Tag: Blockchain

Venom To Launch A Blockchain Hub With Kenyan Government

by Blockchain News

Abu Dhabi, UAE, May 10th, 2023, Chainwire

Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a “blockchain hub” in Africa, focusing on the development of Web3 and blockchain technology applications. This collaboration aims to drive innovation in key sectors such as financial infrastructure, supply chain, agriculture, SMEs, and cross-border trade, benefiting Kenya and the entire African continent.

More than 84% of the Kenyan population have access to financial services through banks and fintech. However, with the implementation of blockchain infrastructure as a long term strategy it will further increase the value for the population, create more opportunities for the Kenyan domestic economy, create new international trade routes and add efficiency to intra African trade lines.

Venom Foundation’s expansion into Africa highlights the continent’s forward-thinking approach to adopting web3 and blockchain technologies, showcasing its commitment to embracing innovation and leading through implementation. By advocating for the adoption of blockchain technology, Venom Foundation seeks to empower African communities, create a bridge between traditional finance and trade with the web3 world, and stimulate regional economic growth by enabling seamless cross-border trade and transactions. Tangible benefits that can be realized include minimized transaction costs, enhanced security and transparency, increased access to financial services, expedited settlement times for cross-border transactions, and the creation of new investment opportunities through asset tokenization. These advancements hold considerable potential to substantially contribute to economic development and financial inclusion across the continent.

The blockchain hub will act as a central platform for forging partnerships with innovative companies, fostering knowledge sharing, networking, and collaboration among key stakeholders in the blockchain space, such as projects, entrepreneurs, and government officials based in Africa. Venom will also supply crucial tools and resources to support African countries in establishing a solid foundation for digital transformation. This includes blockchain-based solutions for supply chain management, land registry,

voting systems, tokenization of assets, and other areas where blockchain technology can make a significant impact. By implementing these solutions, the partnership aims to promote transparency, efficiency, and trust across various sectors throughout the continent.

Christopher Louis Tsu, CTO for the Venom Foundation, commented “Africa is already rich in natural resources and human capital, by bringing next generation blockchain technology to the continent it will empower the people and help not only Kenya but many other African nations to capitalize on their assets and participate in new global markets, competitively”

The Kenyan government also expressed enthusiasm for the partnership. Moses Kuria, the Cabinet Secretary for Investments, Trade and Industry, stated, “We are excited to work together with the Venom Foundation. This collaboration signifies the stance that we are taking towards next-generation technology, and financial and technological developments in the world. We believe that the establishment of this blockchain hub will catalyze further innovations in various industries, benefitting our people both nationally and globally.”

About Venom Foundation

Venom Foundation is licensed by the ADGM and enables the acceleration of global Web3 projects. The decentralized network operates under the jurisdiction of the Abu Dhabi Global Market (ADGM). The ADGM is an oasis for investors and financial services firms, positioning Venom as the world’s first compliant blockchain, affording authorities and enterprises the freedom to build, innovate, and scale.

A portfolio of in-house dApps and protocols has been developed on the Venom blockchain by various companies. With capabilities of dynamic sharding, low fees, ultra-fast speed and scalability, Venom harbors the potential to function as the main infrastructure for a global ecosystem of Web3 applications, possessing ultra-fast transaction speeds and infinite scalability to meet the demands of an ever expanding user base.

For more information about the Venom testnet launch, visit: Website

For more information about Venom Foundation, visit: Website | Twitter

Contact

Adam Newton
pr@venom.ventures
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Mastercard Launches Web3 Crypto Solution

by Blockchain News

Mastercard has launched a new Web3 solution called the “Mastercard Crypto Credential,” which aims to enhance user verification standards in the digital asset space. The solution provides users with a unique identifier, which can help verify that an address has been vetted by Mastercard and is operating in compliance with the firm’s standards. This new offering aims to reduce the risk of bad actors and the loss of funds in the space.

The solution will also support compliance through the exchange of metadata required to meet regulations. Even if bad actors manage to obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The solution aims to reduce opportunities for bad actors and ensure compliance with regulations.

The Mastercard Crypto Credential will be issued to users to enhance verification standards set by the company. As part of the solution, Mastercard has partnered with various crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Additionally, partnerships with blockchain platforms like Aptos, Avalanche, Polygon, and Solana were also announced.

CipherTrace’s suite of services, including CipherTrace Traveler, will also be used to verify addresses and support Travel Rule compliance for cross-border transactions. Mastercard has been increasingly involved in the crypto sector over the past few years. The company recently launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon.

