Nigeria to Launch Compliant Naira Stablecoin in 2024
A group of banks, fintechs, and blockchain startups in Nigeria are creating cNGN, the first regulated Naira stablecoin. The new Naira stablecoin, cNGN , will be regulated and consortium-based. Unlike other stablecoin drafts, cNGN would be owned by Nigerian banks and be legal money, with a 1:1 peg to NGN. Sources close to Forbes claim […]
Hong Kong Firm Mulls Tokenizing 3-ton Gold Vault
Value Partners, a publicly traded business in Hong Kong, intends to apply for cryptocurrency-related ETFs and issue blockchain tokens backed by real gold. According to local media Hong Kong Commercial Daily, the company intends to tokenize its three tonnes of gold bars, which are currently valued at an estimated $201 million. Value Partners thinks that […]
China to Intensify Crackdown on Use of Crypto for Illegal Forex Trading
China is advocating for stringent regulations against illicit foreign exchange trading employing USDT to step up the crackdown on cryptocurrency. According to a South China Morning Post report, China appears to be ready to crack down on cryptocurrencies. In a recent statement, the Supreme People’s Procuratorate (SPP) and State Administration of Foreign Exchange (SAFE) highlighted […]
GBA Capital Fund Commits Over $10b to Web3 Industry
GBA Capital Fund revealed its intention to spend more than $10 billion in the web3 sector, particularly emphasizing the Metaverse, NFTs, and physical assets. The most recent action taken by GBA Capital Fund coincides with a period of erratic developments in web3 investments. A high of $1.8 billion in the year ending June 2022 was […]
ARK Invest Liquidates Entire GBTC Holdings
Cathie Wood’s investment fund, Ark Invest, sold the Grayscale Bitcoin Trust’s (GBTC) last surviving assets. According to Bloomberg analyst Eric Balchunas, ProShares purchased the BITO Bitcoin (BTC) futures ETF in October 2021 with half the substantial $100 million revenues from the GBTC transaction. He proposed that the acquisition of BITO is probably being used as […]