Leading Sneaker MarketPlace Sets Foot in the Metaverse to Spur Innovations

The Edit LDN, a global sneaker marketplace based in London, has entered the metaverse by developing a premium store to drive innovation a notch higher.


Moses Rashid, the founder of The Edit LDN, pointed out:

“Our partnership with Bloktopia is our first big step to executing our vision of being the most innovative player in the market.”

Bloktopia’s crypto paradise will house the premium store. Bloktopia is a virtual reality (VR) skyscraper built in the Unity gaming engine on Web3 technology.


Ross Tavakoli, the CEO of Bloktopia, stated:

“As a big sneakerhead myself, we’re really pleased to be able to partner with the UK’s number 1 sneaker destination, Edit LDN. Fortnite makes $2m a day from in-app purchases like skins (digital clothing) for avatars. Bloktopia will offer a different, interoperable option.”

Therefore, the Bloktopia metaverse seeks to be the next iteration of the internet that will enable users to attain anything undertaken in the real world. 


By recording a yearly growth rate of 525% since it was launched in 2020, The Edit LDN has emerged as the leading sneaker destination in the United Kingdom, serving a global audience. Moreover, its growth is expected to hit 500% this year. 


The metaverse world is anticipated to continue gaining traction because there is a high likelihood that consumers will purchase trending garments for their avatars as they would do for themselves. 


Tavakoli noted:

“Allowing the purchase of digital wearables, in this case, sneakers, through an NFT function which means they won’t be restricted to just our metaverse, and can be worn across hundreds of games and other metaverses.” 

“That makes the fashion industry and the metaverse such a good fit, as it creates a whole new income stream for our partners like Edit LDN. The customer can also be sent the sneakers physically, too,” he added.


Meanwhile, Mclaren entered the metaverse to showcase its luxury hypercars and supercars in the form of non-fungible tokens (NFTs) or other digital artworks. 


As a result, the leading automotive manufacturer intended to offer its customers a new level of experience and the chance to own McLaren-branded products irrespective of whether they could afford an automobile from the company or not. 

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Coherent Secures $4.5M in Seed Round For API Products

Blockchain data startup owned by a former platform engineer at Coinbase, Coherent announced on Thursday that it has secured $4.5 million in a seed round.


The round was jointly led by three venture capital (VC) firms whose specialty is to invest in seed and early-stage funds. These investors are Matchstick Ventures, Kindred Ventures and Foundry Group. 

The Coherent seed round also received attention from Coinbase Ventures, Chapter One Ventures, Alchemy, and Dan Romero, an individual investor who is an early employee at Coinbase. Particularly, the Alchemy team will be responsible for developing and distributing the API products in close partnership with the Coherent team.

Coherent was established in April by Carl Cortright after working as a platform and senior software engineer in Coinbase for almost four years. According to Carl, during his time at Coinbase, there were many faults with the incumbent platforms and Application Programming Interfaces (APIs) available to developers.

The most compelling evidence was that the systems were always failing, and they required tons of repetitive infrastructure on top of them. The repetitive infrastructure was to enhance the usability of the applications and simply pass on the complicated data from blockchains with no improvements on ease-of-use for developers.

Coherent Launched to be User-Friendly

With this in mind, Coherent was launched to ease the drudgery involved in creating a Web3.0 application for a developer. The Coherent blockchain offers high integrity, multi-chain data designed in a way that offers clear understanding and usability to the developers.

The foremost data of interest to Coherent are on-chain transaction history, non-fungible token (NFT) data, and credentials. 

With no limiting rate or complicated transaction hashes to interpret, Coherent shared its vision to be “the central platform for all Web3 developers where useful, user-centric data across all chains can be easily obtained.”

Gradually, Web3.0 advancement and adoption are gaining contributions for several individual and organizational investors. Identically, KuCoin in partnership with Windvane floated a $100 million fund devoted to creators in the space. 

As has been noted, like the KuCoin $100 million fund, Coherent is designed to center around the users which are developers.

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Coinbase Rises ahead of Second-quarter Earnings Report

Shares of cryptocurrency exchange Coinbase have been rising recently this week, although they are still down nearly 70% from the beginning of 2022.


Coinbase shares rose 10% on Thursday after BlackRock, the world’s largest asset manager, announced a partnership with crypto exchange Coinbase to provide institutional investors with a new crypto access point.

