Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-4-24
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EUROPEAN UNION ESTABLISHES COMMISSION TO REGULATE CRYPTOCURRENCY AND BLOCKCHAIN TECHNOLOGY
▪️European Union creates a commission to regulate cryptocurrencies and blockchain technology.
▪️New measures aim to reduce risks and protect investors in the crypto market.
▪️ Companies and investors have mixed reactions to the upcoming regulations.
In Europe, new steps are being taken to regulate cryptocurrencies and blockchain technology. The European Union has created a special commission to regulate and oversee this sector. The commission aims to develop policies and strategies covering crypto assets and digital finance.
New Commission’s Duties
The commission’s main duties include regulating, supervising, and monitoring the crypto assets market. Additionally, preventing the use of these assets for money laundering and terrorist financing is among their priorities.
The commission will also work on the taxation and legal frameworks of crypto assets. It is noted that there will be cooperation with companies operating in the sector during this process.
Companies’ Opinions
Many major crypto companies welcome Europe’s move. Companies emphasize that regulations are important for the long-term sustainability and reliability of the sector.
Some companies highlight that they have encountered similar regulations in the US and Asian markets and stress that this process should be carried out more carefully in Europe.
“Europe’s step to regulate crypto assets will reduce uncertainties in the sector and create a stronger ecosystem.” – President of the European Blockchain Association.
Investors’ Reactions
Investors are closely following the changes that the regulations will bring. Many investors believe that the regulations will provide transparency and trust in the sector.
However, some investors are concerned that these steps could lead to excessive regulation and restrictions in the crypto market.
When news about crypto regulations in Europe first emerged, there was great excitement and curiosity in the sector.
Similar regulatory efforts had been made before, but such a comprehensive initiative had not been implemented. Now, the European Union’s new approach to crypto assets could set an example for other global regulators in the sector.
@ Newshounds News™
Source: Coin-Turk
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$450,000,000,000 SWISS BANK STARTS XRP, BITCOIN AND ETHER TRADING
▪️Zürcher Kantonalbank partners with Crypto Finance AG to launch crypto brokerage services for retail clients and third-party banks.
▪️ZKB clients can now trade Bitcoin, XRP, and Ethereum seamlessly through their mobile app, e-banking, and digital channels
Recently, Crypto Finance AG, a member of the Deutsche Börse Group, has announced a collaboration with Zürcher Kantonalbank (ZKB) to provide cryptocurrency asset brokerage services.
This agreement is a big step forward for Switzerland’s largest cantonal bank, which will debut its new crypto service on September 4, 2024. This unique tool, aimed primarily at retail consumers and third-party banks, allows a wider audience to engage with digital assets such as Bitcoin, XRP, and Ethereum.
Growing Demand for Crypto Services in Traditional Banking
The introduction of this integrated digital asset solution demonstrates the increased interest and demand for crypto services in traditional banking. It lays a solid platform for participating in the constantly increasing digital asset market.
Blockchain researcher Collin Brown emphasized the significance of this development, stating that ZKB clients may now trade Bitcoin, XRP, and Ethereum through a variety of channels, including their mobile app, e-banking, and other digital platforms.
Peter Hubli, Head of Digital Asset Solutions at ZKB, expressed his delight for the relationship, citing Crypto Finance’s “experienced, regulated, and competent” knowledge in the crypto market.
He stressed how the relationship provides industry knowledge, allowing ZKB to successfully handle the challenges of the cryptocurrency market. This statement demonstrates ZKB’s commitment to providing its clients with dependable and secure access to the digital asset area.
The successful launch of ZKB’s cryptocurrency offering reflects not only the rising integration of digital assets into traditional financial frameworks, but also Switzerland’s growing position as a global leader in digital innovation and financial technology.
As the government continues to create an atmosphere suitable to fintech growth, the collaboration between ZKB and Crypto Finance exemplifies the developing interaction between traditional banking and the crypto world. Stijn Vander Straeten, CEO of Crypto Finance AG, stated:
“We are very proud to support Switzerland’s largest Kantonalbank in the launch of their crypto offering. This is a further important milestone for the broad acceptance of crypto in Switzerland. We are excited about the opportunity to collaborate with ZKB.”
On the other hand, as we previously reported, Deutsche Bank-backed Taurus is expanding its services to the Stellar blockchain, which now offers asset tokenization and safe storage solutions.
Taurus-PROTECT, a digital asset storage solution, and Taurus-CAPITAL, a tokenization service, are now available on Stellar’s public blockchain, expanding the digital asset management options.
Furthermore, Deutsche Bank has offered Bitpanda users real-time payment solutions, allowing for frictionless deposits and withdrawals. According to CNF, Bitpanda customers in Germany may now enjoy increased convenience and security with local IBAN access, which contributes to a better overall user experience.
@ Newshounds News™
Source: Crypto News Flash
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INDIA SURPASSES THE US AND BRAZIL IN THE SANDBOX CONTENT CREATION
▪️India leads in content creation for The Sandbox, surpassing the US and Brazil.
▪️The Sandbox's strategic focus doubled its Indian user base to 350,000.
▪️Borget remains optimistic about Web3 adoption despite the market not entering a bull phase.
