Category: Investment News

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AliBaba launches NFT tools despite Chinese crackdown

Alibaba Cloud, a subsidiary of Alibaba Group, announced the launch of non-fungible token (NFT) solutions. The IT company will also build NFT marketplaces, including web hosting and content management. Meanwhile, the Chinese government has taken a very restrictive approach to digital assets.

Alibaba will help users create an NFT marketplace

NFTs have become very famous in the digital asset markets lately. Alibaba Cloud mentioned that these tokens can represent exclusive ownership of items for different digital assets as well as non-digital assets including concert tickets and invoices. As non-fungible tokens are irreplaceable. This helps the NFT artist to monetize their products.

The release mentions that Alibaba Cloud Elastic Compute Service (ECS) and auto-scaling will help the user to build an NFT marketplace. The IT company mentioned that these digital assets will soon be growing in the metaverse.

According to his blog, mainstream audiences are hesitant to fully embrace the possibilities the metaverse has to offer. However, stating that a survey conducted by Harris Poll showed that only 38% of Gen Z respondents think the Metaverse is the next big thing. He added that the virtual world will be part of our lives for the next decade.

China imposes strict rules on digital assets

The Chinese authority has issued major warnings about business risks in NFTs. Meanwhile, cryptocurrencies are banned in mainland China. However, the government has signaled that it has no intention of banning NFTs. This has led to giants like Alibaba and Tencent to file new NFT patents in the past.

Meanwhile, popular Chinese apps like WeChat Pay have recently suspended accounts that purchased these NFTs. According to reports, Xihu No.1 digital collection platform was one of the excluded projects. The lack of transparency and confusion on the part of the government kept people waiting.

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PayPal allows the transfer of digital currencies to external wallets

The move comes after nearly two years since PayPal allowed users to buy and sell cryptocurrencies on its platform.

After launching the ability to buy and sell cryptocurrencies on its platform in October 2020, PayPal finally allows users to transfer, send and receive digital assets between PayPal and other wallets and exchanges. Starting today, the feature is available to select US users and will be expanded to all eligible US users in the coming weeks. The first batch of supported coins consists of Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

In addition, customers who transfer their cryptocurrencies to PayPal can spend them through Checkout at millions of merchant terminals. The New York Department of Financial Services granted the company a full Bitlicense for the conduct.

Users would simply have to log into their accounts and enter the crypto section of the app to start transferring transfer coins. Users are often required to complete a one-time identity verification before the procedure.

Encryption transfers to recipients outside of PayPal would incur a network fee based on their respective blockchain, but transfers between PayPal users will not incur such fees. To protect users’ privacy, the company generates a new recipient address for each transaction in the PayPal account. PayPal will also not charge fees for incoming transfers,

The company is also working to integrate other forms of cryptocurrency services, such as central bank digital currencies, to increase its digital presence. It is also exploring the possibility of launching its own stable coin, called “PayPal Coin”. The discovery came after a developer found evidence of a stablecoin in the source code of the company’s iPhone app.

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Dubai Market Attracts Major Exchanges – Crypto.com Secures License

Prominent cryptocurrency exchanges like Crypto.com and Binance have been looking to set up operations in the friendly Dubai cryptocurrency market.

Crypto.com Gets Provisional Approval

Singapore-based cryptocurrency exchange Crypto.com has set its sights on the lucrative Dubai market. After appealing to the Dubai regulator responsible for virtual asset licenses, the exchange was able to obtain a provisional approval, the Virtual Assets MVP License, to provide crypto services in the city. The exchange announced the news on Thursday, revealing that it would receive the full operating license once VARA conducts and completes due diligence and other mandatory compliance requirements.

Crypto.com Co-Founder and CEO Kris Marszalek said:

“We are excited to offer more of our products and services in a market that is critical to our business and equally committed to regulation and compliance. We look forward to working with regulators across the region to further expand Crypto.com’s offering and market presence.”

The regulatory body in question is the Virtual Assets Regulatory Authority (VARA), which was created earlier this year to oversee and facilitate the growth of the cryptocurrency industry in Dubai. VARA manages the operations of various crypto platforms for a secure investment environment, much needed for a thriving industry.

Crypto.com starts operations in Dubai

Approval means that the exchange has completed an initial level of compliance checks to the satisfaction of the regulatory body. Therefore, Crypto.com will now be able to offer all its products and services to those interested in Dubai. However, the supervisory body will be attentive to all procedures to guarantee maximum protection for investors.

