ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 79

Published date:

 Paxos Seeks Asia Expansion with Planned Dollar-Backed Token for Singapore

Cryptocurrency firm Paxos has received preliminary approval from Singapore's financial authority to offer digital payment services in the country. This paves the way for the company to launch a new stablecoin backed 1:1 by the US dollar.

Paxos must still gain full regulatory clearance before officially conducting business and releasing the token. But the in-principle nod allows the New York-based company to partner with local enterprises while final authorization is pending. The stablecoin is aimed at meeting demand from Singapore consumers seeking safer dollar access outside the US. It will join the ranks of other dollar-pegged coins like Tether and Circle's USD Coin.

For Paxos, the planned token marks an effort to tap rising Asian stablecoin demand estimated to surge from $125 billion to $2.8 trillion by 2027. The new offering could fuel the firm's continued international expansion after gaining its initial Singapore operating permit over a year ago.

 SEC Showdown Looms Over FTX Crypto Fire Sale

As part of bankruptcy proceedings, failed exchange FTX is seeking permission to sell its multi-billion dollar crypto reserves to repay creditors. However, the SEC could intervene, as it has done previously when objecting to a similar plan by defunct broker Voyager Digital.

FTX now holds around $2.6 billion in Solana and Bitcoin from its rescue fund recovery efforts. The company aims to offload up to $100 million per week via asset manager Galaxy Digital. But past SEC actions indicate it may dispute whether exchanges can legally trade cryptocurrencies. A ruling allowing sales could essentially acknowledge crypto trading falls outside SEC jurisdiction. However, if it protests, creditors face further delays recovering funds. With billions at stake and no clarity from Congress on the issue, a showdown between regulators and FTX appears poised to play out.

 Stricter KYC Set For Turkish Exchanges As Regulators Aim To Combat Crypto Crimes

Acknowledging deficiencies highlighted by international watchdogs, Turkish authorities are developing a refreshed set of crypto laws set to roll out in 2024. The pending rules are expected to strengthen oversight of virtual asset service providers within the country's borders. Officials indicate the new regime will focus on imposing minimum capital standards for exchanges along with obligations regarding user verification, asset protection, and transparency.

Turkey's efforts to bolster its anti-money laundering framework come after the FATF issued a scathing report in July criticizing Ankara's inability to monitor and sanction domestic trading platforms. Recent prosecutions also flagged lax controls, with one high-profile exchange founder convicted over allegations including laundering. As Turkey strives to exit the FATF's grey list of deficient jurisdictions, stricter know-your-customer and record-keeping protocols for exchanges are priority compliance areas under consideration.

 PancakeSwap Ventures into GameFi Space with New Hub Launch

Leading DEX PancakeSwap has opened a new gaming marketplace as it makes a push into the burgeoning field of blockchain-based games. The platform initially rolled out with two titles - tower defense game Pancake Protectors and city-building simulator Pancake Mayor - that reward players in its CAKE tokens. Both were co-developed with external studio partners.

Through its gaming hub, PancakeSwap now provides a new channel to boost engagement among its 1.5 million monthly users. It also aims to fuel further adoption of CAKE by integrating the token into the games. The marketplace is positioned as a one-stop destination for gamers and a resource for developers interested in integrating PancakeSwap's digital assets like CAKE and NFTs.

By launching its own gaming portal, PancakeSwap looks to capitalize on the rise of GameFi. It remains to be seen if additional popular titles can further elevate the profile of PancakeSwap in the burgeoning world of crypto-powered games.

 Microsoft Partners with Danish Start-up to Provide AI Support for Visually Impaired

Computing colossus Microsoft has formed a partnership with Denmark-based Be My Eyes to leverage artificial intelligence in enhancing services for blind users. Be My Eyes created an AI-powered digital visual assistant called Be My AI that has seen strong results since integrating OpenAI’s GPT model, according to the company.

Data shows the tool has slashed average call times with low vision individuals from 12 minutes previously down to a current four minutes, with 90% of interactions now handled without human aid. Looking to such successes, Microsoft will work with Be My Eyes to deploy the technology across its offerings regularly used by visually impaired communities.

The alliance aims to streamline resolutions to issues like software installations or presentations through an AI system instead of human representatives. It seeks to further facilitate independent digital participation for the low vision population worldwide. Future outcomes of the collaboration remain to be seen as accessibility expansion continues.

. . .

Are there any crypto trends and issues that seem unclear to you?

A suggestion or comment?

Or do you just need an ELI5 (explain like I am 5) on a particular crypto term or topic?

Feel free to drop us a line below and we’ll do our best to shed more light. We are always here to answer your questions.

Follow us on Twitter and Telegram for more info including notes on new crypto gems set to break out onto the big stage.

Don’t miss out!

Related articles