Wemade, a South Korean gaming company, announced its plan to issue a stablecoin on its mainnet a few months ago. Currently, it’s servicing 16 blockchain games on its platform, WEMIX Play.
The company revealed the detailed mechanism of the stablecoin, WEMIX$. With the launch date of its own mainnet WEMIX3.0 set on Oct. 20, the crypto market is likely to see a brand new stablecoin very soon.
“Stablecoin is the hottest topic in the crypto scene right now,” said Henry Chang, CEO of Wemade. “It is ‘the one who must not be named’ these days,” referring to the Terra crash from which the crypto market still hasn’t recovered.
However, there are three requirements that a successful stablecoin should meet, and WEMIX$ has them all, he went on to argue.
First, a stablecoin must be stable. That may sound obvious, but we’ve seen stablecoins that were unstable. However, WEMIX$ is stable because it will be issued 100% reserved by USD Coin (USDC$1.00), he explained.
He argued that another requirement for a stablecoin is “stable and native reflexivity,” which means when the demand for WEMIX$ increases, the value of WEMIX, the native coin of the Wemix3.0, should rise as well. That, in return, will expand the WEMIX3.0 ecosystem, and it will increase the volume of trade using WEMIX$.
To secure this positive cycle, a portion of every fee generated by WEMIX$ trades and WEMIX$-based trades will be allocated to the WEMIX holder community. Specifically, the WEMIX team plans to create a staking program and continue to distribute a certain portion of the WEMIX$ fees created in the WEMIX3.0 ecosystem to the staking program.
The third requirement he mentioned is scalability. For the ecosystem to grow, the total volume of its stablecoin must grow accordingly. In other words, the size of the ecosystem’s economy could be limited by its stablecoin’s trading volume.
To tackle this and peg problem, the WEMIX team devised its DIOS protocol for issuing and burning stablecoins. When high demand for WEMIX$ raises its price over 1 USDC, DIOS will issue additional WEMIX$ and swap with USDC to pull the price back to $1. Since the WEMIX$ price was higher than $1, there will be a surplus of USDC, which will be put in reserve, and additional WEMIX$ will be issued to keep the WEMIX/USDC ratio at 1:1. This newly issued WEMIX$ will go to the aforementioned staking program. This process also expands the total volume of WEMIX$ and USDC reserves.
If the price goes below $1, the DIOS protocol will be activated and take USDC from the reserve and buy WEMIX$ on decentralized exchanges. The protocol will burn the WEMIX to pull up its value. Then, the surplus of USDC will be put back into the reserve again, and additional WEMIX$ will be issued to match the 1:1 ratio.
“In order for the digital blockchain economy to operate and become successful, stablecoins are essential, and three requirements are needed to create a successful stablecoin, which are stability, stable and native reflexivity and scalability.” He concluded adding, “WEMIX$ will become a new history of stablecoins, and that history will be the cornerstone of the digital blockchain economy.”
London, UK, 18th October, 2022, Chainwire
Today, Kora, the app which pays users to reduce their carbon footprint, announced an investment from the Tezos Foundation as well as their use of the energy-efficient Tezos blockchain to power their app.
The Kora app rewards climate-positive actions and helps individuals, companies, and organizations measure and reduce their carbon footprint. Users earn Koras for actions that reduce their carbon footprint such as biking, switching to renewable energies, or taking public transportation.
Tezos, an energy-efficient open source blockchain network powered by a globally decentralised network of users and validators, will provide data and payment security for the Kora app.
In commenting on the reasons behind its selection of Tezos, Kora CEO & Co-Founder Gilad Regev comments, “Kora is becoming the most accurate real-time platform for measuring and validating behavior change. Ensuring that our users’ data and payment information is safe and secure has been a critical milestone in developing our platform.
Furthermore, the low-carbon Tezos blockchain enables secure validation of climate action. As a pioneer of the Proof-of-Stake blockchain revolution, and with one of the lowest carbon footprints in the industry with an annual footprint equal to that of 17 persons, Tezos was the obvious blockchain of choice for Kora.”
Gilad continues, “The support from the Tezos Foundation of Kora is a pivotal moment in the growth of Kora, one which will help propel it as both an app- and a movement- to new heights and we look forward to working with Tezos in this exciting chapter of our development. ”
Companies and builders around the globe leverage Tezos for projects exploring the potential for blockchain to be a tool for sustainable innovation. Recently, Cambridge University announced that the Cambridge Centre for Carbon Credits (4C) is building a trusted decentralised marketplace on Tezos that links corporate funders to conservationists via automated and transparent global oracles. Using this marketplace, purchasers of carbon credits will be able to confidently and directly fund trusted nature-based projects.
