Daily Archives: January 4, 2022

Estonia Clarifies Upcoming Regulations, Will Not Ban Crypto Holding or Trading

Estonia Clarifies Upcoming Regulations, Will Not Ban Crypto Holding and Trading

The government of Estonia has approved legislation tailored to improve oversight of its crypto sector which expanded rapidly due to favorable regulations and business climate. The new law, which is yet to be adopted, will introduce stricter requirements for service providers without preventing their clients from owning or exchanging cryptocurrencies.

Authorities in Tallinn Draft Stricter Rules for Crypto Service Providers

The executive power in Estonia has prepared and approved draft legislation designed “to more effectively regulate virtual asset service providers (VASPs).” The main goal, the Finance Ministry explained on Sunday, is to mitigate the risk of financial crime through the crypto platforms registered and operating out of the Baltic nation.

The new regulations, which come in the form of a revised draft law submitted to the Estonian parliament, require VASPs to identify their customers in a way that would link them to their transactions. The regulations expand upon the ban on open anonymous virtual accounts introduced in 2020 after Estonia’s crypto-friendly regulations attracted numerous license applicants.

The Ministry of Finance pointed out that the legislation will not affect individuals who own virtual currency through a private wallet that is not provided by a VASP. It does not prohibit customers from holding and trading virtual assets and does not require them to share the private keys to their crypto wallets. At the same time, Estonian service providers will not be allowed to offer anonymous accounts or wallets.

The department emphasized that the measures are similar to the rules applied to payment and banking transactions. The amendments transpose the recommendations issued by the Financial Action Task Force on Money Laundering (FATF) into Estonian law. These define some virtual asset services that are not defined under Estonia’s current legislation.

Estonia to Raise Capital Requirements for Crypto Licensees

An important aspect of the new regulation is the requirement for companies to operate or be connected to Estonia in order to obtain its licenses. The boom in applications was largely due to the current rules allowing the resale of Estonia-licensed companies to third parties. The supervision of such entities has proved unfeasible and authorities noted that under the new rules, the country’s Financial Intelligence Unit (FIU) will be able to decline such applications.

Furthermore, regulators will raise share capital requirements for VASPs from €12,000 to €125,000 or €350,000, depending on the type of services. The Estonian government hopes that the threshold will reduce the number of dormant entities. The Finance Ministry also said the average annual turnover of licensed VASPs is now around €80 million euros.

Estonia announced it’s working on the new legislation in October, when the head of FIU, Matis Mäeker, revealed in an interview that only one in 10 licensed crypto companies has a bank account in the country, adding that the regulator is considering revoking all previously issued licenses to restart authorization. By that time, the agency had revoked around 2,000 licenses of virtual asset service providers such as crypto exchanges and wallet operators.

Do you expect Estonia to adopt the stricter regulations for its crypto industry? Tell us in the comments section below.

Defi TVL Jumps 12% Since Mid-December, Close to $25B in Bridges, Convex Gains on Curve’s Dominance

The total value locked (TVL) in decentralized finance (defi) has risen 4% during the first four days of the new year from $245 billion on January 1, to $255.84 billion three days later. While the defi protocol Curve Finance dominates with a TVL of $24.44 billion, Convex Finance is closing in on the dominance with $21.27 billion. Meanwhile, out of several blockchains, Ethereum dominates the defi TVL with 62.91% or $160.96 billion out of the aggregate $255.84 billion locked today.

Defi TVL Increases 4% During the First 4 Days of 2022

Money is flowing back into decentralized finance (defi) and a number of defi tokens are swelling in value. Statistics from defillama.com show the TVL in defi hit a low of $228.13 billion on December 11 and since then, it’s jumped 12.14% in value. On the first day of 2022, the TVL in defi was $245 billion and it’s increased 4% to date reaching $255.84 billion on Tuesday.

