Kategorie: Crypto Markets

• Fetch.ai protocol and Bosch will collaborate in researching and developing web3 technology.
• The two firms will invite other participants later on.
• The partnership has added some oomph to the bullish stance of the FET token.

Artificial intelligence-focused blockchain protocol Fetch.ai and electronics giant Bosch have announced a partnership to create Fetch.ai Foundation. The foundation will research and develop Web3 technology aimed at achieving real-world Web3 use cases in various industries like mobility.

The foundation will have a three-tier governance structure and will be inspired by the decentralized innovation model of the Linux Foundation.

At the moment, the foundation’s management will be the work of Botch and Fetch.ai but will later expand to include other partners in future.

Web3 expansion in the electronics industry

Fetch.ai believe its partnership with Bosch will enable it fast track Web3 adoption in the electronics industry. Fetch.ai founder Humayun Sheikh in a statement said:

“Bosch will help us fast-track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.”

While encouraging currently-used technical applications from members, the Fetch.ai Foundation aims to encourage contribution and growth from new participants as well.

FET price surges 14%

The news about Fetch.ai partnering with Bosch has sent the price of FET, the native token of Fetch.ai, surging by about 14.67% in the past 24 hours, to trade at $0.4851 at press time.

The bullish price movement adds to previous gains that the token had witnessed based on the rising popularity of AI technology, especially with the rising admiration of the new AI-powered chatting tool ChatGPT. As discussed in a previous article, AI-based cryptocurrencies have been steadily rising since the start of the year as the discussion about artificial intelligence gained traction around the world.

The post FET price soaring as Fetch.ai partners with Bosch appeared first on CoinJournal.

• The Chinese special administrative region is considering new licensing and regulations.
• Huobi wants to expand its businesses in Hong Kong to include retail investors.
• Huobi also plans to open a new exchange named Huobi Hong Kong.

Huobi Global is planning to get a license in Hong Kong to allow it to accommodate retail customers as the Chinese special administrative region considers introducing new licensing and regulatory measures.

Exciting news! Huobi is stoked about Hong Kong’s pro-crypto policies & we’re working hard to secure our crypto license there. Our aim is to be one of the first fully compliant exchanges in HK & collaborate with our Asia-Pacific users to drive digital asset growth! #Huobi #Crypto pic.twitter.com/ktZw1WE2cs

— Huobi (@HuobiGlobal) February 20, 2023

The move comes weeks after the cryptocurrency exchange recently decided to cut its workforce by 20% as covered in our recent crypto news. And if it was to be accorded the license to expand its business in Hong Kong, the exchange will increase its staff in Hong Kong from 50 to about 200 people.

New regulatory framework in Hong Kong

Hong Kong has introduced a new regulatory framework that requires crypto exchanges to register with the Hong Kong Securities and Futures Commission (SFC) to expand their services in the city. The SFC recently opened the new licensing proposals for public comment and plans for the new laws to go into effect in June.

As a result, financial services providers including crypto exchanges like Huobi lining up to get registered under the new laws.

Besides seeking a license under the new law, Huobi also plans to open a new crypto exchange called Huobi Hong Kong to concentrate on high-net-worth retail investors and institutions. Justin Sun, the founder of Huobi, said in an interview with Nikkei Asia, that the exchange is also planning to increase its staff in Hong Kong from its current number of 50 to 200 by the end of the year.

Sun says that the friendlier stance on crypto in Hong Kong and the new regulation allowing retail investors to participate in crypto as the main motivation for the planned expansion.

Huobi also recently announced it was launching a Visa-backed crypto-to-fiat debit card for Huobi customers in the European Economic Area. 

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• The price of Helium has been rising since February 17 after the company confirmed it was set to migrate to Solana.
• Helium Network will also deploy oracles after migrating to Solana.
• At press time, HNT was trading at $2.87, up 1.45%.

Helium price has been rising for the past two days straight after Helium Network confirmed through a blog on its website that it will be migrating to the Solana blockchain next month. Despite the slight pullback today, the HNT token has gained about 14% since the news broke out.

According to helium’s post, the protocol has set March 27, 2023, as the date for the migration to Solana. The protocol is seeking to increase reliability and scalability by moving to Solana, which is increasingly becoming a darling for blockchain protocols. The move to Solana was approved after the community passed the HIP-70 proposal on September 22 last year.

Helium says that a working group of community volunteers is being formed to oversee the entire migration process.

24-hour blackout as Helium migrates

 Helium says that there will be a 24-hour transition period, in which the Helium blockchain will be halted. Data transfer and proof-of-coverage activities will however remain unaffected during that time.

