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Terra buys US$200 mln AVAX to back UST, promote cross-chain development

Terraform Labs (TFL) and the Luna Foundation Guard (LFG), the non-profit behind the Terra ecosystem, have acquired US$200 million worth of Avalanche’s AVAX tokens, diversifying its TerraUSD (UST) reserves beyond Bitcoin.  See related article: Terra’s US$10 billion Bitcoin Bet Sends LUNA to Record High Fast facts LFG purchased US$100 million worth of AVAX using UST […]

Jack Mallers’ Strike to bring Bitcoin shopping to Shopify 

Jack Mallers announced at Bitcoin 2022 Strike’s integration with Shopify to enable merchants to accept Bitcoin payments through the Lightning Network. See related article: Twitter chief says integration of BTC Lightning Network “a matter of time” Fast facts Mallers also revealed the Bitcoin payments platform bagged partnerships with NCR, one of the world’s largest point-of-sale […]

Coinbase’s India launch hits road bump

The governing body overseeing India’s Unified Payments Interface (UPI) said it isn’t aware of any cryptocurrency exchange using the platform, hours after Coinbase said users could use the same to buy and trade cryptocurrencies.  See related article: SEC threatens to sue Coinbase over high-yield savings account Fast facts Nasdaq-listed Coinbase launched crypto trading services in […]

First S.Korean bank issues crypto accounts for corporations

Shinhan Bank became South Korea’s first domestic lender to trial real-name corporate accounts for cash-to-crypto transactions, paving the way for an institutional crypto boom in the peninsula. See related article: South Korean banks find workaround to cash in on crypto services Fast facts Local regulations permit only licensed and bank-partnered crypto exchanges to offer cash-to-crypto […]

Opensea’s Solana beta begins; Binance bails out Sky Mavis

Chinese state media calls for stronger regulations of NFTs. Meanwhile, Sky Mavis raises $150M to offset Ronin hack.

Solana NFT sales drop by 21% after OpenSea integration

Non-fungible tokens (NFTs) on the Solana blockchain have been officially docked on OpenSea but sales have dropped by over 21% in the past 24 hours.  See related article: OpenSea’s Solana NFT integration, long rumored, is now real Fast facts While Ethereum continues to host the largest number of NFTs, Solana proponents argue that it is […]

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, […]

Binance.US valued at $4.5B following first seed round

Binance.US, headed for an IPO, has been valued at US$4.5 billion following a more than US$200 million fundraise in its seed round. See related article: Binance US on track for IPO Fast facts Investors include RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures and inclusion-focused companies such as Gaingels and Gold House, Binance.US said […]

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.

Lightning Labs raises $70m to bring stablecoins to Bitcoin

Lightning Labs raised $70 million in series B funding to build a stablecoin and asset protocol on the Bitcoin network. See related article: Will the growing regulatory heat on stablecoins stifle innovation? Fast facts Investors include Valor, Baillie Gifford, Goldcrest, Kingsway, Stillmark, Brevan Howard, NYDIG, and others. Elizabeth Stark, co-founder and CEO of Lightning Labs, […]

Lamborghini’s last all-gas Aventador to be auctioned with NFT

The Italian luxury car maker will auction the world’s first supercar 1:1 NFT before the Aventador becomes a V12-powered plug-in hybrid.  See related article: Sotheby’s will accept Bitcoin and Ether for 101-carat diamond auction Fast facts With the Aventador approaching the end of production, Lamborghini is collaborating with Krista Kim and Steve Aoki for the […]

South Korea’s Kakao to buy into Japanese crypto exchange

Kakao Piccoma, the group’s Japanese digital-comics subsidiary, acquired a major stake in Sakura Exchange BitCoin (SEBC) as part of its global expansion. See related article: Kakao Games rebrands subsidiary to focus on crypto, blockchain, Web 3.0 Fast facts Kakao Piccoma bought out SEBC Holdings’ stake for an undisclosed amount and said it will incorporate crypto […]

Could CBDCs help banks make DeFi irrelevant?

