TL;DR Breakdown China’s Shandong province has released draft guidelines with the aim of building a $20.5 billion metaverse market by 2025. The province plans to construct metaverse-related industrial parks and nurture at least 100 metaverse firms. The local government in Shandong aims to facilitate companies in applying for at least 3,000 international and domestic patents by 2025. The metaverse is defined as an integrated digital space combining technologies like virtual reality, blockchain, and artificial intelligence. Shandong’s initiative aligns with China’s broader ambitions in blockchain technology and the metaverse, as evidenced by similar plans in other provinces and a national focus on homegrown blockchain technology. Description In a bold move, China’s Shandong province has released draft guidelines to boost its metaverse industry, targeting a market size of 150 billion yuan (US$20.5 billion) by 2025. The eastern Chinese province is soliciting public feedback on the guidelines until September 8. A comprehensive plan for metaverse development The Shandong provincial government has outlined a … Read more In a bold move, China’s Shandong province has released draft guidelines to boost its metaverse industry, targeting…

TL;DR Breakdown Ethereum layer-2 network Base suffered a brief outage that lasted more than 30 minutes. Explosive growth and implications for layer-2 network. Description The Ethereum Layer-2 network known as Base experienced a brief outage that lasted for approximately half an hour, with full resolution taking an additional 30 minutes. The team reported the incident on Twitter, stating that the delay in block production was due, in part, to the need for a refresh of their internal infrastructure. Importantly, … Read more The Ethereum Layer-2 network known as Base experienced a brief outage that lasted for approximately half an hour, with full resolution taking an additional 30 minutes. The team reported the incident on Twitter, stating that the delay in block production was due, in part, to the need for a refresh of their internal infrastructure. Importantly, they assured users that no funds were at risk during this outage. The development team categorized the issue as a “Base chain stall” on their project status page. Base network administrators blame the issue on an internal delay This incident began with users…

TL;DR Breakdown The Next Crypto Gem, dubbed “the Shark Tank of crypto,” goes live on September 7th in 56 countries.  The show is produced by The Hourglass Collective, a Web3 incubator with an aim to bridge the gap between crypto and mainstream entertainment. Season 2 planning is underway as the show takes major turns in setting the ground for global crypto adoption. Description The world of crypto is coming live to you in a matter of hours. The Next Crypto Gem, a show many have dubbed “the Shark Tank of crypto,” premiers on September 7th in 56 countries. What can investors, enthusiasts, and critics expect? As per the production reports, The Next Crypto Gem draws its inspiration from … Read more The world of crypto is coming live to you in a matter of hours. The Next Crypto Gem, a show many have dubbed “the Shark Tank of crypto,” premiers on September 7th in 56 countries. What can investors, enthusiasts, and critics expect? As per the production reports, The Next Crypto Gem draws its inspiration from entrepreneurial TV shows such…

TL;DR Breakdown Marathon Digital has announced that its Bitcoin production declined by 9% last month. Future expansion plans and financial milestones. Description In August 2023, Marathon Digital Holdings, a United States-based cryptocurrency mining operator, achieved significant milestones in its operations. The company produced 1,072 Bitcoin during the month, marking a 9% decrease from July but an impressive fivefold increase compared to August 2022. The firm recently shared unaudited BTC production and miner installation updates for August, providing … Read more In August 2023, Marathon Digital Holdings, a United States-based cryptocurrency mining operator, achieved significant milestones in its operations. The company produced 1,072 Bitcoin during the month, marking a 9% decrease from July but an impressive fivefold increase compared to August 2022. The firm recently shared unaudited BTC production and miner installation updates for August, providing insights into its growth and plans. Marathon Digital shares August BTC production figures One of the key highlights was the company’s continuous efforts to expand its mining capabilities in the United States. During August, Marathon increased its U.S. operational hash rate by 2%, reaching a…

TL;DR Breakdown SBI Remit, a subsidiary of Japan’s SBI Group, has expanded its XRP-based remittance services to Vietnam, Indonesia, and the Philippines in collaboration with Ripple and SBI Ripple Asia. The expansion aims to streamline international remittances by using XRP as a bridge currency, allowing for quick and low-cost money transfers. The service is facilitated through a strategic alliance with Tranglo Pte. Ltd., a long-term Ripple partner. The decision to target Vietnam, Indonesia, and the Philippines is strategic, as these countries have a significant share of remittances directed to bank accounts. SBI Remit anticipates that the new service will accelerate crypto adoption in these nations. Description In a significant expansion, SBI Remit, a subsidiary of Japan’s financial holding company SBI Group, has announced its collaboration with Ripple and SBI Ripple Asia to extend its XRP-based remittance services to bank accounts in Vietnam, Indonesia, and the Philippines. A strategic move to streamline international remittances According to a press release, SBI Remit has … Read more In a significant expansion, SBI Remit, a subsidiary of Japan’s financial holding company SBI Group, has…

