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Terra LUNA’s sacrifice pushes UST to US$0.84

TerraUSD (UST) climbed to a high of US$0.84 on Thursday after Terra proposed a network upgrade to increase the blockchain’s native token LUNA, in hopes to save its algorithmic stablecoin’s peg to the greenback.   See related article: Run on UST cuts the ground from under Terra’s feet Fast facts The UST is minted by locking […]

China’s industry lobby forms metaverse committee to help draft standards

China’s state-backed computer industry association set up a dedicated committee for metaverse development on Wednesday amid the country’s growing expansion into the virtual-reality world, local media reported. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts In an online seminar organized Wednesday by the industry lobby, Tan Jianrong, a professor of […]

How Yuga Labs’ NFT sale failed to put its community first

The ‘virtual land’ sale that broke Ethereum was also a fiasco for buyers. Should Yuga Labs have seen it coming and taken preventative action?

Australia’s first Bitcoin and Ethereum spot ETFs go live

Australia’s first three cryptocurrency exchange-traded funds (ETF) launched on the Cboe exchange on Thursday, bringing Bitcoin and Ethereum products to the stock market. See related article: Launch of three crypto ETFs in Australia delayed Fast facts One of the funds, the Cosmos Purpose Bitcoin Access ETF (CBTC) from Cosmos Asset Management, tracks the Purpose Bitcoin […]

Coinbase blames India’s central bank for exit

The travails of the largest cryptocurrency exchange in the U.S., highlight the perilous path foreign companies have to brave in India’s evolving, but often ambivalent regulatory environment, especially when it comes to new technologies, and industries. 

Yellen’s stablecoin warning; China’s e-CNY plans looking shaky

Treasury Secretary Janet Yellen cites UST’s downfall as warning over stablecoins. Meanwhile, China postpones Asian Games and e-CNY rollout.

Terra plunges back to earth as UST stablecoin loses dollar peg

Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.

KuCoin raises US$150 mln at US$10B valuation

The series B round, led by Jump Crypto, helped push the cryptocurrency exchange’s valuation to US$10 billion, KuCoin said.

Covid-19, postponed Asian Games to push digital yuan into the slow lane?

China’s central bank is driving the adoption of the digital currency, but a spate of lockdowns is slowing the economy and raising questions about the rollout.

Coinbase halted India services due to RBI’s ‘informal pressure’: Armstrong

Coinbase CEO Brian Armstrong admitted in Tuesday’s earnings call that the exchange disabled the unified payments interface (UPI) in India because of the central bank’s “informal pressure.” See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Armstrong’s comments come a month after Coinbase suspended its India services three […]

Coinbase shares extend free fall on drop in crypto trading, loss

Coinbase shares are down some 80% from their 52-week high of US$368.90 a share on Nov. 9 through Monday, closing at US$72.99. The stock dropped 19.5% overnight after the U.S.-based cryptocurrency exchange reported a Q1 net loss of US$430 million as trading volume declined 44%. See related article: Coinbase NFT marketplace is now open to […]

ADDX, Fullerton partner to tokenize PE fund of funds

Singapore-based private market exchange ADDX has partnered with Temasek subsidiary Fullerton Fund Management to list Fullerton’s private equity fund of funds (FOF) on its digital platform, ADDX said in a statement.  See related article: Digital securities exchange ADDX join Investcorp to offer tokenized US real estate fund Fast facts The Fullerton Optimized Alpha Fund is […]

Bitcoin mining difficulty at a record high

Bitcoin mining difficulty hit another all-time-high on Wednesday, recording a 4.9% increase from the previous adjustment last month. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts The mining difficulty reading is now at 31.25 trillion at a block height of 735,840, according to BTC.com data.  The previous […]

Not worried about Bitcoin margin call: MicroStrategy’s Michael Saylor

The CEO of business analytics software firm MicroStrategy took to Twitter to reassure investors as an outsized bet on Bitcoin faltered. See related article: Has Bitcoin become a victim of its own success? Fast facts If the price of Bitcoin falls below US$3,562, the company could post some other collateral, Saylor claimed. MicroStrategy has a […]

Bitcoin kimchi premium spikes to 2022 high before dropping to 3%

South Korea’s kimchi premium dropped to around 3.39% on Wednesday after climbing up to its highest since December, 6.28%, on Tuesday, according to CryptoQuant data. See related article: Korea’s Bitcoin kimchi premium explodes as Kakao rises on Upbit rumors Fast facts Kimchi premium describes the higher price gap between tokens on South Korean exchanges and […]

