Crypto Guides, Knowledge & Insights

OKX Brings “Bitcoin Ordinals” To Its Wallet and NFT Marketplace

OKX, a cryptocurrency exchange, is introducing Bitcoin ordinals to its OKX Wallet and OKX NFT Marketplace. This makes OKX the first multi-chain platform to enable the viewing and transfer of Bitcoin ordinals. These are digital assets that are recorded on the smallest unit of Bitcoin, called Satoshi.　　Bitcoin ordinals have recently gained popularity in the crypto world, reinvigorating the NFT market and providing relief to Bitcoin miners who were struggling during the bear market. Bitcoin ordinals were made possible by the 2021 upgrade to the Bitcoin protocol called “Taproot,” which enables a unique digital signature on Bitcoin.　　OKX Introduces Bitcoin Ordinals on the Platforms　　　　OKX, the second-largest crypto exchange in terms of trading volume, has announced an upgrade to its OKX Wallet and NFT Marketplace. The upgrade will allow users to view and transfer Bitcoin (BTC) ordinals on the platforms, making OKX the first multi-chain platform to support this feature. The OKX Wallet currently supports BTC taproot addresses on its browser extension, with support for mobile devices coming soon. With this integration, customers can import their BTC wallets and manage their Bitcoin ordinals using a single wallet.　　According to OKX Chief Marketing Officer Haider Rafique, the integration of Bitcoin ordinals was a necessary move

2023-04-27Deep Dive

Binance’s New Initiative On Polygon Aims to Woo US Customers Amid Regulatory Scrutiny

Binance.US, the American branch of the biggest cryptocurrency exchange globally, has joined forces with Unstoppable Domains, a prominent domain name registrar in the Web3 space. As a result, they will now offer customized “.BinanceUS” addresses for their US-based clients. This allows users to choose a personalized digital identity, making it simpler to send and receive cryptocurrencies compared to the traditional alpha-numeric wallet addresses.　　Binance.US Offers Branded Web3 Domains　　Binance.US has partnered with Unstoppable Domains to offer its customers the ability to create unique digital identities for their cryptocurrency wallets using “.BinanceUS” domains. These domains can be easily used in the Binance.US app for buying, selling, and transferring digital assets, replacing the traditional alpha-numeric wallet addresses.　　In a recent official statement, it was announced that the .BinanceUS domains will soon be available exclusively through the Binance.US app. This partnership with Unstoppable Domains will also provide customers with two-digit domain names such as “00.BinanceUS” or “99.BinanceUS” for the first time. Unstoppable Domains also currently offers two-letter domains like “ok.BinanceUS”.　　BinanceUS Addresses To Start From $10　　As part of the partnership between Binance US and Unstoppable Domains, users of the latter can now withdraw cryptocurrency to a range of domain addresses, including those with “.crypto,” “.nft,” and “.x”

2023-04-27Deep Dive

The Next Bicasso: Binance NFT Releases AI-Powered NFT Generator

The new tool allows marketplace users to create computer-generated images and mint them as NFTs.　　Crypto exchange Binances non-fungible-token (NFT) marketplace users are getting creative with “Bicasso,” a new artificial intelligence (AI)-powered NFT generator the company released in beta Wednesday.　　Bicasso is similar to AI art platforms such as DALL-E or Midjourney, where users can type in a creative prompt to produce a unique image or upload an image for the tool to adapt. Users can then mint their images as NFTs on Binances native BNB chain.　　“You can turn your creative visions into NFTs with AI,” Binance CEO Changpeng Zhao said on Twitter. “Give it a try and show me what you make with it.”　　Binance NFT users quickly hopped on the new feature and shared their work. According to early mint data from the platform, nearly 3,300 users have minted at least one Bicasso NFT. The initial free mint is capped at 10,000 NFTs.　　Conversations around NFTs and AI have been on the rise in the past year, as generative art technology continues to push into Web3. Last year, generative art NFT collections weathered crypto winter with high prices and increasing trading volumes.

