Daily Crypto, Finance and Tech News Summary – June 7, 2023

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Welcome, and thank you for being part of the MyZucoins community! Dive into our daily crypto, finance and tech news summary to stay in the know.

Crypto Wild West: An Inevitable Reckoning

In a seismic shift for the cryptocurrency industry, regulatory bodies are pulling tighter on the reins of digital asset firms, a move championed by ‘Shark Tank’ star and Canadian entrepreneur Kevin O’Leary. In the wake of the SEC’s lawsuits against industry giants Binance and Coinbase, O’Leary asserts that these cases mark a turning point, signalling the transition from a ‘Wild West’ mentality to a more regulated future for the cryptocurrency landscape.

Binance, the world’s largest crypto exchange, now faces 13 civil charges from the SEC, accused of commingling customer funds and wilfully violating U.S. securities laws, among other allegations. Despite Binance labelling the lawsuit as “unreasonable” and “misguided”, O’Leary predicts a capital drought for the exchange. He foresees customer flight, asset freezing and potential hurdles to Binance’s expansion into regulated markets, quipping that Binance might “drift off into the shadows” and be “starved of oxygen.”

On the other side of the coin, Coinbase’s legal troubles, according to O’Leary, are a different, albeit steep, uphill battle. Accused of failing to register with the SEC as an exchange, clearing house, and broker and with staking products labelled as unregistered securities, Coinbase has taken the fight to court for more precise crypto regulations. This bold litigation stance, however, is a red flag for institutional investors, eroding confidence and contributing to a declining stock price.

O’Leary contends that in their present forms, several of today’s digital asset firms will likely fade into history due to a lack of maturity, experience or inability to integrate with the global financial system conducive to institutional participation. As we look to a new era of crypto, marked by more stringent regulatory oversight, O’Leary suggests we may need to “thank them for their service and their entrepreneurship, but they have to go. Read more here.

On the other side, big-name, regulated institutions like Standard Chartered, Nomura and Charles Schwab are moving into the space, likely preparing to fill the gap. We covered this and a brief intro to Zutopia (further updates will be out soon here), in our recent post.

Zubot: The Automation Powerhouse Revolutionising the Zucoin Ecosystem

A recently released update from Zucoins on Zubot, which is an exciting tool primed to enhance the dynamics of the Zucoin ecosystem with automated transaction processing. This tool will introduce several beneficial features.

Zubot’s primary function is to automate transactions, serving as a versatile instrument that can be leveraged in a multitude of ways by third-party services. Depending on the specific application designed by third parties, the automation could involve processes such as buying, selling, or swapping Zucoins.

Third-party services, such as exchanges, merchants, or websites, are provided with an interface/API that allows them to build their unique services onto their own Zubot. This could range from integrating payment processor services to customised retail solutions, all using the robust backbone of Zubot.

Moreover, Zubot assists with third-parties integrating their loyalty programs. By utilising Zubot’s transaction automation, third-party services can streamline the rollout of their loyalty programmes, enhancing customer engagement and driving business growth.

Zubot brings remarkable capabilities to businesses by giving them the ability to run their own Zubot, within their preferred IT and web system configurations. This allows businesses to closely manage, monitor and integrate their systems using their own preferred configurations. Being tailored to a business’s particular needs, all the while connected to the SplitChain network, allows businesses to design a transaction process that best suits their operational requirements and internal goals.

The order execution process in Zubot is designed to follow instructions provided by another service, such as an exchange, merchant or website. This functionality allows the seamless transfer of Zucoins based on the specifics of each use case.

Zubot assures transaction verification by confirming the authenticity of the wallets involved in the transaction (both sender or receiver). This increases trust and reliability in transactions conducted within the ecosystem, ensuring that both the sender and receiver are expecting the transaction, minimising spam.

In addition, Zubot has the capability to facilitate notifications and confirmations. This feature, which is dependent on the third party’s configuration and implementation, contributes to enhancing the user experience during transactions by informing the relevant parties during the process. Read more here.

What did you think of this newsletter? Reply to send me feedback on what you liked or want to see featured more. There’s more coming, so stay tuned.

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All the best,