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On September 30, the Italian luxury fashion house Dolce & Gabbana sold an NFT collection for $5.7 million or 1,885 ether. The designers’ Collezione Genesi collection was sold via the platform UNXD, a Polygon network-powered marketplace. Dolce and Gabbana’s Collezione Genesi Rakes in 1,885 Ether Dolce and Gabbana’s first-ever non-fungible-token (NFT) drop, Collezione Genesi raked in a whopping 1,885 ether or $5.7 million, using ethereum (ETH) exchange rates at the time of sale on Thursday. Two notable NFTs brought in the most funds, “The Doge Crown” and “The Glass Suit.” “The Glass Suit” NFT was personally designed by Domenico Dolce and Stefano Gabbana and the suit is both an NFT and a physical version tailored specifically for the winner. There were also two versions of an NFT called “Dress from a Dream” in the 9-piece “one-of-a-kind collection.” “In a historic moment for the NFT ecosystem, Collezione Genesi is the first luxury NFT collection that involves both digital and physical works, truly bridging the physical and the metaphysical,” Dolce and Gabbana’s NFT web portal says. The UNXD Culture Fund, Other Fashion Maisons Delving Into NFTs In addition to the NFT collection sale on Thursday, a new $10 million “Culture Fund” has been launched by UNXD. The aim of the “Culture Fund” is to accelerate the fashion industry’s expansion into the metaverse and NFTs. The announcement detailed that the fund will bring different avenues of revenue to fashion brands and designers. Dolce and Gabbana is not the only fashion act in the industry getting into NFTs. A great number of other fashion maisons like Gucci, Burberry, and Louis Vuitton have all revealed NFT promotions. Burberry leveraged the Mythical Games multiplayer online game Blankos Block Party to drop its NFTs and Louis Vuitton also used a game promotion. France’s Louis Vuitton launched a mobile game and players could collect a total of 30 non-fungible tokens. The fashion label Gucci used the auction house Christie’s for its first NFT drop. What do you think about Dolce and Gabbana’s NFT sale? Let us know what you think about this subject in the comments section below. View the full article

French multinational investment bank and financial services company, Societe Generale, has proposed to leverage the decentralized finance (defi) protocol Makerdao. The proposal dubbed “Security Tokens Refinancing” was published on October 1 to Makerdao’s forums and the submission aims to utilize the DAI stablecoin to refinance a covered bond concept. Societe Generale Proposes Leveraging Makerdao and DAI Stablecoins to Refinance Bond Token The international bank Societe Generale’s digital currency division has submitted a proposal on Makerdao’s governance forums (MIP6 application) and the bank wants to refinance a bond token. The “covered bond token,” as it’s called, was issued on the Ethereum blockchain last year. The proposal is on “behalf of European investment firm Societe Generale-Forge (SG-Forge),” the MIP6 application notes. “This refinancing transaction experimentation is in line with the innovative process and solutions developed by SG-Forge,” the bank’s digital currency division explains. “This experimentation combines traditional capital market activities with the decentralized finance emerging and growing ecosystem.” Societe Generale’s summary of the proposal adds: The “OFH Tokens”: the OFH Tokens are characterized as covered bonds under French Law backed by home loans and benefiting from a statutory privilege, issued by Societe Generale SFH (SG SFH) a specialized credit institution with the status of Société de Financement de l’Habitat delivered by the Authorité de Contrôle Prudentiel (as further described below) in the form of security tokens in the Ethereum public blockchain. Makerdao’s Rune Christensen: Post-Foundation Model of Organization Is Proving to Be More Scalable On Friday, the founder of Makerdao, Rune Christensen, explained how the international bank from France proposed to use the protocol. “Societe Generale, the third-largest bank in France, just made a collateral onboarding application to Maker for 20 million USD,” Christensen said. “Backed by EUR bonds, proposed by their blockchain subsidiary.” “Turns out it was the future of France all along,” Christensen added. “Amazed that I had no clue about this at all the whole time. This is one of [the] multiple recent examples in Maker Governance of how the post-foundation model of organization is proving to be more scalable.” What do you think about Societe Generale’s digital currency division leveraging Makerdao and DAI tokens to refinance a bond token? Let us know what you think about this subject in the comments section below. View the full article

On Friday, the U.S. Securities and Exchange Commission (SEC) has delayed four bitcoin exchange-traded funds (ETF) deadlines for another 45 days. The regulator notes that the entity needs more time to decide on the ETF applications. Global X, Kryptoin, Valkyrie, Wisdomtree Bitcoin ETF Deadlines Extended The Kryptoin Bitcoin ETF, Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, and Wisdomtree Bitcoin Trust have all been delayed according to the latest SEC filing. ​​”The 45th day after publication of the notice for this proposed rule change is October 24, 2021,” the U.S. regulator’s filing details. While there’s been a large quantity of bitcoin ETFs filed in the U.S., the SEC has yet to approve any of them. The SEC filing was published by the regulator’s assistant secretary J. Matthew DeLesDernier. “The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments,” DeLesDernier details. The regulator adds: Accordingly, pursuant to Section 19(b)(2) of the Act, Commission designates December 8, 2021, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1 (File No. SR-Nasdaq-2021-066). Speculators Expected a Bitcoin ETF Approval by the End of October Many speculators thought that a bitcoin ETF would be approved this year. Bloomberg Analyst Eric Balchunas told the public on Twitter that he believed an ETF would be approved by the end of October. Balchunas emphasized that the Proshares Bitcoin ETF may be the likely candidate. “New note out today from James Seyffart [on] how the Ether ETF withdrawals add to the likelihood that a bitcoin futures ETF will be launched by end of October with Proshares as favorite, [although] it could (and arguably should) be a group to avoid first-mover advantage,” Balchunas said. The Bloomberg analyst added: We think ether withdrawal shows SEC has a nose in this [right now] and is in [regular] contact with issuers which should mean any kinks ironed out so that they can launch 75 days after filing. Further, ProFunds’ bitcoin MF was launched 77 days after filing. These are virtually [the] same thing. As far as the four bitcoin ETFs that were delayed on Friday, they will have to wait a few more weeks patiently. “The Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved,” the SEC filing concludes. What do you think about the SEC delaying four bitcoin ETFs on Friday? Let us know what you think about this subject in the comments section below. View the full article

