The Philippine Securities and Exchange Commission (SEC) has greatly increased its regulatory fight against the global crypto trading giant Binance. The SEC accused the crypto exchange of illegally operating in the country without licenses. In a recent notice, the Philippine SEC clearly stated that Binance does not have official permission to sell investments or securities to average investors across the country. Calling out the exchange is a part of the agency’s broader efforts to reveal unregistered crypto companies and coordinate blocking access to their platforms.

 

Even though Binance acts as an approved broker in some places overseas, it still has to meet many legal requirements to handle securities activities in the Philippines under the country’s Securities Regulation Code. This includes officially registering all investment products made available to Filipinos, starting a Philippines-based company, getting a secondary permit for public offerings, and more—none of which the crypto exchange has done according to the SEC’s notice.

 

In targeting the issue, the regulator also highlighted the company’s use of aggressive social media promotions meant to attract lots of customers in the Philippines. Ads promise Filipinos the ability to trade crypto assets with leverage, speculate on derivatives like futures and options deals, earn interest through crypto savings accounts, take part in staking services, and invest in initial coin offerings—all without proper registration.

 

Some Steps the Philippine Regulator Is Taking against Binance

 

In hopes of stopping Binance’s access, the SEC said it convinced both the National Telecommunication Commission and the Department of Information and Communications Technology to take coordinated actions to block the exchange’s website and servers. Moreover, the Commission strongly warned that people promoting Binance’s illegal operations in the country face potential criminal charges, including huge fines of nearly $100,000 or over 20 years in jail. The agency pleaded with the public to be very careful before trusting money to unregistered platforms.

 

To enforce the crackdown on the exchange’s offerings, regulators outlined plans to fully prohibit access to the exchange within three months, while giving investors a window to close positions and withdraw holdings if wanted. Additionally, the SEC made urgent requests to leading platforms like Google, Facebook, and others to right away ban online advertisements sponsored by Binance targeting web users in the Philippines.

 

While the SEC removal of unlicensed crypto companies seems far-reaching, some Filipino retail investors have accepted Binance as a trusted marketplace for digital asset trading, praising its services on X.  It seems like the exchange has made some unsuccessful moves in order to get fully regulated in the country last year or the company has not met some basic requirements required by the necessary commissions

 

However, this does not change the fact that Binance is presently involved in a lot of legal issues that could affect the future of the crypto company. These include the company’s guilty pleas in the US to anti-money laundering violations, along with the recent exit of its founder, Changpeng Zhao, from the CEO position. For now, the regulatory grip continues to tighten on the world’s largest crypto trading center, Binance, with the Philippines representing the latest country to make accusations of illegal financial activities.

South Korea, through its apex bank, the Bank of Korea (BOK) – has revealed its plans to begin testing its central bank digital currency (CBDC) in 2024. A local news outlet, the Korea Times, confirmed the report, saying that the testing will begin either by September or October running for three months.

The report also claimed that South Korea would allow 100,000 citizens to participate in the pilot process. However, they may not store, exchange, or send the CBDC during this period. That is, participants may only use the CBDC to settle payments.

 

BOK Aims to Gather Information from Testing

 

The Bank of Korea will be looking to use the pilot stage of its CBDC to determine things such as acceptability and ease of use. It will also seek to determine the effectiveness of issuing and distributing the digital currency, among other things.

To easily achieve some of these goals, the BOK has said it will partner with the Korea Exchange to integrate its CBDC into a simulation system for carbon emissions trading. According to the Korea Times, that is to test the feasibility of delivery versus payment transactions.

It will also work hand in hand with several private banks and public institutions, while also tapping the Bank for International Settlements (BIS) to provide expert technical support.

 

Part of the BOK’s statement, as quoted by the local newspaper, reads:

“The pilot project will be conducted first in the fourth quarter of 2024. The possibility of conducting separate pilots will be considered as well if banks propose new individual projects.”

 

Efforts in Top Gear

 

From all indications, the BOK is leaving nothing to chance with its CBDC plans. Its commitment is once again revealed by its partnership with the BIS, which has been at the forefront of global CBDC adoption. Like South Korea, the Swiss National Bank also sought the help of the BIS to develop a wholesale CBDC. However, the BIS is doing more for the Swiss Bank than just developing a CBDC. It is also helping the institution to build a joint platform with the central monetary authorities of China, Hong Kong, Thailand and the United Arab Emirates.

