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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 […]

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.

Indian crypto trading volume drops as much as 63% after new tax

Trading volume in Indian cryptocurrency exchanges dropped by as much as 63% since July 1, when a 1% tax deducted at source (TDS) was imposed.  See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Daily trading volume at cryptocurrency exchange WazirX fell more than 63% on July 1 to US$5.36 […]

India’s latest tax assault on crypto exchanges starts Friday

India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?

Axie Infinity’s Ronin Bridge up and running after months of repairs

Sky Mavis’ Ronin Bridge is back online after one of the largest decentralized finance (DeFi) heists in history prompted a three-month network hiatus, Ronin announced in a Tuesday newsletter. See related article: Are we helpless against attacks on blockchain bridges? Fast facts Ronin Bridge is used by non-fungible token (NFT) game Axie Infinity players to […]

Singapore grants Crypto.com in-principle approval toward offering payment services

The Singapore-based cryptocurrency exchange Wednesday said the approval toward a license will eventually allow it to offer a range of payment services in the city-state. See related article: Singapore warms up to crypto industry — on its own terms Fast facts Crypto.com has received an in-principle approval from the Monetary Authority of Singapore (MAS) for […]

Crypto market slumps; USDD depegging fears

USDD loses its dollar parity. Meanwhile, Binance resumes Bitcoin withdrawals.

Bitcoin, Ether bear brunt of market selloff amid fears of Fed rate increase

Still recovering from the Terra-LUNA debacle that wiped off billions of dollars in investor wealth, people sold off cryptocurrencies amid a market slump over expectations that the Fed will act faster to tame inflation.
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TRON founder pledges US$2B defense fund after USDD stablecoin loses dollar parity

TRON founder Justin Sun on Monday said he will set up a US$2 billion fund to support the dollar peg of the project’s stablecoin USDD and “fight” against short sellers, after the stablecoin’s price fell to US$0.97. See related article: Binance resumes Bitcoin withdrawals Fast facts USDD uses an algorithmic mechanism to keep its dollar […]

US crypto bill leaves ‘open question’ on securities: Tessler

A proposed US crypto bill may place crypto under the CFTC’s primary oversight, but that won’t exclude the SEC from the industry, Sidley Austin’s Lilya Tessler says.

On the shoulders of a giant: How a huge state fund is nurturing Web3

Singapore investment behemoth Temasek has been in the digital asset space for several years, and it’s doubling down on its commitment, says its blockchain chief.

Crypto buyers in emerging economies find themselves caught between a rock and a hard place

Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.

Cryptocurrencies like ‘world of Caribbean pirates’: India chief economic adviser

India’s chief economic adviser V. Anantha Nageswaran compared cryptocurrencies to the “world of Caribbean pirates” in the absence of regulation where “winners take it all” from somebody else, local media reported.  Fast facts See related article: Coinbase blames India’s central bank for exit Cryptocurrencies fail to satisfy basic requirements such as having store value, widespread […]

Fantom releases upgrades to enhance speed, scalability, and decentralization

Layer 1 blockchain Fantom has unveiled upgrades to boost settlement speed and platform efficiency, the Fantom Foundation announced on Thursday.  See related article: Fantom overtakes Binance Smart Chain in DeFi TVL Fast facts Fantom’s upgrades include the implementation of all London EIP-1559 changes and a new variation of the consensus mechanism called Lachesis Light Repeater, […]

India crypto tax cut to 0.1% was a ‘typo’; gov’t issues clarification

A typo error on the Income Tax Department’s website mistakenly altered a 1% tax-deducted-at-source (TDS) figure to 0.1%, and has since been rectified, the Income Tax Department said on Wednesday.  Fast facts See related article: India’s crypto tax will incur losses for government, says WazirX CEO “Some media reports have come to the notice of […]

US senators’ crypto bill; India’s crypto taxes bite

A bipartisan crypto bill has been introduced in the US Senate. Meanwhile, Singaporean investment company ADDX plans on recognizing crypto assets.

Hold onto your crypto bags, the regulators are coming

Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.

Gemini sued over US$36 mln Bitcoin and Ethereum hack

IRA Financial Trust announced a lawsuit against cryptocurrency exchange Gemini Trust Company on Monday for alleged failures in safeguarding IRA’s crypto assets in the exchange. See related article: Binance users burned by outage band together to take legal action Fast facts IRA manages self-directed retirement accounts in non-traditional assets such as Bitcoin which were held […]

Cool with the rules: Why the crypto sector should embrace regulation

The prospect of tighter codes for the crypto industry has given some players the jitters. Others, such as Crypto.com’s Eric Anziani, see it as an opportunity.

Singapore warms up to crypto industry — on its own terms

Crypto companies have voted with their feet in response to the city-state’s restrictions on their business. But they are still keeping an eye on opportunities.