2023-04-27Deep Dive

Imagining the Future AI and Web3 Can Build

While the full range of innovations driven by AI, Web3 and the metaverse remains uncertain, the potential is undeniably vast　　Imagine a world where your artificial intelligence (AI) assistant could manage your finances, schedule appointments and tailor your social media feed to show content that wont aggravate you. This AI might be trained to also curate your non-fungible token (NFT) art collection and help you file your crypto taxes.　　It may sound like science fiction, but AI, Web3 and the metaverse are rapidly converging to make this digital utopia a reality.　　Where is Web3 headed？ Take a look to the future with this pioneering investor in the metaverse and NFTs.　　Secure Your Seat　　Imagine a world where your artificial intelligence (AI) assistant could manage your finances, schedule appointments and tailor your social media feed to show content that wont aggravate you. This AI might be trained to also curate your non-fungible token (NFT) art collection and help you file your crypto taxes.　　It may sound like science fiction, but AI, Web3 and the metaverse are rapidly converging to make this digital utopia a reality.　　Sandy Carter is chief operating officer and head of business development at Unstoppable Domains, a platform for user-owned digital identity.　　If the researchers from

2023-04-27Deep Dive

Binance.US Has Abandoned Its Plans To Acquire Voyager Digital's For $1.3 Billion

Binance.US has abandoned its plans to acquire bankrupt crypto lender Voyager Digitals assets due to the challenging regulatory environment in the United States. The American affiliate of the worlds largest crypto exchange terminated the agreement as federal regulators were poised to contest the deal in court. Binance.US expressed disappointment over the situation, citing the unpredictable American regulatory landscape as a barrier to assisting Voyagers customers.　　A committee representing Voyager creditors in bankruptcy proceedings expressed their disappointment and is considering potential claims against Binance.US. In March, a federal judge temporarily halted the proposed deal following a request from the US government for an emergency stay. The US Attorneys Office for the Southern District of New York and the Department of Justices (DOJ) bankruptcy watchdog appealed against the sale, which had been approved by a bankruptcy judge. The emergency stay was requested on the grounds that the transaction could involve unregistered securities and transactions violating federal securities laws.　　The sale process is paused until the DOJ pursues appeals challenging the deals legality through the US court system. Despite objections from federal and state regulators, Judge Michael Wiles approved the proposed restructuring plan earlier this month. The winning bidder was to make a $10 million

2023-04-26Deep Dive

Exploring the Role of Cryptocurrencies in the Evolution of E-Commerce and Online Transactions

Cryptocurrencies have come a long way since the inception of Bitcoin in 2009. Over the years, these digital assets have gained traction as an alternative to traditional fiat currencies, enabling people to make transactions without the need for banks or other intermediaries. With the rise of e-commerce and online transactions, cryptocurrencies are beginning to play an increasingly important role in the global economy. This article will explore the potential impact of cryptocurrencies on the future of e-commerce and online transactions, examining various aspects of this burgeoning industry.An Alternative Payment Method　　One of the most prominent use cases for cryptocurrencies in e-commerce is as an alternative payment method. Digital currencies like Bitcoin, Ethereum, and Litecoin offer an appealing option for both consumers and businesses due to their decentralized nature, lower transaction fees, and faster processing times. Additionally, cryptocurrencies are not bound by national borders, allowing for seamless international transactions without the need for currency conversions or international fees.Enhanced Security and Privacy　　Cryptocurrencies provide a higher level of security and privacy compared to traditional payment methods, as transactions are recorded on a decentralized ledger called the blockchain. This system allows for increased transparency and reduces the risk of fraud and chargebacks. Moreover, since cryptocurrencies

2023-04-26Deep Dive

USDC-Issuer Circle CEO Hints At US Exit

According to Circle CEO Jeremy Allaire, the declining market value of USD Coin (USDC) stablecoin is being caused by regulatory pressure and skepticism towards the cryptocurrency market. Allaire stated that investors are seeking to minimize their exposure to the US due to the unclear regulatory environment in the country.　　USDC Issuer Circle CEO Hints At US Exit Amid Regulatory and Banking Woes　　　　　　The market value of USDC stablecoin has been declining since mid-2022 and fell to $30.6 billion as of today. Meanwhile, other stablecoins like Tether (USDT) saw their market value recover above $81 billion due to the market rally this year. Circle CEO Jeremy Allaire pointed out during an interview with Bloomberg Television on April 26 that the US banking system and regulatory environment are causing global concerns.　　USDC stablecoin reserves are mainly backed by US treasuries and cash deposits. However, during the banking crisis, USDC depegged from the US dollar when US regulators shut down three crypto-friendly banks: Silvergate, Silicon Valley Bank, and Signature, under Operation Choke Point 2.0.　　USDC stablecoin is losing support from crypto exchanges, companies, and investors due to its compliance with the U.S. Office of Foreign Assets Control (OFAC). Circle froze USDC in blacklisted wallet addresses after OFAC

