Web 3 With FTC for February 13th - Bitcoin NFTs, Gemini, RSTAKING, Catawba Indian Nation, Dubai's VARA, and Sberbank's Proprietary DeFi Platform

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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 the 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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First up, we've got Bitcoin NFTs.

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While they could boost the security budget, let's be real, they're

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not as cool as using Bitcoin as censorship-resistant money.

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At their best, they might strengthen the transaction fee market, but at worst,

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they could be a fad that fades away with no real consequences for Bitcoin.

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Next, Gemini is throwing $100 million at compensating users who lost

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their deposits with Genesis Earn.

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Hey, that's a pretty good deal!

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With this restructuring of debt and court approvals, both companies and

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their clients have a path forward.

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Now, let's talk about R Staking.

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As banks become increasingly restrictive, R Staking offers a decentralized

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staking platform that provides complete freedom with high rewards and security.

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And who doesn't love freedom and high rewards, am I right?

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The Catawba Indian Nation is getting in on the crypto game by creating a new

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crypto economic zone, offering businesses a unique opportunity to register and be

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recognized as legal entities, with Daos gaining a newfound status within the zone.

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It's exciting to see what will come next in this innovative project.

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Dubai's Virtual Asset Regulatory Authority is cracking down with new regulations,

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including a ban on privacy coins.

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They're also requiring traders with capital above $250 million to register

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and pay fees for advisory services, licensing, and annual supervision.

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Looks like they're trying to keep the crypto space in check.

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Finally, Russia's largest bank, Sperbank, is launching

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its own DeeFi platform in May.

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Some experts have raised concerns about the proprietary nature of the platform,

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but it's a smart move for the bank and a proof of concept for other banks looking

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to explore the potential of DeeFi.

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

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Bitcoin's use of inscriptions has sparked a heated debate on Twitter.

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Some claim that inscriptions have accidentally solved Bitcoin's

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security budget problem, while others argue that inscriptions will lead

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to blockchain spam and graffiti.

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The use of inscriptions, essentially non-fungible tokens, has stirred

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the controversy, particularly among those who have staked

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their reputations on hating NFTs.

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But there are potential consequences, including illegal data and chain bloat.

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Casey Rodarmor's tweet about inscriptions on Bitcoin's mainnet

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refers to the Ordinal protocol, which assigns a sequential number to each

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satoshi, the smallest unit of Bitcoin.

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Users can inscribe the sat with arbitrary data, which can be anything

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from a fully playable version of a video game to a picture of a Bored Ape

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cross-pollinated with a CryptoPunk.

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Ordinal NFTs are a good term for inscriptions, but these are artifacts

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rather than NFTs, out of respect for the sensitivities of hardline bitcoiners.

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The influx of large blocks due to inscriptions has led

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to concerns about chain bloat.

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However, inscription data is witness data and can be pruned, and hardware

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gets better and cheaper over time.

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In addition, more transactions mean more fees, which is

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good for the Bitcoin network.

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Ordinal NFTs could act as a buyer of last resort for blockspace, with the

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potential for users to wait longer to save money by paying a lower fee rate.

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While Ordinal NFTs may be fun, they are less consequential than Bitcoin's

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best use case of peer-to-peer, borderless, censorship-resistant money.

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At their very best, they could strengthen the Bitcoin transaction fee

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market, and at worst, they could be a fad that fades away with no wider

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negative consequences for Bitcoin.

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Next up

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Bankrupt crypto lender Genesis has reached an agreement with

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Gemini and other creditors on a restructuring plan, including a

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sale of Genesis Global Trading.

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As part of the agreement, Gemini will contribute $100 million in additional

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funds to users of the Earn product, and all Genesis entities will be

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brought under the same holding company.

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Genesis and Gemini were associated through the Earn product, which promised investors

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returns of up to 8% on their deposits.

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Genesis filed for bankruptcy in January after suspending redemptions and new

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loan originations on its platform.

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The agreement in principle, subject to court approvals, will see Digital Currency

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Group exchange its $1.1 billion note due 2032 for convertible preferred stock

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and refinance its existing 2023 term loans through a new secured term loan in

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two traunches made payable to creditors in the value of about $500 million.

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Sean O’Neal, an attorney representing Genesis, reportedly told a bankruptcy

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judge on Monday that the agreement would either result in a sale of Genesis or

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creditors would receive its equity.

