DAY LONG NEWS ROUNDUP: LATEST NEWS 01/12/21

• Avinandan Banerjee
• December 01, 2021

The crypto industry is growing leaps and bounds with every passing moment. With this surge in popularity, it is essential for you to keep a track of the latest news in the crypto arena. Here, we are providing you with the top-3 news articles of 1/12/2021 across the crypto space, have a look:

 

UAE Postal Group Unveils NFT Stamps in the Middle East

 

Expanding its dominance to yet another powerful investment hub, UAE, Non-Fungible Tokens are quickly becoming the hottest trendsetters of the digital era. In a recent development, the Emirates Post Group or EPG has issued NFT stamps to celebrate the organization’s 50th National Day. With this commemoration by the EPG postal authorities, it is quite clear that digital collectibles are fast entering the mainstream business of the global finance space.

This is for the first time that a postal organization in the Middle East and North African region has issued digital collectible stamps or NFTs. The authorities will launch the new stamp collection, National Holiday, on December 2, 2021. Four stamps will be officially issued by the EPG wherein each stamp will depict a unique national theme.

These stamps will comprise blockchain-supported digital assets that will be traded as NFTs linked to their respective physical assets. The purchasers will be able to view the digital design integrated into the stamp by scanning a QR present on the card. The stamp holders will be required to scan a QR code present at the back of the card to activate the digital design on the blockchain network.

Talking about this collaboration, EPG CEO Abdulla Mohammed Alashram stated that accepting NFTs is a strategic step to further the company’s vision of digitalization adoption. He added that his firm is willing to explore the potential of blockchain technology for enhanced operability and competitive advantage. The spearhead is willing to launch more digital stamps in the future for the tech-savvy generation who love to deal in digital technology.

The UAE government is taking steady steps to infuse blockchain technology and virtual assets into the system. The regulatory authorities are implementing various crypto-supportive regulations. The government issued a dedicated regulatory framework in September that supported crypto trading and activities in the Economic Free Zone of Dubai. Further, in October, the Dubai Financial Services Authority presented clarity around the virtual investment tokens. The laws are designed to offer legal security to investors and operating firms.

 

Huobi Group Makes Singapore as its Regional HQ

 

Known as a top-tier digital asset service providing firm, Huobi Group has chosen Singapore as its regional headquarters for the Asian crypto industry. This major shift to Singapore is a direct result of the uncertain crisis hovering over the crypto domain in China. The Chinese authorities gave a sudden blow to the industry by closing mining centers and restricting crypto trading within the territory. Agitated with this, Huobi Global decided to exit China and set a new HQ in Singapore.

The crypto behemoth is all set to launch a fully-dedicated exchange portal called the Huobi Singapore for Singaporean investors. The subsidiary will start its operation after availing of a license from the Monetary Authority of Singapore.

The Singapore office will not cater to the Singaporean traders as all the trading activities will be managed by the Huobi Singapore team. The news of Singapore becoming the HQ for Huobi’s Asian business can be seen as an unforeseen step as recently Huobi Global halted services for Singapore users because of local regulations.

The sudden flow of interest of the crypto industry towards the Southeast Asian region has made the latter a competitive market space. The fast-paced crypto adoption in the region has made crypto firms and trading exchanges fight a battle to set up their control. The lenient regulatory control over cryptocurrencies has helped Southeast Asia gain overnight popularity amongst companies. The news of the establishment of Singapore as its HQ by the Huobi Group has been positively welcomed by the Asian users as the Huobi Token HT has gained a noticeable surge in its price.

 

 

Coinbase Buys Unbound Security To Launch Israel-based Research Center

 

Leading cryptocurrency exchange known for providing user-friendly services to crypto fans, Coinbase has acquired an Israel-based cryptographic security firm, Unbound Security. With this deal, Coinbase will lay the foundation stone of a new research center in Israel dedicated to decentralized tools. The cryptocurrency exchange giant will get complete access to Unbound’s cryptographic security expertise while also gaining support for entry into the Israeli crypto industry.

Unbound Security offers expert services related to multi-party computation to users. The portal allowed users to enjoy seamless access to immutable cold, offline storage along with convenient online wallet solutions. The Coinbase team revealed that they are happy to collaborate with Unbound Security to further its expansion drive in Israel. The exchange considers Israel to be a tech nucleus and cryptography hub with some of the best brains in the respective fields. The partnering firms will put in their joint efforts to develop the research facility in the near future.

In April, Coinbase got listed on Nasdaq which eventually brought the firm’s valuation to nearly $100 billion worth. Recently, crypto wallet provider BRD announced its collaboration with Coinbase to fuel Web 3.0 adoption and enhance the self-custody cluster. The exchange giant has strategically bought various companies like AI-based Agara, data aggregator Zabo, and data analytics firm Skew. The company has recorded a revenue of $1.2 billion in the third quarter of 2021 with profits reaching a total of $406 million for the portal.