Web3 with FTC For February 9th - Brazilian Crypto Cops, Binance Bank Ban, NFTs with WeTransfer, Metavertu's Decentralized App Store, UK's Digital Pound, and Algorand's Broad-Reaching Partnerships in India

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"Welcome to Web3 with FTC by Fintech Confidential, the place where we

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keep you up-to-date on the latest developments in world of Web3,

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Crypto, Blockchain, NFTs, and Fintech.

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"Get ready for some fresh and thrilling insights on the crypto and blockchain

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world, right here on Web3 with FTC!

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No more stale, regurgitated stories, we've got the hottest

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and newest updates for you."

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You won't believe what the Brazilian government is up to!

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They're on a mission to confiscate crypto and control the crypto-sphere

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with their new superpowers.

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It's like they're ready to take on crypto-crime in a cape and tights!

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And we have a little legal drama too.

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In a battle against the internet provocateur, Ryder Ripps, Yuga Labs

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has reached a settlement with one of Ripps' collaborators, Thomas Lehman.

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But don't worry, Ripps is still in the game and ready for round two.

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We also take a look at the recent suspension of U.S.

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dollar bank transfers on Binance, but no need to panic!

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The company says all other methods of buying and selling

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crypto remain unaffected.

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So, sit back, relax and enjoy the show!

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Next up, we have the partnership between WeTransfer and Minima.

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This dynamic duo is set to revolutionize the file-sharing

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industry with their NFT technology.

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Directly from your mobile phone, you'll be able to create NFTs and be a part

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of this exciting new development.

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As we explore the world of decentralized apps with METASPACE.

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This app store has the potential to change the game and provide a

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solution for decentralized apps to thrive in the Web 3.0 ecosystem.

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So, let's break the centralized hegemony and welcome Damus to METASPACE!

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We also have some exciting news from Algorand Foundation, after the appointment

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of Anil Kakani as India Country Head With his mission "built around sustainable

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impact," Anil is ready to bring the power of blockchain to India and beyond!

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And speaking of exciting developments, have you heard about Britcoin?

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This new way to pay could be a game-changer for the payments

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industry and is being considered by the Bank of England and Treasury.

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But don't worry, cash is still king, and Britcoin is just a

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new and exciting alternative.

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Stay here for the rest of the story, right here on Web3 with FTC."

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The Brazilian government is set to give new powers to its prosecutors, courts,

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and police officers to confiscate crypto.

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The Federal Public Ministry, MPF has drafted a "guide" for law enforcement

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and presented it to the Criminal Chamber and dedicated crypto units.

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The MPF highlighted the growing relevance of crypto in the legal sphere

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and wants to receive feedback from law enforcement, tax officials, and

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prosecution officers as soon as possible.

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The Criminal Chamber oversees the nation's prosecution service, and if it approves

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the proposal, the guidelines could be immediately adopted by prosecutors

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investigating crypto-related cases.

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The Attorney General believes there is an urgent need to create national guidelines.

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The Deputy Attorney General, Carlos Frederico Santos, was quoted saying

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that the guidelines will allow for greater efficiency in the prosecution

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of crimes involving crypto assets.

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The MPF is also preparing a compendium of resources and providing crypto-specific

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training sessions for MPF officials and law enforcement agents to increase

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their understanding of crypto assets.

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The public prosecutors' council created a crypto regulations working group in

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November to train police officers and prosecution officials to fight crypto

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scams and crypto-powered corruption.

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The MPF also founded a Special Unit for Crypto assets, which has been tasked

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with investigating crypto crimes and studying crypto-related technology.

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This move by the Brazilian government to grant new powers to confiscate

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crypto is part of their effort to control the crypto space.

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With the growing relevance of crypto in the legal sphere, it's clear that

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the government wants to be prepared and have the necessary resources to

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prosecute crimes involving crypto assets.

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The central bank has also launched a similar task force

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to explore the possibility of regulating the tokenization space.

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Next up

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Yuga Labs, the $4 billion company behind the NFT brand Bored Ape Yacht Club, B A Y

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C, has reached a settlement in its ongoing legal battle against conceptual artist

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and internet provocateur Ryder Ripps.

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The company has settled with Thomas Lehman, one of Ripps' collaborators, after

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suing him for trademark infringement.

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The legal battle between Yuga Labs and Ryder Ripps began after Ripps

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circulated allegations that Bored Ape Yacht Club NFTs contained

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hidden pro-Nazi and racist imagery.

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Ripps then sold a copycat collection of 10,000 Bored Ape NFTs, claiming it

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was a political and artistic statement.

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Yuga Labs sued Ripps in a Southern California federal court for

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trademark infringement last June.

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Lehman, a developer who assisted Ripps in creating the smart contract for

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the RR/BAYC project, took home 15% of the profits from the collection,

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which did some $1.6 million in sales.

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The terms of Lehman's settlement with Yuga Labs are confidential, but he has

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conceded to Yuga's ownership of the BAYC trademark and that he infringed on

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those marks as part of his participation in the R R / B A Y C project.

