Mastercard CEO Calls Crypto “Junk” for Lack of Transparency and Stability 649

The president and CEO of Mastercard has called cryptocurrencies “junk,” arguing that they don’t deserve to be considered as a medium of exchange.

Ajay Banga was making his comments at the New India Lecture organized by the Indian Consulate in New York in partnership with the U.S.-India Strategic Partnership Forum (USISPF). His remarks come after the news that Mastercard secured a potentially game-changing digital currency patent capable of allowing virtual and fiat currency transactions on the same network.

Mastercard CEO Ajay Banga Slams Cryptocurrencies for Popularity Among Criminals

Banga’s depreciative opinion in regard to cryptocurrencies is based on the sea of illegal transactions – 95 percent – made with this kind of asset on the dark web, where child prostitution and drugs are commercialized, as well as stolen identities and credit cards.

His speech also tackled the massive market volatility, which is not a recommended attribute as a means of payment, reports Money Control.

“I think cryptocurrency is junk. The idea of an anonymized currency produced by people who have to mine it, the value of which can fluctuate wildly – that to me is not the way that any medium of exchange deserves to be considered as a medium of exchange.”

Predictability and transparency are two key criteria for any currency to be accepted by the people and businesses as a currency, according to Banga, who seems baffled by the hype surrounding the digital currency market. “Why is that the medium of exchange that is being preferred”, he added.

He pointed to a recent indictment of 12 Russian intelligence operatives for interring in the U.S. elections, who are said to have used Bitcoin. “Why civil society would like to put a snake in its backyard and think that somehow the snake will only bite my neighbor, I don’t get it.”

Banga’s comments come days after news that Mastercard is looking to bridge the gap between fiat currencies and cryptocurrencies with a hybrid system. This would incorporate virtual currencies, but allow them to be transacted on traditional payment channels.

The leading global payments and technology company has filed for a patent arguing that its “payment networks may be able to evaluate the likelihood of fraud and assess risk for blockchain transactions using existing fraud and risk algorithms and information that is available to payment networks, such as historical fiat and blockchain transaction data, credit bureau data, demographic information, etc., that is unavailable for use in blockchain networks.”

As Mastercard’s recently filed patents are focused on fighting fake identities, it is not surprising that Banga blasted at cryptocurrencies precisely on the issue of fraud.

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Figure Announces Expansion of Digital Fund Listing Business Alongside Leading Asset Managers 975

Figure Technologies, Inc. (“Figure”) today announced that leading asset managers Apollo (NYSE: APO) and Hamilton Lane (NASDAQ: HLNE) have launched digitally native investment vehicles using Figure’s Digital Fund Services (“DFS”). The DFS platform supports on-chain fund subscriptions as well as ongoing fund operations and administration.

In using Figure DFS, asset managers seek to capitalize on the opportunity for increased accessibility and digital onboarding, liquidity through a digital marketplace, and real-time digitalization of operations. Some of these enhancements streamline intermediary processes which can reduce inefficiencies, friction and risk. Further, investors can benefit from Universal Passporting, whereby an anonymized record of verified KYC credentials can be stored on-chain for use across multiple funds. Post-close, capital calls and distributions are also managed on-chain to reduce the operational burdens associated with fund cash management.

“We are proud to work with such industry leaders to drive the adoption of blockchain in financial services. These early movers understand the ease of access, cost transparency, and efficiencies found while leveraging this technology. We look forward to continuing to uncap the blockchain potential in the financial services industry,” said Figure CEO Mike Cagney.

The digital-native funds and DFS will leverage the Provenance Blockchain. Purpose-built for financial services, Provenance is the leading public blockchain transforming finance by enabling institutions and fintechs to seamlessly and securely issue, transact, and service digitally-native financial assets at scale. Currently leveraged by more than 60 financial services firms, Provenance has supported over $12B in transactions

Provenance is the leading financial services public blockchain and ecosystem. Currently used by more than 50 financial institutions, fintechs and DeFi brands, Provenance has supported over $10B in transactions.

DFS clients can also leverage Figure’s alternative trading system (“ATS”) for secondary transactions of blockchain-based fund interests, offering investors the opportunity for improved liquidity. Figure’s ATS provides a limit order book facilitating transparent and cost-effective transactions in private company securities and fund interests using smart contracts built on Provenance.