The director of Tehran’s Stock Exchange has resigned from his post following the discovery of cryptocurrency mining rigs in his organization’s basement. The scandal has erupted as licensed crypto miners in Iran are reportedly resuming operations amid fears of new restrictions in the winter. Iran Stock Exchange CEO Loses Job for Illegal Crypto Mining Under His Watch Ali Sahraei, chief executive of the Tehran Stock Exchange, has submitted his resignation after cryptocurrency mining machines were uncovered in the building occupied by the organization. Media reports of the illegal mining operation at the market’s offices were initially denied by the exchange. It only admitted to having launched an “investigation and research project” related to the liquidity outflow towards crypto assets in 2020. According to another statement, quoted by the state-run Mashreq News, an internal inspection came across several mining devices that were allegedly operated by the stock exchange. “During the investigation, we found that the activity was not fully recorded and disclosed in the reports and by the accounts of the company,” the announcement details. As news of these findings broke on Iranian media, Ali Sahraei told ISNA news agency: To offer an opportunity for more investigations about cryptocurrency mining at the stock exchange and to help the stability of the markets, I offered my resignation to the board of directors, which accepted it. However, according to the Iran International news portal, the country’s official news agency, IRNA, has presented a different description of the events. Its report on the mining scandal, quoted by the English-language edition, claims Sahraei has actually been fired from his position at the Tehran Stock Exchange Market. Iranian Authorities Allow Licensed Miners to Resume Operations, Report The Iran Power Generation, Distribution and Transmission Company, Tavanir, which had initially denied the existence of the miners, refused to issue any subsequent comments after Ali Sahraei’s statement, the National Council of Resistance of Iran (NCRI) reported on its website. The rigs are believed to have used a lot of electricity and Tavanir has been going after energy-intensive illegal mining operations blamed for the country’s power shortages this year. According to data released in September, the utility has seized over 216,000 mining machines from more than 5,300 underground crypto farms. During the extraordinarily hot summer, Iran faced rising electricity demand for air conditioning and had to deal with blackouts across the country. The power deficit forced authorities to cut consumption and cryptocurrency miners were targeted. Licensed mining farms were also shut down under a temporary ban imposed by former President Hassan Rouhani in May. In August, Tavanir announced the restrictions were to be removed for authorized crypto miners on Sept. 22, in view of an expected decline in power demand during the fall. According to the report by UK-based Iran International, authorities in Tehran have now allowed licensed mining entities to resume operations. However, Iran may experience power shortages again in the cold winter months and reinstate the mining restrictions. The Islamic Republic recognized cryptocurrency mining as a legal industrial activity in July 2019, and the government introduced a licensing regime for mining companies. Permits are issued by the Ministry of Industry, Mines, and Trade. According to Tavanir, 56 authorized crypto mining farms need a total of 400 megawatts of electricity to mint digital coins, while its claims that illegal miners consume around 2,000 megawatts daily have been rejected by the Industries Ministry. Do you think the Tehran Stock Exchange has been involved in illegal cryptocurrency mining? Share your thoughts on the case in the comments section below. View the full article

The Monetary Authority of Singapore (MAS), the country’s central bank, has formally approved two companies to provide crypto services. One is the brokerage arm of DBS, the largest bank in Singapore and Southeast Asia. The other is Independent Reserve, a crypto exchange and OTC trading desk. Singapore’s Central Bank Formally Approves DBS and Independent Reserve DBS Bank announced Friday that its brokerage arm, DBS Vickers (DBSV), “has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.” The bank explained: “This will enable DBSV, as a member of DBS Digital Exchange (Ddex), to directly support asset managers and companies to trade in digital payment tokens through Ddex.” Eng-Kwok Seat Moey, head of Capital Markets at DBS and chair of the DBS Digital Exchange, commented: Having received formal regulatory approval from MAS, DBSV is now in a better position to support institutional and corporate investors in tapping into the growing potential of digital assets as an investment class. Since its launch in December as a member-only bourse, DBS Digital Exchange has been “growing very rapidly,” the bank said last month, adding that the platform expected the number of trading members to double by the end of December, and grow by 20-30% annually for the next three years. Another company, Independent Reserve, a crypto exchange and OTC trading desk, also announced Friday that it has gained “licensure approval” from the MAS. The exchange, established in Australia in 2013, provides SGD, AUD, USD, and NZD fiat-to-crypto trading pairs. The company wrote: Cryptocurrency exchange Independent Reserve has today received approval for a Major Payment Institution License in Singapore … to operate as a regulated provider for Digital Payment Token Services. Independent Reserve CEO Adrian Przelozny opined: “A well-regulated environment will benefit both investors and crypto industry stakeholders. With tailormade rules for the crypto industry, Singapore currently has the clearest and most detailed licensing requirements of any jurisdiction in Asia.” The exchange announced in August that it received an “in-principle approval” from the central bank. Since then, “we’ve seen an influx of retail and institutional investors,” said Raks Sondhi, Managing Director of Independent Reserve in Singapore. What do you think about the central bank granting crypto licenses to DBS and Independent Reserve? Let us know in the comments section below. View the full article

PRESS RELEASE. Bitcoin of America (BOA) is a popular virtual currency exchange, headquartered in Chicago, IL. They are known for their extensive number of Bitcoin ATM locations across the United States. Bitcoin of America’s CEO, Sonny Meraban, and Director of Marketing, Jenna Polinsky, have been featured on air at WGN Radio over the past couple of months. BOA is hoping to provide more free opportunities for the public to learn the basics of cryptocurrency. In BOA’s first WGN radio segment, Meraban and Polinsky discuss the basics of how to use a Bitcoin ATM. They also talk about an additional option, which they are hoping to promote to their beginner audience. Bitcoin of America recognized a major learning gap and created their own face to face purchasing experience, this is known as a Bitcoin Teller location. This means that customers can go in and ask questions regarding their purchase. According to Bitcoin of America, all merchants are trained and ready to assist all users. BOA’s Meraban and Polinsky were also featured on air with John Landecker where they discussed the common question of “how Bitcoin works”. WGN even added a daily Bitcoin price update sponsored by Bitcoin of America. BOA is hoping to bring more awareness to the topic as it has already caught the eye of several viewers. 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

Egyptian banks are reportedly on course to launch a $69.6 million fund which is earmarked to support the country’s fintech companies. According to a report, this fund is expected primarily to target the digital banking and financial services sector. Fintech Apps Targeted Fintech apps that can extend banking and financial services to all segments of society in a cost-effective way will also be targeted. So far, only the National Bank of Egypt, Banque Misr, and Banque du Caire have been identified as the financial institutions that are participating in this initiative. Fintechnews Africa reveals in a report that “investments from the fund will be made in both local and international emerging fintech companies.” The report adds that part of the funds will be used to nurture “young talent in this space.” Aside from helping fintech companies grow, having this fund is expected to help the country narrow its financial exclusion gap. With 67% of its adult population currently financially excluded, Egypt remains one of the most unbanked countries in the world. Egypt’s Financial Exclusion Gap By adding the fintech fund to Egypt’s already existing funds, expectations are that this will bring financial services to Egypt’s excluded groups. A narrowing financial exclusion gap could in turn lead to economic growth. Concerning the decision by the three Egyptian banks to create the fintech fund, the report suggests this may have been necessitated by the banks’ desire to keep abreast with the latest fintech trends. Quoting a statement released by the banks, the report states: “The participation of banks in this fund stems from their belief in the importance of keeping pace with global developments in the field of financial technology, which is the future of the banking and financial industry in Egypt and the world.” What are your thoughts about this story? Tell us what you think in the comments section below. View the full article

