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Impact of DORA Regulations on EU Cryptocurrency Businesses

Saturday. January 18 at 1:00 AM

Cryptocurrency businesses in the European Union are now required to adhere to new cybersecurity regulations under the Digital Operational Resilience Act (DORA) effective from Jan. 17. DORA mandates virtual asset service providers (VASPs) to enhance their cybersecurity and resilience practices. To comply, EU financial entities must maintain a detailed register of contractual agreements with third-party IT service providers for secure infrastructure and risk management. These regulations, part of the Markets in Crypto-Assets Regulation (MiCA), aim to bolster resilience against cyber threats and IT failures, ensuring investor protection and market integrity. Industry experts from firms like MoonPay and Gemini exchange have emphasized the significance of DORA compliance. The regulations will not only impact VASPs but also crypto asset issuers, potentially leading to a consolidation of service providers to meet stringent security standards. Overall, DORA is expected to enhance operational resilience and safeguard investors in the evolving crypto landscape.

Cryptocurrency

MakersPlace NFT Platform to Shut Down Amid Market Decline

Saturday. January 18 at 12:00 AM

MakersPlace, a digital art platform specializing in non-fungible tokens, is closing due to challenges in the NFT market. Launched in 2018, the company announced its shutdown on Jan. 15 after facing funding difficulties. The closure reflects the overall slump in the NFT industry, with MakersPlace disabling minting and new accounts immediately. Users can still buy NFTs until the platform closes completely. A transfer tool will be available in February for users to move their NFTs off the platform until June. Despite raising $30 million in funding from industry giants, MakersPlace will return unused funds to investors and provide fair severances to employees. The NFT market downturn has led to several marketplaces, including MakersPlace, shutting down operations. However, some experts believe NFTs will bounce back stronger than before. MakersPlace's closure marks a significant development in the evolving NFT landscape.

NFT

Revolutionizing Education with Decentralized Blockchain Technology

Friday. January 17 at 11:00 PM

Open Campus, a decentralized autonomous organization (DAO) known for onchain education, has launched its layer-3 blockchain, EDU Chain, on Arbitrum Orbit. Introduced on Jan. 17, this blockchain is tailored for educational apps and onchain education utilizing the EDU token. A key feature of EDU Chain is the Open Campus (OC) Achievement system, enabling educational institutions to issue tamper-proof records of learners' qualifications. These achievements are self-sovereign records stored in a learner's digital wallet, ensuring data privacy. With $150 million in total value locked (TVL), EDU Chain is the largest layer-3 blockchain. The mainnet launch follows a successful testnet campaign, with developers now deploying their DApps. Open Campus has also initiated a hackathon series and an incubator program to support DApp development. The platform rewards users with Yuzu points for engaging with DApps, emphasizing the potential of tokenized educational content and AI-powered learning experiences in revolutionizing global education by 2025.

Blockchain Gaming

Enhancing DeFi Accessibility and Efficiency

Friday. January 17 at 10:00 PM

Primex Finance is revolutionizing DeFi by combining trading, lending, and leveraged yield farming in a user-friendly platform. DeFi has reshaped finance but faces challenges like fragmented liquidity and lack of integration with real-world assets. Innovations like omnichain DeFi aim to address these issues, yet complex interfaces remain a barrier. Primex Finance stands out with its mainnet launch, offering leveraged yield strategies and a perpetual futures trading terminal. The platform integrates real-world assets like Paxos Gold and USDY, expanding opportunities for users. To attract new users, Primex offers engaging tools like a Telegram-based game. Leveraged yield farming on Primex maximizes returns on low-risk assets, making DeFi strategies more accessible. The platform's success hinges on the adoption of its native PMX token and liquidity mining campaign. By fostering a community-driven ecosystem, Primex aims to create a sustainable DeFi platform for global users.

DeFi

Analysis of Sonic Price Movement

Friday. January 17 at 9:00 PM

Sonic (formerly FTM) price has increased by 1.8% in the past 24 hours, accompanied by a 500% surge in trading volume to $114 million. Technical indicators such as the ADX and EMA lines suggest a strengthening uptrend, potentially testing key resistance levels if momentum is sustained. However, bearish signals from the BBTrend indicator indicate mixed conditions, advising traders to be cautious about a possible reversal. Sonic's ADX has risen to 35.6, indicating a strong trend, supported by a recent golden cross formation. The current trend strength and the potential for a new golden cross suggest further price gains if buying pressure continues. Conversely, a negative BBTrend value of -6.8 signals increasing bearish pressure, potentially leading to a downtrend. Mixed signals from the ADX and BBTrend advise caution, as failure to maintain upward momentum could result in a price decline. A break below $0.74 support level could lead to further downside towards $0.61.

