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TRON Founder Reveals What’s Next For Huobi Global

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Justin Sun, the founder of TRON and a member of the newly formed Huobi Global’s advisory board, discussed the cryptocurrency exchange’s future objectives.

Ted Chen, CEO of the majority stake firm About Capital Management, was the first to address the newly formed board. He hailed the exchange’s accomplishments and referred to it as a key milestone.

It needs to be recalled that Huobi Global stated on October 7 that its owners had finished the transactions to sell all of its shares to the Hong-based investment entity About Capital Management.

Following the acquisition of the majority stake, Huobi established a global advisory board of five people, including its co-founder Du Jun, Wang Yang, vice president of the Hong Kong University of Science and Technology, Leah Wald, CEO of Valkyrie Investment, Ted Chen, founder of About Capital, and Justin Sun of Tron.

The board is in charge of directing the exchange’s international growth.

TRON Founder Says No New Token Launch

The first members of the newly established global advisory board, who will be crucial in assisting Huobi Global’s strategic business decisions, were then introduced by Chen.

In the all-staff address, H.E. Sun concurred with Mr. Chen and stated:

Huobi Global will be launching a number of branding initiatives and company expansions following the acquisition. Our primary focus will be on helping the Huobi Token [HT] to solidify its position in the virtual assets market rather than issuing additional tokens.

Sun was in the limelight following reports of being the main buyer of the trading platform, a claim which he denied, as covered by TronWeekly.

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TRON Founder Reveals What's Next For Huobi Global 2

According to a Bloomberg article from August, Sun and Bankman-Fried were reportedly interested in purchasing Huobi Global’s majority ownership, which was valued at US$3 billion. Later, though, both Sun and Bankman-Fried disputed it.

In a statement posted on the Chinese news website Cailianshe on Monday, Sun claimed that neither he nor Tron was the buyer of the stake sale from Huobi. The state-owned Shanghai United Media Group supports the media company Cailianshe, which is situated in Shanghai.

Bankman-Fried responded by retweeting Wu Blockchain’s report with the comment “still not involved.”

Coinbase Obtains Digital Assets License in Singapore Alongside 15 Firms

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Coinbase Global Inc., a cryptocurrency exchange, got a digital assets license in Singapore, where authorities are increasing their scrutiny following the high-profile collapses of cryptocurrency companies like Three Arrows Capital.

According to the Payment Services Act, Coinbase Singapore has received in-principle clearance from the Monetary Authority of Singapore to offer regulated services in the city-state, the business said on Tuesday. Since Singapore’s licensing scheme was introduced in 2019, about 15 businesses, including competitor Crypto.com, have been granted such permission.

Singapore will be a growing hub for Coinbase

According to Hassan Ahmed, chief executive of Coinbase’s local branch, Singapore will serve as a “beachhead” for the company’s planned development in the Asia-Pacific region, where countries like Indonesia and Vietnam are appealing. In an effort to boost expansion abroad, Coinbase last month launched a restructuring of its operations in Australia.

“We see Singapore as a strategic market for institutional clients as well.” He also pointed to Australia and Japan as “very key markets within the broader APAC sort of region that we’re going to continue to double down on.”

Ahmed said in an interview

As per Ahmed, Coinbase employs over 100 workers in Singapore. He stated that although the company has been choosy in recruiting recently, it is “beginning to get a little bit of hunger back.”

With a legal framework that is seen to be more thorough than that of Hong Kong, a rival financial center, Singapore has been establishing itself as a major hub for cryptocurrencies in Asia. However, the MAS has been cautious in accepting new participants, slowing the rate of license issuance as a result of a number of sector upheavals.

A cryptocurrency hedge firm called Three Arrows, which was once located in Singapore, is being dissolved after making aggressive wagers on digital assets that went horribly wrong as token prices fell.

After eliminating about a fifth of the company’s personnel and posting second-quarter revenue and trading volume that fell short of expectations, Coinbase CEO Brian Armstrong is giving foreign expansion priority. Its shares have dropped 73% year so far, less than the 60% decrease in the MVIS CryptoCompare Digital Assets 100 Index.

