Daily Archives: July 7, 2021

The Boston Celtics Announce Partnership With Blockchain Company Socios.com

The Boston Celtics Announce Partnership With Blockchain Company Socios.com

The crypto industry keeps entering into mainstream venues via professional sports leagues, athletes, and teams this year. On Wednesday, the Boston Celtics revealed a partnership with the blockchain provider Socios.com.

Socios.com to Serve as the Presenting Partner of the NBA’s Boston Celtics

On July 7, Socios.com, the blockchain firm that offers fans a chance to be “superfans” allowing them to influence club-specific decisions, trade digital items, and access “ VIP experiences,” has partnered with the Boston Celtics.

The professional team is well known and has won the annual championship series of the National Basketball Association (NBA) 17 times. The announcement reveals that Socios.com will be featured on the web portal celtics.com, according to nba.com’s official announcement.

“[Socios.com will] serve as the presenting partner of the team’s website, placing it at the forefront of the Celtics’ primary hub for relevant news, updates, video highlights, and information pertaining to the franchise,” the Boston Celtics announcement states. “They will also have the ability to leverage the Celtics marks and logos in connection with various Socios.com international marketing activities.”

Boston Celtics’ senior vice president of corporate partnerships, Ted Dalton said the deal is always about the fans. “A large part of the Celtics brand is made up of the great fans that support the organization across local, national, and global levels, and we’re excited to find a partner that values fan engagement as much as we do,” Dalton remarked in a statement.

Socios.com claims to have a roster of over 40 major sporting industries like cricket, MMA, esports, soccer, and F1. The blockchain company explained that the partnership with the Boston Celtics is part of the firm’s expansion into U.S. territory.

Socios.com’s deal with the Celtics follows the Portland Trail Blazers revealing the professional basketball team partnered with the cashback blockchain firm Stormx on July 1. Last March, a number of NBA team owners formed an NBA blockchain advisory committee for the American professional basketball league.

What do you think about the deal between Socios.com and the Boston Celtics? Let us know what you think about this subject in the comments section below.

UFC Partners With Crypto.com — Sources Say $175 Million Deal Is MMA Firm’s Largest Sponsorship

UFC Partners With Crypto.com — Sources Say $175 Million Deal Is MMA Firm's Largest Sponsorship

The cryptocurrency exchange Crypto.com has revealed the company has entered a partnership with Ultimate Fighting Championship (UFC) as the firm’s global fight kit partner. Reports stemming from people familiar with the matter say the partnership is a ten-year deal worth $175 million and the UFC’s largest sponsorship deal to date.

UFC Names Crypto.com First-Ever Global Fight Kit Partner

The digital currency firm Crypto.com has partnered with the UFC and will be the mixed martial arts (MMA) organization’s global fight kit partner. This means the Crypto.com brand will be featured on UFC fighter uniforms and the brand will be shown this Saturday, July 10, during the fight between Dustin Poirier and Conor McGregor. The UFC has been operated by Dana White since 2001 and since he became president of the MMA organization, the UFC has become a multi-billion-dollar enterprise.

UFC Partners With Crypto.com — Sources Say $175 Million Deal Is MMA Firm's Largest Sponsorship
The picture above is UFC 261: Usman vs. Masvidal held on April 24, 2021, in Jacksonville, Florida. The parent company of Ultimate Fighting Championship (UFC), Endeavor Group Holdings, Inc., had an initial public offering five days later on April 29, 2021, and is now a publicly traded firm listed on New York Stock Exchange (NYSE). The American holding company Endeavor also owns Miss Universe and represents the professional sports leagues the NFL and NHL.

According to unnamed sources speaking with publications like sportico.com and CNBC, the sponsorship deal is the largest in UFC history. Back in March, the UFC partnered with Draftkings in a deal that was reported to be worth $100 million. The people familiar with the matter have said the Crypto.com deal with the UFC was estimated to be around $175 million and for a ten-year period.

MMA Organization Has Cryptocurrencies On Its Radar

UFC COO Lawrence Epstein mentioned during the announcement that cryptocurrencies are now on the firm’s radar.

“If we had talked a couple of years ago, crypto might not have been on the radar, but it’s sort of a sign of the times,” Epstein said to sportico.com. “It’s new, but it’s moving quickly, and it’s very dynamic.” He also detailed that the company was attracted to Crypto.com’s young consumer base and demo. “In general, that consumer is younger, and based upon the data that we’ve seen, that consumer also has a fair amount of discretionary income. It’s an attractive group to try to get interested in your product.”

