Month: April 2023

Gaming Ecosystem Razer Unveils zVentures Web3 Incubator to Invest in Early Startups

The zVentures Web3 Incubator (ZW3I) program will select developers who possess a strong track record in creating successful games. Razer Inc, an American-Singaporean multinational technology company that manufactures and distributes gaming hardware, has announced the launch of the zVentures Web3 Incubator (ZW3I) program. According to the company, the zVentures Web3 Incubator program will tap into early gaming blockchain startups and fund them in their Seed and Series A rounds. Despite being a computer gaming company, Razer officials have announced mobile gaming developers will not be left behind. As a global…

Intensified Crypto Regulatory Scrutiny Has US Losing Its Edge in Web3 Industry

The percentage of crypto developers in the United States has dropped by approximately 10 percent since 2018 according to the a16z State of the crypto report. In this year’s State of Crypto report by Andreessen Horowitz (a16z), the researchers concluded that software developers are entering the Web3 industry at a record pace. Nevertheless, the report noted that recent setbacks do not necessarily mean the failure of developers but the opaque nature of centralized systems. Moreover, Bitcoin and Ethereum networks were not affected by the failures of FTX and Alameda Research.…

Hong Kong SFC Official Says DeFi Projects Could Face Regulatory Requirements

In February, SFC published a new set of rules for digital asset trading platforms. Decentralized Finance projects should be subjected to licensing requirements, according to a Hong Kong regulator. Keith Choy, who is the interim head of intermediaries at Hong Kong’s Securities and Futures Commission (SFC), asserted that as long as DeFi activities feature within the scope of the Securities and Futures Ordinance (SFO), it will have to be compliant with the same regulatory requirements as a conventional financial exercise. In an address at the Web3 Festival in Hong Kong,…

Spanish tax agency to send over 328K notices to crypto holders

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The State Tax Administration Agency of the Government of Spain (AEAT) increases its efforts to charge the local holders of crypto assets. The AEAT intends to dispatch 328,000 warning notices to those who should pay their taxes on crypto for the 2022 fiscal year.  As the local newspaper El Mundo reported on Apr. 11, the number of notices raised by 40% in a year — from 150,000 warnings in 2022. The fiscal authorities took the matter seriously only recently — in 2021, there were only 15,000 notifications altogether. However, such…

French Central Bank Puts Its Suggestions for DeFi Regulation

The French central bank seeks to address the regulations for DeFi and stablecoins which go unattended in the pan-European MiCA regulations. On Thursday, April 11, the French Economy Ministry and the Banque de France published a consultation published two consultation papers individually to discuss European crypto asset regulation as well as the developments in the Metaverse. The French central bank shared its closed examination of decentralized finance (DeFi) along with its approach to regulation. Also, the discussion comes at a time when there’s a growing use of tokenization in finance…

OpenAI Launches Bug Bounty Program in Partnership with Bugcrowd

Taking a look at the OpenAI bug bounty program page from Bugcrowd, it will be seen that a total sum of $1,287.50 has been paid out for a total of 14 vulnerabilities uncovered thus far.  American sensational mega tech startup, OpenAI has unveiled its latest bug bounty program as it seeks to commandeer a group of White Hats to help make its codes more secure. As reported by Bloomberg, the bug bounty program was launched in partnership with Bugcrowd, a startup dedicated to helping companies make their codes more secure.…

‘Ambiguous Foreign Exchange Regime’ Blamed After Inflows Dropped to $5.32 Billion in 2022 – Africa Bitcoin News

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Between 2019 and 2022, the value of foreign capital that flowed into Nigeria dropped from $23.9 billion to $5.32 billion. The drop has been attributed to low investor confidence, the high cost of doing business, as well as the country’s high inflation rate. Nigeria will “struggle to keep the naira to the dollar exchange rate from depreciating further” until both crude oil and non-oil exports are boosted, an accounting firm has asserted. Nigeria’s High Cost of Doing Business In its latest report on the flow of foreign capital into Nigeria,…

Coinbase Wins $470,000 in Insider Trading Case

Following the guilty plea and while he is serving 10 months in prison, a New York District Court has released an order of restitution for the ex-Coinbase employee’s brother. Coinbase is expecting almost $470,000 from the brother of a former employee who allegedly benefitted from an insider trading scheme. Nikhil Wahi, the brother of former Coinbase product manager Ishan Wahi pleaded guilty to charges related to insider trading. He entered a guilty plea for wire fraud conspiracy charges after he was arrested for allegedly working with his brother and another…

Elon Musk reportedly buys thousands of GPUs for Twitter AI project

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Elon Musk – CEO of SpaceX, Tesla and, as of last October, Twitter – recently made headlines when he spearheaded a request to halt AI development due to concerns. Despite the effort, the tech mogul seems to be pushing forward with his own plans for developing AI infrastructure. Now, a report from Business Insider revealed that Musk seems to be moving forward with plans for an artificial intelligence (AI) project at Twitter. According to two anonymous sources familiar with the company, the Twitter CEO recently purchased nearly 10,000 graphics processing units (GPUs)…

Cryptocurrency Market Tumbles as Bitcoin Falls Below Key $30K Mark

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Bitcoin and other cryptocurrencies faced a decline in the last 24 hours, with Bitcoin falling under $30,000, leading to an overall market capitalization decline of 1.2%. Ethereum saw the largest drop among largest tokens, trading just over $1,860. Liquid staking tokens were also affected, with Lido’s IDO governance tokens and Rocket Pool’s RPL dropping 10% and 8%, respectively, media reports said. The decline in prices was likely due to traders taking profits ahead of two significant events that are set to happen on Wednesday: The U.S. Consumer Price Index (CPI)…