Digital business models Archives | Page 361 of 581

In-app investing coming soon to X

Elon Musk’s plan to turn X into a social and financial hub is moving forward, with in-app investing and payments on the way. X CEO Linda Yaccarino said the new financial features, including a possible X debit card, will launch soon.

According to the Financial Times, users can carry out transactions ranging from splitting bills to making investments—all within the app. Yaccarino described it as a future where users manage their financial lives directly through X.

A limited beta version of ‘X Money’ was quietly launched in May.

Despite Musk’s well-known enthusiasm for Dogecoin, memecoin and other cryptocurrencies were not mentioned. Musk has frequently promoted Dogecoin, but X’s financial plans currently leave out crypto integration.

The move reflects Musk’s long-term vision of building an ‘everything app.’ Originally co-founding X.com in 1999, which became PayPal, Musk later revived the X brand when acquiring Twitter in 2022.

The platform is now inching closer to merging social media with finance—without, for the moment, embracing crypto.

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Over $4 billion in crypto options expire today

Over $4.1 billion in Bitcoin and Ethereum options are set to expire today, stirring expectations of price swings across the crypto market. The bulk comes from Bitcoin contracts valued at $3.5 billion, while Ethereum options account for around $565 million.

Data from Deribit shows 33,972 BTC and 224,509 ETH contracts reaching expiry. Traders are watching the market closely, as options expiration often triggers short-term volatility.

Bitcoin’s put-to-call ratio of 1.0 suggests a neutral stance among traders, while Ethereum’s lower 0.69 ratio indicates a tilt toward bullish expectations. Both assets currently trade below their respective ‘max pain’ points.

Analysts note that prices often move toward max pain levels, causing short-term shifts. Broader sentiment remains cautious amid geopolitical tensions and recent US Federal Reserve remarks.

Traders are increasingly hedging against downside risk, particularly concerning possible Middle East conflict and shifting interest rate expectations.

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EU AI Act challenges 68% of European businesses, AWS report finds

As AI becomes integral to digital transformation, European businesses struggle to adapt to new regulations like the EU AI Act.

A report commissioned by AWS and Strand Partners revealed that 68% of surveyed companies find the EU AI Act difficult to interpret, with compliance absorbing around 40% of IT budgets.

Businesses unsure of regulatory obligations are expected to invest nearly 30% less in AI over the coming year, risking a slowdown in innovation across the continent.

The EU AI Act, effective since August 2024, introduces a phased risk-based framework to regulate AI in the EU. Some key provisions, including banned practices and AI literacy rules, are already enforceable.

Over the next year, further requirements will roll out, affecting AI system providers, users, distributors, and non-EU companies operating within the EU. The law prohibits exploitative AI applications and imposes strict rules on high-risk systems while promoting transparency in low-risk deployments.

AWS has reaffirmed its commitment to responsible AI, which is aligned with the EU AI Act. The company supports customers through initiatives like AI Service Cards, its Responsible AI Guide, and Bedrock Guardrails.

AWS was the first primary cloud provider to receive ISO/IEC 42001 certification for its AI offerings and continues to engage with the EU institutions to align on best practices. Amazon’s AI Ready Commitment also offers free education on responsible AI development.

Despite the regulatory complexity, AWS encourages its customers to assess how their AI usage fits within the EU AI Act and adopt safeguards accordingly.

As compliance remains a shared responsibility, AWS provides tools and guidance, but customers must ensure their applications meet the legal requirements. The company updates customers as enforcement advances and new guidance is issued.

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North Korea’s BlueNoroff uses deepfakes in Zoom calls to hack crypto workers

The North Korea-linked threat group BlueNoroff has been caught deploying deepfake Zoom meetings to target an employee at a cryptocurrency foundation, aiming to install malware on macOS systems.

According to cybersecurity firm Huntress, the attack began through a Telegram message that redirected the victim to a fake Zoom site. Over several weeks, the employee was lured into a group video call featuring AI-generated replicas of company executives.

