Dubai is advocating for a unified strategy from international regulators to combat cryptocurrency-related crimes, as reported by Bloomberg. Due to the diverse jurisdictions under which cryptocurrencies operate, enhanced collaboration and communication among regulatory authorities is paramount.
Elisabeth Wallace, Associate Director at Dubai’s Financial Service Authority, expressed concern about crypto businesses’ global operations. “Crypto businesses often conduct a multitude of activities under one umbrella, and this worries us. Being distributed worldwide, there’s an urgent need for regulatory bodies to communicate more in this domain. We’ve noticed many exploitative actors taking advantage of these regulatory gaps,” Wallace said.
Keen on establishing itself as a hub for crypto activities, Dubai has been diligently drafting rigorous cryptocurrency regulations. In February, the city introduced guidelines for crypto service providers. Non-compliance could lead to a hefty fine of up to AED 500,000 ($136,165).
On a similar note, the European Union (EU) recently approved the Market in Crypto-Assets (MiCA) laws for cryptocurrency regulation. All 27 EU nations are committed to implementing the MiCA legislation, aiming to seal the systemic loopholes that enable tax evasion.
Parallelly, India’s Finance Minister, Nirmala Sitharaman, has encouraged nations to evolve a uniform policy for crypto regulations. Sitharaman’s call for global policy synchronisation aligns with the increasing emphasis on coordinated international efforts to ensure a safe and legally compliant crypto environment.
New Yok, USA / New York, May 26th, 2023, Chainwire
The memecoin storm has taken the crypto market by surprise, with prominent projects like ‘PEPE ($PEPE),’ confidently asserting its presence alongside the original meme coin, ‘Dogecoin $(DOGE).’, ‘Shiba Inu ($SHIB),’ ‘Baby Doge Coin ($BabyDoge),’ the rapidly growing ‘FLOKI ($FLOKI),’ the new project ‘I LOVE SNOOPY ($LOVESNOOPY), and ‘Milady Meme Coin ($LADYS).’ These seven meme coins have inspired the team behind the “Memevengers ($MMVG)” project.
The Memevengers’ project is an innovative storyline that depicts “The ultimate battle that will shape the destiny of memes is underway.”, according to the team. It introduces the “Memevengers” as a legion of heroes safeguarding the meme universe (Memeverse), cleverly pairing each meme character with a Marvel counterpart.
The Memevengers does not possess a distinctive ecosystem or advanced utility, as the “Heronomics” (tokenomics) and “Heroic Road” (roadmap) align with the typical traits of meme coins.
Inspired by the motifs of popular memes such as Pepe, Shiba Inu, and Floki, as well as Avengers members like Captain America, Iron Man, and Hulk, the Memevengers have garnered 25,000 followers since their launch. The team hopes their fanbase continues to expand at a the current pace. With their striking meme concept, the team is excited for the future developments of the project.
About Memevengers:
Memevengers $MMVG(ETH) is a memecoin that represent s the War of Memes. The Final War that will Change the Destiny of Memes Unfolds. Crushing Villains and Preserving Peace.
Memevengers is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact
MEMEVENGERS
[email protected]
Labuan, Malaysia, May 26th, 2023, Chainwire
Cerus Markets is thrilled to announce an exciting update to its leverage options for non-crypto instruments. Effective immediately, Cerus Markets clients can enjoy leverage of up to 400:1 for Forex, Commodities, Indices, and Single Stocks trading.
This increase in leverage options allows traders to make the most of their investments, providing greater market exposure and the potential for higher returns. By offering increased leverage options for non-crypto instruments, Cerus Markets aims to provide clients with even more opportunities to capitalize on market movements.
At Cerus Markets, the company prides itself on its commitment to providing clients with the best possible trading experience. This update is just one example of the company’s dedication to ensuring that clients have access to the best tools and trading conditions.
