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Local Hong Kong Firms Raise Funds for NGOs Through NFTs

by Blockchain NewsJune 2, 2022

Three local Hong Kong companies are raising funds for non-governmental organisations (NGOs) through non-fungible tokens (NFTs) to support green initiatives and sustainability.

The joint effort from travel lifestyle brand Cathay; children’s support concept The Hub Hong Kong; and Articoin – an innovative Green NFT platform – started with a painting contest titled “My Home in Sham Shui Po”, which consisted of over 50 children and teenagers aged between 6 and 18.

All of the paintings depict an interpretation of Sham Shui Po in Hong Kong, a local community, and are now being sold as NFTs on Cathay’s shopping platform – Cathay Shop – and Articoin’s Proof-of-Capacity (PoC)2 Green NFT platform.

Josephine Leung, Executive Director at children’s support concept The Hub Hong Kong, said, “the emergence of blockchain and NFTs offers our charity work a new perspective and possibility. And we are grateful to have two highly-regarded partners and supporters to make this happen together. All net funds raised from the campaign will go to support the much-needed education and development programs for underprivileged children at The Hub Hong Kong.”

The energy source for minting these NFTs is environmentally friendly. Compared to the carbon footprint generated by traditional blockchain consensus algorithms, the Green NFT platform Articoin is backed by the more energy-friendly PoC mechanism, which reduces carbon emissions to a greater extent (2,600 times).

These NFTs have been released as limited editions, which can be bought with Asia Miles, cash or Miles Plus Cash on Cathay’s shopping platform, Cathay Shop, and redeemed on Articoin. However, buyers can also purchase them directly through Articoin’s platform by credit card and debit card.

Andy Wong, General Manager of Corporate Affairs at Cathay, said, “through these NFTs, we hope to provide an innovative new way for people to lend their support to the incredible charitable work being done to help the vulnerable in our community.”

Image source: The Hub

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Zetrix Announces Launch of NFT-based Insurance Product Covinsure

by Blockchain NewsJune 2, 2022

Public blockchain network Zetrix announced the launch of Covinsure, a non-fungible token (NFT)-based insurance product.

According to Zetrix, Covinsure will provide insurance by using blockchain technology and cryptocurrency as a payout. Zetrix has made it easier for users to be insured as the only requirements are their passport and a Zetrix wallet.

The Layer 1 public blockchain network facilitates smart contracts and delivers privacy, security and scalability.

The announcement added that purchasing the Convisure Covid-19 insurance requires only US$1 or 1 USDT and the coverage is valid for up to 1 year.

The NFTs are minted through environmentally-friendly options. The energy utilised to mint NFTs is 100,000 times lower compared to the conventional option of the Ethereum blockchain. Hence, the lower energy required to mint these NFTs has reduced the gas fees of Zetrix-based NFTs.

Zetrix-based NFT was first available for trade on NFT marketplace Pangolin in April, according to Blockchain.News.

NFT Pangolin is a global marketplace for regional creators mainly in Asia to issue and sell their unique crypto secured assets to collectors.

Zetrix also provides connectivity to China and its fundamental infrastructure. It launched its main net on April 15, which seamlessly integrates with the Xinghuo Blockchain International Supernode – China’s largest national-level blockchain network, led by the China Academy of Information and Communications Technology.

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Tagged : Blockchain / COVINSURE / Insurance / NFT / ZETRIX

FPSB Calls for Comprehensive Regulation of Cryptocurrencies

by Blockchain NewsJune 2, 2022

The Financial Planning Standards Board (FPSB), a professional body tasked with granting licenses and certifications to financial planners, has proposed11 recommendations that will help regulate the fast-growing cryptocurrency industry.

The advice shared came off as a recommendation to the International Organization of Securities Commissions (IOSOC) Retail Market Conduct Task Force on how regulators can address the adverse impacts of the risky digital currency ecosystem.

The FPSB said there is a growing trend in the space whereby social media influencers are often assuming the roles of financial advisors. As part of the FPSB recommendations, social media influencers addressed as ‘Fin-fluencers’ should be duly registered and make them exhibit a certain level of professionalism regarding the knowledge they claim to exhibit.

The FPSB also recommended that financial regulators prohibit using credit cards to purchase complex financial products while establishing a regulatory ‘sandbox’ for social media influencers and publishing those operating in the sandbox on a public register. This model if appropriately modeled is bound to help these and other financial advisors to be held accountable for the advice they offer.

