Schlagwort: crypto business

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UK introduces new bill clarifying crypto as personal property

  • UK’s new bill recognises Bitcoin and other digital assets as personal property.
  • Under the new law, crypto owners will enjoy greater legal protection.

The UK parliament has introduced a new bill that clarifies digital assets ownership by recognizing Bitcoin and other crypto assets as personal property.

The new draft law, the Property (Digital Assets etc) Bill, will offer legal protections to crypto holders. It was introduced in the UK parliament on September 11, 2024.

“For the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law,” the Ministry of Justice wrote in a press release published on Wednesday.

The government also shared the news on X.

Legal protection for BItcoin, crypto holders

The UK government believes this bill puts the country at the forefront of an emerging crypto market. Per the announcement, the goal is to protect Bitcoin and other digital assets holders under the law.

Recognising these assets as personal property means individuals and companies will enjoy protection against fraud and scams. The justice system will also benefit by being able to handle cases arising from disputes on digital holdings, including in divorce cases.

“Our world-leading legal services form a vital part of our economy, helping to drive forward growth and keep Britain at the heart of the international legal industry. It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases,” UK Justice Minister Heidi Alexander said.

While the UK law recognizes “things in possession” such as gold and money, or “things in action” such as debt or shares, as property, there has been no classification of digital assets in this manner.

As crypto falls into none of the two categories, the new law envisions a third category of “thing.” Crypto will now attract this consideration as asset with personal property rights.

The post UK introduces new bill clarifying crypto as personal property appeared first on CoinJournal.

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Artificial Superintelligence Alliance proposes merger with CUDOS

  • Artificial Superintelligence Alliance revealed a proposal for a merger with CUDOS.
  • The native token of CUDOS, an AI compute platform, will convert to FET if proposal passes a community vote.

The Artificial Superintelligence Alliance has announced a proposal seeking to merge the alliance with decentralized physical infrastructure network (DePIN) platform CUDOS.

SingularityNET, Fetch.ai, and Ocean Protocol merged into one entity under the ASI alliance, and the new development means CUDOS will join as a non-founding member.

ASI proposes CUDOS merger

ASI announced the merger proposal on Sept. 11, while the CUDOS team also posted this on their X account.

Details of the proposal include the assertion that the distributed AI computing provider will be a crucial addition to the ASI Alliance.

Notably, its says CUDOS, which taps into blockchain to offer scalable, cost-efficient and flexible cloud AI services, will help the Artificial Superintelligence Alliance’s quest to become a leader in artificial general intelligence (AGI).

“This partnership is not just about combining our resources; it’s about creating a seamless ecosystem where AI and blockchain technology can thrive together, pushing the boundaries of what decentralized AI can achieve. By leveraging CUDOS’ powerful computing network within the ASI framework, we’re setting the stage for groundbreaking advancements in AI that will redefine the future of technology and pave the way for decentralized AGI and ASI,” said Matt Hawkins, founder of CUDOS.

CUDOS token migration

If both CUDOS and ASI communities pass the proposal in a vote set for September 19 to September 24, 2024, then the CUDOS token will convert to Artificial Superintelligence Alliance’s token (FET).

According to details in the announcement, the CUDOS to FET conversion ratio will be 112.427:1. A 5% merge fee will be applied to bring it to roughly 118.344:1.

The price of CUDOS token rose sharply after the news, reaching highs of $0.01 before paring gains. CUDOS’ daily trading volume was up 113% to over $1.2 million at the time of writing.

The post Artificial Superintelligence Alliance proposes merger with CUDOS appeared first on CoinJournal.

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Rexas Finance presale skyrockets to new heights, steals the hype from Toncoin and Tron

In an increasingly crowded cryptocurrency landscape, a few projects are rising to the top, capturing the imagination and capital of investors. One such project is Rexas Finance (RXS), whose presale has seen an incredible surge in interest and investment, making waves across the crypto community. While big names like Toncoin (TON) and Tron (TRX) have long enjoyed their moments in the spotlight, it seems Rexas Finance is now stealing the hype. Thanks to its unique approach to real-world asset (RWA) tokenization, Rexas Finance is quickly becoming a favorite among investors looking for a project with real-world utility and long-term growth potential.

