London, United Kingdom, July 6th, 2023, Chainwire
Following the announcement of Veloce Media Group’s evolution to Web3, with the launch of its new blockchain utility and governance token, VEXT, it was today announced that GEM Digital Ltd will invest up to $50 million, through a structured token subscription agreement, into the organisation.
Veloce, comprising of industry-leading gaming and racing platform Veloce Esports, and race-winning Extreme E outfit Veloce Racing, has attracted over 35 million subscribers, nearly one billion monthly views, across multiple digital platforms including YouTube and Twitch, and millions of social media followers to become the world’s largest racing gaming media network.
The London-based organisation also operates esports and gaming teams and brands for some of the industry’s most influential names, including Mercedes AMG, Ferrari, McLaren, Yas Heat, whilst also establishing a successful joint venture sub-brand with Lando Norris – Quadrant – and continually competing and winning with Veloce Elites.
The introduction of VEXT in the coming weeks will position Veloce as a leading decentralised gaming and sports media organisations; providing token holders with real utility through a variety of games integrating VEXT and tangible influence, benefits and rewards across all of the Veloce Media Group assets.
The partnership with GEM Digital has all the signs of being a perfect ‘meeting of minds’, as the investment firm moves to increase its stake in this fast-moving world of sourcing, structuring, and investing in utility tokens in relevant and growing industries.
“This is a very exciting transaction ,” said Daniel Bailey, Chief Commercial Officer Veloce and CEO Veloce Racing, “It comes very soon after the announcement of VEXT and our plans to evolve our media and sports group into this truly innovative space; validating Veloce’s position as a pioneer in the industry.
“The GEM commitment will allow us to focus on growth and expansion, through acquisition of more gaming and real-life racing properties, ultimately giving our vast community further VEXT utility and influence.”
For GEM Digital, the investment has found a natural home that reflects its ambitions to work with a diverse set of organisations whilst promoting businesses in the emerging markets, supporting sustainable and inclusive ambitions through business. The investment promises to herald mutual long-term opportunities.
Website | Telegram | Twitter | Discord | Instagram | YouTube | Linkedin | TikTok
About Veloce Media Group
Founded in 2018, Veloce is a multi-pillared gaming and sports media group operating across some of the most innovative, fast-growing, and future-focused sectors in the UK.
Headquartered in London, the Veloce brand comprises of the industry-leading gaming and racing platform, Veloce Esports, and race-winning outfit, Veloce Racing, currently competing in the renowned Extreme E championship.
As the world’s largest digital racing media network, Veloce has so far attracted over 35 million subscribers and nearly one billion monthly views with a focus on esports, gaming, purpose-driven motorsport, and Web3.
Veloce is partnered with a number of high-profile teams from across the globe, running multiple gaming and esports team operations, including Mercedes AMG, Ferrari, and Yas Heat. Well established JV sub-brands, including Lando Norris’ gaming and lifestyle brand Quadrant, make up another key aspect of Veloce’s vast global network.
To learn more, please visit: https://www.velocemediagroup.com/
About GEM Digital Limited
GEM Digital Limited is a digital asset investment firm. Based in The Bahamas, the firm actively sources, structures and invests in utility tokens listed on over 30 CEXs and DEXs globally.
Global Emerging Markets (“GEM”) is a $3.4 billion, alternative investment group with offices in Paris, New York, and Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 530 transactions in 72 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments.
Contacts
CEO
Rupert Svendsen-Cook
Veloce Media Group
[email protected]
Head Of Digital Marketing
Louis Broomfield
Veloce Media Group
[email protected]
The Financial Conduct Authority (FCA) of the United Kingdom has made an announcement stating that all crypto asset firms targeting users in the country must adhere to its financial promotions regulations by October 2023.
In a series of letters dated July 4, the FCA outlined that beginning on October 8, companies operating in the UK will have four legal options to lawfully communicate promotions related to crypto assets.
These options include obtaining approval or communication from an authorized party, creating promotions through a business registered with the FCA, or ensuring that the promotion qualifies as exempt under the UK’s Financial Services and Markets Act.
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The FCA clarified that promotions encompass various forms such as websites, mobile apps, social media posts, and online advertisements.