2023-04-26Deep Dive

Decentralized Media Is Breaking Barriers in a Web2 World

The blockchain is simply a tool to re-architect the relationship between the subscriber and the publication, said Daisy Alioto, founder of Web3 media outlet Dirt.　　On April 7, community-owned Web3 crypto news show company Coinage put forth its first governance vote. The proposal asked community members of Coinage‘s decentralized autonomous organization (DAO) to decide whether or not they should move 10% of the DAO’s treasury into the meme coin DOGE.　　“Coinage haz much money in ETH but DOGE go ⬆️. Does DOGE haz much fortune？ Go wayz up？” the proposal reads.　　The vote closed after 72 hours, with 60% (140 votes) against the investment and 40% (94 votes) in favor.　　Zack Guzman, co-founder of Trustless Media, the company behind Coinage, voted in favor of the DOGE investment idea but was happy with the outcome because it showed that Coinage was truly decentralized.　　“I think the first vote has proven this decentralized model works, where even I didnt get what I wanted,” Guzman told CoinDesk.　　Decentralized media has become a prominent point of conversation among Web2 and Web3-native journalists alike. While covering cryptocurrency news is one thing, using Web3 tools to expand journalistic practices is another.　　Some builders in the space feel that media distribution has become too

2023-04-26Deep Dive

People seem to have lost interest in Trump's NFT

The former U.S. president‘s second collection isn’t as successful as his first drop was, while Sothebys plans to sell an impressive NFT collection seized from Three Arrows Capital.　　Trump Series 2 NFT　　This week, former U.S. President Donald Trump tried to outdo his first bizarre foray into Web3, this time with a non-fungible token (NFT) collection with even more ridiculous art than the original. But it appears traders have grown tired of Trumps digital trading cards, and volumes for both collections have plummeted on the secondary market. (Sad.)　　Meanwhile, auction house Sothebys (BID) plans to sell a collection of high-value NFTs seized by liquidators of bankrupt crypto hedge fund Three Arrows Capital, putting rare CryptoPunks and Chromie Squiggles up for auction for the first time since the asset portfolio was compiled in 2021.　　Projects on the Rise　　Our Force 1 (Nike)　　Our Force 1　　Who: Nike (NKE) via .Swoosh　　What: Following in the footsteps of competitor Adidas, global sportswear brand Nike will soon release its first NFT collection through its recently launched .Swoosh platform.　　The virtual sneaker, called Our Force 1, or OF1, is a play on the brands iconic Air Force 1 design. Collectors will have a choice of two digital boxes – the “Classic Remix” and the

2023-04-26Deep Dive

Coinbase Takes Bold Legal Action Against SEC: A Battle for Crypto Regulatory Clarity

April 26, 2023 - A large cryptocurrency exchange platform, Coinbase, has launched a lawsuit against the Securities and Exchange Commission (SEC) of the United States in a ground-breaking move over what it sees as a lack of regulatory clarity in the crypto market. The action is in reaction to the SECs July 2022 Petition, which has caused the regulatory body and Coinbase to become quite tense.　　Over the last several years, the cryptocurrency sector has seen exponential growth, giving rise to countless new initiatives and ideas. The regulatory climate has, however, been rife with ambiguity, placing businesses like Coinbase in a perilous position as they attempt to negotiate a constantly shifting environment. Those attempting to operate legally have long been frustrated by the SECs inability to provide thorough rules on how the quickly expanding crypto industry should be managed.　　The SECs insistence on classifying certain digital assets as securities is at the heart of Coinbases legal lawsuit against the agency. A wide variety of digital assets, including several well-known cryptocurrencies, would be included in the definition of a security under suggestions in the SECs July 2022 Petition. In addition to limiting innovation, according to Coinbase, this overreaching strategy unjustly targets the cryptocurrency

2023-04-26Deep Dive

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