Latam Is a Hotbed of Opportunities for Crypto Companies, According to Ripple
Ripple, the cryptocurrency and payments company, has issued an article examining the opportunities that Latam brings for crypto companies as its regulated payments rails come to crypto. While the region faces some obstacles due to its economic traits and the dominance of centralized banks, the organization believes there is a lucrative opening for companies partnering with these banks to bring crypto to the masses.
Ripple Spots Opportunities in Latam
Ripple, the banking payments, remittances, and cryptocurrency company, believes that Latam could be a hotspot of opportunities for crypto companies in the future. In a recent article, Ripple examines the current payments and the possible integration that crypto services may find in the region. According to the company, crypto companies might find these openings when banks start integrating cryptocurrency services into their platforms.
About this idea, the company stated:
There is a lucrative opening for traditional banks, fintechs and governments to increase adoption of crypto-forward technology to address this underbanked and fragmented market.
This points to the idea of crypto companies collaborating with banks and fintech companies to take an active role amongst the main rails to transact and make payments in these countries.
Barriers to the Process
However, this integration process would likely not be without its hiccups. Traditional payment rails are managed by banks in the region, and banking inclusion is very high in some of the largest countries, with Brazil and Chile having 88% and 82% of their population banked, respectively. The opportunities come in the form of offering services with lower fees than traditional institutions, which could make people move from cash and other payment methods to digital transactions.
The inclusion of crypto companies in the different debates that are happening regarding regulation will also be very important for the future of crypto in the region, according to the article. Ripple believes that this process will be positive, stating that:
Smart and progressive regulation will beget further successful regulation — leading to increased innovation and progress around crypto across Latin America.
In this sense, there is a regulatory awakening in the continent, with countries like Brazil and El Salvador leading the pack when it comes to crypto regulation. Brazilian legislators have vowed to present a unified regulation for cryptocurrency assets before the Congress to be approved in the coming months, and El Salvador declared bitcoin legal tender last year with the approval of its Bitcoin Law.
This presented scenario also includes a progressive detachment from the dollar and U.S. markets, which currently have significant influence in the region. On this, Ripple concluded:
The possibility of insulation from other regions’ financial swings underscores a major reason why achieving interoperability across Latin America and avoiding the de-risking trend in the US is so critical for LATAM economies.
Ripple, the cryptocurrency and payments company, has issued an article examining the opportunities that Latam brings for crypto companies as its regulated payments rails come to crypto. While the region faces some obstacles due to its economic traits and the dominance of centralized banks, the organization believes there is a lucrative opening for companies partnering with these banks to bring crypto to the masses.
Ripple Spots Opportunities in Latam
Ripple, the banking payments, remittances, and cryptocurrency company, believes that Latam could be a hotspot of opportunities for crypto companies in the future. In a recent article, Ripple examines the current payments and the possible integration that crypto services may find in the region. According to the company, crypto companies might find these openings when banks start integrating cryptocurrency services into their platforms.
About this idea, the company stated:
There is a lucrative opening for traditional banks, fintechs and governments to increase adoption of crypto-forward technology to address this underbanked and fragmented market.
This points to the idea of crypto companies collaborating with banks and fintech companies to take an active role amongst the main rails to transact and make payments in these countries.
Barriers to the Process
However, this integration process would likely not be without its hiccups. Traditional payment rails are managed by banks in the region, and banking inclusion is very high in some of the largest countries, with Brazil and Chile having 88% and 82% of their population banked, respectively. The opportunities come in the form of offering services with lower fees than traditional institutions, which could make people move from cash and other payment methods to digital transactions.
The inclusion of crypto companies in the different debates that are happening regarding regulation will also be very important for the future of crypto in the region, according to the article. Ripple believes that this process will be positive, stating that:
Smart and progressive regulation will beget further successful regulation — leading to increased innovation and progress around crypto across Latin America.
In this sense, there is a regulatory awakening in the continent, with countries like Brazil and El Salvador leading the pack when it comes to crypto regulation. Brazilian legislators have vowed to present a unified regulation for cryptocurrency assets before the Congress to be approved in the coming months, and El Salvador declared bitcoin legal tender last year with the approval of its Bitcoin Law.
This presented scenario also includes a progressive detachment from the dollar and U.S. markets, which currently have significant influence in the region. On this, Ripple concluded:
The possibility of insulation from other regions’ financial swings underscores a major reason why achieving interoperability across Latin America and avoiding the de-risking trend in the US is so critical for LATAM economies.
STEPN’s Popularity Pulls GST Into the Top 10 Trending List
Green Satoshi Token (GST) is 4th on CoinMarketCap’s list of trending crypto projects. The project has gained in popularity due to its involvement in STEPN.
The price of GST stands at $5.23, and is slightly down by approximately 0.09% in the last 24 hours. However, the weekly and monthly price movement tells a completely different story. When looking at the weekly chart, GST is up 25.28%. This price movement is sustained in the 30-day chart, as the price of GST is up over 52% in the last month.
GST’s market cap is only $18,807,525, and has a 24-hour trading volume of $68,846,350. Both of these numbers are relatively low when compared with the other projects in the market, as well as the average statistics seen in the overall crypto space.
One of the major reasons for GST’s trending status is its involvement with STEPN – the highest trending project in the space at the moment. STEP is a Web 3.0 lifestyle app with SocialFi and GameFi elements, and players can earn rewards for jogging, running, or even just walking outdoors.
Both GST and GMT are part of the STEPN ecosystem. GST tokens are needed to take part in certain in-game activities, while GMT is the governance token for the ecosystem.
As STEPN climbs up the crypto trending list, it seems to be taking GST with it as both GMT and GST find themselves on CoinMarketCap’s list. Will both of these tokens maintain their dominance on the trending list? Only time will tell.
Green Satoshi Token (GST) is 4th on CoinMarketCap’s list of trending crypto projects. The project has gained in popularity due to its involvement in STEPN.
The price of GST stands at $5.23, and is slightly down by approximately 0.09% in the last 24 hours. However, the weekly and monthly price movement tells a completely different story. When looking at the weekly chart, GST is up 25.28%. This price movement is sustained in the 30-day chart, as the price of GST is up over 52% in the last month.
GST’s market cap is only $18,807,525, and has a 24-hour trading volume of $68,846,350. Both of these numbers are relatively low when compared with the other projects in the market, as well as the average statistics seen in the overall crypto space.
One of the major reasons for GST’s trending status is its involvement with STEPN – the highest trending project in the space at the moment. STEP is a Web 3.0 lifestyle app with SocialFi and GameFi elements, and players can earn rewards for jogging, running, or even just walking outdoors.
Both GST and GMT are part of the STEPN ecosystem. GST tokens are needed to take part in certain in-game activities, while GMT is the governance token for the ecosystem.
As STEPN climbs up the crypto trending list, it seems to be taking GST with it as both GMT and GST find themselves on CoinMarketCap’s list. Will both of these tokens maintain their dominance on the trending list? Only time will tell.
