The U.S. Supreme Court has agreed to hear Nvidia’s appeal to dismiss a securities fraud lawsuit accusing the company of misleading investors about its sales to the cryptocurrency industry. Nvidia’s appeal follows a lower court’s decision to revive a class-action lawsuit. The suit alleges that Nvidia and its CEO, Jensen Huang, downplayed the impact of […]
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R&B Artist Akon Tells Fans Not to Request Crypto-Related Messages
Award-winning musician Akon recently pleaded with his fans on a video-sharing website not to request him to record crypto-related messages. However, in a post on the website, the music producer did not share reasons for his newfound disinterest in cryptocurrencies. Singer Unwilling to Endorse Crypto A few years after promoting the futuristic, Wakanda-style city in […]
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Victoria VR Aims to Be the First Crypto-Related App for Apple’s Vision Pro
Victoria VR is slated to become the inaugural crypto-related application for the Apple Vision Pro. With a focus on active user engagement and a blockchain-based economy, the game will have to navigate the challenges posed by App Store policies as it relates to applications involving crypto.
Victoria VR Sets to Be First Crypto-Related App to Launch on Vision Pro
The upcoming Victoria VR game is set to become the first crypto-related application for Apple’s latest product offering, the Vision Pro. Despite Apple’s reluctance to label the Vision Pro as a VR headset, for all intents and purposes it is a VR headset with augmented reality-like features.
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— Victoria VR (@VictoriaVRcom) February 2, 2024
Victoria VR, described in a whitepaper, will be a game that leverages the advanced features of the Apple Vision Pro, incorporating Web3 technology to offer an immersive MMORPG experience with realistic graphics powered by Unreal Engine. The game will set itself apart by being blockchain-based and user-owned.
The Victoria VR token, essential for in-game transactions, rewards, and engagement, has seen a significant rise in value, climbing over 106% in just a day, following the announcement of its integration into the Vision Pro platform.
Apple’s historically cautious stance on crypto and in-app economies raises questions about Victoria VR’s launch prospects on the App Store. The tech giant’s previous actions, including banning token-gated content, reflect its skepticism towards cryptocurrencies. However, Victoria VR aims to navigate these challenges with a model that encourages active participation and contribution from its users, promising a portion of in-game asset sale revenues to be shared with stakers and active participants in the metaverse.
Victoria VR’s vision is ambitious, aiming to create a self-sustaining economy within its metaverse, where every interaction holds potential for reward. As the game prepares for a spring launch, it represents an attempt to marry the latest in spatial computing with the decentralized ethos of Web3.
Do you think Apple will give Victoria VR any trouble launching on the App Store? Share your thoughts and opinions about this subject in the comments section below.
Report: 47% of Nigerians Engaged in Crypto-Related Activities
A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023.
Cryptocurrencies No Longer Seen as Speculative Assets
According to an analysis carried out by Coin Journal, about 47% of Nigerians are actively engaged in crypto, which is now widely seen as an alternative to traditional financial systems. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023.
The growth in the number of Nigerians owning such digital assets comes despite the Central Bank of Nigeria (CBN)’s move to curtail their use. As previously reported by Bitcoin.com News, the central bank moved to vigorously enforce its Feb. 6, 2021 decision, which sought to exclude crypto entities from the banking system.
However, the depreciation of the Nigerian currency, which accelerated in the second half of 2023, and rising inflation, have pushed residents into digital assets like bitcoin (BTC) and USDT.
Max Coupland, commenting on the findings of his firm’s study, said, “The data reflects a significant departure from considering digital assets solely as speculative investments, illustrating a broader transformation in how individuals approach and incorporate cryptocurrencies into their financial lives.”
He added that the growth in the use of cryptocurrencies in not just Nigeria but across the world underlines their pivotal role in shaping the future of global finance.
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Nigerian Fintech Startup Vella Finance Drops Crypto-Related Services
The Nigerian fintech Vella Finance recently informed users and subscribers that it would stop offering crypto related services starting on Oct. 30. According to co-founder Tolu Adedayo, offering crypto and banking services at the same time is not feasible, hence the decision to drop the former.
Business Decision
The Nigerian fintech startup, Vella Finance, has reportedly dropped crypto services and will instead focus on providing banking services to small and medium-sized businesses. Co-founder Tolu Adedayo claimed that the decision to drop crypto services was based on business reasons.
According to a Techcabal report, Vella Finance informed users and subscribers on Oct. 23 that the fintech startup would stop offering crypto-related services from Oct. 30, going forward. Explaining why the startup chose to pivot away from crypto-related services, the co-founder said:
We’re going fully into SME Banking. Banking requires playing in regulatory confines. We already serve businesses from the onset backed by user and transactional data. It just makes sense to offer an end-to-end banking system to better serve them.
Adedayo added that in his opinion, providing cryptocurrency and banking services at the same time is not practical.
