Tech news era

14/10/2021

04/10/2021

KuCoin Exchange Closes Accounts of Users from China

The KuCoin trading platform has become another victim of the cryptocurrency ban in China. The exchange intends to say goodbye to the country completely, including Chinese users.
A notice was posted on the KuCoin website on October 3, 2021, which states that due to regulatory pressure from the Chinese authorities, all local users will have to close active positions and withdraw the remaining assets from the exchange by December 31, 2021. The reason given is the latest notice from the People's Bank of China to ban cryptocurrencies.

Faced with tightening legislation from the NBK, KuCoin began to study the requirements of regulators and its resources to find the most user-friendly solution. After "careful consideration of all options for action," the exchange operator concluded that not serving customers from China was the only viable option. The KuCoin exchange itself was founded in China, but has long since changed its jurisdiction to the Seychelles.

KuCoin is not the first major marketplace to announce that it has closed access to Chinese users. Earlier, cryptocurrency exchange Huobi stopped registering new users from mainland China and warned that it will close the accounts of all users from China by December 31, 2021. In parallel, the Binance trading platform has completely blocked access to the site from Chinese IP subnets.

Amid the refusal of cryptocurrency platforms to serve users from mainland China, the decentralized finance sector is flourishing in the cryptocurrency market. Trading volumes on some DeFi protocols have exceeded those of major centralized exchanges.

04/10/2021

Dolce & Gabbana raised $ 5.6 million from the sale of NFT

Italian fashion brand Dolce & Gabbana has successfully completed its first ever Collezione Genesi NFT collection auction at UNXD.
Dolce & Gabbana has been steadily expanding its product line and international presence since the 90s. The company exports its products to the United States and Japan, where it has gained public recognition.
In 2021, Domenico Dolce and Stefano Gabbana presented their debut Collezione Genesi NFT collection at the Venice show. An exclusive handmade collection was developed by designers especially for the UNXD trading platform. It included both digital and physical items Alta Moda for women, Alta Sartoria for men and Alta Gioielleria jewelry.

When it was announced before the collection show that the designers were planning to auction digital copies of their work, it was perceived as an eccentricity of eminent masters, which has no commercial component.

However, the skeptics were wrong. Collezione Genesi NFT lot titled Glass Suit was sold at auction for 351.4 ETH (over $ 1 million). Two digital versions of the "dream dress" - gold and silver - were also purchased for 167 ETH each (approximately $ 500,000).

In total, the fashion house raised 1,885 ETH ($ 5.65 million) from the sale of the Collezione Genesi NFT collection, consisting of nine unique collectibles. Digital lots have been supplemented with "experimental" bonuses. Thus, NFT owners will receive a suit tailored to their measurements, access to Dolce & Gabbana couture shows throughout the year, and will also be able to visit an atelier in Milan.

Dolce & Gabbana is not the first brand to focus on the digital transformation of the world of high fashion. Earlier, the intention to release a series of collectible NFTs was announced by the Gucci brand, and the British fashion, accessories and perfumery manufacturer Burberry has released its first collection of non-fungible tokens in partnership with Mythical Games.

04/10/2021

IMF recommends developing countries to adopt digital currencies of the Central Bank and replace the US dollar

The goal of the new policy of the International Monetary Fund (IMF) is to reduce the financial risks associated with the global adoption of digital assets. The IMF has issued guidance for developing and emerging market economies. The fund recommends that emerging economies adopt a national digital currency and reduce dependence on the US dollar in order to increase economic stability in the world. The organization is confident in the potential of digital assets as a solution for fast and low-cost international payment transactions. The report identifies the main advantages of launching a national digital currency: high profitability and speed of payment transactions, reduced transaction costs and reduced requirements for anti-money laundering and terrorist financing (AML) standards. To ensure financial stability amid the growth in digital asset trading, the IMF recommends: “Regulators increase their capacity to control the cryptocurrency ecosystem. For emerging markets facing digital asset pressures, strengthen policies to ensure a stable economy and explore the benefits of the launch of government digital currencies. " The IMF believes that in addition to the introduction of a digital currency, the Central Bank needs a policy aimed at replacing the US dollar in international settlements. All these measures will help states to prevent the risks of macro-financing. This week, the Bank for International Settlements experimentally proved that the digital currencies of the Central Bank reduce the costs and time for international transactions. Earlier, HSBC Bank CEO Noel Quinn said that national digital currencies will develop the economies of states.

30/09/2021

Algorand launches AVM virtual machine to empower smart contracts

The Algorand project introduced the AVM virtual machine to increase the scalability of decentralized applications and instant transactions. As reported by the Algorand developers, the Algorand Virtual Machine (AVM) is a layer-1 protocol update mechanism. In addition to improving scalability and transaction speed, AVM will "support the development of green, zero-carbon blockchains." Developers will also present tools for writing smart contracts in Python or Reach programming languages. Algorand Product Development Lead Paul Riegle said the AVM virtual machine enables the development of sophisticated smart contract-based applications for DeFi, trading and non-fungible token (NFT) platforms, and Web3-based products. Owen Colegrove, an employee of the decentralized banking platform Algofi, also commented on the launch of AVM. “Along with the high performance of Algorand, AVM will bring scalability to a whole new level. The virtual machine will allow us to quickly iterate, optimize and improve our services, including lending protocol and decentralized finance services, ”Colegrove said. Despite the volatility of the cryptocurrency market, September was quite a good month for the ALGO cryptocurrency - on September 13, it reached a two-year high, exceeding $ 2.55. Today ALGO is trading at $ 1.58, and the market capitalization of the coin is $ 9.4 billion. Recall that the Algorand Foundation recently launched the Viridis Fund for 150 million ALGOs to develop NFT platforms, decentralized exchanges and DeFi projects based on the Algorand blockchain.

30/09/2021

30/09/2021

30/09/2021