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AliBaba launches NFT tools despite Chinese crackdown

Alibaba Cloud, a subsidiary of Alibaba Group, announced the launch of non-fungible token (NFT) solutions. The IT company will also build NFT marketplaces, including web hosting and content management. Meanwhile, the Chinese government has taken a very restrictive approach to digital assets.

Alibaba will help users create an NFT marketplace

NFTs have become very famous in the digital asset markets lately. Alibaba Cloud mentioned that these tokens can represent exclusive ownership of items for different digital assets as well as non-digital assets including concert tickets and invoices. As non-fungible tokens are irreplaceable. This helps the NFT artist to monetize their products.

The release mentions that Alibaba Cloud Elastic Compute Service (ECS) and auto-scaling will help the user to build an NFT marketplace. The IT company mentioned that these digital assets will soon be growing in the metaverse.

According to his blog, mainstream audiences are hesitant to fully embrace the possibilities the metaverse has to offer. However, stating that a survey conducted by Harris Poll showed that only 38% of Gen Z respondents think the Metaverse is the next big thing. He added that the virtual world will be part of our lives for the next decade.

China imposes strict rules on digital assets

The Chinese authority has issued major warnings about business risks in NFTs. Meanwhile, cryptocurrencies are banned in mainland China. However, the government has signaled that it has no intention of banning NFTs. This has led to giants like Alibaba and Tencent to file new NFT patents in the past.

Meanwhile, popular Chinese apps like WeChat Pay have recently suspended accounts that purchased these NFTs. According to reports, Xihu No.1 digital collection platform was one of the excluded projects. The lack of transparency and confusion on the part of the government kept people waiting.

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Dubai Market Attracts Major Exchanges – Crypto.com Secures License

Prominent cryptocurrency exchanges like Crypto.com and Binance have been looking to set up operations in the friendly Dubai cryptocurrency market.

Crypto.com Gets Provisional Approval

Singapore-based cryptocurrency exchange Crypto.com has set its sights on the lucrative Dubai market. After appealing to the Dubai regulator responsible for virtual asset licenses, the exchange was able to obtain a provisional approval, the Virtual Assets MVP License, to provide crypto services in the city. The exchange announced the news on Thursday, revealing that it would receive the full operating license once VARA conducts and completes due diligence and other mandatory compliance requirements.

Crypto.com Co-Founder and CEO Kris Marszalek said:

“We are excited to offer more of our products and services in a market that is critical to our business and equally committed to regulation and compliance. We look forward to working with regulators across the region to further expand Crypto.com’s offering and market presence.”

The regulatory body in question is the Virtual Assets Regulatory Authority (VARA), which was created earlier this year to oversee and facilitate the growth of the cryptocurrency industry in Dubai. VARA manages the operations of various crypto platforms for a secure investment environment, much needed for a thriving industry.

Crypto.com starts operations in Dubai

Approval means that the exchange has completed an initial level of compliance checks to the satisfaction of the regulatory body. Therefore, Crypto.com will now be able to offer all its products and services to those interested in Dubai. However, the supervisory body will be attentive to all procedures to guarantee maximum protection for investors.

Foreign Trade Minister Dr. Thani Al Zeyoudi commented on the news and said:

“The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe that cryptocurrencies, virtual assets and blockchain will revolutionize the financial services industry. Through our Virtual Assets Regulatory Authority and other key initiatives, we are attracting businesses to the UAE to build on this vision and enable the technologies of the future to flourish here.”

Binance moves in Dubai

Crypto.com will face fierce competition in Dubai as another major cryptocurrency exchange has also applied for the VARA operating license. Binance Holdings Ltd., which operates the largest exchange in the cryptocurrency industry by trading volume, has already signed an agreement with the Dubai World Trade Center (DWTC) to work together on establishing the latter as a global hub for digital assets. Reports also stated that Binance is seeking accreditation to begin providing crypto services on the DWTC, which has been declared a “free zone” for cryptocurrency and blockchain technology.

Meanwhile, another global cryptocurrency company, FTX, has been exploring a completely different market. It recently announced the launch of FTX Japan to tap into the growing Japanese market despite strict crypto regulations in the Asian country.

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Will Apple present NFT trading cards at next week’s developer event?

Judging by its history, Apple is known for having a knack for making a surprise. Thanks to an update shared by the tech giant, the NFT community believes there is a good chance of getting into web 3.0 with Apple NFT cards.

Speculation started after Apple revealed cool Memoji-like characters on its latest event page. The World Developers Conference 2022 annual marketing campaign features some cool NFT-like characters.

As a result, the cryptographic community on Twitter is hopeful with Apple’s entry into web 3.0. “Apple may release NFT business cards,” said one enthusiast.

Adding to this speculation was a claim by MacRumors that clicking on Memoji characters could reveal an augmented reality mode with three collectible card characters.

Apple well positioned for Ace Web 3.0

While the company has yet to officially confirm the claims, breaking into the NFT space is likely not going to be much of a challenge. Apple has already worked on developing a mixed reality headset with VR and AR capabilities. This makes things even easier for Apple, which has been hard at work in the Memoji segment for the past few years.

Furthermore, the Apple CEO revealed his interest in the cryptocurrency space last year. In fact, he said that he personally invested in cryptocurrencies. He also commented on Apple’s NFT plans.

"NFTs are interesting, but it will take time to develop in a way that is for the average person."

However, Cook did not comment on Apple’s cryptocurrency investment plans. He clarified that there are no immediate plans to launch cryptocurrency-related offerings. Additionally, Cook revealed at the time that there may be different things Apple is looking into in space.

Apple’s Worldwide Developers Conference will take place virtually from June 6-10. The event could lead to the revelation of new developments in a number of Apple products. New devices and software models like iPadOS 15, MacOS Monterey, watchOS 8 and iOS 15 may emerge.

