South Korea’s crypto exchange Coinone makes the cut, but not Bithumb
The Financial Intelligence Unit (FIU) has accepted Coinone’s compliance report with South Korea’s latest crypto regulations, while Bithumb is left as the only crypto trading platform out of the country’s four major exchanges to not be officially registered under the FIU. Fast facts Coinone became the third official cryptocurrency exchange of South Korea, following Upbit […]
How charities can use NFTs to amp up fundraising from viral content
Charities are just beginning to explore the potential of NFTs, writes Billy Sebell of XinFin Network. Here’s how NFTs can help raise big money beyond artwork auctions.
Indonesia’s top Islamic council says crypto use is forbidden for Muslims: report
The religious body’s decision comes after the country saw crypto transaction growth earlier this year.
This Brazilian digital bank wants to change the world, one block at a time
Covid laid bare the gaps in people’s access to banking services. Moeda Seeds is looking not just to fill the gaps but to change the banking paradigm.
Double Eleven: 240,000 orders by e-CNY on top e-commerce platform JD.com
More than 100,000 consumers used China’s central bank digital currency (CBDC) to make some 240,000 purchases on China’s top e-commerce platform JD.com on the annual shopping festival Double 11 [11.11], according to the platform’s report. Yet that is likely only a fraction of total Nov. 11 digital sales. Fast facts Double11 refers to a Chinese […]
Russian parliamentarian proposes to study and regulate crypto mining
The Russian government could be looking to legalize cryptocurrency mining, as parliamentarian Andrey Lugovoy proposed the creation of a working group to discuss the issue, according to a Thursday press statement from State Duma, the country’s lower house of the parliament. Fast facts Lugovoy, also a deputy chairman of a committee on security and anti-corruption, […]
Solana Breakpoint 2021 celebrates price ATH, technology and projects to come on the emerging blockchain
Rounding out an impressive year for the world’s No. 5 blockchain, Solana held its first global offline conference in Lisbon this week. Here’s a look at some of the key moments.
What is Bitcoin Mining, and how is it done?
If the term ‘crypto mining’ sounds confusing to you, you’ve come to the right place. In this Forkast.News video explainer, we break down how it all works.
Discord dismisses ETH integration amid community backlash
Only two days after hinting via Twitter that leading social media platform Discord may support Ethereum, company co-founder and CEO Jason Citron has clarified the platform “has no current plans” to integrate the two. Fast facts Tweeting in response to the original post, Citron thanked community members for their perspectives and reiterated the firm is […]
Digital yuan use surges across China with 140 million wallets as officials deny timetable for launch
China’s soft rollout of the first major economy’s central bank digital currency (CBDC) continues apace. Yi Gang, governor of the People’s Bank of China, and Mu Changchun, director of the Digital Currency Research Institute of the bank, reported that the average weekly transaction volume of e-CNY is growing by 3 billion yuan (US$469 million) and […]
Ethereum’s Web 3.0 ecosystem expands, 3.4 million now into DeFi
Ethereum’s sprawling Web 3.0 ecosystem — which includes the majority of the decentralized finance (DeFi), stablecoins, non-fungible tokens (NFTs) and blockchain gaming worlds — continues to expand and draw users, with 3.4 million Ethereum addresses interacting with DeFi protocols, according to ConsenSys’ Web 3 Q3 2021 report published this week. Led by Ethereum co-founder Joseph […]
Mayor says Miami will pay crypto dividends to residents
Mayor Francis Suarez may be on his way to eliminating taxes by paying residents a crypto dividend
Scams are bullish for crypto
After recent scams were uncovered involving Walmart and Kroger, and Bitcoin Cash and Litecoin, why did the stock prices fall while the crypto prices rallied?
‘Double Eleven 2021: Common Prosperity’ — how an NFT project examines Chinese tech giants’ dominance
In a 48-second, computer-generated 3D animation, ROK uses a decentralized format to offer an ironic take on China’s internet giants crowding to host the shopping holiday.