About Cerus Markets
Established in 2022, Cerus Markets Limited is a multi-asset broker authorized and regulated by the Labuan Financial Service Authority, Malaysia. With a focus on innovation, Cerus offers unique crypto derivative products that allow clients to trade over 200 instruments paired with cryptocurrencies. Alongside crypto derivatives, Cerus provides trading opportunities in FX, Commodities, Indices, and Single Stocks.
Cerus Markets believes in empowering traders of all levels with easy and affordable access to the market. The trading platform stands out from traditional brokers by not charging entry fees and allowing trading of a wide range of digital assets starting from just $50, with leverage up to 400:1.
Moreover, traders can benefit from a 100% deposit matching bonus, doubling the amount of their first deposit and further enhancing their trading experience.
Visit cerusmarkets.com to learn more about Cerus Markets and its offerings.
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Marketing Director at Cerus Markets
Veronica Imasheva
[email protected]
The European Systematic Risk Board (ESRB), an EU financial watchdog, is advising restrictions on cryptocurrency leverage to preserve the financial stability of the overall market. Historical precedent suggests that firms often collapse under high-leveraged bets, leading to broader market cash shortages and potential recessions.
The ESRB’s suggestion, as reported by Reuters, primarily targets investment funds, exchanges, and similar entities involved in cryptocurrency trading. High-leveraged trades, even for retail investors, can result in a total loss of initial capital—a phenomenon known as liquidation. Given the high volatility of cryptocurrencies, traders frequently face significant liquidation losses, with a recent 24-hour period seeing over $82 million lost.
“Systemic risks could arise quickly and suddenly,” warned the ESRB. “If the rapid growth trends observed in recent years were to continue, crypto-assets could pose risks to financial stability.” The board’s concerns are not unique; Japan’s Financial Service Agency has already enforced similar limitations, restricting investors from borrowing more than twice their investment amount for leverage trades. This conservative approach may have contributed to FTX’s Japanese entity enabling withdrawals earlier this year.
While the ESRB oversees the broader market and works to mitigate systemic risks, it lacks the direct authority to enforce crypto leverage limitations. Instead, its role is to propose these recommendations for inclusion in future versions of the EU’s Market in Crypto-Assets (MiCA) legislation.
Last week, all 27 EU member states unanimously approved the MiCA rules, slated to take effect from July 2024. With the ESRB’s recommendations, the European Union may see more comprehensive crypto regulations in the near future.
Renton, United States, May 25th, 2023, Chainwire
Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects, is aiming to revolutionize the nascent Bitcoin ordinals market by launching its US Dollar (USD)-backed stablecoin, Stably USD, as a natively-issued BRC20 token under the symbol #USD. This groundbreaking development marks a critical milestone in the exponentially growing Bitcoin ordinals ecosystem that is now reaching half a billion dollars in total market capitalization in less than six months.
#USD is a BRC20 standard stablecoin created via the Bitcoin ordinals protocol which was introduced in January 2023 after the recent Taproot upgrade. BRC20 tokens use a technique called ordinal inscriptions to attach data to individual “satoshis,” the smallest unit of a Bitcoin. These satoshis can then represent anything from digital art ownership to “meme coins” and even stablecoins.
According to Stably, every #USD token is backed 1-to-1 with USD in a collateral account managed by a US-regulated custodian for the benefit of KYC/AML-verified token holders. Monthly reports for the account are also conducted by a third-party stablecoin attestor to ensure #USD tokens are always fully collateralized with USD.
“When I met Domo, the creator of the BRC20 standard, at the Bitcoin 2023 conference in Miami, I told him about our upcoming plans for #USD,” said Kory Hoang, Stably’s CEO and Co-Founder. “He thought it was great and funny how we are creating a stablecoin on Bitcoin to enable Bitcoin trading on-chain… With a stablecoin built on Bitcoin. I’m still chuckling about it to this day, actually. In just one week after that, however, we made it happen!”
