HomeCryptoBillionaire buys CryptoPunks, Arbitrum finds traction, markets ignore warnings – Cointelegraph Magazine

Billionaire buys CryptoPunks, Arbitrum finds traction, markets ignore warnings – Cointelegraph Magazine

This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most vital information, together with influential initiatives, modifications within the regulatory panorama, and enterprise blockchain integrations.  

There are a number of narratives to control as China loved a comparatively quiet week on the regulatory entrance and markets rebounded. Layer-two networks continued to make headlines with their massive warfare chests of funds to speculate. Avalanche and Arbitrum are two networks which have rising consciousness in China. Both have been within the information this week with Avalanche’s $180 million fund being introduced and Arbitrum’s launch on September 1

MCDex, one of many extra lively DeFi functions in China, took an early first step by launching its mainnet on Arbitrum’s layer-two. MCDex launched on-chain BTC/USDC and ETH/USDC perpetual swaps, one of many first initiatives to reap the benefits of Arbitrum’s pace and scalability. MCDex and some different Chinese DeFi initiatives have been betting massive on Arbitrum’s improvement, having deployed on the Arbitrum testnet earlier this spring.

Traders who want to use the present part one deployment on Arbitrum can apply to have their tackle whitelisted. Many of the buying and selling corporations in Asia will in all probability be learning the liquidity mining rewards fastidiously, particularly after the recognition of token-incentivized buying and selling on dYdX. 

Punks in Asia

A bodily NFT artwork gallery in Hong Kong would be the new dwelling for two CryptoPunks, bought final week for a complete of 218 ETH, or round $700,000 {dollars}. The artwork gallery is slated to open on September 5 and can now function Crypto Punk #8236 and #1970. It’s rumored that the purchaser of CryptoPunk #8236 is Mike Cai, billionaire founding father of well-liked selfie app Meitu.

Cai’s Meitu is well-known within the Asian cryptocurrency group after it introduced earlier this yr that it bought round $40 million price of BTC and ETH. With Meitu, Cai efficiently acknowledged the energy of the pattern for younger adults to make use of magnificence filters with animated animal ears. This is an encouraging signal for individuals who hope that Cai sees an identical mainstream future for CryptoPunks. 

 

Punk #1970 is now owned and displayed within the Start-Art NFT Gallery in Hong Kong

 

A 3rd Punk was additionally reportedly bought by the Chinese meme group behind Losercoin, or LOWB. According to stories, the group bought CryptoPunk #7326 for 79 ETH.

BSN breaking new turf

Korean blockchain agency MetaverseSociety was introduced as a brand new portal operator for the Blockchain Service Network. This appears to be like to be a 3rd portal following the institution of the home Chinese portal and the worldwide model. The home portal is ready to work carefully with state owned firms and organizations, whereas the worldwide portal works with extra blockchain initiatives in a looser regulatory framework.

This new Korean portal might introduce Chinese firms to the rising group of Korean builders and customers. The Blockchain Service Network is a joint initiative between Red Date Technology, the National Information Center, China Mobile, and China UnionPay. 

 

 

Like an excellent neighbor, eCNY is there

The Bank of Communications and China Construction Bank are exploring new use circumstances with fund managers to permit customers to pay for insurance coverage with the digital yuan. This is one more use case that’s being pushed by the highest down monetary system, posing a severe competitor to personal fee processors like Alipay and WeChat Pay.

According to the report, China Construction Bank has already opened up a complete of 8.42 million eCNY wallets for each particular person customers and institutional purchasers, making China a transparent chief in CBDC adoption.

Blockchain meets TradFi

Chinese regulators, together with the Securities Association of China and the China Securities Regulatory Commission (CSRC), met within the nation’s capital to debate how blockchain might be used to digitally remodel the TradFi business.

According to the announcement, the Science and Technology Bureau will look to construct a two-tier construction: an asset layer and a enterprise layer for good contracts and provide chain. The authorities has continued to push for blockchain functions the place it offers so-called ‘real economic value’, reminiscent of in current industrial sectors.

In case you forgot

As a lot as I wished to finish this column on a excessive word, it wouldn’t be proper to not embody the inevitable reminders from native authorities concerning the risks of cryptocurrency investing. On August 27, the People’s Bank of China put out a discover that: 

“We once again remind the general public that bitcoin and other virtual currencies are not legal tender and have no real value to support them.”

Yin Youping, deputy director of the People’s Bank of China’s Consumer Protection Bureau, mentioned on August 27 that transactions associated to digital currencies are purely funding hypothesis, and the general public needs to be extra conscious of dangers and steer clear of them to guard their “wallets”. The markets barely reacted to the information, displaying that an increasing number of affect is shifting away from governments within the area.

 

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