The Rise of Rexas Finance

Rexas Finance has differentiated itself from many of the other projects in the crypto space by addressing real-world problems rather than focusing solely on speculative gains. Its platform allows users to tokenize real-world assets such as real estate, commodities, art, and intellectual property, making these typically illiquid assets more accessible and tradable. Tokenization breaks down large, valuable assets into smaller digital units, or tokens, which can be bought, sold, or traded on the blockchain. This opens up previously inaccessible investment opportunities to a much broader audience. Traditionally, only institutional investors or wealthy individuals could afford to invest in high-value assets like commercial real estate or fine art. With Rexas Finance, investors can now own fractional shares of these assets, giving them a chance to participate in markets that were previously out of reach.

Why Rexas Finance is Gaining Traction

The concept of real-world asset (RWA) tokenization is not entirely new, but Rexas Finance stands out due to its seamless, user-friendly platform and the security that blockchain technology offers. Investors are drawn to the project because of its practical applications in the real world. Unlike many projects that are built purely on speculation, Rexas Finance is focused on solving real-world problems, which gives it staying power in the volatile crypto market.

Here are some key factors contributing to Rexas Finance’s skyrocketing success in its presale phase:

  • Real-World Utility

At the heart of Rexas Finance’s appeal is its ability to tokenize real-world assets, making it possible for people to own fractional shares of valuable assets. Whether it’s real estate, gold, or fine art, Rexas Finance is opening the doors to a broader pool of investors, providing liquidity to traditionally illiquid markets. This ability to solve tangible problems in asset accessibility and liquidity is something many other cryptocurrencies, including Toncoin and Tron, simply don’t offer.

  • Investor Confidence in RWA Tokenization

The global market for real-world assets is enormous, with real estate alone valued at over $379 trillion. Even tokenizing a fraction of this market could unlock trillions of dollars in value. Investors see this as a major opportunity, and Rexas Finance is positioning itself as a leader in this space. With blockchain technology providing security and transparency, investors are confident that Rexas Finance’s platform will deliver on its promises.

  • Presale Momentum

The momentum of Rexas Finance’s presale has been nothing short of remarkable. Raising over $200,000 on its first day, the presale has already caught the attention of both retail and institutional investors. With RXS tokens priced at $0.03 in the initial phase, early investors have the potential to see significant returns, with the token price set to rise in subsequent stages of the presale. The projected price of $0.20 by the end of the presale represents a 566% increase, creating a sense of urgency among those looking to get in on the ground floor.

  • Strong Tokenomics

Rexas Finance has developed a robust tokenomics model that incentivizes early participation while ensuring long-term growth. With a total supply of 1 billion RXS tokens, 42.5% is allocated for the presale, giving investors a significant opportunity to enter at a favorable price. Additionally, 22.5% of tokens are reserved for staking, encouraging long-term holding and contributing to the stability and sustainability of the project.

  • Focus on Security and Transparency

Rexas Finance is not just about accessibility; it’s also about security. By leveraging blockchain technology, the platform ensures that all transactions are transparent and secure. The use of smart contracts adds an additional layer of trust, as all trades and transactions are executed automatically, reducing the risk of human error or fraud. This focus on security gives investors peace of mind, something that’s often missing in more speculative crypto projects.

Rexas Finance Steals the Hype from Toncoin and Tron

While Toncoin (TON) and Tron (TRX) have long been popular among crypto investors, their focus has been primarily on decentralized applications (dApps) and blockchain infrastructure. Toncoin, initially developed by the Telegram team, focuses on enabling decentralized communications and services. Meanwhile, Tron has positioned itself as a competitor to Ethereum by building a high-performance blockchain for dApps and smart contracts.

However, both of these projects lack the real-world applicability that Rexas Finance brings to the table. While Toncoin and Tron are respected for their technological innovations, they do not provide the same tangible benefits to everyday investors that Rexas Finance does through real-world asset tokenization. This distinction has allowed Rexas Finance to capture a significant portion of the crypto market’s attention, stealing the hype from these well-known projects.

The Future of Rexas Finance

With the crypto market evolving and investors looking for projects with real-world applications, Rexas Finance is well-positioned for sustained growth. The platform’s ability to tokenize real-world assets not only democratizes investment but also brings much-needed liquidity to traditionally illiquid markets. As more people recognize the potential of RWA tokenization, Rexas Finance could become a dominant player in this emerging sector.

As the presale progresses and Rexas Finance continues to hit new milestones, the project is set to rise even further in prominence. For investors looking for the next big opportunity, RXS offers both short-term gains through the presale and long-term growth potential as it disrupts the world of asset management.

