DeFi

Hong Kong government bizarrely targets Metaverse and DeFi

Published

7 months ago

28 June, 2024

Hong Kong government bizarrely targets Metaverse and DeFi

I thought that the Metaverse was dead? I thought institutions and governments didn’t like Challenge? Us too… But apparently, Hong Kong doesn’t.

According to reports from the Hong Kong Academy of Finance (AoF) and the Hong Kong Institute of Monetary and Financial Research (HKIMR), the city is becoming a testing ground for DeFi and the metaverse.

“Emerging DeFi and metaverse technologies, which are closely linked to broader developments in virtual assets and Web3, are likely to present various opportunities for the financial services sector in Hong Kong,” said Enoch Fung, CEO of AoF and Executive Director of HKIMR.

Don’t knock DeFi

Despite its antithetical stance towards centralized finance, DeFi appears to be a hot topic for Hong Kong institutions.

According to HKIMR report titled “Current Decentralized Finance Landscape and Regulatory Developments,” 71% of companies are not yet exploring DeFi, but the 29% that have developed DeFi protocols highlighted their new “ability to facilitate the exchange of small amounts of assets without the need for intermediaries or minimum limits.”

Of course, CeFi offers higher liquidity, is more accessible to all levels of clients, and has a user-friendly interface.

The report states that DeFi offers businesses greater opportunities in terms of efficiency and cost savings, access to new financial services, innovation and flexibility, global reach and borderless transactions, transparency and security, financial inclusion, as well as diversification and risk management.

For those already familiar with the concept, the benefits of DeFi are nothing new, but DeFi has often been at odds with CeFi and, unsurprisingly, it has not been well-received by institutions. Regulatory uncertainty, risk management, technical challenges, and a complete lack of control are problems that DeFi poses for old-school institutions.

Nonetheless, the report argues that Hong Kong’s strategic location and connectivity to global markets make it an attractive destination for DeFi projects seeking to expand in the region.

It further recommends that “DeFi regulation continues to be guided by the guiding principle of ‘same activity, same risk, same regulation'”, with in-depth research being of paramount importance to improve understanding of the risks associated with DeFi developments. Challenge. “.

According to HKIMR report titled “The Metaverse: Opportunities and Challenges for the Financial Services Industry,” 65% of financial institutions surveyed were actively involved in the metaverse.

51% of financial institutions said they have no plans to implement Metaverse applications in their business, but 49% said they have already made or have made relevant investments.

The report argues that financial institutions can use the metaverse to improve interactions with the public, customers and employees, leading to better customer experience and satisfaction.

58% identified the Metaverse as a platform with unique service offerings, while 47% indicated that the Metaverse could serve as a separate marketing channel.

37% of respondents believe the Metaverse has the ability to expand its customer base, while 33% believe Metaverse applications could improve operational efficiencies.

“The metaverse can provide financial institutions with the opportunity to expand their customer base by extending their global reach beyond physical and geographic boundaries,” the report said.

She also claimed that the metaverse could enable virtual training of employees and virtual workspaces, which could reduce operating costs and provide greater flexibility for employees, potentially increasing labor productivity.

However, from the outside, interest in the metaverse seems to be waning. Google trends Data shows that metaverse searches have declined by more than 50% over the past six months.

That said, globally recognized metaverse company The sandbox recently raised $20 million in convertible promissory notes with a valuation cap of $1 billion.

“We are deeply honored by the continued commitment to The Sandbox’s vision, and we are incredibly excited about the future of user-generated, composable content games,” said Yat Siuco-founder and executive chairman of the Hong Kong-based company Animoca Brandsowner of The Sandbox.

The Metaverse Is Not So Dead As Sandbox Hits $1 Billion Valuation

Metaverse searches have dropped 50% in the past six months, but The Sandbox has managed to raise $20 million at a $1 billion valuation

News also broke that Animoca Brands is looking to Go in public in 2025 in Hong Kong or the Middle East. The $5.9 billion Web3 giant was delisted from the Australian Stock Exchange following questions about its accounting in March 2020.

The report further claims that Hong Kong is an ideal environment to develop Metaverse technology. 71% of respondents cited Hong Kong’s friendly business environment and low tax rates as crucial factors. 56% highlighted Hong Kong’s strong financial infrastructure and network, while 53% highlighted the importance of a defined regulatory framework and established legal system.

Hong Kong’s unique advantage as a major gateway to mainland China was also another popular reason.

“The Metaverse survey results revealed that Hong Kong was identified as the primary target market for metaverse strategy by nearly half of financial institutions, followed by Mainland China (16%), North and South America (9%) and the Asia-Pacific region excluding Mainland China and Hong Kong (7%),” the report concludes.

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Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

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No spam, no lies, only insights. You can unsubscribe at any time.

Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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