The alleged stance of Burberry has caused severe hatred for its brand in China with Regina IP, a Hong Kong lawmaker saying she will stop buying the Burberry products. Just recently, the UK took a bold step to impose a sanction on the happenings in Xinjiang, the western Chinese Region. In response, China has also sanctioned some companies and organizations in the UK for peddling falsehood. Burberry becomes the first luxurious company to be affected by these sanctions after its Tartan design hallmark was removed from a popular video game.…
Month: March 2021
NIO Stock Down 8% in Pre-market, Company Announces Halt in Auto Production
Nio has recorded impressive results in auto production in the past two quarters. But the current halt may be risky for the performance of the company. Chinese electric vehicle maker Nio Inc (NYSE: NIO) has announced a halt to its auto production activity for 5 days. According to the official announcement, the suspension of its car manufacturing applies to its Hefei plant and the primary reason cited for this unprecedented move is the shortage in the supply of semiconductors. The challenge of the limited chip supply has been a major…
Avanti Financial Raises $37M in Series A Funding Round Ahead of Its Launch
Avanti Financial Group seeks to become the second crypto company after Kraken Financial to acquire a full banking charter in the United States. Avanti Financial Group, a digital asset bank, announced on Thursday that it has completed its Series A funding round with $37 million, bringing its total raised capital since inception to $44 million. According to the company, the funds will be used in various projects including regulatory compliance, operational expenses, and also engineering services. Avanti Financial CEO Long on the Funding In a statement during the announcement, Caitlin…
Can Cardano Really Be Rival to Ethereum?
Cardano poses a serious risk to Ethereum and is taking great strides towards overtaking it. As 2021 has progressed, one thing in the world of financial markets has become clear: cryptocurrencies have now entered the mainstream. With the likes of Bitcoin achieving unprecedented growth, the race is on for who is number 2 when it comes to crypto. With Ethereum previously sitting comfortably in that spot, it appears that Cardano may be hot on its heels and looking to take its place. Given that the founder of Cardano, Charles Hoskinson,…
Chinese Central Bank Proposes Global Rules for CBDCs
China’s central bank is proposing global rules to synchronize the use of CBDCs worldwide and ensuring “a fair supply of digital currencies” for the greater financial stability of the international monetary system. Asian economic giant and the world’s second-largest economy China has been leading the race for central bank digital currency (CBDC). On Thursday, March 25, during the seminar held by the Bank of International Settlements (BIS), China proposed having global rules for CBDCs. Mu Changchun, the director-general of the PBoC’s digital currency institute, has put forward this new proposal.…
SEC Issues Warning on Fractionalized NFTs and NFT Basket Index
Hester Peirce said that the SEC has a special interest in anything that could become security. Following the recent breakout of Non-Fungible Tokens (NFTs), issuers have found ways to become very creative in the distribution of their products. However, attention has been drawn that the creativity around the NFTs can lead to an unintentional distribution of financial products. Hester Peirce, the commissioner of SEC, issued these words of caution about NFTs when speaking at the Draper Goren Holm’s Security Token Summit. SEC on NFTs According to her, the Non-Fungible Tokens…
My Neighbor Alice Announces First Virtual Land Sale
My Neighbor Alice indicated only 50% of the available land will be for sale, whilst the rest will be up for rental purposes. My Neighbor Alice, a multiplayer blockchain builder game where anyone can buy and own virtual islands, collect and build exciting items and meet new friends, has announced its first virtual land sale. According to a Medium blog post, the Company has set April 27 as the date to auction two of its virtual islands. “The first plots to go on sale will be on the lush and…
Bitcoin Price Trapped in Weekly Consolidation While Its Market Cap Dipped Below $1 Trillion
Bitcoin price dipped approximately 6.6% in the past 24-hours according to metrics provided by CoinGecko. Bitcoin price experienced a sharp decline on March 24 to trade below $52k, consequently, its market cap dipped below the $1 trillion levels to approximately $968 billion at the time of writing according to CoinGecko. However, Bitcoin’s daily trading volume remains high as it was around $62.9 billion. Right before yesterday’s dip, Bitcoin had pumped to highs of $57k, which was attributed to the announcement by Tesla Inc (NASDAQ: TSLA) that it will accept Bitcoin…
Skrill Digital Wallet Partners with Coinbase to Ventrue into US Market
Skrill digital wallet users in the selected states can now purchase Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through Coinbase. Paysafe Group Limited subsidiary Skrill digital wallet has partnered with Coinbase to venture into the United States crypto market. Through the partnership, Skrill digital wallet customers across 37 states and territories can now access the crypto market through the Coinbase cryptocurrency exchange. Paysafe through Skrill has taken notable steps to venture into the United States market. Mind you, the company is responding to increased demand in digital payments fueled by the…
Acquiring Tesla Car with Bitcoin? Think Twice as IRS May Be Onto You
Acquiring Tesla cars with BTC by residents of the United States may not be as fun-filled as it can be for Bitcoin holders that reside in other nations per the tax considerations. Elon Musk, the Chief Executive Officer of electric vehicle company Tesla Inc (NASDAQ: TSLA), broke the internet yesterday when he revealed the firm has integrated payment gateways that will allow acquiring a Tesla car with Bitcoin (BTC) possible. The news was not just welcomed with open arms, it has been reiterated as one of the major milestones for…