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Fourth-Largest Swiss Bank Offers Bitcoin

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BeInCrypto’s comprehensive Europe Crypto Roundup covers the latest news and trends shaping the continent’s crypto landscape. With reporters across key markets like Germany, France, and the UK, we provide in-depth insights into evolving regulatory environment, adoption rates, major industry events, and market movements. 

This week’s roundup highlights Zürcher Kantonalbank’s new crypto service, the signing of the world’s first international AI treaty by the UK, EU, and US, along with other key stories.

German Police Issues Warning About New Bitcoin Scam

The Bavarian State Office of Criminal Investigation (LKA Bayern) has issued a warning about a new crypto fraud. Scammers have been leaving plastic bags around Munich with fake Bitcoin account access codes and payment receipts.

The scam involves eye-catching bags left in public areas like streets and park benches. Inside, victims find a receipt labeled “Bitcoin,” claiming to be worth 10,000 euros, along with a paper wallet — a slip of paper containing data for a crypto wallet, including a QR code.

Scanning the QR code redirects victims to a fake website that promises a payout in exchange for a 3% fee. However, the payment doesn’t go through, causing the person to lose money. Victims may attempt the process multiple times, compounding their losses.

Read more: 15 Most Common Crypto Scams To Look Out For

The LKA Bayern spokesperson warned that victims could unknowingly face legal repercussions. Scanning the QR code alone could be viewed as an attempt to fraudulently obtain someone else’s money, potentially resulting in charges of attempted fraud. Authorities will evaluate each case individually, but they recommend turning the bags in to the police immediately.

Investigators have not yet identified any suspects, and scammers seem to be distributing the paper wallets randomly in high-traffic areas, without a clear pattern. Authorities urge the public to remain cautious and report any suspicious findings to local law enforcement.

Switzerland’s Fourth-Largest Bank Launches New Crypto Service

Zürcher Kantonalbank (ZKB), Switzerland’s fourth-largest bank, has introduced a new service allowing retail customers to buy, sell, and hold Bitcoin and Ethereum. This offering is made possible through a collaboration with Crypto Finance, a digital assets broker owned by Deutsche Börse. Customers can access BTC and ETH via ZKB’s Mobile App, eBanking platform, and other existing channels, the bank announced in a press release on Wednesday.

Switzerland has long been a leader in the digital asset space, with many financial institutions providing cryptocurrency trading services. ZKB is no newcomer to crypto market. In 2021, the bank was involved in issuing the world’s first digital bond on Switzerland’s SIX Digital Exchange (SDX).

“When it comes to cryptocurrencies, Zürcher Kantonalbank takes on the critical function of securely storing the private keys,” said Alexandra Scriba, ZKB’s head of institutional clients and Multinationals. “Customers and third-party banks do not need their own wallet and therefore do not have to worry about storing their own private keys. Zürcher Kantonalbank takes care of both.”

Read more: Crypto vs. Banking: Which Is a Smarter Choice?

This new service also allows other Swiss banks to offer cryptocurrency trading and custody to their clients. Thurgauer Kantonalbank is the first partner bank to adopt the service.

EU, UK, and US Sign World’s First International AI Treaty

The US, EU, and UK signed the world’s first international AI treaty on September 5, aiming to protect human rights and hold AI systems accountable for any harm or discrimination they cause. While the treaty sets important standards, penalties like fines for violations haven’t been introduced yet.

“This Convention is a major step to ensuring that these new technologies can be harnessed without eroding our oldest values, like human rights and the rule of law,” Britain’s justice minister, Shabana Mahmood, said in a statement.

The European Union has already made significant progress in regulating AI with the AI Act, which came into effect in August. This new law will help control the development and use of advanced AI models, especially those with powerful computing capabilities. However, the act has been controversial.

Companies like Meta, which owns Facebook, claim the rules are too strict and are hurting innovation. In fact, Meta has paused the release of some of its latest AI products in Europe due to the complex regulations.

Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024

Despite these complaints, the EU is pushing ahead, setting a strong example for AI regulation. The AI Act is seen as a major step in ensuring that AI technologies are developed responsibly and safely, especially as more countries look to regulate this rapidly growing field. European leaders believe their approach will become a global benchmark for balancing technological advancement with ethical and legal protections.

French City Rouen Now Offers Bitcoin Payments for Groceries

France is seeing a growing number of businesses accepting cryptocurrency payments, with the latest addition being a supermarket in Rouen.

This week, Carrefour Express in Rouen made headlines by becoming one of the first supermarkets in France to accept Bitcoin. Customers can pay using the Swiss app Bridge Wallet, similar to Revolut, which facilitates crypto transactions. The system utilizes the Lightning Network to minimize transaction fees, making it fast and cost-effective.

Rouen isn’t alone in embracing crypto payments. While this may be a first for the city, several hundred establishments across France now accept cryptocurrencies. Major hubs like Paris, Nantes, and Lyon lead the way. In Lyon, initiatives like the Comptoir Brunet restaurant and Bitcoin Lyon broker are actively promoting crypto adoption.

Read more: The Best Bitcoin Lightning Network Wallets In 2024

With these developments, crypto payments are becoming more accessible across the country, bringing France closer to a future where digital currencies play a larger role in everyday transactions.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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TradFi To Become Biggest DeFi Customer

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Chainlink co-founder Sergey Nazarov predicts that tokenized real-world assets (RWAs) will soon be more valuable than cryptocurrencies. He points to the increasing involvement of traditional finance in decentralized finance, driven by a growing interest in tokenization.

Nazarov also noted that Chainlink is ready to take advantage of this shift in the blockchain space.

TradFi Interest in Tokenized RWAs To Alter Blockchain

Nazarov anticipates an interconnected world where decentralized finance (DeFi) and TradFi actively transact with each other. Acknowledging the growing interest in tokenized RWAs, he says TradFi would be DeFi’s largest customer.

Speaking at Token2049 in Singapore, Nazarov highlighted DeFi’s ability to generate yield and create reliable markets for RWAs. He urged the industry to prepare for this shift, noting that it’s already happening, driven by asset tokenization. According to Nazarov, blockchain technology is giving TradFi exactly what it needs.

Chainlink co-founder also highlighted how decentralized infrastructures like Chainlink and smart contracts are transforming the digital space by removing the need for traditional counterparty relationships. Instead of relying on human decision-making, automated code ensures outcomes, improving efficiency and reducing risks that traditional finance models often face.

Read more:  Real World Asset (RWA) Backed Tokens Explained

Chainlink co-founder on TradFi, DeFi, and tokenized RWA during Token2049 in Singapore

Nazarov emphasized that this represents a major shift from the current TradFi model, where delays and risks stem from human intervention.

His remarks align with his statements from late August, when he predicted that tokenized real-world assets (RWAs) would surpass crypto in value by 2027, driven by institutional interest and TradFi integration. Currently, the RWA market is growing, with RWA.xyz data showing it is already a $2.22 billion industry.

Tokenized RWA
Tokenized Securities Industry Valuation. Source: RWA.xyz

This development comes as blockchain technology continues to tackle the infrastructure challenges faced by traditional finance, while also opening up new investment opportunities. Blockchain’s ability to streamline workflows and significantly improve settlement times is especially appealing — echoing what Sergey Nazarov explained about the efficiency and certainty that decentralized systems offer.

“TradFi needs all kinds of different data that allow those traditional finance smart contracts to function properly…the Net Asset Value (NAV) data of tokenized funds is an example of a dashboard live on production showing the proof of Reserves of one of the many ETF funds use to prove things about them,” Nazarov said.

Read more: What is Tokenization on Blockchain?

Notwithstanding, the road to a complete transition to digital infrastructure is marred with challenges. Among them are legal considerations, identity standards, and data privacy, which would demand careful evaluation with regulatory systems in mind.