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Caribbean Islands, Dubai, Mumbai: Bitcoin Cash Adoption Continues to Grow Worldwide

Bitcoin Cash supporters have been known to spread adoption over the years and 2022 is no different. This year, the peer-to-peer cryptocurrency bitcoin cash has seen significant adoption in the Caribbean islands, along with places like Dubai and Mumbai.

Bitcoin Cash Advocates Continue to Promote Peer-to-Peer Cryptocurrency Adoption

According to the map.bitcoin.com website, there are thousands of merchants around the world that accept bitcoin cash (BCH) for goods and services. Additionally, if one visits the r/btc Reddit forum, one will notice a plethora of posts highlighting adoption in places like Dubai, Mumbai, St. Kitts and Nevis, and St. Marten.

Bitcoin.com News previously reported on St. Maarten, Rolando Brison, revealing that he requested that his entire salary be converted into bitcoin cash. Map.bitcoin.com indicates that there are more than 160 merchants that accept BCH in the region.

Bitcoin Cash is now accepted by the Caribeeats platform (caribeeats.com) and BCH can be used to deliver food and groceries to more than 15 different countries. Caribeeats serves regions such as Barbados, Dominica, Grenada, USA, Jamaica, Montserrat, St. Saint Kitts, St. Lucia and much more.

Starting today, https://t.co/jo5L9YGhz9 accepts #BitcoinCash! Try it today in #Antigua #BVI #Barbados #Bahamas #Caribbean #Grenada #GUYANA #London #Trinidad #USA https://t.co/K8GOsZM66j pic.twitter.com/SQxZRcVPAp

— Roger Ver (@rogerkver) May 28, 2022

Numerous Reddit and map.bitcoin.com posts reveal that BCH is beginning to make a presence in Dubai at establishments such as Masala Mantra, Tandoori Junction, Great Wok, Bermuda Diving Center, X Factor Restaurant, Franck Muller Middle East and India, Perfetto Pizzeria and Business Town.

Similarly, BCH adoption is also taking place in India’s de facto financial hub, Mumbai. In mid-April, Hosanna House Montessori School, an all-boys school located in Mumbai, announced that it had become the first Montessori school in India to accept BCH.

On June 2, the Nahar Medical Center revealed that it has become the first medical center in India to accept bitcoin cash. In Mumbai, BCH is also accepted at Jayant, Paramount Sports n Nutrition, Vig Refreshments, Super Waves, Copa, and Haute Dog Pet Salon & Boutique Store.

Bitcoin Cash has been gaining significant adoption in the twin-island Caribbean nation of St. Kitts and Nevis, as the region has a total of 159 merchants accepting BCH, according to map.bitcoin.com. Last month, Club Dubai in St. Kitts revealed that it accepts bitcoin cash (BCH) payments, and Kentucky Fried Chicken (KFC) in St. Kitts adopted BCH.

Bitcoin cash is also accepted at Burger King St. Kitts and the Panda supermarket on the island accept BCH. in St. Kitts, the crypto is also accepted at Sun Island Clothes, Karma Asian Cuisine, Econo Retail Shop, and Oracle Martial Arts Academy.

Merchants that accept bitcoin cash are prominent in several other regions of the world, including Anguilla, Antigua, Japan, Venezuela, Slovenia, Australia, Philippines, Vietnam, Ghana, Zimbabwe, Argentina, and more. Additionally, a good portion of businesses that accept BCH for payments accept the digital currency directly, rather than using a third party or payment processor.

Businesses that accept cryptocurrencies can be found at map.bitcoin.com, but BCH users can also take advantage of the Green Pages and Acceptbitcoin.cash websites to view physical and online merchants that accept peer-to-peer cryptocurrency assets.

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Camp BX Crypto Exchange Sued for Allegedly Stealing Customers’ BTC

Camp BX was a cryptocurrency exchange in Atlanta, Georgia that is becoming well known not because of its cryptocurrency exchange protocols, but because it is one of the first to be sought after by most of its customers.

Camp BX is getting “federal” attention

Camp BX doesn’t have a long or stellar history. The company only existed for a while, but the company, when it went bankrupt, decided to keep all of its customers’ money and not return anything. This raised serious red flags among everyone doing business with the company, and it wasn’t long before class action was launched.

All this happened about four years ago. Many customers have so far failed to recover their bitcoin units, although it now appears that the court has finally ruled in their favor. A federal jury in Atlanta has ruled that all customers who have been cheated of their earnings by Camp BX must have their funds returned immediately.

For several years, approximately 70 customers have exchanged bitcoins and other cryptographic units through Camp BX. The company’s physical address was a PO box at a UPS store in Roswell, although the company is believed to have conducted most of its business remotely or online. Attorney John Richard explained in an interview:

In this case, the exchange worked well for several years.

However, that finally changed in 2017 when several of the customers in question lost access to their bitcoin accounts. This is often known as a tug of the rug in the crypto space. A company or project gets money through investors or clients from all corners of the world. Just when it looks like the money is going to be put to good use, executives close up, so to speak, and walk away with all the funds. It’s a classic case of fraud, and it happens a lot in the field of digital currencies.

A year after this all began, the Georgia Department of Banking and Finance sent a cease and desist letter to Camp BX for allegedly carrying out unlicensed financial transactions. Several customers were also chatting on online forums talking about how they couldn’t access their money. One man, Jay Daniel, had around $250K worth of BTC that he couldn’t access. He says:

I went to the site, couldn't make any transactions and was like, 'Oh shit'. They held our property completely, they didn't answer reasonable questions, and we literally had to open the first bitcoin case in federal court to get our money back.