As part of its partnership, Kora joins the Cambridge Centre for Carbon Credits (4C) as another leading carbon reduction initiative building on the Tezos blockchain.
Learn more about Kora at Kora.app
Explore Tezos at Tezos.com
About Kora:
Kora exists to stop climate change. With a goal to reduce 2.5-3.5 gigatons of carbon emissions annually, Kora works by rewarding the reduction of C02. Koras are earned for every 100 grams of CO2 users reduce. The in-app Kora wallet allows users to keep track of their Kora earnings and send and accept payments from other Kora users or partners and participating businesses, and trade redeem the koras in the low carbon focused Kora marketplace.
About Tezos:
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy-efficient Proof of Stake blockchain with a proven track record, Tezos seamlessly adopts tomorrow’s innovations without network disruptions today. For more information, please visit www.tezos.com.
About Tezos Foundation:
The Tezos Foundation is a Swiss non-profit foundation that supports the development and long-term success of the Tezos protocol, an energy efficient blockchain with the ability to evolve by upgrading itself. For more information, please visit www.tezos.foundation.
Contact
Tal Dotan
pr@marketacross.com
Banks that accept deposits from cryptocurrency companies should be aware of increased liquidity risks, particularly if firms are highly interconnected with other digital asset businesses, said Michael Barr, the Federal Reserve’s vice chair of supervision, in a speech on Wednesday.
Barr said the Fed is working with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp to highlight the risks to banks of concentrating their deposits in the crypto industry, warning that banks could experience deposit fluctuations linked to price swings in the broader crypto market.
“The recent volatility in crypto markets has demonstrated the extent of centralization and interconnectedness among crypto-asset companies, which contributes to amplified stress,” he said.
“While banks were not directly exposed to losses from these events, these episodes have highlighted potential risks for banking organizations.”
Speaking at DC Fintech Week, Barr said the banking regulators’ engagement with financial institutions on the risks of accepting deposits from crypto firms is “not intended to discourage banks from providing access” to banking services for crypto companies, but instead on making sure that any risks are appropriately mitigated.
Barr’s comments mark his first full remarks on cryptocurrency and fintech since taking the top regulatory post at the Fed in July. In the speech, Barr said regulators need to balance supporting innovation while providing guardrails that protect consumers and guard against systemic risks.
Barr also warned that crypto companies making misrepresentations about deposit insurance can confuse customers, and may lead to increased withdrawals at crypto-aligned banks that provide such services during periods of heightened stress.
Those comments follow action the FDIC took in August in which it ordered crypto exchange FTX, along with several other crypto firms, to halt what it called “false and misleading” claims an FTX official had made about whether funds at the company are insured by the government.
Paris, France, 14th October, 2022, Chainwire
Paris Blockchain Week, the leading international conference dedicated to professionals in the blockchain and Web3 space, will be hosted at the Carrousel du LOUVRE in the heart of Paris’ historic palace and largest museum in the world from 20th to 24th March 2023. This 4th edition of the Paris Blockchain Week is Europe’s biggest blockchain event, covering: decentralized finance, NFTs, Web3, and metaverse, with 10,000+ attendees from around the globe, passionate to share, learn, and do business in one of the world’s most iconic places in the French Capital: the LOUVRE.
Key blockchain industry personalities have already committed to speaking at this celebration of all things blockchain. A first glance at our Speaker line-up includes Tim Draper (Founder and Managing Partner of Draper Associates, DFJ and the Draper Venture Network), Denelle Dixon (Chief Executive Officer & Executive Director, Stellar Development Foundation), Nicolas Cary (Co-Founder & Vice Chairman of Blockchain.com), Eva Kaili (Vice President of the European Parliament), Yat Siu (Co-Founder and Executive Chairman, Animoca Brands Founder and CEO, Outblaze), Sébastien Borget (Co-Founder & COO, The Sandbox), Alexandre Dreyfus (CEO, Chiliz & Socios.com), Ira Auerbach (Senior Vice President, Head of Digital Assets, Nasdaq).
During this prestigious week, Paris Blockchain Week will also play host to several fringe events held by the most prominent blockchain brands. The Talent Fair provides a full day of employment opportunities spanning the largest players and latest innovators. By popular request, the Paris Blockchain Week Hackathon is back with brand new challenges and prizes to be won.
Emmanuel Fenet, CEO of Paris Blockchain Week, is anticipating this global crypto and blockchain flagship event with great enthusiasm. “We look forward to bringing an exciting and engaging event to the thousands of attendees who will be joining us again this year. Speakers from the best blockchain, Web3, NFT and metaverse platforms, digital asset companies, and leading VC funds will join the stage and share their insights. With over 400 speakers, we can hardly wait to reveal our full programme and line-up soon, so block your calendar for 20-24 March. See you at the Louvre!”