Accordingly, TradFi and DeFi players and the broader financial services industry must work to build infrastructures capable of supporting broader tokenization adoption while ensuring security and compliance before Nazarov’s dream can become a reality.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Vitalik Buterin’s Speech, and More

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The Token2049 conference in Singapore has once again proven to be a key event for the crypto industry, showcasing major advancements and collaborations.

The event covered everything from Ethereum’s growth to new partnerships in sports and AI, highlighting how the industry continues to evolve.

Vitalik Sings Ethereum’s Progress: Fees, Speed, Future

Ethereum creator Vitalik Buterin surprised Token2049 attendees by delivering his speech in the form of a concert. Despite the unusual presentation, he shared key updates on Ethereum’s progress.

Buterin highlighted how Layer-2 networks have reduced transaction fees and improved transaction confirmation times to just 5 to 15 seconds.

He also stressed the importance of balancing mainstream adoption with Ethereum’s core values of decentralization and open-source development. Buterin briefly mentioned the ongoing competition with Bitcoin, which currently dominates 58% of the market.

On the second day of Token2049, global crypto exchange Bitget announced a partnership with LaLiga. The collaboration, timed with Bitget’s sixth anniversary, will focus on leveraging blockchain technology alongside LaLiga’s ventures into AI, virtual reality, and the metaverse.

Bitget CEO Gracy Chen highlighted the alliance’s potential to connect with millions of football fans in emerging markets. This follows Bitget’s 2022 partnership with Lionel Messi, reflecting the growing overlap between crypto and sports.

Solana Mobile Unveils ‘Seeker’: Next-Gen Web3 Smartphone

Solana Mobile, a subsidiary of Solana Labs, has unveiled its second-generation Web3 smartphone, called “Seeker”. Previously referred to as “Chapter Two,” Seeker has already secured over 140,000 presale units across 57 countries, according to Emmett Hollyer, Solana Mobile’s general manager. The device is set for release in 2025 and aims to further Web3 mobile development within the Solana ecosystem.

Seeker’s key features include a seed vault wallet, Solana dApp Store 2.0, a Seeker Genesis token, and enhanced hardware. The Early Founder price is $450 until September 21, 2024.

This launch comes after the Saga phone faced initial struggles with sales, but later sold out following a surge in the value of the BONK meme coin.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

Chainlink co-founder Sergey Nazarov once again predicted that tokenized real-world assets (RWA) will soon surpass cryptocurrencies in value on Web3. During his keynote at Token2049, he stated that TradFi will become decentralized finance’s (DeFi) largest customer, reshaping the blockchain industry.

Nazarov highlighted Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as crucial in connecting various financial systems. He noted that Chainlink’s oracle network has already enabled $15.49 trillion in transaction value since 2022.

To integrate with blockchain, TradFi needs access to diverse data types and cross-chain connectivity. CCIP offers programmable token transfers, allowing value and data to be included in single transactions.

CertiK, the prominent blockchain security firm, announced a major upgrade to its Web3 services. The company introduced two free community security tools: Token Scan and Wallet Scan, aimed at increasing user asset protection.

Token Scan offers instant security checks for tokens, helping users detect potential scams on networks like Solana. Wallet Scan allows users to assess their wallets for risks such as approval vulnerabilities, and interactions with phishing addresses.

These tools were developed based on CertiK’s extensive experience, including over 70 white hat operations, reporting of 4,000+ security incidents, identification of 115,000 code vulnerabilities, and protection of approximately $360 billion in assets.

Read more: 15 Most Common Crypto Scams To Look Out For

Hollywood Veteran Critiques Celebrity Meme Coins

Andrew Saunders, a former Hollywood executive and now Skale’s chief marketing officer, voiced criticism of celebrity-backed meme coins at Token2049. Despite his background in entertainment, Saunders warned against these tokens due to concentrated supply and high risk, likening them to a player-versus-player game where early entry is key to making a profit.

Looking ahead, Saunders predicted a shift in the landscape as crypto regulations become clearer and public understanding improves. He envisioned a future where celebrities use blockchain to connect with fans in a more meaningful way, accessing unique data through an “arm in” model.

