Worldcoin has announced that it will ditch USDC usage in favor of its native coin, WLD.
The project has also announced changes to the terms behind WLD loans to Market makers.
Worldcoin is set to start paying Orb Operators in WLD, replacing the USDC that had been in use as early as next month. Per an October 22 announcement, Worldcoin confirmed that the Orb Operators are “independent ecosystem participants” but will now be paid in WLD tokens for scanning people’s irises.
Worldcoin announced new changes to WLD loans and USDC usage
Worldcoin, a project by OpenAI’s Sam Altman, picked pace earlier this year with the launch of the Orbs and a native coin, WLD. The project’s launch was a solution for the growing interest in AI to help identify a human from an AI on the internet.
However, it hasn’t come without resistance from certain jurisdictions, given that important and sensitive biometric data is being collected in the process. The project functions by having Orb Operators who scan users’ irises, which are then paid in USDC. Users also receive airdrops in WLD.
Now, the company has stated that it intends to reverse the payments in USDC to WLD for the Orb operators. It added that the initial use of USDC was just but a “transitional phase” for the project’s pilot phase.
Parallel to that announcement, Worldcoin stated that it would extend the expiration date of 100 million WLD loans due to expire from OCT 24 to December 15. A total of five market-making entities took these loans. The five entities will return it as a reduced amount of 75 million WLD; however, they will still need to return or purchase some or all of the remaining 25 million coins per their agreement.
Keep watching Fintech Express for more updates on this and other crypto-related stories.
Tension in the European market rises as investors fear further escalation in the Middle East.
Pan-European Stoxx 600 index down 0.6% as President Biden tours Tel Aviv
European stocks are trading in the red as President Biden visits Tel Aviv. Investors are now wary of possible war escalation in the Middle East as Israel has requested aid from the US, and President Biden has visited in a show of solidarity.
European stocks still dipping despite President Biden’s visit to Tel Aviv
Eurozone stocks have been affected by political and economic atmospheres in the region, with the markets opening lower. Investors are digesting key corporate earnings, inflation data, and developments in the war in the Middle East.
The pan-European Stoxx 600 index was down 0.6% at noon in London, with the Tech sector dipping by 1.4% and the Energy sector rising by 0.7%. Investors have also been alarmed by a lower-than-expected reporting from the Shares of European semiconductor manufacturers. Dutch chipmaker ASML posted lower-than-expected orders, indicating that 2024 would post flat sales.
The semiconductor industry has been a major concern in the US and the EU as the two entities seek to abandon China as a partner in trading tech products in their latest economic resolutions. The US urged the EU to reduce over-reliance on China’s tech sector products earlier in the year. However, they cannot still decouple from the Asian economic behemoth completely.
Today, President Biden landed in Tel Aviv to show solidarity with Israel in their fight with Palestine over the Gaza Strip. This geopolitical act is expected to have a considerable economic effect. China, Russia, UAE, and other nations have souring business ties with the EU, and the US supports Palestine. However, it is still yet to be seen if the two nations will agree on a ceasefire or if shelling will continue.
Artificial Intelligence (AI) has revolutionized the way we live, work, and do business. It has transformed industries, streamlined processes, and opened up new opportunities for entrepreneurs and businesses alike. One of the most exciting aspects of AI is its potential to generate revenue. In this article, we will explore various ways you can make money using AI, from building AI-powered products and services to investing in AI-driven ventures.
Develop AI-powered Products and Services
1. AI Software Development
Create AI-powered applications and software solutions that cater to specific industries or customer needs.
Examples include chatbots for customer service, recommendation engines for e-commerce, and AI-driven analytics tools.
2. AI as a Service (AIaaS)
Offer AI capabilities through APIs and cloud-based platforms, allowing businesses to integrate AI functionalities into their existing systems.
AIaaS can include image recognition, natural language processing, and machine learning services.
3. AI-Enhanced Products
Embed AI technology into physical products, making them smarter and more interactive.
Examples include AI-powered cameras, home appliances, and wearable devices.
Data Monetization
1. Data Collection and Analysis
Collect valuable data and use AI to analyze it for actionable insights.
Sell the insights or anonymized data to interested businesses or researchers.
2. Data Labeling and Annotation
Provide data labeling services for machine learning and AI training.
Crowdsourcing platforms can help you scale this business model.
AI Consulting and Services
1. AI Strategy and Implementation
Offer consultancy services to businesses looking to adopt AI.
Help them develop AI strategies, select appropriate AI tools, and implement AI solutions.
2. AI Training and Education
Create online courses or workshops to teach AI skills.
Target professionals and students interested in AI careers.
Content Creation and Automation
1. AI-generated Content
Use AI to generate written content, such as articles, product descriptions, or marketing materials.
This can be a valuable service for businesses looking to scale their content production.
