London, United Kingdom, May 5th, 2023, Chainwire
Veloce, the world’s leading digital racing media network, is diving into the world of Web3 with the launch of its new blockchain utility and governance token, VEXT.
Created in partnership with MDRxTech, experts in tech development and Web3 strategy, VEXT will allow the Veloce community to truly influence and govern key decentralised Veloce assets.https://www.youtube.com/embed/f89kZB5qIBw?showinfo=0
The Veloce brand comprises of industry-leading gaming and racing platform, Veloce Esports, and race-winning outfit, Veloce Racing, currently competing in the renowned Extreme E championship.
Within this Veloce network are some of the most influential names in gaming and racing, including Mercedes AMG, Ferrari, McLaren, and Yas Heat, as well as established joint venture sub-brands, such as Lando Norris’ gaming and lifestyle brand Quadrant.
With the largest racing community in the world, attracting 35 million subscribers so far and hitting nearly one billion monthly views, the Veloce group represents a perfect fit for Web3.
VEXT will allow token holders to integrate within the Veloce ecosystem and have a tangible influence on the direction of assets within the Veloce group, including teams, talent, leagues, and content.
Token holders will also be able to transact across games and live interactive sports features, with rewards for engagement such as tokens, early access to merchandise, and real-world events for an enhanced user experience.
A VEXT integrated store, together with Veloce partners, will fully incorporate the Veloce network into a decentralised community, implementing further utility to onboard users and reward early adopters.
Details on VEXT and its platform will be released in the coming weeks, with multiple partnerships and integrations to be announced. Users who are interested in learning more about VEXT, can sign up on the website ahead of the public pre-sale which will be announced soon.
Rupert Svendsen-Cook, Co-Founder and Chief Executive Officer at Veloce, said: “This is the most exciting thing we have ever done. As a business, we have the two key ingredients for Web3: a globally engaged community and an incredible amount of utility. Our ultimate ambition is to become the first truly decentralised global sporting group.”
Tom Grogan, CEO of MDRxTech, said: “Evolving Veloce, already a pioneer and innovator within motorsports, is an incredible opportunity. They’re leveraging the best bits of Web3 – community participation and decentralisation – while providing real utility and control over an organisation millions of people already care deeply about. I’m so proud of the team who have worked so hard to engineer this product ready for launch and continue to be inspired by the Veloce team for their commitment to innovation and disruption in this incredible industry.”
About Veloce
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.
For more information:
Website | Telegram | Twitter | Discord | Instagram | YouTube | Linkedin | TikTok
About MDRxTech
Launched in 2020, MDRxTech is a digital transformation consultancy that delivers “compliant by design” transformation for clients across a wide range of sectors and geographies.
MDRxTech is comprised of management consultants, software developers, blockchain engineers, data scientists and designers who work closely with The Mishcon de Reya Group’s lawyers and regulatory specialists. MDRxTech specialises in new technologies with legal complexity such as artificial intelligence, machine learning, the metaverse and Web3 technologies such as blockchain, NFTs and cryptocurrencies. MDRxTech is part of The Mishcon de Reya Group, which includes award-winning law firm Mishcon de Reya, as well as other businesses including MDR Brand Management.
To learn more, please visit: https://mdrx.tech
Contact
Head of Digital Marketing
Louis Broomfield
Veloce Media Group
[email protected]
In the first quarter of 2023, Cash App, a popular mobile payment service owned by Block, Inc., generated over $2 billion in Bitcoin revenue, marking a significant milestone for the company. Block, formerly known as Square, reported its Q1 financial results, revealing impressive growth in its Bitcoin business.
Cash App’s thriving Bitcoin operations are attributed to the increasing demand for the cryptocurrency and its ease of access on the platform. The app allows users to effortlessly buy, sell, and transfer Bitcoin, contributing to its widespread adoption.
In addition to the company’s Bitcoin revenue, Cash App reported a substantial increase in its total net revenue, reaching $6.04 billion in the first quarter, a remarkable 266% year-over-year growth. The company’s gross profit also experienced significant growth, surging 166% year-over-year to $1.14 billion.
Block’s financial results highlight the rapidly growing interest in Bitcoin and other digital currencies, as well as the potential for mobile payment services like Cash App to facilitate the adoption of cryptocurrencies. By simplifying the process of acquiring and transacting in digital assets, Cash App is positioning itself as a key player in the evolving world of finance.
