Lamborghini has officially unveiled the Fast ForWorld platform, a collaboration with Animoca Brands that introduces interoperable digital supercars for web3 gaming. This marks Lamborghini’s inaugural foray into blockchain technology, with the platform set to launch on 7 November. According to Animoca, Fast ForWorld will allow users to engage with digital collectables, providing opportunities to experiment, play, and be rewarded for their participation.
The platform will enable the buying, selling, and use of digital car collectables across various games, including Torque Drift 2 and REVV Racing, making them accessible on multiple gaming platforms from day one. Additionally, users will have access to a 3D wallet to store and interact with their digital assets, enhancing the overall gaming experience.
Lamborghini’s exploration of blockchain technology isn’t entirely new; it began in 2022 with NFT projects showcasing its iconic cars. The latest venture further establishes Lamborghini’s commitment to engaging with new technologies and connecting with a younger audience.
Taurus, supported by Deutsche Bank, has partnered with Chainlink Labs to enhance the adoption of tokenised assets by financial institutions. The collaboration aims to resolve key challenges, including security, data accuracy, and cross-chain connectivity, which are vital for institutional investors. By integrating Chainlink’s Data Feeds and Proof of Reserve, Taurus hopes to offer improved transparency and reduce risks associated with tokenised assets.
In addition, Chainlink’s Cross-Chain Interoperability Protocol will enable tokenised assets to move smoothly across different blockchains, increasing liquidity and accessibility. Taurus has already secured regulatory approval to offer tokenised securities trading, allowing retail clients to participate in digital asset markets more easily.
Both companies believe these advancements will encourage broader institutional adoption of tokenised assets, providing greater efficiency and data integrity in the market.
Cryptocurrency index investing is emerging as a strategic solution for managing the volatility of the digital asset market. By bundling multiple cryptocurrencies into a single investment vehicle, index funds allow investors to diversify risk and gain exposure without the complexities of managing individual assets. It approach is particularly appealing to institutional investors looking to include crypto in their portfolios.
The growing popularity of crypto index funds reflects their ability to streamline investment strategies. These funds offer a range of options, from focusing on stable assets like Bitcoin and Ether to targeting high-growth sectors such as decentralised finance. As the market matures, crypto index investing continues to attract professional investors seeking a balanced and risk-managed entry into the digital economy.
Stablecoins are now a crucial part of Sub-Saharan Africa’s crypto economy, representing 43% of the region’s total transaction volume, according to a report from Chainalysis. In nations struggling with unstable currencies and limited access to US dollars, dollar-pegged tokens like Tether and USDC are helping businesses and individuals manage value and carry out international trade.
Due to foreign exchange shortages, with 70% of African countries affected, many are turning to stablecoins as an alternative to traditional financial systems. Ethiopia, which recently devalued its currency by 30%, has experienced a 180% rise in stablecoin transfers, signalling growing reliance on this digital solution.
Experts believe stablecoins will continue to shape the region’s financial future. Rob Downes, head of digital assets at ABSA Bank, expects these tokens to be the primary crypto use case in South Africa within the next few years, as the need for dollar equivalents rises.
Ethereum’s price has seen a significant drop recently, fuelled by fear, uncertainty, and doubt (FUD) in the market. It follows the news that an Ethereum whale, who acquired a large amount of ETH during the blockchain’s initial coin offering (ICO) in 2014, has been offloading substantial amounts of the asset. Over the past week, this entity sold over $47 million worth of Ether, adding to the growing pressure on prices.
Ethereum’s price has plunged by almost 10% since the start of October, dropping from $2,650 to an intraday low of $2,365. This dip is steeper than the overall crypto market decline, which has led to renewed criticism and concern among some traders. Despite the downturn, Ethereum supporters remain optimistic, pointing to network upgrades and bullish sentiment within the ecosystem.
In a positive development, institutional interest in Ethereum appears to be rising again. Spot Ether ETFs saw inflows of nearly $20 million on 2 October, largely driven by BlackRock. This comes as Bitcoin ETFs recorded a second day of outflows, further highlighting the contrasting trends within the crypto space.
Russian authorities have initiated a criminal investigation against the founders of UAPS and Cryptex, accusing them of generating over $40 million in illegal profits. It follows allegations of running unlicensed banking operations, unauthorised access to protected information, and creating a payment infrastructure that supported cybercriminal activities. The probe is being led by Moscow’s Investigative Committee.
UAPS, established in 2013, and Cryptex, launched in 2018, were primarily used by criminals for illegal currency exchanges and money laundering. In 2023 alone, the network saw more than $1.2 billion in illicit transactions. Russian law enforcement conducted 148 raids across 14 regions, detaining 96 suspects, many of whom face charges of organised crime and illegal banking.