Cardano Founder Reveals How Wrapped BTC Can Boost Usage

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Cardano founder Charles Hoskinson in his latest podcast spoke in detail on the Bitcoin network, mining, and the significance of wrapped bitcoin [wBTC].

BTC mining has come under heavy scrutiny for its impact on the environment with some studies comparing it to oil refining. Calling for an end to mining, Hoskinson said the king coin may leave on as wrapped Bitcoin on other networks.

Wrapped Bitcoin is BTC on smart contracts-enabled platforms like Ethereum [ETH], Cardano [ADA], and others. Typically wrapped cryptocurrencies enable crypto assets to be used on blockchains to which they are not native. 

Wrapped Bitcoin for one, is an Eth token that is intended to represent Bitcoin on the Ethereum blockchain.

Hoskinson emphasized that the Bitcoin blockchain is now primarily designed for mining. He claims that because the blockchain is not intended for that use, efforts to build atop it have had limited success.

According to the founder, wrapping can help increase Bitcoin’s usage and adoption by transferring every newly produced Bitcoin to the larger crypto ecosystem.

“[Wrapped Bitcoin] could be used in all kinds of Dapps and smart contracts and potentially be used by nation-states to create a means of exchange and unit of account to actually have a stable currency they could use with a sound monetary policy.”

He asserts that the wrapped Bitcoin is still Bitcoin because it still possesses all of the characteristics of the asset and predicted that more wrapped BTC would be on other blockchain networks in the next five years.

Cardano Founder Outlines How ADA is Primed For Mass Adoption

Hoskinson recently underscored the value of adopting an intellectual and scientific approach to the creation of the Cardano blockchain in an interview with Messari founder Ryan Selkis.

The blockchain’s method of development, according to Input Output Hong Kong [IOHK]’s founder may open the door for the entry of billions of new users into the cryptocurrency market.

“Every step of the way with Cardano, we just basically said we’re going to start from something that makes sense. We’re going to write papers. We’re going to validate those papers in the academic community. There are now over 150 of them that we’ve written as an ecosystem by top professors.”

Cardano’s Vasil Now Supported In This Exchange

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Bitfinex, a state-of-the-art digital token trading platform has announced integrating Cardano’s Vasil hard fork, as per the post. The trading platform informed that the new features will begin on 27 Sept. without specifying a timeline.

However, it assured users that trading, deposits, or withdrawals will not be affected. Cardano’s most ambitious upgrade went online on September 22 following multiple delays.

Input Output Hong Kong [IOHK], the developer behind Cardano, posted a recent update on Twitter stating that 13 cryptocurrency exchanges, representing more than 87% of Cardano’s [ADA] liquidity, had offered support for the hard fork.

The largest digital asset exchange in the world, Binance, has too declared its support for the Vasil Hard Fork.

In a separate post, IOHK said that Coinbase is the only among the top exchanges for ADA liquidity that has its integration status labeled as “in process.”

However, Coinbase later tweeted that it would support the fork, stating that ADA transactions would be suspended “during the Cardano Vasil hard fork.”

The Vasil upgrade’s launch date was originally set for June, but it was twice postponed, most recently because of a flaw in Cardano’s previous node version that caused interoperability problems.

Meanwhile, data from the cryptocurrency monitoring website LunarCrush showed that social activity around ADA has increased significantly as a result of the Vasil hard fork’s successful completion.

Cardano’s Social Activity Reached Record High

Over 52,000 daily mentions of the token were found on social media, a record for the previous three months. The indicator’s overall value as determined by the 90-day results was greater than 2.3 million.

Analysts have highlighted that this might indicate the crypto community’s peak interest in Cardano, which is unusual given the current state of the crypto industry. However, it appears from the ADA price trend that even if investors are interested, they would rather remain cautious.

At the time of publication of this post, ADA is exchanging hands at $0.46 with a 24-hour trading volume of $676 million. The 8th biggest cryptocurrency is up 4.21% in the last 24 hours and its market cap stood at 15.7 billion.