2. Social Media Management
Develop AI tools to automate social media posting and engagement.
Offer these services to businesses looking to maintain an active online presence.
Investment in AI Ventures
1. Venture Capital
Invest in startups that are developing AI technology or products.
This allows you to benefit from the growth of AI-driven companies.
2. AI Stock Investments
Invest in publicly traded companies that are heavily involved in AI research and development.
Monitor the stock market for opportunities in AI-related sectors.
AI Research and Development
1. Government Grants and Contracts
Pursue government contracts for AI research and development projects.
Many governments offer grants and funding for AI innovation.
2. Patents and Intellectual Property
Develop and patent AI-related technologies.
License your AI inventions to companies seeking to use your technology.
Conclusion
Artificial Intelligence presents a vast array of opportunities for individuals and businesses to make money. Whether you’re a developer, entrepreneur, consultant, or investor, there’s a role for you in the AI ecosystem. By leveraging AI technology and staying informed about the latest trends and developments, you can tap into this rapidly growing field and create profitable ventures. However, it’s essential to approach AI ethically, ensuring that your AI applications and services benefit society while generating revenue.
A landmark Marijuana bill is headed to the US Senate seeking to challenge regulators who order the closure of bank accounts of businesses they don’t like.
The bill seeks to protect legal businesses from being forced to deal with reduced banking options owing to pressure from regulators.
The Senate Business Committee has approved the start of the voting process for a historic Marijuana bill that seeks to protect legal companies from asset freezes by regulators who might deem their operations ‘not moral.’
A bill that might save crypto?
An October 2 story by CNN indicates that the US Senate Banking Committee has approved a Marijuana bill that seeks to break barriers between financial institutions and Cannabis companies. The bill in question challenges the activities of Regulators who seek to freeze bank accounts of legal companies because their operations might not be legal.
The Secure and Fair Enforcement Regulation (SAFER) Banking Act aims to resolve a longstanding deadlock between regulators and the cannabis industry, which has forced the involved companies only to use cash for operations. This bill had been presented before the committee since 2015, but it’s the first time it has received a green light to head to the Senate Floor for voting.
How does this relate to crypto? If this bill passes, it will be a benchmark in the Wild West of ongoing crypto regulation in the United States. The SEC, DoJ, CFTC, and other authorities and regulators have doubled down on the crypto industry, with some key heads dubbing the industry as risky and based on non-compliance.
Sitting SEC chair, Gary Gensler has been vocal about the crypto industry being highly uncooperative in the regulatory processes that his authority has been trying to spearhead in the industry. However, it is highly noticeable that the US is trailing far behind in crypto regulation. The EU and other countries are already introducing crypto regulatory frameworks.
If this bill passes, it will be a benchmark for companies like Coinbase and Binance that have legal tussles with US regulators to defend their stances that crypto is not a morally legal grey area. However, now only the voting process by the Senators is left to dictate the direction of the bill.
Michael Saylor’s MicroStrategy has acquired an additional 5,445 BTC at an average price of $27,053 per Bitcoin.
The company now holds 158,245 BTC worth over $4.68 billion purchased at an average price of $29,582 per bitcoin.
MicroStrategy has continued with its Bitcoin buying spree as it acquired an additional 5,445 BTC, taking its total tally to 158,245 BTC.
MicroStrategy continues investing in Bitcoin
MicroStrategy indicated in August via a court filing that it was preparing to buy more bitcoin from the sale of shares. At the time, it had added 14.5 million USD worth of Bitcoins two months after buying a whooping 12,333 BTC.
With its most recent purchase, the company now holds over $4.68 worth of Bitcoin and is still expecting to keep buying more. Michael Saylor has been vocal about Bitcoin and its role in the global financial landscape, insisting that it is the solution to the increasing loss of value in fiat currencies.
He led MicroStrategy to first buy Bitcoin in 2020, where he was bashed after the company made significant unrealized losses on its investments. However, the company has continued “filling its bags” till now, where every of their coin is in profits.
Saylor is a staunch believer in the revolutionary power of the crypto industry, and under his leadership, it is expected that MicroStrategy will continue investing in Bitcoin and supporting it. Keep watching Fintech Express for more updates on this and other fintech-related developments.
Cryptocurrencies have taken the financial world by storm, attracting investors from all walks of life. The allure of high returns and the promise of revolutionizing traditional finance have made cryptocurrencies a hot topic of discussion. However, before you jump on the crypto bandwagon, it’s essential to educate yourself about the risks and intricacies involved.
What You Should Know When Investing in Cryptocurrencies
Understand the Basics
Before diving into the crypto market, grasp the fundamental concepts. Cryptocurrencies are digital or virtual currencies that use cryptography for security. Each cryptocurrency operates on a decentralized ledger called the blockchain. Bitcoin was the first cryptocurrency, but there are now thousands of others, each with unique features and use cases.