As a better alternative to meme coins, Saunders suggested that celebrities develop decentralized applications (DApps) where fans could earn points through social interactions. These points could then be redeemed for exclusive experiences or merchandise.

Solidus Ai Tech and SambaNova Partner for Web 3.0 AI

Solidus Ai Tech has partnered with SambaNova Systems to advance AI in Web 3.0 by integrating SambaNova’s RDU stacks into Solidus Ai Tech’s AI marketplace and European HPC Data Centre. This collaboration promises unprecedented speeds in AI inferencing and fine-tuning.

Set to launch in September, the AI Marketplace will feature advanced AI models powered by SambaNova’s SN40L chip, making high-performance AI accessible across various industries. Paul Farhi, CEO of Solidus Ai Tech, described it as a major leap for AI, while Su Le from SambaNova emphasized the potential for decentralized intelligence in Web 3.0.

Venture Trio Launches Fund for Aptos Ecosystem Growth

MEXC Ventures, Foresight Ventures, and Mirana Ventures have joined forces to establish a new fund aimed at boosting the Aptos ecosystem. This collaborative initiative will focus on supporting promising projects built on the Aptos platform, with a particular emphasis on developing crucial Web3 use cases.

The fund will prioritize projects that leverage Aptos infrastructure, including technologies like Block-STM, and those that facilitate seamless interoperability with key EVM ecosystems. This strategic investment demonstrates strong confidence in Aptos’ technological advancements and future potential.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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How Fed Rate Cut Could Help LINK

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Chainlink’s (LINK) price has risen above $11 following the recent Fed rate cut. This increase has ignited fresh speculation about the coin’s short-term outlook.

In this analysis, BeInCrypto examines the factors contributing to the hike, the potential implications of the rate cut, and what traders can expect from LINK.

According to Santiment, alongside the recent rate cut, Chainlink’s 90-day Mean Coin Age (MCA) has risen. The MCA reflects the average age of tokens in circulation, with a low MCA suggesting that previously inactive tokens are being moved from cold wallets, potentially leading to a sell-off and putting downward pressure on the price.

Conversely, a rising MCA indicates that investors are holding onto their tokens and engaging less in trading activity, often signaling a long-term hold strategy. In Chainlink’s case, the spike in the MCA suggests that many investors are choosing to keep their LINK tokens dormant or moving them into self-custody, reducing selling pressure.

Read more: How To Buy Chainlink (LINK) and Everything You Need To Know

Chainlink 90-Day Mean Coin Age.
Chainlink 90-Day Mean Coin Age. Source: Santiment

Beyond the rising coin age, the 4-hour LINK/USD chart reveals a surge in the Cumulative Volume Delta (CVD), a key indicator of market sentiment. Each bar on the CVD shows whether the market is dominated by buying or selling activity. Red bars signal selling pressure, which could drive the price down.

In LINK’s case, the chart shows five consecutive green bars, indicating sustained buying pressure. This suggests that the market’s demand for LINK is growing, potentially supporting the continuation of its uptrend.

Chainlink Cumulative Volume Delta.
Chainlink Cumulative Volume Delta. Source: TradingView

The daily chart shows that Chainlink is holding strong at the $10.02 support level, which played a key role in its recent breakout above the $10.83 resistance. Currently, LINK is trading at $11.30, with no significant resistance in sight to halt the uptrend.

Using Fibonacci retracement levels to assess potential price targets, LINK’s next likely move could take it to $11.86, corresponding to the 38.2% Fibonacci level. If it breaks past this point, the next target could be around $12.98, a level that appears within reach given the current momentum.

Read more: Chainlink (LINK) Price Prediction 2024/2025/2030

Chainlink Daily Analysis.
Chainlink Daily Analysis. Source: TradingView

However, the cryptocurrency could experience a pullback if it fails to surpass $11.86. If that happens, LINK might drop to $9.25. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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