Unregulated and fragmented, DeFi remains niche, writes John Mitchell of Episode Six. Here’s how programmable money can help banks do what decentralized finance is doing.

Forkast Events

Our virtual and in-person events bring people together to join conversations that matter. Previous Events Crypto Rising CBDCS & Stablecoins: The Asia Perspective We are in a history defining moment where money is evolving. It’s not easy to replicate cash, and central bankers around the world face unique challenges. The U.S. is softening up to […]

Singapore tightens regulations on crypto, again

Singapore on Tuesday passed a law requiring virtual asset service providers to be licensed if they do business overseas, according to Bloomberg.  See related article: How Singapore is reimagining its ‘Asian crypto hub’ image Fast facts The new legislation is an attempt by The Monetary Authority of Singapore (MAS) to ensure that it has adequate […]

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.

Cut through the noise with curated stories

India to make life hell for crypto investors: MP

India needs to discourage people from investing in cryptocurrencies and digital assets, a senior MP from the ruling party told Forkast in an exclusive interview.

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 […]

Indonesia levies 0.1% VAT, income tax on crypto

Indonesia will tax income from crypto trading at 0.1% and impose an additional value added tax (VAT) of 0.1% on crypto transactions starting May. See related article: Indonesian regulators play catch-up as crypto investment soars Fast facts The tax rate is lower than the 11% tax that the Indonesian government levies on other goods and […]

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?

Crypto staking provider RockX raises $6M in Series A funding

RockX Tuesday said it raised US$6 million in series A funding, valuing the crypto staking platform serving institutional and high net worth investors at about US$30 million. Fast facts The funding was led by digital asset platform Amber Group and other crypto industry leaders including Matrixport, Primitive Ventures, FBG Capital, Draper Dragon, IMO Ventures, Alpha […]

DBS U-turns crypto trading plans; China expands e-CNY trials

DBS Bank reverses its crypto-trading decision. Meanwhile, China continues to expand e-CNY trial.

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.

Ronin hack proceeds seen headed to Tornado Cash

At least 500 Ether looted from the US$600 million Ronin hack has been transferred to Tornado Cash. See related article: Axie Infinity blockchain Ronin hacked for over $600M Fast facts An Ethereum address associated with the hack made two 100 ETH deposits to Tornado Cash on Monday morning Asia time. Over an hour later, the […]

DBS Bank slams brakes on retail crypto trading

Singapore’s largest lender won’t expand cryptocurrency trading on its exchange to retail investors any time soon due to “regulatory restrictions” in the island state. See related article: How Singapore is reimagining its ‘Asian crypto hub’ image Fast facts CEO Piyush Gupta said that regulatory agencies are “rightfully concerned” about holding back cryptocurrency trading for retail […]

New owner gives Pudgy Penguins NFTs happy feet

Prices of Pudgy Penguins non-fungible tokens (NFTs) collection recovered as the community got a new leader. They now trade at 2.85 ETH on marketplace OpenSea, and 2.98 ETH on LooksRare after hovering around 1 ETH for most of March. See related article: Why Asia is poised to be the next big market for an NFT […]

China’s digital yuan is now in 23 cities

The People’s Bank of China said it expanded its digital yuan pilot program to 11 more cities, including in Hangzhou, which hosts the Asian Games in September. See related article: The digital yuan’s de-dollarization Fast facts The 11 cities that will trial China’s central bank digital currency (CBDC) are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and […]

Calling a spade a spade holds Binance’s lesser known cofounder in good stead

As the world’s biggest cryptocurrency exchange battles the onslaught of regulators globally, cofounder Yi He is stepping out of the shadows to help steer the company.

How decentralization is making everyone their own CEO

The emancipatory promise of decentralization has been both evangelized and excoriated. The Algorand Foundation’s Jason Lee explains why we should be believers.

China’s e-CNY push; India’s crypto tax kicks in

India’s long-awaited crypto tax comes into effect. Meanwhile, China expands the digital yuan program.