The shares were up about 40% earlier in the day.

Through a strategic partnership, BlackRock’s Aladdin will interface with Coinbase Prime to provide institutional investors with direct, seamless cryptocurrency access, starting with Bitcoin (BTC).

Coinbase prime is the institutional prime brokerage arm of cryptocurrency exchange Coinbase, which integrates block financing, advanced agency trading, equity infrastructure, and reporting required throughout the trading lifecycle.

Coinbase Prime supports over 13,000 institutional clients and will provide crypto trading, prime brokerage, reporting, and custody capabilities through the exchange.

Coinbase Global’s (COIN) second-quarter earnings will be released after the market closes on Tuesday afternoon. Sell-side analysts expect Coinbase to see a sharp drop in trading volume from the $309 million reported in the first quarter.

Analyst John Todaro from Needham – has a Buy rating and $89 price target on COIN. The current price is a bit high for the stock at $93.

With the advent of the crypto winter, trading volumes on exchanges have definitely decreased. But some analysts remain positive, such as Chris Brendler from DA Davidson.

He said that despite lower-than-consensus expectations for the second quarter and beyond, he believes the ‘crypto winter’ of 2022 will eventually play to its advantage, with a buy rating and a $90 price target.

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Core Scientific Sold 1,975 Bitcoins More That It Mined in July

Core Scientific, a major publicly traded cryptocurrency mining firm in North America, on Friday, announced its production and operational updates for July 2022.

During the month of July, the firm mined 1,221 Bitcoins, as compared to 1,106 BTCs mined in June. The company also expanded its fleet of self-mining servers by 6% to 109,000 in July from approximately 103,000 in June.

Bitcoin production benefited from the deployment of approximately 6,000 net new servers during the month, the firm said.

Grid Support

In the month of July, the company completely powered down its Texas data center operations on several occasions to support the Texas grid operator during periods of extremely high temperatures.

While Core Scientific admitted that the curtailment activities limited its production advances during the period, it said it works with the communities and utility companies in which it operates to enable and ensure electrical grid stability.

Colocation Services

As of July 31, 2022, Core Scientific provided data center colocation services, technology and operating support for around 86,000 customer-owned ASIC servers, a net monthly increase of about 10% from approximately 78,181 customer-owned ASIC servers in June.

During July, the firm signed colocation agreements with customers totaling 75MW, which represent approximately $50 million in annual revenue when fully deployed.

On July 19, Core Scientific deployed the first Bitmain Antminer S19 XP servers in the US for its customer, NFN8 Group, Inc. The S19 XP servers were rated to operate at up to 140 TH/s and represent the first of many planned for deployment by the company for self-mining and colocation customers.

As of the end of July, Core Scientific said its colocation services accounted for approximately 44% of the company’s total hashrate. The firm further stated that inquiries for colocation services continue to exceed the company’s available infrastructure.

Mike Levitt, Core Scientific Chief Executive Officer, talked about the development: “We deployed 14,000 new ASIC servers in July. These deployments increased our total hashrate to approximately 19.3 EH/s, representing the largest operating capacity of any listed company in North America. In addition, we signed new colocation agreements with customers that should, once the servers are deployed later this year, generate approximately $50 million in annual revenue. During the month of July, we continued to enhance liquidity, strengthen our balance sheet, streamline our organization and make further progress toward achieving our 2022 operating objectives.”

Data Centers

As of month-end, Core Scientific said it operated approximately 195,000 ASIC servers, representing 19.3 EH/s, in its data centers.

The firm owns data centers in Georgia, Kentucky, North Carolina, and North Dakota, which continue to operate as expected. The company said it has multiple operational facilities in Texas, with significant future development planned for Texas and Oklahoma within this year.

Bitcoin Sales

During the month of July, Core Scientific said it sold 1,975 Bitcoins at an average price of around $22,000 per Bitcoin for total proceeds of approximately $44 million. As of July 31, 2022, the firm held 1,205 Bitcoins and approximately $83 million in cash on its balance sheet.

The company mentioned that it used the proceeds from Bitcoin sales in July to pay for capital investments related to expanding data center capacity as well as payments due to Bitmain for the 100,000 ASIC servers order placed in 2021.

Core Scientific said so far it has paid a huge chunk of the Bitmain loan, as currently less than $10 million in ASIC server loan payments is what remains to be cleared off.

