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The latest news from the world of cryptocurrencies. Paid promotion: @gqsoul
💰BIGCAP– The World's First Fully Decentralized Crypto Hedge Fund
BIGCAP aims to grow into a decentralized, transparent Celsius, where anybody can participate in helping grow the treasury.
With BIGCAP, individuals can trade portions of a collective treasury, while the treasury retains protection of its assets through loss recovery tools that minimize negative outcomes. The top traders get a cut of the total profits and win NFTs, custom rewards, and special level-ups. Through the use of smart contracts, BIGCAP provides a secure, transparent, and decentralized mechanism for individuals to collectively accumulate assets.
✅Fairly Launched: No presale, team supply allocations, or minting after launch.
✅Doxxed and Trustworthy: The BIGCAP team comprises experienced cybersecurity experts.
✅Vote for Governance: Control the treasury, ladders, and vote on creative ways to expand the project.
✅Stake for Collateral: Stake BIGCAP to trade the treasury.
✅Growth Potential: Other DeFi projects can integrate with BIGCAP to help grow their own treasuries.
Moreover, members can share their investment strategies, submit proposals, and delegate voting power.
Read a comprehensive overview of the project: thecryptoresearcher/bigcap-an-experiment-in-decentralized-investing-756560218721">Medium
Join @bigcaptoken to learn more about the project!
👉Socials:
- Website: https://bigcap.io/
- Twitter: https://twitter.com/BIGCAPProject
Coinbase Crypto Exchange Taps Former Shopify Executive to Lead Canadian Expansion – Here's the Latest
💰 Coinbase cryptocurrency exchange has appointed a former executive from Shopify as its new country director in Canada.
🔹 In a recent blog post, Coinbase revealed that it had taken a number of new measures as the exchange eyes expansion in Canada despite moves by the country to tighten rules around crypto amid the recent collapse of some high-profile digital asset firms. This move is part of Coinbase's strategy to adjust to the evolving regulatory landscape in Canada.
🔹 In the announcement, Coinbase said Lucas brings a wealth of experience from his time at Shopify and with leading financial institutions in Canada, and can also help the exchange with its planned expansion. For one, the exchange has tapped Lucas Matheson as its country director in Canada.
🔍 "Additionally, our global leadership team will be making frequent trips to Canada to engage with regulators, partners, and the community, to better understand the Canadian market and its unique needs."
Crypto Firms in Hong Kong Get Boost as Regulators Host Meeting with Bankers
🪙 Hong Kong officials plan to host a meeting between crypto companies and bankers in an attempt to ease financing for the sector as the city pushes toward becoming a global crypto hub.
⚡️ The meeting, scheduled for April 28 at the Hong Kong Monetary Authority, is intended to “facilitate direct dialog” between the two sides and “share practical experiences and perspectives in opening and maintaining bank accounts,” Bloomberg reported Tuesday.
⚡️ The report added that the Hong Kong Monetary Authority, the city's central banking institution, will hold the meeting jointly with the Securities and Futures Commission, another top regulator overseeing stablecoins and crypto exchanges.
⚡️ The move comes as crypto companies are facing increasing difficulty when trying to set up corporate bank accounts in the city even for basic needs such as payroll accounts because of strict know-your-customer (KYC) and anti-money laundering (AML) rules.
🦊 It also comes at a time when many crypto firms are looking for new banking partners in the wake of the recent banking crisis in the US that saw three major crypto-friendly banks, including Silicon Valley Bank, Silvergate Capital, and Signature Bank, close their doors.
Arbitrum Price Prediction as ARB is listed on Binance and Coinbase – Can ARB Reach $10?
➡️I The recently airdropped token, ARB, which powers the Arbitrum Decentralized Autonomous Organization (DAO), experienced extreme volatility in trading on Thursday.
🔹 Arbitrum, the prominent layer-2 scaling solution on the Ethereum blockchain that offers fast and cheap transactions, officially became a DAO on Thursday after airdropping just over 1 billion of its ARB token to network users.