Volatility is Inherent
One of the defining characteristics of cryptocurrencies is their extreme price volatility. Prices can skyrocket one day and plummet the next. While this volatility can lead to substantial gains, it also exposes investors to significant risks. Be prepared for the rollercoaster ride that crypto investments can be.
Do Your Own Research (DYOR)
DYOR is a common mantra in the crypto community. Don’t rely solely on advice from friends, social media, or even news outlets. Conduct thorough research on the cryptocurrency you’re interested in, its technology, team, use case, and community support. Understanding the project’s fundamentals can help you make informed decisions.
Security is Paramount
Cryptocurrency is stored in digital wallets, which come in various forms, such as hardware, software, and paper wallets. Ensuring the security of your wallet is crucial. Use reputable wallets, enable two-factor authentication, and keep your private keys offline and secure. Beware of phishing scams and only interact with trusted websites and exchanges.
Regulatory Environment
The regulatory landscape for cryptocurrencies varies by country and is constantly evolving. Before investing, research the legal status of cryptocurrencies in your jurisdiction. Be aware of tax implications and compliance requirements. Staying on the right side of the law is essential to avoid legal troubles down the road.
Diversify Your Portfolio
Don’t put all your eggs in one crypto basket. Diversification can help mitigate risk. Invest in a range of cryptocurrencies with different use cases and risk profiles. This strategy can help you weather the volatility in the market.
Beware of Scams and Frauds
The crypto space has its fair share of scams and fraudulent schemes. Be cautious of promises that seem too good to be true, especially those related to high-yield investment programs or “get rich quick” schemes. Always validate the legitimacy of the projects and exchanges you’re dealing with.
Stay Informed
The cryptocurrency market operates 24/7, and news can have a significant impact on prices. Stay informed about market developments, technological advancements, and regulatory changes. Subscribing to reputable crypto news sources and following industry experts on social media can help you stay up to date.
Long-Term Perspective
While some investors have made quick fortunes in cryptocurrencies, it’s essential to have a long-term perspective. HODL (a term derived from a misspelled “hold” in a Bitcoin forum) can be a wise strategy. Trying to time the market’s ups and downs is extremely difficult, even for experienced investors.
Expect the Unexpected
Cryptocurrency markets can be unpredictable. Prepare for the unexpected, and don’t invest money you can’t afford to lose. Consider your risk tolerance and investment goals carefully.
Conclusion
Investing in cryptocurrencies can be a rewarding endeavor, but it’s not without risks. Educate yourself, be cautious, and approach the market with a clear understanding of its dynamics. By doing your due diligence and staying informed, you can navigate the crypto landscape more confidently and make informed investment decisions that align with your financial goals. Remember that in the world of cryptocurrencies, knowledge is your most valuable asset.
Mixin Network, a decentralized peer-to-peer network, has lost nearly $200 million in a mainnet hack.
The hack compromised the database of a third-party cloud service provider
Mixin Network has taken to X.com to confirm that its services are down as a hack has compromised its cloud service provider database, resulting in a $200 million loss. It explained that it was hacked on Sept 23, Hong Kong time, but they have contacted Google and SlowMist to work together to secure the protocol.
Mixin Network suspends transactions as investigations are underway
The platform has immediately suspended all deposit and withdrawal services to prevent further draining of funds. The protocol has appointed SlowMist and Google to help with investigations as its team attempts a recovery.
During the time of the attack, the protocol held assets amounting to $141.32 million in its portfolio, according to on-chain data analytics firm PeckShield. The analytics firm outlined the assets held by Mixin Network as follows:
Ether: $94.48 million
DAI: $23.55 million
Bitcoin: $23.3 million
This event is not a standalone hack. Recently, billionaire Mark Cuban suffered a hack that drained his crypto wallet. Ethereum Co-founder Vitalik Buterin also had his X.com account hacked and used to advertise scam links.
Crypto hacks and scams have been rampant as the industry is young, and most people do not know how to avoid them. Every year, billions of dollars are lost in scams and attacks, sensitizing the public about the need for more resilience in the markets. Keep watching Fintech Express for more updates on this and other fintech-related developments.
The SEC vs. Justin Sun case on possible Tron (TRX) market manipulation has seen a new development after the presiding judge granted a defense extension till December 8, 2023, to explore possible resolution before motion practice.
Justin Sun’s legal team gets more time to explore possible resolutions with the SEC
The Securities and Exchange Commission’s (SEC) case against Tron Network’s Justin Sun kickstarted in March 2023 as the regulator alleged that Sun, Tron Foundation, BitTorrent Foundation, and a company named Rainberry had illegally exposed investors to Tron (TRX) and BitTorrent (BTT) tokens as unregistered securities.
