Monat: Januar 2024

• Singapore’s financial regulator has granted crypto custody firm BitGo an in-principle approval.
• The licence allows BitGo to operate as a Major Payments Instutition (MPI) provider in the country.

Digital asset custody provider BitGo has received a regulatory nod from the Monetary Authority of Singapore (MAS). The crypto company said in an announcement on Wednesday that Singapore‘s financial regulator had granted it the in-principle approval to operate as a Major Payment Institution (MPI).

The approval expands BitGo’s “global footprint and provides APAC with regulated, secure and trusted solutions,” the firm noted in a post on X.

BitGo receives in-principle approval from the Monetary Authority of Singapore (MAS).

This expands our global footprint and provides APAC with regulated, secure and trusted solutions.

We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. 🇸🇬… https://t.co/yTbMgudMCf

— BitGo (@BitGo) January 10, 2024

With the MPI licence, BitGo has the greenlight to offer its services in the country as it awaits a full licence from the regulator. When this happens, BitGo will expand its services to include digital payment tokens.

BitGo, which also has regulatory approval from Germany’s BaFin, is bidding to join major crypto players including Coinbase, Ripple and Crypto.com in securing a full MPI licence from MAS. Coinbase recently highlighted Singapore as a key market in the APAC region.

Notably, Singapore’s nod to the wallet provider comes a few days after Hashdex named it as the custodian for its spot Bitcoin ETF.

In August 2023, BitGo announced it had secured $100 million in its Series C funding round, with this raised at a $1.75 billion valuation. The company said it would use the funding on strategic acquisitions and as it looks to position itself as a top crypto wallet and security infrastructure provider.

In October, it revealed a partnership with institutional digital asset infrastructure platform Copper. The alliance is geared towards enabling institutional access to spot and derivative exchanges from regulated cold storage.

The post BitGo receives in-principle approval in Singapore appeared first on CoinJournal.

• BlockGuard and Pixelette form a strategic DeFi partnership.
• Asif Ashiq Rana, Pixelette’s CEO, joins BlockGuard as an advisor, bringing expertise in blockchain and AI.
• The collaboration focuses on BlockGuard’s vision for transparent, efficient, and accessible Web3 risk management.

Web3 platform BlockGuard has inked an equity partnership with Pixelette Technologies, a leading London-based blockchain and IT firm.

The collaboration not only marks a significant step for BlockGuard but also brings aboard Asif Ashiq Rana, Pixelette’s CEO and a key figure advising the British government on blockchain and AI matters, as an advisor.

Pixelette Technologies’s 5% equity stake in BlockGuard

As part of the strategic partnership, Pixelette Technologies has secured a 5% equity stake in BlockGuard. This move aligns with Pixelette’s commitment to exploring innovative technological avenues, particularly in the realms of AI and blockchain.

As a testament to this commitment, Asif Ashiq Rana, Pixelette’s CEO, expresses excitement about the collaboration, stating that the entire team is thrilled to contribute to BlockGuard’s vision through top-tier development solutions.

BlockGuard’s vision and Pixelette’s expertise converge

BlockGuard, at the forefront of revolutionizing risk management in the Web3 space, emphasizes transparency, accessibility, and efficiency for global investors. With a focus on long-term asset growth and stability, BlockGuard offers decentralized professionally managed funds, a gold-backed token, and advanced financial planning software leveraging blockchain and AI. Pixelette Technologies, known for bleeding-edge solutions in AI, blockchain, and the metaverse, is set to play a pivotal role in building BlockGuard’s tokenized gold system and an enhanced blockchain infrastructure.

As Asif Ashiq Rana steps into an advisory role, BlockGuard not only gains a valuable equity partner but also taps into Rana’s extensive experience, including his position as the Managing Director at the award-winning think tank, Big Innovation Centre (BIC). This collaboration signifies a convergence of expertise and innovation, propelling BlockGuard’s DeFi vision into the promising landscape of 2024 and beyond.

This strategic partnership between BlockGuard and Pixelette Technologies not only solidifies their commitment to advancing DeFi solutions but also sets the stage for future developments in the dynamic intersection of AI, blockchain, and decentralized finance.

The post BlockGuard and Pixelette Technologies forge a strategic DeFi partnership appeared first on CoinJournal.

• Celsius Creditors withdrawing $100k+ pre-bankruptcy face legal action and must comply for future distributions.
• Celsius’ post-bankruptcy Bitcoin mining focus approved; Ethereum unstaked for timely creditor repayments.
• Legal challenges persist; CEO Alex Mashinsky faces fraud charges; $4.7B FTC settlement hinges on successful bankruptcy completion.

In a strategic move amidst its post-bankruptcy revival, Celsius, the crypto lending platform, has taken a bold step to recover from its financial turmoil. The company is now demanding a 27.5% return on substantial withdrawals made just before its bankruptcy filing.

This marks a crucial development in Celsius’ ongoing efforts to navigate regulatory challenges and fulfil its commitments under the reorganization plan. The lender recently said it would unstake $470M Ethereum in readiness for creditor repayments.

Celsius enforces 27.5% return of funds from creditors

Celsius recently issued notifications to creditors who withdrew over $100,000 within 90 days before the company declared bankruptcy on July 13, 2022. These account holders are now facing the requirement to return 27.5% of the funds they withdrew during that critical period.

