Bybit Leans on Innovative Tech by Launching AI-Powered Trading Assistant

State-Owned Newspaper to Launch NFT Platform in ChinaChinese government-owned media outlet China Daily, under the guidance of the Publicity Department of the Chinese Communist Party, has allocated a substantial budget of 2.813 million yuan (equivalent to $390,000) for the development of an NFT platform.Photo by Hanson Lu on UnsplashInviting bids from home and abroadThe move will open the door to both domestic and international blockchain technology firms, inviting them to spearhead the creation of the platform. According to a public tendering announcement published last month, the chosen firm must operate on a blockchain mainnet capable of handling over 10,000 transactions per second, ensuring top-notch performance and reliability.One of the platform’s key features will be its user-friendly interface, allowing users to effortlessly upload, display, and manage their digital collections. It will support a wide range of multimedia formats and diverse collection types, making it a versatile hub for creative expression. Additionally, the platform will offer advanced functionalities like pricing, bidding, limited-time offers, and multi-currency settlement to ensure a comprehensive and satisfying user experience.Extending the reach of Chinese cultureThe core objective of the China Daily NFT Platform is to amplify the global influence of Chinese culture by seamlessly blending technology and culture in the metaverse. This ambitious strategy integrates cutting-edge technologies such as virtual reality (VR), augmented reality (AR), mixed reality, blockchain, non-fungible tokens (NFTs), big data, and cloud computing.In an effort to expand the global reach of their digital collections, China Daily intends to collaborate with both domestic and international mainstream NFT platforms. This ambitious plan includes partnerships with well-known foreign platforms such as OpenSea, Rarible, SuperRare, and Foundation. Despite the rigorous regulatory landscape and scrutiny that blockchain entities face in China, this approach aims to make Chinese digital collections more accessible to a global audience.The urgency and importance attached to this project are evident in the tight timeline set by China Daily. The chosen contractor must submit their application by October 17 and complete the development of the platform within three months, highlighting the publication’s commitment to this venture.NFT platform development despite crypto banHowever, it’s important to acknowledge that this initiative unfolds within the backdrop of stringent cryptocurrency regulations in China. Since 2021, although NFTs have not been banned, all forms of cryptocurrency transactions have been prohibited in the country, and blockchain entities operating within China face intense regulatory oversight.In May the Supreme People’s Procuratorate of China issued a warning relative to NFTs on the basis that they have crypto-like properties. However, the agency also acknowledged that NFTs do present a novel application of blockchain technology.Recent events, including the detention of former China Evergrande executives Xia Haijun and Pan Darong for alleged involvement in fraudulent activities, underscore the strict regulatory environment prevailing in China.Within the Chinese autonomous territory of Hong Kong, the South China Morning Post (SCMP) spun out Artifact Labs, an NFT company, following an initial decision in 2021 to launch an NFT standard called artifact.China Daily’s foray into the NFT space demonstrates that some facets of blockchain innovation are being leveraged within China, in this instance with a view towards cultural promotion and global engagement.

