Monat: Februar 2024

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Crypto.com seeks Hong Kong license amid regulatory crackdown

  • Crypto.com applies for Hong Kong license amid regulatory crackdown.
  • Hong Kong SFC emphasizes swift closure for unlicensed exchanges, urging investor protection.
  • The outcome of Crypto.com’s application remains uncertain.

In a bid to establish a stronger foothold in Asia’s burgeoning crypto market, Crypto.com has applied for a license from the Hong Kong Securities and Futures Commission (SFC).

The move comes amidst a tightening regulatory environment in Hong Kong’s crypto sector, signalling the exchange’s commitment to compliance and expansion.

Crypto.com Hong Kong license application

Crypto.com’s application, filed on Friday, February 9th, aligns with the SFC’s efforts to enhance investor protection and regulate the growing crypto industry.

Crypto.com joins a list of 17 contenders seeking regulatory approval, including prominent players like Bybit, Bullish, and OKX. With a firm deadline of February 29th set by the SFC, exchanges must apply for a virtual asset trading platform (VATP) license to avoid potential closure by May 31st.

Currently, according to the information on the official Securities and Futures Commission website, only two platforms, OSL and HashKey Exchange, hold SFC licenses to serve retail investors in Hong Kong. However, with 18 applications under review, Crypto.com’s strategic move underscores ongoing industry interest in tapping into the region’s crypto landscape.

Hong Kong SFC’s stance on crypto regulation

The SFC’s unwavering stance emphasizes that unlicensed exchanges operating within Hong Kong’s jurisdiction will face swift closure. To safeguard investors, the regulatory authority urges individuals to verify the licensing status of their chosen platforms and consider migrating accounts to licensed counterparts ahead of the looming deadline.

However, it’s essential to note that even submitting an application does not guarantee approval. The fate of Crypto.com’s bid, along with others in the pipeline, remains uncertain, casting anticipation over the regulatory landscape in Hong Kong’s crypto sphere.

The crypto industry awaits further developments as stakeholders monitor the outcome of Crypto.com’s application and its potential implications for the broader ecosystem in Asia and beyond.

By navigating the regulatory landscape and pursuing compliance, Crypto.com aims to secure its position in Hong Kong’s evolving crypto market. As the industry evolves and regulatory frameworks take shape, exchanges must adapt to meet evolving standards, ensuring the protection of investors and the stability of the crypto ecosystem.

The post Crypto.com seeks Hong Kong license amid regulatory crackdown appeared first on CoinJournal.

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Vechain adds programmable smart contract wallets, VET soars

  • VeChain (VET) price rose 10% as Bitcoin spiked to briefly sit above $52k.
  • The gains also came as the L1 smart contract platform announced Account Abstraction (AA) was now live.
  • AA brings seamless interoperability and unlocks programmable smart contract wallets.

VeChain (VET), the enterprise-grade L1 smart contract platform, has announced a major development in its blockchain ecosystem. Account Abstraction (AA) is live on VeChain, the platform said.

VeChain debuts Account Abstraction

By going live, AA brings programmable smart contract wallets to VeChain, putting the blockchain platform at the forefront of shaping the next step in global adoption of crypto.

With account abstraction, VeChain is moving away from the traditional externally-owned accounts (EOAs) system. The new approach isn’t just flexible and programmable, it enhances accounts’ usability and security, the latter a key challenge in EOAs’ public-private key model.

“By abstracting the transaction signing process, smart contract wallets improve user experience, making blockchain interactions smoother and more intuitive. There are security benefits, too – multisig authorization, account recovery methods, and transaction whitelists,” the VeChain team said in a thread on X.

According to the platform, this shift is a key step in the quest to bridge the gap between Web2 and Web3. The launch of smart contract wallets on the mainnet underscores VeChain’s commitment towards global mass adoption of crypto and blockchain.

VET price soars

VeChain’s announcement came as the crypto community took note of Bitcoin’s sharp price surge on Wednesday. BTC rose to above $52,000 before paring some of the gains to hover above the $51k level. Meanwhile, VeChain’s news about the much anticipated Account Abstraction (AA) helped push the price of VET up by more than 10%.

VET traded to highs of $0.035, and crypto analyst Ali says the altcoin could spike to $0.054 in coming days.

“It feels like it will be a big week for #VeChain! If history repeats itself, $VET could be looking at a move to $0.054 this week, a brief correction until June, and then a bull run to $0.70 by November!” Ali noted in a post on X.

VET price last traded above $0.05 in April 2022 and its all-time high of $0.28 was reached in April 2021.

The post Vechain adds programmable smart contract wallets, VET soars appeared first on CoinJournal.

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Citi Bank used Avalanche to explore private equity funds tokenization

  • Citi Bank, Wellington Management, and WisdomTree explore private equity tokenization on Avalanche.
  • The Proof of concept demonstrates the potential for enhanced automation, compliance, and control.
  • Collaboration with DTCC Digital Assets evaluates interoperability and seamless integration.

Citi Bank, in collaboration with Wellington Management and WisdomTree, has ventured into the exploration of private equity funds tokenization using the Avalanche blockchain platform.

This innovative initiative aims to revolutionize capital markets by leveraging blockchain technology to enhance operational efficiencies and explore new operating models.

Avalanche Spruce Subnet

The proof of concept conducted by Citi Bank, Wellington Management, and WisdomTree was facilitated through the Avalanche Spruce institutional test Subnet. This specialized network environment provided an ideal sandbox for testing the tokenization of private funds, offering scalability, efficiency, and regulatory compliance. The Spruce Subnet’s infrastructure enabled seamless experimentation with smart contract capabilities, paving the way for the development of novel functionalities and operational efficiencies not previously attainable with traditional assets.

