Bitcoin

Banks to Mint USDF Stablecoin following the Launch of the USDF Consortium

Banks who were once against the blockchain space at its infancy have turned around and warmed up to it. The USDF Consortium, an affiliation of FDIC-insured banking firms, has officially launched with an objective to build networks of financial institutions to advance the growth and integration of a bank-minted stablecoin. This will allow for the approved movement of assets on the blockchain and would serve as an opportunity for banks to benefit from the endless possibilities on the blockchain.

What is USDF?

USDF is a bank-issued stablecoin that competes with non-bank-issued stablecoins. The proposed crypto will be created by US banks and will be redeemable for cash from member banks. According to the network, the goal is to provide greater user protection than uncontrolled stablecoins.

USDF will run on the Provenance Blockchain, a  proof-of-stake network created in May 2021 by the Provenance Foundation, based in San Francisco, California. Since USDF is now available on a public blockchain, banks and their clients will be able to utilize it for a variety of uses, including capital call financing, invoice, and supply chain finance, in addition to peer-to-peer and business-to-business money transfers.

Reaction to the news

Reacting to the news, Figure CEO Mike Cagney said, “USDF opens up endless possibilities for the expanding world of DeFi transactions. The ease and immediacy of using USDF for on-chain transactions was demonstrated this fall when NYCB minted USDF used to settle securities trades executed on Figure’s alternative trading systems. We are tremendously excited that NYCB expects to be minting USDF on demand and on a regular basis in the coming weeks.”

According to Andrew Kaplan, NYCB’s Chief Digital and Banking Service Officer, this initiative will meet the demands of customers. He said,  “This will solve a critical need to move funds on the blockchain, and it does so in a way that can scale, adheres to regulatory standards, and is acceptable to all users from large institutional investors to retail customers.

Andrew further added that “As a form of digital currency created and administered by regulated U.S. banks within the USDF Consortium, USDF will enable wide use of an on-chain, real-time payments system that satisfies important principles of safety and soundness, compliance with anti-money laundering standards, and financial stability.”

In reaction to the news, Bea Ordonez, Chief Financial Officer of Sterling National Bank, said, “Our membership in the Consortium will enable us to integrate real-time payments into our operating model, allowing us to leverage the benefits of blockchain technology to streamline multi-party decision-making processes and provide certainty of settlement. We are exploring specific segment-focused use cases that are relevant to our commercial model, including potential applications to commercial lending and loan syndications.”  

The USDF Consortium is laying the groundwork for banks to use blockchain as a game-changing technology for sustainable expansion and creativity. Interested banks can read more about the Consortium, the USDF, and the membership requirements at www.usdfconsortium.com, as well as apply to join.

Will the new NFT marketplace LooksRare challenge OpenSea’s dominance and why?

For over a year, NFTs, non-fungible tokens have been the craze of the crypto world. These are digital artworks with assigned values. Since the inception of the NFT trend, OpenSea, an NFT marketplace where users can buy and purchase NFTs, has almost dominated the market and is the most engaged NFT platform.

Even with the surge of NFTs last year, the industry is saddled with several flaws. The major disadvantage is a significant absence of competitive marketplaces. OpenSea has 90% of the market and does not seem to have any serious contender for its place. Most individuals aren’t interested in looking into other options; however, all that is set to change as a new marketplace has emerged, ready to give OpenSea a run. 

LooksRare to change the market?

 OpenSea has 90% of the market and does not seem to have any serious contender for its place. Most individuals aren’t interested in looking into other options; however, all that is set to change as a new marketplace has emerged, ready to give OpenSea a run.   LooksRare, a new NFT marketplace, seems to be the competitor everyone has been waiting for. Aside from having a catchy name, the project has several features that could bait OpeaSea’s users to its platform.  

With all of the angst surrounding OpenSea, it was only a matter of time until another player entered the mix. LooksRare follows in the footsteps of other token drops by issuing their $LOOKs token, which is based on the amount of money you’ve spent on ETH transactions.

A vampire attack

LooksRare intends to entice OpenSea’s major NFT spenders by providing them with free LOOKS, its native token. The tokens are available to everyone who traded over 3 ETH on OpenSea between June 16 and December 16, 2021.

In the crypto world, this is known as a vampire attack, and LooksRare is not the first project to poach on OpenSea’s corridors. So far, none has been successful, but LookRare seems to be launching a serious attack. 

LooksRare intends to reward users every time they trade an NFT, in addition to encouraging existing OpenSea players. It would also reward people that stake the LOOKS token with a 30,400 percent annual percentage rate (APR). It also hopes to attract more customers with its cheaper regular cost of 2%.