 

Even the European Central Bank (ECB) is not left out. The BIS is currently developing a proof-of-concept for a transactions tracker with the ECB, among many other projects. In closely related news, Agustin Carstens, general manager of the BIS, was also recently spotted in South Korea’s capital city, Seoul.

Infura, the Web3 infrastructure firm from Consensys, has just entered into multiple partnerships with Microsoft and Tencent. The move, which appears to be in line with its vision of achieving progressive decentralization, also saw it tap 16 other Web2 giants alongside the leading technology giants.

 

Infura to Launch a DIN

 

Infura announced the partnership during a Decentralized RPC Summit in Istanbul on Wednesday. According to the announcement, it will use the partnership to launch a Decentralized Infrastructure Network (DIN). For what it’s worth, the Infura network is arguably Ethereum’s main point of access. At least, for the larger percentage of the decentralized finance (DeFi) sector. However, before now, there was the problem of centralization in that it was single-handedly controlled by Consensys. This meant that it handled all of the costs and complexities of running the network alone.

 

However, with the new DIN, which is slated to be launched in Q4, Infura expects that all limitations will be broken, thereby giving rise to a more flourishing ecosystem.

 

About the partnerships, the senior product manager at Consensys, Andrew Breslin clarified that the idea was more about the numbers than the big-name firms that it appears Infura had targeted. He recalls the problems Consensys faced running a service like Infura. He then added that that might now be a thing of the past. Part of his statement reads : “Now there’s this huge flourishing ecosystem of Web3 infrastructure providers that can provide a service that’s complimentary to Infura.”

 

To buttress his point, Breslin explained that the DIN has a “failover support” feature for the Ethereum and Polygon networks. This means that in a situation where there is an outage somewhere, traffic can be re-routed to one or many DIN partners. This, he said will result in higher uptime as time progresses.

 

Room for Improvement

 

Per Breslin, the current list of partners is not the ultimate one. He shared this while speaking to the 18 pioneering partners of the DIN. He noted that the DIN would remain open to other “highly reliable” internet infrastructure providers. For now, though,  the DIN remains in a temporary centralized state for a trial period called the ‘federated phase,’ says Breslin.  But, eventually, it would be governed as a kind of decentralized autonomous organization. That is a structure where every partner wields equally significant influence over the network.

Blockchain infrastructure firm Paxos has announced plans to issue a US dollar-backed stablecoin for its customers in Singapore. The initiative comes after Paxos reportedly received preliminary approval from the Monetary Authority of Singapore (MAS), paving the way for the establishment of Paxos Digital Singapore Pte. Ltd. This entity will operate under the Payments Services Act (PSA) while awaiting full regulatory approval to conduct business in Singapore.

 

The Initial Approval and Road Ahead for Paxos

 

The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. The regulatory green light provides an opportunity for Paxos to engage with customers under the PSA, demonstrating a commitment to compliance while awaiting full approval.

 

Upon receiving the anticipated full approval, Paxos plans to collaborate with enterprise clients to issue a US dollar-backed stablecoin. This move aligns with the increasing global demand for the US dollar, addressing challenges faced by consumers outside the United States in accessing dollars securely and reliably while adhering to regulatory protections. “Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably, and under regulatory protections,” said Paxos Head of Strategy Walter Hessert in a statement.

 

It is worth mentioning that the announcement comes just over a year after Paxos was granted an operating license in the Southeast Asian country, allowing it to provide tokenization, custody, and trade services under the same bill as per Wednesday’s announcement. Paxos is known for its commitment to transparency, evident in its practice of publishing monthly attestations and reserve reports for its stablecoins. This commitment to openness not only builds trust but also sets a benchmark for regulatory compliance in the cryptocurrency space.

 

Stablecoin Market Growth

 

Paxos’ decision to delve into stablecoins aligns with the burgeoning growth of this market segment. According to brokerage firm Bernstein, the stablecoin market is projected to witness substantial growth, soaring from $125 billion to an estimated $2.8 trillion over the next five years. This expansion signifies a rising demand for stable digital currencies, and Paxos is poised to capitalize on this trend.

