On June 13, the European Commission unveiled the participants selected for the second cohort of the European Blockchain Sandbox initiative (EBSI), among which Iota stands out as a notable entry.

Iota, a well-established entity in the open-source distributed ledger and cryptocurrency domain, has been chosen for its innovative Web3 Identification solution, a project in collaboration with Walt.id, IDnow, Bloom Wallet, and HAVN.

Addressing Challenges of Traditional KYC Processes

The inclusion of Iota’s Web3 ID solution in EBSI signifies a pivotal advancement for the identity management technology. The project aims to address the challenges associated with traditional Know Your Customer (KYC) processes that are typically marked by high costs, inefficiencies, and privacy concerns.

Iota’s approach proposes a reusable KYC system that leverages distributed ledger technology (DLT) and tokenization, thereby enhancing security and granting users greater control over their personal data.

As part of this solution, the KYC process begins with remote identification handled by IDnow, ensuring adherence to EU Anti-Money Laundering (AML) and KYC regulations.

IOTA’s Announcement on X

Once verified, the identity is tokenized and stored in a user’s wallet as a soulbound token, which can be utilized across various Web3 applications to confirm identity without disclosing personal details.

The European Commission initiated the EBSI in 2023, aiming to provide a controlled testing environment for DLT solutions across diverse industries.

The sandbox allows up to 20 projects per cohort, offering them opportunities for practical testing, validation, and direct engagement with regulators from across the European Union.

The selection of projects alongside Iota includes diverse applications such as the RealEstate.Exchange (REX) by DigiShares, focused on blockchain solutions for real estate, DoxyChain which targets documents and business processes, Hacken which is involved in smart contract and blockchain security analysis, and Origintrail which integrates artificial intelligence into knowledge infrastructure.

A Timely Initiative Aligning with EU’s Digital Identity Push

This initiative by the European Commission is timely, given the active pursuit of a comprehensive digital ID scheme within the EU. A significant update to the European Digital Identity (EUDI) regulation on May 21 set forth the full implementation requirements by 2026.

This regulation mandates member states to provide at least one EU digital identity wallet to all citizens and residents, intended for use in electronically signing and storing various documents such as university diplomas and train tickets, showcasing a forward-thinking approach in enhancing how European citizens live and work.

Moreover, the concept of zero-knowledge proofs is under consideration for the creation and implementation of these digital ID wallets, reflecting an innovative stride towards privacy and security.

In a broader context, the digital identity sector is experiencing widespread innovation, as evidenced by The Open Network blockchain ecosystem’s recent initiative.

It has dedicated $5 million in Toncoin (TON) tokens to encourage users to verify their identity using advanced palm scanning technology.

This move is indicative of a global trend towards developing digital identity solutions in an increasingly digital world, marking a significant step forward in regulatory discussions and implementations surrounding KYC and privacy within a Web3 framework as initiated by Iota’s participation in the EBSI.

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Circle, a crypto financial firm, recently announced the expansion of its Web3 services to include support for the Solana blockchain, introducing advanced features such as programmable wallets and gas stations.

This development is set to enhance both the functionality and user experience of Circle’s offerings.

Streamlined Development with Programmable Wallets and Gas Stations

The integration will be executed in two main phases. Initially, Circle will introduce essential application programming interfaces (APIs) on the Solana blockchain to facilitate secure transfers of fungible tokens.

Key features of this phase include programmable wallets and a gas station, which will enable the sponsorship of transaction fees on behalf of users, thereby aiming to improve the user experience significantly.

Developers will benefit from the ability to scale their applications more effectively by overcoming technical complexities associated with private key security, node infrastructure, transaction fees, onboarding, and authentication flows.

Circle on X

This simplification is expected to allow developers to focus more on application and business expansion without the usual encumbrances.

In the subsequent phase of the rollout, Circle plans to introduce support for non-fungible tokens (NFTs) and enable program interactions through the Smart Contract Platform.

Such enhancements will align Solana with other major Web3-supporting blockchains like Ethereum, Polygon, and Avalanche.

The added functionalities are anticipated to empower developers with the necessary tools to integrate NFTs into applications, potentially transforming areas such as brand loyalty programs and gaming experiences.

Fostering Innovation in the Solana Ecosystem

Moreover, Circle emphasized its commitment to the Solana developer community by providing the essential tools and resources needed to create secure, scalable, fast, and cost-efficient applications. By doing so, Circle aims to facilitate the broader adoption of blockchain technology.

Circle expressed particular enthusiasm for Solana’s capabilities in handling payment use cases, which align closely with Circle’s mission of facilitating seamless value exchanges that contribute to global economic prosperity.

Notably, the integration highlights programmable wallets that allow for the configuration of automatic interactions with smart contracts, thereby reducing the need for manual task execution and enhancing transaction efficiency based on specific conditions.

The announcement also comes at a time when Solana has been witnessing significant growth and activity.

May saw a record high of 41.5 million active addresses on its blockchain, according to Hello Moon, signaling robust engagement within the ecosystem. This surge in activity is part of the reason Circle chose to support Solana.

Anticipating future needs, Solana is preparing for major upgrades, including the Firedancer upgrade slated for 2025, aimed at enhancing scalability and minimizing network downtime.

This upgrade comes in the wake of recent operational challenges, such as a notable five-hour outage. The Solana Foundation, in collaboration with Jump Crypto, is focusing on independent validator client development to support this upgrade.

Recognition from Fintech Leaders: PayPal and Coinbase

Other fintech giants like PayPal and Coinbase have also recognized and supported Solana’s ecosystem. PayPal integrated its stablecoin, PayPal USD (PYUSD), on Solana at the end of May, while Coinbase launched a new smart wallet.

This wallet is part of a broader effort to make digital transactions more accessible and secure, targeting a massive scale of one billion users. The wallet removes the need for recovery phrases, significantly enhancing user security and ease of use.

Coinbase Launches Smart Wallet

Additionally, Coinbase’s smart wallet promises a “gasless” on-chain experience, reducing transaction costs by leveraging multi-chain integrations. This innovative feature addresses major barriers such as high fees and slow processing times, which have previously deterred mainstream adoption.

The accompanying web app offers a range of management tools, enabling users to handle assets and identity more efficiently, alongside buying, sending, and managing NFTs.

These developments reflect a growing recognition and adoption of Solana in the fintech industry, spurred by innovations that streamline user interactions with cryptocurrencies and contribute to the ecosystem’s scalability and reliability.

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Ethereum, the second largest cryptocurrency by market cap, has witnessed a significant drop in value following a recent general market downturn. The decline which saw millions liquidated from the crypto market within a short time, sent the price of Bitcoin, the flagship cryptocurrency, crashing to $66,000.

Consequently, the total crypto market cap has lost 3.74% at the time of writing to rest at $2.43 trillion. However, regardless of the bearish movement, Ethereum investors are optimistic about a potential rally that could send the price of the token above $4,000. But how possible is this?

Is Ethereum Price to $4k Feasible?

According to fresh data from CoinMarketCap, Ethereum has suffered a notable drop in the last 24 hours. Per the data, the coin is currently trading at $3,475, representing a 2.48% decline within the recorded time. In hindsight, ETH has lost about 9.28% in the last seven days but has significantly increased by 18.06% in the last 30 days.

