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Space Runners Raises $10M Funding to Democratize Blockchain-Backed Fashion Metaverse

by Blockchain NewsMarch 8, 2022

Space Runners, a major metaverse fashion brand focused on NFTs, announced on Monday that it raised $10 million in a funding round co-led by Polychain and Pantera Capital.

In this round, other firms, including Accel and Jump Crypto as well as other investors such as Yat Siu (Co-founder and Chairman of Animoca Brands), and Justin Kan (Co-founder of Twitch and Fractal) also participated in the funding.

Space Runners said that it plans to use the fresh funding to expand its two business lines (Fashion items and Fashion Metaverse). Space Runners stated that it will use the funds raised to expand its interoperable fashion items for various metaverses and games. The firm also mentioned that it intends to use the funding to gamify fashion for the first time by developing the first ‘Wear2Earn’ economy, where users are rewarded and incentivized for being fashionable in the Metaverse.

Won Soh, co-founder of Space Runners, further talked about how the firm plans to use the fresh funding: “Our goal is to build the first end-to-end Fashion ecosystem on blockchain with the newly secured financing.”

Meanwhile, Paul Veradittakit, a partner at Pantera Capital, also commented about the development and stated: “Pantera is proud to support Space Runner’s vision to pave a new way to interact with fashion on the blockchain. Digital identity and self-expression will be a key components in the metaverse…Fashion will be just as, if not more, important in the Metaverse than the real world.”

Unlocking NFT Opportunities for Fashion and Beauty Users

Based in Texas, Space Runners develops open-sourced fashion items as NFTs with artists and brands, which can be plugged into metaverses, games, and social media. For instance, the firm creates wearable footwear NFTs for virtual environments like metaverses.

In December last year, the firm collaborated with Kyle Kuzma, a prominent NBA star, a partnership that saw Space Runners using Kyle Kuzma’s name on their branded digital sneakers.

The company’s fashion and gaming NFT project enables esteemed designers, celebrities, and enterprises to offer glamorous collections as NFTs. Such designs can be exchanged, bought, upgraded, outfitted with equipment, and used as avatars in warfare and racing games.

Space Runners NFTs (non-fungible tokens) have many exciting features that are beneficial to their users. Collectors can exchange their game assets online in the low-fee, reputable marketplace. DeFi technologies such as farming, renting, collateral, staking, and DAO are also available on Space Runners. The digital platform is available for use in digital contexts like metaverses, games, virtual events, and social media platforms.

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Coinbase Blocked 25,000 Wallet Addresses of Russian Individuals or Entities Linked to Illegal Activities

by Blockchain NewsMarch 8, 2022

Cryptocurrency exchange Coinbase Global Inc. announced it has blocked 25,000 wallet addresses of Russian individuals or entities linked to illegal activities.

Paul Grewal, chief legal officer from Coinbase, said that the exchange use blockchain technology to detect threats and evade sanctions by checking sanctioned individual IPs and entity IPs to access Coinbase through a series of screening processes.

Grewal added:

“Coinbase blocks over 25,000 addresses related to Russian individuals or entities we believe to be engaging in illicit activity, many of which we have identified through our own proactive investigations. Once we identified these addresses, we shared them with the government to further support sanctions enforcement.”

While the Ukrainian government, as well as the U.S. government, have expressed their intentions for cryptocurrency exchanges to ban the Russian counterparts from accessing their trading platforms, major cryptocurrency exchanges such as Coinbase and Binance have said that banning users in Russia violates the original intent of cryptocurrencies. It, however, indicates that they will comply with government regulations restricting sanctioned individuals.

Previously, Coinbase’s Chief Executive Officer, Brian Armstrong, has expressed his thoughts on the calls from the public that cryptocurrency exchanges should ban Russian users from utilizing their services.

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Tagged : Bitcoin / Blockchain / Coinbase / Cybercrime / Russia / Wallets

Binance’s Partnership with Eqonex Raises Concern from UK’s Financial Regulator

by Blockchain NewsMarch 8, 2022

UK’s Financial Conduct Authority (FCA), a popular financial regulatory body in the United Kingdom, has expressed concerns about Binance’s latest partnership with the Nasdaq-listed crypto firm Eqonex.

