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neon lamp headboard with ethereum 2.0 symbol and sign

Ethereum will soon turn 7 — and its upcoming ‘Merge’ will be well worth the wait

The ‘Merge’ will have a major impact on the Ethereum ecosystem and beyond, and getting it right is more important than speed, writes Kevin Loo of IDEG.
South Korea’s Ifland metaverse dives into play-to-earn

South Korea’s Ifland metaverse dives into play-to-earn

South Korea’s Ifland metaverse marked its first anniversary by announcing Ifland 2.0, which will feature an economy that allows users to earn profits in the metaverse, its operator telecommunications giant SK Telecom said Tuesday. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts The Ifland 2.0 economy will reward […]
Inflation

Bitcoin bounces back after US reports worst inflation in 41 years

Bitcoin recovered past US$20,000 on Thursday morning in Asia following a steep 3.4% drop within an hour following the U.S. announcing its fastest inflation growth in 41 years. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts Inflation levels in the U.S. soared 9.1% in June compared to a year ago […]
Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery

Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery?

Top blockchain and crypto news: Payback time for Mt. Gox investors. USDC issuer strikes back as critics circle. Chinese bank fiasco hits a nerve.
nft

NFTs, metaverse, blockchain, Web3 included in Shanghai’s five-year plan

The Shanghai government has included metaverse entertainment, non-fungible tokens (NFTs) and Web3 technologies into its five-year digital economy plan, according to a policy paper published on Tuesday. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related article: Xiamen reveals plan to bolster its metaverse, NFT-related firms
Arrow1

Court gives liquidators green light to claim 3AC assets

U.S. Bankruptcy Judge Martin Glenn gave liquidators authority to subpoena and lay claim to bankrupt crypto firm Three Arrows Capital (3AC)’s U.S-based assets on Tuesday. See related article: 3AC crypto contagion spreads to Blockchain.com: report Fast facts Liquidators can subpoena two dozen banks and crypto exchanges to obtain information about the bankrupt crypto hedge fund’s […]
Celsius pays off USDC loan on Aave, unlocks over US$41 7 million in collateral

Celsius pays off USDC loan on Aave, unlocks over US$41 7 mln in collateral

Crypto lender Celsius Network continued to repay its loans on Tuesday, paying off US$71.9 million USDC owed to Aave and freeing up over US$417 million worth of stETH, on-chain data showed.  See related article: Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral Fast facts The latest repayment has closed Celsius’ USDC […]
Animoca Brands ups valuation to US$5.9B despite slumping markets, Animoca Brands logo over image of TOWER token and the TOWER Experiment product

Animoca Brands ups valuation to US$5.9B despite slumping markets

Animoca Brands has raised US$75 million in a new round of fundraising in a move toward an “open metaverse,” defying plummeting markets and a drop in non-fungible token (NFT) sales during the crypto winter season, the Hong Kong-based blockchain game specialist announced on Tuesday.  See related article: Animoca says crypto winter ‘a great time’ for […]
investor

Lightspeed launches US$500 mln fund for India, SEA

Lightspeed India Partners (LSIP) announced on Tuesday the closing of a US$500 million early stage fund (LSIP Fund IV) for India and Southeast Asia, as part of venture capital firm Lightspeed Venture Partners’ (LSVP) US$7.1 billion commitment. See related article: Huobi Ventures bets on DeFi and gaming in $10M GameFi fund Fast facts In addition […]
joox

NFT gallery drops on Tencent’s SEA music app JOOX

JOOX, Tencent’s music streaming service for the Southeast Asian market, has launched a non-fungible token (NFT) gallery in its app, taking another step in the Chinese tech giant’s Web3 drive.  See related article: Tencent’s music app tests NFT avatars, virtual music room Fast facts In collaboration with music NFT marketplace MusicY, the new NFT gallery […]
Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya

Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya

SM Entertainment (SM) announced it is establishing Studio Kwangya, a company specializing in content production in the metaverse, the leading South Korean idol agency announced on Tuesday.  See related article: Second K-pop agency taps Binance for NFT partnership Fast facts SM has represented some generational acts in K-pop since 1995 such as H.O.T., SNSD, EXO, […]
Vitalik Buterin

Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’

Ethereum co-founder Vitalik Buterin tweeted a defense of the network’s transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security. See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger Fast facts “The fact that you can vote on something to […]
The e-CNY logo at the entrance of Zhenning Food Market, Shanghai,

Shanghai sees its metaverse industry growing to US$52 billion in four years

Shanghai released a policy paper setting a goal to cultivate its metaverse-related industry to a total value of 350 billion yuan (US$52 billion) by the end of 2025.  See related article: Hong Kong gears up for its first metaverse ETF Fast facts See related article: China’s zero-Covid policy realigning global economy, financial markets
FSB

Financial Stability Board calls for high regulatory standards for stablecoins

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.
Court allows Voyager Digital to return US$270 mln in custodial account to customers

Voyager crypto refund plan unconfirmed; fiat to be returned in full

Voyager Digital said in a Monday blog update that customers’ USD deposits will be returned in full “after a reconciliation and fraud prevention process” but it has yet to receive the green light on its cryptocurrency refund proposal.  See related article: Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing Fast facts Voyager filed […]
微信截图 20220712142529

Henan promises to release frozen bank funds after violent protest

The local financial regulator in China’s central Henan province said it will start releasing customer funds from the four rural banks that have reportedly frozen around 39 billion yuan (US$5.8 billion) from July 15, following Sunday’s violent clash between protesters and the police.  See related article: Client accuses Bitcoin, Ethereum backer Three Arrows Capital of […]
Christinelegard

Inter-country use key for CBDCs to reach potential: report

For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.
Celsius pays off USDC loan on Aave, unlocks over US$41 7 million in collateral

Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral

Celsius Network repaid around US$78 million in USDC to Aave and US$35 million in DAI to Compound on Monday, blockchain data on Etherscan shows.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts The troubled cryptocurrency lender unlocked at least US$122 million in collateral through its latest set of repayments.  Celsius […]
NEW YORK, NEW YORK - JANUARY 27: GameStop store signage is seen on January 27, 2021 in New York City. Stock shares of videogame retailer GameStop Corp has increased 700% in the past two weeks due to amateur investors. (Photo by Michael M. Santiago/Getty Images), GameStop NFT marketplace goes live, gets closer Web3 gaming

GameStop NFT marketplace goes live, gets closer to Web3 gaming

GameStop has launched its non-fungible token (NFT) marketplace, allowing artists, gamers, content creators and community members to buy, sell and trade NFTs, the video game retailer announced on Tuesday.  See related article: eBay acquires NFT marketplace KnownOrigin Fast facts The marketplace can be accessed through Web3 wallets such as the GameStop Wallet unveiled in May. […]
S. Korea’s Danal, LG CNS to build “one-for-all” Web3 payments platform

S. Korea’s Danal, LG CNS to build ‘one-for-all’ Web3 payments platform

South Korean payment services platform Danal has partnered with LG CNS to develop a payments network that hopes to bring Web3-related digital assets payments to the existing financial system. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts LG CNS is an information technology consulting and solutions subsidiary of […]
argo blockchain

Bitcoin miners in Texas halt operations amid heat wave

Many cryptocurrency miners in Texas, one of the largest Bitcoin mining hubs in the U.S., are halting their operations as the state’s electrical grid faces surging power demand amid a heat wave. See related article: Marathon Digital says Montana storm knocked out most Bitcoin rigs Fast facts Nasdaq-listed miner Core Scientific on Tuesday said that […]
nft

CrossTower in pact with Ripple to offer NFTs on XRP Ledger

Crypto trading platform CrossTower has partnered with Ripple to add non-fungible tokens (NFTs) minted on the XRP Ledger (XRPL) to its marketplace.  See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts The partnership will significantly lower the costs and entry barrier for creators who want to mint their […]
Merlion Park in Singapore with faded cryptocurrency words

Why Singapore needs to rethink its approach to regulating crypto

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.
Bitcoin

Bitcoin price sinks below US$20K, erases weekly progress

Bitcoin’s price fell below US$20,000 Tuesday morning in Asia, erasing last week’s gains, as both crypto and traditional markets await the latest U.S. inflation data due on Wednesday. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts The world’s largest cryptocurrency fell 4.5% in the past 24 hours to trade at […]
Bitcoin BTC cryptocurrency on silver futuristic hand

