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The latest Mica (Europe’s Markets in Crypto-Assets Regulation) revision designates the CNMV and the Bank of Spain as the main cryptocurrency watchdogs in the country. The draft also stipulates that companies offering services in the EU will need to be based in a European country. The norm excludes NFTs, for now. Experts state the law might be in advanced stages by the end of this year. Bank of Spain and CNMV Designated as Default Crypto Watchdogs. Mica (Europe’s Markets in Crypto-Assets Regulation)’s latest draft had an update recently, bringing about many changes. For one, the law designates the Bank of Spain and the CNMV (National Stock Market Commission) as the default cryptocurrency watchdogs in the country. However, the ECB will be the institution designated to rule over crypto assets in the EU. Other interesting changes have to do with the regulation of NFT’s. As it stands now, these tokens would be outside the scope of the regulation. This is because exchange value seems to be subjective and difficult to set. The new draft sets a low bar for current banking institutions to offer cryptocurrency-based services. This means banks will not have to go through tough requirements, because they already comply with them. However, brokers and investment companies will have to start from scratch. Also, cryptocurrency-based companies offering services to Europeans must be located in the region to offer their services. With this measure, the EU wants to bring protection to its users by having service providers within its jurisdiction. Mica Draft to Be Ready for Next Year This new draft accelerates the regulatory process, and some experts are now expecting Mica to be ready for 2022. However, the latest draft still has some pending issues. The ECB has not yet committed to an official definition of “crypto asset.” This is said to be needed to avoid contradictory legal interpretations in the future. Also, the implementation of this law will supersede current regional regulations already in effect in some European countries. As such the new Mica draft must specify what the procedures will be in those cases. Central bank digital currencies, like the future digital euro and the already launched digital yuan, would not fall under the jurisdiction of this law. Spain has been especially drastic with its stance on cryptocurrency, targeting tax evaders leveraging digital assets. Last month saw the emergence of a draft law approved by the Finance Commission of the Spanish Congress which would force custody providers to produce information about their customers and their holdings. What do you think about the latest Mica draft? Tell us in the comments section below. View the full article

The city of Bogota in Colombia just announced it will finance blockchain companies through a blockchain investment program. The program, called “Hub Blockchain Bogota,” will deliver financing to 100 companies developing blockchain-based solutions. This is part of a series of initiatives destined to modernize Bogota and turn the region into a smart city. Bogota Programs Will Finance Blockchain Startups The city of Bogota will support blockchain companies with direct financing through a series of funding programs. The program, called Hub Blockchain Bogota will deliver $2.8 billion to blockchain-based companies with useful initiatives. The Jorge Tadeo Lozano University, Innpulsa, and Biointropic y Tribe Accelerator Singapur are also supporting this initiative. The companies interested will have to present their proposals to Fitic, the Bogotá Innovation, Technology, and Creative Industries Fund (FITIC). This institution will decide what ideas will be eligible for getting financed. The projects will the most innovative ideas directed to solve problems in the city will have the advantage. Each startup will receive from $10 million up to $50 million to develop its proposals. The startups selected will also get technical advice from FITIC to implement their ideas. The institution expects to benefit 100 startups with this program. Making a Smarter City The Hub Blockchain Bogota program is part of a bigger initiative to make Bogota a smarter city, according to its mayor, Claudia Lopez. There are other programs following this direction for other industries too. Design Bogota seeks to reinvent the companies in the city offering products and services through the adoption of new technologies. Another program called Innovative Green Businesses will fund companies developing initiatives to impact the environment in a positive fashion. Lastly, Environment 2021 will power current companies to develop new tech-based products and services. Mayor Claudia Lopez stated: With these four FITIC programs we will help those companies and entrepreneurs who are looking for new solutions to respond to current and future challenges, as well as those generated by the fourth industrial revolution. This movement is proof of the importance that cities are giving to new technologies like blockchain. Colombia launched a Bitcoin sandbox last month partnering cryptocurrency exchanges with banking operators. This can lead to the refinement of its regulatory framework to receive more cryptocurrency and blockchain-based companies in the future. What do you think about Bogota blockchain financing programs? Tell us in the comments section below. View the full article

Customers using the Bakkt app can now apply for a debit card which will enable them to pay with bitcoin at merchants that don’t currently take crypto. The virtual Visa card can be added to Apple Pay or Google Pay to purchase items at thousands of retailers supporting the mobile payment systems. Bakkt Card Can Be Linked to Apple Pay and Google Pay This year’s all-time highs convinced many to invest in cryptocurrencies but digital assets still have a lot of ground to cover to achieve wide adoption in everyday payments. Debit cards issued by crypto companies bridge the gap between bitcoin and merchants that are yet to start accepting digital coins. Now there is a new offering in the market. Crypto marketplace Bakkt has launched a debit Visa card that “will maximize users’ ability to spend digital assets.” The card allows Bakkt customers to use their bitcoin (BTC) and fiat cash (USD) balances to buy goods and services, both online and in-store. Bakkt Card allows users to use bitcoin for online and in-store purchases, expanding utility of cryptocurrency. #BakktCard https://t.co/OHz0cPUHgE — Bakkt (@Bakkt) June 22, 2021 The card can be used through the popular Apple Pay or Google Pay mobile wallets which opens the door to thousands of retailers around the world. Commenting on the announcement, Bakkt CEO Gavin Michael pointed out: Our goal first and foremost is to offer more choice for consumers, and the Bakkt Card untethers bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives. Users Can Order the Visa Card via Bakkt App Instead of selling their crypto and waiting for a bank transfer, Bakkt users can now walk into a store, tap their Bakkt Card and pay for the item they want to purchase, Gavin Michael elaborated. The executive added that selected customers will soon be able to take advantage of the same payment option using their rewards points. The Bakkt crypto card is issued by Sutton Bank, a member of the Federal Deposit Insurance Corporation, pursuant to a license from Visa USA Inc. To obtain a virtual Visa, users will have to apply via the Bakkt wallet app. The platform says it’s “enabling this real-world spending, alongside the ability to invest in and hold bitcoin with no transaction fees.” While Bakkt doesn’t charge a fee per transaction, it does sell BTC to its customers at a price higher than their “computed market price,” the company explained in a press release. “Our spread for bitcoin purchases will be no more than 1.5% throughout 2021,” Bakkt revealed in the announcement. Are you using a crypto debit card and if so, which one? Let us know in the comments section below. View the full article