🔹 According to TradingView, citing Kraken data, ARB/USD rallied as high at $9 per token before dumping as low as $1.10 within as little as one hour.
♾ Prices reportedly reached as high as $14 per token on ByBit.
🗣Liquid Mining will launch global sales on April 1st, 2023.
The presale and beta testing phases of Liquid Mining are coming to a successful end!
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Taking into account that public sale start and beta testing end will happen in a same span of time, users will receive their rewards for participating in the referral system during April.
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🏆 New project: PassimPay
🎁 About: Receive and send cryptocurrency payments with PassimPay securely and quickly
📑 Information:
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USDC Crisis Averted? Federal Regulators Offer Reassurance to Silicon Valley Bank Depositors, Ensuring Access to Funds
🗣I The popular stablecoin USDC has regained its $1 peg price after regulators in the US assured that depositors in Silicon Valley Bank (SVB) can access their money today.
📈 The assurance from the government means that all Silicon Valley Bank depositors will be made whole, despite the bank’s collapse and wipeout of investor money. USDC issuer Circle was among the depositors in the bank, and stood to lose approximately $3.3bn in the bank collapse.
💰💻 Circle’s total reserves for USDC at the time stood at approximately $40bn, but the loss in SVB was still significant enough to cause a temporary de-peg for USDC. On Saturday and Sunday, USDC for long periods traded in the $0.90 to $0.95 area.
⚡️ As of Monday morning, USDC had regained its peg after Circle promised that all outstanding USDC tokens could still be redeemed for $1, even if the company would need to finance it with external capital.
Bankrupt Crypto Lending Platform BlockFi Faces Potential $227 Million Loss in Uninsured Funds at Silicon Valley Bank – What's Going On?
🎓 Bankrupt crypto lender BlockFi has $227 million in uninsured funds stuck in an account maintained by failed lender Silicon Valley Bank.
🔑 According to a March 10 filing by the Justice Department, BlockFi has $227 million parked in a money market mutual fund, which isn’t insured by the Federal Deposit Insurance Corporation (FDIC), at the now-collapsed Silicon Valley Bank.
✅ The Justice Department said Silicon Valley Bank documents show the BlockFi account isn’t considered a deposit, isn’t insured by the FDIC, and thus might lose value. The federal watchdog claimed BlockFi ignored warnings earlier this month about the dangers of the uninsured account.
✅ The disclosure comes on the same day that federal regulators seized the bank after its stunning collapse. Silicon Valley Bank had been one of the largest providers of financial services to tech startups including crypto companies.
💸 Meanwhile, insured depositors are expected to get access to their funds by Monday morning. Depositors with funds exceeding insurance caps will get receivership certificates for their uninsured balances, meaning businesses with big deposits stuck at the bank are unlikely to get their money out soon.
NFTs May Soon Be Available on Amazon With Reported Plans for New Platform Launch – Crypto Adoption on the Rise?
📣 Amazon's foray into the NFT and Web3 space is eagerly anticipated, with reports indicating that the tech giant is gearing up to launch its new initiative next month.
📍 As per sources, around fifteen collections are expected to be available from the launch date of March 24, under the "Amazon Digital Marketplace" tab.
📍 The report said this tab would only be available for US residents at launch. However, it will gradually be opened to the rest of the world, including Europe. Reportedly, the launch has been postponed twice due to recent developments in the industry, including the collapse of FTX.
📍 Notably, Amazon's upcoming Web3 initiative is not open-source, meaning its software code cannot be seen by everyone. NFTs can only be purchased from the Amazon account and by credit card, the report said.
⚠️ "Amazon's technological choice was a private blockchain not compatible with the Ethereum virtual machine," the report said, citing a person close to the matter. For developers who wish to make their NFTs available on Amazon's blockchain, it will be mandatory to use a "bridge."
📍 A late January report by Blockworks claimed that the world’s largest retailer is planning to launch a “digital assets enterprise” focused on non-fungible tokens and Web3 gaming this spring, citing four anonymous sources familiar with Amazon's intentions.
