The Hong Kong government has taken a significant step towards the development of Web3 by appointing Yat Siu, the co-founder of Animoca Brands, to its newly formed Task Force on Promoting Web3 Development. This task force aims to provide recommendations for the long-term growth of Web3 within Hong Kong. The establishment of this task force
Nonfungible tokens (NFTs) have not rebounded to the same extent as the overall cryptocurrency market. Even the most prominent collections in the industry, like Yuga Labs’ Bored Ape Yacht Club (BAYC), have experienced substantial discounts. On July 3, Will Clemente, co-founder of Reflexivity Research, disclosed that BAYC’s value had dropped by 90% from its peak.
A recent study conducted by KuCoin has found that nearly half, or 49%, of German crypto investors believe that digital currencies have the potential to help them achieve their long-term wealth accumulation goals. Furthermore, one in four individuals surveyed stated that they view crypto as a store of value, especially during times of economic turbulence.
Pluxee, a digital-first employee benefits and engagement platform, has joined forces with the DFINITY Foundation and Yumi to introduce a groundbreaking initiative aimed at boosting employee engagement. This collaboration marks a significant shift toward a Web3 approach to workplace culture. The partnership aims to launch Pluxee’s first-ever NFT collection, aptly named “The X Collection,” which
In today’s cryptocurrency market, Son of Pepe Coin has emerged as one of the top gainers, attracting significant attention on DEXTools. This remarkable surge has positioned it as one of the most notable gainers in the crypto space. As investors search for tokens with explosive potential, it is crucial to stay informed and explore the
John Michael Musbach, a 34-year-old resident of Haddonfield, New Jersey, has recently been sentenced to six and a half years in jail for a heinous crime. Musbach hired a hitman on the Dark Web to murder a child who was about to testify against him in a child-pornography case. This child, who was the victim
Bitcoin SV has recently experienced a significant surge in price, witnessing a remarkable 30% increase. This surge was accompanied by a trading volume of $400 million, leading to speculations about the possible involvement of large investors, commonly referred to as whales, in the market. The current live price of Bitcoin SV is $49.39, with a
According to an analysis conducted by the Atlantic Council, nearly all major economies are actively exploring the implementation of Central Bank Digital Currencies (CBDCs). This study revealed that 130 nations, accounting for approximately 98% of the global GDP, have expressed interest in CBDCs. While 11 countries, including China, have successfully launched their own CBDCs, another
Erik Voorhees, the founder of Shapeshift and a well-known advocate for Bitcoin, believes that decentralized finance (DeFi) has already addressed the issue of regulatory clarity that restricts people from possessing or trading a majority of cryptocurrencies. The crypto industry is worried that cryptocurrencies, other than the four listed on the newly launched EDX Markets, namely
Binance Research, the research arm of the world’s largest cryptocurrency exchange, recently conducted a survey to gauge the outlook of institutional investors towards cryptocurrencies. The survey, titled the “Institutional Crypto Outlook Survey,” was conducted between March 31 and May 15, 2023, with 208 global institutional clients and VIP users participating as respondents. These respondents represented
TRM Labs, a prominent firm specializing in blockchain analysis and the prevention of cybercrime, has recently published a detailed report outlining the significant sums of money lost to malicious actors within the crypto industry throughout 2022. These figures are particularly striking, given the decline in prices and waning interest in the market over the past
Bitcoin Cash (BCH) has recently experienced an astonishing rally, surging by 70% in just seven days. This significant price increase has sparked speculation about the potential of Bitcoin Cash surpassing Bitcoin. Currently trading near the $300 level, BCH has already completed an impressive 78.2% Fibonacci retracement, adding further interest to its upward trajectory. In this
American multinational investment giant, Citigroup Inc., is reportedly reevaluating its collaboration with Swiss firm Metaco. Metaco specializes in providing crypto custody services for institutional investors and joined forces with Citi a year ago to develop and pilot the latter’s digital asset custody capabilities. However, recent market volatility has strained the relationships between traditional financial firms
