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Binance Charity Launches NFT Tree Planting Project, to Benefit the Philippines, 17 Other Countries

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Binance Charity is planning to launch a massive NFT tree planting campaign called Tree Millions Alliance. Launching on September 28, 2021, the project aims to produce 10 million trees planted worldwide, and those who donated will be issued non-fungible tokens of NFT certificates for participating in the initiative. Binance Charity said it already has the support of 17 crypto industry players while aiming to increase this number to 100 members by March 21, 2022, which coincidentally is also the UN Day of the Forest.

The first phase of Tree Millions Alliance by Binance Charity has already started with tree planting initiatives already underway in the Philippines and the following countries: Australia, Canada, Germany, Ukraine, Kenya, Uganda, Ethiopia, Ghana, South Africa, Brazil, Mexico, Colombia, Argentina, India, Indonesia, Vietnam and Thailand.

Every entity that donated to the project will be issued a corresponding NFT certificate that is encrypted with information of the trees to be planted using the donation. The NFT will be used to track how the money donated to Tree Millions Alliance will be spent. Information about the tree to be planted, what its species is, where it was planted and when, will all be recorded in the blockchain and tracked through the NFT certificate. This is in line with Binance Charity being the first-ever blockchain-enabled donation platform. 100 percent of the donation will be transferred to the project execution partners and will also be trackable. 

In a statement, Changpeng ‘CZ’ Zhao said Binance recognizes the role that the cryptocurrency industry needs to play in protecting the environment. “Tree Millions is just one step towards mitigating our impact on the natural world,” CZ explained, while noting how blockchain can be a powerful tool “for building a fairer, more transparent, and more equal future,” the Binance CEO added.

The tree planting will not just happen in the real world, as  a metaverse counterpart initiative will also take place. In partnership with Binance NFT Marketplace, a virtual tree planting will take place to create the largest virtual forest to date. Artists and creators in the Binance NFT Marketplace will also participate in the “NFT for Good” campaign to drive fundraising efforts for Tree Millions. NFT for Good as an initiative was first launched in June “to capture creativity to drive meaningful change.”

While many might raise a concern around NFTs harming the environment because of the energy needed to produce one (as per certain studies, that’s also refuted by other studies), it should be noted the NFT certificates will be issued using Binance Smart Chain, which uses less than 1% of the energy consumption of Bitcoin, the press release stated. To put this in perspective, if the Bitcoin network consumes 113.89 terawatts per hour per year (TWh/year) and the traditional banking systems consume 263.72 TWh/yr; Binance Smart Chain consumes less than 1% of it.

According to Helen Hai, Head of Binance Charity and Binance NFT, those in the digital industry could help in helping the “natural world in crisis.” 

“We know trees are a critical resource in the battle against climate change and an essential part in keeping balance to our fragile ecosystems that help to provide life on earth,” Helen said, noting that while crypto is the future, it is essential that it is a “future that is green.”

Binance Charity has projects in the past that have benefitted the Philippines. Last April, it announced that it made the world’s first crypto donation to UNICEF’s global COVID-19 vaccine relief rollout. As per the record on Binance Charity’s Crypto Against COVID Allocation List, 50,000 BUSD was transferred to the Philippines.

In June of last year, Binance Charity donated Php 3.5 million worth of medical supplies to Philippine hospitals,  paid using cryptocurrency. In a report on BitPinas, eighteen medical and government institutions received the medical supplies, which included surgical masks, face shields, and protective shields, donated at the height of the COVID-19 lockdown in the country.

This article is published on BitPinas: Binance Charity Launches NFT Tree Planting Project, to Benefit the Philippines, 17 Other Countries

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Source: https://bitpinas.com/feature/binance-charity-nft-tree-millions/

Blockchain

XRP Lawsuit: XRP Holders approach the court regarding the expert discovery extension dispute

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The latest development in the XRP lawsuit saw Attorney Deaton write to Judge Torres on behalf of Movants (XRP Holders) to consider the community’s “meaningful perspective” to aid the Court in “reach[ing] a proper decision” in Expert discovery deadline extension dispute. The letter noted that while the court formerly denied Movants’ Motion to Intervene in lieu of SEC’s argument that it will “hopelessly delay” the final verdict, the plaintiff now itself is appealing for a two-months delay with the extension.

XRP Holders appeal access to their funds

Deaton’s letter also refers to Ripple’s opposition to the commission’s expert discovery deadline extension request. According to the letter, Ripple’s argument regarding the “freezing” of XRP markets within the United States impacts Ripple, however, it also directly impacts the XRP holders. Deaton cited Ripple’s argument that “nearly every digital asset exchange in the United States” has de-listed or suspended trading of XRP, leaving XRP holders helpless.

