Monthly Archives: July 2022

The Bahamas-based cryptocurrency exchange FTX announced today that it has received regulatory approval to operate in Dubai. FTXs Middle East subsidiary FTX Exchange FZE, can now conduct virtual asset exchange services in Dubais program under the United Arab Emirates Virtual Asset Regulatory Authority, FTX said in a press release.

Why it matters: The UAE launched the Virtual Asset Regulatory Authority in March to regulate the relatively new cryptocurrency sector. Some cryptocurrency professionals, such as CoinMENA head Talal Tabbaa, have credited the framework with attracting cryptocurrency firms to the Gulf state. Indeed, Bybit and Crypto.com announced moves to Dubai the same month the authority came into effect. Kraken then decided to open an office in Abu Dhabi in April.

Know more: Cryptocurrency ownership is relatively popular in the UAE, and could continue to grow. Last week, the Dubai-based online bank RAKBANK announced plans to allow people in the UAE to trade cryptocurrencies in Emirati dirhams, as opposed to US dollars.

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Cryptocurrency exchange receives approval to operate in Dubai - Al-Monitor

Singapore, July 29, 2022 (GLOBE NEWSWIRE) -- It is a fact that travel and social media are intertwined, whether people are vacationing or planning trips. Statistics show that 36.5% use social media for inspiration and ideas related to travel, while 60% post images taken while traveling on social media. In fact, there are more than 1 million travel-related hashtags being searched each week. To enhance the experience of this growing market segment, the first web 3.0 Dapp called Global-Guide has been launched that aims to benefit travelers by doing things they are doing in any case, such as taking pictures, writing reviews, and traveling the world.

Global-Guide combines components from NFT, SocialFi, and GameFi and allows users to get prizes by sharing their whereabouts, images, and reviews. Speaking to the media, a spokesperson for Global Guide was quoted saying, Global Guide has been created out of love for travel and a passion for social networking. We are adding immense value to the daily travel activities, making traveling more enjoyable and beneficial.

Driving Global Guide are some of the most cutting-edge technologies including:

AI Object Detection - An advanced algorithm built for Global Guide that combines mobile device sensors and deep learning models.

AI Driven Image Recognition technology - A world-class software and application that can read and understand visual information

Anti-cheat System - To maintain the high quality throughout the system, it can evaluate the realism of the image and reject pictures that are not up to the mark.

Users of Global-Guide can interact socially to accumulate $GGT tokens, which can then be spent in-game or exchanged for cash. Millions of individuals, including visitors, can rely on their input to select where to go and what to do. Users need a camera NFT specifically made for use with various settings, such as people, food, nature, events, architecture, or seasons, to interact with others.

To encourage individuals and draw more users to its app, Global-Guide will also launch annual community meet-up events in numerous locations around the world. Prizes at such events might include but are not limited to exclusive NFTs and $GGT tokens.

For more details, visithttps://globalguide.app/.

For updates, follow Global Guide on Twitter at https://twitter.com/globalguideapp.

About Global Guide:

Global Guide is the first web 3.0 Dapp to implement the s-2-e paradigm for socializing and traveling, bringing benefits to its users. Users can get benefits while traveling, taking photos, writing reviews, and socializing. Users of the program can win prizes by sharing their whereabouts and pictures, which mix elements from NFT, SocialFi, and GameFi. The team behind the project is a group of futurists working to improve travel and socializing experiences.

Disclaimer: The information provided in this release is not investment advice, financial advice or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor before investing or trading securities and cryptocurrency.

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Global Guide becomes the 1st cryptocurrency to offer benefits for socializing - GlobeNewswire

Santander, one of the biggest banking institutions in the world, has announced it will start offering cryptocurrency services in Brazil. Its CEO, Mario Leo, made the announcement in an interview with local media, stating that the company was still seeking the best way of getting into the cryptocurrency services market. Other banks and fintech organizations are already offering crypto services in the country.

