block 21 of “Portraits of a Mind.” The following year, the auction house accepted bitcoin (BTC) for a painting worth $6 million. The painting was crafted by Keith Haring and sold at Christie’s “20th/21st century” sale in London. For some time now, Christie’s has been auctioning blue-chip non-fungible tokens (NFTs) and was the auction house behind Beeple’s “Everydays: The First 5,000 Days” NFT that sold for $69.34 million. Christie’s has been behind auctions featuring Cryptopunks, Meebits, and Bored Ape NFTs, alongside a full set of NFT Curio Cards. In addition to Christie’s, auction house competitors Sotheby’s and Phillips have stepped into the crypto and NFT space as well. As far as Christie’s new venture arm is concerned, the auction house’s first portfolio company is a startup called Layerzero Labs. According to Christie’s, “Layerzero is a cross-chain interoperability company with a strong vision and business model within a broad addressable market. The company reduces friction in a client’s ability to move assets between blockchains.” Christie’s press release highlights that the company has been involved with technological innovation for years now and was one of the first international auction house companies to offer online auctions. “Christie’s multi-site auction live streaming, augmented reality tools, support for NFT digital art, and award-winning digital marketing has made the business more accessible and resilient,” the company said on Monday. “As a global leader in the art market, Christie’s has both an incentive and a responsibility to further innovation and deepen experiences for our clients,” Ben Gore, Christie’s chief operating officer said in a statement. “The intersections of technology and financial products are increasingly relevant and prevalent, and we believe strongly in the opportunities ahead.” Gore added: For the companies we select to work with, as well as for our clients, the Christie’s Ventures value proposition combines the power of our brand and capital together with our network and expertise; it is another example of the formidable Christie’s advantage. Christie’s follows the launch of “Sotheby’s Metaverse” which was launched in October 2021 and featured artists like Paris Hilton after the platform opened. The newly appointed global head of Christie’s Ventures, Devang Thakkar, believes the auction house is in a good position to provide growth to technologically innovative ideas and startups. “Our leadership has provided us with an excellent vantage point thus far and the launch of Christie’s Ventures will allow us to develop further and faster with entrepreneurs who have a strong track record of building great products and companies,” Thakkar remarked during the announcement. What do you think about the newly launched Christie’s Ventures? Let us know your thoughts about this subject in the comments section below. View the full article

Nasdaq-listed cryptocurrency exchange Coinbase has obtained regulatory approval to offer crypto services in Italy. “Coinbase is committed to bringing the power of our full product suite to customers across Europe,” the company said. Coinbase Approved in Italy Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Monday that it has secured regulatory approval to provide crypto services in Italy. The company’s vice president of International and Business Development, Nana Murugesan, explained in a blog post: Today, we’re able to announce a key milestone … securing approval from Italian regulators to provide ongoing crypto services to its residents. “The new requirement implemented by the Organismo Agenti e Mediatori (OAM), mandated that all companies offering crypto trading, custody or other services, meet set criteria,” the executive described. “Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the U.K., and Germany,” Murugesan detailed, emphasizing that “Coinbase is committed to bringing the power of our full product suite to customers across Europe.” The vice president continued: We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations. Murugesan clarified, “In each of these markets, our goal is to grow our customer base by launching the Coinbase suite of retail, institutional, and ecosystem products.” Coinbase announced its European expansion plan last month. Murugesan revealed at the time that the company is in the process of expanding in France, Italy, Spain, and the Netherlands. The Nasdaq-listed crypto exchange is not the first major trading platform to obtain regulatory approval in Italy, however. In May, rival crypto exchange Binance said that it has obtained regulatory approval to offer crypto products in the country. What do you think about Coinbase getting regulatory approval to offer crypto services in Italy? Let us know in the comments section below. View the full article

