Author: WebDesk

Crypto businesses are seeking access to the US Federal Reserve’s (FED) payments systems that legacy finance institutions use to move money around swiftly. However, in a bid to protect their privileged position in the US financial system, banks are protesting against providing crypto companies with such access. Some of the major crypto firms that aim to gain a foothold in these payment systems include digital asset-focused bank Avanti Bank and crypto exchange Kraken, as reported by The Wall Street Journal. The companies say that gaining direct access to the systems would provide them with faster and cheaper ways to process orders from their customers. Currently, such…

The Singaporean edition of international luxury fashion magazine Vogue is bringing non-fungible tokens (NFTs) to high-end fashion, featuring a QR code in its September issue that enables access to two digital covers created by fashion designers, which are available as NFTs. The first NFT cover that is featured in Vogue Singapore’s September edition, which arrived on newsstands on August 25, is ‘The RenaiXance Rising’ by digital fashion house The Fabricant in partnership with Singaporean artist Shavonne Wong. “This programmable NFT changes in posture and lighting according to the live time in Singapore,” the magazine said. Cover 2 of 2: ‘The RenaiXance Rising’ by…

The government of Cuba has announced it will recognize cryptocurrencies and regulate their use for payments on the Caribbean island. A resolution published in the Official Gazette said that the Banco Central de Cuba (BCC), the country’s central bank, will develop a set of rules for crypto, and define how to license providers of related services in the Cuban market. The BCC can authorize the use of cryptocurrencies “for reasons of socio-economic interest, may authorize the use of certain virtual assets in commercial transactions, and grant a license to virtual asset service providers for operations related to financial, exchange, and collection activities or…

CryptoPunks, digital collectibles created by Larva Labs, have a high ‘whale’ concentration share, with 10 wallets owing 1,410 digital assets, but the collection’s robust market capitalization of USD 3.1bn makes it less prone to manipulation, according to a report released by data aggregator and analysis firm DappRadar. As part of its research into non-fungible tokens (NFTs) and cryptocurrency whales, a term used to describe individuals or entities that hold significant amounts of crypto or crypto assets, DappRadar is employing a method based on on-chain indicators for the NFT space, the whale concentration index. The index measures how diluted or concentrated a given collection is,…

  Mumbai-based crypto unicorn CoinDCX has become a member of the Advertising Standards Council of India, a non-governmental self-regulatory organization. Mumbai-based crypto exchange CoinDCX has reportedly joined the Advertising Standards Council of India (ASCI). In what seems like a response to the Delhi High Court’s notice regarding ad disclaimers from crypto exchanges, CoinDCX intends to use this partnership to improve advertising transparency and stay off the radar of the Indian regulators. ASCI is a non-governmental, self-regulatory organization that claims to favor consumer interests and protection. On Aug. 10, CoinDCX became the first crypto business in India to reach unicorn status. Citing the partnership with…