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Coinbase Signs Four year Deal With Gaming Firm, Team Liquid To Promote Convergence of Gaming and Crypto

By
Adam Barry
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0

Team Liquid, a multi-game esports and gaming company that includes League of Legends and Fortnite, has signed a four-year deal with Coinbase (NASDAQ: COIN).

Coinbase and team Liquid partner to promote gamine and crypto convergence 

In a statement released on Wednesday, the company stated the cooperation with the US-based cryptocurrency exchange seeks to promote “the convergence between gaming and crypto-curious consumers” and develop new supposedly cryptocurrency-focused content. In addition, team Liquid’s online marketplace will be able to accept cryptocurrency payments, and the two companies will collaborate on technology to encourage fan involvement.

Co-CEO and owner of Team Liquid Steve Arhancet said, “Like a lot of our fans, crypto was new to me once, but once I started reading and watching, I realized that it wasn’t some passing fad — it’s here now, and will be in the future. Together with Coinbase, we hope we can demystify crypto for Team Liquid fans.”

Team Liquid, which was founded in 2000, claims to have over 100 players competing in esports games such as League of Legends, Valorant, and Fortnite. Coinbase’s information will appear on the team’s shirts, and it may be contributing to the development of nonfungible coins that can be used across several gaming platforms.

Major crypto exchanges partnering with esports teams 

Major cryptocurrency exchanges that support professional esports teams are already competing. FTX announced a seven-year partnership arrangement with the League Championship Series (LCS) for League of Legends and other gaming tournaments in June.

FTX and Team SoloMid entered an exclusive naming rights deal  valued at  $210 million, and the sports brand’s name changed to “TSM FTX.” TSM FTX will distribute digital assets to employees and players as part of the deal, with the repurposed esports firm also buying $1 million worth of FTX’s native token, FTT.

However, due to a previously negotiated agreement between FTX and Team SoloMid in June, Riot Games, League of Leagues creator barred the team from using the crypto exchange’s emblem in Riot-hosted contests. As a result, it’s unclear whether Coinbase plans to have its logo on Team Liquid’s jerseys.

The University Of Cambridge is Creating A Decentralized Carbon Credit Platform Promoting Nature-based Conservation

By
Adam Barry
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0

The University of Cambridge announced Friday morning that it would be creating a revolutionary decentralized carbon credit marketplace to promote worldwide reforestation initiatives.

Cambridge to promote nature-based conservation 

Its goal would be to leverage financial instruments to boost the implementation of nature-based conservation solutions (NbS) like reforestation. According to the institution, carbon credit buyers will be able to use the platform to directly and securely support NbS initiatives.

The Cambridge Centre for Carbon Credits (4C) is a collaboration between the Department of Computer Science and Technology and the Conservation Research Institute at Cambridge University. Researchers and scientists will create the platform on the Tezos (XTZ) blockchain. It is important to note that Tezos is a smart contract blockchain that allows users to vote on developer-proposed governance protocols. In addition, the network is regarded as being environmentally friendly.

Tezos developers tweeted earlier this year that minting three nonfungible tokens (NFTs) on the Tezos network produces.00054 lbs of CO2, compared to 915 lbs for the same NFTs minted on the Ethereum blockchain. The NFT Market has grown by around 300% from last year, hitting $250 million YoY as the tokens capture the imagination of artists and traders’ imagination.

Commenting on the development, 4C Director Anil Madhavapeddy stated, “Current accreditation systems that measure and report the value of carbon and related benefits like biodiversity conservation and poverty reduction rendered by NbS are costly, slow, and inaccurate. These systems have undermined trust in NbS carbon credits. What is needed is a decentralized marketplace where purchasers of carbon credits can confidently and directly fund trusted nature-based projects. And that’s the gap the Centre is aiming to fill.”

Crypto sector moving towards sustainability 

Cryptocurrency mining has considerable environmental costs, with experts claiming that BTC mining could contribute to global warming. However, the blockchain sector is shifting to sustainable models, with Bitcoin fuelling considerable research into alternative energy sources. Ethereum is also moving to an energy-efficient proof-of-stake consensus model and even the maligned Ripple considering sustainable models. In the end, blockchain may turn out to be the leading that brings sustainability to the world.