U.S. Senator Elizabeth Warren says that “too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.” She stressed the need for stronger rules, urging the Securities and Exchange Commission (SEC) and Congress to take action on crypto regulation. U.S. Senator Says Crypto Needs Stronger Regulation U.S. Senator Elizabeth Warren (D-MA) voiced her concerns about cryptocurrency investing in an interview with Yahoo Finance Live last week after several crypto firms filed for bankruptcy protection. Calling on the U.S. Securities and Exchange Commission (SEC) to act, she emphasized: Congress needs to act, but the SEC has a responsibility to use its authorities to put guardrails in place and crack down on crypto actors that break the rules. “I’ve been ringing the alarm bell on crypto and the need for stronger rules to protect consumers and financial stability,” the senator added. Last week, crypto lender Celsius Network filed for bankruptcy protection after freezing withdrawals. A week prior, another crypto lender, Voyager Digital, filed for bankruptcy protection. The company cited contagion in crypto markets and bankrupt crypto hedge fund Three Arrows Capital‘s loan default as the reasons. Warren stressed: Too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money. SEC Commissioner Hester Peirce expressed concerns in May that the securities watchdog has dropped the ball on the regulation of cryptocurrencies. “We can go after fraud and we can play a more positive role on the innovation side, but we have to get to it, we’ve got to get working … I haven’t seen us willing to do that work so far,” she opined. Gary Gensler, the chairman of the SEC, has been criticized for taking an enforcement-centric approach to crypto regulation. In May, the securities watchdog said it will almost double the size of its enforcement division’s crypto unit. Last week, Gensler outlined what investors can expect from the SEC on the crypto regulatory front. Senator Warren has been pressing Gensler to step up crypto oversight on several occasions. In July last year, she warned of the growing risks of cryptocurrency trading, calling on the securities regulator to “use its full authority to address these risks.” She also said decentralized finance (defi) is the most dangerous part of crypto, urging regulators to clamp down on stablecoins and defi platforms “before it is too late.” In May, she demanded answers from financial services firm Fidelity Investments regarding the company’s decision to allow bitcoin investments in 401K plans. Fidelity’s move has troubled the Labor Department. “We have grave concerns with what Fidelity has done,” said Ali Khawar, Acting Assistant Secretary of the Labor Department’s Employee Benefits Security Administration. The senator has also repeatedly bashed bitcoin’s environmental impact. What do you think about the comments by U.S. Senator Elizabeth Warren? Let us know in the comments section below. View the full article

The .metaverse, .vr, .web3 and variety of top-level domains are now available for minting on Quik.com. Embrace yourself and your holdings on the web and its decentralized nature with this offer valid for a limited time. Check out Metaverse Domains on Quik now. Connecting the sellers and buyers in the most convenient way with a P2P peer-to-peer validated network, this platform has the most generic offerings for users and investors. This platform offers users a wider approach towards the NFT domain technology. It offers cost-effective, quick, and secure service. The system is built on the protocols ERC-721, ERC-115, and BEP-721, BEP-1155, and it provides a decentralized, secure environment with user-oriented services and secured transactions. These blockchain-based domains on Quik.com allow users to read the entire content and history of a product on the network. These domains themselves have benefits that set them apart from conventional domains. They are ICANN-free. These domains are immune to censorship and third-party influence. The domains offer sole-ownership over the dominant minted with lifetime access and no renewal formalities. With the growing race for the metaverse, virtual/augmented reality, and web3, these domains are sure to create a buzz for users looking to establish a trendy domain name collaborating with their virtual assets. These domains can also be used for exchanging those hard-to-remember digital wallet addresses. Having these TLDs will provide you an advantage over the information produced on the decentralized web because numerous sectors are developing and linking with web3 and metaverse powered technologies. The web3 will soon be preferable for everyday usage compared to the web2 and its centralized nature, which governs user data and website censorship. What