Scandinavian Bitcoin Dealer Struggles to Find Banking Partners 203

One of Northern Europe’s largest Bitcoin dealers is finding the lack of regulation surrounding cryptocurrency a hindrance to their business model. Prasos Oy has systematically burned through all but one of their Finnish bank accounts.

Last Chance Saloon

The banks that have closed their doors to Prasos Oy because of fears that the company might be breaching money laundering rules. So far, the cooperative S-Bank, the Op Group, Saastopankki, and Nordea Bank AB have shut down the company’s accounts.

For now, Prasos Oy still has an active account with POP Bank. However, their CEO, Henry Brade, spoke to Bloomberg about the precarious situation they are currently in:

“The risk is that we’ll see our last bank account closed before we can get the next one opened. That would freeze our business.”

Whilst there is no specific law telling Scandinavian banks how to view cryptocurrency, there is anti-money laundering legislation already in place. These laws demand that those offering financial services must follow KYC (“know your customer”) practices.

However, the fact that the anonymous appeal of cryptocurrencies sits at odds with the money laundering legislation is a huge warning sign for the banks. What’s more, the dramatic growth of companies like Prasos Oy over the last twelve months is another factor causing suspicion for financial institutions. Brade continued, touching on how the growth of the industry, as well the lack of guidance the banks themselves are willing to provide, is affecting his company’s relationship with the banks:

“We’ve realised that the growth in international transaction volumes started to disturb the banks. Along the way, we’ve been given very little information by the banks on what we could do to solve the problem.”

At the end of last year, the European Union agreed to extend their money laundering legislation. Although yet to be enforced, the rules will now cover cryptocurrency under their remit.

In the meantime, neither the European Bank Authority or Finland’s Financial Supervisory Authority are offering any form of advice to companies like Prasos Oy. Hanna Heiskanen of the FSA dismissed the issue as one between the company and the banks:

“Cryptocurrency trading places are not currently under the regulatory mandate of the Finnish FSA.”

Meanwhile, the EBA stated today that they would not recommend banks provide their services for companies involved in cryptocurrency transactions.

Despite the hostility they are facing from the banks, Prasos Oy is still trying to continue with their business. Brade told Bloomberg how his company were trying to improve their KYC practices and work with banks to help them understand where funds came from:

“We’ve created identification practices, which we have taken into use in March, and they comply fully with anti-money laundering laws and regulations, even though authorities do not even require this from us as our business in not under regulatory obligations.”

Evidently, not all of the planet’s banks are as phased by money laundering regulation as those in Scandinavia appear to be. Just last month we reported on US Bancorp’s blatant violations of the Bank Secrecy Act. We’d never condone tax avoidance but even if some of Prasos Oy’s customers were wanting to “clean” dirty cash with cryptocurrency, we’re sure it wouldn’t be nearly to the tune of the $613 million that US Bancorp was fined.

 

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The Open Platform is joining the Hong Kong Web3 Festival 2024 to accelerate Web3 development in the APAC region 5103

Open Platform press release

Hong Kong, April 2 – The Open Platform has announced participation at the Hong Kong Web3 Festival 2024 to showcase the unique value proposition of building on The Open Platform (TOP) and The Open Network (TON) for the Web3 ecosystem through its Asia-focused accelerator program. This collaboration spearheads Web3 development in the APAC region, offering unparalleled access to a diverse and active community.

The accelerator program stands out as the tipping point for blockchain development at the Hong Kong Web3 Festival, scheduled from April 4th to April 9th. This event is set to be one of the largest in Asia, bringing together builders, developers, and enthusiasts in the Web3 space. TOP’s involvement includes the Hacker House on April 4th, TON Investor Day on April 5th, and full-day keynotes on the main stage on April 8th.

Building with The Open Platform (TOP) leverages the unique combination of TON Blockchain and Telegram Messenger, the first Web3 app platform, with 900 million monthly active users worldwide. This platform allows third-party developers to build mini-apps for various purposes such as payments, food delivery, and e-commerce. TOP provides companies with investment and helps with operational setup. Most importantly, it provides unparalleled expertise in the field of Web3 products and social networks.

Media Contact:

Mariia Iordanidi
[email protected]

Website: https://top.co/

NobleBlocks: A New Approach to Scientific Publishing Through Decentralized Science (DeSci) 5281

NobleBlocks introduces a fresh perspective to scientific publishing with its blockchain-based platform, emphasizing Decentralized Science (DeSci). Striving for gradual and meaningful change, NobleBlocks offers an innovative solution to several longstanding challenges in scientific publishing, including inefficiencies, biases, and limited access to scientific research.