Why Bitcoin is still a good investment despite the bear market

BTC remains a safe haven for investors for the long term amid this year’s soaring inflation and market volatility, writes Josef Tětek of SatoshiLabs.
Bitcoin

Bitcoin, Ethereum rebound pulls back amid worries of BTC dump from Mt. Gox, Celsius

Gains made by two of the world’s largest cryptocurrencies were partially eroded as speculation of a glut of Bitcoin from Mt. Gox’s customers and creditors and Celsius Network’s payback of its debt circulated over the weekend.
South Korea’s SK Telecom to build its first Web3 wallet

South Korea’s SK Telecom to build its first Web3 wallet

SK Telecom has partnered with blockchain firms AhnLab Blockchain Company and Atomrigs Labs to develop and operate a digital wallet for cryptocurrency management and Web3 access, the South Korean telecommunications giant announced on Monday.  See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency Fast facts SK Telecom said users of its wallet will […]
spain

Binance gets nod from Spain to offer crypto exchange, custody services

Binance’s third approval in Europe came after the Bank of Spain allowed its Spanish subsidiary to register as a virtual asset services provider (VASP), the world’s largest crypto exchange by volume said Friday.  See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report Fast facts The registration will […]
Celsius pays off USDC loan on Aave, unlocks over US$41 7 million in collateral

Celsius lost over US$350 million in DeFi: report

Celsius deployed over US$1 billion of assets in decentralized finance (DeFi) and incurred over US$350 million in losses, according to a report by blockchain analytics firm Arkham Intelligence.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius handed over about US$530 million in corporate funds to an asset manager who […]
3AC crypto contagion spreads to Blockchain.com: report

3AC crypto contagion spreads to Blockchain.com: report

Blockchain.com is at risk of losing US$270 million loaned to crypto hedge fund Three Arrows Capital (3AC) which recently filed for bankruptcy, CoinDesk reported.  See related article: Three Arrows Capital collapse sends tremors through crypto industry Fast facts “Three Arrows is rapidly becoming insolvent and the default impact is approximately [US]$270 million worth of cryptocurrency […]
Crypto investments to count when determining conflict of interest: U.S. government ethics watchdog, Bitcoin regulated by international monetary laws, gold coin next to gavel.

Crypto investments to count when determining conflict of interest: US gov’t ethics watchdog

The U.S. Office of Government Ethics (OGE) said federal employees of the executive branch owning cryptocurrencies or mutual funds investing in the sector need to recuse themselves from any matter related to the industry. See related article: CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins Fast facts The July 5 memo clarified that the […]
Celsius crypto bankruptcy saga meets new restructuring lawyers: report

Celsius crypto bankruptcy saga meets new restructuring lawyers: report

Cryptocurrency lender Celsius has hired new restructuring lawyers from Kirkland & Ellis LLP for advice on bankruptcy filing amid severe liquidity issues, the Wall Street Journal (WSJ) reported on Sunday.  See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts Kirkland & Ellis is also advising Voyager Digital, which filed […]
crypto 1

DTI says no legal basis to ban Binance in the Philippines

The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts “Cryptocurrency […]
PSG sells US$220,000 NFT tickets for first Japan tour in 27 years

PSG sells US$220,000 NFT tickets for first Japan tour in 27 years

Paris Saint-Germain F.C. (PSG), the winning football club of the French Ligue 1, is selling non-fungible token (NFT) tickets worth 30 million yen (US$220,000) each for its friendly matches this month with local teams in Japan as well as VIP access to players. See related article: NFTs Explained in Less than 4 Minutes Fast facts […]
Hong Kong

CoinFLEX deficit rises to US$84 mln; enters recovery arbitration

CoinFLEX has entered arbitration in the Hong Kong International Arbitration Centre (HKIAC) to recover US$84 million from a “large individual customer,” according to a blog post published by the crypto trading platform’s cofounders Sudhu Arumugam and Mark Lamb on Saturday. See related article: Roger Ver says he will issue statement on default dispute with CoinFLEX  […]
Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys

Circle says customers could redeem all of USDC in one day

In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.
YGG

As earnings from play-to-earn games dwindle, some turn to upskilling players

Players are being educated to turn into writers, content creators, streamers or e-sports players as earnings from play-to-earn games aren’t enough to substitute for a day job.
Singapore’s low taxes draw Japan’s Web 3.0 companies

Singapore’s low taxes draw Japan’s Web 3.0 companies

A large number of Japanese Web 3.0 companies are moving to or at least setting up new offices in Singapore, executives from Japanese blockchain gaming infrastructure builder Oasys told Forkast on Friday. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Japanese firms operating in the Web3 sector need to […]
and
crypto

India’s Directorate of Enforcement said to question crypto exchanges

The country’s federal agency charged with investigating money laundering and violations of foreign exchange laws has reportedly reached out to Indian crypto exchanges to probe possible violations of foreign exchange rules. See related article: CoinDCX double downs as the going gets tough in India Fast facts The Enforcement Directorate has sought “further details and documents” […]

Philippines think tank calls for ban on Binance

Infrawatch PH, a public policy think tank in the Philippines, wrote to the country’s Department of Trade and Industry calling for a ban on Binance for promoting cryptocurrencies without proper licensing, according to a letter accessed by Bitpinas.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast […]
Flag of China and Hong Kong Waving with blue sky

Hong Kong SFC boss Ashley Alder to head UK’s Financial Conduct Authority

The U.K. Treasury on Friday named Hong Kong Securities and Futures Commission (SFC) CEO Ashley Alder as chairman of the U.K. Financial Conduct Authority (FCA). He is expected to start in January next year. See related article: UK finance watchdog to spend £11M to warn young people off crypto investment Fast facts See related article: […]
US credit union lobby group says cost of developing CBDCs outweighs benefits, US credit union lobby group says cost of developing CBDCs outweighs benefits

US credit union lobby group says cost of developing CBDCs outweighs benefits

In a letter to the U.S. Commerce Department, the National Association of Federally-Insured Credit Unions (NAFCU) warned that the cost of developing a central bank digital currency (CBDC) outweighs the “hypothesized benefits.”  See related article: Hong Kong to research retail CBDC cybersecurity with Israel, BIS Fast facts The organization’s July 5 letter was in line […]
Web 3.0 modern internet concept; businessman studying how to capitalize web 3.0 trend with organization charts

What are ecosystem DAOs and why will they be important to Web3?

Decentralized autonomous organizations are spinning off new ways to bring communities together. Will ecosystem DAOs be the wave of the future?
Christopher Waller

Bitcoin price crosses US$22K; Fed cools recession fears

The crypto market gained along with traditional markets overnight in Asia as investors responded to updated guidance on Thursday from U.S. Federal Reserve officials claiming recessionary concerns are overblown. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Bitcoin gained 8% to trade above US$22,000 in the past 24 hours […]
Animoca says crypto winter “a great time” for venture capitalists

Animoca says crypto winter ‘a great time’ for venture capitalists

Some of Animoca Brands’ most successful investments were made during the previous crypto winter, Gen Kanai, director of strategic partnerships at the Hong Kong-based blockchain gaming studio, told Forkast. See related article: Animoca Brands investments have crossed US$1.5B Fast facts In a sit-down interview with Forkast at the IVS Crypto 2022 event held in downtown […]
and

China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes

Will fashion shows move from Paris and Tokyo catwalks to potential audiences of millions in the metaverse? China’s Xiaohongshu social media site is testing the idea.

Celsius shuffles its board of directors amid liquidity crisis

Embattled cryptocurrency lender Celsius Network has reorganized its board of directors amid bankruptcy speculation, according to filings published by U.K. government executive agency Companies House on Wednesday. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius appointed David Barse and Alan Jeffrey Carr as directors in late June, filings show. […]
South Korea may team up with the U.S. to investigate crypto crimes

South Korea may team up with US to investigate crypto crimes

South Korea’s Justice Minister Han Dong-hoon met with U.S. investigative agencies in New York on Tuesday amid the countries’ separate investigations into Terra and its cofounder Do Kwon. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The minister met with Andrea M. Griswold, co-chief of the […]
Voyager faces potential delisting from Toronto Stock Exchange after bankruptcy filing

Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing

After Voyager Digital filed for Chapter 11 bankruptcy on Tuesday, the Toronto Stock Exchange suspended trading in Voyager shares on Wednesday, announcing an expedited delisting review.  See related article: Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research Fast facts According to Voyager’s bankruptcy filing, the firm has over 100,000 creditors and US$1.1 […]
bsc ddc

China’s BSN says daily NFT transactions surpass Ethereum

Transaction volumes on the Chinese state-backed blockchain’s non-fungible token (NFT) ecosystem were higher than that of Ethereum, the most popular blockchain for such deals, China’s Blockchain-based Service Network (BSN) said in a press release on Wednesday. See related article: China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation Fast facts With 974,517 transactions, the […]
South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short

South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short

The South Korean fintech startup that operates digital asset management and trading services reportedly had over US$20 million, or 99% of its client funds, liquidated amid the Terra-LUNA collapse in May. See related article: What lessons can we learn from Terra’s LUNA/UST meltdown? Fast facts The startup’s trading unit had placed client funds on a […]
Close-up of archery target with arrows on it, Three Arrows Capital crypto contagion reaches Genesis brokerage

Three Arrows Capital contagion reaches Genesis brokerage

Genesis Chief Executive Officer Michael Moro confirmed on Wednesday the cryptocurrency brokerage was exposed to the now-bankrupt hedge fund Three Arrows Capital (3AC). See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts Genesis sold collateral and hedged downside once 3AC was unable to meet margin call requirements on a loan, Moro […]
Mortgage plan with calculator and pie charts

How blockchain technology can transform the mortgage industry

Bad mortgages once dragged the world into a financial crisis. Can smart contracts prevent the worst from happening again?
Sam Bankman-Fried

Voyager crypto firm loaned US$377 mln to Sam Bankman-Fried’s Alameda Research

Alameda Research, the crypto trading firm cofounded by Sam Bankman-Fried, owes Voyager Digital Holdings US$377 million in loans, according to the crypto broker’s new bankruptcy filing. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts Voyager Digital entered a loan agreement for a revolving […]
3AC

Three Arrows Capital collapse sends tremors through crypto industry

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.
Arrows

Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace

The crypto winter is killing off companies that took on big risks when markets were booming. So is this the shakeout all financial markets go through?
Most Indian traders impacted by India’s crypto tax: survey

Most Indian traders impacted by India’s crypto tax: survey

India’s 30% tax on cryptocurrencies, which met with a public outcry, has deterred the trading frequency of 83% traders, according to a survey conducted by crypto exchanges WazirX and ZebPay. See related article: Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX Fast facts The survey included 9,500 respondents […]
“Wolf of Wall Street” says Bitcoin investments will be profitable in three to five years

‘Wolf of Wall Street’ says Bitcoin investments will be profitable in three to five years

Jordan Belfort, the man who inspired Martin Scorsese’s film “Wolf of Wall Street” and a once-avowed crypto critic, said Bitcoin is a long play while speaking on Yahoo Finance’s show The Crypto Mile.  See related article: Bank of England calls for greater crypto regulation Fast facts The former convicted financial criminal turned famous consultant and […]
market

Nexo in talks to buy out Vauld

Nexo said it plans to not only protect Vauld’s existing customer base but also to give them access to an improved range of services. See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Nexo said it signed an indicative term sheet with Vauld that grants it a 60-day exclusive exploratory period […]
meta0

TikTok’s former gaming unit head to launch blockchain game development tool

Former TikTok game division executive Jason Fung is starting up a blockchain-based game developer, Meta0, to allow transfer of non-fungible tokens (NFTs) between different blockchains, according to a Reuters report on Tuesday. See related article: Game theory: What’s holding back an explosion of play-to-earn? Fast facts According to its product proposal, Meta0 aims to allow […]
South Korean convenience store CU helping bring booze culture to the metaverse

South Korean convenience store CU helps bring booze culture to metaverse

South Korea’s largest convenience store chain CU said on Tuesday it is launching its alcohol brands on JJAANN, a local metaverse platform dedicated to drinking culture. See related article: To improve focus on studies, South Korean students turn to the metaverse Fast facts JJAANN, which calls itself the world’s first corner of the metaverse dedicated […]
Bank of England