Terra’s LUNA moonshot can’t escape gravity of market misgivings

Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.

Philippines gets new government, will new crypto taxes follow?

Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.
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BNB Chain teases out roadmap to boost decentralization, support dApps

BNB Chain’s roadmap for the year will prioritize faster transactions and enhanced support for decentralized applications (dApps), the world’s largest cryptocurrency exchange by volume said. See related article: Binance rebrands blockchains for metaverse, DeFi expansions Fast facts In its 2022 technical roadmap released Tuesday, BNB Chain said it is working to offer end users more […]

Governments pushing for CBDCs smell blood in Terra Classic’s struggles

Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.     

Terra 2.0 new LUNA is down 70% since restart

The new LUNA was trading under US$6 on Monday morning Asia time, after peaking at US$18.87 shortly following the launch of the Terra 2.0 blockchain on Saturday, according to data from CoinGecko. See related article: Winning back the trust of the Terra community a tall order for Do Kwon: Experts Fast facts LUNA Classic (LUNC) […]

Why DBS’ move into the digital asset space is more than a token gesture

The Singapore-based banking behemoth may have found its reach constrained in retail crypto markets, but it still has big plans, CEO Piyush Gupta tells Forkast.

Andreessen Horowitz’s crypto, Web 3.0 warchest swells to US$7.6B

a16z crypto said its fourth fund raised US$4.5 billion, bringing the total amount of funds raised for investment in crypto and Web 3.0 startups by the famed Silicon Valley venture capital firm to more than US$7.6 billion. See related article: Binance, a16z among investors backing Musk’s Twitter bid with US$7B Fast facts Around US$1.5 billion […]

To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising

Russia’s invasion of Ukraine has shown that cryptocurrency regulations need to expand beyond the jurisdiction of a single government and blockchain technology can help with that, said panelists at ‘Crypto Rising,’ a series of virtual monthly events organized by Forkast.

Bullish claims to offer world’s deepest liquidity for BTC/USD

The development will help institutional clients trade at scale, with better pricing and lower risk, within a regulated market environment, Bullish said. Fast facts An internal study of publicly available Coinbase and Binance data over a two-month period ending on May 8 showed Bullish offering deeper liquidity than peers, the cryptocurrency exchange operator said. The […]

Blood moon: Terra’s LUNA rescue plan panned by industry, investors

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

What’s the solution to Terra’s UST and LUNA crisis?

Terra’s LUNA and UST stablecoin implosions are roiling the crypto world and beyond. Picking up the pieces won’t be easy — nor finding a good path forward.

LFG looks to compensate small holders of UST

The Luna Foundation Guard (LFG) Monday said it is looking to use assets remaining with it to compensate UST users, prioritizing the smallest holders first. See related article: News of LUNA’s demise greatly exaggerated Fast facts The Singapore-based foundation was left with 313 Bitcoin compared with 80,393 Bitcoin on May 7, LFG said on its […]

LUNA pumps and dumps repeatedly in weekend’s roller coaster run

The price of LUNA, the native token of Terra, is now as volatile as low-cap meme currencies, and is currently at 23,716.5% from its all-time low set on Friday, according to CoinGecko data. See related article: UST loses dollar peg as Terra market cap slumps Fast facts The Terra network suffered a major meltdown last […]

News of LUNA’s demise greatly exaggerated

LUNA, the collateral used by Terraform Labs to back its TerraUSD (UST), has been in a freefall. But experts tell Forkast the crisis is likely to make the pioneering stablecoin stronger, and the community behind stablecoins better.

Do Kwon’s wife seeks police protection

The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.

DeFi TVL lowest since October, Terra leads losses

The total value locked (TVL) in decentralized finance (DeFi) protocols has dropped from US$217.82 billion to US$179.5 billion in the past 30 days, reaching its lowest point since October 2021, according to DefiLlama data. See related article: DeFi wizard Cronje’s departure sends TVL sinking Fast facts Terra’s Anchor Protocol played a significant role by dropping […]

KoinBasket raises US$2 mln from global marquee investors

KoinBasket, a cryptocurrency investment start-up, has raised US$2 million in an early-stage funding round with the participation of leading global crypto veterans, the company said in a statement. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts The Singapore-based company will use the funds for product and geographical growth, technology […]

Kraken launches gas-free NFT marketplace

Global cryptocurrency exchange Kraken has announced the launch of its non-fungible token (NFT) platform, joining exchanges such as Binance and FTX to do so. See related article: NFT Marketplace Competition Heats Up Fast facts Sellers can list their NFTs in cryptocurrencies supported by Kraken, or in fiat currencies, such as USD, EUR, CAD, GBP and […]

From in-print to online to on-chain: How will Web 3.0 reshape news media?

There’s never a dull moment in the news business. Now, as media outlets explore blockchain, the Associated Press’s Dwayne Desaulniers says more change is coming.

