Autor Cointelegraph By Arijit Sarkar

$200M BitGet BTC-USDT protection fund hints at investor-centric trend

$200M BitGet BTC-USDT protection fund hints at investor-centric trend

Uverejnil používateľ | aug 1, 2022 |

With the ultimate goal to regain investor confidence amid a prolonged bear market, crypto derivatives exchange Bitget launched a $200 million fund to safeguard users’ assets. Bitget joins the growing list of crypto companies, such as Binance, that have taken an investor-centric approach to gain investors’ trust via protection funds.The Bitget Protection Fund comprises 6,000 Bitcoin (BTC) and 80 million Tether (USDT), valued at $200 million at the time of writing. Considering the fact that crypto winter currently shows almost no signs of slowing down, Bitget pledged to secure the value of the fund for the next three years.While Bitget chose to self-fund the entire protection fund without relying on a third-party insurance policy, Binance set up its user protection insurance fund, Secure Asset Fund for Users (SAFU), by allocating 10% of the trading fee. Starting off in 2018, SAFU reached a $1 billion valuation by early 2022. Sharing details about the newly founded fund, Gracy Chen, managing director of Bitget, added:“The protection fund will help us mitigate investors’ concerns and attract potential users. As we continue to endure the crypto winter, it is crucial that our users can rest assured that their funds are kept safe.”Bitget’s reasoning behind using a combination of stablecoin and BTC in the protection fund is to counter massive unforeseen volatility in crypto markets. Further safeguarding investors, Bitget implemented stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to disallow bad actors from using its services.Related: Voyager can’t guarantee all customers will receive their crypto under proposed recovery planSoon after filing for bankruptcy, crypto lending firm Voyager Digital revealed that it might not be able to reimburse all of its customers under the proposed recovery plan.Voyagers,We understand how critical it is to get access to the value in your account and we are working through this process as quickly as possible to do just that. Today’s post provides an update on customer cash and crypto, and next steps: https://t.co/yBlVB0qgVp (1/6)— Voyager (@investvoyager) July 11, 2022Upon court’s approval, Voyager’s proposed recovery plan involves reimbursing users’ funds worth roughly $1.3 billion in a combination of Voyager tokens, cryptocurrencies, “common shares in the newly reorganized company,” and funds from any proceedings with Three Arrows Capital (3AC).“The plan is subject to change, negotiation with customers, and ultimately a vote […] We put together a restructuring plan that would preserve customer assets and provide the best opportunity to maximize value.” said the lending firm.

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Hong Kong university to inaugurate mixed reality classroom in Metaverse

Hong Kong university to inaugurate mixed reality classroom in Metaverse

Uverejnil používateľ | júl 31, 2022 |

The Hong Kong University of Science and Technology (HKUST) announced to host the launch party of a virtual reality classroom over the Metaverse on September 1. The launch marks the commencement of HKUST’s plan to promote immersive learning by building a virtual campus in the Metaverse, to be called MetaHKUST.An academic from the HKUST institution told South China Morning Post that the launch of the mixed reality classroom represents the opening of a new campus in the city of Guangzhou, Hong Kong. Pan Hui, chair professor of computational media and arts at the Guangzhou campus, added that:“A lot of guests might be overseas and can’t attend [the opening], so we will host it in the metaverse.”By building MetaHKUST, the institution plans to create a learning environment that virtually connects the two campuses — in Hong Kong and Guangzhou. By virtually connecting the campuses, HKUST hopes to help students overcome geographical constraints when attending classes.While universities across the globe moved over to services such as Zoom for conducting online classes during the COVID-19 pandemic, Hui believes learning in the Metaverse to be a better option for students as it promotes a greater level of interaction, adding:“Through virtual reality, you can feel as if you’re there. How you interact with students around you will increase your learning outcome.”Despite the nascency of the technology, Wang Yang, VP for institutional advancement at HKUST, said the metaverse was “here to stay.” Related: Marriages and court cases can be held in the MetaverseAdding to the long list of use cases the Metaverse has to offer, Singapore’s Second Minister for Law Edwin Tong opined on using the budding technology in legal marriage proceedings, court case disputes and government services.Tong supported his statement by highlighting instances when intimate events such as the solemnization of marriages were being held at the Metaverse, adding:“It would not be unthinkable that, besides registration of marriages, other government services can soon be accessed online via the Metaverse.”Tong stated that the addition of such technology would not preclude traditional offline hearings from taking place and rather suggested an “integrated platform” that could invigorate the dispute resolution process. He noted that “there can always be a hybrid element.”