The $255.85 billion is tallied between numerous blockchains like Ethereum, Terra, Binance Smart Chain (BSC), Avalanche, Solana, Fantom, Tron, Cronos, Polygon, Arbitrum, Harmony, Waves, Ronin, Heco, Thorchain, Near, Smartbch, Elrond, and Osmosis.

Ethereum’s TVL across 383 protocols is $160.96 billion today followed by Terra’s $19 billion across only 14 defi protocols. BSC commands $16.57 billion on Tuesday across 263 defi protocols.

While Terra and BSC are the second and third-largest defi TVLs, they only represent 22.09% of the value locked in Ethereum defi protocols today. Terra has seen a 1.98% TVL increase during the last week, but Fantom jumped 28.96% to $6 billion, and Osmosis spiked 40.43% and crossed the $1 billion zone.

Curve Dominates With 9.55% of the TVL in Defi, Fuse Jumps 183%, Top 7 Smart Contract Networks See Weekly Losses

Metrics show that Curve commands the largest TVL in defi today across seven different chains with $24.44 billion and 9.55% dominance amid the $255.84 billion locked. Curve is followed by Convex ($21.27B), Makerdao ($18.28B), Aave ($14.62B), Lido ($12.48B), WBTC ($12.11B), and Instadapp ($10.88B).

Today, the TVL in cross-chain bridges to Ethereum totals $24.67 billion, which represents a 1.5% change in 30 days. The number of unique addresses among the cross-chain bridge TVL in 30 days is 87,855 addresses.

Polygon bridges rank the largest TVL on Tuesday with $6.6 billion, and Ronin has $6.1 billion. This is followed by Avalanche ($5.8B), Arbitrum ($2.8B), Fantom ($1.4B), and Optimism ($538M). The top seven smart contract blockchain platforms by market valuation are all down in value between 3.2% to 12.5% during the last week. The seven smart contract blockchain platforms include Ethereum, Solana, Cardano, Polkadot, Terra, Avalanche and Polygon.

Meanwhile, the eighth through tenth-largest smart contract networks Chainlink (+5.3%), Algorand (+3.2%), and Near (+12.6%) have seen seven-day gains. The biggest smart contract network seven-day gainer this week was fuse (FUSE) jumping 183.6% against the U.S. dollar.

Enigma (ENG) increased 48.8% in seven days and velas (VLX) swelled by 35.7% this week. Velas Network AG just partnered with the Italian luxury sports car manufacturer Ferrari. The largest smart contract platform loser this week was poa network (POA) shedding 49.8% in value, followed by cypherium (CPH) losing 37.8% in seven days.

What do you think about the recent defi action this past week? Let us know what you think about this subject in the comments section below.

Adidas Originals NFT Compilation Enters Top 50 Collections by Volume, Close to $60M in Sales in 18 Days

Less than 20 days ago, the German multinational sneaker and sportswear corporation Adidas launched the company’s Adidas Originals non-fungible token (NFT) collection and since then the NFT compilation has surged into the top 50 NFT collections in terms of sales.

Adidas NFT Collection Sees Significant Demand in Less Than 20 Days

At the end of November 2021, Adidas revealed it was “excited” about the metaverse and said the company had partnered with Coinbase and acquired land in The Sandbox. The following week, Adidas told the press it partnered with the Bored Ape Yacht Club (BAYC) NFT project, and the comic series Punks Comic. In mid-December, the company launched the Adidas Originals NFT compilation with Punks Comic, Gmoney, and BAYC.

Adidas Originals NFT Compilation Enters Top 50 Collections by Volume, Close to $60M in Sales in 18 Days

Since then the NFT collection has done well in terms of sales, propelling its way into the top 50 NFT collections. At the time of writing, the Adidas Originals NFT collection is the 49th-largest NFT project in terms of sales. Between 13,801 buyers and 10,732 sellers, the NFT collection crafted by Adidas has seen 18,092 transactions. Adidas Originals has seen 14,781 ether or $57.6 million in sales since the day it launched.

