Bitcoin Industry

2023-11-23 15:00:55 Lugano Integrates Polygon Protocol into MyLugano Payment App for Crypto Transactions

In a significant move towards solidifying its position as Europe’s emerging crypto-capital, Lugano city in the southern Switzerland Ticino region has seamlessly integrated the Polygon proof-of-stake (PoS) protocol into its crypto-friendly payment app, MyLugano.

Polygon, as revealed in a November 22 blog post, announced the successful integration of its PoS protocol into the MyLugano payment app, enabling Lugano residents to conduct transactions seamlessly within the broader Polygon ecosystem.

According to the announcement, the updated version of MyLugano introduces a cutting-edge multichain digital wallet for personal custody. The press release indicates that several tokens have already been integrated into this app section, with plans in place to incorporate more in the future.

Lugano has emerged as a global leader in crypto adoption with MyLugano, developed in collaboration with crypto company Tether, serving a substantial user base of 30,000 individuals, nearly half of the city’s population. This user-friendly app facilitates payments in digital currencies for local small- to medium-sized traders.

The MyLugano app, recognized with the prestigious IEEE Smart City Award, has enabled over 30,000 users to access a loyalty circuit through LVGA, the city’s proprietary stablecoin. The integration of Polygon PoS not only enhances MyLugano’s functionality as a local payment tool but also opens doors for users to explore a myriad of decentralized apps within the Polygon network. Open / Comment

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2023-11-20 17:01:48 Web3 Game Adoption Hinges on Free-to-Play Approach, Says YGG Co-Founder

To increase adoption, in 2024, most successful Web3 games will move away from the play-to-earn (P2E) model to free-to-play, according to Gabby Dizon, the co-founder of Yield Guild Games.

Now we see games like Axie Infinity Classic, where players must buy a minimum of three non-fungible token (NFT) Axies to play. The new games will want to do away with technical and financial entry barriers.

The point is, Dizon argued, that in order for mass adoption to happen, games need to be free to play first.

He said that,

“There’s an evolution of the business model where the games are free to play, and then at some point along the way while you’re playing, then you’re able to mint an NFT or start earning tokens, but a lot of new games aren’t really starting with requiring NFT ownership at the start.”

Dizon said that there is a wider effort among Web3 game developers to put gameplay first and tokenomics second.

Additionally, there is an issue of speculative Web3 gaming bubbles – and this pivot will be a part of the solution. Per Dizon, developers are focusing more on making games that players will continue playing, reinvesting money in the game, thus preventing “the in-game economy from becoming a cash-generating machine.” Open / Comment

2023-11-20 13:59:10 Islamic Coin is now expecting new listings on other exchanges after its official launch on KuCoin!

$ISLM is now successfully listed on KuCoin, but the team also announced that KuCoin is only a kickstarter and soon there will be listings on other top-tier exchangers, which will bring new liquidity to the coin.

Islamic Coin developers suggest that the potential audience of the token is over 2 billion people and if only 3% or 4% of this audience holds ISLM token, the capitalization will be comparable to BTC. And the project already has the biggest Twitter account among crypto Muslim community with 1.3M followers.

Islamic Coin recently won «Best Blockchain Infrastructure of the Year» at TahawulTech’s Future Enterprise Awards 2023. Also partnerships with Sushi and Pyypl will empower Islamic Coin's global community with benefits like liquidity provision, staking assets and earning tokens during the liquidity mining phase.

Even before the listing Islamic Coin has already secured $400M from private investments and from ABO Digital. Join Islamic Coin Official Telegram Channel not to miss any community rewards announcement and other on-chain activities. Visit KuCoin to trade and deposit ISLM. Open / Comment

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2023-11-17 15:00:01 Asia-based Crypto Exchange XREX Secures In-Principle Approval for Major Payment Institution License in Singapore

On November 16, XREX, an Asia-based cryptocurrency exchange specializing in cross-border payments, achieved a significant milestone by receiving in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This license will empower XREX to provide digital payment token products and services in Singapore, solidifying its position as a compliant and regulated player in the digital asset space.

