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NexeraID & Galileo Protocol Partner to Enhance Compliance in RWA Tokenization

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NexeraID, a leading compliance solution provider, has announced a strategic partnership with Galileo Protocol, an innovative platform for tokenizing real-world assets (RWAs). This collaboration aims to bolster the security and regulatory adherence of Galileo’s new tokenization marketplace, particularly in light of the emerging Markets in Crypto-Assets (MiCA) regulations in the European Union (EU).

As the cryptocurrency and blockchain sectors continue to evolve, the tokenization of real-world assets has emerged as a promising frontier. Galileo Protocol is at the forefront of this trend, offering a platform that transforms the ownership and authentication of luxury goods and other tangible assets through NFT capitals. However, with innovation comes the need for robust compliance measures, especially in a regulatory landscape that is rapidly adapting to the realities of digital assets.

Enter NexeraID, a compliance and intelligence platform specifically designed for the Web3 space. Their all-in-one solution provides a comprehensive approach to Anti-Money Laundering (AML) and Know Your Customer (KYC) processes, leveraging both traditional and blockchain technologies. The partnership with Galileo Protocol represents a significant step in NexeraID’s mission to facilitate a secure and regulatory-compliant environment for businesses operating within the digital economy.

Ensuring Regulatory Compliance with MiCA Regulations
The integration of NexeraID’s solution into Galileo Protocol’s marketplace addresses several critical needs. First and foremost is the issue of regulatory compliance. With the impending implementation of MiCA regulations in the EU, platforms dealing with crypto-assets must adhere to stringent requirements. MiCA regulations are set to provide a comprehensive regulatory framework for crypto-assets, aiming to increase transparency, support innovation, and protect consumers.

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NexeraID’s customizable compliance features allow Galileo to tailor filters and rules, ensuring that user registrations are limited to EU countries and meet the necessary KYC requirements as specified by MiCA. This ensures that Galileo Protocol can confidently operate within the EU, providing a compliant and secure marketplace for tokenized assets.

Enhancing User Experience with Seamless Integration
Beyond compliance, the partnership also focuses on enhancing the user experience. NexeraID’s “low code” approach enabled a smooth and rapid integration into Galileo’s marketplace, minimizing disruption to the platform’s development. This integration is crucial for maintaining user engagement and trust, especially in the early stages of a platform’s launch.

The user-friendly widget provided by NexeraID has already facilitated the smooth onboarding of the first few hundred users before the official launch of the marketplace, setting a strong foundation for future growth. The ability to seamlessly integrate compliance processes without compromising user experience is a key advantage of NexeraID’s solution.

Addressing the Challenges of Tokenizing Real-World Assets
Tokenizing real-world assets presents unique challenges, particularly in ensuring the authenticity and ownership of the underlying assets. Galileo Protocol addresses these challenges by leveraging blockchain technology to create a secure and transparent record of ownership. By tokenizing luxury goods and other tangible assets, Galileo enables these assets to be traded on their decentralized marketplace, providing liquidity and access to a broader range of investors.

However, the success of such a platform relies heavily on the ability to ensure compliance with regulatory standards and to build trust with users. This is where NexeraID’s expertise in compliance and security plays a crucial role. By providing a robust AML and KYC framework, NexeraID helps Galileo Protocol ensure that all participants in their marketplace are verified and compliant with relevant regulations.

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Building Trust and Security in the Web3 Ecosystem
The partnership between NexeraID and Galileo Protocol demonstrates both companies’ commitment to supporting secure innovations in the Web3 ecosystem. As the tokenization of real-world assets becomes more prevalent, the need for secure and compliant platforms will only increase. By combining NexeraID’s compliance and intelligence capabilities with Galileo’s innovative tokenization platform, the partnership aims to set a new standard for security and compliance in the tokenization space.

Alex Malkov, Co-founder of HAQQ Network, emphasized the importance of transparency, regular audits, and clear communication of security measures to build trust with investors. He stated, “To address cross-border regulatory challenges in asset tokenization, it is crucial to establish common standards and foster international cooperation. Implementing blockchain-based identity verification systems can enhance transparency and security by providing immutable records of transactions and identities, facilitating regulatory compliance.”

