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New York City is making a major move in the Bitcoin and cryptocurrency space. According to a press release, the city has created the New York City Office of Digital Assets and Blockchain to solidify its positioning as the “world’s hub for financial and technological innovation.” This resulted from Executive Order 57 — signed by New York City Mayor Eric Adams on Oct.14 — and is the first mayoral office of its kind. “From day one, our administration has kept New York City ahead of the curve because when we embrace technology, we deliver a safer, more affordable city,” said Mayor Adams in the press release. “In 2022, I became the first American mayor to convert my first three paychecks into crypto, and this past May, our administration hosted the first-ever crypto summit at Gracie Mansion. Today, with the nation’s first mayoral agency focused solely on digital assets and blockchain technology, we continue to signal the opportunities this new form of technology can bring to New York...
Shield, a crypto neobank for global trade businesses, has raised new capital. According to information shared on LinkedIn, the company was founded in 2022 by Emmanuel Udotong (CEO), Isaiah Udotong (chief operating officer), and Luis Carchi (chief technical officer), a team of ex-employees from Facebook and McKinsey, and former exporters who moved commodities across the U.S., South America, Africa, and Asia. Their experiences as exporters led them to realize several pain points that could be solved by blockchain technology. “International banking and payments are the choke points holding back entire trade corridors,” Shield’s team wrote in a blog post. “ When we saw how stablecoins could move money cross-border instantly and transparently, it clicked: this technology could finally give underserved exporters the financial reliability they need to stand on equal footing with their global competitors.” Shield’s website states that it removes trade barriers, permits USDT (Tether...
President Donald Trump is going all in on key crypto bills. His goal: to pass the first major cryptocurrency regulations in U.S. history and establish the country as the global leader in crypto. But political infighting and ethical concerns are slowing momentum. Several House Republicans have pushed back against the bills, casting doubt on what was expected to be a major legislative win, according to ABC News. GOP Infighting Halts ‘Crypto Week’ This week, House Republicans tried to move forward on several crypto-related bills, including the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act. The measures would define regulatory authority, set rules for stablecoins, and block a central bank digital currency. Trump backs all three and has made them a legislative priority, per ABC News. But a group of 13 hardline Republicans staged a last-minute revolt, joining some Democrats. Their protest froze House floor activity and forced leadership to cancel key votes. According to...
Snoop Dogg is on to his next venture in the NFT space. As AFROTECH™ previously reported, he agreed to be compensated in Bitcoin back in 2013 when he released his album “Reincarnated.” In a separate article, AFROTECH™ shared Snoop Dogg had been revealed as the hidden figure behind Cozomo de’ Medici, a popular non-fungible (NFT) Twitter platform, which had 175 tokens worth millions of dollars by 2021. That same year, he also released an NFT collection, titled “A Journey with the Dogg,” to pay homage to his early years as an artist. Snoop Dogg x Telegram Now in his latest move, t he “Drop It Like It’s Hot” artist has partnered with Telegram, a messaging app founded by Pavel Durov that claims to be one of the most downloaded apps with over 1 billion users, its website mentions. Snoop Dogg can be shown in an Instagram post commemorating the partnership with a theme song, titled “Gifts.” He also currently has 212,218 subscribers on the platform (at the time of this writing). View this...
