Both Arbitrum and RenQ Finance are promising blockchain projects that have the potential to create millionaires in the next couple of years.

Arbitrum (ARB) vs RenQ Finance (RENQ), which of these will produce millionaires in 2023

The post Google “Crypto” Searches Drop to 2020 Levels appeared first on Coinpedia Fintech News
In the late 2020s, the fervor surrounding cryptocurrencies has significantly waned, resulting in a notable decrease in online searches related to the topic. According to Google Trends data, the current score for the term “crypto” stands at 17, representing a significant deviation from its peak score of 100 in May 2021. This decline in interest …

Google “Crypto” Searches Drop to 2020 Levels


                    
                    Hong Kong is increasingly solidifying its status as a crypto hub in Asia despite most other countries taking a cautious approach. 
                    Hong Kong — officially the Hong Kong Special Administrative Region of the People’s Republic of China — is a city of over seven million residents on the eastern Pearl River Delta in South China. The city is known for being pro-innovation and technology, and over the past year, it has introduced legislation to promote and adopt cryptocurrencies.Hong Kong is a major world economy, serving as a center for investment and trade in the region. The city is a cosmopolitan metropolis with Western and Asian influences, and is a well-established data hub for key businesses in finance, shipping, trade and retail, with crypto becoming the latest addition.While China has maintained a hardline anti-crypto stance for almost half a decade, last year, Hong Kong introduced its own crypto legislation allowing retail investors to invest directly in crypto assets.In 2023, as most countries in the West are still cautious about cryptocurrencies, Hong Kong has taken a decidedly pro-crypto stance. In January, as the crypto industry was reeling from the FTX crisis, Hong Kong’s Financial Secretary Paul Chan said that local government and regulators are looking forward to building a crypto and fintech ecosystem in 2023.On Jan. 13, just days after Chan’s statement, Korean tech giant Samsung announced the launch of a Bitcoin Futures Active ETF, or exchange-traded fund, on the Stock Exchange of Hong Kong. In mid-February, sources claimed that some Chinese officials were reportedly giving tacit approval to Hong Kong’s pro-crypto efforts. Local business operators stated that the Chinese government might even be open to using Hong Kong as a test bed for crypto as long as it doesn’t threaten the country’s financial stability.By March, more than 80 crypto firms expressed interest in opening an office in Hong Kong.In April, the Hong Kong Monetary Authority (HKMA) — the region’s central banking institution and regulator — called on banks to provide services to cryptocurrency firms. The HKMA asked banking institutions to be attentive to market developments and take a forward-looking approach to the nascent tech sector, including cryptocurrencies. Global crypto exchanges eye the Hong Kong marketIn May, the chair of the FinTech Association of Hong Kong told Cointelegraph that the pro-crypto state would launch a licensing regime for crypto service providers and exchanges with a deadline of June 1, including retail. Later in the month, the Hong Kong Securities and Futures Commission (SFC) announced that licensed crypto platforms would be allowed to serve retail customers.At the time of writing, crypto exchanges Huobi and Gate.io had applied for virtual asset licenses, with Huobi becoming the first member of the Hong Kong Virtual Assets Consortium on May 31. On May 29, Huobi opened its retail trading services as the firm submitted its license request to the SFC. A spokesperson from the firm told Cointelegraph that “Hong Kong regulations allow existing virtual assets platforms to operate for an extra year without a license.”#Huobi HK 现已开始向专业和零售客户提供现货和托管服务。作为一家香港虚拟资产交易平台的先驱，Huobi HK 已于 5 月 29 日正式向香港证监会提交了申请通知书，我们期待能够获得虚拟资产交易所牌照。在未来六个月内，Huobi HK… pic.twitter.com/qkYSqKbLBH— 火币Huobi中文频道 (@HuobiGlobalzh) May 29, 2023

