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• Globaldata predicts that China will become a leader in metaverse tech during 2023.
• China is investing in technologies like AI, VR, AR and 6G to become a global metaverse hub.
• Chinese investments focus on the industry rather than consumer products.

China Set to Become Metaverse Tech Leader

Globaldata, a global consulting and data analysis company, recently issued a report which predicts that China will become a leading country in metaverse tech during 2023. China is positioning itself to outpace advances in the West by investing heavily into other related technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G, with plans to configure itself as a metaverse hub.

Focus on Industrial Applications

The Chinese Ministry of Industry and IT has released reports highlighting the application of VR and metaverse tech into industrial processes, showing how these can be mixed efficiently. As such, Globaldata proposes that the Chinese metaverse is likely to focus more on the industry and the benefits that it can reap from including metaverse tech in its processes. This approach is expected to highlight the value of the metaverse compared to existing one-off experiences such as social media, gaming, or ecommerce.

Growing Interest Despite Cooling Period

Despite estimations that put the sector value of the metaverse at $376 billion by 2025, 2023 is described as a year in which investments in this technology may suffer a cooling period due to waning interest worldwide. Nevertheless, Chinese provinces and cities have already presented plans to become hubs for this technology – Shanghai and Zhejiang among them – indicating continued investment regardless of temporary drops in interest elsewhere.

Implications for Other Countries

The progress made by China towards becoming a leader in this field could have implications for other countries too; those who do not invest sufficiently into related technologies may find themselves falling behind if they choose not to keep up with technological advancements being made elsewhere.

Conclusion

In conclusion then, it appears inevitable that China will soon become an important player within this sector due largely to its commitment towards investing sufficient resources into related technologies like AI, VR/AR and 6G connectivity. As such then it remains imperative for other nations considering their own advancement within this space should remain aware of China’s progress so they do not fall too far behind over time.

• On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC and noted that the liquidity operations would resume normally on Monday morning in the United States.
• Circle noted that it will stand behind USDC and cover any shortfall using corporate resources and involving external capital if necessary.
• The company also discussed the failure of Silicon Valley Bank (SVB) but emphasized USDC’s strong liquidity and reserve assets.

Circle Issues Update Amid Stablecoin Volatility

On Saturday, March 11, 2023, Circle Financial updated the public about its stablecoin, USDC and noted that the liquidity operations would resume normally on Monday morning in the United States. The company stated it will be ready to “handle significant volume” and stands behind USDC to cover any shortfall using corporate resources, involving external capital if necessary.

Circle Confident in USDC Stability Despite SVB Failure

Circle discussed the failure of Silicon Valley Bank (SVB), but emphasized USDC’s strong liquidity and reserve assets with $3.3 billion held at SVB. Circle initiated transfers of these funds to other banks and is confident in FDIC’s management of this situation. However, a negative scenario could arise where SVB may not become whole and returns may take time; however, Circle still stands behind USDC for any shortfall if this were to occur.

USDC Drops Then Rises 10%

On Monday morning usd coin (USDC) was redeemable 1-for-1 with U.S Dollar as expected; however before then at 3:02 a.m ET on Saturday it dropped to a low of $0.877 per unit before rising back up 10% later in the day at 4:15 p.m., trading for $0.971 per coin instead. Other five stablecoins also deviated from their $1 parity during this time period too).

Circle Prepared To Cover Any Shortfall

Circle mentioned that it has “reason to believe,” under applicable FDIC policy “transfers initiated prior to a bank entering receivership would have otherwise been processed normally.” If this does not occur then Circle is prepared to cover any shortfall by using corporate resources and potentially external capital if necessary; ensuring customers are not left out of pocket or unable to access their money due to events beyond their control or understanding .

Conclusion

Overall it appears that despite some initial volatility over the weekend with six major stablecoins deviating from their $1 parity for various reasons including SVB’s failure ,Circle Financial remains confident in its ability provide services as normal with confidence in redeeming usd coin (USD) 1-for-1 with U.S Dollars by standing behind them financially should any issue arise , while still maintaining an open dialogue with customers throughout

Summary of the Article

• Bitcoin (BTC) and Ethereum (ETH) have both dropped to multi-week lows in response to uncertainty surrounding Silvergate.
• BTC/USD slipped to an intraday low of $22,241.78 while ETH/USD dropped below the $1,600 mark.
• The relative strength index (RSI) for both Bitcoin and Ethereum is currently at its lowest point since January 1.

