Lightnet gets $50M from LDA Capital to expand Velo’s blockchain tech

Lightnet gets $50M from LDA Capital to expand Velo’s blockchain tech
Lightnet, a fintech group based in Singapore, has reportedly received a $50 million capital commitment from the US-based investment firm LDA Capital, to expand its operations, infrastructure, and help grow the blockchain technology of its tech partner Velo Labs Technology. Over the course of three years, Lightnet will have the chance to raise the $50 million to a maximum commitment of $100 million. The money will be used to support web 3.0 pay

Abu Dhabi plans to unveil a Blockchain & Virtual Assets Strategy

Abu Dhabi plans to unveil a Blockchain & Virtual Assets Strategy
The Abu Dhabi Blockchain & Virtual Assets Committee (ADBVAC) has recently held its first meeting to discuss the blockchain and virtual assets strategies, which is in line with the Emirates economic strategy. The committee, under the chairmanship of H.E. Mohamed Ali Al Shorafa, the Chairman of ADDED (Abu Dhabi Department of Economic Development) and a member of the Abu Dhabi Executive Council highlighted, stressed how crucial it is to regul

Australian Labor Party discloses a crypto regulation approach

Australian Labor Party discloses a crypto regulation approach
The Australian Labor Party (ALP), which has been in power for three months, has reportedly revealed its plans for cryptocurrency regulation. Jim Chalmers, Treasurer of Australia, revealed a ‘token mapping’ process was one of the 12 suggestions in a senate inquiry report from the previous year on ‘Australia as a Technology and Financial Center.’ The report was welcomed warmly by the industry, which had been waiting to se

U.S. Federal Reserve issues norms for banks considering crypto activities

U.S. Federal Reserve issues norms for banks considering crypto activities
The U.S. Federal Reserve has recently released new guidelines for banks considering activities including cryptocurrencies, highlighting that firms must notify Fed in advance and ensure that whatever they do is under compliance. The Fed also urged the state members to notify their regulators before engaging in any crypto activities. According to a statement issued by Fed, cryptocurrencies offer massive opportunities to banks. Still, firms mu

BORANETWORK, Kako Games outline expansion plans during KBW2022

BORANETWORK, Kako Games outline expansion plans during KBW2022
BORANETWORK, a digital platform for industrial enterprises, recently held a conference for BORA in the Korea Blockchain Week 2022 (KBW2022), the largest blockchain event in Asia. At the event, BORANETWORK and partner Kakao Games demonstrated the business status of BORA along with the future expansion plans. This expansion will be done in collaboration with Polygon, Ethereum scaling and infrastructure development, to the media under the theme,

Binance and WazirX ownership dispute puts 15 million users in a fix

Binance and WazirX ownership dispute puts 15 million users in a fix
The public feud between India’s cryptocurrency platform WazirX cofounder Nischal Shetty and Changpeng Zhao, CEO of the Seychelles-based firm Binance, has reportedly affected nearly 15 million of the Indian crypto exchange's registered users (as of August). According to sources, an ownership conflict with the biggest crypto exchange based on volume in the world is currently being investigated by Zanmai Labs, which runs WazirX in India

SEC accuses 11 individuals in $300M crypto pyramid and Ponzi scheme

SEC accuses 11 individuals in $300M crypto pyramid and Ponzi scheme
The US Securities and Exchange Commission (SEC) has reportedly indicted 11 individuals for their roles in developing and promoting a fraudulent Blockchain networking platform, Forsage, and a Ponzi scheme that recently secured around $300 million from several retail investors worldwide, including in the US. The people charged included four founders of Forsage, who were earlier said to be living in Russia, Indonesia, and the Republic of Georgia,

Columbia issues a draft on crypto regulation; seeks public opinion

Columbia issues a draft on crypto regulation; seeks public opinion
Colombia's Financial Superintendence has recently published a draft regarding crypto regulation. As per credible sources, the draft treats several issues related to cryptocurrencies comparable to what other countries have treated. Additionally, the financial regulator pursues to consider the opinion of the country's citizens about the draft. As contemplated, the draft massively considers control measures against funding the terroris

Tesla retracts Bitcoin shares post crypto havoc, sells majority stake

Tesla retracts Bitcoin shares post crypto havoc, sells majority stake
American automotive giant, Tesla Inc. has reportedly sold a massive portion of its stake in Bitcoin, a breakthrough investment that supported the legitimization of the largest electronic currency in the world. As a part of the company’s earnings report, Tesla drafted a shareholder letter this week, stating that so far until the end of Q2, 2022, the automaker has converted approximately 75% of its Bitcoin investment into fiat currency.