The integration of BRC20 #USD into the Bitcoin network is part of Stably’s mission to power the next billion Web3 users with a seamless fiat-to-crypto and stablecoin onramp to all popular and emerging blockchain networks. The company’s upcoming collaborations with prominent ordinals and BRC20 projects, including UniSat–the world’s largest decentralized wallet/marketplace for ordinals–and Ordzaar–Asia’s first decentralized ordinals marketplace project, reflect Stably’s aspiration to drive global innovation and adoption toward decentralized finance on the Bitcoin network, or “BitFi.” Additionally, Stably’s engineers are now exploring the new ORC20 standard for Bitcoin ordinals, which could significantly enhance the token properties of #USD once implemented.
#USD can be issued/redeemed with Fedwire, SWIFT, USDC, and USDT by KYC-verified users across 200+ countries/regions currently, including up to 44 US states. Stably states that it is employing a manual process of issuance/redemption for #USD’s initial launch but plans to release support for automatic issuance/redemption through Stably Ramp, the company’s plug-and-play fiat gateway widget, during Q3 2023. By then, users of #USD will be able to on/off-ramp via more traditional payment methods like ACH, instant ACH, and credit/debit cards, in addition to bank wires.
Founded in 2018, the 20+ team member Seattle FinTech is backed by leading institutional and angel investors in the crypto space, such as Morgan Creek Capital, BEENEXT, 500 Startups, Hard Yaka, CREAM Labs, Sunny Lu of VeChain, and Paul Stahura of Donuts, Inc. The company has raised over $7.5-million in total funding to-date, $5-million of which was collected during its last Pre-Series A round in December 2021. Stably has also expanded its fiat on/off-ramp and stablecoin natively to more than ten emerging networks, including Arbitrum, XRP Ledger, Stellar, Tezos, VeChainThor, Harmony, Polymesh, Coreum, ICON, and Chia Network.
About Stably
Stably is a Web3 payment infrastructure provider and FinCEN-registered MSB from Seattle. The company specializes in providing stablecoins and fiat <> crypto on and off-ramps to users of Web3 applications. Stably’s mission is to power this decade’s next billion Web3 users with regulatory-compliant payment infrastructure across both developed and emerging blockchain ecosystems.
Visit stably.io to learn more.
Risk Disclaimer: Digital assets involve significant risks, including (but not limited to) market volatility, cybercrime, regulatory changes, and technological challenges. Past performance is not indicative of future results. Digital assets are not insured by any government agency and holding digital assets could result in loss of value and even principal. Bridged or wrapped digital assets (e.g. WBTC) involve additional risks, such as technical challenges, higher fees, security vulnerabilities, and reliance on third-party custodians. Please conduct your own thorough research and understand potential risks before purchasing/holding digital assets. Nothing herein shall be considered legal or financial advice. For more information about the risks and considerations when using our services, please visit: stably.io/terms-of-service.
Contact
Stably Head of Marketing
Matthew Barrett
Stably
[email protected]
Majuro, Marshall Islands, May 25th, 2023, Chainwire
Web3 project FLUUS has announced the listing of its eponymous token on MEXC exchange. The $FLUUS token was listed on MEXC on May 24 at 12:00 UTC, marking the first centralized exchange to list the Avalanche-based asset.
MEXC’s decision to list the $FLUUS token will support the FLUUS team in its mission to revolutionize access to web3 for developers and consumers. As a multi-purpose utility token, $FLUUS performs a range of roles including fee reductions for developers integrating FLUUS into their solutions. It also serves as collateral for on and off-ramp partners and rewards retail users with real yield.
FLUUS is on a mission to connect the world’s digital money by making it easier for crypto holders to transact. FLUUS Pay, its flagship product, combines a widget and API that enables anyone to buy, sell, and swap cryptocurrencies. It can be easily embedded into third-party websites and applications.