Terra’s UST fiasco cited by Yellen, who warns about stablecoins

U.S. Treasury Secretary Janet Yellen reiterated her stance on stablecoin regulations and said it’s “highly appropriate” to have a framework ready by the end of this year, as TerraUSD (UST) loses its dollar peg. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts Yellen said at a Tuesday hearing […]

Azuki fortunes reverse as sales soar after floor price drop

Azuki non-fungible token (NFT) sales rose by more than 800% in the past 24 hours after a 50% floor price dive due to rug pull allegations against the founder. See related article: Twitter hacker takes over verified accounts to promote fake Azuki NFT drop Fast facts More than US$50 million worth of Azukis have been […]

Terra’s UST loses dollar peg; Philippines expects Marcos Jr win

Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.

Run on UST cuts the ground from under Terra’s feet

A probable run on terraUSD (UST) has weighed on the ability of the company and the non-profit behind the pioneering stablecoin project to defend its dollar peg.

CoinDCX investment arm to invest US$13 mln in Web3 startups

CoinDCX Ventures has pledged Rs 100 crore (US$13 million) to early stage cryptocurrency, blockchain and Web 3.0 startups over the next 12 months, cofounder Sumit Gupta announced on Tuesday. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts Crypto exchange CoinDCX has vouched at least US$258,000 in blockchain and Web […]

TZ APAC, NUS join for blockchain, computing education

Blockchain consultancy TZ APAC has partnered with the National University of Singapore School of Computing (NUS Computing) to set up the Centre for Nurturing Computing Excellence, the company said in a statement.  See related article: CoinDCX chimes in on India’s growing blockchain education needs Fast facts The new center will enable students to learn from […]

India GST Council weighs 28% tax on crypto transactions

Indian tax authorities are exploring the implementation of a 28% goods and services tax (GST) on all cryptocurrency transactions, adding to a 30% tax on profits from crypto asset trading that kicked in on April 1, according to local media reports.  See related article: After crypto, India wants to come after DeFi Fast facts The […]

China broadens digital yuan trial to select hospitals, Tianjin civil salaries

The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments. See related article: Central banks double down on CBDC issuance: BIS report Fast facts See related article: […]

Three Australian crypto ETFs to debut on Thursday after delays

Australia’s first cryptocurrency exchange-traded funds (ETFs) are set to go live on Thursday May 12 on the country’s Cboe exchange after delays kept the financial products off the market for two weeks. See related article: Launch of three crypto ETFs in Australia delayed Fast facts Three funds were initially announced for listing in late April […]

Coinhako receives full license in Singapore

The Monetary Authority of Singapore granted the crypto exchange a Major Payment Institution license, allowing it to provide Digital Payment Token (DPT) services under the Payment Services Act, the company said.  See related article: Singapore wants to bring some adult supervision to crypto Fast facts In Singapore, cryptocurrency exchanges are required to be licensed and […]

How tokenization could transform Hong Kong’s fixed income markets

Tokenizing capital markets could offer greater efficiency and liquidity. How would that work in Hong Kong’s regulatory environment?
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El Salvador snaps up US$15 mln in Bitcoin after price plunge

El Salvador this week bought 500 Bitcoins for US$15.37 million, taking advantage of a sharp price decline to add to its holdings of the cryptocurrency, which is also legal tender in the Central American country.  See related article: El Salvador to build world’s first ‘Bitcoin City’ to be powered by volcanoes Fast facts “El Salvador […]

UST loses dollar peg as Terra market cap slumps

Terra’s dollar-pegged stablecoin, terraUSD (UST), “depegged” for the second time this week, dropping to as low as US$0.6841 in Tuesday morning trading in Asia, according to CoinMarketCap. It has since recovered slightly. See related article: What are stablecoins, and why are some governments so afraid of them? Fast facts Terra’s price also dropped by over […]

Why Gen Z could turn to DeFi mortgages to build real estate wealth 

Gen Z is already keen on metaverse real estate. Will using DeFi to finance property deals — in the real or virtual world — be the next frontier?

