Daily Web3 Headlines You Need To Know
03 November #NFT #Metaverse #DeFi&Trading #Policy&Law
🖼 NFT
Come one, come all! Meta to bring NFT minting and trading to Instagram
Social media platform Instagram is set to introduce a number of nonfungible token (NFT)-related tools that will allow creators to mint, show and sel NFTs. Instagram parent company Meta said on Nov. 2 during its Creator Week 2022 event that the platform would allow its creators to make “digital collectibles” and sell them “both on and off Instagram.”…(Read More)
🌖 Metaverse
Mark Zuckerberg’s metaverse is a joke not shared by investors
The other comedy in US tech land — aside from Elon Musk’s realisation that Twitter isn’t worth $44bn — is happening at Meta, the restyled Facebook. The joke in that case is on the shareholders. Having hailed Mark Zuckerberg as a visionary, and having given him effective control on that basis through a form of “golden share” voting structure, investors were shocked to discover it is impossible to sack the boss when he pursues visions they do not like…(Read More)
Surprise! It Isn’t Just Meta Investing Heavily in the Metaverse
In the wake of the Great Recession back in 2008, the stock market got hooked on cloud computing. The new cloud IT infrastructure — the backbone of what has become known as software-as-a-service (SaaS) — fueled a boom in profitability for early adopters. Cloud computing growth is still alive and well and should continue expanding for the foreseeable future…(Read More)
📈 DeFi / Trading
B2C2 Launches Options Trading for OTC Crypto Market
B2C2, a cryptocurrency market-maker owned by Japan’s SBI Holdings, has expanded its offerings with the addition of electronic options trading for the over-the-counter (OTC) crypto market. Announced on Monday, the new feature is being offered through the company’s Single Dealer Platform…(Read More)
Argo Blockchain Cancels £24 Million Funding, Shares Plunge 46%
On Monday, Argo Blockchain (LSE: ARB; NASDAQ: ARBK) announced the crypto mining company could not honor the previously agreed non-binding terms to approximately £24 million ($27 million) funding, which was raised with the subscription of ordinary shares. The announcement’s impact is clearly reflected in the publicly traded share price of the company…(Read More)
DFSA Publishes List of “Recognised Crypto Tokens” as Changes Take Effect
The Dubai Financial Services Authority (DFSA) announced its initial list of ‘Recognised Crypto Tokens’ on Tuesday, changing its current regulatory regime concerning the crypto industry. The list includes Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The DFSA defines a cryptocurrency token as a token that is used as a medium of exchange or payment or provides a right in another asset that meets the requirements…(Read More)
Paxos Becomes “Major Payments Institution” in Singapore
Paxos, a cryptocurrency trading and custody platform, announced on Wednesday that Paxos Global Pte Ltd had acquired a license from the Monetary Authority of Singapore (MAS). Under the new license, Paxos will be able to offer digital payment token services, and it will become the first blockchain infrastructure platform from the USA with a Major Payments Institution (MPI) license…(Read More)
JP Morgan executes first DeFi trade on public blockchain
Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain. The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.”…(Read More)
Robinhood not giving up on crypto despite Q3 crypto revenue slashing 12%
Crypto and stock trading platform Robinhood highlighted lagging cryptocurrency revenue in the third quarter of 2022, though the results will do little to dampen its ambition to serve the market, its CEO says. The trading platform announced its third-quarter results on Nov. 2, with the Robinhood executives pointing to a 12% quarter-on-quarter decrease in Monthly Active Users (MAU) and a 24% quarter-on-quarter drop in notional volume as two of the main drivers behind a 12% fall in crypto revenue, reaching $51 million…(Read More)
⚖️ Policy & Law
Hong Kong Decides on Rules for Crypto ETFs
One of the Four Asian Tigers, Hong Kong, is now set to allow crypto investments to retail and institutional investors, and it has unveiled plans for regulations. The Securities and Futures Commission (SFC) confirmed its intentions to launch a consultation paper with proposed guidelines and regulatory rules for cryptocurrencies or, as officially called, virtual assets (VA). The regulator is further considering allowing retail access to virtual assets through exchange-traded funds…(Read More)
Programmer spends 69 nights in ‘Bitcoin Cash City’ using only BCH: Here’s how it went
When programmer Jonathan Silverblood flew to Townsville, Australia from his Finland home for a two-and-a-half-month holiday in August, he had one main task — pay for everything he could using Bitcoin Cash. The coastal city of Townsville is known as the “Bitcoin Cash City,” a name derived from a conference of the same name that first launched in 2019. It is understood to have a strong number of merchants that accept the Bitcoin-forked token…(Read More)
MiCA bill contains a clear warning for crypto influencers
The European Union (EU) bill aiming to regulate cryptocurrencies could result in crypto influencers being charged with market manipulation if they fail to disclose potential conflicts of interest. The Markets in Crypto Assets (MiCA) bill, which has been approved by the European Parliament Committee on Economic and Monetary Affairs on Oct. 10, is expected to be legislated after a few more hurdles…(Read More)
ASIC’s Longo pledges action against certain ‘high-risk’ crypto products
Australia’s financial services and markets regulator has issued another glaring warning towards issuers of crypto-based financial products, particularly those inappropriately marketing high-risk products. Joe Longo, chair of the Australian Securities and Investment Commission (ASIC) in an opening speech at the ASIC annual forum on Nov. 3 local time said it will use current laws to police “risky and complex products” to protect consumers…(Read More)
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