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Bitfinex Backs Plasma to Expand USDT Payments on Bitcoin

Summary

Bitfinex has invested in Plasma, a Bitcoin focused payment and decentralized finance (DeFi) system. This aims to improve the usage of Tether on Bitcoin, creating fee-free global transaction.

Plasma’s Payments Vision

Plasma is innovating a fee-free payment system where users can send U.S. dollar-backed assets like USDT globally. This leverages Bitcoin’s infrastructure. Plasma focuses on stable coins like USDT instead of BTC as their payment asset. This platform also supports paying gas fees in BTC due to its Native unspent transaction output support, while still being compatible with Ethereum Virtual Machine (EVM).

The Bitfinex team announced via X on Oct. 18 that it had invested in Plasma

Hybrid Architecture for DeFi

Plasma provides a combination of traditional and digital system where users can stake and access other benefits, integrating Bitcoin’s secure system with decentralized finance. Plasma aims to enhance and boost global payments for Real World Assets (RWA) and DApps.

Bitfinex and Tether’s Strategic Support

Bitfinex’s investment aligns with its broader vision to strengthen the Bitcoin ecosystem. Paolo Ardoino, CTO of Bitfinex and CEO of Tether, stated:

“With the uncertainty that covenants will come to fruition, it’s very important to explore different avenues to build on top of the most secure, decentralized, and resilient money and speech network ever built by humanity: Bitcoin.“

Plasma’s Investor Backing

Plasma has secured backing from Apeiron Investment Group founder Christian Angermayer and venture capital firms like Split Capital, Manifold, and Anthos Capital.

Hong Kong’s Fraud Empire Exposed : Police Arrests 27 Individuals

Summary

Hong Kong police have managed to take down a notorious fraud syndicate responsible for stealing HK $360 million using romance scams connected to cryptocurrency platforms. The arrested 27 people revealed how they used deepfake and digital media expertise to fool victims across Asia.

Hong Kong police reported that they have dismantled a cross-border fraud syndicate, arresting 27 individuals responsible for defrauding victims of HK$360 million through romance scams. The operation targeted a highly organized group operating locally and overseas.

The scam started by first initiating a fake love relationship with the victim and luring them into buying sketchy cryptocurrency platforms, similar to Vietnam case. Most of the victims were men, scammers used deepfake to change their appearance and made video calls to convince them to invest into their platforms. The fraud ring produced a “training manual” in Chinese and English, teaching scammers different deception techniques. Arrested individuals’ ages ranged from 21 to 34, with several holding academic qualifications.

They operated from an industrial building Hung Hom for about a year, the group hired university graduates, especially from digital media, to serve as technology experts. The fraudulent platform ran like a legit business. Police seized over 100 phones, computers and luxury watches during the raid.

This case shows how cybercrime involving cryptocurrency and artificial intelligence are becoming more common lately.

Mysten Labs Rolls Out Walrus Protocol Public Testnet for Decentralized Storage

Summary

Mysten Labs has launched an official public testnet for Walrus Protocol. It is a new digital and decentralized storage network capable of handling large files such as videos, images and audio.

Introducing Walrus Protocol

Walrus Protocol is a fresh approach to decentralized Storage which aims to enhance every Blockchain experience. This storage network offers various features including, the ability to delete files, staking system and an explorer tool to manage stored data. Unlike cloud storage which is dependent on a single company, Walrus distributes stored data on different nodes on different locations ensuring greater security and reliability.

How it Works

The protocol breaks large files into smaller chunks and spreads them across various locations. Even if some pieces are lost, the file can still be put back together, ensuring users never lose access to their data.

Powered by Sui Blockchain

Walrus works on the basis of Sui Blockchain, which makes the system more effective and efficient. Walrus also supports testnet token called WAL, which can be staked by users to earn rewards. The goal is to run the network system smoothly and to provide faster, more reliable storage for apps that manage large media files.

Industry Partners

Innovative concept of Walrus has attracted several partners. Akord is moving its secure storage from Arweave to Walrus and Decrypt Media is using it to store its media files. These partnership shows early sign of Walrus getting recognition in decentralized storage space.

Truth Terminal has become the first AI crypto Millionaire

Summary

Truth Terminal, an AI bot that was initially funded with a $50K, has become a millionaire. This is the first time an AI reached millionaire status. It’s all thanks to the strategic investments it made in meme tokens.