The program offers free access to materials, unique artificial intelligence (AI) tools, and other experiences to holders of Mastercard’s Music Pass NFT. Mastercard’s competitor, Visa, has also made a crypto move with its head of crypto, Cuy Sheffield, announcing a new stablecoin payments-focused project via Twitter. The company is currently searching for a candidate with experience in Web3 and blockchain tech to work on this project.

In conclusion, Mastercard’s new Web3 solution called the “Mastercard Crypto Credential” aims to provide a secure way for Web3 and blockchain service providers to help secure transactions between users. The solution offers a unique identifier to users that verifies an address has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The company has partnered with various crypto wallet providers and blockchain platforms and will be using CipherTrace’s suite of services to ensure compliance with regulations. This latest move by Mastercard shows the company’s increasing involvement and investment in the crypto sector.

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Google, UK, FTX and Binance in Crypto News

by Blockchain News

In the latest crypto news, Google has expanded its Web3 program by adding 11 blockchain partners to its Google for Startups Cloud Program. The program will provide expertise, grants, and services to emerging Web3 entrepreneurs. The UK government has also allocated $125 million to establish an AI task force aimed at promoting the country’s sovereign capabilities, such as public services, and fostering the adoption of safe and reliable AI foundation models. On the other hand, FTX has agreed to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings for $50 million, while Binance.US has backed out of its $1 billion Voyager asset purchase due to the “hostile and uncertain regulatory climate in the United States.”

In more detail, Google has partnered with 11 Web3 blockchain firms, such as Alchemy, Polygon, Celo, and Hedera, to expand its Google for Startups Cloud Program. As part of the program, pre-seed Web3 startups can receive up to $2,000 in Google Cloud credits valid for two years, while seeded startups can access $200,000 over two years for Google Cloud and Firebase usage. Additionally, blockchain partners are offering grants of up to $3 million to seeded companies in the program. Nansen, a blockchain analytics company, has also partnered with Google Cloud to provide real-time blockchain data for startups.

Meanwhile, the UK government has launched an AI task force to accelerate the country’s readiness for AI. The task force will focus on promoting sovereign capabilities, such as public services, and fostering the adoption of safe and reliable AI foundation models. The task force aims to launch its first pilots of AI usage and integration targeting public services in the next six months. The UK is committed to becoming a science and technology superpower by 2030 and is pushing for “safe AI” that regulates technology to “keep people safe” without limiting innovation.

In terms of cryptocurrency exchanges, FTX has agreed to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings for $50 million. The deal is subject to approval from the US Bankruptcy Court for the District of Delaware, which is scheduled to hear the case on May 4. FTX purchased LedgerX in August 2021 to expand its spot trading services, and the sale is part of FTX’s efforts to monetize assets and deliver recoveries to stakeholders.

On the other hand, Binance.US has backed out of its agreement to purchase bankrupt cryptocurrency brokerage Voyager Digital’s assets for $1 billion, citing the “hostile and uncertain regulatory climate in the United States.” The Voyager Official Committee of Unsecured Creditors expressed its disappointment at the news and said it was investigating potential claims against Binance.US. Voyager and the creditors’ committee will now work on distributing cash and crypto to customers directly via the Voyager platform.

In conclusion, the crypto world has seen significant developments this week, from Google expanding its Web3 program to the UK government allocating funding for an AI task force. FTX is set to sell LedgerX, and Binance.US backs out of the Voyager asset purchase. The industry remains dynamic and unpredictable, with companies and governments adapting to the ever-changing regulatory environment.

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Mastercard Launches Web3 Solution for Crypto Verification

by Blockchain News

Mastercard has launched a new Web3 solution aimed at improving the verification standards in the digital asset space. The solution, called “Mastercard Crypto Credential,” provides a unique identifier to users, enabling them to verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The solution will support compliance through the exchange of metadata and help reduce the opportunities for bad actors.

As part of the solution, Mastercard has partnered with several crypto wallet providers, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold. The firm has also partnered with several blockchains, including Aptos, Avalanche, Polygon, and Solana. To ensure compliance, Mastercard will tap into CipherTrace’s suite of services, including CipherTrace Traveler, to help verify addresses and support Travel Rule compliance for cross-border transactions.

The solution is designed to reduce the opportunities for bad actors and the risk of funds being lost for good. Even if bad actors slip through the cracks and obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The firm’s long list of partners behind the solution is a testament to its commitment to enhancing the crypto sector’s standards.

Mastercard has been steadily increasing its exposure to the crypto sector over the past few years. This latest announcement comes just a few weeks after the firm launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon. The program offers free access to materials, unique artificial intelligence tools, and other experiences to holders of Mastercard’s Music Pass NFT.

