Solana: AI in blockchain 🤖, Hong Kong to open crypto exchange access 🇭🇰, CBDCs on the horizon 🚀

Daily Crypto, Blockchain & Web3 Update 2023-05-24

Solana integrates AI into blockchain, raises grants fund to $10M (2 min read)

On May 23, the Solana Foundation, a nonprofit dedicated to maintaining and developing the layer-1 Solana blockchain, announced that it has integrated artificial intelligence (AI) using a ChatGPT plugin developed by Solana Labs. 

As told by developers, the ChatGPT plugin is available for download from GitHub and will “make it easier to understand Solana data and protocols, or surface data about Solana’s computing infrastructure and DeFi projects."

Hong Kong to open crypto exchange access for retail users, but there’s a catch (1 min read)

The Hong Kong Securities and Futures Commission (SFC) announced it would soon allow licensed platforms to serve retail investors.

The guidelines for virtual asset trading platforms will include asset custody safety requirements, cybersecurity standards, and the segregation of client assets — among others.

The SFC CEO Julia Leung said that providing clear regulator expectations is “key” to creating a responsible and innovative development environment.

CBDCs on the horizon: The current state of CBDC initiatives around the world (4 min read)

Central bank digital currencies gain traction as countries worldwide engage in their development despite skepticism from the crypto community.

Currently, over 100 countries are exploring the topic of CBDCs, and while approximately half of them are still in the stage of research and development, there are 39 countries that have either pilot, proof-of-concept or launched CBDC initiatives.

ETH can be a security and a commodity: Former CFTC commissioner (3 min read)

Ethereum’s native Ether token may be both a commodity and a security, the former commissioner of the United States Commodities Futures Trading Commission (CFTC) has claimed.

Speaking on a May 23 episode of Laura Shin’s Unchained podcast, Dan Berkovitz, who is also the former general counsel at the Securities and Exchange Commission (SEC) said it’s legally possible for ETH to fall under the jurisdiction of both regulatory agencies.

NFTs

NFT ticketing dishes out a punch at mixed martial arts league (3 min read)

The mixed martial arts organization, Professional Fighters League, will use NFT tickets, becoming the latest sports body to explore the Web3 ticketing functionality.

The PFL, which features a season format that differs from the massively popular Ultimate Fighting Championship, has partnered with Web3 firm CrossTower to roll out NFT tickets powered by Ripple’s XRP Ledger. The launch of the tickets will coincide with the start of the 2023 fighting season and marks the fifth year since the PFL began.

BUSINESS

Ledger key recovery service paused amid backlash, will open-source code (3 min read)

Ledger CEO Pascal Gauthier says the past week has been a “humbling experience” and apologizes for the firm’s “miscommunication.”

Hardware wallet company Ledger is postponing the launch of Ledger Recover following an intense week of criticism from the crypto community.

“This experience has been very humbling. We miscommunicated on the launch of this product; it was not our intention to take people by surprise. So because of that, we understand the community’s direction and apologize for the miscommunication.”

Coinbase to roll out ‘Moving America Forward’ national campaign for crypto (3 min read)

United States crypto exchange Coinbase is rolling out another national ad campaign in America focusing on the “critical” role that crypto will play in modernizing the global financial system.

In a May 22 blog post, the firm outlined its plan for its new “Moving America Forward” campaign, which will kick off via a series of four different advertisements featuring Coinbase CEO Brian Armstrong.

QUICK LINKS

Bitget secures regulatory license in Poland, reserve funds up $80M in Q1 (2 min read)

The cryptocurrency exchange secured VASP licensing in Lithuania in April.

Dispersion Capital launches $40M venture fund to ‘bring Web3 to the masses’ (2 min read)

The firm aims to fund startups building infrastructure for Web3 and other decentralized technology projects.

AI developer Anthropic raises $450M in Series C round (2 min read)

“The funding will support our efforts to continue building AI products that people can rely on," developers wrote.

FBI releases warning about fake crypto job advertisements (2 min read)

The fake job advertisements have lured prospective employees to foreign countries, forcing participation in cryptocurrency fraud schemes.

Bitcoin of America to halt operating unlicensed crypto ATMs in Connecticut (2 min read)

The Department of Banking highlighted that Bitcoin of America failed to obtain a license as a money transmitter to operate Bitcoin ATM kiosks in the state.

Japan’s crypto anti-money laundering measures to start in June: Report (3 min read)

The Japanese parliament has decided to roll out tougher AML procedures in line with the “travel rule.”

An expanding BRC-20 exchange fuels DeFi boom on Bitcoin (3 min read)

The rise of the BRC-20 token market has sparked a flurry of activity. Still, it’s also brought challenges, including fragmented liquidity. One DeFi platform aims to solve these issues, bringing harmony to the BRC-20 ecosystem.