LooksRare sells $100 million NFTs in a few hours

According to pseudonymous co-founder Zodd, the budding non-fungible token marketplace has had $105 million in trading volume in the last 24 hours, producing 613 ETH (almost $2 million) in platform fees that will be distributed to LOOKS token holders in the next hours.

Traders are wagering that LooksRare will last at least a short time. A LOOKS airdrop worth an average of $3,500 has been claimed by over 75,000 Ethereum addresses, and the token is on the verge of breaking into the top 200 cryptocurrencies by market cap.

Why LooksRare is a serious contender

In so many ways, LooksRare emerged when the market had grown weary of OpenSea’s monopoly and policies. This could sway more users to its platform. The figures indicate a scorching-hot start for the brand-new platform that appears to meet a definite market need.

 NFT traders have been clamoring for OpenSea to create a token and decentralize parts of its operations for months. Critics have accused the dominant marketplace of being a selfish intermediary in a decentralized environment because of its policies around IP enforcement and delisting hacked or exploited NFTs. 

Also, OpenSea’s 2.5% charge, which goes to its team rather than users, has been heavily criticized as a form of bullying. The platform is said to operate double standards when it comes to intellectual property claims. The growing discomfort in OpenSea’s users could prove to be a big advantage for the growing LooksRare. It is yet to be seen if artists would later troop back to OpenSea but so far, the numbers look good for LooksRare

Scallop obtains MSB license to operate in Canada

 London, England, 12th January, 2022- Scallop has acquired a money services business (MSB) license from the Financial Transactions and Reports Analysis Centre (FINTRAC). The Canadian MSB license issued by FINTRAC allows Scallop Fintech Inc (Scallop Group Limited’s Canadian corporation subsidiary) to conduct money transfers and be a dealer for foreign exchange, as well as for digital currencies.
  • Foreign exchange dealing allows Scallop to conduct transactions to exchange one type of currency for another — e.g., exchanging United States dollars for Canadian dollars).
  • Money Transferring permits Scallop to transfer funds from one person or entity to another using an electronic funds transfer network or any other method, such as Hawala, Hundi, Fei-Chien, and Chitti.
  • Dealing digital currency permits Scallop to hold and trade digital currencies including, fiat and cryptocurrencies.
This license will facilitate the company’s robust decentralized finance banking ecosystem, which includes IBAN accounts, multi-currency wallets, transfers and remittances, as well as a nonfungible token marketplace and a native blockchain, Scallop Chain, into the North American region, offering users and institutional partners regulated crypto and banking services. Raj Bagadi, founder and CEO, Scallop said:
“We are extremely proud of this moment. The MSB license adds to our license in the European Union already. Receipt of this license and successful registration highlights our commitment to cooperatively working with regulators in the jurisdictions that we operate in across the globe. Canada is a key country in the digital asset world and so we are delighted with this expansion path.”

About Scallop

Scallop is an innovative fintech ecosystem for users who want a faster and more efficient way to manage their crypto + fiat in a single place securely. Our mission is to bring digital assets further into mainstream usage and bridge the gap between decentralized and traditional finance.

Official Scallop links

Website | Twitter | Telegram | Medium | LinkedIn | ScallopLight | Facebook Instagram Media Contact: Karampal Singh Email: karampal.s@scallopx.com Company: Scallop Group Limited

Disney Strengthens its Metaverse Ambition with Patent for an Amusement Park

Disney is one of the latest entertainment organizations to experiment with headset less augmented reality. As a result,  Disney park visitors may soon be traveling through the metaverse. Beginning their year on a high note, the world’s largest entertainment company just received patent permission for metaverse capabilities at its theme parks.

The company will employ software that tracks people’s phone activities at Disney parks. It will then create customized interactive attractions for each of these guests, which will be shown as 3D graphics on neighboring physical locations. Rather than a general fun activity, each visitor would have his fun customized to their request. This means that one person could see Cinderella from a hot dog stand while another would be enjoying another Disney show.

Disney’s metaverse ambition

Disney has been making moves to join the ongoing tech conversation. On December 28, 2021, the tourist site got their patent called a ‘virtual world simulator in a real place’ approved.  Before then, the entertainment giant had filed a trademark application with the US Patent and Trademark Office. 

During the company’s fourth-quarter result call, CEO Bob Chapek remarked that Disney intends to tell stories through a “three-dimensional canvas.”  This technology is a strong pointer to Disney’s intention to fulfill its ambition

According to Chapek, “Our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse.” 

