- Crypto.com has revealed that it has inked a deal that will lead to the integration of Chainlink’s price feeds with its decentralized finance (DeFi) wallet product.
On Monday, the wallet and payment card provider based in Hong Kong, stated that Chainlink’s Price Reference Data has been directly integrated with its DeFi wallet which will give its clients ready access for its price feeds.
The addition of Chainlink’s price feeds into Crypto.com’s DeFi wallet is in line with the latter’s expansion program towards booming spaces. According to Eric Anziani, Crypto.com’s chief operating officer, the partnership will add more value to its customers. Anziani explained:
“I would say with the partnership with Chainlink is kind of our first integration with a DeFi protocol, it brings value to our customers in terms of providing transparency in the prices that we’re giving them in our DeFi wallet and also making sure our ecosystem token CRO can be integrated into the external protocol by building a price feed for CRO specifically thanks to the Chainlink architecture.”
According to a press release shared with Bitcoin Exchange Guide, the firm will start with its native token in receiving the decentralized price feed, CRO/ETH but plans are underway for the addition of CRO/USD. Anziani clarified that the firm will kick off with DeFi tokens, however plans are underway to utilize Chainlink’s price feeds for the rest of the tokens within its ecosystem.
Anziani also explained that the expansion is not intended to take advantage of the current hype, but is driven by the basic belief that each person is entitled to have the control of their money, identity as well as data and the blockchain tech-based firms should lead towards this achievement.
Speaking on the recent controversy surrounding top exchanges listing the much-hyped SUSHI token, Anziani explained that his firm’s clients trust that Crypto.com has solid due diligence protocols before a new asset is listed which informed the firm’s decision not to list it.
Crypto.com rolled on its wallet at the start of this year touting it as a user friendly wallet to capitalize on the buzz around DeFi space.
Author: Joseph Kibe
Emurgo, Cardano’s blockchain commercial wing, has inked a partnership deal with the Uzbekistan government to help with setting up a task force which will come up with regulations to guide security token offerings (STOs as well as the operations of the exchanges (STXs), Cointelegraph reports.
In a press statement released on Jan. 20, Emurgo stated the strategic partnership also brings together the Uzbekistan government though the National Agency of Project Management, Kobea Group as well Infinity Blockchain Holdings. The task force is expected to come up with a legal framework to guide how STOs and STXs will operate in Uzbekistan.
The partnership will see Emurgo and Kobea offer advisory services on matters infrastructure in relation to digital asset banking as well as blockchain education including other aspects.
Emurgo is also set to explore the potential the prospects that Cardano’s third-generation blockchain has within the country. In addition, the blockchain education will include integrating blockchain platform in the country’s university education in efforts to churn out the next blockchain experts in the country.
Emurgo will also look at how the country’s traditional equities can be tokenized via STO in efforts to enhance transparency and security in the financial sector.
The announcement comes just days after National Agency of Project Management (NAPM) said it was prioritizing the formation of the country’s crypto mining pool in efforts to consolidate capacities of both the local and international miners.
The move aims at ensuring that crypto mining is economically efficient, enhance transparency as well as security in the industry. This will also enhance efficient use of energy and attract additional investment.
Despite the formation of the taskforce, it is still unclear of the government’s stand on the use of cryptos. The government restricted the citizens from buying cryptocurrencies in December 2019. The move caught many by surprise as the nation has shown a lenient stance when it comes to cryptocurrencies. In 2018, the government had committed to regulate and develop a licencing procedure for crypto exchanges, ICOs as well as mining operations.
Author: Joseph Kibe
The proprietor of renowned video sharing social media platform TikTok has inked a deal for a joint venture with a Chinese state owned media company to develop artificial intelligence as well as blockchain-based business models, Bloomberg reports. The deal will be led by TikTok’s parent company ByteDance.
ByteDance is establishing a joint venture with Dongfang Newspaper. The new joint venture will be based in the capital of Shandong province in China known as Jinan and was launched on Dec. 10. The venture was started with an initial capital of $1.43 million or 10 m Yuan. as per the agreement, ByteDance will be the minority shareholder owning 49% of the new venture while Dongfang will have a 51% stake.
Currently, TikTok has about 500 million users who are active and is ranked second among the most downloaded apps within the Apple Store but only in the US. Cointelegraph alleges that the app is likely to be funneled to the fresh joint venture as its video feed is entirely managed using an AI algorithm that predicts the user preferences and offer content that will fit the user.
Although it is not yet known how TikTok and ByteDance will initially benefit from this agreement, one probable way can be verification of digital media data. It is expected that a currency model could be introduced for the users. There are suggestions that verification of digital media data could be introduced due to the emergence of deepfakes AI-produced videos.
ByteDance has entrenched itself as one of the rapidly growing startups in China and has been in the forefront in the creation of a number of partnerships mostly with state owned media groups in efforts to get content for its recently launched news aggregator platform known as Jinri Toutiao.
ByteDance’s TikTok app has become one of the most sought after apps in the US, especially with the youths and has received endorsements from celebs like Katy Perry as well as Ariana Grande. However, the recent relations with Chinese state owned firms has raised eyebrows in the recent past with the US security agencies cautioning its users to be extra vigilant with the personal data they share within the app.
Author: Joseph Kibe