is Quik.com? Quik.com is a leading NFT domain name marketplace that provides the most exclusive top-level domains with quick access and quick systems that run on blockchain-based protocols and that offer the best advantages within the Quik ecosystem and the evolving web. Users can easily obtain decentralized web pages and domain names that resemble digital assets through Quik.com. This market offers people a wide selection of possibilities because it covers many different aspects of the expanding sector. There is a better approach for the owners of metaverse assets or properties to work together with these domains that copy the material that they hold and also allow users to read and be drawn to the page that has a unique TLD. The blockchain technology creates a block for hackers to access. Quik.com also provides a Quik NFT domain marketplace, which allows users to obtain a registry of their domains and exchange, trade, and sell them on the platform. Quik.com is giving people early access to the metaverse and the decentralized sector as the industry is expanding quickly and internet giants are already exposing their web3 empires. These exclusive domains are only available for a limited time. The ability to host a website, alter their wallet address to a unique domain name that resembles the asset, and keep the item as a decentralized asset that can be sold on the market when demand ultimately rises, will be of great use to users of these domains. Why Quik.com? The domains and the websites hosted by these domains will push your content on the web and the growing user attention towards the metaverse and virtual reality-based internet. The.metaverse, .vr, and .web3 domains extensions will give the user’s website and content a boost because their website concludes with an appealing and user-centered domain that eventually informs users about the content it possesses. With cryptocurrencies and NFTs being another crucial part of the evolving web, investing in these assets has been the most prominent feature of the current era, with major names connected to the industry. It is already running at a high speed in the race of technology. Additionally, Quik.com offers domain extensions like .shib, .doge, and .bored, which when combined with other domains, resemble the pure essence of your possessions. Users can give their wallets new names using these domains, giving them a trendy appearance that matches the assets they store. The domain extensions .i, .address, and .chain have the ability to establish a direct presence that refers to the identity of the web page. This will enable users to have the most distinctive web address possible, one that combines the informative.i domain with a chain of linked pages under the.chain domain and the most unique web address possible, collaborated with the.address domain. This is similar to the Quik ecosystem, which makes use of the main tools of the developing web, including web3-based domains, digital asset-based domains, and internet-based domains. These tools enable users to create and acquire the most generational domains, distinguishing them from more traditional ones. Each of the Quik.com domains gains a distinct feature within the Quik ecosystem and the evolving web.While traditional domains can be accessed by any entity on the internet, they are typically owned by the central authorities running the web. Decentralized domains and traditional domains differ vastly, as all the traditional domains are managed by the Internet Corporation for Assigned Names and Numbers (ICANN) using the centralized dispute resolution process. While decentralized domains allow the developer to solely control and manage the website and its content, they also allow the developer to transfer ownership after the web page is established. The Quikness With the minting available for a limited time, all you have to do is visit quik.com and first connect your digital wallet to the Quik ecosystem, which will enable you to curate transactions and exchanges. The domains that are available to mint are displayed at the very front of this futuristic user interface. You can choose the one that most closely matches your content or that you believe has the most potential. If the domain is available, all you need to do is click on the mint, and it will become your permanent property. This comes with a 100% ownership with no renewal fees, which also resists censorship and provides the rights to the potential and rightful owner. With a lifetime royalty of 5 to 10% on each subsequent sale, Quik Minters have access to the most effective framework that helps users seamlessly transition from the web2 to the web3. The Quik ecosystem is also advancing alongside the growing specifications it is offering. Users still have a small window of