TL;DR Breakdown Turkey’s inflation reached 58.9% YoY in August, the highest since December 2022, largely driven by the devaluation of the Turkish lira. Turkey’s Finance Minister, Mehmet Simsek, acknowledged the need for a transitional phase to combat the high inflation. Description In August, inflation in Turkey surged to 58.9% year-on-year, marking the highest rate since December 2022, as per official data released on Monday. Prices have soared nearly 60% compared to the same period last year, and there was a 9.1% increase compared to the previous month. This rapid rise in prices can be attributed to … Read more In August, inflation in Turkey surged to 58.9% year-on-year, marking the highest rate since December 2022, as per official data released on Monday. Prices have soared nearly 60% compared to the same period last year, and there was a 9.1% increase compared to the previous month. This rapid rise in prices can be attributed to the devaluation of the Turkish lira. Turkey is going through an economic transition period After experiencing a downward trend for eight consecutive months, inflation began to…

TL;DR Breakdown Justin Beiber’s hit song Company will be released as an NFT. Fan empowerment and creator recognition through blockchain. Description In a groundbreaking move set for September 7, anotherblock, a blockchain-centric music technology platform, collaborates with Andreas Schuller, known as Axident, to release the hit track “Company” as a nonfungible token (NFT), with only 2,000 copies available. Global pop icon Justin Bieber’s song will be transformed into an NFT, providing fans with a unique opportunity … Read more In a groundbreaking move set for September 7, anotherblock, a blockchain-centric music technology platform, collaborates with Andreas Schuller, known as Axident, to release the hit track “Company” as a nonfungible token (NFT), with only 2,000 copies available. Global pop icon Justin Bieber’s song will be transformed into an NFT, providing fans with a unique opportunity to invest in a stake of the royalties. Justin Beiber’s Company to have only 2,000 copies Axident will retain the rights to the song, and NFT owners will gain access to a 1% share of the song’s streaming royalties. This innovative approach highlights the evolving role…

TL;DR Breakdown The recent surge in the US dollar is causing Asian currencies to drop to their lowest levels in months. Positive economic data in the US has led to expectations of prolonged higher interest rates by the Federal Reserve. Several Asian countries are implementing measures to defend their currencies, including intervention and warnings about rapid currency movements. Description The US dollar’s recent surge is causing Asian currencies to drop to their lowest levels in months, which has prompted Japan and China to take measures to protect their exchange rates. On Wednesday, Japan issued a strong warning about the yen’s rapid decline, and their top currency official stated that they are prepared to intervene … Read more The US dollar’s recent surge is causing Asian currencies to drop to their lowest levels in months, which has prompted Japan and China to take measures to protect their exchange rates. On Wednesday, Japan issued a strong warning about the yen’s rapid decline, and their top currency official stated that they are prepared to intervene if speculative trading continues. Around the same time,…

TL;DR Breakdown Under India’s presidency, the G20 nations are actively discussing the creation of a global framework for regulating cryptocurrencies, with contributions from global organizations like the IMF, FSB, and OECD. Indian Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi have emphasized the need for a unified approach to regulating cryptocurrencies, describing them as both a “threat and an opportunity.” India has been a leading voice in these discussions since taking over the G20 presidency in the last quarter of 2022, and the country is also showing a rising interest in blockchain technology. Description The G20 countries, under India’s presidency, are actively discussing the creation of a global framework for regulating cryptocurrencies. Indian Finance Minister Nirmala Sitharaman confirmed the ongoing discussions during the Global Fintech Fest on September 5, emphasizing the need for a unified approach to this emerging asset class. India’s role in shaping global crypto policy India … Read more The G20 countries, under India’s presidency, are actively discussing the creation of a global framework for regulating cryptocurrencies. Indian Finance Minister Nirmala Sitharaman confirmed the ongoing discussions…

TL;DR Breakdown The P2P team managing Lido Finance’s deployment on Solana has submitted a funding proposal to the Lido DAO community, seeking $1.5 million to sustain and expand the project on the network. The requested budget includes a development retainer, an annual marketing budget, and customer support funds. In return, the team aims to capture more than 1% of Solana’s staking market share and further develop the product. If the funding is not secured, the P2P team proposes to initiate a sunsetting process by February 2024, similar to what happened with Lido on Polkadot and Kusama, which would involve gradually discontinuing support for Lido on Solana. Description In a pivotal move, the P2P team managing Lido Finance’s deployment on Solana has submitted a funding proposal to the Lido DAO community. The team seeks $1.5 million over the next 12 months to sustain and grow the project, thereby avoiding the potential cessation of operations. Lido Finance’s comprehensive funding proposal The funding proposal outlines … Read more In a pivotal move, the P2P team managing Lido Finance’s deployment on Solana has submitted…