Tranglo Explains How Digital Currencies Like Ripple (XRP) Are Transforming Global Payments
Businesses can now complete international transactions seamlessly and in real-time. As any business leader can confirm, the best way to grow any business is to explore opportunities within and outside the business’s jurisdiction. It is a proven fact that any business that wants to hit its revenue goals faster than the competition needs to explore emerging markets and hire the best talents, even if they are overseas.
However, many businesses often face the issue of payments when conducting business transactions overseas. Common issues include delayed transactions, huge transaction fees, and disruption by third parties. For instance, there are often several intermediaries (particularly banks and payment processing platforms) when a business needs to pay their overseas talent or partners in a currency different from their local currencies.
Such transactions are often complicated involving a lot of time and fees, forcing businesses to wait for days in settling international transactions. However, the emergence of blockchain and digital currencies is bound to eradicate such problems. Through blockchain technology, businesses can conduct their transactions smoothly without payment bottlenecks.
Two years ago, top blockchain and crypto tech firm, Ripple, released a report titled “Blockchain in payments.” A summary of the report showed that businesses wouldn’t mind completing their transaction using digital currencies because it eliminates cross-border payment issues. Also, 40% of the surveyed businesses consider speed as one factor that would enable them to incorporate a blockchain-related payment system into their businesses.
Tranglo’s partnership with Ripple for efficient transaction settlement
Making cross-border payments seamless and fast is what Tranglo (a cross-border payment platform) aims to help businesses achieve. Tranglo enables the interoperability of two fiat currencies through Ripple’s native token (XRP) without the involvement of any third party.
Tranglo uses XRP because the digital asset eases and hastens exchange and settlement, decreases operational expenses, and makes pre-funding unnecessary. Hence, businesses can remit and receive funds from their overseas partners from part of the globe.
According to Tranglo “The use of XRP eliminates pre-funding, reduces operational costs, and unlocks capital to make exchange and settlement much easier and faster.”
Before the availability of Tranglo, many businesses in Southeast Asia and beyond had to spend huge amounts in developer fees to enable their payments system for cross-border transactions. However, Tranglo eliminates that issue.
Through its partnership with Ripple, transactions can be settled in real-time regardless of the local currency or where the businesses involved in the transaction are located.
“Tranglo is one of the few in the market offering true real-time transaction settlement by harnessing the power of an established local payment processing network that is undergoing digital transformation through partnerships like the ones with Ripple.”
Businesses can now complete international transactions seamlessly and in real-time. As any business leader can confirm, the best way to grow any business is to explore opportunities within and outside the business’s jurisdiction. It is a proven fact that any business that wants to hit its revenue goals faster than the competition needs to explore emerging markets and hire the best talents, even if they are overseas.
However, many businesses often face the issue of payments when conducting business transactions overseas. Common issues include delayed transactions, huge transaction fees, and disruption by third parties. For instance, there are often several intermediaries (particularly banks and payment processing platforms) when a business needs to pay their overseas talent or partners in a currency different from their local currencies.
Such transactions are often complicated involving a lot of time and fees, forcing businesses to wait for days in settling international transactions. However, the emergence of blockchain and digital currencies is bound to eradicate such problems. Through blockchain technology, businesses can conduct their transactions smoothly without payment bottlenecks.
Two years ago, top blockchain and crypto tech firm, Ripple, released a report titled “Blockchain in payments.” A summary of the report showed that businesses wouldn’t mind completing their transaction using digital currencies because it eliminates cross-border payment issues. Also, 40% of the surveyed businesses consider speed as one factor that would enable them to incorporate a blockchain-related payment system into their businesses.
Tranglo’s partnership with Ripple for efficient transaction settlement
Making cross-border payments seamless and fast is what Tranglo (a cross-border payment platform) aims to help businesses achieve. Tranglo enables the interoperability of two fiat currencies through Ripple’s native token (XRP) without the involvement of any third party.
Tranglo uses XRP because the digital asset eases and hastens exchange and settlement, decreases operational expenses, and makes pre-funding unnecessary. Hence, businesses can remit and receive funds from their overseas partners from part of the globe.
According to Tranglo “The use of XRP eliminates pre-funding, reduces operational costs, and unlocks capital to make exchange and settlement much easier and faster.”
Before the availability of Tranglo, many businesses in Southeast Asia and beyond had to spend huge amounts in developer fees to enable their payments system for cross-border transactions. However, Tranglo eliminates that issue.
Through its partnership with Ripple, transactions can be settled in real-time regardless of the local currency or where the businesses involved in the transaction are located.
“Tranglo is one of the few in the market offering true real-time transaction settlement by harnessing the power of an established local payment processing network that is undergoing digital transformation through partnerships like the ones with Ripple.”
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Bitcoin As Legal Tender? These Countries Are Next After El Salvador and CAR, Says deVere Group CEO
Financial advisory firm deVere Group CEO Nigel Green expects that at least two more nations will adopt Bitcoin (BTC) as legal tender before the end of the year.
In a new company blog post, Green follows up on his January prediction after news broke that the Central African Republic this week became the world’s second country to formally recognize Bitcoin as currency.
“In January, I predicted that at least another three nations… would declare the world’s largest cryptocurrency legal tender in 2022. One now already has done so.
I expect Bitcoin will be adopted as legal tender in at least one more African and one Central or Latin American country before the end of the year.”
Green says that Tanzania is a likely candidate in Africa because in 2021 its central bank disclosed that it was drafting a presidential directive that would address cryptocurrencies.
Regarding nations in the Western hemisphere, the CEO says,
“In Latin and Central America, it could potentially be Paraguay or Mexico next.
A Paraguayan bill moving to regulate the trading and mining of Bitcoin and cryptocurrencies in the country passed the Senate in December, which is widely being regarded as the first step to making Bitcoin legal tender.
Meanwhile, I’m confident that a Bitcoin bill will be introduced to Mexico’s Congress this year because several politicians are going on record as saying they want their country to follow El Salvador’s example.”
El Salvador became the first nation to adopt a crypto asset as legal tender last year.
As to why he expects Bitcoin adoption in specific geographic regions, Green says,
“Adopting cryptocurrency currently is more attractive to those countries with a track record of financial instability.
In nations where the current national currencies don’t work as well as they should as a means of exchange, store of value and as a unit of account… Bitcoin is increasingly seen as the answer.”
Financial advisory firm deVere Group CEO Nigel Green expects that at least two more nations will adopt Bitcoin (BTC) as legal tender before the end of the year.
In a new company blog post, Green follows up on his January prediction after news broke that the Central African Republic this week became the world’s second country to formally recognize Bitcoin as currency.
“In January, I predicted that at least another three nations… would declare the world’s largest cryptocurrency legal tender in 2022. One now already has done so.
I expect Bitcoin will be adopted as legal tender in at least one more African and one Central or Latin American country before the end of the year.”
Green says that Tanzania is a likely candidate in Africa because in 2021 its central bank disclosed that it was drafting a presidential directive that would address cryptocurrencies.
Regarding nations in the Western hemisphere, the CEO says,
“In Latin and Central America, it could potentially be Paraguay or Mexico next.
