Crypto Guides, Knowledge & Insights

JPMorgan: Global Regulation Urgently Needed for Banks to Help Clients Invest in Crypto

A globally consistent crypto regulatory framework is urgently needed to allow banks to handle crypto assets on behalf of large customers, said a JPMorgan executive. “We need a globally consistent regulatory framework. Its important that we get to a solution as quickly as possible.”　　Global Regulatory Framework Urgently Needed to Allow Banks to Offer Crypto Exposure to Clients, Says JPMorgan　　Debbie Toennies, managing director and head of Regulatory Affairs at global investment bank JPMorgan Chase & Co., talked about global cryptocurrency regulation applicable to banks Tuesday at an event held by the International Swaps and Derivatives Association.　　The JPMorgan executive said that new rules are urgently needed to give banks certainty in handling crypto assets on behalf of large customers who seek exposure in this asset class.　　A growing number of large institutions, including hedge funds, are interested in investing and gaining exposure to the crypto asset class. According to Wells Fargo, cryptocurrency has entered the “hyper adoption phase.”　　Noting that some very large players had asked JPMorgan to hedge their exposures to crypto assets, Toennies opined:　　“I do think we need a globally consistent regulatory framework. Its important that we get to a solution as quickly as possible.”　　Global banking regulators at the Basel Committee on

2022-02-17Deep Dive

Crypto Music App Audius Bridges AUDIO Token From Ethereum to Solana

Streaming music service Audius was originally built to be used on the Ethereum network, but it has gradually embraced rival blockchain Solana as a way to scale to meet increasing demand. Today, the firm announced the latest step in that process: bridging its Ethereum-based AUDIO token to Solana.　　Starting today, any AUDIO token holder can move the ERC-20 token from Ethereum to Solana using Wormhole‘s Portal, a cross-platform bridge that lets users “wrap” an asset from one blockchain to use it on the other. When bridging, the native Ethereum tokens are locked into Wormhole’ssmart contract, which then produces new native Solana tokens to use instead.　　Whats the value？ Audius says that this bridging process is an important step to bringing more functionality over to the rising Solana ecosystem, with a release claiming that it is “paving the way for future Solana-based features on Audius.” The platform is also now offering new token rewards to users for actions like downloading the mobile app or inviting friends.　　Audius adds that it sees this as another potential access point for new users to get onboarded to the blockchain-based music platform. An Audius representative said that Solanas “low-cost, faster, and more environmentally-conscious blockchain” will help the firm

2022-02-16Deep Dive

Major Crypto Companies Announce Plan on Money Laundering, Privacy

Coinbase, Robinhood, and more than a dozen other crypto firms announced a plan on Wednesday to comply with new rules recently issued by the Financial Action Task Force (FATF), an international body dedicated to fighting money laundering and terrorist financing.　　The new rules concern the so-called “travel rule,” which requires financial institutions to collect information about the sender (and sometimes the receiver) of transactions worth more than $3,000 between financial institutions. FATF made clear last autumn that the travel rule applies to crypto firms.　　In response, a coalition of crypto companies has been working on a plan to comply with that requirement. The result of that work is what they are calling TRUST, short for “Travel Rule Universal Solution Technology,” a set of arrangements they say will ensure compliance while also protecting customer privacy.　　Notably, TRUST obliges the member companies to use end-to-end encryption when sending data to each other, and to never store customer information in a way that could be vulnerable to third-party attacks. It also establishes a set of minimum security practices.　　The initial members of TRUST are: Anchorage, Avanti, Bitgo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Fidelity Digital AssetsSM, Gemini, Kraken, Paxos, Robinhood, Standard Custody s top lawyer, Paul Grewal, the

2022-02-16Deep Dive

US State Colorado Will Accept Bitcoin For Tax Payments Starting This Summer

Colorado Governor Jared Schutz Polis has just announced that his state will begin accepting Bitcoin for tax payments starting this summer.　　Polis in an interview on CNBC reveals plans for the US State to advance further in more untried payment models and vision for a potential state token.　　Governor Jared Polis has been a long-time supporter of crypto and as a congressman, he was the first US politician to accept campaign donations in Bitcoin.

2022-02-16Deep Dive

How this crypto founder escaped a “social engineering” hack

A decentralized autonomous organization (DAO) founder on Twitter, Thomasg.eth, has revealed how he almost lost all his ETH to a social engineering scam. In a long thread, he explained in detail how scammers almost got him.How the scammers tried to pull off their act　　His DAO, Arrow, is building open source VTOL aircraft and air taxi protocol. He claimed that someone named heckshine reached out to him about two weeks ago. Heckshine claimed to be working at Ubisoft and offered help with 3D design and animation. 　　It also turned out that heckshine has a friend named Linh whos passionate about metaverse and VTOLs and has a brother-in-law working with Boeing. With all the initial web woven, all that was left was for Lihn to swoop in. 　　Linh claimed to be working on the Space Falcon metaverse project and wanted a partnership with Arrow DAO. Before proceeding with the partnership, Thomas claimed he checked Space Falcon to confirm that it‘s an actual project on Solana and saw Lihn’s name on it before proceeding.　　However, all this turned out to be a massive scam on a grand scale. Linh even went as far as to invite Thomas to a tour of the Wisk facility.