The commission added that Sun was plotting to manipulate the market prices of Tron tokens (TRX). In a court order dated September 14, 2023, Sun and Rainberry’s legal defense teams asked the court to give them more time to find an amicable resolution to the debacle, which Judge Edgardo Ramos granted.
This development is not new in complex legal cases, especially where out-of-court settlements and resolutions could be reached. The defendants and the prosecution will now have time to discuss their differences and develop a mutual agreement that will benefit both.
It will also provide more time for further investigations to be carried out, defining more clearly who is in the wrong if court proceedings resume. While the specifics of the case remain confidential, the crypto industry will be keenly watching this case as it is part of a broader effort by the SEC to regulate crypto assets it sees as securities. Keep watching Fintech Express for more updates on this and other fintech related developments.
Brazilian lawmakers are working on a law that could see crypto enter the debtor’s protected assets list.
This means that significant crypto holdings might start being protected from seizures on behalf of creditors in the country.
Brazilian lawmakers are discussing a motion that seeks to grant strong protection to significant crypto savings as part of a bill to protect the savings assets of debtors.
Crypto may become part of debtors’ personal savings category protected from seizures in Brazil
Bill 4.420/2021, Written by Deputy Carlos Bezerra, has been tabled to the committee on the Constitution, Justice and Citizenship in the Chamber of Deputies of the National Congress of Brazil, seeking to amend the Code of Civil Procedure of 2015 to protect private savings of debtors equals to 40 minimum wages from potential seizure on behalf of their creditors.
The bill’s initial version did not include crypto assets but has now been rewritten to include tokenized assets as well. This discussion is a landmark in the crypto industry as governments are increasing their efforts to streamline the adoption and usage of these assets worldwide.
The new version of the bill refers to digital assets as
“Digital representations of value that can be traded or transferred via electronic means and used for making payments or investments.”
This legal development is not a set-apart event. In August, the Brazilian Congressional Committee approved amendments to a bill that seeks to raise taxes on crypto assets held overseas. Keep watching Fintech Express for more updates on crypto and other FinTech-related developments.
Financing is a fundamental concept in the world of economics and personal finance. It plays a crucial role in enabling individuals, businesses, and governments to achieve their goals and objectives. While the term “financing” is widely used, its meaning and implications are not always fully understood. In this article, we will explore what financing means, its various forms, and its significance in different contexts.
Defining Financing
At its core, financing refers to the process of providing funds or capital to support a specific activity, project, or expenditure. It involves obtaining the necessary financial resources to carry out a plan, whether it’s launching a business, purchasing a home, funding education, or even financing a government’s public infrastructure project.
Forms of Financing
Personal Financing:
Personal financing involves managing one’s own finances, including budgeting, saving, and investing. It encompasses everything from paying for daily expenses to saving for retirement.
Business Financing:
For businesses, financing is essential for operations, growth, and expansion. Business financing can come from various sources, such as loans, equity investments, or revenue generated by the company.
Government Financing:
Governments also engage in financing to fund public services, infrastructure development, and other initiatives. They can raise funds through taxes, issuing bonds, or borrowing from international organizations.
Real Estate Financing:
Purchasing real estate often requires financing in the form of mortgages or real estate loans. Buyers typically make a down payment and then secure a loan to cover the rest of the purchase price.
Project Financing:
Large-scale projects, such as building a new airport or constructing a power plant, require project financing. This involves securing funding specifically for the project, often with a structured financial plan.
Significance of Financing
Economic Growth:
Financing is a driving force behind economic growth. It enables businesses to invest in new technologies, expand operations, and create jobs, contributing to overall economic prosperity.
Wealth Accumulation:
Personal financing allows individuals to save and invest, ultimately building wealth over time. Proper financial planning can lead to financial security and independence.
Risk Management:
Financing helps mitigate risks by providing a financial cushion during unexpected events. Insurance, for example, is a form of financing that protects against financial losses.
Infrastructure Development:
Government financing is vital for building and maintaining critical infrastructure like roads, bridges, and public facilities, which are essential for a functioning society.
Innovation and Entrepreneurship:
Financing is a lifeline for entrepreneurs and startups, fostering innovation and new business ventures that can disrupt markets and drive progress.
Challenges in Financing
While financing is essential, it also comes with challenges and potential pitfalls. These challenges include:
Economic uncertainties affecting access to financing
Conclusion
In essence, financing is the lifeblood of personal, business, and governmental endeavors. It empowers individuals to achieve their dreams, enables businesses to grow and innovate, and supports governments in building prosperous nations. Understanding the different forms of financing and their significance is essential for making informed financial decisions and promoting economic well-being on both a personal and societal level. Whether you are a savvy investor, an aspiring entrepreneur, or a government official crafting a budget, financing is a concept that plays a vital role in shaping our financial future.