The deal appears to give Binance control of Eqonex through a convertible loan worth $36 million. Binance is providing the loan via its newly launched payments technology firm Bifinity, announced on Monday.

Eqonex Limited is the parent company of Digivault Limited, one of the cryptocurrency businesses registered by the FCA under the Money Laundering Regulations. According to the FCA, individuals and entities that are part of the Binance Group may have become beneficial owners of Digivault following the deal’s transaction.

The FCA admitted that it did not have powers to assess the propriety and fitness of the new beneficial owners or the change in control before the transaction was completed. However, the regulator stated that: “it can take steps to suspend or cancel the registration of a crypto-asset business if it is not satisfied the firm or its beneficial owner is fit and proper.”

The watchdog further mentioned that “it has powers to suspend or cancel a firm’s crypto-asset registration on several grounds, including where a firm has not complied with obligations under the Money Laundering Regulations.”

The Regulator Still Worried over Binance

In June last year, the FCA ordered Binance to stop its unregistered activities in the UK after the regulator warned that the exchange posed a significant risk to consumers.

Last month the agency also expressed concerns over a partnership deal between Binance and UK payments firm Paysafe that gave Binance access to a key UK payment network. The FCA admitted that its concerns about Binance remain. However, the regulator said that it had limited powers to object to the arrangement with Paysafe, despite its concerns about Binance offering high-risk and complex investments to consumers.

In June, the FCA ordered Binance to halt all UK regulated activity over worries about weak consumer protections amid a wider crackdown on the crypto industry’s potential role in money laundering and fraud.

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Tagged : Binance / EQONEX / Partnership / Regulation / UK'S FCA

Crypto Exchange Bit.com to Enhance TON Ecosystem

by Blockchain NewsMarch 8, 2022

Bit.com, a Singapore-based crypto exchange, has partnered with TON, which stands for “The Open Network,” to expand, enhance, and develop its ecosystem.

Upon listing TON’s native token in January 2022, Bit.com has seen significant strides, and this is one factor cementing the strategic partnership, according to Bit.com’s chief marketing officer Toya Zhang.

He added:

“After learning about TON’s history and roadmap, as well as observing the performance of TON after bit.com’s listing. We are convinced about TON’s potential. Bit.com and Matrixport have a rich variety of product offerings, including trading and asset management tools.”

TON is a third-generation proof of stake (PoS) blockchain designed in 2018 by the Durov brothers who founded Telegram Messenger. Furthermore, it is a community-driven blockchain project that prompts rapid transactions and aids various decentralized applications (dapps).

TON swap is already being supported from TON to USD Coin (USDC) or Tether (USDT) by Matrixport, Bit.com’s sister platform.

Steve Yun, a TON foundation member, welcomed the partnership. He believes this is a stepping stone towards more adoption. He noted:

“Matrixport is the first world’s leading CeFi platform to offer a variety of institutional-grade services that are vital to the TON ecosystem. Custody and escrow solutions, in addition to the innovative asset management products, provide great value for institutions and retails alike.”

In terms of the trading volume, Bit.com emerged as the second-largest in the Bitcoin (BTC) and Ethereum (ETH) options market.

Furthermore, it supports the options, futures, and perpetual products of ETH, BTC, and Bitcoin Cash (BCH).

Based on TON’s objective of offering lightning-fast transactions and being user-friendly and ultra-cheap, Bit.com seeks to make this a reality.

With crypto emerging as a lifeline for ordinary Russians amid heavy sanctions, cryptocurrencies are showing themselves as powerful fundraising tools and stores of value.

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Tagged : Altcoins / BIT.COM / Crypto Exchange / Cryptocurrencies / Ecosystem / Partnership / Ton

Russian Banks Seeks Help from China’s UnionPay amid Crackdown from Mastercard & Visa

by Blockchain NewsMarch 8, 2022

Following the service cut from American payment giants Mastercard and Visa, the Central Bank of Russia (CBR) has informed its citizens that credit and debit cards issued by these service providers will stop functioning overseas from March 9.

In a bid to mitigate the strain on the users of these payment service providers, the Central Bank said some of its indigenous financial institutions are looking at integrating UnionPay, a Chinese-based payment services provider, as an alternative to Mastercard and Visa.

