Binance Labs Invests in GOMBLE

LINE NEXT Captivates NFT Aficionados with Beta Launch of DOSI LandLINE NEXT, an American-based NFT platform subsidiary of Tokyo-headquartered messaging app developer Line Corporation, has launched the beta version of DOSI Land, the FINSCHIA token (FNSA) reward program on its global non-fungible token (NFT) platform, DOSI. This program aims to provide opportunities for its membership owners, known as DOSI Citizens, to win FNSA.Photo by Markus Winkler on PexelsWeekly token rewardsDOSI Land is a weekly program that rewards FNSA to lottery winners. However, only DOSI Citizens with Level 2 or above are eligible to participate in this event. DOSI Citizens are categorized into four levels, ranging from Level 1 to Level 4. Users can achieve attendance goals, invite friends, and make NFT transactions to elevate their Citizen status. It’s important to note that this program is not available in some countries, including the United States and Japan.DOSI Land comprises three lands: Emerald Orbit, Sapphire Starlight, and Golden Galaxy. Each land is accessible to Citizen Level 2, Level 3, and Level 4 users, respectively. Every week, a total of 3,000 FNSA will be distributed, with each land offering different chances of winning the token. Furthermore, each land has three zones, and users can participate in one zone per land. Participation in each zone requires DON, a membership point earned based on the total NFT transaction amount, and Level-up Passes, which are needed to improve Citizen status.DOSI operates the DOSI Citizen Membership system, which rewards users based on their contributions to the ecosystem. Alongside DOSI Land, DOSI has also implemented other reward programs such as DOSI Adventure and DOSI Arcade, offering a variety of NFTs to membership owners.As part of its efforts to expand the DOSI ecosystem, LINE NEXT incentivizes FNSA rewards to users actively engaging in DOSI through DOSI Land. The company plans to continue offering various benefits to DOSI users.DOSI’s presenceSince its beta launch, DOSI has attracted 4.6 million membership owners, facilitating over 410,000 transactions and involving 190,000 traders. These figures are as of May 2023. LINE NEXT cites NFT data analysis platform NFT Go’s statistics to state that DOSI is Asia’s largest and the world’s third largest platform in terms of monthly NFT traders. With its mission to establish a global ecosystem for NFTs and Web3, LINE NEXT aims to foster a thriving NFT platform business.The Finschia FoundationIn March of this year, the Finschia Foundation was established in Abu Dhabi, UAE, by Line Tech Plus, a Singaporean-based subsidiary of Line Corporation. This establishment was an effort to expand the corporation’s global Web3 endeavors. Line Corporation is a subsidiary of Z Holdings, jointly owned by South Korea’s Internet search engine provider Naver and Japanese technology investor Softbank Group.The Finschia Foundation operates Line’s open blockchain mainnet Finschia and rebranded its native crypto asset LINK (LN) to FINSCHIA (FNSA) last month. FNSA is currently listed on crypto exchanges Bithumb, Bittrex, and Huobi, according to CoinMarketCap.

