Kategorie: Crypto Markets

• The British Museum is venturing into the Metervese following its partnership with the Sandbox.
• Other museums including Ukraine’s Kharkiv Art Museum have already ventured into the metaverse.
• The Sandbox (SAND) token price reacted minimally following the partnership.

The British Museum will be working with the Sandbox Metaverse development platform to bring it into the Metaverse, according to a July 27 announcement.

The partnership, according to the announcement, aims to develop fresh “immersive experiences” for users to learn about global history. The generation of a variety of digital collectibles will take into account the museum’s various collections.

The chief operating officer and co-founder of the Sandbox Sebastien Borget called the partnership an opportunity to share the museum’s collections with new audiences. He said:

“This is a great opportunity for The Sandbox players, regardless of where they are, to learn about and enjoy the amazing collections of human history, art, and culture in the British Museum.”

The British Museum ventures into Web3

The partnership also involves the licencing partner for the museum, a Web3 platform called laCollection, which has previously worked with top museums all over the world to digitise their collections.

The British Museum may be entering the Web3 space for the first time at this time, but it is not the first time a significant museum has entered the Metaverse.

A new exhibition on the expanding nexus between art and blockchain debuted this past spring at the Centre Pompidou, one of France’s top museums for modern art and the location of the continent’s first modern art collection. As part of a permanent exhibition, the museum unveiled items from some of the most coveted nonfungible token (NFTs) collections in the world, including CryptoPunks and Autoglyphs.

Prior to that, the Kharkiv Art Museum, one of Ukraine’s oldest museums of modern art, started an NFT collection as a fundraiser to support its operations and safeguard its cultural heritage.

The first museum in Europe to tokenize a work of classical art with a million-euro value was the Royal Museum of Fine Arts in Antwerp, Belgium.

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• FTX and Genesis are bankrupt and have been trying to collect funds for creditors under court supervision.
• The agreement will resolve FTX’s claims against Genesis debtors and vice versa.
• Genesis is the largest unsecured creditor of FTX.

Defunct cryptocurrency exchange FTX has reached an in-principle agreement with the bankrupt cryptocurrency lender Genesis. Legal representatives from both companies informed bankruptcy judge Sean Lane in a letter dated July 27 that a deal had been reached.

Both businesses are in bankruptcy and have been working to recoup money for creditors while being watched over by the court.

The agreement would put an end to FTX’s claims against the debtors of Genesis and vice versa. Additionally, it would rescind any ongoing motions pertaining to such claims. It was said that both sides intended to swiftly document and request court approval of the settlement.

The in-principle agreements stated:

“The Parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX Debtors against the Debtors in these Chapter 11 Cases and the claims asserted by the Genesis Debtors against the FTX Debtors in the FTX Chapter 11 Cases.”

What was the issue between Genesis and FTX?

FTX previously asserted that Genesis, which is controlled by Digital Currency Group, owed the exchange up to $4 billion. However, in a letter earlier this month to Judge Lane, the exchange reportedly decreased the sum to $2 billion.

Genesis filed for Chapter 11 bankruptcy protection in a New York bankruptcy court in January following the failure of cryptocurrency hedge fund Three Arrows Capital. According to court documents, the crypto lender owes FTX and its affiliates $226 million, making it the largest unsecured creditor.

Genesis estimated that it was entitled to claims totalling zero in June; but, with this most recent development, it appears that FTX debtors’ claims and objections have been resolved. This also comes amid speculations of FTX resuming operations in the near future.

The post FTX and Genesis agree to resolve claims in the bankruptcy case appeared first on CoinJournal.

• Kin community adopts proposal to burn 7 trillion of supply.
• The total supply of Kin is 10 trillion KIN tokens.
• The price of native token KIN jumps more than 20% as traders react to news.

Kin Foundation has announced that a proposal seeking to burn trillions of KIN tokens has passed. According to an update from the organisation, the community’s vote on the proposal to burn Kin Reserves will see over 7 trillion KIN tokens destroyed.

Update: The proposal to burn the Kin Reserves has passed after a token weighted vote by the Kin community.

You can read the official results of the vote and next steps here: https://t.co/0qVaJsYnKE

— Kin Ecosystem ⬢ (@Kin_Ecosystem) July 27, 2023

Kin’s path to decentralisation

About 4.96 trillion KIN held by the foundation and 2.1 trillion KIN planned for burning by Kik should be destroyed by end of day Friday, July 28. That would see roughly 71% of the total KIN supply burned.

“As a next step, the 4.96T Kin Reserves will be sent to a new Solana address and burned. After this the 2.10T Kin that Kik has agreed to burn will follow the same process. Once these burns are complete I will publish a new post that shows the on chain proof of these burns. I am hopeful this will happen by the end of day tomorrow,” the update read.

Ted Livingston, founder and CEO of Code, says the burn will make Kin a fully decentralised cryptocurrency. There will be no inflation, foundation or website.

“The vote to burn the Kin Reserves has passed, with the vast majority of votes in support. Kin is about to become one of the only fully decentralised cryptocurrencies out there, with no inflation, no foundation, and no website. More details to come once the burn is complete,” he noted.

According to data from CoinGecko, the cryptocurrency’s current circulating supply is 2,207,205,857,149. The maximum supply is 10 trillion.

