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Capsule Corp Labs Brings Developers the Next Generation of NFTs

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Capsule Corp Labs, a subsidiary of Capsule Corp, the creator of the Ternoa blockchain, launched a platform for the creation and development of Augmented NFTs. Capsule Corp Labs partners with developers of decentralized applications by providing them with all the resources they need to bring Augmented NFT solutions from business to market, and from ideation to product launch on the Ternoa blockchain. Capsule Corp Labs’ objective is dual: Be a catalyst for bringing the next generation of NFTs to the public while developing the Ternoa ecosystem.

In spite of their growing success, NFTs big limitation is limited usability that mostly revolves around a transaction between two parties on a peer-to-peer marketplace like OpenSea or Rarible. An NFT is limited to the role of commodities that change hands based on hype and hope. Play-to-earn tokens and NFT platforms provide NFTs with another level of interest or incentive outside of the normal buy, hold and sell options. But in the end, the NFT remains treated as a commodity, redeemable for cryptos in a marketplace.

Capsule Corp Labs represents a true paradigm shift in the way users have always known NFTs with the development of Augmented NFTs, which are non-fungible tokens enriched with virtual components that communicate with the user’s environment at the user’s request. And users can interact with this new breed of NFTs, by leveraging web3 technology. Capsule Corp Labs is currently partnering with the developers of MetaFightTippleAlphée and Playaverse, while developing internal projects for Ternoa, all of which focus on Metaverse-based apps.

Mickael Canu, Co-Founder and CEO of Capsule Corp, said, “Capsule Corp Labs is one of the pillars of Ternoa’s growth strategy, which is to offer a marketplace for Augmented NFT DApps that run on our layer one blockchain. To that effect, we created Capsule Corp Labs to accelerate the distribution of quality DApps on the Ternoa Chain and provide developers with all the tools they need to build, package and bring to market in record time quality applications that leverage Augmented NFTs.”

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Benjamin Arthuys, CEO of Capsule Corp Labs, added, “Today, user experience with decentralized gaming involves AR, VR and metaverse. So, what users require from their interactions with NFTs must reach far beyond their use as simple commodities. Capsule Corp Labs facilitates this shift by accelerating the creation of applications that give NFTs a life of their own.”

The goal for Capsule Corp Labs is to develop at least 20 projects in 2022. To support this effort, the company’s headcount has tripled in the last three months. Outside of supporting external and internal projects, Capsule Corp Labs is also developing a program geared towards bringing Augmented NFTs to established artists, who want more for their creations than just an NFT marketplace.

Blockchain

PayPal receives New York crypto trust charter

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The New York State Department of Financial Services (NYDFS) has granted PayPal Digital a limited purpose trust charter, a designation typically held by digital asset custodians and some stablecoin issuers.

Last August, PayPal launched its PYUSD stablecoin, marking the first stablecoin from a BigTech company. Paxos Trust Company, which also holds an NYDFS limited trust charter, currently issues the PYUSD stablecoin. Paxos has been PayPal’s partner for its cryptocurrency services since inception. Consequently, the new trust charter may signal PayPal’s intention to take over the custody of its clients’ crypto-assets and potentially move the issuance of PYUSD in-house.

Despite reaching out to PayPal for clarification on the purpose of the trust charter, no response was received before publication.

The PYUSD stablecoin is still in its early stages, with its recent integration for cross-border payments via PayPal’s Xoom app. The stablecoin’s market capitalization has grown to nearly $400 million, up from $190 million in early April. Notably, wallets associated with the issuer Paxos hold over $125 million, possibly on behalf of PayPal. The top five wallets constitute 71% of the stablecoin balance, with 17 wallets holding $1 million or more, accounting for 97% of the total holdings.

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The largest holders include Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among these, Crypto.com holds a balance of $103 million and Bullish holds $23 million.

Additionally, in November, the SEC’s enforcement division issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin.

Source: ledgerinsights.com

The post PayPal receives New York crypto trust charter appeared first on HIPTHER Alerts.

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Hong Kong SFC to conduct compliance checks on crypto firms

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The Hong Kong Securities and Futures Commission (SFC) has announced that it will conduct on-site compliance checks on local virtual asset trading platforms (VATPs) that are still completing their regulatory applications following the June 1 licensing deadline.

In a notice issued on May 28, the SFC emphasized that all local crypto trading platforms must be either licensed or “deemed-to-be-licensed” by the regulatory body before the June 1 deadline. Operating an unlicensed VATP in Hong Kong after this date will be considered a criminal offense, and the SFC will actively pursue non-compliant companies.

In the coming months, the SFC will perform on-site inspections of deemed-to-be-licensed VATP applicants to evaluate their compliance with regulatory requirements. These inspections will focus on how firms safeguard client assets and implement Know Your Customer (KYC) processes.

The SFC urged investors to trade cryptocurrencies only on SFC-licensed platforms to ensure their protection. It also cautioned companies seeking licenses against actively marketing their services or onboarding new retail clients until they are formally licensed. Additionally, firms must prevent mainland Chinese residents from accessing their services, adhering to China’s ban on cryptocurrency trading.

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Earlier this month, it was reported that the number of crypto exchanges seeking operational licenses in Hong Kong had been decreasing. Eleven crypto companies and exchanges, including well-known platforms like OKX and Huobi’s local arm, withdrew their applications ahead of the deadline. Currently, only 18 applications remain pending approval.

In response to the upcoming licensing requirements, some crypto firms have proactively taken steps to ensure compliance. For example, Gate.HK, a crypto exchange, halted all activities related to acquiring new users and marketing, prevented existing users from making deposits, and began delisting tokens on May 23. The exchange plans to relaunch its services after restructuring its platform to comply with Hong Kong’s regulatory requirements.

According to the SFC, only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted licenses to operate in Hong Kong so far.

Source: tradingview.com

The post Hong Kong SFC to conduct compliance checks on crypto firms appeared first on HIPTHER Alerts.

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Argentina crypto group plans to set up a blockchain valley in Buenos Aires

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The crypto community in Argentina is planning to establish a “blockchain valley” in Buenos Aires as part of the Crecimiento movement, which has a following of 500 individuals.

This group includes prominent figures in the country’s crypto ecosystem, such as Diego Guitérrez, co-founder of Bitcoin Layer 2 Rootstock; Marcelo Cavazzoli, CEO and co-founder of Lemon Cash, a leading crypto purchasing app in Latin America; and Elian Alvarez, a general partner at Ripio Ventures.

Significantly, Crecimiento’s core team has the support of advisors to Argentina’s new libertarian president, Javier Milei.

Crecimiento aims to create a hub for crypto and technology-oriented business founders in the capital, offering a comprehensive three-dimensional plan. This includes bringing 5 to 10 million people on-chain by offering exclusive items, boosting the number of tech-related startups, and providing necessary support.

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The group’s mission is to work with Argentina’s newly crypto-friendly government to bolster the cryptocurrency sector through initiatives like tax rebates, industry investment, and simplified regulations.

During his campaign, President Milei highlighted the benefits of Bitcoin, associating it with a sense of freedom, though no formal statements have been made on the subject. Nonetheless, the group has been actively collaborating with officials to establish their crypto center in Buenos Aires.

Maria Milagros Santamaria, a Web3 lawyer, noted that regulators are showing a high level of positivity toward their proposals and are requesting specific plans regarding the crypto sector to move forward. She mentioned that there are only a few individuals opposed to the initiative, and fortunately, their numbers are minimal.

Source: cryptonewsz.com

The post Argentina crypto group plans to set up a blockchain valley in Buenos Aires appeared first on HIPTHER Alerts.

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