“Happy Birthday Cardano”, Charles Hoskinson Extends Wishes

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Cardano’s founder Charles Hoskinson took to Twitter and extend Birthday greetings to the famous Italian mathematician whose surname was the source of inspiration for the PoS blockchain.

The IOHK leader tweeted a post that was made by the astronomy, astronautics, meteorology, and physics expert @Rainmaker1973, who has over 665k followers on Twitter.

This tweet contains a link to Gerolamo Cardano’s Wikipedia entry, who was an Italian scientist with interests in many different areas, including math, physics, biology, astrology, chemistry, etc. Cardano was “one of the most prominent mathematicians of the Renaissance,” the article claimed.

Vasil, Cardano’s eagerly anticipated hard fork, that promises significant performance and capability enhancements on the blockchain has now officially launched after several months of delays and postponements.

The launch, which was initially scheduled for June 2022, has been postponed because of internal testing and other problems found on the test net.

The head of Input Output Hong Kong [IOHK], a blockchain research and engineering firm, announced the success of the hard fork on Twitter. Other users were able to follow the event’s progress via live Twitter Spaces with Charles Hoskinson.

Recently Hoskinson claimed to have found the trigger that would put an end to the crypto winter and ignite a significant industry-wide surge.

Cardano’s Charles Hoskinson Believe This Might Set Off “Mega Bull Run”

According to him, if the Financial Innovation Act were to be passed by the US government, the cryptocurrency markets would experience a massive bull run.

I’ve been through seven bull-bear markets since I joined the cryptocurrency space, and this [current market] is no different. It could last 18 months, it could last two years, it could end at the end of the year, who knows? It’s any given Sunday.

The Cardano founder also stated that the passage of this measure will encourage blue-chip investors to pour money into the cryptocurrency markets and lessen the regulatory risks related to investing in digital assets.

The Financial Innovation Act, put forth in June by Democratic Senator Kirsten Gillibrand of New York and Republican Senator Cynthia Lummis of Wyoming, seeks to establish a thorough regulatory framework for the digital assets market.

Hoskinson cautioned that the markets might go in the opposite direction if some authorities, like U.S. Securities and Exchange Commission [SEC] Chairman Gary Gensler, are given more authority.

Cardano’s ambitious upgrade set to launch

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The Cardano team reports that all three “critical mass indications” required to start the upgrade have now been satisfied, and the Cardano Vasil update is scheduled to happen in less than 24 hours on September 22.

Input Output Hong Kong (IOHK), the company that created Cardano, announced on Twitter on September 21 that 13 cryptocurrency exchanges have indicated they were prepared for the hard fork within the previous 48 hours, accounting for more than 87% of Cardano’s (ADA) liquidity.

According to an ecosystem readiness website by IOHK, Coinbase is the only exchange among the top exchanges for ADA liquidity that has its integration status labeled as “in process.”

But Coinbase recently signaled in a tweet that it will support the fork, noting that ADA transactions would be suspended “during the Cardano Vasil hard fork.”

The Vasil upgrade’s launch date was originally set for June, but it was twice postponed, most recently because of a flaw in Cardano’s previous node version that caused interoperability problems.

Cardano Vasil hardfork gains more support

The top decentralized applications (DApps) on the blockchain have also validated their readiness, marking all three criteria required for the upgrade to proceed. With an upgraded Vasil node in place, over 98% of mainnet blocks are currently being created by the updated nodes.

According to market intelligence platform Santiment, social media talk about ADA has increased by 35.16% over the previous seven days following news of the upgrade, coming in third place behind Ripple (XRP) and Ethereum (ETH).

When it goes online, the upgrade will be the blockchain’s most important development since the Alonzo hard fork in September of last year, which enabled smart contracts’ first-ever functioning. The goal of this improvement is to improve smart contracts while lowering expenses and boosting network capacity.

Faster block production is one of the most significant improvements brought about by the fork, according to IOHK, because blocks can be sent without complete validation.

The Vasil upgrade bears the name of the late artist and Cardano ambassador Vasil Stoyanov Dabov, who passed away in December 2021 from a pulmonary embolism.

Furthermore, at the time of press, ADA was priced at $0.443889 and had taken a plunge of 0.5% over the last 24 hours.