A Paraguayan bill moving to regulate the trading and mining of Bitcoin and cryptocurrencies in the country passed the Senate in December, which is widely being regarded as the first step to making Bitcoin legal tender.
Meanwhile, I’m confident that a Bitcoin bill will be introduced to Mexico’s Congress this year because several politicians are going on record as saying they want their country to follow El Salvador’s example.”
El Salvador became the first nation to adopt a crypto asset as legal tender last year.
As to why he expects Bitcoin adoption in specific geographic regions, Green says,
“Adopting cryptocurrency currently is more attractive to those countries with a track record of financial instability.
In nations where the current national currencies don’t work as well as they should as a means of exchange, store of value and as a unit of account… Bitcoin is increasingly seen as the answer.”
OpenSea and Circle Back $6M Raise for DAO Platform Syndicate
Syndicate, a platform to bring decentralized autonomous organizations (DAOs) mainstream, has gathered another $6 million from customers and strategic partners, including the likes of Circle Ventures, OpenSea, Uniswap Labs Ventures and Carta.
Syndicate, which went live with its legally compliant investment DAO toolset just three months ago, has raised close to $28 million thus far, including a $20 million Series A round last summer and prior to that an $800,000 community round from over 100 well-known names in the crypto space.
Syndicate co-founder Ian Lee said the additional $6 million was “an informal customers and strategic partners raise closed in a matter of weeks,” as opposed to a structured Series B. Think of it more like last year's community round, but “on steroids,” he said.
“In the three months since we’ve been live it’s been really crazy,” said Lee in an interview. “We’ve seen nearly 1,200 investment clubs as DAOs launched on Syndicate. Also, a bunch of our customers and users asked if they can be a part of Syndicate and invest in us. So it was very organic, and also very strategic.”
Read more: Decentralized Investing Platform Syndicate Raises $800K From 100 Investors
Cryptocurrency and Web 3 companies appear to have had no problem raising large sums of money of late, but often the quality of participants backing a project are as important as the runway itself – as is clearly the case with Syndicate.
As far as the latest round of backers is concerned, Lee mentioned Carta, which has a large number of companies and investors on its platform and capabilities in cap-table management and fund administration in the off-chain fintech world. Meanwhile, firms like Circle, Uniswap and OpenSea are helping shape Syndicate’s DAO infrastructure, Lee said.
“A lot of DAOs want something like banking accounts, and USDC is really exciting in terms of creating almost banking-like solutions,” Lee said. “Uniswap has extremely powerful infrastructure for exchange and liquidity, obviously, and a lot of our investment clubs are trading tokens or buying NFTs on OpenSea, for example, so partnering up with industry leaders in those areas makes a lot of sense for us.”
Syndicate, a platform to bring decentralized autonomous organizations (DAOs) mainstream, has gathered another $6 million from customers and strategic partners, including the likes of Circle Ventures, OpenSea, Uniswap Labs Ventures and Carta.
Syndicate, which went live with its legally compliant investment DAO toolset just three months ago, has raised close to $28 million thus far, including a $20 million Series A round last summer and prior to that an $800,000 community round from over 100 well-known names in the crypto space.
Syndicate co-founder Ian Lee said the additional $6 million was “an informal customers and strategic partners raise closed in a matter of weeks,” as opposed to a structured Series B. Think of it more like last year's community round, but “on steroids,” he said.
“In the three months since we’ve been live it’s been really crazy,” said Lee in an interview. “We’ve seen nearly 1,200 investment clubs as DAOs launched on Syndicate. Also, a bunch of our customers and users asked if they can be a part of Syndicate and invest in us. So it was very organic, and also very strategic.”
Read more: Decentralized Investing Platform Syndicate Raises $800K From 100 Investors
Cryptocurrency and Web 3 companies appear to have had no problem raising large sums of money of late, but often the quality of participants backing a project are as important as the runway itself – as is clearly the case with Syndicate.
As far as the latest round of backers is concerned, Lee mentioned Carta, which has a large number of companies and investors on its platform and capabilities in cap-table management and fund administration in the off-chain fintech world. Meanwhile, firms like Circle, Uniswap and OpenSea are helping shape Syndicate’s DAO infrastructure, Lee said.
“A lot of DAOs want something like banking accounts, and USDC is really exciting in terms of creating almost banking-like solutions,” Lee said. “Uniswap has extremely powerful infrastructure for exchange and liquidity, obviously, and a lot of our investment clubs are trading tokens or buying NFTs on OpenSea, for example, so partnering up with industry leaders in those areas makes a lot of sense for us.”
Is Dubai the New Crypto Hub? Binance Success Leads to Further Crypto Expansion
Dubai is seeking to further establish itself as a crypto hub, following the success of Binance and its drive to bring over big tech executives into the country.
“We see a lot of interest from employees in traditional financial institutions who want to work for us,” said Richard Teng, Binance’s regional head in the Middle East and North Africa. “We’re actually recruiting a number of them.”
One recent hire includes former Bank of New York Mellon Corp. banker Vishal Sacheendran, now Binance’s MENA director based in the UAE. After almost a decade as a M&A lawyer, Robbie Nakarmi, joined the firm’s senior counsel in Dubai late last year.
The rise of crypto investment funds
Looking outside of Binance, finance professionals have also been striking out on their own in their efforts to get into crypto.
In 2017, Bank of America alumni Ahmed Ismail and Chris Flinos launched Abu Dhabi-based digital currency investment bank HAYVN. Ismail related how several banker friends had recently left their positions to start crypto investment funds.
After 16 years, Amir Tabch, the former head of global markets at Emirates Investment Bank, left the traditional banking sector to become the now CEO of DeFi brokerage Securrency Capital in Abu Dhabi. Tabch is currently seeking more bankers to help “bridge the gap” between traditional and digital finance.
Ismail also emphasized that the environment in the UAE had made it especially conducive to make the leap.
“It all starts from the top,” Ismail said. “We have witnessed the UAE making a huge push in developing world-class infrastructure and a regulatory environment for crypto firms to thrive and call home.”
Dubai a new crypto hub?
Binance recently established its de facto headquarters in the UAE. The company’s CEO Changpeng Zhao said Dubai had become the firm’s HQ by any common interpretation.
In March, the world’s largest crypto exchange by volume, had been granted a license to conduct operations in Dubai, after receiving a similar approval in Bahrain. It has since expanded its operations in the UAE, following further approval in Abu Dhabi.
The UAE’s crypto-friendly policies have also lured many similar cryptocurrency funds and exchanges.
Prior to Binance’s approval, rival exchange FTX became the first crypto exchange to win over Dubai.
Dubai-based BitOasis also received approval, with CEO Ola Doudin commenting on the government’s commitment to establishing a secure environment in which to operate.
While prioritizing security, the UAE government has also been trying to create a pro-business atmosphere for crypto firms. These efforts have so far shown to be convincing enough for crypto hedge fund Three Arrows Capital to move its headquarters from Singapore to Dubai.