Gate.io also announced it was applying for a virtual asset license, as it had already operated as a custodian in Hong Kong since August 2022.A spokesperson from the exchange told Cointelegraph that Gate.HK will officially file the license application in the second half of 2023. Recent: Is Biden’s controversial Bitcoin mining tax dead or set to rise from the ashes?The exchange said, “In comparison to other regulators, the SFC has a stricter requirement for virtual asset service providers. It has compulsory insurance/compensation arrangement requirements in place to help protect clients. Further, it has a 98% cold wallet storage requirement that licensed corporations would need to comply with. We believe only the best virtual asset service providers would be able to comply with the financial and operational requirements.”Binance, the largest global crypto exchange with a significant presence in the Asian market, is currently monitoring developments in Hong Kong. A Binance representative told Cointelegraph that it was actively involved during the “public consultation period and contributed to the policy-making process of virtual asset platform regulation in Hong Kong.”The crypto exchange said it welcomes more regulatory clarity for the industry and is currently considering its options to best encourage the adoption of cryptocurrencies.Bitfinex, another prominent global crypto exchange, told Cointelegraph that the developments in Hong Kong’s crypto landscape clearly reflect the constantly evolving nature of the digital asset space. The exchange welcomed favorable regulations allowing innovation and business growth, while providing a protective environment for all participants. When asked whether the exchange is looking to apply for a virtual asset license, a Bitfinex spokesperson said: “Allowing retail participation further democratizes access to the crypto marketplace. Accessibility for all is one of the reasons the crypto industry was born in the first place, and we welcome the progressive approach Hong Kong has taken.”The China factorWhile Hong Kong enjoys a certain degree of autonomy, it is still part of China, which — as exemplified in the 2019-2020 anti-extradition law protests — can exert significant influence over the region.China’s anti-crypto stance made headlines in 2018 when the country imposed a ban on foreign cryptocurrency exchanges. In the following years, China became a hub for Bitcoin (BTC) mining but imposed a blanket ban on all crypto activities, including mining, trading or exchanging, in 2021, although possession of Bitcoin is still legal.Many in the industry believed China’s crypto policy would influence Hong Kong. However, Hong Kong’s progressive crypto approach might become an escape for crypto users and interested parties in China, with many Hong Kong-based crypto firms receiving interest from Chinese banks. Firms such as Shanghai Pudong Development Bank, the Bank of Communications and the Bank of China have either started providing banking services to cryptocurrency enterprises in Hong Kong, or have contacted such organizations directly to offer services. As of April 2023, the Hong Kong arm of the major Chinese state-owned Bank of Communications is collaborating with several cryptocurrency businesses. Gate.io’s exchange spokesperson said, “We cannot interpret the implications on mainland China, as Hong Kong and mainland China have different regulatory stances, and are independent of each other.”Vivien Khoo, co-founder and chairwoman of the crypto industry association, Asia Crypto Alliance, told Cointelegraph that it’s important to differentiate between crypto and Web3 more broadly when looking at the relationship between Hong Kong and mainland China.“The Hong Kong government is a big proponent of Web3 rather than specifically pro-crypto. The digital assets ecosystem is much broader than crypto alone; while mainland China banned cryptocurrencies in 2021, it is bullish on the potential of Web3 and the application of blockchain technologies. The Web3 and digital finance industries look set to continue to grow overall in greater China,” Khoo explained.Recent: Cryptocurrency markets’ low volatility: A curse or an opportunity?Yuanjie Zhang, a co-founder of the Conflux Network, told Cointelegraph that the developments in Hong Kong will unfold in a framework of “one country, two systems.”On one side, Hong Kong will become the “stage for Chinese founders, venture capitalists, institutions and exchanges, where they cluster together and explore the frontier of the industry,” while on the other, “China mainland will continue its policy under the central bank’s guidance to prevent the prevalence of crypto onshore in the consistency of the capital control. More exchanges will exit the mainland markets, clear of the mainland ID users and move their staff to Hong Kong, Thailand and Singapore, etc.” Binance CEO Changpeng Zhao has said that the developments in Hong Kong, particularly the onboarding of retail traders, could very well become a driving force for the next bull run.

Hong Kong’s regulatory lead sets it up to be major crypto hub

The on-chain analysis platform Glassnode shared a few posts on Twitter today to highlight some new trends that can be observed within the crypto space. Glassnode explained in one of the posts that over the past two years, there has been a significant shift in the dominance of Bitcoin’s (BTC) supply. On-chain data indicated that […]
The post US Capital Decreases in Digital Asset Space: On-Chain Data appeared first on Coin Edition.

US Capital Decreases in Digital Asset Space: On-Chain Data

 JPMorgan has reportedly launched a pilot project with top private lenders in India for interbank dollar transaction settlements through its blockchain platform, Onyx.

JPMorgan teams up with Indian banks for blockchain-based settlements: Bloomberg

Solana NFTs’ total number of transactions declined sharply last month. However, its price action was bullish as it registered gains of late.