Price Drop in Bitcoin and Ethereum Uncertainty Surrounding Silvergate

Bitcoin (BTC) and Ethereum (ETH) have hit a two week low after crypto markets reacted to fallout surrounding Silvergate. The crypto bank recently announced that it couldn’t file its annual report to the Security and Exchange committee which has caused Binance, Coinbase and other exchanges to halt transactions. As a consequence, BTC/USD slipped to an intraday low of $22,241.78 earlier in the day while ETH/USD moved to a bottom at $1,553.85 earlier in the day. This is significantly lower than Thursday’s high of $23,540.16 for bitcoin and $1,652.43 for ethereum respectively.

Relative Strength Index Lowest Point Since January 1st

The relative strength index (RSI) for both Bitcoin and Ethereum is currently at its lowest point since January 1st due this recent price drop reaction from uncertainty around Silvergate. Both currencies are now trading at their weakest level since Valentines Day on February 14th with BTC’s RSI tracking at 42.91 and ETH’s RSI tracking at 44.51 which is marginally above the next support at 44.00 .

Binance Coinbase Halt Transactions Due To FalloutAnalysis Of Price Movements Conclusion

• Chipper Cash, a Nigerian fintech company, recently announced it has let go of more employees as part of its cost-containment measures.
• The exact number of axed workers is uncertain but one report estimated it to be around 100, or 12.5% of Chipper Cash’s entire workforce.
• Despite the layoffs, CEO Ham Serunjogi has denied reports that the firm has shut down its crypto department and said they will continue to invest in the product.

Chipper Cash Lays Off More Workers

Chipper Cash, a Nigerian fintech company, recently said it has let go of more employees and that this step has been taken to help the firm contain its operating costs. Although no figure of the number of axed workers was given, one report estimated this to be around 100, or 12.5% of Chipper Cash’s entire workforce.

Deteriorating Macroeconomic Climate

The latest retrenchment exercise has impacted all areas from human resources to research and legal departments. Commenting on the fintech’s axing of talented employees less than three months after it laid off the first group, Chipper Cash CEO Ham Serunjogi detailed the circumstances that prompted the company to let go of some of its talent: “The last two years were a period of rapid growth and scaling for us as a business and, to reflect this, our global headcount grew by around 250 people. However, given the macroeconomic climate, we are narrowing our current focus to core markets and products – concentrating our efforts where we know we can thrive.”

Crypto Department Still Operational

Despite these layoffs CEO Ham Serunjogi has dismissed reports that their firm have shut down their crypto department saying they will continue investing in their product as it is one their largest platform in Africa and growing fastly.

Containing Operating Costs

With such unfavorable circumstances prevailing for more than one year now Chipper cash can only operate efficiently with a smaller team which necessitated these layoffs as part cost containment measure by the firm.

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• Rightfulshare, an income equality advocacy movement, recently launched the “first unconditional” crypto universal basic income (UBI) transfer to a local entrepreneur in South Africa.
• The launch is seen as a pioneering step for fairer income access and provides resources and Web3 solutions to the people of South Africa.
• Beneficiaries will receive the crypto UBI every month for one year, as well as access to mentoring and learning opportunities from business development to Web3 education.

Rightfulshare Launches First Crypto Universal Basic Income

Rightfulshare, an income equality advocacy movement, recently said it has launched what it describes as the “first unconditional” crypto universal basic income (UBI) transfer to a local entrepreneur residing in South Africa. According to the movement’s Jan. 31 press release, selected beneficiaries will receive the crypto UBI “in Gooddollar to use as they choose” each month for one year.

Fairer Income Access

The launch has been described as “a pioneering step for fairer income access,” providing both resources and Web3 solutions to a small town in the country. Founder of Rightfulshare Karen Jooste claimed that not only does this expand possibilities for unemployed South Africans but also nurtures their entrepreneurial spirit. In addition to receiving the crypto UBI each month for one year, beneficiaries “will also have access to mentoring and learning opportunities” ranging from business development to Web3 education.

Replicating Project In Metaverse

To help those outside South Africa gain a better understanding of Rightfulshare’s project, it is currently being replicated in the metaverse. This will allow users from anywhere around the world with internet access get an insight into how this project works and how it can be beneficial in other parts of the world too.

Advocates For Equality

The mission of Rightfulshare is rooted in advocating for equality by utilizing digital tools such as blockchain technology and cryptocurrencies like Gooddollar in order to achieve these goals on a global scale. By providing people with basic incomes through these digital transfers, poverty can be alleviated on an unprecedented level while also encouraging entrepreneurship throughout disadvantaged communities all around the world where jobs are scarce or non-existent at all.