PRESS RELEASE. Bitcoin of America, a popular virtual currency exchange, is known for their 1200+ ATMs across 31 US states. Bitcoin of America is looking to bring attention to the success their team, working behind the scenes, has had on the company’s growth. Some of their top executives were interviewed on the future of the company and their experiences working there. Registered as a money services business with the United States Department of Treasury, (FinCEN) Bitcoin of America offers several different services including Bitcoin ATMs, Bitcoin Tablets, and an online exchange. Bitcoin of America has been known to provide fast and hassle-free transactions to their customers while offering top of the line customer support, which makes them one of the best in the industry. William P. Suriano, General Counsel for Bitcoin of America, has played a major role in the company’s success. When asked about the future of Bitcoin of America Suriano responded, “In the next couple years, I expect that the company will continue to grow into what will become a more competitive market for cryptocurrency deployers and that it will expand the services offered at its kiosks to include conventional ATM services, bill paying, check cashing, and other services. I expect the company will expand into new geographic markets in North America, Central America, South America, and Europe.” Suriano also mentioned, “What I love about working for the Company is the broad diversity of issues I face every day. In any given day, I may deal with an employment contract, a financing proposal, a lease, a court case, and a business license.” Bitcoin of America’s Chief Operating Officer, Samantha Miller, spoke out about her positive experiences working at the company. “Working for Bitcoin of America has been an amazing experience. We have a great team that truly believes in the vision and plan that has been set forth. Being in such an emerging technology has been exciting because the team has such enthusiasm to make us successful in every way. My team is really “all in”. When asked about the future of the company, Miller said, “I see the company continuing its lightning-fast growth that we have experienced over the last 14 months. The market supports this growth, our customers support this growth, and our future plans support this growth. We prepared for this over a year ago and executing this plan has been truly life changing.” Paul Bialobrzewski is the Chief Financial Officer for Bitcoin of America. He is responsible for overseeing the entire accounting and finance functions at Bitcoin of America. This includes everything from ensuring our vendors are being paid on time to producing accurate financial reports to the management team. Bialobrzewski mentioned, “In the next few years, the company will continue its aggressive expansion plans for deploying ATMs. One of the factors that really sets us apart from our competition is our ability to remain efficient and leverage economies of scale. We have not only seen significant growth in top line revenue, but other key performance indicators have also seen tremendous improvement. In the future we will continue this trend.” Veronica Mehraban, Operations Specialist, has been with the company for just two short months. Within these two months Mehraban has already seen tremendous growth. “I was given the wonderful opportunity to oversee the maintenance and installations team. I feel lucky to work with such great individuals, every single one of them are so knowledgeable, they represent the company very well, constantly innovating and they challenge me to learn more every day.” She even mentioned that she is constantly trying to keep up with demand. “We are moving at a very fast pace, as a team we thrive to be efficient and find ways to get things done.” Jenna Polinsky, Director of Marketing and Head of Tablet Sales, for Bitcoin of America has been with the company since 2018. She is responsible for the company’s marketing and the success of the tablet program. Polinsky mentioned, “One of the best parts of working with Bitcoin of America is that the company provides an experience unlike any other. One day you are at Bitcoin 2021 in Miami and the next you are doing a podcast with a huge financial advisor. The opportunities are truly endless. Our CEO, Sonny Meraban, does a great job of making sure that everyone’s voice is heard,” says Polinsky. She plans on expanding the tablet program and bringing cryptocurrency into local businesses across the USA. Bitcoin of America is known to have one of the best compliance teams in the industry. Amanda Piccone, Bitcoin of America’s compliance officer is one of the amazing women behind the team. When asked about the company’s growth, Piccone responded: “I have seen ridiculous amounts of growth. Within my 12 months of being with Bitcoin of America, we have averaged at least 500% growth – and that’s just from a compliance perspective. This includes anything from alerts, application volume, customer support inquiries, and kiosk hosts. If there is a way to grow in our business, at lightning speed, we nailed it.” Bitcoin of America is growing at a rapid pace. The company has gone from 630 Bitcoin ATMs in January 1200 plus in just 5 months. It is evident from the feedback given that Bitcoin of America has created a positive work environment for their employees. To find out more about Bitcoin of America and the services they offer, visit their website! 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

The United Nations (UN) mission in Kenya recently praised a local blockchain-based community inclusion currency (CIC) initiative for its part in helping to reduce poverty in one of the country’s poor informal settlements. The mission’s sentiments follow a tour of the Mukuru informal settlement by its resident coordinator, Stephen Jackson. In a tweet, the mission commended the Sarafu blockchain anchored e-voucher system for helping “vulnerable households access basic needs.” An Alternative Medium of Exchange In a different tweet, UN Kenya also praised residents of the informal settlement for their embrace of the Sarafu blockchain-based e-vouchers system. The world body further added that by using this trading system, the Mukuru informal settlement is “encouraging local circular economy and reducing poverty levels.” According to past remarks attributed to Will Ruddick — one of the co-authors of a whitepaper document that explains the novel monetary system — CICs are shares that are “acting as a medium of exchange.” Another report explains these currencies also act as a store of value in times of economic turbulence and hyperinflation. In the meantime, in his own tweet on June 16, Ruddick again explains how blockchain-based e-vouchers can be useful in times of economic difficulty. He said: Sarafu is a Community Inclusion Currency that communities can use to trade with each other when the national currency is scarce. It utilizes an application-specific blockchain Bloxberg as a backend ledger with a USSD interface for people without internet. Empowering Marginalized Communities The Sarafu CICs — initially anchored on the Bancor protocol — are championed by Grassroots Economics, a Kenyan non-profit foundation that seeks to empower marginalized communities. On its website, the foundation says it has “implemented community currency programs in 45 locations across Kenya and assisted with 2 in South Africa.” In addition, the foundation claims to have helped “more than 40,000 small businesses, churches and schools take an active role in their own economy and development.” Meanwhile, in addition to getting recognized by the UN Resident Coordinator, the Sarafu CIC initiative has also received support from Kenya Red Cross. What do you think of the Sarafu CICs? You can share your views in the comments section below. View the full article

A new report shows that U.S. regulators have imposed fines and penalties totaling $2.5 billion on crypto firms and individuals so far. The U.S. Securities and Exchange Commission (SEC) has imposed the most fines, followed by the Commodity Futures Trading Commission (CFTC). Meanwhile, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is the latest government agency to come after crypto firms. $2.5 Billion in Fines and Penalties Blockchain analytics firm Elliptic released a report Monday outlining “crypto enforcement actions by U.S. regulators.” The report explains: “Contrary to the widely-held belief that the cryptoasset industry is unregulated, US regulators are increasingly imposing significant financial penalties on crypto businesses – for fraud, breaches of AML regulations, offering unregistered securities and sanctions violations.” Elliptic analyzed enforcement actions by U.S. regulators since the birth of Bitcoin in 2009 and found that “$2.5 billion in penalties have been imposed against firms and individuals dealing in crypto,” the report details. The agency which imposed the most crypto-related penalties is the U.S. Securities and Exchange Commission (SEC). Crypto firms and individuals have been asked to pay $1.69 billion by the SEC so far, $1.38 billion of which relate to unregistered security offerings. The Commodity Futures Trading Commission (CFTC) came second with enforcement actions totaling $624 million. The third is the Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Treasury Department, with $183 million. The fourth is the U.S. Treasury’s Office of Foreign Assets Control (OFAC), the latest government agency to take action against crypto businesses. The OFAC has imposed $606K on crypto entities in total. Among companies fined by the OFAC were Bitgo and Bitpay; both allegedly allowed their users to bypass U.S. sanctions. The largest enforcement action to date was in 2020 against Telegram Group Inc. and its wholly owned subsidiary Ton Issuer Inc., the report notes. The SEC alleged that Telegram’s tokens, called “grams,” were unregistered securities offering. The defendants agreed to return more than $1.2 billion to investors and pay an $18.5 million civil penalty. The report concludes: Our analysis of cryptoasset-related enforcement actions in the US, demonstrates that crypto is far from being the ‘wild west’ of finance. Regulators have successfully used existing laws to halt and penalise illicit activity that has exploited cryptoassets. What do you think about all these enforcement actions by U.S. regulators against crypto firms and individuals? Let us know in the comments section below. View the full article

