A so-called “blockchain city” is being developed in a stretch of water off the coast of Malaysia funded by the Chinese Government.
The city will be set-up in the Malaysian Malacca Strait, a critical shipping lane and will be manufactured by a collaboration between China Wuyi and investment network SWT International Sdn Bhd. With the funding partially coming from the Chinese government. It is hoped that the construction of this project, will turn the city of Malacca into a blockchain city, which will then become known as the Melaka Straits city.
The $120 million project will see the city of Malacca run entirely with blockchain technology, which will work on a “DMI” platform, with a native token, which shares that same name. These will be used as the primary currency of Malacca, and will be used to develop the city further in terms of day-to-day public services. Visitors to the city will be required to exchange their fiat for the DMI, as you would do with any other foreign currency.
Lim Keng Kai, the CEO of the project, explained, “our
company is using cutting-edge blockchain technologies and integrating those
into the traditional industry to make Malaysia a world-class tourist
destination. We have the government approval to remediate this land and came up
with some great plans for the area.”
Clearly, this is no half-hearted effort and is the first example of a fully functioning city that uses purely blockchain. Very much a city of the future, or so we would hope.
The Ethereum-based Chainlink (LINK) is now possible to be traded on Coinbase. Coinbase had already begun accepting inbound transfers LINK yesterday (26th June) at 10 am (PT) on their Coinbase Pro service. Stating that they will accept deposits for a full 12 hours prior to enabling full trading. The standard four-phase approach that Coinbase uses […]
Changelly have announced that up until the 10th July 2019, users will be able to purchase major cryptos with their fiat currencies for a discounted price. The new offer is to celebrate the fact that you can now purchase Binance’s native coin, Binance Coin (BNB) on their service. In a partnership with Simplex, a payment […]
Leading exchange platform, Kraken has revealed they raised over $13 million in a new fundraising round. The San Francisco-based firm was hoping to make $10 million in this latest round of fundraising, but in fact, surpassed that mark with ease. In total, 2264 investors contributed to a total fund of $13.5 million. This more than […]
CoinEx launched their new market trading feature earlier this week which promises to “further advance the trading experience” on the service. The new service was rolled out on Monday (24th June 2019) and offers 4 separate features that make it stand out as a great addition to their platform for users. These are a Forced […]
United States House Financial Services Committee have announced that they have set a date for a hearing of the impending arrival of Facebook’s Project Libra to the crypto market and its impacts. Facebook’s own stablecoin released its white paper last week and naturally, it caused a stir. As has been the case for a long […]
The exchange platform Bitfinex are poised to begin derivative trading and it could be with maximum leverage it seems. With a member of their upper management having pointing towards the potential of this occurrence. Paolo Ardoino, their CTO announced implied to happen via Twitter last night, when he posted a leverage meter bar with the […]
Huobi is a long-standing cryptocurrency exchange. It was originally founded in China, and as such, suffered some setbacks in the aftermath of China’s crypto exchange ban. While its fellow Chinese exchange Binance has managed to thrive and gain significant fame, Huobi has floundered a bit since relocating to Seychelles. A big black mark that will […]
Major exchange platform, Kraken have announced they have finalised a deal which sees taking ownership of the multi-level crypto business, Crypto Facilities. The news broke today via a press release shared by Kraken in which they explained the new means that the pair combined “creates a global leader in cryptocurrency spot and futures trading”. London-based […]