⏳ At the time, the report said Amazon’s initiative is in the relatively early stages of development and the firm is expecting to make an official announcement in April.
🔞 Furthermore, the e-commerce giant has more than a dozen partners lined up for the project, including layer-1 blockchains, blockchain-based gaming startups and developers, and digital asset exchanges.
Breaking: Tether Investigation Reveals Use of Fraudulent Documents and Obscured Identities to Open Bank Accounts
➡️ Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal.
📌 USDT’s value is pegged to the US dollar and backed 1:1 with US dollar/liquid equivalents, Tether claims. USDT is the largest stablecoin by market capitalization, with $71.124 billion tokens currently in circulation.
♾ Tether’s trading volumes are typically in the region of Bitcoin and Ether combined. According to CoinMarketCap, USDT saw $37.239 billion in trading volumes in the past 24 hours, versus Bitcoin’s $25.65 billion and Ether’s $9.7 billion.
💬 The documents cited by the Wall Street Journal revealed that the companies behind Tether opened new accounts in Taiwan which were held in trust by Hylab Technology Ltd. executive Chrise Lee, though the accounts were opened under the name Hylab Holdings Ltd. Meanwhile, a separate account was opened in Turkey under a company called Deniz Royal Dis Ticaret, an account that has since been accused by the US Justice Department of being used to launder money for a terrorist group.
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Jump Crypto Trading Firm Strikes Back: Recovers $140 Million Stolen Crypto from Wormhole Hack – Here's What Happened
🔩 Jump Crypto, the Chicago-based crypto arm of Jump Trading that helped develop DeFi project Wormhole, has managed to counter-exploit the Wormhole protocol hacker and retrieve $140 million worth of tokens.
⏰ According to a recent blog post, a coordinated effort between Jump Crypto and Oasis, which develops multi-signature wallet software, led to the recovery of certain assets involved with the wallet address associated with the Wormhole exploiter.
🔸 While Oasis said a Whitehat group helped the project in the endeavor, blockchain data suggests Jump Crypto might be the other party as the ownership of the wallets involved in the counter-exploit has been traced back to the company.
🔸 Oasis revealed that on February 21, it received an order from the High Court of England and Wales requiring it to take steps to retrieve certain stolen assets.
🔸The DeFi platform, which the attacker relied upon during one step of the attack, said a Whitehat group reached out to the team with a plan that showed it would be possible to retrieve the assets and provided a Proof of Concept on how it could be achieved.
➡️ "What occurred on 21st February 2023 was only possible due to a previously unknown vulnerability in the design of the admin multisig access."
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
♾ In a push toward reclaiming its position as a global crypto hub, Hong Kong has outlined plans to allow retail investors to trade certain digital currencies on licensed exchanges.
📌 On Monday, Hong Kong's Securities and Futures Commission (SFC) published a consultation paper on its proposed regulatory regime for crypto trading platforms. The new rules are set to come into effect starting in June and will require all crypto platforms to be licensed by the SFC.
📌 The regulator also said that retail investors would be allowed to trade certain “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles, and reasonable limits on exposure are put in place.
💎 The agency did not specify which large-cap tokens would be allowed. However, a report by the FT claimed Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, would be opened up to retail customers.
❗️The SFC also put forward criteria for which cryptocurrencies would be available for trading. Exchanges would be responsible for vetting the team behind a token, marketing materials, and legal risks and finding out "how resistant it [the token's network] is to common attacks." Furthermore, the token should have a relatively large market capitalization.
💰 The agency defined large-cap virtual assets as tokens "which are included in at least two 'acceptable indices' issued by at least two independent index providers," one of which should have experience in the traditional financial sector.
👉🏻 It is worth noting that crypto exchanges are required not to store more than 2% of their client assets in “hot wallets,” which is a type of wallet that is accessible online. That is because these wallets are more vulnerable to hacks or phishing scams.
South Korea Stunned by ‘Crypto-motivated’ Murder – Is Crypto Crime on the Rise?