Akon’s $6 billion plan for a real-life Wakanda on Senegal’s Atlantic Coast “no longer exists,” said Serigne Mamadou Mboup, head of Sapco-Senegal, the state agency overseeing coastal and tourism development. The country has reclaimed most of the land allocated for “Akon City” after the Senegalese-American singer missed payments, according to Bloomberg. As Senegal faces a debt crisis following a state audit under former President Macky Sall, the government will move forward with a scaled-down, privately funded $1.2 billion tourism development featuring hotels, apartments, a marina, and a promenade, the outlet reported. “May this resort serve as a model for success in Senegal, a hub for tourism and a source of economic opportunity,” Mayor Alpha Samb said at a ceremony, according to Bloomberg. In 2020, Senegal granted Akon 136 acres of land for a 10-year project to transform the farming village of Mbodiène into a solar-powered city that would run on the singer’s cryptocurrency and...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. In recent years, cryptocurrency has been viewed as a risky investment, hyped up by the mega-rich and stealthy hackers. Now, thanks to President Donald Trump, America is fully embracing cryptocurrency as a legitimate form of currency. Without any guardrails or protections, the U.S. could see itself heading towards another financial crisis. Cryptocurrency was anonymously created in 2008 but didn’t gain mainstream appeal until around 2020. The government, or any banking authority, doesn’t have oversight over the digital currency , making it highly volatile. While the Biden administration pursued cryptocurrency fraudsters, the Trump administration had a different approach, embracing the industry. President Trump signed an executive order in the first week of his second term supporting cryptocurrency and even released his own meme coin. There are rarely any regulations on crypto, and from the policies...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. WNBA superstar Angel Reese and former NBA superstar Magic Johnson joined forces recently to create Wealth Playbook , a financial literacy program for high school students in Baltimore, MD. The program is a partnership between the Angel C. Reese Foundation, the Magic Johnson Foundation, and Pull Up Neighbor, an advertising firm focused on community outreach. Through the program, students will learn how to manage their money and build long-term wealth. The program is split between four sessions, with beginnings at Saint Frances Academy, Reese’s former high school in Baltimore. The first session was a lesson in budgeting, understanding credit, and basic money-management skills. There’s no denying that financial literacy classes are needed, but who really gets to benefit from them? Both Johnson and Reese have basketball in common, but they are also in a privileged position to have so many resources at...
The crypto market is surging following a major regulatory shift. According to CNBC, XRP jumped 10% to $2.49 after Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission (SEC) has dropped its case against the company. This decision marks the end of a four-year legal battle that has shaped the industry’s regulatory landscape and fueled speculation about a broader shift in the SEC’s approach. Ripple’s Long-Awaited Victory Speaking at the Digital Assets Summit in New York, Garlinghouse reflected on the drawn-out legal fight, calling it a painful yet necessary battle for the industry. “It’s been almost four years and about three months since the SEC originally sued us, certainly a painful journey in lots of ways,” Garlinghouse said. “I really deeply believed that we were going to be on the right side of the law and on the right side of history.” The SEC sued Ripple in 2020, alleging that the company sold XRP as an unregistered security. Ripple scored a...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. President Donald Trum p, who was once a cryptocurrency skeptic, has now yielded to many of the industry’s demands, such as easing federal regulations and oversight. From appointing cryptocurrency advocate and former Securities and Exchange Commissioner Paul Atkins to reprise his old role, to launching his own meme coin, Trump has chosen to embrace cryptocurrency . A few years ago, cryptocurrency was touted as the new form of currency. We wouldn’t be using archaic financial currency and stick to this revolutionized way of transactions. Although some people have made a lot of money off of crypto, its intended use as a decentralized banking system hasn’t been realized. Cryptocurrency is still very new, so new that engaging in it feels comparable to gambling. Trump lifting regulations to give cryptocurrency his blessing bodes well for the industry. A day after announcing Paul Atkins as his pick, the...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Overhyped tech sectors of cryptocurrency and artificial intelligence have seen a recent resurgence in the past year. Most of AI’s rise can be attributed to the hype and fear that surrounds its use. If you ask OpenAI CEO Sam Altman his thoughts, he’ll tell you that AI is needed to bring us into the future, but to scientists like Dr. Joy Buolamwini who approaches the use of AI cautiously, its lack of regulation can prove harmful to people of color. Despite doubts about the use of AI technology, it’s become almost ubiquitous in culture. Students have used ChatGPT for essay assignments, workers are using ChatGPT to write emails , and others have suggested using AI to create something as simple as grocery lists and corresponding menus. But even as AI and cryptocurrency continue to experience unprecedented growth, experts predict that AI will reach its peak in 2025 and then burst. Still, a second Donald...