NFT buyers dip for a second straight month

In contrast to the rising crypto market, NFT sales have declined significantly in March, but one industry watcher says there’s no need to panic just yet.

Ronin hack delays Axie Infinity upgrade

Sky Mavis, the developer of the popular blockchain game Axie Infinity, delayed its highly anticipated Origin upgrade in response to the recent hack worth over US$600 million on its Ronin network.  See related article: Top NFT game Axie Infinity generated $1.3B in revenue last year Fast facts The Vietnam-based developer’s new Origin upgrade will now […]

BNY Mellon to become custodian for USDC reserves

Circle has selected one of America’s oldest banks, BNY Mellon, as the primary custodian for the world’s second-largest stablecoin USDC’s reserves. See related article: USDC to be 100% backed by cash, US Treasuries Fast facts USDC issuer Circle chief Jeremy Allaire had claimed the stablecoin became 100% backed by cash and short-term treasury bills after […]

South Korean banks seek green light on crypto

The Korea Federation of Banks (KFB) may request South Korea’s incoming presidential administration to approve local banks servicing cryptocurrencies, according to a leaked draft report. See related article: South Korea’s largest financial group mulls crypto ETFs Fast facts KFB, the largest body representing domestic lenders, wrote in its report that banks should be permitted to […]

China’s digital yuan expands to five more cities

Residents in five more Chinese cities were able to access digital yuan wallets starting Thursday, marking a major development for central bank digital currencies (CBDCs) globally.  See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims Fast facts See related article: Digital yuan pilot attracts Chinese province bordering Russia

Crypto tax in India is now a reality 

India’s 30% flat levy on all capital gains made on cryptocurrencies kicked in on April 1 in a development likely to stifle the relatively nascent industry in the country. See related article: India’s crypto tax will incur losses for government, says WazirX CEO Fast facts Finance minister Nirmala Sitharaman has been facing investor backlash over […]

European Union to track all crypto transfers

European lawmakers have voted to introduce new legislation designed to stop illicit flows amid industry pushback claiming the measures will stifle innovation and infringe on privacy. See related article: EU votes against de facto Bitcoin mining ban Fast facts The proposal requires crypto service providers to collect information on senders and beneficiaries in all crypto […]

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, […]

WeChat bans NFT accounts, citing ‘crypto speculation’

WeChat has blocked more than a dozen accounts belonging to non-fungible token (NFT) marketplaces from its social media platform, citing prevention of “crypto speculation.” See related article: China state-backed paper’s NFTs surge in price on second-hand market Fast facts When visited, the banned accounts of the NFT marketplaces displayed a message from WeChat: “No legal […]

India’s financial stability at risk from cryptos: IMF

The International Monetary Fund (IMF) is voicing concerns over the adoption of cryptocurrencies in India, suggesting it poses significant risks to the country’s financial stability, local media report. See related article: Killing it softly or regulating to innovate? India at the crypto crossroads Fast facts Crypto assets pose significant risks, including to financial stability in […]

Should Tether’s shrinking cash reserves be cause for investor worry?

USDT, the world’s largest stablecoin, is now backed by much smaller cash reserves than before. XREX analyzes the risks.
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Metapolis’ Zilliqa surges 80% over 24 hours, outpacing Solana’s OpenSea integration

Zilliqa is leading Thursday’s crypto market with an 80% charge over the last 24 hours, part of a 270% weekly pump since its metaverse-as-a-service platform Metapolis launch event was announced.

Can Ethereum’s proof-of-stake transition save the planet?

Ethereum’s transition to proof-of-stake promises to dramatically lower energy consumption, curbing greenhouse gas emissions that would require an annual offset by a forest roughly the size of Belgium.

Is Dubai the new crypto promised land?