As a fixed supply token, the one billion $FLUUS that have been minted will never be increased. The token aligns incentives within the FLUUS ecosystem and its importance in driving desirable outcomes will increase as further FLUUS products are released. Use cases such as staking and governance within FLUUS DAO will be complemented by new ways of saving $FLUUS while driving the project’s overarching goal of making crypto spendable for millions.
The second project to launch on the AllianceBlock Fundrs Launchpad, the $FLUUS token sale sold out in just three hours. The token’s listing on MEXC was ratified with the support of the exchange’s community. The Kickstarter session that resulted in the $FLUUS listing was confirmed after a total of 45,089,514 MX voted in favor.
MEXC is the 15th largest cryptocurrency exchange by volume and is famed for its support of emerging web3 projects that are on a mission to effect positive change through intelligent tokenization.
About FLUUS
By building global solutions that cater to underserved markets, FLUUS promises to evolve the crypto ecosystem to connect the whole of humanity to better economic opportunities. FLUUS believes in being a force for positive change, evolving the crypto ecosystem to boldly overcome financial barriers in the developing world.
Learn more: https://www.fluus.com/
Contact
Dan Edelstein
[email protected]
Do Kwon, the troubled founder of Terraform Labs, along with his ex-CFO, Han Chong-joon, are grappling with an array of charges that range from passport fraud to severe financial misconduct. Their legal predicament might just be starting, with potential extradition to countries, like the U.S., known for their stringent stance on crypto-related malpractices.
In a recent development, the Montenegrin capital Podgorica’s high court rejected their bail, counteracting the previous ruling of a lower court, as reported by Bloomberg. The court spokesperson, Marija Rakovic, confirmed this shift, announcing that Kwon will stay in detention.
The high court’s decision now necessitates the Basic Court in Podgorica to reassess the case. The number of bail-related motions to be submitted between the judges for these South Korean citizens is not capped.
Only two weeks earlier, Kwon had managed to secure a bail agreement worth €400,000. However, prosecutors challenged this decision, leading to the current ruling. Given the defendants’ potential flight risk, their bail request initially faced opposition.
In March, Kwon and Han were detained at a Montenegro airport for purportedly using counterfeit travel documents, following a months-long evasion. They maintain their passports’ authenticity. Kwon vanished soon after Terra/Luna’s downfall, which led to a market crash obliterating $45 billion in market value within a mere week.
Mahe, Seychelles, May 24th, 2023, Chainwire
Tenet, a layer-1 ecosystem for creating yield and utility for liquid staking derivatives (LSD), is expanding its presence on the Cmarket through two key partnerships with QTUM, a Proof of Stake network combining the benefits of Ethereum and Bitcoin, and Conflux, a layer-1 network operating on a hybrid Proof of Stake and Proof of Work consensus mechanism called Tree-Graph.
Thanks to the partnerships, CFX and QTUM stakers will be able to bring their assets to the Tenet blockchain and “restake” them to unlock more yield for their assets. LSDs allow holders to reap the full benefits of staking on the original network, while having full control over their assets through a liquid token representing the underlying staked tokens. The LSD token can be used in DeFi to earn more yield, provide liquidity or swap it using decentralized protocols.
Tenet offers a unique layer-1 ecosystem whose security is derived partially from all the partner tokens restaked on its platform. In return, stakers get full access to various DeFi yield opportunities on the chain through a Tenet LSD for each LSD they stake.
Users bridging their assets to Tenet will receive a unique LSD token issued by Ankr, a leading staking infrastructure provider and Tenet partner. The LSD tokens can then be staked with Tenet to generate the TLSDs. This enables stakers to triple their sources of yield by including the original network’s yield, Tenet staking yield, and Tenet DeFi protocol yield.
Tenet has partnered with Ankr, a staking infrastructure provider, to help launch LSD initiatives for its partner layer-1 blockchains. The project is co-founded by Greg Gopman, previously CMO at Ankr, and Dan Peterson, formerly Head of Revenue Operations at Blockdaemon.