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In January, Gemini criticized DCG and Barry Silbert for not repaying

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the $900 million of deposits its clients had deposited with the

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firm, leading to public spat between Cameron Winklevoss and Silbert.

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Winklevoss welcomed the agreement with Genesis, saying it “provides

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a path for Earn users to recover their assets.” Bob Ras, co-founder

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of Sologenic, called the agreement a “decent resolution” and said it suggests

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the outcome won’t be as damaging to the industry as earlier predicted.

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The agreement between Gemini and Genesis provides some hope for Earn

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product users who lost their deposits due to the bankruptcy of Genesis.

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The contribution of $100 million by Gemini and the restructuring of the Digital

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Currency Group's debt may help to mitigate the damage caused by the improper lending

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arrangement between Gemini and Genesis.

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While the agreement remains subject to court approvals, it offers a path forward

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for both companies and their clients.

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With the increasing regulations and restrictions imposed by banks on

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their clients, R-Staking offers a decentralized staking platform that

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provides complete freedom to users with high rewards and security.

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we compare a typical bank with R-Staking and explore the benefits of the platform.

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Banks are increasingly regulating their clients and creating endless

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issues with bureaucratic document flow and the creation of new restrictions

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or limits for withdrawing cash.

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On the other hand, R-Staking offers a fixed 25% per year on more than

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200 tokens and crypto coins in 9 networks, with rewards getting paid

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every 3 hours in USDT or BUSD tokens.

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Additionally, R-Staking offers no account blocking, user verification,

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or checking user's funds, unlike banks.

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R-Staking is considered to be one of the most secured blockchain companies

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in the world, with 24 ways to recover access to an account, 50 ultra-secure

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domains with the recovery function, no KYC, stable servers all around the world,

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and security of user’s crypto assets.

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The platform offers stability with USDT or BUSD.

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R-Staking offers the possibility of self-closing and rewards every 3 hours.

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Everyone can register with RSTAKING, receive 10 RHIN tokens free of

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charge, and open their first stake.

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The platform offers staking, NFT, R-mobile - a mobile operator,

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and many other projects.

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The Catawba Indian Nation, a Native American tribe based in South Carolina,

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is building a special economic zone specifically for cryptocurrency, with new

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regulations enabling Daos to be recognized as legal entities within the zone.

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Joseph McKinney, CEO of Catawba Digital Economic Zone, Spoke with Coin Desk to

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share the tribe's interest in crypto and the benefits of its new economic zone.

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The Catawba Indian Nation has been trying to create a special economic

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zone for several years, with recent private partnerships, including

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McKinney's involvement, driving the focus towards digital assets.

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The zone has passed new regulations recognizing digital assets under

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existing law, with the recent adoption of regulation recognizing

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Daos as different entity types.

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McKinney explains that a Dao is particularly advantageous for

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certain communities governed online, providing more flexibility than a

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traditional corporate structure.

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In turn, Catawba Digital Economic Zone provides legal identity, limited

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liability, and the same types of protections as other companies.

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The goal is to create a social layer for web3 that allows communities to transition

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seamlessly between different blockchains.

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The zone has already begun registering companies, and draft

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comments for banking and stable coin regulations have been released.

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McKinney says the initiative will benefit Catawba citizens by providing

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high-paying job opportunities and the ability to onboard themselves

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into companies within the zone.

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The Catawba Indian Nation's new crypto economic zone provides a unique

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opportunity for businesses to register and be recognized as legal entities, with DAOs

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gaining a newfound status within the zone.

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With the zone's recent release of draft comments on banking and stable

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coin regulations, it's exciting to see what will be developed

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next in this innovative project.

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The Virtual Asset Regulatory Authority, VARA, has released new guidelines

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for virtual asset service providers, VASPs, operating within Dubai.

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The “Full Market Product Regulations” include four compulsory rulebooks and

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activity-specific rulebooks that lay down the rules for operating VASPs.

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All market participants, licensed or not, must adhere to the

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regulations, which cover marketing, advertising, and promotion.

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Violators will be fined up to $135,000 for repeat offenses.

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The regulations also prohibit issuing privacy coins in Dubai and require

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traders with trading capital above $250 million to register with VARA.

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Fees for advisory services, licensing, and annual supervision for custody,

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exchanges, broker-dealers, and lending services range from $11,000

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to $55,000, depending on the services.