It emphasized that these promotional activities, regardless of the company’s location, should not have a limited effect in the UK.
Jayson Probin, the crypto financial promotions lead at the FCA, warned in a LinkedIn post that non-compliance could result in criminal charges.
The FCA notice stated, “We will take robust action against persons illegally promoting to UK consumers.
This may include, but it is not limited to, placing firms on our warning list, requesting take-downs of websites, social media accounts, apps, and all other promotions that are in breach, and enforcement action.”
The FCA had initially announced the October deadline on June 8, urging crypto firms to adopt a marketing approach that allows customers a “cooling-off period” to consider the risks associated with digital asset investments.
Once firms submit the necessary registration information, the FCA estimated a processing time of up to three months to evaluate the applications.
Alongside complying with the marketing regime set by the regulator, companies must register with the FCA to engage in crypto asset activities within the United Kingdom.
As of now, the FCA has listed 42 registered crypto firms that meet its requirements, including Bitstamp, Revolt, MoonPay, and Galaxy Digital UK.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has unveiled new measures to enhance investor protection and market integrity within the cryptocurrency sector.
The MAS recently announced that crypto service providers will be required to hold customer assets in a statutory trust by the end of the year, effectively mitigating the risk of asset loss or misuse and facilitating asset recovery in the event of insolvency.
These custody measures were developed following a public consultation launched in October 2022, which aimed to identify regulatory measures to minimize risks associated with crypto trading.
The MAS received substantial interest from a diverse range of respondents during the consultation process.
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In response to the consultation, the central bank highlighted that a majority of respondents agreed that digital payment token service providers (DPTSPs) should be allowed to pool user assets in the same trust account.
However, some respondents argued that DPTSPs should be required to segregate each customer’s assets in separate blockchain addresses to enhance transparency and verification of holdings.
In addition to custody requirements, the MAS mandated that crypto companies perform daily reconciliation of customer assets and maintain accurate books and records.
DPTSPs must also ensure operational independence of the custody function from other business units and maintain access and operational controls to customers’ digital payment tokens in Singapore.
Furthermore, the MAS is considering a proposal to restrict crypto service providers from facilitating lending or staking of retail customers’ digital payment tokens, while allowing such activities for institutional and accredited investors.
Respondents offered varied suggestions, with some advocating for explicit consent and risk disclosures from retail customers, while others proposed a complete ban on these high-risk and speculative activities.
The MAS emphasized its commitment to monitoring market developments and consumer risk awareness, stating that it would take appropriate steps to ensure the ongoing balance and suitability of its regulatory measures.
These new investor protection measures aim to address industry incidents like the FTX implosion, which resulted in substantial losses for customers.
Furthermore, Singaporean firms were significantly impacted by the crypto lending crisis in 2022, with notable local entities, including Three Arrows Capital and Hodlnaut, going bankrupt during the bear market.
By implementing these measures, Singapore’s central bank seeks to bolster investor confidence and establish a robust framework that safeguards customers’ assets while promoting responsible practices within the cryptocurrency industry.
According to the CEO of Merkle Science, the United States will not lose its position as a crypto hub despite recent regulatory actions.
While many top crypto executives have started looking elsewhere due to hostile regulatory measures in the US, Mriganka Pattnaik believes that crypto activity will continue to thrive in the country, at least in the medium term.
Pattnaik argues that the US possesses a higher level of innovation and a deeper talent pool compared to regions like India, China, and the United Arab Emirates, which have strong consumer markets.
Pattnaik also points out the general market dynamics of the American economy, particularly the clarity around taxation, as key reasons why crypto firms are likely to maintain the bulk of their operations in the US.
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While recent actions by US regulators, such as the Securities and Exchange Commission’s actions against crypto firms, have led to a narrative of innovation moving offshore, Pattnaik believes that over time, regulations will become more moderate and provide greater clarity in the US.
However, not everyone shares this view. Binance Dubai general manager Alex Chehade argues that clear and consistent regulation is essential for large crypto firms, including those in the US, in order to have predictability, plan effectively, and budget accordingly.
Ripple CEO Brad Garlinghouse has also stated that the crypto industry has already begun moving outside the US, citing the country’s regulatory approach falling behind other crypto-friendly regions like Singapore, the UAE, and Switzerland.
