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Italian soccer champion AC Milan reveals NFT partnership with MonkeyLeague

Italian soccer club AC Milan has announced a non-fungible token (NFT) partnership with web3 game MonkeyLeague.

MonkeyLeague has become AC Milan’s newest NFT gaming partner

As revealed in a post on the club’s website, AC Milan and MonekyLeague plan to create a variety of non-fungible tokens together as part of the deal.

AC Milan is an Italian football club with one of the richest histories in all of Europe. The team is currently the defending champion of Serie A, the highest league division in the country.

“We are excited to start this partnership with MonkeyLeague, a collaboration that allows us to strengthen our position in the field of digital innovation,” said the Italian club’s chief revenue officer, Casper Stylsvig.

“We are particularly proud to be the first football club to partner with MonkeyLeague, bringing this game to our fans around the world and offering them an innovative new way to interact with their favorite team.”

MonkeyLeague is a web3 soccer game in which users create and manage teams of NFT-based characters and compete against other players to climb the league ranks.

The game is based on the Solana blockchain and uses its own native token called MonkeyBucks for the in-game economy.

As part of the NFT gaming partnership, MonkeyLeague will work closely with the football club to create exclusive AC Milan gaming assets, wearables, special gaming tournaments, co-marketing events and a host of other exciting initiatives. as game tests of the club’s players. .”

The first batch of these collectibles is scheduled to launch on October 6 on the MagicEden marketplace, where the tokens will be sold at auction and awarded to the highest bidder.

Oren Langberg, MonkeyLeague’s director of marketing and partnerships, commented: “Associating with champions like AC Milan, an absolutely iconic club throughout football history, is yet another testament to what we are building and where we are headed. We run as a game studio. games. It also represents a key step in our plans to bridge the Web2 and Web3 worlds.”

Cryptocurrency and NFT-related partnerships like these are nothing new to the world of sports and certainly not new to the Italian club. Last year, Milan signed a sponsorship deal with cryptocurrency exchange BitMEX.

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Payments company Bolt cancels deal to acquire cryptocurrency company Wyre

California-based online payments company Bolt pulls out of a deal to buy cryptocurrency provider Wyre. News of the scrapped deal, which was agreed earlier this year, comes amid plummeting valuations in the cryptocurrency and fintech sectors.

Bolt Abandons Wyre’s $1.5 Billion Acquisition Plan

Bolt Financial, a San Francisco-based U.S. technology company, said on Friday that it had canceled a deal to buy cryptocurrency infrastructure provider Wyre Payments, Reuters reported Saturday. The e-commerce platform announced in early April a definitive agreement to acquire Wyre for $1.5 billion.

The deal was considered one of the biggest acquisitions of cryptocurrency companies this year. After a funding round in January, Bolt was last valued at $11 billion. The report notes, however, that high-tech valuations are under more pressure as investor confidence has been hit by recession fears and negative stock market developments.

Payment processor Stripe and fintech firm Klarna Bank also made significant valuation cuts, Reuters noted. Industry valuations have also dropped significantly in the cryptocurrency sector during the market slump in recent months.

In a statement released, Bolt emphasized that he will continue his partnership with Wyre. The online payments company explained that remaining independent would allow it to focus on its core areas of business. The company’s CEO, Maju Kuruvilla, was quoted as saying:

We will continue our existing business partnership with Wyre to pave the way for the integration of cryptocurrencies into our ecosystem, bringing Wyre's innovative cryptocurrency infrastructure to the world.

Wyre offers blockchain-connected payment APIs and fiat ramps for cryptocurrency, forex and cryptocurrency liquidity to users of various cryptocurrency projects. It was created in 2013 and, like Bolt, which was founded a year later, is based in San Francisco.

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South Korea’s second largest city, Busan, partners with FTX for a local exchange

The city of Busan, the second largest city in South Korea, commonly known as the ‘Blockchain’ city of South Korea, has partnered with major cryptocurrency exchange FTX to build a local exchange. Furthermore, the association also aims to promote the development of blockchain in the city.

Pursuant to the agreement according to a statement issued by the Busan Metropolitan City on Aug. 30, FTX will assist in the creation of a local cryptocurrency exchange duped by the Busan Digital Asset Exchange. The Bahamian cryptocurrency exchange led by Sam Bankman-Fried will also support the city of Busan in promoting the growth of the local blockchain industry.

Busan City Cryptocurrency Exchange

The city of Busan will leverage FTX’s technology and infrastructure to build its own cryptocurrency exchange and promote blockchain-specific education at local universities and projects within the city’s ‘Special Blockchain Free Zone’ established in 2019.

FTX, through its Investment Division CEO Amy Woo, said that it will establish a Korean branch of FTX in the city of Busan within the next 12 months to help make Busan a digital financial hub in Asia.

In addition to signing an agreement with FTX, Busan also partnered with Binance, the largest cryptocurrency exchange by turnover, on August 1. Binance has signed a memorandum of understanding to provide the city with infrastructure and technology support for its blockchain development effort.

Both FTX and Binance are expected to establish a presence in South Korea in the next 12 months.

Since Busan was designated as the Blockchain City of South Korea in 2019, several projects have already been launched. These projects include a proprietary blockchain-based identification system, a blockchain-powered driver’s license platform, and cryptocurrency support for various services.

