Month: September 2023

Metaverse firm, Improbable, changes tact after slashing losses by 85%

Improbable, a London-based metaverse company, has shifted its focus from virtual experiences for video games and defense to becoming a “venture builder” after cutting losses by 85%. In a press release on Tuesday, Sep. 26, the firm said it would focus on the “metaversal experiences” development and venture building, supported by an experimentation arm, Improbable Labs.  In 2022, Improbable reduced its losses by 85%, from £131 million (~$159 million) to £19 million (~$23 million). Over the past year, the company grew its revenue by 2.6x to £78 million (~$95 million). “The focus…

Binance urges users to convert Euros to USDT after Paysafe debank

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Crypto exchange Binance has urged users to convert their Euros into Tether (USDT) before the end of October, after losing the support of its banking partner. On Sept. 28, Binance urged European Paysafe users to convert their EUR balances in their Binance accounts to USDT before Oct. 31, noting that Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users.” Binance however noted that users may continue to withdraw their EUR balances from Binance accounts to their bank accounts. “Paysafe users are advised to take appropriate actions in advance.”…

5 lowlights of Gary Gensler’s evasive testimony before Congress

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Blamed for “kneecapping” the U.S. capital markets and slammed for dodging questions around Bitcoin and Pokemon cards, Gary Gensler appears to have had one hell of a grilling from Congress this week. On Sept. 27, the United States Securities and Exchange Commission chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency’s oversight of the markets. Here are some of the highlights and lowlights of the hearing. “You are the Tonya Harding of securities regulations.” One of the more colorful analogies came from United…

Ethereum Price Faces Rejection But Bulls Are Not Out of Woods Yet

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Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase. Ethereum is attempting a recovery wave above the $1,600 level. The price is trading above $1,600 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if there is a close above $1,620 and $1,650. Ethereum Price Holds Ground Ethereum’s…

countries need CBDC legal frameworks

Countries need clear legal frameworks to implement central bank digital currencies (CBDCs), according to the head of the Bank for International Settlements (BIS) during a recent conference in Basel. The event focused on updating laws for the digital currency technology. In a speech held on Sept. 27, later published on their website, BIS General Manager Agustín Carstens said national laws must allow central banks to issue digital currencies if CBDCs are to meet public demand. Most countries currently prohibit or have unclear rules around CBDC issuance. Carstens said CBDCs can…

Mark Zuckerberg reveals Meta AI chatbot, his answer to ChatGPT

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Meta CEO Mark Zuckerberg has unveiled his firm’s new AI-powered assistant  — Meta AI —  his answer to OpenAI’s ChatGPT, which will integrate with Instagram, Facebook, WhatsApp and eventually, its mixed reality devices. Speaking at the Meta Connect event on Sept. 27, Zuckerberg explained that Meta AI is powered by the company’s large language model Llama 2, and has been built in partnership with Microsoft Bing to allow users access to real-time information from the internet. “Meta AI is your basic assistant that you can talk to like a person.”…

Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

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Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside. Bitcoin is still struggling to clear $26,500 and $26,700. The price is trading above $26,200 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could again climb higher unless there is a close below $26,200 and $26,000. Bitcoin Price Faces Uphill Task Bitcoin price…

Chainlink CCIP deploys on Base, an Ethereum layer-2

Chainlink(LINK), a decentralized oracle network, has announced the implementation of its Cross-Chain Interoperability Protocol (CCIP) on Coinbase’s Ethereum layer-2 scaling solution, Base. This development offers Base developers a method to devise cross-chain services and applications, enhancing the capability to transmit messages, handle token transfers, and process other transactions across varied blockchain systems. CCIP’s technology is rooted in Chainlink’s oracle networks. Chainlink Labs, the developer, posits that these networks have successfully safeguarded billions in assets and processed over $8 trillion in on-chain transactions. Johann Eid, Chainlink Labs’ chief business officer, emphasized…

Uniswap Unveils Funding Plan For Ecosystem Revamp As UNI Price Hits 4-Month Low

In a move aimed at advancing their vision of creating a self-sovereign Internet with a permissionless alternative to traditional finance (TradFi), the Uniswap Foundation (UF) has submitted a proposal to secure the second tranche of funding.  The desired funding, totaling $62.37 million, will be put to an on-chain vote scheduled for Wednesday, October 4th, with a 10% buffer included to mitigate price volatility. Uniswap Foundation Seeks Community Approval The separation of the funding request into two tranches was initially established to allow the UF to finalize its legal entity and…

Ethereum futures ETFs could start trading next week — Bloomberg analyst

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Ethereum futures exchange-traded funds (ETFs) could start trading for the first time in the United States as early as next week, according to Bloomberg analysts. On Sept. 28, Bloomberg Intelligence analyst James Seyffart said it was “looking like the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially.” His comments were in response to fellow ETF analyst Eric Balchunas who said he was hearing that the SEC wanted to “accelerate the launch of Ether futures ETFs.” “They want it off their plate before the shutdown,”…