Indeed, there have been instances of crypto firms exploring opportunities outside the US.
More than 80 firms from around the world applied for a crypto services license in Hong Kong, and Winklevoss-owned crypto exchange Gemini announced its pursuit of a crypto services license in the United Arab Emirates, citing hostility and a lack of clarity on crypto regulation in the US as the reason for the move.
While regulatory actions in the US have prompted some concerns and led to the exploration of alternative crypto-friendly regions, the CEO of Merkle Science believes that the US will remain a prominent crypto hub in the coming years.
The country’s innovation, talent pool, and market dynamics, along with the potential for regulatory moderation and increased clarity, contribute to its ongoing appeal for crypto firms.
However, the need for clear and consistent regulation remains a crucial factor for the success and growth of the industry.
According to a report by CoinShares, institutional investors have primarily concentrated on Bitcoin in the past two weeks as the cryptocurrency achieves new 2023 highs.
The research, led by James Butterfill, revealed Bitcoin-centric products accounted for $310.6 million of the total inflows in the past fortnight, marking a considerable 98% of all digital asset flows.
This is a significant shift following nine continuous weeks of outflows.
In 2023, this is the second instance where Bitcoin products composed 98% of total inflows into cryptocurrency investment vehicles.
The recent boost aligns with Bitcoin’s escalating price and market dominance.
The surge is widely attributed to the Bitcoin ETF application by BlackRock on June 15, followed by similar filings from Invesco, Fidelity, Wisdom Tree, and Valkyrie.
Since these submissions, Bitcoin’s price has seen a substantial increase of 25.2%, valued at $31,131.
Additionally, Bitcoin’s market dominance, gauged by its market cap compared to the total market cap of all cryptocurrencies, rose to 51.46%.
Contrastingly, Ethereum investment products registered inflows of $2.7 million last week, marking the second consecutive week of inflows and breaking a prolonged outflow trend.
Fireblocks CEO, Michael Shaulov, indicated in a conversation with Cointelegraph that institutional investors were interested in core assets like Bitcoin and Ether, but less enthusiastic about alternate cryptocurrencies.
Shaulov explained that the Ethereum narrative revolves around the likelihood of future tokenization ecosystems being based on Ethereum Virtual Machine (EVM).
This factor could boost Ethereum’s utility. However, for Bitcoin, the narrative is less defined, but most investors recognize the cryptocurrency’s essentiality in their portfolio.
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Cryptocurrency exchange Bittrex has taken a significant step in its legal battle against the United States Securities and Exchange Commission (SEC) by filing a motion to dismiss the case.
Bittrex’s argument centers around the claim that the SEC lacks the authority to regulate cryptocurrencies as securities unless specifically granted by Congress.
By challenging the SEC’s interpretation of existing securities regulations, Bittrex aims to establish a clearer regulatory framework that accommodates digital assets.
In a strategic move reminiscent of Coinbase, Bittrex has closely aligned its arguments with those of the larger cryptocurrency exchange.
This alignment suggests that Bittrex intends to leverage the robust legal framework established by Coinbase and construct a unified defense against the SEC’s lawsuit.
Similar to Coinbase, Bittrex’s legal team highlights what they perceive as deficiencies in the SEC’s allegations concerning the trading of investment contracts.
While both defendants acknowledge that the initial sale of certain crypto assets could be classified as securities contracts, they contend that this classification does not extend to assets traded on secondary markets.
Bittrex argues that once an asset is launched and actively traded on secondary markets, it should no longer be considered a security but rather categorized as a commodity or another class of digital asset.
Furthermore, Bittrex asserts that the SEC did not adequately convey that its actions were prohibited, employing a defense strategy commonly used by cryptocurrency defendants challenging the SEC’s allegations.
The legal dispute between Bittrex and the SEC originated in April when the SEC charged Bittrex and its co-founder, William Shihara, with operating an unregistered national securities exchange.
The complaint alleges that Bittrex facilitated the trading of digital assets that met the securities criteria outlined in U.S. federal securities laws without obtaining SEC registration as an exchange.
Additionally, the SEC charged Bittrex Global, the foreign affiliate of Bittrex, with failing to register as a national securities exchange in the same complaint.