South Korean court favors investors in crypto-hacking lawsuit against exchange
The Seoul District Court made an unprecedented ruling in favor of investors who lost their virtual assets in a hacking incident at crypto exchange Coinrail. Fast facts On Wednesday, the court ruled that Linus Co., the operator of the Coinrail exchange, needs to pay the plaintiffs 380 million Korean won (about US$320,000). The plaintiffs, consisting […]
Crypto surges on US inflation rise; Korean investors win damages
Crypto surges on US inflation rise meanwhile, Korean investors win damages
For China, quantity of blockchain patent applications not necessarily quality: report
The greatest number does not mean the greatest significance, analytics firm PatSnap says.
Philadelphia joins Miami, NYC in city government blockchain ambitions
Inspired by Miami’s launch of a city token — MiamiCoin — Mark Wheeler, the city of Philadelphia’s chief innovation officer, announced an initiative to bring blockchain and Web 3.0 technology to city governance. Fast facts Wheeler is currently conducting a discovery process to hold conversations with blockchain and Web 3.0 technology developers to understand the […]
Kazakhstan’s legal crypto miners won’t face power restrictions: energy minister
While Kazakhstan — a popular destination for Chinese crypto miners as they look for more regulation-friendly shores — continues to face power shortages, the country’s energy minister has said the authority will not restrict power consumption for legal crypto miners, according to a government statement. Fast facts Magzum Mirzagaliyev, Kazakhstan’s minister of energy, said at […]
Funding in crypto firms in Southeast Asia surges over 400% in 2021
Amid rising retail and institutional investor interest in cryptocurrencies like Bitcoin and Ethereum, investments poured into crypto firms in Southeast Asia in the first nine months of 2021 surged by over 400% compared with full year 2020 to US$356 million, according to the FinTech in ASEAN 2021 report by UOB, PwC Singapore and the Singapore […]
SEC halts token registration of America’s first legal DAO
The U.S. Securities and Exchange commission halted the token registration of American CryptoFED, the first legally recognized decentralized autonomous organization in the U.S. Fast facts Wyoming-based American CryptoFED became the first DAO in the U.S. to achieve legal status in July after Wyoming passed a law that recognized DAOs as limited liability companies. A DAO […]
Crypto markets shudder as Evergrande fears re-emerge
As speculation continues over the fate of the Chinese property development giant, crypto markets were not spared the downturn over fears of its potential collapse.
Ripple to launch ‘game-changer’ liquidity hub amid XRP legal battles with SEC
Trying to move beyond XRP, Ripple hopes its customers will join RippleNet with a wallet that supports fiat and other cryptos like Bitcoin and Ether.
Cambridge Centre for Carbon Credits to build carbon credit marketplace on Tezos blockchain
World leaders at the COP26 climate summit this month promised to end deforestation by 2030. But significant challenges to achieving the goal remain to be overcome. The Cambridge Centre for Carbon Credits, based at the University of Cambridge, this week launched with the goal to build a decentralized marketplace of verifiable carbon credits to support […]
USDC stablecoin issuer Circle sets up regional hub in Singapore, launches Circle Ventures
Circle, the digital payment company that operates the USD Coin (USDC) stablecoin, this week announced it is setting up a regional hub in Singapore and looking to partner with local businesses for its stablecoin Lighthouse Project. Fast facts U.S.-based Circle says its move into Singapore is part of its global expansion plans and the company […]
Beeple’s first physical artwork sells for $29M at auction
The digital artist who helped launch the non-fungible token craze earlier this year, Beeple, has sold his first physical artwork and accompanying NFT for US$28.9 million at a live Christie’s auction in New York on Tuesday night. Fast facts Beeple’s first physical work “Human One” is a seven-foot-tall box with LED screens on each side […]
Double-whammy U.S. inflation news sends Bitcoin flirting with US$69,000
Within minutes of reports showing U.S. consumer prices rising and weekly wages falling, Bitcoin surged on inflation fears.
Bitcoin mining is ‘infinitely sustainable,’ says Blockstream executive
Panel explores sustainability issues surrounding the energy-intensive industry at Bitcoin & Beyond Virtual Summit.