time to reserve their NFT domains on Quik.com, to create a presence on the future web, and link to the most trending elements of the internet. Visit Quik.com Now Join Quik’s telegraph group – https://t.me/quikcom Follow Quik on CMC – https://coinmarketcap.com/currencies/quik Learn more about Web5 – https://fifthweb.com Follow Quik on Instagram – https://www.instagram.com/quikdotcom/ Know more about Metaverse domains – https://metatelegraph.com/metaverse-domains-how-to-buy-faq/ Follow Quik on Twitter – https://twitter.com/quikdotcom This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Dutch central bank has fined cryptocurrency exchange Binance 3.325 million euros for offering crypto services in the Netherlands without the legally required registration. Binance has appealed against the fine and has now submitted an application to register with the central bank. Binance Fined by Dutch Regulator The Dutch central bank, De Nederlandsche Bank (DNB), revealed Monday that it has fined Binance Holdings Ltd. for offering crypto services without registration as required by law. The administrative fine of 3.325 million euros ($3.4 million) was imposed on the cryptocurrency exchange on April 25, the DNB said, elaborating: The fine was imposed because Binance offered crypto services in the Netherlands without a legally required registration with DNB. That’s prohibited. The central bank stressed that companies wanting to offer crypto services in the Netherlands must register with it as mandated in the Money Laundering and Terrorist Financing (Prevention) Act. The registration requirement for crypto service providers was introduced in May 2020. Binance was dealt a category three fine, which is the most stringent of the central bank’s levels of enforcement, “due to the gravity and degree of culpability of the noncompliance,” the DNB said. The regulator noted that the breach took place over a “prolonged period,” from May 2020 to at least December 2021, emphasizing that the DNB considers Binance’s “violations to be very serious.” The DNB further explained that it also took into account Binance’s size and “very substantial customer base in the Netherlands.” However, the crypto exchange filed an appeal against the fine on June 2, the central bank revealed. Binance has now applied for registration with the Dutch central bank. The monetary authority noted: Binance has been relatively transparent about its business operations throughout the entire process. Due to the registration filing and transparency, the fine imposed on Binance was moderated 5% lower, the central bank said. Meanwhile, the crypto exchange continues to expand its presence in Europe. It received a license from the Bank of Spain last week. Binance also launched a new platform for VIP and institutional crypto investors last month. What do you think about the Dutch central bank imposing a fine on Binance? Let us know in the comments section below. View the full article

Tony Hawk, one of the most popular skateboarders in the world, is planning to build a skateboard park in the metaverse. The initiative, which will be completed in partnership with The Sandbox and Autograph, will also create voxel representations of the skateboarder as NFTs, that will be able to be used in The Sandbox metaverse world. Tony Hawk Takes Skateboarding to the Metaverse More and more athletes are taking their activities to the metaverse for their fans to enjoy and connect with them in these virtual worlds. Tony Hawk, one of the most popular skateboarders in the world, has announced he will build a digital skateboarding park in the metaverse. The venue will be built in partnership with The Sandbox, an ethereum based metaverse experience, to create a park where players can take their NFTs and skateboard freely. The skateboarder will also collaborate with Autograph, a high-profile NFT company co-founded by Tom Brady, to produce NFTs based on his most memorable moments and apparel, that fans will also be able to leverage in The Sandbox’s metaverse. This will not be the first foray of the artist into the NFT move, as he has released several NTF collections before, even accompanying some with physical skateboards. About his next move, Hawk stated: I have been a fan of new technology all of my life — from the first videogames and home computers with CGI capabilities — so I am fascinated by the metaverse, and excited to bring our culture into the virtual landscape of The Sandbox. The skateboarder is an early cryptocurrency supporter, having purchased bitcoin back in 2012 after hearing about it in the now defunct Silkroad marketplace. A Metaverse Hub for Celebrities and Brands The Sandbox, a metaverse platform that is based on the Ethereum blockchain, is becoming a hub for celebrities and brands to explore the