Source: CoinMarketCap

Earlier today, Coinfomania reported that Gary Gensler, the Chairman of the Security and Exchange Commission (SEC) hinted that the Ethereum Spot ETF S-1 is likely to be approved by the end of Summer, precisely between June and September ending. If the SEC pulls through, the listing could lead to a large inflow of institutional funds into the product

This information has birthed a wave of optimism among investors as the prospect of a price rally above $4,000 begins to circulate. Ethereum investors are hoping that the price of Ethereum will mirror the success of Bitcoin after a spot ETF was approved for the asset on January 11. The approval of a spot ETF pushed the value of BTC to a new all-time high of $73k with billions of funds flowing into the product from issuers.

Previously, a 19b-4 filing was approved by the SEC, which catalyzed the surge of ETH above 22% to trade above $3,700 underscoring the potential impact of a listing by the regulatory watchdog. Ultimately, the possibility of ETH climbing above $4,00 is dependent on several factors such as general market sentiment and the approval of a spot ETF S-1.

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Dogecoin (DOGE), the largest memecoin by market cap, has witnessed an increase in whale activities over the last day. This comes as they collectively accumulate millions of DOGE. As a result, investors might be looking to recover all the losses they recorded over the last few days.

The price of DOGE has dropped significantly within the last week, precisely by 11.88% following the global crypto market downturn. The sharp decline ignited a wave of bearish sentiment across the market as investors began to lose confidence in the future of the token. However, all that might change as large investors are beginning to show optimism with the recent whale activity data.

Whales Accumulates 900 Million DOGE

According to recent data from Santiment, a crypto intelligence tool, the addresses holding between 10 million and 100 million Dogecoins have collectively bought over 900 million tokens (valued at $129 million) in the last seven days. Consequently, the value of the coin might get a positive impact as such staggering accumulations often trigger bullish movements across the market.

Source: Santiment

Following this, the total DOGE held between these whales has amounted to 18 billion. While the market is currently down, the whales are seizing the opportunity to top up their holdings pending a potential rally to print gains. What is more, the 30-day MVRV of -7.4% for Dogecoin shows profitability, which could result in more accumulation.

In the past, Dogecoin has recovered because rallies are frequently preceded by MVRVs between -5% and -13%. This leads to the designation of this region as an accumulation opportunity zone. Thus, the data suggests that the price of Dogecoin might be ripe for a recovery.

Dogecoin (DOGE) Price Movement Amid Whale Activity

Meanwhile, Dogecoin is currently undergoing a period of decline as its value has dropped significantly in the last 24 hours. According to data provided by CoinMarketCap, DOGE is currently trading at $0.142, representing a 4.47% drop over the last day. Additionally, its trading volume within the recorded time has also suffered a hit, dipping by 19% to $957 million.

Source: CoinMarketCap

DOGE has traded between the range of $0.1407 and $0.1498 in the last 24 hours, signifying an 80.5% drop below its all-time high of $0.73 reached in May 2021. According to expert predictions, the DOGE price could likely be prime for a recovery in the coming days if it can breach the $0.15 support again. If this happens, it could clear the road for an upward trajectory to the $0.17 zone.

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U.S. Senator Bill Hagerty has announced his intention to urge the U.S. Securities and Exchange Commission (SEC) to provide clearer regulations for the cryptocurrency industry, as reported by Odaily.

Hagerty contends that without a proper regulatory ecosystem, the cryptocurrency sector risks being driven out of the United States. In response, SEC Chairman Gary Gensler emphasized that the distinction lies between violations of the law and the mere dislike of them, rather than a lack of regulatory clarity.

Advocacy for Clear Guidelines

Hagerty highlighted the existing uncertainty and ambiguity in the SEC’s actions and stressed that this “does not need to be the case.”

He advocates for clear guidelines to foster the growth and stability of the cryptocurrency industry within the United States, expressing concern that unclear regulations could push this burgeoning sector to other regions.

Contrarily, Gensler maintains that the current regulations are sufficiently clear and that the industry’s challenges stem from non-compliance and dissatisfaction with existing laws rather than a lack of clarity.

This debate underscores the ongoing discussions and differing perspectives within the U.S. government regarding the regulation of the rapidly growing cryptocurrency industry. The outcome of these discussions will significantly impact the future of cryptocurrencies in the United States.

SEC Chairman Gary Gensler also addressed the timeline for spot ether exchange-traded fund (ETF) listing approvals during a Thursday hearing at the U.S. Senate Committee on Appropriations.

When asked by Senator Hagerty about the approval process for ether ETFs, Gensler estimated that approvals could occur sometime this summer.

SEC Chair Gary Gensler Suggests the Approval of Ethereum ETFs Towards the End of Summer

He noted that individual issuers are still navigating the registration process, which is proceeding smoothly, and anticipated listing approvals to occur “sometime over the course of this summer.”

On May 23, the SEC approved the listing of spot ether ETFs. Industry leaders predict that trading could commence as early as July or August, and likely before November.

Market Reactions and Economic Indicators

The cryptocurrency markets experienced a downturn during U.S. trading hours on Thursday, according to CoinDesk. This decline followed the Federal Reserve’s indication that it only planned one rate cut this year.

Ether led a mid-morning bounce after Gensler’s statement in the Senate hearing that he expected full approvals for spot ether ETFs by the end of the summer. This announcement briefly boosted ether’s price by 1%, but it soon dropped over 3% an hour later.

At the time of reporting, ether was trading at $3,472, a 3% decrease over the past 24 hours. The broader CoinDesk 20 Index also fell by 4.9% during the same period.

Bitcoin’s price also fell nearly 3%, trading near a one-week low of $66,500. The market downturn began on Wednesday afternoon following the Federal Reserve’s hawkish policy meeting results.

The U.S. central bank maintained its benchmark fed funds rate range at 5.25%-5.50%, but surprised many with its updated projections suggesting only one 25 basis point rate cut in 2024. Rate futures markets had been pricing in two to three 25 basis point moves this year.

The macroeconomic sentiment in the crypto market did not improve with the release of U.S. economic data on Thursday morning, indicating a continued softening in both inflation and the economy.

The May Producer Price Index (PPI) fell 0.2% against expectations for a rise of 0.1%. On a year-over-year basis, PPI increased by 2.2% versus forecasts for 2.5%. Initial jobless claims also rose to nearly a one-year high of 242,000 against expectations of 225,000.

Despite recent bullish news, such as improving inflation data, a Bitcoin-friendly presidential frontrunner, spot ETH ETF approvals, and other risk asset markets reaching new all-time highs, the market has struggled to sustain growth.

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Toncoin, the native cryptocurrency of The Open Network (TON) blockchain, has recently soared to a new all-time high, capturing the attention of investors and analysts.

With a remarkable price rally and robust technical setup, Toncoin shows promise of potentially climbing to $10 in the foreseeable future. Lets explore the factors fueling Toncoin’s stellar performance and its optimistic market outlook.

Current Market Performance

As per the latest data, Toncoin is trading at $7.64, marking an 8.53% increase. Despite a general market downturn, Toncoin has achieved a market capitalization of over $18.5 billion, positioning it ninth globally. Its trading volume surged by 103.93% to $487 million within the last 24 hours.

Toncoin reached its peak price of $7.78 on June 5, 2024, just a mere 3.35% shy of its current price, as noted by CoinMarketCap.