Cryptocurrency

BitMEX Fined $100 Million for AML Violations

Friday. January 17 at 8:00 PM

BitMEX, a cryptocurrency trading platform, has been fined $100 million for violating US anti-money laundering (AML) regulations. The penalty was imposed due to BitMEX's failure to comply with the US Bank Secrecy Act (BSA), allowing illicit transactions on its platform for several years. The company's lack of proper Know Your Customer (KYC) procedures enabled users to bypass regulations and engage in illegal trading. The penalty also extends to BitMEX's developers, emphasizing the personal and financial risks faced by CEOs of non-compliant exchanges. Despite the fine being lower than the initial request, BitMEX's parent company is on a two-year probation to enhance compliance practices. This case sets a precedent for stricter cryptocurrency regulations in the industry, highlighting the importance of regulatory frameworks for exchanges.

Cryptocurrency

US Dominance in Crypto Venture Capital Funding

Friday. January 17 at 7:00 PM

In the fourth quarter of 2024, nearly half of all venture capital funding went to cryptocurrency startups based in the United States. Galaxy Digital's report revealed that 46% of the capital invested was in US startups, surpassing Hong Kong at 16%. The US also led in deal count, with 36% of all VC deals involving US companies. Despite a challenging regulatory environment, US firms continued to excel. With an incoming pro-crypto administration, the US is poised to become even more dominant in the crypto space. Industry experts anticipate a surge in crypto venture capitalist activity this year, driven by the potential shift towards a more crypto-friendly government. The report also highlighted the potential for traditional financial services firms to enter the crypto market, further solidifying US dominance. Despite regulatory challenges, the outlook for US crypto startups remains positive.

Cryptocurrency

Crypto Industry's Future Outlook

Friday. January 17 at 6:00 PM

Grayscale's managing director of research, Zach Pandl, predicts that the crypto industry will see numerous smaller victories in 2025, following two significant wins in the previous year. These victories include increased institutional adoption, more comprehensive legislation, and the potential for Bitcoin to become a US reserve asset. Pandl also suggests that Bitcoin could reach $500,000 by 2030. He anticipates more institutional adoption from pension and endowment funds, with some already considering allocating up to 5% of their portfolios to crypto. Additionally, Pandl highlights the growing interest in Ethereum and other innovative projects like decentralized finance and artificial intelligence tokens. With the upcoming change in US administration, there is optimism for a more crypto-friendly environment. Overall, Pandl's outlook is positive, emphasizing the industry's potential for growth and institutional adoption.

DeFi

Ripple's Legal Officer Denies Trump's Criticism of Kamala Harris Support

Friday. January 17 at 5:00 PM

Ripple's Chief Legal Officer, Stuart Alderoty, has refuted claims that President-elect Donald Trump criticized Kamala Harris's financial backing from network executives during the election. The allegations, published by various sources, lack evidence and have sparked controversy. The dispute originated from a report by Axios, quoting Trump questioning a company's support for Harris. While the company was not named, speculations point to Ripple. The accusations are tied to Ripple co-founder Chris Larsen's substantial donations to Harris's campaign. Despite rumors, Ripple CEO Brad Garlinghouse expressed support for Larsen's actions. Alderoty dismissed the claims of Trump's criticism as baseless and fictional. Ripple's announcement of a $5 million donation to Trump's inauguration fund adds complexity to the situation. XRP, Ripple's cryptocurrency, saw an 8% increase in value, attributed to renewed focus on Ripple's position in the blockchain sector and potential pro-crypto policies under Trump's administration.

Cryptocurrency

Empowering AI Collaboration with Reppo Labs

Friday. January 17 at 4:00 PM

Reppo Labs, a Crypto x AI company, recently secured $2.2 million in funding to develop infrastructure facilitating permissionless collaboration between data owners/warehouses and AI developers. By acting as a bridge, Reppo enables AI agents to directly communicate with data owners, eliminating intermediaries and unlocking data value. The team is constructing an intent-centric Data Exchange, powered by Anoma and secured by Gateway Protocol. Reppo's innovative approach involves programmable IP co-ownership to ensure fair compensation for data owners. CEO Raghav Rmadya emphasized the importance of self-sourcing data for AI growth. The company's mission to democratize access to untapped data has garnered support from investors like Protocol Labs and CV VC. Reppo aims to revolutionize the AI ecosystem by making off-chain data accessible for practical AI/ML models and agents, addressing challenges in various sectors like insurance underwriting and blockchain network management.

Blockchain Gaming