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Justin Sun’s JUST NFT Fund Has Released the First-Ever Picasso NFT

Shortly after purchasing a Picasso painting for $20 million, Justin Sun has released the world’s first Picasso NFT through its designated fund.

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NFT fans will be able to enjoy digital visualizations of Picasso’s work as non-fungible tokens courtesy of Justin Sun’s JUST NFT Fund. This initiative is Sun’s latest attempt to bridge the gap between traditional art and its digital counterparty.

JUST NFT to Introduce Picasso’s Work

To take advantage of the growing demand for non-fungible tokens, Justin Sun, TRON’s founder and BitTorrent’s CEO, introduced a new development last month called JUST NFT Fund. Shortly after, Sun acquired a Picasso painting for $20 million to tokenize it on the Fund.

Earlier today, the team behind the project announced the official launch of the NFT for “The First Collections,” which includes Picasso’s work, in a press release shared with CryptoPotato.

The statement explained that the ownership of the collections is mapped to the TRON chain through the blockchain’s TRC-721 standard. As such, it will be “permanently stored on the TRON public chain and BTFS, which marks the ‘first show’ in history of Picasso’s works on the blockchain.”

This marks JUST NFT Fund’s latest initiative to increase the number of actively engaged users with NFTs.

“I firmly believe that in the next ten years, 50% of the world’s top 100 artists and artworks will be NFTized. The JUST NFT Fund will embrace and strengthen this trend.” – commented Justin Sun.

The growth of the sector is exemplified by the total number of sales worth nearly $600 million, the announcement explained. Additionally, roughly 200,000 pieces of encrypted art have changed hands as of today.

Closing the Gap

The PR outlined the Fund’s intentions to reduce the gap between traditional physical art and the growing in popularity sector of NFT, described as a “major innovation of blockchain technology in the field of art.”

Through NFT, the digital format of any physical artwork can be uploaded to the BTFS system, which generates a corresponding NFT artwork’s BTFS address. The information is then written into the smart contract in accordance with the TRC-721 standard, and “the uniqueness of the work is confirmed by the contract address.”

Starting with “such important works of art” like Picasso’s is “more likely to break through the technology circle and attract full attention in the fields of art, collection, investment, and finance, and then to business in these industries.”

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Source: https://cryptopotato.com/justin-suns-just-nft-fund-has-released-the-first-ever-picasso-nft/

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Crypto.com Now Enabling Cosmos’ Inter-Blockchain Communication Functionality for Cross-Chain Transfers

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Hong Kong-based Crypto.com announced on Thursday it is now enabling Cosmos’ Inter-Blockchain Communication (IBC) functionality for cross-chain transfers. According to Crypto.com, According to the duo, this integration creates new capabilities for future cross-chain implementations of the Crypto.org Chain and other IBC-enabled chains. 

The integration allows for the transferring and receiving of assets (tokens) and data using the ICS20 standard on the Crypto.org Chain Mainnet.  IBC assets will be available in the Bank module of the Crypto.org Chain, and CRO on other IBC-enabled chains.”

Cosmos and Crypto.com further revealed as part of its development on IBC, the project will create a bridge between Crypto.org Chain to Ethereum protocols, bringing on board Ethereum developers as innovative projects to the Crypto.org Chain ecosystem. Sharing more details about the integration, Eric Anziani, COO of Crypto.com, stated:

“The Inter-Blockchain Communication Protocol (IBC) enables self-sovereign networks to connect, which will lead to building a strong ecosystem of networks thanks to the flexibility and open nature of IBC. The IBC launch marks the end of “network tribalism”. It also aligns with one of Crypto.org Chain’s goals of building  an open ecosystem — one that is welcoming to and supported by innovative projects, including Payments, DeFi and NFT initiatives.”

Founded in 2016, Crypto.com serves over 10 million customers today with its crypto app, along with the Crypto.com Visa Card, the Crypto.com Exchange, and Crypto.com DeFi Wallet.

“Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks.”

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Source: https://www.crowdfundinsider.com/2021/05/175098-crypto-com-now-enabling-cosmos-inter-blockchain-communication-functionality-for-cross-chain-transfers/

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Launch of Crypto Trading Team by Goldman Sachs

The cryptocurrency trading team formed will be a part of global currencies The memo is penned by Goldman Sachs partner Rajesh Venkataramani.

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U.S. banking giant Goldman Sachs has announced the details of the cryptocurrency trading team. According to a staff memo, the trading group is buying and selling futures on CME group and non-deliverable forwards.  

Goldman Sachs Forms Crypto Trading Team

The cryptocurrency trading group formed will be a part of Goldman’s global currencies and emerging markets division. The memo is penned by Goldman partner Rajesh Venkataramani. The first report of the memo came on Friday. 