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

Indian district issues caste certificates on Polygon

A district government in Maharashtra, India, has started stamping 65,000 caste certificates through LegitDoc, a document-verifying system on the Polygon blockchain.  See related article: India releases ‘National Strategy on Blockchain’ for e-governance Fast facts In India, caste certificates are used by marginal communities such as tribes to gain access to certain government benefits and subsidies.  […]

Indian MP proposes raising crypto tax higher than 30%

Sushil Kumar Modi, a member of Parliament (MP), has urged India’s finance minister Nirmala Sitharaman to consider raising the capital gains tax on crypto income to over 30%, the flat rate scheduled to kick in from April 1.  See related story: India’s tax bogeyman is scaring off young crypto investors Fast facts The minister argued […]

Hong Kong Exchange to trial digital assets trading in ‘Diamond’ pilot

The Hong Kong Exchange (HKEX) Tuesday revealed plans to launch “Diamond,” a trading platform to pilot digital assets in 2022.  See related article: China’s e-CNY pilot to boost Hong Kong as offshore yuan trading center Fast facts See related article: Hong Kong to propose bill to license crypto exchanges

DeFi lender Aave’s token has surged over 80% since V3 launch

Decentralized finance (DeFi) lending protocol Aave’s governance token surged 84% since its March 16 V3 upgrade, and was trading at US$220.01 at press time, according to CoinGecko data.  See related article: DeFi lending platform Aave to ‘build Twitter on Ethereum’ Fast facts Aave is also the top gainer in the past 24 hours with a […]

OpenSea’s Solana NFT integration, long rumored, is now real

Leading non-fungible token (NFT) marketplace OpenSea has released a teaser of its long-rumored integration of NFTs on the Solana blockchain, now planned for April. See related article: What is the Solana ecosystem and how is it fueling SOL’s stratospheric rise? Fast facts OpenSea’s teaser video shared on Twitter on Tuesday morning Asia time displayed a […]

India’s biggest telecom firm latches onto metaverse

Bharti Airtel Ltd., India’s largest wireless telecom services provider by active users, is planning to cash in on the metaverse by leveraging its upcoming fifth-generation radio waves (5G) network, according to local media reports.  See related article: Who are the biggest players in the metaverse today? Fast facts Airtel is seeking partnerships with content providers […]

Axie Infinity blockchain Ronin hacked for over $600M

Ethereum sidechain Ronin, where play-to-earn blockchain game Axie Infinity runs, has been hacked for over US$600 million in crypto, making it one of the biggest hacks in crypto history. See related article: Axie Infinity becomes first NFT series to break $4B in sales Fast facts Ronin said the hacker compromised four of their own validator […]

Binance wants to play ball with regulators

Binance is racing to anchor its sprawling global operations as regulators in China, where it was founded in 2017, go after firms for lax know-your-customer practices.

Terra’s US$10 billion Bitcoin Bet Sends LUNA to Record High

Terra’s LUNA, the eighth largest cryptocurrency by market capitalization, reached a new all-time high of US$106.14 on Tuesday early afternoon Asia time, following a US$135 million purchase of Bitcoin.

Gaming fintech firm enables Bitcoin tips for streamers

Gaming fintech ZEBEDEE launched ZBD Streamer on Tuesday, enabling content creators to collect Bitcoin tips while live streaming on online platforms including Twitch and YouTube.  See related article: PlayNFT plug-in to enable streamers to offer NFTs on Twitch Fast facts Viewers can send tips using a Bitcoin Lightning wallet, with an option to send custom […]

UAE becoming crypto hub; India’s tax bogeyman

The UAE is becoming the new crypto hub of the world. Meanwhile in India, high crypto taxes are scaring away young investors.

Xiamen reveals plan to bolster its metaverse, NFT-related firms

Xiamen has revealed its three-year action plan to nurture its cluster of metaverse firms involved in non-fungible tokens (NFTs), VR/AR, chips and related hardware with over 100 million yuan (US$15 million) in revenue, according to the local government’s working plan. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related […]

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 […]

Like it or not, blockchain and P2E will disrupt the traditional gaming space

Despite criticisms of play-to-earn games, blockchain innovations are here to stay and represent gaming’s future, writes William Wu of Catheon Gaming.