“Financial fraud and scams are certainly not new, but the rapid emergence and evolution of crypto assets and other complex digital assets means the level of risk and exposure for retail investors is becoming heightened,” said FPSB Head of Stakeholder Engagement Dante De Gori, CFP. “Licensing and product regulation are struggling to keep up with this fast-changing landscape, leaving financial planners unsure of their regulatory obligations and leaving retail investors to go it alone, guided by marketing campaigns, often with harmful consequences.”

The FPSB has joined the list of bodies and individuals calling for additional scrutiny of the crypto ecosystem as many believe the current state of the industry is not safe for investors across the board.

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Tagged : Crypto / FPSB / Regulation

Former OpenSea Staff Charged with Insider Trading Offenses

by Blockchain NewsJune 2, 2022

Nathaniel Chastain, a former Head of Product at OpenSea, the largest cryptocurrency trading platform in the world, has been arrested by the Federal Bureau of Investigation (FBI) for alleged insider trading.

Chastain has been promptly charged to court by Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation.

Per the Department of Justice (DoJ) ’s announcement, Chastain was indicted for trading Non-Fungible Tokens (NFTs) that were scheduled to be featured on the platform’s homepage. The deal described was such that Chastain used his position at OpenSea. He had access to insider information about what projects will be featured on the homepage to acquire the particular NFTs prior to the listing.

He allegedly used anonymous accounts to purchase dozens of the unique NFTs that he typically resells at almost 3X gains after the listing. The charges brought against Chastain show the commitment of the FBI to stamp out insider trading offences, with these ranked as the first of their kind in the digital currency ecosystem.

“NFTs might be new, but this type of criminal scheme is not,” U.S. Attorney Damian Williams, “As alleged, Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself. Today’s charges demonstrate the commitment of this Office to stamping out insider trading – whether it occurs on the stock market or the blockchain.”

There have been a lot of charges levied against criminals in the digital currency ecosystem by the Department of Justice in the past few years. In the course of its activities, the legal entity has released a framework for enforcing crypto-related regulations, and amongst its various enforcement actions is the cracking down of the Netwalker Ransomware Group.

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Tagged : Crime / Doj / Legal / NFT / Opensea

Utopia Labs Raises $23m in Series A Led by Paradigm Capital

by Blockchain NewsJune 2, 2022

Utopia Labs, a Decentralized Autonomous Organization (DAO) management startup, has announced it has raised $23 million in a Series A funding round led by Paradigm Capital.

As unveiled by the firm, this funding round also received backing from the startup’s earliest investor, Kindred Ventures, as well as participation from Circle Ventures, Gusto, Coinbase Ventures, and Infinity Ventures Crypto, Distributed Global, and Fourth Revolution Capital.

The startup said it plans to use the funding to grow its team of tech builders while also Creating new features, primitives, and initiatives that push the space forward and unlock the full potential of DAOs, including but not limited to Bookkeeping and Accounting, Financial Analytics, and Treasury and Token Management.

Utopia Labs plays a very pivotal role in helping DAOs to function properly through appropriate scaling and the fueling of the growth of these platforms across the board. Since its inception, the startup said it has helped build over 100 platforms, including OlympusDAO, Lido, Friends with Benefits, Yield Guild Games, Badger DAO, Illuvium DAO, Fingerprints DAO, SushiSwap, Tracer DAO, Pleasr DAO, and more.

The blockchain ecosystem is tilting towards decentralization as many protocols consider making themselves fit as a hub to cede total control to community members. As the startup announced, it has helped the DAOs in its portfolio to facilitate millions in contributor payments and operational expenditures.

Utopia is hinged on the premise that as long as there is a need for DAOs in today’s blockchain world, so also would there be a place for the solutions and management features it brandishes today. Investing in startups comes at a very steep price that may or may not yield enormous fruits in the long term. Binance Exchange’s CEO, Changpeng Zhao, recently explained that it holds no active position or stake in the collapsed LUNA token after participating in the project while at Layer 0 stage. With the funding, the expectation is bound to keep growing as Utopia Labs will seek avenues to meet the demands of its investors and users across the board.

