SEC - Page 138

OKX Ventures, a Crypto and Web3 investment fund, recently backed the action role-playing game Blade of God X, developed by Void Labs.

The game, which is still in early access, introduces a novel “play to train” feature.

This feature enables gamers to influence the training of an artificial intelligence (AI) model through their gameplay.

In a press release, OKX Ventures described this innovative concept as a fusion of “advanced AI agents with blockchain technology,” allowing players to directly train their AI agents as they play the game.

However, specifics about the AI models and the exact mechanisms by which gameplay aids in their training remain vague.

Inquiries made by Cointelegraph to OKX Ventures and Void Labs regarding these details have not yet been answered.

Blade of God X aligns itself with the “Souls-like” genre, recognized for its intricate action sequences, and is currently available for download on the Epic Game Store.

While the game itself is free, engaging with its blockchain components may necessitate payments or wallet interactions.

These blockchain features include functionalities that integrate with Immutable X and Ethereum Virtual Machine chains, as noted in the Epic Games Store’s FAQ section.

READ MORE: Mark Cuban Urges CFTC Regulation of Crypto and Suggests Impact on 2024 Election

Players interested in the game’s Web3 aspects can utilize tools like MetaMask, GameStop, Venly, Coinbase Wallet, Magic Link, or Immutable Passport to trade and customize their gaming experience.

According to the press release, the Blade of God series has amassed over six million downloads to date, with Blade of God X itself securing $6 million in funding.

The game’s partnership network includes notable investors such as Delphi Ventures, BreederDAO, and Eden Holdings among others.

Tnise, the founder of Void Labs, expressed gratitude for the support from OKX Ventures, noting, “This partnership will provide us with the necessary resources and guidance to continue innovating, broaden our horizons and deliver exceptional gaming experiences to players worldwide.”

Blade of God X represents a blending of traditional gaming with the emerging technologies of AI and blockchain, offering players both a rich gaming experience and an opportunity to partake in the development of AI through interactive gameplay.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Jenny Johnson, the President and CEO of Franklin Templeton, a substantial financial entity managing assets worth $1.6 trillion, shared her insights on blockchain technology and its benefits during her interview with Bloomberg anchor David Westland at the 27th Annual Milken Institute Global Conference in California.

Johnson’s discussion covered various innovations, including tokenization and generative artificial intelligence, emphasizing her firm’s forward-looking approach in these areas.

During the interview, Johnson expressed her enthusiasm for blockchain.

She detailed an experiment conducted by Franklin Templeton, where they processed account records using both traditional methods and blockchain technology over six to eight months.

The experiment yielded encouraging results. “We were astonished by how much less costly it was to run it on blockchain,” Johnson revealed.

She predicted a significant shift in financial products to blockchain, citing its efficiency and the potential to reduce the substantial costs associated with data verification across different systems.

“It’s a very efficient technology, and we think it’s going to open up a lot of new investment opportunities. And, honestly, eventually, I think ETF and mutual funds are all going to be on blockchain,” she said.

Highlighting the practical applications of blockchain, Johnson referred to pop superstar Rhianna’s use of nonfungible tokens (NFTs).

READ MORE: Binance Receives Approval to Operate in India, Joins KuCoin as Second Offshore Crypto Exchange Cleared by FIU

Rhianna issued 300 NFTs, which allowed owners to earn a fraction of the royalties from one of her songs through a smart contract.

This example underscores blockchain’s ability to diversify investment opportunities and streamline data consistency.

“In the case of blockchain,” Johnson noted, “there’s only one source of truth.”

The conversation also touched on the topic of generative artificial intelligence. Johnson acknowledged the dual nature of generative AI technologies, likening it to “kind of like the kid who gets an ‘A’ in English and an ‘F’ in math.”

Despite the challenges, she remains optimistic about the potential applications of AI in finance. Johnson highlighted a collaboration between Franklin Templeton and Microsoft to develop an AI-powered sales assistant, illustrating the firm’s commitment to leveraging AI technology.

She also praised the potential of AI-driven translation services to overcome language barriers within the financial sector, hinting at the expansive future of AI in improving accessibility and efficiency in financial services.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Billionaire investor Mark Cuban recently voiced strong opinions about the need for clearer regulatory frameworks within the cryptocurrency industry in the United States, urging the Commodity Futures Trading Commission (CFTC) to oversee all crypto-related activities.

In a post directed to his 8.8 million followers on X on May 10, Cuban emphasized the urgency of legislative action prior to the 2024 presidential election, suggesting that it could influence the re-election of President Joe Biden.

Cuban stated, “You could solve this problem for Biden by passing legislation that defines registration that is specific to the crypto industry just as other industries have registration that is defined for them.”

His comments reflect a broader concern within the crypto community about the need for tailored regulatory measures that can foster both innovation and consumer protection.

Highlighting the potential political repercussions of regulatory decisions, Cuban pointedly mentioned Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), known for his stringent stance on cryptocurrencies.

Cuban argued that Gensler’s approach could alienate crypto voters, implying that this could be a decisive factor in the upcoming election.