The deal between the UFC and Crypto.com follows the variety of partnerships between crypto firms and sports companies. FTX Trading Limited has led the pack when it comes to sports partnerships with recent deals with MLB, TSM, and even the Super Bowl champion Tom Brady. The NBA’s Portland Trail Blazers recently partnered with the crypto cashback company Stormx.

Crypto.com following this trend and the $175 million deal with UFC is quite a sizable investment if the unnamed sources are factual. Sources said during the first week of June, FTX paid roughly $200 million to rebrand the U.S. professional esports organization TSM.

What do you think about the UFC partnering with the cryptocurrency exchange Crypto.com? Let us know what you think about this subject in the comments section below.

Chinese Bank Employees Told to Entice 300 Customers to Use the Digital Yuan

In mid-May, a report stemming from residents in Shenzhen, China explained that the digital yuan wasn’t seeing widespread participation, which the Chinese government has alluded to in many press releases. Now a handful of China’s state-owned banks have asked staff to recruit 200 to 300 digital yuan users. The banks are also giving away small presents in order to tempt the customers into leveraging the central bank digital currency (CBDC) wallet.

Chinese Banks Are Now Luring Customers Toward the Digital Yuan

Similar to how banks try to sell services to customers like loans, savings accounts, and investment vehicles, Chinese state-owned banks are telling employees to sell the benefits of the digital yuan. The Industrial and Commercial Bank of China, alongside five other top financial institutions in the country, are tasking their employees with pushing the CBDC wallet on hundreds of branch customers.

According to a rough translation of the announcement published by shenliancaijing.com, bank employees from each branch have been asked to produce 200-300 CBDC wallet users. “On average, each person needs to promote 200 to 300 people,” the statement says, and employees from each branch can get year-end bonuses. Furthermore, employees can entice people with small presents like tissues, umbrellas, electronics cables, cardholders, and laundry detergent.

Chinese Banks Have Been Told to Recommend Digital Yuan Over Competitors

The push to lure customers to the People’s Bank of China’s (PBOC) digital yuan follows a handful of state-owned banks in Shanghai being told to promote the CBDC over payment processors like Wechat and Alipay. The “political mandate” Reuters reported back in May, was enforced by six big state banks that were “quietly promoting digital yuan ahead of a May 5 shopping festival.”

At that time, a few Chinese banking officials who were not authorized to speak with the press but still spoke in anonymity, said the six banks followed the mandate to push the digital yuan in Shanghai under the guidance of the PBOC.

“People will realise that digital yuan payment is so convenient that I don’t have to rely on Alipay or Wechat Pay anymore,” the Chinese banking official said.

While the digital yuan wallet is still being tested in various forms, it’s also integrated with apps owned by Didi, Bilibili, Meituan, and JD.com. However, there are no third-party connections between the digital yuan and payment processors like Alipay and Wechat Pay. During the May promotional mandate, a banker told the press the PBOC felt the need to add “information segregation.”

“[The] PBOC doesn’t want to see the money being routed through third-party payment systems,” the banker added.

What do you think about the Shenlian Caijing article that says six Chinese banks are asking employees to recruit digital yuan users? Let us know what you think about this subject in the comments section below.

Charles Hoskinson Faces Twitter Backlash as His Cardano Predictions Fall Short of Reality

Charles Hoskinson, the founder of Cardano, has recently found himself the target of Twitter critics as year-old tweets that highlighted projections for the network’s adoption are failing to match community expectations.

Slower Rollouts and Sluggish Adoption Spotlighted by Critics

Cardano, the fifth-largest cryptocurrency by market capitalization and self-titled third-generation blockchain initiative, has no shortage of followers and evangelists that believe in its very scientific approach to developing blockchain technology. Yet, the network faces no shortage of detractors either, and the internet never forgets.

It’s been nearly one year since Cardano creator Charles Hoskinson unveiled his predictions for the network on Twitter, envisioning more widespread dapp (decentralized app) deployments and hundreds of assets running atop the blockchain.

Most of these predictions haven’t come to fruition.

The Twitter community has been quick to pounce on this reality, with one handle highlighting that no assets or dapps are running atop the network.

Instead, multiple projects have announced plans to launch eventually. Indeed, since the network’s smart contract functionality is still being tested and supposedly set to launch when the Alonzo upgrade is completed in August, the dapps criticism is valid to an extent.