Dubai is seeking to further establish itself as a crypto hub, following the success of Binance and its drive to bring over big tech executives into the country.
“We see a lot of interest from employees in traditional financial institutions who want to work for us,” said Richard Teng, Binance’s regional head in the Middle East and North Africa. “We’re actually recruiting a number of them.”
One recent hire includes former Bank of New York Mellon Corp. banker Vishal Sacheendran, now Binance’s MENA director based in the UAE. After almost a decade as a M&A lawyer, Robbie Nakarmi, joined the firm’s senior counsel in Dubai late last year.
The rise of crypto investment funds
Looking outside of Binance, finance professionals have also been striking out on their own in their efforts to get into crypto.
In 2017, Bank of America alumni Ahmed Ismail and Chris Flinos launched Abu Dhabi-based digital currency investment bank HAYVN. Ismail related how several banker friends had recently left their positions to start crypto investment funds.
After 16 years, Amir Tabch, the former head of global markets at Emirates Investment Bank, left the traditional banking sector to become the now CEO of DeFi brokerage Securrency Capital in Abu Dhabi. Tabch is currently seeking more bankers to help “bridge the gap” between traditional and digital finance.
Ismail also emphasized that the environment in the UAE had made it especially conducive to make the leap.
“It all starts from the top,” Ismail said. “We have witnessed the UAE making a huge push in developing world-class infrastructure and a regulatory environment for crypto firms to thrive and call home.”
Dubai a new crypto hub?
Binance recently established its de facto headquarters in the UAE. The company’s CEO Changpeng Zhao said Dubai had become the firm’s HQ by any common interpretation.
In March, the world’s largest crypto exchange by volume, had been granted a license to conduct operations in Dubai, after receiving a similar approval in Bahrain. It has since expanded its operations in the UAE, following further approval in Abu Dhabi.
The UAE’s crypto-friendly policies have also lured many similar cryptocurrency funds and exchanges.
Prior to Binance’s approval, rival exchange FTX became the first crypto exchange to win over Dubai.
Dubai-based BitOasis also received approval, with CEO Ola Doudin commenting on the government’s commitment to establishing a secure environment in which to operate.
While prioritizing security, the UAE government has also been trying to create a pro-business atmosphere for crypto firms. These efforts have so far shown to be convincing enough for crypto hedge fund Three Arrows Capital to move its headquarters from Singapore to Dubai.
Meta’s Instagram to Support NFTs From Ethereum, Polygon, Solana, Flow
NFTs from some of the most popular blockchain networks for crypto art are coming to Instagram with the announcement of a pilot as soon as Monday.
The social media powerhouse owned by Meta is planning non-fungible token (NFT) integrations for Ethereum, Polygon, Solana and Flow, CoinDesk has learned. Those networks host the vast majority of trading in digital collectibles, with Ethereum and its Bored Apes leading the way by market cap.
The pilot will feature a small group of NFT aficionados based in the U.S. It wasn’t immediately clear whether Instagram would support NFTs from all four chains at launch.
Instagram intends to support widely used crypto wallets such as MetaMask. Plugging in their wallets, users will be able to prove NFT ownership, showcase them on their profiles and tag the creators who made them.
CoinDesk has confirmed Instagram will not charge users for posting and sharing NFTs, as Twitter initially did for its hexagonal NFT profile pictures in January.
The decision likely spells a rush of new cultural visibility for NFTs. Instagram has over one billion monthly active users; many of whom use the platform to promote and market their art.
Meta CEO Mark Zuckerberg teased the initiative in March without divulging much details.
The Financial Times previously reported that Meta would follow up its NFT pilot on Instagram with minting and group membership options on Facebook.
An email to Meta seeking comment wasn't immediately answered.
NFTs from some of the most popular blockchain networks for crypto art are coming to Instagram with the announcement of a pilot as soon as Monday.
The social media powerhouse owned by Meta is planning non-fungible token (NFT) integrations for Ethereum, Polygon, Solana and Flow, CoinDesk has learned. Those networks host the vast majority of trading in digital collectibles, with Ethereum and its Bored Apes leading the way by market cap.
The pilot will feature a small group of NFT aficionados based in the U.S. It wasn’t immediately clear whether Instagram would support NFTs from all four chains at launch.
Instagram intends to support widely used crypto wallets such as MetaMask. Plugging in their wallets, users will be able to prove NFT ownership, showcase them on their profiles and tag the creators who made them.
CoinDesk has confirmed Instagram will not charge users for posting and sharing NFTs, as Twitter initially did for its hexagonal NFT profile pictures in January.
The decision likely spells a rush of new cultural visibility for NFTs. Instagram has over one billion monthly active users; many of whom use the platform to promote and market their art.
Meta CEO Mark Zuckerberg teased the initiative in March without divulging much details.
The Financial Times previously reported that Meta would follow up its NFT pilot on Instagram with minting and group membership options on Facebook.
An email to Meta seeking comment wasn't immediately answered.
China broadens digital yuan trial to select hospitals, Tianjin civil salaries
The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments.
See related article: Central banks double down on CBDC issuance: BIS report
Fast facts:
The Tianjin Municipal Finance Bureau on Saturday urged government employees to set up digital yuan wallets in preparation for a further expansion of the digital payment system.
The Zhejiang Provincial Hospital of Traditional Chinese Medicine has begun accepting digital yuan payments, becoming the first hospital in Hangzhou to take part in the payment system, according to local media Zhejiang Daily.
The Guangdong People’s Hospital Huifu Branch has also started accepting digital yuan, becoming the first hospital in the province to participate in the trial, according to local media Guangzhou Daily.
The use of the digital yuan has recently been expanded to include a variety of public transport and municipal services, including metro, buses, trains, highway toll gates, taxation, and social insurance.
China’s digital yuan, or e-CNY, is being tested in 23 cities following its initial rollout in October 2020.
Total transactions using e-CNY reached 87.565 billion yuan (US$11.238 billion) at the end of 2021, the People’s Bank of China announced in January.
The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments.
See related article: Central banks double down on CBDC issuance: BIS report
Fast facts:
The Tianjin Municipal Finance Bureau on Saturday urged government employees to set up digital yuan wallets in preparation for a further expansion of the digital payment system.
The Zhejiang Provincial Hospital of Traditional Chinese Medicine has begun accepting digital yuan payments, becoming the first hospital in Hangzhou to take part in the payment system, according to local media Zhejiang Daily.
The Guangdong People’s Hospital Huifu Branch has also started accepting digital yuan, becoming the first hospital in the province to participate in the trial, according to local media Guangzhou Daily.
The use of the digital yuan has recently been expanded to include a variety of public transport and municipal services, including metro, buses, trains, highway toll gates, taxation, and social insurance.
China’s digital yuan, or e-CNY, is being tested in 23 cities following its initial rollout in October 2020.
Total transactions using e-CNY reached 87.565 billion yuan (US$11.238 billion) at the end of 2021, the People’s Bank of China announced in January.
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Prove your knowledge Dubai and the #Slavi project, earn points and claim your place among the winners vying for a share of the $100,000 SLV prize pool!💰
Take up your place in the ranking and see which of these prizes reflect your wit and mettle!