metaverse by launching experiences and digital representations of their products. The game has scored partnerships with Snoop Dogg, Adidas, The Walking Dead, Jamiroquai, Playboy, and others. Companies like Ubisoft and Square Enix have released some of their IPs in The Sandbox’s metaverse, bringing the Rabbids and Dungeon Siege to this digital world. The company was reported to be mulling a new funding round that would bring $400 million dollars at a $4 billion valuation, according to sources. However, this has not materialized since the reports. The last capital influx that The Sandbox received happened in November when the company raised $93 million in its series B funding round. What do you think about the latest foray of Tony Hawk into the metaverse? Tell us in the comments section below. View the full article

The Bank of Spain has issued a new report about the performance of Latam economies during the first six months of the year. The document states that the current inflationary development that several countries of the region have can lead to institutional instability, even as the region is still recovering from the Covid-19 pandemic. Bank of Spain Report Founds Latam Is Still Vulnerable The Bank of Spain has recently issued a report where it examines the economic situation that Latam as a whole is going through after the Covid-19 pandemic. The report, which explains how the economy of the region has moved during the first six months of the year, describes these countries are still vulnerable even when they are showing signs of recovery. Inflation is one of the biggest problems that the Bank of Spain found, with rates being near the higher number in the last two decades. In May, the region presented an inflation rate of 9.8% YoY. The biggest elements in this price escalade correspond to essentials like food and energy, which combined with the depreciation in the exchange rates of native fiat currencies v. the U.S. dollar, present a troubling panorama for the region in the short term. Institutional Instability Might Appear The report explains that, as a consequence of all of this, Latam might experience a wave of institutional instability. The document reports: A possible increase in political and social instability (for example, as a result of the loss of purchasing power that the most vulnerable households have been suffering in recent quarters due to the rise in inflation) could significantly hamper the region’s growth prospects and hinder the implementation of far-reaching economic reforms. In the past, some economies in the region have shown to be dependent on political and institutional instability. Just recently, the dismission of some key members of the Argentinian government propelled a negative change in the exchange rates of the native fiat currency, with citizens taking refuge in stablecoins as an inflation hedge. However, not all is bad, as the report found that the region has been quick to adapt its monetary policy to curb inflation and devaluation. Also, there has been a positive evolution of the bank credit, as a consequence of the gradual improvement of the economies after the Covid-19 pandemic shock. What do you think about the report of the Bank of Spain about inflation and its possible effects on Latam economies? Tell us in the comments section below. View the full article

Last month, it was reported that the co-founder of Ripple, Jed McCaleb was close to emptying his xrp wallet that held 81 million tokens worth $26 million. Following a transaction that saw 3,898,451 xrp transferred out of the address, McCaleb’s wallet is now close to being empty as there’s only 47.6912 xrp worth $17 stored in the wallet today. Ripple Co-Founder Jed McCaleb Empties the Notorious ‘Tacostand’ Wallet Onchain data shows the xrp (XRP) wallet called “Tacostand,” is now close to being empty as the owner, Jed McCaleb, has seemingly transferred his entire stash out of the wallet. McCaleb is well known in the crypto industry for co-founding Ripple and in 2014 he left the company to start the project Stellar in 2014. However, it was well known that after McCaleb left he held roughly 9 billion XRP and he was allowed to sell or transfer the funds under specific withdrawal conditions. Almost there 🌮 pic.twitter.com/SdstUD4Kzc — Jed McCaleb (@JedMccaleb12) June 29, 2022 It is estimated that Jed McCaleb is one of the richest cryptocurrency influencers in the space and in 2018, McCaleb was the 40th wealthiest individual in the world, according to that year’s Forbes billionaires list. When McCaleb was nearing the end of his XRP stash at the end of June with 81 million left in the wallet, he tweeted about being “almost there” with a taco emoji and a photo of a restaurant called the “Taco Stand.” At that time, the 81 million XRP tokens