Solana’s price surges even as NFTs…


                    
                    Understanding and nurturing fan loyalty may be even more essential in the sporting world than in most industries. 
                    Consider what it means to be a sports organization in 2023.  Is the success of their brand simply a parallel to the quality of each team’s performance, how proficiently an organization advertises their events and merchandise to their fans or simply defined by community, where consumers gather around the products and services that speak to each fan’s individual interests? It is in fact all of these things, and so much more.  Since the 1960s and with the gradual advancements in advertising, our perception of what it means to rally around a brand or organization has changed. With the highly saturated markets of the 21st Century, each organization has to work extra hard to achieve consumer loyalty.   The customer loyalty and engagement market is estimated to reach a value of $18.2 billion by 2026. At the same time, consumers are feeling the effects of a worsening economy, and a recent poll found that 60% of those asked said they were concerned about the rising cost of living. Furthermore, ongoing supply chain issues and lack of inventory increased costs and decreased consumer spending. For example, the auto industry has seen their loyalty numbers drop to below 50% last year, with many customers willing to jump to another automaker when their existing preference wasn’t available or the cost became too high. This highlights how it’s more important than ever for brands to understand their customers via programs that are easy to access and offer clearly defined benefits upfront. Understanding and nurturing fan loyalty may be even more essential in the sporting world than in most industries. Fortunately, Web3 technology provides a powerful way to unlock understanding of fan loyalty without these organizations having to rely on a third party to “own the fan relationship.” By creating enhanced experiences across multiple branding use cases, franchises of all types can leverage blockchain-based technology to understand, retain and gain new customers. Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish. Apply today Improving understanding of consumer loyalty with Web3 Decentralized technology addresses many of the existing problems that Web2 brand loyalty programs currently struggle with, like fragmented engagement, low-activity users and difficulty scaling. Often, brands set out on endeavors that don’t amount to much beyond signing up for a loyalty system and earning a one-off small discount. It takes more to capture the attention of fans and consumers today. Few brands can motivate consumers through previous “spend-to-earn” models. Web3 programs, on the other hand, can do so much more than their legacy counterparts through the many upsides that come with blockchain-powered programs. The potential to provide a consumer with a one-action step to unlock ongoing benefits, real rewards and exclusive experiences is what sets this new strategy apart from Web2 loyalty programs. But we’re only just scratching the surface when it comes to using Web3 and NFTs as a vehicle for driving consumer understanding and engagement.  Utility or perks-based digital collectibles in particular have the power to bring experiential and other incentives to holders while simultaneously providing truly owned digital memorabilia they can keep, sell or trade forever. These digital collectibles can be designed to have flexible, evolving functionality, making them a memento and a pass to discount codes, experiences or even an avatar or wearable virtual item. They can be upgradeable, tradable and transferable, opening up a more active community around a brand or product. Even better, as the collectible trades hands, through a sale or otherwise, the original distributor can now understand the original purchaser (through the data available on the blockchain) and build a relationship with the new owner, understanding who they are as a fan and consumer.  Nike has created a Web3 platform, called .Swoosh. It is designed to serve the future of sports by offering a unique consumer experience as well as a new market for Nike-branded virtual creations. These include interactive digital objects (virtual shoes or jerseys) that can also unlock real-world products or VIP access to events and offerings.  Even high fashion brands are getting in on this paradigm shift. For example, fashion house Dolce & Gabbanalaunched their own NFT collection in 2021 called the “Collezione Genesi,” which was able to generate approximately $5.65 million in sales. The collection was aimed at luxury clientele and is an example of just how flexible Web3 campaigns can be. Creating lasting loyalty requires building quality programs These examples highlight how brands that engage consumers via NFTs need to bring high-quality, thoughtful experiences to their fans. One way they can do this is by teaming up with the right tech partners that work directly with a brand or team to build and deploy white-labeled Web3 programs that tie directly into an entire organization’s ecosystem. These Web3 experts can then offer further guidance on rewards program enhancements, promotional mechanics, consumer engagement and analytics, and a wider ongoing strategy. Fans then lean on that trusted partner to create a familiar experience that leverages new underlying blockchain-based technology, as they begin claiming perks offered by their favorite sports organizations and brands. With the help of carefully managed mechanics and elaborate data insights, these organizations can then find the right balance of price points, benefits, tiers and utility to deliver maximum engagement, ultimately enhancing the efficiency of their retargeting efforts as a whole.  Utilizing Web3 for fan engagement is in its early days, but the potential for revolutionizing how fans interact with teams, leagues and brands is a game-changer. Now that we are past the NFT craze of 2021 and 2022, it is more important than ever for businesses to think carefully about how they launch and who they partner with. If executed right, a brand integrating Web3 into understanding customer loyalty can see significant benefits, and ensure their place ahead of the curve with the right Web3 partner.  Betsy Proctor is Global Head of Partnerships at Sweet, the consumer-friendly Web3 platform for professional sports franchises.      This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph. Learn more about Cointelegraph Innovation Circle and see if you qualify to join

Consumer loyalty is waning: Web3 could bring it back

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