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ChainGPT and Arbitrum form strategic partnership to enable rapidly scalable AI-produced NFT creation

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ChainGPT, the AI-powered Web3 infrastructure providing a diverse suite of tools and services, partners with Arbitrum, a Layer 2 leader in Ethereum scaling solutions, to power seamless AI-powered NFT generation and scalable on-chain minting. The partnership enables ChainGPT’s AI NFT Generator to fully integrate with the Arbitrum ecosystem, facilitating the rapid production of AI-generated images and their direct minting on the Arbitrum blockchain.

Amid the backdrop of rapid AI progress, Web3 advancements across multiple fronts highlight possible intersections between the two technologies. With the growing popularity of digital art and NFTs, user-friendly tools to expedite the generation of NFT art will be in high demand, leading to new opportunities to showcase creative collections. However, at the moment, the Web3 ecosystem lacks the infrastructure necessary to efficiently create and mint AI-powered NFTs on a scale capable of meeting the anticipated demand.

Integrating ChainGPT’s AI NFT Generator into Arbitrum gives creators a fast and efficient tool for bringing digital, AI-powered art to life. By onboarding ChainGPT’s solution, Arbitrum solidifies itself as a leading ecosystem for NFTs amid their resurgence by streamlining the minting process. The collaboration between ChainGPT and Arbitrum lays the foundation for developers and Web3 users to optimize NFT development.

ChainGPT’s AI NFT Generator features an easy-to-navigate chat interface that accepts text inputs and is designed to support a broad range of creative ideas without requiring a fixed prompt generator. The objective is to provide users with an easy-to-use tool to help bring their visions to fruition.

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ChainGPT’s AI NFT Generator has already produced over 22 million digital artworks, including several thousands of NFTs that have already been minted on the Arbitrum network since the partnership kicked off earlier this month. The collaboration between ChainGPT and Arbitrum showcases the AI NFT Generator’s appeal to creators and its emerging status as the preferred platform for minting AI-generated NFTs.

“Our integration with Arbitrum signals another major milestone for ChainGPT and our AI NFT Generator,” says Ilan Rakhmanov, CEO and Founder of ChainGPT. “Our intuitive AI tools expand the capabilities available for NFT creators and empower individuals to participate in an increasingly popular digital art market. This integration provides numerous benefits, primarily by combining Arbitrum’s scalability and our advanced AI infrastructure making NFT creation more accessible to average Web3 users.”

The post ChainGPT and Arbitrum form strategic partnership to enable rapidly scalable AI-produced NFT creation appeared first on HIPTHER Alerts.

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Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Blockchain

Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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