Daily Archives: November 2, 2021

Singapore Strives to Become Global Crypto Hub, Monetary Authority Reveals

Singapore Strives to Become a Global Crypto Hub, Monetary Authority Reveals

Singapore, already a major financial center in the world, is now aiming to become a cryptocurrency hub as well. The city-state is seeking to secure its role as a leading player in the crypto space, the head of its central banking institution has indicated in recent comments.

Singapore to Establish Itself as Center for Crypto Business

Authorities in Singapore are taking steps to cement its position as a key player in crypto business, the official who has been at the helm of the Monetary Authority of Singapore (MAS) for a decade has revealed in an interview. It comes as Singapore and other financial hubs around the world are exploring ways to regulate the rapidly growing sector. Quoted by Bloomberg, managing director of MAS Ravi Menon stated:

We think the best approach is not to clamp down or ban these things.

The MAS is Singapore’s central banking institution responsible for setting the rules for banks and financial firms. The authority is now trying to also introduce “strong regulation” for companies dealing with cryptocurrency, to allow those that meet its requirements and properly address the full range of associated risks to operate in the jurisdiction.

“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point,” Menon noted. The executive warned that Singapore risks being left behind if it doesn’t get involved in the space. He further elaborated:

Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.

Ravi Menon insisted that Singapore must raise its safeguards to counter risks including those related to illicit flows. At the same time, the city-state is “interested in developing crypto technology, understanding blockchain, smart contracts.” It’s also preparing for a Web 3.0 world, the central banker emphasized.

In the race to attract crypto businesses, Singapore is competing with destinations such as Malta, Switzerland, and El Salvador, among others. The task is a difficult one as in many cases the crypto industry has developed with few regulations while players oppose government attempts to introduce limitations. A major crypto platform already operating in Singapore is Binance, the world’s leading digital asset exchange.

Earlier this year, MAS announced that 170 companies had applied for payment service licenses, bringing the total of applicants under its Payment Services Act from January 2020 to 400. In August, the authority revealed it had notified several providers that it was going to license them. However, just three crypto companies have since received the permits, including the brokerage arm of DBS, Singapore’s largest bank. Around 30 other entities have withdrawn their applications.

The managing director of the MAS pointed out that the regulator is taking time to assess applicants to ensure that they meet its high requirements. The authority has prepared itself in terms of resources to work with an increasing number of licensees but also stressed:

We don’t need 160 of them to set up shop here. Half of them can do so, but with very high standards, that I think is a better outcome.

Menon is convinced that the benefits of having a well-regulated domestic crypto industry could also extend beyond the financial sector. “If and when a crypto economy takes off in a way, we want to be one of the leading players,” he insisted, adding that the crypto space can help create jobs and added value even more than the traditional financial industry.

Do you think Singapore will achieve its goal of establishing itself as a leading global crypto hub? Let us know in the comments section below.

Spellfire Creates 100 Rare NFT Cards to Sell on OpenSea

Spellfire Creates 100 Rare NFT Cards to Sell on OpenSea

The first limited edition of Spellfire NFT cards has already reached the shelves of OpenSea. Spellfire NFTs have a unique mix of capabilities and cannot be compared to anything else on the market. A new conception has combined time-tested gaming and modern twists to have a unique collecting experience of virtual and physical assets generating a lifetime revenue, plus a great time playing a beloved fantasy game.

Is the team good at what they do?

  • Spellfire has gained top investors within a few hours.
  • The physical game is ~70% done.
  • 20+ people focused on the game, creating the new Spellfire world for almost 4 years.
  • More than 100 newly created cards are already selling at OpenSea.
  • The digital game is rapidly growing on Unity.
  • Augmented reality cards in the app show their moves.
  • New characters, realms, and event cards join the game every day.
  • Discord and Telegram communities are buzzing.
  • Headlines at BitcoinNews, Dappradar, Zycrypto, AMBcrypto, and many more.
  • The story of Spellfire lays slowly in the pages of a novel.
  • Multilingual plans for local communities taking form.

Yes, they are good.

Why buy NFTs for players?