KIN price surges

The price of KIN soared after the vote closed, with the token’s value having reached an intraday high of $0.000022. KIN was up 22% in the past 24 hours and more than 68% in the past week after its price jumped to highs near $0.000030 following the proposal.

KIN’s all-time high of $0.00122572 was reached on January 7, 2018.

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• PancakeSwap initially launched on BNB Chain but is now available on five blockchains.
• The zkSync Era blockchain is the most recent blockchain that the DEX will be available on.
• The move is aimed at expanding PancakeSwap’s user base and increasing protocol revenue.

The decentralized exchange PancakeSwap (CAKE) is now available on the zkSync Era blockchain according to a statement made by the DEX’s creator “Chef Cocoa” on Thursday. While this is a major milestone for the DEX, the news has not caused a significant price movement on the native token CAKE, seeing it has only gained about 1.40% today.

The move is consistent with PancakeSwap’s goals to grow its user base and boost the protocol’s income.

Available Pancakeswap features on Era blockchain

To start with, PancakeSwap’s token swap and liquidity provisioning features will be available with transactional fees of 0.01% of the trading value.

In the coming weeks, the farms feature that allows users to stake their liquidity pool (LP) tokens to earn CAKE while keeping the LP tokens will go live.

As a decentralized exchange, PancakeSwap uses smart contracts instead of middlemen to process trades, lending and lottery services for users. Besides zkSync Era, PancakeSwap is currently available on the BNB Chain, Ethereum, Polygon zkEVM, and Aptos. As of Wednesday, the DEX held more than $1/57 billion worth of tokens according to data from DefiLlama.

On the other hand, zkSync Era, which was launched by Developer Matter Labs as an Ethereum layer 2 blockchain compatible with the Ethereum Virtual Machine (EVM) allows developers to deploy applications between zkSync Era and the Ethereum mainnet using the same code.

The post Decentralized exchange PancakeSwap taps zkSync Era blockchain appeared first on CoinJournal.

• SEC approved new AI-related rules targeting brokers on July 26.
• This comes amid growing adoption of AI across all areas of the global economy.
• What does this mean for AltSignals, the trading firm behind the upcoming ActualizeAI.

Regulation remains a huge factor in the overall growth and adoption of cryptocurrency, and the US Securities and Exchange Commission (SEC)’s recent onslaught on crypto exchanges reveals just as much.

Also, days after it suffered a blow in its case against Ripple over XRP, the SEC has moved to approve new rules with regard to likely conflict of interest as broker platforms increasingly integrate artificial intelligence. What does this mean and does it impact AltSignals?

What the SEC’s new rules on AI application by brokers says

Brokers, basically platforms that facilitate the exchange of crypto for crypto or fiat, use optimization technology. The SEC is looking to adopt new rules around these “optimization functions”, with changes prohibiting brokers from leveraging AI or data analytics tools to their own advantage.

According to details in a fact sheet the agency published on July 26, the use of these technologies, including algorithms and models, creates potential conflict of interest. In particular, when broker firms tap into the highlighted technology to foster investor interaction, possible conflict of interest arises when the firms use these to lure the same investors.

The changes to AI use applies to crypto transactions involving broker-dealers registered with the securities regulator and will go to a final vote after the end of a 60-day period for public feedback. Meanwhile, the SEC has acknowledged that at the moment, no crypto entity is duly registered as a national securities exchange.

Good news for AI-powered crypto trading platforms like Fetch.ai and AltSignals? It’s still early days in terms of regulation of AI and we cannot forestall what might come down the road. However, clarity for both the crypto industry and the artificial intelligence space could be what sparks the next adoption wave for the likes of AltSignals.

The European Union’s recently adopted EU AI Act and similar efforts in the US has seen many AI behemoths, including Google’s Alphabet Inc., Microsoft and Meta pursue safeguards that will align the sector to regulatory measures aimed at protecting consumers.

What is AltSignals?

AltSignals is a trading platform that offers access to market signals for traders. After seeing increased adoption since its debut in 2017, and with users cutting across all market segments, the company is in the process of bolstering its proprietary trading algorithm with integration of blockchain technology and an artificial intelligence-powered layer.

The new platform, ActualizeAI, will be powered by a crypto token called ASI. Currently, AltSignals is offering the native token to early backers of its AI layer, with the presale in the second stage and having raised more than $1.21 million.

Opportunities for investors using ActualizeAI and ASI

While AltSignals’ AltAlgo algorithm offers trading signals with win rates of 64% or so, the upcoming AI-infused layer ActualizeAI could push this to staggering levels. 

The whitepaper outlines machine learning, natural language processing and other features as additions that could see AltSignals’ accuracy levels jump to an average of 80% across its buy and sell signals. A platform that allows for real-time access and automation, the future of ActualizeAI could be transformative for traders across the industry.

ASI will give holders exclusive access to the AltSignals AI platform when it goes live. Token holders could also tap into their holdings to earn more tokens via staking or through participating in product development programs to earn rewards.

Savvy investors can unlock more passive income potential by holding 50,000 tokens. According to details on the AltSignals website, not only does this offer unlimited access to ActualizeAI, but also allows one to mint the “Access AI Pass.”  

With this, members have the opportunity to activate a passive income generation stream via a revenue-sharing model linked to all products released in the ActualizeAI ecosystem.

Do you want to learn more about AltSignals or join the presale? Go to AltSignals.io here.

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