In November 2020, Disney revealed their metaverse vision. Tilak Mandadi, the company’s chief strategist, wrote an article at the time highlighting the company’s metaverse objectives. According to Mandadi, the experiences would be timeless but yet distinctive to the individual, as well as social and connected.

Growth to be expected

In an interview with the Los Angeles Times, Disney stated that it has no immediate plans to use the patent.  However, getting the patent shows how deliberate Disney is to get ahead of its competitors.  Disney has a long history associated with modern American culture. Its influence has also spread to other parts of the world. 

Currently, there are 12 parks in the United States, Paris, Hong Kong, Japan, and China. These parks have become tourist locations and homes for individuals seeking fairytale adventures. It is reported that Disney parks around the globe get millions of visitors yearly, and the entertainment giant rakes in billions as profit.  All of Disney’s services brought in approximately $17 billion in revenue in 2021. While several organizations struggle to keep things together as a result of the pandemic and restrictions associated with it, Disney continues to record tremendous progress. 

The metaverse is expected to be the craze of the blockchain community in 2022, as Defi and NFTs were in 2021. If everything goes as planned, Disney could see its growth explode in the coming months.

Platinum enters into partnership with Almora Capital to unleash its full potential

We are continuously trying to expand our number of strategic partners, as they make it possible for us to tap into new markets and deliver the best products possible. This time, the core team of Platinum Software Development is proud to announce a brand new partnership with Almora Capital, an investment firm that offers full-lifecycle solutions to blockchain investors and businesses.

Learn more detailed information about this collaboration in today’s release.

Unleashing our full potential with Almora Capital

Given the highly unstable and competitive environment of the decentralized finance market, for Platinum to introduce new use cases to the crypto community, there is a need for strong and influential partners that can back us with their rich resources. That is why the Platinum development team is pleased to present our new strategic partner – Almora Capital.

Almora Capital is an eminent blockchain investment firm that’s focused on assisting their international clients to map their investments and sort them into themes in order to optimize their portfolios and achieve the best results. The company offers transparent and open communications as well as research-based industry insights to all their clients, be they individuals, institutions, or businesses.

The Almora Capital core team is committed to pursuing various opportunities in the DeFi market and placing its deep understanding of technology, market economics, and blockchain finance at the forefront of its activities, so as to deliver optimized investment solutions. Almora Capital is globally recognized and has an excellent reputation in the field of blockchain investment.

Almora Capital and Cheesus

Some team members of Almora have been paying attention to Cheesus, the brainchild of Platinum Software Development, an on-chain analytical tool for NFT gaming metaverse and DeFi activity. Cheesus is able to track any NFT trading activity within any metaverse, DEX, and AMM. Cheesus is also quite an effective tool against fraudsters and scammers, helping users to identify only valuable and trustworthy DeFi projects.

Almora Capital recognized the great potential of Cheesus and decided to sign a partnership agreement with us. This move will allow Almora Capital to develop more sophisticated investment strategies for which Cheesus will receive help in the form of Almora’s financial and marketing resources.

“Support from an authoritative venture capital firm such as Almora Capital is something to be proud of. The Platinum team has a real opportunity here to create a buzz in the DeFi market and achieve the strategic goals set out in our roadmap as soon as possible. There is no doubt that this partnership promises to be a long and fruitful one that will boost the  performance of both projects,” said Anton Dziatkovskii, Platinum’s co-founder.

About Almora Capital

Almora Capital is an eminent blockchain investment firm that helps global clients map their investments and sort them into themes that will optimize the results of their portfolios. The company is dedicated to crypto investments and empowering its clients with technical and fundamental resources such as insights and data that will help them leverage the potential of up-and-coming projects in the decentralized digital economy.

Almora Capital conducts in-depth and timely analyses of industries, markets and investment frameworks, helping the project to earn a favorable reputation in the blockchain investment space.

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About Platinum

Platinum Software Development Company offers enterprise IT solutions and services to improve business processes and leverage technological innovations. From consultations, strategizing and roadmap building to ongoing improvements of large transformational projects across diverse industries, Platinum provides a strategic advantage to every client it works with.

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Telegram

Platinum and Almora Capital are as of this moment, official partners ?

Almora Capital is an eminent blockchain investment firm focused on assisting their international clients to map their investments and optimize their portfolios ?

The brand new partnership promises to be a long and fruitful one that will boost the performance of both projects ?

Read about the agreement in the full release.

Twitter

Platinum and @AlmoraCapital are as of this moment officially partners ?

The brand new partnership promises to be a long and fruitful one that will boost the performance of both projects ?

Read more here