Day: June 3, 2023

MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform

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Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its stablecoin issuance platform “Progmat Coin” will soon be used by Japanese banks to launch Yen-pegged stablecoins on several public blockchains. Japanese banks have recently outlined intentions to either look into or launch stablecoins following new regulations that came into effect this month. In mid-2022, the Japanese government passed a bill that prohibited the issuance of stablecoins by non-banking institutions. The bill officially came into effect on June 1, 2023. In a June 2 announcement, MUFG outlined the Progmat Coin will…

Net Bitcoin ATMs record an increase after 4 months of global downtrend

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Breaking the year-long trend of declining Bitcoin (BTC) and crypto ATMs across the globe, May recorded a steep increase in net installations with nearly 1,400 machines. The total number of crypto ATMs witnessed a consistent decline for the first four months of 2023. During the timeframe, while major economies including the United States and Europe contributed to the dwindling numbers, Australia, Poland and Spain amped up crypto ATM installations in their respective regions. A histogram chart showing net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM…

Web3 hacks declined in May despite a $19.7m loss

May witnessed a notable decrease in web3 hacks and scams. The total losses reached $19.69 million, marking a significant 79% decline compared to April. According to data released by blockchain analytics and security platform Beosin EagleEye, a significant decline in rug pulls and scams was recorded in the web3 industry in May.  Within the decentralized finance (DeFi) sector, several notable hacks occurred in May, demonstrating vulnerabilities that require attention. These incidents included the attack on Level Finance, Never Fall, DEI, BFT, SNK, Swap-Lp, Tornado Cash, CS token, and BSC’s on-chain…

Global currency reserve (GCR) gains over 40% in a day

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Global currency reserve (GCR), a cryptocurrency, has experienced a significant surge in value, with a 24-hour gain of 46%. This price increase indicates heightened market interest and trading activity surrounding cryptocurrency. As of press time, the asset’s price stood at $3.19, coupled with a market capitalization of $341,231,086, showing GCR’s growing prominence in the crypto market. The 24-hour trading volume of GCR stands at $47,197,255 as investor participation and market liquidity increase.  GCR 24-hour chart |…

IoTeX approves IIP-15 to incentivize dapp developers and fuel transformation 

The success of blockchain platforms relies on the ingenuity and innovation of decentralized application (dapp) creators. Recognizing their pivotal role, the IoTeX community has voted to support IoTeX’s Improvement Proposal 15 (IIP-15) for Sharing Gas-Fee with dapps (SGD). Implementing IIP-15 will begin a fresh era of innovation, engagement, and sustainable growth. IoTeX aims to create an ecosystem that encourages creativity, captivates users, and incentivizes developers by distributing transaction gas fees with dapp developers. The IoTeX community has strongly supported IIP-15, with a 98.5% majority in favor and only 1.5% against…

Microsoft pens AI cloud computing deal with former Ethereum miner CoreWeave: CNBC

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Microsoft has reportedly signed a deal with former Ethereum miner CoreWeave to use its cloud computing infrastructure to support its Artificial Intelligence-powered services. According to a June 1 report from CNBC which cites “people with knowledge of the matter,” Microsoft is potentially set to spend billions of dollars on the deal with CoreWeave that will run over multiple years. One of CNBC’s sources claimed that the deal was signed earlier this year, as Microsoft OpenAI’s widely popular ChatGPT chatbot. JUST IN: Microsoft $MSFT just signed a deal for AI computing…

Crypto markets rebounded by 83% in Q1 2023 data shows

On-chain data released by Messari, focusing on the layer-1 blockchain ecosystem analysis during Q1 2023, show that the market capitalization of the leading chains rebounded by 83%. Ethereum and BNBChain emerged as the most deflationary networks in Q1 2023. Ethereum leads rebound The cryptocurrency market experienced a rebound in Q1 2023, witnessing an average increase of 83% quarter-on-quarter (QoQ) in the market capitalization of the featured layer-1 blockchains. However, despite this recovery, their market cap remains down by 58% year-on-year (YoY), the researchers note. Among the featured L1s, Ethereum emerged…

INJ rockets higher, up 24.12% this week

CryptoX – Cryptocurrency Analysis and News Portal Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The price of injective (INJ) saw a 24.12% in the last seven days, outperforming bitcoin (BTC) and other established tokens as it tears higher. The recent activation of the Avalon upgrade on the mainnet may have played a role in fueling INJ’s rally. INJ beating the bears  Injective (INJ) protocol, renowned for its decentralized derivatives trading exchange, has recently implemented the highly anticipated Avalon upgrade on its mainnet.  The…

Nigerian central bank maintains stance on crypto withdrawal restrictions

Nigeria’s cryptocurrency landscape has experienced ongoing turmoil, with citizens embracing digital assets while the government remains steadfast in its opposition. In response, the government has enforced a ban on cryptocurrencies, prohibiting individuals from engaging in crypto transactions through their bank accounts, prompting the central bank to provide clarifications on their motivations for the ban. Anonymity and inflation risks Deputy Governor of Economic Policy of the Central Bank of Nigeria, Kinsley Obiora, shed light on the motivations behind the ban on cryptocurrency transactions during a retreat in Abuja.  Speaking at the Business Session…