Blockchain Press Releases

Peach Tech and Orient Asset Management (Hong Kong) Limited Forge Strategic Partnership to Bridge Traditional Finance and Web3

Published

6 days ago

July 3, 2024

HONG KONG, July 3, 2024 /PRNewswire/ — Peach Tech Limited (“Peach Tech”) and Orient Asset Management (Hong Kong) Limited (“Orient HK”) are delighted to announce a groundbreaking strategic partnership aimed at jointly advancing the innovation and integration of traditional financial institutions with the world of Web3 digital assets in Hong Kong.

This game-changing collaboration will see Peach Tech providing top-tier advisory services and infrastructure for the tokenization of real-world assets managed by Orient HK, under the Peach Investment Fund (PIF) and Peach Investment Fund Token (PIFT). This strategic partnership marks a significant milestone for Peach Tech in transforming how traditional financial assets such as real estate can be managed and tokenized, paving the way for a more integrated and innovative financial ecosystem between TradFi & crypto in Asia.

“We are beyond excited to partner with Orient HK and bring the worlds of traditional finance and blockchain closer together,” said David Koh, Chief Operating Officer of Peach Tech Limited. “This collaboration is a major step forward in demonstrating the trust and commitment traditional finance institutions place in us to be the key enabler and bridge between TradFi, CeFi and DeFi.”

“At Orient HK, we are committed to advancing the tokenization of real-world assets,” said Zhao Guodong, Director of Orient Asset Management (Hong Kong) Limited. “Partnering with Peach Tech will accelerate our adoption of Web3 technologies and redefine the financial landscape.”

For more information, please visit:

About Peach Tech Limited

Peach Tech Limited is a leading technology and platform company with a focus on bridging the gap between traditional financial assets and blockchain technology, developing products that enhance market efficiency, transparency, and accessibility. It provides a wide range of services in the crypto and RWA space, including advisory, tokenization of real-world assets and token issuance.

About Orient Asset Management (Hong Kong) Limited

Orient Asset Management (Hong Kong) Limited, a wholly-owned subsidiary of Orient Securities International Financial Group Co. Ltd, specializes in asset management services outside of mainland China. The company offers a wide range of asset management services, including the issuance and management of private funds, public funds, fully mandated investment management accounts, and investment advisory services.

View original content:https://www.prnewswire.co.uk/news-releases/peach-tech-and-orient-asset-management-hong-kong-limited-forge-strategic-partnership-to-bridge-traditional-finance-and-web3-302187911.html

Blockchain Press Releases

Bitget Introduces the First BGB Perpetual Futures with up to 50x Leverage

Published

5 hours ago

July 8, 2024

CISION (PR Newswire)

bitget-introduces-the-first-bgb-perpetual-futures-with-up-to-50x-leverage

VICTORIA, Seychelles, July 8, 2024 /PRNewswire/ — Bitget, the leading global cryptocurrency exchange and web3 company, is excited to announce that its native token, Bitget Token (BGB), is now exclusively available for futures trading on the platform. As the first BGB perpetual futures, BGBUSDT-M will be live on July 8, 2024, with a maximum leverage of 50x.

BGB is the ecoystem token of Bitget, designed to create a simple, secure crypto ecosystem accessible to all. Launched in July 2021 with a total supply of 2 billion, BGB now has 1.4 billion tokens in circulation. Bitget Token (BGB) offers exclusive perks to all holders, aiming to share the fruits of Bitget’s growth with all users. These benefits include spot trading fee discounts, free withdrawal, access to token sales or airdrops on Launchpad and Launchpool, and other platform-specific benefits, incentivizing users to hold and use BGB, thereby creating a strong utility-driven ecosystem.

In addition to futures trading, BGB can be traded on Bitget’s spot and margin markets, used for copy trading, and utilized with trading bots, enhancing the versatility and utility of the token within the Bitget ecosystem. The token has also been listed on other major centralized exchanges like Bitfinex and MEXC. BGB has demonstrated impressive market performance, a new all-time high of $1.4306 in early June 2024, up 141.4% in the past year.

Gracy Chen, CEO of Bitget, commented: “We are thrilled to expand the trading options for BGB, offering our users more ways to benefit from Bitget’s native token. The addition of BGB to the futures market, along with existing trading services and utilities, proves our commitment to providing a comprehensive, rewarding and smart trading experience. Looking forward to new heights of the token and the company!”

On 1st July, Bitget announced the upgrade of its native token BGB’s smart contract address. This enhancement aims to increase the utility and potential of BGB, paving the way for its use in various dApps and facilitating future listings on more centralized and decentralized exchanges. To celebrate the launch of the first BGB perpetual futures, Bitget will host a series of competitions to give away 20,000 BGB to its users.