1️⃣1st - $2,500 SLV
2️⃣2nd - $1,500 SLV
3️⃣3rd - $1,000 SLV
4️⃣4th - $500 SLV
5️⃣5th-10th - $200 SLV
6️⃣11th - 20th - $100 SLV
👉🏻Don’t forget about the ten random prizes that include 5 TeddyVerse Mystery Box packs, 4 NFT Rich Teddy, and 1 VIP Teddy (cost $50,000)
Just join the contest with a unique account and start earning points! The Slavi development team will determine the winners and reward their efforts!
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NYDIG Partners With Jack Henry & Associates To Offer Bitcoin Services To Banks
Jack Henry and Associates has partnered with NYDIG to enable its 7 million bank users access to bitcoin.
Jack Henry will use its existing SaaS platform to enable payments to and from NYDIG.
This service offers a new revenue stream for banking institutions and credit unions.
Fintech software company Jack Henry & Associates, Inc. (Nasdaq: JKHY) has announced a partnership with bitcoin bank, NYDIG to enable seven million banked customers access to bitcoin, in a press release sent to Bitcoin Magazine.
Many institutions and individuals are holding out on their banks offering bitcoin services due to the fears of overcoming new technology. Business and consumer account holders will be able to utilize NYDIG’s buy-hold-sell capabilities through the Banno Digital Platform serviced by Jack Henry.
The platform will facilitate payments to and from NYDIG over Jack Henry’s network which includes both community and commercial banking institutions reaching over 7.1 million users.
“Jack Henry is a key access point to community financial institutions and Main Street America. Together, we are bridging access to broader financial tools for Jack Henry customers,“ said Rahm McDaniel, head of banking solutions at NYDIG. “This relationship marks an important step toward making bitcoin services more obtainable for both financial institutions and their account holders."
While this service offers a great deal of accessibility to millions of users, Jack Henry also notes this will be a boon to the banking institutions and credit unions themselves. Services offering allocation to bitcoin create a new and interesting form of revenue that is not reliant on interest payments, such as fractionalized investment opportunities. This enables legacy banking infrastructure to participate in the growing economy of today’s consumers.
“It's important for financial institutions to be at the center of financial transactions, and our work with NYDIG is a great example of how we can collaborate to make this a reality,” said Julie Morlan, senior managing director of digital solutions at Jack Henry. “Our relationship with NYDIG helps more banks and credit unions meet today's modern payment demands.”
Jack Henry and Associates has partnered with NYDIG to enable its 7 million bank users access to bitcoin.
Jack Henry will use its existing SaaS platform to enable payments to and from NYDIG.
This service offers a new revenue stream for banking institutions and credit unions.
Fintech software company Jack Henry & Associates, Inc. (Nasdaq: JKHY) has announced a partnership with bitcoin bank, NYDIG to enable seven million banked customers access to bitcoin, in a press release sent to Bitcoin Magazine.
Many institutions and individuals are holding out on their banks offering bitcoin services due to the fears of overcoming new technology. Business and consumer account holders will be able to utilize NYDIG’s buy-hold-sell capabilities through the Banno Digital Platform serviced by Jack Henry.
The platform will facilitate payments to and from NYDIG over Jack Henry’s network which includes both community and commercial banking institutions reaching over 7.1 million users.
“Jack Henry is a key access point to community financial institutions and Main Street America. Together, we are bridging access to broader financial tools for Jack Henry customers,“ said Rahm McDaniel, head of banking solutions at NYDIG. “This relationship marks an important step toward making bitcoin services more obtainable for both financial institutions and their account holders."
While this service offers a great deal of accessibility to millions of users, Jack Henry also notes this will be a boon to the banking institutions and credit unions themselves. Services offering allocation to bitcoin create a new and interesting form of revenue that is not reliant on interest payments, such as fractionalized investment opportunities. This enables legacy banking infrastructure to participate in the growing economy of today’s consumers.
“It's important for financial institutions to be at the center of financial transactions, and our work with NYDIG is a great example of how we can collaborate to make this a reality,” said Julie Morlan, senior managing director of digital solutions at Jack Henry. “Our relationship with NYDIG helps more banks and credit unions meet today's modern payment demands.”
Gaming and Metaverse Tokens Bounce: Decentraland, Gala, STEPN Up 35% or More
It’s been a brutal week for the cryptocurrency market, with hundreds of billions of dollars’ worth of value wiped off the map as Terra’s LUNA and UST collapsed—and apparently dragged much of the market along with them.
But after a few days marked mostly by declines, crypto prices are perking up today. The wider market is up nearly 8% over the past 24 hours, with Bitcoin and Ethereum logging solid gains and altcoins like Solana, Avalanche, and Cardano up more than 20% each.
However, it’s gaming and metaverse tokens that are seeing some of the largest price increases over the past day, including a couple that have popped up more than 40% during the span, per data from CoinMarketCap.
Gala Games (GALA) and Decentraland (MANA) both match that description. GALA, the token of Gala’s burgeoning ecosystem of crypto games, is up 50% over the past 24 hours at a current price just below $0.10. It’s still down nearly 27% over the past week, but it's starting to claw back some of its recent lost value.
Bitcoin, Ethereum Mount 9% Recovery as Crypto Markets Rebound
Meanwhile, MANA—the token of long-running metaverse game Decentraland—has risen 41% to $1.11 in the past 24 hours. Competing metaverse game The Sandbox has seen its SAND token gain 19% (now at $1.44) in the same span. Both tokens have lost much of the value gained since last October when Facebook revealed its own major metaverse plans.
GMT, the token of recently hot “move-to-earn” mobile running game STEPN, is up nearly 39% to $1.66 today. Enjin Coin (ENJIN), the token of crypto gaming firm Enjin, has gained 26% at a current price of almost $0.74.
ApeCoin, the recently launched Ethereum-based token of the Bored Ape Yacht Club ecosystem, hasn’t logged as dramatic an upward pop at 9% over the past 24 hours to a current price of $9.21. However, given that it was trading under $6 as recently as early Thursday, it’s another gaming and metaverse token that is bouncing back from some serious lows.
We’ll see whether these gaming tokens and others can maintain this upward momentum after a brutal few days, or whether it’s temporary relief—a “dead cat bounce” before potentially added losses ahead.
It’s been a brutal week for the cryptocurrency market, with hundreds of billions of dollars’ worth of value wiped off the map as Terra’s LUNA and UST collapsed—and apparently dragged much of the market along with them.
But after a few days marked mostly by declines, crypto prices are perking up today. The wider market is up nearly 8% over the past 24 hours, with Bitcoin and Ethereum logging solid gains and altcoins like Solana, Avalanche, and Cardano up more than 20% each.
However, it’s gaming and metaverse tokens that are seeing some of the largest price increases over the past day, including a couple that have popped up more than 40% during the span, per data from CoinMarketCap.