The Monetary Authority of Singapore (MAS) plays a crucial role in creating a progressive and robust regulatory framework, providing clarity and confidence for users engaging with digital assets and stablecoins in Singapore. XREX’s approval reflects its dedication to adhering to the highest regulatory standards and positions it among the approved digital asset entities by both Singaporean and Taiwanese regulators.

Operating under MAS’s regulation of digital payment token service providers, a DPTSP (Digital Payment Token Service Provider) is required to hold an MPI license to offer digital payment token services. XREX now joins an esteemed group of approved entities in Singapore, including major players such as Coinbase, DBS Vickers, Circle, Paxos, Ripple, and Revolut.

Christopher Chye, CEO of XREX Singapore, expressed appreciation for MAS through regulatory scrutiny, emphasizing Singapore’s commitment to attracting responsible actors in the digital asset industry. XREX Singapore plans to introduce cost-effective, secure, and fast domestic and cross-border payments for businesses in Singapore and emerging markets.

“This is great for Singapore and great for our industry as a whole. XREX is looking forward to introducing cheaper, safer, and faster domestic and cross-border payments for Singapore and emerging market businesses.” Open / Comment

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2023-11-15 20:30:00 WOW!!! Crypto exchange WhiteBIT is 5 years old! Congratulations!!!!

In honor of this anniversary, they launched unreal activities.
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2023-11-14 15:01:42 Polygon Network Records Robust User Activity Amid Broader Crypto Market Weakness in Q3 2023

In a recent report by the blockchain data analytics platform Nansen, the Polygon network showcased remarkable resilience and robust user activity during the third quarter of 2023, defying the broader weakness observed in the crypto markets. The report emphasizes Polygon’s sustained growth trajectory, characterized by diverse collaborations, and anticipates further positive impact with the introduction of Polygon 2.0.

During Q3 2023, Polygon Network experienced a dynamic transactional landscape, with daily transactions peaking at 2.8 million and reaching a low of 1.9 million. This fluctuation suggests a resilient network. Also, the user base demonstrated remarkable stability, with daily active addresses consistently ranging between 275,000 and 466,000, indicating Polygon’s success in retaining a robust and engaged user community.

In terms of Polygon’s competitive edge in providing cost-effective transactions, the peak average daily gas fee for Polygon transactions was $0.05, maintaining a range of $0.01 to $0.05 throughout the quarter. In contrast, Ethereum’s fees displayed higher fluctuations, ranging between $1.95 and $15.

With Polygon known to be a diverse and active ecosystem, Chainlink led with 47.08 million transactions, followed by Galxe with 8.29 million and Planet IX with 7.52 million transactions. Contributions from notable participants such as Stargate, LayerZero, Tether, and USDC further enriched the network’s vibrancy. Open / Comment

2023-11-11 15:01:41 Court Approves Celsius Network’s Bankruptcy Exit, Transition to Bitcoin Miner

The U.S. Bankruptcy Court has approved Celsius Network LLC’s transition from a failed crypto lender to a Bitcoin mining business, setting the stage for the company to begin repaying its customers.

Judge Martin Glenn confirmed the company’s plan to compensate its creditors using a mix of digital assets and shares in the new Bitcoin mining operation, which will be publicly traded. According to Celsius’s legal team, asset distribution could commence early next year, providing long-awaited relief for affected customers whose accounts have been frozen for over a year.

Though Celsius Network filed for Chapter 11 bankruptcy protection in 2022. The bankruptcy file it submitted to the court revealed that the company held $4.3 billion in assets against $5.5 in liabilities, amounting to around $1.2 billion in deficits. The majority of the $5.5 liabilities consisted of the $4.72 billion worth of user deposits.

Meanwhile, Celsius has been seeking a way out to restructure and compensate the customers. Upon the filing of Chapter 11, the company made a statement that it may repay the customers by the mining equipment it possessed at the time. Celsius’s mining operation, Celsius Mining LLC, could “over time” generate enough assets to repay some loans. The mining branch owned 80,850 mining rigs, out of which 43,632 were “in operation.” Open / Comment