 

Analysts, including Gautam Chhugani, predict that major global financial and consumer platforms will play a pivotal role in the stablecoin market’s growth. The concept of co-branded stablecoins, closely linked to these platforms, is expected to facilitate seamless transactions and enhance user engagement within their ecosystems. This integration is seen as a key driver for the mass adoption of stablecoins beyond specialized crypto platforms.

 

Aside from the US dollar, the stablecoin market is seeing developments in other currencies. Circle’s European Union strategy and policy director, Patrick Hansen, highlighted the potential growth of the euro stablecoin market. Remarkably, Circle, a well-known crypto player, currently has one of the top five Euro-pegged stablecoins, the Euro Coin (EUROC).

On Monday, October 30, the Dow Jones Industrial Average (INDEXDJX: .DJI) gained by over 511 points or 1.58%, ending the trading at 32,928.96. This was the biggest single-day gain market by the index, after June 2023. The S&P 500 saw a robust 1.2% surge, reaching 4,166.82, marking its most substantial gain since late August. Simultaneously, the Nasdaq Composite also advanced, rising by 1.16% to 12,789.48. This week is big for traders with major announcements ahead such as jobs report, Federal Reserve rate decision, and Apple Inc‘s (NASDAQ: AAPL) earnings.

 

The Communication services sector led the way in S&P 500 (INDEXSP: .INX) performance, surging by over 2% in its most substantial daily gain since late August. Mega-cap tech giants Amazon.com Inc (NASDAQ: AMZN) and Meta Platforms (NASDAQ: META) followed suit, with impressive jumps of 3.9% and 2%, respectively.

 

These developments follow the S&P 500’s recent dip into correction territory last week. During the week, the broader index experienced a 2.5% decline, pushing it more than 10% below its closing high for 2023. Moreover, it has sustained a 2.8% drop in October, signaling its third consecutive month in the red, which hasn’t occurred since the pandemic’s outbreak in 2020. Speaking to CNBC, Art Hogan, chief market strategist at B. Riley Financial said: “We closed on the lows last week. Oftentimes when you get that kind of negativity going into a weekend and nothing new arises that changes the outlook for markets and the economy, you get a bit of a claw back on Monday.”

 

“Investors are finally feeling a little bit more confident that perhaps we priced in enough bad news and that’s really manifesting in a stronger market today,” he added.

 

All Eyes on the Fed Decision

 

The Federal Reserve’s upcoming decision on Wednesday is highly anticipated, and it’s widely expected that the central bank will maintain its current benchmark interest rate. Given that the recent stock market correction has been primarily driven by rising interest rates, investors are eager for any signals from the Fed that it may conclude its rate hikes. Many traders anticipate that the Fed will refrain from further rate increases for the remainder of 2023.

 

Hogan said: “Whilst we have a Fed meeting, the consensus has never been clearer that they’re not going to do anything at this particular meeting, and that’ll be back-to-back meetings of them not raising rates. I think that may signal that the cycle of raising rates is over, and I think that that likely helps to sort of stop that parabolic rise we’ve seen in Treasury yields.”

 

At the beginning of last week, the 10-year Treasury yield surged above the 5% mark, but it was hovering around 4.89% on Monday. The upcoming October jobs report, scheduled for Friday, is eagerly awaited by investors, as they are looking for signs of a potential labor market slowdown. A more relaxed labor market would likely make the Federal Reserve more comfortable with maintaining its current interest rate levels for the remainder of the year.

The Open Network (TON) Believers Fund, a non-profit fund operating as a smart contract on the TON blockchain has successfully raised a remarkable 1.3 billion TON coins (approximately 25% of TON supply) from users that will be locked for 2 years.

This impressive achievement has far-reaching implications for the project and showcases the remarkable support and enthusiasm of the crypto community for TON.

 

The TON Believers Fund in a Nutshell

As highlighted in a blog post, the TON Believers Fund was designed with the core mission of attracting large holders and early miners within the TON community. By locking their TON holdings into the smart contract, these contributors effectively take them out of circulation.

This reduction in the circulating supply has the potential to exert upward pressure on the TON token’s price. Additionally, it addresses questions and concerns surrounding TON’s tokenomics, bolstering confidence among investors and users.

Users were given the option of locking their TON coins for five years and expecting rewards through a mechanism similar to regular staking or donating their TON coins to a reward pool that would benefit those who had locked their coins for the specified duration.