Unizen and its CeDefi Incubator ZenX Partner with Geometric Energy Corporation for Crypto-sponsored Moon Mission

By
Adam Barry
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0

Unizen, a leading smart exchange ecosystem, and its CeDefi incubator, ZenX, have announced a cooperation with Geometric Energy Corporation. Notably, the companies collaborated to support the first crypto-funded journey to the moon, developer, and unveil DOGE-1.

Unizen and ZenX collaborate with GEC to launch the first crypto-sponsored space flight. 

The mission involves a 40kg CubeSat spacecraft traveling to a stable lunar orbit and using its camera collection and onboard sensor to collect lunar-spatial data. Following that, the information gathered will be sent back to GEC via the onboard communication module.

Commenting on the partnership, Unizen and the ZenX incubator CEO Sean Noga said, “Geometric Energy Corporation is a truly innovative and ambitious team with an impressive vision for the future and a deep belief in ever-expanding use cases. XI Protocol is a groundbreaking evolution in how space infrastructure connects to distributed ledger technology. Initially, this technology will enable satellite-based, space display screens (driven by tokenized claims) and the untapped realm of Web3 connected data reporting rewards on SATCOM communication networks.”

Noga added that the company is pleased to incubate and onboard the XI Protocol of GEC to strategic partners. Most importantly, this is a huge milestone for partners since it will be the first crypto-sponsored spacecraft.

DOGE-1 launched on the moon

SpaceX  Vice President Tom Ochinero said that he is delighted to launch DOGE-1 on the moon. Most importantly, he thinks the mission will show the application of crypto beyond Earth’s orbit. In addition, Ochinero said that this sets a precedent for interplanetary commerce.

GEC’s incubation at ZenX Labs is an exceptional example of a scientific and tech team working together, using a unique cryptocurrency use case and furthering the area of space exploration. Similarly, the mission demonstrates how crypto may be used as a flexible, stable, and seamless method of financing for any enterprise.

GEC CEO Samuel Reid commented, “Geometric Energy Corporation is proud to partner with Unizen for pushing the boundaries of distributed ledger technology in space and grateful for their ongoing collaboration to help bring us to the moon!”

Huobi Global To Comply With Singapore PS Act By Halting Its Operations in The Country

By
Adam Barry
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0

Seychelles-based cryptocurrency exchange Huobi Global announced on November 9 that it would comply with Singapore regulation by ceasing its services to Singapore-based users.

Huobi Global to cease operation in Singapore 

The announcement stated, “To comply with the laws of Singapore, we will have to include Singapore as a restricted jurisdiction. Regrettably, this means Huobi Global can no longer offer services to Singapore-based users.”

The exchange will gradually phase out access to its services and close the accounts of all its Singapore-based customers on March 31, 2022. As a result, consumers in the region have been asked to close all active positions as soon as possible and withdraw their crypto assets before the deadline.

The company, which was formed in China, decided to prioritize worldwide expansion and regulatory compliance after restricting access to parts of its services for Chinese customers following China’s crackdown on crypto operations.

Huobi Global, meantime, announced earlier this week that it had acquired approval from the Gibraltar Financial Services Commission to relocate its spot trading services to its Gibraltar-based regulated firm. Since 2018, the company has held a distributed ledger technology license in Gibraltar.

Current Singapore regulations require cryptocurrency exchanges to get a license under the country’s Payment state’s Services Act (PS Act) before offering crypto token services.

Companies need exemption  before obtaining a license as per PS Act

On the other hand, institutions have exemptions from the requirement to obtain a license as part of the PS Act’s transitional provisions. This allows them to continue to provide services as their licensing applications get processed. When the entity’s licensing application is approved, withdrawn, or rejected, these exemptions expire.

So far Monetary Authority of Singapore (MAS) has granted licenses to a number of Singapore-based payment providers, including DBS Vickers, FOMO Pay, and Independent Reserve, an Australian crypto exchange.