The central bank of New Zealand has lined up among monetary authorities exploring the question of issuing their own digital currencies. The financial regulator is now seeking feedback from the public about the need for a digital form of the national fiat while also promising to preserve cash. New Zealand Central Bank Considers Risks and Benefits of CBDC Reserve Bank of New Zealand (RBNZ) is now gathering input from the public on the potential use of a central bank digital currency (CBDC), Reuters reported following an announcement released by the bank on Thursday. Assuring that financial authorities are still working “to preserve cash and the cash system for those that need it,” RBNZ Assistant Governor Christian Hawkesby stated: A Central Bank Digital Currency would see the features and benefits of cash enjoyed in the digital world, working alongside cash and private money held in commercial bank accounts. The high-ranking official elaborated that a CBDC could benefit both individuals and businesses by facilitating the establishment of more efficient and integrated platforms. A digital New Zealand dollar could potentially help protect the country’s monetary sovereignty as well. Hawkesby, who is also the bank’s General Manager of Economics, Financial Markets and Banking, was quoted as saying: As steward we want to ensure that our central bank money remains a stable value anchor for the monetary system and available as a fair and equal way to pay and save – so ensuring that New Zealanders have access to money in forms that suit them and their changing needs. At the same time, the banker acknowledged that a digital currency would pose certain operational risks, including those of a cybersecurity nature, and impact the traditional financial sector. Hawkesby then emphasized that any decision on launching a CBDC would have to take these factors into careful consideration. In a paper accompanying the statement, the Reserve Bank of New Zealand pointed to the declining use and acceptance of paper cash in the country, which could be another major motive to mint a national digital coin. The financial institution also highlighted innovations in private money such as the emergence of stablecoins. Other central banks in the region are already cooperating on the CBDC front. In early September, reports came out that the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore, and the South African Reserve Bank are all preparing to test the use of state-issued digital currencies in international payments. The banks explained that the collaboration aims to develop shared platforms for cross-border transactions using different CBDCs. The trials are led by the Bank for International Settlements (BIS) Innovation Hub with the goal to establish whether central bank digital currencies can simplify transactions and lower their costs. The Hub heads a similar project between China, Hong Kong, Thailand, and UAE, while it’s also cooperating with Bank of France and the Swiss National Bank to test wholesale digital currencies in cross-border settlements. Central banking institutions in dozens of countries around the world are currently working to develop and launch CBDCs, with the People’s Bank of China arguably having the most advanced project. The U.S. Federal Reserve, Bank of Russia, and the European Central Bank are also progressing towards issuing their own digital currencies. Do you think the Reserve Bank of New Zealand will eventually decide to issue a national digital currency? Share your expectations in the comments section below. View the full article

Bitbay has become a fully licensed cryptocurrency exchange in Estonia which introduced stricter rules for the industry last year. The European trading platform has recently passed an independent audit that confirmed its “solvency, security and fiscal responsibility.” Audit Examines AML and KYC Procedures at Bitbay Bitbay, a leading crypto trading platform in Europe, is now a fully licensed and regulated exchange under Estonia’s stringent regulations imposed last fall. The company has been audited by an independent third party which thoroughly examined its accounting practices, including anti-money laundering (AML) and know-your-customer (KYC) procedures. The inspection also verified the platform’s financial assets, including crypto and fiat funds, as well as the current state of user accounts. Income, revenue, and profit were analyzed too, and according to an announcement published on the exchange’s website on Wednesday, the audit has confirmed Bitbay is solvent, secure, and fiscally responsible. Estonia tightened its licensing regime for crypto service providers in late 2020 and they are now required to meet the same standards as traditional financial institutions under the country’s Money Laundering and Terrorist Financing Act. In December, the Baltic nation’s Financial Intelligence Unit revoked more than 1,000 licenses previously issued to virtual currency firms. Bitbay referred to the successful audit as a milestone, not only for the exchange itself but also the crypto industry in general. The company noted that “regulation is fundamental to creating a secure future for digital money and cryptocurrency exchanges.” It insisted that “only by bringing cryptocurrency into the light will we be able to open it up for everyone,” emphasizing its commitment to work with authorities to “transform how deposits, trades, and tax flow transparently to, through and from crypto exchanges.” Bitbay further pointed out: For the million or so users on our platform across Europe, this certification should provide further comfort that their assets are in good hands. Bitbay also published key figures from its financial statement. According to the provided data, the company has generated €8,849,686 in net revenue between October 2019 and December 2020, resulting in a net profit of €6,491,835 after tax. Its share capital is €100,000. The crypto exchange was launched in Poland in 2014 but in the spring of 2018, it decided to leave its home country, citing difficulties with access to banking services. Bitbay announced a decision to move its exchange operations to Malta, another EU member state. The government of the “Blockchain Island” has been working to create a crypto-friendly business climate. Digital asset trading platform Crypto.com recently became the country’s first licensed exchange to offer bank transfers. Do you think more cryptocurrency exchanges will be able to meet Estonia’s stricter regulatory requirements? Tell us in the comments section below. View the full article

Dydx, a decentralized exchange, has seen its trading volumes explode in the last few days, surpassing other recognized decentralized exchanges like Uniswap and Pancakeswap. Some analysts have suggested this might be the result of the latest Chinese cryptocurrency ban causing China-based users to move their trading activities to these platforms. Dydx Bursts With Activity Dydx, a decentralized exchange that, unlike other similar platforms, offers an order book, has been bustling with activity during the last few days. The activity in the decentralized exchange has grown enormously, with volumes surpassing those of its decentralized rivals such as Uniswap and Pancakeswap. In fact, On September 26, dydx trading volumes surpassed those of Coinbase, achieving a big milestone for the platform. According to Antonio Juliano, Dydx’s founder, the exchange managed to move $3.68 billion on September 26, while Coinbase moved $3.61 billion on the same day. Dydx was originally based on Ethereum, but it has since included an L2 layer called Starkware, which allows for much cheaper fees offering the same functionality to its users. This has also caused the exchange to become popular, now being more appealing to everyday traders. Chinese Exodus to Decentralized Exchanges Due to the incredible growth in Dydx’s trading volumes, some analysts have declared that this might be the result of Chinese traders moving to decentralized alternatives after being abandoned by their centralized counterparts. This abandonment was motivated by the recent cryptocurrency ban that forced Asian exchanges to stop offering services to mainland China-based users. Decentralized exchanges are the best option for Chinese traders right now because they don’t enforce KYC policies for their customers. This means that traders can continue to keep holding and exchanging their assets without the risk of government intervention, and now, this trait is key for Chinese users. The value of dydx, the governance token of the exchange, has also been on a constant rise since it was awarded to its traders earlier this month. The token has gained more than 100% in just a month, and its price now hovers around the $24 mark. This means that the airdrop offered to traders is now worth more than double when it was awarded, with some traders now having obtained $900K worth of dydx. What do you think about the recent explosion in dydx trading volumes? Tell us in the comments section below. View the full article