Toncoin’s social metrics have also seen a significant uptick. Over the past five days, its social volume and dominance have grown, indicating heightened interest and activity in the crypto community.

Such increases in social metrics typically precede market rallies, suggesting that the heightened visibility could lead to more buying activity.

A key technical indicator, the 50-day moving average of Toncoin, has crossed above the 200-day moving average, forming a “golden-cross” pattern.

Source: TradingView

This pattern is widely regarded as a bullish indicator, suggesting a potential long-term uptrend for Toncoin. This development has helped shift market sentiment in favor of TON, reinforcing bullish perspectives.

Growth in Active Wallets

The number of active wallets on the Toncoin network has shown substantial growth, leaping from 1.28 million at the start of 2024 to over 8 million. This surge not only reflects a growing user base but also boosts investor confidence, indicating a thriving and expanding ecosystem.

In terms of network development, Toncoin’s blockchain has become increasingly popular among decentralized finance (DeFi) developers, which has significantly contributed to its network expansion.

The total value locked (TVL) on the Toncoin blockchain is approaching $1 billion, demonstrating the growing adoption of its platform for DeFi applications.

TapSwap, a leading contributor to the Toncoin ecosystem with a global user base of 49 million, is set to enhance network activity with an upcoming airdrop.

This initiative is designed to boost user engagement by facilitating token-to-fiat conversions, further increasing the utility and attractiveness of TON.

Moreover, Toncoin has been making strides in the tap-to-earn sector, where it competes with platforms such as Notcoin, which boasts over 30 million users and a market cap of $1.8 billion.

The tap-to-earn model allows users to earn tokens through simple online interactions, promoting user engagement and broader adoption. Toncoin’s success in this sector underscores its versatility and widespread appeal in the cryptocurrency landscape.

Future Outlook For Toncoin

Looking ahead, the immediate resistance level for TON is $8.0. A breakthrough beyond this level could set the stage for reaching the $10 mark, driven by its solid technical foundation, expanding user base, and escalating network adoption.

The confluence of a golden-cross formation, favorable RSI, increasing social metrics, and vigorous network growth positions Toncoin for further advancement.

Toncoin’s current trajectory and promising indicators suggest it is on course for continued growth. The blend of strong technical indicators, network expansion, and escalating user engagement lays a solid groundwork for further price appreciation.

As TON continues to draw investment and interest, reaching the $10 milestone appears increasingly achievable.

Investors are advised to monitor Toncoin’s price movements and network developments closely, as the dynamic nature of the cryptocurrency market is influenced by various factors. Given its current trajectory, Toncoin stands out as a notable contender in the crypto space, poised to reach new heights.

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The Chairman of the Securities and Exchange Commission, Gary Gensler, has implied that the Spot ETF S-1 is likely to be approved by the end of summer. Gensler made this known in a budget hearing while addressing Senators earlier today. This information has sparked discussion across the crypto community as a fulfillment of this could mark a major shift in the market.

The update comes amid ongoing speculations about the specific date for S-1 to launch trading. Besides the approval, Gensler also talked about the effect of DeFi on anti-money laundering laws (AML) in the country. Meanwhile, perspective Ethereum ETF issuers have been patiently waiting for the decision from the regulatory watchdog, however, it seems the wait will soon be over according to a recent report.

Gensler Hints at Summer Ending

In an exciting development, Fox reporter Eleanor Terrett informed the public via a post on X (formerly Twitter) that the SEC might be approving Ether Spot ETF S-1 this summer, likely between June and September ending. If this holds, the launch will be just in time for the presidential elections slated to happen on November 5.

According to the post, Gensler had informed Senator Bill Hagerty, a member of the Senate Banking Committee, that the approval process for the ETF’s S-1 filing could be completed at the aforementioned time.

NEW: @SECGov Chairman @GaryGensler just told Senator @BillHagertyTN he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.*

— Eleanor Terrett (@EleanorTerrett) June 13, 2024

Consequently, a spot Ethereum ETF can now go live in the US with the regulatory approval of the individual issuers’ applications remaining to be completed. Notably, this follows the agency’s approval of stock exchanges’ 19b-4 petitions to list the product in late May. Earlier this month, the chairman clarified that the responsiveness of individual issuers to received comments will determine the period of listing and not the Commission.

Similar to the earlier approval of Bitcoin spot ETFs, the new ETH ETFs can be listed once those filings are accepted, opening up new markets to easily traded funds that own actual Ethereum. Recall that the SEC had previously refused a spot Bitcoin ETF but later changed their stance after a federal court ruled that the Commission wasn’t handling the matter properly.

Investors are closely watching the price trajectory of ETH, as the Spot ETF S-1 approval could shoot its value to new highs. Previously, the price of ETH surged impressively over 20% following the approval of the 19b-4 filings to trade above $3,700.

At the time of writing, Ethereum (ETH) is changing hands at $3,469, representing a 4.05% decrease in the last 24 hours.

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Coinbase CEO Brian Armstrong has been actively engaged in lobbying efforts in Washington, D.C., advocating for the establishment of definitive regulations in the cryptocurrency sector.

Over a recent 48-hour period, Armstrong held discussions with more than a dozen Senators from both the Democratic and Republican parties, emphasizing the necessity for clear rules and enhanced consumer protection within the fast-evolving cryptocurrency landscape.

Legislative Developments and Coinbase’s Response

In a move reflecting his commitment to regulatory clarity, Armstrong expressed his optimism regarding the bipartisan support for cryptocurrency regulation in a recent update on the social media platform X.

He highlighted the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the House of Representatives as a significant development.

Armstrong praised this legislative step as a historic vote, signaling a potential shift toward providing the much-needed regulatory framework and consumer safeguards for the cryptocurrency industry.

Armstrong’s proactive steps in the capital included pointing out American citizens’ keen interest in protecting their rights to use cryptocurrencies. He also raised concerns about the need for explicit regulatory guidelines that could deter potential misuse of the industry by activists.

Coinbase Co-founder & CEO on X

This stance is part of Coinbase’s broader campaign, ‘Stand With Crypto,’ which aims to unify the crypto community to ensure their voices are heard and their interests safeguarded. The campaign recently achieved a milestone by registering one million supporters on its X page.

Legal Challenges and Political Engagement

Coinbase’s push for clear regulatory guidelines is not just a response to external pressures but also stems from its own legal challenges.

The company has faced multiple lawsuits from the Securities and Exchange Commission (SEC), including allegations of operating unregistered securities, which Coinbase has denied.

In retaliation, Coinbase’s Chief Legal Officer, Paul Grewal, filed a lawsuit against the SEC, accusing the regulator of arbitrary and capricious behavior by not providing clear rules for the cryptocurrency sector.

The exchange has requested the court to mandate the SEC to develop new regulations for cryptocurrencies.

The crypto community is hopeful that the bipartisan support in the Senate will lead to substantive progress in establishing clear rules and protections for consumers.

This optimism is bolstered by reports that the Biden administration is engaging with crypto industry stakeholders to possibly allow cryptocurrency donations through Coinbase Commerce for political campaigns.

This platform, which supports various cryptocurrencies, is already being utilized by Donald Trump’s campaign for digital contributions.

Political Strategies and Crypto’s Role in Elections

Additionally, it has been reported that the Biden campaign is considering strategies to appeal to crypto-focused voters ahead of a competitive election. This includes potential discussions on accepting cryptocurrency donations, reflecting a significant policy shift.