Sébastien Borget, co-Founder and COO of The Sandbox, commented about the 2023 edition “I can’t think of a more emblematic place than the LOUVRE, an historic landmark of Paris where art collections, paintings, sculptures and others forms of art are assembled, to be home of Paris Blockchain Week 2023 to exhibit how Web3 contributes to innovation in technology, Art, NFTs, Gaming and Metaverse.”
The Paris Blockchain Week March 2023 edition is set to welcome 10,000+ attendees, 400+ speakers, 300+ sponsors, 60% C-level+ executives, 400+ media and journalists. Website: www.parisblockchainweek.com
Contact
Dan
MarketAcross PR
pr@marketacross.com
Kyiv, Ukraine, 13th October, 2022, Chainwire
Primex Finance, the first-ever cross-chain prime brokerage protocol, launches the Primex Beta on the Ethereum Goerli testnet. The Beta version allows users to experiment with the protocol’s cross-DEX spot margin trading. With the Beta launch, Primex also introduces the new Referral Program for early users, offering benefits to early registrants and referral-based rewards.
DeFi holds the potential to financially empower investors and traders in ways that were previously unimaginable in the traditional financial world. Despite that, most of the existing DEXs with margin trading features still use centralized trade execution mechanisms and feature a limited number of assets available for margin trading as derivatives.
Primex decentralizes the trade-execution mechanism to enable a wider variety of actions on DEXs. Instead of centralized order books, all automated trade executions on Primex are carried out by a network of Keepers. Consequently, decentralization can be maintained throughout the entire trading process, from creating an order to closing the position.
The Beta version of Primex’s protocol introduces key features, such as:
- Spot trading without leverage: Primex Traders will now be able to use different types of orders—stop loss, take profit, and limit orders—for non-leveraged spot trades in a decentralized manner, facilitating the trade of cryptocurrency pairs without leverage.
- Primex Splitter: A new mechanism that functions as an aggregation solution that splits up swaps across multiple DEXs and helps users make their trades more efficiently by reducing slippage and finding the best swap rates, without any additional fees.
- Open Position and Order Modification: Introducing the ability for users to modify the deposit, Take Profit/Stop Loss (TP/SL), limit price, and leverage of open orders.
- Partial Position Close: Traders now have the ability to partially close an open position. When a position is partially closed, the returned funds are distributed between the Credit Bucket and the Trader, depending on debt size.
- Spot Orders and Positions Data: Expanded data display to include information about each Trader’s spot orders and positions.
- WalletConnect Integration: In addition to MetaMask, users can now use WalletConnect, widening the variety of crypto wallets connected to Primex.
- New DEX Integrations: Primex Beta supports two new DEXs (Curve and Balancer), as well as Uniswap v3 pools with different fees.
- Bucket Reserves: A new mechanism that automatically moves part of the traders’ fees to the Reserve Pool of each Credit Bucket to insure them against potential losses.
- Multi-Language Support: The Primex platform is now available in seven more languages to provide access to a more localized and user-friendly experience.
In addition to the new mechanisms introduced with Primex Beta, the Referral Program offers rewards in exchange for inviting new users to the platform. Connections and referral contributions are automatically tracked utilizing smart contracts to store the data transparently on-chain. Furthermore, the Early User Program grants participation in private challenges for a chance to earn exclusive prizes and access to the Primex private Discord channels. Ultimately, early users can also participate in the Ambassador Program to earn exclusive ambassador-only rewards.
“We are right on track to fulfilling our mission of defragmenting the DeFi markets via the new prime brokerage protocol that offers users open access to a truly decentralized spot margin trading experience across numerous DEXs and blockchains,” says Vlad Kostanda, Co-Founder and CEO of Primex. ”This new upgrade will enhance how the protocol works while bringing our team one step closer to Primex’s mainnet launch.”
About Primex Finance
Ukrainian-led Primex Finance is the cross-chain prime brokerage liquidity protocol for cross-DEX margin trading with trader scoring mechanisms. Lenders will have the flexibility to manage their risks and return by providing liquidity to a variety of risk buckets, subsets of liquidity pools that regulate trader risk strategies. For more information visit https://primex.finance/, or visit the Primex blog.
Contact
CMO
Anton Demenko
PrimexLabs OÜ
info@primex.finance
Blockchain.com, a cryptocurrency exchange backed by investors including Lightspeed Venture Partners, said on Wednesday it had received approval from Singapore’s central bank to offer payment services in the city-state.