Singapore-based payment solution provider Alchemy Pay has launched its fiat-crypto on-ramp payment services on the popular web portal Bitcoin.com.Photo by Kanchanara on UnsplashNew local payment methodsAccording to a recent press release, the integration offers a direct-to-customer plugin, providing access to a diverse range of cryptocurrencies. The move aims to enhance Bitcoin.com's reach, particularly in Asian and Latin American markets, by incorporating new local payment methods. Bitcoin.com emphasized the significance of Alchemy Pay's integration, suggesting that it represented a streamlined transition between fiat and crypto with an expanded array of local payment options. This development aligns with Bitcoin.com's goal of meeting the needs of its user base in Asia and Latin America. Alchemy Pay's payment gateway facilitates transactions using major credit cards such as Visa, Mastercard, Discover and Diners Club across 173 countries. Additionally, the platform supports domestic transfers and mobile wallet payments in developing markets. Alchemy Pay attempts to make the know-your-customer (KYC) process frictionless, coupling that service offering with low fees and competitive conversion rates. The firm’s overriding mission is to make cryptocurrency transactions as convenient as typical online payments. Focusing on industry partnershipsAlchemy Pay has been pursuing industry collaborations at an ever increasing rate over the course of the past year. The network boasts over 300 fiat payment channels, enabling checkouts beyond card payments to include various local mobile wallet options. Last month, it clinched a deal with global payment processor, Worldpay. That collaboration facilitates Alchemy Pay service users in leveraging Worldpay’s extensive Visa and Mastercard payment rails. Back in July, it struck a similar deal with global payments processor, Checkout.com. The company has also been active in the United States. Within that market, it has secured money transmitter licenses in the states of Iowa and Arkansas. It’s understood that the firm has more such licensing applications in the works in other U.S. states. At the end of November, Alchemy partnered with self custody and multi-coin wallet project Trust Wallet, enabling the wallet providers 70 million users in engaging in crypto transactions involving fiat payments. VERSE tokenBitcoin.com's native Token VERSE was launched in December 2022, acting as the platform’s rewards and utility token. The VERSE token has been enabled as a supported cryptocurrency as part of the Alchemy Pay platform integration. The utility token serves as a method of payment in its own right within the Bitcoin.com ecosystem and beyond, unlocking rewards along different tiers, and providing access to exclusive platform services. Users worldwide can leverage the VERSE DEX, Bitcoin.com's decentralized exchange, to swap cryptocurrencies without reliance on third-party custodians. Bitcoin.com’s goal is to simplify the process of buying, spending, trading, investing, earning and staying informed about cryptocurrency and the future of finance. Millions of users utilize Bitcoin.com's multi-chain digital wallet app for various crypto-related activities.  Meanwhile, Alchemy Pay supports transactions in 173 countries. The ramp, a one-stop solution for buying and selling crypto and fiat, can be seamlessly integrated by platforms and dApps as needed. 

Police Crack Down on JPEX Continues with Millions RecoveredHong Kong authorities are intensifying their efforts to deliver justice to victims of the JPEX cryptocurrency exchange fraud, a scandal that has left thousands of investors in distress.According to recent reports in the South China Morning Post (SCMP) on Wednesday and Friday, more arrests have been made, with the recovery of more assets. The pursuit of those responsible for orchestrating this massive scam is in full swing.Photo by RJ Joquico on UnsplashLargest digital asset fraud in Hong Kong historyThe Dubai-headquartered JPEX crypto exchange, an unauthorized platform, stands accused of defrauding more than 2,400 individuals of nearly $200 million, marking it as the largest digital asset fraud case in Hong Kong’s history. During a recent press conference, the Secretary for Security of Hong Kong, Chris Tang Ping-keung, expressed his commitment to ensuring justice prevails for the victims.Tang revealed that among the assets seized by the police were more than HK$8 million ($1 million) in cash and assets valued at HK$77 million ($9.8 million), including real estate and digital currency. These significant seizures mark a pivotal step in the ongoing investigation. Furthermore, the police have apprehended 12 individuals connected to the JPEX scheme, including three employees of JPEX Technical Support Company and two YouTubers.The first signs of trouble emerged when JPEX users faced difficulties in withdrawing their funds on September 15. In response to mounting complaints and regulatory warnings, JPEX infamously raised its withdrawal fees to 999 Tether in a desperate attempt to discourage users from withdrawing funds. This maneuver raised suspicion and intensified the scrutiny on the exchange.Ongoing investigationLocal authorities in Hong Kong have been inundated with 2,369 complaints from victims who lost their investments in the unregulated exchange. The estimated total monetary loss is HK$1.4 billion ($178 million). While the police continue towards bringing those responsible to justice, they are also collaborating closely with regulators to implement measures aimed at preventing the emergence of such fraudulent schemes in the future.Recent developments have seen the net tighten around the individuals connected to JPEX. Additional arrests have been made in Hong Kong and Macao. Hong Kong police apprehended two individuals who were caught attempting to destroy documents with paper shredders and bleach. In addition, they seized almost HK$9 million ($1.15 million) in cash and gold from three apartments.Meanwhile, Macao authorities apprehended two more individuals and confiscated over HK$14 million ($1.8 million) in cash and valuables. The suspects had made multiple visits to Macau this month, which may be linked to their illicit activities.Hong Kong’s Securities and Futures Commission (SFC) had issued a prior warning, stating that JPEX operated without the necessary licenses and had maliciously frozen users’ funds. Last week, the SFC took a step further, blocking access to web and mobile versions of the platform with JPEX responding by encouraging users to sidestep the measure through the use of VPN.