“If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC,” Cuban said, suggesting that a more crypto-friendly regulatory approach could be more advantageous.

He proposed a more effective alternative, advocating for the CFTC to take charge of all crypto regulations.

This idea aligns with the growing consensus among younger and independent voters who perceive crypto as a significant part of their financial interaction and are critical of the SEC’s handling under Gensler’s leadership.

READ MORE: Toncoin Surges Ahead of Notcoin Game Launch, Outshines Broader Crypto Market with Robust Growth

Cuban harshly criticized Gensler’s record, saying, “Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD.”

Data from litigation consulting firm Cornerstone Research indicates that the SEC undertook 46 enforcement actions against crypto firms in 2023 alone, underscoring the aggressive regulatory landscape.

Meanwhile, Rostin Behnam, Chair of the CFTC, anticipates another wave of enforcement within the next six to 18 months, hinting at ongoing challenges for the sector.

The discourse around cryptocurrency regulation is poised to be a significant issue in the 2024 U.S. election.

A recent poll reported by Cointelegraph on May 7, conducted among 1,201 registered voters, found that over two-thirds resonate with the sentiment that “crypto is for people like them, and more equitable than the financial system.”

This unfolding narrative captures the complex interplay between politics, regulatory actions, and the vibrant dynamics of the cryptocurrency market, reflecting a critical juncture in the regulatory oversight of digital assets in the U.S.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Countless tokens appear in the crypto world nowadays. However, only some cryptocurrencies effectively combine earning opportunities and strategic vision for strengthening a token from the inside. Such projects build long-term prospects for token utilities and have a loyal community of holders. 

The BFG token can be classified as one of these tokens. It has taken on these qualities and shown clear tokenomics, aligning with the idea of sharing revenue with users in both the project and the token.

This article will reveal the primary BFG utilities, exclusive benefits for its holders, and token price prediction. We will also share how the BetFury project allocates 100% of its revenue to sustain the BFG token.

What is a BFG Token?

BFG is a native token of the BetFury ecosystem, launched on a BSC Chain (BEP-20) in June 2021. It has over 67,000 holders who use BFG for trading, gaming, sports betting, getting passive income from staking, etc. More about BFG: https://betfury.com/about-bfg. 

BFG has become integral to the BetFury project, constantly moving towards new achievements. It plays a vital role in the ecosystem and rises in market value due to the robust deflationary strategy. One of the fundamental points of this strategy is the direction of GGR (Gross Gaming Revenue) to the BFG Staking pool, the main crypto utility.

Do you know other projects that spend 100% of the team’s revenue to support the native token? Moreover, BetFury seasons it with permanent BFG buybacks that positively affect the BFG price. Therefore, having stable revenue, the platform spends it on token development and its long-term perspective.

History Behind BFG Growth

The BFG token was launched to distribute the platform revenue and passive income to its owners. Gradually, as the project scaled, the number of collaborations increased, providing additional utilities for the BFG token, including exchange options and additional income opportunities for users.

Tokens were mined by playing in a one-to-one ratio for the user and team. After the end of BFG mining in June 2023, the total supply amounted to 5 billion tokens. Simultaneously with the mining process, the primary utility of the BFG token was launched – revenue share. Users who became BFG holders began to participate in this distribution mechanism. After listing on top exchanges like PancakeSwap, BFG increased its liquidity and market circulation, taking a well-deserved place among the most popular tokens in the crypto-iGaming niche.

Strategic BFG Deflationary Mechanism

After the end of BFG mining, BetFury took on the most critical mission – escalating the value of BFG. Stable and healthy tokenomics allowed the team to create a new deflationary strategy to accomplish this task. The new deflationary mechanism involves repurchasing tokens from the market using the BetFury team’s revenue. 

BFG Buyback & Burn Mechanism

The team uses funds from the platform’s revenue streams to buy back BFG tokens from the market and conduct a monthly BFG token burn, reducing the circulating supply. These revenue streams include:

• crypto staking penalty fee;
• crypto swap fee;
• borrowing liquidation and fee;
• Futures fee
• staked BFG by the BetFury team;

BFG Buyback & Lock

Each month, BetFury’s team buys back tokens from the circulating supply using funds generated from the mentioned revenue streams and stores them in a dedicated wallet known as the Treasury. Periodically, these repurchased BFG tokens will be distributed as incentives to stBFG/BFG holders and active platform users. 

This transparent and innovative deflationary strategy demonstrates that the BetFury team will focus all its efforts on boosting the token and supporting BFG holders.

How to Earn with BFG?

BFG has many utilities that reveal the token’s full range of usefulness.

Staking BFG

It’s the primary tool for passive earning. BetFury offers BFG Staking with an opportunity to double rewards by converting BFG to stBFG (a special native token) with zero fees. It provides up to 70% APY and daily payouts in BTC, ETH, BNB, USDT, and TRX.