Rising Nigerian Crypto Interest
However, Vella Finance’s decision to drop crypto-related services has been made at a time when interest in digital assets like bitcoin and tether is seemingly on the rise. As indicated by the latest Chainalysis report, Nigeria is among the only six countries in the world’s top 50 “whose crypto transaction volume grew year-over-year.” In addition, Nigeria’s rapidly depreciating local currency is also reported to be fueling interest in crypto assets.
Despite the apparent interest in crypto and related services, Adedayo is quoted in the report stating that his startup is already planning to introduce new features which will “solidify [Vella Finance’s] full entrance into the business banking space.”
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‘What Is an NFT’ the Most Searched for Crypto-Related Phrase in the US — Study
The phrase “What is an NFT?” has been the most searched for crypto-related term with 39,459 average monthly queries, an analysis of nearly 300 questions has shown. With a search rate of 26,283, the queries for the phrase “What is the blockchain” were 1,681% more than the average search volume for the analyzed questions.
U.S. Residents Most Curious About NFTs
An analysis of frequently searched cryptocurrency terms and phrases by U.S. residents has shown that non-fungible tokens (NFTs) are the “most queried topic in the country.” With the volume of queries totaling 39,459, the search term “What is an NFT?” turned out to be 2,575% more than the average volume” for the nearly 300 questions analyzed by Marketplace Fairness. The only Google crypto-related searches and queries to surpass those of NFTs were for “What is cryptocurrency?” which averaged 39,466.
In the meantime, the analysis suggested that U.S. residents searched for the phrase “What does NFT stand for?” an average of 13,516 times per month. This figure, according to the analysis, was 816% more than the average.
Searches for Blockchain
The analysis shows that after NFTs, Americans were interested in the phrase “What is the blockchain?” With a search rate of 26,283, the queries for this phrase were 1,681% more than the average search volume for the analyzed questions. In contrast, the average number of searches for the phrase “What is the blockchain technology?” stood at 5,285 while those for the term “How does the blockchain work?” averaged 1,419.
With an average search rate of 4,683 times each month, queries for the phrase “How does cryptocurrency work?” are 217% higher than the average, the analysis suggested. The monthly average Google queries on “What is cryptocurrency mining?” stood at 6,725 while those for the phrase “How to mine cryptocurrency?” averaged 1,866.
According to Marketplace Fairness’ analysis, average monthly searches for the term “decentralized finance” stood at 2,850, a figure 93% above the average.
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HSBC, Mastercard File More Crypto-Related Trademark Applications
HSBC and Mastercard, two major players in the banking and payment industries, have submitted additional trademark applications related to cryptocurrencies with the United States Patent and Trademark Office (USPTO). Mastercard’s filing focuses on crypto and blockchain transactions while HSBC’s application focuses on metaverse banking and services related to non-fungible tokens (NFTs).
HSBC and Mastercard Expand Crypto Footprint
HSBC and Mastercard have continued to file trademark applications with the United States Patent and Trademark Office (USPTO) for a wide range of crypto-related services.
USPTO attorney Mike Kondoudis tweeted Monday that Mastercard filed a new trademark application (serial no. 98038563) on June 12 for the word mark “Mastercard Crypto Credential.” It covers software for verifying interactions, processing or exchanging cryptocurrencies, and connecting virtual asset service providers (VASPs).
HSBC also filed a new crypto-related trademark application (serial no. 98037178) on June 12. The banking giant’s filing for the word mark “HSBC Innovation Banking” focuses on metaverse banking, consulting, financial services, virtual credit cards, and several services involving non-fungible tokens (NFTs).
In December last year, HSBC filed trademark applications for its name and logo covering a broad range of crypto-related services. In March, the bank joined the metaverse by partnering with blockchain virtual gaming platform The Sandbox. However, HSBC Group’s CEO, Noel Quinn, said in September that crypto is not in the bank’s future.
Mastercard has been focusing on crypto for quite some time. In April last year, Mastercard filed 15 metaverse and NFT-related trademark applications. Last November, the payment giant said it is focusing on five key areas to turn crypto into an everyday way to pay.
An increasing number of major corporations and financial services institutions have filed trademark applications for a broad range of digital currency and metaverse products and services, including Visa, Paypal, and Western Union.
What do you think about major companies continuing to file trademark applications covering a wide range of crypto and metaverse-related products and services? Let us know in the comments section below.
Rwanda Government Orders Banks to Stop Facilitating Crypto-Related Transactions
According to the National Bank of Rwanda, the country’s regulated financial services providers are now prohibited from facilitating crypto-related transactions. In her Jan. 31 letter justifying the decision, the acting governor Soraya Hakuziyaremye cites the unregulated status of most crypto assets and how this leaves users without the “guarantees and safeguards associated with regulated financial services.”
Rwanda’s Growing Interest in Crypto
The National Bank of Rwanda (NBR) has said the country’s financial services providers are forbidden from engaging in “any crypto-related activities until a regulatory framework has been put in place.” In a letter addressed to managing directors and CEOs of financial services providers, the NBR’s acting governor Soraya Hakuziyaremye suggested that the prohibition would help to ensure “efficient and sound financial services.”
