Monat: Mai 2022

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Dubai’s VARA licenses ex-Singapore lawmaker Calvin Cheng’s Web3 company

According to a news release published Monday, the Dubai Virtual Asset Regulatory Authority (VARA) has granted Calvin Cheng Web 3 Holdings FZE a Virtual Asset License.

Calvin Cheng Web3 Holdings FZE is an NFT and Web3-focused firm started by entrepreneur and former Singaporean parliamentarian Calvin Cheng. The company will invest in projects targeted at integrating digital assets into various sectors, including fashion, media and entertainment.

First NFT provider to seek regulatory approval

The VARA license gives the company access to a structured and regulated market teeming with activity as more payers find Dubai’s investment environment attractive. Already, major cryptocurrency exchanges Binance, Crypto.com, FTX, and Bybit are among the leading recipients of the VARA license.

However, Calvin Cheng Web3 Holdings is the first NFT provider to actively seek regulation when it could operate without in many other jurisdictions—as such, acquiring the license adds to the company’s customer assurance and aligns with the Financial Action Task Force (FATF) regulations.

Membership NFT and fan token

Calvin Cheng Web3 Holdings FZE will offer customers access to two portfolios of NFTs – AmberX and CelebX.

AmberX is a membership NFT that will give qualifying members exclusive and VIP lifestyle access to the Amber Lounge, the leading pop-up lounge for Formula 1. Meanwhile, Celeb X offers an NFT and fan token engagement ecosystem where fans can directly engage their celebrities, including sports icons, models and actors.

About VARA

The Dubai Virtual Assets Regulatory Authority (VARA) is a regulatory body tasked with licensing and regulating the digital assets space in the UAE’s Dubai (except for the Dubai International Financial Centre (DIFC)). VARA was established under UAE laws in March 2022, the world’s first regulatory body dedicated to Virtual Assets. 

The post Dubai’s VARA licenses ex-Singapore lawmaker Calvin Cheng’s Web3 company appeared first on Coin Journal.

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Here is why Fantom is up by more than 14% today

The cryptocurrency market has performed well over the weekend, with the total market cap now above $1.3 trillion again. 

The cryptocurrency market is having a positive start to the new week. The broader market has added more than 1.3% to its value in the last 24 hours and the total market cap now stands above $1.3 trillion.

Bitcoin is once again trading above $30k per coin after adding 1% to its value so far today. Ether is also trading above the $2k threshold after adding 2% to its value in the last 24 hours.

However, FTM, the native token of the Fantom ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap today. FTM is up by more than 14% in the last 24 hours.

The rally can be attributed to the adoption news the Fantom team recorded over the weekend.

Over the weekend, the Fantom team announced that blockchain data indexing protocol Unmarshal has integrated Fantom. The adoption also meant that Fantom is now integrated into the Unmarshal aggregated blockchain explorer Xscan, with portfolio tracking functionality coming soon, the Fantom team added.

Key levels to watch

The FTM/USD 4-hour chart is currently bullish as Fantom has been performing well in recent days. FTM is up by more than 38% in the last seven days, making it one of the top performers amongst the leading 50 cryptocurrencies by market cap.

The MACD line crossed into the positive territory, indicating bullish momentum. The 14-day relative strength index of 71 shows that FTM could soon enter the overbought region.

At press time, FTM is trading at $0.4887 per coin. If the rally continues, FTM could surge past the first major resistance level at $0.5987 before the end of the day. However, the resistance level at $0.7763 should cap further upward movement in the short term.

If the bears regain control of the market, FTM could slip below the $0.400 support level before the end of the day. However, it should comfortably defend the $0.3662 support level in the short term. 

The post Here is why Fantom is up by more than 14% today appeared first on Coin Journal.

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Highlights May 23: Cryptos in the green, LUNA holders vote to rebuild protocol

The crypto market as a whole is bullish with most top 100 coins in the green at the time of writing. 

Top cryptos

Bitcoin gained slightly over the weekend and was trading just above $30,000 at the time of writing. It has seen a roughly 3.3% rise from its closing point on Friday last week. 

Ethereum, the second biggest crypto, also gained around 3% over the same period and is trading for just over $2,000, where it has in recent weeks. 

Outside the top 10, AVAX and Shiba Inu were the biggest winners, rising by more than 6%. Tron’s TRX is up around 3%, as are most top 20 coins. 

In the wake of Terra’s collapse, some investors are trying to escape from the project, while others are trying to pick up the pieces. 

Experts are warning that watchdogs will use the event to push for comprehensive stablecoin regulation. Four-fifths of Terra holders voted to rebuild the protocol on Terra’s governance proposal, but without the algorithmic element. 

Top movers

Outside the top 20, the tendency was similar, with most coins adding 3-9% to their value. Notable standouts include eCash with 14%, Neo with 17%, and Convex Finance and the associated Curve DAO Token with 13%.  

eCash is rising because a competition for a cash prize in its native token XEC is ending soon. Holders have been asked why they love eCash. The best answer will get 1 million XEC.

An exciting Moon Creatures NFT airdrop is coming up soon, and Neo’s token is gaining on the news. TerraUSD (UST) is currently trading for $0.07, up 13.63% so far today.   

At the other end of the scale, Kyber Network’s KNC lost 4% and Zilliqa lost 3%, both reversing recent gains.   

Trending

The biggest winner today is Sweet SOL (SSOL), a multilayer hyper-deflationary token that allows you to receive passive income in your wallet by holding through their mining protocol. 

Each transaction with SSOL provides for 3 functions: burning, reflecting and liquidity generation. SSOL has added 1,038% to its value today.  

The post Highlights May 23: Cryptos in the green, LUNA holders vote to rebuild protocol appeared first on Coin Journal.