Following the announcement of a few days ago, the decentralized multiverse platform OVR, which unites the physical and virtual worlds through Augmented Reality, has launched “The ARwards” contest open to all creators who are looking for an opportunity to gain wide visibility and possibly win interesting prizes. First of all, The ARwards is completely free for any participant who will simply be asked to register. Creators will be required to provide: username, password, email and nationality, thus completing the registration in less than five minutes. The platform offers content creators the opportunity not only to project their 3D experiences to the world, but also to encourage competition among creators to make augmented reality experiences even better. In concrete terms, through an OVRLand NFT, the famous virtual hexagon developed by OVR to create three-dimensional objects on top of it, participants can upload a 3D model to the dedicated workspace, edit it, refine it and finally send it to the OVR team for approval. Once the project has been approved, the content will be shown in the list of candidates for the competition and can receive its vote. Each registered user of the OVR platform will be able to vote until the end of the competition according to three specific criteria, namely creativity, design and relevance of the theme. Users can vote regardless of whether they have OVR tokens in their wallet or not. However, the vote of users who have tokens in their wallet will carry more weight due to the fact that the contest uses a quadratic voting system powered by blockchain. In addition to securing a space on the official website where the model created is seen by lots of users, participants will be able to win additional prizes in OVR tokens which, at the time of publication, are worth $0.69 and can be traded on Uniswap, ZT, Gate.io, BitMart and PancakeSwap. It is already possible to admire the works via representative videos, to read the original captions written by the creators and to vote for the NFT OVRland with the 3D work you enjoy the most. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

On September 27, the digital currency firm Coinbase announced that U.S. customers will soon be able to directly deposit their paycheck into their Coinbase accounts. With the new direct deposit feature, Coinbase customers can leverage their funds to make investments, generate yield, or add value to their Coinbase prepaid debit card. US Coinbase Customers Will Soon Be Able to Use Direct Deposit Feature Coinbase has come a long way since the firm was created in 2012, and now as a publicly-listed company, the crypto firm offers a myriad of services and is still one of the top gateways to the crypto world. On Monday, the company’s senior director of product, Prakash Hariramani, published a blog post explaining how U.S. Coinbase customers will soon be able to directly deposit their paycheck into their Coinbase accounts. “Over the next few weeks,” Hariramani announced, “we’re rolling out the ability for customers in the U.S. to deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on Coinbase Card, earn crypto rewards, and more. Get paid in crypto or in U.S. dollars and deposit as much or as little of your paycheck as you want. The future of payroll is coming.” Hariramani’s post adds: Now, you’ll save time on the extra steps it takes to move money so you can immediately earn interest on your income or earn crypto rewards with your Coinbase Card. Plus, you’ll pay zero transaction fees on direct deposit funds so you have instant and free access to the crypto economy. Access to Over 100 Cryptocurrencies According to Hariramani, users can deposit as little or as much as they want from their paychecks and can get the funds paid in over 100 crypto assets. The funds can be transferred into stablecoins like USDC and DAI, or remain as USD, as well. Hariramani says the setup can be done easily without leaving the Coinbase application. “Tap direct deposit in the settings, follow the instructions, and find your current payroll company or employer, and we’ll automatically update your paycheck allocation,” the Coinbase executive said. If you’d prefer to set up direct deposit manually, we’ll provide instructions on what to share with your HR department or employer payroll website. You can modify your direct deposit preferences at any time within your settings,” Hariramani concludes. The Coinbase direct deposit feature adds more ways for people to access crypto which increases the crypto economy’s accessibility overall. There are a few other firms that offer direct deposit solutions in order to access crypto, like the company Bitwage. Founded in 2014, Bitwage specializes in crypto payroll services and human resources (HR) for companies with employees that want to be paid in digital assets. What do you think about Coinbase adding direct deposit access for U.S. customers to its crypto markets? Let us know what you think about this subject in the comments section below. View the full article

One of the largest and oldest American comic book publishers DC Comics, Inc., has announced the firm has partnered with Palm NFT Studio in order to unleash a large swathe of non-fungible token (NFT) collectibles. The NFT drop will take place during the DC Fandome on October 16 and the NFT art will feature superheroes like Batman, Superman, Green Lantern, Wonder Woman, and Harley Quinn. American Comic Book Publisher DC Comics to Drop a Large Collection of NFTs Two weeks from now on October 16, the American comic book publisher DC Comics aims to drop a large quantity of non-fungible token (NFT) collectibles featuring the firm’s most beloved characters at the DC Fandome event. The NFT drop from DC Comics is in partnership with Palm NFT Studio and the comic book publisher plans to release a number of NFTs featuring Harley Quinn, Wonder Woman, Batman, Superman, and Green Lantern. The announcement that was revealed to Bitcoin.com News explains that the NFTs were hand-selected by DC’s publisher and chief creative officer Jim Lee. “We spent a lot of time on how to translate and adapt these classic covers into a 21st-century format such as NFTs,” Lee explained in a statement sent to our newsdesk. “This drop pays homage to our 87-year history while visualizing a future in which NFTs play a foundational role in novel ways of interacting with DC content and unlocking new experiences.” The announcement details that the 2020 DC Fandome saw 22 million global views across 220 countries and territories in a mere 24 hours. The firm expects 2021’s Fandome numbers to exceed last year’s, making it the “first large-scale virtual event with registration powered by NFTs, and very likely one of the largest NFT drops ever.” The company said it collaborated with Palm NFT Studio because the company is “flexible as artists are creative.” NFTs to Feature Batman, Wonder Woman, Rare DC Comic Covers Moreover, the comic book publisher stresses that “Palm’s blockchain provides a 99.99% reduction in energy usage compared to proof-of-work (PoW) systems. The blockchain allows DC to mint millions of NFTs for fans “with near-zero cost,” DC details. DC Comics entered the NFT industry in recent times and has already released NFTs via Orbis Blockchain Technologies Limited and the Veve Digital Collectibles app. Marvel Comics has also entered the NFT space by leveraging Orbis and the Veve app. Moreover, both firms have warned freelance artists not to publish the company’s brand name characters without permission from Marvel or DC Comics. The American comic book publisher DC explains the upcoming NFT drop will have certain levels of rarity. DC Comics states: The premier drop offers fans the opportunity to collect three covers for each character in three levels of rarity. For example, fans of the Princess of Themyscira a.k.a. Wonder Woman can collect a Common (1987’s Wonder Woman #1 by George Peréz), Rare (2021’s Nubia and the Amazons #1 by Alitha Martinez), and/or Legendary (Yara Flor on 2021’s Future State: Wonder Woman #1 by Jenny Frison) cover. “It’s immensely rewarding to work with a partner like DC who understands that blockchain is more than a technology, it’s a sustainable storytelling tool that can reshape the relationship between creators and fans,” Palm NFT Studio’s co-founder Dan Heyman explained during the announcement. “What does it mean to be a fan? What does it mean to be a collector? These are age-old questions that we get to watch creators like DC answer in brand new ways every day.” DC Comics says fans can register for the DC Fandome event’s free NFT at dcfandome.com. What do you think about DC Comics dropping free NFTs to fans attending the DC Fandome event? Let us know what you think about this subject in the comments section below. View the full article