Polygon Labs, the creator of the Polygon network, has put forward a proposed architecture for their upcoming project, Polygon 2.0. In a recent blog post on June 29, the team outlined their vision for the project, suggesting that it should consist of four distinct “layers” that would interconnect and form a network ultimately linked to
Reports have emerged that the U.S. Securities and Exchange Commission (SEC) has returned recent spot Bitcoin exchange-traded fund (ETF) applications. These applications, submitted by exchanges on behalf of BlackRock and Fidelity Investments, among others, were regarded as not meeting the required standard of being “sufficiently clear or comprehensive.” The SEC’s decision was based on the
The South Korean National Assembly recently passed the Virtual Asset User Protection Act, a comprehensive piece of legislation that aims to regulate the cryptocurrency industry in the country. The act combines 19 different bills related to cryptocurrencies and focuses primarily on investor protection. The move comes in response to a series of crypto-related scandals that
The Bank of New York Mellon (BNY Mellon) has encountered a setback in its digital asset custody business due to a regulatory hurdle. The Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121) mandates custodians of digital assets to include these assets on their balance sheets. This requirement poses a potential obstacle for
Ledger, a well-known crypto wallet service provider, has unveiled its latest product offering called Tradelink. This innovative trading and settlement network technology is specifically designed for asset managers, custodians, and exchanges/OTC with off-exchange trading capabilities. The primary goal of Tradelink is to simplify processes and enhance operational speed for these entities. Streamlining Trading Processes Tradelink
Revolut, a leading fintech firm from the United Kingdom (UK), has recently announced the discontinuation of support for three major cryptocurrencies on its platform. In an email sent to users based in the United States (US) on June 28, Revolut stated that Cardano (ADA), Polygon (MATIC), and Solana (SOL) will no longer be available for
French fashion brand Lacoste has taken a significant step in embracing non-fungible tokens (NFTs) by expanding its NFT ecosystem. The brand has introduced a rewards and co-creation feature for its UNDW3 community, following the successful release of its UNDW3 collection of profile picture (PFP) NFTs. With this expansion, Lacoste aims to provide its community with
Coinbase’s layer 2 application-focused protocol, Base, is getting closer to its mainnet launch. The team announced that it has fulfilled four out of five criteria required for launch, with the completion of rigorous security audits. These audits, conducted over a period of six months, both internally and externally, have given the Base team confidence in
CME Group, a prominent trading platform for derivatives, has announced its plans to introduce Ether/Bitcoin ratio futures this summer, subject to regulatory approval. This new futures product, set to launch on July 31, 2023, will enable traders to speculate on the relative price movement between the two cryptocurrencies. About Ratio Futures Contracts A ratio futures
The Blockchain Association is urging SEC chair Gary Gensler to recuse himself from regulatory proceedings, claiming that his statements display a “clear bias” against the cryptocurrency industry. Senior counsel Marisa Coppel argues that Gensler’s assertion that all cryptocurrencies, except for Bitcoin, should be classified as securities demonstrates a prejudgment of the facts without proper assessment
Cryptocurrency exchange EDX Markets, which recently launched, is reportedly in final negotiations with Anchorage Digital to serve as its custodian. This comes after EDX Markets terminated its collaboration with Paxos, a blockchain infrastructure firm, as reported by Bloomberg. Paxos was initially intended to be the custodian for EDX Markets, providing customers with direct access to
The Law Commission of England and Wales has recommended that digital assets, including cryptocurrencies, should be classified under a new category of personal property. In its final recommendation report to the government, the Law Commission outlined four specific recommendations. These recommendations focus on legislation for a distinct category of personal property, the creation of an
The XRP price has experienced a slight decline of 0.5% in the last 24 hours, reaching $0.475928. This decrease aligns with the overall drop in the cryptocurrency market during the same period. Over the course of a week, XRP has fallen by 4%, and in the past two weeks, it has seen a decline of
The CEO of BitGo, Mike Belshe, recently discussed the current state of U.S. cryptocurrency regulations in an interview with CNBC. Belshe expressed his belief that regulators in the U.S. have taken a strict approach towards the crypto industry, which has led to traditional financial firms largely staying on the sidelines. While there are a few