Conflux is the first publicly regulated blockchain in China, offering a unique hybrid PoW and PoS consensus, as well as full support for EVM smart contracts. The network has been integrated by a number of partners such as the City of Shanghai, McDonald’s China, China Telecom and others.
The CFX token is currently trading at an approximate $800 million market capitalization and $1.5B fully diluted valuation, with 10% of the network’s supply being staked. Due to its positioning as the only chain with regulatory support in China, it has significant traction in the region. By working together with Conflux, Tenet can tap into a major market while bringing the benefits of LSDs to the Asian community.
Qtum is a decentralized Proof-of-Stake blockchain launched in 2017. With a significant presence in Asia and a growing western community, Qtum offers a development platform with elastic scalability, perfect for onboarding the Web3 revolution. With a 6 billion dollar peak market cap, Qtum will be instrumental in growing Tenet’s adoption and security as one of the first foundations to offer Tenet and Ankr-backed LSDs to their community.
“The Asian market is often siloed from Western crypto projects, but it is a key avenue of expansion for any project wishing to become truly successful,” said Greg Gopman, co-founder of Tenet. “Partnering with Conflux and Qtum is a win-win for all involved, as the networks’ stakers get two extra sources of yield and much greater flexibility with their own customized LSD, while we receive extra security and a chance to tap into the enormous Asian blockchain community.”
As Conflux’s Global BD Lead, Dora has expressed his excitement about the new partnership with Tenet, stating, ¨We are thrilled to partner with Tenet and bring the power of LSDs to our community. This partnership aligns with our mission to foster a truly decentralized ecosystem, and the integration of LSDs will not only give our stakers the ability to maximize their yield but also enhance the flexibility and utility of their assets.¨
Miguel Palencia, Qtum Co-Founder and COO had this to say: “Partnering with Tenet allows Qtum to be one of the first blockchains to offer Liquid Staking Derivatives. This additional reward for lending computational resources to the network keeps in line with our green philosophy, and should help further strengthen both networks.”
About Tenet
Tenet is a DeFi-focused Layer-1 ecosystem built on the Cosmos network, providing liquidity and yield opportunities for liquid staking derivatives (LSDs). Tenet aims to unlock the potential of the rapidly growing LSD market, which is currently valued at over $17 billion. Tenet takes a unique approach by sharing security through Diversified Proof of Stake, while using L1-native gauges to let users earn yield on their liquid staking assets and participate in the platform’s governance.
About Conflux
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security. As the only regulatory compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia.
About Qtum
Qtum was founded in 2016 as a scalable Proof-of-Stake development platform. Qtum’s ability to merge Bitcoin’s base UTXO model with the EVM allows more options for blockchain developers. Qtum strives to stay upstream with the latest Bitcoin and Ethereum updates, like Taproot, SegWit, and Evmone. Qtum’s staking model is permissionless, which allows any users to participate in the validation process without the need for masternodes or delegation.
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Press
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Cryptocurrency analyst Nicholas Merten has come forward with a prediction that Bitcoin (BTC) will decline to $12,000 in September, indicating that the bear market is still in progress.
The cryptocurrency enthusiast, with a YouTube following of 511,000, believes Bitcoin’s recent upsurge is fleeting and the digital asset will depreciate to $12,000 in the coming September. He asserts that the bear market phase is yet to conclude.
Among Merten’s forecasts, he stated:
“The moment of turning point, where Bitcoin’s value might be preparing for a short, indicated by a flip on the weekly time frame on our principal momentum indicator, is nearly upon us.”
Merten highlights a change in the trend where Bitcoin is no longer in sync with traditional stock markets, having started to fall behind.
He observes that Bitcoin’s growth has started trailing that of tech giants like Microsoft and Nvidia.
“Bitcoin has indeed exhibited some impressive performance over the past few months. But the key query to ponder is whether this trend will persist. Even if you invested in November and are considering making a purchase now, you must question: Will Bitcoin continue to lead the pack?
