NAPLES - There's a new way to eat fast food and its name is Welly. Welly is the first fast food lead by a DAO, the Decentralized autonomous organizations. The project was conceived "as a new restaurant model born in Naples that focuses on the sale of chicken and salads, with an exclusive collaboration with Shiba Inu, one of the most important cryptocurrency".

"We have built a community of 5 thousand members on Discord - explains Paolo Bellucci, member of the team - we can count on over 50 thousand followers on Twitter, and we have received more than 400 requests for franchising from different countries" .

Welly is based on a typical crypto system, called DAO, an organization that operates online thanks to the decisions of owners (investors) who have a direct influence on crucial aspects of the brand. Design, brand identity, logistical and strategic decisions are the crucial elements of this project: "We want to be the first fast food restaurant in the world driven so much by our Community" continues Bellucci.

Blockchain and food

Welly isn't just about food selling, it wants to bring transparency in the food and restaurant markeet by introducing a fully traceable supply chain on the blockchain. This model offers to the consumers information on the origin of the products. The menu will focus on chicken and there will be influences from Mediterranean cuisine, with healthy alternatives, such as roasted croquettes instead of the classic fried one". "We have planned a balanced and non-dispersive menu. A smaller menu to better respond to the demand for product traceability" underlines Bellucci.

The fast food idea was born following the launch of a successful NFT collection, which then allowed the team to be noticed by Shiba Inu managers, who then decided to support the project. Meanwhile, Welly will open the first Welly store in Naples, which will be followed by the first ghost kitchen dedicated to Welly salads, a product intended for supermarket shelves and beyond, and then the inauguration of the first franchise expected by the end of 2023."



On September 12, 2023, a financial movement totalling USDT 69 million emerged on blockchain, with management from Tether Treasury to Bitfinex. This event is a transaction on the Tron network that occurred between one of the public addresses associated with Tether and one connected to the Bitfinex cryptocurrency exchange. Both companies are part of the iFinex conglomerate, with Bitfinex serving as the main trading platform for USDT, which is the preferred location for such tokens in cryptocurrency markets.

Not one but two transitions

It cannot be denied that this transaction went unnoticed, as the financial entity involved is not particularly relevant. Considering that Bitfinex is the operating arm of the iFinex group used by Tether to introduce their stablecoins in cryptocurrency markets, this transaction could be just one of many with which Tether distributes USDT on the markets.

However, the problem surfaced shortly after this first transaction, when they executed a second financial move. This second transaction covered the same amount as the previous one, but in the opposite direction, representing a transfer of 69 million USDT from Bitfinex to Tether Treasury. The two transactions were executed with an interval of about twenty minutes from each other.

A significant detail indicates that Bitfinex made a conversion of Ethereum's ERC-20 token to Tron's TRC-20 token during this second transaction on the Ethereum network. Please note that Tether issued USDT tokens on the Tron network as a result of the Ethereum network's increased slowness and substantial commissions. By way of example, the first transaction, made on the Tron network by Tether to Bitfinex, resulted in practically zero fees, while the second transaction, carried out on the Ethereum network by Bitfinex to Tether, cost 0,0046121 ETH, equal to more than 7$.

SOURCE: Cryptonomist


Coinbase launched in India on April 7, 2022, but it halted payment services via the United Payments Interface (UPI) on April 11, 2022, in response to pressure from local regulators. However, at the time of publication, Coinbase’s Indian users are only able to exchange cryptos in their accounts. After a few months, the exchange clarified its plan to cease Indian operations amid spreading news. Techcrunch and Economic Times reported Coinbase India's emails instructing users to withdraw funds by September 25 due to service discontinuation.

Coinbase clarifies the situation in India

The news was picked up on X by Wu Blochain.

“Coinbase said in an email that it would stop providing all trading services to users in India after September 25 and advised users to withdraw all funds in their accounts. Additionally, Coinbase has banned Indian users from registering on the exchange, advising them to download Coinbase Wallet instead. Coinbase has long faced regulatory pressure in India, prompting the departure of at least two top executives”. 

Later, they discovered that the warning didn't apply to all Indian customers but to those who had violated exchange standards. This is stated in the communiqué shared by a spokesman of Coinbase with Cointelegraph.

"It is possible that during the recent routine review of our systems, some accounts that no longer meet our updated standards have been identified. Therefore, we will disable these accounts and allow customers to update their information later. Please note that this has no impact on your access/use of Coinbase Cloud services, which will continue to be accessible through your account".

SOURCE: Cointelegraph


LONDON - According to Financial Times, The London Stock Exchange (LSE) is considering using a separate entity for the blockchain-based markets business, to introduce blockchain in financial activities. This will become a new blockchain-based ecosystem.

It seems that UK regulator authorities wanted introduce blockchain technology as part of offering traditional financial asset trading. So far, other projects have addressed only a part of the lifecycle of financial activities in terms of trading and settlement of transactions.

