BORA to Establish Cross Chain with Polygon in expanding Web 3.0 Market: KBW 2022

South Korean-based and blockchain-based content platform operator BORANETWORK (BORA) announced Wednesday to establish a cross chain with Polygon to expand the global ecosystem and user liquidity contact points.

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As Korea Blockchain Week (KBW 2022), one of the largest blockchain events in Asia just kicked off on Sunday in Seoul. Over 100 stakeholders from the crypto industry join the event.

During the conference on Wednesday, BORA presented its business operation updates by sharing its business directions to the public.

The company announced to speed up its expansion plans and direction of the ecosystem by building a partnership with Polygon, an Ethereum scaling platform, under a theme-based initiative.

In detail, the partnership will facilitate the cooperation between BORA and Polygon by expanding the “BORA portal marketplace ecosystem with Polygon NFT compatibility.” At the same time, Polygon will technically support BORA and help its partners and NFT Ips with the Polygon system.

“We’re delighted to be working with BORA to help them expand liquidity and introduce greater composability to their gaming ecosystem,” said Urvit Goel, Head of Global Games Business Development at Polygon, adding that “By leveraging Polygon, BORA NEXT users will benefit from low fees and fast transactions while tapping into the Ethereum network’s inherent security. Polygon is committed to supporting developers in Korea and looks forward to partnering with the best to grow blockchain gaming adoption globally.”

Per the press release, BORA disclosed its onboarding services will be released in the second half of this year, including METABORA’s BIRDIE SHOT, XL Games’ ArcheWorld and Rising Wings’ COMPETZ, along with the line-up such as a casual battle, BORA Battle (working title), a sports simulation, Baseball the BLOCK (working title) and a screen golf, Friends Screen NFT (working title).

Meanwhile, BORA shared the company has opened its portal, combing all the digital content, including gaming, entertainment and sports, into one spot, attempting to attract about 20 companies renowned in blockchain technology, game and intellectual property (IP) into the governance council, according to the statement. 

BORA believes the cross-chain establishment with Polygon will help global users more accessible and is committed to working closely to keep the ecosystem of BORA growing.

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Crypto Downturn Hits Luxury Watches Market Sales

Over the past few weeks, the cryptocurrency market has quietly slipped into distress as the world grapples with interest rate hikes and inflation. Housing affordability and cost of living concerns have currently become a priority among consumers.

The downward spiral has put economic investors, including those desiring more tangible assets, into a panic mood.

The ongoing uncertainty surrounding crypto markets has seen more owners offloading their high-end watches, with supplies for the Rolex Daytona and Patek Philippe Nautilus 5711A now “much larger”. Online watch trading platform Chrono24 recently revealed the matter.

According to Chrono24, citing sources from Bloomberg, the fallen crypto values have “directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe”.

The Karlsruhe-based business, one of the world’s largest dedicated second-hand watch retailers and marketplaces, is currently holding more than half a million timepieces on its website. This means that the collapse in crypto has significantly eased the supply of the world’s most sought-after watches – as collectors can get their hands on a new Rolex or Patek for the first time in a long time Philippe.

Over the past few years, Chrono24 said it reaped the benefits of the surging interest in the luxury watch market, capitalizing on the new wave of buyers. The rapid increase in valuations for cryptocurrencies opened up a new category of consumers, driving the prices of particular models and brands such as Rolex, Audemars Piguet, and Patek Philippe sky-high.

But now, funds at hand have dropped, an incident that avid watch fans were not expecting. The fallen values of digital assets have forced the once investment-friendly buyers into reverse, selling off their assets at an alarming rate. Chrono24 CEO Time Stracke said the recent global impacts have seen prices for the most sought-after watches fall loser in line with other similar watches.

The latest development is a knockdown for crypto fans and watches lovers. Increased availability of high-end watches has driven prices down and removed the barrier to entry for the luxury watch game, making it slightly easier to secure that grail piece.

Crypto Markets becoming a way of life

In May, Italian luxury brand Gucci made major headlines when it started accepting payments in cryptocurrency in some of its American outlets.

Gucci joined a list of high-end luxury consumer brands that are looking to stake their claims in the above $1 trillion crypto market.

Crypto markets have shown interest in high-end luxury clothing brands and Electrical Vehicles like Tesla as demand and adoption become more commonplace in major industries.

Crypto has become a way of life for many, from novice traders using crypto as a way to get into the DeFi marketplace to investors looking to buy digital assets to hedge inflation.