For more details on BGB futures trading and surrounding promotional events, please visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

Photo – https://mma.prnewswire.com/media/2455517/Bitget_Introduces_First_BGB_Perpetual_Futures_50x_Leverage.jpg

View original content:https://www.prnewswire.co.uk/news-releases/bitget-introduces-the-first-bgb-perpetual-futures-with-up-to-50x-leverage-302190615.html

Blockchain

Fintech Needs to Adopt Advanced AI/ML-Powered Models

Published

3 days ago

July 5, 2024

Peter Tolan

fintech-needs-to-adopt-advanced-ai/ml-powered-models

The fintech industry is at the forefront of technological innovation, with artificial intelligence (AI) and machine learning (ML) playing a pivotal role in driving this transformation. To remain competitive and meet the evolving demands of consumers, fintech companies must adopt advanced AI/ML-powered models.

The Role of AI/ML in Fintech

AI and ML technologies have the potential to revolutionize various aspects of fintech operations, including:

Fraud Detection: AI/ML models can analyze vast amounts of transaction data in real-time to identify and prevent fraudulent activities.
Customer Service: AI-powered chatbots and virtual assistants can provide personalized customer service, improving customer satisfaction and reducing operational costs.
Risk Management: ML algorithms can assess and predict risks more accurately, enabling better decision-making and risk mitigation.
Credit Scoring: AI/ML models can analyze alternative data sources to assess creditworthiness, providing more accurate and inclusive credit scoring.

Benefits of Advanced AI/ML Models

Adopting advanced AI/ML models offers several benefits for fintech companies:

Improved Efficiency: Automating routine tasks and processes can significantly improve operational efficiency and reduce costs.
Enhanced Accuracy: AI/ML models can analyze data with greater accuracy and speed, leading to more informed decision-making.
Personalized Services: AI-powered solutions can provide personalized services and recommendations, enhancing the customer experience.
Scalability: AI/ML models can scale easily to handle increasing volumes of data and transactions, supporting business growth.

Challenges and Considerations

Implementing advanced AI/ML models also presents challenges, including:

Data Quality: Ensuring the availability of high-quality data is crucial for the effectiveness of AI/ML models.
Regulatory Compliance: Navigating regulatory requirements and ensuring compliance with data privacy and security standards is essential.
Integration: Integrating AI/ML models with existing systems and processes can be complex and resource-intensive.
Talent and Expertise: Accessing skilled talent and expertise in AI/ML is critical for successful implementation and management.

Conclusion

The adoption of advanced AI/ML-powered models is essential for fintech companies to stay competitive and meet the evolving needs of consumers. By leveraging the power of AI/ML, fintech companies can enhance efficiency, improve accuracy, and provide personalized services, driving innovation and growth in the industry.

Source of the news: New Indian Express

The post Fintech Needs to Adopt Advanced AI/ML-Powered Models appeared first on HIPTHER Alerts.

Blockchain

KuCoin Announces New 7.5% VAT on Transaction Fees for Nigerian Customers

Published

3 days ago

July 5, 2024

Adrienn Sarkany

kucoin-announces-new-7.5%-vat-on-transaction-fees-for-nigerian-customers

KuCoin, one of the world’s leading cryptocurrency exchange platforms, has announced the implementation of a 7.5% Value-Added Tax (VAT) on transaction fees, effective July 8th, 2024. This new regulation will impact all users whose Know Your Customer (KYC) information is registered in Nigeria. The VAT will be applied exclusively to transaction fees, not the overall transaction amount.

For example, if a user buys 1,000 USDT worth of Bitcoin, they would typically incur a fee of 1 USDT at the standard 0.1% fee rate. With the new VAT, an additional charge of 0.075 USDT would be applied to this fee, resulting in a total fee of 1.075 USDT. Consequently, the net amount available for the transaction would be 998.925 USDT. KuCoin clarified that the VAT would cover all types of transactions on its platform. This move aligns with recent regulatory updates and demonstrates the company’s commitment to complying with local tax laws.

The announcement has garnered mixed reactions from the Nigerian cryptocurrency community. Some users have expressed concern over the added cost to their transactions, while others recognize it as a necessary step towards greater regulatory compliance and legitimacy for cryptocurrency trading in Nigeria. KuCoin encourages affected users to seek assistance through their Telegram group or by contacting the online support team for further guidance on the new tax regulations.

As Nigeria continues to evolve its regulatory framework for digital assets, this development underscores the importance for traders to stay informed about local laws and their potential impacts on trading activities. The KuCoin team expressed their gratitude for users’ cooperation and understanding, reiterating their commitment to providing a secure and compliant trading environment.

KuCoin’s introduction of a 7.5% VAT on transaction fees for Nigerian users marks a significant step in aligning with local tax regulations. While the additional cost may concern some users, it underscores the importance of regulatory compliance in fostering a legitimate and sustainable cryptocurrency trading environment in Nigeria.

Source: investorsking.com

The post KuCoin Announces New 7.5% VAT on Transaction Fees for Nigerian Customers appeared first on HIPTHER Alerts.