The Commodity Futures Trading Commission (CFTC) has charged 14 trading platforms that claim to offer crypto-related investments but have either failed to register with the CFTC or falsely claimed to be registered. These websites also exhibit other signs of being scams. 14 Entities Charged by CFTC After charging major cryptocurrency exchange Kraken, the Commodity Futures Trading Commission (CFTC) has now gone after trading platforms claiming to offer crypto-related investments. The CFTC announced Wednesday that it has “filed charges against 14 entities for either failing to register as futures commission merchants (FCMs) or else making false and misleading claims of having CFTC registration and National Futures Association (NFA) membership.” Most of the 14 trading platforms exhibit signs of scams, such as using identical websites, asking users to pay to join the platforms before they can start trading, claiming to be regulated, and guaranteeing huge returns. For example, some of the 14 websites display this message: “Earn huge return on investment. With our professional team of traders, you are guaranteed of your earnings.” The derivatives watchdog detailed: Twelve of the complaints allege that the entities are acting as FCMs by offering to the general public the opportunity to purchase binary options based off the value of commodities like foreign currencies and cryptocurrencies including bitcoin. These platforms “encourage customers to transfer money or assets to them,” but none of them have registered as an FCM, the regulator said. Among the 12 platforms, Tradingforexpay, Bitfxprofit, Globalnationfx, Binancefxtrade, Maxforexoption, and Excotradeoptions have almost identical websites. Three more — Cryptofxtrader, Smarter Signals, and Prime Expert Trade — look nearly identical. Procryptominners’ website is now offline. Two other platforms are Profx-Capitals and Star Fx Pro. Besides the 12 platforms, the CFTC states that Climax Capital FX and Digitalexchange24.com “offer services related to trading in futures or other derivative products and falsely claim to be registered with the CFTC and a member of NFA.” The two platforms’ websites also look very similar, each stating that it “offers a variety of services to its customers in connection with trading forex and cryptocurrencies like bitcoin that are commodities in interstate commerce.” The CFTC detailed: “Each complaint seeks orders directing the entities to cease and desist from committing violations of the Commodity Exchange Act and CFTC regulations as charged.” Division of Enforcement Acting Director Vincent McGonagle commented: Today’s actions reflect the CFTC’s dedicated efforts to aggressively root out bad actors falsely claiming to hold legitimate registrations and protect the trading public. What do you think about the CFTC going after these trading platforms? Let us know in the comments section below. View the full article

While there’s a lot of hype surrounding digital currencies like bitcoin, a great number of people are still confused by the crypto economy and the myriad crypto assets that exist. One study shows that some people think Ethereum is a drug, while others think Cardano is a cheese. Traders of Crypto Surveys Hundreds of Britons, Researchers Parse 12 Months of Crypto Query Data A recent study published by the researchers at tradersofcrypto.com combed through the most-searched questions that could be entered into Google Keyword Planner in order “to discover how many searches each question received.” The researchers scanned data over the last 12 months using results from the U.S. and U.K. to rank the most-asked questions to the least. The results produced a data set which attempts to explain “the most common cryptocurrency questions.” Tradersofcrypto.com’s researchers also surveyed “hundreds of members of the British public” to get the answers to the crypto questions. The statistics show that less than 1 in 4 individuals think that a cryptocurrency will ever become legal tender. “The vast majority of the British public were unconvinced, with 75.7% responding “no.” The ones that did believe crypto could become legal tender assumed it would happen over the next decade. “The largest portion of ‘yes’ responders (9.8%) believed that this would happen in as little as five years’ time,” the study notes. The researcher’s study continues by adding that despite the recent bull run, 64.6% of those polled did not believe crypto was a “safe investment.” 22% have “no idea” what crypto is and 21% replied that crypto assets are “digital currency,” “online money,” or “virtual money.” “1 in 4 have no idea what Dogecoin is,” the study details. “1 in 2 admit they’re not sure what Binance Coin is.” The research report adds: 3.6% of survey respondents believe that Cardano is a cheese or alcoholic drink. 3.4% of survey respondents believe Ethereum is a drug. Close to a Billion Searches for the Term Cryptocurrency, Interest in Crypto Is Booming The researchers further explain that across 12 months in the U.K. and U.S. there have been approximately 9,269,000 searches for “cryptocurrency.” The study revealed the most searched phrase with the term was “best cryptocurrency” with 502,200 searches, followed by “what cryptocurrency to mine” and “how to buy cryptocurrency,” with 406,000 and 306,540 respectively. “Questions about crypto experienced significant increases in search volume across the board,” the study concludes. “This booming interest in the crypto market suggests that cryptocurrency is turning more mainstream than ever, and will become a staple of the future investment landscape.” What do you think of the study about crypto confusion and the number of searches this past year? Let us know what you think about this subject in the comments section below. View the full article

