Tag: nfts

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U.S. Banks Launch a Digital Dollar Blockchain Pilot – Top Crypto Updates

U.S. banks launch a Digital Dollar blockchain pilot

A group of banking institutions, including HBSC, Mastercard, and Wells Fargo, announced the launch of a proof-of-concept digital money platform called the Regulated Liability Network (RLN). The platform will use distributed ledger technology (or blockchain) to create opportunities to improve financial settlements. It would also draw participation from central banks, commercial banks, and regulated non-banking financial institutions.

Crypto prices today: Bitcoin up 0.14%, ETH falls 1.3%

Bitcoin is currently trading at $16,855.02, an increase of 0.14% over the previous day. Ethereum rose 1.36% over the last 24 hours to $1,249.2. Solana fell 1% to $14.36, while Cardano is trading higher by 0.88% at $0.341. Avalanche (AVAX) rose 1.52% to $13.48. The global crypto market cap stands at $847.45 billion, a 0.01% increase over the previous day.

Sony files patent for tracking in-game digital assets with NFTs

Global entertainment giant Sony applied for a patent in 2021 for a system that tracks digital assets in video games using blockchain technology—specifically NFTs. The company wants to use blockchain to record digital media assets, gameplay, and video clips and include a unique token for the digital item with a unique identifier and metadata that would identify properties of the digital asset.

BlockFi plans bankruptcy filing and layoffs amidst FTX collapse

Crypto lending platform BlockFi has retained an advisor to look into a possible Chapter 11 bankruptcy filing and is preparing for job cuts. The crypto lender paused all customer withdrawals last week as crypto exchange FTX collapsed. In its exploration of next steps, BlockFi has also had talks with Binance about possible financial help.

NFT platform, art collective launch collaboration in aid of Ukraine

laCollection, a non-fungible token (NFT) platform, has launched a series of collaborations with international artists to raise funds for Ukrainian cultural institutions. The initiative consists of a series of NFTs designed by Ukrainian artist Irina Ozarinskaya. It acts as membership cards, enabling private visits to the studios of artists involved in the collective and other events.

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South Africa Moves to Regulate Crypto Assets – Top Crypto Updates

South Africa moves to regulate crypto assets

South Africa’s Financial Sector Conduct Authority (FSCA) has classified cryptocurrency assets as financial products. The FSCA referred to crypto assets as “a digital representation of value” that can be electronically traded, transferred, and stored but is not issued by a central bank. Crypto asset service providers (CASP), such as exchanges, must now apply for licenses.

Crypto prices today: Bitcoin, ETH down 0.5%

Bitcoin is currently trading at $19,132.6, a decline of 0.51% over the previous day. Ethereum is down 0.51% over the last 24 hours to $1,292.06. Solana fell 2.27% to $29.25, while Cardano is trading lower by 1.17% at $0.353. Avalanche (AVAX) fell 1.56% to $15.28. The global crypto market cap stands at $920.34 billion, a 0.44% decline over the previous day.

Helius raises $3.1M to make Solana app building ‘faster and cheaper’

Helius, a Solana infrastructure startup, raised $3.1 million to provide the tools to help developers build Web3 applications in less time and for less money. The development platform was co-founded by former Coinbase and Amazon engineers. Helius aims to help creators by providing application programming interfaces (APIs) to understand on-chain data & query transactions and also webhooks that enable automation and bots.

Ethereum NFT marketplace Blur launches with free airdrop

VC-backed marketplace Blur went live on Wednesday. It has promised new users free crypto in the form of an airdropped gift that contains an undisclosed amount of BLUR tokens. Users may be eligible for the free airdrop if they have traded an NFT within the past six months. Blur calls itself the NFT marketplace for “pro traders,” offering an aggregation feature, portfolio analytics, and zero marketplace fees.

Reddit users open 2.5 million crypto wallets after launch of NFT platform

The users of social network Reddit have opened over 2.5 million crypto wallets on the platform since the company released its NFT marketplace in July. The NFT marketplace requires users to set up a Reddit Vault Wallet to purchase and store tokens. The wallet allows users to manage community points stored on-chain that can be used for in-app purchases.