Huobi was neither on the MAS’s list of companies given an exemption from holding a license under the Payment Services Act nor on the list of non-exempted businesses.

Zimbabwe is not Adopting BTC But wants to Develop A CBDC

By
Adam Barry
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0

Zimbabwe’s information minister has publicly denied rumors that the country is considering adopting cryptocurrencies such as Bitcoin (BTC) as legal tender. Minister Monica Mutsvangwa asserted that the Zimbabwean government is eager to try out a central banking digital currency (CBDC).

Zimbabwe considering developing CBDC

The speculation regarding Zimbabwe adopting cryptocurrency was started by many reports quoting Charles Wekwete, the president’s permanent secretary. The reports suggested that the government was discussing with private sector enterprises to assist in implementing cryptocurrency in the country.

Just a day following the reports, Mutsvangwa said in a cabinet briefing that the claims about Zimbabwe adopting crypto were not true.

She said, ”Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency.”

Furthermore, the minister highlighted that the Zimbabwean government is following in the trend of other nations by researching “CBDC as opposed to cryptocurrencies, bitcoins, or any other kind of derivatives.”

It is vital to remember that CBDCs are digital tokens issued by a government’s central bank. The digital tokens will be tied to the Zimbabwe dollar with the monetary value of the domestic currency in real-time if they are launched in Zimbabwe.

Governments across the globe are studying with retail and wholesale CBDCs to find more cost-effective cross-border payment options while also improving the ability to monitor cross-border transactions to prevent money laundering and other illegal activities.

African countries considering CBDCs

Many African governments are now considering CBDCs as a way to accelerate their financial inclusion efforts. Ghana is the most recent African country to join the increasing list of countries experimenting with CBDC use cases.

The e-cedi, a CBDC built by the Bank of Ghana, will handle offline transactions.

“The e-cedi would be capable of being utilized in an offline environment using some smart cards,” says Kwame Oppong, the bank’s director of fintech and innovation.

Ghana’s CBDC’s offline transaction feature intends to accelerate the technology’s adoption in areas where energy and internet connectivity are scarce.

Sanctor Capital Raises $20 million to find early-stages De-Fi and GameFi Projects

By
Adam Barry
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0

Sanctor Capital, an investment firm focused on blockchain, has raised $20 million to fund projects in cryptocurrency.

The fund will focus on De-Fi and GameFi

The firm will use the fund to promote projects in some of the most popular divisions in crypto, such as cross-chain infrastructure development, GameFi, and DeFi. Besides providing funding to new companies, the firm will give blockchain founders guidance on launching and scaling their products.

Decentralized Finance (DeFi) is the most successful industry in crypto, with more than $245 billion in total value locked. On the other hand, the financialization of gaming (GameFi) is made possible through non-fungible tokens (NFTs) and DeFi. Founders of GameFi like Decentraland and Axie Infinity have had massive success. It allows plays to earn dividends from a game’s development. In addition, Meta Platforms Inc (NASDAQ: FB) plans to build a metaverse ha also brought attention to virtual gaming and the benefits it brings.

According to Han Kao, the CEO of Sanctor, the firm chooses the companies to fund based on experience, skill, and the team’s vision in the next 5-10 years. He adds that GameFi can be an excellent chance for blockchain technology to accelerate adoption.

The coming together of millions of gamers across the globe to interact with the blockchain via gaming, trading, borrowing, and lending can change the global economy and teach participants financial literacy.

Other firms have also invested in GameFi

Huobi Group is another investor that is funding GameFi. The firm launched a $10 million und for companies in the initial stages of GameFi projects. Huobi also launched a $100 million DeFi fund in May. In addition, the company created the Huobi X Center to accelerate the development of projects.

These latest moves show that venture capitalist firms are beginning to flood the market. In 2021 alone, these investors have channeled $17 billion to blockchain and crypto startups. This amount is an increase from $5 billion in 2020.

As an investment fund, Sanctor focuses on finding business opportunities with high potential led by highly skilled and experienced people. The firm not only invests money into a company but also time and expertise, leaving the business to concentrate on creating new technologies.