Santander, one of the biggest financial institutions in the world, serving more than 153 million customers, has announced plans to start offering cryptocurrency-based services to customers in Brazil. The announcement was made in an interview offered by Santanders CEO in the country, Mario Leo, who stated that these new services might be introduced in the coming months.

Leo stated:

We expect in the next few months to have definitions about it, who knows in the next release of quarterly results, or even before.

Leo further recognized that the cryptocurrency market was here to stay, and that this move was more than just a reaction to other competitors entering the crypto market earlier. He explained that this was a move driven by the demand of the companys users in the country and that Santander was studying the best way of getting into the crypto services market.

While the company is still working on a comprehensive and clear law framework for the asset class, many banks and fintech companies are considering offering cryptocurrency-related services due to the demand of their customers for these investment products. One of these institutions is Itau Unibanco, one of the largest banks in Brazil, which reported it was mulling the introduction of such products earlier this month.

In the same way, Picpay, a popular fintech wallet and payments company, announced it would introduce crypto in its services list. The company also explained it had plans to launch a stablecoin pegged to the value of the native fiat currency, the Brazilian real, later this year.

Nubank, another Brazil-based financial company, brought this kind of crypto trading and custody service into its platform in May. Even Visa is now working with traditional banks to integrate crypto services directly into banking applications, according to statements given in September last year by Eduardo Abreu, Visas vice president of new business in Brazil.

What do you think about Santanders plans of offering crypto services in Brazil? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Electric Egg / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Santander to Offer Cryptocurrency Services in Brazil in the Coming Months Bitcoin News - Bitcoin News

A crypto influencer, Alfonso Peccatiello, expressed his thoughts as regards the recent cryptocurrency rally. He stated that the current crypto rally is not a yardstick for investors to raise their hopes too high. This was revealed following the increase in certain digital currencies such as Bitcoin and Ethereum in the last 24 hours.

A recent crypto market watch showed a 24-hour price appreciation of Bitcoin of more than 9%. Currently, BTC trades at a price of over $23,000.

Meanwhile, Ethereum, the second largest digital currency, has also experienced a rise in its price. Its 24 hours price increase got over 13%. Presently, the token trades at a price above $1,600.

The surge in the prices of these cryptocurrencies followed the Feds decision to hike its interest rate by about 75 bps.

A renowned crypto expert and author of The Macro Compass, Alfonso Peccatiello, gave his thoughts concerning the current crypto rally. According to Peccatiello, the recent digital currency surge should not be a reason for investors to be excited. He stated this, backing it up with an explanation.

Related Reading:Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

Peccatiello first admitted that the speech of the Fed chair, Jerome Powell, triggered the rise in the prices of cryptocurrencies. But, there is a need for his speech to be guided. He added that if his speech lacks a backup, it will be a cause for alarm in the crypto market.

Furthermore, he uncovered his portfolio, stating that he has little interest in risky assets. One of such risky assets is digital currencies.

Drawing from Peccatiellos speech, the increase in the prices of these digital tokens commenced after Powells statement. He added that Powell stated a relationship between inflation and neutral interest rates.

Powell also cited that the Feds operations will base more on data. This results from the recent hikes of about 75 basis points.

According to Peccatiello, the Federal Reserve would be a dreadful zone if it repeats its interest rate hike over time.

Then, Powell made another statement, which happens to be a good cause for concern. He cited that there is another alarming increase that could be the trigger for the next meeting of the FOMC, scheduled for September.

Related Reading |Why Cardano (ADA) May Breakout In A Bull Run To $1

His final statement pointed to the fate of digital currencies and their yields. He revealed that there is a need for the Fed to carry out an aggressive tightening. Peccatiello stated that this action is necessary to prevent the decline of actual yields.

Moreover, with reduced yields comes low performance in the crypto market and other risk-driven assets.

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Expert Tells Investors To Be Careful In The Cryptocurrency Rally, Whys That? - NewsBTC

The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to-get Patek Philippe and Rolex models.