Addressing Scientific Publishing Challenges with Modesty and Innovation

Recognizing the intricate dynamics of scientific publishing, NobleBlocks introduces a thoughtful approach to enhancing accessibility and fairness in the dissemination of scientific knowledge. This is achieved through:

  • Decentralizing Scientific Publishing: Creating a more inclusive platform for researchers from diverse backgrounds to publish their work.
  • Efficient Peer-to-Peer Review Process: Streamlining the review process to ensure timely and objective evaluations of scholarly work.
  • Immutable Publication Records: Leveraging blockchain technology to maintain a permanent and unalterable record of publications.
  • Reduced Costs for Researchers: Lowering the financial barriers to publication, making it more accessible to a wider range of scientists.

Empowering the Scientific Community

NobleBlocks is more than a publishing platform; it is a network that fosters collaboration and social interaction among its users:

  • Social Peer Review Networking: Facilitating connections and discussions among peers to enhance the review process.
  • Collaboration-Focused Platform: Encouraging partnerships and collaborative efforts across various scientific disciplines.
  • Tokenized Rewards System: Recognizing and rewarding the contributions of reviewers and editors, fostering a community-driven approach.

A Multidisciplinary and Integrated Future

Embracing various fields, NobleBlocks encourages submissions from an array of disciplines, promoting a multidisciplinary approach to research. The integration of Web3 technology highlights the platform’s commitment to data ownership and user privacy, aligning with modern digital trends.

Future Prospects: AI Integration

NobleBlocks plans to incorporate AI to assist in managing the publication process more efficiently, further enhancing the platform’s capabilities.

Navigating New Paths in Scientific Publishing

While acknowledging the inherent challenges and risks associated with introducing new technologies, NobleBlocks is dedicated to navigating these challenges with a focus on responsible innovation and sustainability within the scientific publishing sector.

A Call to Join a Growing Scientific Network

NobleBlocks warmly invites researchers, academics, and innovators to participate in this evolving journey. Together, we aim to foster a more connected, accessible, and fair scientific publishing environment.

For more information about NobleBlocks and to join our network, please visit https://www.nobleblocks.com.

Introducing BounceBit Testnet Phase 2: App Store 5530

Following the success of BounceBit Testnet: BounceClub East-to-West Event launched on March 8, 2024, BounceBit announces the rollout of BounceBit Testnet Phase 2: App Store.

While the previously launched Testnet BounceClub Event will operate as usual without any changes, BounceBit Testnet Phase 2 highlights BounceBit App Store’s features and encourages developers to deploy on the BounceBit Testnet by submitting their decentralized applications (DApps) to the BounceBit App Store through GitHub pull request.

BounceBit Testnet Phase 2 mirrors the mainnet environment, offering developers, validators, full node operators, delegators, and users an early preview of the BounceBit Mainnet. This phase welcomes everyone to interact with the BounceBit PoS staking chain and the BounceClub ecosystem.

Here’s what you can expect from BounceBit Testnet Phase 2:

Deploy on BounceBit testnet

BounceBit Testnet Phase 2 offers developers the chance to get an early experience of deploying on the BounceBit chain by submitting their DApps to be listed on the BounceBit App Store. The BounceBit App Store features both in-house DApps and those built by community developers or external projects. To have your DApp listed on the BounceBit App Store, submit a pull request on BounceBit’s GitHub repository. The BounceBit team will then review and, if approved, list your DApp on the BounceBit App Store. DApps that are listed during Testnet Phase 2 will receive priority consideration for being listed on the BounceBit Mainnet App Store based on their performance.

For more details on the onboarding process, please refer to BounceBit’s official guide.

Stress-testing DApps

BounceClub owners and users are invited to participate in testing all DApps that are listed on the BounceBit Testnet App Store. BounceClub owners can select and add DApps to their BounceClubs, while BounceClub users can interact with the DApps when exploring different BounceClubs.

The BounceClub community plays a crucial role in evaluating the listed DApps’ performance and security, identifying vulnerabilities that need to be addressed. This Testnet Phase 2 contributes to the resilience and reliability of the BounceBit ecosystem, striving to maintain a smooth and secure environment for all BounceBit users.

Onboarding more validators

The BounceBit Testnet has kicked off with its first set of node operators during the BounceClub East-to-West Event. Currently, there are 24 active validators participating, with a combined staking amount totaling over 1000 $BBTC and over 283 million $BB.

For Testnet Phase 2, BounceBit aims to broaden the network by inviting more validators to participate. New validators will be guided through the onboarding process for Phase 2 via Discord.

Testing BounceBit’s tokenomics

BounceBit Testnet Phase 2 will continue the rigorous testing of BounceBit’s tokenomics, including token generation events (TGE), inflation rates, vesting schedules, gas fees, block sizes, and the validator slashing mechanism. Additionally, the BounceBit native LSD module’s performance will be observed continually.