Andreessen Horowitz, the Silicon Valley venture capital firm founded by Marc Andreessen and Ben Horowitz, has announced the launch of a $2.2 billion crypto fund. The firm is “radically optimistic about crypto’s potential to restore trust and enable new kinds of governance.” Andreessen Horowitz Launches $2.2 Billion Crypto Fund Andreessen Horowitz announced the launch of a new $2.2 billion crypto venture fund Thursday. The Silicon Valley venture capital firm, also known as “a16z,” was founded by Marc Andreessen and Ben Horowitz in 2009. Chris Dixon, Katie Haun, and Ali Yahya, partners on the crypto team at Andreessen Horowitz, explained the new fund in a blog post titled “Crypto Fund III.” They wrote: The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives. “This fund allows us to find the next generation of visionary crypto founders, and invest in the most exciting areas of crypto,” the a16z partners explained. “We invest in all stages, from early seed-stage projects to fully developed later-stage networks.” Haun told CNBC Thursday that the fund is not a hedge fund but a venture fund. She clarified that the fund invests in tokens and protocols as well as businesses. The company’s first crypto-focused fund was launched three years ago during a crypto winter when the value of bitcoin plunged roughly 80% from its 2017 highs. The partners further detailed: We believe that the next wave of computing innovation will be driven by crypto. We are radically optimistic about crypto’s potential to restore trust and enable new kinds of governance where communities collectively make important decisions about how networks evolve, what behaviors are permitted, and how economic benefits are distributed. “That’s why today we’re pleased to announce a new $2.2 billion fund to continue investing in crypto networks and the founders and teams building in this space,” the partners emphasized. What do you think about venture capital firm Andreessen Horowitz launching a $2.2 billion crypto fund? Let us know in the comments section below. View the full article

Since deploying natively on Harmony’s blockchain in May, Sushi is now deepening its collaboration with Harmony after revealing plans to bring its full decentralized finance (defi) product stack onto the blockchain with accompanying incentives designed to drive greater participation. Meanwhile, decentralized exchange (dex) competition continues to swell. Partnership Expansion Accompanies $4 Million in Incentive Campaigns On Thursday, Harmony, a proof-of-stake (PoS) blockchain network focused on cross-chain transactability, unveiled a decision to broaden the partnership agreement with Sushi, a community-driven defi platform offering a full stack of decentralized finance services. After deploying Sushiswap on Harmony back in May, the freshly strengthened collaboration paves the way for Sushi to deploy the remainder of its product suite onto the effective proof-of-stake (EPoS) blockchain. Sushiswap is the second runner-up in the space with an 11% share of dex trade volume, according to today’s Dune Analytics seven-day stats. The leading dex is Uniswap with 61% of the seven-day volume. Based on the most recent data, while Sushiswap’s seven-day volume is $2,079,972,559, Uniswap is well ahead with $10,793,064,634. Additionally, up and coming players like Curve and 0x Native are racing to close the gap, with Curve at $1,427,401,281 seven-day volume and Ox showing $1,091,283,123 in seven-day trade volume. Corresponding with the second anniversary of Harmony’s mainnet launch, the expanded partnership aims to strengthen the protocol’s cross-chain defi capabilities, while leveraging Harmony’s 2-second transaction speeds and low transaction costs. The Sushi full-stack deployment will be accompanied by two incentive campaigns. This includes a $2 million liquidity mining campaign to encourage yield farming with $1 million of ONE and $1 million 1Sushi token rewards. Kashi, a lending decentralized app (dapp) built on top of Sushi’s Bento Box, is also natively deploying on Harmony. The lending and margin trading platform will be the destination for another $2 million incentive program that will contain $1 million One and $1 million 1Sushi tokens. Bento Box, a vault for asset deposits, will not be deploying on Harmony. However, the stored assets will be accessible for dapps built on top of it. Addressing Defi’s Deficiencies As defi protocols seek to avoid the high costs and low throughput associated with Ethereum, the race is on to deploy on competing networks and solutions. Sushi operates in an ocean of defi solutions and is far from the only platform making a move to new horizons, echoed by Aave and Curve’s adoption of Polygon. Sushiswap is also on Polygon, highlighting the platform’s rapid adoption. Polkadot is also attracting defi’s attention as an alternative to the scalability and cost limitations of Ethereum. Acala, which aims to be the Ethereum-compatible defi hub on Polkadot, has seen its own Karura platform win the first parachain auction on Kusama, Polkadot’s canary network, potentially shifting the ultra-competitive defi landscape in yet another direction. With the costs and difficulties of switching between blockchain networks continuing to fall, it remains to be seen whether Ethereum’s upcoming shift to proof-of-stake will be able to stave off the migration of platforms seeking better conditions elsewhere. What do you think of the Sushi and Harmony’s Collaboration? Let us know in the comments section below. View the full article

On June 24, the CEO of Far Peak Acquisition Corp. and former New York Stock Exchange (NYSE) president, Thomas Farley discussed the future of bitcoin and gold on the CNBC broadcast Squawk Box. Farley is optimistic about the leading crypto asset but he doesn’t believe it will surpass gold’s $10 trillion market capitalization unless it’s “an accepted form of currency.” Far Peak CEO Says Bitcoin Will Go Up, But May Not Beat Gold Thomas Farley spoke about bitcoin (BTC) on Wednesday following the digital asset’s rebound from the $28,600 low on June 22. Farley is the chief executive officer at Far Peak Acquisition, a special purpose acquisition company but he also once led the NYSE as its president. Farley has spoken about bitcoin on a few occasions in the past and was known for revealing the launch of the NYSE bitcoin price index in 2015. “We are now going to use our name, reputation, and global index provider stature to provide bitcoin values that the rest of the market can look to,” Farley said at the time. While speaking on Squawk Box, Farley stressed that BTC was a volatile asset and this is because it is so new. “With respect to the recent price moves, I’m kind of sanguine about them,” Farley remarked. “Bitcoin’s a very volatile asset class, in part because it’s a new asset class,” he emphasized. Farley doesn’t think that BTC won’t go up or even down over the long term, but he still believes “it’s a lower left to upper right trend and I think we’re going to see that play out over five years.” The Far Peak executive, however, believes gold has the upper hand in comparison to bitcoin. “I think the upper bound for now is gold, which is about a $10 trillion market cap,” Farley said. Despite the fact that BTC needs to be more than half of a million dollars per unit, many bitcoin bulls believe the leading crypto asset can surpass gold’s global valuation. It seems that Farley thinks that BTC could get an edge on gold if it was a more accepted medium of exchange. But the former NYSE president is not so sure BTC will ever pull it off. “In order for bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency,” Farley explained. “I’m not sure, frankly, if it ever gets there.” What do you think about Thomas Farley’s opinions about bitcoin and gold? Do you think bitcoin could someday surpass gold’s market valuation? Let us know what you think about this subject in the comments section below. View the full article