The minimum donation threshold was set at 50 TON, making it accessible to a wide range of community members. Funds were accepted until the closure of the initiative on October 23, 2023. The TON coins deposited will remain locked until October 12, 2025, with a gradual unlocking schedule over the subsequent three years.

At the time of writing, the price of TON stands at approximately $2.17, reflecting a notable 11.28% increase in the past week. While it is challenging to attribute this price movement solely to the TON Believers Fund, it is worth noting that TON, like other cryptocurrencies, is influenced by market dynamics.

However, TON’s recent positive news, increased development activity, and strategic investments, such as MEXC Ventures’ eight-figure commitment, have also contributed to its growing appeal.

 

Participation and Support for TON Believers Fund

Since its launch, the TON Believers Fund collected a substantial amount of TON tokens. To be precise, it gathered 1,317,379,088 TON coins. This total comprises 1,034 billion TON locked by users and 284 million TON donated for rewards. Participants can anticipate a reward of approximately 7%.

The TON Foundation, crucially, extended its support to this initiative, bolstering the project’s support. The foundation helped promote the event and secured an additional 1 million TON. In tandem with the foundation’s action, a prior vote in the same year’s winter saw 1.1 billion TON locked in for 48 months. This significant commitment involved funds from large inactive early miner addresses.

In total, these two initiatives account for more than 2.3 billion TON tokens being locked for the next several years. Astonishingly, this figure represents nearly 50% of the total TON supply, which is a significant milestone for the project.

After finding that the sanctioning of Tornado Cash only led to the introduction of many other crypto mixers around the world, the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced new proposed measures to combat the growth of international crypto mixers. According to the announcement, FinCEN highlighted a Notice of Proposed Rule Making (NPRM) in a bid to identify international convertible virtual currency mixing as a security threat through money laundering. Precisely, FinCEN highlighted that the CVC mixing has significantly enabled illegal activities and terrorist acts by Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK).

 

US Takes Geopolitical Fights to the Crypto Market

The announcement comes a year after the Department of Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash for ostensibly aiding in laundering more than $7 billion of illegal proceeds. However, the US bid to control software development has been met with notable resistance by crypto leaders, including Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong. Moreover, most of the crypto mixers are a result of open-source software development; in the same way, a road builder cannot be blamed for the careless driving that leads to fatal accidents.

Nonetheless, the United States government has argued that terrorists have been finding their operations through crypto mixers, hence making the ongoing war in Ukraine and Israel more difficult.

 

“CVC mixing offers a critical service that allows players in the ransomware ecosystem, rogue state actors, and other criminals to fund their unlawful activities and obfuscate the flow of ill-gotten gains,” said FinCEN Director Andrea Gacki. “This is FinCEN’s first ever use of the Section 311 authority to target a class of transactions of primary money laundering concern, and, just as with our efforts in the traditional financial system, Treasury will work to identify and root out the illicit use and abuse of the CVC ecosystem," she added.

 

The United States has played a crucial role in supporting both Ukraine and Israel in their respective wars through financial aid and military support. Earlier this week, Tether, the leading stablecoins company, announced that it worked closely with Israel’s National Bureau for Counter Terror Financing (NBCTF) in identifying and freezing 32 addresses with about $873k linked to the Hamas group in Gaza.

Earlier this year, Israel Defense Minister Yoav Gallant announced that the NBCTF had seized crypto assets belonging to Lebanon’s Hezbollah and Iran’s Quds Force, amounting to over $1.7 million. Notably, the NBCTF worked closely with blockchain analytic and forensic firm Chainalysis in identifying and freezing the funds.

After finding that the sanctioning of Tornado Cash only led to the introduction of many other crypto mixers around the world, the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced new proposed measures to combat the growth of international crypto mixers. According to the announcement, FinCEN highlighted a Notice of Proposed Rule Making (NPRM) in a bid to identify international convertible virtual currency mixing as a security threat through money laundering. Precisely, FinCEN highlighted that the CVC mixing has significantly enabled illegal activities and terrorist acts by Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK).

