Blockchain Press Releases
Groundbreaking Partnership: Cross-Chain Tokens, CKB Eco Fund, and Meson Finance Launch ccBTC with 1:1 Bitcoin Reserves on CKB Main Network
HONG KONG, July 3, 2024 /PRNewswire/ — Cross-Chain Tokens (ccTokens) has partnered with the Nervos CKB Eco Fund to launch ccBTC on the CKB main network, enhancing Bitcoin liquidity within the CKB ecosystem. Backed by a 1:1 Bitcoin reserve, ccBTC is managed by Cactus Custody, a subsidiary of Matrixport. Cactus Custody is a licensed trust company in Hong Kong that adheres to strict anti-money laundering and regulatory standards while providing digital custody solutions.
Meson Finance, the official cross-chain bridge for the CKB Eco Fund, will enable seamless cross-chain circulation of ccBTC across major blockchains and BTC Layer2 networks. Meson Finance, a leading provider of cross-chain services, supports all major public chains and Layer2 networks and offers users access to assets like BTC, ETH, and stablecoins.
ccBTC leverages the advanced capabilities of Nervos CKB and RGB++ protocols to ensure secure BTC transfers within the Bitcoin ecosystem. This integration will empower decentralised applications (DApps) to utilise Bitcoin assets, including decentralised exchanges (DEX), lending platforms, algorithmic stablecoins, derivatives markets, the Lightning Network, the Nostr social protocol, and other large-scale use cases.
ccBTC is the first compliant and managed token issued on a UTXO platform outside the BTC main network. Users can publicly verify reserved addresses, balances, and transaction records in real time via the ccTokens website. To ensure transparency and reliability, the project employs a multi-party confirmation mechanism for minting, burning, and on-chain verification. The ccTokens governance model emphasises checks and balances through a multi-agency framework, role and rights segregation, and decentralisation to mitigate potential misconduct. Additionally, a blacklist mechanism supports ongoing governance and compliance.
This strategic collaboration aims to strengthen the CKB and RGB++ protocols and introduce securely managed Wrapped BTC assets to the broader Bitcoin ecosystem, revitalising dormant BTC assets.
About Nervos CKB
Nervos CKB is a pioneering BTC Layer 2 solution using the Cell model and PoW consensus mechanism to address blockchain scalability challenges. Its modular architecture separates transaction execution, consensus, and data availability.
About Meson Finance
Meson Finance is a decentralised cross-chain bridge leveraging Atomic Swap technology for seamless transfers of BTC, ETH, and stablecoins across over 50 public chains and Layer 2 networks. It offers efficient and cost-effective cross-chain services.
About Cactus Custody
Cactus Custody, a subsidiary of Matrixport, is a Hong Kong-based trust company dedicated to anti-money laundering and regulatory compliance. It provides efficient digital custody solutions. It leads in institutional-grade digital asset custody, supporting over 300 high-profile clients, including miners, exchanges, and funds.
About Cross-Chain Tokens (ccTokens)
Cross-Chain Tokens (ccTokens) are pegged tokens, each backed 1:1 by blockchain assets like BTC. These tokens enable seamless integration of various cryptocurrencies into the decentralised finance (DeFi) ecosystem. All ccTokens are fully supported and protected by qualified third-party custodians or validators.
Disclaimer
The content of this webpage is not investment advice and does not constitute an offer, solicitation to offer, or recommendation of any investment product. It is for general purposes only and does not consider your needs, investment objectives, or specific financial circumstances. Investment involves risk.
Photo – https://mma.prnewswire.com/media/2451657/ccTokens_PR_Release_EN.jpg
Logo – https://mma.prnewswire.com/media/2441268/Matrixport_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/groundbreaking-partnership-cross-chain-tokens-ckb-eco-fund-and-meson-finance-launch-ccbtc-with-11-bitcoin-reserves-on-ckb-main-network-302187856.html
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.
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).
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
View original content:https://www.prnewswire.co.uk/news-releases/bitget-introduces-the-first-bgb-perpetual-futures-with-up-to-50x-leverage-302190615.html
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.
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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