Future Prospects and Implications for the Crypto Industry
The successful launch and operation of Galileo Protocol’s tokenization marketplace with NexeraID’s compliance solution could have significant implications for the broader crypto industry. It sets a precedent for how real-world assets can be securely and compliantly tokenized and traded, paving the way for increased adoption of tokenization in various sectors.

Moreover, the collaboration highlights the growing importance of compliance and security in the rapidly evolving Web3 space. As regulatory frameworks like MiCA come into effect, the ability to navigate and comply with these regulations will be critical for the success of crypto and blockchain-based platforms.

The initial success of Galileo Protocol’s marketplace, facilitated by NexeraID’s compliance solution, showcases the potential for secure and compliant innovation in the tokenization of real-world assets. As more platforms look to tokenize assets and integrate them into the digital economy, the need for robust compliance solutions like NexeraID’s will become increasingly apparent.

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In conclusion, the partnership between NexeraID and Galileo Protocol marks a significant milestone in the evolution of tokenization and the broader Web3 ecosystem. By ensuring regulatory compliance and enhancing user experience, the collaboration sets a new standard for secure and compliant tokenization marketplaces, paving the way for future innovations in the crypto and blockchain space.

Source: blockonomi.com

The post NexeraID & Galileo Protocol Partner to Enhance Compliance in RWA Tokenization appeared first on HIPTHER Alerts.

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YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale

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peaq, the layer-1 blockchain for DePIN and Machine RWAs, announces the expansion of its ecosystem as YOM, the cloud gaming and interactive experience DePIN, unveils its plan to expand to peaq from Solana. YOM enables gamers to earn crypto from their advanced rigs by lending their idle computational power to its DePIN. As the first step toward integrating peaq, YOM will launch its recently-unveiled Genesis Series as the first NFT Node Mint on the peaq blockchain. It will also explore further venues for more collaborations and integrations in the future.

Projected to grow to $312 billion in total revenue by 2027, the video game industry is a powerhouse in the wider entertainment segment, leaving both Hollywood and the music industry far behind. Cloud gaming services, which stream games to the user’s devices such as a smart TV or even a smartphone, are a promising sector in this industry, as they deliver AAA-tier gaming experiences without having to purchase a high-end PC or a console. However, in Web2, such services have to rely on massive data centers, which invokes environmental concerns and further strains the GPU market amid soaring demand from the AI industry. Besides, such data centers are costly to build and operate and often struggle to deliver the content at a comfortable latency.

YOM changes the game by ditching Web2 data centers. Instead, it taps idle personal gaming rigs, leveraging their powerful hardware to remotely run games and interactive experiences and stream them to any devices via their web browsers. The rigs’ owners earn rewards in crypto for every game hour they stream. YOM’s platform currently supports Unreal Engine 5 — one of the industry’s most popular options both among AAA studios and indie developers. The DePIN makes for a more sustainable approach to cloud gaming, with lower hosting costs and low latency, all while enabling gamers to earn revenue from their advanced hardware.

YOM’s strategic integration of peaq will begin with a node sale, where the community will be able to buy YOM’s Genesis Node Licenses as NFTs minted on peaq. The NFTs will be necessary to join YOM’s DePIN as a node. Full details, including the dates and the eligibility criteria, can be found on the YOM site. The mechanism for the node sale will-be open-sourced, enabling other DePINs building on peaq to conduct similar events. After the node sale, YOM is excited to explore more prospective directions for the integration into the peaq ecosystem.

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“We are very excited to be working with a Layer-1 chain that has the ability to support us and other DePIN projects on both the ecosystem and technical front,” remarks Jeff Outlaw, CXO at YOM. “Their support frees up the time for our tech team to work on the cloud gaming network. We are working to bring AAA games and immersive experiences to a wider top-of-funnel market as fast as possible, and building with peaq means we can skip a few crucial steps by leveraging its Modular DePIN Functions. All of our focus is now on bringing games to gamers!”