Bittrex’s motion to dismiss represents a pivotal moment in its fight against the SEC.
By challenging the SEC’s authority and aligning its arguments with those of Coinbase, Bittrex aims to establish a more defined regulatory framework that accommodates the unique characteristics of digital assets.
The outcome of this legal battle will likely have significant implications for the cryptocurrency industry as a whole, as it could set a precedent for how cryptocurrencies are regulated in the United States.
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Unusual activity has recently caught the attention of observers, involving a wallet associated with the bankrupt North American cryptocurrency broker, Voyager.
Surprisingly, a staggering 25 billion Shiba Inu (SHIB) tokens, currently valued at approximately $183,275, were transferred from the wallet.
What makes this transfer intriguing is the destination of these tokens—they were not sent to any exchange address or the broker’s fund wallet.
Instead, they were transferred to an address linked to the SHIB token itself.
Despite its bankruptcy status, the Voyager wallet still holds a significant amount of 2.84 trillion Shiba Inu tokens, equivalent to an astonishing $20.8 million.
It is worth noting that just a few months ago, the wallet held as many as 6.6 trillion SHIB tokens, indicating substantial fluctuations in the assets controlled by the broker.
This movement of tokens from the bankrupt broker’s wallet is not limited to SHIB alone.
Reports suggest that other cryptocurrencies have also been subject to transfers, all stemming from the ongoing resumption of withdrawals.
In an effort to meet their obligations, the broker has allowed lenders to withdraw approximately 35% of their cryptocurrencies, with a withdrawal window open between June 20 and July 5.
One of the platforms facilitating these withdrawals is the Gemini crypto exchange.
The future of Voyager’s holdings and the implications for the wider crypto landscape remain uncertain, making this an unfolding story that demands our attention.
The movements of these tokens and the transfers from the broker’s wallet raise questions about the broker’s intentions and the potential impact on the market.
It is crucial to monitor the developments surrounding Voyager closely.
The destination of the transferred tokens, particularly to an address linked to the SHIB token itself, adds an intriguing element to the situation.
The broker’s significant fluctuations in token holdings also suggest a dynamic and ever-changing landscape within the crypto industry.
As the broker allows lenders to withdraw their cryptocurrencies, platforms like Gemini are playing a crucial role in facilitating these transactions.
These actions may provide some relief to lenders, but the overall implications and long-term consequences for Voyager and the broader crypto community remain uncertain.
The unfolding story of Voyager’s activities serves as a reminder of the inherent risks and volatility associated with the cryptocurrency market.
It highlights the importance of due diligence and cautious decision-making when engaging with cryptocurrency brokers and platforms.
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Frankfurt, Germany, July 3rd, 2023, Chainwire
The team behind Alex The Doge (ALEX), the memecoin powering the GameFi ecosystem of the same name, are hoping the token can emulate BCH upon launch. Currently in its presale phase, hopes are high that ALEX will hit the market with a bang, making the sort of headline-grabbing moves that Bitcoin Cash (BCH) has recorded lately.
The recent surge in price of Bitcoin Cash (BCH) has caught the attention of the cryptocurrency community. The Proof of Work cryptocurrency is up 160% over the past month. At the same time, interest in another digital asset that has yet to debut, Alex The Doge (ALEX), has been ramping up.
Alex The Doge (ALEX) is a unique project that combines the appeal of memecoins with the utility of decentralized finance (DeFi) and play-to-earn gaming. Its presale phase, during which early supporters can acquire ALEX tokens ahead of the token’s DEX launch, has generated strong interest that augurs well for the project’s prospects.
Alex The Doge aims to revolutionize the gaming industry by creating a digital gaming world called the Miracle Verse. This ecosystem will enable users to engage in play-to-earn gaming, social trading, and DeFi activities.
Built on the Polygon blockchain for scalability and security, Alex The Doge (ALEX) has positioned itself as a promising GameFi player in the crypto space. Its comprehensive roadmap, whitepaper, and strong community support have contributed to its growing popularity.
Once the token launches, the Alex The Doge roadmap will advance to its next phase, introducing key milestones including the Miracle Verse, complete with the opportunities this holds for gaming, social interaction, and DeFi, all powered by ALEX.