India has emerged as a leading content creator source for the popular Metaverse platform, The Sandbox, surpassing the US and Brazil. According to The Sandbox co-founder Sebastien Borget, India currently has over 66,000 content creators compared to 59,989 in the US and 25,335 in Brazil.
Focused Specifically on the Indian Market
India‘s rise came after The Sandbox’s strategic focus on the Indian market, announced in December 2023, which doubled the platform’s user base in the country to 350,000. The company now aims to reach one million users in India within the next two years.
Borget attributed the rapid growth to various boot camps and educational programs conducted either directly by The Sandbox or through its joint venture in India, BharatBox, in collaboration with partners like the India-based cryptocurrency exchange CoinDCX
BharatBox was initially launched with $1 million in funding and is expected to receive an additional $200,000 by the fourth quarter of this year.
Despite The Sandbox raising $20 million with a $1 billion valuation in early 2024, Borget stated that further investment in India is unnecessary as the initiative is designed to be self-sustaining and generate its own revenue.
Borget emphasized that India is more than just a global tech workforce, highlighting the success of Blockchain projects not only in development but also in content and entertainment. For example, the sale of 1,060 avatars of characters from the popular Indian movie “Jab We Met” within two weeks of release demonstrates The Sandbox’s successful entry into India’s cinema sector.
Borget: Market Has Not Yet Entered Bull Phase
Commenting on the overall Web3 market, Borget noted increased interest due to the approval of spot-crypto exchange-traded funds (ETFs) in the US but emphasized that the market has not yet entered a bull phase.
He pointed out that institutional money flow has not led to higher user adoption because retail investors have not heavily invested their savings in crypto. However, Borget remains optimistic about Web3 adoption with the emergence of higher-quality games and platforms like Telegram‘s distribution network.
Borget also commented on the arrest of Telegram CEO Pavel Durov in France over allegations related to illegal transactions and child abuse materials on the platform. He stressed that while privacy is a fundamental right, platforms should not remain neutral and must cooperate with authorities when used for serious crimes.
@ Newshounds News™
Source: Coin-Turk
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IOTA EVM HITS $5 MILLION TVL: KEY DRIVERS BEHIND ITS DEFI SUCCESS
▪️ IOTA EVM Milestone of $5 million TVL reflects the platform’s growing strength and its increasing role in the decentralized finance ecosystem.
▪️ IOTA’s unique parallel processing architecture and cross-chain compatibility are driving its rapid expansion in the DeFi space.
As per the latest data from DeFiLlama, distributed ledger technology (DLT) platform IOTA has achieved a major milestone, with the total value locked on the IOTA Ethereum Virtual Machine (EVM) surging past $5 million.
This shows that IOTA has been growing strongly, thereby becoming the preferred platform for decentralized finance (DeFi) applications. If it continues with this growth trajectory, it can become a key player in the DeFi ecosystem, reported Crypto News Flash.
IOTA’s innovative and scalable architecture has been one of the major reasons behind its significant growth in the crypto industry. Unlike other conventional blockchain networks processing transactions sequentially, IOTA’s Layer 1 network is designed with parallel structures, allowing for simultaneous transaction processing.
This horizontal scalability structure makes IOTA suitable for decentralized finance (DeFi) applications that require fast and efficient infrastructure in order to handle complex financial operations efficiently.
With the introduction of its Ethereum Virtual Machine (EVM), IOTA is making strides in the DeFi space, offering seamless compatibility with Solidity smart contracts. This feature allows developers to easily migrate existing Ethereum-based smart contracts to the IOTA network, simplifying the development of DeFi applications on the platform.
By reducing barriers to entry, IOTA is rapidly expanding its DeFi ecosystem. Furthermore, IOTA’s cross-chain compatibility enables smooth interactions with both EVM and non-EVM chains, thereby significantly enhancing its potential use cases and integration opportunities across different blockchain networks.
All organically, without any marketing or incentive campaigns (yet). Let’s keep on climbing 🧗🏔
— Dominik Schiener (@DomSchiener) September 3, 2024
IOTA Boosts Its DeFi Appeal With Fairness and Security
The features like native randomness and Miner Extractable Value (MEV) resistance ensure that IOTA remains fair and secure thereby driving a large number of users to its platform.
These mechanisms ensure that the ordering of transactions happens randomly while minimizing the risk of front-running or unfair value extraction. This helps IOTA to maintain high integrity and trust within the DeFi ecosystem.
Thus, by expanding its technological capabilities, IOTA has managed to reach the $5 million TVL milestone. Besides, its commitment to creating a scalable, fair, and secure environment is attracting new projects and increasing liquidity, solidifying its place in the competitive DeFi landscape.
With its scalable architecture, cross-chain compatibility, and dedication to fairness, IOTA is ready to become a key player in the future of decentralized finance.
The recent $5 million TVL milestone underscores the belief in IOTA’s potential as the platform continues to attract investment and innovation, positioning itself as a leader in shaping the future of finance.
Today, the EVM platform also enjoys the launch of the exclusive game IOTA Heroes, with the goal of expanding the ecosystem into new verticals, reported CNF.
@ Newshounds News™
Source: Crypto News Flash
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