Bitcoin ETF rejection could trigger Greyscale to sue the SEC

Greyscale Investments might sue the U.S. Securities and Exchange Commission (SEC) if its filing to convert its US$30 billion Bitcoin trust into an exchange-traded fund (ETF) is rejected, company CEO Michael Sonnenshein told Bloomberg. See related article: Bitcoin price hits all-time high after ProShares ETF debut Fast facts The SEC’s deadline to approve or reject […]

Binance US on track for IPO

Binance US is on track for an initial public offering (IPO) in two to three years, with a “couple of hundred million dollars” in funding to be announced in April, Binance US CEO Brian Shroder said at the Binance Blockchain Week on Monday.  See related article: Binance US under probe for ties with trading affiliates: […]

Ukraine’s NFT museum; Bitcoin on the up.

Ukraine launches its NFT Museum of War. Meanwhile, Bitcoin passes $47,000 mark.

ASX blockchain upgrade delayed for fourth time

The Australian Securities Exchange (ASX) has announced its highly anticipated AU$250 million (US$187 million) blockchain project has been delayed for release until late 2023 at the earliest. See related article: Australian Securities Exchange to launch crypto-related ETF Fast facts CHESS, or Clearing House Electronic Subregister System, was initially slated for a blockchain upgrade by April […]

World of Women Galaxy NFTs sell out in 3 days

World of Women (WoW) Galaxy, the second non-fungible token collection launched by WoW, a community focused on increasing diversity and inclusion, was sold out within three days after launching with US$14 million in primary sales.   See related article: Ukraine’s NFT museum of Russian conflict goes live Fast facts Total WoW Galaxy sales in the past […]

Asian Games set for digital yuan, metaverse pilots, tech firm claims

A Hangzhou-based data firm has confirmed that it is working on the application of the digital yuan and the metaverse in the upcoming 2022 Asian Games.  See related article: China’s digital yuan app now publicly accessible, one step closer to launch Fast facts See related article: 2022 Asian Games in Hangzhou to sell torch NFTs […]

South Korea recruits NFT experts for metaverse boot camp

South Korea’s Ministry of Science and ICT (MSIT) is recruiting extended reality, artificial intelligence, and non-fungible token (NFT) experts for its upcoming boot camp designed to train future metaverse professionals.  See related article: South Korea wants to be the physical home of the metaverse Fast facts MSIT is launching what it calls the nation’s first […]

Ukraine’s NFT museum of Russian conflict goes live

Ukraine’s Ministry of Digital Transformation launched the Meta History Museum of War on Friday, a museum hosted on the Ethereum and Polygon networks that chronicles the country’s war with Russia through non-fungible tokens (NFTs). See related article: Zelenskyy legalizes cryptocurrency in Ukraine Fast facts “Disinformation is used by Russia on a par with deadly military […]

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.

Azuki spikes past Bored Apes in daily sales

Azuki, an anime-inspired NFT avatar collection, surged over 140% in the past 24 hours to top Friday’s sales volume chart, surpassing Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club, according to CryptoSlam data.  See related article: Azuki, CryptoPunks battle it out for week’s top NFT title Fast facts With its latest spike, Azuki’s […]

DeFi, NFT access at stake as FATF travel rule takes effect in South Korea

Flexibility allowed in new rule requiring crypto companies to comply with anti-money laundering guidelines leads to some confusion.

Bitcoin legal tender status meets stop sign in Malaysia

Malaysia’s deputy finance minister Shahar Abdullah turned down a proposal to adopt Bitcoin as legal tender on Thursday, calling cryptocurrency unfit for payments.  See related article: Malaysia ministry: adopt crypto as legal tender to engage the young Fast facts Abdullah voiced concerns around cryptocurrencies’ price volatility and cyber security risks. Zahidi Zainul Abidin, the deputy […]

S.Korea tosses travel rule private wallet compliance to exchanges

South Korea’s financial watchdog has passed on the compliance of private cryptocurrency wallets to exchanges, as the Financial Action Task Force (FATF) travel rule went into effect on Friday. See related article: FATF updates regulatory guidance for crypto industry Fast facts “The travel rule only regulates transactions among individuals. There isn’t any rule pertaining to […]