Singapore Makes Moves to Establish Itself As the World’s Crypto Capital

By
admin
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0

Countries have reacted differently to the regulation of cryptocurrency. For example, China has banned cryptocurrency, Japan has accepted specialized crypto investment funds, and El Salvador has legalized Bitcoin. Singapore, on the other hand, is focused on becoming the capital for the crypto enterprise.

Singapore has made laws to regulate crypto

The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, states that Singapore states that the country has started learning how to deal with the currency. Moreover, he says that clamping down and banning crypto businesses is not a smart move.

While Menon admits that investing in crypto is uncertain, it is best for Singapore not to be left behind. Allowing the crypto into the region early on will allow the company to understand its risks and benefits better.

Singapore is at the forefront of crypto-related enterprises as a result of its acceptance of the currency. It has also created legislation that favors their use and. The country has also altered the tax framework to encourage the growth of cryptocurrency. Furthermore, MAS has created regulations that prevent crypto-threats and allow businesses that meet them to operate in Singapore. However, Menon added that Singapore has to tighten security measures to prevent illicit flows.

Businesses rush to receive licenses in Singapore

As a result of its favorable environment, Singapore has attracted Binance Holding. Binance has had several disputes with Gemini, which is a US operator that targets institutional investors. It has also had disputes with different regulators worldwide.

Moreover, 170 firms have applied for a license from MAS after Singapore implemented the Payment Service Act in January 202. The number of license applicants is now 400. Following meetings with the regulator, about 30 companies have withdrawn their application. Only a few have received licenses, and two rebuffed.

DBS Group, the largest bank in Singapore, has also received a license. DBS was the first bank in Singapore to develop a digital trading platform. Other banks like IBM and OCBC have also received licenses.

Singapore is not the only country accepting cryptocurrency. Zug and Malta in Switzerland and Miami are also joining in. Many crypto investors are unhappy with efforts from governments to regulate them, as they started with very few regulations. However, others have welcomed regulation.

Cardano Announces That it Has Passed its Milestone for 2 Million Wallets

By
Adam Barry
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0

Cardano, ADA, has announced that the number of its wallets has passed its 2 million wallet-milestone. It surpassed its previous goal of 1 million wallets on May 22.

The stock prices rose to$3.10 a few days before it launched smart contract features such as the Alonzo update. However, the price has dropped to $1.95, which is a 34% decrease.

Card and continue to make technological advancements

After it reached its first milestone, the Cardano Foundation implemented its Alonzo hard fork, which supported smart contracts on its platform. The founder of Cardano, Charles Hoskinson, is now focused on improving the adoption rate of blockchain technology in Africa. As per its goal, the network announced that it would give 5 million Ethiopian students digital IDs based on Cardano’s blockchain to link to their academic records.

Even after Alonzo, the firm still seems to be making technological advancements. Hoskinson stated that they are allocating more resources to Hydra and trying to make the workstreams parallel. The firm is putting the focus on offloading transaction traffic from coming apps.

Layer-two solutions like Hydra use an established protocol to optimize the performance of the network.

Founder of Cardano built the company from peer-reviewed studies

Cardano is a blockchain platform that started in 2017. It focuses on providing its users with various features through a layered design. The company uses Ouroboros, a Proof-of-stake (PoS) version, to manage and secure the block production processes. Its token, ADA, enables users to carry out transactions and claim new issuance according to their holdings.

The founders of Cardano created it from various peer-reviewed academic papers. They consider the company a third-generation platform as it improves on Bitcoin and Ethereum features, which are first and second-generation, respectively.

Three entities back Cardano, that is, Emurgo, The Cardano Foundation, and IOHK. Hoskinson and Jeremy Wood founded IOHK. Emurgo, on the other hand, is a Japanese venture capital firm, while The Cardano Foundation is a non-profit that works on the growth and core development of Cardano.

Cardano’s complete launch comes in five stages that are, Byron, Shelley, Goguen, Basho, and Voltaire. Byron launched in 2017 and Shelley in 2020. The company is now about to launch Goguen.

