XPLA blockchain now supported by on-chain tokenizer platform Gall3ry

e-CNY Payments Enabled for Hong Kong Visitors From Mainland ChinaBank of China’s Hong Kong arm recently launched a digital yuan shopping festival, aiming to spur local consumption and promote the adoption of central bank digital currencies (CBDCs). The festival, which commenced on July 18, allows visitors from mainland China to make purchases in Hong Kong using the digital yuan.Bank of China (Hong Kong) Limited (BOCHK), a subsidiary of China’s central bank, initiated trials of e-CNY cross-border payments in Hong Kong last year, paving the way for the current shopping festival.Photo by Eric Prouzet on UnsplashSubsidized useAccording to a press release published by BOCHK earlier this week, as of July 18, digital yuan wallet holders have been able to use China’s CBDC to make payments at over 200 participating merchants across Hong Kong. Furthermore, consumers have the opportunity to receive shopping subsidies in digital yuan by scanning QR codes at specific stores, as stated in the BOCHK press release.The range of merchants accepting e-CNY payments spans from electronics sellers and pharmacies to supermarkets. Among the participants is U Select, a Hong Kong-based supermarket chain with a wide presence of more than 90 stores throughout the city.BOCHK strategically chose the summer tourist season for the expansion of e-CNY payments in Hong Kong. Chen Guang, representing BOCHK, mentioned the influx of tourists to the special administrative region, presenting a prime opportunity to attract more users and bolster local consumption through this cross-border shopping festival.The move makes BOCHK the first institution to partake in the cross-border e-CNY trial in Hong Kong. In December 2022, the bank initiated the first phase of its “digital yuan exclusive experience,” which allowed a limited number of BOCHK consumers to shop in the city using the digital yuan.Adoption strategyThe digital yuan has witnessed robust adoption in recent times, with China leading the global development of CBDCs. The Bank of China has been actively striving to advance and popularize the use of digital yuan in the country. Various initiatives, including business loans, trial expansions, and partnerships with prominent technology firms, have been undertaken to propel the widespread adoption of the digital currency.The introduction of the digital yuan shopping festival in Hong Kong signifies yet another significant step in China’s efforts to promote its CBDC and drive its usage in both domestic and international transactions. With over 200 merchants already participating and a seamless payment experience for tourists, the festival has the potential to encourage further adoption and shape the future of digital payments in the region.As this initiative gains momentum, it will be crucial to observe its impact on local consumption and the broader implications for CBDC adoption in the global financial landscape.The rate of China’s CBDC development and beyond that, the intent with which it is striving to drive adoption through a seemingly never-ending series of initiatives has been unmatched by any other nation. With that, the first real results of the active and widespread use of a CBDC are going to come from the country that makes up one-fifth of the world economy.

As the 2024 F1 season gears up for its launch on March 2, leading NFT marketplace and crypto exchange OKX is set to take center stage by showcasing its logo on McLaren F1 cars.Photo by Jesper Giortz-Behrens on UnsplashThe move, outlined in a recent press release, will see the OKX brand on the side of McLaren’s cars in 20 high profile races. Going beyond a mere branding endeavor, the sponsorship initiative has been put together in an effort to energize the blockchain-centric world of F1, enhancing track-side aesthetics and elevating the visibility of the Web3 company. ‘Stealth Mode’The collaboration will see OKX's branding appear on various elements of McLaren cars, from side pods and rear wings to mirrors, drivers' helmets and team apparel. OKX's logo will be prominently featured during 20 out of the 24 races in the upcoming F1 season. The primary 2024 livery of the vehicle draws inspiration from the OKX-McLaren "Stealth Mode" design showcased during the Singapore and Japan Grand Prix races in 2023. According to Haider Rafique, the Chief Marketing Officer at OKX, the decision to expand the sponsorship deal with McLaren aligns with the increased brand awareness achieved through their partnership. Building upon existing sponsorship dealThe collaboration between McLaren and OKX isn't new. OKX's initial partnership with McLaren commenced in May 2022 as a primary partner to its F1 team and laid the foundation for this continued collaboration. The crypto platform’s livery featured on McLaren MCL60 F1 cars at the Singapore and Japan Grand Prix races in 2023.  Surveys conducted post-event revealed that 80% of attendees expressed interest in learning more about the exchange, indicating a curiosity within McLaren's fan base about Web3 and digital finance. This resonance with the audience aligns with OKX's mission to make the crypto economy accessible to everyone and educate the public about the benefits and opportunities within this space. Looking ahead, Rafique expresses OKX's intent to pursue a long-term partnership with McLaren, emphasizing the value derived from longevity and growth over time. He envisions the McLaren-OKX partnership as potentially spanning decades, fostering generational associations akin to his own fondness for Ayrton Senna and McLaren from his youth. Broader crypto sector marketingThe broader trend of the cryptocurrency sector's increased involvement in F1 is evident, with partnerships like Crypto.com creating NFTs for every lap and Kraken's marketing collaboration with the Williams Formula One racing team. Earlier this month, crypto gambling platform Stake signed a sponsorship deal with the Sauber F1 team. Crypto.com has been a prominent sponsor of Formula 1 since 2021, showcasing its logo at Grand Prix circuits globally and sponsoring the Aston Martin Aramco Cognizant F1 team. The other high profile sports sponsorship forum for crypto businesses appears to be the English Premier League (EPL). In this arena too, OKX has been active, having an ongoing deal in place with Manchester City which it strengthened last year. Singapore-based crypto trading platform BingX recently followed suit, securing a sponsorship deal with Chelsea Football Club.  