Dubai, UAE, May 2nd, 2023, Chainwire
Zeebu has launched the world’s first loyalty utility token catering to the Telecom Carrier Industry. Telecom Carriers work alongside large telecom operators to provide global connectivity. Zeebu is positioning itself as a leader by bringing a blockchain-based settlement platform to the telecom carrier space and intends to get upwards of 100+ carriers because of its partnerships, access, and network.
Telecom Carriers work with global partners and settle high transaction volume but struggle with remittance delays, forex crunches in emerging markets, the volatility of local currency against the USD, high costs of cross-border transactions, and low margins.
The Zeebu loyalty utility tokens provide loyalty rewards to merchants and customers both for successful transactions that reduce the cost of transactions, ensure faster settlements, and improve margins. The Zeebu token went live on the Ethereum mainnet on April 22, 2023, while the complete product will be unveiled on May 14 at ITW, one of the largest Telecom industry conferences held in National Harbor, MD, in the Washington D.C. metropolitan area.
Speaking about the launch, Raj Brahmbhatt, Founder and CEO of Zeebu said “I am excited to work on a project that aims to solve significant inefficiencies in the telecom carrier industry by using the Zeebu token’s loyalty rewards program in order to improve margin retention and operational inefficiencies. This will disrupt the instant settlements by enabling anytime anywhere transactions.”
“Zeebu’s blockchain-based settlement platform and loyalty utility tokens are designed to bolster the profitability of the legacy telecom carrier industry, which comprises over 6000 players in a $120+ billion market.”, said Keshav Pandya, Co-founder and COO of Zeebu.
Zeebu is a tailor-made blockchain solution for telecom carriers. We are working to solve real-world problems using Zeebu tokens and blockchain platforms by bringing conventional web 2.0 players to decentralized platforms. The token can be potentially extended to other B2B industries. Zeebu is currently accepting merchant onboarding requests through their waitlist, catering exclusively to players in the telecom carrier industry. Interested parties can submit their information through the contact form on the Zeebu website.
About Zeebu
Zeebu is a pioneering company in blockchain and settlements, providing innovative solutions to the telecom carrier industry. With their first-of-its-kind loyalty and utility token, Zeebu aims to revolutionize the global telecom carrier market, transforming cross-border transactions and improving profitability in the industry. Zeebu’s mission is to extend its groundbreaking solutions to other B2B industries facing similar challenges with international remittance and lean margins.
Contact
CMO
Dr. Raghavendra Hunasgi
Zeebu
[email protected]
Coinbase, one of the leading cryptocurrency exchanges, has decided to halt the issuance of new Bitcoin-backed loans via its Borrow service. The exchange made this announcement on its website, but assured customers that existing loans would remain unaffected and continue as per their terms.
The Borrow service, launched by Coinbase in 2020, allowed qualified customers to borrow cash against their Bitcoin holdings. This move to discontinue new loans comes amidst increasing regulatory scrutiny of cryptocurrency lending services and related products. However, the specific reasons for the suspension of new loans have not been provided by the company.
Existing loans will continue to be serviced by Coinbase, with customers required to meet their repayment obligations as stipulated in the loan agreements. The company has emphasized that this change will not impact the other services offered on their platform.
While the decision to cease issuing new Bitcoin-backed loans marks a significant change for Coinbase, the company remains focused on expanding its offerings to cater to the evolving demands of the cryptocurrency market. As the regulatory environment evolves, it is expected that exchanges like Coinbase will continue adapting their services to maintain compliance and support the growth of the crypto ecosystem.
The centralized exchange (CEX) trading volumes have seen a drop in April, marking an end to the months-long growth streak, as reported by Kaiko, a leading provider of institutional-grade cryptocurrency market data. This decline signifies a shift in the market, with decentralized exchanges (DEX) maintaining their growth momentum.
Throughout the first quarter of 2023, CEXs experienced a significant increase in trading volumes. The growth trend, however, came to a halt in April as the trading volumes declined, though it is yet to be determined whether this trend will continue. In contrast, decentralized exchanges (DEX) have maintained their upward trajectory, with their trading volumes steadily increasing.
The recent decline in CEX trading volumes could be attributed to several factors, including increased regulatory scrutiny, the growing popularity of decentralized finance (DeFi) platforms, and the overall maturation of the cryptocurrency market. As a result, investors are turning their attention to DEXs that offer enhanced privacy and autonomy.
While the April downturn may be temporary, the growing interest in decentralized exchanges and DeFi platforms signals a potential shift in the market landscape. Centralized exchanges will need to adapt to these changes and offer innovative solutions to remain competitive in the evolving crypto ecosystem.
Crypto.com has announced the introduction of a new AI user assistant named “Amy,” which leverages ChatGPT technology to provide an improved customer support experience.