NFT cards are investment + play = Play-To-Earn. You will have the same card as physical and digital assets. After the game cards are ready, you will claim your bought NFTs and will get the physical cards to the home/tournament play. The same card is played online and offline, no need to pay any extra to enjoy both.

The money you have paid for NFT will generate revenue. You will get 90% from the sales of your card copies, which will be issued as simple playing cards.

Why did the team go with NFTs in Spellfire?

Spellfire needs to boom the market. Showing the great game in a totally different light, including new approaches, is making a hit in all media headlines: first-ever, a pioneer, a concept never seen before!

Join rare Spellfire NFTs sale. Grab them. Drive the game back to the hearts of card collectors, back to tables, and newly build the play on PC’s and mobiles.


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100 Person Mega-Battles: Former Midway, Disney, Activision Game Devs Announce Mechanized-Combat NFT Game

100 Person Mega-Battles: Former Midway, Disney, Activision Game Devs Announce Mechanized-Combat NFT Game

At the non-fungible token (NFT)-focused conference, NFT.NYC, developers from the Metalcore Foundation and Studio 369 revealed an NFT-powered mechanized combat video game. The game’s creators have worked on projects for Activision, Disney, Lucas Films, Midway, and the Mechwarrior, Mortal Kombat, and Gears of War franchises.

Metalcore Foundation, Studio 369 Reveal Blockchain-Powered Mech Battle Game

A game development team behind an organization called the Metalcore Foundation and video game developer Studio 369, announced a new multiplayer mechanized combat blockchain-powered video game title called Metalcore. The game is being built with Unreal Engine 4 and is a first-person combat game located in an open world.

“Players can engage in 100-person PvP mega-battles, smaller-scale cooperative PvE fights, and faction-based, open-world clashes,” the Metalcore team’s announcement detailed.

100 Person Mega-Battles: Former Midway, Disney, Activision Game Devs Announce Mechanized-Combat NFT Game

The game is being developed by a team with experience stemming from well known firms like Lucas Films, Midway, Activision, and Disney. Hugo Award-winning concept artist Stephan Martiniere is also working with the team. Martiniere’s art can be seen on projects like Gods of War, Magic the Gathering, Fallout, and Elder Scrolls.

The upcoming NFT-powered mechanized combat video game will be different from traditional free-to-play gaming worlds.

“Metalcore combines the engagement of traditional gaming with the growing blockchain economy,” the team’s announcement details. “Unlike traditional free-to-play games where players buy digital items with no inherent value, Metalcore builds a solid core economy and puts ownership into the player’s hands. Metalcore will have a private Alpha for selected players on PC in spring 2022, with its first NFTs available for presale in January 2022.”

Blockchain-powered games See Significant Demand in Q3 — Axie Infinity Nears $3 Billion in Sales and Close to 1 Million Unique NFT Traders

The team says that everything in the Metalcore world will have value like vehicles, land, pilots, and blueprints. Furthermore, Metalcore will incorporate Play-2-Earn (P2E) and Win-2-Earn (W2E) strategies. The Metalcore team’s announcement adds:

Metalcore players will collect rare weapons, cosmetic meshes, and skins that can be taken into battle and traded as NFTs in an open marketplace. By beating missions and earning rewards, players will become landowners to mine resources and generate tax revenue. They’ll build towering fighting vehicles, recruit pilots, and lead guilds into brutal territory wars.

Blockchain-powered games mixed with non-fungible tokens (NFTs) have been very popular in recent times and in 2021, the game Axie Infinity has seen significant success. To date, the Sky Mavis-crafted blockchain video game Axie Infinity has seen $2.86 billion in all-time NFT sales among close to a million (963,380) traders worldwide.

NFT rewards have even been used in games like the 2021 MC Chess Tour when Magnus Carlsen won the world’s first chess NFT trophy. Just like decentralized finance (defi), game finance (gamefi) aims to meld the experiences of online gaming and financial rewards or incentives.

The Metalcore team also published a debut trailer on Youtube which gives a preview of what to expect from the game. Statistics from a report published by Dappradar.com, 2021’s third quarter indicated that blockchain gaming has started to see a large influx of demand in recent times.