Another poster was quick to highlight Cardano’s smaller transaction turnover relative to other networks like Bitcoin and Ethereum despite its sky-high valuation in the tens of billions of dollars. In another dig at Hoskinson, he compared Cardano community members responding to his tweets as reminiscent of community responses defending IOTA in 2017, labeling these respondents ADA bots.

John Rice, Cointelegraph’s editor-in-chief, sarcastically hinted at busy weeks ahead if the blockchain is actually going to realize the network creator’s ambitious predictions.

ADA Critics and Community Battle

Although some of the Twitterati jumped on Hoskinson’s predictions as proof the network wasn’t achieving its stated goals, others were quick to point out the obvious: the original tweet from the Cardano founder himself was labeled a “prediction.”

Community members and Hoskinson have responded to the blitz of critics, highlighting the network’s success in certain areas. But more important than the tit-for-tat Twitter battle is the actual reality of the blockchain itself.

Yes, most dApps are hosted on Ethereum, and yes, it is responsible for immense amounts of token creation. However, the network’s speed to market didn’t necessarily result in a bulletproof platform. Moreover, there aren’t serious plans in the pipeline to handle the governance component, whereas Cardano has embedded this element in its approach.

Additionally, every stage of Cardano’s development undergoes a peer-review process akin to similar methods embraced in academia. This academic-like approach means that all new features are rigorously tested and validated before formal launch, helping Cardano address the drawbacks of early blockchains from the outset.

Another important point of reference is that Cardano has embraced proof-of-stake since its launch, helping minimize its power consumption relative to Ethereum. Although Cardano barely scratches 20,000 transactions per day, one of the reasons behind this reality is that over 70% of the network’s native ADA tokens in circulation are staked. By comparison, just over 5% of all Ether in circulation is staked.

Opposing viewpoints are a great source of debate and eventual innovation. This conversation is proving no different, especially as Cardano may be inching ever closer to achieving the potential reality Hoskinson laid out. While his timing may be off, his prediction may still be prescient given more time. Only time — and the market — will tell.

Do you think the criticism of Charles Hoskinson and Cardano is justified? Let us know in the comments section below.

Korean Banks Elevate Cybersecurity to Deal With Crypto-Related Risks

Korean Banks Elevate Cybersecurity to Deal With Crypto-Related Risks

South Korean banks are taking steps to bring cybersecurity to a new level as they try to keep up with fintechs and address new threats arising from their interaction with the crypto space. A number of institutions are adopting unprecedented measures including the integration of blockchain technologies, Korean media reported.

South Korean Banks Boost Cybersecurity to Facilitate Digitalization

Faced with challenges stemming from the digitalization of the financial sector, commercial banks in South Korea are stepping up their efforts to improve security in the cyberspace. According to a report by the Korea Herald, the move is a bid to better compete with Korean fintech companies which have been developing rapidly. The new requirement for lenders and crypto exchanges to work together on the issuance of real-name accounts for traders is another motive.

Woori Bank is one of the institutions that have been taking extraordinary measures. On Monday, Woori announced the adoption of SOAR (security orchestration, automation and response), an advanced set of technologies enabling automatic collection and filing of security data. The lender said the integration would allow it to upgrade its cybersecurity platform and move beyond its previous monitoring-focused approach.

Korean Banks Elevate Cybersecurity to Deal With Crypto-Related Risks

KB Kookmin Bank, another leading banking group in South Korea, has been working on its own automatic cybersecurity system which is based on artificial intelligence. The project is part of its 551.9 billion won ($488.5 million) investment in IT services in 2021. The lender also uses technology from the Korean startup Everspin designed to prevent phishing and fraud attempts through fake apps imitating its mobile services.

Two other banks, Shinhan and Hana, have opted to implement blockchain technologies which they hope will provide protection against hacking and reduce security gaps. Shinhan Bank has launched three blockchain-related services, including an identity verification service for its mobile app, Sol. And Hana Bank has adopted blockchain technology in its Hana 1Q app which helps customers manage their highway toll payments.

Regulators Reject Banks’ Requests to Be Relieved of Responsibility for Crypto Crime

Continuous efforts to upgrade cybersecurity in the banking sector have led to a 35.9% annual drop in cyberattacks to 6.2 million cases as of the end of 2020, Korea’s Financial Security Institute revealed last month. The Korea Herald quotes industry observers saying that banks and other businesses now need to constantly update their cybersecurity platforms in light of the new requirement for domestic crypto exchanges to partner with banks on the introduction of real-name accounts for their users.