After OVR announced its integration with Chainlink on June 10th, now the team is proud to explain all the rules of OVR prize distribution powered by Chainlink Verifiable Random Function. In fact, OVR decided to collaborate with Chainlink VRF to determine the winner of its $15k OVR token prize extraction reserved to treasure hunters and to participate in its wider $50k OVR token prize extraction for OVRLand buyers. The extraction process will be done through a public and deterministic algorithm. So, OVR will run 2 main competitions, one for treasure hunters and one for OVRLand buyers. OVRLand buyers and treasure hunters to win $65k All the OVRLands where treasures have been discovered after the competition start date will be listed on a specific interface available to the user. The treasure hunt competition will have 3 rounds on different dates starting from June 22nd. At the end of each treasure hunt competition period the list of all OVRLands where treasures have been discovered by participants will be created and made publicly available. The list will be ordered by ascending OVRLand Hex, OVR will generate a publicly verifiable random number with Chainlink’s VRF and will iterate on the ordered list with such a number to select the winner. The Python script used to iterate on the list will be made publicly available before the extraction Regarding the OVRLand buyers, instead, all OVRLands acquired after the competition start date will participate in the extraction of an OVR prize, and will run 5 different rounds of such an extraction. Users buying OVRLands since the start date of the competition will be able to see the list of the OVRLands that they bought during the extraction round on a specific interface. At the end of each round an ordered list of all OVRLands acquired in the period will be made publicly available, OVR will generate a publicly verifiable random number with Chainlink’s VRF and will iterate on the ordered list with such a number to select the winner. Only OVRLands that started the auction prior to the closing date of the current round and closed before the starting date of the next round will be admitted for the extraction. Of course, prizes will be immediately available to participants to withdraw or spend on the platform. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Cryptocurrency exchange Binance launched its NFT marketplace on Thursday. The platform allows users, including artists, creators, and crypto enthusiasts, to mint and trade non-fungible tokens (NFTs). It employs Binance’s blockchain infrastructure and features various forms of digital artwork and collectibles. NFT Collection Brings Together Celebrated Artists in a ‘Genesis’ Auction The long-awaited Binance NFT Marketplace is now live, the world’s leading digital asset exchange announced. The platform kicks off with a premium event auction called ‘Genesis,’ its first ‘Mystery Box’ collection, and the launch of the recently announced “100 Creators” program presenting NFT content from local talent around the world. The ‘Genesis’ auction features digitized NFT artwork from famous Spanish surrealist artist Salvador Dali and a tribute to Pop Art movement icon Andy Warhol. The collection brings together Dali’s “Divine Comedy: rebeget” and three self-portraits by Warhol, “Nirvana,” “Vitality” and “Harmony.” The auction for the ‘Genesis’ collection starts on June 24 and will continue for the next five days. Nirvana, Vitality, and Harmony by Andy Warhol. Source: Binance The Binance NFT Marketplace also offers users an opportunity to unlock special NFTs. Each of the platform’s ‘Mystery Boxes’ will have one token “with contents ranging from ultra-rare, limited edition NFTs to more common collectibles,” the exchange explained. The first collection titled ‘tokidoki’ includes 16 iconic designs, featuring three exclusive Binance-branded characters that can be drawn only from “tokidoki X Binance NFT All Stars Mystery Box Series 1.” 10 winners, selected among eligible users, will get a Golden Binance Dragon Unicorno NFT. You need to collect 15 different editions of ‘tokidoki’ NFTs to participate. ‘100 Creators’ Program to Present Talent From Around the World on Binance NFT Marketplace Binance has also opened the NFT marketplace for its “100 Creators” initiative. The program’s main goal is to bring regional talent to the spotlight. Users will be able to browse NFT content starting from Thursday, and additional works will be listed during the first week after the launch. In a press release published on Monday, the crypto exchange detailed: Creators releasing NFTs under the 100 creators program will be periodically releasing their NFTs on our marketplace. Follow your favourite creators on social media to make sure you don’t miss out when their NFT drops go live! “100 Creators” was established as a platform to present artwork from talented artists and everyday creators around the world. Binance vowed to maintain a “creator-first approach” with the NFT marketplace charging a low, 1% processing fee while creators and artists will receive a 1% lifetime royalty from each sale or trade of an NFT. The Binance NFT Marketplace utilizes the blockchain infrastructure of the global crypto exchange and is the latest addition to its line of products. A Binance account is needed to access the platform. Users who sign up within a month of the launch date and buy their first NFT will be rewarded with a limited edition NFT, the exchange promised. What do you think about Binance’s new NFT marketplace? Let us know in the comments section below. View the full article

U.K.’s financial regulator, the Financial Conduct Authority (FCA), has warned that 111 companies are offering crypto services in the country without proper registration. “This is a very real risk so we are worried about that,” said the regulator’s head of enforcement and market oversight. 111 Unregistered Firms Operating in the UK Britain’s financial watchdog, the Financial Conduct Authority (FCA), has identified 111 companies operating in the crypto space without necessary registration, Reuters reported Tuesday. The FCA head of enforcement and market oversight, Mark Steward, told City & Financial’s City Week event that these companies are high risk, volatile, and unregulated. He was quoted as saying: We have a number of firms that are clearly doing business in the UK without being registered with us and they are dealing with someone: banks, payment services firm, consumers. This is a very real risk so we are worried about that. In the U.K., the FCA oversees the crypto industry, ensuring that companies comply with anti-money laundering and counter-terrorist financing provisions. Crypto firms are required to obtain full FCA registration before they can begin trading. However, Steward said that only a handful of them have registered. He then proceeded to warn of the risks of investing in cryptocurrencies, such as bitcoin. The FCA head of enforcement and market oversight opined: The reason many are investing now is because they have a fear of missing out [FOMO] on what might be a boom. Leaving aside how volatile these instruments actually are, it has tulip mania written all over it. Earlier this month, Bitcoin.com News reported that the FCA extended the deadline of the Temporary Registrations Regime (TRR) for existing crypto businesses from July 9, 2021, to March 31, 2022. The TRR was established last year to allow existing crypto asset firms that applied for registration before Dec. 16, 2020, and whose applications are still being assessed, to continue trading. The FCA said at the time: A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications. What do you think about crypto companies operating in the U.K. without registering with the FCA? Let us know in the comments section below. View the full article

The Financial Supervisory Authority of Norway (Finanstilsynet) has cautioned investors about investing in cryptocurrencies as the price of bitcoin plunged Tuesday. “There is a strong need for a legal framework and investor protection if cryptocurrency is to be able to become a suitable form of investment for consumers,” the regulator’s consumer coordinator wrote. Norway’s Financial Regulator Warns of Crypto Risks Norway’s financial regulator, Finanstilsynet, posted a notice on its website Tuesday warning about the risks of investing in bitcoin and other cryptocurrencies. It is written by the regulator’s consumer coordinator, Jo Gjedrem, a lawyer from the Norwegian Consumer Authority, the Finanstilsynet described. The warning was posted as the price of bitcoin dipped below the $30K level Tuesday. Gjedrem began by noting that Norwegian consumers increasingly sought new investments during the coronavirus pandemic and “Cryptocurrency has received the attention that very few other investment options have.” He detailed, “The technology is new and exciting, high-profile investors and celebrities have bought in, and influencers are marketing them on social media.” However, the Finanstilsynet’s consumer coordinator cautioned: Most cryptocurrencies are subject to extreme price fluctuations. The risk of loss is high … The market has also attracted significant criminal activity. Scammers use spam, computer viruses, fake drawings and a variety of other techniques to deceive consumers. He explained that cryptocurrency is largely unregulated in Norway, and there is no statutory consumer protection for cryptocurrency buyers, unlike with traditional investments. Furthermore, Gjedrem emphasized that cryptocurrency trading platforms in Norway are only obligated to comply with anti-money laundering (AML) provisions and the Finanstilsynet does not supervise them beyond that. Gjedrem noted: There is a strong need for a legal framework and investor protection if cryptocurrency is to be able to become a suitable form of investment for consumers. The lawyer pointed out that the European Commission presented a proposal in September 2020 to regulate the cryptocurrency market. The proposed rules, which are expected to be in place in four years, cover various areas, including market abuse, issuer authorization, and investor protection. “Until such regulations are in place, anyone considering trading in cryptocurrency should think carefully and understand the significant risk that such investments entail,” the Finanstilsynet post concludes. “Consumers who want to try this with open eyes should not invest more than they can afford to lose.” What do you think about the Norwegian financial regulator’s warning? Let us know in the comments section below. View the full article

PRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of SENT, being available to trade on the 23rd June 2021 at 10:00AM UTC. SENT is the native governance token of the Trade The Chain global community of crypto traders and enthusiasts, and was built to help traders make better decisions. The founding team is composed of veterans with backgrounds in asset management, prime brokerage, journalism, and more. SENT has started trading with USDT as a pair. What is SENT? SENT prioritizes community and ensures fair distribution of tokens. Token holders participate in the governance of the project from the very start, including voting on ecosystem fees, the SENT rewards program structure, how the Trade The Chain 2.0 platform will interface with the SENT token, and interfacing with a soon-to-be-announced advisory council to ensure impact resolutions are passed. Another unique part of SENT was how it first was brought to market, in a fair launch on the decentralized exchange Zero. A fair launch is when the token is floated on the open market rather than sold. There was no pre-sale or initial coin offering, the token was simply made available to the community. As sentiment continues to dictate crypto markets and more traders look for better ways to make decisions, Trade The Chain and SENT offer a unique proposition for anyone wanting to trade like a professional. How does it work? The Trade The Chain community enables members to use AI-driven sentiment indicators, which help them make better, more informed trading decisions. The platform leverages technology to parse through thousands of media and data sources in multiple languages to deliver actionable insights and one-hour price predictions across hundreds of projects and dozens of trading venues. The team behind Trade The Chain recognized the importance of fostering the reciprocal relationship between their platform and their community, and SENT was created to engage and reward members. SENT is a multi-faceted token incentivizing holders through exclusive offers, discounts, and other exciting opportunities from Trade The Chain and its partner ecosystem. Strong Endorsement Bitcoin.com Exchange CEO Danish Chaudhry highlights the community aspect: “SENT is a great example of projects putting community first. There will be several benefits to Trade The Chain members holding this token, and we’re excited to be the first launch venue.” To celebrate listing the SENT token, Bitcoin.com Exchange is hosting a 10-day trading competition with a prize pool of $20,000 SENT, giving traders the chance to win the token and participate in the Trade the Chain community. Alex Mascioli, Co-Founder of Trade The Chain, added that “Trade The Chain and Bitcoin.com Exchange both share a community-first mentality, and they are an ideal partner for the first SENT listing. We’re excited to partner with them and look forward to seeing how the trading competition turns out.” About Bitcoin.com Exchange The mission of Bitcoin.com Exchange is to empower people from all over the world to trade cryptocurrencies with ease and confidence, from first-time traders to advanced trading professionals. With high liquidity, 24/7 multilingual support and dozens of trading pairs, complemented with a high level of security, we offer an attractive platform for trading any cryptocurrency. Within one year since launch, on average, our exchange has been visited by more than 500K active traders per month, and this number continues to grow as you read this sentence. About Trade The Chain Trade The Chain is a market agnostic, global community of traders and crypto enthusiasts that enables anyone, regardless of skill level, background, location, or experience, to learn from each other and share strategies for success. In addition to the interactive community, Trade The Chain provides access to actionable sentiment indicators, real time significant development alerts, and a price prediction algorithm — data that up until now was only used by hedge funds and other financial institutions to help them make more informed trading decisions. Trade The Chain members are able to leverage tools that give them the same advantage that more sophisticated players have, at a fraction of the cost. 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

E-Livestock Global, a venture-funded social enterprise, recently launched a blockchain-based livestock traceability system for Zimbabwean cattle farmers. The Mastercard “Provenance solution”-powered system, claiming to be the first of its kind in Africa, aims to bring “end-to-end visibility to the cattle supply chain.” It could also help Zimbabwean farmers prove the origin and health records of their cattle while reducing risks to buyers. Solution Brings Hope to Zimbabwe Cattle Farmers According to a statement released by Mastercard, this solution could not only bring hope to farmers who lost a total of 50,000 cattle to tick-borne disease in 2018, but may also improve Zimbabwe’s chances of regaining “its lucrative beef export market to support economic recovery.” In his remarks following the launch, Max Makuvise, Founder and President of E-Livestock Global, lauded the solution saying this “will open up new opportunities for farmers.” He said: Mastercard’s Provenance solution can safely and securely track the authenticity of the cattle’s journey at every stage, from birth to sale. Tracking the medical history of cattle on a tamper-proof blockchain ledger will foster renewed trust in Zimbabwean cattle farming and re-establish Zimbabwe’s credibility as an international beef exporter. As part of E-Livestock’s blockchain-based cattle tracking system, commercial farmers and dipping officers (dipping is a process done for tick prevention) tag each head of cattle with a unique, ultra-high frequency RFID tag — as mandated by the Zimbabwean Ministry of Agriculture — and register the livestock and its owner to the blockchain. From then on, each time the animal gets dipped, vaccinated or receives medical treatment, the tag records the event onto the traceability system. Enhancing Transparency With Mastercard’s Blockchain Solution For his part, Mark Elliott, the Division President of Mastercard in Southern Africa, touts how the blockchain-enabled “seamless supply chain transparency can help convey authenticity, expand inclusion, share sustainability practices and improve back-office efficiencies.” According to the company statement, Mastercard is aiming to bring more transparency and traceability to food systems. It says the payments giant has already integrated its blockchain system with other companies that enable food supply chains around the world. The integrations are further “enhancing the supply chains for Australian avocados and Californian shrimp and commodities like coffee and grains in the Americas” the statement added. As Mastercard is a large, centralized company, the embattled Zimbabwean cattle farmers will likely be watching closely in the coming months to see if they make good on their blockchain promises for the unique market needs of the country. What do you think of this Mastercard-supported cattle tracking solution? Tell us what you think in the comments section below. View the full article