 

US Takes Geopolitical Fights to the Crypto Market

 

The announcement comes a year after the Department of Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash for ostensibly aiding in laundering more than $7 billion of illegal proceeds. However, the US bid to control software development has been met with notable resistance by crypto leaders, including Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong. Moreover, most of the crypto mixers are a result of open-source software development; in the same way, a road builder cannot be blamed for the careless driving that leads to fatal accidents. Nonetheless, the United States government has argued that terrorists have been finding their operations through crypto mixers, hence making the ongoing war in Ukraine and Israel more difficult.

 

“CVC mixing offers a critical service that allows players in the ransomware ecosystem, rogue state actors, and other criminals to fund their unlawful activities and obfuscate the flow of ill-gotten gains,” said FinCEN Director Andrea Gacki. “This is FinCEN’s first ever use of the Section 311 authority to target a class of transactions of primary money laundering concern, and, just as with our efforts in the traditional financial system, Treasury will work to identify and root out the illicit use and abuse of the CVC ecosystem," she added.

 

The United States has played a crucial role in supporting both Ukraine and Israel in their respective wars through financial aid and military support. Earlier this week, Tether, the leading stablecoins company, announced that it worked closely with Israel’s National Bureau for Counter Terror Financing (NBCTF) in identifying and freezing 32 addresses with about $873k linked to the Hamas group in Gaza. Earlier this year, Israel Defense Minister Yoav Gallant announced that the NBCTF had seized crypto assets belonging to Lebanon’s Hezbollah and Iran’s Quds Force, amounting to over $1.7 million. Notably, the NBCTF worked closely with blockchain analytic and forensic firm Chainalysis in identifying and freezing the funds.

Immutable, a leading company in web3 gaming, has announced a strategic partnership with Amazon Web Services (AWS), a major cloud computing services provider, to achieve its goal of making Web3 gaming go mainstream. This cooperation is part of the company’s wider vision of making game development safer, easier, and more accessible using blockchain technology.

 

Benefits of the Immutable-Amazon Web Services Collaboration

Through this partnership, Immutable will be able to grow its business further as AWS provides it with a large pipeline of potential gaming studio partnerships worldwide. AWS account managers are encouraged to find gaming studio leads for Immutable. Also, the cloud computing service provider offers up to $100,000 in promotional cloud credits to gaming studios through AWS Activate, and this will allow Immutable to provide cloud service coverage, make deals with studios, and build more interesting games.

For game developers and studios, this collaboration unlocks the combined potential of Immutable’s Web3 gaming platform and AWS’s cloud infrastructure. Developers can build and run games that use blockchain verification and true digital asset ownership—key parts of a viable blockchain gaming model.

As part of the collaboration, Immutable has joined the Amazon ISV Accelerate Program, which helps software partners expand their businesses on AWS. Immutable gets access to expert resources and support to efficiently secure customers and close more deals.

John Kearney, head of startups at Amazon Web Services, Australia, and New Zealand, while commenting on the cooperation, said:

“Today, web3 gaming is one of the fastest growing sub-sectors of the blockchain industry and is already enjoyed by millions of gamers worldwide… AWS is supercharging Immutable’s development by onboarding new game studios and providing them with resources through our flagship AWS Activate startup program and AWS’s ISV Accelerate Program, which give them the tools to accelerate their global launch.”

 

Immutable’s Growth and Future Plans

Immutable’s growth has been substantial as demand for web3 gaming rises. By teaming up with industry leaders like AWS, it will be able to incorporate its solutions into existing game development processes. The company has used AWS services like Amazon EventBridge and AWS Lambda to build a flexible architecture that scales well. This has allowed it to handle more partnered games and improve reliability as its user base grows.

Immutable chose AWS for its security, performance, proximity to users, and ability to scale, and the partnership will significantly move the Web3 gaming ecosystem forward by empowering builders and gamers. Combining blockchain’s ownership features with AWS’s cloud infrastructure unlocks new possibilities.

Looking ahead, Immutable plans to continue investing in its AWS-powered infrastructure to support upcoming offerings. This includes Immutable zkEVM, which will enable Ethereum compatibility and blockchain gaming without needing to learn a new programming language. With AWS’s backing, the company is positioned to help lead the future growth of web3 gaming.

Leading cryptocurrency exchange Gemini has decided to halt its operations in the Netherlands, citing mounting regulatory hurdles imposed by the Dutch central bank De Nederlandsche Bank (DNB).  The move follows the footsteps of Binance, another digital asset trading platform that withdrew from the market earlier this year due to similar regulatory constraints.