Three Arrows Capital to ditch Singapore for Dubai

Three Arrows Capital, a cryptocurrency trading and hedge fund manager, is moving its headquarters to Dubai from Singapore, becoming the latest among a growing number of firms looking to expand their presence in the Middle East. See related article: Dubai could be crypto’s promised land, Citi says Fast facts Su Zhu, cofounder of Three Arrows […]

Singapore wants to bring some adult supervision to crypto

The city-state wants to position itself as a hub for cryptocurrency service providers while holding onto its reputation as an important cog in the global AML, ATF compliance machinery.

What is ApeCoin and How It Made The Bored Apes Richer

Bored Ape Yacht Club owners rejoiced, as ApeCoin launched with a generous airdrop for the NFT collection’s holders. Learn what ApeCoin is and how it made the Bored Apes richer in this Forkast explainer.

Kraken gets Abu Dhabi nod to offer full services in MENA

The Abu Dhabi Global Market (ADGM) Monday said it granted a full license to the global cryptocurrency exchange, allowing it to service customers across the Middle East and North Africa region. See related article: Dubai could be crypto’s promised land, Citi says Fast facts The license from the Financial Services Regulatory Authority (FSRA) of ADGM […]

What is Axie Infinity and how is it ushering in gaming 3.0?

Axie Infinity is a blockchain-based game that rewards players with cryptocurrencies and NFTs. Learn all about how Axie Infinity is creating a play-to-earn revolution in this Forkast explainer.

Axie Infinity hack proceeds continue to be laundered despite US sanctions

The Lazarus Group, the North Korean hacking group linked to the US$600 million Axie Infinity hack in March, is still laundering funds stolen from the hack despite sanctions imposed by the U.S.  See related article: Axie Infinity blockchain Ronin hacked for over $600M Fast facts Despite U.S. sanctions, North Korean hackers have been freely laundering […]

Dubai could be crypto’s promised land, Citi says

Dubai and neighboring Abu Dhabi have been on a tear when it comes to crypto service providers moving the core of their operations there.

Coinbase’s NFT market enters beta for select customers

Coinbase’s non-fungible token (NFT) platform launched its beta version for select customers on Wednesday. See related article: Coinbase and Binance move to diversify; Stablecoins under scrutiny Fast facts Only a few customers of the three million on the waitlist can access the beta market, but it is also open for public view. The beta platform […]

Caught between a rock and a hard place, Singapore tightens crypto oversight

A desire to stay in line with global anti-money laundering and anti-terrorism norms is forcing the city state’s hand when it comes to regulating cryptocurrency exchanges.

Ashton Kutcher, Mark Cuban-backed startup sells autographs as NFTs

Ink, the Ashton Kutcher and Mark Cuban-backed Web 3.0 platform that allows artists and creators to sign, draw or write on any form of digital content into non-fungible tokens (NFTs), launched Wednesday. See related article: Warner Music is ready to play in The Sandbox metaverse Fast facts By digitally signing any existing photo, album cover, […]

India’s WazirX cofounders move to Dubai

Cofounders of the Binance-backed Indian crypto exchange WazirX have reportedly moved to Dubai amid regulatory uncertainty and taxation, local media report. See related article: India’s crypto tax will incur losses for government, says WazirX CEO Fast facts Nischal Shetty and Siddharth Menon have reportedly moved to Dubai along with their families.  “Crypto has no boundaries,” […]

Why blockchain bridges have become DeFi’s Achilles heel

In the short history of DeFi, bridge hacks have accounted for an enormous amount of stolen funds, writes Joshua Tobkin. What can stop these attacks?

Stablecoins gain amid stormy crypto market in Q1: CoinGecko

The stablecoin market cap grew by US$23 billion in an otherwise lackluster market for crypto assets, according to a quarterly report by CoinGecko. See related article: Bitcoin follows blue chips south amid market turmoil Fast facts Stablecoins were among the biggest beneficiaries from investor “derisking” into stablecoins, CoinGecko said in its report, with USDT remaining […]

MobiKwik pulls crypto support; Twitter NFT hacker strikes again

In India, Mobikwik yanks crypto support. Meanwhile in the cyberspace, a Twitter hack promotes a fake NFT drop.

Bitcoin down amid crypto carnival in Miami

News of officials planning to shrink the Fed’s balance sheet by US$95 billion a month weighed on risk assets globally including Bitcoin which dropped about 5% Thursday early morning Asia time. See related article: Bitcoin, crypto market on the rise along with global markets Fast facts Bitcoin fell as much as 4.7% on sell off […]

Sky Mavis raises $150 mln to offset Ronin hack, Axie NFT sales surge more than 350%

News of Sky Mavis raising US$150 million to compensate users following the around US$600 million hack on its Ronin Bridge led to a surge in Axie non-fungible tokens (NFT) sales. See related article: Axie Infinity blockchain Ronin hacked for over $600M Fast facts Binance leads the round along with Hong Kong-based Animoca Brands, a16z, Dialectic, […]

Will London be Europe’s next crypto capital?