Foreign Trade Minister Dr. Thani Al Zeyoudi commented on the news and said:

“The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe that cryptocurrencies, virtual assets and blockchain will revolutionize the financial services industry. Through our Virtual Assets Regulatory Authority and other key initiatives, we are attracting businesses to the UAE to build on this vision and enable the technologies of the future to flourish here.”

Binance moves in Dubai

Crypto.com will face fierce competition in Dubai as another major cryptocurrency exchange has also applied for the VARA operating license. Binance Holdings Ltd., which operates the largest exchange in the cryptocurrency industry by trading volume, has already signed an agreement with the Dubai World Trade Center (DWTC) to work together on establishing the latter as a global hub for digital assets. Reports also stated that Binance is seeking accreditation to begin providing crypto services on the DWTC, which has been declared a “free zone” for cryptocurrency and blockchain technology.

Meanwhile, another global cryptocurrency company, FTX, has been exploring a completely different market. It recently announced the launch of FTX Japan to tap into the growing Japanese market despite strict crypto regulations in the Asian country.

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Bitcoin Miner Bitzero to Build $500 Million Headquarters in North Dakota

Bitzero Plans to Build Headquarters for North Dakota Bitcoin Mining Operations Valued at $500 Million

Bitcoin miner Bitzero is building its headquarters in North Dakota.

The data center will cost the company between $400 million and $500 million and will use heat, a byproduct of its operations, to help the region produce food year-round.

The company has already raised $100 million and is planning an IPO in Canada within the next 60 days.

Bitzero Blockchain Inc., a 100% renewable bitcoin mining company, is making North Dakota the headquarters for its North American operations.

The miner distilled the plans Thursday in a joint press release with the North Dakota governor’s office and notable investors like Kevin O’Leary.

Company officials declared plans to invest $400-$500 million in the next data center and also announced plans to partner with the MHA Nation greenhouse project that will allow heat from Bitzero’s operations to be used for food production. throughout the year.

“Help Main Street, help all citizens, take our state out of reliance on being, as we have been for over 100 years, reliant on state-level revenue,” said North Dakota Governor Doug Burgum.

While the location of Bitzero’s headquarters has yet to be announced, the CEO said it will likely be located in Bismarck or Fargo and employ 15-20 people for operations. The bitcoin miner has plans to generate 200 megawatts (MW) of power in data centers over the next two years.

In addition to the data centers, the company also plans to develop an assembly and distribution center for graphene battery technology that is expected to represent an investment of $200 million to $500 million over the next two to three years.

Bitzero has currently raised $100 million through investment capital with plans to launch a Canadian initial public offering (IPO) within the next 60 days.

“Consolidating a North American headquarters prior to the IPO was a crucial strategic piece for Bitzero, and we plan to begin consolidating operations in North Dakota as we grow,” said O’Leary. “This announcement comes before the announcement of a Montana project scheduled for tomorrow.”

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India consults World Bank and IMF to comply with global cryptocurrency regulations

The Indian government is working on a consultation document on how to regulate cryptocurrencies. The World Bank, the IMF, stakeholders and other interested parties took part in the consultation.

The Indian government’s line on cryptocurrencies has been anything but clear so far. However, its own central bank, the Reserve Bank of India, has made it very clear that it believes cryptocurrencies are a threat to macroeconomic stability and appears to be interested in an outright ban.

As reported by the Times of India, Economic Affairs Secretary Ajay Seth expressed a desire to work globally to properly regulate cryptocurrencies. He said:

“We consulted not only national institutional actors, but also institutions such as the World Bank and the IMF. Therefore, we hope that we will soon be in a position to finalize our consultation document.”

He added that his country has started working on global regulations and stated that countries would not be able to succeed in their cryptocurrency regulation unless there was broad consensus across economies.

The fact that global financial institutions like the IMF are involved with Indian thinking on how to regulate cryptocurrencies may be a cause for concern in cryptocurrency circles.

The IMF has been highly critical of the cryptocurrency sector so far, warning El Salvador, for example, about the repercussions of adopting bitcoin as a legal tender in the country alongside the dollar.

The world’s elite banking and financial institutions have a lot to lose if Bitcoin becomes even more entrenched as a place for investors to gather, as the dollar and other fiat currencies around the world continue to devalue.

It remains to be seen to what extent any extremely negative regulation of the cryptocurrency sector will be respected as the world’s citizens try to cope with declining purchasing power on the one hand and runaway inflation on the other.

There is a lot of talk about how investors are being tricked by some of the Ponzi crypto schemes, but little is mentioned about why investors are there in the first place. Virtually zero returns and an outdated banking system that is not fit for purpose could be just some of the reasons.