In an emailed statement addressed to its Dutch users on September 26, Gemini conveyed its intention to suspend its services in the Netherlands, effective November 17, 2023.

 

Gemini to Exit Netherlands Due to Regulatory Pressure

Gemini explained in the email that the decision was influenced by stringent requirements imposed by the country’s central bank, DNB, on crypto exchanges.

However, the company plans to return to the Dutch market once it achieves full regulatory approval from the appropriate authorities in compliance with the new European law on cryptocurrencies, the Markets in Crypto-Assets Regulation (MiCA).

“Gemini continues to be committed to working collaboratively with regulators around the world and is focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets, as set out under the Markets for Crypto-Assets Regulation (MiCA), whereby we hope to be able to offer crypto-asset services to customers based in the Netherlands in the future.”

 

Gemini Users Have until November 17 to Exit the Platform

The New York-based exchange has requested users to start withdrawing their assets on the platform as the exchange will completely shut down operations on November 17.

“We kindly ask you to proceed in emptying your Gemini account and ensuring that you no longer have a balance on your account as of November 17, 2023. We thank you for your support over the years and hope you understand our direction,” wrote the company.

To enable the safe transfer of funds, the company suggested that users move their assets to the local exchange Bitvavo, which is duly registered under the DNB jurisdictions as a crypto exchange.

However, users are not limited to Bitvavo as the exchange has encouraged its Netherlands customers to choose any preferred platform or wallet for the transfer.

 

Crypto Regulatory Landscape in the Netherlands

The Netherlands took the lead among European Union member states by mandating that crypto companies adhere to the 5th Anti-Money Laundering Directive (5AMLD). Under these regulations, Virtual Asset Service Providers (VASPs) had to furnish identifying information about themselves and their customers.

In November 2020, the country required VASPs to gather additional information before finalizing any transactions. This included verifying beneficial ownership and providing proof of ownership of a Bitcoin wallet.

However, in May 2021, the requirement was rescinded. DNB reportedly recognized the necessity of adopting a more risk-based approach to Anti-Money Laundering (AML) compliance.

The Dutch regulatory landscape for cryptocurrencies became notably rigorous when Binance withdrew its services from the country in July. Binance’s exit was driven by its inability to obtain a VASP license from the DNB, which serves as proof of compliance with the established AML protocols in the country.

Earlier this year, in January, the DNB fined Coinbase for operating in the country without proper authorization from the authorities. The company later obtained approval and became licensed to service its customers in the region legally.

So far, other crypto exchanges such as Crypto.com, BitPay, and eToro are licensed to operate in the country.

The Musée d’Orsay, home to the world’s most extensive collection of impressionist and post-impressionist masterpieces, has embarked on an innovative journey to engage a broader and younger audience by delving into the world of non-fungible tokens (NFTs) and blockchain technology. The move comes after the museum faced challenges in attracting visitors during the uncertainties of the Covid-19 pandemic.

In 2021, d’Orsay grappled with a decline in attendance as the pandemic imposed lockdowns and restrictions. Guillaume Roux, the museum’s director of development, expressed concerns about the decreasing numbers of French and young visitors.

“French people came less, young people came less. We realized that we would have to fight to gain back visitors we had lost,” he told Decrypt.

 

Musée d’Orsay Joins the Crypto Bandwagon

That same year, the French museum welcomed a new president, Christophe Leribault, who made it his mission to make the Orsay accessible to a broader and younger demographic. He recognized the potential of blockchain and NFTs, which were causing ripples of excitement in the art world, as a means to breathe new life into the institution.

Fast forward nearly two years, and the Musée d’Orsay has announced a groundbreaking partnership with the Tezos Foundation, the brains behind the creation of the Tezos blockchain. The year-long collaboration aims to bring blockchain-backed artwork and digital artists into dialogue with the museum’s vast collections and exhibitions.

To kickstart this partnership, the museum is set to offer on-chain digital souvenirs to visitors attending the forthcoming exhibition, “Van Gogh in Auvers-sur-Oise: The Final Months”, opening on October 3, 2023.

 

The upcoming exhibition will showcase the works of Vincent van Gogh during the last two months of his life, offering a unique glimpse into his creative genius.