In reality, many fintech and payment firms have joined Mastercard and Visa in banning Russian users, a move many deem necessary as a form of compliance to the sanctions from Western governments on Russia for its role in the ongoing war on Ukrainian soil. The cards will still work for users still resident in Russia until their expiry dates.

While many Russian nationals have been stranded with the inability to make use of the cards abroad, the proactive move with UnionPay will help ease off further isolation and the ability to make digital payments.

The Central Bank is confident the UnionPay system with its accessibility in about 180 countries, will equally serve Russians as best as Mastercard and Visa. While several Russian financial institutions already make use of UnionPay, others, including Sberbank and Tinkoff, could start issuing cards co-badging RussRussia’sestic Mir payments system with UnionPay as soon as possible.

While Russia’s economic and financial isolation is already broad-faced, many digital currency exchanges do not align with the strategy to impose extra hardship on Russians by cutting them off their abilities to use digital currencies.

One of these trading platforms is Coinbase Global Inc, with CEO Brian Armstrong saying trailing the path to sever ties with Russian users will cause more hardship for the masses, most of whom do not approve of President Vladimir PutiPutin’sm disposition.

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Tagged : Industry / Mastercard / RUSSIA CENTRAL BANK / UNIONPAY / Visa

Thailand Considers Opening Crypto Payments for Russian and Ukrainian Tourists

by Blockchain NewsMarch 8, 2022

Following Mastercard and Visa suspension of Russian credit cards abroad based on international sanctions, Thailand is looking at accepting cryptocurrency payments to help Ukrainian, and Russian tourists transact, according to local outlet Thai Enquirer.

Bhummikitti Ruktaengam, the Phuket Tourist Association (PTA) President, confirmed that they were in talks with the Bank of Thailand to accept crypto as an alternative payment option for Ukrainian and Russian tourists.

He added:

“Cryptocurrencies would serve as a backup while transactions could not proceed.”

The Tourism Authority of Thailand (TAT) also acknowledged that four proposals were being tabled to the cabinet on March 8. They included offering alternative payment channels, waiving visa extension fees, solving travel insurance problems, and tackling accommodation issues.

With nearly 7,000 stranded Ukrainian and Russian tourists spread across Pattaya, Krabi, Koh Samui, and Phuket, the crypto payment option will be instrumental when meeting their needs.

The Thai government also intends to offer shelter to tourists who cannot return home due to political unrest, suspended flights and cannot afford to stay in Thailand.

Even though nearly 30% of the Russian market goes through the Middle East, it might be forced to cancel its trips based on skyrocketing costs triggered by sanctions and higher exchange rates.

On the other hand, cryptocurrencies are emerging as a lifeline for ordinary Russians, according to Coinbase CEO.

Armstrong acknowledged that this was the case, given that the Russian Ruble had collapsed based on the heavy sanctions imposed. For instance, the Russian national currency has lost more than a third of its value this year.

The Coinbase CEO also pointed out that banning Russians from using the crypto exchange was out of the picture because the law did not warrant it.

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Tagged : Crypto / Cryptoeconomics / Payments / Russia / TAT / Thailand / Tourism / Ukraine

Binance Resumes EUR & GBP Payments after Months of Regulatory Crackdown

by Blockchain NewsMarch 8, 2022

Binance exchange has announced it will be resuming deposits and withdrawal services for Euro (EUR) and the British Pounds (GBP) months after it suspended the services for its users.

The trading platform will conduct transactions involving deposits and withdrawals through the SEPA payment network (SEPA) and Faster Payment Services (FPS).

The payments using these two mainstream fiat currencies will be made possible through the mobile app and the desktop platform. These payment options are open to all Binance users across Europe except for the Netherlands and Switzerland.

“Binance retail users across Europe, with the exception of Netherlands and Switzerland, will be able to make EUR transfers directly via SEPA,” the announcement reads. “At the present time, support for corporate accounts is not available. However, Binance is actively collaborating with Paysafe to expand our scope of services.”