What do you think about the former Activision, Disney, Lucas Films, and Midway game devs launching a mech battle game fueled by blockchain tech? Let us know what you think about this subject in the comments section below.

Crypto Network Hashrates Recover From Summer Slump — Ethereum’s Hashrate Captures All-Time High

On November 2, 2021, the Ethereum network’s global hashrate tapped an all-time high (ATH) at 873 terahash per second (TH/s) or close to 1 petahash. Alongside Ethereum’s ATH, a myriad of hashrates have returned back to the highs the network’s once held before the crypto mining crackdown in China.

Hashrates Return Following China’s Crypto Mining Crackdown This Past Summer

Last summer at the end of June, a great number of cryptocurrency networks saw their hashrates decline significantly, but today many networks have recovered from the large losses. For instance, the Bitcoin (BTC) network hashrate plummeted to a low of 69.11 exahash per second (EH/s) on June 28, and today BTC’s hashrate is coasting along at 169 EH/s. That’s an increase of 144.92% and a variety of other crypto protocol hashrates have also seen significant recoveries in terms of global hashrate.

During the same time period the Bitcoin network’s hashrate shuddered last summer, Litecoin’s (LTC) hashrate dipped to a low of 167.44 terahash per second (TH/s) and is now at 332 TH/s. The Dash (DASH) network saw hashrate losses during the first week of July hitting a low of 2.22 petahash per second (PH/s) and rose back up to today’s 2.83 PH/s. Dash did jump above 5 PH/s at the end of August but lost some petahash, but the Ethereum (ETH) network, on the other hand, reached an all-time high.

Ethereum Network Hashrate Surpasses All-Time High

Ethereum’s hashrate tapped a high of 873 TH/s which is 0.873 PH/s or close to a single petahash. The ETH hashrate will likely pass the single petahash metric before the network does a full transition from proof-of-work (PoW) to proof-of-stake (PoS). Last year on this day, the Ethereum network was processing transactions at a speed of 279 TH/s and since then the hashpower has increased by 212.90%.

Mining ethereum (ETH) at the time of writing is profitable with an Innosilicon A10 Pro+ ethereum miner or an equivalent with 750 megahash per second (MH/s). An ether miner of this caliber can produce $61.70 per day in profits with an electricity consumption rate of $0.12 per kilowatt-hour (kWh) and today’s ETH exchange rates.

It has been reported that before Ethereum transitions to full PoS, Bitmain and Innosilicon are planning to launch machines with an output of 1.5 to 3 gigahash per second (GH/s). At these theoretical hashpower rates, using $0.12 kWh and today’s ether prices, machines at that caliber could produce $124 to $254 per day in profit.

What do you think about the myriad of crypto networks that have seen hashrate increases during the last six months? What do you think about the Ethereum network’s hashrate tapping an all-time high? Let us know what you think about this subject in the comments section below.

Derivatives Exchange Giant CME Group Announces Micro Ethereum Futures Launch

Derivatives Exchange Giant CME Group Announces Micro Ethereum Futures Launch

On Tuesday, the world’s largest financial derivatives exchange, Chicago Mercantile Exchange (CME) Group, announced the upcoming launch of ethereum-based micro futures slated to be listed on December 6. The launch follows CME Group’s bitcoin micro futures listing in May, which saw 100,000 micro bitcoin futures traded during the first six days after launch.

CME to Launch Micro Ether Futures Pending Regulatory Approval

CME Group announced on Tuesday that the company plans to launch micro ether futures on December 6, “pending regulatory review.” According to the CME announcement, each share will account for one-tenth of one ether.

“Micro ether futures will provide an efficient, cost-effective way for a range of market participants – from institutions to sophisticated, active, individual traders – to hedge their spot ether price risk or more nimbly execute ether trading strategies, all while retaining the features and benefits of CME Group’s larger-sized ether futures,” the announcement explains.

For quite some time now, the derivatives exchange has offered bitcoin (BTC) and ethereum (ETH) futures that account for larger quantities of each crypto asset. In terms of open interest (OI), CME Group’s ether futures account for 8.83% of all the derivatives exchange OI.

