Month: September 2023

Blockchain Startup Swisstronik Secures $5M and Launches Private Token Sale

In pursuit of this mission, Swisstronik has recently unveiled two groundbreaking milestones. The startup closed a seed funding round, amassing an impressive $5 million. The second pivotal development by Swisstronik is the initiation of a private token sale, targeting early adopters. Swisstronik, a Web3 compliance startup based in Switzerland, is making significant waves in the blockchain industry. What truly sets the company apart is its steadfast dedication to addressing one of the most pressing challenges in the blockchain realm – finding the delicate equilibrium between regulatory compliance and user privacy.…

UK Antitrust Agency Sets Seven Principles to Guide AI Regulation

According to the CMA, the AI principles will help to promote competition in the UK, while also protecting consumers from exploitation. The United Kingdom’s (UK) antitrust agency has set principles that should form the framework for guiding artificial intelligence (AI) regulation. The Competition and Markets Authority (CMA) published a press release on Monday and included a report following a review of AI systems referred to as foundation models (FMs). In the press release, the CMA explained that these models are AI systems with broad capabilities that can be adjusted to…

Ant Group to Withdraw Investment from A&T Capital amid Market Downturn 

The company’s decision to distance itself from A&T Capital comes when the crypto industry is navigating its own set of challenges. Chinese fintech giant Ant Group is withdrawing its investment from A&T Capital. The crypto venture-focused company received $100 million from Ant Group to invest in offshore crypto ventures, Bloomberg reported Monday, citing people familiar with the matter. According to the report, the move comes amidst the current market winter coupled with internal challenges for the company. The financial investment company, established in April 2021 with robust backing from Ant…

New York Regulator NYDFS Reviews Requirement for Crypto Coin Listings and Delistings

The new guidance will be the first one to key into delisting as a way of protecting investors. The New York State Department of Financial Services (NYDFS) is set to publish a new set of rules for crypto firms. The proposed guidance, per a Wall Street Journal report, will seek to ensure that crypto firms are more open about how they list and delist crypto coins. According to the financial regulator, the guidance will look to build on the previous version of the framework. That is as it also helps…

Coin Metrics co-founder debunks Bitcoin flipping Visa in transactions

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Coin Metrics co-founder Nic Carter says Bitcoin hasn’t flipped Visa regarding annual transaction volume, referring to incorrect data aggregated by on-chain firms. Bitcoin (BTC) is not even close to those transaction volume levels that Visa deals with. At least that’s what Nic Carter, a partner at Castle Island Ventures and the co-founder of Coin Metrics, said in a recent post on X. The Coin Metrics co-founder said that Bitcoin on-chain value declined significantly in 2023. He noted that the network’s annual volume has not grown since 2021. Bitcoin’s annual volume…

What bear market? These crypto websites see traffic rising in 2023

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Cryptocurrencies like Bitcoin (BTC) have been widely described as going through a bear market in 2023, but this may not exactly be the case, according to indicators such as the website traffic of certain crypto platforms. Some major cryptocurrency websites, such as Binance and Coinbase, have seen a significant traffic drop in 2023, but there are many crypto sites that have experienced the opposite. According to data from the web analytics platform Similarweb, the number of total monthly visits on the Binance website tumbled by 22% from 69 million in…

Kazakhstan launches CBDC development agency

The National Bank of Kazakhstan (NBK) launched a new local agency that will be in charge of the CBDC development in the country. According to an official press release, the new agency will be called the National Payment Corporation. The primary responsibility of the new agency will be to control the national payment system, including money transfers, digital identification, and interbank clearing services. The initiative for developing the local CBDC, the digital tenge, started at the beginning of 2023. The digital tenge is set to be released in 2025.  The…

Malta begins public consultation on revised crypto rules to align with MiCA

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Malta’s Financial Services Authority (MFSA) has begun public consultation over changes in its crypto regulations in order to align with Europe’s Markets in Crypto-Assets (MICA) regulations set to take effect in December 2024. The public consultation period is open until Sept. 29. The revised rulebook proposes changes to the rules for exchanges, custodians and portfolio managers in order to align with the European Union’s MiCA. Malta first established its crypto framework in 2018 with the Virtual Financial Assets (VFA). Some of the notable changes with respect to the VFA Rulebook are:…

Bitcoin miners seek alternative energy sources to cut costs

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During the 2021 bull market, many large mining companies took on massive loans to buy equipment and the proper infrastructure required to mine cryptocurrency. Yet the collapse of crypto exchange FTX and Celsius left many of these companies filing for bankruptcy.  The current bear market, coupled with high Bitcoin network hash rates and low profits, has yet again left the crypto industry wondering if miners will be able to recover from losses. While this remains questionable, it’s become evident that mining companies today are focusing more on alternative energy resources…