This change follows criticism of the administration for obstructing a bipartisan effort to repeal SAB 121. As part of their strategy, the Biden team is reportedly exploring “quick wins” to demonstrate support for the crypto industry, amidst growing political clout from crypto-backed super PACs.

These groups, according to data from Open Secrets and Public Citizen, are becoming increasingly influential with a reported $100 million in resources.

As these discussions are still in the exploratory phase, the outcome remains uncertain. However, the move indicates a growing recognition of the importance of cryptocurrency in political and economic spheres, suggesting that the administration is adjusting its stance in response to the evolving landscape and potential electoral advantages.

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Taiwan has taken a step toward regulating its cryptocurrency sector by officially establishing the Taiwan Virtual Asset Service Provider Association. 

A total of 24 crypto firms, all registered with the Financial Supervisory Commission (FSC) for anti-money laundering (AML) compliance, have joined the association. This newly formed body is set to play a crucial role in the development and oversight of the crypto industry within the country.

BREAKING: Taiwan's crypto sector launched a new government-guided association for better self-regulation.24 crypto firms registered with the Financial Supervisory Commission for AML compliance. pic.twitter.com/2lGjayYyT1

— Kashif Raza (@simplykashif) June 13, 2024

The association will be chaired by Titan Cheng, founder and CEO of BitoPro, a leading cryptocurrency exchange in Taiwan. Winston Hsiao, co-founder and chief revenue officer of XREX, will serve as the vice chair. The association’s primary task is to create self-regulatory guidelines to ensure the industry’s proper functioning and alignment with government standards.

Role of the Financial Supervisory Commission

The FSC has mandated that the new association develop self-supervisory rules. The commission emphasizes the importance of the virtual asset industry’s growth and its connection to the broader societal and economic development of Taiwan. Hsiho Huang, director of the securities firms division at the FSC, stated, 

“The FSC places great importance on the development of the virtual asset industry. We believe that the healthy development of this industry is closely related to the development of society and the economy.”

Since July 2021, the FSC has required cryptocurrency service providers to adhere to AML laws. This regulation aims to ensure that the industry operates transparently and securely, safeguarding against financial crimes.

Goals and Responsibilities of the Association

The Taiwan Virtual Asset Service Provider Association’s primary objective is to formulate self-regulatory guidelines. These guidelines will focus on the classification and grading management of virtual asset service providers (VASPs). The association aims to balance the industry’s growth with the need to meet governmental expectations and protect consumer rights.

The association stated that the self-regulatory guidelines will cater to both industry interests and government requirements. This initiative is expected to create a more structured and reliable environment for cryptocurrency activities in Taiwan.

In addition to the formation of the association, Taiwan’s Ministry of Justice has proposed amendments to the existing AML laws. These amendments would require both domestic and overseas crypto firms wishing to operate in Taiwan to register for AML compliance. Failure to comply with these regulations could result in imprisonment for up to two years.

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President Joe Biden’s re-election team is reportedly in discussions with cryptocurrency industry players about the possibility of accepting crypto donations via Coinbase Commerce. This move comes shortly after Donald Trump’s campaign began accepting digital currency contributions through the same platform.

According to sources familiar with the matter, the Biden campaign is actively seeking ways to engage crypto-focused voters as the upcoming election approaches. Some experts on Capitol Hill believe the election could be decided by a razor-thin margin, prompting both campaigns to explore new fundraising avenues. The Biden campaign’s engagement with the crypto community aims to demonstrate support for the industry, countering criticisms that have labeled them as adversarial.

Response to Trump’s Pro-Crypto Stance

The discussions around crypto donations follow President Biden’s recent backlash for opposing a bipartisan push to repeal SAB 121, a legislative measure criticized for stifling the crypto industry’s growth in the U.S. In response, the Biden campaign has intensified efforts to craft its crypto messaging. One source close to the matter emphasized that the talks about accepting crypto donations are still “exploratory.”

“People in [Biden’s] outer inner circle are now specifically telling the Biden team, ‘if you’re quiet on this crypto thing and you don’t get up to speed, you could lose the election,’” a source said.

The attention from political candidates on both sides of the aisle has not gone unnoticed by pro-crypto donors. Crypto-backed super PACs have amassed a $100 million war chest, according to consumer rights advocacy group Public Citizen, citing data from Open Secrets. How these funds are distributed could play a crucial role in the election, as wealthy donors’ contributions often influence the direction of votes.

One source highlighted the importance of securing financial backing and votes: “People are looking for money… and [they’re] looking for every vote.”

Public Reaction and Criticism

The news of the Biden campaign’s discussions on crypto donations has sparked reactions from various quarters. Dan Gambardello, a figure in the crypto community, expressed his skepticism on social media. “So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase… But now, they’re scrambling to set up crypto donations through Coinbase? Wow, they really do think Americans are stupid,” he tweeted.

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Solana network is making news with so many coins being launched on its blockchain. Crypto experts feel its price could possibly increase to $260 through the boost from 5SCAPE, a new project in the town. Currently, the SOL token is priced somewhere around $169.63. 

However, as per the crypto analytical experts, Solana has the potential to achieve a better development rate, which can further witness increase in its price. With 5thScape raising bars, established coins seem to witness a positive rally in the near future.

Solana and 5thScape: Their Position in Crypto Market

While Solana is becoming popular in the cryptocurrency world, the 5thScape project has been rising steadily. The 5thScape platform is a VR content hub that possesses a large number of VR-enabled content, ranging from movies to games and learning modules, to make gaming and training more fun.

5thScape opens up new gateways for leisure and fun. Its well-structured Vr experiences can transport you to newer dimensions of virtual reality. The platform’s team keeps its content library up-to-date so that the users always have something new to explore. 

5thScape has launched its first game in the portal, the exciting Cage of Conquest. It is an MMA inspired cage fighter game that imparts thrill and adventure. The game is now featured on MetaQuest. Get your hands on the surreal VR equipment like 5thScape’s high-resolution VR headset and precise motion tracking ergonomic chair for the best gaming experience in the world.

5thScape VR Cryptocurrency: A Must-Have In Your Wallet

5thScape has managed to rule the crypto world with its innovative virtual settings. The token was launched in a presale event during January this year and has collected more than $6.58 million until now. What a moment of pride for the crypto team! As the project team is thinking upon its success, let us discuss how its utility token will make investors richer in the future.

Check the official website of 5thScape here…!!!

5SCAPE tokens are poised for rapid growth and massive investment rewards as the project develops and launches new content and VR games every quarter. Investors are storming to buy these tokens and over 50,000 members have joined the community. 5SCAPE token holders do get an option to stake their coins for two years to multiply their profits.

5thScape’s token is a key to accessing all digital experiences inside the virtual landscape. Investors can enjoy their favorite movies and games while they can indulge in interactive learning sessions in the VR ecosystem. 5SCAPE tokens enable users to partake in various governance decisions and exercise their voting for the development of the project.

VR technology is developing and swiftly increasing its user base globally. There is a huge demand for high-quality virtual content waiting to be explored by gamers and crypto enthusiasts. 5thScape manages to attend to this demand by offering its comprehensive VR suite available at the fingertips. All you need to have is 5SCAPE tokens to reap the benefits of the adventure-packed virtual immersions. This will push the token price to higher values. VR-integrated 5thScape platform is positioned right in the front of the crypto pack and is ready to set new standards in the entertainment niche and beyond.

