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Walmart preparing to enter the Metaverse

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the staff the Ridgewood blog

Teterboro NJ , Walmart plans to create its own cryptocurrency and NFTs as it enters the metaverse. The retailer filed seven new trademarks indicating its intent to make and sell virtual goods late last month. Walmart declined to comment on the filings, saying that the company continuously explores new technologies and that not all ideas become products or services. Many companies have been rushing to claim property in the metaverse to make sure that their intellectual property is protected in the space.

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US Banks Form Group to Offer USDF Stablecoin Backed by the FDIC

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the staff of the Ridgewood blog

Ridgewood NJ, a group of institutions backed by the Federal Deposit Insurance Corp. plans to offer a new stablecoin called USDF. Founding members of the group include Synovus, New York Community Bank, and Sterling National Bank. USDF will be a bank-minted alternative to USDT and USDC. It will operate on the Provenance blockchain and be redeemable for cash from any of the group’s members. USDF aims to address the consumer protection and regulatory concerns of nonbank-issued stablecoins. What could possibly go wrong with that?

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The Republic of Palau Goes Crypto

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the staff of the Ridgewood blog

Ridgewood NJ, The Republic of Palau has partnered with Cryptic Labs to launch a digital residency program using Cryptic Labs’ Root Name System. Global citizens will be able to claim digital residency backed by the Republic of Palau using the blockchain and receive perks of residency without physically living there. Approved applicants will be issued a physical resident ID card and digital ID in the form of an NFT. Cryptic Labs has yet to announce which blockchain the protocol will use.

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Important Things To Remember When Investing in Glimmer Tokens

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In a not so distant future, cryptocurrencies have taken over every financial transaction around the world. One of the best representing virtual currencies is Glimmer. It has become very popular with its high-tech blockchain technology. So if you want to invest, here are some things to remember.

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How To Develop A Cryptocurrency – The Complete Guide

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photo by Boyd Loving of the empty Hudson Parking Garage

the staff of the Ridgewood blog

Ridgewood NJ, so you want to become a blockchain billionaire ,or maybe you think the Village or Township or Borough could use a token , this new tutorial teaches developers how to create a cryptocurrency using Solidity and the ERC20 Token standard. Readers will learn how to develop and deploy Ethereum Smart Contracts, create ERA20 Tokens, set up local Ethereum development environments, deploy on Polygon Mumbai, and visualize custom tokens on MetaMask. No previous Solidity knowledge is required.

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Abu Dhabi seeks to become the leading cryptocurrency center in the Middle East

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the staff of the Ridgewood blog

Abu Dhabi, the capital of the United Arab Emirates, has joined Dubai in stepping up its efforts to attract crypto-focused businesses as it seeks to become the leading cryptocurrency center in the Middle East.

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“Crypto-Mania” : Cryptocurrency Investors Expect Big Gains

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Tulip mania

the staff of the Ridgewood blog

Ridgewood NJ, the market for cryptocurrencies like Bitcoin is soaring, and the chance to get rich is the main selling point for investors.

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New Jersey Bureau of Securities Shuts Down 5 Fraudulent Cryptocurrency Investment Opportunities

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the staff of the Ridgewood blog

Ridgewood NJ,  Acting Attorney Andrew J. Bruck today announced that the Bureau of Securities has issued five orders to companies touting fraudulent investment opportunities relating to cryptocurrencies, directing them to stop operating in violation of New Jersey law.

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New Jersey Bureau of Securities Orders Cryptocurrency Firm Celsius to Halt the Offer and Sale of Unregistered Interest-Bearing Investments

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the staff off the Ridgewood blog

Ridgewood NJ,  acting Attorney General Andrew J. Bruck today announced that the Bureau of Securities is taking action to protect investors from sales of unregistered securities in the form of interest-earning cryptocurrency products by ordering a Hoboken-based cryptocurrency firm to stop offering and selling those products.

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Could Circle Create a U.S.-backed digital Currency

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the staff of the Ridgewood blog

Ridgewood NJ, Circle has announced its intention to become a fully regulated bank. Its aim is to become a narrow bank that places all deposits on reserve at the central bank. If this were achieved, USDC would become a cryptocurrency fully backed by the Federal Reserve. Circle would profit off the interest that the Fed pays on bank reserves. Previous attempts by other companies to do narrow banking in the US have failed as the Fed doesn’t like the idea. Circle has yet to initiate the process of applying to be a bank.

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Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin

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the staff of the Ridgewood blog

Ridgewod NJ, Coinbase has made an important update on the USD Coin page following an audit. The page previously stated that all of the coin’s reserves were held in cash, but the audit found that USDC’s reserves were not fully backed by US dollars held in a bank account. Coinbase’s USDC page now states that each USDC is backed by one dollar or asset with equivalent fair value. Users can always redeem one USDC for one US dollar. Circle, the company that oversees USDC, recently announced plans to become a full-reserve national digital currency bank in the US.

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The hacker behind a giant cryptocurrency heist is returning stolen funds

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the staff of the Ridgewood blog

Ridgewood NJ, the hacker who recently stole $611 million in cryptocurrencies from the decentralized Poly Network finance platform is ready to surrender and has started to return the funds. It is likely that the hacker has been caught and that they are trying to avoid criminal charges. While this was one of the largest thefts in DeFi history, the damage may be limited. It can be difficult to launder or cash out cryptocurrency without leaving a trail of clues, so the incident may discourage future attacks.

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Ethereum : When You See A Fork in the Road Take It

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the staff of te Ridgewood blog

Ridgewoood NJ, Ethereum’s London hard fork has been activated. The network will now algorithmically decide the transaction fee based on the overall demand on the network. Users will still be able to jump the queue by tipping. Another change in the code will double the block size to smooth out spikes in demand and to help gas fees stay stable. While there will be twice the number of blocks, the upgrade has been designed so that the protocol only wants the blocks to be half full. The London fork also paves the way for Ethereum 2.0, which will see the network switch from the proof-of-work mining system to proof-of-stake.

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The Pi Network Reached 21M Users

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the staff of the Ridgewood blog

Ridgewood NJ, in a major milestone the Pi Network reached 21M users on 7/20/2021 (859 days after launch on Pi Day 3/14/2019). If growth continues at this rate we will reach 100M in 341 more days on 6/26/2022). Of course, this rate can change, for example, any positive news could accelerate things. Also, according to the graphic posted by the developers the mainnet launch should happen well before reaching 100M – it can happen whenever it is ready.

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New Jersey Bureau of Securities Orders Cryptocurrency Company ‘BlockFi’ to Stop Offering Interest-Bearing Accounts

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the staff of the Ridgewood blog

Ridgewood NJ, Acting Attorney General Andrew J. Bruck today announced that the Bureau of Securities has issued a Summary Cease and Desist Order to stop a financial services company based in Jersey City from selling unregistered securities in the form of interest-earning cryptocurrency accounts that have raised at least $14.7 billion worldwide.

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