“As we’ve seen over the past few months, the pattern mirrors earlier price activity. The exact same range that previously served as support in the last bull run is now acting as resistance, similar to what we saw in May.
“Interestingly, we didn’t even reach the higher band between $32,000 and $33,000 that many had set as their market exit point. People tend to inflate their expectations, constantly shifting their targets, often resulting in missed opportunities to realize gains.”
What is the take of other market analysts on the short-term outlook? As per Rekt Capital, Bitcoin needed to surpass $27,600 by the end of the previous weekend, which it failed to achieve.
The analyst interprets this as another sign of a negative trend. They contend that Bitcoin must hit $27,600 to swing back into the bullish zone.
New York, United States, May 23rd, 2023, Chainwire
The crypto community thrives on digital connections and exchanging ideas. The techno-activists Cypherpunks owe their rise to social media platforms, as does the birth of cryptocurrencies and blockchain technology.
It’s no wonder that blockchain-based social networks are popping up left and right, ready to reward users with crypto for simply being social butterflies.
WUBITS is taking it to the next level, gamifying trading, social networking, and creating a space where traders and crypto enthusiasts can mingle, share ideas, and monetize.
Leaps Ahead: The Demise of Trading Pits and the Emergence of a New Era
Gone are the days of bustling trading pits, where shouting traders and chaotic energy fueled the markets. In one word: pandemonium.
As trading evolved into a digital activity, crypto has given birth to a fresh era of emotions and community, now found on various social media platforms. Twitter and other networks have become hosts to an abundance of sentiment, trading ideas, and passion, reflecting the market’s highs and lows.
Yet, this digital age is tainted by the presence of bots, spam, and fake accounts. Creators are left walking on eggshells, cautious of being flagged or banned by big platforms. The evolution from trading pits to the digital era brings new challenges, calling for a solution that maintains the spirit of community while eliminating the pitfalls of current social media platforms.
WUBITS: The Crypto-Social Nexus – Where Web3, Trading, and Networking Collide
WUBITS provides a unique space for users to build meaningful connections with fellow traders and enthusiasts. The platform encourages open dialogue, fostering a sense of camaraderie among its users. Whether it’s discussing trading strategies, sharing news about the latest blockchain developments, or celebrating market wins together, WUBITS offers a haven for those who love everything crypto.
WUBITS was built by crypto fans and traders who recognize the value of genuine interactions among its users. That’s why it implemented measures to ensure that the platform remains free from bots and fake accounts. By prioritizing the user experience, WUBITS has cultivated a community where ideas and insights can be shared freely without the interference of spam and manipulation.
A standout feature of WUBITS is the ability for users to earn cryptocurrency as they participate in the platform. They share their best trading strategies, insights, or premium content and watch the digital rewards flow into their crypto wallet. With WUBITS, creators can monetize their knowledge and expertise while helping others on their crypto journey.
New Features Deployed
WUBITS recently unveiled exciting new features – Trade Ideas and Price Calls – to improve how users interact and share insights on the platform. With Price Calls, users can make precise price predictions on specific assets, comparing their forecasts against actual asset prices by a given date and time. Additionally, they can turn their predictions into premium paid posts.
The “Trade Ideas” feature allows users to share trade setups in a visually structured manner, eliminating the need to type out lengthy explanations. This streamlined approach to sharing insights makes it even easier for WUBITS users to learn and grow together.
WUBITS recently announced its Official Author Program, designed for content creators who love engaging with the community and want to earn crypto rewards for quality contributions.
Members joining the program will enjoy benefits such as increased exposure, featured posts on WUBITS’ official social media, and Top Author crypto rewards based on an algorithm and smart contract-driven system.
About WUBITS:
WUBITS is a web3 social platform for crypto enthusiasts – a whole new way to create, engage and transact in crypto. Try out the WUBITS platform here.
Contact
Principal
Yvonne C
WUBITS
[email protected]