The firm stated that it will continue to sell self-mined Bitcoins to pay operating expenses, retire debts, maintain liquidity, and fund growth.

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Voyager Digital Likely to Resume Withdrawal From August 11

Earlier on Thursday, Judge Michael Wiles of the U.S. Bankruptcy Court in New York ruled in the favor of Voyager Digital, to receive access to the funds in its custodial wallets to return the $270 million to the affected customers. 


Following the ruling, the bankrupt crypto lender has announced that customers with U.S dollars in their accounts can withdraw up to the tune of $100,000 in a 24-hour period. 

This process will start exactly one week after the Judge’s ruling and that will be Thursday 11th August. 

Although, this reimbursement scheme is highly dependent on if the payment from the Metropolitan Commercial Bank pulls through between 5-10 working days. Once the process is completed, the crypto broker will immediately resume access to in-app cash withdrawals.

Voyager Is Still Restructuring Amidst Bankruptcy 


Voyager Digital Holdings suspended withdrawal, deposits, and many other trade offerings on its platform almost a month ago due to the heat of the harsh market condition. The lender’s alleged exposure to Three Arrows Capital (3AC), another troubled crypto lender which faced liquidation, was part of the problems Voyager encountered. 

Eventually, Voyager applied for a Chapter 11 bankruptcy with the US Bankruptcy Court of the Southern District of New York. 

The bankruptcy request was to allow the beleaguered crypto lender to put up a restructuring plan. Voyager planned to combine the $110 million in cash and owned crypto assets it had at hand with the funds in its For Benefit of customers (FBO) custodial account at Metropolitan Commercial Bank.

On the other hand, Shingo Lavine and his father, Adam Lavine ex-executives at Voyager, both had other plans. They proposed that the crypto lender suspends all its lending activities and instead resume live trades. Thereafter, issue a recovery token to customers to retain them on the platform.

From today’s news, it appears Voyager is keen on sticking to its initial restructuring plans. 

While seeking means to settle its clients and investors, Voyager is also considering transferring its ownership in the future. Earlier, Voyager had filed a rejection letter in response to Alameda’s offer to buy out all of its digital assets including the outstanding loans.

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WazirX Faces Sanction For Abating Illegal Loan App Companies

Asian crypto exchange WazirX which has been under the probe of the Indian enforcement agency, Directorate of Enforcement has finally had its bank assets seized


Cumulatively, the frozen bank assets are worth about Rs. 64.67 crores which is approximately $8.13 million at current market value.

After several investigations, including probing the directors of Zanmai Labs Private Limited (WazirX) Nischal Shetty and Sameer Hanuman Mhatre the Enforcement Directorate (ED), has decided that WazirX is involved in a money laundering case.


The cryptocurrency exchange, WazirX is a subsidiary of Binance Holdings Limited the world’s largest crypto exchange by market capitalization. 


WazirX was accused of conniving with Loan App companies who were already under the radar for laundering customers’ funds. With assistance from WazirX, these fraudulent companies could divert the money from their laundering activities to crypto wallets. So far, the Indian crypto exchange offers this illegal service to about 16 financial technology companies.


WazirX Failed to Conduct KYC Procedures


WazirX complicated ownership structure is posing as an impediment to the case.  


Although, a show cause notice was issued under the provisions of the FEMA against the crypto platform to justify its actions. From all indications, The exchange failed to conduct an appropriate know-your-customer (KYC) procedure or any enhanced due diligence (EDD) on any of these companies. 


Also, no suspicious transaction report (STR) was submitted to inform the Financial Intelligence Unit (FIU) authorities of the skeptical activities of these Loan App companies. Interestingly, most of the transactions between WazirX and the companies were not recorded on the blockchain.


A statement from the probe reads, “While doing fund trail investigation, ED found that a large number of funds was diverted by the fintech companies to purchase crypto assets and then launder them abroad. These companies and the virtual assets are untraceable at the moment.”


Meanwhile, Wazirx has been on the radar of the Indian authorities for so many counts. It allegedly violated the Indian Foreign Exchange Management Act (FEMA). At another time, it was listed by the State Minister for Finance for the Indian government, Pankaj Chaudhary as one of the crypto firms which had successfully evaded tax.

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Bank of Thailand to Start Retail Test for its Retail CBDC

The Central Bank of Thailand also known as the Bank of Thailand (BOT) plans to begin the trial of its Central Bank Digital Currency (CBDC) in a retail setting.