And some major industries and multinational brands have caught onto the idea of using crypto as a form of payment for goods and services and as an opportunity to attract lucrative clients who are open to indulging in luxury items.

For some high-end brands, cryptocurrency is more than just a coin, it has become a sign of wealth and status, innovation, and progressivism. These are the qualities that high-end users want to be associated with.

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Dubai Sees Crypto as Stepping Stone Towards Global Tech Hub

Dubai is reaping the dividends of new tech investments because it has laid the grounds for a post-pandemic boom through a business-friendly and low-taxes environment, according to CNBC.


The city has become a global tech hub, with crypto being a major catalyst. 

Ola Doudin, the co-founder of cryptocurrency platform BitOasis, noted:

“We’re definitely seeing Dubai leading that race, competing with other financial hubs and really positioning itself as a global crypto hub.”

Dubai has already set the ball rolling as a significant blockchain hub. For instance, the Dubai economy got powered by the UAE KYC (Know-Your-Customer) blockchain platform in July 2020. This prompted instant bank accounting functionality, secure digital customer onboarding, and sharing of verified data between financial institutions and licensing authorities. 

Doudin pointed out how Dubai handled the pandemic is paying off because more people want to move to the city. He stated:

“Dubai, and the UAE overall, is a world-class example of dealing with a pandemic. Now you see talent internationally, from all parts of the world, wanting to move to Dubai.”

This correlates with the fact that Dubai welcomed 7.12 million overnight visitors in the first half of 2022, recording at least 183% growth compared to a similar period in 2021, according to Dubai’s Department of Economy and Tourism (DET).

Government agencies in the city are also jumping on the crypto bandwagon. For instance, the Dubai Police recently revealed plans to roll out the second bunch of non-fungible tokens (NFTs) after the first collection attracted approximately 23 million people globally, Blockchain.News reported. 

The Dubai police released the first NFTs in late March as part of a campaign to showcase its security, innovation, and communication values. They comprised 150 free digital assets.

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Tagged : / / / / / / / / Aims at Expansion in South Korea amid Crypto Meltdown

Singapore-based crypto exchange has been on an expansion drive, with its latest bet being in South Korea, according to Bloomberg. has revealed the acquisition of South Korean virtual-asset exchange OK-BIT Co. and payment service provider PnLink Co. in line with the country’s Electronic Financial Transaction Act. 

Eric Anziani,’s COO, pointed out:

“We’re trying to be able to bring some of our offerings to the Korean market and also work with partners here that are at the forefront of gaming and entertainment.”

Therefore,’s decision to enter the South Korean market was triggered by the nation’s comparatively high adoption levels of crypto. has been on an aggressive expansion drive, having secured operating licenses in Italy and Cyprus last month. 

With Italy being a crucial economy in the European Union, was delighted to set foot in the nation as this would complement and significantly boost its expansion plans, Blockchain.News reported. 

Upon getting the green light to operate in Cyprus, Kris Marszalek noted that Europe was fundamental in the exchange’s expansion plan.

The CEO and co-founder of stated:

“Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”

Therefore,’s expansion drive seems to be instigated by recovery plans based on the witnessed crypto winter.

For instance, Bitcoin (BTC) has shed at least 65% of its value from the all-time high (ATH) price of $69,000 recorded in November last year. 

The leading cryptocurrency was hovering around $23,672 during intraday trading, according to CoinMarketCap. 

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Hut 8 Mining Corp Generated 330 BTC in July, Becoming one of the Largest BTC Holders

North American publicly traded cryptocurrency mining company Hut 8 Mining Corp has announced its operational update of July.

Last month, Hut 8 revealed that it mined 330 Bitcoins at an average rate of 10.61 Bitcoins per day.

As of July 31, 2022, Argo said it held 7,736 bitcoins, making it one of the largest public holders of Bitcoins traded on Nasdaq and the Toronto Stock Exchange.

Hut 8 revealed that Hut 8 holds 100% of all its self-mined Bitcoin in escrow as part of its ongoing HODL strategy,

The company revealed that it will continue to hold the mined bitcoins. This starkly contrasts with other miners selling bitcoin to pay for operating expenses and loan debt.

Mining company Argo said it sold 887 bitcoins in July at an average price of around $22,670. The company said it used the funds to reduce debt under a BTC-backed loan agreement with Galaxy Digital and to cover operating expenses and growth capital.

Argo said it recently signed Foundry as a cloud services customer to enhance its high-performance computing business. The company now expects its mining machines to produce better performance and have greater control over operations, including operating expenses.