Reddit claims it has 50 million daily active users and grossed over $350 million in earnings last year.

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Binance Pool Starts $500M Fund to Support BTC Mining – Top Crypto Updates

Binance Pool starts $500M fund to support Bitcoin mining

Binance Pool has started a $500 million lending project for private and public miners. The miners will need to pledge security in the form of physical or digital assets for the loan, which will have a duration of 18-24 months. It will charge interest rates that range from 5% to 10%. Binance Pool also plans to roll out cloud mining products.

Crypto prices today: Bitcoin up 3.5%, ETH rises 3.2%

Bitcoin is currently trading at $19,705.15, an increase of 3.52% over the previous day. Ethereum is up 3.21% over the last 24 hours to $1,323.05. Solana rose 4.2% to $31.37, while Cardano is trading higher by 4.77% at $0.382. Avalanche (AVAX) rose 5.7% to $16.16. The global crypto market cap stands at $938.04 billion, a 3.2% increase over the previous day.

Uniswap raises $165M in new funding

Ethereum decentralized exchange (DEX) Uniswap raised $165 million in its latest funding round led by Polychain Capital. The latest round gives Uniswap a $1.6 billion valuation. A DEX is an application that lets users trade crypto directly with each other without using an intermediary. Uniswap is an Ethereum-based DEX that allows users to swap ERC-20 tokens. Since its launch, Uniswap has supported $1.2 trillion in trading volume.

CoinShares creates Twitter Bot that gives traders ‘fair prices’ for NFTs

Crypto asset investment and trading group CoinShares has launched an experimental Twitter bot, CoinSharesNFTAI, that can calculate a “fair price” for a given NFT. The bot aggregates data and tells users at what price a specific NFT could be bought or sold. The CoinShares NFT bot currently only supports pricing data for 50 NFT collections.

October ‘biggest month’ ever for crypto hackers: Chainalysis

With a total hacked value of about $718 million for the month, blockchain analytics company Chainalysis has dubbed October 2022 as “the biggest month in the biggest year ever for hacking activity.” Hundreds of millions had been taken advantage of through 11 distinct hacks on decentralised finance (DeFi) protocols. At the current rate, 2022 might surpass last year’s record since over $3 billion has been abused over 125 hacks.

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White House Calls for Crypto Mining Standards – Top Crypto Updates

White House calls for crypto mining standards

The White House Office of Science and Technology Policy called for the U.S. to conduct further research on the energy impact of crypto mining in order to set standards for the industry. Crypto mining, particularly Bitcoin (BTC) mining, uses a lot of electricity, which undermines U.S. sustainability goals. The Biden administration also wants energy regulators and grid operators to ensure that crypto mining does not drive up prices for consumers.

Crypto prices today: Bitcoin up 7.3%, ETH rises 5%

Bitcoin is currently trading at $20,647.08, an increase of 7.25% over the previous day. Ethereum is up 4.9% over the last 24 hours to $1,708.37. Solana rose 8.6% to $35.26, while Cardano is trading higher by 3.6% at $0.493. Polygon (MATIC) rose 5% to $0.879. The global crypto market cap stands at $1.03 trillion, a 5.14% increase over the previous day.

Florida man pleads guilty to stealing $100 million in crypto Ponzi scheme

The U.S. Department of Justice said a Florida man pleaded guilty in federal district court to participating in a crypto-based Ponzi scheme that defrauded investors of approx. $100 million. Joshua David Nicholas acted for nearly two years as the so-called “head trader” of EmpiresX, a crypto investment platform that promised investors daily profits of 1%.

Queen Elizabeth II ETH NFT tribute project holds final auction

QueenE, an Ethereum-based NFT project, is holding its final Gen1 artwork auction following the death of England’s Queen Elizabeth II. The project launched in July 2022 and has released 73 total pieces of artwork. It was designed to launch new procedurally generated pieces at a steady clip for the rest of the Queen’s life.

Crypto intermediaries should register with US SEC: SEC Chair

Companies that help facilitate transactions in the crypto market should register with the U.S. Securities and Exchange Commission (SEC) just like other market intermediaries, said the agency’s chair Gary Gensler. He said intermediaries in the crypto market provide a range of functions regulated by the SEC, including operating as an exchange, broker-dealer, clearing agent, and custodian.

“Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities,” he said.

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FIFA Launches NFT Platform on Algorand – Top Crypto Updates

FIFA launches NFT platform on Algorand

FIFA, the global governing body of association football, has announced the launch of a non-fungible token (NFT) platform for soccer-themed digital collectibles. The platform, called FIFA+ Collect, is set to launch later this month. It will feature “affordable, inclusive, and accessible” NFTs that depict notable soccer moments, art, and imagery.

Crypto prices today: Bitcoin up 0.3%, ETH rises 1%

Bitcoin is currently trading at $19,761.81, an increase of 0.28% over the previous day. Ethereum is up 1.15% over the last 24 hours to $1,564.75. Solana rose 1.6% to $31.76, while Cardano is trading lower by 0.34% at $0.491. Polkadot (DOT) rose 3.1% to $7.51. The global crypto market cap stands at $976.74 billion, a 0.4% increase over the previous day.

LG selects Hedera blockchain for television NFTs

Korea-based LG is releasing an NFT marketplace called LG Art Lab that plugs into the Hedera Network. Television owners with sets updated to LG’s most recent software will be able to buy, sell and showcase their Hedera NFTs from their screens. Incorporating LG’s mobile crypto wallet Wallypto, users can purchase assets by scanning a QR code to connect their wallets.

BlackRock to use Kraken subsidiary for crypto offering

BlackRock, the world’s largest asset manager, will use crypto exchange Kraken’s CF Benchmarks’ bitcoin index for its new crypto offering. In August, BlackRock partnered with Coinbase to make Bitcoin directly available to its institutional clients. The company also launched a spot bitcoin private trust for U.S.-based institutional investors.

Saudi central bank hires crypto chief to boost digital ambitions

Saudi Arabia’s banking regulator recently appointed Mohsen AlZahrani to lead its virtual assets and central bank digital currency program in a sign of the Gulf state’s potential crypto ambitions. AlZahrani is a former managing director at consultancy Accenture. The country has always taken a more cautious approach to virtual assets, with officials raising concerns about their speculative nature.

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Celsius Countersues KeyFi for ‘Gross Mismanagement’ – Top Crypto Updates

Celsius countersues KeyFi for ‘gross mismanagement’

Crypto lending platform Celsius filed a countersuit in U.S. Bankruptcy Court on Tuesday against Jason Stone and his company KeyFi. In the filing, Celsius alleges Stone falsely represented himself as a pioneer and expert in coin staking and decentralized finance (DeFi) investments. The countersuit alleges KeyFi stole millions of dollars in coins from Celsius-controlled wallets and transferred them to wallets that they owned.

Crypto prices today: Bitcoin up 0.2%, ETH rises 1.6%

Bitcoin is currently trading at $21,322.51, an increase of 0.18% over the previous day. Ethereum is up 1.69% over the last 24 hours to $1,627.57. Solana fell 0.21% to $34.90, while Cardano is trading higher by 0.74% at $0.456. Polkadot (DOT) is up 1.2% to $7.5. The global crypto market cap stands at $1.02 trillion, a 0.69% increase over the previous day.

Coinbase to cut costs, focus on subscriptions

Coinbase is cutting costs and shifting its revenue model, said CEO Brian Armstrong. He wants the crypto exchange to move away from trading fees as its main source of revenue. While such fees bring in revenue during bull markets, cash flow dries up when bearish sentiment takes hold.

In other news, a Coinbase customer is suing the exchange for $5 million for failing to properly secure customers’ accounts and “flouting” federal securities laws.

Metaverse, NFT Tokens have crashed more than 20% this week

Gaming and NFT-related cryptos, including Flow (FLOW), Axie Infinity (AXS), Decentraland (MANA), and Gala (GALA), have posted severe losses over the past week. FLOW, the token powering everything on the layer-1 blockchain flow, has fallen more than 23% over the past week.

The primary reason behind the bearish price action across the market can be linked to calls for further interest rate hikes in September. 