Adidas Originals NFT Floor Nears 1 Ether, Collection’s Sales Still Small Potatoes Compared to Independent NFT Compilations

Data from Dune Analytics is a touch different with Adidas Originals NFTs seeing 18,770 sales and an aggregate of 15,479 ether or close to $60 million. The current floor price for a single Adidas Originals NFT is 0.704 ether or $2,729. However, the average sale today is 0.747 ETH or $2,896 and the top sale on January 4, 2022, is 0.780 ether or $3,024. Metrics indicate that there are 17,976 unique ethereum (ETH) addresses holding an Adidas Originals “Into the Metaverse” (ITM) NFT.

While Adidas is one of the first well-known brands and corporate entities to enter the top 50 NFT collections in terms of sales, a large number of independent NFT projects have seen a lot more demand. Axie Infinity NFTs have recorded $3.8 billion in sales, Cryptopunks gathered $1.8 billion, Artblocks acquired $1.1 billion, and BAYC just crossed the billion-dollar marker with 296,616 ether or $1,022,099,909 in all-time sales. The Adidas Originals ITM sales only equate to 5.63% of the total sales BAYC has recorded.

What do you think about the Adidas Originals ITM NFT sales making it into the top 50 NFT collections? Let us know what you think about this subject in the comments section below.

Netgear’s Digital Art Frames Will Support NFTs, Owners Can Connect Metamask to Meural Platform

Netgear's Digital Art Frames Will Support NFTs, Owners Can Connect Metamask to Meural Platform

At the Consumer Electronics Show (CES) in Las Vegas, multinational computer networking company Netgear, based in San Jose, California, showcased the company’s Meural digital art frames. According to an announcement, Netgear has added non-fungible token (NFT) tech support, and the Metamask Web3 wallet will be able to sync with the product.

Netgear Adds NFT Support to Meural’s Digital Art Platform

Non-fungible tokens (NFTs) are very popular and it doesn’t seem like the trend is going away any time soon. For instance, four NFT collections now have billion-dollar market valuations including projects like Axie Infinity, Cryptopunks, Artblocks, and Bored Ape Yacht Club (BAYC). Additionally, single NFTs have sold for multi-millions from artists like Beeple, Pak, and Xcopy. Netgear, the multinational computer networking company founded in 1996, has noticed the NFT trend and the company’s Meural digital art frame will support the technology.

Following the announcement at CES, the head of product and content for Netgear Meural, Poppy Simpson, told venturebeat.com that NFT owners will be able to connect their Metamask wallet to Meural. Netgear acquired Meural in 2018 and it sells 13.5 x 7.5-inch displays, as well as 16 x 24-inch and 19 x 29-inch digital frames. Simpson further explained to venturebeat.com that the NFT support was meant for devices like Meural.

“It’s doing what Meural has always wanted to do, which is foster communication and community around visual culture,” Simpson remarked in the interview. “This new feature is particularly aimed at those people who buy the frame to display their personal memories.”

Samsung Fuels Competition With NFT TV, Netgear’s Previous Partnership With Async Art Hinted at Meural NFT Support

Netgear’s entry into the NFT industry follows a recent NFT-related announcement from Samsung Electronics. On Monday, Samsung introduced the world’s first television-based NFT platform which will allow NFT owners to showcase their digital art from their smart TV. “With demand for NFTs on the rise, the need for a solution to today’s fragmented viewing and purchasing landscape has never been greater,” the company explained to the press. Since 2020, Samsung has also been manufacturing hybrid digital frames called “The Frame.”

Presently, Netgear’s Meural NFT support is in beta, according to The Verge reporter Alice Newcome-Beill. Netgear further detailed that the beta NFT service and integration with the Metamask wallet is “starting in January.” The recent announcement detailing that Meural will support NFTs is not Netgear’s first foray into the NFT industry. In July, Netgear revealed a partnership with Async Art “to add dynamic, programmable NFTs to the Meural Library.”