Banking institutions have been reluctant to engage with the Korean coin trading platforms fearing exposure to money laundering, hacking, fraud and other risks related to cryptocurrencies. A report in June suggested that Korean banks have asked regulators to be relieved of liability for this kind of offense committed through digital asset exchanges they have to screen.

Korean Banks Elevate Cybersecurity to Deal With Crypto-Related Risks

However, according to sources from the country’s banking sector quoted by Arirang, financial authorities have rejected the banks’ requests to exempt themselves from blame for such issues. Speaking with reporters recently, the Chairman of Korea’s Financial Services Commission (FSC) Eun Sung-soo emphasized that lenders hold the primary responsibility in case money laundering occurs on a crypto trading platform they are working with.

South Korean exchanges have increased in number to around 200. The rejection may lead to many closures as most of these platforms have so far failed to secure a partnership deal with a local bank. It has been reported that only four major Korean platforms — Upbit, Bithumb, Coinone, and Korbit — are currently working with commercial banks to implement the real-name account system. The provisions of the revised Special Funds Act, which introduced the requirement, will be enforced in September.

Do you think Korean banks will eventually agree to provide services to more cryptocurrency exchanges? Share your thoughts on the subject in the comments section below.

Jay-Z’s Entertainment Firm Roc Nation Buys Sensorium’s Metaverse Crypto Tokens

Jay-Z's Entertainment Firm Roc Nation Buys Sensorium's Metaverse Crypto Tokens

On Wednesday, the full-service entertainment company founded by influential hip-hop artist Jay-Z, Roc Nation, revealed the firm has purchased tokens from the Sensorium Corporation. The tokens Roc Nation bought are called senso (SENSO), the in-platform currency of Sensorium Galaxy, an entertainment-focused metaverse that fuses cryptocurrencies with virtual reality (VR).

Roc Nation Enters Sensorium’s Blended World of Crypto and VR

The Jay-Z-founded company Roc Nation is a firm that specializes in entertainment products and services such as talent acquisition, clothing, publishing, sports, and management. Now the company is getting involved with digital currencies as Roc Nation has revealed the purchase of senso (SENSO) tokens, the native currency for the metaverse tethered to Sensorium Galaxy.

Currently, Sensorium metaverse offers a demo. “The Sensorium starship tech demo provides an early look at the future lobby of Sensorium galaxy, from where social VR experience and events will begin,” the website explains. “This demo is not representative of the final look and feel.”

Sensorium Corporation, the creators of the metaverse, have blended blockchain technology with VR, and the project just released “Prism” one of the first worlds in the Sensorium metaverse. Prism visitors can join music festivals, concerts, and play mini-games with the chance to see artists like David Guetta and Armin van Buuren.

Sensorium Corporation plans to launch the next metaverse world called “Motion,” which has been said to include an underwater metaverse experience. “Let your moves become your language,” the Sensorium Motion world description says. “Connect with your senses through deep mindfulness and exciting dance performances to an underwater space. Dive into this mystic land to experience deep connections enabled by pure movements.”

Roc Nation’s senso token purchase announcement on Wednesday explains that the company is taking steps toward the future. Desiree Perez, the CEO of Roc Nation, detailed that the entertainment company wants its artists to be included in Sensorium Galaxy.

Roc Nation’s Perez further explained in a statement sent to Bitcoin.com News:

Sensorium Galaxy is well-positioned to take the entertainment industry to the next level. Their digital metaverse has a strong focus on quality, which is exactly what we want for our extensive artist base.

In Sensorium Galaxy ‘Artists Can Benefit From Global Content Distribution’

According to the project’s developers, the in-game metaverse currency called senso will be able to be leveraged for many transactions within the online world. Senso tokens can purchase concert tickets, upgrade features, issue custom non-fungible tokens (NFTs), and subscribe to premium content.

Sensorium Galaxy’s Prism is in closed beta and the public launch is scheduled for later this year. “[Prism] is located at the epicenter of SG, [Prism] is the world of music. A land where top performers gather to express themselves with absolute freedom,” the Sensorium Galaxy website details.

Brian Kean, the chief communications officer at Sensorium Corporation said during the announcement that Roc Nation’s senso purchase cements the idea that entertainment leaders realize the opportunities tethered to growing digital environments.