Head-to-Head: Solana (SOL) vs. 5thScape (5SCAPE)

Solana is very popular in the crypto industry. Its faster transaction rate and cost-effectiveness elevates it over other coins. Recently, numerous cryptocurrencies have been launched on the Solana network, including the most talked about meme coins. Owing to the great response from investors and increasing adoption, Solana will rise to sudden heights in the coming weeks.

Meanwhile, 5thScape is rising in the crypto universe with its immersive features to explode the future VR market. If you are searching for penny cryptos that involve less investment but have huge potential to earn profits, 5SCAPE token should be your choice. These tokens are a must-have in your crypto portfolio in 2024. Always remember crypto VR realm is a future-proof industry waiting to be tapped by the global audience.

Invest early to avail discounts and token bonuses available on 5thScape’s website.

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As the weekend approaches, financial advisors foretell noteworthy movements for Bitcoin (BTC) and Ethereum (ETH), with a particular focus on the growing 5thScape (5SCAPE) project. Tossing between the ups and downs of the crypto market, 5thScape has established remarkable endurance and the potential for high returns. 

The newer altcoin knocks the VR realm with its practical applications and solid tech support. Moreover, the token is building investors’ trust and support and thus has the potential to unlock profitable gains. There is a close attention on BTC and ETH to see if the price action of these compelling tokens affects the presale pull of 5thScape.

Wait And Watch The Weekend Charts

5thScape has a strong community of casual gamers and crypto traders as the market turns to upward sentiments. 5thScape’s token price will increase by 15% with every presale round. All eyes are glued to the smart screens, tracking down charts and graphs of crypto giants like Ethereum and Bitcoin. The direction of the movement of these trending coins, affect the price action of other altcoins. The current bulls are taking 5thScape (5SCAPE) with the winds as it emerges with its VR ecosystem.

BTC & ETH: Sailing Through Uncertain Waters

Bitcoin has been on the rise since the last few weeks. The charts show a consolidation phase which will end soon and Bitcoin will break its all-time high levels of $73K. Crypto experts are in a fix as BTC prices are not taking a leap. Traders following Bitcoin’s trait to predict the movement of other coins are wondering whether BTC will reclaim its status quo. The scenario can go in the reverse direction if bears drag the coin to lower levels.

Click here to know more about 5thScape! 

While Bitcoin’s future is unpredictable, Ethereum follows the row. Ethereum’s scalability and higher transaction costs casts a shadow over its growth in the decentralized space. Analysts expect tables to turn around this weekend. However, time will show if ETH evolves and rises to new highs.

What is known for sure is that BTC and ETH price sentiments will affect the entire market over the next week.

5thScape: The VR X-Factor

While crypto-scape remains uncertain, 5thScape emerges as the ruler in the VR industry. The project focuses on the virtual gaming world with mixed reality features and has been able to demonstrate stability in highly volatile markets. Its strong foundation and escalating VR realm are the key to 5thScape’s sustained growth.

The Domino Effect: How BTC and ETH Could Impact 5thScape

The price movement of established coins like Bitcoin and Ethereum undoubtedly affect the fate of other coins. Will 5thScape manage to hang on and escape the domino effect?

If both crypto giants stand strong and rise over the weekend, positive vibes will take over the industry. This vibe could shift 5thScape to garner maximum funds in the presale. Investors seek high ROI during bullish market phases. On the other hand, the price may decline triggering a correction and broader market sell-off. This could shatter confidence amongst the investors and decelerate 5SCAPE. However, 5thScape’s resilience and strong project fundamentals are poised to outperform the market even in a bearish setting.

If BTC and ETH deviate and move in reverse directions, 5thScape might be in a fix. Based on the Ethereum blockchain, 5SCAPE tokens will benefit largely if ETH price surge, signaling rise in the DeFi and VR segments.

Beyond the Weekend: A Look at Long-Term Trends

Let’s look at the broader picture and gauge where these coins will stand in the long-term. Few long-term trends that might shape the future of 5thScape, Bitcoin and Ethereum are after effects of the Bitcoin halving event, Ethereum’s scalability concerns, and growth of the VR industry in the market.

Bitcoin halving was predicted to be a surging point for BTC and others in the category. However, the crypto has been in a consolidating range trying to break its March ATH. If BTC does enter the bull run and break $73K, financial experts suggest the price rising to $100K by the end of 2024. If this prediction becomes a reality, 5thScape could have a positive ride in the blockchain industry.

Ethereum is constantly improving its blockchain with updates and upgrades on the DeFi space. Once its scalability and gas fees issues are resolved, ETH will rise to unforeseen heights and benefit all platforms on its blockchain, including 5thScape.

The future of the VR industry appeals to be rewarding and positive. Many segments of the crypto and physical world are adopting virtual imaging to enhance user experience and get better output. Nowadays, the crypto gaming industry is flooding with gaming tokens and 5thScape tops the list. As 5thScape aligns its goals and focus with the growing VR sector, its growth is guaranteed. Expansion in the VR realm will increase demand for tokens like 5SCAPE.

The Final Say

The week off is about to come and all eyes are set on these digital assets, including the 5thScape. The emerging strength and growth potential of 5thScape backed by the authority of crypto giants will open doorways for significant profit margins. Whether you’re a beginner or seasoned crypto trader don’t miss the chance over the weekend. Stick to your screens and work out a strategic investment plan to earn maximum profits and lowest risk in the dynamic market.

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Ripple has announced an expanded partnership with Archax, the United Kingdom’s first Financial Conduct Authority-regulated digital asset exchange. 

This collaboration aims to introduce hundreds of millions of dollars in tokenized real-world assets (RWAs) to the XRP Ledger (XRPL). The announcement was made during the XRP Ledger Apex 2024 summit. This alliance is set to harness the strengths of both organizations in enhancing the utility of blockchain technology across financial sectors.

Just announced at #XRPLApex! 1/ Ripple & @ArchaxEx are expanding their partnership to bring hundreds of millions of dollars in tokenized real-world assets (RWAs) to the XRP Ledger over the next year. This move solidifies the #XRPL as a leading blockchain for RWA tokenization.

— Ripple (@Ripple) June 13, 2024

Brad Garlinghouse, Ripple’s CEO, expressed enthusiasm about the expanded collaboration, emphasizing the potential for growth in tokenization projects on the XRPL and other blockchain platforms. He noted that financial institutions are increasingly adopting this technology to enhance the versatility and efficiency of their asset management.

The partnership focuses on the utilization of XRPL for tokenizing a wide array of RWAs, thereby creating new avenues for investment and asset management in the financial industry. Ripple’s Senior Vice President of RippleX, Markus Infanger, shared that the partnership underlines XRPL’s capabilities as a leading blockchain for the tokenization of real-world assets. The collaboration initially began in 2022 when Archax worked with Metaco, later acquired by Ripple, to provide enhanced digital asset custody services.

Archax’s CEO, Graham Rodford, highlighted the importance of this milestone in the broader context of the technology industry’s evolution, marking a critical moment for the mainstream adoption of blockchain solutions. He affirmed Archax’s commitment to promoting the adoption of digital assets technology among financial institutions.

