FactBlock sworn in as newest member of WEMIX’s 40 WONDERS

Of all the crypto startups bootstrapping their way forward in 2023, few have forged as many industry partnerships as Singapore-based fiat-crypto payment solutions provider Alchemy Pay. This week brought two more collaborative developments for the fledgling company.Photo by Erika Fletcher on Unsplash Trust Wallet partnershipAlchemy Pay has entered into a strategic alliance with Trust Wallet, a self-custody and multi-coin wallet project headquartered in San Francisco, boasting over 70 million users. The collaboration empowers users to seamlessly engage in crypto transactions with various fiat payments directly within Trust Wallet.According to a press release published by the company on Wednesday, the integration not only enhances the user experience but also provides more on and off-ramp solutions. With that, it potentially lowers the entry barrier for retail users and aids acceleration of the adoption of Web3.Trust Wallet users can now convert between crypto and fiat using a multitude of international and local payment methods which are enabled by Alchemy Pay from within the wallet. The platform supports over 30 fiat currencies and accommodates transactions involving numerous cryptocurrencies across more than 100 blockchains.Robert McCracken, the Ecosystem Lead at Alchemy Pay, expressed pride in the partnership, emphasizing the commitment to ensuring a smooth, compliant and secure user onboarding process for fiat on-ramp and crypto off-ramp. The collaboration aims to make comprehensive on and off-ramp support available to the global user community.Nate Zou, Trust Wallet’s Product Lead, was similarly enthused, stating:“We’re excited to offer more fiat solutions for our users by working with Alchemy Pay, making crypto more accessible than ever. This opens up new buying options for our global user base and introduces lower fees and more convenient payment methods while maintaining full ownership of their assets.” Enabling UK and Euro paymentsNot resting on that single collaboration, in a separate development Alchemy Pay has introduced new payment options, including the euro instant solution, Single Euro Payments Area (SEPA) Instant and the U.K. fast money transfer option, Faster Payments. According to details of these additions published to the Alchemy website on Thursday, the aim is to simplify the process of purchasing cryptocurrencies like Bitcoin, with transfers being processed in seconds to within a few minutes.SEPA Instant allows European Alchemy Pay customers to buy cryptocurrency up to 5,000 euros ($5,460), while Faster Payments, available in 30 European countries and the U.K. after Know Your Customer checks, has a transfer limit of up to 5,000 British pounds ($6,320). These options complement existing local payment channels, such as the Polish Blik payment system, Bancontact, Skrill and others.The announcement emphasized that this expansion of payment channels throughout Europe signifies Alchemy Pay’s growing influence and market reach.Notably, the platform recently acquired licenses in the United States, including Iowa and Arkansas. It has stated that other such state license applications are in the works, with the company expecting further licensing awards to be announced in the coming weeks. The firm also expanded its operations in Indonesia and Lithuania in February 2023.As Alchemy Pay actively broadens its payment services worldwide, the partnership with Trust Wallet and the enabling of Euro area and UK payments contributes to its mission of making crypto transactions more accessible and user-friendly on a global scale.