🇰🇷 South Korea has been rocked by the apparent kidnap and murder of a 48-year-old woman in Gangnam, Seoul – a crime that seems to have been motivated by crypto. Four suspects have been arrested.
The alleged crime was caught on camera and shared in news reports, such as the video below – a report from the national broadcaster MBC.
➡️ Per Chosun, Maeil Kyungjae, Joongang, and EToday, four men aged between 24 and 36 have been placed into police custody in connection with the crime. Three are believed to be the assailants in the video, with the youngest thought to be an accomplice who was employed to “follow” the woman for several months.
🪙 The identity of the victim was not revealed, but media outlets reported that she was a “former employee” of a crypto-related company. She reportedly owned considerable amounts of tokens, such as Bitcoin (BTC).
🆘 Officers added that “there may be more accomplices besides” those arrested – and were currently looking for “additional suspects.”
Safemoon Crypto Project Hacked: Attackers Steal $8.9M Using Publicly-Available Token Burn Function – Here's the Latest
❌ A hacker has made off with $8.9 million worth of digital assets after exploiting a vulnerability in the BNB chain-based DeFi exchange Safemoon.
🟠 According to crypto security firm Peckshield, the attacker exploited a public burn function introduced in the latest upgrade.
The function included a bug that allowed the hacker to compromise the project's liquidity pool and drain almost $9 million worth of assets.
🟠 Web3 developer DeFi Mark further explained that the attacker used the vulnerability to remove SafeMoon (SFM) tokens, causing an artificial spike in the token’s price.
🟠 "The attacker used this function to remove SFM tokens from the Safemoon-WBNB Liquidity Pool, artificially raising the price of SFM," the crypto guru said.
🪖 "The attacker was then able to sell SFM into this LP at a grossly overpriced rate within the same transaction, wiping out the remaining WBNB in the liquidity pool."
Nasdaq to Launch Crypto Custody Service to Meet Growing Market Demand – Here's What You Need to Know
📲 Nasdaq aims to launch its much-anticipated crypto custody service by the end of the second quarter to meet the increasing institutional interest and demand for crypto services.
❗️ In an interview with Bloomberg on Friday, Ira Auerbach, senior vice president and head of Nasdaq Digital Assets, said Nasdaq is "pushing ahead to get all the necessary technical infrastructure and regulatory approvals in place."
❗️ Auerbach detailed that the global exchange group has applied to the New York Department of Financial Services for a limited-purpose trust company charter, which would oversee the new business.
❗️ The new crypto custody service, which will offer institutional investors a safe way to dip their toes in the digital asset industry, marks a major foray by the global securities marketplace into the crypto space.
❗️ As reported, the company said in September last year that it was looking to establish custody services and appointed Auerbach to oversee Nasdaq Digital Assets, a new division.
💬 Notably, the unit will initially offer custody services for Bitcoin and Ether. Other services, including execution services and liquidity services, will be included over time.
💫 Unveiling CribX: The Apex of Web3 Entertainment 💫
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Bridging gaps, CribX collaborates with a range of web3 communities to present virtual entertainment via:
🔸 CribX Virtual Theater Chain
🔸 Film-inspired P2E Gaming
🔸 Live Musical Performances
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🔸 Metaverse VR Avatar Adventures
CribX has teamed up with Polygon Labs to create unmatched virtual experiences within the Metaverse! 🌌
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🎨 NFTs
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📍 In-depth Roadmap
🧑🤝🧑 Open Team
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Bitcoin Outflows Surge to $95 Million: CoinShares Report Reveals Alarming Trend – Find Out More Here
➡️ Outflows from investment funds backed by Bitcoin (BTC) rose sharply last week, despite a massive increase in the spot price of the cryptocurrency.
💰 The outflows from bitcoin funds for the week reached $112.8 million, marking slightly improved investor sentiment compared to the week before when $243.5 million left BTC-backed funds, according to new report from CoinShares.
🔸 Interestingly, the outflows from bitcoin funds happened as short-bitcoin funds – funds that make money when bitcoin prices fall – saw record inflows of $35 million for the week.