South Korea’s finance minister still believes in 20% crypto tax for 2022
Despite movement from both the ruling Democratic Party and the conservative party to delay the 20% virtual asset gains tax, South Korean finance minister still thinks it should start as planned for Jan. 1, 2022.
The media’s role in driving growth in crypto
Panel looks at best practices in news coverage from Decrypt Media, CoinDesk, South China Morning Post.
Why the crypto industry needs compromise and education
FTX founder and CEO Sam Bankman-Fried says building products that people want is what matters most, and the crypto industry and regulators will need to find compromises to resolve some of the industry’s pressing issues.
Middle-ground India crypto bill could be introduced this month
The Indian government is looking to introduce a cryptocurrency bill in the winter session of parliament in a bid to “fast track” regulation of a rapidly growing ecosystem, CNBC-TV18 reported. Fast facts India first drafted a bill to ban all cryptocurrencies in the budget session of 2021, but it was never tabled for discussions. Officials […]
Discord CEO hints at integration with Ethereum to mixed response
Co-founder and CEO of popular social media platform Discord, Jason Citron, has hinted at integration with Ethereum via wallets such as MetaMask by tweeting a screenshot of Discord connecting to the world’s number two blockchain along with the caption “probably nothing.” Fast facts It came in response to another tweet by writer Packy McCormick, which […]
BitMEX CEO expects 5 to 10 countries to adopt Bitcoin by next year
While El Salvador carved out its place in history as the first country in the world to adopt Bitcoin as legal tender, there are others that may follow for an array of reasons.
What is the future of crypto and DeFi regulations?
From China’s crackdowns to El Salvador’s Bitcoin adoption, where is the world headed in how governments regard crypto? An expert panel explores the future of decentralized finance in the global economy.
Crypto exchange Huobi to stop serving Singapore-based customers
Cryptocurrency exchange Huobi Global will stop serving Singapore-based customers from March 31, 2022 to comply with Singapore laws, according to a company announcement on Nov. 9. Fast facts “To comply with the laws of Singapore, we will have to include Singapore as a restricted jurisdiction. Regrettably, this means Huobi Global can no longer offer services […]
Coinbase reports 75% drop in Q3 profits — despite SHIB listing
The largest U.S.-based cryptocurrency exchange, Coinbase, earned just US$406 million net income in Q3 this year — a 74.7% decline over the previous quarter — according to the company’s investor earnings report released yesterday. Fast facts That figure represents a 500% increase over Q3 last year, but is significantly less than the US$1.6 billion in […]
United we stand: crypto experts debate tribalism
Crypto is ‘a behavioral economics experiment,’ says Real Vision co-founder Raoul Pal. ‘Your incentive system is not a like button on Facebook, it’s money.’
SM Entertainment to invite K-pop fans into their metaverse through NFTs
One of South Korea’s largest entertainment agencies, SM Entertainment, plans to create future content under its SM Culture Universe (SMCU) metaverse in NFTs — according to its founder Lee Soo-man at Solana’s Breakpoint 2021 conference. Fast facts Lee said SM’s own metaverse, the SMCU, needs to be a place for creation where K-pop prosumers can […]
How is the launch of Bitcoin futures ETFs affecting crypto mining?
After the SEC approved a Bitcoin futures ETF, the cost of crypto mining rigs jumped. Coincidence? Varit Bulakul of The Brooker Group explains.
Unlocking the power of Bitcoin through smart contracts
As Ethereum has become the preferred blockchain for smart contracts, what’s the future of the Bitcoin blockchain?
Thinking big: Blockchain paradigm shift may upend the social contract
Trust, data privacy and job elimination are some of the challenges that society will face as blockchain ushers in Web3.0, according to Don Tapscott.
3 themes driving institutional adoption of digital assets
What makes 2021’s roaring crypto market different from 2017’s are the banks and VCs piling in, writes Calvin Shen of Hex Trust. What’s behind their crypto adoption?