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Goldman Sachs urges investors to buy commodities now; expect stocks to suffer as inflation remains high

Global investment bank Goldman Sachs has urged investors to buy commodities now and worry about a recession later. The company’s analysts see commodities as “the best asset class to own later in the cycle, where demand remains above supply.” Meanwhile, “stocks may take a hit as inflation remains high and the Fed is more likely to surprise on the aggressive side,” Goldman noted.

Goldman Sachs Recommendation: Buy Commodities Now

Global investment bank Goldman Sachs has recommended that investors buy commodities. In a note titled “Buy Commodities Now, Worry About Recession Later,” published on Monday, Goldman wrote: “Our economists view the risk of a recession outside of Europe in the next 12 months as relatively low.” Company analysts including Sabine Schels, Jeffrey Currie and Damien Courvalin explained:

With oil a commodity of last resort in an era of severe energy shortages, we believe the downturn in the entire oil complex offers an attractive entry point for long-term investment.

In the US, Federal Reserve Chairman Jerome Powell said last week: “We are taking strong and swift action to moderate demand to better align with supply and keep inflation expectations anchored. We will continue this way until we are sure the job is done.”

Furthermore, European Central Bank (ECB) board member Isabel Schnabel noted on Saturday that central banks around the world are at risk of losing public confidence and must now act forcefully to combat inflation, including if you drag your savings into a recession.

“From a cross-asset perspective, equities may suffer as inflation remains elevated and the Fed is more likely to surprise on the aggressive side,” Goldman analysts further noted, explaining:

Commodities, on the other hand, are the best asset class to own later in the cycle, where demand remains above supply.

The final phase of the cycle normally implies an increase in inflationary pressures and an economy that exceeds the maximum rate of economic growth.

Goldman Sachs also warned: “We recognize that the macroeconomic environment remains challenging and the US dollar could rise further in the near term.”

Currie, who heads commodity research at Goldman Sachs, believes recessions are a natural part of a prolonged commodity supercycle. He told Reuters in November last year: “We expect a structural bull market in commodities, very similar to what we saw in the 2000s or 1970s.”

The analyst told CNBC in June that we are at the start of a commodity supercycle. “This is the first round of a commodity super cycle, it’s not just oil and gas, it’s metals, it’s mining, it’s agriculture, because the sector has suffered from over a decade of underinvestment,” he said.

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Ukraine Blocks Cryptocurrency Wallet Used to Raise Funds for Russian Forces

Ukraine’s law enforcement and counterintelligence agency managed to seize funds in a cryptocurrency wallet used to finance the Russian military campaign in the country. Kyiv officials say the money raised through the wallet was spent on military equipment for pro-Russian separatist forces in the east.

Ukraine Seizes Cryptocurrency Donations Funding Russian Invasion

The Security Service of Ukraine (SBU) has for the first time implemented a mechanism to curb fundraising through cryptocurrencies for troops fighting on the Russian side in the ongoing hostilities in the country. The conflict turned into a full-scale war when the Russian army crossed the border into Ukraine in late February in what Moscow calls a “special military operation” in support of the pro-Russian breakaway regions of Luhansk and Donetsk.

In a press release on Tuesday, the SBU announced that a cryptocurrency wallet operated by a citizen of the Russian Federation and used to sponsor Russia’s military effort in Ukraine was blocked. The man, who volunteered, has been raising money for the needs of the Russian forces since the invasion began.

The wallet had accumulated digital coins worth 800,000 hryvnia (nearly $22,000 at current exchange rates) by the time it was blocked, the SBU said, adding that the funds had already been seized. Experts are now working to trace related transactions and transfer custody to Ukraine. The agency did not specify how it seized the wallet, but did reveal that it enlisted the help of foreign cryptocurrency companies.

Ukrainian investigators were able to establish that the owner of the wallet dedicated a significant part of the donated cryptocurrency to the purchase of military supplies for separatist fighters of the self-proclaimed Luhansk and Donetsk People’s Republics. Representatives of the National Police of Ukraine and the Public Ministry also participated in the operation.

Russian “volunteer” active on social media

The Russian activist has been actively seeking financial assistance on social media platforms since the beginning of the latest phase of the conflict. To promote his efforts, he regularly creates and publishes photo and video content, distributes publications published by partners and reports on the use of the funds raised, the SBU detailed without revealing the identity of the Russian.

A report by blockchain forensics firm Chainalysis last month revealed that 54 pro-Russian groups have collectively received more than $2.2 million in cryptocurrency. These organizations, which operate in Donetsk and Luhansk, received most of the donated amounts in bitcoin (BTC) and ether (ETH), but also in other cryptocurrencies.

Ukraine itself has relied on cryptocurrency donations, with the Kyiv government and volunteer groups raising digital money to fund defense efforts. Ukraine’s Minister of Digital Transformation Mykhailo Fedorov recently announced on Twitter that $54 million in cryptocurrency funds raised through the Aid for Ukraine initiative were spent to purchase armor, medicine, night visions, and even vehicles for the Ukrainian military.

The Ukrainian people have also received purely humanitarian aid from the crypto community and industry. European cryptocurrency exchange Whitebit, which has Ukrainian roots, has offered to support Ukrainian refugees through its representative offices abroad, and the world’s largest forex trading platform Binance has issued a card. of cryptocurrencies special for Ukrainians forced to leave their homes.