The supply of trophy watches such as the Rolex Daytona or Patek Nautilus 5711A is now much larger, online-watch trading platform Chrono24 said in an emailed statement.

The recent swoon in cryptocurrency valuations has directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe, said the company, which is based in Karlsruhe, Germany, and has more than half a million watches listed for sale on its website.

The price decline for the most sought after models is the latest indication that the once soaring second-hand luxury watch market is starting to lose pace.

Surging valuations for crypto currencies had minted a new class of luxury buyers, leading to an unprecedented price increase for models particularly from brands like Rolex, and Audemars Piguet.

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Cryptocurrency slump has flooded the market with Rolex and Patek - Business Standard

The Future of Financial Services Summit brings together fintech experts and thought leaders to share the latest insights on career opportunities, decentralized finance, and investment strategies.

NEW YORK, July 27, 2022 /PRNewswire/ -- BLACK ENTERPRISE will present its first Future of Financial Services Summit: Fintech, Cryptocurrency and Black Wealth beginning at 6:00 p.m. EST on July 28. With Black Americans more focused than ever on wealth creation, opportunities to build wealth have never been greater. The Black Enterprise Future of Financial Services Summit will inform and inspire attendees to become fully engaged participants in the latest in investment opportunities with cryptocurrencies, decentralized finance (DeFi), and more. The latest in a series of virtual events produced by BLACK ENTERPRISEto address the demand for diversity, equity, inclusion, and economic justice for Black Americans, the 2022 Wealth Building & Real Estate Summit is presented by Prudential.

The Future of Financial Services Summit will feature candid, engaging conversations with leading experts on cryptocurrency, blockchain technology, investing, and fintech careers. The one-day virtual event will provide attendees with actionable solutions and key resources to leverage opportunities presented by a financial services industry being transformed by fintech and the rising demand for cryptocurrency and digital tokens as an emerging asset class, especially among African Americans.

"We know that Black people are excited about the potential of cryptocurrency, NFTs, and blockchain to open up new avenues of Black wealth creation," says BLACK ENTERPRISECEO Earl "Butch" Graves Jr. "According to the most recent Ariel Schwab Black Investor Survey, of six financial productsbank savings account, individual stocks, stock mutual funds, cryptocurrency, individual bonds, bond mutual fundscryptocurrency is the only one owned by a higher proportion of Black people than of white people. About 38% of Black investors under 40 own digital tokens, compared with 29% of their white counterparts. Overall, twice as many Black respondents than those who are white ranked crypto as the best investment choice overall."

Confirmed speakers for the Black Enterprise Future of Financial ServicesSummit include Larry Wade Sr. Director, Blockchain, Crypto & Digital Currencies, RLCO BP, PayPal; Imari Oliver, Founder & CEO, Bond & Play; Michael Grove, CFA, Financial Planner, Greater Metro Financial Group, Prudential Advisors; Deidra Ramsey-McIntyre, Founder, Black People & Cryptocurrency; Derek Jones, Founder & CEO, UnitedCoin Inc.; Matt Mitchell, Hacker & Founder, CryptoHarlem; LaMont Connie, Sr. Vice President & Sr Relationship Manager Fintech Division, Bank of America; and Kenneth Johnson, President, East Coast Executives.

Attendees of the 2022 Black Enterprise Future of Financial Services Virtual Summit will gain insights on:

The Black Enterprise Wealth Building & Real Estate Summit takes place from 6:00 p.m. to 8:30 p.m. EST on Thursday, July 28, 2022. Prudential is the presenting sponsor for this event. For complimentary registration and more information about sessions and speakers, visit financial.blackenterprise.com/.

EDITOR'S NOTE:Interested press should contact Alfred Edmond Jr. at 201-243-8269 or via e-mail at [emailprotected].

BLACK ENTERPRISEis the No.1 Black media brand, with more than 10 million monthly unique visitors.Since 1970,BLACK ENTERPRISEhas been the premier business, career, investing, and wealth-building resource for African Americans.BLACK ENTERPRISEproduces video and podcast programming, virtual and in-person business and lifestyle events, and other digital media. Visitwww.blackenterprise.comfor more information.