Nearly 15% of Indians traded in crypto in last six months: KuCoin Survey

As per a KuCoin Survey, over 115 million crypto investors in India either hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years. Despite the government’s stance on digital assets and the levying of a 30% tax on income from digital assets, the Indian crypto market is expected to reach $241 million by 2030, the report said.

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ED Probing WazirX For Money Laundering – Top Crypto Updates

ED probing WazirX for money laundering of Rs 2,790 crore

Minister of State for Finance Pankaj Chaudhary said the Enforcement Directorate (ED) is probing alleged money laundering of Rs 2,790 crore through crypto exchange WazirX. An investigation has revealed that Wazirx, operated by Zanmai Labs Pvt Ltd, has been using the walled infrastructure of Cayman Island-based exchange BINANCE. All crypto transactions between these two exchanges were not recorded on the blockchain.

Crypto prices today: Bitcoin up 0.9%, ETH rises 3.5%

Bitcoin is currently trading at $23,040.86, an increase of 0.92% over the previous day. Ethereum rose 3.57% over the last 24 hours to $1,635.67. Solana fell 4.72% to $38.67, while Cardano is trading higher by 2.37% at $0.505. Avalanche (AVAX) rose 4.28% to $23.48. The global crypto market cap stands at $1.07 trillion, a 1.71% increase over the previous day.

Solana, USDC drained from wallets in attack

An unknown attacker drained thousands of wallets containing Solana and USDC worth at least $4 million late Tuesday night. The hack seemed to originate on the Solana browser wallet Phantom and is believed to have compromised user keys. “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem,” said Phantom in a tweet. 

Magic Eden expands NFT marketplace to Ethereum

Magic Eden, the most popular NFT marketplace on Solana, will add support for Ethereum this month. The platform will offer “go-to-market” benefits for Ethereum NFT creators, including its popular minting toolkit, whitelisting tools, and marketing support. It is also launching a “cross-currency trading product” to allow users to purchase both Ethereum and Solana NFTs in either blockchain’s native currency.

TaxCryp to launch tax computation platform for crypto investors

TaxCryp Technologies announced the launch of a software as a service (SAAS)-based solution to tackle India’s complicated crypto taxation regime. The software aims to simplify tax computation, compliance, and reporting requirements. India imposed a 30% flat tax on all crypto income from April 1. The govt also introduced a 1% tax deducted at source (TDS) on the sale and transfer of crypto assets in excess of Rs 10,000.

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Aave DAO Approves Launch of GHO Stablecoin – Top Crypto Updates

Aave DAO approves launch of GHO stablecoin

Aave’s proposal to create a new stablecoin was approved by 99.9% of its Decentralized Autonomous Organization (DAO). The firm pledged half a million AAVE in approving the measure to create GHO, a stablecoin that will be backed by collateral consisting of other cryptos. Aave is a decentralized, non-custodial market protocol that allows users to borrow and lend cryptocurrencies.

Crypto prices today: Bitcoin falls 2.6%, ETH down 1.5%

Bitcoin is currently trading at $23,166.14, a decline of 2.6% over the previous day. Ethereum fell 1.55% over the last 24 hours to $1,677. Solana fell 3.99% to $42.41, while Cardano is trading lower by 3.29% at $0.515. Polygon (MATIC) declined by 5% to $0.908. The global crypto market cap stands at $1.08 trillion, a 1.92% decline over the previous day.

Civic adds verification platform to battle bots and scams

Web3 identity company Civic is continuing its fight against bots and scams. It has launched a new security tool, uniqueness verification, and a platform called Civic.me. The “Civic Pass” is a non-transferable token that gets issued to a consumer’s wallet, which attests to some form of verification. Meanwhile, Civic.me is a platform that lets users manage their online identity, NFTs, and wallet addresses from one place on the blockchain.

Tiffany & Co. reveals first NFTs

US-based luxury jewelry and specialty retailer Tiffany & Co. is launching a series of non-fungible tokens (NFTs). The company hinted at its upcoming sale by tweeting out a video of a pixelated grid revealing: NFTiff. It also specified a price of 30 Ethereum (just over $51,000). NFTiffs will be a series of digital and physical pendants.