Crypto exchange industry consolidating as DEXes surge in popularity
The highly competitive cryptocurrency exchange industry appears to be consolidating, according to blockchain analytics provider Chainalysis as part of its Competitive Landscape Report that will be released next week. Fast facts The number of active cryptocurrency exchanges peaked at 845 in August 2020 and stood at 672 as at August 2021, Chainalysis reported. The exchanges […]
Crypto market cap breaks US$3 trillion: APAC crypto cards to launch
Crypto market cap breaks US$3 trillion, also APAC crypto cards to launch
Vitalik Buterin: How DeFi, NFTs and DAOs are building a value exchange layer for Web 3.0
Speaking at the Singapore FinTech Festival, Ethereum’s creator discusses DeFi adoption and why he expects Ethereum’s ‘killer ecosystem’ to grow over the next few years.
Ethereum drives crypto comeback as US tax fears leave market unfazed
Top blockchain and crypto news: Ethereum rises and rivals follow. Taxing times for US investors. New life for reborn crypto miner.
Companies in China, Australia, Japan, Saudi Arabia start blockchain platform for energy, metal trading
Amid the global energy crisis, nine companies from four countries — China, Japan, Australia and Saudi Arabia — announced they will jointly build a blockchain documentation platform to speed up customs clearance and cargo delivery to trade the commodities of energy, chemical products and metal. Fast facts Platform participants includes Sinochem Energy, Mitsui.Co, Macquarie CGM, Saudi […]
How Singapore is looking at Web 3.0 and DeFi as it prepares for a digital Singapore dollar
Speaking at the Singapore FinTech Festival, Singapore central bank chief Ravi Menon announces the launch of Project Orchid, a digital dollar project.
Temasek-founded Affinidi launches new business unit to bring Web 3.0 to financial services to Southeast Asia
Affinidi, a Singapore-based technology company founded by state-owned investment firm Temasek, today announced the launch of a new business unit called Finnovate that aims to serve millions of underbanked individuals and small and medium enterprises across Southeast Asia by leveraging on Web 3.0 blockchain technologies. Fast facts Affinidi Finnovate is partnering with the financial services […]
Will El Salvador’s lead on Bitcoin inspire others to follow suit?
The Central American nation is the first to adopt Bitcoin as legal tender. As many countries face similar issues of large unbanked population and high remittance fees, will others follow suit?
BlockFi files for Bitcoin spot ETF with SEC amid regulatory heat
New Jersey-based crypto banking services provider BlockFi and investment management firm Neuberger Berman jointly filed for a Bitcoin spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission on Tuesday. Fast facts In September, the U.S. got its first Bitcoin-linked ETF with the launch of ProShares Bitcoin Strategy Fund. But ProShares’ ETF was backed […]
Crypto funds see record $8.9B investment inflows so far this year
Signaling increased confidence in the future of digital assets, cryptocurrency investment products saw institutional investment inflows of US$174 million last week — the 12th consecutive week of inflows — bringing year-to-date inflows to a record US$8.9 billion, according to digital assets manager CoinShares. Fast facts Institutional investment into crypto products have surged this year with […]
Bitcoin and Ethereum prices soar to new all-time highs, crypto market now worth $3 trillion
BTC and ETH are surging to dizzying new heights today as part of a broader crypto market rally. What’s going on?
CityCoins announces debut of NYCCoin
Before the crypto-enthusiastic mayor-elect has been sworn in, a grassroots effort announces it will launch a Bitcoin-backed token to support the city.
Mastercard joins Amber Group, Bitkub and CoinJar to launch crypto payment cards
Mastercard has partnered with three crypto companies in Asia Pacific — Hong Kong-based Amber Group, Bitkub in Thailand, and CoinJar in Australia — to launch crypto-funded payment cards, according to a Nov. 8 media statement. Fast facts The three companies are the first APAC-based cryptocurrency platforms to join Mastercard’s global Crypto Card Program, which enables […]
Ethereum hits new all-time high; S Korea says NFTs not virtual assets
Ethereum hits new all-time high meanwhile South Korea says NFTs not virtual assets
Huobi migrates spot trading services to regulated entity in Gibraltar
Cryptocurrency exchange Huobi Global, which obtained a distributed ledger technology license from the Gibraltar Financial Services Commission in 2018, will be migrating its spot trading services to the regulated entity in Gibraltar (“Huobi Gibraltar”), the company announced today. Fast facts Huobi has received approval from the Gibraltar Financial Services Commission to migrate its cryptocurrency spot […]
New Hong Kong youth association hopes to nurture ‘patriotic fintech talents’
The city’s disaffected post-protest youth and recent statistics suggest a brain drain in the city’s future.
