Crypto Guides, Knowledge & Insights

Sons of Singapore billionaires jump aboard the NFT train with ARC

Sons of two Singapore billionaires have teamed up to create ARC, a private social network based on NFTs.　　Kiat Lim, the son of financier Peter Lim, and Elroy Cheo, the heir of the edible oil business Mewah International, are behind the project which they believe is much more than just an NFT club.ARC is memeing itself into the mainstream　　According to a report from The Straits Times, Lim and Cheo are looking to build an app-based community that will bring together individuals from Taipei to South Korea and Australia. The platform will enable users to network, collaborate on projects, and share stores, as well as meet in exclusive member events.　　Eventually, ARC will create a proprietary metaverse to host its online virtual community and introduce a gaming element into the ecosystem.　　“We want to create a community that Asia has never seen before,” said Cheo. “We see the world (changing) a lot, especially after Covid-19. People in this target segment now all want a sense of belonging.”　　ARC wants to distance itself from the anonymity that‘s become synonymous with the crypto industry. The platform will feature a rigorous authentication process that’s set to verify the identities of all of its users. This, Lim and Cheo

2022-01-11Deep Dive

Does Disney’s patent filing show there’s no stopping the Metaverse?

Disney signals a potential stab at the Metaverse by filing a “virtual-world simulator” with the U.S Patent Office.　　The concept comprises a computing platform with memory storing a software code, a tracking system linked to the computing platform in conjunction with a projection device.　　Meaning, in the not too distant future, theme park visitors may soon be exploring the Metaverse via a headset-less augmented reality.　　Although the California-based media conglomerate is not known as a tech firm, recent events have shifted Disney in that direction. Most notably, as a streaming platform competing directly with Netflix.Metaverse development still has a long way to go　　Along with Web3.0, the metaverse is widely tipped as the next big thing in tech. This narrative is not lost on investors and users who see opportunities in this burgeoning space.　　Asia Business Editor at the FT, Leo Lewis, spoke of his excitement for that one “knockout brilliant product” that will revolutionize the space. Similar to what Apple did with smartphones all those years ago.　　“There‘s a lot of hope attached to the idea that Apple might come up with a pair of goggles that do for VR headsets or that kind of technology, what Apple did back in the mid 2000s for

2022-01-11Deep Dive

German online bank N26 rushes to launch crypto trading in 2022

German online bank N26, revealed its plans to launch crypto trading service this year and add equities brokerage after that, reported Financial Times.　　The bank, which counts as one of the biggest European fintechs, with over $7.8 billion in valuation, made a shortsighted decision to focus on global expansion, at the cost of prioritizing new services, admitted N26 co-founder and co-chief executive Max Tayenthal.Co-founder admits　　“Should we have built trading and crypto instead of launching in the US？ In hindsight, it might have been a smart idea,” N26 co-founder and co-chief executive admitted to the Financial Times in an interview.　　According to Tayenthal, in recent months the bank came to a realization it “spread itself extremely thinly.”　　“There are so many things we can work on instead of putting flags in new markets,” he said, revealing the banks plans to recalibrate its strategy and focus on diversifying services. 　　In the aftermath of N26‘s decision to close its US operations, Tayenthal acknowledged how the bank’s rapid geographical expansion put developing other services, including crypto and catering to the retail boom in equities trading on the back burner. 　　“We really want to expand our product universe and we have to,” added Tayenthal, noting that N26, which

2022-01-11Deep Dive

Binance is embracing regulation as it eyes UAE for its next global hub

The worlds largest cryptocurrency exchange has had a turbulent year when it comes to regulation. With market authorities around the globe clamping down on Binance for its alleged failure to comply with local AML laws, the exchange has been on the lookout for new headquarters.　　Its CEO Changpeng Zhao, known as CZ in the crypto sphere, is yet to announce where the exchange will put down its roots. However, sources close to the matter recently revealed to Bloomberg that the crypto pioneer, worth $96 billion, is eyeing the United Arab Emirates as Binances next hub.CZ is settling down in the UAE and so could Binance　　Despite being the largest exchange in the crypto industry and one of the most valuable companies in the world, Binance has no formal home. Founded in China in 2017, the company was forced to transfer its business to Japan after Chinese authorities outlawed cryptocurrency trading in the country. After a short stint in the crypto unfriendly Japan, Binance self-exiled to Malta, where the governments pro-crypto stance promised more freedom for the booming exchange.　　Following controversy with Maltas financial regulator, which claimed it had no oversight of the exchange, Binance was, yet again, left without a home. The only

2022-01-11Deep Dive

German online bank N26 rushes to launch crypto trading in 2022

German online bank N26, revealed its plans to launch crypto trading service this year and add equities brokerage after that, reported Financial Times.　　The bank, which counts as one of the biggest European fintechs, with over $7.8 billion in valuation, made a shortsighted decision to focus on global expansion, at the cost of prioritizing new services, admitted N26 co-founder and co-chief executive Max Tayenthal.　　Co-founder admits　　“Should we have built trading and crypto instead of launching in the US？ In hindsight, it might have been a smart idea,” N26 co-founder and co-chief executive admitted to the Financial Times in an interview.　　According to Tayenthal, in recent months the bank came to a realization it “spread itself extremely thinly.”　　“There are so many things we can work on instead of putting flags in new markets,” he said, revealing the banks plans to recalibrate its strategy and focus on diversifying services.　　In the aftermath of N26‘s decision to close its US operations, Tayenthal acknowledged how the bank’s rapid geographical expansion put developing other services, including crypto and catering to the retail boom in equities trading on the back burner.　　“We really want to expand our product universe and we have to,” added Tayenthal, noting that N26, which offers current