By owning the senso tokens, “Roc Nation is taking a step towards the future of entertainment,” Kean added. “[By] giving their artists a chance to potentially benefit from global content distribution through Sensorium Galaxy and safeguard ownership rights on all of their digital content.” Sensorium Galaxy also gives senso token holders like Roc Nation the ability to take part in multiple product-level decisions.

In recent times, Roc Nation’s founder Jay-Z has been talking about cryptocurrencies, blockchain, and NFTs. In June, Jay-Z discussed NFTs and blockchain technology with Twitter’s CEO Jack Dorsey and the rap star also changed his Twitter profile picture to Cryptopunk #6095 a few days prior.

What do you think about Roc Nation purchasing senso (SENSO) tokens? What do you think about digital environments and metaverses? Let us know what you think about this subject in the comments section below.

Janice McAfee Does Not Accept Her Husband’s ‘Suicide’ Story — Widow Blasts Mainstream Media

Janice McAfee Does Not Accept Her Husband's ‘Suicide’ Story — Widow Blasts Mainstream Media

The eccentric 75-year-old cybersecurity tycoon John McAfee’s death has spurred a lot of controversy and speculation since he passed. Now McAfee’s widow Janice McAfee is speaking out and she doesn’t believe the mainstream media’s reports of her husband’s suicide. Moreover, reports now say that McAfee was carrying a suicide note in his pocket when he was found dead in a Spanish jail cell.

John McAfee’s Wife Is Not Buying the Mainstream Media’s Tales, Unknown Source Allegedly Finds Note

On June 23, reports from Spain declared that John McAfee was found dead in a penitentiary located on the outskirts of Barcelona. Hours before his alleged death, the Spanish court ruled in favor of McAfee’s extradition to the U.S. where he faced charges for tax evasion. The publication El Pais said at the time of death that when prison guards found McAfee hanging in his cell, the prison’s medical services tried to revive him but were unable to.

Now 14 days later, reports are saying that McAfee may have had a suicide note on his person before he died. An unnamed source who could not reveal the text written in the alleged note said that investigators have still not completed the inquiry into McAfee’s death. When McAfee’s widow and his Spanish lawyer, Javier Villalba, heard about the note via the media, Villalba said authorities never told the family about McAfee’s ostensible suicide note.

Janice McAfee Does Not Accept Her Husband's ‘Suicide’ Story — Widow Blasts Mainstream Media
Janice McAfee, Spain, June 25, 2021. Reuters image/Albert Gea

Meanwhile, as numerous conspiracy theories surround McAfee’s death, his widow Janice McAfee has published a letter she wrote on Twitter.

“I cannot begin to describe this pain I am feeling,” the antivirus tycoon’s wife tweeted. “That everyone who truly loved John is feeling. I have been struggling to write this tweet since the news of John’s death. I still cannot believe he is really gone. I miss you and I will love you forever John David.”

The letter below her Twitter statement slammed the media and the recent report of an alleged suicide note.

“The story of John’s ‘suicide’ was already prepared and presented to the public before I or his attorneys were even notified of his death. Words cannot describe how enraged I am at the fact that I had to hear the news of John’s death via a DM on Twitter,” Janice McAfee’s statement reads. “And now it’s being conveniently reported that there was a ‘suicide note’ found in his pocket, something that was not mentioned when I collected John’s belongings from the prison and another piece of information the media somehow got a hold of before myself and John’s attorneys,” she added.

Janice McAfee: ‘I Do Not Accept the ‘Suicide’ Story That Has Been Spread by the Malignant Cancer Called MSM’

John’s wife further said her husband “should have never spent a day in prison let alone nearly nine months.” Her letter continued by stressing that McAfee was a fighter and he had “so much more fight left in him.”

“I spoke with him twice the morning of the 23rd and in our last conversations, we spoke about the court’s decision to extradite him to the U.S. This decision did not come as a surprise to John, myself, or his lawyers,” McAfee’s widow continued. “We were prepared for the Spanish courts to grant the request for extradition, we had a plan of action in place to begin the appeal process and we discussed plans for the next stages of his legal fight. The extradition would have not happened immediately, it would have taken many months at least.”