Beijing budgets $37M for government affairs blockchain platform
China’s capital city, Beijing, is inviting public tenders on a project to build a blockchain platform and computing center for government affairs with a total bidding price of 242 million yuan (approximately US$37.8 million). Fast facts The bidding project, “Beijing Municipal Experimental Blockchain Platform,” is for storing residents’ and city facility’s information and dealing with […]
What are the digital assets powering the DeFi revolution?
Digital assets are disrupting financial services in ways not seen since the Middle Ages, writes Alex Tapscott of Ninepoint Partners. Here is the taxonomy for the future of finance.
Chinese edtech company pivots to crypto mining amid China’s clampdown on tutoring
As China continues to crack down on the private tutoring sector, one education-tech company has decided to pivot into blockchain and cryptocurrency mining. Fast facts Nasdaq-listed Meten Holding Group, which officially changed its name from Meten EdtechX Education Group in August, has moved forward with plan for the new business venture in the crypto world, […]
South Korean regulator confirms that NFTs are not virtual assets
The country will follow global crypto guidelines in excluding non-fungible tokens (NFTs) from its categorization of virtual assets — meaning income from NFTs may remain untaxed in Korea.
Ethereum sets new all-time price high as crypto market cap nears $3 trillion
Ethereum reached a new all-time price high of US$4,766 earlier today, flying past its previous all-time high record of US$4,634 set five days ago, according to CoinGecko data. Fast facts The world’s second-largest cryptocurrency by market value has been on a record run since late last month. On Oct. 28, Ethereum’s price climbed to US$4,416 for the first time. The […]
hashport launches to power cross-network digital asset transfers
hashport, a public utility that facilitates the movement of digital assets between distributed ledger technology networks without the need for a native network token, today announced that it will launch on Nov. 9, according to a media statement. At launch, hashport will connect the Hedera public distributed ledger to the Ethereum and Polygon networks. Fast […]
Disrupting the status quo: Why the world needs decentralization
The familiarity of centralized systems may feel comforting, but decentralized technologies like blockchain are the wave of the future, writes Corey Petty of Status.
Solana Ventures, Lightspeed Venture Partners and FTX partner to invest $100M in Web3 gaming
Solana Ventures, Lightspeed Venture Partners and cryptocurrency exchange FTX today announced that they are partnering to invest US$100 million on gaming studios and projects building on the Solana blockchain. Fast facts “Gaming has a massive opportunity to bring the next billion users to Web3,” said Amy Wu, partner at Lightspeed Venture Partners, in a statement. […]
Canaan sues over patent infringement; PayTM considers crypto services
Canaan sues over patent infringement also, PayTM considers crypto services
Chinese companies rush to register metaverse-related trademarks
Chinese companies are in a craze for trademark registrations related to the metaverse, and Baidu and NetEase are the latest tech giants to register such trademarks. Fast facts According to the QiChacha, a website where you can search for information about Chinese company information, shows that NetEase has applied for three trademarks with the metaverse: […]
What Solana prices will be at the end of 2021 and beyond
As Solana surges to new all-time highs, 50 fintech experts surveyed by Finder offer predictions on SOL’s price outlook for the end of the year and longer-term.
Goldman Sachs executive says tokenization redefines liquidity transaction
The traditional financial industry is getting its feet wet in tokenization of assets, and there’s an influx of interest in the private asset space, as Mathew McDermott, managing director of Goldman Sachs, said today at a Hong Kong Fintech Week panel moderated by Angie Lau, editor-in-chief and founder of Forkast.News. Fast facts McDermott said Goldman […]