About BounceBit

BounceBit is building a BTC restaking infrastructure that provides a foundational layer for different restaking products, secured by the regulated custody of Mainnet Digital and Ceffu. The BounceBit chain, designed as a showcase of a restaking product within the BounceBit ecosystem, is a PoS Layer 1 secured by validators staking both BTC and BounceBit’s native token – A dual-token system leveraging native Bitcoin’s security with full EVM compatibility. Critical ecosystem infrastructure like bridges and oracles are secured by restaked BTC. Through an innovative CeDeFi framework, BounceBit empowers BTC holders to earn yield across multiple networks.

CoinRaffle.io Unveils Innovative Platform for Secure and Fair Decentralized Raffles 6193

The CoinRaffle.io project has proudly launched its utility-focused platform, which relies on decentralized technology. This innovative solution enables projects to host community raffles with ease, transparency, and fairness.

CoinRaffle.io is making crypto more engaging and empowering projects with its easy-to-use dApp. Creating raffles, boosting token utility, and automating token burning has never been simpler.

Unlocking New Dimensions of Token Utility

The core of CoinRaffle.io is its advanced smart contract technology, which ensures fairness in selecting random winners. With audited contracts and immutable blockchain records, CoinRaffle.io provides transparency and security for all participants.

The platform’s solid integration with multiple blockchains facilitates accessibility to many users. The project allocates tokens as prizes to incentivize community engagement and boost token utility.

Developed by VTS Blockchain Engineers for CoinRaffle Inc., the platform represents the future of decentralized community engagement. It unlocks new dimensions of token utility, combining growth and practical usage.

With upcoming features such as Ethereum, Optimism, and Solana support, CoinRaffle.io continuously evolves to meet user needs.

Transforming Community Engagement with Decentralized Raffles

Creating raffles has never been easier with CoinRaffle’s user-friendly interface. Specifically, here is what users will need to do to create their raffle:

  • Give a name and specify the token contract address, blockchain, and amount of tokens.
  • Participants send tokens to the RaffleFund address generated upon clicking “Generate Raffle.”
  • Specify the end date and optional links for the reference project.

After agreeing to the terms and to the privacy policy, users can click “Generate Raffle” to create it. In order to ensure fairness, distribution rules include percentages for the winner, team wallet, and burn.

As a service fee, 2.5% of the raffle funds will go to CoinRaffle. Users can view past raffles in “My Raffles” by connecting their wallet to the platform. The dApp is compatible with over 380 different wallets, making it accessible to all.

About CoinRaffle.io

CoinRaffle.io is a new platform offering a unique approach to community engagement in the crypto space. With a focus on token utility and automated token burning, it aims to empower crypto projects and enthusiasts.

The platform provides a cutting-edge decentralized application (dApp) for creating and managing raffles, making community engagement more dynamic. This creates new dimensions of token utility for projects, with customizable raffles and increased value propositions.

Transparency and security are key values at CoinRaffle.io. The platform ensures trust through smart contract audits, while its non-custodial architecture keeps funds secure. In addition, a 24/7 Telegram Technical Support Chat is available for assistance.

Anyone wishing to discover more about CoinRaffle.io can visit the platform’s website.

Injex Finance Launches Presale for $INJX Token: Join Now to Secure Early Contributions 6378

Injex Finance is excited to announce the official launch of its Presale for the native $INJX token, offering early contributors an exclusive opportunity to become part of the thriving Injex ecosystem. With the Presale now live, users can seize the moment to participate and benefit from this groundbreaking initiative.

As the cryptocurrency market experiences a significant rise in recent days, with Bitcoin surpassing $67,000 and Ethereum breaking through $3,500, the timing of the $INJX Presale couldn’t have been better placed. Big investment firms like BlackRock are also in on the bullish trend with an entry into asset tokenization.

Similarly, Injex Finance is committed to providing such timely market entry opportunity to everyone, first for its community, which is why the Presale is initially open to Injective community members, prioritizing their participation over other investors.

To ensure a seamless and user-friendly experience, Injex Finance has developed a minimalist launch website that simplifies navigation for both existing community members and newcomers interested in contributing to the Injex protocol.

Key details available on the official $INJX Presale page include:

  1. Private sale price
  2. Public sale price
  3. Token vesting period
  4. Token distribution
  5. Project roadmap

How to Join the Presale:

  • Click on Join Presale to access the Presale page [https://sale.injex.fi/]
  • Connect your preferred wallet (Metamask, WalletConnect, Keplr, or Ninji).
  • Input the desired investment amount using INJ, BNB, USDT, or ETH.
  • Provide your Injective wallet address to receive $INJX tokens.
  • Upon successful deposit, congratulations! You are now an early contributor to Injex Finance.