Shiba Inu’s BONE Minting Halted After Current Supply Cross 230M

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The current supply of Shiba Inu’s governance token BONE has crossed over 230 million and as a result, minting has officially been halted, updated by ShibaSwap’s official Twitter account.

ShibaSwap is a native decentralized exchange [DEX] of the Shiba Inu coin project.

“The remaining approximately 20 million is designated for Shibarium validators. The maximum supply of BONE is 250 million, and will always remain that way, for the token”, the tweet read.

The Shiba Inu’s DEX also revealed the timing details of the halt in a separate tweet.

A transaction to halt the minting will be created approximately at 7:30 PM UTC. Furthermore, a 6-hour window for Multi-Sig approval and a 24-hour time lock will follow. There is no way to time this precisely so a small amount of over-minting is expected.

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Shiba Inu's BONE Minting Halted After Current Supply Cross 230M 4

In another positive news, data from Google Trend revealed that the demand for the governance token of the Shiba Inu ecosystem has shot up as searches for “How to Buy BONE Token” soared to record highs.

The highly anticipated Shibarium Launch is one of the main factors driving up the BONE searches. Per the most recent information provided by Unification XFUND, a blockchain service provider, the Shibarium Public Beta Testnet might soon see the light of day in the third quarter.

The Shiba Inu Community is hoping that Shibarium might debut pretty soon as September is the last month of Q3.

Shiba Inu’s Bone On Popular Demand As Major Exchanges List BONE

For the uninitiated, Shibarium Layer-2 Network offers a substantial utility case for BONE. The asset will function as a native “Gas Token” for Shibarium, requiring a BONE for every user on the network to do any transaction.

Considering the mentioned utility case of BONE in Shibarium, Shiba Inu Community expects that with the much-limited supply of 230 million BONE tokens compared to Shiba Inu, the value of BONE could increase manifolds with the launch of the Shibarium network.

Shiba Inu’s BONE has also gained massive adoption as several leading centralized cryptocurrency exchanges, such as LBANK, the main exchange in Hong Kong, Bitmart, the global trading platform for digital assets based in the Cayman Islands, and most recently multi-asset trading platform BlueBit.io. have too added support.

Here’s How Qatar Central Bank Is Enhancing Digital Payment Services

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Qatar’s Top bank has marched ahead among its peers by issuing the first-ever license to Ooredoo Money and iPay by Vodafone Qatar and ramping up its digital payment services.

As per a Reuters report, this is a significant step to contribute to the development of the financial technology sector and induce more financial inclusion.

It is worth noting that Qatar will host the 2022 FIFA World Cup towards the tail end of this year. And because of that, the gulf state is working relentlessly to scale up its tourism sector and leave no stone unturned to welcome more than a million soccer fans.

This in turn will help in “enabling visitors, especially during the World Cup to process and complete their digital payments,” the Qatar Central Bank reportedly quoted.

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Here's How Qatar Central Bank Is Enhancing Digital Payment Services 6

As a matter of fact, the Arab Gulf region is a “key region” for cross-border digital payments post the pandemic. On top of that, the UAE is “one of the top” remittance senders and receivers worldwide. Last year, the region recorded $42.7 billion and $6.78 billion in remittance outflows and inflows.

A few months ago, the 2.8-million nation of Qatar joined a growing range of countries experimenting with the Central bank Digital Currency concept, most popularly known as CBDC. The Qatar Central Bank [QCB] was “in the foundation stage” of issuing its own digital currency. 

Qatar Struck Deal With Other Central banks For Cross Border CBDC

Initial reports about the apex bank exploring the possibility of CBDCs came up in March 2022. At that time, the top exec of the fintech section at QCB, Alanood Abdullah Al Muftah, revealed that the bank was studying the concept due to the popular global trend.

In the same year, it announced a joint collaboration of cross-border CBDC payments with the central banks of Thailand, Hong Kong, China, and the Bank of International Settlements.

While on the other hand, Afghanistan’s central bank has imposed a nationwide ban on cryptocurrencies this month and the Taliban regime which is currently in power has arrested several dealers who had refused to obey orders to stop trading digital tokens, a senior police official stated.