2022-01-11Deep Dive

JPMorgan Analyst Predicts Coinbase Will Be ‘Leading Beneficiary’ of Crypto Growth This Year: Report

An analyst from banking giant JPMorgan is reportedly optimistic that the crypto industry will continue to grow this year and that Coinbase will largely benefit from it.　　In a note to clients, equity research analyst Kenneth Worthington predicts that crypto will become increasingly relevant to financial services in 2022.　　The analyst tells investors that the applications from crypto have only started to emerge. He says that use cases will continue to grow and new projects with crypto applications will appear.　　“As financial analysts, we are most excited about the implications for financial services and see the tokenization and fractionalization as holding particularly large promise as transactions speeds in crypto become more competitive with trad-fi networks.”　　Worthington also gives the green light to Coinbases stock COIN. The stock of the US-based crypto exchange fell by 2% on Friday, but the analyst remains bullish and maintains a buy rating with a price target of $447.　　The recommendation stems from a forecast that the crypto exchange will be a leading player in the growing digital asset space.　　“With these projects attached to tokens and Coinbase a leading exchange to buy and sell tokens, we see Coinbase as a leading direct beneficiary of crypto market growth.”　　Last week, Bank of America

2022-01-11Deep Dive

Report: Kenya Set to Scale Up Adoption of Cryptocurrencies in 2022

In his Africa crypto market predictions for 2022, Marius Reitz, the general manager for Luno in Africa, has predicted that Kenya will scale up the adoption of cryptocurrencies. To support this assertion, Reitz points to Kenya‘s as position as the leader in the world’s peer-to-peer (P2P) traded volumes for the second year running.　　Kenyas Booming Crypto Market　　Kenya is set to lead the worlds peer to peer cryptocurrency market for the second consecutive year, Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange in Africa, has reportedly predicted.　　In justifying his selection of Kenya ahead of the usual heavyweights, the GM is quoted in a report pointing to the East African country‘s booming crypto market as well as Kenyan people’s familiarity with digital payment solutions.　　“The country‘s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africas leading crypto hub in 2022,” Reitz is quoted in the report explaining.　　Bitcoin.com News has previously reported on the surge in Kenyas peer to peer cryptocurrency volumes which had seen topple South Africa to become the

2022-01-11Deep Dive

Binance CEO Changpeng Zhao Recognized as Richest Person in Crypto by Bloomberg

Bloomberg has estimated that the net worth of Binance CEO Changpeng Zhao currently stands at a staggering $96 billion, which officially makes him the richest known person in crypto.　　He is now worth more than Indian business mogul Mukesh Ambani, whose net worth stands at $92.9 billion, according to the Bloomberg Billionaire Index. CZ is also in close proximity of such juggernauts as Berkshire Hathway CEO Warren Buffett and Meta CEO Mark Zuckerberg.　　Zhaos fortune could be even bigger since little is known about his cryptocurrency holdings.　　The cryptocurrency tycoon, who used to work at McDonalds as a teenager, has so far shied away from commenting on the size of his fortune, but he plans to give away his entire wealth.　　The Wall Street Journal claimed that his cryptocurrency behemoth could be worth up to $300 billion if it were to go public.　　The exchanges revenue reportedly topped $20 billion in 2021, dwarfing the numbers that are expected to be posted by U.S-based rival Coinbase.　　Binance, however, questioned the accuracy of Bloombergs calculations, claiming that crypto is way too volatile to make any concrete estimates.　　Apart from being exposed to mercurial crypto prices, the exchange also faced an onslaught of regulatory scrutiny earlier this year.　　FTX CEO Sam

2022-01-11Deep Dive

Does Disney’s patent filing show there’s no stopping the Metaverse?

Disney signals a potential stab at the Metaverse by filing a “virtual-world simulator” with the U.S Patent Office.　　The concept comprises a computing platform with memory storing a software code, a tracking system linked to the computing platform in conjunction with a projection device.　　Meaning, in the not too distant future, theme park visitors may soon be exploring the Metaverse via a headset-less augmented reality.　　Although the California-based media conglomerate is not known as a tech firm, recent events have shifted Disney in that direction. Most notably, as a streaming platform competing directly with Netflix.　　Metaverse development still has a long way to go　　Along with Web3.0, the metaverse is widely tipped as the next big thing in tech. This narrative is not lost on investors and users who see opportunities in this burgeoning space.　　Asia Business Editor at the FT, Leo Lewis, spoke of his excitement for that one “knockout brilliant product” that will revolutionize the space. Similar to what Apple did with smartphones all those years ago.　　“There‘s a lot of hope attached to the idea that Apple might come up with a pair of goggles that do for VR headsets or that kind of technology, what Apple did back in the mid 2000s for

2022-01-11Deep Dive

How Does the Metaverse Affect Mental Health? A Psychologist Explains

In the metaverse, a person can choose who they are, where they live, who they interact with, what they wear, what their hobbies are, and can even attend events, visit cultural objects, and, in short, do everything everyone is already doing in real life. In the metaverse, they can be the best version of themselves and live as they please – something that is perhaps unachievable in reality.　　Its no news that social media can be a threat to our psychological health. Yet what about the metaverse, the whole new digital life that one can build in a virtual world through a personalized avatar？　　DailyCoin conducted an exclusive interview with a psychology expert, cognitive behavioral psychotherapist Peter Klein about the impact of the metaverse on mental health.　　The Human Need to Connect with Others　　Modern society relies on various forms of communication, Klein said. Therefore the type of connection people experience can vary tremendously. Studies show that in-person relation with others is the healthiest form of communication and confers most benefits towards mental health.　　Due to the globalized and uniform nature of modern society, it is on the one hand harder to achieve face-to-face connection with someone on the other side of the world and

2022-01-10Deep Dive

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