As a leading cryptocurrency platform, Crypto.com seeks to enhance user interactions by offering personalized assistance and instant answers to user queries.
The ChatGPT-based AI assistant “Amy” has been designed to streamline the user experience on the Crypto.com platform, addressing issues and questions in real-time.
This advanced AI technology can understand user inquiries and provide relevant, accurate responses, significantly reducing the time spent on searching for answers and improving overall customer satisfaction.
By incorporating ChatGPT technology, Crypto.com aims to offer a more engaging and efficient customer support experience, catering to the needs of its rapidly growing user base.
The AI-powered assistant can handle a wide range of topics, from troubleshooting technical issues to providing information on the platform’s products and services.
In addition to addressing user queries, “Amy” can also offer personalized suggestions based on individual user preferences and activities. This level of personalization can help users make better-informed decisions and further enhance their experience on the platform.
The introduction of “Amy” comes as part of Crypto.com’s ongoing efforts to adopt cutting-edge technologies and maintain its position as a leading player in the cryptocurrency space. As the platform continues to grow, the integration of AI-driven solutions such as “Amy” will play a crucial role in ensuring that customer support remains efficient, responsive, and personalized.
As the cryptocurrency landscape evolves, the BRC-20 token standard on the Bitcoin network has become a new hub for meme tokens. The rise of these tokens is attracting attention from investors who previously targeted ERC-20 meme tokens on the Ethereum network.
The BRC-20 token standard, which is similar to Ethereum’s ERC-20, allows for the creation of tokens on the Bitcoin network. It has been gaining traction as developers and investors seek new opportunities beyond Ethereum-based platforms. The increasing popularity of these tokens could be attributed to lower transaction fees, faster transaction times, and the Bitcoin network’s overall reputation.
Meme tokens have been a significant part of the cryptocurrency market in recent years, with some experiencing massive price gains and creating overnight millionaires. These tokens often gain traction due to their unique branding, strong communities, and viral marketing campaigns. Examples of successful meme tokens include Dogecoin (DOGE), Shiba Inu (SHIB), and SafeMoon (SAFEMOON).
The shift from Ethereum-based ERC-20 meme tokens to BRC-20 variants may be attributed to several factors. One reason is the high gas fees and network congestion experienced on the Ethereum network, which has led some developers and investors to seek alternative platforms. Additionally, the Bitcoin network’s increasing adoption of smart contracts and DeFi infrastructure has made it more appealing for building new tokens and decentralized applications.
Although the BRC-20 token standard is still in its early stages, the growing popularity of meme tokens on the Bitcoin network could potentially lead to increased adoption and pave the way for more innovative projects in the future. However, as with any investment, it is essential to exercise caution and thoroughly research potential projects before committing funds.
Singapore, Singapore, May 3rd, 2023, Chainwire
zkLink, a multi-chain trading middleware utilizing zero-knowledge proofs, announces the first “Dunkirk Test”, a new DeFi safety standard, on May 11-13. During this event, zkLink will shut down its servers for 72 hours, inviting users to try the emergency asset recovery feature, and earn rewards for taking part in the test.
“The Dunkirk Test is like a fire drill for crypto users. We will simulate a sudden shutdown of the zkLink infrastructure, so that users can learn how to recover their assets,” said Vince Yang, co-founder of zkLink. “We believe the ‘Dunkirk Test’ could set a new benchmark for safety in the crypto industry. It is unacceptable that billions of dollars are lost each year due to custody fraud or cross-chain bridge exploits, so we encourage other DeFi protocols to conduct the same test to prove self-custody of user’s funds.”
The Dunkirk shutdown period begins on May 11 at 12pm Singapore time, during which users can go to a recovery node and withdraw their assets back to their wallets.
One of zkLink’s ecosystem dApps, ZKEX.com, will also take part in the shutdown test.
To participate in the Dunkirk event, users should first join the campaign on Galxe.com, then trade on the ZKEX.com testnet using free test tokens until May 10, the day before the shutdown.
“The ZKEX team is building what we hope is the safest omni-chain DEX in the industry. So to prove it, we’re joining zkLink in shutting down access to our trading platform to demonstrate users won’t experience another CeFi-like loss with us,” said Balal Khan, co-founder of ZKEX. “Think of this as a fake rug pull with a happy ending, giving peace of mind that crypto traders have ownership and control of their assets at all times, even if zkLink is down, or ZKEX.com disappears.”
In addition to fourteen partners hosting recovery nodes, zkLink’s open-source asset recovery app has been released on Github, enabling anyone to download and run a private recovery node for fund withdrawal.