were worth $26 million. Following the Ripple co-founder’s tweet on June 29, the wallet saw a number of large XRP transfers. On that day, McCaleb moved 7,335,966 XRP worth $2.69 million out of the wallet and the following day, McCaleb took out another 7,335,966 XRP. The last transaction recorded was on July 18, 2022, as 3,898,451 XRP worth $1.42 million was removed from the notorious Tacostand wallet. XRP has been trading for prices between $0.343 to $0.367 per token on July 18 and it is the seventh largest crypto market cap today. While XRP is up 14.1% during the past month, year-to-date metrics show XRP is down 37.1% against the U.S. dollar. Statistics show there’s a circulating XRP supply of around 48,343,101,197, which means McCaleb’s stash of 9 billion tokens represented 18.61% of XRP’s circulating supply. What do you think about the Ripple co-founder Jed McCaleb draining his infamous wallet called ‘Tacostand?’ Let us know what you think about this subject in the comments section below. View the full article

Polygon was up by nearly 20% to start the week, as the token rallied to its highest level since May. Today’s surge comes as crypto markets were mostly in the green, with avalanche also hitting multi-week highs, and as of writing, is up by over 10% on the day. Polygon (MATIC) Polygon (MATIC) was one of the most notable gainers in crypto markets on Monday, as prices rose by nearly 20%. Following a low of $0.7464 on Sunday, MATIC/USD raced to an intraday high of $0.9269 to start the week. This is the highest level the token has traded at since May 9, when prices were falling below the $1.00 mark. Just over eight weeks later we are now on the cusp of re-entering the $1.00 region, as bullish pressure continues to mount. As a result of this mid-term upside momentum, the 10-day moving average has continued to extend its crossover with the 25-day MA, which was the catalyst behind this recent rally. However, it must be noted that the 14-day RSI is tracking above 77, which is its higher reading since October 2021, and this could be one of the biggest obstacles preventing MATIC from recapturing the $1.00 level. Avalanche (AVAX) Another big mover on Monday was avalanche (AVAX), which also rose by over 10% in today’s session, hitting multi-week highs in the process. Earlier today, AVAX/USD rose for a sixth straight day, hitting a peak of $24.08 in the process of this run. The move saw prices move past a key resistance level of $21.10, which has been held in place since June 9. Since breaking this ceiling, bulls look to be targeting another one, with the $28.00 mark appearing to be the next point of interest. Similar to polygon’s chart, the RSI here indicates that prices are currently overbought, with the index currently tracking at 62.8. This is its most since April 4, however price strength would need to head towards 70 if AVAX is to continue its upward trend. Register your email here to get weekly price analysis updates sent to your inbox: Do you expect avalanche to hit $28 this week? Let us know your thoughts in the comments. View the full article

Following the introduction of the Otherside metaverse and the apecoin (APE) launch, Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), published the Otherside’s litepaper. The team says the “document serves as a starter guide for the Otherside, [and] it covers foundational principles of the platform, capabilities of its developers, and possibilities for community co-creation.” Otherside Litepaper Says Platform is a World-Building Platform That Provides an Exciting Environment to Play BAYC creators Yuga Labs via the Othersidemeta Twitter account released the BAYC and NFT-based metaverse litepaper on July 16, 2022. “If you’re already hungry for more Otherside, we’ve released a litepaper,” the team tweeted. Essentially, the Otherside is a Bored Ape Yacht Club-fueled metaverse or blockchain virtual world that is made up of 200,000 plots of virtual land. Similar to other metaverse lands from projects like Decentraland and The Sandbox, non-fungible tokens (NFTs) “Otherdeeds” are bought and sold on the open market. Seven-day statistics collected from cryptoslam.io indicates that Otherdeed NFT sales are the third largest in terms of weekly NFT sales from specific collections. This past week, Otherdeed sales saw $8,540,410 in volume, which is up 28.67% higher than the week before. The Otherside Litepaper website gives a full summary of the metaverse and the possibilities and opportunities it can offer. “In the future, we look forward to seeing what new experiences and games our community can create to expand the possibilities of the metaverse,” Yuga Labs explains. “[The] Otherside is a world-building platform that provides an exciting environment to play, create, compete, connect, and