According to Rajesh Venkataramani, the team will be part of Goldman’s global currencies and emerging markets (GCEM) unit. His official statement reads,

“I am pleased to announce the formation of the firm’s cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm’s Digital Assets effort led by Mathew McDermott.”

Derivatives of The Trading Group

The announcement affirmed that Wall Street is allowing cryptocurrencies as a mode of payment. The adoption of digital currency seems to be on a continuous hike. Recent news from the rivalry, Morgan Stanley chose to offer its wealth management clients access to Bitcoin funds in the recent past months.

The derivatives of the Trading group facilitating investors to take note of Bitcoin future prices. In order to not to deal with the physical asset, the contracts will be settled in hard cash, which it “is not in a position to trade,” according to the memo.

The launch of the Digital Assets dashboard by Goldman this Thursday will allow its traders access to crypto market data and news.

Venkataramani says,

“The newly formed team has already traded Bitcoin-backed non-deliverable forward contracts and CME Group’s Bitcoin futures.”

Last month, Goldman Sachs CEO David Solomon mentioned that,

“He was expecting a big evolution in the cryptocurrency space when it comes to regulations.”

READ  DC Bar Association Allows Crypto Payments for Lawyers

#CME Group #Goldman Sachs Forms Crypto Trading Team #Goldman Sachs Group Inc #Morgan Stanley

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Source: https://www.cryptoknowmics.com/news/launch-of-crypto-trading-team-by-goldman-sachs

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A Popular Analyst List Out The Assets To Keep An Eye On, In May

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The post A Popular Analyst List Out The Assets To Keep An Eye On, In May appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Altcoins That May Hit New ATH in May! Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price. A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 …

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Altcoins That May Hit New ATH in May!

Since the past fortnight, many large and small market cap gems rallied high forming a new milestone. However, the Altcoin season is believed to have initiated with the jump in the Ethereum price.

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A popular analyst and the Managing Partner at MoonrockCapital, Simon Dedic, lists out 5 cryptocurrencies that may form new ATH in May 2021. 

The analyst predicts Ethereum price will hit $5000 whereas BNB price may also rally to hit $1000 levels by the end of May 2021. 

Also Read: Top Altcoins to Watch This Month!

 Altcoin Season Underway!

The altcoin season is said to have started as most of the top 100 cryptocurrencies are now a billion dollar asset. Moreover, many of the altcoins have even surpassed their previous ATH and formed new highs in the recent rally. 

As the Bitcoin dominance rate kept sliding, the Altcoin space has strengthened itself to manifest a growing dominancy and extended user adoption. Additionally, Ethereum price is expected to keep the bullish momentum intact to propel high. As most of the altcoins are expected to surge with the ETH price flow jumping towards the north. 

Collectively, the altcoin season is expected to go parabolic as most of the altcoins are expected to discover new highs. No doubt analyst Simon listed the coins to have a watch in the currency month. Yet there are many other promising projects with strong fundamentals, and may also rally towards new high.

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Source: https://coinpedia.org/altcoin/altcoins-to-consider-in-may/

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SEC Chairman Says Crypto Markets Need Regulations to Prevent Fraud

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SEC chairman Gary Gensler said on Friday that greater protection for investors is required in cryptocurrency markets. 

Gensler is no stranger to the cryptocurrency world. The former Goldman Sachs investment banker has long been viewed as a strong candidate to take the SEC chairman role.  

Gensler was sworn in a few weeks ago as Joe Biden’s choice for the next head of the SEC. During Obama’s presidency, Gensler was in charge of the Commodity Futures Trading Commission (CFTC) and was in charge of regulating derivatives.

What makes this particularly interesting is that he will become the first crypto and blockchain expert to hold the highly regarded position. A former MIT professor, he taught a course entitled “Blockchain and Money” and believes the two are a “catalyst for change.” Gensler stated at his SEC nomination hearing:

Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion. But they’ve also raised new issues of investor protection that we still need to attend to.”

Despite his support and optimism, the new SEC chairman also expressed concern about the protections investors are not getting in the crypto asset market. Gensler understands the attraction of bitcoin and other coins, but worries investors are taking on more risk than necessary

“It’s a digital, scarce store of value, but highly volatile,” Gensler says. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.”

He believes that as long as technology continues to change the way consumers interact with markets, regulations to protect said consumers have to keep pace. 

He went on to say that he believes BTC is a “speculative” store of value and that the Securities and Exchange Commission should remain “tech neutral” when looking at innovations in markets. 

The new chairman believes there needs to be an official authority for a regulator to oversee digital currency exchanges.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/sec-chairman-says-crypto-markets-need-regulations-to-prevent-fraud/

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