According to a Decrypt report, museum visitors and art enthusiasts can purchase two digital souvenirs associated with the exhibition starting next week. The first is an augmented reality piece representing van Gogh’s final palette. At the same time, the second is an original digital artwork inspired by van Gogh, created by Keru, a French blockchain culture project.

These pieces will be minted on the Tezos blockchain, and they come with gamified elements that offer the chance to win prizes, including lifetime passes to the Musée d’Orsay and invitations to its grand opening events. A total of 2,300 NFTs of each variety will be available for €20 (about $21) each.

 

Musée d’Orsay to Invite Blockchain Artists for Work Opportunities

In addition to these digital initiatives, d’Orsay and the Tezos Foundation will collaborate on a series of conferences and educational programs over the next year. The programs aim to introduce museum visitors to emerging technologies, including blockchain.

Furthermore, the museum intends to invite digital artists who work with blockchain to create NFT collections inspired by its permanent collection of art pieces, a venture mirroring the ongoing initiative at the Los Angeles County Museum of Art (LACMA).

Valerie Whitacre, head of art at Trilitech, the London-based adoption hub of Tezos collaborating with Musée d’Orsay, said that the museum’s experimentation with crypto art aligns with its historic role as a collector of artists who often challenged traditional norms.

“There is Something to Gain for Both Worlds. The Musée d’Orsay has a long lineage of collecting artists that traditionalists might not have otherwise accepted. And there is a beautiful sentiment from the team there that experimenting with crypto art, experimenting with how one can engage audiences that are consuming art in a new way, relates to the overall history of the museum,” said Whitacre.

The museum’s director of development, on the other hand, emphasized the importance of adapting to the times, stating:

“Today, it’s not a question of the number of people we can bring to the museum; it’s a question of being a museum that is conscious of its time, a question of being a museum that is speaking to new generations.”

Bybit, one of the world’s leading crypto exchanges, has taken a bold step by introducing Perp Protect, an industry innovation tool poised to reshape the way traders safeguard their investments.

 

The Birth of Bybit Perp Protect

 

Bybit, a platform known for its commitment to providing traders with cutting-edge features, has developed Perp Protect as a response to the challenges faced by crypto traders. Traditional risk management strategies often require complex calculations, manual execution, and deep market knowledge, making them daunting for many traders.

Perp Protect aims to simplify this process by offering an intuitive and automated solution. One of the standout features of Perp Protect is that it is exclusively available on Bybit, setting it apart from other top crypto exchanges. This exclusivity underscores Bybit’s dedication to providing its users with tools and features that are not only innovative but also unavailable elsewhere in the market.

 

Ben Zhou, co-founder and CEO of Bybit, emphasized the importance of providing traders with tools that enhance their experience and mitigate the risks associated with the dynamic crypto market.

 

He stated:

“With Perp Protect, we are proud to offer a solution that brings ease and security to traders of all levels.”

This statement reflects Bybit’s commitment to fostering a safer and more accessible trading environment for its users.

 

Benefits of Perp Protect

 

Bybit noted that traders anticipating market volatility can leverage Perp Protect to secure their positions, giving them a proactive edge in navigating turbulent market conditions. Simply put, this tool empowers traders to stay ahead of the curve and make informed decisions.

Perp Protect operates by automatically acquiring options contracts to hedge both long and short positions. Its primary purpose is to suggest options contracts that protect against adverse price movements, ensuring that traders can safeguard their positions while staying true to their investment strategies.

 

One of the standout features of Perp Protect is its user-friendliness. Using this tool requires just two clicks, making it accessible to traders of all experience levels. Bybit has prioritized user convenience, ensuring that the benefits of Perp Protect can be accessed effortlessly. This is a critical aspect of its appeal, as crypto trading can be complex, and traders appreciate tools that simplify the process.

 

Additionally, Perp Protect’s intelligent algorithm continuously evaluates market conditions to offer optimal downside protection. Importantly, this protection comes at a cost as low as 2% of a user’s initial margin. This cost-effectiveness makes it an attractive option for traders looking to manage their risk without eating into their potential profits.

It is worth mentioning that the launch of Perp Protect comes only days after Bybit announced TradeGPT, an Artificial Intelligence (AI) tool that combines ChatGPT’s language model with real-time data to provide market insights and user support. This demonstrates Bybit’s dedication to providing traders with a seamless trading experience on its platform.