“At Apollo, we are harnessing innovative financial technology to solve our most pressing business challenges,” said Jamey Lamanna, Partner and Chief Information Officer at Apollo. “Through our strategic collaboration with Figure, we’re excited to continue applying blockchain technology to create scalable solutions across the investment lifecycle.”

“We are thrilled to be partnering with Figure to offer another digital-first means for investors to access the private markets. Hamilton Lane was one of the earliest major private markets firms to tokenize a fund, and we remain committed to identifying innovative technology solutions as a means of solving for some of the traditional pain points in the asset class,” Victor Jung, Head of Digital Assets at Hamilton Lane noted in a press release last month.

With this announcement, Figure adds 14 digitally native funds and SPVs to its DFS platform. Figure will continue to work with industry participants and the managed fund community to best leverage blockchain technology across all fund types and life cycles.

About Figure

Figure is transforming financial services through blockchain, bringing speed, efficiency, and savings to consumers and institutions. Figure continues to unveil a series of blockchain firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages the Provenance Blockchain for loan origination, servicing, financing, as well as private company stock management, fund registry, blockchain marketplaces and payments. The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. To learn more, please visit www.figure.com.

About Hamilton Lane

Hamilton Lane (NASDAQ: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs more than 575 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has nearly $824 billion in assets under management and supervision, composed of more than $107 billion in discretionary assets and approximately $717 billion in non-discretionary assets, as of September 30, 2022. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on LinkedIn: https://www.linkedin.com/company/hamilton-lane/.

About Provenance Blockchain

Provenance Blockchain is built specifically for the financial services ecosystem. Leading financial institutions and fintechs leverage Provenance Blockchain to enable the entire digital asset lifecycle to deliver material business and customer value. Provenance Blockchain is successfully transforming lending, securitization, payments and exchanges, and has supported over $12 billion in transactions. Provenance is an open-source, public blockchain built with COSMOS SDKs. The native utility token, HASH, is used to pay transaction fees and enable governance.

How to get a crypto exchange license in UAE 1169

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Taking into account the steadily growing popularity of crypto projects around the world, the UAE has chosen a proactive approach with regard to the industry. This jurisdiction is open to entering international capital and ensures a balanced approach to crypto regulations.

Local regulations in the Emirates are strict in nature but are not bureaucratized. Among all emirates, Dubai is surely distinct in this regard as local authorities provide advantageous conditions to start crypto projects. The UAE is a good place to start a crypto exchange, for instance. But, passing through the licensing procedure is required in any case.

Getting a crypto exchange license UAE with Prifinance Company guarantees the easiest way of completing the procedure provided that the must-have demands of the local regulator are addressed properly. Our lawyers have experience in addressing efficiently the nuances of crypto projects in the UAE. Interested investors may find the background information from our lawyers about cryptolicensing in UAE useful for their awareness and business planning.

Important Points to Know

Starting a crypto exchange needs to address specific regulations more precisely compared with the rest of the crypto-friendly jurisdictions. For this purpose, it is necessary to:

  • incorporate a separate legal entity;

  • take care of arranging an official legal address in the jurisdiction;

  • arrange appropriate IT and technical resources to start a crypto exchange;

  • develop effective internal policies aimed at monitoring and identifying clients plus the sources of their funds used to buy/sell crypto  assets;

  • form the required capital resources;

  • create the procedure for enhanced  verifications in the case of potentially suspicious transactions;

  • report to the regulator on account of suspicious operations (in the first turn about those that are likely related to money laundering and terrorism financing);

  • observe the provisions of security laws;

  • assign a separate AML officer in the company responsible for observing all applicable rules;

  • arrange periodical training for staff;

  • follow reporting standards according to the requirements foreseen by the law and other requirements.

Taxation of corporate incomes is exempted (0%) during the next 50 years after company registration. Import and export taxes – 0%.

How Prifinance Specialists May Help You

If you wish to explore a huge market after opening a crypto exchange in the UAE, Prifinance specialists are ready to assist you in this course, including but not limited to:

  • collecting all required details and documents that the local regulator may request to start the project;

  • choosing the most suitable entity type and  registering a new legal entity;

  • drafting all necessary statutory, registration, and compliance documents;

  • opening bank accounts and arranging business relations with alternative payment operators;

  • carrying out all required negotiations with the local officials;

  • assisting with resolving all issues  that may occur during the operation of a cryptocurrency exchange.