“From its inception, the Meural platform has been building solutions for digital art, artists, photographers and collectors,” Simpson said in a statement concerning the Async Art partnership. “NFTs are the latest innovation in a world where the Meural display and content platform is the undisputed leader, and this exciting partnership with Async is another step towards driving forward to a new era of art appreciation.”

What do you think about Netgear’s Meural platform adding NFT support and Metamask integration? Let us know what you think about this subject in the comments section below.

Spain Reduces ATM Numbers to 2002 Levels as Country Moves to Digital Payments

ATMs

The number of ATMs in Spain has been progressively shrinking to levels the country saw in the year 2002. Reports from local media suggest these actions have been taken to reduce costs and to push payment and operation digitalization in the sector. The highest number of ATMs was registered in 2008 when there were 61,714 active machines in the network.

Banks in Spain Reduce ATMs

The number of ATMs in Spain has dropped to its lowest level since 2002, when the network had 1,795 more ATMs than it has today. According to a recent report from the Bank of Spain, the network had 48,081 ATMs at the end of the third quarter of 2021. This reduction has to do with attempts to lower costs in the banking sector amidst a push for digitalization in payments and banking processes.

The highest number of ATMs in the network was registered in 2008 when there were 61,714 ATMs registered in the country. Since then, banks have progressively removed machines from this network. However, utilization of the remaining ATMs has gone up, according to the same report. Just in Q3-2021, Spaniards made 171,300 withdrawal transactions using ATMs, an increase of 1.04% compared to the same period in 2020.

The Push for Digitalization

The Spanish government has been reducing the amount of money that can be paid in cash per transaction. Last year, Spain’s antifraud law, which also regulated some issues regarding cryptocurrency assets, passed controls for cash payments depending on the type of transaction. The aforementioned law established that payments in cash could only be made up to the limit of €1,000. Sidestepping this law could result in sanctions of 25% of the payments made, which would be paid by each party to the transaction.

However, local media states these developments could disproportionately affect Spanish citizens in rural areas, who are the ones that depend most on cash for their everyday needs.

The recent push has driven more and more residents of the country to digital payments. For example, the national survey for cash payments, carried out July 2021, found that only 35% of the surveyed citizens used cash for payments. This constitutes a significant change compared to how payments were made in 2014, where 80% of citizens used cash as a payments tool.

While cash usage has gone down, Spain still uses more cash for payments than countries like Sweden, where less than 10% of the population uses physical paper and coins to pay.

What do you think about the reduction in ATMs and the push for digital payments in Spain? Tell us in the comments section below.

Popular BTM Operator: Bitcoin of America Surpasses 1500+ BTMs

PRESS RELEASE. Bitcoin of America, a popular digital currency exchange, has surpassed 1500 plus Bitcoin ATMs. Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, their customer support makes them the best in the industry. Bitcoin of America is currently headquartered in the city of Chicago.

Bitcoin of America has demonstrated rapid growth in 2021. In June of this year, Bitcoin of America’s Chief Financial Officer reported record company growth. In January, the company had a total of 630 Bitcoin ATMs. As of December 31st, Bitcoin of America has 1500 plus locations across the US. They have seen a 153.968% increase in Bitcoin ATM locations. Bitcoin of America has also seen enormous growth in their number of employees. In just one year their team grew over 32 percent.

Bitcoin of America has made a ton of updates to their Bitcoin ATMS this year. Ethereum is now available to buy and sell at Bitcoin of America ATM locations. In May, Bitcoin of America announced their new Universal Kiosk. This new universal kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM and offers 3 main functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy cryptocurrency with cash. The last is that customers can sell crypto in return for cash.

Bitcoin of America has continued to expand their footprint across the USA. They are currently in 30 plus states and growing. You can find their Bitcoin ATM locations in most major US cities. Most of their Bitcoin ATMs are open 24 hours and 7 days a week. Their locations are placed for convenience. This means that Bitcoin of America BTMs are usually located in places where you already shop. You can easily buy cryptocurrency while you fill up a tank of gas or pick up groceries.