Related Linkshttp://www.blackenterprise.com

SOURCE BLACK ENTERPRISE

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BLACK ENTERPRISE TO PRESENT VIRTUAL SUMMIT FOCUSED ON CRYPTOCURRENCY, BLOCKCHAIN TECHNOLOGY, FINTECH CAREERS, AND BLACK WEALTH, JULY 28 - PR Newswire

In a recent announcement dated 29 July, co-founders of CoinFLEX, Sudhu Arumugam and Mark Lamb, provided an important update. The updated surrounded what the cryptocurrency exchange had been up to manage its current liquidity crisis in the last week. This update came a month following the suspension of withdrawal on the exchange as a result of a liquidity crisis. The organization cited extreme market conditions and continued uncertainty involving a counterparty.

In the new announcement, CoinFLEX provided an update on its staff reduction. It also mentioned intentions to launch new products and the distribution of the CoinFLEX composite.

According to the blog post, CoinFLEX informed users that in the last week that the exchange went through the arduous process of letting some of its staff members go.

The staff cuts and non-staff costs that we have made will reduce our cost base by approximately 50-60%, the exchange noted.

Hinting at a possibility of a future acquisition, Arumugam and Lamb stated that,

We will monitor costs to ensure we operate as efficiently as possible and scale as volumes come back. The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX.

The exchange also noted stated plans to resuscitate its dying business and regain customer trust. It further intends to distribute rvUSD, equity, and FLEX Coin referred to as CoinFLEX Composite to depositors who have assets in the exchange

According to the exchange:

We continue working with lawyers and the significant creditor group on the details around the distribution of the CoinFLEX Composite (inclusive of rvUSD, equity, and FLEX Coin) and expect to have numbers around this next week so that we can put this to a vote from all depositors as soon as possible thereafter.

In addition, CoinFlex informed aggrieved depositors that in the next week, it plans to offer the trading of locked balances versus against unlocked balances. According to the announcement, with an understanding of the range of CoinFLEX Composite distributions a depositor is entitled to, they can decide if they desire to place orders of unlocked assets against locked assets.

To be aware of all, or as accurate a range, of the CoinFLEX Composite you are likely to receive. Everyone needs to know the range of their CoinFLEX Composite distributions to have all the necessary information to decide if you want to place orders of unlocked versus locked assets. The estimated range of any further normal distribution that will be made available alongside the issuance of the CoinFLEX Composite, CoinFLEX informed its depositors.

A month after withdrawal was suspended on the exchange, CoinFLEXs FLEX logged a 96% decline in price. At press time, the token exchanged hands at $0.162868 at a 63% loss in the last 24 hours.

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CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say - AMBCrypto News

Vidente, the owner of South Korean cryptocurrency exchange Bithumb, said on Tuesday it has held discussions about a possible sale of its stake to FTX. Talks of another acquisition are part of FTX and its founder Sam Bankman-Fried's (above) aggressive acquisition approach amid a major downturn in the cryptocurrency market.

Stefani Reynolds | Bloomberg | Getty Images

Vidente, the owner of South Korean cryptocurrency exchange Bithumb, said on Tuesday it has held discussions about a possible sale of its stake to FTX.

The company said it is reviewing all possible options, including a full acquisition of Bithumb or joint management of the exchange.

However, no specific course of action has been decided on, Vidente said.

Talks of another acquisition are part of FTX and its founder Sam Bankman-Fried's aggressive acquisition approach amid a major downturn in the cryptocurrency market, which has seen billions of dollars in value eviscerated in the last few months.

Last month, FTX signed a deal giving it the option to buy crypto lending company BlockFi at a maximum price of $240 million, significantly lower than the firm's previous $4.8 billion valuation.

Earlier this year, FTX entered into an agreement to acquire Japanese crypto exchange Liquid. If the deal with Bithumb goes through, FTX will gain further foothold in Asia and in particular South Korea, where crypto trading is very popular.