Share the details about the background of your business case as well as future business objectives you intend to realize in the UAE. Prifinance lawyers are ready to help you with the realization of those in the easiest and most straightforward way.

Web3 Social App Diamond Launches and Quickly Crosses 130,000 Monthly Active Users 1128

Diamond, a decentralized Twitter alternative, recently launched on the DeSo blockchain. Creators are excited about posting on Diamond because all of their posts and social graph are stored on-chain and thus portable to any other app built on the DeSo blockchain, giving creators and their followers much more control and ownership.

Users have been posting about alternatives as the Twitter turmoil continues. Blockchain technology offers a compelling alternative to the walled garden approach. Putting content and social graphs on-chain instead of on private servers ensures that a single centralized app like Twitter wouldn’t have so much control over public discourse.

Most did not believe a blockchain-based version of Twitter was possible due to limited storage capabilities and the cost of transactions.

“Existing blockchains cannot store content efficiently,” says Nader Al-Naji, the founder of DeSo. “It costs about $50 to store a 200-character Tweet on Ethereum and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social, blogging, and even marketplaces,” he says.

Diamond appeals to founders, builders, creators, and casual social media users. Additionally, it has blogging functionality and several money-native features creators can use to build, scale and monetize their audience.

Blogging on Diamond is permissionless and decentralized. All content is stored on-chain and 100% open source.

In addition, Diamond’s integration of the DeSo wallet makes it possible to onboard Ethereum and mainstream users. “The DeSo wallet supports both a one-click Google login and a one-click MetaMask login,” says Al-Naji. “It’s not our goal to be tied to a single chain. We just want to allow people to connect no matter what ecosystem they’re a part of. DeSo is the unified social layer for all of web3,” he says.

Diamond and DeSo leverage web3 technology to enable a more direct relationship between creators and users. “Diamond and other apps on DeSo offer a compelling solution. On Diamond, creators can build their social graph on the blockchain, so they wouldn’t be locked into a single app. It’s also great for consumers since they’ll be able to choose from among multiple apps to find the moderation policies that resonate with them,” says Salil Shah, COO of DeSo.

You can learn more and claim your profile at Diamondapp.com.

OSIS Raises Millions Of Dollars In 2022 As The Platform Aims To Make Web3 More Accessible 1191

Ever since the crypto industry really came into its own, there has been an increasing demand for tokenization. Realizing this, the OSIS team set forth on a financial revolution that is bringing the world closer to a tokenized economy through education, tokenization, and a slew of user-friendly products that make Web3 accessible to the average person.

What does OSIS do?

OSIS is a feature-rich platform co-founded by Jalal Ibrahimi and Chris Goma. It focuses on providing users with all of the tools they need to begin their Web3 journey. These tools include the OSIS Core, the OSIS Exchange, the OSIS Tokenizer, and OSIS University. OSIS also has more than 120,000 members and has active communities across a variety of platforms including Telegram, Twitter, OpenSea, Discord, Instagram, Medium, YouTube, and more.

OSIS Core Wallet equips the everyday user with the necessary resources to interact with the blockchain world. Crypto wallets are a critical component to Web3, but are difficult to use and unsafe for non-technical people. With the OSIS Core wallet you now have a safer, faster, and simpler way to navigate Web3.

OSIS Exchange is a decentralized exchange (DEX) for trading and exchanging cryptocurrency coins and tokens, entirely curated by its community via votes using OSIS and MetaBadges. OSIS Tokenizer is the world’s first no-code tokenization platform, allowing anyone to create a token (currency) or NFT collection in minutes. Last but not least, OSIS University provides educational resources about Web3 and all it entails.

What value does OSIS provide?

‘OSIS‘ is a utility token and the first platform to use tokenization in all of its operations on a large scale. It is hence the utility token that powers the education, tokenization, and exchange ecosystems, allowing users to create their own NFTs and tokens.

As this is a platform that allows users to create tokens without writing any code, OSIS also acts as the official currency which underpins an exchange that the team is developing for those who want to tokenize their business. As a result, OSIS makes it easier for anyone to enter and monetize the Web3 space.

OSIS has so far raised $1.2 million, with the next fundraising target set at $10 million which will be used to issue a crypto debit card that will allow users to build their credit in partnership with VISA & CoinCare Group. In addition, the $10 million will be used to launch the OSIS Exchange, which will host all tokenized projects from the platform. The platform also generated over a million dollars in a private round from the community and was even featured in Forbes.