Gala Games (GALA) and Decentraland (MANA) both match that description. GALA, the token of Gala’s burgeoning ecosystem of crypto games, is up 50% over the past 24 hours at a current price just below $0.10. It’s still down nearly 27% over the past week, but it's starting to claw back some of its recent lost value.
Bitcoin, Ethereum Mount 9% Recovery as Crypto Markets Rebound
Meanwhile, MANA—the token of long-running metaverse game Decentraland—has risen 41% to $1.11 in the past 24 hours. Competing metaverse game The Sandbox has seen its SAND token gain 19% (now at $1.44) in the same span. Both tokens have lost much of the value gained since last October when Facebook revealed its own major metaverse plans.
GMT, the token of recently hot “move-to-earn” mobile running game STEPN, is up nearly 39% to $1.66 today. Enjin Coin (ENJIN), the token of crypto gaming firm Enjin, has gained 26% at a current price of almost $0.74.
ApeCoin, the recently launched Ethereum-based token of the Bored Ape Yacht Club ecosystem, hasn’t logged as dramatic an upward pop at 9% over the past 24 hours to a current price of $9.21. However, given that it was trading under $6 as recently as early Thursday, it’s another gaming and metaverse token that is bouncing back from some serious lows.
We’ll see whether these gaming tokens and others can maintain this upward momentum after a brutal few days, or whether it’s temporary relief—a “dead cat bounce” before potentially added losses ahead.
Turkish Referee Flips Bitcoin at Istanbul Derby Kick-Off, Soccer Authority Launches Probe
A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira.
Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey
The latest clash between Istanbul soccer clubs Beşiktaş and Fenerbahçe ended in a 1-1 draw but it’s not the tight game that drew the most attention, the Turkish daily Hürriyet wrote in article about the sports event. With photos posted on social media showing the referee flipping a Bitcoin-branded coin, it’s the kick-off ceremony that came to the forefront, the newspaper notes.
Before every soccer match, the referee would flip a coin to determine which team is going to start with the football. The Turkish Football Federation (TFF) is now examining the case as according to its rules, referees are only allowed to use either a 1-lira coin or a special referee coin with one side showing a goalpost, and the other a football.
Former referee Murat Fevzi Tanırlı has been quoted describing the derby’s referee Arda Kardeşler’s coin choice as “monkey tricks.” Tanırlı accused his colleague of besmirching the profession’s reputation, expressed hope the investigation will shed light on his real intention and warned that Kardeşler may be punished for his act. In further comments on the incident, the veteran referee stated:
This is not forgetfulness, it is a move. I really cannot understand why such an experienced referee has scandalized this event.
In statement quoted by Anadolu Agency, the TFF said that Kardeşler flipped a “commemorative Bitcoin” without the knowledge or approval of the federation or Turkey’s Central Refereeing Committee. The 34-year-old, a FIFA-licensed referee with 25 matches in his record this season, is suspected of having signed an agreement with a cryptocurrency platform without the approval of the governing bodies.
Turkish media outlets remark that the kick-off ceremony for the Beşiktaş – Fenerbahçe derby was also covered by many global sports websites, with commentators suggesting that FIFA, the International Federation of Association Football, and UEFA, the Union of European Football Associations, may also get involved in the case.
Hürriyet notes that several online shopping websites sell commemorative coins of Bitcoin. The daily also points out that a number of cryptocurrency platforms have signed commercial and sponsorship agreements with sports teams and Turkish athletes have already participated in some of their advertisements in the past few years.
A soccer referee’s decision to toss a bitcoin before the start of a recent match between Istanbul giants Beşiktaş and Fenerbahçe has sparked controversy in Turkey. The country’s football authority is trying to establish why a crypto coin was used for the ritual when that role should have been reserved for the Turkish lira.
Bitcoin Coin Toss at Soccer Game Under Investigation in Turkey
The latest clash between Istanbul soccer clubs Beşiktaş and Fenerbahçe ended in a 1-1 draw but it’s not the tight game that drew the most attention, the Turkish daily Hürriyet wrote in article about the sports event. With photos posted on social media showing the referee flipping a Bitcoin-branded coin, it’s the kick-off ceremony that came to the forefront, the newspaper notes.
Before every soccer match, the referee would flip a coin to determine which team is going to start with the football. The Turkish Football Federation (TFF) is now examining the case as according to its rules, referees are only allowed to use either a 1-lira coin or a special referee coin with one side showing a goalpost, and the other a football.
Former referee Murat Fevzi Tanırlı has been quoted describing the derby’s referee Arda Kardeşler’s coin choice as “monkey tricks.” Tanırlı accused his colleague of besmirching the profession’s reputation, expressed hope the investigation will shed light on his real intention and warned that Kardeşler may be punished for his act. In further comments on the incident, the veteran referee stated:
This is not forgetfulness, it is a move. I really cannot understand why such an experienced referee has scandalized this event.
In statement quoted by Anadolu Agency, the TFF said that Kardeşler flipped a “commemorative Bitcoin” without the knowledge or approval of the federation or Turkey’s Central Refereeing Committee. The 34-year-old, a FIFA-licensed referee with 25 matches in his record this season, is suspected of having signed an agreement with a cryptocurrency platform without the approval of the governing bodies.
Turkish media outlets remark that the kick-off ceremony for the Beşiktaş – Fenerbahçe derby was also covered by many global sports websites, with commentators suggesting that FIFA, the International Federation of Association Football, and UEFA, the Union of European Football Associations, may also get involved in the case.
Hürriyet notes that several online shopping websites sell commemorative coins of Bitcoin. The daily also points out that a number of cryptocurrency platforms have signed commercial and sponsorship agreements with sports teams and Turkish athletes have already participated in some of their advertisements in the past few years.
BinanceUS Hires Ex-Uber Compliance Lead Krishna Juvvadi as Head of Legal
BinanceUS has hired Krishna Juvvadi, former global head of operations compliance at Uber, as its new head of legal.
Juvvadi was also the Uber's chief regulatory counsel and its first regulatory attorney, helping the firm's efforts to secure legislation and registration at local, state and federal level in the U.S.
The hire echoes the efforts in BinanceUS's parent firm to bolster its legal and compliance team, with Bloomberg reporting this week that the firm is looking to hire 30 lawyers, predominantly in data privacy and regulatory counsel roles.
Binance has been attempting to forge more benevolent relations with regulators in recent months following a string of warnings issued against it from regulatory bodies and other entities last year.
"I have been impressed by the significant, purposeful steps the company has taken in recent months to bolster its legal and compliance efforts,” Juvvadi said.
Juvvadi follows the path of CEO Brian Shroder, who spent two years as head of strategy and business development for Uber in Asia Pacific from 2016 to 2018.
BinanceUS has hired Krishna Juvvadi, former global head of operations compliance at Uber, as its new head of legal.
Juvvadi was also the Uber's chief regulatory counsel and its first regulatory attorney, helping the firm's efforts to secure legislation and registration at local, state and federal level in the U.S.
The hire echoes the efforts in BinanceUS's parent firm to bolster its legal and compliance team, with Bloomberg reporting this week that the firm is looking to hire 30 lawyers, predominantly in data privacy and regulatory counsel roles.