"Murray Roos, head of capital markets at the LSE Group, told the Financial Times that the company had been examining the potential for a blockchain-powered trading venue for about a year, and had reached an “inflection point” where it had decided to take the plans forward. It has asked Julia Hoggett, head of the London Stock Exchange, one unit in the broader group, to spearhead the project".

“The ultimate goal is a global platform that allows participants in all jurisdictions to be able to interact with people in other jurisdictions while fully complying with rules, laws and regulations, potentially multiple jurisdictions at once, which has not been possible in a world analog,” Roos said.

SOURCE: Financial Times


After National Financial Services and Market Authority (FSMA) told Binance, in June, to stop serving Belgian customers from outside the European bloc, the company found a new way to keep the transactions going.

Belgian customers will now be routed via a Polish entity to escape that effort by regulators to chase the crypto company out of Belgium, the company said. Belgian customers will be put into “withdrawals-only” mode if they don’t agree to the terms of use for Binance Poland, an entity registered within the European Union.

SOURCE: Coin Desk


JOHANNESBURG - Is there a real alternative to the dollar? Finding the answear to this question is one of the goals at the BRICS Business Forum 2023. BRICS stands for Brazil, Russia, India, China and South Africa. "The the bloc is much more likely to offer piecemeal economic and diplomatic alternatives to the US-led global order than to dramatically replace it, analysts say. That could still lead to more tensions with the West as the grouping’s leaders seek to chart out an independent path in a world in flux. But to remain effective, the BRICS will need to manage the disparate priorities of its member nations – a challenge that will not be easy for the grouping to address".

How not to be dependent from US dollar

The path to step outside the dollor global econmical power is already designed. "The South African presidency is working precisely on strengthening ties with Africa: on the third day of the summit, among over forty confirmed heads of state, most come from the African continent, as well as from Latin America, Asia and the Middle East" - Paolo Vittoria wrote on the italian newspaper "Il Manifesto".

Expectation is high, more than twenty countries have applied for membership and current members alone make up about 40% of the world's population and 25% of the global economy. Another topic under discussion is the unit of common value in commercial and investment transactions which does not replace national currencies, but creates a stable alternative to the dominant currencies: essentially, not depending on the dollar. In this sense, a sure shoulder is the New Development Bank, created by the BRICS and currently chaired by the former president of Brazil Dilma Rousseff.

So is there already concrete alternatives to trading in dollars? Not yet, but the direction seems to be creation of parallel financial institutions to the World Bank and the International Monetary Fund. in this scenario, could cryptocurrencies play a role? We don' t need to forget that both Russia and China, decided to invest in the new economy. Russia starting a trial for digital tubles with banks, China proposing to create a Digital ID System, whose goal is to have a sort of control on metaverse users. During the summit hoewer, South African hosts said there will be no proposals for a Brics common currency as an alternative to the dollar or euro.


Julian Borger on the Gurdian really made a powerful analysis of the situation. Borger underlined that "the White House, too, played down the likelihood of Brics turning into a powerful and cohesive bloc".

The national security adviser, Jake Sullivan, during a briefing, said : "This is a very diverse collection of countries … with differences of view on critical issues".

In his recorded remarks to the meeting, Putin blamed the volatility in global markets for food and other commodities on western sanctions, and said that Brics would be a force for fairness in international relations. “We cooperate on the principles of equality, mutual support and respect for each other’s interests,” he said. “This is the essence of the future-oriented strategic course of our association, a course that meets the aspirations of the main part of the world community, the so-called global majority.”

The absence of Xi

It's true that so often absence makes more noise than presence. This is the case of Chinese President Xi Jinping. Xi reaffirmed China's commitment to protecting the global South's common interests on an international scale, recalling that his country "resolutely supported the common interests of developing countries and worked to increase representation and voice of emerging markets and developing countries in global affairs" in his speech yesterday at the BRICS Business Forum 2023, on the eve of the South African summit of the BRICS (Brazil, Russia, India, China and South Africa) but it was not he who pronounced the his speech. His Commerce Minister Wang Wentao did it in his place.


Countries candidated as members are Iran, Argentina, Saudi Arabia, Kazakhstan, Vietnam, Indonesia, Ethiopia and Venezuela. The debate is about how far expansion should go and the criteria needed, India is so far the most cautious. As The gurdian underlined "Brazil supports the admission of Argentina into Brics, but has warned that rapid expansion could dilute the group’s influence".

Source: Aljazeera, The Guardian, Il Manifesto


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NFTs are facing a challenging time. First, a valuation crash hit, and then came accusations against renowned auction house Sotheby's, as well as notable celebrities like Paris Hilton, Justin Bieber, Madonna. Some investors alleged "misleading advertising" of Bored Ape Yacht Club NFTs, claiming that the auction house had artificially "manipulated the collection's price by inflating it."