CEO Jaime Leverton said of the development: “At the same time, we continue to focus on growing the uncorrelated recurring revenue within our high-performance computing business and are thrilled to welcome Foundry aboard as a cloud services customer in our Mississauga data center.”

Hut 8, a Bitcoin mining company based in Canada, announced on July that it has bought 5,800 mining machines for its Ontario facility.

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Crypto Becomes Valid Portfolio Options and Assets Diversifier , Says Wells Fargo’s Subsidiary

Wells Fargo Investment Institutea registered investment adviser and wholly owned subsidiary of Wells Fargo, recently released its fifth publication in its digital asset and cryptocurrency educational series in August, as seen on Sunday, August 7.

The investment advisory firm published the report to ensure that new investors see the comprehensive picture of the digital assets industry and therefore take advantage of investing in the new asset class.

As per the new report, Wells Fargo considers digital assets as a transformative innovation, just like the internet, cars, and electricity.

The investment adviser described cryptocurrencies as the building blocks of a new large digital network that moves money and assets. That network is open for anyone in the world to use. Wells Fargo said infrastructure is emerging to support this new Internet of Value.

Since traditional finance is starting to embrace open networks, adopting digital assets is expected to accelerate over the coming years.

According to Wells Fargo, early adopters are set to gain profitability (economies of scale), while those late comers could lose something that the internet has taught the world for 40 years.

The adviser stated that while there is an investment thesis behind digital assets, the industry is still young to become mature, and therefore, many investment risks remain.

The main risks facing the industry are additional regulation, technology and business failures, limited consumer protections, price volatility, as well as operational risks associated with handling and storing digital assets, the bank elaborated.

Wells Fargo said cryptocurrencies have evolved into a viable investment asset. Long-term supply and demand trends further support industry growth and compress price volatility. Crypto has therefore emerged to play a role as portfolio diversifier. The bank classifies cryptocurrency or digital asset investment as an alternative investment.

Crypto Increasingly Gaining Mainstream Adoption

In 2020, several crucial events attracted increased mainstream usage in transactions and accelerated the maturation of crypto markets. For example, banks received regulatory permission to custody cryptocurrencies. Regulators took additional steps to extend a legal and oversight framework that have helped solidify crypto as investable assets.

In 2020 and 2021, more operating companies such as MicroStrategy, the Block Inc., (formerly Square), Tesla, among others, began allocating cash to digital assets and cryptocurrencies.

This year, crypto continues to gain ground as an investment despite the market crash. According to a recent Morning Consult data intelligence and market research firm survey, about 24% of American consumers own crypto.

Research shows that clients are increasingly asking investment advisors about crypto – with 94% of financial advisors receiving questions about the asset class from clients in 2021.

Cryptocurrency should be part of clients’ portfolios as long as they can afford to lose that money and they are going to keep it for a seriously long period of time, according to Suze Orman, a US personal finance expert.

Many experts advise clients that cryptocurrencies should be about 5% of their portfolio and not more.

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Best Performing Altcoins Review: FLOW, QNT, DCR

The general outlook of the digital currency ecosystem is one of positivity, which is evident by the combined crypto market cap pegged at $1.1 trillion, up 0.22% over the weekend.


Despite the recorded weekend dip, many altcoins were still in the green compared to the weeklong performances.

With varying fundamentals driving their inherent growth, Flow (FLOW), Quant (QNT), and Decred (DCR) are the three altcoins leading the next wave of bullish momentum in the crypto ecosystem.

Flow (FLOW)

Flow is one of the most important protocols designed as a fast, decentralized, and developer-friendly blockchain. It is designed as the foundation for a new generation of games, apps, and the digital assets that power them. 

The relevance of the protocol, designed by Dapper Labs, is becoming more evident by the day, with Meta Platforms announcing that its Instagram users who own Non-Fungible Tokens (NFT) on Flow can now showcase them on the platform alongside Ethereum and Polygon. 

The news fueled the massive uplift of FLOW since it came out last week, and in the week-to-date period, FLOW was up 32.59% to $2.64. While a correction might be natural for FLOW, the digital currency has unique potential for more bullish growth in the near to long term.

Quant (QNT)

Quant was launched to connect blockchains and networks globally without reducing the efficiency and interoperability of the network. Since it launched in June 2018, its ecosystem has grown remarkably, and its users have continued to fuel a rally in the protocol’s token, QNT.

QNT is amongst the major coins that have led to the market’s growth this past week and has surged by 23.80% to $127.06. Besides being among the best performers, it is also a key token to watch in the short term.