Top blockchain and cryptocurrency news: Britain’s crypto gamble. WAVES crashing. China’s big digital yuan push.

Waves’ Neutrino USD loses peg amid price manipulation allegations

Since March 31, WAVES’ price has dipped more than 45% while the ecosystem’s native stablecoin USDN has been knocked off its dollar peg.

UK to regulate stablecoins for payments in crypto hub push

The U.K. has released a detailed plan to regulate stablecoins as payments along with an intention to create a blockchain sandbox to mark Her Majesty’s entry into the “crypto hub” race. See related article: UK regulator may cancel Eqonex’s registration over Binance, Bifinity ties Fast facts The government plans to amend the Banking Act 2009 […]

How Bitcoin could become the collateral layer for the digital asset economy

Bitcoin is now a reserve asset for Terra’s UST. What does this portend for the $186 billion stablecoins market?

Why are stablecoins overwhelmingly backed by the US dollar?

Stablecoins are taking the world by storm and it’s the US dollar that outweighs any other fiat-backed cryptocurrency. What are the reasons for the greenback’s dominance?

Is Singapore retreating from its global crypto hub ambitions?

Singapore’s approach may seem increasingly anti-crypto to some, but not to those tracking its policies closely. Danny Chong of Tranchess explains what’s going on.

Wormhole to bridge Polkadot, Kusama to Ethereum, Solana

Polkadot parachain Acala and its Kusama-based counterpart Karura are integrating with cross-chain bridge Wormhole, bridging its decentralized finance (DeFi) ecosystems with eight major Layer 1 blockchains.  See related article: Polkadot is top crypto held by VCs and hedge funds in Q4 2021 Fast facts The Wormhole integration will bridge Acala and Karura to Ethereum, Solana, […]

Is Dubai the new crypto promised land?

Top blockchain and cryptocurrency news: Dubai’s crypto caravan. Mt. Gox unlocked. Digital yuan in play again.

Crypto.com, Bybit book tickets to Dubai to set up UAE bases

Singapore-based cryptocurrency exchanges Crypto.com and Bybit have announced that they will be setting up offices in Dubai, as the industry continues its migration towards the United Arab Emirates (UAE).  See related article: As Binance shrinks away in Asia, will it put down roots in the Middle East? Fast facts See related article: Ripple launches first […]

Killing it softly or regulating to innovate? India at the crypto crossroads

India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

Executive Summary

NFT sales amounted to US$18.5 billion in 2021 — a 570-fold increase from 2020 as avatars and digital art gained in popularity and organizations such as the NBA issued NFT collections that attracted an overwhelming response, data from NFT industry data aggregator CryptoSlam showed. With sales holding above US$2.5 billion in recent months and reaching […]

Echoes of El Salvador as Malaysian minister calls for crypto adoption

Top blockchain and crypto news: Bitcoin buzz in Malaysia. Yuga Labs teases Otherside. Blockchain verdict in China.

NFT Marketplace Competition Heats Up

Opensea, an NFT marketplace on the Ethereum blockchain founded in 2017, currently dominates the NFT landscape with a market share of over 80% as of February 2022. OpenSea’s monthly trading volume on Ethereum soared to a new record high of US$5 billion in January 2022, surpassing its previous peak of US$3 billion reached in August […]

The Metaverse Conquest | Interview with Sébastien Borget

The Sandbox metaverse is made up of 166,464 unique land NFTs, digital pieces of real estate, that players can own to publish their creations, monetize their games or rent to other creators. These lands will host a wide range of experiences, and their limited number makes The Sandbox seem like a virtual Manhattan when it […]

The Boost from Blockchain Gaming

From the lookout: Unbeknownst to those outside the NFT space, there’s a mammoth blockchain game on the horizon. Even before the launch of Star Atlas, which promises cinema-quality graphics, investors are already pouring millions of dollars to purchase in-game NFT items. The unreleased game’s leaderboard shows a player with US$4 million worth of assets. This […]

Trends Driving NFTs Growth

Avatars accounted for most of the growth in the NFT space in 2021, but diverse use cases are starting to emerge. More niche products are also emerging, including fractionalized property ownership, and DeFi products made specifically for the NFT ecosystem are expected to grow this year. Such developments were discussed in detail during interviews with […]

Trends Within the Trend

What major use cases or trends will we see in the NFT space in 2022? Trend 1: Mass adoption. Currently, we estimate there are around 1 million unique wallets globally that have been used to buy, sell or hold NFTs. We believe this number will rise sharply as more companies and developers create NFTs to […]