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Payfoot to Release Fan-Focused Soccer Metaverse(s) with Web3 Leader Cosmic Wire

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Payfoot enlists Cosmic Wire, a leader in Web3, to help release their soccer Metaverse Ecosystem for both fans and clubs alike. The Payfoot Metaverse will be live for beta testing on the 30th of September with the launch being announced via their official social media handles https://twitter.com/Payfoot_ and https://www.instagram.com/payfoot_official/.

Payfoot is proud to release the first ever fully fan-focused soccer metaverse and ecosystem. This ultimate fan experience will also allow clubs to enter the metaverse and interact directly with their global fanbase of 4 billion people. While in the Payfoot Soccer Metaverse, fans can participate in one-of-a-kind events, clubs, team experiences, and games amplified by deep social connections as they explore the islands of their favorite clubs in the Payfoot Ecosystem.

The stadium is more than a place to watch the game now, it is a way to live the sport. Payfoot is blazing a path into Web3 immersion by releasing their metaverse and blockchain-based solution for football clubs and fans. This is not only a new way for fans to come together as a whole to celebrate the sport they love, but a new way for clubs to enhance their community, business model, and reach.

In the Payfoot Metaverse:

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  • Fans via their “avatar”, can meet other fans, develop friendships, share experiences, play games, and participate in events, while also gaining access to limited exclusive club offers and merchandise.
  • Clubs can scale their platform and grow their fan community by bringing their organization into the Metaverse. By harnessing Web3 technology, fans from around the globe will be able to interact in new and more meaningful ways with their club and stadium on a dedicated island. All will be able to interact through an integrated social network and fabric of a true living ecosystem.

The central island of the Metaverse ecosystem is the Payfoot Island, a futuristic and ecological island, which offers a series of attractions, games, and activities related to soccer.

Virtual football competitions and leagues will be created under the supervision of the Virtual Football Association (www.virfa.net) chaired by Marco Villiger, ex-Vice President of FIFA, and with a strong involvement of the fans through governance tokens. A soccer democracy is born!

We share the same vision with the Cosmic Wire team: we strongly believe in digital tools to bring fans closer to their clubs and offer them new experiences. The creation of virtual stadiums will allow all fans around the world, who are not lucky enough to live nearby, to participate much more actively in the life of their club. This is definitely the future, and we are proud to be leading the way, for soccer and tomorrow for other sports,” said Thibault Verbiest, co-founder of Payfoot.

Cosmic Wire builds exceptional experiences utilizing blockchain technology, and community building, including immersive and meaningful adventures. The company’s complete ecosystem offers brands, celebrities, art, and IP collectors the ability to enhance, promote, sell, and license their work. Cosmic Wire’s market advantage includes having a wholly internalized development, marketing, and sales team, allowing us to support clients from concept to close. Cosmic Wire creates immersive experiences with iconic names to expand the scale and scope of the brand and its value.

“Cosmic Wire is proud to empower and amplify Payfoot and their vision of what Web3 can be. We at Cosmic Wire are about the democratization of the space, and empowering creatives to help their visions come to life. Payfoot has a vision, and we are excited to help them bring it to the world,” said Cosmic Wire CEO Jerad Finck.

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Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

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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