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Tagged : Finance / PARADIGM CAPITAL / UTOPIA LABS / WEB3.0

Meta Apes Explores The BNB Application Sidechain To Merge Web2 and Web3 Gaming Functionality

by Blockchain NewsJune 2, 2022

Blockchain scalability remains a hot topic among developers and enthusiasts. The BNB Chain team recently introduced its application-specific sidechain to resolve some of these concerns. Meta Apes, the play-to-earn MMO, is expanding to the BNB Application Sidechain to enhance its Web3 potential

The Purpose of The BNB Application Sidechain

Announced a few months ago, the BNB Application Sidechain provides potential for projects looking to explore Web3 opportunities. The sidechain is part of a broader initiative by the BNB Chain team to improve network scalability. These sidechains can host decentralized applications compatible with the BNB chain, including blockchain games. Although BNB Chain has a solid track record as a Layer-1 network, there are still improvements to be made on costs and transaction speed.

Through the BNB Application Sidechain, developers can move data and assets from the BNB chain to avoid the Layer-1 network’s limited transactional output. Moreover, every sidechain built through this architecture will focus on specific use cases, creating a new sandbox for individual projects. Having a native blockchain for a project introduces more internal value to any number of users and maintains a close connection with the BNB Chain.

The first major project to explore the opportunities presented by the BNB Application Sidechain is Meta Apes. The free-to-play and play-to-earn MMO strategy game offers a mobile-first experience to gamers worldwide. Players can explore a post-apocalyptic world where Apes rule the lands. However, these Apes are not content with just living on Earth, as they are space domination. Meta Apes players need to collaborate with their Gang to form strong Clans and win the race to space.

By integrating the BNB Application Sidechain, Meta Apes gains full use of in-game cryptocurrencies, NFT characters, and true digital ownership. All game-related data will exist on the blockchain forever, removing the need for centralized servers. More importantly, players can trade or sell any of their in-game assets and earn rewards by playing the game and progressing further.

Meta Apes Has Big Web3 Plans

The team behind Meta Apes has always envisioned a future where Web2 meets Web3. The game’s mobile-first approach caters to the current needs and preferences of Web2 gamers. Incorporating blockchain technology and its broader functionality – through Ankr´s Gaming SDK – will enable a pivot to Web3. It offers the best of both worlds while giving the developers more freedom to experiment with data-intensive features and aspects.

Meta Apes Business Lead Taylor Shim explains:

“Meta Apes was born out of this idea of creating a community-oriented game that offers both audiences something valuable – 1) an opportunity for the traditional gamers to earn & truly own their in-game assets and 2) a much more interactive and enjoyable experience to the blockchain gamers who are primarily looking to earn. Building on an application-focused sidechain helps us avoid a lot of the common issues seen in blockchain gaming like network congestion and giving us a lot more flexibility in terms of game design & tokenomics.”

Meta Apes has been constructed with the Ankr Gaming SDK to combine fun gameplay with incentives and monetization. Ankr is also a contributor to the BNB Application Sidechain’s development process, making the addition of a sidechain and its benefits rather straightforward for the Meta Apes team. Furthermore, the team was able to convert from a Web2 to a Web3 approach in less than a month, all thanks to Ankr’s Gaming SDK.

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Tagged : Blockchain / Bnb / META APES / Press Release / Web3

Tech Experts Urge Regulators to be Sceptical on Digital Currencies Innovation

by Blockchain NewsJune 2, 2022

A group of technology innovators has sent a letter to the United States Congressional Leadership, Committee Chairs, and Ranking Members, urging them to take a critical look at cryptocurrency innovations.

These experts, numbering 26 in total, including Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and principal engineer at Google Cloud, Kelsey Hightower admonished the lawmakers not to listen to stakeholders with a vested interest in the crypto industry who claims the technology is designed for the good of all.

“We write to you urging you to take a critical, sceptical approach toward industry claims that crypto-assets (sometimes called cryptocurrencies, crypto tokens, or web3) are an innovative technology that is unreservedly good,” the letter reads, adding, “We urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments and to instead take an approach that protects the public interest and ensures technology is deployed in genuine service to the needs of ordinary citizens.”

These experts argued that not everything that can be built should be built and that the history of technology is replete with innovations that started out good but turned out bad in the end. They said the technology is not as novel as the proponents claim they are, adding that the only group of protocols, privacy coins, which offer true anonymity, are a disaster in that they are the right haven for money launderers.

They believe the clamour around blockchain technology is not also worth it in that it promotes only very few real-world use cases.