India’s oldest depository launches blockchain for bonds

India’s National Securities Depository Ltd. (NSDL) introduced a distributed ledger technology platform for the Debenture Covenant Monitoring system on Saturday to enhance monitoring of bonds. See related article: Indian market regulator asks depositories to use blockchain Fast facts The Debenture Covenant Monitoring system’s decentralized ledger will provide an immutable and verifiable audit trail of transactions […]

Digital yuan gets green light on buses, trains in Xiamen, Guangzhou cities

China’s digital yuan is now accepted on Guangzhou city trams and can be used to recharge Xiamen’s city public transport card, as the metropolises join an expanding network of cities using the digital currency. See related article: Chinese state media calls for wider e-CNY adoption Fast facts See related article: Xiamen issues China’s first blockchain-based […]

China’s diktat against NFT flipping spawns an ingenious industry

Despite Beijing’s rhetoric against speculation in non-fungible tokens, some in mainland China are trading on WeChat groups, spawning an industry that caters to the fervor over the asset class.

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 […]

Instagram to support NFTs for crypto art

Instagram, the social media platform owned by Meta, plans to support non-fungible tokens (NFTs) for crypto art from several blockchain networks, with the pilot project happening as soon as Monday, CoinDesk reports.  See related article: Bored Apes Instagram hack nets millions in stolen NFTs Fast facts Instagram will allow users to post and share NFTs […]

Nvidia to pay US$5.5 mln for inadequate disclosure of crypto mining earnings

Graphics card giant Nvidia has agreed to pay a US$5.5 million fine for inadequate disclosure on its sales related to cryptocurrency mining in its 2018 financial statements.  See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Crypto mining was a “significant element of its material revenue growth from […]

Bitcoin, crypto market dive to lowest mark since February

Almost US$250 billion has been wiped from the cryptocurrency market since Thursday, with Bitcoin tumbling below US$35,000 on Monday for the first time since February. See related article: Bitcoin falls with Nasdaq’s worst performance since 2020 Fast facts Fellow market leader Ethereum was trading at US$2,532 at press time. Terra LUNA was among the biggest […]

De-layered and durable: How DeFi will boost the finance sector’s resilience

As decentralized finance redefines the way money moves, a do-or-die moment is approaching for traditional finance sector businesses, says Anthony Scaramucci.

Global NFT Sales Rise; Hong Kong Embraces NFTs

Bitcoin falls as Nasdaq hits its worst drop since 2020. Meanwhile, NFT exhibitions are popping up in Hong Kong.

Hong Kong retail, art hub rolls out the carpet for NFTs. What would Bruce Lee think?

Hong Kong’s K11 retail and art complex is host to three events to showcase the new, wild and expensive world of non-fungible tokens as (debatable) art.

Central banks double down on CBDC issuance: BIS report

A 2021 poll of 81 central banks by the BIS reveals that work on retail CBDCs has moved into more advanced stages, driven by a need to increase financial stability amid the pandemic, and the emergence of stablecoins.

De Beers to use Tracr blockchain to assure sourcing of diamonds

The diamond firm De Beers said it is deploying its Tracr blockchain, at scale, to provide immutable records of every diamond’s origin. See related article: Diamond sets record for most expensive object bought with crypto Fast facts De Beers, which developed Tracr, has already registered a quarter of its production by value on the network. […]

Bumper April helps NFTs break out of bear-market territory

The non-fungible token market posted a strong bounceback in April. As one industry watcher tells Forkast, the nature of the rebound points to more room for recovery.

Gaming startup Untamed Planet gets US$24.3 mln to build natural world in the metaverse

Untamed Planet has closed a Series A funding round led by Animoca Brands and built a partnership with Animoca’s video game arm nWay to create a natural world in the metaverse, Animoca said in a press release. See related article: Need for Speed gets Hong Kong’s Animoca in driver’s seat Fast facts The project, the […]

Twitter spinoff Bluesky releases its first code ADX

Twitter-backed Bluesky, a company researching and developing open and decentralized standards for social media, released its first code on Thursday called Authenticated Data Experiment (ADX) on GitHub. See related article: Twitter’s Bluesky announces new project lead Fast facts Unlike centralized social media platforms where user-generated content is stored in the platform’s servers, ADX data is […]

Binance, a16z among investors backing Musk’s Twitter bid with US$7B

Three dozen investors, including Binance, Sequoia Capital, Andreessen Horowitz and Fidelity Management & Research, have provided financing commitments of US$7.14 billion in support of Elon Musk’s bid to buy Twitter, regulatory filings show.  See related article: Twitter accepts Musk’s US$44B bid, sends Dogecoin to crypto top 10 Fast facts Oracle co-founder Lawrence Ellison was the […]