 


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.

Decentralized Storage Provider Says It’s Too Risky for the World to Rely Centralized Cloud Storage Platforms

Nigeria Based Storage Provider Says It’s Too Risky for the World to Rely Centralized Cloud Storage Platforms

In the past year, internet giants like Amazon and Google all experienced outages which were blamed on errors and failed upgrades. The occurrence of such outages and their impact around the world again highlighted the importance of having a decentralized internet.

Also, just like how the Covid-19 pandemic showed the world that blockchain-based digital currencies are the future, the outages suffered by the powerful internet companies may have given an impetus to those that champion the Web3.0.

However, this Web3.0 can really take off if players in this ecosystem play their part in building the critical infrastructure. That is what Lucky Uwakwe, the co-founder of Stoor, says he is attempting through the startup’s blockchain-based cloud storage service.

In a question and answer interview with Bitcoin.com News, Nigeria based Uwakwe explains the concept of decentralized cloud storage and how the blockchain makes this kind of storage possible. He also shares thoughts about the trajectory of Web3.0 and why he thinks the world is now ready for this next stage of the internet. Below are Uwakwe’s written responses to questions sent to him.

Bitcoin.com News: Can you explain this concept of blockchain decentralized cloud storage?

Lucky Uwakwe: The concept of decentralized cloud storage is basically utilizing the benefit of blockchain decentralized cloud storage. Unlike centralized databases, the existing decentralized cloud storage systems were designed to take advantage of the blockchain by incorporating the following features that are an improvement from the traditional cloud storage providers:

Decentralized systems ensure that the cloud storage is distributed across many computers and in multiple locations. Hackers would have a more challenging time accessing large amounts of data, so they can seldom go down. This also means that no single government or institution can interfere with the blockchain, as long as other servers are running the database outside their jurisdiction.

They are designed to run with the input of every user of the network, which is to say, peers in the system can share information without requiring a central administrator’s supervision or approval. They incentivize users to participate in the network by encouraging them to provide unused storage on their devices and earn money from this.

They take advantage of unused hard drive space from devices all across the world to establish a data storage marketplace that is more dependable and less expensive than traditional cloud storage providers. They encrypt and distribute all files across a decentralized network. This means every uploader of files own their keys and own their data. No outside company or third party can access or control one’s files.

BCN: How is this different from centralized storage and why do you think it is needed now?

LU: Centralized databases storage systems have typically been the ones handling data storage. They are physically run on one server and are controlled by a designated authority. But as customer demands continue to grow, it is getting more difficult for the data center industry to ensure higher uptimes, while maintaining security and keeping costs at a minimum. They are an easy target for hackers who can potentially gain access to a lot of data stored in one location.

Talking about incentives, only shareholders or board members of this centralized cloud company get to earn dividends unlike in decentralized blockchain solution where everyone can be given the opportunity to earn dividend

BCN: Who should use this type of storage?

LU: Every user of the internet or someone that upload or save any type of file via the internet or on their device (phone, laptop, iPad, tablet, desktop etc.)

BCN: In your pitch, you also introduce the concept of earning as you store. Can briefly explain what this entails and why this is necessary?

LU: Centralized solutions like Microsoft Azure, Google Cloud, Amazon Web Service, iCloud, Dropbox etc. only comes with the incentive of storing users’ data and at a price considered to be cheap enough. On the other hand, decentralized services like Sia, Filecoin and Arweave come with an incentive from the centralized system and with additional incentives to storage space providers on their network.

However, (at our company) Stoor we have all the above as well as incentives to those uploading files. There are incentives for holders of our token, app developers and platform owners which ensures all users in the ecosystem are covered. These opportunities and corresponding rewards speak to our company’s core ethos: The people who make up the entire ecosystem matter; they must be rewarded.

BCN: What made you decide to venture into this business?