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Although the settlement is a victory for Yuga Labs, it has not yet impacted

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Ripps' suit as the two cases were filed in separate federal jurisdictions.

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Further, Lehman's work on the R R / B A Y C project was mainly technical and

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peripheral to the project's creative and allegedly political mission.

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Yuga Labs has reached a settlement with Thomas Lehman, one of Ryder

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Ripps' collaborators, in the ongoing legal battle against the conceptual

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artist and internet provocateur.

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The terms of the settlement are confidential, but Lehman has conceded to

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Yuga's ownership of the B A Y C trademark.

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The case against Ripps is still ongoing and remains separate from Lehman's case.

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The world’s largest cryptocurrency exchange, Binance, has temporarily

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suspended all US dollar bank transfers starting on February 8th.

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A Binance spokesperson stated that only 0.01% of the company’s monthly

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active users used USD bank transfers.

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Affected customers have been directly notified.

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Despite the suspension, customers can still buy and sell crypto through

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various methods, including bank transfers in other fiat currencies such

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as euros, as well as through credit and debit cards, Google Pay, Apple

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Pay, and the Binance P2P marketplace.

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Binance US, a subsidiary of Binance, is not affected by the

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suspension, according to a tweet from Binance US Customer Support.

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Data from Arkham Intelligence showed a sharp spike in outflows from Binance’s

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crypto wallets, with millions of dollar-pegged stablecoins flowing to

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rival exchanges or individual wallets.

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However, Binance stated that they are still net-positive on net deposits and

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the outflows are a result of users taking profits following a bullish market swing.

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Binance's exchange token, B N B, was largely unaffected by the news

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and held steady at around $328.

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The Binance representative stated that the small number of affected

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customers will have a new partner to announce in the next couple of weeks.

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While the suspension of US dollar bank transfers may inconvenience

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a small number of Binance users, the company has emphasized that

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all other methods of buying and selling crypto remain unaffected.

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Binance is working to restart the service as soon as possible and will provide

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updates for the affected customers.

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We Transfer, the popular digital file-sharing service, has announced a

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partnership with blockchain platform Minima to launch non-fungible

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tokens, NFTs, on the network.

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This innovative collaboration will allow users to create NFTs directly from their

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mobile phones, and is set to explore the practical use of NFT technology and

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its potential for widespread adoption.

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Minima is a layer 1 blockchain and peer-to-peer network

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optimized for mobile use.

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With its ultra-lean protocol, users can run a full constructing

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and validating node, creating a fully decentralized network.

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The blockchain uses the Minima coin as its native currency,

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enabling peer-to-peer transfers without the need for a third party.

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The partnership with We Transfer will allow users of the blockchain

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to "share their digital assets and efficiently collect revenue".

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This collaboration will investigate the actual application of NFT

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software and demonstrate its potential for wider adoption.

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Minima's decentralized peer-to-peer system is completely governed by its users and is

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set to go live in 180 countries in March.

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The company is pioneering blockchain decentralization by completely building

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and verifying nodes distributed worldwide on phones and connected devices.

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We Transfer, on the other hand, has several excellent security mechanisms

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in place to protect users' data.

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The platform uses TLS cryptography for documents in transit, AES 256-bit security

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for stored documents, and two-factor verification for enrolled account holders.

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The partnership between We Transfer and Minima is set to bring a new level of

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innovation to the file-sharing industry.

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By allowing users to create NFTs directly from their mobile phones and providing

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a secure and decentralized platform, this collaboration is a testament to

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the potential of NFT technology and its potential for widespread adoption.

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With Minima's system set to go live in March, it will be exciting to

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see the impact this partnership will have on the industry.

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The recently launched decentralized social media platform, Damus, backed

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by Jack Dorsey, has faced challenges with its censorship-resistant nature.

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Despite being banned in China and removed from the Apple App Store, Damus

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has found a solution with Metavertu's decentralized app store, Metaspace.

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Damus was designed as a decentralized alternative to Twitter and was built

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on Nostr, an open-source internet protocol based on cryptographic keypairs.

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The platform boasts various features, such as being fully decentralized,

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encrypted, and programmable.

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Users are in control and have end-to-end encrypted private

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messaging, and there is no need for registration or infrastructure.

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The platform operates without servers and is censorship resistant.

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Additionally, users can earn money on the platform by tipping

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friends' posts with Bitcoin.

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Despite its impressive features, Damus has faced challenges with centralization.

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Apple's App Store in China banned the app due to a violation of national

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speech laws, and the company's stance on decentralization and

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cryptocurrencies has been unfriendly.

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China, a mainly authoritarian state, censors activists, journalists,

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and critics of its government's policies, and Damus was not

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immune to these strict policies.

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Recognizing the need for decentralization, Metavertu' has stepped

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in to offer a solution for dApps.

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Metavertu' is the world's first actual Web 3.0 phone, explicitly

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built for encryption, and comes with pre-installed software to

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help users navigate the metaverse.