Australian Financial Review (AFR) Releases List Of Wealthiest Entrepreneurs Under 40

By
Adam Barry
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0

The Australian Financial Review (AFR) has made a list with 87 of the wealthiest entrepreneurs in Australia at the age of 40 and less. The people on the list have a net worth higher than $26.9 million.

Canva founder and chief operating officer top list

First on the list is the married couple, Cliff Obrecht and Melanie Perkins, the chief operating officer and co-founder of Canva. The couple has a combined net worth of $12.3 billion. Additionally, AFR has placed seven founders of cryptocurrency companies on the list.

Founders of crypto-based companies that are on the list

Kain Warwick, who created Synthetix in 2017, is 7th on the list with a net worth of $657 million. When he founded the company, Warwick used an Ethereum-derived decentralized synthetic asset issuance protocol to access numerous markets like stock and crypto through synthetic assets.

Synthetix is also 22nd on the world’s most extensive De-Fi protocol. It has a total locked value of $2.2 billion. Its SNX token, which has a market capitalization of $1.9 billion, is the 85th largest crypto asset worldwide.

Also on the list are Warwick’s three brothers, that is, Keiran, Grant, and Aaron. Who ranked 22nd, 34th, and 26th. They co-founded a play-to-earn-crypto game, Illuvium, which they launched in 2020. Keiran has the highest net worth of $346million, Aaron has a net worth of 425 million AUD, and Grant is worth 196 million AUD. Illuvium has reached a market capitalization of $721 million even though the game is still in development. It has managed to raise $5 million from a round that included IOSG Ventures and Framework Ventures.

Another pair of brothers, William and Daniel Roberts, is also on the list ranked 19th. They had a combined net worth of 484 million AUD. They founded Iris Energy, a sustainable bitcoin mining firm, at the start of 2021. The company is trying to raise $200 million as it goes public on the Nasdaq stock exchange.

Sergei Sergienko was 6oth on the list. He has a net worth of $72.5 million. Sergienko founded Chronobank, a blockchain firm, in 2016. The firm streamlines recruiting procedures and allows people to receive payments in digital assets.

Nike Inc (NYSE: NKE) Files Patents to Use Its Slogan and Logo on Virtual Products

By
Adam Barry
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0

Nike Inc (NYSE: NKE) is planning to design virtual products with its slogan and logo. As a result, it has submitted several patents to the U.S Patent and Trademark Office to use the logo and slogan on virtual goods for its retail stores, entertainment services, and virtual and online worlds.  The patents will cover accessories, toys, art, sports equipment, backpacks, sports bags, bags, eyewear, headwear, clothing, and footwear.

Nike might be moving into the metaverse market place

This move and two job postings for virtual material designers have led to speculation that the company plans to use the metaverse to sell its products. The registration will take some time as the Patent and Trademark Office assigns applications to lawyers six months from when businesses file them.

People now speculate Nike is moving into the metaverse marketplace after Meta Platforms Inc (NASDAQ: FB)  announced its name change from Facebook, along with an announcement that it would create a virtual place that would connect the physical world to social experiences online.

However, Nike’s move is not directly connected to the Meta announcement as the company has already entered the non-fungible token (NFT) marketplace and other digital currency markets. In addition, Nike had a patented system of tokenizing its Cryptokicks shoes in 2019.

However, others have pointed out that Nike might not sell its products in the metaverse. Instead, the company could be trying to prevent others from turning them into NFTs. However, the job listing disproves this theory.

Nike is already facing competition from other similar companies in the metaverse. RTFKT Studios, another sneaker brand, has already released physical and virtual footwear. Moreover, during a fund-raising in May that saw RTFKT raise $8 million, the company received backing from Galaxy Digital, Andreessen Horowitz, among others.

Nike faces supply chain issues with its physical products

Nike’s virtual products, which the company will create in its Oregon headquarters, will not be subject to supply chain disruption. However, things are different for the company’s physical products. Nike, which creates most of its physical products in Vietnam and Indonesia, had experienced staffing problems, problems with its shipping container, and workflow issues caused by COVID-19 restrictions.

The CEO of MoNA, Justin Melillo, warns that Nike should focus on its footprint in the metaverse as it has faced accusations of racism and discrimination in the past.

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