Advancements in Blockchain Technology and Compliance

Ripple and Archax are committed to a compliance-first approach, actively engaging with regulators to ensure that their innovations align with current financial regulations. This proactive engagement is crucial in fostering a stable and legally compliant environment for the introduction of RWAs into the blockchain ecosystem. Their partnership also serves as a testament to the potential of regulated digital asset exchanges to transform the landscape of financial services.

The announcement also covered Ripple’s introduction of the XRPL EVM Sidechain, which enhances the XRP Ledger’s compatibility with the Ethereum Virtual Machine (EVM). This development opens new possibilities for decentralized finance (DeFi) and RWA utilization, positioning XRPL as a versatile platform for future blockchain applications.

Following the announcement, the price of XRP saw a modest increase, signaling a positive market response to the news of Ripple and Archax’s enhanced cooperation. The current trading price of XRP stands at $0.4852, with recent fluctuations reflecting the dynamic nature of the cryptocurrency market.

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The price of XRP has been seen to drop to $0.4997, marking a 4. It has reduced by 60% within the last 24 hours. However, the trading volume of the coin has increased to $2. 3 billion, reflecting high levels of trader participation. Currently, XRP is in seventh position with a market cap of $27 million. 

In the last week, it has shed 3% of its value and is trading in a narrow range as investors try to gauge its future. At the same time, some investors are turning their attention to 5thScape and its propositions. Thus, XRP is looking to bounce back to $0.6, and the market environment changes, affecting investors’ decisions.

XRP Prices Leave Investors Disappointed, Attention Shifts to this VR Platform

Ripple faced a tough time from the Securities and Exchange Commission due to a lawsuit that temporarily put a pause on its investments. It was expected that the XRP token’s pricing would go for a bull run once Ripple is cleared of the lawsuit. However, investors were disappointed, as XRP could not pick up momentum. 

Many crypto investors are waiting for its price to touch the $0.6 mark, but the current market trend shows no positive sign.

Due to the same reason many tech-savvy investors are now turning toward a new investment opportunity which has been making headlines since its announcement. It is none other than the 5thScape platform which has been going viral not just in the blockchain space but in the entertainment world as well.

Beyond the Screen: 5thScape – The Ultimate VR Experience Hub

>>Click here to visit 5thScape Presale Page 

The 5thScape platform offers a unique range of experiences. It is a VR linked blockchain platform that serves as a library for VR movies, games, and learning content for upskilling. By creating its own niche, 5thScape has gained a first-mover advantage as an exclusive destination where all VR-compatible content is consolidated. 

The vast library of the 5thScape platform can be accessed through its utility token named 5SCAPE. Whether you are a movie buff or a passionate online gamer, you can enjoy multiple VR experiences, and the 5SCAPE token makes everything possible! The token can also be used for staking opportunities. Additionally, 5thScape’s platform gives 5SCAPE token holders important governance rights to have a say in the platform’s upgrades and policy-making decisions.

5thScape Comes Off as the VR Goldmine

One of the 5thScape platform’s biggest achievements is its recent $6.5 million presale raise, which is proof of strong investor confidence in the future of the 5SCAPE token. It signifies investors’ belief in the growing market trend of VR technology and this premium crypto project linked with it. 

At the moment, VR technology is multiplying its user base across the globe. Market experts have predicted that this immersive technology will see a 104% growth in user base by 2028 in the United States alone. It is a great sign for 5SCAPE token’s investors who plan to keep it in their crypto portfolio for the long term. 

XRP vs 5SCAPE

Ripple (XRP) is an established project in the crypto market. While many people are skeptical about investing in it after the lawsuits against this project, its developers are still helping it to bounce back. The recent dip in the XRP token’s price can give you the perfect opportunity to grab this token and profit from it during its next bull rally. 

Despite being a newcomer, 5thScape offers a better investment opportunity at the moment because its value is tied to the growing VR technology. The increasing adoption of VR technology is bringing in a new audience hungry for exciting VR-compatible entertainment content, and the 5thScape platform has positioned it perfectly to capture this audience’s attention. 

This will increase the demand and value of the 5SCAPE token which is a golden access pass to 5thScape’s adventurous VR world!

So, will you choose an established player – XRP as your next investment or will you add the innovative 5SCAPE token to your crypto portfolio?

The post Ripple Price Prediction as XRP Eyes $0.6, Investors Are Switching to 5thScape—Find Out Why appeared first on Coinfomania.

MoonPay, a prominent player in the cryptocurrency payment sector, has recently announced a significant expansion of its service offerings in the European Union and the United Kingdom.

This expansion includes the integration of PayPal as a new fiat on-ramp on the MoonPay platform, enabling customers throughout Europe to conveniently purchase cryptocurrencies.

Strategic Move Leverages PayPal’s Market Presence

The integration, which is already operational for 1% of European users, is set to be fully rolled out in the coming weeks. However, it will exclude residents of Croatia, Iceland, and Hungary.

This strategic move taps into PayPal’s considerable market presence, recognized as the third most popular payment method in the United States, only trailing behind Apple Pay and traditional bank cards.

MoonPay’s CEO and co-founder, Ivan Soto-Wright, emphasized that this integration aims to streamline the user experience and reduce entry barriers, potentially increasing the platform’s user base globally.

The adaptation comes at a time when PayPal is increasing its footprint in the digital currency space. Notably, in August 2023, PayPal ventured into the stablecoin market with the launch of PayPal USD, a U.S. dollar stablecoin backed by cash and short-term cash equivalents on a one-to-one basis.

Unlike other overcollateralized stablecoins like Circle’s USDC and Tether’s USDT—the latter being the largest by market capitalization—PayPal USD was initially launched on Ethereum as an ERC-20 token.

Due to Ethereum’s limited transaction capacity and high costs, PayPal later expanded its stablecoin operations to the Solana network in May 2024 to benefit from its higher throughput and lower transaction costs.

Furthermore, PayPal announced that its stablecoin on Solana would feature “confidential transfers,” a privacy option that permits merchants to conceal the transaction amount from public view while adhering to regulatory requirements.

This feature is intended to enhance the utility of the stablecoin for regular transactions and personal use.

Stablecoins serve as digital representations of fiat currencies and can be either backed by tangible financial reserves or be algorithmic with no cash reserves.

These digital tokens play a crucial role in providing liquidity, reducing transaction costs, and facilitating cross-border payments, especially in underserved regions.

MoonPay’s Presence In The Crypto Space

MoonPay recently contributed to Coinbase’s nonprofit advocacy initiative, Stand With Crypto. While the donation amount remains undisclosed, this engagement is part of MoonPay’s broader efforts to shape the future landscape of the cryptocurrency industry in the United States.

Source: Coinbase’s official website

This involvement is particularly timely given the increasing legal and political challenges facing the industry.

For instance, Coinbase, a major cryptocurrency exchange, successfully defended itself in a lawsuit brought by the U.S. Securities and Exchange Commission (SEC) in April 2024, which alleged violations of federal securities laws for listing certain tokens.

Additionally, Coinbase has been actively engaging with U.S. regulators to foster a regulatory framework that balances innovation with consumer protection.

Coinbase’s political engagement has been significant, with the launch of a political action committee (PAC) through its Stand With Crypto project.

The PAC, announced in May via the social media platform X, allows its approximately 450,000 members to financially support U.S. electoral candidates who advocate for cryptocurrency-friendly policies.