Micro-Sized Contracts Make Investment Products ‘Accessible to a Broader Range of Participants’

Six months ago, CME Group launched micro bitcoin futures and the exchange witnessed 100,000 micro bitcoin futures traded during the first six days after launch. By the end of June, CME Group’s micro BTC futures had reached 1 million contracts swapped.

“Since the launch of ether futures in February, we have seen steady growth in liquidity in these contracts, especially among institutional traders,” Tim McCourt, CME Group’s global head of Equity Index and Alternative Investment Products said. “At the same time, the price of ether has more than doubled since these contracts were introduced, creating demand for a micro-sized contract to make this market even more accessible to a broader range of participants,” McCourt added.

The CME Group executive continued:

Micro ether futures will offer even more choice and precision in how they trade ether futures in a transparent, regulated, and efficient manner at CME Group.

As of November, CME Group’s micro bitcoin futures have traded 2.7 million contracts since May. In terms of ether futures, 675,500 ethereum futures contracts have been settled on CME, which is equivalent to about 33.8 million ethereum (ETH). CME Group details that it offers more than 20 micro products and since their inception, over 1 billion contracts have been settled to date.

Meanwhile, after CME Group announced the micro futures product, ethereum (ETH) reached a new all-time high (ATH) at $4,500 per unit on Tuesday. Ethereum has a market valuation of around $529 billion at the time of writing.

What do you think about CME Group introducing micro ether futures? Let us know what you think about this subject in the comments section below.

Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Move Over $1.2 Billion

Spending a String of 20,000 BTC — 2 Bitcoin Whale Transactions Transfer Over $1.2 Billion

On November 1, at block height 707,639, a blockchain parser caught two bitcoin whale transfers that moved approximately 19,876 bitcoin worth $1.2 billion in the mix of 2,819 transactions. Interestingly, the owner used a similar splitting mechanism the old school mining whale blockchain parsers caught, spending strings of 20 block rewards throughout 2020 and 2021.

Bitcoin Whale Watching

Bitcoin whales are mysterious animals because in a blockchain world of pseudonymity we only see them when they move. Last year and this year as well, Bitcoin.com News has hunted a specific whale entity that spent thousands of bitcoin mined in 2010.

Every single time the whale spent the decade-old bitcoin that sat idle the whole time, the entity spent exactly 20 block rewards or 1,000 BTC. After the transfer, the wallets holding 1,000 BTC dispersed the funds into smaller-sized wallets.

According to the creator of btcparser.com, the close to 20K BTC transferred at block height 707,639 on November 1 shared similar splitting mechanics with the “20×50 awakenings.” The blockchain parser’s owner would guess that the entity spending the two transactions could be the same person or organization.

The special transactions stemming from block height 707,639 derived from the bitcoin addresses “15kEr” and “1PfaY.” The 15kEr address transferred 9,900.87 BTC, while 1PfaY spent 9,975.31 BTC.

The two transactions were filtered among 2,819 BTC transfers with 6,406 inputs recorded in block 707,639. The output total in that block was 9,587 with 78,704.53 BTC dispersed. The two transactions stemming from 15kEr and 1PfaY, represented more than 25% of the BTC processed in block 707,639.

After the funds were sent, the nearly 20K BTC was split into 200 wallets with 100 BTC each. Then the bitcoin whale’s funds were split again into much smaller wallets until they finally consolidated into different amounts.

The 2 Transactions Leveraged Moderate Privacy Tactics — 50 Bitcoin Block Reward From 2011 Spent 59 Blocks Later

Data from blockchair.com’s Privacy-o-meter for Bitcoin Transactions tool shows the wallet that sent the 9,975.31 BTC got a score of 60 or “moderate.” This is because matched addresses were identified and blockchair.com’s tool notes that “matching significantly reduces the anonymity of addresses.” The 9,900.87 BTC spend suffers from the same tracking vulnerabilities as matched addresses were also identified.

Alongside the close to 20K BTC transfer in two separate transactions, 59 blocks later 50 sleeping bitcoins that had sat idle since April 28, 2011, were transferred at block height 707,698. The 50 BTC sat idle for over ten years since the day they were mined and when they were transferred, the exchange rate for the block reward of 50 BTC was just over $3 million.