The investigation comes just days after OFAC sanctioned Cryptex and its founder, Sergey Ivanov, accusing them of laundering funds linked to ransomware attacks and darknet markets. US authorities have labelled Ivanov’s other exchange, PM2BTC, as a major money laundering concern.
The US Securities and Exchange Commission (SEC) has announced its intention to appeal a recent court ruling that limits its authority to oversee cryptocurrency markets. This decision stems from a July 2023 ruling by US District Judge Analisa Torres, which concluded that the XRP token sold by Ripple Labs on public exchanges does not qualify as a security. As a result, the approximately $757 million in sales of XRP would not fall under the protective regulations enforced by the SEC.
Ripple Labs, which could also appeal aspects of the ruling, has expressed its frustration with the SEC’s move. CEO Brad Garlinghouse labelled the decision to appeal as ‘misguided’ and ‘infuriating,’ yet he remained confident, stating that XRP’s status as a non-security is currently upheld in law. This ongoing legal battle could have significant implications for the broader regulatory landscape surrounding cryptocurrencies in the US.
Tens of thousands of Indian nationals are reportedly ensnared in Southeast Asia, coerced into participating in cyber scams, including cryptocurrency fraud and phishing schemes. These individuals are often lured by enticing job offers for IT and data entry positions, only to find their passports confiscated upon arrival in countries like Cambodia and Laos, leaving them trapped in guarded compounds under inhumane conditions.
The Indian government has taken action, launching rescue efforts and collaborating with international organisations and local authorities to repatriate citizens caught in these cyber slavery networks. Recent reports indicate that Indian nationals have lost approximately 500 crores (about $60 million) to these operations between October 2023 and March 2024. Alarmingly, nearly 30,000 Indians who travelled to Southeast Asia from January 2022 to May 2024 have not returned home.
Investigations suggest that these cyber scams may be part of a more extensive human trafficking operation, linking financial fraud to severe exploitation. This alarming connection has drawn the attention of international authorities, including the US Department of the Treasury, which recently imposed sanctions on a Cambodian senator involved in these illicit activities.
As the situation unfolds, the Indian government is intensifying its efforts to crack down on these networks, including blocking international spoofed calls and monitoring suspicious activity in Southeast Asia to protect its citizens.
Polkadot (DOT) has faced a significant downturn, falling nearly 8% in the last 24 hours as rising tensions in the Middle East have prompted investors to seek refuge in safer assets. Currently trading around $4.16, DOT has lost crucial support levels, leaving sellers firmly in control.
The week has been challenging for Polkadot, with the token quickly losing the gains it achieved just a week ago. After rebounding from a low of $3.98 in mid-September to a high of $4.96, the altcoin struggled to maintain its momentum, failing to break the $5 barrier. Following a weekend of selling pressure, DOT saw a sharp decline, slipping below critical support levels and closing Monday at $4.44. Despite a brief attempt to recover, the ongoing geopolitical issues have led to further losses.
Currently, DOT is hovering around $4.10, with strong support at the $4 mark. Should selling pressure continue, it may test this level, which could attract buyers. Analysts suggest that this downturn might present a buying opportunity, noting that DOT is nearing the end of its accumulation phase and could soon break out from its descending triangle pattern. Many believe that long-term prospects remain positive despite short-term volatility.
Overall, while the market sentiment is bearish at present, experts remain optimistic about Polkadot’s potential for recovery and growth in the near future.
Global financial messaging service SWIFT will trial live transactions of tokenised assets and digital currencies in 2024, aiming to accelerate their integration into the financial system. Tokenisation, which transforms traditional assets like bonds into digital units, promises faster, cheaper, and more efficient trading by cutting out intermediaries.
Despite high expectations, tokenisation and digital currencies have yet to achieve widespread adoption. Around 90% of central banks are experimenting with digital currencies, hoping to modernise trade and payments in the evolving cryptocurrency landscape. SWIFT has already tested Central Bank Digital Currencies (CBDCs) and plans to connect them with existing financial infrastructure.
SWIFT’s head of innovation, Nick Kerigan, stated that demand is growing for real-world digital asset transactions where payment in real money happens simultaneously. However, market fragmentation has limited progress, with most initiatives still confined to banks’ internal systems.
The latest SWIFT trials will involve trading various digital assets across multiple platforms. Kerigan emphasised the need for both delivery and payment in tokenised transactions, highlighting the role of wholesale CBDCs and tokenised deposits in making this possible.
