According to data from CryptoSlam, Bitcoin has quickly risen to become the second-largest nonfungible token (NFT) chain within the Bitcoin community. CryptoSlam’s metrics for the past 24 hours, seven days, and 30 days show that Bitcoin has hosted a significant amount of NFT sales volume across the market. In the last 30 days alone, Bitcoin recorded a remarkable $167.47 million worth of NFT sales on secondary markets. However, it still trails behind Ethereum, which posted $395.95 million in NFT sales during the same period. Notably, Bitcoin has surpassed competitors like Solana and Mythos Chain, which only achieved $55.8 million and $35.4 million in sales over the past 30 days, respectively.
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Openfort Secures $3M Funding for Web3 Gaming Wallet Service
Openfort, a blockchain gaming infrastructure startup, has successfully concluded a $3 million seed funding round to advance its Web3 gaming wallet-as-a-service product.The funding round was led by Gumi Cryptos Capital and Maven 11, with participation from Game7, NGC Ventures, and Newman Capital. Openfort plans to utilize the capital to expand its wallet product and establish partnerships in the Web3 gaming space.Currently in private beta, Openfort’s wallet solution offers user-friendly APIs compatible with Unreal Engine, Unity, and React, catering to various platforms such as browsers, PCs, and eventually, mobile devices. The aim is to simplify user interactions with Web3 wallets and games by automating less critical blockchain transactions through account abstraction, enhancing the overall blockchain gaming experience. -
Unlicensed Bitcoin ATM Provider Ceases Operations in Connecticut
Bitcoin of America, a cryptocurrency ATM provider, has reached an agreement with the Connecticut Department of Banking to halt its operations due to a lack of proper licensing. The Department of Banking stated on May 22 that Bitcoin of America failed to obtain the necessary license to operate Bitcoin ATM kiosks in the state. The consent order was enforced after several consumers in Connecticut fell victim to a scam involving these kiosks, resulting in substantial financial losses. As a result, Bitcoin of America made restitution of $86,000 to affected consumers. Following a criminal indictment, the company is now winding down its operations in Connecticut.Jorge Perez, the banking commissioner, issued a warning against using unlicensed crypto kiosks. He cautioned that investors are often coerced and deceived into depositing cash into these kiosks and transferring an equivalent amount of cryptocurrencies to the scammers. Bitcoin of America, which facilitates the transfer of consumer funds to third parties, is required to be licensed as a money transmitter. Legislation is being considered in the state to introduce more regulations and consumer protections, including requiring digital currency kiosks to be licensed as money transmitters in Connecticut.Furthermore, the Connecticut State Police, Department of Banking, Office of the Attorney General, and the Department of Consumer Protection jointly issued a scam alert, advising against using unlicensed crypto and Bitcoin ATMs. In March, 52 Bitcoin of America ATMs and kiosks suspected of being involved in scams were confiscated in Ohio.The global geopolitical instability and the crackdown on unlicensed operations have negatively impacted the overall Bitcoin ATM network. In March alone, there was a significant decline, with 3,627 crypto ATMs going offline, marking the largest-ever monthly decrease in crypto ATMs. -
Hong Kong’s SFC to Permit Licensed Platforms to Serve Retail Investors
The Securities and Futures Commission (SFC) in Hong Kong has announced its intention to allow licensed platforms to offer services to retail investors. In a recent announcement on May 23, the SFC stated that virtual asset trading platform operators willing to comply with the SFC’s proposed guidelines can apply for a license.The guidelines for virtual asset trading platforms will encompass various aspects, including requirements for asset custody safety, segregation of client assets, cybersecurity standards, and more.SFC CEO Julia Leung emphasized the importance of providing clear regulatory expectations, stating that it is crucial for creating a responsible and innovative development environment. The comprehensive virtual assets regulatory framework in Hong Kong follows the principle of “same business, same risks, same rules” and aims to ensure robust investor protection and manage key risks.While the guidelines will become effective from June 2023 onwards, the SFC has yet to approve any virtual asset trading platform to serve retail investors. During the consultation period, the SFC received 152 written submissions from industry participants.The SFC also outlined several measures it will implement to safeguard retail investors, including ensuring good governance, suitability assessments during the onboarding process, enhanced token due diligence, and establishing admission criteria and disclosure requirements.Currently, most of the virtual asset trading platforms accessible to the public in Hong Kong are unregulated by the SFC. The announcement states that those platforms unwilling to comply with the forthcoming guidelines should plan for an orderly closure of their business operations in Hong Kong.Neil Tan, the chair of the FinTech Association of Hong Kong, mentioned in an interview with Cointelegraph in early May that the country opening its financial industry to digital assets is a natural progression.On May 17, the state-owned Chinese company Greenland applied for a virtual asset trading license in Hong Kong, signaling further interest and activity in the space. -
Fan Token Provider Socios.com obtained a regulatory approval in Italy
If your football fan,I am so you have heard about famous fan token provider socios.com. Recently socios have announced that they have received regulatory approval in Italy via official blog.