🔸 Meanwhile, funds backed by Ethereum’s native token ETH saw outflows of $12.7 million last week, a slight worsening from the $11 million of outflows seen the week before.
📈 In total for the digital asset space, the net outflows came in at $95 million, helped by inflows into the mentioned short-bitcoin funds and funds backed by other altcoins, including Litecoin (LTC), Solana (SOL), Polygon (MATIC) and XRP.
Software Researcher Finds Secret Crypto Wallet in Microsoft Edge Browser – What's Going On?
➡️ Microsoft has been quietly testing a built-in non-custodial cryptocurrency wallet for its Edge browser.
1️⃣ According to screenshots shared by software researcher Albacore, Microsoft is experimenting with a built-in non-custodial crypto wallet that can be used for crypto payments or as a gateway to DeFi and Web3 applications.
2️⃣The screenshots further depict a user interface for a cryptocurrency wallet, a decentralized application explorer, a news feed, and the ability to buy cryptocurrency through Coinbase and MoonPay.
3️⃣"This is a non-custodial wallet, meaning you are in complete control of your funds. We will not have access to your password and recovery key. It is embedded in Edge, making it easy to use without installing any extension," Microsoft says during the onboarding process.
❔ While the wallet’s introductory pages do not indicate which cryptocurrencies are supported, one screenshot shows that users will have the option to manually add custom tokens.
Fetch CEO Shares Insights on 2023 Roadmap and Micro Agent Launch – Future of AI and Crypto?
⏳ The rise of ChatGPT and Google Bard has fuelled an explosion of interest in artificial intelligence (AI) technology this year, and crypto markets haven't missed a beat.
🔸 February's 'AI narrative' saw blockchain-based AI projects skyrocket in value. As the paramount AI ecosystem in the space, Fetch saw a jaw-dropping 550% surge as the promise of a decentralized P2P AI framework gained huge traction.
🔸 This has never been more important, with AI technology increasingly centralized into the hands of the 'big five'.
🔸 In an exclusive conversation with Cryptonews, Fetch CEO Humayun Sheikh sat down to discuss micro agents, the Fetch 2023 roadmap, and FET's explosive price action.
💎 Despite a difficult crypto winter for the entire industry, FET's skyrocket comeback has been a big vote of confidence in Fetch's multi-year ecosystem build-out.
Crypto Companies Shift Funds to Asset Managers Including Fidelity Amidst Banking Turmoil
🆕 Crypto companies are moving their money from banks to asset managers as the turmoil in global banks continue, but industry insiders don’t see the bank failures as the end of banking for the crypto sector.
• The turmoil in the banking industry has so far led to three major bank failures in the US with the collapse of the crypto-friendly banks Silvergate, Silicon Valley Bank (SVB) and Signature Bank.
• To mitigate further damage to the crypto industry, some companies are now taking a hard look at where and how they store their money, Bloomberg reported.
• It added that many crypto companies have found it difficult to find new banking partners in the wake of the bank collapses, and said asset management firms – not traditional banks – now stand out as more attractive options for the industry.
🛡 Per the report, a growing number of crypto companies have reached out to Fidelity Investments and other asset managers for help, with one crypto industry executive saying he has referred around 25 companies to Fidelity in the last three days alone. The companies included crypto market makers and venture firms focused on the crypto industry, he said, while adding:
“Fidelity isn’t a traditional bank, but they’re certainly safer than the tier-two-and-beyond banks.”
Dynex is a next-generation platform for neuromorphic computing based on a groundbreaking flexible blockchain protocol. It consists of participating PoUW miners that constitute a decentralised neuromorphic supercomputing network which is capable of performing computations at unprecedented speed and efficiency – even exceeding quantum computing. By transforming traditional inefficient computers into neuromorphic chips, we will finally be able to create new discoveries. Dynex’ proprietary Proof-of-Useful-Work (PoUW) algorithm DynexSolve enables each miner to perform Dynex Chip computations. As a community and with collaborative effort we can take the next step towards sustainability and efficacy. Transform your computer or your dormant GPU mining equipment into neuromorphic machines, earn money and generate wealth.