Conclusion

Rightfulshare’s launch of its first unconditional crypto UBI transfer marks an important milestone not just for South Africa but also worldwide when it comes to fighting poverty with innovative solutions like blockchain technology and cryptocurrencies like Gooddollar which provide real benefits directly into people’s pockets on a consistent basis without any strings attached or conditions needing met before those funds are received by recipients who need them most desperately – giving them more freedom than ever before while simultaneously encouraging economic growth within these communities through self-empowerment initiatives like this which could potentially benefit millions if adopted fully worldwide

• Ethereum core developers plan to activate the “Shapella” transition through the Zhejiang public testnet on Feb. 7, 2023.
• The testing is designed to identify any problems before the official Shapella upgrade is applied to the mainnet in March.
• If successful, Beiko said Sepolia and Goerli testnets could follow two days later, allowing validators to withdraw their locked ETH funds.

Ethereum Plans ‘Shapella’ Transition

Ethereum core developers plan to activate the “Shapella” transition through the Zhejiang public testnet on Feb. 7, 2023, according to Tim Beiko of the Ethereum Foundation. If successful, he said Sepolia and Goerli testnets could follow two days later, allowing validators to withdraw their locked ETH funds.

Devs Prepare for ‘Shapella’ Upgrade

On Feb. 2, 2023, Tim Beiko of the Ethereum Foundation announced that developers are preparing for a “Shapella” upgrade with Zhejiang as its first test network. This upgrade combines two planned enhancements: “Shanghai” and “Capella,” which will enable withdrawals on the execution layer and upgrade the Beacon chain consensus layer simultaneously. To get ready for this transition, Beiko encouraged validators to obtain 33 ether from a faucet available on this network.

Monitors Bug Before Testnet Activation

The Ethereum Foundation member also mentioned that they are monitoring for bugs before activating Shapella via Zhejiang’s testnet; this is done in order to identify any problems before applying it officially onto mainnet come March 2021. Currently 16.4 million ETH—worth $26 billion using exchange rates—are locked into Beacon chain contracts; once Shapella is launched these funds can be released by validators without issues or delays.

Lido Announces Withdrawals Feature

Recently Lido announced plans for a withdrawal feature prior to upcoming mainnet upgrades in March; Beiko reassured everyone that “withdrawals are coming” if all goes well with other testnets transitions leading up until then. He further noted that there would be another All Core Devs (ACD) meet-up soon where more details about Shapella would be discussed and clarified for those interested in learning more about it..

Timeline of Events

Be sure not miss out! Here’s what’s happening so far:

• Feb 2nd – Developers prepare Shapella upgrade using Zhejiang as first test net

• Feb 7th – Activation of “Shapellla” transition thru Zhejiang public test net

• Feb 9th – Sepolia and Goerli tests nets follow if all goes well

• Mar 2021 – Main net implementation

• Coinbase is closing down most of its operations in Japan after announcing a round of job cuts globally.
• The crypto exchange teamed up with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021 and is finalizing its discussions with Japan’s top financial regulator, the Financial Services Agency (FSA).
• Coinbase has been cutting its workforce globally and CEO Brian Armstrong announced the company’s latest round of job cuts Tuesday, letting go of about 950 people.

Coinbase, a Nasdaq-listed cryptocurrency exchange, is closing down most of its operations in Japan after announcing another round of job cuts globally. CEO Brian Armstrong announced the company’s latest round of job cuts Tuesday, letting go of about 950 people. This move, he said, is necessary to weather the industry downturn.

Coinbase had teamed up with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021. However, Nana Murugesan, vice president for business development and international, revealed in an interview with Bloomberg Wednesday that the company has decided to wind down the majority of its operations in Japan, leading to eliminating most of the roles in their Japan entity. Murugesan noted that a small number of employees in Japan will remain to ensure the safety and security of customer assets.

Coinbase has been cutting its workforce globally in order to ensure the company stays “healthy during this economic downturn”. This includes a decision to reduce the size of its team by about 18%, or about 1,200 employees, back in June 2020.

Despite the job cuts, Coinbase CEO Brian Armstrong remains optimistic about the future of the company and the industry. He said, “Despite everything we’ve been through as a company and an industry, I’m still optimistic about our future and the future of crypto.” He also noted that the company is finalizing its discussions with Japan’s top financial regulator, the Financial Services Agency (FSA).

The winding down of Coinbase operations in Japan marks an important transition for the company, as well as the industry. It remains to be seen if the company will be able to weather the current economic downturn and emerge stronger in the long run.

• Kazakhstan has begun to impose higher electricity fees on cryptocurrency miners since the beginning of 2023.
• The fee is calculated according to a progressive scale and can reach up to 25 Kazakhstani tenge (over $0.05) per kilowatt-hour (kWh).
• The influx of crypto miners has been blamed for the country’s growing electricity consumption.