Canaan Inc., the crypto mining rig manufacturer based in Beijing, has announced the company plans to mine cryptocurrencies in Kazakhstan. The company says that the firm’s next-generation Avalonminer mining rigs are already deployed in the world’s largest landlocked country. Canaan Joins the Bitcoin Mining Fray The publicly-listed company Canaan (Nasdaq: CAN) has revealed the firm is entering the fray of bitcoin mining with its own self-operated mining business. Canaan is one of the oldest bitcoin mining hardware manufacturers in the world as it was founded by Nangeng Zhang in 2013. In the company’s earliest years it created FPGA miners dedicated to Bitcoin’s SHA256 consensus algorithm. Fast forward to today and the company is one of the top application-specific integrated circuit (ASIC) makers, up there with Bitmain, Microbt, and Ebang. A recent wired.co.uk report highlights statements from Didar Bekbauov, founder of the Kazakhstan-based Xive, when he said last April that Chinese mining companies have been regularly seeking out plots in the country to set up shop. On Wednesday, the Beijing-based company revealed it will be leveraging its Avalonminers to mine bitcoin in Kazakhstan. The move follows the firm opening up an ASIC mining rig service center in the transcontinental country. The announcement on Wednesday explains that the move to start mining bitcoin after expanding the company’s manufacturing process is “the next logical step.” The entry into the field of mining will “optimize its revenues, as well as strengthen its inventory management and supply chain capabilities,” the company states. “We believe that our self-operated bitcoin mining business will help us improve our financial performance as well as expand our business scope and customer base,” Canaan’s founder Zhang stated during the announcement. “As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from bitcoin volatility, and ensure our inventory sufficiency during market upturns.” A few of Canaan’s manufacturing competitors have been in the mining space for years, specifically Bitmain. The China-based mining rig company Bitmain has been operating a pool called Antpool since 2013. Today, Bitmain’s Antpool is one of the largest pools dedicating hashrate to the BTC chain. Canaan says it will also benefit from taking full advantage of the availability of its “in-stock mining machines to be actively deployed in its mining operations at low electricity rates, thus maximising its computing power at that time.” “On the flip side,” Canaan concluded, “when market activity is elevated, the mining business will also benefit from putting the processing capacity of older machines in use. The net result will be a considerable improvement in inventory planning and supply chain optimization throughout the year and unaffected by the price of bitcoin.” Canaan added: Finally, the venture into Bitcoin mining allows Canaan to directly accumulate bitcoin which is now widely accepted as an investable asset class, and thus has the potential for considerable upside for Canaan. What do you think about Canaan’s entry into the field of bitcoin mining after manufacturing mining rigs since 2013? Let us know what you think about this subject in the comments section below. View the full article

The non-fungible token (NFT) marketplace Rarible has revealed the company has raised $14.2 million in a Series A funding round. Rarible details the funds will be leveraged to take NFTs to the mainstream and announced integration with the consumer-centric blockchain called Flow. Rarible Raises $14.2M in Series A Funding Round On Wednesday, the NFT marketplace Rarible, a protocol for creating, selling, and collecting non-fungible, blockchain-based collectibles, revealed the organization raised more than $14 million. The Series A funding round was led by Venrock, Coinfund, and 01 Advisors and the project also revealed it will soon be launching an NFT market on the blockchain Flow. Brainchild of the creators of Cryptokitties, the Flow project has seen well-known brands like the UFC, Dr. Suess, Ubisoft, Samsung, Warner Music Group, and the National Basketball Association (NBA) mint NFTs using its tech. Since its launch in 2020, the Rarible marketplace has seen $150 million worth of NFT sales and Rarible’s trading volume has grown “3,000-fold.” Moreover, well-known luminaries have created NFT collectibles on the Rarible marketplace including celebrities like visual neo-pop artist Richard Orlinski, the boxer Floyd ‘Money’ Mayweather Jr., actress Lindsay Lohan, billionaire Mark Cuban, hip hop star Tyga, American rapper Bhad Bhabie, and multi-platinum Puerto Rican singer-songwriter Ozuna. “Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the cofounder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.” Coinfund Expects Major Growth in the NFT Space, NFT Marketplace Competition Has Increased a Great Deal Jake Brukhman, the CEO of Coinfund, believes that Rarible will remain ahead of the curve in terms of the NFT sector expanding. David Pakman, partner at Venrock expects “major growth in the NFT space as more individual creators, musicians, brands, digital artists and influencers realize the value of digital collectibles and peer-to-peer transactions on platforms such as Rarible become more popular.” Rarible has a great number of competitors in the space that offer NFT marketplaces as well. The competition includes NFT market operations like Superfarm, Hic et Nunc, Makers Place, Nifty Gateway, Ethernity, Hoard, Enjin, Fansforever, and Opensea. Data from Dune Analytics shows that Rarible has seen over $12 million in 30-day volume and $54,963 over the last seven days. Rarible’s average purchase price for an NFT on the platform is roughly $704 per collectible. What do you think about the Rarible marketplace raising over $14 million? Let us know what you think about this subject in the comments section below. View the full article

South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars. Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area More than 53 billion Korean won ($47 million) in crypto assets have been confiscated from 12,000 people who allegedly tried to hide money from the government. The funds were in bitcoin (BTC), ethereum (ETH) and other cryptocurrencies, Reuters reported quoting the government of Gyeonggi Province surrounding the capital Seoul. A number wealthy Koreans have found themselves among the targeted tax evaders. They have been accused of using local crypto exchanges to conceal the assets as the trading platforms did not require account holders to provide their resident registration numbers. Authorities were able to track them down using their phone numbers. One of the tax offenders is a well-known home shopping channel host who had 500 million won in coins including ethereum, and owed the state 20 million won in tax. A property owner of 30 residences kept 1.1 billion won in crypto assets but didn’t pay 30 million won in income tax. A doctor held 2.8 billion won in bitcoin and failed to pay 17 million won to the government. If they don’t fulfill their tax obligations, authorities threaten to launch insolvency and liquidation proceedings. Gyeonggi officials claim the months-long operation has resulted in the largest “cryptocurrency seizure for back taxes in Korean history.” It comes after a broader investigation into the taxes of around 140,000 people. Kim Ji-ye, Director General of the Gyeonggi Province Fairness Bureau, stated: We will do our utmost to protect law-abiding taxpayers and fulfil our fair taxation mandate by probing and tracing assets that tax dodgers may be concealing in the midst of the recent cryptocurrency trading fervor. South Korean Government Tightens Grip on Crypto Market The recent offensive against tax evaders in the greater Seoul area is the latest government move aimed at tightening oversight of the country’s expanding crypto space. When it comes to digital asset trading, South Korea is among the world’s leading markets. As crypto investing gained even more popularity over the past year, the Korean price of the cryptocurrency with the largest market cap, BTC, reached $72,000, well above the global all-time high of $63,500. Dozens of Korean exchanges have been struggling to meet regulatory requirements in order to continue to operate after the implementation of the stricter rules in September. The trading platforms have to open real-name bank accounts for their customers in partnership with domestic banks. However, major financial institutions such as Hana and K Bank are reluctant to work with smaller exchanges, citing fears of exposure to financial crime. A number of digital asset platforms have started to delist “high-risk” coins in an effort to comply with the upcoming regulations for the industry. The Korean Financial Services Commission wants them to intensify the screening of crypto transactions and submit receipts to the country’s tax authorities, starting next year. The government is preparing to tax profits from crypto trading at a 20% rate for amounts exceeding 2.5 million won (around $2,200) from January 2022. What are your thoughts on the government offensive against crypto taxpayers in South Korea? Tell us in the comments section below. View the full article

The Bank of International Settlements (BIS) says that it is now clear that cryptocurrencies are not money but speculative assets, emphasizing that in many cases they are used “to facilitate money laundering, ransomware attacks, and other financial crimes.” BIS Criticizes Cryptocurrencies, Bitcoin The Bank of International Settlements published its annual economic report Wednesday, discussing cryptocurrencies, particularly bitcoin, as well as central bank digital currencies (CBDCs). The BIS explained that “Several recent developments have placed a number of potential innovations involving digital currencies high on agenda” of central banks. “The first of these is the growing attention received by bitcoin and other cryptocurrencies,” the report details. “The second is the debate on stablecoins, and the third is the entry of large technology firms (big techs) into payment services and financial services more generally.” The BIS continued: By now, it is clear that cryptocurrencies are speculative assets rather than money, and in many cases are used to facilitate money laundering, ransomware attacks and other financial crimes. The report also discusses stablecoins. Asserting that they “are only as good as the governance behind the promise of the backing,” the BIS noted that these coins “have the potential to fragment the liquidity of the monetary system and detract from the role of money as a coordination device.” Turning its attention to bitcoin, the largest cryptocurrency, the BIS said: Bitcoin in particular has few redeeming public interest attributes when also considering its wasteful energy footprint. The report discusses CBDCs in detail, stating that central banks are “fully engaged in the development of retail and wholesale CBDCs, alongside other innovations to enhance conventional payment systems.” The BIS concluded: “To realize the full potential of CBDCs for more efficient cross-border payments, international collaboration will be paramount. Cooperation on CBDC designs will also open up new ways for central banks to counter foreign currency substitution and strengthen monetary sovereignty.” What do you think about the BIS’ view of bitcoin? Let us know in the comments section below. View the full article