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Ticketmaster scouts productization of enterprise NFTs beyond ticketing

Ticketmaster scouts productization of enterprise NFTs beyond ticketing

Uverejnil používateľ | júl 31, 2022 |

A new job posting by America’s biggest ticketing company, Ticketmaster, reveals mainstream interest in exploring new revenue streams using nonfungible tokens (NFTs). Over the past two years, artists, musicians and the sports industry helped thrust the NFT ecosystem into the limelight as the technology served its purpose as a powerful fan engagement tool. Conversely, most of the general public boarded the hype train seeking profits via reselling collectibles in the secondary markets.With the NFT hype eventually slowing down by mid-2022, entrepreneurs and companies are looking for new use cases beyond collectibles. A study conducted by Big 4 accounting firm Deloitte in May 2022 highlighted the untapped potential of the crypto ecosystem to open up newer markets for the sports industry:“We could see fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”Following suit, Ticketmaster’s recent job posting for a product manager of NFT ticketing tooling uncovers the company’s intent to roll out NFT-based enterprise products “across all content categories including sports and music.” The role also demands developing new products and features catering to the future needs of its NFT business. Ticketmaster’s job posting for a NFT ticketing product manager. Source: LinkedInWith the new role based in New York, Ticketmaster aims to support the productization of NFTs while complimenting the recently launched NFT marketplace.Related: Binance jumps into NFT ticketing after UEFA League fiascoSimilarly, crypto exchange Binance recently stepped into the NFT ticketing business in partnership with football club Società Sportiva Lazio for the 2022 to 2023 season.In the announcement sent to Cointelegraph, Binance highlighted that NFT tickets could solve fake tickets and scalping problems. In addition to providing access to events, Binance plans to use the NFT-based tickets across various use cases, including availing store and match discounts and personalized experiences.

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Hong Kong positioned as the most crypto-ready country in 2022

Hong Kong positioned as the most crypto-ready country in 2022

Uverejnil používateľ | júl 26, 2022 |

While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people. Factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. Considering these factors, a Forex Suggest study revealed Hong Kong’s position as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. Despite having a bigger crypto infrastructure than the island nation, the United States and Switzerland made it to the top three with lower crypto-readiness scores of 7.7 and 7.5, respectively, as shown below.The biggest factors considered in the study to calculate a country’s readiness were the number of crypto ATM installations proportional to the population and geographical size of the jurisdiction and the number of blockchain startups per 100,00 people. As a result, Hong Kong’s smaller land mass helped the country top the list. CoinATMRadar data shows that the U.S. houses 88% of the global crypto ATM installations. On the contrary, Hong Kong installed a network of 146 crypto ATMs, representing just 0.4% of crypto ATMs worldwide. Owing to the smaller area, Hong Kong residents are never more than 4.3 miles (7 kilometers) away from a crypto ATM.On the other hand, Switzerland has a crypto ATM every 161.5 miles (260 km), while the U.S. has installed crypto ATMs every 168.3 miles (271 km). Crypto taxes serve as the biggest deterrents to mainstream crypto adoption. Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia and Turkey share the top spot for the lowest crypto taxes on capital gains.A country’s efforts to nurture a growing crypto infrastructure depend heavily on investor sentiment. That being said, investors from major economies like Australia, Ireland and the United Kingdom have shown the highest interest in cryptocurrencies, signaling healthy pro-crypto competition around the globe. Related: Opera Crypto Browser integrates Coin98 to bolster Web3 accessibility in Southeast AsiaOpera Crypto Browser doubled down on its effort to improve Web3 accessibility by announcing a partnership with Coin98, a Southeast Asia-based decentralized finance (DeFi) platform, to bolster Web3 accessibility. By integrating Coin98, Opera’s Crypto Browser will be able to tap into the platform’s range of multichain nonfungible tokens (NFTs), decentralized exchanges (DEX), cross-chain bridges and asset swaps, as well as the ability to stake and lend their cryptocurrency portfolios, as per a Thursday announcement.

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Tether, Bitfinex, Hypercore collab to launch encrypted P2P apps

Tether, Bitfinex, Hypercore collab to launch encrypted P2P apps

Uverejnil používateľ | júl 25, 2022 |

Staying true to the “bear market is for building” motto, crypto exchange Bitfinex along with Tether (USDT) and Hypercore announced the launch of a fully encrypted platform, Holepunch, for building peer-to-peer applications. As part of the initiative, the trio launched Keet, an encrypted application capable of facilitating real-time audio and video calls, text chat and file sharing.Partners aim to bestow control over data while breaking technology monopolies with Holepunch, according to the announcement. Tether and Bitfinex funded the development of the Holepunch platform. Paolo Ardoino, the chief technology officer of Tether and Bitfinex, will lead the new initiative as the chief strategy officer.Speaking on behalf of Tether and Bitfinex, Ardoino highlighted the need to address the growing privacy concerns, stating:“It [Tether and Bitfinex] believes that freedom of choice, communication and finances are the lifeblood of the future, and anything that will enhance those freedoms is worth amplifying.”Holepunch currently operates as a closed source protocol in its alpha or pre-release phase, which will be moved to open source code by the end of 2022. In doing so, Holepunch will not use blockchain technology at its core and will instead move to an in-house payments API powered by the Lightning Network. Developers building solutions on the Holepunch protocol will be able to use USDT as default for micropayments. However, the company is yet to disclose support for other cryptocurrencies and stablecoins. Related: Web3 platforms launch the Open Metaverse AllianceBlockchain-based metaverse and Web3 platforms joined hands to form Open Metaverse Alliance for Web3 (OMA3), an alliance built on four core principles — transparency, inclusiveness, decentralization and democratization.As Cointelegraph reported, the alliance will focus its efforts on specific metaverse-related topics, which include setting standards for nonfungible tokens (NFTs), protocols, transferable identity, portals between virtual worlds, mapping and indexing.

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