Moreover, the team plans to expand OSIS Launchpad, which is the tokenization platform, to become a global standard and disrupt all Web2 industries which will lead to Web3 being adopted by the masses.

Why does this matter?

Given that fiat currencies are actively failing, having the ability to easily and effectively tokenize one’s assets would be a great fit in any bearish or bullish market. To that end, OSIS has previously collaborated with a leading crypto consultancy firm known as The Crypto Launchpad, as well as Bitmart, Galileo, Metropolitan Commercial Bank of New York, and Ethos.

Furthermore, as part of a collaboration with Unstoppable Domains, OSIS intends to offer Web3 domain names. Web3 domains are human-readable, censorship-resistant, and enable users to send and receive cryptocurrency instead of a standard crypto address.

The integration of OSIS with CoinCare will allow users to buy products and services in both fiat and digital currencies. OSIS’ sister company, CoinCare Group, is owned by the same founders.

Overall, OSIS intends to democratize today’s centralized socio-economic global infrastructure by providing users with the tools they need to begin building on Web3, an ecosystem that eliminates the need for intermediaries and centralized corporations and concentrates on providing what is best for the user, which is the core essence of DeFi.

About OSIS

OSIS is a decentralized blockchain launchpad which empowers anyone to transition from Web2 to Web3. It is the first platform that allows users to tokenize anything at scale, including businesses, brands, and even careers. Its primary goal is to not only make Web3 increasingly accessible to everyone, but to also educate people about the topic. With OSIS, users have the fastest, easiest, cheapest and most accessible tokenization platform in the world which can empower anyone to tokenize their assets or business in minutes.

So far, over 2,000 MetaBadge NFTs, which are premium memberships in the OSIS ecosystem, have been sold by OSIS. It is also a significant sponsor of the BlockchainLand Conference. Future goals include public listings on top tier exchanges in 2023, launching the OSIS Core Wallet and the OSIS Exchange.

Put simply, the OSIS ecosystem thus contains everything one may need to begin their Web3 journey and capitalize on the tokenization revolution. Be sure to check out the official website, whitepaper, and the aforementioned socials for more information and regular updates.

WeSendit 3.0: The Web3 data storage revolution from Switzerland 1635

Swiss data transfer company is “the first gateway to the world of decentralized networks.” Its new platform, WeSendit 3.0, supported by the new WeSendit token (WSI), will harness the power of the blockchain and offer users the “safest, easiest and most reliable data transfer ever.” Here is everything you need to know about a project that has been gaining momentum recently.

Who is WeSendit?

With more than 3.5 million users from 150 countries and over 10 years of experience, WeSendit is an established player in the world of file transfer and storage. The company is based in Zug, the “Swiss Crypto Valley.” Clients include global players such as Meta (Facebook), Nike, Disney, DreamWorks and Red Bull.

Since its foundation, 2.85 billion data records have been processed through the company’s platform. WeSendit has learned what users expect from a first-class file transfer and storage service. The company is now using this knowledge to develop WeSendit 3.0 and make the seminal leap into the world of Web3.

The founder and CEO and his team have been working on blockchain-related projects for years. Herbst has formed a talented international group of experienced crypto experts, developers, economists and marketing specialists.

Which solution does WeSendit offer its users?

The company is rooted in the traditional Swiss values of privacy, reliability and stability and seeks to translate these values into the new world of Web3.

With the importance of data transfer growing year after year, WeSendit believes that it is time for a solution that is not just for experts, but for the general public. Its goal is to become the world’s first and user-friendliest gateway to the world of decentralized file transfer and storage solutions.

How does WeSendit plan to achieve its goals?

As a Web3 aggregator, WeSendit will provide interfaces that show on-chain data and allow users to interact with smart contracts from multiple platforms, such as Sia, Filecoin, Storj or Skynet.

The data transfer pioneers can also count on the support of Crypto Valley Switzerland and the Swiss Chamber of Commerce.

Two elements build the core of WeSendit’s move into Web3: WeSendit 3.0 and the WSI token.

