Day: February 28, 2023

Emirate to launch free zone for digital and virtual asset firms

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Ras Al Khaimah, one of the seven emirates that make up the UAE, is set to launch a free zone for digital and virtual asset companies as the country’s approach to the industry continues to attract global crypto players. The RAK Digital Assets Oasis (RAK DAO) will be a “purpose-built, innovation-enabling free zone for non-regulated activities in the virtual assets sector.” Applications will open in the second quarter of 2023, the statement said. The free zone would be dedicated to digital and virtual assets service providers in emerging technologies, such…

Illuvium DAO blocks NFT pack-opening event involving 3AC founder Su Zhu

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The community supporting Illuvium, an interoperable blockchain game, has demonstrated the power of decentralized autonomous organizations (DAOs) after blocking a scheduled nonfungible token (NFT) pack-opening event between Illuvium CEO Kieran Warwick and Three Arrows Capital (3AC) founder Su Zhu. Warwick was scheduled to go against Zhu in what’s called an “Influencer Illuvitars D1sk Battle” where prominent crypto personalities go against each other to open NFT packs. However, due to the controversies surrounding Zhu and 3AC, the Illuvium community expressed concerns over the potential risks of being associated with Zhu, who…

‘Metaverse’ Term Creator Neal Stephenson Not Bullish About Massive Adoption of Virtual Worlds – Metaverse Bitcoin News

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Neal Stephenson, ostensibly the first to coin the term “metaverse,” issued his opinion about the future of the adoption of virtual worlds. The sci-fi writer and co-founder of Lamina1, a blockchain metaverse company, believes that building experiences that millions of people consider worth having in virtual worlds is quite difficult, hampering the adoption process of the tech. Neal Stephenson on the Future of Metaverse Adoption Neal Stephenson, believed to be the creator of the general concept and term “metaverse” — popularized recently by Meta — believes that mainstream adoption of…

‘They don’t know how an exchange works’

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In the aftermath of the FTX collapse, Forbes published an article that focused on the recent “shuffling” of funds by the cryptocurrency exchange Binance.  However, the following day on Feb. 28, Binance co-founder and CEO Changpeng Zhao (CZ) took to Twitter to tackle the FUD. In response to the article, the CEO said: “They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want.” In his series of tweets, he addressed various claims from the Forbes article. This…

Bitcoin Depot converts BTC ATMs to software to reduce operating costs

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Crypto ATM installations have seen a steady decline across the world over the past several months. While some ATMs have been taken out of operation due to geopolitical tensions and revenue decline, some providers like Bitcoin Depot have started converting their physical Bitcoin (BTC) ATMs to software.  Bitcoin Depot recently converted all of its 7,000 crypto ATMs and kiosks to a software-based offering powered by BitAccess. The software conversion drive came after Bitcoin Depot acquired majority equity in BitAccess back in November 2022. Months before the deal, Bitcoin Depot had…