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https://twitter.com/dynexcoin
Bankrupt Crypto Lender Celsius Network Pursues New Buyer Despite Existing Offer – What's Going On?
⚡️ The bankrupt cryptocurrency lender, Celsius Network, is reportedly pursuing more bids and exploring new buyers despite having an offer on the table.
🏦 During a bankruptcy court hearing in Manhattan, Celsius attorney Chris Koenig said the company remains open to better offers, per a report by Reuters. He added that the lender's official unsecured creditors committee (UCC) met with a potential buyer just days ago to review an alternate proposal.
🔸 The crypto lender also asked judge Martin Glenn, who is overseeing Celsius' Chapter 11 bankruptcy proceedings, to extend the time limit for submitting a bankruptcy restructuring plan built around the NovaWulf deal. The judge agreed to give Celsius an extra three weeks.
🔸 As reported, in mid-February, NovaWulf Digital Management reached a deal with Celsius to buy its lending operations and help bring an end to its bankruptcy case. Debtors of Celsius Network presented the sale plan to the U.S. Bankruptcy Court of the Southern District of New York.
🔸 The plan, which proposes a deal with NovaWulf that would allow the crypto lender to begin returning crypto assets to customers in June, has the support of the firm's creditors committee and is part of the overall reorganization plan for the company's retail platform and mining business.
🎁 As part of the plan, a "convenience class" of creditors, those with claims less than $5,000 related to Celsius Earn Accounts, will receive 70% recovery of their funds in the form of a one-time payment in Bitcoin, Ethereum or the stablecoin USDC.
Investor Letter Shocker: Multicoin Capital's Hedge Fund Reports 91.4% Loss in 2022 – Here's What Happened
🔊 Digital asset investment firm Multicoin Capital lost as much as 91.4% in 2022 as investors rushed for the exits following the catastrophic collapse of FTX.
🔸 According to a copy of the firm’s annual investor letter, the hedge fund was hit hardest after the collapse of FTX despite managing to weather the collapse of Terra's algorithmic stablecoin and the failure of another crypto hedge fund Three Arrows Capital (3AC). The letter read:
🔸 “While the fund successfully dodged the catastrophic implosions of LUNA and Three Arrows Capital earlier in the year, we didn’t avoid the explosive revelations about FTX nor the subsequent contagion that spread across the market. After a remarkable year in 2021, our performance in 2022 was the worst since inception.”
🔸 Multicoin Capital is one of the largest and oldest investment management firms in the crypto company, and it is widely regarded as a very astute encryption investment management firm.
🔸 The fund describes itself as "a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets."
🔸 Headed by managing partner Kyle Samani, Multicoin Capital launched its hedge fund strategy in October 2017, which invests in liquid tokens. The firm also operates three venture capital funds and has invested in the now-bankrupt exchange FTX.
📝 It is worth noting that Multicoin’s crypto hedge fund remains up over 1,300% net of fees from its inception through 2022 despite the massive drawdown.
Goldman Sachs’ Digital-Asset Team Ready to Expand with New Blockchain Platform – Is the Bear Market Over?
👀 The major Wall Street investment bank Goldman Sachs has said it stands ready to bolster its digital asset team, as it promotes its new tokenization platform GS DAP for new users around the world.
⭐️ The GS DAP platform – a private and centralized blockchain controlled by Goldman Sachs – was trialed in Hong Kong last week for an inaugural sale of $100m worth of so-called green bonds, Bloomberg reported on Tuesday this week.
🔹 The tokenization of the bonds cut the settlement time from five days to just one day, the Bloomberg article said.
🔹 Speaking at an event following the trial, Goldman Sachs’ global head of blockchain, Mathew McDermott, said bank is still “hugely supportive” of the potential that blockchain technology has, despite this year’s downturn in crypto prices. He also said that his division will expand “as appropriate” in 2023.
🎙 According to Bloomberg, the digital asset team now has around 70 staff, up from just four people in 2020 when McDermott took over as head of the unit.