According to the mechanism for replenishing the BFG Staking pool, the part of GGR is distributed among BFG and stBFG holders in the BFG Staking pool. This way, the BetFury team can consistently support the pool’s profitability for users by providing a high APY. Additionally, the BetFury team has locked 1 billion BFG tokens for three years, opting not to benefit from the x2 APY but to earn from a regular APY in the BFG Staking pool. Such a lock ensures the team’s serious commitment to token development and its deflationary model.

Trading BFG

Everyone can trade assets on BetFury using Crypto Swap. It’s an internal exchange that provides fast transactions and low fees. Besides, you can trade BFG on top exchanges like Pancake Swap, Biswap, etc.

Holding BFG tokens

By holding a BFG token, you also gain benefits:
 

• High passive income from BFG staking;
• Access to exclusive features and bonuses on BetFury;
• Potential to get the high-value token thanks to strategic deflation mechanism and smart tokenomics (link);
• Additional huge rewards for all holders are available in different formats.

Playing BFG

BetFury has over 8,000 slots and 20 Original games. Therefore, players can easily place bets and multiply their BFG assets.

Betting BFG in Sports

The platform offers over 80 sports betting options in BFG. Users also can get beneficial bonuses by placing BFG bets.

BFG Bonuses & Events

BetFury has a profitable Welcome Pack with up to a $10,500 Deposit bonus and 225 Free Spins. Moreover, each user can receive pleasant bonuses for activity and participate in various large-scale events with huge rewards:

• Rise your Rank on BetFury to receive up to 25% Cashback in BFG;
• Loot fantastic Rakeback and Weekly & Monthly Bonuses from Rank 1;
• Get the BFG tokens during Coindrop, Rain, etc;
• Choose great Bonus Packs in your Bonus Cabinet;
• Join regular battles, events, and tournaments to multiply BFG;
• Gather Weekly and Monthly Bonuses in BFG based on your wager and lost deposit funds between accrual periods;
• Be an active VIP user to earn BFG regularly;
• Receive a boosted TG Monthly Bonus in BFG after connecting the BetFury Telegram Bot to your account.
  

The different uses of the BFG token help it stay strong in changing markets, and its strategy of reducing supply makes it more valuable over time.

Is the BFG token secure?

BFG got a CertiK certification on September 17, 2021. This report showed the token’s reliability and security. Moreover, BetFury also received a Curacao gaming license. As a result, the platform gained users’ trust and assured all BFG holders.

BFG Token Price Prediction

According to Coincodex forecasts, the BFG price may increase by 228% and reach $0.0567 by June 6, 2024. Based on historical cycles, the platform also determined the minimum and maximum value of the token for 2025: $0.017284 and $0.081670. The upgraded tokenomics and deflationary strategy can support these positive dynamics. Therefore, such predictions have a good chance of coming true. In any case, remember that the crypto market is very volatile. Experienced traders should keep their finger on the pulse and always conduct their own research.

Conclusion

Ecosystem upgrades are essential for any crypto platform competing for a leading position in the industry. That is why BetFury has updated its tokenomics and introduced a new transparent deflationary model to empower its BFG token. The platform has directed 100% of iGaming revenue to support BFG tokens in the BFG Staking pool, thus granting users favorable conditions and stable APY rewards. The other part of the non-iGaming income will be used for BFG buybacks to fill the Burning and Treasury funds. As an outcome, the BetFury team is committed to fostering a healthy token economy and facilitating the continuous growth of the ecosystem.

The U.S. Department of Justice (DOJ) has appointed Forensic Risk Alliance (FRA) to monitor cryptocurrency exchange Binance’s compliance with regulatory standards.

This follows Binance’s November 2023 plea deal wherein it admitted to charges of money laundering and other federal offenses, resulting in a $4.3 billion fine.

FRA’s three-year engagement will involve scrutinizing Binance‘s internal records, premises, and employee interactions to keep the DOJ informed of its compliance status, a Bloomberg report revealed on May 10.

Originally, the law firm Sullivan & Cromwell was considered for the monitoring contract due to their prominence in the sector.

However, their previous association with FTX, another crypto exchange that went bankrupt, influenced the DOJ’s decision to opt for FRA instead.

This decision came amid allegations against Sullivan & Cromwell for their involvement in FTX Group’s fraudulent activities, as reported by Cointelegraph on February 17.

READ MORE: Toncoin Surges Ahead of Notcoin Game Launch, Outshines Broader Crypto Market with Robust Growth

The firm allegedly had prior knowledge of deceitful practices at FTX that led to the loss of client funds, as stated by FTX creditors in a class-action lawsuit.

Despite these controversies, Sullivan & Cromwell is expected to secure a separate five-year monitoring contract for Binance under the auspices of the Treasury Department’s Financial Crimes Enforcement Network.

In related news, Binance’s former CEO, Changpeng “CZ” Zhao, was sentenced to four months in prison on April 30.

The sentence was for failing to implement an effective Anti-Money Laundering program at the exchange.

Although prosecutors sought a three-year term, the judge mitigated the sentence, citing a lack of evidence that Zhao was directly aware of specific illicit activities within Binance.

---

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.