Decred (DCR)

Decred is branded as an innovative project because it bets on blockchain technology’s decentralized nature to prevent monopoly over voting status in the project itself. The token is best described as ‘Money Evolved’, and many have come to appreciate its offering since its inception. The DCR coin is up 44.71% to $40.38, and despite its recent slip, Decred is a formidable token that must be on every trader’s watchlist in the near term.

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CZ Eyeing Monaco for Expanding Binance after Meeting with Official

Binance’s co-founder and Chief Executive Offer, Changpemet been meeting with several government officials over the past few months. The meetings have moved to Monaco, where he met with a key government official, Frédéric Genta.


From his antecedents, a visit or collaboration with a major government, government representative, or official is always followed by Binance’s planning of a move into that region. Should the trading platform already have a foothold in the country, then collaborations with men in policy will herald Binance’s attempt to solidify its role in helping to cement the digital transformation of that outfit.

Monaco is a naturally fitting region for the digital currency ecosystem as the government is considered one of the crypto ecosystem’s most proactive tax haven regions. With Portugal currently veering away from the path of zero tax for crypto startups and stakeholders, Monaco, amongst other related outfits, is fast becoming an alternative for companies of interest.

As known as CZ, Zhao did not reveal the details of the meeting with Frédéric Genta, but considering Genta has a profound influence on the government as it concerns the region’s digital transformation, the discussion might have centred on highlighting the role of blockchain and crypto startups in achieving the collective goal.

Zhao once had a related meeting with the President of Kazakhstan, Kassym-Jomart Tokayev, and other key personalities in the government as it signed a Memorandum of Understanding to help advise the government of Kazakhstan about policy and regulatory frameworks. Additionally, the exchange will commit funds and resources to help power the growth of the local community, with digital education among its prominent focuses.

Binance has gained quite a handful of operating licenses over the past year. One of its core social responsibilities is to commit to helping the region it operates by developing on all fronts including digital transformation, policies, and regulations, amongst others.

Image source: Changpeng Zhao Twitter


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Luxury Car Purchases by Crypto Doubled to $12m in 2021, Says AutoCoinCars Executive

AutoCoinCars, an online platform that lets buyers purchase luxury cars with digital money, has seen sales on its platform double to $12 million in the past year.

AutoCoinCars is a UK-based firm that allows customers to buy and sell cars online with Bitcoin. Launched in 2018, AutoCoinCars has created a platform that enables customers to buy and sell vehicles using cryptocurrency without having to exchange them for fiat, thus solving the user’s problems.

With AutoCoinCars, users don’t have to go through a long process of exchanging crypto for fiat. Users, therefore, don’t have to wait longer and watch their assets slowly decrease through exchange and bank fees.

In an interview on Friday 5th August, Willmott disclosed that the firm frequently sees more luxury vehicle sales during market downturns. However, he said the trend is still holding steady despite the recent market crash.

The COO said that part of the reason for that trend is, as he believes, because Lamborghinis tend to be less volatile than cryptocurrencies. “People are spending because they want to exit out of their crypto and get into physical assets. That will allow them to have this asset that doesn’t depreciate like how their crypto asset will depreciate,” the executive elaborated.

This means more filthy wealthy crypto holders are selling their digital assets to buy luxurious vehicles like Lamborghinis.

According to the report, despite the plunge in the global capital markets, Lamborghinis have held their value more steady than other assets, including cryptocurrencies.

Since April this year, the values of Bitcoin and Ether have dropped more than 50%, and crypto lending platforms like Celsius Networks and Voyager Digital have recently gone bankrupt. On the other hand, according to, the price of a used Lambo has held its value steady over the last year.

While Lamborghini sales last year were higher than ever, but this year has set a pace to exceed that record, according to last week’s financial disclosures from the parent company Volkswagen AG. Part of the reason for such a significant surge in vehicle supplies are low, and customer waitlists are long.

Selling Crypto to Diversify Portfolio

People with significant Bitcoin holdings have been looking at buying high-worth products like real estate and luxurious vehicles, among others, with their Bitcoin to diversify their portfolio and limit risks.

Cryptocurrency is expected to impact the capital markets by providing new platforms for sales. Bypassing the bank intermediaries, buyers and sellers can potentially connect in real-time, speeding up the transaction process significantly across the globe.

Since cryptocurrencies are entering the mainstream in financial portfolios and financial planning, the ability to purchase major products with Bitcoin has become a possibility.

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Bitcoin (BTC) $ 26,527.11 0.91%
Ethereum (ETH) $ 1,626.73 0.05%
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Bitcoin Cash (BCH) $ 234.43 0.60%