The implicated auction held by Sotheby's, featuring the works of Bored Ape Yacht Club.

In 2021, the prestigious auction house Sotheby's hosted a significant event in the digital art world: an auction of NFT collectibles from the Bored Ape Yacht Club collection. These NFTs, representing unique digital artworks belonging to an exclusive community, captured the attention of investors and enthusiasts worldwide. During the auction, various Bored Ape NFTs were put up for bid, each representing a distinct "bored ape." Sale prices exceeded all expectations, with a single NFT fetching an impressive value of over $1.5 million. Overall, the auction generated revenue surpassing $24 million, setting new records in the NFT market.

The Accused Parties

"Regrettably, the overly hyped Sotheby's auction proved to be a sham that served as a starting point for the massive scheme believed to have defrauded investors." This is noted in documents presented by the auction house to the federal court. What are we talking about?

Several factors triggered suspicion among investors. For instance, an anonymous buyer acquired a collection valued between $20 and $30 million for a staggering $51.7 million.

Where the Accusation Begins

At first, in December, when investors filed the lawsuit, the auction house's name was not present in the proceedings. However, Sotheby's was later mentioned in documentation filed with the federal court in California in early August 2023. In addition to the auction house, the lawsuit named celebrities such as Paris Hilton, Justin Bieber, Serena Williams, Madonna, The Weeknd, Snoop Dogg, Kevin Hart, DJ Khaled, and others as involved parties. Significantly, Moonpay, a cryptocurrency company linked to Guy Oseary's venture capital firm, known for his historical connections to the American pop star of Italian descent, also found itself implicated in the lawsuit.

Let's Crunch Some Numbers

Investments in the NFT world continue, but they're not as robust as before.

As an example, in 2017, the CryptoPunks collection launched, showcasing 10,000 unique pixel art characters, and it had an average price of around $24. Today, some of these CryptoPunks have sold for millions of dollars each, with a peak of over $7 million for a single piece. In July 2023, "CryptoPunk #7523" was the most expensive, purchased by an anonymous buyer for $11.7 million. The third spot on the podium is occupied by a Larva Labs NFT, Punk #7804, resold for $2.5 million.

Do all NFTs thrive?

During the first quarter of 2022, invested dollar volume experienced a 5% decline when compared to 2021. Furthermore, according to the Non Fungible platform, while there was a 21,000% growth between 2020 and 2021, there was a 50% decline in value between 2021 and the first quarter of 2022. To put these percentages into numbers, the NFT market was worth about $150 million in 2020, which surged to $17 billion in 2021. In August 2023, according to Coinbase:

"The NFT price is down 99.93% from its all-time high of €25.71, with a circulating supply just under 36.9 million NFTs."

SOURCE: LaRepupplica
Not Fungeble


BEIJING - China plans to monitor all metaverse users. As the state-owned telecom operator China Mobile reported, it has been proposed the creation of a “Digital Identity System” to keep track of all local metaverse users in the Country. The report by POLITICO shows China wants to assert state control over virtual environments. The idea has been discussed between tech experts and Chinese officials and could set global rules focused on that technology. It's certainly not a good moment for Chian's economical climate. After the Wall Street Journal underlined that Evergrande's request of Chapter 15 protection in Manhattan bankruptcy court could lead to a new Lehman Brothers crack, all finance eyes are fixed on that situation. This choice could describe a new way for China to look toward the future of its own economy.

"The government of China (ruled by the Communist party) has made several attempts to eliminate decentralization inside its borders and closely monitors people’s activities and financial transactions", banning, for example, all operations involving cryptocurrencies in 2021.

On the other hand, the Chinese government is in favor of a central bank digital currency (CBDC): a monetary product issued by the People’s Bank of China whose supply could be adjusted by the financial institution.

According to a recent Politico coverage, in the proposed “Digital Identity System” users will share personal data informations, such as occupation and “identifiable signs.” The informations could be stored permanently and shared with law enforcement agents “to keep the order and safety of the virtual world.” The questions that economists and philosophers are making to themselves in these cases is how safe our privacy will be, after a global ID system like that.

SOURCE: CryptoPotato, Politico

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Ilaria Vanni's interview with the web 3 consultant and Dao builder Victor Lardé. Lardé is now based in Italy but he's from France and worked in Malta. His professional activity is focused in supporting many companies towords the digital and web 3 revolution. Lardé is also the founder of the Academy Web3, an online school where people learn how to manage with the new digital tools related to metaverse, cryprocurrencies and blockchain.

"In my opinion we are living a blockchain revolution - said Lardè. We are living a new step in humanity, which is technology, because a blockchain has the potential to change the world and to have a fully decentralized world and to stop with the control and the lack of freedom and the censorship that is now a centralized entity".

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