SEC places Chinese crypto mining rig maker Canaan on pre-delisting list

T​he Securities and Exchange Commission (SEC) said it determined that Canaan used an auditor whose working papers cannot be inspected or investigated completely by the Public Company Accounting Oversight Board (PCAOB).  See related article: Canaan to buy back up to $100M shares to drive value Fast facts The SEC Wednesday said it is placing 88 […]

Pantera Capital closes 10 deals in India, including one with crypto unicorn CoinDCX

Pantera Capital, a U.S. hedge fund specialized in cryptocurrency investment, has closed about 10 deals in India, including one with crypto unicorn CoinDCX, Paul Veradittakit, a partner at Pantera, told The Economic Times. See related article: Temasek leads $200M funding round in crypto firm Amber Fast facts “We plan on doing a lot more (investments) […]

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 […]

President-elect’s crypto plans disappoint S.Korean fintech groups

The Korea Society of Fintech & Blockchain (KSFB) and the Korea Digital Asset Service Provider Association (KDA) labeled President-elect Yoon Suk-yeol’s cryptocurrency policy proposals as disappointing for leaving out crucial objectives. See related article: S.Korea’s incoming administration pushes to end ICO drought Fast facts South Korea’s incoming right-wing administration released 110 national tasks on Monday […]

Bitcoin falls with Nasdaq’s worst performance since 2020

The Nasdaq Composite had its worst drop since June 2020, closing Thursday down 4.99% the day after the U.S. Federal Reserve announced the sharpest interest rate hike since 2000. See related article: Bitcoin flirts with US$40K as Fed stamps highest rate hike in 22 years Fast facts The cryptocurrency market joined the selloff, losing over […]

Pakistan mulls crypto future; Bitcoin’s Fed boost

Pakistan forms subcommittees to consider the future of crypto. Meanwhile, the Fed Rate hike sees Bitcoin flirt with US$40K.

Coinbase NFT marketplace is now open to all

Coinbase’s non-fungible token (NFT) marketplace has opened to all customers after the beta version was released to a select group of users in April, the Nasdaq-listed cryptocurrency exchange announced on Wednesday. See related article: Coinbase’s NFT market enters beta for select customers Fast facts Coinbase first announced its NFT marketplace in October 2021, and over […]

10 Bored Apes win features on Monkey Shoulder bottles for royalties

Luxury liquor non-fungible token (NFT) marketplace BlockBar has selected 10 Bored Ape Yacht Club (BAYC) avatars to be featured on 100 Monkey Shoulder limited edition NFT bottles, earning rights to 5% of sales in royalties.  See related article: BlockBar and Monkey Shoulder partner for BAYC exclusive NFTs Fast facts The 10 BAYCs selected by BlockBar […]

Binance bags its first European license in France

Binance has received regulatory approval in France, as the world’s largest cryptocurrency exchange continues its global expansion and push for regulatory compliance. See related article: Binance wants to play ball with regulators Fast facts Binance has obtained a digital asset service provider (DASP) registration with France’s Autorité des marchés financiers (AMF), the finance market watchdog […]

Blockchain can transform international trade, but big hurdles remain

Blockchain can save time, money and reams of paperwork, writes Tim Bailey of Red Date Technology. But its future in global trade remains uncertain.

Pakistan takes a fresh look at cryptocurrency

Pakistan’s federal government has formed three subcommittees to explore the future of cryptocurrencies and related services, local media report.  See related article: Pakistani central bank echoes RBI’s concerns over crypto Fast facts The first panel is chaired by the law secretary with the State Bank of Pakistan (SBP), with the Federal Investigation Agency (FIA) and […]

Kazakhstan orders Bitcoin miners to file status reports

Kazakhstan is mandating that cryptocurrency miners file regular status reports in a new ministerial order, as the Central Asian nation attempts to gain a stronger grip on the sector. See related article: Ex-Kazakh president’s brother busted for illegal crypto mining Fast facts Crypto miners must submit information including locations of mining facilities, IP addresses, power […]

Bitcoin flirts with US$40K as Fed stamps highest rate hike in 22 years

Total cryptocurrency market capitalization rose by 5.4% as the U.S. Federal Reserve announced it is raising interest rates by 50 basis points, the sharpest since 2000. See related article: Has Bitcoin become a victim of its own success? Fast facts The increase creates a target range of between 0.75% and 1% following a 25 basis […]

Bitcoin’s role in a recession; Virtual NFT vacations

KakaoBank reviews a partnership with a local crypto exchange. Meanwhile, an Indian travel company launches NFTs of travel landmarks.