Crypto.com Halts Institutional Exchange Service in the USCrypto.com, the Singapore-headquartered cryptocurrency trading platform, has announced the suspension of its institutional exchange service in the United States starting from June 21.Photo by Carl Revell on UnsplashResponding to market conditionsThe decision to halt the service is primarily attributed to limited demand from institutional clients, exacerbated by the challenging market conditions prevailing at present. According to a statement released by Crypto.com, advanced notice was provided to the platform’s institutional users regarding the suspension of the service.However, it is important to note that Crypto.com’s retail mobile application and platform will continue to operate normally in the US. “We recently made a business decision to suspend the institutional offering of the Crypto.com exchange in the US as of 11:59 pm EDT June 21, 2023, due to limited demand from institutions in the US in the current market landscape. Impacted institutional users were given advance notice to support a smooth transition,” the statement clarified.Despite the cessation of institutional services, American retail users can still access CFTC-regulated cryptocurrency derivatives trading offered by Crypto.com. Additionally, the UpDown Options feature remains available, enabling users to open long or short trading positions on the future movements of various cryptocurrencies.Crypto.com has expressed openness to the possibility of relaunching its institutional exchange in the United States in the future, indicating that the suspension is not necessarily permanent.CoinRoute integrationIn more positive news, on Thursday the firm announced that it had entered into a collaboration with smart order routing and trade execution service provider CoinRoute to integrate its service with the platform. Crypto.com Managing Director, Giuseppe Giuliani, said that “the integration aligns perfectly with our mission to accelerate the world’s transition to cryptocurrency by providing institutional-grade solutions that enhance the liquidity environment for cryptocurrencies.”CoinRoute’s algorithmic crypto trading technology is already live on the Crypto.com platform.While Crypto.com adjusts its offerings in the US market, it recently received a major payment institution (MPI) license for digital payment token (DPT) services from the Monetary Authority of Singapore (MAS). This regulatory approval allows Crypto.com to continue providing its services in Singapore.Further evidence that the exchange business continues to find ways to propel itself forward includes its recent move to update its service offering to include the use of artificial intelligence-based technology. Additionally, last month it set out plans to list the euro as a trading option, leveraging the liquidity of the European currency while allowing it to be traded against leading digital assets such as bitcoin, Ethereum, and USDT.The month of June 2023 has been a turbulent one for cryptocurrency exchanges operating in the United States. The Securities and Exchange Commission (SEC) has initiated legal proceedings against both Binance.US and Coinbase, accusing them of various securities laws violations. The actions of the SEC have drawn criticism from the broader cryptocurrency community, as the regulatory crackdown in the US appears to be intensifying nearly eight months after the collapse of Bahamas-based cryptocurrency exchange, FTX.As the cryptocurrency industry continues to navigate evolving regulatory landscapes, market participants are closely observing developments in the US and other jurisdictions, which could have far-reaching implications for the future of digital assets.

Regional Chinese City Enables e-CNY Bus Fare PaymentsIt appears with every passing week, there’s a new initiative in China to bring about greater everyday use of the digital yuan. Recent days have not disappointed with the news that Jinan, the capital of China’s Shandong Province, is introducing digital yuan payments throughout its entire bus network.The city initially conducted a pilot phase by testing central bank digital currency (CBDC) payments on two bus lines. After a successful trial period, Jinan has now implemented the new payment method across all its bus routes. According to a recent report by local media outlet Shunwang-Jinan Daily, the city has updated its card readers and bus route software to facilitate digital yuan transactions for passengers.Photo by CHUTTERSNAP on UnsplashDiscounted faresTo encourage the use of the digital yuan, Jinan is offering fare discounts to passengers who opt for CBDC payments. The announcement stated that individuals could enjoy up to two discounted rides per day and a maximum of six discounted rides per month if they choose to pay with the digital yuan.The fare discounts offered for digital yuan payments serve as an incentive for passengers to adopt the new payment method. By enjoying discounted rides, individuals are encouraged to explore the benefits and convenience of using the digital yuan, further driving its adoption in everyday transactions.The acceptance of CBDC payments for bus rides in Jinan represents a significant step towards the integration of digital currencies into everyday transactions. As China continues to expand the use cases for the digital yuan, it is likely to pave the way for further adoption and exploration of CBDCs globally.Broader adoption strategyThis move aligns with the broader initiative in China to promote the adoption of the digital yuan. In April, the city of Changshu announced that it would begin paying civil servant salaries with the CBDC, including personnel at all levels of public service, public institutions, and state-owned units, starting from May.Furthermore, China has implemented its CBDC for various purposes, such as the Belt and Road initiative and cross-border trades. In Xuzhou, a city serving as a departure point for trains transporting goods to Europe, a plan was issued in April to promote the use of the CBDC in cross-border trade.Last month, e-CNY ATMs were introduced in the resort city of Sanya to enable foreign visitors to purchase the CBDC. In May, regional authorities in Jiangsu Province set about establishing use of the digital yuan within the region’s education system.On an international level, French bank BNP Paribas has partnered with the Bank of China (BOC) to facilitate the adoption of the digital yuan. This collaboration enables BNP Paribas’ corporate clients to connect with BOC’s system, allowing for real-time transactions using the digital yuan. The partnership advances China’s desire to bring the cross-border trade capabilities of the e-CNY into play on an international basis.As China continues to lead the way in CBDC implementation and explores new use cases, the digital yuan’s influence is expected to extend globally, transforming how we transact and interact with currencies in the digital age.