When the employee encountered microphone issues during the meeting, the fake participants instructed them to download a Zoom extension, which instead executed a malicious AppleScript.

The script covertly fetched multiple payloads, installed Rosetta 2, and prompted for the system password while wiping command histories to hide forensic traces. Eight malicious binaries were uncovered on the compromised machine, including keyloggers, information stealers, and remote access tools.

BlueNoroff, also known as APT38 and part of the Lazarus Group, has a track record of targeting financial and blockchain organisations for monetary gain. The group’s past operations include the Bybit and Axie Infinity breaches.

Their campaigns often combine deep social engineering with sophisticated multi-stage malware tailored for macOS, with new tactics now mimicking audio and camera malfunctions to trick remote workers.

Cybersecurity analysts have noted that BlueNoroff has fractured into subgroups like TraderTraitor and CryptoCore, specialising in cryptocurrency theft.

Recent offshoot campaigns involve fake job interview portals and dual-platform malware, such as the Python-based PylangGhost and GolangGhost trojans, which harvest sensitive data from victims across operating systems.

The attackers have impersonated firms like Coinbase and Uniswap, mainly targeting users in India.

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Washington city orders removal of crypto ATMs over rising scams

The Spokane City Council in Washington State has unanimously voted to ban virtual currency kiosks across the city, including crypto ATMs. The ordinance targets approximately 50 machines found at convenience stores, gas stations, and major retailers such as Safeway and Walgreens.

Operators must remove their kiosks within 60 days or risk fines and potential loss of business licences.

Council members highlighted the growing threat these kiosks pose to vulnerable residents, particularly seniors, who have fallen victim to scams. Council Member Paul Dillon described the machines as ‘preferred tools’ for fraudsters exploiting the decentralised nature of cryptocurrency and limited tracking options for stolen funds.

The council initially sought state-level regulation, but after legislative delays, Spokane chose local action to address the issue.

The FBI estimates $5.6 billion of the $6.5 billion lost nationwide to fraud, scams, and extortion in 2023 involved crypto kiosks. Seniors accounted for nearly half of these losses despite being a smaller percentage of the population.

Spokane Police Detective Tim Schwering reported numerous cases where victims were deceived into buying crypto through kiosks after being contacted by scammers impersonating law enforcement or tax officials. Tragically, several local suicides have been linked to these scams.

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France 24 partners with Mediagenix to streamline on-demand programming

Mediagenix has entered a collaboration with French international broadcaster France 24, operated by France Médias Monde, to support its content scheduling modernisation programme.

As part of the upgrade, France 24 will adopt Mediagenix’s AI-powered, cloud-based scheduling solution to manage content across its on-demand platforms. The system promises improved operational flexibility, enabling rapid adjustments to programming in response to major events and shifting editorial priorities.

Pamela David, Engineering Manager for TV and Systems Integration at France Médias Monde, said: ‘This partnership with Mediagenix is a critical part of equipping our France 24 channels with the best scheduling and content management solutions.’

‘The system gives our staff the ultimate flexibility to adjust schedules as major events happen and react to changing news priorities.’

Françoise Semin, Chief Commercial Officer at Mediagenix, added: ‘France Médias Monde is a truly global broadcaster. We are delighted to support France 24’s evolving scheduling needs with our award-winning solution.’

Training for France 24 staff will be provided by Lapins Bleus Formation, based in Paris, ahead of the system’s planned rollout next year.

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GENIUS Act clears path for bank-run blockchains

The Genius Act brings regulatory clarity, and Alchemy’s CTO Guillaume Poncin expects banks will soon issue stablecoins and operate their own blockchains as standard practice.

Poncin explains that banks stand to gain significant revenue by issuing stablecoins, retaining control over transactions and customer relationships. Clients will benefit from faster, 24/7 settlements with the security and protections associated with traditional banking.