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tether,-the-largest-stablecoin-issuer-by-market-capitalization,-is-expanding-its-presence-in-turkey-through-a-new-collaboration-aimed-at-exploring-various-tokenization-use-cases-among-turkish-financial-lenders-in-a-recent-blog-announcement,-tether-revealed-that-it-has-signed-a-memorandum-of-understanding-(mou)-with-the-crypto-consultancy-firm-btguru-to-develop-comprehensive-programs-and-leverage-btguru’s-connections-to-facilitate-discussions-with-financial-institutions-in-turkey-the-collaboration-will-primarily-focus-on-asset-tokenization,-exploring-real-world-asset-tokenization-use-cases-for-banks-this-initiative-aims-to-harness-the-benefits-of-tokenization-to-enhance-the-efficiency-and-transparency-of-financial-transactions-real-world-asset-(rwa)-tokenization-could-potentially-allocate-trillions-of-us-dollars-analysts-at-mckinsey-&-company-estimate-that-the-sector’s-market-capitalization-could-reach-approximately-$2-trillion-by-2030-under-a-base-scenario-this-partnership-coincides-with-significant-regulatory-developments-in-turkey-turkish-president-recep-tayyip-erdogan-recently-signed-a-new-bill-into-law-that-regulates-the-crypto-industry-and-outlines-penalties-for-non-compliance-crypto-exchanges-seeking-to-operate-legally-in-turkey-must-obtain-a-license-from-the-capital-markets-board,-the-country’s-financial-regulatory-and-supervisory-agency-unauthorized-crypto-platforms-offering-trading-services-could-face-prison-sentences-of-three-to-five-years-additionally,-the-new-law-imposes-fines-ranging-from-$7,500-to-$182,600-and-mandates-that-crypto-providers-implement-and-report-measures-such-as-seizures-and-other-legal-enforcement-actions-the-collaboration-between-tether-and-btguru-reflects-a-strategic-move-to-align-with-turkey’s-evolving-regulatory-landscape-while-fostering-innovation-in-the-financial-sector-by-focusing-on-tokenization,-tether-aims-to-provide-turkish-banks-with-advanced-tools-to-tokenize-real-world-assets,-potentially-transforming-traditional-banking-practices-and-enhancing-compliance-with-new-regulations-this-initiative-not-only-positions-tether-at-the-forefront-of-financial-innovation-in-turkey-but-also-sets-a-precedent-for-other-crypto-firms-looking-to-navigate-complex-regulatory-environments-as-tether-deepens-its-engagement-with-turkish-financial-institutions,-the-move-could-encourage-broader-adoption-of-blockchain-technology-in-traditional-finance,-thereby-fostering-a-more-integrated-and-compliant-digital-asset-ecosystem-the-strategic-partnership-with-btguru-and-the-proactive-approach-to-regulatory-compliance-underscore-tether’s-commitment-to-expanding-its-global-footprint-while-adhering-to-local-laws-and-promoting-the-benefits-of-asset-tokenization-in-the-financial-sector.

Blockchain5 days ago

Tether, the largest stablecoin issuer by market capitalization, is expanding its presence in Turkey through a new collaboration aimed at exploring various tokenization use cases among Turkish financial lenders. In a recent blog announcement, Tether revealed that it has signed a Memorandum of Understanding (MoU) with the crypto consultancy firm BTguru to develop comprehensive programs and leverage BTguru’s connections to facilitate discussions with financial institutions in Turkey. The collaboration will primarily focus on asset tokenization, exploring real-world asset tokenization use cases for banks. This initiative aims to harness the benefits of tokenization to enhance the efficiency and transparency of financial transactions. Real-world asset (RWA) tokenization could potentially allocate trillions of U.S. dollars. Analysts at McKinsey & Company estimate that the sector’s market capitalization could reach approximately $2 trillion by 2030 under a base scenario. This partnership coincides with significant regulatory developments in Turkey. Turkish President Recep Tayyip Erdoğan recently signed a new bill into law that regulates the crypto industry and outlines penalties for non-compliance. Crypto exchanges seeking to operate legally in Turkey must obtain a license from the Capital Markets Board, the country’s financial regulatory and supervisory agency. Unauthorized crypto platforms offering trading services could face prison sentences of three to five years. Additionally, the new law imposes fines ranging from $7,500 to $182,600 and mandates that crypto providers implement and report measures such as seizures and other legal enforcement actions. The collaboration between Tether and BTguru reflects a strategic move to align with Turkey’s evolving regulatory landscape while fostering innovation in the financial sector. By focusing on tokenization, Tether aims to provide Turkish banks with advanced tools to tokenize real-world assets, potentially transforming traditional banking practices and enhancing compliance with new regulations. This initiative not only positions Tether at the forefront of financial innovation in Turkey but also sets a precedent for other crypto firms looking to navigate complex regulatory environments. As Tether deepens its engagement with Turkish financial institutions, the move could encourage broader adoption of blockchain technology in traditional finance, thereby fostering a more integrated and compliant digital asset ecosystem. The strategic partnership with BTguru and the proactive approach to regulatory compliance underscore Tether’s commitment to expanding its global footprint while adhering to local laws and promoting the benefits of asset tokenization in the financial sector.