Drawing on all these points, experts implored the lawmakers tasked with formulating regulations that bind the crypto ecosystem to “take a truly responsible approach to technological innovation and ensure that individuals in the US and elsewhere are not left vulnerable to predatory finance, fraud, and systemic economic risks in the name of technological potential which does not exist.”

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Tagged : Congress / Cryptocurrency / Industry / TECH / Us

Tech Experts Press Regulators to be Sceptical on Digital Currencies

by Blockchain NewsJune 2, 2022

They believe the clamour around blockchain technology is not also worth it in that it promotes only very few real-world use cases.

Image source: Shutterstock

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Tagged : Congress / Cryptocurrency / Industry / TECH / Us

Binance Raises $500m Crypto Fund to Enhance Blockchain & Web3 Adoption

by Blockchain NewsJune 2, 2022

Binance, one of the leading crypto exchanges, has raised $500 million to invest in projects that propel crypto use cases and aid the adoption of blockchain and Web3 technologies.

Through its venture capital and incubation arm dubbed BinanceLabs, the exchange sees the investment fund as a stepping stone towards more discovery and exploration in the Web3 space.

Changpeng Zhao (CZ), the founder and CEO of Binance, pointed out:

“The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”

In a Web3 environment, CZ believes “the connection between values, people, and economies is essential,” adding that “If these three elements come together to build an ecosystem, that will accelerate the mass adoption of blockchain technology and crypto.”

Some of the leading global institutional investors supporting the crypto fund include Breyer Capital and DST Global Partners. The fund is also financed by major family offices, private equity funds, and corporations.

Having incubated and invested in at least 100 projects spread across 25 nations since 2018, Binance Labs undertakes investments in three distinctive levels: incubation, early-stage venture, and late-stage growth.

Per the announcement:

“Early-stage venture investments include token and equity investments across all sectors of cryptocurrency and Web3, including infrastructure, DeFi, NFTs, gaming, Metaverse, social, and crypto adoption platforms.”

Binance has been spreading its wings through strategic partnerships. For instance, the crypto exchange recently signed a Memorandum of Understanding (MoU) with Kazakhstan to push crypto adoption in the nation.

Binance also inked a deal with Majid Al Futtaim (MAF), a UAE retail giant, to boost the adoption of Web3 technologies.

Image source: Shutterstock

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Tagged : Binance / Blockchain / Crypto / Cryptocurrencies / Enterprise / Investment / WEB3.0

Riot Blockchain Hires Nomura M & A Banker Jason Chung as Corporate Development Head

by Blockchain NewsJune 2, 2022

Riot Blockchain Inc, a Bitcoin infrastructure company based in Colorado, announced on Wednesday that it has hired investment banker Jason Chung from Nomura Holdings Inc as its head of corporate development.

Until recently, Chung was a Hong Kong-based managing director at Nomura. In this new role, Chung will lead corporate development affairs at Riot Blockchain, including mergers and acquisitions (M&A), and be responsible for building a superior corporate development group that drives the firm’s strategic growth. He will also assist the crypto firm with its financing strategy.

The former banker comes to Riot Blockchain with over 15 years of investment banking and corporate development experience. Previously, he served as a Managing Director in the mergers and acquisitions at Nomura, a role that he executed for more than five years, first based in New York and then in Hong Kong.

Before that, Chung was at Societe Generale SA, an investment banking company in New York, where he worked as a Vice President of M&A for eight years, according to his LinkedIn profile.

As 2022 continues to be the year of acquisitions, it appears that Riot Blockchain is still looking to bolster its business. The firm is hiring a Corporate Development Director to identify inorganic growth opportunities through acquisitions. The move is important as the current crypto space is faced with major acquisitions.

Riot Blockchain has recently made a number of acquisitions with the goal of increasing its US footprint in the global bitcoin mining landscape.

In April last year, the Nasdaq-listed mining company acquired Whinstone US, Inc. data centre operations in Texas.

Last December, Riot Blockchain acquired Ferrie Franzmann Industries LLC, doing business as ESS Metron, a company that designs and produces electrical equipment. ESS Metron is a key supplier of Riot’s Whinstone Bitcoin mining commercial data centre facility and a significant component in its effort to expand to 700 megawatts (MW) and scale its Bitcoin mining operations.

As per the report, Riot Blockchain owns the largest Bitcoin mining and hosting facility in North America through its subsidiary Whinstone US.

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Tagged : EXECUTIVE MOVE / Hiring / Industry Expert / JASON CHUNG / Riot Blockchain