According to the latest UN statistics, global money laundering transactions reach up to $2 trillion a year. A small fraction of that huge amount passes through the digital assets ecosystem, and responsible actors in it are working to bring that down even more. As the world’s leading cryptocurrency exchange, Binance has especially taken it upon itself to protect the safety and security of the virtual finance world. Here is how it helps legal authorities to take down cybercriminals laundering money. Busting the $500 Million FANCYCAT Ring In June 2021, Binance announced to the public that its security team has taken part in an international investigation that resulted in busting a prolific cybercriminal ring. The company cooperated in the operation with authorities from around the world including Ukraine Cyber Police, Cyber Bureau of Korean National Police Agency, US Law Enforcement, Spanish Civil Guard, Swiss Federal Office of Police, and more. The cybergang, known as FANCYCAT, has been running multiple criminal activities: distributing cyber attacks; operating a high-risk exchanger; and laundering money from dark web operations and high-profile ransomware attacks. In total, legal authorities estimated that FANCYCAT was responsible for over $500 million worth of damages in connection with ransomware and millions more from other cybercrimes. Video of the arrests from Ukraine Cyber Police: Research found that in a majority of the cases associated with illicit cryptocurrency flows coming onto exchanges, the exchange is not harboring the actual criminal group themselves, but rather being used as a middleman to launder stolen profits. Understanding this diagnosis, the Binance security team applied a two-pronged approach to the FANCYCAT investigation. An AML detection and analytics program detected suspicious activity and expanded the suspect cluster, and once they mapped out the complete suspect network, Binance worked with private sector blockchain analytics companies to analyze on-chain activity. Based on this, Binance found that the group was not only associated with laundering ransomware attack funds, but other illegally-sourced funds. This led to the identification and eventual arrest of FANCYCAT. Binance’s Bulletproof Exchanger Project In August 2020, Binance announced to the public that suspicious activity detected and analyzed by its team led to the identification and arrest of a cybercriminal organization responsible for a ransomware campaign and the laundering of more than $42 million in cryptocurrencies over the previous two years. Binance took part in that operation in collaboration with the Cyber Police of Ukraine. This development came after Binance allocated extra resources in early 2020 for its security researchers to probe the ways criminals were laundering money through “Bulletproof Exchangers” – cryptocurrency platforms often serve as the cash-out points for cryptocurrency operations connected to financial crimes and other fraud. Bulletproof Exchangers are well-known for their lenient know-your-customer (KYC) and anti-money laundering (AML) policies. Data analysis showed that these exchangers, which are often based in regions with a lack of enforcement or regulation, have a high proportion of transaction volume linked to high-risk categories such as ransomware attacks, exchange hacks, and darknet-related activities. These examples show that Binance means business when it comes to aiding authorities in the global fight against money laundering. It has already committed its resources, manpower and expertise to this cause, which resulted in the arrests of criminals responsible for hundreds of millions of dollars in damages. And as the world’s leading cryptocurrency exchange, it is uniquely situated to help tackle cybercrime using its big data capabilities, industry partnerships and much more. To learn more about everything the world’s leading cryptocurrency exchange is doing to protect the safety and security of the ecosystem, follow the Binance Blog. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Terra, a top 15-ranked cryptocurrency by market capitalization, is planning to apply the Columbus 5 upgrade to its mainnet today. If everything goes according to plan, this new update will bring improvements to allow the Terra network to keep expanding. Columbus 5 will change how the network mints UST (terrausd), the main stablecoin of the blockchain, and will also bring integration with other chains, and faster transactions. Columbus 5 to Go Live Today Terra, a smart contract-enabled cryptocurrency chain, is prepared to apply the new Columbus 5 mainnet upgrade today. This will bring important updates to the network that could pave the way for future growth. However, the upgrade procedure is anything but simple: the old mainnet, Columbus 4, needs to be stopped completely to be replaced by the new one. The Terra team estimates this upgrade will take two hours. The network upgrade will make fundamental changes in how UST is minted. Before, to mint the UST stablecoin, users had to pay a fee called seigniorage, which was redistributed to the community. With Columbus 5 changes, this seigniorage will be all burned, adding to the scarcity of the LUNA token. Due to this, the update has been referred to as a sort of EIP-1559 for Terra. In addition to this, the update brings IBC support, which allows Terra to communicate with other networks such as Solana and Polkadot. This will allow the movement of assets between these networks, potentially increasing the presence of Terra-based assets in other chains. Terra USD Expansion Is the Goal Terra developers and proponents expect these new improvements will allow UST, the native stablecoin of the system, to become the defacto decentralized stablecoin on several blockchains. At the same time, it is thought this UST acceptance would create an appreciation of the value of Terra’s governance and minting token, luna (LUNA). This is the reason a new bridge called Wormhole, which will provide easy access to the UST stablecoin on Solana, will debut in this upgrade. The Terra ecosystem, albeit young, has made an impact in the cryptocurrency market. While UST is still not listed on some of the biggest exchanges like Binance, it has reached a market cap of $2.6 billion, becoming the fifth-largest stablecoin by market cap. Luna has also grown immensely, experiencing growth of over 10,000% in one year. What do you think about Terra and its Columbus 5 network upgrade? Tell us in the comments section below. View the full article

Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months. The Naira’s Continuing Depreciation The call by Obanikoro comes nearly two weeks after threats from the Central Bank of Nigeria (CBN) governor forced Abokifx to stop publishing the naira’s black market exchange rates. Yet even after the suspension of the service, the naira continues to slide in value. This continuing depreciation, in turn, is forcing panicking stakeholders including Obanikoro to propose even more unconventional and controversial solutions. However, in his September 28 tweet, Obanikoro also justified his call by suggesting that other countries would never allow Nigerians to open a naira account. The lawmaker explained: I am not the Central Bank of Nigeria [CBN] Governor but at this moment, I’m of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let’s see the effect on the naira. After all, you can’t go to any of the Western world and open a foreign currency account. Your opinion. Lawmaker’s Suggestion Questioned As expected, Obanikoro’s controversial call sparked an immediate reaction from some Twitter users. For instance, in his response to the lawmaker’s suggestion, an account called “Cryptocurrency Thought Leader” brings bitcoin into the discussion and says: “Satoshi looked through history and decided to create this alternative for us.” The user ends his reply by predicting that the naira’s drop to $1 for every NGN1000 will “happen faster than I predicted.” Another user, Orisha welcomes the lawmaker’s willingness to solve the local currency’s continuing depreciation but warns against closing domiciliary accounts. The user said: “This idea can work, but you can’t just close people dom account, but only mandate them to withdraw all their $ from the account within let’s say 4month max. Will the North and Naija Elites allow you to destroy banks & bureaux de change [BDC]?” Still, other users have asked Obanikoro to focus his attention on factors that caused the naira to lose its value, and not the accounts. Do you agree with the Nigerian lawmaker’s suggestion? Tell us what you think in the comments section below. View the full article

The national postal operator of Russia plans to implement a parcel tracking system that will rely on blockchain technology. The introduction of the new service is part of Russian Post’s digital transformation strategy and is expected to reduce the number of lost shipments. Blockchain-Based Tracking System to Help Russian Post Save Time and Resources In the context of efforts to develop its services and improve the efficiency of its logistics, Pochta Rossii, or Russian Post, is considering various options, including the implementation of blockchain technology, a representative of the company told Vedomosti. Quoting the postal operator’s Strategy for Digital Transformation, the business daily reported that the first pilots are expected in the coming years. Russian Post intends to introduce its blockchain-based tracking system as early as 2023. The new service will be market-oriented, Director of Digital Products Vladimir Urbansky noted. He further explained that Russian Post is part of a logistics chain, emphasizing that the system will allow it to provide other companies with end-to-end tracking information. Vedomosti quotes a source from the IT industry who commented that the blockchain project aims to limit the number of lost parcels. The expert believes that the new platform can replace Russian Post’s existing tracking mechanism and save time and effort in the search for lost items. That also means that fewer people will be involved in the process. The postal operator’s digital transformation strategy, including a roadmap for the blockchain tracking service, is currently under review at the Ministry of Digital Development, Communications and Mass Media. A final decision is yet to be taken, Minister Maksut Shadaev told the newspaper. When that happens, the strategy will be presented to the company’s Board of Directors. If approved, investments worth 38.2 billion rubles (almost $525 million) will be made by the end of 2025. Russian Post has been eyeing blockchain technologies for some time, the report notes. In October 2017, its director general Nikolai Podguzov revealed plans to implement blockchain solutions to better control the company’s financial transactions. “We have 9 billion rubles in transactions every day. In order to ensure the security of these transactions, it is quite possible that we use blockchain technology, and we are working on it,” the executive stated, quoted by Tass. During the Russia Calling forum, Podguzov said he expected this could have the effect of improving the quality of postal services. Do you think other postal service providers will turn to blockchain technologies in the future? Tell us in the comments section below. View the full article