Binance has been attempting to forge more benevolent relations with regulators in recent months following a string of warnings issued against it from regulatory bodies and other entities last year.
"I have been impressed by the significant, purposeful steps the company has taken in recent months to bolster its legal and compliance efforts,” Juvvadi said.
Juvvadi follows the path of CEO Brian Shroder, who spent two years as head of strategy and business development for Uber in Asia Pacific from 2016 to 2018.
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Regulate Ledgers and Not Individual Crypto Providers, BIS Study Says
Using distributed-ledger technology (DLT) to cut the cost of cross-border payments requires regulators to stop looking at individual entities like banks, and start looking at the whole decentralized network, a working paper produced for the Basel, Switzerland-based Bank for International Settlements (BIS) has found.
International standard setters are hoping to streamline current clunky and expensive systems for cross-border remittances – but to unlock the potential of blockchain-style tech, first they may need to turn away from rules that traditionally assume a single central player is in charge.
“Enhancing cross-border payments is a multifaceted problem requiring a comprehensive approach, and DLT could be one way of addressing these inefficiencies,” as noted by the working paper, written by a team led by University of Luxembourg professor Dirk Zetzsche. However, “financial law traditionally assumes that functions are concentrated in a single entity,” the paper noted.
That hits the nub of why regulators and the crypto world are often in such conflict. Traditional financial regulations are focused on institutions such as banks, and it isn’t easy to shoehorn blockchain payments or smart contracts into that model. In practice, regulators tend to look for intermediaries on to whom obligations such as anti-money laundering checks can be piled, for example those providing crypto exchange or wallet services.
That may need to change, Zetzsche said – with rules switching to a mentality where by default you regulate, not individual nodes, but the distributed system as a whole.
Blockchain benefits
Existing cross-border payments, which often hinge on banks forming “correspondent” partnerships with overseas equivalents, allow them to charge “oligopolistic rents” that let them push up prices for the ordinary user, the paper said.
But “DLT could be used to create competition” among payment service providers by allowing people to easily select the best deal on the market, the paper said. The study also cites as a benefit easier client identification, meaning more people get into the financial system without raising money laundering risks.
Regulations should focus on the ledger when looking at issues like how the system takes decisions and manages risks, and in any other case where it would improve efficiency due to DLT’s transparency or security, the authors argue – with developers setting out the exact details in advance in a Plan of Operations that regulators have to approve.
DLT isn’t the only way to cut the cost of cross-border transfers. Another recent BIS paper examined the impact of more prosaic changes, like having central banks stay online at night and on weekends.
But international payments – making it easy to send salaries home to the developing world via remittances, for example – were a key motivation for stablecoin projects such as the now-abandoned Libra, then renamed Diem. Global regulators may be starting to hear the message.
Using distributed-ledger technology (DLT) to cut the cost of cross-border payments requires regulators to stop looking at individual entities like banks, and start looking at the whole decentralized network, a working paper produced for the Basel, Switzerland-based Bank for International Settlements (BIS) has found.
International standard setters are hoping to streamline current clunky and expensive systems for cross-border remittances – but to unlock the potential of blockchain-style tech, first they may need to turn away from rules that traditionally assume a single central player is in charge.
“Enhancing cross-border payments is a multifaceted problem requiring a comprehensive approach, and DLT could be one way of addressing these inefficiencies,” as noted by the working paper, written by a team led by University of Luxembourg professor Dirk Zetzsche. However, “financial law traditionally assumes that functions are concentrated in a single entity,” the paper noted.
That hits the nub of why regulators and the crypto world are often in such conflict. Traditional financial regulations are focused on institutions such as banks, and it isn’t easy to shoehorn blockchain payments or smart contracts into that model. In practice, regulators tend to look for intermediaries on to whom obligations such as anti-money laundering checks can be piled, for example those providing crypto exchange or wallet services.
That may need to change, Zetzsche said – with rules switching to a mentality where by default you regulate, not individual nodes, but the distributed system as a whole.
Blockchain benefits
Existing cross-border payments, which often hinge on banks forming “correspondent” partnerships with overseas equivalents, allow them to charge “oligopolistic rents” that let them push up prices for the ordinary user, the paper said.
But “DLT could be used to create competition” among payment service providers by allowing people to easily select the best deal on the market, the paper said. The study also cites as a benefit easier client identification, meaning more people get into the financial system without raising money laundering risks.
Regulations should focus on the ledger when looking at issues like how the system takes decisions and manages risks, and in any other case where it would improve efficiency due to DLT’s transparency or security, the authors argue – with developers setting out the exact details in advance in a Plan of Operations that regulators have to approve.
DLT isn’t the only way to cut the cost of cross-border transfers. Another recent BIS paper examined the impact of more prosaic changes, like having central banks stay online at night and on weekends.
But international payments – making it easy to send salaries home to the developing world via remittances, for example – were a key motivation for stablecoin projects such as the now-abandoned Libra, then renamed Diem. Global regulators may be starting to hear the message.
South Korea May Hold Exchanges Accountable For Terra Crash
South Korea’s ruling party has reportedly arranged an emergency meeting to take place Tuesday with representatives from the country’s five largest cryptocurrency exchanges. The authorities are expected to hold the exchanges responsible for failing to protect investors during Terra’s collapse.
South Korea Continues Probes Into Terra Crash
South Korean crypto exchanges could be held responsible for some of the damage Terra investors suffered due to the network’s collapse.
According to a Monday report from the local outlet Newspim, South Korea’s ruling party has scheduled a May 24 emergency party meeting with representatives from the top five local crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, to discuss the consequences of Terra’s $40 billion collapse. Per the report, it is expected that the exchanges will be held accountable for failing to implement adequate investor protections and prevent damages to their clients during the crash.
“We will check the exchanges’ investor protection measures,” Yoon Chang-Hyeon, a member of South Korea’s ruling party and chairman of the parliament’s special virtual assets committee, said in a Monday Facebook post. Previously, Chang-Hyeon, who pushed for an emergency National Assembly hearing on Terra last Tuesday, raised questions regarding the local exchanges’ response to Terra’s collapse, implying that high trading volumes and transaction fees may have incentivized the exchanges to keep LUNA and UST trading open despite the apparent risks for their customers.
In the meantime, South Korea’s financial regulators are conducting emergency probes into all 34 crypto-related businesses in the country, including 26 crypto exchanges and eight crypto wallet and security management companies. According to Newspim, they are assessing whether the exchanges have adequately implemented all necessary anti-money laundering and investor protection mechanisms.
According to local news sources, Terraform Labs CEO Do Kwon, who has reportedly been invited to the emergency party hearing, is under investigation by the Seoul Southern District Prosecutors Office on suspicions of running a Ponzi scheme by promoting unsustainable yields on UST deposits via Anchor Protocol. The investigation comes after South Korean investors announced their plans to Kwon and his co-founder, Daniel Shin, for fraud and other financial violations over Terra’s collapse.
