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HM Treasury changes course on collecting data around unhosted crypto wallets
“There is not good evidence that unhosted wallets present a disproportionate risk of being used in illicit finance,” said the Treasury update.
The government of the United Kingdom said it intends to modify a proposal that would have required crypto firms to collect personal data from individuals holding unhosted wallets that were the recipients of digital asset transfers.
In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on Wene, HM Treasury said it will be scaling back its requirements for gathering data from both the senders and recipients of crypto sent to unhosted wallets, unless the transaction poses “an elevated risk of illicit finance.” The U.K. government added that unhosted wallets could be used for a variety of legitimate purposes, including an additional layer of protection as is sometimes the case for cold wallets.
“There is not good evidence that unhosted wallets present a disproportionate risk of being used in illicit finance,” said the HM Treasury report. “Nevertheless, the government is conscious that completely exempting unhosted wallets from the Travel Rule could create an incentive for criminals to use them to evade controls.” Read More
Solana NFT Marketplace Magic Eden Raises $130M, Plans Multi-Chain Expansion
The top NFT platform on Solana is a newly-minted crypto unicorn with a $1.6 billion valuation—and it’s going to add other blockchains.
Magic Eden, the leading Solana-based NFT marketplace, has raised $130 million at a $1.6 billion valuation.
The marketplace plans to expand beyond Solana to include other platforms, as well.
Magic Eden, an NFT marketplace that currently commands the vast majority of the Solana market, is gearing up for expansion. Today, the startup announced that it has raised $130 million in Series B funding with plans to expand beyond the Solana ecosystem.
The Series B values Magic Eden—which was founded last September—at $1.6 billion. That makes it the latest crypto “unicorn” with a valuation of $1 billion or more. Electric Capital and Greylock co-led the round, with new investor Lightspeed Venture Partners also participating alongside previous investors Paradigm and Sequoia Capital.
Magic Eden is only three months removed from its last fundraising announcement: a $27 million Series A round revealed in March. Jack Lu, CEO, and co-founder of Magic Eden, told Decrypt that the startup didn’t plan to raise money again so quickly, but said that its rising market share and increasing NFT gaming presence convinced him to build up a war chest.
“We didn't want to feel resource-constrained,” he explained, “and we wanted to build for the next five to 10 years.” Read More
Blockchain investments are disrupting the real estate industry: Report
An in-depth research report delves deep into the market for tokenization of real estate properties worldwide as it surpasses $20 billion in size.
The Cointelegraph Research Terminal, the leading provider of premium databases and institutional-grade research on blockchain and digital assets, has added a new report to its expanding library from the industry leader in tokenization.
The report, from Security Token Market and sister company Security Token Advisors, covers the rapidly emerging asset-backed real estate tokenization industry. It has information on the developing shifts in the industry and is a must for any firm or business with a portfolio that encompasses real estate.
The tokenized real estate industry is growing rapidly amid the current market frenzy. With investors looking for a more secure investment that utilizes emerging technology, the demand for blockchain-based investment opportunities backed by real-world assets is increasing. Real estate assets account for upward of 40% of the pipeline for certain technology providers in the industry, likely making it the largest and most “urgent” sector when it comes to future security token offerings.
To understand what the 2022 landscape looks like, the report sheds light on notable developments and deals. This sector of tokenization offers investors access to high-performing fractionalized investments that can be purchased with cryptocurrency and traded via secondary markets. Read More
Wyoming's Black Hills Energy Inks First Deal Under New Blockchain Tariff
The utility said attracting more blockchain companies to the state will increase tax revenue and create jobs.
Looking to entice Bitcoin miners to the region, Black Hills Energy announced today that it has completed its first agreement to provide power to a crypto mining facility under Wyoming's Blockchain Interruptible Service Tariff.
The company says the unidentified facility will be one of the largest bitcoin mining operations in the region, and is expected to be operational and purchasing energy by the end of the year.
"We are excited to serve this new type of customer and to explore the benefits we can provide to other flexible load customers over the longer term," Black Hills Corp. CEO Linn Evans said in a statement.
The company says that attracting blockchain companies with high energy needs will provide Wyomingites with several financial benefits, including property and sales taxes, and long-term employment.
Black Hills Energy is a subsidiary of the Cheyenne Light, Fuel, and Power Company, which in turn is part of Rapid City, South Dakota-based Black Hills Corporation. The firm serves 1.2 million customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Read More
HVC is poised to triumph in the crypto economy.
Markethive is a monolithic blockchain project currently operating as a social network, an entire inbound marketing platform with email, blogging, and digital media capabilities that broadcast to the vast internet. It’s a complete Market Network and the first of its kind.