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The “Full Market Product Regulations” include four compulsory rulebooks and

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activity-specific rulebooks that lay down the rules for operating VASPs.

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The regulations apply all market participants, licensed

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or not, within Dubai.

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This excludes those operating under the Dubai International

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Financial Centre (DIFC), a free zone with its own regulator.

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According to Irina Heaver, a crypto and blockchain lawyer based in the United

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Arab Emirates, the new guidelines issued by VARA provide clarity for the

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crypto space, which is beneficial for business, investors, and consumers.

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In response to the new regulations, Irina Heaver stated that regulatory

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clarity is good for business, investors, and consumers, and the

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regulations are mostly welcomed.

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Although VARA has a broad authority to interpret and apply the regulations,

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Heaver trusts that it will be done in line with the spirit of Dubai's

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leadership, which prioritizes business acumen and fostering entrepreneurship.

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The new regulations issued by VARA provide clarity for the crypto space and are seen

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as a positive development by the industry.

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Russia's largest bank, Sperbank, is reportedly testing a proprietary

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decentralized finance platform and plans to launch it to the

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public on March 1st, according to Russian news agency, Interfax.

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The move is seen as a way for the bank to work within the crypto ecosystem,

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especially as the country approaches a full year of major sanctions put

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in place by the US and its allies following the invasion of Ukraine.

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However, some experts view this as a smart business move, as more banks are exploring

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the potential of DeeFi to provide bank-like services on the internet.

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Sperbank's new DeeFi platform is currently in closed testing and

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will be launched to the public on March 1st, according to Interfax.

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The move is significant given that Russia has never been a huge fan of

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decentralized protocols at the federal level, and is currently facing major

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sanctions from the US and its allies.

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The platform is expected to allow the bank to continue trading with nations

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that have not aligned themselves with the sanctions, as well as providing

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an alternative infrastructure to the US-led financial order, including

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the Swift interbank messaging system.

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Sperbank's platform is seen as a way for the bank to work within the crypto

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ecosystem and potentially explore the potential of DeeFi to provide

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bank-like services on the internet.

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The move is a smart business move, as more banks are exploring the

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potential of DeeFi to provide bank-like services on the internet.

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Banks have been exploring the custody of digital assets and making

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it more convenient for customers to store their cryptocurrencies

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within their bank accounts.

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However, some experts have raised questions about the proprietary

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nature of the DeeFi platform.

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According to one expert, "proprietary" in the context of crypto means copying

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open-source software and adding a few tweaks before calling it one's own.

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Despite this, the move is seen as a good development for DeeFi and a

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proof of concept for banks looking to work within the crypto ecosystem.

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The move also offers an alternative infrastructure to the US-led financial

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order and a way for the bank to continue trading with nations that have not

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aligned themselves with the sanctions.

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Although some experts have raised concerns about the proprietary nature

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of the platform, the move is seen as a positive development and a proof

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of concept for other banks looking to explore the potential of DeeFi.

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

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Today 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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Bitcoin's inscriptions, also known as NFTs, have sparked a heated debate in the

Speaker: 00:14:37

community, with potential consequences including illegal data and chain bloat.

Speaker: 00:14:42

On the other hand, Gemini's contribution of $100 million to compensate Genesis

Speaker: 00:14:47

Earn users and the restructuring plan between the two entities offers hope

Speaker: 00:14:51

for those who lost their deposits due to the bankruptcy of Genesis.

Speaker: 00:14:55

Meanwhile, R-Staking provides complete freedom to users with high rewards

Speaker: 00:14:59

and security, making it a great alternative to traditional banks.

Speaker: 00:15:03

The Catawba Indian Nation's new crypto economic zone provides a unique

Speaker: 00:15:07

opportunity for businesses to register and be recognized as legal entities within the

Speaker: 00:15:12

zone, with Daos gaining a newfound status.

Speaker: 00:15:15

In Dubai, the new regulations for virtual asset service providers offer much-needed

Speaker: 00:15:20

clarity for the crypto space, benefiting business, investors, and consumers.

Speaker: 00:15:25

Finally, Russia's largest bank, Sperbank, is set to launch its

Speaker: 00:15:28

proprietary DeeFi platform, offering an alternative infrastructure to the

Speaker: 00:15:33

US-led financial order and exploring the potential of DeeFi to provide

Speaker: 00:15:37

bank-like services on the internet.

Speaker: 00:15:39

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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