Blockchair.com’s privacy tool indicates the transaction got a score of 0 or “critical.” A critical score means that the tool “identified issues [that] significantly endanger the privacy of the parties involved.”

What do you think about the 20,000 bitcoin sent in two transactions at block height 707,639? Let us know what you think about this subject in the comments section below.

Education Ecosystem Is Set to Become the Biggest Crypto Channel for Developers on YouTube

Education Ecosystem Is Set to Become the Biggest Crypto Channel for Developers on YouTube

PRESS RELEASE. Education Ecosystem (LEDU), a leader in online project-based learning, is excited to announce that it is presently creating over 1000 video projects for CMC Top 100 blockchains to teach developers how to build new applications related to financial apps, decentralized markets, games, crypto wallets, and more. With more crypto exchanges releasing their APIs and SDKs, Education Ecosystem seeks to plug a gap where crypto developers do not have tutorials and resources to learn how to build crypto products.

Education Ecosystem believes that creating these projects, which entail a tutorial and downloadable resources to help the learners will encourage learning and innovation of crypto products across top exchanges and platforms. According to the CEO, Education Ecosystem is rolling out this development as part of its efforts to be the leading learning platform for intermediate to expert level developers on Youtube.

While announcing this big development, the CEO noted that Education Ecosystem developers have started creating the projects for some of the top blockchains including Binance chain, Polygon, Solana, Cardano, among others.

 

About Education Ecosystem

Education Ecosystem (LEDU) is a project-based learning platform that teaches professional developers and students how to build real products in areas such as artificial intelligence, blockchain, cybersecurity, data science, game development, and programming. Content is organized around projects where learners learn from watching experienced developers build practical products. Education Ecosystem uses the utility token LEDU to power its ecosystem.

 

Media Contact:

Brianna Weth

London, PR Agency

Email: [email protected]

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Gaming Giant Ubisoft Mentions Blockchain in Recent Earnings Report

ubisoft

Ubisoft, one of the biggest gaming companies in the entertainment world, mentioned blockchain as one of the key points of focus for the future of the brand. The company said it is exploring blockchain as an innovative technology to be included in games in its latest earnings report. While blockchain’s play-to-earn trend has experienced a boom this year, the traditional gaming industry still has yet to embrace blockchain as part of a flagship product.

Ubisoft to Explore Blockchain for Future Products

Ubisoft, the gaming giant known for mega-successful franchises like Assassin’s Creed and Far Cry, mentioned blockchain technology as a key element for the future of the company. In its latest earnings report, which corresponds to the first half of the 2021-2022 fiscal year, Ubisoft stated it has been exploring blockchain technology since its beginnings, to see how it can be used to further enhance the experience of gamers in virtual worlds. The report states:

Ubisoft has been exploring blockchain since the early development of the technology, supporting
and learning from the ecosystem through initiatives like its Entrepreneurs Lab start-up program and the
Blockchain Game Alliance as a founding member.

If Ubisoft wants to leverage blockchain for an introductory game, it seems it will be in the form of NFT integration, according to what they expressed in another part of the report. The company stressed:

This long-range exploration ties in with Ubisoft’s constant search for innovation and new ways to empower players as true stakeholders of its worlds.

The Current State of Blockchain Gaming

Ubisoft might be enticed to include blockchain and NFTs in their products by the sudden rise in popularity of play-to-earn games like Axie Infinity, which has registered sales for more than $1 billion. However, no mainstream gaming company has yet integrated these tools into one of its franchises. Ubisoft has been one of the companies that has shown more interest, going as far as sponsoring initiatives that integrate these technologies experimentally.

Ubisoft also led the latest funding round of Animoca Brands, a gaming company that raised $65 million, reaching a $2.2 billion valuation. Animoca is better known as the manager of The Sandbox, a game that has experienced significant success since it integrated blockchain elements and NFTs into its platform.

What do you think about Ubisoft considering integrating blockchain tech for its games in the future? Tell us in the comments section below.