This initiative from MoonPay aligns with Coinbase’s ongoing efforts to influence legislation and regulatory policies in Washington D.C., further highlighting the interplay between technology, finance, and politics in shaping the cryptocurrency sector’s future.

These developments underline the dynamic nature of the cryptocurrency industry, where major players are not only innovating technologically but also strategically positioning themselves within the regulatory and political landscapes.

MoonPay’s integration of PayPal for European users exemplifies how established payment methods are being incorporated into crypto platforms to enhance user accessibility and trust.

Concurrently, PayPal’s expansion of its stablecoin to more efficient networks like Solana and the introduction of privacy features indicate a growing emphasis on practical and secure digital currency solutions.

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In a significant advancement for the technology sector, a new zero-knowledge proof (ZK-proof) called proof of SQL has been launched, set to dramatically enhance the speed of Structured Query Language (SQL) queries from the typical half-hour wait times to less than a second.

Benchmarking the Breakthrough Performance of Proof of SQL

This breakthrough was announced by Space and Time (SxT), a verifiable compute layer for artificial intelligence (AI) and blockchain. The technology is designed to benefit applications that depend on real-time data processing, offering substantial efficiency improvements.

Jay White, co-founder and head of research at SxT, detailed the remarkable performance of this new technology. According to White, rigorous testing involving various SQL operations—like filters, GROUP BYs, and aggregations on substantial data sets—has confirmed the tool’s capability.

“Our latest benchmarks have demonstrated that proof of SQL can process queries against 100,000 rows in under a second, manage one million rows in just 1.2 seconds, and handle a massive 100 million rows in around one minute,” explained White.

Initially released in alpha to a select group of SxT’s customers in August 2023, proof of SQL has now been made publicly available on GitHub. This development allows both community members and developers to execute trustless queries on the SxT platform.

Developers are encouraged to download the repository directly from GitHub to integrate this tool into their applications.

White shared insights into the broader implications of this innovation. “We have designed our sub-second ZK-proofs to allow smart contracts and AI agents to conduct real-time inquiries about on-chain activities and off-chain data.

Proof of SQL Banner on GitHub

This facilitates receiving trustless SQL query results directly on-chain during transactions, without the previous delays of up to 30 minutes,” he noted.

The move to make ZK-proofs open-source is part of SxT’s strategic efforts to enhance the security and performance of decentralized applications (DApps) and to foster community collaboration.

User Experience in Focus: Seamless Integration and Future Enhancements

White further highlighted the importance of user experience (UX) in their development strategy, which led them to focus specifically on SQL. “We aim to make developer integrations as seamless and effortless as possible,” he added.

SxT is also working on integrating proof of SQL into the Chainlink network and collaborating with the zkSync ecosystem.

These partnerships aim to enable developers to run SQL queries directly from their smart contracts using proof of SQL, thereby enhancing the functionality and scalability of DApps.

As the technology scales, White addressed potential growth and future enhancements to accommodate increasing data volumes and more complex queries.

“Proof of SQL is designed to scale linearly. We are planning cluster-scale proofs in the near term, which will provide even faster processing times over larger data tables. Additionally, we are looking to expand SQL support to include more complex queries such as multi-table queries and subqueries, alongside a novel commitment scheme,” White elaborated.

The integration of ZK-proofs in the crypto industry could have profound implications. White envisions a future where AI agents predominantly operate on-chain, supported by accurate and untampered data validated through proof of SQL.

“Every application in the world uses a database. Our vision is that every database will eventually utilize proof of SQL,” he stated, underscoring the potential for this technology to revolutionize data handling across various applications.

This development coincides with a growing interest in enhancing the scalability of blockchain technologies through ZK-proofs.

For instance, StarkWare recently announced a $1 million research fund to advance ZK-scaling for Bitcoin, aiming to simultaneously scale both Ethereum and Bitcoin using ZK technology. This initiative represents a significant push towards broader application and acceptance of ZK technology in the industry.

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Tether, a prominent stablecoin provider, has announced a major expansion plan involving a $1 billion investment through its venture capital arm, Tether Investments.

This strategic move aims to propel the company into pioneering sectors, including alternative financial infrastructure for emerging markets, biotechnology, and artificial intelligence.

Tether Investments Targets Cutting-Edge Technologies

CEO Paolo Ardoino revealed a robust 12-month investment plan to diversify Tether’s portfolio across various cutting-edge technologies.

He also teased that new products would be unveiled next Monday, signaling a strategic diversification beyond the company’s traditional stablecoin business model.

In a notable demonstration of this strategy, Tether recently disclosed a significant investment of $18.75 million in Taiwan-based XREX, a blockchain-enabled financial institution.

XREX focuses on enhancing financial inclusion and facilitating cross-border payments in emerging markets. This investment aligns with Tether’s broader commitment to reducing reliance on legacy financial systems and major technology firms.

Tether’s Announcement on X

Ardoino highlighted that over the past two years, Tether has infused approximately $2 billion into these strategic sectors.

Despite operating with a lean team of about 15 people, Tether Investments manages hundreds of deals monthly from startups, engaging only in a select few. This selective approach underscores the firm’s stringent investment criteria.

Tether Undergoes Transformation Beyond Stablecoins

In addition to these investments, Tether is undergoing a significant organizational transformation aimed at amplifying its influence beyond merely issuing stablecoins. In April, the company announced a restructuring into four distinct divisions: Data, Finance, Power, Education, and “Evo.” This restructuring signals the company’s preparation to evolve into a more dominant force within the financial ecosystem.

The “Evo” unit, Tether’s newly established venture capital division, has already made headlines with a $200 million investment in Blackrock Neurotech, a competitor of Neuralink. This investment reflects Tether’s focus on state-of-the-art biotech, AI, and human-centric fields, showcasing its commitment to leading innovations with the potential to redefine the tech and biotech landscapes.

Earlier this year, Tether addressed doubts regarding its financial integrity and reserves through a favorable attestation report. The report affirmed the company robust financial standing, revealing over $90 billion held in U.S. Treasury bonds and approximately $10 billion in cash, cash equivalents, Bitcoin, and gold. This financial transparency reinforces Tether’s position as a credible and stable player in the cryptocurrency market.

Competition Breeds Innovation in Stablecoin Market

Despite facing stiff competition from rivals like Circle’s USDC, which has been gaining market share, Tether views this competition as beneficial. It prevents monopolistic dominance in the stablecoin market, a concern that has long been present among crypto market participants.

Regulatory headwinds suggest that the stablecoin ecosystem may undergo significant changes in the near future. However, Tether’s proactive approach to investing in strategic and forward-thinking areas positions it well to adapt to these changes. By opening up new revenue streams, it aims to enhance its market position while continuing to operate as a reliable and profitable stablecoin issuer.

As Tether continues to invest and evolve, it aims to solidify its role as a major entity in the global financial ecosystem. The company’s commitment to innovative technologies and strategic investments underscores its ambition to expand its influence and capabilities beyond the realm of stablecoins. This forward-looking approach not only positions Tether to navigate future regulatory landscapes but also enhances its ability to contribute meaningfully to the broader financial and technological sectors.

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OKX Ventures, the investment division of prominent crypto exchange and Web3 technology company OKX, declared its leadership in the seed round financing of Codatta, a pioneering decentralized data protocol, on June 12, 2024.

This venture marks a strategic move to establish foundational data infrastructure essential for developers and various protocols.