An autonomous AI bot called Truth Terminal has managed to become the first ever AI bot to be a millionaire. Marc Andreessen, the one who funded this AI bot now holds a million dollar portfolio. Truth Terminal operates automatically on twitter and interacts with blockchain systems. It is completely capable of making its own financial decisions, primarily including crypto trades and token management.

Meme tokens like Fartcoin and Goatseus Maximus (GOAT) are behind the success of Truth Terminal. Just few days ago, this bot was sent 20 million Fartcoin at a value of $40K, which within hours became $127K. This gain became a huge leap for Truth Terminal’s portfolio, so much so that it reached a million. However, this appears nothing compared to the profits made from investments in GOAT. GOAT tokens surged 180% in the past week pushing forward Truth Terminal’s holdings from initial $20K to $500K. GOAT’s overall market value has crossed $400M, further boosting bot’s overall portfolio.

Andreessen stated that even thought he acknowledges his early funding to the bot, he has no involvement in GOAT business, but GOAT is a notable part of truth terminal’s portfolio. Its value surged by 260% over the last month. As of October 18, the price of the GOAT token had reached $0.40, a 20% surge in the last day with increased demand from retail and institutional investors. This really shows how precise Truth Terminal’s investment decisions were. Hence, the overall report reveals a remarkable potential of artificial intelligence in the realm of finance, especially meme tokens.

To read articles on meme coins click here.

Solana’s Rising Tide: The New AI Crypto Attracting Investors with Promising Returns

Summary:

As the crypto market constantly changes investors also look for a change. A new AI crypto platform Solana has been attracting a lot of investors lately with its constant increase over the past month. This up and coming crypto promises a fresh wave of innovation.

Solana crossed an impressive $3 million on its exclusive token presale. This huge surge makes it an undeniable asset to preserve for crypto whales. With that surge, it promises to thrive in any market condition. Experts believe its return of investment could go as high as 1200%, with CYBRO tokens available for $0.03 each. They have also launched a referral program where if you bring a new investor you get 12% from direct referees’ token purchase, 3% from second-level referees, and 2% from third-level referees. In addition to tokens, CYBRO also introduces exclusive Points, providing even greater benefits for investors. Up to 1 million Points are distributed weekly, earned by investing in CYBRO’s DeFi Vaults.

At the time of writing, Solana holds a price of $144.67 with a 24-hour trading volume of $2,042,359,202. It has increased by 0.38% in the last 24 hours and a total increase of 0.18% in the past week. It has only been going higher for a couple of weeks now indicating no signs of going down. With a circulating supply of 470 million SOL, Solana has a market cap of  $67,895,047,131.

Solana is turning the tide as a blockchain platform known for its scalability. It competes with big names like Ethereum and Cardano. Solana supports a range of various programming languages making its development options faster and flexible. It even facilitates and rewards those who support the network. Overall, Solana has a substantial potential for hosting high-activity product services by offering valuable opportunities in the decentralized application space.

If you want to know about the top AI cryptos in 2024 click here.

Meta Unveils ‘Movie Gen’: A Game-Changer in AI-Powered Movie Creation with Synchronized Audio

The new AI suite “Movie Gen” announced by Meta on October 4 can generate photorealistic movies with sound effects and music. It converts your text prompt into a movie. The movie can be up to 16 seconds long.

Even though this is not the first AI to have the ability to create movies, this one uses the latest technology which makes it different. Meta’s blog post reveals that it outperformed its competitors in every test human participants conducted. Movie Gen can create a 16-second movie with 16FPS and even though it does not match Hollywood’s standard of 24FPS, it is not that far below. Professionals consider it acceptable for quality movie imagery. This new model could revolutionize content creation, allowing for the production of entire movies from simple text prompts or editing of existing visuals. It also aids to video editing, for example, replacing or adjusting objects in the background, making certain characters carry something, etc., which makes VFX easier and gives creators unprecedented flexibility and creative control.

The most notable innovation in Movie Gen is its ability to generate up to 45 seconds of synchronized audio with complete sound effects and background music. Meta claims it seamlessly aligns audio with motion-generated videos, offering an immersive experience.

Content creators and filmmakers are eagerly waiting for its launch. Meta stated Movie Gen needs further safety testing before its release to avoid violating Meta’s policies.

To learn about how AI is a double-edged sword click here.

Explosive Growth: Near Protocol caters to 3 million daily users

Near Protocol shows no signs of backing down from the top as its active users has exceeded a staggering 3 million. This represents the success of AI and blockchain as a whole.

