Day: May 15, 2023

Tesla Contributed 25% of Total Auto Production in Shanghai Last Year

Local media outlets say that Tesla’s 2022 auto production made up 25% of total automotive production in Shanghai. According to Chinese local media reports, Tesla Inc (NASDAQ: TSLA) cars accounted for approximately a quarter of all auto production in Shanghai last year. The US EV automaker’s 25% automotive production value in 2022 underscores the pace of its increased production output in China. Last year, Tesla generated an auto production value of 183.9 billion yuan ($26.4 billion) in Shanghai. According to a Shanghai Municipal Commission of Economy and Information official, this figure was…

World’s First Web3 TV Show for NFT Entrepreneurs

The emergence of crypto TV shows can be attributed to several factors, including the increasing popularity of crypto, the growth of DeFi, and the interest of investors in the potential of blockchain technology. Popular crypto analytics service provider CoinMarketCap in partnership with HELLO Labs has launched the world’s first Web3 TV show dubbed Killer Whales. According to the announcement, filming has been scheduled for June in Los Angeles, with the show set to air later this year on a combination of the world’s largest streaming platforms in over 55 countries.…

Exploring Layer 2 Scaling Solutions for Blockchain Networks

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Introduction to Blockchain Scalability Issues The advent of blockchain technology, with its promise of decentralized, secure, and immutable transactions, has revolutionized numerous industries. However, like any pioneering technology, it comes with its share of challenges. One of the most critical and widely discussed issues is that of scalability. In the context of blockchain technology, scalability refers to the network’s capacity to handle and process a growing volume of transactions efficiently and effectively. The real challenge lies in the paradoxical relationship between decentralization, security, and scalability, often referred to as the…

Curious Addys and Zeneca Launch Beginner NFT Platform HeyMint

With a goal of easing the minting process for creators and onboarding new entrants to Web3, HeyMint aims to be an accessible, equitable and low-cost creative tool. Creators can upload their artistic asset, choose their desired blockchain, create an allow list presale and enforce royalties. HeyMint currently supports Ethereum and three Ethereum Virtual Machine (EVM)-compatible chains – Polygon, Arbitrum and Optimism. Source

Rakuten Shares Drops 9% on Report of Possible $2.2B Public Offering

Rakuten shares gained approximately 7.9 percent YTD despite dropping about 20 percent last year. Shares of Rakuten Group Inc (Tokyo: 4745) closed Monday trading at ¥643, down 9.05 percent from the day’s opening price. The sudden drop in Rakuten shares was attributed to the announcement by Reuters that the company is in the final stages of issuing new shares in a bid to raise approximately $2.2 billion. According to the media outlet, Rakuten plans to issue shares to founder and CEO Hiroshi Mikitani and a fund controlled by the entrepreneur.…

SEC Revises Punishment against LBRY, Reduces Fine by 95%

Identifying the platform’s inability to pay a massive sum of $22 million as penalty in violations of the securities laws, the SEC has revised the penalty to $111,000. In a major development and probably the first, the US Securities and Exchange Commission (SEC) has decided to revise its fine against blockchain-based content-sharing platform LBRY, having identified the platform’s inability to pay a massive sum of $22 million. As per the filing submitted last week on May 12 in a New Hampshire District Court, the securities regulator sought an amendment to…

LTC, SOL Climb to 1-Week Highs on Monday – Market Updates Bitcoin News

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Solana extended recent gains on Monday, as the token rose to a one-week high, following recent declines. The token dropped below the $20.00 level last week, as a red wave hit cryptocurrency markets. Litecoin was also higher today, climbing by nearly 7%. Solana (SOL) Solana (SOL) rose to a one-week high on Monday, as momentum shifted following a recent bear run. SOL/USD surged to a peak of $21.49 earlier in today’s session., which comes after Sunday’s low of $20.65. As a result of this rally, solana moved to its strongest…

South Korean authorities raid Upbit, Bithumb crypto exchanges after political scandal

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Prosecutors in South Korea raided the offices of two local cryptocurrency exchanges due to investigations surrounding the digital assets of lawmaker Kim Nam-kuk. According to a report from the South Korean news agency Yonhap, a team of prosecutors from the Seoul Southern District Prosecutors Office raided cryptocurrency exchanges Upbit and Bithumb for transaction records and other materials. Kim is said to operate his digital asset wallets on Upbit and Bithumb. The raid from authorities immediately followed Kim’s resignation from his political party on May 14. His departure is tied to…