Bithumb is one of South Korea's largest exchanges. At its peak in the last 24 hours, it processed just over $500 million of trades, according to data from CoinGecko.

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Sam Bankman-Frieds FTX is in talks to buy crypto exchange Bithumb, continuing its acquisition spree - CNBC

The value of NFTs revolves around the nonfungible nature of digital assets which is the feature that sets them apart from cryptocurrencies, as NFTs and cryptocurrencies are not the same things. NFT has its own unique set of attributes including creator, size, and scarcity, among others, and therefore can not be interchanged with another asset. Bitcoin (BTC) is a fungible asset, on the other hand. The French startup Sorare, which sells NFTs of football trading cards, has raised $680 million (498 million), as reported by Cointelegraph.

What are NFTs used for?

Art

Programmable art, which uniquely combines creativity and technology, is the most common NFT crypto application. There are currently a number of limited edition works of art in existence. Surprisingly, they make it possible for programmability to alter behaviour in many circumstances. For instance, using oracles and smart contracts, designers may produce artwork that responds to changes in the value of digital assets based on blockchain technology.

Fashion

Blockchain has seamlessly merged into the world of fashion with the promise of advantages for all supply chain participants. The risk of counterfeiting is eliminated since consumers can easily check the ownership information of their goods and accessories online. Users might, for instance, just scan an NFT QR code on a price tag for clothing or accessories.

Gaming

In 2017, CryptoKitties was the first company to release virtual cats on the blockchain and allow users to communicate and conduct transactions with them. The model was so effective that it briefly overloaded the Ethereum network with a large number of transactions.

Sports

The counterfeiting of goods and tickets is among the most important issues affecting the sports sector. Blockchain is the best option for efficiently addressing such issues. The immutability of blockchain technology helps to prohibit the sale of fake tickets and memorabilia.

Original post:
How is NFT different from cryptocurrency and fiat currencies - The Financial Express

Photo (c) Busakorn Pongparnit - Getty ImagesPoliticians say theyve had enough of all the cryptocurrency scams that have robbed American investors of billions of dollars over the past few years. This week, theyve decided to scrutinizeApple and Google because they feel those companies arent doing enough to rein in fraudulent cryptocurrency apps.

After the FBI issued a warning about fraudulent cryptocurrency apps stealing more than $30 million from investors over the course of a year, Sen. Sherrod Brown (D-OH) and his Senate Banking Committee questioned Apple and Google officials to find out why those apps ever made it to market.

In letters to Apple CEO Tim Cook and Google CEO Sundar Pichai, Brown asked them to explain how their companies review and approve cryptocurrency trading and wallet apps that they offer on their app stores.

While firms that offer crypto investment and other related services should take the necessary steps to prevent fraudulent activity, including warning investors about the uptick in scams, it is likewise imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity, Brown wrote.

In particular, Brown pointed to one situation in which cyber criminals defrauded at least two dozen investors by creating a mobile app that used the name and logo of a real trading platform. After 28 investors downloaded the app and deposited some $3.7 million in cryptocurrency into digital wallets, they couldn't withdraw the funds from their accounts and essentially kissed their deposit goodbye.

Brown and Senate Banking Committee asked the two tech CEOs to provide answers to the following points:

1. Describe the review process your company takes before approving crypto apps to operate in each companys app store.

2. Describe the steps the app stores take to prevent cryptocurrency apps from circumventing app store policies by transforming into phishing apps.

3. Describe all the systems and processes each company has in place for people to report fraudulent apps.

4. Describe all actions each companys app store has taken to alert people about actual or potentially fraudulent activity associated with cryptocurrency investment apps.

5. Since January 2020, have either app stores coordinated or shared any actions or activities with other app stores related to the suspension or removal of fraudulent cryptocurrency apps? If so, please explain.

Apple and Google have until August 10th to get Brown their answers.

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Apple and Google grilled by legislators over recent cryptocurrency app-driven thefts - ConsumerAffairs