According to ​the Deputy Governor of the bank, Ms. Vachira Arromdee, Retail CBDC has the potential to be the foundation of future financial systems.

Based on this assumption, BOT considers it necessary to expand the scope of the Retail CBDC development beyond its present state to a pilot phase. During this pilot phase, there will be real-life applications of the Retail CBDC in real-time. The phase will be covered in collaboration with the private sector on a limited scale.

In the first place, many central banks are laying much emphasis on the development of Retail CBDC. Specifically, BOT is among the few who recognize the significance of CBDC as a recent financial tool. The Thailand central bank believes that CBDC can provide more opportunities for individuals and businesses including the general public.

The unending list of opportunities encompasses providing more enormous and convenient access to a series of financial services, invariably at a lower cost. 

Formerly, BOT took part in Wholesale CBDC projects as well as Proof-of-Concept Retail CBDC testing with corporates. Times are changing to accommodate more comprehensive Retail CBDC development. In light of this, the financial giant is gradually moving with the trend.


The Retail CBDC Pilot Study Tracks


With the intention of a pilot phase, there will be two tracks to its achievement. 


The first, is the Foundation track where an assessment will be carried out to ascertain the safety and efficiency of the system. Its technological design will also be examined in this track. Particularly, trading activities like paying for goods and services with CBDC will be conducted.

Next, the Innovation track will target the programmability. This will facilitate the development of innovative use cases for CBDC.

With this track, BOT will develop a design of CBDC that will fit perfectly into its future context. A CBDC Hackathon will take place welcoming both the private and public sectors to participate, so long they apply from 5 August to 12 September 2022.

Additionally, the pilot study will only involve a selected few, therefore, the public is advised to be cautious of fraudsters who might claim to be involved in the process.

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Argo Mining Crypto Production Rose to 219 BTCs in July

Argo Blockchain plc, a publicly traded cryptocurrency mining firm based in the UK, on Friday, announced its operational update for July 2022.

During the month of July, Argo revealed that it mined 219 Bitcoins as compared to 179 BTCs in June 2022.

The company further said its mining revenue in July amounted to £3.89 million [$4.73 million] compared to June’s £3.38 million ($4.35 million).

As of 31 July 2022, Argo said it held 1295 Bitcoins, out of which BTC Equivalents were 227.

Mining Hardware Machines Update

During the month of July, Argo stated that it completed its machine swap of about 10,000 S19s Antminers, which were hosted with Core Scientific, and finalized its strategic pivot to a self-hosted business model.

As a result of the completion of its machine swap, Argo said it now expects to generate better performance from its mining machines and have greater control of operations, including operational expenses.

Apart from that, Argo mentioned that in July it faced operational challenges with its 17 series machines. The company, therefore, conducted a comprehensive review of its entire mining fleet, with a focus on its S17 and T17 miners (collectively, the “17 series machines”).

As a result, Argo identified that it was not the only miner affected by the hitches associated with its 17 series machines. There were also high failures among the 17 series machines in other crypto mining firms in the sector.

Despite Argo removing the non-operational 17 series machines, its total hashrate at the end of July was around 2.23EH/s. This figure took into account the company’s continued installation of the S19J Pros ordered from Bitmain and the completion of the Core machine swap.

Peter Wall, Argo’s CEO, talked about the development: “We would like to thank Core Scientific for acting as an invaluable and reliable business partner in this transition period which represents a crucial step for Argo’s future development. The completion of the S19 machine’s swap marks a further consolidation of our infrastructure, allowing us to retain further control of our operations and adjust them in accordance with our needs at any given time. While there have been some challenges in operating the 17 series machines, we are pleased with the ROI we have achieved on this portion of our mining infrastructure.”

 Financing Deal

Moreover, during the month of July, Argo said it sold 887 Bitcoins at an average price of around $22,670. The firm said it used the proceeds to reduce obligations under a BTC-backed loan agreement with Galaxy Digital and to fund operating expenses and growth capital.

As of 31 July 2022, Argo mentioned it had an outstanding balance of $6.72 million under the BTC-backed loan, a huge reduction from the maximum outstanding balance of $50 million in Q2 2022.