Bitcoin Short Bets Are Building – Here’s What That Means for the BTC Price
☘️ Short Bitcoin investment products saw an inflow of nearly $10 million last week, according to CoinShares’ latest Digital Asset Fund Flows Weekly Report. That took month-to-date flows to $14 million. Meanwhile, over the same time period, long Bitcoin investment products saw an outflow of close to $12 million, taking month-to-date outflows of $16.8 million.
💎 Ethereum, Litecoin, Solana, Polygon, Multi-asset and other cryptocurrencies saw their related investment products saw net flows of close to zero, highlighting how recent pessimism has been largely concentrated on Bitcoin. In terms of flows by region, the US saw outflows of nearly $14 million. “We believe this reaction reflects nervousness amongst US investors prompted by the recent stronger than expected macro data releases, but also highlights its sensitivity to the regulatory crackdown in the US”.
🆘 A string of much stronger-than-expected US data releases this month, including the likes of the January jobs and ISM reports, as well as the January CPI and Core PCE inflation reports, has markets betting on significantly more tightening from the Fed this year than this time last month. One month ago, markets had been expecting rates to peak in the 5.0% area.
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
💫 Physical artifacts retrieved from the wreckage of the Titanic are set to be tokenized as NFTs and shared with the world through a new, three-way partnership.
🔹 The collaboration involves RMS Titanic (RMST), which holds exclusive salvage rights over the wreck and the wreckage site of the Titanic, Hong Kong-based Venture Smart Financial Holdings, and Web3 firm Artifact Labs.
🔹 The three companies will begin tokenizing precious artifacts from the Titanic to unlock a myriad of Web3 functionalities. The plan is to preserve some artifacts as NFTs and share ownership with the public.
🔹 "This creative project will place the legacy of the Titanic in the hands of the global public by preserving assets from the ocean liner as immutable NFTs and by allowing inclusive participation in RMST," the three companies said in a press release.
🔹 Artifact Labs aims to tokenize a total of 5,500 physical artifacts recovered from the ship, along with artifacts that may be recovered in the future. The company will also launch the Titanic DAO (Decentralised Autonomous Organisation), through which members can participate in future initiatives.
🔐 Venture Smart Financial Holdings will be tasked with structuring the tokenization of intellectual property linked to the artifacts. The tokenized instruments are intended to be offered to accredited investors to create an avenue for “compliant capital raising” to fund ongoing research, recovery, preservation, exhibition, and licensing of RMST’s assets.
There are "Very Interesting Opportunities" for Non-USD Based Stablecoins: Binance CSO
🇺🇸 With U.S. regulators effectively canceling Binance-branded BUSD stablecoin, the world's largest cryptocurrency exchange is now looking beyond dollar-based stablecoins - and it has received notable interest from potential partners.
🧑💻 Patrick Hillmann, Binance’s chief strategy officer, has said that multiple private and public entities have shown interest in collaborating with the exchange on launching another stablecoin, one that might not be dollar-based.
"There are very interesting opportunities, particularly in Europe and the Middle East," Hillmann said in an interview with Forbes, without providing more details.
💰 The idea of Binance issuing a non-dollar stablecoin is not entirely new. Last week, Binance CEO Changpeng Zhao said in a Twitter post that the company is exploring other issuers and non-USD based stablecoins.
🔵However, experts have claimed that such a pivot could prove to be difficult, and the stablecoin might hardly find any significant adoption.
💸 For instance, the largest non-dollar fiat-backed stablecoin is currently Euro Tether (EURT), which has a market capitalization of $220 million. In comparison, Tether (USDT), which is dollar-pegged, has a market cap of over $70 billion.
🔵“One of the many reasons it has taken so long for non-USD stablecoins to become prevalent is regulations,” said Kevin Zhang, cofounder of DFX Finance, a decentralized finance protocol for non-U.S. dollar stablecoins, adding:
📝 “Stablecoin issuers are looking for ways to properly get regulated without making numerous assumptions and spending insane amounts of money on lawyers to provide opinions.”