A cryptocurrency token tied to Ripple Labs is on the rise. What’s more, if you were compelled to invest in XRP following a private Consensus conference after-party hosted by Ripple Labs and featuring Snoop Dogg in May 2018, you’re likely on cloud nine. ICYMI: Snooperang @SnoopDogg #XRPCommunity pic.twitter.com/RWjBsKUVhI — Ripple (@Ripple) May 16, 2018 According to Forbes, the token has been fairing well, particularly after Donald Trump was elected as the 47th president of the United States. It also highlights optimism stemming from Gary Gensler’s planned departure as chair of the U.S. Securities and Exchange Commission in 2025, with anticipation for him to be replaced by a U.S. President-Elect Donald Trump appointee. The SEC sued Ripple in 2020, alleging that the company failed to register its XRP token as a security before selling it, reports Business Times. Benzinga states that XRP had seen a rise of 87% between Nov. 27 and Dec. 3, 2024. In a 24-hour period ending Dec. 3, it...
His inauguration is still weeks away, but since championing the 2024 election , Donald Trump has been making his presence felt across America. The East Coast native has big plans to implement changes across the nation, from teaming up with Robert F. Kennedy on health initiatives to making cryptocurrency more accessible. On Monday, Nov. 18, it was revealed that Trump Media & Technology Group (DJT) is in “advanced talks” to acquire Bakkt (BKKT), a well-established crypto exchange company not long after the president-elect launched his World Liberty Financial initiative. The former is majority-owned by NYSE parent company Intercontinental Exchange (ICE) which is led by CEO Jeff Sprecher, husband of former Georgia Senator Kelly Loeffler, who was also co-chair of Trump’s inaugural committee . Neither Bakkt nor its future potential owners have confirmed the Financial Times ‘ reports just yet, but there have been notable jumps in both stocks since the rumor mill began turning this week....
Bitcoin has surged to its highest level since April, reaching $73,544. Forbes reported that the Nov. 5 presidential election is among several market factors affecting the $1.4 trillion cryptocurrency, contributing to the 6% increase recorded around 3 p.m. EDT (7 p.m. GMT) on Tuesday, Oct. 29. The rise puts Bitcoin’s October gains at 13%, outpacing the S&P 500, which advanced 1% this month. Several other major cryptocurrencies and shares of companies involved in Bitcoin mining — the energy-intensive process of unlocking bitcoins from the digital blockchain — also saw significant gains Tuesday. Ethereum jumped 4% to reach a 10-day high of $2,637, while Binance Coin increased 2% to an eight-day high of $608. Solana climbed 2%, reaching a three-month high of $182. Prominent investors, including hedge fund billionaire Paul Tudor Jones, are promoting Bitcoin as protection against inflation, particularly as government policies from presidential candidates Kamala Harris and Donald Trump are...
A class action lawsuit continues to loom over Shaquille O’Neal. As AFROTECH™ previously reported, he was named in a class-action lawsuit filed against the Astrals Project, which he created alongside Music Manager Brian Bayati, who serves as the CEO, and his son Myles O’Neal, who is the head of investor relations. They launched to the public the “Shaq Signature Pass,” a non-fungible token (NFT) series that was labeled as the “first consumable NFT of its kind, and the signing technology is one that we think will have wide-ranging applications.” Coindesk mentions Astrals consisted of 10,000 NFT 3D avatars and a decentralized autonomous organization (DAO) for “incubating innovative projects” with the Galaxy token serving as the governance token. In a class action filed in Florida federal court in 2023, it stated the project was in violation of securities law as the company sold unregistered Astrals tokens, according to The Hollywood Reporter. Investor Daniel Harper, who allegedly lost...
Amid the 2024 presidential race, Donald Trump is singing a different tune regarding a certain technology. On July 27, 2024, the former president stated during the Bitcoin Conference hosted in Nashville, TN, that he is set on transforming the U.S. into a “Bitcoin superpower,” The New York Times reports. “I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world,” Trump said, per the outlet. He continued, “…America will once again be a nation that protects property rights, privacy, freedom of transaction, freedom of association, and freedom of speech.” At the conference, Trump also claimed that President Joe Biden and Vice President Kamala Harris are part of “an anti-crypto crusade.” Moreover, he promised the conference’s attendees that he would end the “persecution” of cryptocurrencies. “Sadly, we see the attacks on crypto,” he said. “It’s a part of a much larger pattern that’s being carried out by the...