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Coinbase Cuts Workforce by 18% – Top Crypto Updates

Coinbase to cut workforce by 18%

U.S.-based crypto exchange Coinbase will cut its global workforce by 1,100 or ~18% to ensure it stays “healthy during this economic downturn.” It will take a restructuring charge of up to $45 million to cover the job cuts, mostly for employee severance and other termination benefits. Coinbase stock was trading around $250 at the beginning of the year and has fallen about 80% since then.

Crypto prices today: Bitcoin falls 5%, ETH down 8%

Bitcoin is currently trading at $21,145.21, a decline of 4.9% over the previous day. Ethereum fell 8.25% over the last 24 hours to $1,118.7. Solana fell 7.7% to $28.08, while Cardano is trading lower by 8.15% at $0.460. Avalanche (AVAX) fell 8.8% to $15.25.

Bored Ape ETH NFTs drop below $100K for first time since Aug 2021

The floor or entry-level price for a Bored Ape Yacht Club NFT has fallen below $100,000 for the first time since August 2021. It’s down 78% since late April, when Bored Apes started at nearly $429,000. Since its launch, the Bored Ape Yacht Club has been a key symbol of rising valuations in the NFT market.

US crypto bill could undermine market protections: SEC Chair

The recently proposed U.S. crypto bill could undermine the existing regulatory framework for broader capital markets, said Securities & Exchange Commission (SEC) Chairman Gary Gensler. He said many crypto companies are issuing tokens that should be classified as securities, while services such as offering yield for staking are overseen by the SEC.

SEC launches inquiry into insider trading at crypto exchanges: Report

According to a Fox Business report, the US SEC has begun an investigation into whether crypto exchanges have sufficient protections against insider trading. The regulator had sent a letter to a major crypto exchange asking about the kinds of protections it has in place against insider trading. The letter was sent after the collapse of TerraUSD and LUNA last month.

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Binance US Sued For Promoting UST, LUNA – Top Crypto Updates

Binance US sued over promoting, selling UST and LUNA

A class-action lawsuit was filed against Binance.US, alleging that the crypto exchange misled consumers about the safety of Terra’s stablecoin UST and native token LUNA. The lawsuit also claims Binance violated federal law by selling UST and LUNA. Plaintiffs noted that the digital assets should have been registered with the US Securities & Exchange Commission (SEC).

Crypto prices today: Bitcoin crashes 12%, ETH down 8.6%

Bitcoin is currently trading at $22,331.84, a decline of 12.13% over the previous day. Ethereum fell 8.6% over the last 24 hours to $1,218.9. Solana is up 8.8% to $30.46, while Cardano is trading higher by 5.6% at $0.492. Avalanche (AVAX) rose 5.27% to $17.07. The global crypto market cap stands at $957.92 billion, a 6.15% decline over the previous day.

NFT floor prices fall amid crypto crash

Values of non-fungible tokens (NFTs) are plunging alongside traditional crypto. The floor price (lowest price NFT can be purchased) of the blue-chip NFT Bored Ape Yacht Club has dropped 14% in the last 24 hours. Mutant Ape’s floor price is down 16%. However, NFT trading volume has risen sharply over the past 24 hours, up 54% over the previous period.

WazirX partners with MoEngage to boost customer engagement

WazirX has partnered with insights-led customer engagement platform MoEngage to boost the adoption of Web3 and crypto in India. The crypto trading platform will use AI-driven insights to offer course corrections to its customers whenever needed. WazirX aims to boost its customer onboarding and app promotion with respect to the crypto industry in India.

BlockFi, Crypto.com lay off hundreds as digital coins crash

Crypto trading and lending exchanges BlockFi and crypto.com have laid off hundreds of employees amidst the crash in the crypto markets. BlockFi CEO Zac Prince said that the company is reducing its headcount by roughly 20%. Coinbase has announced slow hiring and reportedly revoked over 300 job offers.