Despite the central bank’s 2018 warning against crypto-related activities, Hakuziyaremye acknowledged in her letter that Rwandan residents have continued to trade digital assets like bitcoin. According to the letter, available data suggest that “more than three million U.S. dollars were traded on [the] Rwanda market since January 2020.”
Meanwhile, in the same letter, Hakuziyaremye sought to justify the central bank’s decision to bar financial services providers from facilitating crypto-related transactions.
“Although crypto asset activities are still limited and therefore, do not pose substantial risks to [the] financial and monetary system of Rwanda, the NBR is concerned about the involvement of the financial institutions in crypto activities,” Hakuziyaremye said.
Crypto-Related Activities Lack ‘Guarantees and Safeguards Associated With Regulated Financial Services’
In the Jan. 31 letter, the acting NBR governor cites the unregulated status of most crypto assets and how this leaves Rwandese users without the “guarantees and safeguards associated with regulated financial services.” The letter also points to how crypto investors elsewhere have been defrauded by scammers like Ruja Ignatova of Onecoin and Gerald Cotten of Quadriga crypto exchange.
Hakuziyaremye’s letter also attempts to draw Rwandan crypto investors’ attention to the decisions that some regulators have taken against unregulated crypto entities.
“For example, Binance, whose presence was noticed in Rwanda, is under investigation in the United States of America over money laundering allegations. The same company has been banned by the Financial Conduct Authority (FCA) due to weak consumer and investor protection mechanisms,” the acting governor said.
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Coreto: A Social Platform for All Reliable Crypto-Related Information
Coreto, a reputation-based online social platform for crypto communities has announced the Alpha launch of its product. Set for release on April 12, 2021, the product will be initially tried and tested by a select group of 500 users with another 500 users to be added at a later date.
The Need for Community-Driven Crowdsourced Knowledge in Crypto Industry
The cryptocurrency industry is one of the fastest-growing industry segments. Since the introduction of Bitcoin, the number of cryptocurrencies, blockchain projects and their applications has increased at an exponential pace. Currently, the concepts of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) take the top spot. In such a scenario, the vast crypto community is still playing catch-up as they try to understand the market and predict its future path.
The crypto community is made of enthusiasts, regular users, developers, investors, traders and decision-makers. The decentralized aspect of the technology makes it attractive and at the same time confusing as each participant has limited knowledge and there is no reliable platform where they can learn more from others while sharing what they know with the community.
Coreto Makes Crowdsourced Crypto Information More Reliable
There are many active online forums where the cryptocurrency community regularly interacts. While these forums and social networks have proven to be a great place for promoting cryptocurrencies and related projects, the authenticity of information available in such places aren’t always reliable. In case you are an investor or a trader who is new to cryptocurrencies, then such platforms are the last place to rely on for investment advice, or even to get in-depth knowledge about anything crypto-related.
Coreto solves this issue by creating a tokenized, reputation-based social platform where the crypto community can share knowledge and access information knowing that they are endorsed by the community. By using a unique Staking of Opinion Pool (SOOP) mechanism, the platform introduces a trust layer where the content creator stakes the platform’s native COR token to back the authenticity of shared information. Other users who believe the information to be authentic or trust the content creator’s expertise can endorse the claim by entering their stake into the pool. Based on the number of posts and received endorsements, content creators will earn a reputation which enables them to create subscription-based information sharing channels to monetize their knowledge while benefiting the community at large.
“The whole Coreto concept was built around the community from day one. We’ve always had in mind the final user, his experience and benefits using the platform. Our main goal is to build a fool-proof tool that people can use in order to find out who they can trust and follow in the crypto space.”, says Iustina Faraon – CEO and Co-founder of Coreto.
A Blend of Various Technologies to Create a Perfect Recipe
Coreto’s aim is to reduce the time taken to search for reliable information on the internet while rewarding those making worthy contributions to the community. To achieve its mission, the platform is designed to be as user-friendly as possible. The gamification element in Coreto ensures user engagement by incentivizing participation in the community. Meanwhile, the Machine Learning and Artificial Intelligence algorithms help recognize various market trends and investor interests to generate relevant metrics that are useful to the community.
The social platform includes an integrated DeFi solution complete with staking pool, lending, borrowing and automated payments for subscriptions and rewards for increased participation and efficient utilization of the COR token ecosystem.
The Road Ahead for Coreto
The Alpha release of Coreto is aimed at testing and improving the SOOP algorithms. With traders as the initial focus group, the platform will expand its offering to include the remaining stakeholders in the ecosystem.
Starting April 12th, Alpha users on Coreto can publish technical analysis for various crypto assets and build prediction pools using SOOP, thereby acquiring reputation scores based on the number of followers and supporters gained during this period.
In the long run, Coreto aims to strengthen its position in the market as the main information platform for the cryptocurrency field. The team intends to develop the platform on several levels, including options through which Trust and Performance algorithms can be implemented on other platforms where there are peer-to-peer interactions.
The whitelisting process for the second set of 500 users on the Alpha release is still open. Users can sign up and reserve a spot at – https://reserve.coreto.io/
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