2022-02-16Deep Dive

Metaverse Crypto Decentraland Up After JP Morgan Calls Niche a '$1 Trillion Opportunity'

LAND, the token of metaverse platform Decentraland, is up over 8% on the day, following the release of a report from JP Morgan calling the metaverse a $1 trillion market opportunity.　　JP Morgans report coincided with the launch of the banks virtual Onyx Lounge in Decentralands Metajuku district, complete with a wandering tiger as well as a floating portrait of the banks CEO and noted crypto skeptic Jamie Dimon.　　Other metaverse-linked tokens including Axie Infinity and Enjin Coin have enjoyed a bump from the report, up 7.8% and 4.1%, respectively.　　In the report, titled “Opportunities in the Metaverse,” JP Morgan stated that the niche “will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”　　The report cited the entry of mainstream brands including Walmart, Nike, and Adidas into the metaverse, prompting business leaders to ask, “What is my metaverse strategy？”　　The bank argues that its own “core competencies in crossborder payments, foreign exchange, financial assets creation, trading and safekeeping” will enable it to play a role in the emergent digital environment.

2022-02-16Deep Dive

NFTs, metaverse listed as top ‘must watch’ security risks in Hong Kong

A Hong Kong government-run internet security watchdog has listed risks associated with non-fungible tokens (NFTs) and the metaverse as a top “must watch” security threat this year, while both trends continue to thrive in the city.　　Fast facts　　The Hong Kong Computer Emergency Response Team Coordination Centre said in a statement last week that criminals may steal sensitive user information as the value of cryptocurrencies grows.　　Information security of NFT and metaverse-related networks will receive more attention, the agency said.　　The cybersecurity agencys concern comes as Hong Kong is experiencing a boom in NFT and metaverse industries.　　Traditional auction houses are embracing NFTs, with the latest being Phillips launching an NFT auction on Monday to celebrate Valentines Day.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-02-16Deep Dive

Africa's First Cryptocurrency Zugacoin experiences a great price cramp down.

By: Damian Okonkwo　　The first and most popular Cryptocurrency launched in Africa just two years ago in December 1, 2020 has witnessed a great cramp down in its market value following a withdrawal of over 700 million within three days by investors and to further heighten the panic of the investors another 500 million worth of ZUGACOIN was again withdrawn in one day just last week.　　According to the statistics on ground, the price of Zugacoin has fallen by 20.23% in the past 7 days. The price further witnessed a 14.48% decline within a single day causing great panic among investors. The current price is NGN 2,544,996.390700 per SZCB. Zugacoin is currently over 98.50% below the all time high of NGN 119,604,214.30.　　Recall that during the creation of this cryptocurrency, the founder and CEO of Zugacoin - Archbishop Professor Sam Zuga told newsmen that the major goal of founding this cryptocurrency was to lead Africans to financial freedom through ZUGACOIN. He further stressed that this new cryptocurrency intends to correct the mistakes made by other Cryptocurrencies.　　Hence according to Prof. Sam; the vision and mission of Zugacoin was to become an outstanding Cryptocurrency in the world and correct previous bad notions regarding crypocurrency especially

2022-02-16Deep Dive

JPMorgan: Metaverse Could Be $1 Trillion Annual Market

JPMorgan has published a paper on the Metaverse, estimating that the emergent virtual space could be a $1 trillion annual market opportunity. The investment bank has also opened a lounge in Decentraland.　　JPMorgan Jumps Into the Metaverse　　JPMorgan has begun to explore the Metaverse.　　The American investment bank has published a paper titled “Opportunities in the metaverse: How businesses can explore the metaverse and navigate the hype vs. reality” in which managing directors Christine Moy and Adit Gadgil have laid out a possible future for the Metaverse. In it, they wrote that the Metaverse could be a $1 trillion annual market opportunity because “it will likely infiltrate every sector in some way in the coming years.”　　The authors further added that there are multiple technologies converging and contributing to a “new digital age,” and that the Metaverse could be the force that creates “a unified immersive experience” for them.　　They also provided data points to illustrate the scale of how the Metaverse could grow. For example, the paper noted that $54 billion is spent on virtual goods every year, and that the Metaverse-focused game The Sandbox has already sealed 200 strategic partnerships with the likes of Warner Music Group. It also pointed to the NFT

2022-02-16Deep Dive

Is Russian Crypto Regulation Under Threat; Govt. Officials Fail to Reach A Consensus

Top Russian officials have failed to reach a deal on how to regulate crypto despite President Vladimir Putin‘s request for them to find a compromise. Russia’s Central Bank Chief Elvira Nabiullina has voiced her opposition to Russian Plans to legalize cryptocurrency.　　Despite the request by President Vladimir Putin to hammer out a compromise formula, top government officials failed to reach an agreement on how to regulate cryptocurrencies at a meeting Tuesday.　　Russian officials fail to reach a consensus　　Elvira Nabiullina, Bank of Russia head, Finance Minister Anton Siluanov, and Deputy Prime Minister Dmitry Grigorenko had hectic parleys but failed to reach a consensus on managing cryptocurrencies. People familiar with the matter wanted to remain anonymous because the meeting was not public. There were also no comments forthcoming from the press service of either the central bank or the Finance Ministry. A spokesman for Grigorenko did not immediately respond to a request for comment.　　In January, President Vladimir Putin had asked for a quick solution, but authorities have not hammered out a clear-cut policy towards cryptocurrencies. Kommersant newspaper reported last week that the Finance Ministry and Central Bank were to prepare a draft law on the matter by February 18th.　　However, the Central Bank has proposed

2022-02-16Deep Dive

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