The announcement came a day after crypto giant, Coinbase, said it had also received the same approval. This brings the number of crypto companies allowed to operate in Singapore to 18, out of the roughly 180 firms who have applied for a crypto payments licence as of January this year.
Blockchain.com, which was valued at $14 billion in March, said in a statement that it views Singapore as an attractive location to grow its institutional customers and team. Half of its business comes from institutions and its retail business has 84 million wallet holders from 200 countries, it said.
Singapore’s welcoming approach has helped the financial hub attract digital asset services-related firms from China, India and elsewhere in the last few years, making it a major centre in Asia.
However, crypto players have seen the value of their holdings drop after this year’s collapse of crypto fund Three Arrows Capital and cryptocurrencies Luna and TerraUSD, as well as a steady stream of cyber robberies.
Cryptocurrency platform Crypto.com will set up its European regional headquarters in Paris, the Singapore-based company said on Wednesday.
The firm will invest 150 million euros ($145.7 million) in France to support the establishment of its market operations, it said in a statement, adding it will hire local talent in the fields of compliance, business development and product.
The cryptocurrency exchange platform, which has more than 50 million users worldwide, received regulatory approval by the French market authority last month, allowing it to offer products and services to customers in France.
Crypto.com also got regulatory approval in the United Kingdom and Italy earlier this year.
In May, cryptocurrency exchange Binance said it had registered with France’s market regulator, with Binance France’s general manager David Prinçay adding it was now seeking a formal licence to open a regional headquarters in France.
XT.com, the world’s first social-infused exchange, is thrilled to announce the listing of the BIVE token in its Main Zone. With the new token listing, users can trade BIVE seamlessly on the trading platform of XT.
The BIVE token listing is expected to be open to trade at 08:00 UTC on Oct. 13, 2022. This, in turn, makes it beneficial for both the XT community as well the BIVE users. While the users of XT can trade better with newer tokens being listed, the BIVE community can trade on a global platform with a huge audience. BIVE’s initial decentralized exchange offering sold out in 20 seconds on XT Starter, which is a great sign for Bizverse on XT.
BIVE is the main currency of the Bizverse ecosystem and is a utility token that can be used for several purposes, such as buying, selling or leasing properties in the form of vrMalls and renting or leasing the vrExpo event organization system.
BIVE token staking benefits
The BIVE token runs on BNB Smart Chain and is open to expanding to multichain in the future. The token plays a central role in the Bizverese ecosystem, and in almost all the activities within the ecosystem, the token has its corresponding use cases.
BIVE users also get the privilege of taking part in network governance. The tokenholders and users can participate in the system governance process through voting. They can also delegate the voting rights to another player if they don’t wish to participate directly.
The contactless economy operates the whole trading, exchange, trading and mining business in Bizverse. This is a real economy, letting users bring trading activities in the real world into vrMalls, vrStores and exhibitions. With this new economic model, users can earn extra income by playing, watching, shopping, building and more. All are perfectly integrated into Bizverse, providing a full virtual universe for business operations based on virtual reality and the crypto world.
About Bizverse
Bizverse is a metaverse and digital twin world aiming toward a contactless economy, a project defined by the concept of meta economy, a combination between the metaverse and business worlds, to build a virtual reality environment, a real metaverse for business activities.
With superior 3D and virtual reality 360 technologies, stores, booths, and billboards in the Bizverse world are presented as 3D models combined with VR360, giving users unique VR experiences as well as an objective picture of products. Users can even insert your sales pages and websites into the Bizverse environment or hire advertising billboards in the lobby, thereby reaching potential customers in both real and virtual markets.
Despite the crypto market slump, Bizverse has successfully raised $4.5 million in seed and private rounds by leading venture funds. The project has now reached 300,000 active users on Bizverse Social, 200 million+ posts and 28 million+ comments on social platforms.
Bizverse, along with six other startups that are putting a lot of attention on the metaverse and blockchain, was honored to participate in the fourth accelerator program of Meta’s TTC Labs.
- Website: https://bizverse.io/
- Telegram: https://t.me/bizverseworld
- Twitter: https://twitter.com/BizverseWorld
- Discord: https://discord.com/invite/xUHHBCJx73
About XT.Com
By consistently expanding its ecosystem, XT.com is dedicated to providing users with the most secure, trusted and hassle-free digital asset trading services. Our exchange is built from a desire to give everyone access to digital assets regardless of where you are.