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SEC Investigating Terra’s UST Stablecoin Collapse – Top Crypto Updates

SEC investigating Terra’s UST stablecoin collapse: Report

As per a Bloomberg report, the U.S. Securities & Exchange Commission (SEC) has been looking into Terraform Labs and its stablecoin (TerraUSD) to find out if they violated federal investor protection rules. TerraUSD and LUNA functionally lost all their value last month. The SEC was already investigating Terraform founder Do Kwon in connection with his role in building the Mirror Protocol. The protocol allows users to trade tokens representing synthetic stocks.

Crypto prices today: Bitcoin falls 0.85%, ETH down 0.66%

Bitcoin is currently trading at $30,096.31, a decline of 0.85% over the previous day. Ethereum fell 0.66% over the last 24 hours to $1,788.99. Solana rose 3.55% to $40.4, while Cardano is trading lower by 4.14% at $0.623. Avalanche (AVAX) rose 0.23% to $24.43. The global crypto market cap stands at $1.24 trillion, a 0.39% decline over the previous day.

NYC gallery lets NFT owners remotely display their art

Web3 NYC Gallery is a new non-fungible token (NFT) gallery opening in Manhattan on June 15. The gallery’s Genesis NFTs let holders control a display in the space, so they can show and even sell their NFTs remotely. Within the gallery, visitors can scan a QR code on the frame and purchase any NFTs that are listed for sale. 

Edge to launch confidential no-KYC crypto Mastercard

San Diego-based startup Edge has released the first “Confidential” crypto Mastercard. It does not require know-your-customer (KYC) data for collecting information related to the identity of the user. The new card is not limited to Bitcoin. Users can sell Bitcoin Cash, Dogecoin, Litecoin, and Dash to fund their Edge Mastercard, which can then be used at eligible merchants.

Jay-Z, Jack Dorsey launch a Bitcoin academy in New York

Twitter co-founder and Block CEO Jack Dorsey is teaming up with artist Jay-Z to launch the Bitcoin Academy at Marcy Houses, the public housing complex in Brooklyn, New York, where Jay-Z grew up. The initiative aims to provide financial education with an emphasis on Bitcoin as a path to financial freedom.

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EPL Files Crypto, NFT Trademarks – Top Crypto Updates

English Premier League files crypto, NFT trademarks

The English Premier League (EPL) has filed two cryptocurrency and NFT trademarks in the U.S. EPL is the top level of professional English football, comprising 20 teams. The two filings pertain to the U.S. use of trademarks associated with the league, one centered on the league’s name and logo. The trademark filings cover the creation and sale of digital assets, virtual clothing, cryptos, and media files verified by NFTs.

Crypto prices today: Bitcoin down 5.8%, ETH falls 7%

Bitcoin is currently trading at $29,504.87, a decline of 5.8% over the previous day. Ethereum fell 7.14% over the last 24 hours to $1,754.51. Solana fell 6.7% to $38.98, while Cardano is trading lower by 6.31% at $0.584. Avalanche (AVAX) crashed 11.7% to $23.69. The global crypto market cap stands at $1.21 trillion, a 5.12% decline over the previous day.

SEC targets Binance’s BNB ICO for potential violations: Report

As per a Bloomberg report, the Securities and Exchange Commission (SEC) is revisiting the origins of Binance’s Coin (BNB) for potential violations of securities regulations. The probe comes just as Reuters released the results of an unrelated investigation in which it claims that at least $2.35 billion in illicit funds have been laundered through Binance between 2017 and 2021.

IRA Financial Trust sues Gemini over $36M theft of Bitcoin, ETH

IRA Financial Trust has announced a lawsuit against crypto exchange Gemini. The company manages individual retirement accounts in non-traditional assets such as Bitcoin. IRA Financial Trust lost $36 million in a crypto hack in February. It used New York-based Gemini to hold its digital assets. IRA alleges that Gemini “did not have proper safeguards in place to protect customer crypto assets.”

Indonesian exchange Pintu raises $113M to meet country’s crypto boom

Indonesian crypto exchange Pintu has raised $113 million in a Series B funding round with investments from venture capital firms. Pintu plans to use the capital to build out new features, including additional supported tokens and blockchains and products. It plans to continue with its aggressive hiring plans to help address the booming crypto market in Indonesia.