Bitcoin ATM provider Chainbytes is setting up a bitcoin ATM manufacturing hub in El Salvador. The move follows the country passing a bill making bitcoin legal tender. The company plans to make El Salvador “the manufacturing hub of bitcoin ATMs for all of the Americas.” Bitcoin ATMs Coming to El Salvador U.S.-headquartered Chainbytes LLC, a bitcoin ATM provider, announced Tuesday that it is launching operations in El Salvador, the country which recently passed a bill making bitcoin legal tender. Chainbytes revealed that it plans “to make El Salvador the manufacturing hub of bitcoin ATMs for all of the Americas.” The hub will service the company’s “operations in the LATAM, US, and Canadian regions with the global supply chain distribution.” The company has been servicing bitcoin ATM operators and enterprises looking to get into the bitcoin ATM business since 2012. Eric Grill, the CEO of Chainbytes, tweeted on June 21, “Excited to bring Chainbytes bitcoin ATMs” to El Salvador. On June 17, Chainbytes tweeted: “Our bitcoin ATMs ready to ship out to El Salvador.” Grill recently praised El Salvador for “showing leadership to the world in implementing bitcoin as a legal currency.” The CEO opined, “We believe in doing so the country is positioning itself to be more of a technology hub,” adding that his company “wants to be a part of helping that succeed.” Grill continued: Our initiative will provide the training and skilled jobs needed for all Salvadorans, which will, in turn, contribute to the economy and the nation. Tuesday’s announcement states that “Chainbytes will provide services to Salvadorans looking to operate bitcoin ATMs in the country and collaborate with their government, legal entities, and partnerships to ensure the manufacturing hub succeeds and brings prosperity to the country.” Tracy Jefferson, the company’s COO, explained that El Salvador “has free trade zones and service parks that will encourage more businesses to operate here.” Moreover, she noted that “with the sea and air hubs in place, it makes sense for us to produce machines here for not only Salvadorans but to export throughout North and South America.” What do you think about Chainbytes manufacturing bitcoin ATMs in El Salvador? Let us know in the comments section below. View the full article

Visa Inc. and Paypal have invested in Blockchain Capital’s new fund. The venture capital firm focuses exclusively on the crypto ecosystem and blockchain technology. Blockchain Capital Raises $300M for Its New Fund Blockchain Capital announced Tuesday that it has raised $300 million for its 5th venture capital fund (Fund V). Paypal and Visa were among the investors. Others include pension funds, major university endowments, and family offices from around the world, the company said, adding that select investors, including Paypal and Visa, will participate in its strategic partnership program. Blockchain Capital described itself as “the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem.” The firm has invested in more than 110 companies, protocols, and crypto assets across the ecosystem since its inception in 2013. Its portfolio includes major crypto companies such as Coinbase, Kraken, Anchorage, and Opensea. In addition, it includes Defi players: Aave, Nexus Mutual, and UMA. Jose Fernandez da Ponte, Paypal’s vice president and general manager of blockchain, crypto and digital currencies, commented: Paypal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure. Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services. Paypal has been offering a crypto service since late last year. CEO Dan Schulman said in the first quarter that the company’s crypto business showed “really great results” and demand for cryptocurrencies was “multiple-fold” the company’s initial expectations. The payments giant said last month that it will allow withdrawals of cryptocurrencies to third-party wallets. Visa has also been working on some crypto projects. Last month, CEO Al Kelly outlined five key areas in the crypto space the company is working on. He said, “Our focus is on five different opportunities that we see in this space. And I would say that this is a space that we are leaning into in a very, very big way and I think are extremely well-positioned.” Regarding Visa’s investment in Blockchain Capital’s fund, Vasant Prabhu, Visa Inc.’s chief financial officer, opined: We’re focused on enhancing all forms of money movement, whether on the Visa network, or beyond. Through our relationship with Blockchain Capital, we are deepening our efforts to shape and support the role that digital currencies play in the future. What do you think about Visa and Paypal investing in Blockchain Capital’s fund? Let us know in the comments section below. View the full article

Upland has just hit a major milestone in their platform, and for the NFT landscape as a whole. Being one of the world’s fastest growing digital metaverses, Upland’s users have recently minted the millionth NFT property on the platform. Not long after being featured on CBS/Paramount Plus’ 60 Minutes+, Upland, the property trading metaverse, has reached a record-breaking milestone by surpassing over one million NFT properties minted in just 18 months since its inception. Upland is one of the world’s fastest growing blockchain games, with an active community of tens of thousands of daily active players flipping properties and growing their net worths. The millionth property NFT was officially minted on June 15. Upland is an NFT metaverse mapped to real world addresses, where people around the world can buy, sell and trade virtual properties. The cities which are live in Upland include San Francisco, Brooklyn, Manhattan, Fresno, Oakland, Bakersfield, Staten Island, and most recently Chicago, with the release of Cleveland right around the corner, but can be played by anyone across the world. Each property in the Upland metaverse is a non-fungible token on the EOS blockchain, giving the users true ownership of their properties. The game’s user base has been rapidly growing their in-game net worth, and flipping properties left and right. Players have been seeing incredible returns after putting some time and strategy into their property investments. When asked how players’ net worth has changed over time, a player named BEN68 responded with: “From 4,000UPX when I started in January 2020, to 64,500,000UPX in June 2021” representing an astonishing 1,612,400% increase in net worth! GreenTurtle, another Uplander, reported only investing $5 into the platform and realizing gains of over 100,000%. It’s not uncommon to see these types of stories in the metaverse, as the number of players and cities continue to increase quickly. 1,000 UPX is equivalent to 1 USD, and with the Property-to-USD feature that was recently introduced to Upland, more players are taking full advantage of Upland’s Play-to-Earn gaming model and cashing out their gains to real U.S. dollars. This gaming model allows players to have true ownership of their in-game assets, with full command over how they want to manage those assets. Upland’s free market economy-focused approach will soon mean players being able to start their own businesses, continuing to flip property NFTs, and seeing their in-game investments turn into real dollars. Real laws of supply-and-demand are already taking hold in Upland, and it will continue to grow as more features, partnerships and collaborations develop. To register for Upland, visit this link for a 6,000 UPX starting bonus to get your property portfolio off to a strong start. Upland is available on iOS, Android and the Web. It can be played from anywhere in the world. To stay up to date on all things Upland, follow the project on Twitter and join their 24,000-strong Discord here. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Coinbase is now registered as a cryptocurrency exchange to operate in Japan. The Japanese financial regulator has approved Coinbase to trade five cryptocurrencies. Japan’s top financial regulator, the Financial Services Agency (FSA), announced last week that it has registered Coinbase as a crypto exchange service provider based on the revised Fund Settlement Act. According to the FSA, Coinbase is approved to trade bitcoin (BTC), bitcoin cash (BCH), ether (ETH), stellar lumen (XLM), and litecoin (LTC). The approved entity is a Japanese subsidiary of Coinbase Global, a Nasdaq-listed company. Coinbase unveiled its plan to enter the Japanese crypto market back in 2018. The company said at the time that it would be “working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.” Coinbase is also a member of the Japan Virtual and Crypto assets Exchange Association (JVCEA), a self-regulatory organization. Following Coinbase’s successful registration with the FSA, the association announced that the company is now its “first-class member.” In 2018, Coinbase joined the JVCEA as a “second-class member” — the categorization reserved for companies that have not registered with the FSA. What do you think about Coinbase entering the Japanese crypto market? Let us know in the comments section below. View the full article