The regular approval will allow social to work in domestic spares of Italian football. The organisation has already collaborate with many football club like AC Milan, Inter Milan, Roma to name a few.Those who do not know about the Socios, it is a renowned football club offering fan engagement incentive. so if you own a piece of your favourite club, you can contribute in certain decision of the clubs.However that the contribution is limited to the minimal it very minimal and its only revolve around less prominent topic. The fan still cannot contribute in the issues like day to day management of the club or important decisions. -
Coinbase Will Pause Ethereum Transactions During most awaited “The Merge”
In a month, Ethereum will transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus also famous as “The Merge”. As it is one of the biggest events for the blockchain community, Users, exchange platforms, miners, and developers are gearing up for the event.
One of the Major crypto exchange platforms Coinbase recently announced that it will pause transactions with Ethereum and with tokens using the ERC-20 standards, these include deposits and withdrawals ahead of the Ethereum “Merge”, in an official post.
In the post, Coinbase stated “We recommend you don’t send your ETH to anyone in an attempt to “upgrade to ETH2” as there is no ETH2 token. Your assets will be safe and secure during this period and no action is required to upgrade on your part.”
The ETH2 ticker will represent staked ETH ahead of “The Merge”. This ticker will be removed once the PoS transition is completed
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After Vauld, ZipMex Gets 3 Months Protection from Singapore Court
One of the leading crypto exchanges, Zipmex, announced that it had obtained protection from any action from creditors from the Singapore High Court for more than three months. Zipmex has applied for 6-month creditors protection to restructure its debt. The 3 month period granted by the court will give it additional time to address liquidity concerns.
On July 21, Zipmex halted all cryptocurrency withdrawals. While cryptocurrencies like Solana (SOL), XRP, and ADA withdrawals have resumed. However, popular coins like Bitcoin and Ether are still locked for withdrawals.
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Amidst confusion, Central Bank of Iran’s Governor Reminded Crypto Trading or Investing Not Legal in Iran
Governor of the Central Bank of Iran, Ali Salehabadi, in a statement said that the crypto trade or investment is banned and does not intend to make crypto payments legal in Iran. Except for the authorized entities and individuals can mine for any international payments.
Iranian companies are legally allowed to make payments for imports in cryptocurrencies. Even, the Islamic Republic of Iran has purchased goods worth $10 million using crypto currencies. -
Philippines’s UnionBank Adds Support For Crypto Transaction With New App
While OTC crypto trading has been available for quite some time, Goldman Sachs, a major US bank, becomes the first bank to trade an over-the-counter crypto transaction.
However, the Philippines’ UnionBank, one of the largest banks, announced the launch of a crypto service for its clients. The announcement has made them the first bank to do so.
According to the Bank, it will allow its customers to buy and sell bitcoin, ether, and other virtual digital assets. Though, the App is available to randomly selected users.
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aUSD, Acala’s Stablecoin, Falls 99 Percent After Hackers Issue 1.3 Billion Tokens
Many wake up to a sudden drop in the price of aUSD from $1 to $0.009. Decentralized finance (DeFi) platform Acala’s native stablecoin, aUSD by 99% after hackers exploited a bug in a protocol’s newly-deployed iBTC-aUSD liquidity pool to mint 1.28 billion tokens.
Acala team disabled the transfer of the “erroneously minted aUSD” remaining on the Acala parachain. While the hacker’s wallet still has 1.27 billion tokens in wallet. It has been reported that hacker wasn’t the only one to exploit the bug.
It is still to be seen what Acala will do to correct the price.