The mainnet launch of zkLink is planned for summer 2023, soon after the Dunkirk test.
For more information about the Dunkirk asset recovery test, visit zk.link/dunkirk
About zkLink
zkLink is a multi-chain trading infrastructure secured with zk-SNARKS, empowering the next generation of decentralized trading products such as order book DEX, NFT marketplaces, among others.
By connecting various L1 blockchains and L2 networks, zkLink’s unified, multi-purpose ZK-Rollup middleware enables developers and traders to leverage aggregated assets and liquidity from different chains and offer a seamless multi-chain trading experience, contributing to a more accessible and efficient DeFi ecosystem for all.
About the ‘Dunkirk Test’
Inspired by the historic evacuation from the beaches of Dunkirk, the zkLink Dunkirk Test serves two critical purposes: boosting user confidence in zkLink system security and promoting the adoption of the Dunkirk Test as an industry standard for absolute fund security.
In this first test, the zkLink protocol will shut down for three days, allowing users to recover their assets from either a hosted or self-hosted recovery node. Asset balances will be rebuilt from all connected blockchains, and withdrawn back to users’ wallets, giving peace of mind that user funds are truly self-custodial.
A number of partners have committed to run recovery nodes for users during the Dunkirk shutdown period, namely Alliance DAO, Ascensive Assets, BitEye, Bware Labs, CyberConnect, Kepler-428 DAO, Meria, Morningstar Ventures, Republic Crypto, Secure3, Smrti Labs, TokenInsight, Unipass, and Verilog.
To stay updated and learn more about zkLink, follow zkLink on:
Website | Twitter | Discord | Logo
Contact
zkLink Marketing Team
[email protected]
Kraken, one of the largest crypto exchanges in the world, is set to imminently lay off an additional 400 employees, sources told Crypto Intelligence News on Tuesday.
They warned that further job cuts could be on the horizon, as Kraken “still has employees that are surplus to requirements.”
The US-based crypto exchange didn’t respond to a request for comment by Crypto Intelligence News.
The planned job cuts will come amid the crypto market partially recovering, with Bitcoin rallying by around 21 percent in the last three months, according to CoinMarketCap data.
Ethereum, the world’s second-largest cryptocurrency, has seen its price increase by around 14.3 percent over the same period, trading at around $1,871 on 2 May.
In November, Kraken announced that it would be laying off 1,100 employees, which at the time accounted for around 30 percent of its total workforce.
CEO Jesse Powell explained in a blog post that the cuts were necessary to realign the company’s headcount with demand, which had taken a significant hit due to crypto prices tanking.
“We had to grow fast, more than tripling our workforce in order to provide those clients with the quality and service they expect of us,” Powell said.
“This reduction takes our team size back to where it was only 12 months ago.
“I remain extremely bullish on crypto and Kraken,” he added.
And in early February, Kraken announced more lay-offs, with it shuttering its Abu Dhabi office and consequently axing eight employees in the UAE capital.
George Town, BVI, May 2nd, 2023, Chainwire
Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets.
The recently concluded $20 million valuation seed funding is backed by Dorahacks, Everstake, Cogitent Ventures, Token Metrics Ventures, and Autonomy Capital, among others, and will allow Nolus to fully complete the technological backbone and further expand the platform both within and outside the Cosmos ecosystem. The Advisory Board members Zaki Manian, Strangelove, and Shane Molidor will ensure Nolus solidify its cross-chain presence.
The novel DeFi Lease solution by Nolus unlocks the full potential of crypto money markets by reducing the industry’s steep over-collateralization requirements, resulting in significantly improved capital efficiency and much more favorable lending options for users. The Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets through whitelisted yield-bearing strategies. With the added support of liquid staking derivatives, the Nolus protocol will create a cornerstone use case for LSDs for the Cosmos ecosystem in the form of self-repaying loans.
About Nolus
Nolus defines a money market between lenders looking to earn yield on deposited stablecoins and borrowers looking to amplify holdings with more assets than their current equity at lower risk and retained ownership.
The Protocol utilizes a semi-permissioned PoS blockchain built using the Cosmos SDK and a WASM smart contract engine that executes in an isolated sandbox model focused on interoperability, security and performance. Interoperability itself is at the core of Nolus’ offering as the Protocol utilizes IBC and Interchain Accounts to tap into a diverse set of liquidity hubs without creating fragmentation across chains.
After months of testing, Nolus will open its public mainnet in May.
Contact
Marketing and Communications
Nolus Protocol
[email protected]