Blockchain Solutions Provider Block Odyssey Launches NFT Ticket Service, “MakeDrop”Korean blockchain solutions startup Block Odyssey said Monday it is launching an NFT-based ticket issuance service dubbed “MakeDrop” in an effort to revolutionize ticketing and event services in the era of Web3.Photo by Andrey Metelev on UnsplashLimitations of traditional digital ticketsUntil now, major ticket reservation platforms have made it challenging for event organizers to streamline the ticketing process for events such as corporate or campus gatherings, concerts, festivals, and more.Event organizers have thus had to manually send notifications via text messages and emails, print paper tickets, and directly manage overall ticket sales and distributions. The absence of tools to identify ticket holders from attendees also makes it difficult to accurately determine participation and contribution ratios.Blockchain meets ticketingBut with the rapid advancement of digitized ticket issuance, NFT tickets have been gaining traction as a transparent and secure solution to such challenges. These tickets are verified and stored on a blockchain, setting them apart from traditional forms of digital tickets such as barcodes.About MakeDropBlock Odyssey’s MakeDrop is an open service that allows anyone to easily create, issue, and manage one-of-a-kind NFT tickets with individual ownership rights and transaction history. If secondary ticket transactions occur, all ownership changes can be verified on the blockchain, making it possible to block attempts at fraudulent or repetitive secondary trading.The service is particularly convenient for users, as they can automatically generate a wallet address for storing their NFTs by logging in to social media accounts without having to install a separate cryptocurrency wallet.As for event organizers, they can swiftly issue mobile tickets without using third-party ticket reservation platforms. Ticket invitations are sent to recipients via KakaoTalk, South Korea’s most popular messaging app, making the service more accessible as well. Those who have not received an invitation can still apply for participation if the event is public. Upon acceptance by the organizer, they will receive an approval notification through KakaoTalk, Block Odyssey explained.Participants can then present the NFT ticket’s QR code on the day of an event, and organizers can conduct real-time validation using the QR check feature provided by MakeDrop.Notably, while traditional ticket reservation platforms often do not share ticket holder information with event organizers, MakeDrop allows independent information management for all events. This allows organizers to identify low-engagement or idle members and offer more benefits to loyal participants.As part of its website launch promotion, MakeDrop is currently holding an event to distribute 100,000 free NFT tickets. The company also plans to release a mobile app in the future after incorporating user feedback and enhancing functionalities.

Regulatory breach sees Philippines initiate blockade on BinanceIt’s been a very challenging year for global crypto platform Binance — one that doesn’t appear to be improving with the latest move to block access to the platform in the Philippines.Photo by Alexes Gerard on UnsplashUnlicensed to tradeIn a noteworthy development, the Philippines Securities and Exchange Commission (SEC) declared on Tuesday its intention to block access to the Binance platform due to regulatory irregularities.The SEC asserted in a statement that Binance lacks the necessary license to operate in the Philippines, cautioning the public against engaging in investment products on the platform. The regulator stated:”BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY.”The regulatory body is actively working to have Binance blocked in the country, citing concerns about unregistered investment products. The impending ban is set to take effect within three months, allowing investors a window to exit their positions held through Binance.Pushback on advertisingIn addition to its attempts to block access to the platform, the SEC has also approached tech giants Google and Meta (Facebook’s parent company), requesting the blocking of Binance advertisements on their platforms within the country. This is a response to social media campaigns designed to attract Filipino investors to the embattled cryptocurrency exchange. While users can still download the Binance app from Google and Apple app stores in the Philippines, the extent of investor activity in the country remains uncertain.Follows U.S. regulatory actionThese actions in the Philippines come hot on the heels of Binance’s CEO Changpeng Zhao (CZ) stepping down and pleading guilty in a U.S. money-laundering case. The Philippines’ ban adds to Binance’s challenges as it aims to expand in Southeast Asia amid legal troubles in the U.S. and restrictions on operations in China.Over the course of a three-month period earlier this year, the world’s largest crypto exchange platform lost its ability to trade in Germany, Canada, Belgium, the Netherlands and Cyprus. Additionally, French authorities have been investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.Facing regulatory pushback in the U.S. and Europe, Binance appeared to be concentrating on making further in-roads in Asian markets over the course of this past year. It had recently pursued a joint venture with Gulf Energy in Thailand to launch a new digital assets exchange.Media reports previously suggested that Binance was considering acquiring a Philippine company to obtain operating licenses in the country. The SEC’s move to ban the platform follows a warning issued last year against using Binance, and it represents a broader effort to regulate the cryptocurrency sector and protect the public interest.The recent guilty plea by CZ for violating U.S. money laundering laws has added to the legal woes of the cryptocurrency giant. CZ agreed to personally pay $50 million in penalties as part of a $4.3 billion settlement to resolve investigations into Binance’s practices. He may also still face prison time in the U.S. In the Philippines, the SEC warns that Section 28 of the Securities Regulation Code (SRC) allows the application of a fine of up to five million pesos ($90,000) and a maximum prison term of 21 years.