Private markets, valued at approximately $10 trillion, have long grappled with complex infrastructure, lack of standardization, and transparency issues. The utilization of Avalanche’s Spruce Subnet offers a potential solution to these challenges, providing a secure and efficient platform for tokenizing private equity funds. By encoding underlying fund distribution rules into smart contracts and embedding them within tokens transferred to investors, issuers, and distributors, the proof of concept demonstrated the potential for greater automation, enhanced compliance, and improved control environments.

Enabling seamless integration and interoperability

The experimentation with tokenized private assets also involved collaboration with DTCC Digital Assets, formerly known as Securrency, to evaluate multiple transfer scenarios using smart contracts. This collaboration underscores the importance of seamless integration and interoperability between blockchain-based solutions and existing financial infrastructure. By leveraging simulated identity credentials issued by WisdomTree and utilizing private fund tokens as collateral in automated lending contracts, Citi Bank explored the technical, legal, and operational frameworks necessary for transitioning traditional assets to a digital platform.

The successful completion of the proof of concept marks a significant milestone in the journey towards mainstream adoption of blockchain technology within the financial industry. As Nisha Surendran, Emerging Solutions Lead for Citi Digital Assets, highlighted, smart contracts and blockchain technology have the potential to enable enhanced rule enforcement at an infrastructure level, facilitating seamless data and workflow management. This exploration of tokenized private assets represents a critical step towards unlocking new operating models and creating efficiencies for the broader market.

Mark Garabedian, Director of Digital Assets & Tokenization Strategy at Wellington Management, commended the technical sandbox environment provided by the Avalanche Spruce test network, emphasizing the collaborative efforts between partners to explore blockchain technology’s potential within the industry. Similarly, Maredith Hannon Sapp, Head of Business Development, Digital Assets, at WisdomTree, emphasized the future potential of blockchain-enabled finance and the proof of concept’s role in exploring tokenized fund transferability and compliance across different markets.

Citi Bank’s ongoing commitment to developing digital asset solutions underscores its dedication to innovation and enhancing its products and services across various financial domains. Through collaboration with industry partners and leveraging cutting-edge blockchain technology, Citi continues to pave the way for the future of finance.

The post Citi Bank used Avalanche to explore private equity funds tokenization appeared first on CoinJournal.

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First-ever ICO on Bitcoin blockchain raises $618k in under 4 hours

  • Bitcoin Dogs conducts first-ever ICO on Bitcoin, raising $618k in under 4 hours.
  • Bitcoin Dogs introduces gaming, NFTs, and BRC-20 token standards to the Bitcoin community.
  • The 0DOG token unlocks an interactive gaming experience and a collection of 10K NFTs.

Bitcoin Dogs wasted no time in making more headlines hours after initiating its BRC-20 ICO today. The presale for the 0DOG token, the centrepiece of the project, has attracted substantial interest, with participants eagerly grabbing their share of the tokens.

The 0DOG presale, scheduled to last for 30 days until March 15th, has raised a staggering $618,475 in the first four hours alone pointing to the confidence investors have in the project.

The presale approach incorporates 10 stages, commencing with an initial price of $0.015 per token. As the presale progresses, the token price increases incrementally every three days. In the final stage, the 0DOG token will be going for $0.0404, showcasing a 169.33% price difference from the initial stage.

The Bitcoin Dogs immersive metaverse

At the core of Bitcoin Dogs is the revolutionary Ordinals protocol, introducing the BRC-20 token standard on the Bitcoin blockchain. This paradigm shift allows users to explore a Layer 2 environment, bringing new possibilities and dynamics to the Bitcoin community. Bitcoin Dogs aims to challenge the norm, bridging the gap between Bitcoin and the vibrant ecosystems found on platforms like Ethereum and Solana.

The 0DOG token serves as the key to unlocking an interactive gaming experience and a collection of 10,000 unique NFTs, each representing a virtual dog. With a play-to-earn (P2E) environment, users can raise, trade, and race their virtual pets, drawing inspiration from popular experiences like Tamagotchi and Axie Infinity. There will also be additional BARK tokens within the game to incentivize players to share their activities on social media, fostering community growth.

Additionally, there are staking opportunities to provide an additional layer of engagement, with presale stakers enjoying a lucrative 75% Annual Percentage Rate (APR) when locking up their tokens.

The retro gaming graphics bring the Bitcoin Dogs world to life, storing each virtual dog on the blockchain as individual NFTs with varying rarity levels. This not only creates a vibrant marketplace but also caters to multiple cohorts of investors, combining the appeal of NFTs with the security of the Bitcoin blockchain.

Bitcoin Dogs’ roadmap and prospects

As the presale continues to captivate the community, Bitcoin Dogs aims to sell 90% of the 900 million total supply. Any unsold tokens will be strategically “burned,” creating deflationary pressure.

Beyond the presale, 0DOG tokens will enter the secondary market for trading.

In the coming quarters, Bitcoin Dogs has ambitious plans, including the release of the Bitcoin Dogs NFT collection and the beta version of the game in Q2. The game’s evolution will be marked by new play-to-earn (P2E) partnerships, competitions, and events, contributing to the project’s marketing efforts. The cross-chain bridge, set to go live, promises to expand Bitcoin Dogs to its largest audience yet.

The timing for Bitcoin Dogs couldn’t be more opportune. Riding the wave of renewed interest in NFTs and buoyed by positive market indicators, the project aligns itself with Bitcoin’s prosperous start in 2024. With Bitcoin ETFs approved in January and the upcoming halving in April, Bitcoin Dogs positions itself as a significant leap forward in the crypto space, uniting NFTs, BRC-20 tokens, and cross-chain interoperability on the original Bitcoin blockchain.

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