Binance Exchange, known as one of the largest exchanges in daily trading volume, is considered one of the most embattled trading platforms. Many European authorities cracked down on the exchange last year. Beginning with the United Kingdom’s Financial Conduct Authority (FCA), Binance was accused of illegally operating in the country through its Binance Markets Limited Subsidiary.

Authorities in the Netherlands, and Italy have also trailed the UK in going after Binance for operating without a license on their shores. Following the cracked relationship across various jurisdictions, under Chief Executive Officer Changpeng, the trading platform has re-evaluated its priorities and said it wants to focus on rebuilding its relationship with authorities across the board.

From investing in companies that are regulated in key regions to direct relationship-building push by the trading platform’s management, Binance has been making the headlines for the right reasons with one of such being the resumption of its EUR and GBP deposit services.

Binance is still contemplating setting up a regional headquarters with a couple of European countries, including France and Ireland, under consideration. Binance hopes to solidify its relationship with regulators within this headquarters bloc.

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Tagged : Binance / Eur / Exchanges / GBP / Paysafe

NFT Layer-2 Protocol ImmutableX Raises $200M in New Funding

by Blockchain NewsMarch 8, 2022

Immutable X, an Ethereum-based layer-2 Non-Fungible Token (NFT) token platform, has announced the completion of its Series C funding round. It raised the sum of $200 million from leading investors in the space.

As announced by the startup, the funding round was led by Temasek, with participation from leading blockchain game juggernaut Animoca Brands and technology company Tencent. Other investors include ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset, Liberty Global etc.

The Series C round effectively brings the valuation of Immutable X to $2.5 billion. The funding raised will bolster the ongoing growth on the Immutable X platform while also scaling the Immutable Gaming Studio. Amongst the direct products, the startup will be building on more is its Gods Unchained game, one of the largest blockchain games by the number of active players.

“Immutable is locked in on developing a leading, ambitious, and dependable web3 ecosystem for a new era of creators that desire scalable results in the world’s fastest-growing industry,” said James Ferguson, CEO, Immutable. “Our investment partners understand the power and potential of the Immutable X platform and will play an integral role in this next phase of our growth. We are also excited to welcome new executive team members who will help execute on our aggressive business and growth plans.”

The funding will also be diverted into hiring more talent globally as it looks to register its presence on the global scene. Immutable X is building out its ecosystem as it recently inked a partnership with Gamestop, as reported earlier by Blockchain.News. In its bid to advance its role in the gaming world and the broader Web3.0 ecosystem, the platform will ride on its growing network of partners to ink more related deals soon.

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Tagged : Finance / Immutable X / NFT / Temasek

Crypto Exchange Bit.com to Enhance the TON Ecosystem

by Blockchain NewsMarch 8, 2022

Bit.com, a Singapore-based crypto exchange, has partnered with TON, which stands for “The Open Network,” to expand, enhance, and develop its ecosystem.

He added:

“After learning about TON’s history and roadmap, as well as observing the performance of TON after bit.com’s listing. We are convinced about TON’s potential. Bit.com and Matrixport have a rich variety of product offerings, including trading and asset management tools.”

TON swap is already being supported from TON to USD Coin (USDC) or Tether (USDT) by Matrixport, Bit.com’s sister platform.

Steve Yun, a TON foundation member, welcomed the partnership. He believes this is a stepping stone towards more adoption. He noted:

“Matrixport is the first world’s leading CeFi platform to offer a variety of institutional-grade services that are vital to the TON ecosystem. Custody and escrow solutions, in addition to the innovative asset management products, provide great value for institutions and retails alike.”

In terms of the trading volume, Bit.com emerged as the second-largest in the Bitcoin (BTC) and Ethereum (ETH) options market.

Furthermore, it supports the options, futures, and perpetual products of ETH, BTC, and Bitcoin Cash (BCH).

Based on TON’s objective of offering lightning-fast transactions and being user-friendly and ultra-cheap, Bit.com seeks to make this a reality.

With crypto emerging as a lifeline for ordinary Russians amid heavy sanctions, cryptocurrencies are showing themselves as powerful fundraising tools and stores of value.

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Tagged : Altcoins / BIT.COM / Crypto Exchange / Cryptocurrencies / Ecosystem / Partnership / Ton