Markethive is predominantly a free system where users can access a platform that can cost more than $2,500 offered by other marketing platforms. There are, of course, upgrades that open up more tools and monetization opportunities, the first being the Entrepreneur One Loyalty Program, and coming soon is the Premium Upgrade.
The many domains Markethive has and its autonomous cloud systems that ensure its sovereignty and longevity make it untouchable and immune from the tech giants’ rule and biased agenda. But can still remotely infiltrate the social media platforms and reach the multitudes either locked in or looking for an alternative meritocratic medium.
In other words, wherever you go, Markethive is there, anywhere and everywhere, delivering its message via its community of entrepreneurs to a far-reaching audience. This next-generation social market media is poised in the wings, and when the time is right, it will emerge as a shining light to lift people up and bring financial sovereignty and hope in this gloomy and uncertain world.
The video platform, conference rooms, the unique four specific news feeds currently in development, and many other projects and incentives add to the credibility and need for an ecosystem in the social media and digital marketing space. Read More
Afropolitan Raises $2.1 Million to Bring Web3 to the African Diaspora
The Web3 collective is looking to crypto and NFTs to support community-led opportunities for people of African descent.
Looking to right historical wrongs and build a global digital community with real-world impact, Web3 collective Afropolitan announced that it had raised $2.1 million in pre-seed funding to advance its vision of a digital nation for the African Diaspora.
Participants in the raise include #Hashed, Cultur3 Capital, and ex-Coinbase CTO Balaji Srinivasan, who in 2021 wrote what would become the basis for Afropolitan's plans for a digital nation.
Afropolitan was founded in 2016 by Eche Emole and Chika Uwazie as a "community as a service for the African Diaspora," featuring events and travel geared toward people of color. This year, the group moved into Web3, becoming a decentralized autonomous organization (DAO) and digital nation based on Balaji Srinivasan's concept of the Network State and Afrofuturism. Read More
Blockchain development company brings crypto community ‘good luck’ through decentralized products
Technology advances widely adopted by the mass market are successful when they promise to improve one’s way of living.
Technology is more than a symbol of status. Rather, with every release comes a solution that makes our lives more convenient and secure.
Therefore, when considering how technology can change the way we interact with money, it is only fitting that their use is more convenient and secure than the current standard presented with fiat money.
The Neko, a blockchain development company that focuses on innovating the blockchain through a combination of decentralized technology products, shows the full utility of virtual currencies.
The team draws inspiration from Maneki-Neko, a series of popular Japanese figurines known for giving their owners good luck and fortune. Carrying this sentiment forward, Neko Developers aim to deliver a safe, secure, and simplified experience to the cryptocurrency community. To do so, the team is looking to bring to market an ERC-20 token, MANEKI-NEKO/NEKO, a non-custodial hardware wallet, a non-custodial software wallet known as NekoMask, and a security auditing and testing solution, known as NekoGuard. Read More
NFT, DeFi, and crypto hacks abound — Here’s how to double up on wallet security
Falling prey to a fraudulent link can be devastating to one’s personal investment portfolio. Here are three ways a hard wallet can protect you.
The explosiveness and high dollar value of nonfungible tokens (NFTs) seem to either distract investors from upping their operational security to avoid exploits, or hackers are simply following the money and using very complex strategies to exploit collectors’ wallets.
At least, this was the case for me way back when after I fell for a classic message sent to me over Discord that caused me to slowly but all too quickly lose my most valuable assets.
Most of the scams on Discord occur in a very similar fashion where a hacker takes a roster of members on the server and then sends direct messages to them in hopes they will bite at the bait.
“It happens to the best of us,” are not the words you want to hear in relation to a hack. Here are the top three things I learned from my experience on how to double-up on security, starting with minimizing the use of a hot wallet and simply ignoring DM’d links. Read More
dYdX moves to Cosmos-based blockchain for v4 to optimize decentralization and trading flow
The protocol chose Cosmos as the best fit as it would not only need decentralization but also the ability to handle and scale 1,000 orders per second.
On Thursday, crypto derivatives platform dYdX, which is currently built on Ethereum layer 2, announced that it would be moving to a standalone blockchain based on the Cosmos SDK and Tendermint proof-of-stake consensus for its v4 update. The firm cites the Cosmos blockchain's decentralization and performance as reasons for being a "best fit" for building dYdX for v4.
Currently, the existing dYdX protocol processes about 10 trades per second and 1,000 order placements and cancellations per second, with the goal of scaling to magnitudes higher. However, the firm says that neither Ethereum layer 1 nor layer 2 solutions can meet its requirements for throughput speed while also satisfying its 100% decentralization requirement by the end of the year. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