Cardano Founder On Vasil, “Things Are Moving Along Very Quickly”

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Cardano founder Charles Hoskinson apprised the community of the latest happenings surrounding the the Vasil hard fork upgrade. Speaking via video broadcast on Aug 26, Hoskinson said things are moving along very quickly and if everything goes well without any hitches, the hard fork is most likely to happen in September.

He also revealed that IOHK will work with the Cardano community to set a date for the Vasil hard fork. Also, the team will have a meeting with the Stake Pool Operators [SPO] to get an update on preparations on their side.

He then informed that extensive testing of the 1.35.3 node are being undertaken by both developers and the community with integration and infrastructure looking healthy. Apart from a few minor bugs, there has been no major bugs so far, Hoskinson said.

In addition to that, there would be meetings held with SPOs with regards to preparations for the Vasil hard fork. Also, exchanges will be pushed to upgrade to 1.35.3 to provide liquidity.

Input Output Hong Kong (IOHK), the blockchain firm behind the Cardano network would announced the fork date after the top 5 biggest crypto exchanges by volume completes upgrading to 1.35.3 and top dApps run successful tests against node 1.35.3.

Binance recently announced upgrading to 1.35.3. Notably, the exchange make up 30%-40% of the Cardano trade volume.

IOHK also double down on the upcoming upgrade by saying that the fork is “ever closer” after revealing the details of three crucial indicators that will trigger the mainnet update. 

Cardano research wing shared updates on 3 key indicators

According to the Twitter thread posted on 25 Aug, IOHK shared the latest “rollout status” with updates on “three critical mass indicators,” that will play a important role on the time of the mainnet update.

This includes having 75% of mainnet blocks produced by nodes running 1.35.3, nearly 25 exchanges have upgraded [representing 80% of liquidity] and the top ten decentralized applications [DApps] also having upgraded.

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Cardano Founder On Vasil, "Things Are Moving Along Very Quickly" 8

The blockchain firm also noted that Stake Pool Operators [SPOs] running the latest node 1.35.3 now account for 42% of mainnet block production in the current epoch, which is now more than halfway to the 75% required.

Huobi subsidiary hoops US license for yet another way of cryptocurrency transactions

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In order to offer cryptocurrency transactions, Huobi Technologies (1611.HK) said that its brokerage subsidiary, HBIT, has secured a license to carry out foreign exchange and money transfer activities in the U.S.

According to a statement released on Tuesday, HBIT has been granted a Money Services Business Registration License (MSB) by the U.S. Financial Crimes Enforcement Bureau (FinCEN).

According to the blog, this represents yet another step forward in Huobi Technology’s compliance process and lays a solid compliance foundation for the company to conduct future digital currency-related business in the United States, furthering the strategic objectives of globalization and compliance.

The laws governing digital money in European and American countries are rather clear, from the bill’s drafting to the closely guarded oversight. It has been stated that United States stands out among them because it encourages the orderly growth of digital assets and is imaginative in the speed of regulatory development.

With this license in hand, HT’s brokerage company is now authorized to operate as a money transmitter and a dealer in foreign exchange across the entire country.

The firm is anticipated to maintain the momentum of foreign business expansion in the future while continuing to offer users in the United States secure and legal digital asset services.

Huobi scores another one with its trust company

In December 2020, Huobi Trust Company, a division of Huobi Technology (HT) that provides trust services for digital assets, received a trust license from the Nevada Financial Institutions Division. The organization was permitted to provide custodial and compliance services in the US thanks to the license.

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Furthermore, it has been claimed that in the future, HT intends to “consolidate the momentum of international business expansion” and offer additional digital asset services to U.S. users.

The subsidiary of the Huobi Group, which manages the Huobi Exchange, called Huobi Tech is listed in Hong Kong. Despite not having a formal affiliation, the two businesses have Leon Li as a common stakeholder and use similar branding.

Huobi Group first made an entry into the US crypto market in 2018. Due to regulatory concerns, the firm had to exit the market. However, in February this year, the founder Du Jun said that the company planned to make yet another entrance into the US crypto market.