About ALEX
ALEX is the newest Doge on the block, Welcome to the future of Play-To-Earn Gaming and Social-Fi! Alex The Doge is a community project with a focal point on the end user experience, ALEX will revolutionize P2E gaming and expand our ecosystem to alternative gaming communities using cross chain compatibility and creating a fluid transition between gaming credits and digital assets.
For more information about Alex The Doge (ALEX) presale: Website | Telegram | Twitter
Contact
Community lead
Zack Anderson
Alex The Doge
[email protected]
Paysafe Payment Solutions, the European banking partner of Binance, announced on Thursday that it will no longer offer its embedded wallet solution to the U.S. cryptocurrency exchange across the European Economic Area (EEA) starting from September 25.
In an email to Reuters, Paysafe stated that they are working with Binance to implement a fair and orderly process to terminate this service over the next few months.
Binance confirmed the news and stated that it would be changing its banking provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), but no specific details about the new partner were disclosed.
A spokesperson from Binance mentioned that more information will be provided at a later time.
Typically, Binance accesses SEPA through payment intermediaries.
However, the spokesperson assured that during this transition, all methods of depositing and withdrawing other fiat currencies, as well as buying and selling cryptocurrencies on Binance.com, will remain unaffected.
Paysafe’s decision to end its wallet solution comes at a time when Binance is under scrutiny from regulators who are aiming to crack down on money laundering.
In recent developments, Binance and its U.S. affiliate reached an agreement with the Securities and Exchange Commission (SEC) to ensure that customer assets in the United States remain within the country until the resolution of a comprehensive lawsuit filed by the regulatory agency.
Last year, Binance partnered with Paysafe to enable its users to deposit sterling via Faster Payments, a network responsible for overseeing payments and bank account transfers in Britain.
In summary, Paysafe Payment Solutions will no longer offer its embedded wallet solution to Binance across the European Economic Area.
Binance will seek a new banking provider for euro transactions through SEPA.
However, the change will not impact other deposit and withdrawal methods or the trading of cryptocurrencies on Binance.com.
Paysafe’s decision coincides with increased regulatory scrutiny faced by Binance, and the company has also recently resolved an agreement with the SEC regarding customer assets in the United States.
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Bitcoin Depot, a leading cryptocurrency ATM company in the United States, has revealed its plans to go public after successfully closing a merger deal.
The merger, facilitated by fintech firm GSR II Meteora Acquisition Corporation, was approved by stockholders on June 30.
The deal, which was reported in August 2022, carried a price tag of $885 million and is expected to enable investors to access Bitcoin Depot on the Nasdaq exchange starting from July 3.
Brandon Mintz, the founder and CEO of Bitcoin Depot, stated that the merger was aimed at supporting various growth opportunities and fostering the widespread adoption of Bitcoin (BTC) in North America.
Investors will have the opportunity to trade Bitcoin Depot shares on the Nasdaq under the ticker symbols BTM and BTMWW for common stock and public warrants, respectively.
This announcement comes at a time when regulatory scrutiny of cryptocurrency firms in the United States is intensifying.
The Securities and Exchange Commission has recently filed lawsuits against major exchanges, such as Binance and Coinbase, accusing them of conducting unregistered securities offerings.
Despite this, investment vehicles that offer exposure to cryptocurrencies are gaining popularity. BlackRock, for instance, filed an application in June to list a Bitcoin exchange-traded fund, indicating growing interest in crypto-related investments.
Bitcoin Depot, established in 2016, has emerged as one of the largest crypto ATM companies in North America, boasting more than 9,130 locations, as stated on its website.
However, the crypto industry is not without its challenges. In May, Bitcoin of America, another ATM provider, announced the closure of its operations in Connecticut due to the state’s Department of Banking asserting that the company lacked the necessary licensing.
With its merger and subsequent public listing, Bitcoin Depot aims to capitalize on its strong market position and expand its operations further.
The company’s commitment to driving Bitcoin adoption aligns with the growing interest in cryptocurrencies and the increasing demand for accessible and user-friendly avenues to buy and sell digital assets.
As Bitcoin Depot makes its debut on the Nasdaq, it will be interesting to observe how this development shapes the landscape of the cryptocurrency industry in the United States.
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