A spokesperson from the Catalonia investigation team explained to the press that a forensic team was working on the case. The team will be performing toxicology tests on McAfee’s body but the official cause of death won’t be released for “weeks.” “He told me to be strong and not to worry, we would continue to fight all the necessary appeals,” McAfee’s widow further said. “His last words were I love you, I will call you in the evening but sadly that call never happened.”

Janice added that she was determined to find answers as to what really happened and for now, she doesn’t trust the mainstream media’s (MSM) story.

“The investigation into John’s death is still ongoing but I will share what information I can when I can,” Janice’s letter concludes. “Until then, I do not accept the ‘suicide’ story that has been spread by the malignant cancer that is the MSM. They and their unnamed sources are not to be trusted.”

What do you think about Janice McAfee’s claims and her critique against mainstream media and the alleged suicide story? Let us know what you think about this subject in the comments section below.

Musée – the User Owned NFT Marketplace and Gallery

Musée - the User Owned NFT Marketplace and Gallery

2021 continues to bear witness to the continual rise in non-fungible token (NFT) prevalence and innovation. Following on from 2020 – where the NFT market was claimed to have tripled in total transaction value – NFT sales in just the first quarter of 2021 reached over a whopping $2 billion.

As the NFT market foundations progressively become cemented in place, it becomes apparent that the high of money-making can only go so far – there is a growing necessity to focus on the sentimental side of NFT ownership, with the space steadily hungering for growth and is now developing the need for something next level.

Musée: Digital Real Estate for Creators and Collectors

Musée is an NFT-owned marketplace platform built upon a finite number of digital plots, where owning a plot allows users to sell and share their creations or NFTs from their collections directly on the grid. All plots are visible from the homepage as soon as users land on the platform and anyone can purchase as many plots as they like, and even interact with other users’ content.

When landing on the homepage, the first thing users see are any available empty digital plots, and the NFTs already occupying purchased plots. This ensures the allocated plots are the first and foremost visuals visitors see; ensuring maximum exposure for all forms of NFT artwork on all digital plots. Visitors will have the ability to enjoy a full screen exploration mode as they discoverer the available NFTs for sale from the plot owners.

Using the Ethereum blockchain ERC-721 tokens, interested individuals/parties can purchase, own, combine, and sell NFTs that have full ownership of the plots. Pioneering the digital art-NFT space, Musée develops the first ever marketplace/museum fusion via blockchain to secure Proof-of-Ownership (PoO), and control of the space. Musée believes that the artworks and collectibles of the modern digital era can be anything from a digital Mona Lisa, to a simple Tweet.

Musée provides all users with a place to congregate and come together to express, find joy, sell their art, and become part of a like-minded, positive community. As users purchase plots and portray their NFT imagery to the world, they steadily fuel the future of the blockchain art revolution. As part of Musée’s evolution, it will become a complete social platform where plot owners can engage with their followers.By broadcasting art openly and ensuring it remains the focal point of the platform, Musée’s homepage reinforces the importance of art and expression. Enabling people from all walks of life to celebrate art socially and display their most coveted NFTs openly, the innovation Musée presents will change the way in which people interact with art forever.

Musée’s future plans are to be the leading museum of the virtual worlds, the metaverse – the Louvre Museum of the digital era. The owners of the first 10,000 plots have the chance to own a part of history.

Musée Features

As aforementioned, the moment users land on the homepage, the digital plots are the first thing they see. Each recently sold and listed digital plot comes with their plot size dimensions, the price in ETH (and USD), and a “View details” link to direct interested parties to the plot. Just like physical real estate, plot owners will have the opportunity to increase the value of their land in many ways. As users gain followers, so does their plot(s), increasing its resale value. In the future, plot owners will be able to invite guest artists to participate within their plots for limited drops.

The platform’s main focus is the grid containing all the plots. It is the milliondollarhomepage of the NFT era. But unlike the milliondollarhomepage, Musée will remain a living and evolving page due to the power of NFTs.

Functioning as a social platform and cornerstone for NFT art, Musée truly revitalizes the world of art, museums, and NFTs. Reinventing the way people cherish and view NFT art, Musée bolsters NFT value, creates a space for culture, and identity; all while providing an entity that truly belongs to the community. In a world where physical institutions are becoming increasingly scarce and difficult to visit, Musée breathes life into a platform that facilitates expression, and connection; globally.

Musée Plot Sale and Launch – 20th July, 2021

But all this would not be possible without first making the plots available for purchase – and it is with excitement that Musée are gearing up for their launch day. Pegged for July 20th at 9AM EST, Musée will make all plots available for sale at 0.5ETH per plot, giving users a way to cherish their digital art and collectibles forever.