Founded in 2018, XT.com now serves more than 6 million registered users, over 500,000+ monthly active users and 40+ million users in the ecosystem. Covering a rich variety of trading categories together with an NFT aggregated marketplace, our platform strives to cater to its large user base by providing a secure, trusted and intuitive trading experience.
As the world’s first social-infused digital asset trading platform, XT.com also supports social networking platform-based transactions to make our crypto services more accessible to users all over the world. Furthermore, to ensure optimal data integrity and security, we see user security as our top priority at XT.com.
- Website: https://www.xt.com/
- Telegram: https://t.me/XTsupport_EN
- Twitter: https://twitter.com/XTexchange
London, UK, 12th October, 2022, Chainwire
MetaFi platform Choise.com has launched a new Price Prediction Challenge for its CHO token with a total prize fund of $1,500,000. The goal of the challenge is to correctly guess what the price of CHO is going to be on March 24, 2024. The prize for taking first place will be $1,000,000. The remaining $500,000 will be distributed between the other winners.
Choise.com is an ecosystem that combines all the advantages of centralised (CeFi) and decentralised (DeFi) financial services into a simple-to-use, reliable one-stop shop. The platform is designed for everyone, from crypto novices to experts, and allows users to take advantage of farming, decentralised exchanges, liquidity pools, interest accounts, and other features to earn on their digital assets with just a tap of a button.
The new Price Prediction Challenge is one of the many earning options that Choise.com offers to its users. It is the first challenge of its kind, as the $1M it offers is quite possibly the largest grand prize ever set up in such a competition in the history of the crypto market.
To participate in the challenge, users will need to make a Twitter post about what they think the price of the CHO token will be on March 24, 2024, and write out the reason why they think it will be so. Additionally, the user will have to include the hashtag #CHOprediction, tag @ChoiseCom, and attach a link to the Choise.com/million4cho website.
Up to 1000 winners can receive prizes for winning the challenge. The top prize is $1,000,000, while the remaining $500,000 will be divided among the other 999 participants, depending on how close their predictions are to the real CHO market price.
To increase the chances of winning, users can also complete tasks that Choise.com offers in Gleam in exchange for special points. If the price prediction turns out to be correct for several users at once, then the winner is selected between them by the number of points they scored. The details for the tasks are explained on the challenge website page.
“There have been plenty of crypto projects before that offered rewards to users for completing tasks. But what sets our Challenge apart is that we are the first to offer a prize pool as large as $1.5 million in a competition. At Choise.com we encourage people who seek new ways to earn, and the current CHO price prediction challenge is one such earning avenue. So keeping in line with our core mission we chose to offer our users a chance to compete for fairly large sums”, – states Anastasia Kor, Chief Marketing Officer at Choise.com.
The competition will be concluded on January 1, 2024. Following its completion, the CHO market price will become available at 00:00 GMT on March 24, 2024, on the Gate.io one-minute graph. Choise.com will also post the final price of the CHO token on its website. Additionally, a feedback form will be provided for participants who guessed the price. Participants will need to use said form to send their contact details, a link to their tweet with the correct prediction, as well as their user nickname in Gleam.
Once the final list of winners is compiled, Choise.com will publish it on the company’s social networks on June 1, 2024.
Contact
Alyona Akimova
Choise.com
pr@choise.com
Crypto investment products firm 21.co said on Wednesday its subsidiary 21Shares AG has listed a bitcoin exchange-traded product on Nasdaq Dubai, making it the Middle East’s first physically-backed bitcoin ETP.
The 21Shares Bitcoin ETP trades, under the ticker ABTC, in the same way as the 21Shares Bitcoin ETP in Europe, 21.co said in a statement.
Dubai has ambitions to become a global cryptocurrency hub and has attracted big industry players to set up shop like Binance, which went on a UAE hiring spree this year and is helping to shape the Middle East commercial hub’s virtual assets regulations.
Following the Dubai listing, 21Shares has 46 listed products in seven countries, 21.co added.
Swiss-based 21.co last month raised $25 million in a funding round that valued it at $2 billion, which it said made it “Switzerland’s largest crypto unicorn”.
The crypto market has suffered a rout that has forced some of its biggest players to lay off thousands of employees to cut costs.
But Sherif El-Haddad, appointed 21Shares head of Middle East in August, was upbeat, saying cryptocurrencies were “fast becoming the asset of the future for investors and wealth managers around the world”.
The Middle East and North Africa is the world’s fastest-growing cryptocurrency region, where the volume of crypto received jumped 48% in the year to June, blockchain researcher Chainalysis said in a report last week.
Hany Rashwan, CEO and co-founder of 21Shares, said in the statement the company “will continue to support the Middle East’s ambitions to become a global crypto hub”.