Injex Finance emphasizes community support, with a dedicated customer support team available to assist users facing any challenges during the contribution process.

Don’t miss out on this limited-time opportunity to participate in the $INJX Presale and secure your early contributions to the Injex protocol. Act now to become part of the future of decentralized finance.

For more information to join the Presale, visit the official Presale page [https://sale.injex.fi/]

About Injex Finance

Injex Finance is a pioneering liquidity aggregator operating primarily on the Injective network. Leveraging innovative features specific to the Injective chain, Injex Finance aims to address liquidity challenges and reduce slippage for traders across multiple pools. With a focus on community governance and transparency, Injex Finance is committed to fostering a sustainable and inclusive ecosystem for decentralized finance.

Key Injex Features

  • Optimized Trades: Injex Protocol seamlessly connects to various DEXes within the Injective Network, pooling together liquidity to ensure users get the most favorable exchange rates with minimal slippage.
  • Enhanced Efficiency: By eliminating the need for users to manually compare prices across different DEXes, Injex Finance improves trading efficiency, allowing traders to focus on their strategies rather than navigating multiple platforms.
  • Liquidity Aggregation: Our platform aggregates liquidity from multiple sources, leading to the best trade execution and enhancing overall liquidity in the ecosystem.

Injex Finance leverages the full potential of Injective’s growing network of protocols, ensuring that trades are not just executed but optimized. With the rapid expansion of this ecosystem, the need for a comprehensive aggregator like Injex Finance becomes undeniable.

Find out more on the Injex Whitepaper [http://docs.injex.fi/]

$INJX Token Utility

The $INJX Token serves as the cornerstone of Injex Finance’s ecosystem, offering users exclusive access and rewards to enhance their DeFi journey. With features like token burn mechanisms and various utility options, $INJX empowers users and strengthens community engagement within the platform.

XCAD Announces Multiple Governments’ Backing for New Initiative to Expand Web3 Education 6630

XCAD Network – a tokenisation platform for YouTubers to connect and reward their viewers with crypto tokens – today announced it has signed MOUs (Memorandum of Understanding) with multiple governments to expand incentivised Web3 education to millions of people across the globe.

By securing the support of several governments, XCAD aims to bridge the gap between Web2 and Web3, and enable more people to partake in the Web3 Space. XCAD Network has announced the first government agreement, which is with Pakistan. Under this partnership, XCAD will distribute and incentivise the consumption of educational media among Pakistani citizens.

Education is the first step in bringing new people into the Web3 space. As part of the MOUs, XCAD Network will work with governments to launch pilot campaigns to educate their citizens on Web3. These campaigns will be joint campaigns launched by governments and the XCAD team alongside select content creators from that country’s jurisdiction.

Users will have to download the XCAD Network application to watch interactive educational content on various Web3 topics. Upon completing the modules and consuming content, users are rewarded with tokens.

Blockchain, cryptocurrency and the Web3 world will be the key focus areas. However, governments can also focus education on other subjects, such as financial literacy.

Oliver Bell, the Chief Executive Officer of XCAD Network, commented, “Working directly with Government entities is incredibly exciting for the XCAD project and the Web3 Space as a whole. What we’re doing aligns with the government’s vision towards digitisation and global blockchain adoption”

Another way that XCAD plans to work with Government entities, is by leveraging the XCAD platform to boost travel and tourism engagement in their country. They want to partner with creators and citizens to create engaging educational content around tourism in their country. Those who consume the content are then rewarded.

XCAD Network has already onboarded some of the biggest YouTubers in the world to issue creator tokens on its platform. However, getting governments involved gives the project more credibility. This allows XCAD Network to attract even bigger names to issue creator tokens, stay on top of regulatory requirements and drive more users to the XCAD platform.

About XCAD Network

XCAD Network allows YouTube creators to launch personalised tokens and generate dedicated economies around their loyal fan-base It also offers new upstart creators a way to earn tokens and generate income even before the creator generates traction on YouTube itself.

In addition to helping generate new revenue, XCAD Network fosters deeper engagement through gamification and rewards. Fans benefit monetarily from the growth of their favourite creators, thus strengthening the bonds between creators and their followers.

The platform is backed by famous YouTubers such as KSI and Mr Beast, and is home to 100+ celebrity influencers globally with a combined audience of over 800M.

The XCAD ecosystem consists of DEXs, a governance portal, a browser plugin with Youtube integration, cross-chain bridges, staking pools, and creator swap, which lets users exchange creator tokens.

For more information, please visit: https://xcadnetwork.com/