Furthermore, a large sum of XRP Holders holds XRP in retirement brokerage accounts, which have also been “frozen” because of the SEC’s claims, alleging XRP to be an unregistered security. XRP holders are unable to touch their funds in any manner, including the inability to withdraw, due to the ongoing lawsuit.

“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”

Ripple opposition letter mentions frozen XRP markets

Following the SEC’s letter seeking a two-month extension of the Court-ordered expert discovery deadline, Ripple filed an opposition letter on October 18, requesting the court to deny SEC’s extension appeal to prevent further delay in the final verdict. Ripple asserted that extending expert discovery to January 2022 will “unduly prejudice” Ripple and continue to “freeze” XRP markets in the United States.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/xrp-lawsuit-xrp-holders-approach-the-court-regarding-the-expert-discovery-extension-dispute/

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Blockchain

Facebook is Planning a Rebranding of its Name, Here’s the Crypto Connection

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Facebook, the world’s largest social media platfrom is reportedly looking for a rebranding of its name in the coming week, as per a report published in The Verge. The Verge report cited an insider with direct knowledge of the matter. The report indicates that Mark Zukerberg is focused on rebranding Facebook to project it more than just a social media platform, with the main focus on Metaverse.

Metaverse seems to have got Zukerberg’s attention completely and insiders claim he wants to be known as the key architect of the metaverse. Metaverse is the next level in the NFT mania where everything would have a digital avatar rather than just specific brands. The rebrand would reportedly place Facebook’s iconic blue app among several others under a parent company.

Zukerberg seems to be smitten by the crypto bug since 2019, but after the failure of Diam previously known as Libra, Facebook aims to become a leader of the metaverse. The social media giant has already hired 10,000 staff that are working towards the development of consumer hardware like AR glasses that Zukerberg believes would be as common as smartphones in the age of Metaverse.

Facebook Keeps its Crypto Dreams Alive

The first digital asset from the social media giant that also involved a rebranding didn’t go as planned. The Libra stablecoin project from Facebook was launched with a similar hype and promises to change the digital asset market but it never lifted off despite industry big wigs such as Paypal and Mastercard being key partners.

While Libra faced critical bashing from the US Congress and regulators around the world, Metaverse dreams could give the much-needed breakthrough in the digital decentralized world. Facebook launched its digital wallet service NOVI earlier today which would play a key role in the metaverse. However, Facebook must be wary of the regulators as US Congress asked the social media giant to give up on its digital dreams deeming it non-trustworthy.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/facebook-is-planning-a-rebranding-of-its-name-heres-the-crypto-connection/

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China asks McDonald’s to Expand Digital Yuan Use Across Outlets, Here’s Why

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By

Prashant Jha

Published 5 seconds ago Updated 5 seconds ago

China is now looking for an aggressive digital yuan push right before the winter olympics. The national soverign digital currency whose development was completed in 2019 is currently being widely tested across various provinces in China before the official launch. The latest report from Financial Times noted that the Chinese government has asked fast-food giant McDonald’s to expand digital yuan use across its chain.

Digital yuan is currently being accepted as payment across 270 outlets across China, however, the report suggests the Chinese authorities want the fast-food outlet to increase digital yuan acceptance along with the likes of other retail giants such as VISA and Nike. One of the spokespeople for McDonald’s in China said,

 “Shanghai is our pilot city and we will learn from customers’ response.”

Is China Planning Official Digital Yuan Launch by Winter Olympics

China is currently at the forefront 0f CBDC development compared against nearly 180 other countries working towards their own soverign digital currency. The reason for its advancement in the field could be attributed to an early start. China ordered the development of the digital yuan back in 2014 and it was finally completed after five years. While speculations about a possible official launch have been rife since the last quarter of 2019, the latest push before the Winter Olympics indicates a possible launch before the games.

A majority of the other nations working towards their CBDC are years behind, but most recently France tested the use of CBDC in government bond settlements and carried out nearly 500 operations during the trial. South Korea and Russia have stated that the pilot programs for their CBDC would begin by early 2022, while the United States is still in the pre-development phase.

Many believe the most recent crackdown and crypto ban imposed by the Chinese Central Bank was done keeping the launch of the digital yuan in mind. Given the governance in China, the government doesn’t recognize any private digital assets as a form of currency or exchange.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/china-asks-mcdonalds-to-expand-digital-yuan-use-across-outlets-heres-why/

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