PRESS RELEASE. Singapore, September 30, 2021. Less than three weeks after releasing its first dApp EverOwn for Binance Smart Chain, EverRise is proud to announce they will launch EverBridge to both the Ethereum and Polygon blockchains on October 5th. With EverBridge, EverRise will make its revolutionary suite of dApps available to projects on both networks starting with EverOwn for Ethereum on October 5th, followed by EverOwn for Polygon on October 8th. This will expand the reach of EverRise’s security solutions and enable the $RISE token to be traded and utilized across all three networks. “This is an exciting time for us to expand the EverRise Ecosystem and also introduce improvements to our project. This bridge allows us to take the dApps and blockchain solutions we have been building and make them more accessible to all developers on the Binance Smart Chain, Polygon, and Ethereum networks,” said Suresh Maddineni, EverRise CEO and Founder. Keeping with the standard of being security pioneers in the DeFi space, EverRise is bringing a novel approach to the cross-chain bridge concept to protect $RISE holders. Typically tokens are minted and burned as they move between chains, but EverRise is creating new smart contracts and locking the supply within the bridge: allowing holders to transfer tokens on one chain to the bridge and receive tokens on another chain without paying a transaction tax beyond gas fees. This locking and unlocking mechanism on the bridge makes it impossible for hackers to exploit a mint function to mint an infinite number of tokens while keeping the circulating supply the same across the three different networks– effectively creating three different $RISE pairings with one circulating supply. When EverRise launched on June 15, 2021, the project immediately became famous for being the first to introduce the concept of a strategic buyback to crypto and has been forked thousands of times. With EverBridge, EverRise will introduce separate Strategic Buyback Reserves and automatic buyback functions to each network. Like on BSC, the Ethereum and Polygon Strategic Buyback Reserves will be locked and only able to buy and burn $RISE tokens on the respective network and debut a new feature of the ability to swap the native coin in the reserves for a stable coin. New trading pairs of RISE/ETH and RISE/MATIC will have their initial liquidity funded by EverRise and will be fair launched on October 5th, 2021 with no presale. Users will be able to trade the ETH backed pair on Uniswap and the MATIC backed pair on QuickSwap. RISE/ETH – Tokenomics – 6% Tax 1% Rewards to Holders 2% Project Sustainability: Operations, Marketing, Development 3% Buyback Strategic Funds RISE/MATIC – Tokenomics – 11% Tax (Same tax as Binance Smart Chain) 2% Rewards to Holders 3% Project Sustainability: Operations, Marketing, Development 6% Buyback Strategic Funds EverRise will also be making EverBridge available to projects on the Binance Smart Chain, Ethereum, and Polygon looking to access the other blockchains without the hassle of developing their own bridge. Projects interested in utilizing EverBridge can contact the EverRise team at partnerships@everrise.com About EverRise A blockchain technology start-up committed to bringing security solutions to the DeFi space through an ecosystem of decentralized applications (dApps). EverRise was the first token to bring the buyback to cryptocurrency with the novel function that purchases tokens from the open market and immediately burns them. $RISE tokens are required to utilize their dApps, with EverOwn released in September and more coming soon. EverRise aims to bring additional levels of trust, safety, and security to Binance Smart Chain, Ethereum, and Polygon space. 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

According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees. Inexpensive Transfers & Speed: Bank of International Settlements Report Says Digital Currencies Can Be More Effective During the second week of September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, explained that central banks need to act quickly in order to develop central bank digital currencies. Cœuré stressed that a digital currency economy already exists and “CBDCs will take years to be rolled out.” Following Cœuré’s statements, BIS, alongside four central banks from the United Arab Emirates, Hong Kong, China, and Thailand, is embarking on a digital currency experiment. The banking group produced a prototype and published a report that detailed the group’s findings after testing the “multiple central bank digital currency bridge project (mBridge).” Bénédicte Nolens, the head of the Hong Kong center of BIS Innovation Hub, explained that digital currencies can be more effective for the banking system and would be beneficial to the economy in general. “Enabling faster and cheaper cross-border wholesale payments, including to jurisdictions that don’t benefit from a vibrant correspondent banking system, would be positive for trade and economic development,” Nolens said in a statement published on Monday. The prototype used by the BIS researchers and collaborating central banks was built on Ethereum’s Hyperledger Besu blockchain. Banking Group Plans to Continue Distributed Ledger Technology Prototype Research Until a ‘Production-Ready’ Solution Is Created Testing showed that distributed ledger technology (DLT) cuts the cost of cross-border exchange by half and settlement speeds take mere seconds. The report said that the mBridge team aims to keep working on the DLT going forward. The group plans to address legal issues and jurisdiction hurdles in order to develop a “production-ready digital currency solution.” The mBridge project is being developed in the midst of China getting prepared to launch the digital yuan as the CBDC nears completion. The mBridge collaboration was previously dubbed “Project Inthanon-LionRock” and it was started by the Bank of Thailand and Hong Kong’s Monetary Authority. The two banks published joint research in 2020 after testing a number of technologies. The report notes that the DLT model research involved ten smaller bank branches from two different locations. What do you think about BIS and the four central banks saying that digital currency transactions are faster and cheaper? What do you think about the mBridge DLT prototype? Let us know what you think about this subject in the comments section below. View the full article

Alibaba, the Chinese e-commerce giant, has announced it will no longer allow the sale of cryptocurrency mining gear on its platform. The sales behemoth made this announcement yesterday via its official website. The move is a direct consequence of the latest ban the Chinese government has applied to cryptocurrency trading and mining. Other institutions and exchanges have also been affected. Alibaba Bans ASIC Miner Sales Alibaba, one of the biggest sales companies in China, has announced it intends to ban the sale of cryptocurrency miners and cryptocurrencies themselves on its platform. The company explained this is a consequence of several circulars and decisions taken by the People’s Bank of China, stating: Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum. The company will terminate two of its product categories to apply this ban — Blockchain Miners and Blockchain Miner Accessories. The ban, which is slated to be applied on October 8, has the possibility of affecting retail sales all across Asia, due to the existence of Aliexpress and Lazada, subsidiaries that extend Alibaba’s domain throughout the continent. Penalties Announced To make sure users comply with the new policy, Alibaba announced a series of measures to penalize the sale of these articles on its platforms. The company stressed that to penalize anyone evading these rules, putting cryptocurrency products in other categories, it would remove or delete the listed products, deducting points, restricting the use of website functions, and closing accounts. The move by Alibaba results from the stance financial authorities in the country, including the People’s Bank of China, have been developing against cryptocurrencies for many years now. Nonetheless, it was the latest crackdown that had more serious repercussions on important companies and exchanges in the industry. Huobi, one of the leading exchanges in Asia, is not letting Chinese users register new accounts on its platform, and it declared that it will close the accounts of existing China-based users. As Alibaba is one of the largest e-commerce sites in the world, the impending ripple effects of the newly implemented measures are difficult to predict. What do you think about Alibaba banning the sale of cryptocurrency miners on its platform? Tell us in the comments section below. View the full article