explore together,” the website details. “Initially, users will experience Otherside through a narrative gameplay experience (aka The Voyager’s Journey) co-developed by Yuga Labs and Improbable and based on the technology from M².” “This document serves as a starter guide for the Otherside. It covers foundational principles of the platform, capabilities of its developers, and possibilities for community co-creation,” the Othersidemeta Twitter account said in its Twitter thread on Saturday. The Otherside metaverse land adventure will start with Phase 1, and all Voyagers are invited to join in on an “11-part storyline surrounding a mysterious Obelisk that has appeared in the Otherside universe.” Meanwhile, apecoin (APE), the crypto asset that will be used in the Otherside metaverse has increased by 48.2% during the last month outperforming most crypto assets in recent times. While APE jumped 10.6% during the last two weeks, 9.7% of those gains came during the past 24 hours of trading. Otherside metaverse participants engaged in the “First Trip” on Saturday, which was one of several trips Voyagers can partake in. “Each subsequent Trip will take place on a different date in order to accommodate as many Voyagers as possible,” the litepaper website adds. “Specific details on date and time will always be announced on our official social media accounts.” What do you think about Yuga Labs releasing the Otherside litepaper on Saturday? Let us know your thoughts on this subject in the comments section below. View the full article

While the latest Bureau of Labor Statistics Consumer Price Index (CPI) report indicates U.S. inflation has continued to print perpetual new highs, U.S. president Joe Biden is losing ground on his climate bill. The Biden administration’s recent budget negotiations and tactics toward dealing with inflation have been criticized by West Virginia’s senator Joe Manchin who thinks specific parts of the climate bill could wait. Amid the political tussle, the U.S. government and Federal Reserve have been accused of massive spending, as bureaucrats continue to fuel weapons contractors, war, and the Fed’s balance sheet has not been reduced. Political Strategist Says Inflation Knocked the Biden Administration and Democrats Down, but Not Out U.S. president Joe Biden and his administration have been catching a lot of flak over the most recent CPI report, which detailed consumer prices in June increased at the fastest yearly rate since 1981. In the United States, the cost of oil, gasoline, electricity, food, and cars has continued to rise month after month. While noting that rising inflation has been an issue for Americans, The Hill opinion contributor, Brad Bannon, believes “inflation has knocked Democrats down — but not out.” In an opinion editorial, Bannon says that Republicans face “political headwinds” that could challenge the party’s prospects. Despite the knockdown from inflation, Bannon claims that the “continued visibility of Trump,” and the Supreme Court overturning Roe v. Wade may lead to Republicans failing to appeal to voters. “If that wasn’t enough, the ongoing congressional investigation of the failed Jan. 6 Capitol coup keeps Trump in the middle of the media screen when the GOP wants the focus to be fixed on the incumbent president,” Bannon wrote. Senator Joe Manchin Claims ‘Inflation Is Absolutely Killing Many People’ The Biden administration is also dealing with senator Joe Manchin (D-WV), who explained to a West Virginia radio host on Friday, that he was still “engaged” in Biden’s budget negotiations. Manchin told the radio host that “inflation is absolutely killing many, many people,” and he’s been against specific parts of Biden’s climate plan. “Can’t we wait to make sure that we do nothing to add to that?” Manchin asked on the radio program. The West Virginia Democrat stressed that inflation is a “clear and present danger to our economy.” “No matter what spending aspirations some in Congress may have, it is clear to anyone who visits a grocery store or a gas station that we cannot add any more fuel to this inflation fire,” Manchin said. “We can’t afford mistakes in the highest inflation we’ve seen in 40 years,” the senator added. On the same day, Biden conceded to the lack of backing he needs for the administration’s climate change legislation. Biden remarked, however, that he plans to use “every power” that he has as president to continue his fight against global warming. Congress Increases Military Spending, Gives 1.7 Billion to Ukraine, Federal Reserve Accused of Not Tapering the Central Bank’s Balance Sheet Amid the scorching hot inflation, government spending continues to rise higher and higher. While Biden and the Democrats fight with Republicans in front of the media, bipartisan efforts have