NEAR protocol has 3 million active users as reported by cryptorank. This achievement cements it as the top platform in AI and also a major player on the wider blockchain world. Both Tron and Solana couldn’t manage to get that number in the same period.

Growth of AI cryptocurrency market coincides with the growth of NEAR. This shows that blockchain and AI are becoming more and more intertwined. The most important factor influencing users to engage on NEAR is the rapid growth in AI related decentralized applications. Reportedly, dApps have increased by 70% compared with the previous quarter in Q3. It is also one of the most anticipated coin to surge in Q4.

According to a survey, AI dApps garnered 4.3 million daily unique active wallets, this really shows the growing interest in this sector of the cryptocurrency industry. NEAR protocol followed this trend by establishing collaborations with major corporations such as Nvidia and Alibaba to increase its AI capabilities.

With such collaborations and following the market trend, NEAR has shown strong growing ecosystem. The ecosystem is still experiencing positive growth, however market sentiment remains cautious as the price of the protocol decreased by 2.36% to $4.87, along with a more than 30% decrease in trading volume.

Render vs. Theta: Why Millennials Are Betting Big on Digital Art Over Decentralized Video Platforms

On a recent survey done by Bitpanda shows that millenials and gen z are diving on the adoption of cryptocurrencies all over the world. Therefore, any crypto appealing to them have a high chance of booming in the crypto space. Considering that, what do you think of Render and Theta? Which of these is favorite among the millenials?

Render Network is for crypto enthusiasts who are involved in digital art and 3D content creation. It relies on GPU network, connecting anyone looking to monetize their idle GPU cycles with those who need it.  Since GPU tech is a rapidly expanding market , Render has a lot going for it. Render hit its all time high price of $12 in last March. However Render is only at $5.72 now, with limited potential since GPU space is starting to intensify.

About Theta, it is a Layer1 blockchain  and decentralized infrastructure for Video, AI & Entertainment use cases was launched more than half a decade ago. It recently expanded its reach by collaborating with huge institutions. But since a price boom three years ago, Theta has mostly struggled. It is just $1.29 today falling harshly from its all time high of $13. Even the successful year for ERC20 tokens couldn’t save theta, it barely got anywhere close to its ATH. People suspect it might be because it was ahead of its time, as decentralized industry is yet to be developed.

Regarding this, we can conclude that in recent times Render seems more appealing to the Millenials than Theta. Gaming and video editing is more mainstream than ever in modern days and people constantly want to invest on things on trend thereby securing a stable market for Render. Meanwhile Theta is certain to bounce back as decentralized infrastructure evolves.

OpenAI expands globally: Singapore is next

OpenAI, the most popular AI research organization is expanding globally setting Singapore its next target. OpenAI seeks for skilled engineers to hire in order to build a team in Singapore. Reportedly, OpenAI is aiming to work closely with local government, businesses and organizations in Singapore.

Oliver Jay has been appointed as Managing Director of International, where he will see OpenAI’s global expansion from Singapore. The company is committed to developing Singapore’s local AI ecosystem. It plans to work together with government partners such as the Economic Development Board (EDB) in order to create an AI enabled future for all. OpenAI wishes to build products that may take up to $1M using open data that reflects the immense cultural diversity of Southeast Asia.

This is just a small part of OpenAI’s global expansion run. Alongside Singapore, they plan to open factory in Brussels, Seattle and Paris meanwhile they are getting growing demands in San Francisco, London, Dublin and Tokyo. This shows how OpenAI is close to taking over the AI world.

Vaneck launches fund of $30M to boost Fintech, Crypto and AI startups

A global investment management firm Vaneck has announced the launch of staggering $30M early-stage venture fund for startups of fintech, crypto and AI startups. This initiative is known as Vaneck Ventures. The fund’s main concern is to support companies in pre-seed and seed stages, continuing the firm’s strategy of investing in transformative markets. The firm is going to invest in 25 to 35 startups, with cheque sizes ranging from $500K to a million. Its focus is fixated on supporting companies that develop technologies such as blockchain and tokenized assets.

As per reports, Vaneck Ventures has already invested in four companies with details yet to be announced. The firm being backed by industry veterans Wyatt Lonergan and Juan Lopez sets the fund in a better position and is able to make use of their extensive experience in fintech and crypto ventures.

Vaneck is known for its early investments in gold and bitcoin and now it ventures into Artificial Intelligence (AI), financial technology (fintech) and cryptocurrency. This convergence is seen as the driving force behind the next wave of financial innovation.

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