Month: February 2023

What are phygital NFTs, and how do they work?

On top of the community experience, phygital NFTs also help build traceability into a product that is being sold to a customer. The history of the product and its providence can add credibility and commercial value to a physical good. Community experience is just one big use case of phygital NFTs. Considering nonfungible tokens are authentic and tamper-proof, any person buying phygital NFTs can trace the evolution of the goods they buy right from the person who purchased them first. This helps build authenticity and trust, one of the cornerstones…

Cloud Mining Firm BitFuFu to Delay SPAC IPO as Appetite for Crypto Stocks Languishes

The firm, part of Bitmain’s family of companies, announced it would go public in January 2022 by merging with Arisz Acquisition Corp. (ARIZ). But it has now twice exercised its right to push the merger back by three months, with May 22, 2023, being the new deadline for the completion of the deal, according to a Tuesday press release. BitFuFu will not be able to postpone the merger again, per Arisz’s governing documents. Source

Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns – Bitcoin News

boss

Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge is hopeful that the issue will be resolved through a mutually agreed upon solution between both parties. A representative for the U.S. Department of Justice’s Trustee contended, however, that the appointment of an independent examiner was mandated by Congress and no longer within Dorsey’s authority. FTX Bankruptcy Hearing Highlights Cost…

Judge denies motion allowing SBF to use messaging apps

boss

A federal judge has denied a joint agreement between Sam “SBF” Bankman-Fried’s legal team and prosecutors that would have allowed the former FTX CEO to use certain messaging apps. In a Feb. 7 filing for the United States District Court for the Southern District of New York, Judge Lewis Kaplan denied a motion proposing Bankman-Fried be allowed to use messaging services, including FaceTime, Zoom and Facebook Messenger. The judge did not provide a reason for denying the motion “without prejudice” but added the matter would be subject to oral arguments…

Bitcoin On-Chain Metrics Look Bullish, Bitfinex Report Highlights

“This implies that larger and longer-term investors currently hold profitable on-paper spot positions,” Bitfinex analysts wrote in a report. “This trend is healthy for the latter half of a bear market as a sustained 30-day uptrend after an extensive downtrend on this indicator has historically provided a good buy signal for the following two years,” the report added. Source

The Web3 community responds to Turkish-Syrian earthquake tragedy

boss

A massive earthquake hit southeastern Turkey along the border with Syria on Feb. 6, which has so far caused the death of more than 5,000 people. The quake had a magnitude of 7.8 on the Richter scale, which is internationally categorized as a “major” earthquake, and occurred along 100km (62 miles) of the fault line. Infrastructure in the area suffered major damages, resulting in a deadly cross-border humanitarian disaster. However, the world was quick to respond. Across the internet and various social media platforms, people have been gathering funds for…

Digital Pound Nothing Like Crypto, Bank of England Official Says as Press Dubs It ‘Britcoin’

A majority of cryptocurrencies are “highly speculative” and have “no intrinsic value,” Cunliffe said, adding that although it is possible some technologies underlying crypto could help develop a digital version of the pound, the bank is considering a range of options. While the central bank has made no decision on using distributed ledger technology (DLT) which is currently used for cryptos, Cunliffe said experimentation with decentralized record-keeping is “important to ensure it is appropriately considered.” Source

Coinbase-Backed DeSo Unveils MegaSwap, a “Stripe for Crypto” product, with Over $5 Million in Volume – Blockchain News, Opinion, TV and Jobs

DeSo is excited to announce the launch of MegaSwap – a revolutionary, cross-chain smart service that enables users to securely and easily swap coins between different blockchains with a frictionless zero-login. MegaSwap solves various critical pain points, including onboarding new users and liquidity to any web3 application across any blockchain ecosystem. In its limited release, the platform has already seen more than $5 million in volume, demonstrating its potential to revolutionize the crypto market with cross-chain swaps. MegaSwap offers an alternative and safer solution to the traditional centralized exchange model…