LU: The world is obviously ready for web 3.0 and we are moving away from the web 2.0 era, blockchain has shaped this for us all. However, it becomes a concern when we see web 3.0, which should be independent and progressive, continue to depend not on the blockchain but on centralized Amazon and Google cloud to store data for web 3.0 solutions.

We have been getting more reports of these cloud providers being taken offline due to hackings or errors in upgrades while the companies never update us about the integrity of our stored data after each attempted hack or successful hack. At Stoor we believe it too risky for the world to depend mainly on these few centralized platforms. If we truly want to get into web 3.0 we need a solution that is web 3.0 driven

BCN: In your opinion, is Africa and the rest of the world ready for blockchain storage?

LU: The world is ready for a blockchain decentralized storage solution, it is just that we have not had a perfect blend that captures all the participants in the ecosystem and we know our solution to be a better plan that captures all ecosystem participants in the area of data storage.

BCN: Jack Dorsey, the founder of Twitter, recently stirred controversy when he tweeted about the VCs’ role in building the Web3.0. Do you agree or disagree with what Dorsey said?

LU: I respect Jack as a person and his bold vision. As a person and co-founder at Stoor, I have taken the path to build and build with the mindset of putting the majority of the power of web3.0 to the people.

What are your thoughts about this interview? Tell us what you think in the comments section below.

Defi Kingdoms Reaches Record Activity Levels on Top of Metaverse Push

defi kingdoms

Defi Kingdoms, a metaverse-based blockchain game, is experiencing a rise in activity due to the push that metaverse projects are now having in the market. According to Dappradar, the activity on the game has risen considerably. This is also accompanied by the rise in the price of its native token, JEWEL, issued on top of the Harmony blockchain, a token that reached all-time high (ATH) levels in a sideways market.

Defi Kingdoms Grows Among Its Peers

Defi Kingdoms, a play-to-earn (P2E) game inspired by metaverse elements that include non-fungible tokens (NFTs) as part of its structure, has been getting traction amidst the group of blockchain games that are coming out after the recent Web3 hype. According to data from Dappradar, a decentralized finance (defi) activity tracker, the number of users of Defi Kingdoms has grown more than 300% in the last month. Also, the number of transactions in the network has more than doubled in the same time, reaching 7.32 million.

The game, which also includes purely decentralized finance activities that users can harness without playing it, like staking and liquidity mining, has also experienced a rise in the value of its native token, JEWEL. The price of the token touched ATH values today, breaking the $20 dollar mark amidst a general slump in the cryptocurrency market.

The Rise of Decentralized Gaming

According to the views of Yosuke Matsuda, president of Square Enix, who addressed the subject in a letter, last year was the year of NFT’s and the metaverse. While smaller companies have been creating projects inspired by these concepts before, last year was when the industry started pumping funds in a more substantial way. As a result, projects like Decentraland and The Sandbox, which had already been established long before, are already benefiting from this push.

Axie Infinity became one of the most played decentralized games during this year, due to its play-to-earn mechanics that appealed to people with low incomes in countries like the Philippines and Venezuela, that perceived a higher income playing these than by occupying normal jobs in their countries.

Due to this success, traditional gaming companies (like Square Enix and Ubisoft) are now trying to introduce these elements into their gaming ecosystems, proposing to create token economies and marketplaces that would allow these universes to be self-sustainable in the future. However, AAA gaming companies have not released an installment of a major franchise integrating NFTs yet.

What do you think about the rise of Defi Kingdoms and decentralized gaming? Tell us in the comments section below.

Jamaican Central Bank Says It Has ‘Successfully Completed CBDC Pilot’

The Jamaican central bank successfully completed the pilot testing of its central bank digital currency, a statement from the bank has said. The statement however reveals that only one payment service provider participated in the pilot.

Only One Payment Provider Participated in the Pilot


The Bank of Jamaica (BOJ) recently revealed that it had successfully completed the trial of its central bank digital currency (CBDC). The claim by the BOJ follows the completion of an eight-month test run that commenced in May 2021.