Having explored its many features and pioneering direction, Musée’s game-changing potential is clear. Musée offers a social platform that not only connects people but also allows them to build upon a museum-like digital plot that could display their art forever. Add in the option to sell that NFT and/or plot and it is easy to find an option for prosperity and expression not openly available anywhere else.

That which has been limited to physicality and centric ownership for an era is now transitioning to the boundless planes of the internet. A place where creators and contributors alike have the opportunity to seize ownership of what they love.

Join the next generation of NFT owners on Musée today.


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Spanish Congress Passes Antifraud Law: Users Will Have to Disclose Crypto Holdings Inside and Outside Spain

Spanish

The Spanish Congress has approved the antifraud law that was amended last month by the senate. Spanish citizens must now inform about their crypto holdings even outside the country. The new law further establishes severe fines for citizens who fail to share this information with authorities. A limit on how much money citizens can pay in cash for services has also been also established.

Antifraud Law Toughens Crypto Oversight

Spain finally approved its long-discussed antifraud law that establishes a series of controls on cryptocurrency and cash. The recently passed law includes two important resolutions and amendments proposed by the Senate. First, Spanish citizens now must inform about the cryptocurrencies they hold both inside and outside the country. Second, the law establishes limits on cash expenditures to better control capital movement.

The law, introduced in 2018 and filed until recent times, establishes harsh fines for citizens who fail to present their crypto holdings in time. The controversial ‘720 model’ will apply for the establishment of fine amounts, even though Spain faced criticism in the EU for implementing it back in 2015. Based on this model, citizens could pay fines of up to 150% if they fail to present reports within a designated period.

However, the EU is expected to present its resolution on the issue on July 15th, which could jeopardize the implementation of the new Spanish law.

Cash Transactions Also Regulated

These new limits for transactions with cash could change how citizens conduct business in Spain. Now, a limit of 1,000 euros will apply for services professionals provide. The law reduces this limit from 15,000 to 10,000 euros for individuals outside of Spain. However, the resolution has also been contested by the European Central Bank. In 2018, then president of the ECB, Mario Draghi, raised concerns about the potential negative effects of this measure and asked to stop it. The ECB stated:

This limitation makes it difficult to liquidate legitimate operations using cash as a means of payment, thus endangering the concept of legal tender.

The European Directive establishes the limit at 10,000 euros, ten times the number Spain has now approved. All of these measures were established to follow a clear objective: to toughen controls on tax and capital movements in the country. But this could force citizens to use digital payments to settle more transactions. Consequently, the law may also drive them to more alternative payment methods such as cryptocurrencies in the long run.

What do you think about the new antitrust law approved by the Spanish Congress? Tell us in the comments section below.

Report: Fintech’s Growing Popularity a Threat to Profitability of Nigerian Banks

Financial technology companies (fintechs) are now among the biggest threats to the overall profitability of Nigerian banks, analysts from the country’s Coronation Merchant Bank (CMB) have warned.

The Efficiency of Fintech

As a report carried by local media explains, this threat from fintech services stems from their growing popularity with “tech-literate” customers. According to CMB analysts, such customers prefer using the more efficient services offered by fintechs to visiting physical branches of conventional banks.

Although Nigerian conventional banks are “apparently not concerned” about this threat, the media report, however, quotes Guy Czartoryski, head of research at CMB, explaining why the findings of his bank’s study must be taken seriously. Using internet banks such as Kuda, Carbon and Rubies as examples of fintech services that pose a threat to banks, Czartoryski explained:

These banking platforms are attractive to millennials and other tech-literate customers and require little or no physical banking presence. The obvious advantage they have over conventional commercial banks is low cost.

Banks Already Competing With Fintechs

Meanwhile, the same report also quotes Czartoryski explaining why banks are seemingly indifferent to this threat. According to Czartoryski, banks are not overly concerned because they “see themselves as partners with internet banks, offering customers cash withdrawals and supplying them with clearing service.”

In addition, conventional banks “also offer their own USSD-based offerings.” This, therefore, suggests that conventional banks are competing with internet banks in some areas. Still, Czartoryski concludes that only “time will tell whether the conventional banks are justified in their confidence, or merely complacent.”

Do you agree that fintechs are a threat to the long-term profitability of Nigerian banks? Tell us what you think in the comments section below.