Legal actions may be initiated against those who do not comply with this directive. Compliance, however, makes these creditors eligible for future distributions according to Celsius’ reorganization plan.

This stern approach underscores Celsius’ commitment to managing its financial crisis effectively. Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog law firm, explained that creditors falling under the “withdrawal preference exposure” category must make a choice – settle with the estate by paying 27.5% of the withdrawn amount or accept the reorganization plan without opting out of the releases.

Celsius’ bankruptcy journey and legal challenges

Celsius declared bankruptcy in July 2022, revealing a staggering $1.2 billion deficit in its balance sheet. Despite creditors approving a reorganization plan in September 2023, Celsius and its CEO, Alex Mashinsky, faced legal challenges from the SEC, FTC, and CFTC. Mashinsky, charged with fraud, awaits trial in the fall. Celsius agreed to a $4.7 billion settlement with the FTC, contingent upon completing its bankruptcy proceedings.

This latest notice to creditors is a crucial step in Celsius’ broader strategy to stabilize its financial position. The company is addressing the aftermath of large pre-bankruptcy withdrawals, showcasing the challenges faced by the cryptocurrency industry in achieving regulatory compliance and financial stability.

As Celsius actively pursues its post-bankruptcy Bitcoin mining strategy, these developments highlight the complex and evolving nature of the crypto landscape, where legal scrutiny and financial restructuring intersect.

The post Celsius initiates recovery of large pre-bankruptcy withdrawals appeared first on CoinJournal.

• Metacade shapes 2024 gaming with strategic partnerships and diverse blockchain game offerings.
• Yat Siu, Animoca Brands’ executive chairman, anticipates a blockchain gaming resurgence in 2024.
• Evaluation of $MCADE token reveals a clear roadmap, buyback mechanism, and active community.

The gaming industry is set for a dynamic transformation in 2024, with blockchain games taking centre stage. Metacade, a leading player in this revolution, has recently unveiled partnerships, shaping a unified platform for gamers, developers, and investors.

This article delves into the exciting prospects for blockchain games in 2024, Metacade’s latest developments, and explores whether investing in the Metacade token ($MCADE) aligns with gaming and blockchain enthusiasts’ interests.

The 2024 horizon for blockchain games

In an interview in December 2023, Yat Siu, the executive chairman of Animoca Brands, anticipated a resurgence for blockchain games in 2024. Siu saw 2023 as a pivotal “cleanup year” for the industry, addressing concerns and challenges that have fueled scepticism.

🗣 Yat Siu said in a recent interview that 2023 was „clean up year“ in which we „purged a lot of bad actors,“ which was „healthy.“

⛓ He went on to describe how our nascent web3 gaming industry is „tied together“ since we’re all „built on the same infrastructure.“

🖥 @ysiu… pic.twitter.com/u3x4y5WVfy

— Yoda Labs: Gaming News and Research (@yodalabs_) December 29, 2023

While billions have been invested, Siu remains optimistic about 2024, a year poised for mass adoption, particularly in Asia. He notes that the entry of triple-A game companies like Ubisoft, Zynga, and Square Enix into blockchain games signals continued industry confidence.

Metacade’s strategic partnerships and game integrations

Metacade’s recent collaboration with Blockchain Game Alliance on January 5 marks a significant step toward a unified platform for gamers, developers, and investors. This partnership aligns with Metacade’s mission of creating a diverse gaming ecosystem.

Moreover, Metacade’s foray into the real-time multiplayer game Space Mavericks brings a unique blend of classic artillery-style gameplay and MOBA elements, enriching the platform’s game offerings.

A day earlier, on January 4, Metacade announced its partnership with BandZaiGame, introducing a fully decentralized play-and-earn game. This collaboration emphasizes the integration of NFTs (Zaï cards) into gameplay, where users can level up and earn $BZAI.

Metacade’s commitment to bringing innovative and decentralized gaming experiences to its platform is evident in these strategic partnerships.

Evaluating Metacade (MCADE) as an investment

Metacade’s token, $MCADE, operates on the Ethereum network and follows an ERC-20 standard. With a total supply of 2 billion tokens, the platform incorporates a burn mechanism to create a deflationary token economy.

The MCADE token price stands at $0.0120, reflecting its market cap of $23.91 million and a community of over 10,000 holders.

Investors have multiple avenues to acquire $MCADE. The platform offers easy purchase options using debit or credit cards with 0% fees. Alternatively, users can trade on Uniswap or choose centralized exchanges like Bitget, BitMart, and Coinstore.

Looking at Metacade’s roadmap for 2024, the company plans substantial upgrades to its main platform, including the launch of the new Metacade platform, deployment of on-platform chat, messaging, and notifications, and exploration of augmented reality (AR) and virtual reality (VR) games. The implementation of a buyback and burn mechanism, live staking pools, and continuous engagement through weekly competitions and events further enhance the utility and attractiveness of the $MCADE token.

Conclusion

Metacade’s strategic partnerships, commitment to innovation, and a clear roadmap for 2024 position it as a significant player in the evolving landscape of blockchain gaming.

Investors looking to participate in the intersection of gaming and blockchain may find $MCADE a compelling addition to their Metaverse Coins portfolios.

The post Metacade fuels 2024 blockchain gaming revolution: partnerships and investment insights appeared first on CoinJournal.