The Helium team stated:

“This upgrade will encompass all wallets, Hotspots, and Helium Network state, and will take place over a 24-hour transition period commencing at approximately 1500 UTC / 10:00 AM ET… Note that any rewards generated by Proof-of-Coverage activity in the prior 24 hours will be available to claim in your Helium Wallet after the transition period. Oracles will update claimable balances, and Hotspot Owners will be able to use the new claim function.”

According to the Helium team, after the 24-hour halt, validators will stop producing new blocks. A final snapshot of the blockchain will be taken after all the accounts and tokens migrate to the Solana blockchain. Hotspots will then be minted as non-fungible tokens (NFTs).

HNT and MOBILE token holders will not have to do anything to participate in the migration. A majority of hotspot owners will also not be required to take any action during the migration.

The post Helium price rising after confirmation of migration to Solana in March appeared first on CoinJournal.

• The Financial Services Agency of Japan asked that FTX Japan to halt business before the US bankruptcy filing.
• In December, the FTX branch filed to be allowed to resume withdrawals.
• Customers have been asked to verify their account balances before resuming withdrawals.

The Japanese branch of the collapsed crypto exchange FTX is apparently considering resuming withdrawals before the end of February. On February 17, Bloomberg reported that the exchange had sent out messages asking affected customers to verify their account balances before withdrawals could resume.

According to the exchange’s COO, Seth Melamed, customers can move their crypto assets to the FTX-owned Liquid Global platform and withdrawals could start “very soon.”

FTX japan and FTX Global

In November FTX together with its affiliated firms filed for Chapter 11 bankruptcy in the US. But even before FTX could file for bankruptcy in the US, the Financial Services Agency of Japan (FSA) had already asked FTX Japan to halt business operations.

In December 2022, FTX Japan filed for a strategy to resume user withdrawals. The strategy attempted to distinguish the firm’s money from the clients’ money. The firm argued that customers’ funds should be excluded from the exchange’s bankruptcy proceedings in Japan.

Mid-January 2023, FTX obtained approval from a US court allowing it to sell some of its entities including FTX Japan.

At the time of closing business in November 2022, FTX Japan reportedly had about 19.6 billion yen in cash.

The recent developments with FTX Japan come as the former FTX CEO Sam Bankman-Fried got served with Deposition Subpoena by creditors. Representatives for Voyager Digital’s unsecured creditors request that Sam Bankman-Fried and several top-level executives from FTX and Alameda Research should provide documents and appear in court remotely next week for a deposition.

The post FTX Japan prepping to resume withdrawals by end of month appeared first on CoinJournal.

• YGG raised $13.8 million in a new token sale round led by A16Z Crypto.

• The funds would be used to fast-track the development of YGG’s Soulbound token.

• THE SBT token will power numerous activities within the YGG ecosystem.

YGG raises nearly $14 million in a token sale round 

Yield Guild Games (YGG) has revealed that it raised $13.8 million in a token sale round led by A16z Crypto and DWF Labs. According to the play-to-earn gaming guild, the funds would be used to accelerate the development of its soulbound reputation token (SBT).

YGG is popular for selling and renting its in-game assets for profits or yield. The company is also the biggest in-game asset manager and investor in the popular NFT game Axie Infinity.

The company is yet to fully launch its SBT token. Last year, YGG test-launched the tokens, offering them as rewards for in-game activities. 

SBT tokens are unlike other cryptocurrencies as they are permanently linked to a person’s wallet, ensuring that they remain non-transferable. YGG co-founder Gabby Dizon told Tech in Asia that the company has plans to place the tokens directly into games. 

YGG to reward creators with SBT tokens

The company added that it intends to reward creators within its ecosystem with SBT tokens for completing selected tasks or quests. YGG plans to launch a  revamped version of its web app next month, and the SBT token will serve as the native token of the ecosystem. 

While the company didn’t reveal how many tokens it sold to raise $13.8 million, experts estimate it to be more than 35% of its total asset value of $25 million in its treasury as of November 2022.

The co-founder assured community members that following the recent token sale, YGG still controls 45% of the token’s maximum supply.

This latest cryptocurrency news comes after YGG partnered with  ForN to launch its Japan-focused subDAO in March 2022. 

In July 2021, YGG raised $12.5 million in a token sale round that lasted barely 30 seconds. This isn’t the first time A16Z has invested in YGG. the web3-focused venture capital firm invested $4.6 million in YGG in 2021. 

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