“The gaming industry is a staple of today’s digital entertainment market,” says Leonard Dorlöchter, co-founder of peaq. “Web3 has already tried to take it on with play-to-earn games, but YOM’s approach is a lot more creative — and it truly gives gamers ownership over something they’re so passionate about while earning rewards from their expensive rigs. We are thrilled to see YOM join the peaq ecosystem and look forward to the change it brings about in the gaming world, working as the true Web3 gateway for the mainstream gaming community.”

YOM is the second DePIN to expand to peaq from Solana even before the former’s mainnet launch, which is slated to take place in the coming months. In April this year, MapMetrics, another project originally based on Solana, unveiled its plan to migrate to peaq after the initial announcement of a more limited integration. Also in April, dTelecom, originally building on Arbitrum, announced joining peaq as well.

The post YOM expands its cloud gaming DePIN from Solana to peaq to run its NFT node sale appeared first on HIPTHER Alerts.

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CoinW Continues Expedition Trek And Double Down On Presence At ETH-Native Events

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Blockchain

Binance Cleared to Invest Customer Assets in US Treasury Bills: What It Means for Crypto and Dollar Dominance

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Binance has been granted court approval to invest customer funds in US Treasury Bills (T-bills), a move authorized by the United States District Court for the District of Columbia. This development signifies a significant intersection between traditional financial instruments and the digital asset sector.

Court Approval and Investment Details

On July 19, 2024, the court permitted Binance to use customer funds, currently held with BitGo, for purchasing US Treasury Bills. The order mandates that these investments be managed by a third-party investment manager. Importantly, the funds cannot be reinvested into Binance or its affiliates, ensuring transparency and mitigating conflicts of interest.

Binance is also required to provide detailed reports on the costs associated with managing these T-bill investments, which will be included in its monthly business expense disclosures, enhancing both accountability and regulatory compliance.

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Implications for the Crypto Industry

This court decision illustrates a growing convergence between the cryptocurrency and traditional financial markets. By investing in US Treasury Bills, Binance not only diversifies its asset management approach but also contributes to stability and credibility in the financial sector.

From a regulatory standpoint, this approval establishes a precedent for how digital asset exchanges can responsibly manage and utilize customer funds, aligning with traditional financial practices while addressing the unique challenges of the cryptocurrency space.

Stable Coins and Dollar Dominanc

The ruling also draws a parallel to stable coins, especially those pegged to the US dollar, such as Tether (USDT). Stable coins act as a bridge between traditional fiat currencies and cryptocurrencies, providing stability and liquidity in a volatile market.

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Tether, for instance, holds substantial amounts of US Treasuries as part of its overcollateralization strategy to ensure that each USDT token remains pegged to the US dollar. This practice supports the global dominance of the dollar and mitigates risks associated with inflation and fiscal policies.

Global Financial Impact

In the context of global finance, both stable coins and US Treasury Bill investments reinforce the US dollar’s position amid challenges like de-dollarization by emerging markets. By holding US debt instruments, stable coins help manage inflation risks and support the dollar’s role in international trade and finance.

Former US Speaker Paul Ryan has noted the role of stable coins in sustaining demand for US dollars and government securities, contributing to economic stability and supporting the value of dollar-pegged stable coins.

Diverse Views on Stable Coins

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Despite their benefits, stable coins face varied opinions within the financial and crypto communities. Critics like Alex Gladstein of the Human Rights Foundation argue that stable coins perpetuate the fiat-centric system that decentralized cryptocurrencies aimed to disrupt. Gladstein advocates for alternative digital assets that promote financial inclusion and economic freedom, challenging the dominance of stable coins tied to traditional fiat currencies.

Binance’s court-approved investment in US Treasury Bills marks a significant step toward integrating traditional financial instruments with the digital asset landscape. This decision not only enhances Binance’s transparency and regulatory compliance but also underscores the increasing legitimacy of cryptocurrencies in mainstream finance.

The synergy between stable coins and US Treasury investments further highlights their role in sustaining dollar dominance and addressing global economic uncertainties. As regulatory frameworks evolve and market dynamics shift, the interplay between cryptocurrencies and traditional finance will continue to shape the future of global monetary systems.

Source: thecurrencyanalytics.com

The post Binance Cleared to Invest Customer Assets in US Treasury Bills: What It Means for Crypto and Dollar Dominance appeared first on HIPTHER Alerts.

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