Meanwhile, established stablecoin issuers such as Circle and Tether will continue to focus on crypto-native applications and international transfers, allowing banks to concentrate on institutional and corporate uses.

Banks are expected to utilise a combination of Layer 1 and Layer 2 blockchain networks. While Layer 1 offers maximum security for large transactions, Layer 2 provides scalable, cost-efficient solutions ideal for retail payments.

Ethereum’s Layer 2 ecosystems, secured by the mainnet, present flexible options for banks to meet compliance and performance needs. Interoperability between banks’ blockchains is a priority, with emerging protocols promising trustless and instant cross-chain settlements.

Following regulatory progress, many top banks are now actively pursuing stablecoin issuance, signalling rapid adoption in the near future.

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Ohio backs tax-free Bitcoin for everyday use

Ohio has passed a new bill that would make small Bitcoin transactions tax-free, positioning the state at the forefront of crypto adoption efforts in the US. The Ohio Blockchain Basics Act exempts Bitcoin payments under $200 from state capital gains tax, easing everyday crypto use.

The bill received overwhelming bipartisan support in the House, passing with a 68–26 vote. In addition to the tax exemption, it reinforces the right to self-custody and run Bitcoin nodes, which are vital to maintaining decentralised networks.

Advocates, including the Satoshi Action Fund, have called it one of the most robust Bitcoin rights bills to date.

HB 116 will now move to the Ohio Senate, and if approved, will require final confirmation from the Governor. The strong backing in the House has increased expectations for it to become law soon.

Ohio’s move follows similar efforts in states like Texas and Florida, which are exploring Strategic Bitcoin Reserves. Lawmakers across the country are ramping up pro-Bitcoin initiatives, reflecting broader national momentum in support of cryptocurrency-friendly regulation.

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Sam Altman claims OpenAI team rejecting Meta’s mega offers

Meta is intensifying efforts to recruit AI talent fro m OpenAI by offering signing bonuses worth up to $100 million and multi-million-pound annual salaries. However, OpenAI CEO Sam Altman claims none of the company’s top researchers have accepted the offers.

Speaking on the Uncapped podcast, Altman said Meta had approached his team with ‘giant offers’, but OpenAI’s researchers stayed loyal, believing the company has a better chance of achieving superintelligence—AI that surpasses human capabilities.

OpenAI, where the average employee reportedly earns around $1.13 million a year, fosters a mission-driven culture focused on building AI for the benefit of humanity, Altman said.

Meta, meanwhile, is assembling a 50-person Superintelligence Lab, with CEO Mark Zuckerberg personally overseeing recruitment. Bloomberg reported that offers from Meta have reached seven to nine figures in total compensation.

Despite the aggressive approach, Meta appears to be losing some of its own researchers to rivals. VC principal Deedy Das recently said Meta lost three AI researchers to OpenAI and Anthropic, even after offering over $2 million annually.

In a bid to acquire more talent, Meta has also invested $14.3 billion in Scale AI, securing a 49% stake and bringing CEO Alexandr Wang into its Superintelligence Lab leadership.

Meta says its AI assistant now reaches one billion monthly users, while OpenAI reports 500 million weekly active users globally.

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China pushes global use of digital yuan

China has reaffirmed its ambition to expand the use of its central bank digital currency, the digital yuan, beyond domestic borders. People’s Bank of China chief Pan Gongsheng said the country is committed to advancing the e-CNY to challenge US dollar dominance.

Speaking at the Lujiazui Forum, Pan confirmed the launch of an international operations centre for the digital yuan in Shanghai. He said China seeks a ‘multipolar’ global financial system, reducing reliance on a few major currencies such as the US dollar and the euro.

Pan also warned that traditional cross-border payment systems are increasingly exposed to geopolitical risk and can be weaponised through unilateral sanctions. China believes that digital currencies like the e-CNY offer a more stable and neutral alternative in such a landscape.

Despite the growing popularity of stablecoins for cross-border transactions, China remains focused on building a state-controlled digital currency.

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