fueled the American government’s expenditure a great deal. The journalist Glenn Greenwald explained on Saturday how the “establishment wings” of the two bickering political parties seem to agree on military expenditure regularly without much debate. Greenwald highlighted how Biden requested $803 billion to fund military spending in 2023 and Congress “arbitrarily increased it by $37 billion, to $840 billion.” The House just passed a record-high $840 billion Military budget, the same amount as all the stimulus checks combined. Huh, guess when they print money for people it's "socialist," but when they do it for Military contractors it's "bipartisan." — Dan Price (@DanPriceSeattle) July 15, 2022 Five days ago, the U.S. Treasury and the Agency for International Development (USAID) gave the Government of Ukraine another $1.7 billion in aid. Estimates show that the American government has given Ukraine at least $6.8 billion and other benefits like access to Mi-17 helicopters, M777 howitzers, MANPAD systems, anti-tank guided missiles and Cheetah, Javelin, MILAN, and Harpoon missiles as well. NOW – U.S. announces additional $1.7 billion in aid to Ukraine. pic.twitter.com/gy3a3HjnMh — Disclose.tv (@disclosetv) July 12, 2022 In addition to the U.S. government’s spending, the country’s central bank has been accused of continuing to print massive sums of U.S. dollars as reports show the Federal Reserve’s assets grew by $4 [billion during] the past week to $8.896 [trillion]. At the end of June, the gold bug and economist Peter Schiff remarked that the Fed has not stopped expanding the balance sheet. Schiff has been a critic of the Fed for years and has always been quite vocal against excessive government spending. The #Fed has already stopped the shrinking of the balance sheet. Total assets grew by $4bn the past week to $8.896tn. Fed balance sheet now equal to 36.5% of US's GDP vs #ECB's 81.9% and BoJ's 135%. pic.twitter.com/XOQtydBZNF — Holger Zschaepitz (@Schuldensuehner) July 15, 2022 “The Fed’s balance sheet just expanded for the third week in a row in June,” Schiff wrote on Twitter. “The rise of $1.9 billion increased the size of the Fed’s balance sheet to $8.934 trillion. I wonder when the Fed will stop creating inflation by ending [quantitative easing] and actually start fighting it by beginning [quantitative tightening].” Although, some individuals have said the Fed’s balance sheet is shrinking correctly. “They need to keep buying because their assets mature,” one individual noted on Twitter. “They are buying less than is maturing to reach the planned balance sheet shrinkage. To follow it day by day you need to know the exact maturities, but it is definitely still shrinking at the correct rate.” However, people disagreed with that assessment and stressed that the Fed has “shown repeatedly that they’re buying far more than their own estimates from March.” The Biden administration said after the CPI report came out that because gas prices have dropped the recent CPI numbers were already out-of-date. High Gas Prices Push Americans Toward Clean Energy, Biden’s Administrations Inflation Arguments and Economic Remedies Have Not Convinced Americans Its the Right Direction On the other hand, a video of Biden’s Transportation secretary Pete Buttigieg during an interview shows Buttigieg bragging about how high gas prices are forcing Americans to lean toward electric vehicles. Jennifer Granholm, Biden’s Energy Secretary recently highlighted that the high gas prices are “accelerating our progress toward clean energy.” Biden's approval rating falls to 33% and fully 64% of Democrats want someone else to represent the party in 2024, according to ⁦@nytimes⁩ ⁦@SienaResearch⁩ poll. The top reasons? Age (33%) and job performance (32%). ⁦@ShaneGoldmacher⁩ https://t.co/G3cwiLMMoa — Peter Baker (@peterbakernyt) July 11, 2022 Despite the White House saying the CPI numbers were out of date, Americans don’t seem to be convinced by the excuses. The New York Times published a national poll that shows three-quarters of the public believe the country is heading in the wrong direction. A survey from the University of Michigan indicates that American citizens have one of the worst outlooks about the U.S. economy in years and another poll shows inflation is the biggest concern to date. In the midst of the gloomy economic outlook, the senior White House correspondent Alexander Nazaryan noted that inflation has become “Biden’s political nightmare.” What do you think about the rising inflation in America and the flak Joe Biden and his administration have received over the gloomy economic outlook? Do you agree that inflation has become a ‘political nightmare’ for Biden? Let us know your thoughts about this subject in the comments section below. View the full article