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To support dApps, Metavertu created Metaspace, a completely

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decentralized app store, and welcomed Damus to join their project.

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Metaspace is "totally decentralized, digitally sovereign, super

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secure and free and open."

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Metavertu's decentralized app store may be the answer to Damus' problems

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and the future of decentralized apps.

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The need for decentralization is growing, and Metaspace provides a solution for

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dApps to thrive in the Web 3.0 ecosystem.

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Let's break the centralized hegemony and welcome Damus to Metaspace.

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The Algorand Foundation, the organization behind the world’s most advanced and

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secure layer-1 blockchain, has announced important partnerships in India

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aimed at growing the Web3 ecosystem.

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India, set to surpass China as the world’s most populous country this

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year, represents a huge opportunity for Algorand to support employment

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opportunities and solutions that serve the country's diverse population.

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The first partnership is with T-Hub, India's premier innovation hub, which

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supports startups and established companies looking to build high-impact,

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scalable blockchain solutions.

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T-Hub is committed to fostering a Web3 ecosystem, and its partnership with

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Algorand is evidence of this, helping the ecosystem to scale globally and

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access capital from around the world.

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Algorand has also joined forces with Jawaharlal Nehru Technological

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University Hyderabad and the Indian School of Business to launch faculty

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development programs, student developer training, and a master class series

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for companies looking to transition critical business processes to Web3.

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In addition, Algorand will act as a technology partner for the new $50

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million Global Climate Resilience Fund, launched by the Clinton Foundation

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and its Clinton Global Initiative, with SEWA as a founding partner.

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The fund will help women micro-entrepreneurs address climate

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change and connect with carbon markets to monetize carbon credits.

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Algorand will support women-led enterprises building solutions to

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increase financial inclusion and empower SEWA members and low-income working

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women across India through business accelerator programs and seed investments.

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Algorand Foundation CEO Staci Warden and former U.S.

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Secretary of State Hillary Rodham Clinton were in Ahmedabad to celebrate

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the launch of the fund and demonstrate their commitment to ensuring

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blockchain technology creates a more inclusive economy in India and beyond.

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Anil Kakani, recently appointed as India Country Head for Algorand, sees

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India as poised to become a leader in the future of Web3, with thousands

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of students learning to build on Algorand's technology and create

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world-changing products and services.

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The Bank of England and Treasury's Digital Pound is A Modern Take on Payments.

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They plan to create a digital currency, dubbed "Britcoin," that could change

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the way UK pays for goods and services.

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This new form of currency has the potential to revolutionize the UK payment

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industry, but what exactly is Britcoin and how will it impact our daily lives?

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The Bank of England and Treasury are proposing a new digital currency,

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Britcoin, which would be backed by the government and the Bank of England.

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This digital currency would be a new way to pay for goods and services,

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but it wouldn't replace cash.

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In other words, you could still use banknotes and coins if you wanted to.

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The digital pound would be built on blockchain technology

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and stored on a digital wallet.

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Unlike cryptocurrencies like Bitcoin, Britcoin would be tied to the pound,

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making it a so-called stablecoin.

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That means that its value would be stable, just like banknotes, with

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£10 in Britcoin digital pounds having the same value as a £10 banknote.

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Britcoin would be accessible through digital wallets on smartphones or

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smartcards, and these wallets would likely be provided by private companies.

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There could be restrictions on how much of the currency any individual

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or business could hold, and the Treasury has indicated that any

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digital pound would exist alongside, not replace, cash and bank deposits.

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The idea behind Britcoin is that central bank digital money could

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be used for everyday transactions, running alongside the existing payments

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system dominated by banks and payment giants like Visa and Mastercard.

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The joint consultation paper from the Bank of England and Treasury is expected

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to drop on February 7th, and they are seeking feedback on whether and how to

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proceed with creating a digital pound:

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Britcoin has the potential to be a game-changer for the payments industry,

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providing a new way to pay that is trusted, accessible, and easy to use.

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The Bank of England and Treasury are carefully considering the implications

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of a digital pound, and it's important for the public to provide feedback

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on this exciting new development.

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If all goes according to plan, we could see the digital pound in

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circulation by 2025, so stay tuned for more updates and developments.

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As we wrap up today's episode of Web3 with FTC by Fintech Confidential, remember

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that cash is still here to stay, but Britcoin could provide a new and exciting

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alternative to traditional payments.

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Thank you for joining us on this journey to discover the future of payments.

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we've covered some of the biggest Web3 stories that are shaking up the

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Web3 world and what they mean for you.

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From BritCoin to Bored Apes to Binance bank issues to Decetralized Social

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Media and NFT transfers , we've explored the impact these events

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are having on the industry and what you can expect in the future.

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Thanks for tuning into “Web3 with FTC”, where we cover what’s behind the

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disruptive and innovative world of Web3, Blockchain, Crypto, NFTs and Fintech.

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And remember to follow us on our Telegram Channel, Linkedin, Facebook,

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and Instagram, and sign up for the latest news delivered straight to your inbox at

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