However, in a statement released on the last day of 2021, the BOJ reveals that only one institution participated in the pilot. The statement explains:

The scope of the CBDC pilot was limited to wallet providers who indicated their readiness to participate within the scheduled timeframe. National Commercial Bank [NCB] based on the extent of their experience in the Sandbox came onboard with BOJ to test the range of services to be offered using the CBDC solution.


The statement also explains that the success of the pilot project had been “dependent on whether a CBDC along with the attendant technology solution could be successfully implemented in Jamaica.”

$230 Million Worth of CBDCs Minted


The statement reveals that three activities were completed during the pilot phase. The first of these activities was the minting of $230 million worth of CBDC “to be issued to deposit-taking institutions and authorized payment service providers.” A day after minting the digital currency on August 9, 2021, the BOJ went on to issue $1 million worth of CBDC which was distributed to the bank’s staff.

Next, on October 29, 2021, about $5 million worth of the CBDC was issued to NCB and this marked the first issuance of a CBDC to a deposit-taking institution in Jamaica. After receiving the digital currency, NCB then “successfully onboarded 57 customers which included 4 small merchants and 53 consumers.”

In turn, the 57 customers went on to conduct person-to-person, cash-in and cash-out transactions via “37 accounts and completed transactions with small merchants (local craft jewellers, footwear designers and fashion and garment boutiques) through an NCB-sponsored event, ‘Market on the Lawn’ held earlier in December 2021.”

The statement in the meantime reveals that the national rollout of the CBDC is now scheduled to begin in the first quarter of 2022. During this period, NCB — which is the only authorized payment service provider that participated in the test phase — “will continue onboarding existing customers and new customers.” At the same time, two more wallet providers “will be able to order CBDC from BOJ and distribute to their customers.”

Tests to determine the interoperability of transactions between customers of various participating wallet providers will also be undertaken during this period, the statement added.

What are your views on this story? Tell us what you think in the comments section below.

Retail Giant H&M Debunks Rumor of Store Opening in Metaverse, Collaboration With Ceek

H&M Debunks Rumor of Store Opening in Metaverse, Collaboration With Ceek

Major fashion company H&M has denied the rumor that it is opening a store in the metaverse. According to false reports, customers could walk through the store and purchase products in the Ceek metaverse.

H&M Denies Metaverse Rumor and Collaboration With Ceek


Several major publications reported Monday that retail clothing giant H&M has opened a 3D store in the metaverse, including the Economic Times and Mashable India.

H&M (Hennes & Mauritz) is a major fashion and design company with 53 online markets and stores in 75 markets worldwide. One of the largest clothing brands in the world, H&M has 4,856 stores globally as of Sept. 30, 2021. Its largest markets are Germany, the U.S., the U.K., France, Sweden, Russia, Italy, and the Netherlands.

However, the company has denied the reports that it is opening a store in the metaverse. When Bitcoin.com News inquired about the news, a spokesperson for H&M clarified:

We’d like to confirm that H&M is not opening a store in Metaverse at this time.


According to the false reports, the company said that customers will be able to walk through the store, choose the products they want, and purchase them in the Ceek City universe. Payments must be made with ceek tokens (CEEK).

Ceek virtual reality environments are governed by smart contracts on the Binance Smart Chain (BSC), its website details.

In addition, the false reports also claim that customers will be able to order clothes seen in the H&M metaverse store from its physical stores later.

The rumor of H&M opening a store in the metaverse followed a tweet by Ceek’s official Twitter account on Dec. 7 last year. The company said it created a “concept VR store” to be presented to H&M.

However, the spokesperson for H&M told Bitcoin.com News:

We are also not collaborating with Ceek.


The official Twitter account for Ceek subsequently clarified Monday: “The H&M store in the Ceek metaverse was just a concept that was presented to H&M and not an actual virtual store yet. We are in discussions with people at H&M to make this a reality, but this is not something that’s a reality as of now.”

Do you think H&M should open a store in the metaverse? Let us know in the comments section below.