Visa, Mastercard’s competitor, has also made a move in the crypto space by announcing a new stablecoin payments-focused project. Cuy Sheffield, the firm’s head of crypto, announced the project on Twitter and shared a job listing for the role, which notes that the company is “building the next generation of products to facilitate commerce in everyone’s digital and mobile lives.” The company is on the lookout for someone with strong experience in Web3 and blockchain tech.

In conclusion, Mastercard’s new Web3 solution, “Mastercard Crypto Credential,” is designed to enhance user verification standards and reduce the opportunities for bad actors in the digital asset space. The solution’s unique identifier will provide users with an added layer of security, allowing them to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The firm’s long list of partners and its commitment to enhancing the crypto sector’s standards highlights its dedication to innovation and staying ahead of the curve.

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Google Ads Used in $4M Crypto Phishing Scam

by Blockchain News

A recent study by ScamSniffer, a Web3 anti-scam service provider, has revealed that scammers have stolen over $4 million in cryptocurrency from unsuspecting users through phishing websites promoted on Google Ads. The fraudulent websites prompt wallet login signature requests that compromise users’ addresses, and have specifically targeted decentralized finance protocols, websites, and brands, including Zapper.fi, Lido, Stargate, DefiLlama, Orbiter Finance, and Radiant.

The phishing websites use slight variations to official URLs, making it challenging for users to identify that they’ve clicked on malicious links. Analysis of metadata from some of the phishing websites shows that they are linked to advertisers in Ukraine and Canada, who employ several methods to bypass Google’s ad review process. This includes manipulating the Google Click ID parameter, allowing the attackers to show a normal webpage during Google’s ad review. Other malicious adverts use anti-debugging methods to redirect users with developer tools enabled to a normal website, while a direct click takes users to the malicious website. These tactics allow scammers to bypass some of Google Ads’ machine reviews.

On-chain data analysis from addresses linked to malicious websites advertised on Google from ScamSniffer’s database suggests that $4.16 million has been stolen from over 3,000 users in the past month. The anti-scam service provider followed on-chain flows of funds to various exchange and mixing services, including SimpleSwap, Tornado Cash, KuCoin, and Binance.

ScamSniffer also suggests that promoting crypto-related phishing websites is a lucrative business. The average cost per click for associated keywords is between $1 to $2, estimating a conversion rate of 40% from 7,500 users clicking on malicious adverts, scammers have spent around $15,000 on advertising which provided a return on their malevolent investments of 276%, given the $4 million stolen to date.

This news comes as Russian cybersecurity and anti-virus provider Kaspersky highlights a significant increase in crypto-related phishing attacks through 2022, with over 5 million phishing attacks identified last year, up 40% year on year.

It is essential for users to be vigilant and take precautions to protect their cryptocurrency. Users should avoid clicking on suspicious links, ensure their devices have up-to-date anti-virus software, use two-factor authentication (2FA) wherever possible, and use a reputable wallet with secure features.

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Santa Cruz Adopts Blockchain for Govt Services

by Blockchain News

The County of Santa Cruz in northern California has become the latest local government to adopt blockchain technology for governmental services. At a meeting of the Board of Supervisors on April 25, 2023, members unanimously voted to move forward with implementing digital wallets for government services and official documentation purposes.

The white-label digital wallet will be powered by HUMBL and will launch a three-stage pilot program starting in July 2023. During the pilot period, beta testers, such as mobile users seeking access to government services like bicycle registration and RV parking registration, will be able to use the digital wallet. Other potential pilots include registration of park facilities, tracking volunteer hours, over-the-counter building permit distribution, and pet licensing.

Zach Friend, a Santa Cruz County Supervisor involved in the situation, stated that the value of digitizing paper documents, records, and services is an essential step for the convenience of Santa Cruz County residents and improving equity and access for the community.

Upon successful completion of the pilot, the county plans to provide a formal report and rollout plan by no later than September 2023.

The digital wallet project began to take shape in April 2022, following a collaboration between the Santa Cruz Board of Supervisors and HUMBL on the digital wallet technology infrastructure needed to begin a pilot program.

While local officials are pushing forward with the plans for a digital wallet, an open discussion forum on the county’s website revealed concerns from local residents. One commenter, Becky Seinbruner, asked to suspend further action and progress on the digital wallet developments. Seinbruner raised concerns over inappropriate use and sales of personal data by the infrastructure provider HUMBL.

During the pilot period, local officials will assess if users trust the underlying technology and understand what is happening “under the hood.” The county plans to provide a formal report and rollout plan for the digital wallet by no later than September 2023.