Paraguay Eyed as New Bitcoin Mining Destination

paraguay

Paraguay is one of the destinations being considered by various companies for setting up their bitcoin mining operations. Last week, Chinese company Future Fintech announced formal plans to build a bitcoin mining facility in the country, explaining they were determining the best location for the upcoming farm. In June, local media declared that there were eight Chinese economic groups interested in coming to the country.

Paraguay Considered for Its Bitcoin Mining Potential

Paraguay, an often overlooked country of South America, has recently been in the sights of mining institutions interested in establishing operations in the country. Paraguay presents several advantages for these groups, like an abundant supply of unused hydro-electrical power that could be put to work. Bitcoin mining activity has been stigmatized as a “dirty” industry, but having this much clean energy, companies could mine without worrying about the effect on the environment.

Future Fintech, a Chinese company that was invited to Paraguay, already has plans to establish a bitcoin mining facility in the country. According to a PR statement issued last week, CEO of the company Shanchun Huang will be reviewing the facts to determine the route the company will take to make this a reality. Huang stated:

We plan to carefully assess this development opportunity in Paraguay. We will work with our local consultant to review Paraguay’s hydroelectric power and clean energy resources, locations for developing a mining farm and the preferential policy treatment that we might receive for our capital investment.

The company also made a special mention of the support that the Paraguayan government is giving to the cryptocurrency mining business.

Many More Could Be Coming

Many more companies could be secretly planning to move their operations to Paraguay, more so after the bitcoin mining exodus that China produced with its latest cryptocurrency crackdown. In July, CEO of the bitcoin mining company Digital Assets, Juanjo Benítez Rickmann, stated there were at least eight Chinese economic groups interested in Paraguay, but he didn’t expand on the identities of these groups.

Furthermore, Rickmann stated he had knowledge that one of these groups was already in the country and that it had plans to install 90K miners in the coming months. The 5,500 MW of unused power Paraguay is said to produce could signal the start of a bitcoin mining era in the nation.

What do you think about Paraguay as a potential mining Mecca? Tell us in the comments section below.

DCG Reaches $10 Billion Valuation in Secondary Sale Led by Softbank and Capitalg

DCG

Digital Currency Group (DCG), a Manhattan-based, crypto-focused VC conglomerate, has reached a $10 billion dollar valuation in a secondary sale where existing investors sold part of their shares to new ones. The funding round was led by Softbank and also included participation from Capitalg, Google’s investment firm. $700 million worth of shares changed hands via the sale.

Digital Currency Group Sells $700 Million in Secondary Sale Round

Digital Currency Group (DCG), a crypto-focused company, announced a secondary sale where existing investors sold part of their shares to newcomers to the company. The deal, which involved $700 million worth of shares changing hands, was led by Softbank with the participation of Capitalg, Google’s private equity investment firm.

This further cements the importance that DCG has in the current crypto-focused world. With this new investment round, the valuation of the company reached $10 billion. While the name DCG might seem obscure and not recognizable for some, it serves as a parent company for important brands in the ecosystem. Among these are Grayscale, the biggest cryptocurrency asset manager in the world, and Genesis, a cryptocurrency service provider for institutions.

About the sale, Barry Silbert, founder and CEO of DCG, stated:

We’re the best proxy for investing in this industry. We were looking for the type of backers that could be, and hopefully will be with, with us on this journey for the next couple of decades.

DCG Will Remain Private

While recently some big companies in the crypto industry like Coinbase have gone public, DCG doesn’t seem interested in following that route, at least for the foreseeable future. Silbert stated:

The typical reason companies do go public or rush go public is to address liquidity, or to raise money for acquisitions but we don’t have those pressures. I enjoy building this as a private company.

However, Silbert did not rule out an IPO, but right now it is unlikely with DCG not having any liquidity problems. In fact, the company is on track to achieve a revenue of more than $1 billion just in this year.

Capitalg founder David Lawee explained this was an investment to capitalize on the flexibility that the cryptocurrency world, and DCG, exhibit. Lawee thinks DCG has the flexibility to adapt to new crypto trends and to keep being relevant in the market for a long time.

What do you think about the secondary round that gave DCG a valuation of $10 billion? Tell us in the comments section below.