Bitmain Planning Mining Equipment Support For Aleo BlockchainBitmain, the leading Beijing-headquartered crypto mining rig manufacturer, is set to bolster the proof-of-work (PoW) blockchain network of Aleo with its upcoming Antminer release.The firm announced its intentions via a social media post which was published on WeChat on Monday. The move follows Bitmain’s recent introductions of Filecoin and Kaspa mining machines and its latest series of Bitcoin miners.Photo by RDNE Stock project on PexelsEnhanced privacy through zk proofsBitmain plans to unveil a miner compatible with the forthcoming Aleo blockchain network which is currently in testnet mode. Aleo’s PoW blockchain promises to bring enhanced privacy through zero-knowledge (zk) proofs while retaining programmability. Zk proofs represent a cryptographic advancement insofar as they can verify data while it remains encrypted and undisclosed to the verifying party. The blockchain network adopts a statically typed programming language inspired by Rust, known as Leo.Aleo has been gaining significant attention in the crypto space, much like other venture capital-backed layer 1 blockchains, including Solana, Aptos, and NEAR, before their respective debuts. In April 2021, Aleo’s team successfully secured $28 million in a Series A funding round, with Andreessen Horowitz (a16z) leading the way.Aleo’s journey reached new heights in February 2022 when its Series B funding round raised a substantial $200 million, pushing the project into unicorn status. This funding round was jointly led by Softbank Vision Fund 2 and Kora Management LP, with participation from a16z, Tiger Global, Sea Capital, Slow Ventures, and Samsung Next.Latest in series of product launchesBitmain’s announcement is part of a series of product launches in recent months. In July, the company unveiled a mining rig designed for Filecoin (FIL). The following month marked the shipment of Bitmain’s Kaspa (KAS) mining machines. Shortly after the Kaspa deliveries, Bitmain revealed plans for an August release of a Monero (XMR) mining rig. Most recently, Bitmain introduced two next-generation Bitcoin (BTC) miners from the S21 series.The Chinese crypto mining equipment manufacturer has faced financial challenges in recent times. In April, it emerged that the company had been fined by the Chinese authorities for tax irregularities.Earlier this month, reports suggested that the company was experiencing liquidity issues. It failed to pay some of its employees although it later resolved the matter. Reports of staff payment difficulties surfaced two weeks ago. Arising out of that episode, the company subsequently fired three employees for posting information about salary payment issues on social media.Nevertheless, the firm managed to secure two contracts with US-based mining operations following those reports. In these contracts, Bitmain sold a combined 5.8 exahash per second (EH/s) of its new S21 Antminers to Iris Energy and Cleanspark. In September, Bitmain finalized a deal with troubled crypto miner Core Scientific that will see the firm supply the restructured company with 27,000 Bitcoin miners.The company has been blighted by internal conflicts going back a number of years between co-founders Jihan Wu and Zhan Ketuan. Subsequently Wu went on to found Singapore-headquartered crypto cloud mining platform Bitdeer.