Binance signs MOU with Kazakhstan to further crypto adoption and regulation

Cryptocurrency exchange Binance has signed a memorandum of understanding, or MOU, with the government of Kazakhstan to bolster “virtual asset market development” in the central Asian country.  The signing of the MOU, which is between Binance and Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry, took place on Wednesday during Changpang Zhao’s official visit to the country. The Binance CEO met with Kazakh President Kassym-Jomart Tokayev, First Deputy Chief of Staff Timur Suleimenov and Bagdat Musin, the minister overseeing the country’s digital innovation strategy. Under the framework, Binance will…

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NFT custody is ‘the missing piece’ for mainstream adoption, says Veritic CEO

On day four of the World Economic Forum 2022, presentations on nonfungible tokens (NFTs) have taken place with speakers sharing their takes on NFT use cases and adoption.  At the Blockchain Hub Davos, speakers Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman spoke on the importance of NFTs, their role in society, and how the community can attract the mainstream into using the technology. In his lecture, Holzer argued that simplifying access to NFTs may push mainstream adoption forward. According to the Veritic CEO, minting in more…

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What does the current slump mean for adoption?

It was September 6, 2021, when the Central American nation of El Salvador decided to go ahead and purchase 200 Bitcoin (BTC), worth about $10.3 million at the time. The day was hailed as momentous in the history of the crypto market and was met with much fanfare. In fact, many proponents claimed that the purchase was just an inkling of what really lay ahead in terms of a global crypto-driven economy. However, a lot has changed since then, especially with BTC losing 55% off its value after scaling up…

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Layer-2 adoption could spur the next crypto turning point

A mysterious Redditor has made a data-driven prediction that the next major phase of development in the blockchain space will be in layer-2 solutions, primarily on Ethereum. The May 22 post explains that “We’re at a turning point” where the industry is moving away from bridging between L1 blockchains towards L2’s which are “right out of the gate, more secure and decentralized than alt-L1s and are built to use sound money on a credibly neutral platform.” “L2 adoption is happening now, even if it is slow and in bursts. Behind…

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Accessibility is the main barrier to crypto adoption — Here are the solutions

Accessibility is a pain point for cryptocurrency adoption that has been discussed for years, yet still, it is pertinent as ever. This issue was most recently recognized by the United States government as we’ve seen Treasury Secretary Janet Yellen discuss during her remarks on digital assets policy and regulation. There are barriers that are limiting accessibility to cryptocurrencies, such as financial education and technological resources, and it is our duty as developers and leaders in this revolutionary industry to address them.  Studies have shown that only 33% of adults across…

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On-chain privacy is key to the wider mass adoption of crypto

Innovations in the crypto space appear daily. Whether through decentralized applications or new ways to implement and use nonfungible tokens (NFTs) within decentralized finance, blockchain technology is innovating at the speed of light. The only thing missing? Widespread adoption. One thing holding this back is the very public nature of the blockchain. DeFi, as it operates now, lacks meaningful privacy. In order to catalyze broad adoption for businesses, governments and individuals, those executing blockchain transactions should expect regular, consistent privacy. First, we need to define what privacy means. It does…

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Rising global adoption positions crypto perfectly for use in retail

Even though the cryptocurrency market seems to be going through a bit of a lull at the moment, there’s no denying the fact that the industry has grown from strength to strength over the last few years, especially from an adoption perspective.  To this point, a recent study revealed that the number of adults in the United States using digital assets for everyday purchases will increase by 70% by the end of the year when compared to 2021, with the metric rising from 1.08 million to 3.6 million users. The…

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Commercial smart contract adoption next market driver: Mark Cuban

Billionaire investor Mark Cuban has tipped commercial smart contract adoption as the next catalyst to drive the crypto and blockchain sector. The Dallas Mavericks owner and crypto proponent was commenting on the current “lull” state of the crypto market in comparison to the internet or dot com bubble in the early 2000s, which saw a lot of over-hyped and relatively similar companies collapse. The crypto market is painting a fairly grim picture of late with nearly all of the top 100 digital assets facing double-digit losses over the past seven…

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Central African bank scolds the CAR for Bitcoin adoption

The governor of the Bank of Central African States (Banque des États de l’Afrique Centrale, BEAC) has issued a scathing letter to the Central African Republic (CAR) regarding the country’s adoption of cryptocurrencies. In a letter addressed to the CAR Finance Minister Hervé Ndoba, the Governor of the BEAC Abbas Mahamat Tolli describes the “substantial negative impact” that the CAR adopting crypto will have on the monetary union of Central Africa. The CAR passed a bill announcing its intention to adopt cryptocurrencies in April. No surprise that the International Monetary Fund…

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El Salvador Bitcoin wallet shows ‘strong sign of adoption,’ exec says

El Salvador’s government-backed Bitcoin (BTC) wallet has reached significant success in terms of adoption, according to an exec at the cryptocurrency exchange behind the wallet. The Chivo wallet was launched in conjunction with BTC becoming legal tender in El Salvador on Sept. 7, 2021. The official platform allows users to buy and sell Bitcoin, offering cryptocurrency custody and exchange services provided by the Mexican crypto trading platform Bitso. Bitso essentially provides back-end technology so that the government of El Salvador can purchase Bitcoin and ensure that BTC is convertible to…

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