WeSendit 3.0 — The platform

Core elements of WeSendit 3.0 include:

  • Data security: Through state-of-the-art encryption;
  • Geo-redundant storage: Data storage across the world;
  • Privacy protection: Anonymous data checks through a blockchain consortium network and no third-party access;
  • Simple data management: Easier overview, management and collaboration with others;
  • Backup and restore: No more single points of failure.

Further highlights include:

  • Pay as you go: Users only use and pay for the services they really need;
  • Branding channel: Companies can present their data transfer and storage in their own corporate design;
  • File management: Easier management and archiving of files;
  • Paid downloads: Users can offer paid downloads and sell their products;
  • Ads manager: Easily reach potential customers with customized ads on WeSendit.

WeSendit 3.0 will follow a hybrid approach with a modular infrastructure. The various features will form a unified interface based on dynamic technical building blocks that are perfectly suited for rapid scaling.

WSI — The WeSendit token

The WeSendit utility token (WSI) is based on the BNB Smart Chain (BEP-20). It is the central element of WeSendit 3.0 and offers a variety of functions and benefits:

  • Use of digital products and services within the WeSendit 3.0 ecosystem;
  • Lower and simplified fee structures in comparison to traditional mechanisms;
  • Activity rewards for using the new services;
  • Referral program incentives for users;
  • Generate passive income through staking;
  • Trade and swap with other crypto assets.

What makes WeSendit’s solution so promising?

WeSendit’s ambitious Web3 project comes at a time in which data transfer and storage are becoming more important than ever.

The German statistical company Statista expects global file-sharing storage consumption to grow from 175,000 to 700,000 terabytes within just a few years. Storage consumption per user is also expected to grow significantly.

The company will position itself as a combined managed file transfer and sharing/application specialist in decentralized data processing solutions.

WeSendit 3.0 will fill a gap in the market at a time in which more and more organizations are willing to implement alternative data storage solutions. These factors, in combination with WeSendit’s potential for rapid scaling, could enable the company to secure a disproportionate market share in the near future.

Outlook: What’s next for WeSendit?

WeSendit is dedicated to developing a solution that will help users benefit from the full potential of decentralized networks. While its developers are working on the groundbreaking features of the new platform, the team is preparing for a public listing on PancakeSwap on Dec. 1, 2022, at 8 pm CET.

Visit wesendit.io for more information on the project.

HOOF Financial Inc. Launches First-of-its-Kind Tokenized ESG Credit to Help Impact Investors Evaluate Corporations 1865

HOOF Financial, Inc. is excited to announce the launch of HOOF Coin™ America’s ESG Credit™, a first of its kind, asset backed, consumption level sustainability token and predictable store of value that enables corporations to transform operational expenses into investments in environmental, social, and governance issues. HOOF will raise private capital to source, tokenize and sell high-quality, verifiable ESG credits so that corporations can track, monitor, and report their impact as corporate citizens in real time.

The platform will seek to catalyze investments in corporations with values and business practices that promote social and environmental sustainability. This new model for the impact investing ecosystem will deploy innovative technologies that help identify, monitor, evaluate and natively tokenize verifiable ESG investments.

“The problem with ESG data is that it is primarily focused on how companies manage their internal practices, is typically 3 to 12 months old to investors, or sprinkled with assumptions about its real-world impact,” said Kelvin Cook, Founder & CEO of HOOF Financial, Inc. “We enable issuers to continue to focus on their controllables while incentivizing their employees and customers to consider impact related purchase decisions in their everyday lives. They aren’t told what to buy, when to buy, or who to buy from. They’re simply made aware of the companies with whom they share similar values and are given a personal incentive to check them out when they’re ready.”

This new framework will use blockchain technologies to enable corporations of all sizes to invest in ESG issues, maximize corporate influence as it pertains to social and environmental sustainability, and enable impact investors to confidently engage in due diligence in a transparent, fair, timely and beneficial manner.

About HOOF Financial, Inc.

HOOF Financial, Inc. is a blockchain based Environmental, Social, Governance (ESG) data provider that turns operational expenses into impact investments for Issuers. By rewarding employees, customers, and partners with HOOF Coin™, America’s ESG Credit™, businesses make measurable difference in society without any major changes to their business structure, operations, or model. Our mission is to give everyone the tools they need to be successful with their money, and our vision is to create a world where everyone has the opportunity to build wealth through easy, yet thoughtful decision-making.

Learn more about HOOF It! by visiting www.hoofit.io.