The adoption of blockchain technology by Santa Cruz County is part of a wider trend of governments turning to blockchain for better management of public records and services. By using blockchain technology, governments can create a tamper-proof and transparent record of transactions, leading to improved trust and efficiency in government services.

Blockchain also has the potential to reduce costs associated with traditional paper-based systems and the time-consuming manual processes that go along with them. Furthermore, it can provide secure access to information and services, thus improving equity and access for all members of the community.

Despite the benefits, concerns around privacy and data security remain. As seen in the case of Becky Seinbruner’s comment, some residents are worried about the potential misuse of personal data. To address these concerns, it is essential that governments work with trusted partners who have a strong track record of data security and privacy protection.

In conclusion, the adoption of blockchain technology by Santa Cruz County for governmental services is a promising development in the evolution of public services. By improving the efficiency and accessibility of services, governments can provide better value to citizens and drive growth in the local economy. As with any emerging technology, it is crucial to be mindful of privacy and security concerns, but with careful planning and execution, blockchain can become a valuable tool in modernizing government services.

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Blockchain Fights Climate Change

by Blockchain News

According to a recent white paper published by the World Economic Forum (WEF), the use of blockchain technology has quickly become one of the most important weapons in the battle against climate change. The report explains how blockchain technology may offer the essential infrastructure to combat climate change “at speed and scale” by increasing market transparency, building trust and ambition within climate discussions, democratizing access to climate action, and funneling more funding to project developers. Brynly Llyr, who is in charge of blockchain and digital assets at the Crypto Impact and Sustainability Accelerator (CISA) of the World Economic Forum, emphasized how important it is to investigate new technologies in order to combat climate change. She said that “global climate infrastructure, tools, and coordination technologies can all help us keep pace with our changing planetary ecosystem.” In situations like these, technology like blockchain and shared infrastructure may be of great assistance.

In its white paper, the World Economic Forum (WEF) emphasized the need of supportive legislation in order to foster digital climate innovation. According to Dana Gibber, CEO of the blockchain climate project Flowcarbon, industry experts have come to the conclusion that governments should take into consideration the different uses of blockchain technology that go beyond cryptocurrencies. Gibber stressed the significance of policymakers understanding the potential of blockchain technology by adding that “this goes beyond cryptocurrencies and encompasses what you can build on blockchain.” In doing so, Gibber drew attention to the fact that it is important for politicians to recognize the potential of blockchain technology.

In the meanwhile, the prominent cryptocurrency exchange Coinbase is also lobbying for further regulatory clarity in the digital asset industry in the United States. On April 25, Coinbase initiated legal action in an effort to push the Securities and Exchange Commission to take action on its rulemaking petition, which has been outstanding since July of last year. The court action was launched in an effort to force the SEC to act. Additionally, the exchange has initiated a campaign for nonfungible tokens that advocates for crypto regulations that are more rational.

The promise of blockchain technology to tackle climate change is gaining greater recognition among business leaders; nevertheless, this potential cannot be realized without supportive and constructive regulation from politicians. As the world continues to struggle with the critical problem of climate change, the use of blockchain technology is expected to become an increasingly important part of the initiatives under way to build a more sustainable future.

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Deloitte seeks crypto experts

by Blockchain News

Big Four accounting firm Deloitte is ramping up its crypto expertise, actively seeking individuals with cryptocurrency knowledge to join its team. While other “Big Four” accounting firms like Ernst & Young, KPMG, and PricewaterhouseCoopers have no crypto-related job openings, Deloitte has over 300 in the United States alone, with almost all of them posted just a week ago on LinkedIn.

Deloitte has several job titles related to cryptocurrency, such as Blockchain & Digital Assets Manager, which is available in 97 different locations across the United States. Other job titles include Tax Manager, Blockchain & Cryptocurrency, available in 18 U.S. locations, and Tax Manager, Blockchain & Cryptocurrency in NFTs, with openings in three US locations.

The role of Blockchain & Digital Assets Manager lists responsibilities to include providing various services such as financial statement audit, internal controls specific to blockchain and digital assets, audit readiness for blockchain and digital asset transactions, IPO readiness and SEC reporting services, SPAC transactions and accounting advisory services for digital asset transactions.

Applicants for the role of Tax Manager will manage teams providing tax advisory and compliance services to a diverse range of clients, including those in the cryptocurrency and blockchain industries. The responsibilities include leading clients in legal entity structuring and analyzing tokens and deals, among others.

This move comes as Deloitte signals its continued support and interest in Web3 and crypto. In February, the firm announced a partnership with Vatom, a Web3 platform, to provide immersive experiences to different industries. This collaboration offers various opportunities for companies looking to enhance culture using virtual reality, as well as for brands aiming to improve community engagement.