South Korea’s ruling party has reportedly arranged an emergency meeting to take place Tuesday with representatives from the country’s five largest cryptocurrency exchanges. The authorities are expected to hold the exchanges responsible for failing to protect investors during Terra’s collapse.
South Korea Continues Probes Into Terra Crash
South Korean crypto exchanges could be held responsible for some of the damage Terra investors suffered due to the network’s collapse.
According to a Monday report from the local outlet Newspim, South Korea’s ruling party has scheduled a May 24 emergency party meeting with representatives from the top five local crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, to discuss the consequences of Terra’s $40 billion collapse. Per the report, it is expected that the exchanges will be held accountable for failing to implement adequate investor protections and prevent damages to their clients during the crash.
“We will check the exchanges’ investor protection measures,” Yoon Chang-Hyeon, a member of South Korea’s ruling party and chairman of the parliament’s special virtual assets committee, said in a Monday Facebook post. Previously, Chang-Hyeon, who pushed for an emergency National Assembly hearing on Terra last Tuesday, raised questions regarding the local exchanges’ response to Terra’s collapse, implying that high trading volumes and transaction fees may have incentivized the exchanges to keep LUNA and UST trading open despite the apparent risks for their customers.
In the meantime, South Korea’s financial regulators are conducting emergency probes into all 34 crypto-related businesses in the country, including 26 crypto exchanges and eight crypto wallet and security management companies. According to Newspim, they are assessing whether the exchanges have adequately implemented all necessary anti-money laundering and investor protection mechanisms.
According to local news sources, Terraform Labs CEO Do Kwon, who has reportedly been invited to the emergency party hearing, is under investigation by the Seoul Southern District Prosecutors Office on suspicions of running a Ponzi scheme by promoting unsustainable yields on UST deposits via Anchor Protocol. The investigation comes after South Korean investors announced their plans to Kwon and his co-founder, Daniel Shin, for fraud and other financial violations over Terra’s collapse.
Hydropower plant in China’s Hubei province fined for powering crypto mining
Chinese authorities have fined a hydropower plant in Central China’s Hubei province 43,493 yuan (US$6,528) for “illegally supplying electricity to virtual currency mining operations,” as the country continues to crack down on cryptocurrency operations.
Fast facts:
In addition to the fine, the authorities will seize income of 21,747 yuan from selling power to crypto mining operations, according to a penalty notice dated May 11 and released last week by a local branch of the National Energy Administration.
China started a series of intensive crackdowns on crypto mining in May 2021 and introduced a blanket ban in September.
However, underground mining operations persist, with companies finding means to stay off the government’s radar.
Even after the ban, China in January controlled 21.1% of the global Bitcoin hashrate, to become the second-largest Bitcoin producer after 37.8% in the U.S., according to a study from the Cambridge Centre for Alternative Finance.
Chinese authorities have fined a hydropower plant in Central China’s Hubei province 43,493 yuan (US$6,528) for “illegally supplying electricity to virtual currency mining operations,” as the country continues to crack down on cryptocurrency operations.
Fast facts:
In addition to the fine, the authorities will seize income of 21,747 yuan from selling power to crypto mining operations, according to a penalty notice dated May 11 and released last week by a local branch of the National Energy Administration.
China started a series of intensive crackdowns on crypto mining in May 2021 and introduced a blanket ban in September.
However, underground mining operations persist, with companies finding means to stay off the government’s radar.
Even after the ban, China in January controlled 21.1% of the global Bitcoin hashrate, to become the second-largest Bitcoin producer after 37.8% in the U.S., according to a study from the Cambridge Centre for Alternative Finance.
Meta Quantum Medicine WEB3
The medicine of the future.
🌱Phayny Token $PHN
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✅ Website: https://www.phayny.com
✅ Twitter : https://twitter.com/PhaynyMETA
✅ Telegram: https://t.me/phayny
✅ Telegram chat : https://t.me/PhaynyChat
✅ Sign up : https://www.phayny.com/phn_ico/public/register
The project : Metaverse in the WEB3
+ DAO
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Market : $30 billion a year.
Just like traditional allopathic medicine where the structures and foundations are well established. It is necessary to find an alternative, or rather a complementary medicine where patients will be able to find other ways towards the path of healing. Indeed, quantum medicine is more commonly called holistic or natural medicine because it treats the living being as a whole, the physical body and the consciousness.
For the understanding of all, the medicine of the future will be based on the Metaverse. As you already know, it is complicated to find a good naturopath because few of them are referenced. A virtual universe in the Web3 where everyone will be able to consult specialists from all over the world. The Phayny network will bridge the gap between the patient and the quantum doctor.
The patient’s data will be stored in the blockchain, secure and decentralized. The doctor will have a virtual world at his disposal, a cabinet, an avatar, all the tools necessary to dialogue with the patient. Slides, medical images, videos, sounds for a holistic approach.
Holistic market : ⬇️
The World Health Organization estimates 65 - 80 percent of the population use holistic naturopathic medicine as a primary form of health care. Americans make more visits to holistic health care providers (some
600 million a year) than to M.D.s and spend more money out-of-pocket to do so about $30 billion a year by recent estimates. Holistic, Metaphysical, Energy or Mind,Body, Spirit healing has existed since the beginning of time amid religious beliefs and practices, along with themystery, superstition, fear, and misunderstanding
The medicine of the future.
🌱Phayny Token $PHN
🎉Pre-sale is live : $0.03 🚀🚀🚀
✅ Website: https://www.phayny.com
✅ Twitter : https://twitter.com/PhaynyMETA
✅ Telegram: https://t.me/phayny
✅ Telegram chat : https://t.me/PhaynyChat
✅ Sign up : https://www.phayny.com/phn_ico/public/register
The project : Metaverse in the WEB3
+ DAO
+ NFT
Market : $30 billion a year.
Just like traditional allopathic medicine where the structures and foundations are well established. It is necessary to find an alternative, or rather a complementary medicine where patients will be able to find other ways towards the path of healing. Indeed, quantum medicine is more commonly called holistic or natural medicine because it treats the living being as a whole, the physical body and the consciousness.
For the understanding of all, the medicine of the future will be based on the Metaverse. As you already know, it is complicated to find a good naturopath because few of them are referenced. A virtual universe in the Web3 where everyone will be able to consult specialists from all over the world. The Phayny network will bridge the gap between the patient and the quantum doctor.
The patient’s data will be stored in the blockchain, secure and decentralized. The doctor will have a virtual world at his disposal, a cabinet, an avatar, all the tools necessary to dialogue with the patient. Slides, medical images, videos, sounds for a holistic approach.
Holistic market : ⬇️
The World Health Organization estimates 65 - 80 percent of the population use holistic naturopathic medicine as a primary form of health care. Americans make more visits to holistic health care providers (some
600 million a year) than to M.D.s and spend more money out-of-pocket to do so about $30 billion a year by recent estimates. Holistic, Metaphysical, Energy or Mind,Body, Spirit healing has existed since the beginning of time amid religious beliefs and practices, along with themystery, superstition, fear, and misunderstanding
