Saudi Arabia is seeking to strengthen its position as a regional technology powerhouse by launching a massive artificial intelligence project, with investments estimated at $100 billion. The new project aims to build a strong infrastructure for artificial intelligence, by investing in data centers and startups in this field.

South Korea has opened the door for seven local banks to experiment with innovative financial services, after the Financial Services Commission voted to select them to participate in a pilot program to test digital financial services based on central bank digital currency and digital depository representatives, marking a significant step toward digital transformation in the financial sector.

Stablecoins have seen tremendous growth in the UAE during the first half of 2024, with the total value of stablecoins traded on centralized and decentralized platforms exceeding $9.8 billion, up 55% compared to the same period last year. This growth has helped cement the UAE’s position as a leading regional hub for cryptocurrencies.

Today, the cryptocurrency market has seen a significant increase in activity and significant volatility in the prices of major digital assets. This increase comes in conjunction with anticipation of the results of the US presidential elections, with initial forecasts indicating a lead for Donald Trump. The potential increase in his chances of winning, which reached about 85% on platforms such as “Polymarket”, has boosted the sentiment of cryptocurrency investors. Trump is known for his pro-industry stances, making his expected victory a positive sign for the cryptocurrency sector, which has had a positive impact on market confidence.

In a move that reflects the growing confidence in the digital assets sector, Zodia Custody, backed by Standard Chartered Bank, is set to raise $50 million in fresh investment. The funding round aims to enable the company to strengthen its position as a leading provider of digital asset custody solutions for financial institutions and large corporates.

Tether is increasingly popular in countries facing economic challenges, as many individuals and businesses turn to the digital currency to preserve the value of their savings and facilitate financial transactions. According to Chainalysis data, the use of USDT in regions such as Eastern Europe, the Middle East, and Africa is on the rise. However, this trend raises questions about the potential implications of increased use of digital currencies in the face of financial restrictions, such as their impact on financial stability and facilitation of illicit activities.

The Monetary Authority of Singapore (MAS) is set to launch new initiatives to promote the use of digital assets in the financial sector. The MAS said it will build trading networks to increase liquidity of digital assets, develop integrated market infrastructure, strengthen regulatory frameworks for digital asset adoption, and facilitate access to shared settlement platforms for digital assets.

In a surprise move, Reddit, the popular social media platform known as a leading community for discussing cryptocurrencies, announced that it will sell most of its cryptocurrency investments during the third quarter of 2024. The company generated $6.87 million from the sale of its major holdings of Bitcoin and Ethereum.

BlackRock bought $1 billion worth of bitcoin last week, then added another $300 million on Monday. BlackRock also invested in MicroStrategy, a major player in the bitcoin market, reflecting a broader interest in the market.

Google announced in a statement the launch of its largest initiative in the field of artificial intelligence in the Middle East and North Africa region, which aims to enhance research capabilities in this field and provide specialized training programs, in addition to developing innovative solutions based on artificial intelligence technologies.
This ambitious initiative was announced during the AI ​​Connect conference hosted by the Etihad Museum in Dubai, in the presence of His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and a group of experts and those interested in this field.

PayPal, the global payments giant, has announced a significant drop in its cryptocurrency holdings. This development signals a significant shift in the cryptocurrency trading landscape, with major financial institutions playing a larger and more influential role in the market.
Data submitted by PayPal to the US Securities and Exchange Commission revealed an 11% decrease in the total value of digital currencies held by the company on behalf of its customers during the third quarter compared to the second quarter, reaching about $2.17 billion.

Digital payments giant Visa has announced a strategic partnership with leading cryptocurrency exchange Coinbase. The partnership aims to facilitate the buying and selling of cryptocurrencies by enabling Coinbase customers in the US and EU to instantly deposit funds into their accounts using Visa cards. Thanks to the integration with the Visa Direct network, users can now benefit from the speed and ease of digital money transfers.

Jeff Kendrick, head of global digital assets research at Standard Chartered, published an analysis report last week on the potential impact of the US presidential election on Bitcoin prices. The report presented different scenarios showing how Bitcoin prices might react to each scenario.

Hong Kong is set to launch a new policy by the end of the year that aims to expand tax incentives for family offices and private funds that manage their wealthy clients’ cryptocurrency investments. In this regard, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, confirmed that the special administrative region seeks to provide a favorable environment for blockchain technology, especially in the financial services sector.

1. Unfair distribution and lack of transparency
The HMSTR token distribution process was clearly unfair, with many participants being excluded at the last minute from the distribution, under the pretext of combating fraud. A large portion of the tokens were allocated to influencers, which greatly angered the community. These actions caused users to lose trust and raised doubts about the integrity of the project. This created a feeling of anxiety and doubt (FUD), which negatively affected the value of the token and the speed at which it was sold after the distribution.

In the past few months, cryptocurrencies like GOAT, X Empire, and HMSTR have seen a lot of attention in the digital market. They have gained popularity thanks to the hype surrounding their projects and various events such as airdrops and listings on exchanges.
GOAT has seen a huge surge due to its association with the AI ​​bot Truth Terminal. X Empire has been in the spotlight due to its upcoming listing and free coin distribution, which has created high expectations among investors. HMSTR has attracted millions of users thanks to the Hamster Kombat game, but has faced challenges due to the controversy surrounding the free coin distribution.

The Dubai International Financial Centre (DIFC) Courts has officially launched its innovative Digital Wills service, which is set to revolutionize the way digital assets are managed and inherited. The service provides a secure and easy-to-use solution for managing and distributing digital assets to users globally. Unlock Blockchain presents this comprehensive study to shed light on the impact of this groundbreaking launch on the digital assets sector, and provide readers with a deeper understanding of the forward-looking approach adopted by the DIFC Courts.

Jeremy Allaire, CEO of Circle, the issuer of USDC and ERC stablecoins, told CoinDesk in an interview that the stablecoin market will grow significantly over the next decade, reaching a size of between $5 trillion and $10 trillion, as the world becomes increasingly reliant on digital currencies. Allaire expects stablecoins to account for between 5% and 10% of the global money supply over the next decade, as digital technology expands, such as streaming services and online shopping. Allaire stressed that stablecoins are still in their infancy, but they will become an integral part of the global financial system in the next two decades.

In response to the SEC’s appeal, Ripple Labs filed a cross-appeal with the U.S. Court of Appeals for the Second Circuit, challenging several aspects of the underlying ruling in the case.
The appeal comes a week after the SEC filed its own appeal, targeting specific aspects of a 2023 court ruling that partially favored Ripple’s sale of XRP to investors. The appeal, which is expected to continue into next year, has drawn widespread attention from investors and cryptocurrency experts because of its potential impact on the future of digital asset regulation in the United States.

During his recent appearance in an interview with Bloomberg, Ripple CEO Brad Garlinghouse confidently declared that the launch of an XRP exchange-traded fund is inevitable. He also predicted that the XRP ETF will be a huge success, driven by the significant growth of the XRP user community. Garlinghouse criticized the US Securities and Exchange Commission, hinting that it was forced under pressure to approve the launch of a spot Bitcoin ETF in January.