Circle reportedly hired Deloitte to audit its proof-of-reserves in January, further solidifying Deloitte’s interest and involvement in the crypto space.

As of now, LinkedIn has received over 1,000 applications from multiple locations for the different job roles, and there are several crossover listings on Deloitte’s website. It is unclear if these positions that Deloitte seeks to fill were advertised previously.

This move by Deloitte reflects the increasing demand for cryptocurrency experts as more businesses and industries explore the potential of blockchain and cryptocurrency technologies. With its extensive reach and expertise in accounting, consulting, financial advisory, risk advisory, tax, and legal services, Deloitte is well-positioned to provide top-notch services to its clients in the crypto and blockchain space.

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Visa New Crypto Initiative

by Blockchain News

Visa, a leading global payment corporation, has announced its latest initiative focused on stablecoin payments. This move is part of the company’s ongoing exploration of the potential benefits of the cryptocurrency industry. Visa’s latest cryptocurrency-related endeavor was unveiled by Cuy Sheffield, the company’s head of crypto, via Twitter on April 24th. Visa made the announcement. A new cryptocurrency product has been developed to promote the extensive use of public blockchain networks and stablecoin transactions.

Visa is on the hunt for software engineers with specialized skills in programming, backend systems, and Web3 technologies. The goal is to create innovative products that simplify digital commerce in our daily lives. The organization is seeking potential employees with prior experience in writing and debugging smart contracts using Github Copilot and other AI-assisted engineering tools. In the latest job posting, the preferred qualifications for the position include a comprehensive understanding of layer 1 and layer 2 solutions, proficiency in writing smart contracts using Solidity programming language, and familiarity with both public and permissioned distributed ledger networks, security protocols, private key custody, and Ethereum enhancements like ERC-4337.

Visa’s venture into the cryptocurrency market in 2020 has led to the development of a new cryptocurrency product. In a recent development, the business has partnered with the blockchain startup Circle to facilitate the integration of the stablecoin USD Coin (USDC) on a specific set of credit cards. In the face of a challenging market for cryptocurrencies in 2022, Visa has reportedly postponed a number of new industry partnerships. Despite the company’s efforts to expand its crypto offerings, setbacks such as the struggles of Celsius and FTX have contributed to a more cautious approach.

Visa has announced a new crypto project, signaling the company’s increasing involvement in the cryptocurrency and blockchain industry. The move also highlights Visa’s desire to promote the widespread adoption of stablecoin payments. Visa’s goal to encourage widespread use of stablecoin payments is a testament to the growing interest and demand for this type of currency. In a recent development, Visa has launched a new cryptocurrency product that is expected to have a significant impact on the growth and progress of the industry. As more companies and individuals begin to recognize the benefits of cryptocurrencies, this latest offering from Visa is poised to play a crucial role in their adoption.

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Blockchain and Human Consciousness

by Blockchain News

Emerging technologies such as blockchain are changing the way we interact with the digital world, and the potential impact on human consciousness is a topic of growing interest among thought leaders both inside and outside of the tech industry. On April 25, the reState Foundation hosted a virtual talk on this subject, featuring Vitalik Buterin, the co-founder and inventor of Ethereum, and Sadhguru, the founder of the Isha Foundation and an Indian mystic.

During the talk, Buterin and Sadhguru discussed the intersection of technology and human consciousness, exploring how new technologies like blockchain may prompt a shift in the way we understand and experience the world around us. They touched on a range of topics, from the role of technology in spirituality to the potential for blockchain to create a more equitable and decentralized global economy.

For Buterin, blockchain has the potential to transform the way we think about money and power. He argued that the rise of decentralized finance (DeFi) on blockchain platforms could create a more equitable and democratic financial system, one that is less reliant on centralized institutions like banks and governments. This, in turn, could lead to a broader shift in the balance of power between individuals and institutions, ultimately changing the way we understand our place in the world.

Sadhguru echoed this sentiment, highlighting the potential for blockchain to create a more just and compassionate society. He argued that new technologies like blockchain could help to eliminate corruption and create a more equitable distribution of resources, ultimately leading to a more peaceful and prosperous world. He also emphasized the importance of cultivating a deeper understanding of human consciousness, one that is informed by both spirituality and technology.

Overall, the talk between Buterin and Sadhguru highlighted the complex and evolving relationship between technology and human consciousness. As new technologies like blockchain continue to emerge and evolve, they are likely to prompt a fundamental shift in the way we understand and experience the world around us. Whether this shift will be positive or negative remains to be seen, but one thing is clear: the intersection of technology and human consciousness is an area ripe for exploration and reflection.

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