Codatta: A Pioneering Decentralized Data Protocol

Codatta sets itself apart as the initial decentralized data protocol designed to offer developers foundational data infrastructure. It integrates sophisticated mechanisms that generate scientific confidence levels.

This protocol aims to empower Web3 users to monetize their data and development efforts in creating publicly accessible databases without sacrificing privacy.

Codatta has built a large network of data contributors, enhancing data reliability through AI-verified proofs, multi-party cross-referencing, and staking-as-confidence strategies.

Furthermore, it enables developers to develop Web3-native applications utilizing machine learning models in various fields, including criminal-resistant networks, on-chain advertisement, dApp-agnostic recommendation systems, and credit-based lending products.

Dora Yue, the founder of OKX Ventures, expressed her enthusiasm about leading Codatta’s seed investment.

She highlighted Codatta’s innovative approach in AI technology within blockchain metadata collaboration, which facilitates complex transactional analysis, trend analysis, and DeFi project research. “By capturing annotation data while protecting on-chain address privacy, Codatta is setting new standards,” Yue said.

The protocol’s extensibility facilitates a growing scope of data, which in turn unlocks a broadening list of Web3-native applications. Since its beta launch in April 2024, Codatta has seen substantial growth, with millions of address annotations contributed by users, augmenting its existing database of 500 million tagged addresses.

OKX Ventures April Investment Report

OKX Ventures is the investment branch of OKX, the second-largest crypto exchange by trading volume, and a significant Web3 technology firm with an initial capital commitment of USD 100 million.

Its strategic focus is on identifying and supporting the most promising blockchain projects globally, fostering innovation, and contributing to the robust development of the global blockchain ecosystem.

OKX Ventures is particularly instrumental in evolving the Bitcoin ecosystem and has supported infrastructure projects designed to enhance Bitcoin’s functionality and broaden its utility.

These investments include Arch Protocol, which integrates decentralized finance (DeFi) into the Bitcoin blockchain, and Bitlayer, which aims to improve Bitcoin’s scalability and transaction speed.

OKX Ventures: Powering Innovation in the Crypto Ecosystem

Apart from Bitcoin-focused projects, OKX Ventures has a keen interest in broader crypto market initiatives. It supports innovative projects like Monad and Aptos, which push the boundaries of blockchain performance and smart contract technology.

OKX’s portfolio also extends into the gaming sector, with investments in high-quality projects like Matr1x and the full-chain game Cellula, reflecting its commitment to the growth of the crypto ecosystem.

Additionally, OKX Ventures recently ventured into the gaming industry with an investment in the action role-playing game Blade of God X by Void Labs.

This early access game introduces a unique “play to train” feature, which integrates advanced AI with blockchain technology, allowing players to directly influence the training of AI models through their gameplay.

According to a press release from OKX Ventures, games in this series have accumulated over six million downloads, and Blade of God X has successfully raised $6 million.

Tnise, founder of Void Labs, expressed gratitude for OKX Venture’s commitment, noting, “This partnership will furnish us with the necessary resources and guidance to continue innovating, broaden our horizons, and deliver exceptional gaming experiences to players worldwide.”

OKX Ventures’ consistent strategic investments and a focus on infrastructure and application development solidify its position as a significant player in the crypto industry, shaping the future landscape of blockchain technology and fostering the adoption and evolution of the crypto ecosystem.

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The government of Zimbabwe has announced an initiative to gather public input on cryptocurrency operations as it develops regulatory policies for the sector. 

Consequently, this effort is part of a broader attempt to align with global trends and best practices in cryptocurrency management.

Zimbabwe has asked for public input on cryptoasset operations as it works on regulatory policy for the sector https://t.co/lPKkTBLrWY

— Bloomberg (@business) June 12, 2024

In a statement published in the state-run Herald newspaper, the Zimbabwean government has called on all cryptocurrency service providers, both domestic and international, to provide comments and feedback. The government emphasizes the importance of understanding the cryptocurrency landscape to formulate effective regulations. 

Moreover, the consultation process involves a newly established committee tasked with engaging operators within the virtual asset ecosystem. The deadline for comments has been set for June 26.

Historical Context and Recent Developments

Zimbabwe has a turbulent financial history, marked by hyperinflation and currency instability. Last year, the government introduced a gold-backed virtual token to stabilize the economy. In April, Zimbabwe launched a new currency, ZiG (short for Zimbabwe Gold), in a bid to establish a stable local unit. This marks the sixth currency change in 15 years, following the repeated failure of the Zimbabwean dollar, which was reintroduced in 2019 but succumbed to severe inflation.

The country’s ongoing financial difficulties are exacerbated by its exclusion from international capital markets since 1999, following a default on its debts. Zimbabwe is currently attempting to restructure approximately $19.2 billion owed to creditors, including $13 billion to international investors.

In May, Zimbabwe’s statistics agency began computing inflation using ZiG as the base. The shift to a new currency unit has shown some positive signs, with consumer prices falling by 2.4% from April to May. However, inflation remained high at 57.5% in April, calculated using a blended measure of the defunct Zimbabwean dollar and the US currency.

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The price of XRP has witnessed a sharp decline following a long period of consolidation raising concerns about the possibility of breaching the $0.5 mark. Amid the growing doubt among investors, whales are shifting millions of coins between wallets and crypto exchanges.

According to recent data, about 64.5 million XRP coins have been transferred between popular centralized crypto exchanges and wallets in the last 24 hours. This has birthed mixed sentiments among market participants as the buying and selling pressure continues to mount.

Over 64.5 Million XRP Coins Changed Hands in a Day

Prominent large crypto transaction tracker Whale Alert has reported two notable transactions over the last day carrying at least 30 million XRP each. According to the data, the first transfer carried exactly 31,650,000 XRP (valued at $15.1 million) from a wallet to the Luxembourg-based exchange Bitstamp. It is important to note that the wallet behind this transfer is the prominent ‘r4wf7…4Rzn’ address known for moving millions of XRP almost daily.

About 7 hours later, another whale emerged, accumulating 32,894,969 XRP (worth $15.7 million) from Binance, the largest crypto exchange by trade volume, to a wallet labeled ‘unknown.’ The total amount of XRP transferred in both transactions equaled 64,544,969 with a total value of $30.8 million).

32,894,969 #XRP (15,759,080 USD) transferred from #Binance to unknown wallethttps://t.co/ImnsBsN3W8

— Whale Alert (@whale_alert) June 12, 2024

While a substantial transfer as such to a crypto exchange might signify a sell-off, a transfer from a crypto exchange to an external wallet often represents accumulation, translating to growing confidence in the said project. This has sparked interest and triggered mixed signals among observers. Consequently, XRP has joined the broader crypto market to trade in the red zone as it showcases a turbulent price trajectory amid these whale movements.

XRP Price Today

As initially stated, XRP has witnessed a notable decline in its value over the last day. According to data from CoinMarketCap, the coin is currently changing hands at 0.48%, representing a 1.12% decline at the time of writing. What is more, XRP trading volume over the last 24 hours has also taken a significant hit, dropping by 11.65% to $1.1 billion.

Source: CoinMarketCap

Furthermore, XRP has traded between the lows and highs of $0.4724 and $0.4871 which signifies an 85.5% drop from its all-time high of $3.40 reached in January 2018. The downside pressure on XRP is evident in its Relative Strength Index data which has dipped to the 36.2 mark.

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