Soumen Datta · 6 seconds ago · 1 min read BMW onboarded Coinweb in order to adopt a decentralized and efficient architecture and BNB chain to help settle its every transaction.1 min read Updated: December 30, 2022 at 12:17 am Cover art/illustration via CryptoSlate Car manufacturer BMW integrated blockchain solutions through BNB Chain and Coinweb, a blockchain infrastructure firm, to automate its routine operations and provide its customers with blockchain loyalty programs in Thailand.Coinweb brings blockchain technology to BMW – Introducing their mass user base in Thailand to the cross-chain infrastructure.https://t.co/lrKKc9YeaG Ecstatic to be ending 2022 with a💥 What will 2023 bring us? pic.twitter.com/Z666FHlEzS — Coinweb.io (@CoinwebOfficial) December 29, 2022 BMW onboarded Coinweb to primarily avail a decentralized and efficient architecture to its operations, according to reports.The BNB chain, on the other hand, will help the car manufacturer settle every transaction.Two phases of the blockchain integration As for the first phase, BMW will focus on harnessing the integrations to fully automate all its business activities, particularly its financial operations.Notably, the second phase will focus on initiating a new customer loyalty program using a customized Web3 app built by Coinweb.
This app will determine the position of each customer in the BMW ecosystem through their reward points.As a result of the rewards, BMW customers will be able to buy its products in the near future, with transactions settled on the BNB chain.Worthy of note that this is the second time BMW will be subscribing to the potential of blockchain technology, as four years ago, it onboarded blockchain to track its cobalt supply.Besides BMW, Ford also launched a blockchain pilot in 2019 to ensure that cobalt is ethically sourced without leveraging child labour.
In addition, automobile companies like Volkswagen and Hyundai will utilize blockchain technology for their operations.Brazilians are turning to stablecoins to protect savings from inflation Soumen Datta · 7 hours ago · 1 min read The Brazilian Real continues to struggle to hold its value against inflation, prompting Brazilians to turn to stablecoins.
1 min read Updated: December 28, 2022 at 10:50 pm Cover art/illustration via CryptoSlate According to recent market data, 50% of the Brazilian Real (BRL) volumes involve a stablecoin.For anyone needing a positive note to end the year on in crypto, look at its usage in developing economies.Countries like Brazil are turning to stablecoins to peg their savings to USD.50% of Brazilian Real (BRL) volumes now involve a stablecoin, compared to just 5% for USD.
pic.twitter.com/O2AJJi0OxL — Conor Ryder (@ConorRyder) December 28, 2022 The recent development poses an impressive figure about the usage of stablecoins in Brazil, especially as only 5% of the BRL volume involves USD directly.Further, BUSD and USDT are the top stablecoins in use by Brazilians.In Brazil, stablecoins are seen as an excellent way to protect savings from inflation.Brazil’s Real continues to struggle to hold its value as inflation, coupled with the global economic crisis, continues to hit hard on the South American country.In June, the inflation rate grew to 9.704%, the highest in 2022.
The struggle against inflation in Brazil caused the Real to weaken against the U.S.dollar.Brazil’s warm approach to cryptocurrency On Dec.
22, the President of Brazil, Jair Bolsonaro, signed a bill that legalized Bitcoin as a means of payment in the country.
However, the bill does not push the status of BTC in Brazil as a legal tender but clarifies the premises of regulating crypto and the institutions in charge.Also, the bill now mandates that crypto firms in Brazil must obtain licenses for custody and management of virtual assets by third parties.The legislation is in place to prevent anything similar to the collapse of FTX in the near future.
Currently, Brazil has the most cryptocurrency ETFs in Latin America, with most banks and brokers offering cryptocurrency investments and similar products like custody and token offerings.By 2024, the Central Bank of Brazil intended to introduce the virtual Real.adoption China to launch its first regulated NFT marketplace, China Digital Asset Trading Platform, on January 1 China to launch its first regulated NFT marketplace, China Digital Asset Trading Platform, on January 1 Soumen Datta · 8 hours ago · 1 min read Institutions and individuals will also be able to access rights protection monitoring and copyright protection services through the NFT trading platform.1 min read Updated: December 29, 2022 at 12:31 am Cover art/illustration via CryptoSlate China will launch a regulated platform for trading Non-fungible trading tokens (NFTs) known as China Digital Asset Trading Platform on January 1, 2023, according to local media outlet Sina News.
The Chinese Technology Exchange, Art Exhibitions China, and Huban Digital Copyrights Ltd, a private corporation, jointly created the platform to facilitate the exchange of NFTs as a secondary market.The Platform will also provide institutions and individuals with rights protection monitoring and copyright protection services concerning digital assets.The launch of China Digital Assets Exchange represents an acceleration in the cultural industry’s digital transformation in China, according to Yu Jianing, an expert on digital assets and metaverse space in China.Earlier, China’s central bank announced the country’s CBDC plans and released trial versions of digital yuan wallet apps on mobile.
However, in 2021, China passed a law that banned all crypto-currency transactions, effectively banning digital tokens such as Bitcoin.The country has also taken strict action against people involved with crypto mining.As a result of the ban, a number of crypto firms in the country ceased operations, including Huocoin, Binance, BiKi, BHEX, and several others.However, the country is becoming interested in metaverse and NFTs as the authorities seek to regulate them.Recently, the eastern Chinese province of Zhejiang announced plans to develop metaverse-related industries valued at over 200 billion yuan by 2025.Total NFT market cap grows 11,664% in 2 years Zeynep Geylan · 10 hours ago · 1 min read The current NFT total market cap is around $10 billion, which is 50% less than the total market cap in December 2021.
1 min read Updated: December 28, 2022 at 9:56 pm Cover art/illustration via CryptoSlate Total NFT market cap recorded a growth of 11,664% in two years, increasing to around $10 billion from $85 million on December 2020, according to NFT Valuations data shared by crypto influencer 6529.The impressive two-year growth rate was still recorded despite the heavy conditions of the bear market.On late December 2021, the total NFT market cap was around $20 billion, which is 50% higher than today’s volume and 23,429% higher than in late December 2020.
Dozens of NFT platforms were launched in the last couple of years as giants like Apple, Reddit, Starbucks, Winamp, and MetaMask entered the NFT field.The NFT sphere was one of the most resilient areas of crypto.It remained more or less intact during the coldest bear market the crypto history has witnessed, while some areas like Sports NFTs recorded impressive growth rates.
Moreover, recent studies indicate that the NFT market will grow even more.A recent report estimates that the NFT industry will grow steadily in the African and Middle Eastern regions during the 2022-2028 period, with a Compound Annual Growth rate of 34.3%.The current NFT spend value, which is at $3.42 billion, on the other hand, is likely to see $18.22 billion by 2028.Posted In: Adoption, NFTs Recent NFT Stories Top posts adoption2 hours ago Soumen Datta · 6 seconds ago · 1 min…
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