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BCB Blockchain partners with Huawei to accelerate support initiatives for tech startups in Asia

The Singapore-based smart city solution provider is among of handful of top project collaborations to be featured in Huawei’s AI Lab Singapore, 22 October 2020 – Building Cities Beyond (BCB) Blockchain today announced their collaboration with Huawei, a global leader in cloud computing and artificial intelligence. The partnership will strive to co-develop smart city solutions…

The post BCB Blockchain partners with Huawei to accelerate support initiatives for tech startups in Asia appeared first on Cryptoverze.

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The Singapore-based smart city solution provider is among of handful of top project collaborations to be featured in Huawei’s AI Lab

Singapore, 22 October 2020 – Building Cities Beyond (BCB) Blockchain today announced their collaboration with Huawei, a global leader in cloud computing and artificial intelligence. The partnership will strive to co-develop smart city solutions through decentralised technology – and support artificial intelligence (AI) and blockchain projects that are developed using the BCB protocol. Using decentralised technology, the companies look to spearhead robust smart city solutions and support growth-stage projects in the region.

As part of its commitment to the collaboration, Huawei will be sponsoring projects developing on the BCB ecosystem by offering an innovative and secure cloud server solution to store and transmit data more efficiently. The migration to Huawei cloud will bring about higher efficiency in terms of data transfer, information synchronization and cloud storage, resulting in a more reliable and secure platform for developers.

The collaboration with Huawei provides BCB with the opportunity to join a handful of top project collaborations that will be featured in Huawei’s Singapore-based AI Lab – as the company seeks to extend previous efforts to explore and power more real-use cases of smart city solutions in the region.

Having previously announced a USD 15m innovation grant and plans to incubate up to 1,000 tech startups in the region, BCB’s partnership with Huawei focuses on developing blockchain and AI projects. To further boost its efforts on supporting the tech community in the region, the smart city solution providers are working together with key players in the tech and educational sector who share the same passion of fronting next-gen technological solutions. The Huawei union will accelerate the company’s efforts to attract and groom the future leaders of the industry.

Nicole Lu, General Manager of Huawei Cloud Partner Ecosystem, APAC shared, “Through our support for the tech startup space in the region, both BCB and Huawei are essentially working towards the same goal. This partnership brings together our combined expertise and resources to solve real-life problems and bridge the gap in the smart city ecosystem by empowering innovative developments”.

To date, BCB’s collaboration with Huawei has already reduced its server costs by 20 percent. With one click, BCB developers can now deploy nodes that run decentralised applications.

“The pandemic has proven to be a ”black swan” for the tech sector by driving digitalization and innovative solutions. Moving forward, the BCB team understands the need for a multi-layered ecosystem for future cutting-edge solutions”, said Vanessa Koh, Chief Technology Officer of BCB Blockchain who further explained that the “partnership with Huawei is in line with BCB efforts to encourage upcoming technopreneurs to develop ideas into scalable smart city solutions by providing a holistic support system that extends beyond funding”.

About BCB Blockchain

BCB is a leading blockchain protocol which integrates Artificial Intelligence, Cloud Computing, Big Data, Virtual Reality, Robotics and hardware to create smart city solutions that interconnects cities across distances and improves the quality of life for people, businesses and governments. BCB has been growing steadily in the past year through vertical and horizontal market expansions. With more than 100 staff and seven offices across seven countries, BCB aims to create and support the economies of 1000 smart cities of the future. For more information on the grant, kindly visit https://www.bcbchain.io .

About Huawei

Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We have more than 194,000 employees, and we operate in more than 170 countries and regions, serving more than three billion people around the world. Our vision and mission is to bring digital to every person, home and organization for a fully connected, intelligent world. To this end, we will drive ubiquitous connectivity and promote equal access to networks; bring cloud and artificial intelligence to all four corners of the earth to provide superior computing power where you need it, when you need it; build digital platforms to help all industries and organizations become more agile, efficient, and dynamic; redefine user experience with AI, making it more personalized for people in all aspects of their life, whether they’re at home, in the office, or on the go. For more information, please visit Huawei online at www.huawei.com

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Source: https://cryptoverze.com/bcb-blockchain-partners-with-huawei-to-accelerate-support-initiatives-for-tech-startups-in-asia/

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New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts

New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading AccountsThailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg […]

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Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income.

Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market

According to a Bloomberg report, the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts.

Ruenvadee Suwanmongkol, the secretary general of the country’s financial watchdog, pointed out that anyone who isn’t allowed to trade cryptocurrencies via their accounts can invest through licensed managers. She added:

It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers. We realize those people love innovations and technology, but investments in these assets have enormous risk.

Moreover, the general secretary said that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.

The watchdog is set to unveil its new rules on crypto trading over the week, ahead of a public hearing scheduled for March. Officials involved in the meetings are expected to evaluate recommendations from local exchanges and brokerages.

Although it’s not confirmed, the general secretary suggested that investors have to prove some knowledge of the market before being allowed to open crypto accounts for trading.

Six Licensed Crypto Exchanges Operating in Thailand so far

The rhetoric from the Thai SEC is now shifting to a cautious one towards the cryptocurrencies’ risks. However, they keep granting licenses to crypto businesses in the nation. So far, in terms of digital asset exchanges approved, there are only six operating legally in Thailand.

They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. All six licensed crypto exchanges are approved for both cryptocurrencies and digital tokens, except for ERX, which is only approved for the latter.

The SEC distinguishes cryptocurrencies as “created for the purpose of being a medium of exchange for the acquisition of goods, services, or other rights.”

On the other hand, digital tokens are created “for the purpose of specifying the right of a person to participate in an investment in any project or business, or to acquire specific goods, services, or other rights under an agreement between the issuer and the holder,” said the financial watchdog.

What do you think about the words from the Thai SEC general secretary? Let us know in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Source: https://news.bitcoin.com/new-crypto-rules-in-thailand-could-require-traders-to-show-income-before-opening-trading-accounts/

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DEX volumes have already surpassed $120b in 2021

DEX trading volumes on Ethereum hit $63 billion in January, smashing the sector’s previous record of $28 billion.

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Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

Monthly DEX volume: DuneAnalytics

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

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Ethereum on track to settle $1.6 trillion this quarter

Ethereum’s quarterly settlement value is on course to increase by 1,280% year-over-year.

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Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. 

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. 

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum’s recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector — most of which is based upon Ethereum.

The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.

Average Ethereum transaction fees spiked to record highs of $40 on Feb. 23, with Ethereum generating $50 million worth of transaction fees in a single day.

Cryptofees.info is currently reporting an average daily fee generation of $32 million for ETH over the past seven days. Comparatively, Bitcoin has generated just $8 million daily on average over the past week.

According to Bitinfocharts.com, average transaction fees surged to a record high of almost $40 on Feb. 23. At the time of writing, Ethereum’s fees have retreated to $21 on average.

On Feb. 24, Cointelegraph reported that a fat-fingered DeFi user mistakenly paid more than 25 Ether worth $36,000 for a transaction this week.

Amid the high fees, Crypto influencers are urging an accelerated launch of ETH 2.0 to alleviate pressure on the congested proof-of-work blockchain.

Source: https://cointelegraph.com/news/ethereum-on-track-to-settle-1-6-trillion-this-quarter

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