ZA Bank’s Future Plans to Introduce Crypto Trading Facility
Hong Kong virtual bank ZA Bank said in an announcement that it has so far provided commercial banking services to more than 80 Web3 platforms and is also a banking partner of local licensed platforms HashKey and OSL.
Also in the future, the bank's retail investors will be able to trade cryptocurrencies with fiat through the ZA Bank app.
KyberSwap Temporarily Halts Projects Amidst 54M Dollar Loss
KyberSwap CEO Victor Tran announced a 50% workforce reduction following a $54 million loss due to the Elastic exploit. They paused liquidity pool initiatives and Kyber AI temporarily. The exploit involved a hack demanding control and temporary ownership.
Despite the Treasury Grant Program's implementation covering user losses including stablecoin equivalents and vesting periods, KyberSwap made significant changes for sustainability.
MEXC Promised Better Communication on Personnel Changes
MEXC, a crypto exchange, cleared up concerns about a deleted Twitter account, "MEXC_CEO," stating it belonged to a former CEO. Apologizing for the confusion, MEXC promised better communication on personnel changes.
Despite withdrawal issues reported by users, the crypto exchange affirmed smooth operations and warned against misinformation, emphasizing their commitment to truth.
Finance Focused Injective Blockchain Gains Traction
Injective currently ranks 27 in the top 30 token list according to Market Cap. It is believed to have high possibilities of entering the top 10 soon. When the major tokens of the market like Bitcoin and Ethereum are surging, altcoins are also getting a price boost.
At the time of writing, Injective Token (INJ) was trading at $40.85. In the past 30 days the price surge 154.8% for INJ token whereas the yearly surge is 3032.1%. Additionally, if Injective, boosting DeFi apps, enters the top 10 in crypto tokens, it might cross its all-time high.
Fortnite Creators' Store Embraces Blockchain Games Again
The Epic Games Store has decided to reopen its doors for Blockchain and Web3 games. The digital storefront, owned by the creators of Fortnite, has made changes to its policies to reintegrate such games onto its platform.
It should be noted that the recent changes include an exception for Blockchain and NFT games, requiring them to adhere to existing guidelines.
Spot Bitcoin ETF Success Poses Threat, Warns Ex-Bitmex CEO
Former Bitmex CEO Arthur Hayes warns that the success of a future spot bitcoin ETF could jeopardise the Bitcoin network. In a recent blog post, he envisions a scenario where Bitcoin is controlled by a few financial giants, risking its viability.
Hayes suggests this could lead to the network's shutdown if transactions decline, urging caution in handling Bitcoin's future.
Ozkul Joins Turkey's Crypto Regulation Initiatives
Turkey's President Erdogan appointed crypto and blockchain expert Prof. Dr. Fatma Ozkul to the Central Bank Monetary Policy Committee.
Ozkul, known for her work in crypto assets and blockchain, joins amid the country's efforts to regulate the crypto market. Turkey aims to submit a draft law on crypto asset regulation next year.
Major Banks & Tech Collaborate for Blockchain-Powered Finance
Nigerian banks are collaborating to launch cNGN, a stablecoin pegged to the national currency, the naira.
Unlike the eNaira, a central bank digital currency, cNGN is developed on public blockchains, enabling global transfers. It's a collaboration among major banks and tech companies, functioning alongside the eNaira with a focus on blockchain technology.
Legal Battle Involves Costs, Security Payments, and ASD Adjustments
Legal Battle between Craig Wright, who claims to be Bitcoin creator Satoshi Nakamoto, and Bitcoin Core developers is rescheduled for Feb. 5.
Wright alleges copyright violations by Bitcoin 13 developers. A judge allowed 97 new documents, but developers accuse Wright of fabricating evidence. The trial involves costs, security payments, and ASD-related adjustments.
Nigerian Banks Still Not Allowed To Trading Cryptocurrency
The Central Bank of Nigeria has lifted its ban on banks engaging with cryptocurrencies after nearly two years.
Recognizing global crypto demand, the bank aims to regulate virtual asset service providers (VASPs) through new guidelines. However, banks are still barred from holding or trading cryptocurrency using their accounts. The move follows calls for broader blockchain integration in Nigeria.
OpenAI Actively Supports AI Startups With Programs Like Converge
OpenAI, a major AI developer, is reportedly in talks with investors for a funding round exceeding $100 billion. While details are not finalized, this potential investment could make OpenAI the second-most valuable U.S. startup.
The company is actively supporting AI startups through programs like Converge, offering significant funding to nurture innovation in the AI industry.
IRS Aims to Expand Crypto Transaction Reporting Requirements
Consensys, the blockchain software developer, raises concerns over proposed IRS regulations for digital-asset brokers.
They emphasize the need for precision and care in structuring reporting requirements, highlighting potential complexities and proposing a phased-in approach for challenging aspects. The IRS introduced the regulations in September, focusing on expanding reporting requirements for crypto transactions.
President Bukele Highlights Altruistic Role in Supporting Growth
El Salvador Congress approves a law offering citizenship to foreign Bitcoin investors, aiming to boost economic development. The law allows expedited citizenship through Bitcoin "donations," omitting a minimum requirement.
President Bukele Highlights the role of altruistic foreigners in supporting El Salvador growth. The move aligns with El Salvador's broader Bitcoin adoption strategy, showcasing financial gains.
SEC Cites Lack of Substance and Disagrees With Coinbase's Claims
SEC Chair Gary Gensler warns crypto firms about non-compliance, calling the space a "wild west." Elon Musk X adds community notes to Gensler's post, highlighting the need for clear SEC guidelines.
The SEC recently denied Coinbase's petition for new digital asset industry rules , citing lack of substance and disagreeing with claims. Coinbase appeals the SEC's decision.