Kazakhstan has recently announced that cryptocurrency miners operating in the country will be paying higher electricity fees starting from the beginning of 2023. This decision was taken with a bill amending the country’s Tax Code, which was signed into law in July 2022. The new fees for power consumption are calculated according to a progressive scale, and are based on the average price of electricity consumed by a miner during a given tax period. The minimum rate of 1 Kazakhstani tenge (over $0.002) per kilowatt-hour (kWh) can go up to 25 tenge (over $0.05).

The introduction of these new fees comes as a result of the influx of mining companies in Kazakhstan after China’s crackdown on crypto mining in 2021. These mining companies were attracted by the country’s low, subsidized electricity rates. However, the heavy power consumption of these companies has been blamed for the growing electricity consumption in the country.

In order to incentivize the use of renewable energy sources, the government has decided to offer the lowest rate of 1 tenge to crypto farms using renewable energy, not taking into account the cost of the electricity. For energy produced from other sources, the cheaper the power utilized, the heavier the tax burden.

The introduction of these new fees is meant to ensure that the cryptocurrency miners in Kazakhstan are not taking advantage of the country’s subsidized electricity rates. It is hoped that this decision will help to balance the energy consumption of the industry, and will ensure that the costs are equally shared between the government and the miners.

• BONK is a new meme coin token on the Solana network, with a circulating token supply of around 41.5 trillion and a market capitalization of around $63 million.
• BONK’s price surged to an all-time high of $0.00000487 per token on Jan. 5, 2023, before plummeting to a low of $63 million 24 hours later.
• 50% of BONK’s total supply was airdropped to the Solana community, with fractions of it distributed to NFT collectors, openbook traders, Solana artists and collectors, and Solana developers.

The cryptocurrency market has been abuzz in recent months with the launch of bonk inu (BONK). This new meme coin token has been launched on the Solana network, and boasts a circulating token supply of around 41.5 trillion and a market capitalization of around $63 million.

The BONK development team and its “one pager” explain that the project was created as an antidote to the toxicity of the “Alameda” tokenomics. With a “fair shot” for everyone, 50% of BONK’s total supply was airdropped to the Solana community, with fractions of it distributed to NFT collectors, openbook traders, Solana artists and collectors, and Solana developers.

The value of BONK started to rise on Dec. 29, 2022, when it was trading for $0.000000086142 per token. With an increase in demand, the price of BONK surged to an all-time high (ATH) at $0.00000487 per BONK on Jan. 5, 2023. This jump in price was short-lived, however, as 24 hours later BONK was down 67.9% since the token’s ATH, representing a market capitalization of $63 million.

The wild price fluctuations of BONK have raised eyebrows in the cryptocurrency community. Analysts have noted the high degree of concentration among BONK holders, with one address holding as much as 50% of the total supply. This suggests that BONK is still in its early stages and is not yet fully decentralized, meaning that it is vulnerable to manipulation.

Regardless of its current market state, BONK is still a relatively new project, and the future of the token remains uncertain. It will be interesting to see how the project fares in the coming months and years, and the extent to which it can become a viable alternative to other meme coins.

• Coinbase has agreed to a $100 million settlement with the New York Department of Financial Services for violating anti-money laundering regulations.
• The compliance investigation started in 2020 and Coinbase agreed to hire an independent examiner to make sure AML and know-your-customer (KYC) guidelines were followed.
• Coinbase is required to pay a $50 million fine and another $50 million will go towards applying necessary anti-money laundering background checks.

Coinbase, the crypto exchange and custodial firm, has agreed to a $100 million settlement with the New York Department of Financial Services (NYDFS) for failing to enact proper anti-money laundering (AML) controls in 2020 and 2021. According to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023, the exchange’s anti-money laundering controls were inadequate and compliance problems were detected.

The investigation into Coinbase began in 2020, when the company was found to be lacking sufficient personnel, resources, and tools needed to keep up with AML alerts. As a result, the backlog of unreviewed transaction monitoring alerts grew to more than 100,000, many of which were months old, and the backlog of customers requiring enhanced due diligence exceeded 14,000. In response, Coinbase agreed at the time to hire an independent examiner to make sure AML and know-your-customer (KYC) guidelines were followed. However, compliance problems persisted, leading the New York regulator to take action in 2021.

As a result of the settlement, Coinbase is required to pay a $50 million fine and another $50 million will go towards applying necessary anti-money laundering background checks. The New York regulator stated that “We have been very outspoken about illicit financing concerns in the crypto space and will continue to take decisive actions to make sure virtual asset businesses operate within the law.”

The settlement is an important step in ensuring that crypto exchanges comply with regulatory requirements. It is also a reminder that companies must take appropriate action to ensure compliance and prevent money laundering. This settlement reinforces the importance of AML compliance and should serve as a warning to other exchanges and custodial firms.