Bank of England calls for greater crypto regulation

The Bank of England (BoE) called for stricter financial regulations on the back of the recent cryptocurrency crash in its Financial Stability Report released Tuesday. See related article: Crypto crash justifies RBI’s stance: central bank chief Fast facts Risk is growing with the cryptocurrency industry’s expanding connection with the wider financial system, the U.K. central […]
Blockchain and sidechain illustration

Crypto’s biggest problem is not volatility, but scalability

Notwithstanding this bear market, Web3’s more pressing issue is its inability to handle large volumes, writes Greg Gopman. Can sidechains offer a solution?
Polium’s NFT / Web3 game console plan meets with plenty of skepticism, The GameCube logo (left) next to the new Polium logo. Social media has criticized Polium for copying GameCube.

Polium’s NFT/Web3 game console plan meets with plenty of skepticism

Web 3.0 company Polium’s plan to make the world’s first “multi-chain gaming console” to support games across different blockchains is an ambitious goal that has met a chorus of skepticism.  See related article: What is Axie Infinity and how is it ushering in gaming 3.0? Fast facts Polium, a startup that first announced its plans […]
Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral

Celsius repays debts, cuts jobs amid bankruptcy fears

Celsius Network has paid back US$142.8 million of its debt to Maker since July 1, data from DeFi Explore shows, as the embattled cryptocurrency lender looks to avoid a complete collapse.  See related article: Goldman Sachs said to raise US$2B for Celsius assets: report Fast facts With the repayment, Celsius’ liquidation price for its Wrapped […]
tencent pf

Tencent’s music app tests NFT avatars, virtual music room

Tencent on Monday said it started testing non-fungible token (NFT) profile picture (PFP) avatars and the “virtual room” Music Zone on its QQ Music app. See related article: Tencent launches XR unit to develop ‘benchmark’ VR products Fast facts These NFT PFP avatars are two-dimensional cartoon characters based on Tencent’s blockchain, Zhixin Chain. QQ Music […]
Pacman2

Can Cardano pack a punch with Pacquiao NFTs?

The boxer-dog themed collection by Filipino boxing legend Manny “Pacman” Pacquiao, scheduled for minting on July 15, will be released on the Cardano blockchain, the team behind the official non-fungible tokens (NFTs) said on Monday.  See related article: Manny Pacquiao is launching NFTs in memory of dog ‘Pacman’ Fast facts The collection is named in […]
S.Korean dancer NO:ZE uses NFTs to safeguard choreography IP

S.Korean dancer NO:ZE uses NFTs to safeguard choreography IP

South Korean star dancer NO:ZE unveiled Dance with NO:ZE on Friday, a non-fungible token (NFT) project that sets out to safeguard intellectual properties of choreographers with blockchain technology. See related article: S.Korean music sharing platform to use NFTs for copyright protection Fast facts “The choreographies created so far have not been copyrighted,” NO:ZE said in […]
darshan bhatija resized

Vauld halts withdrawals, trading, deposits; explores restructuring

Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday.  See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]
mas resized Glassdoor

Singapore may limit retail participation in crypto

The Monetary Authority of Singapore (MAS) is mulling additional consumer protection safeguards on crypto, Tharman Shanmugaratnam, the minister in charge of the central bank, told Parliament.  See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts MAS is considering introducing rules on the use of leverage and limits on retail participation […]
Bitcoin

Crypto lender CoinLoan reduces its daily withdrawal limit by 99%

Estonia-based crypto lending platform CoinLoan is slashing its daily withdrawal limit from US$500,000 to US$5,000, in hopes to prevent liquidity-related interruptions due to surges in customer withdrawals. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts CoinLoan says its decision wasn’t driven by market instability and claims to be “probably the […]
BAYC. | Yuga Labs says it wins first Bored Ape trademark lawsuit against RR/BAYC project

Monthly NFT sales fall below US$1 billion for first time in 12 months

Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.

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An unmissable weekly round up of the biggest stories in emerging tech from an Asian perspective, featuring commentary from Forkast Editor-in-Chief Angie Lau. Check out recent editions.