Emurgo, the financial arm of leading cryptocurrency project Cardano, has announced it will invest $100 million in the development of decentralized finance-based products for the ecosystem. The company will spin two subsidiaries for this task, with one being fully dedicated to incentivizing the creation of Africa-based startups that use the Cardano blockchain in the development of their products. Cardano to Push Ecosystem With $100 Million Emurgo, the financial arm of Cardano, is planning to kickstart the development of Cardano-related products by directing $100 million to two new investment vehicles. The subsidiaries will have different focuses, but will both contribute to widening the Cardano ecosystem. The first one, called Emurgo Ventures, will have the task of providing seed funding to interesting companies that involve Cardano in the development of their products. These products could include NFT platforms and decentralized finance (defi) platforms to take advantage of the newly developed capabilities that the Cardano blockchain has activated. On this, Emurgo’s CEO Ken Kodama stated: We are more focused than ever on accelerating the development of Cardano’s ecosystem with a rich mix of decentralized services catering to a global community that is increasing in overall blockchain awareness. Prioritizing Africa Cardano’s representatives have a clear goal, and that is to be the first to harness the potential that Africa has when it comes to adopting cryptocurrency-based solutions. This is due to the fact that the region suffers from financial inefficiencies, and has a large percentage of unbanked residents. Seeking to meet this demand, Emurgo has launched its second subsidiary called Emurgo Africa. The goal of this subsidiary is to support three hundred startups in the region through seed funding and incubation, in order to make Cardano one of the most used chains in the region. This funding, according to statements, will prioritize projects that use Cardano to provide socially impactful solutions over other kinds of projects. All of these solutions are focused on creating a rich decentralized finance ecosystem that harnesses the new smart contracts features the chain introduced with the Alonzo hard fork earlier this month. The goal is to build a vibrant defi ecosystem to compete with other solutions already known by their platforms such as Ethereum, Solana, and Avalanche. What do you think of Emurgo’s investment to incentivize the use of Cardano? Tell us in the comments section below. View the full article

Yellow Card, an Africa-focused crypto exchange platform, recently announced a capital raise of $15 million from its Series A funding round. The capital raise, which is Yellow Card’s largest, was led by Valar Ventures, Third Prime, and Castle Island Ventures. Square, Coinbase Ventures, and Blockchain.com Ventures also participated in the round. Making Cryptocurrencies Accessible According to the exchange platform’s blog post, part of the funds raised will be used to “ramp up hiring and continue its expansion across the continent.” On the other hand, Chris Maurice, founder and CEO of Yellow Card, said he expects the latest capital raise to help the fintech realize its goal of making cryptocurrencies accessible to everyone. Maurice said: Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent. Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision. Prior to raising the $15 million, Yellow Card already had “a presence in 12 countries [and] 110 employees across 16 countries.” This footprint is likely one of the reasons why the exchange platform was able to record “a nearly 30X increase in users across Africa since the start of the Pandemic.” Capital Raise Highlights Investors’ Positive Perception of Africa The same blog post also quotes James Fitzgerald of Valar Ventures explaining why his organization is betting on Yellow Card. Fitzgerald said: “Africa is poised to benefit tremendously from cryptocurrency’s potential to transform financial services. We believe in Yellow Card’s vision of a Pan-African cryptocurrency platform. What cemented the deal is their multi-national team, which we believe has the local knowledge, technical expertise, and unequivocal passion to address the basic financial services needs of the continent.” Although Africa is widely seen as the ideal market for cryptocurrencies, regulatory uncertainty and continuing reports of regulator pushback make the continent a risky investment destination. However, this lack of clarity has not stopped fintech start-ups like Yellow Card from expanding their operations. In fact, as Munachi Ogueke, Yellow Card’s chief bitcoin officer concludes, the start-up’s $15 million capital raise itself is “a validation that Africa has a major place in the crypto industry.” The statement suggests the fintech start-up is not presently overly concerned with this lack of clarity or certainty. Instead, Yellow Card is more focused on its goal of becoming “a reliable enabler for people across the continent.” What are your views on Yellow Card’s $15 million capital raise? Tell us what you think in the comments section below. View the full article

PRESS RELEASE. Torum is set to launch a pioneering social metaverse and socially integrated Avatar NFTs through a unique SocialFi platform. 29th September 2021, Kuala Lumpur, Malaysia — Torum SocialFi platform has announced that it will be launching a ‘Social Metaverse’ and the world’s first-ever social-integrated Avatar NFT, following a strategic investment from Huobi Ventures back in August 2021. Torum SocialFi Platform The conceptualization and creation of metaverses has been on the rise since the explosion of the NFT market, and Torum is leading the social side of this emerging industry with its Huobi-backed SocialFi platform and ecosystem. The Malaysian-based SocialFi platform has decided to take the lead and build a Social Metaverse within the crypto and blockchain industry. This evolution will kick off from the launch of the world’s first-ever social-integrated Avatar NFT. Meet your Metaverse Identity Powered by Binance Smart Chain, Torum is releasing 21 sets of Genesis Avatar NFTs that are designed with custom themes and popular cultural references. Each avatar represents a one-and-only identity in the Torum metaverse, joined by over 115,000 other users. The BEP-1155 Avatar NFT is created by combining 6 different types of Avatar pieces of different rarity, which are only obtained through the Torum Genesis Blind Box NFT. There are more than 85 million Avatar variations to be explored, allowing the community to express their full inner creativity. As the Avatar NFT is integrated directly into Torum, the owner can use the Avatar as a socialized metaverse profile, bringing the combination of “Social + NFT” concepts into life. Genesis Blind Box NFT Each blind box contains one unit of Avatar NFT piece that is used to assemble a full Avatar NFT set and can only be purchased using the native token of Torum, XTM. To ensure equal opportunities for everyone, the chance of each NFT drop is completely fair and transparent as the total supply is pre-determined through smart contracts, and traceable via blockchain. Every XTM spent in the blind box purchase will be burned from the total token supply forever. As the circulating supply of XTM is reduced, it creates a win-win situation for every party in a wholesome metaverse economy. Gateway to Crypto Social Metaverse As the metaverse concept is still in its infancy stage, there is a massive untapped potential for a socialized metaverse. The Avatar integration is a perfect scenario of how Torum can unleash the possibility of owning a Metaverse identity on social media platforms. The Avatar NFTs and NFT pieces unlocked from the blind box can also be listed and traded on Torum NFT Marketplace upon availability. The swift and flexible approach of the multi-chain SocialFi project has also led to the integration of DeFi and crypto marketing tools like Torum Finance and Torum Lounge respectively. With over 115,000 registered users and Huobi Ventures behind its back, Torum is always ready to adapt and integrate any blockchain trend that emerges in the crypto industry, including Metaverse. Torum Socials Website | Twitter | Telegram | Medium | Facebook Media Contact Details Contact Name: Jayson Tan Contact Email: hello@torum.com Torum is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 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