Otherdeeds NFT sale puts Ethereum scalability in glaring spotlight

Top blockchain and crypto news: Otherdeeds debacle stings with gas fee spike. Algorand scores World Cup deal. Will China be forced to embrace Bitcoin?

Has Bitcoin become a victim of its own success?

Except for a bout of recession in March 2020, Bitcoin has been fairly resilient to the vagaries of global financial crisis. But with murmurs of another recession gaining steam, Forkast examines the cryptocurrency’s relevance as a safe haven.

My brief wondrous life as an Axie Infinity gamer

Crypto rookie Joel Stein dives into Axie Infinity and the curious economics of ‘play to earn.’ Will his teenage gaming dreams come true?

Wildlife conservatory Australia Zoo announces NFT project with Algorand

Australia Zoo, a wildlife conservatory related to the family of noted conservationist Steve Irwin, has announced a non-fungible token (NFT) series on the green blockchain Algorand to celebrate the 20th anniversary of its Wildlife Warriors conservation project.  See related article: Algorand becomes 2022 Qatar World Cup’s new blockchain partner Fast facts Created in partnership with […]

S.Korea’s incoming administration pushes to end ICO drought

South Korean president-elect Yoon Suk-yeol’s administration has included approval of initial coin offerings (ICOs) among its 110 national tasks announced Monday. See related article: Crypto is presidential election campaign issue for South Korea Fast facts The right-wing government will prepare a two-lane regulatory framework for ICOs by classifying digital assets as securities and non-securities. The […]

Clearpool launches US$25 mln permissioned liquidity pool with Jane Street, BlockTower Capital

Decentralized finance (DeFi) lending protocol Clearpool announced Tuesday the launch of a permissioned liquidity pool in partnership with quantitative trading firm Jane Street and crypto and blockchain investment firm BlockTower Capital. See related article: Nexo and Fidelity Digital Assets expand institutional lending services Fast facts The liquidity pool has been funded with US$25 million worth […]

S.Korean KakaoBank considers crypto exchange partnerships

South Korean digital bank KakaoBank announced on Tuesday at its quarterly business performance conference it is reviewing a partnership with a local cryptocurrency exchange. See related article: South Korean banks seek green light on crypto Fast facts “As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets […]

MakeMyTrip launches NFT collection of top Indian travel spots

Indian online travel company MakeMyTrip has launched a non-fungible-token (NFT) collection of Indian tourist destinations, becoming the first Indian travel brand to step into the NFT space.  See related article: Is there a future for the NFT beyond digital art? Fast facts The NFT collection “Virtual Vacations!” aims at bringing to life “a kaleidoscopic meta-world […]

The SEC is building a SWAT team to combat crypto crime

The Securities and Exchange Commission (SEC) said it is expanding its crypto asset enforcement team by adding 20 positions, in a move to bolster its efforts to combat cybercrime associated with cryptocurrency. See related article: Peirce dissents from SEC’s US$100M BlockFi settlement Fast facts The SEC on Tuesday said that its staff strength in a […]

MicroStrategy posts Q1 revenue loss amid falling Bitcoin price

MicroStrategy Inc., the world’s largest corporate holder of Bitcoin, reported a total revenue of US$119.3 million in Q1, a 2.9% year-over-year decrease. See related article: Terra’s US$10 billion Bitcoin Bet Sends LUNA to Record High Fast facts As of March 31, MicroStrategy’s 129,218 BTC under management had a carrying value of US$2.896 billion and a […]

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 […]

Square Enix sells Tomb Raider; US, China’s crypto fate

Algorand becomes FIFA’s new blockchain partner for the 2022 competition. Meanwhile, Square Enix sells Tomb Raider IP for blockchain ventures.

After crypto, India wants to come after DeFi

The Indian government is exploring ways to levy additional taxes on interest earned on cryptocurrencies through decentralized finance (DeFi) platforms located outside India, according to an Economic Times report. See related article: India tax breaks crypto’s back Fast facts The government wants to impose a 20% tax deducted at source (TDS) or factory-gate levy for […]