The American economist, financial commentator, and gold bug Peter Schiff had a lot to say about bitcoin’s price sliding on Tuesday. Schiff has always claimed bitcoin’s value will one day drop to nothing. This week he insists bitcoin’s chart shows a head and shoulders top pattern with a “neckline around $30K the pattern measures a move to zero.” Schiff Believes Microstrategy Will Sell Every Last Satoshi After bitcoin (BTC) dropped 10% Monday during the overnight and into the morning sessions on Tuesday, Peter Schiff took to his soapbox on Twitter and hammered the leading crypto asset. Schiff often has nothing good to say about bitcoin but on Tuesday, a great majority of his tweets (close to ten in total) were dedicated to bitcoin. The financial commentator talked about his favorite investment, gold, as well, and discussed how the precious metal dipped 6% last week. “Over the weekend bitcoin bugs made fun of gold’s 6% drop last week, which was about twice bitcoin’s 3% decline,” Schiff said. “But while gold recovered some of those losses today, bitcoin crashed by another 9%. Also, while gold is down 9% from its 2021 high, bitcoin is down a whopping 50%,” he added. Schiff’s tweets even targeted bitcoin bulls like Microstrategy’s Michael Saylor and Digital Currency Group’s Barry Silbert. Schiff tweeted: If you really want to buy bitcoin, wait until Microstrategy sells its last satoshi. If MSTR keeps selling stock and borrowing money to buy into a falling market, existing or new shareholders will be forced to liquidate. [Michael Saylor’s] diamond hands are really made of glass. One individual defended Microstrategy’s CEO and told Schiff to debate Saylor or stop criticizing a “technology that you don’t understand.” Others stated in the Twitter thread that Schiff has already offered to debate Saylor, but the Microstrategy executive allegedly “has not taken him up on it.” BTC/USD three-day chart on Tuesday, June 22, 2021. Schiff Slams Silbert and Novogratz, Spencer Schiff Defends Bitcoin In another tweet on Tuesday, Schiff went after Digital Currency Group’s CEO Barry Silbert. “In Mar. [Barry Silbert] promised GBTC investors he’d close the 10% discount to NAV by buying back $250 million of shares,” Schiff wrote. “And then in early May he promised to increase the buy to $750 million. So far he’s purchased less than a third of that amount. What are you waiting for Barry?” Schiff asked the Digital Currency Group executive. Then the gold bug went after billionaire investor and Galaxy Digital CEO Mike Novogratz. “As bitcoin crashed below $30K, CNBC invited [Mike Novogratz] to try to pump it back up,” Schiff remarked after his many anti-bitcoin tweet bombs on Tuesday. “Novogratz claims Bitcoin can’t keep falling as there is all this new institutional demand. Assuming some institutions were getting interested above $60K, I’m sure they’ve lost interest below $30K.” Of course, Schiff’s son Spencer Schiff got in on the action after his father tweeted about bitcoin doing a dead cat bounce. “Don’t get excited about bitcoin’s dead cat bounce from an intra-day low of around $28.6K to near $32K,” Schiff’s tweet scathed on Tuesday. “Nothing drops in a straight line, [especially] a token as highly manipulated as bitcoin. As this bear market grinds on, about 55% so far, better to sell the rips than buy the dips,” the economist added. Spencer, however, snarkily snapped back at his father and said: The Bitcoin forecasting wizard has spoken. However, in terms of likes and retweet ratio, Spencer’s father had more likes and retweets. Others defended Spencer Schiff’s statement and said that Peter has been “spectacularly wrong about Bitcoin multiple times over a decade. If he’s right this time it will be purely a broken clock situation.” Schiff’s Bitcoin TA and the Head and Shoulders Patterns That Lead to Zero Besides the dead cat bounce commentary, Schiff also described an alleged head and shoulders pattern in the BTC/USD chart. As usual, Schiff declared that the leading crypto asset’s fiat value was on its way to zero. “The most ominous thing about bitcoin’s head and shoulders top pattern is that with a head near $65K and a neckline around $30K the pattern measures a move to zero,” Schiff wrote. “That’s because the pattern projects a move below the next line that equals the move from the neckline to the head.” “Funny how you’ll apply low probability TA (technical analysis) to BTC, but you won’t even consider the annualized returns of bitcoin over the last 10 years,” an individual responded to Schiff’s head and shoulders tweet. What do you think about Peter Schiff’s bitcoin commentary on Tuesday? Let us know what you think about this subject in the comments section below. View the full article

A South African bank, Absa, has reportedly blocked use of its credit cards for users buying cryptocurrencies on international exchanges, according to one media report. The claims come after clients of the financial institution reported receiving a text message informing them of the suspension of online payments made to leading crypto exchange, Binance. Binance’s Alleged Non-Compliance With South African Regulations According to a Mybroadband report, Absa’s private banking contact center initially suggested that the new measures, which are believed to have gone into effect on June 18, 2021, were implemented because Binance “does not comply with regulations.” Reports of Absa’s blockade of the overseas purchase of cryptocurrencies come just a few weeks after South Africa’s Intergovernmental Fintech Working Group (IFWG) published its new position paper on crypto assets. In this latest document, the IFWG recommended that South Africa should now consider regulating cryptocurrencies. Meanwhile, Binance, which claims to be fully compliant with all current crypto regulations within the Africa region, has rejected the assertion that it is not. Instead, the crypto exchange suggests the blockade could be linked to the South Africa Reserve Bank’s foreign exchange rules. According to the report, Binance said: The block to users transactions/cards could be related to [the] South African Reserve Bank [SARB] regulation and foreign exchange regulations. Repatriation of Value via Crypto Prohibited Indeed, on its webpage, the SARB confirms that cryptocurrencies are not legal tender and that its Financial Surveillance Department “is unable to approve any transactions of this nature.” The central bank also adds that the “repatriation of value to South Africa through crypto assets is not permitted as part of an individual’s single discretionary allowance and/or foreign capital allowance.” Meanwhile, after previously saying its retail customers were free to partake in any cryptocurrency dealings with their credit or debit cards, an Absa spokesperson now says this is “not permissible in South Africa.” Nevertheless, the spokesman told Mybroadband that since its inquiry “is an industry matter, and not Absa-specific, we suggest that you approach the SA Reserve Bank for a more comprehensive view.” At the time of publishing, Mybroadband said it had not received feedback from SARB on its inquiry. What are your thoughts on Absa’s decision to stop clients from buying crypto assets on Binance? Tell us what you think in the comments section below. View the full article