Blockchain
Artifact Labs names Phillip Pon as new CEO to drive Web3 adoption amongst global brands, cultural institutions and intellectual property holders
Artifact Labs, a leading Web3 and NFT company based in Hong Kong, today announced the appointment of Phillip Pon as CEO. Pon, who brings a wealth of experience in the blockchain industry, will take over for Gary Liu who moves onto the company’s Board as Founder and Director. With Pon’s hiring, Artifact Labs will accelerate its mission to ‘Preserve and Connect History’ on the blockchain, and the company remains committed to helping organizations embrace Web3 technologies.
Pon was previously the Group Chief Operating Officer for BC Technology Group and President of OSL (HK stock code: 0863), a publicly traded digital asset company. In that role, he led day-to-day operations and helped the pioneering crypto trading platform become Hong Kong’s first regulated token exchange. Previously, Pon also served as Chief Operating Officer of Lumenix, a global energy services company, and was long-time senior executive at Gerson Lehrman Group across Asia and Europe.
Liu, who will continue to work with Artifact Labs partners and support key projects, said, “I am ecstatic that someone with Phillip’s expertise will guide the future of the company. He brings a deep understanding of how blockchain technology can revolutionize traditional markets, and how digital assets can serve a new generation of consumers. I am proud of what we have achieved at Artifact Labs, and I look forward to seeing Phillip lead the company to even greater impact.”
Pon said, “I am thrilled to join Artifact Labs as CEO. Artifact Labs is dedicated to helping brands, cultural institutions and other intellectual property rights holders design and execute a strategy to enter Web3 with confidence and with measurable returns. We are keen to support those ambitions and I am excited to drive this mission forward with our talented team.”
In January, Artifact Labs announced its partnership with celebrated Hong Kong retailer Goods of Desire (G.O.D.) to launch “請: The Invitation” (pronounced cing2 in Cantonese), an NFT project and community for rediscovering Hong Kong through exclusive and reality-bending events, and engagements with the city’s most unique characters, all while preserving Hong Kong’s most significant historical assets on the blockchain. Artifact Labs will also debut the world’s first Metaverse Symphony in May of 2023, in partnership with the world-renowned Hong Kong Philharmonic Orchestra.
Blockchain
Venezuela’s Oil Giant Turns to Crypto as US Sanctions Bite Again
Venezuela’s state-controlled oil company, PDVSA, is ramping up its utilization of digital currencies in response to renewed US oil sanctions. With the Biden administration refusing to renew a license easing restrictions, PDVSA is facing increased pressure to find alternative payment methods for its crude oil and fuel exports. The move to digital currencies, particularly Tether (USDT), aims to circumvent frozen accounts resulting from US sanctions.
This strategic shift underscores Venezuela’s willingness to explore various currencies, including virtual assets, in its oil contracts. Traditionally, the oil market has operated predominantly in US dollars, but Venezuela’s adoption of digital currencies signals a departure from this norm.
Despite past corruption scandals, such as the uncovered $21 billion embezzlement involving oil export receivables, Venezuela’s oil exports have rebounded under the leadership of oil minister Pedro Tellechea. The country has reached a four-year high in oil exports, buoyed by US licenses permitting sales. To mitigate future risks from potential sanctions, PDVSA has implemented a new contract model requiring prepayment in Tether for spot oil deals.
Moreover, Venezuela is now mandating new customers to have digital wallets holding cryptocurrencies for oil transactions. This requirement reflects a broader strategic shift towards embracing digital currencies in the oil trade, indicating a willingness to adapt to evolving global financial landscapes.
However, Venezuela’s foray into digital currencies is not without challenges. The recent arrest of former Vice President Tareck El Aissami, accused of embezzling funds from oil sales using cryptocurrencies, highlights the risks associated with crypto transactions. This high-profile corruption case, dubbed the “PDVSA-crypto incident,” underscores the need for robust regulatory frameworks and measures to prevent misuse of digital assets in the oil industry.
Source: cryptonews.com
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Blockchain
Crypto miners face energy refusal, restriction in Canadian provinces
The decisions made by the Canadian provinces of Manitoba and British Columbia regarding the provision of electricity to cryptocurrency mining operations highlight the growing concerns over energy consumption and its impact on local infrastructure.
In Manitoba, the extension of the moratorium on new power connections for cryptocurrency operations until April 30, 2026, reflects the government’s recognition of the significant strain that these operations place on the province’s electrical grid. The decision aims to buy time for the development of a long-term solution to manage the increasing demand for electricity from cryptocurrency miners. This move aligns with similar actions taken by other provinces, such as New Brunswick and Hydro-Québec, to address the challenges posed by the rapid growth of cryptocurrency mining operations.
Meanwhile, British Columbia has introduced legislation to regulate electricity service to cryptocurrency miners, signaling a more proactive approach to managing energy consumption in the province. By amending the Utilities Commission Act, the BC government aims to have the authority to prohibit, restrict, or regulate the provision of electricity to energy-intensive cryptocurrency mining operations. This move underscores the government’s commitment to ensuring the availability of electricity for essential services while addressing the concerns raised by the proliferation of cryptocurrency mining activities.
Overall, these actions reflect the need for policymakers to strike a balance between supporting innovation and economic development driven by cryptocurrency technologies while ensuring the sustainability of energy resources and the resilience of critical infrastructure. As the cryptocurrency industry continues to evolve, regulatory measures like those implemented in Manitoba and proposed in British Columbia are likely to become more common as governments seek to manage the impacts of cryptocurrency mining on their communities and environments.
Source: cointelegraph.com
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Blockchain
Tether Launches on TON Blockchain with USDT, XAUT
The integration of Tether’s USDT stablecoin and its gold-backed token, XAUT, onto The Open Network (TON) blockchain marks a significant development in the blockchain space. By bringing these stablecoins onto TON, Tether aims to enhance transaction efficiency and liquidity on the platform, particularly for decentralized applications (DApps) operating in sectors such as payments and gaming.
TON, which has gained attention recently due to Telegram’s involvement and revenue-sharing initiatives, stands to benefit from the deployment of Tether’s stablecoins. With its native cryptocurrency, Toncoin, reaching a market capitalization of $21.4 billion, TON has established itself as a prominent player in the cryptocurrency market.
Tether’s USDT stablecoin, boasting a circulating supply of nearly 110 billion, holds the title of the largest stablecoin globally and ranks as the third-largest cryptocurrency overall. This integration not only expands the utility of Tether’s stablecoins but also reinforces TON’s position as a versatile blockchain platform catering to diverse industry needs.
Overall, the integration of Tether’s stablecoins onto TON represents a strategic move to bolster the platform’s functionality and attractiveness to developers and users alike. As blockchain technology continues to evolve, collaborations and integrations like these are poised to drive innovation and growth in the decentralized finance (DeFi) ecosystem.
Source: forkast.news
The post Tether Launches on TON Blockchain with USDT, XAUT appeared first on HIPTHER Alerts.
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