Conclusion

Rexas Finance (RXS) is rapidly gaining momentum, appealing to investors with its unique approach to real-world asset tokenization. While well-established projects like Toncoin (TON) and Tron (TRX) have their strengths, Rexas Finance is stealing the spotlight by offering tangible solutions that appeal to both retail and institutional investors. With a strong presale performance, real-world utility, and a well-thought-out tokenomics model, Rexas Finance is set to become a major player in the crypto space, offering investors the chance to be part of something truly revolutionary.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

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Nubank abruptly halts trading of its Nucoin cryptocurrency

  • Nubank halts Nucoin trading to protect users from market volatility.
  • Nucoin tokens can be redeemed for Bitcoin or USDC until December 9.
  • Financial concerns, including rising non-performing loans, prompted the move.

In a surprising turn of events, Nubank, the prominent Brazilian fintech company, has announced the immediate suspension of trading for its Nucoin cryptocurrency.

This decision, unveiled in a blog post on September 10, is intended to shield users from potential market volatility associated with the digital asset.

Nucoin will not be tradable after redeeming deadline

Nubank, known for its innovative digital banking services, introduced Nucoin in late 2022 on the Polygon blockchain following a partnership between Nubank and Polygon. The cryptocurrency was part of a rewards program designed to offer customers various perks, such as discounts and exclusive benefits.

However, as of now, all trading activities related to Nucoin within the Nubank app have been halted. This includes the suspension of both purchases and sales of the token.

For those who currently hold at least 1,745 Nucoins, there is still an opportunity to redeem their tokens for Bitcoin or USD Coin (USDC) until December 9.

After this deadline, Nucoins will no longer be tradable but can still be used to access in-app benefits and products.

This move reflects Nubank’s shift in focus from active trading to maintaining a stable user experience within its platform.

Concerns over Nubank’s financial stability

The abrupt policy change comes amid growing concerns over Nubank’s financial stability. Recent scrutiny has highlighted rising levels of non-performing loans within the bank’s portfolio, which have reached levels above industry norms.

Despite a notable surge of over 60% in Nubank’s stock this year, analysts have raised concerns about the bank’s valuation, considering it potentially overvalued.

While the exact reasons for the sudden suspension of Nucoin trading remain unclear, it is evident that Nubank aims to mitigate any further financial risks and stabilize its operations amidst a challenging economic environment.

The post Nubank abruptly halts trading of its Nucoin cryptocurrency appeared first on CoinJournal.

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US federal judge dismisses class action suit against Atomic Wallet

  • US judge dismissed a class-action lawsuit against Atomic Wallet due to no jurisdiction.
  • The court ruled that there was insufficient evidence and that there was no deliberate Colorado targeting.
  • Plaintiffs have 21 days to justify claims against shareholder Ilia Brusov.

In a recent legal victory for Atomic Wallet, a US federal judge has dismissed a class-action lawsuit against the Estonian-based crypto firm and its key figures, citing lack of jurisdiction.

The lawsuit was filed in 2023 by a group of users after Atomic Wallet suffered a $100 million hack earlier in June.

The allegations against Atomic Wallet

According to the plaintiffs, Atomic Wallet had made its app available for download in Colorado and advertised on platforms like X (formerly Twitter), which, they argued, should have established jurisdiction.

One of the plaintiffs, Graham Dickinson, a Colorado resident, claimed he had frequently communicated with Atomic Wallet’s customer service team from his home in the state.

Insufficient evidence

Judge Brimmer dismissed the plaintiffs’ argument, noting that because Atomic Wallet’s products are digital, it was unlikely the company deliberately targeted the Colorado market.

“The nature of the products at issue here — software applications — makes it even less likely that Atomic Wallet deliberately exploited the Colorado market,” Brimmer wrote in his ruling.

The Colorado District Court Judge Philip Brimmer also ruled that there was insufficient evidence to show that Atomic Wallet had significant contact with the state of Colorado, thus denying the court’s jurisdiction over the company, its CEO Konstantin Gladyshev, shareholder Pavel Sokolov, and Evercode Infinite, the software development firm responsible for the wallet’s technology.

However, while the case against most of the defendants was dismissed, the judge granted the plaintiffs an additional 21 days to explain why the claims against Ilia Brusov, a shareholder and founder of Evercode Infinite, should not be dismissed.

The judge’s ruling marks a crucial step in favour of the crypto wallet provider amid ongoing legal challenges in the aftermath of the hack.

This legal victory provides temporary relief to Atomic Wallet as it continues to navigate the fallout from the massive security breach.

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