Helios Power Activities

During the month of July, Argo’s electricity costs at its Helios facility in Texas continued to rise higher than anticipated in the past. Electricity costs have increased around the world, mainly because of higher natural gas prices stemming from the war in Ukraine, as well as increased demand for electric-powered air conditioning during an unusually hot and dry summer.

In the middle of July, Argo said ERCOT (The Electric Reliability Council of Texas, Inc) – a US organization that operates Texas’s electrical grid –issued a conservation alert urging all residential, commercial, and industrial electricity users to reduce electricity consumption during specific afternoon hours when electricity demands were at its highest.

As a result, Argo and major large-scale Bitcoin miners in Texas, proactively shut down their mining operations and reduced usage by over 1,000 MW, thereby reducing strain on the grid during peak demand.

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Kompute Seeks to be the “AWS” of Decentralized Cloud Computing

Kompute, a blockchain company based in Estonia, intends to render significant control and anonymity in cloud computing through a decentralized model explicitly created for Web3. 


In a statement, Xabier Almazor, Kompute’s CEO, pointed out:

“AWS, GCP, and many other big names are the leaders in centralized cloud computing; the problem is they control the users’ data, access to computing power, and privacy.”

Dubbed the “AWS” of Web3 economy, Kompute has launched a decentralized cloud computing model powered by the Ethereum (ETH) network with the off-chain layer running on Kubernetes. 


Therefore, the decentralized infrastructure is meant to propel low-cost, reliable, and scalable cloud computing services. 


Kompute will also connect cloud service consumers with resource providers for revenue generation. Per the announcement:

“Every transaction on the network is enforced by smart contracts and recorded on the blockchain. Only authorized actions are allowed against the blockchain, so code and data integrity are guaranteed.”

“There are multiple layers of confidentiality to protect intellectual property. Network providers are incentivized to provide resources and keep the network safe,” the report added.


Based on an autonomous and trustless network, Web3 continues to gain steam because it is seen as the future of the internet. 


Earlier this year, Google assembled a team to create services for developers in the Web3 ecosystem through its cloud unit, Blockchain.News reported. 


Google sought to tap the potential presented by the crypto space, given that Web3 Pioneers have developed peer-to-peer and decentralized systems to transform the internet.


Meanwhile, InfiniteWorld, a Web3, and metaverse infrastructure company, recently acquired Super Bit Machine to provide best-in-class experiences in the metaverse and Web3 worlds by incorporating multiplayer and real-time game development abilities.

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Binance Card Adds Three New Altcoins: Ripple (XRP), Shiba Inu (SHIB) and Avalanche (AVAX)

Major global cryptocurrency exchange Binance announced Friday that three new altcoins are now added to its Binance Card including Ripple (XRP), Shiba Inu (SHIB), and Avalanche (AVAX).

The card currently supports a total of 14 cryptocurrencies, including Cardano (ADA), Avalanche (AVAX), BNB, Bitcoin (BTC), Binance USD (BUSD), Polkadot (DOT), Ether (ETH), S.S. Lazio Fan Token ( LAZIO), FC Porto Fan Token (PORTO), Santos FC Fan Token (SANTOS), SHIB, Swipe (SXP), Tether (USDT) and Ripple (XRP).

On its official website, Binance wrote:

Binance Card is only available to Binance users living in the EEA and Ukrainian refugees residing in the EEA country (Binance Refugee Crypto Card) at the moment.

According to the announcement, Binance Cardholders can use it to make purchases and pay bills with cryptocurrencies such as Bitcoin and BNB in ​​over 60 million online and brick-and-mortar stores.

Binance also stated that the current payment priority preferences of existing Binance Card users will not change.

Cryptocurrency exchange Binance announced Thursday the launch of a crypto prepaid card in Argentina through a partnership with Mastercard to close the gap between cryptocurrencies and everyday purchases.

The launch of the Binance Card at first comes off as an avenue to bring increased utility to users in the Binance ecosystem. This way, more users will find more value attached to their digital currencies, a situation that is bound to foster an enhanced embrace of crypto innovations.

Besides Binance, other crypto exchanges including Coinbase and Crypto.com also have similar products, and above all, more are creating capacities for more functional Crypto Cards that can help establish their foothold in the industry.

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Bitcoin (BTC) $ 26,124.00 1.84%
Ethereum (ETH) $ 1,577.44 1.18%
Litecoin (LTC) $ 64.43 0.72%
Bitcoin Cash (BCH) $ 206.86 1.17%